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ON MOTION by Commissioner Bird, SECONDED BY
<br />Commissioner Bowman, the Board unanimously (4-0)
<br />adopted Resolutio.n 88-40, providing for the refinancing
<br />of the SR -60 water project.
<br />RESOLUTION 88-40
<br />A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 84-48
<br />OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED:
<br />•RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
<br />$2,050,000 IMPROVEMENT BONDS, SERIES NO. ONE, OF INDIAN RIVER
<br />COUNTY, FLORIDA, TO FINANCE THE COST OF THE ACQUISITION AND
<br />CONSTRUCTION OF CERTAIN WATER DISTRIBUTION IMPROVEMENTS TO
<br />THE COMBINED WATER AND SEWER SYSTEM OF THE COUNTY; PROVIDING
<br />FOR THE RIGHTS OF THE HOLDERS THEREOF AND PLEDGING FOR THE
<br />PAYMENT THEREOF THE PROCEEDS FROM SPECIAL ASSESSMENTS LEVIED,
<br />AGAINST PROPERTY SPECIALLY BENEFITED BY SUCH IMPROVEMENTS;
<br />AND PROVIDING AN EFFECTIVE DATE-,
<br />BY CHANGING CERTAIN INTEREST RATE, PAYMENT, REDEMPTION AND
<br />FLAW -OF -FUNDS PROVISIONS APPLICABLE TO THE SERIES NO. ONE
<br />BONDS AND MODIFYING SUCH BONDS ACCORDINGLY; AND BY
<br />ESTABLISHING CERTAIN PROVISIONS REGARDING: (1) COMPLIANCE
<br />WITH APPLICABLE FEDERAL INCOME TAR LAWS, (2) ASSIGNMENT OF
<br />THE SERIES NO. ONE BONDS, BY THE CURRENT HOLDER THEREOF TO
<br />THE PURCHASER THEREOF, (3) APPLICATION OF THE FUNDS PAID BY
<br />SUCH PURCHASER, (4) EXECUTION AND DELIVERY OF, AND
<br />PERFORMANCE BY THE COUNTY OF ITS OBLIGATIONS UNDER, ALL
<br />CLOSING DOCUMENTS REQUIRED IN CONNECTION WITH THE SUBJECT
<br />TRANSACTION, AS APPROVED IN.
<br />BOND COUNSEL, AND (5)
<br />SATISFACTION BY THE COUNTY OF ANY OTHER REQUIREMENTS, AS
<br />APPROVED BY BOND COUNSEL, IMPOSED BY THE PURCHASER OF THE
<br />SERIES N0. ONE BONDS IN CONNECTION WITH CONSUMMATING THE
<br />SUBJECT TRANSACTION; AND PROVIDING THE EFFECTIVE DATE HEREOF.
<br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER
<br />COUNTY, FLORIDA THAT:
<br />ARTICLE 1 AUTHORITY FOR RESOLUTION. This Resolution (hereinafter,
<br />the 01988 Amending Resolution") is adopted by Indian River County, Florida (the
<br />'County) pursuant to the provisions of Chapter 125, Florida Statutes (1987), as
<br />amended, Ordinance No. 83-46 of the County, including the applicable provisions
<br />of Chapter 170, Florida Statutes, incorporated therein, as amended by Ordinance
<br />No. 84-51 of the County (collectively, the 'Authorizing Ordinance-). and other
<br />applicable provisions of law.
<br />ARTICLE 2 DEFINITIONS. All terms and phrases used herein shall have
<br />the meanings ascribed to them in the Series No. One Resolution, as hereinafter
<br />defined, except as otherwise specifically provided herein.
<br />ARTICLE 3 FINDINGS. It is hereby ascertained, determined and
<br />declared that:
<br />3.10. The Board of County Commissioners of Indian River County,
<br />Florida (hereinafter, the 'Board'), on July 11, 1984, duly adopted Resolution
<br />No. 84-48 entitled:
<br />-RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
<br />$2,050,000 IMPROVEMENT BONDS, SERIES NO. ONE, OF INDIAN RIVER
<br />COMM, FLORIDA, TO FINANCE THE COST OF THE ACQUISITION AND
<br />CONSTRUCTION OF CERTAIN WATER .DISTRIBUTION IMPROVEMENTS TO
<br />THE COMBINED WATER AND SEWER SYSTEM OF THE COUNTY; PROVIDING
<br />FOR THE RIGHTS OF THE HOLDERS THEREOF AND PLEDGING FOR THE
<br />PAYMENT THEREOF THE PROCEEDS FROM SPECIAL ASSESSMENTS LEVIED,
<br />AGAINST PROPERTY SPECIALLY BENEFITED BY SUCH IMPROVEMENTS;
<br />AND PROVIDING AN EFFECTIVE DATE-,
<br />(hereinafter, the "Series No. One Resolution-).
<br />3.20. Florida National Bank, Jacksonville, Florida (hereinafter, the
<br />'Holder' or 'Florida National'), is the Registered Owner of all of the
<br />outstanding Bonds, in the aggregate outstanding principal amount, as of the date
<br />hereof, of $430,000.
<br />RESOLUTION 88-40 IS ON FILE IN ITS ENTIRETY IN THE OFFICE OF THE
<br />CLERK TO THE BOARD
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