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RESOLUTION NO. 85-63 <br />A RESOLUTION AWARDING $5,165,000 IMPROVEMENT <br />BONDS, SERIES NO. 2, OF INDIAN RIVER COUNTY, <br />FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER; <br />AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, a resolution (hereinafter called 'Resolution") <br />of the Board of County Commissioners (hereinafter called <br />"Governing Body") of Indian River County, Florida (hereinafter <br />called "Issuer"), duly adopted on March 20, 1985, authorized the <br />of not exceeding $5,165,000 Improvement Bonds, Series No. 2 <br />(hereinafter called "Bonds"), to provide for the acquisition and <br />construction of certain sewage collection and treatment improve- <br />ments in the unincorporated area of the Issuer; and <br />WHEREAS, the Bonds were validated and confirmed by final <br />judgment of the Circuit Court, Nineteenth Judicial Circuit, in <br />and for Indian River County, Florida, and the appeal period has <br />expired; and <br />WHEREAS, the complex character of the issuance of the <br />Bonds requires lengthy and detailed structuring which could be <br />unreasonably restricted by the lack of flexibility at public <br />sale; and <br />WHEREAS, special assessment bonds normally do not <br />generate sufficient interest in the municipal bond market to <br />justify offering them at public sale; and <br />WHEREAS, a negotiated sale of these Bonds will result in <br />then most favorable bond financing plan and is in the best <br />interest of the Issuer; and <br />WHEREAS, the Issuer has received from the State Board of <br />Administration, State of Florida, authority to sell the Bonds at <br />a maximum average net interest cost rate to the Issuer of 11.75% <br />per annum, which. rate is the statutory interest rate lim,t <br />(hereinafter called "Interest Rate Limit") applicable to the <br />Bonds; and <br />WHEREAS, Flori'a National Bank, Jacksonville, Florida <br />(hereinafter called "Purchaser"), has offered to purchase <br />JUN 5 1985 -1- 180 1 <br />