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1991-151
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1991-151
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5/15/2017 3:01:02 PM
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Resolutions
Resolution Number
1991-151
Approved Date
09/24/1991
Resolution Type
Utilities
Entity Name
Water and Sewer Revenue Bonds Series 1991
Subject
Bond Purchase Agreement
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(2) moneys invested thereunder may be withdrawn without any penalty, premium, or <br />charge upon not more than one day's notice (provided such notice may be amended or <br />cancelled at any time prior to the withdrawal date), and <br />(3) the agreement is not subordinated to any other obligations of such insurance company <br />or bank, and <br />(4) the same guaranteed interest rate will be paid on any future deposits made to restore <br />the reserve to its required amount, and <br />(5) the Trustee receives an opinion of counsel that such agreement is an enforceable <br />obligation of such insurance company or bank. <br />"Board" shall mean the Board of County Commissioners of Indian River County, Florida. <br />"Bond Amortization Account" shall mean the account crested pursuant to the Resolution for the purpose <br />of receiving and maintaining funds for the early retirement of Term Bonds. <br />"Bonds" shall mean the Series 1991 Bonds together with the Series 1989 Bonds and any Additional <br />Parity Bonds hereafter issued. <br />"1989 Bond Insurance Policy" shall mean the municipal bond new issue insurance policy issued by the <br />Bond Insurer guaranteeing the payment of principal of an interest on the Series 1989 Bonds. <br />"1991 Bond Insurance Policy" shall mean the municipal bond new issue insurance policy issued by the <br />Bond Insurer guaranteeing the payment of principal of and interest on the Series 1991 Bonds. <br />"Bond insurer" shall mean Financial Guaranty Insurance Company, a New York stock insurance <br />company, or any successor thereto. <br />"Bond Registrar" shall mean the Bond Registrar to be determined by subsequent resolution of the <br />Board. <br />"Consulting Engineers" shall mean such qualified and recognized consulting engineers, havinga <br />nationwide and favorable reputation for skill and experience in the construction and operation of systems such as <br />the System at the time retained by the County to perform the acts and carry out the duties as provided by the <br />Resolution for the Consulting Engineers. <br />"Costs" shall mean all expenses necessary, appurtenant, or incidental to the acquisition or construction <br />of any property, real, personal, or mixed, deemed necessary or desirable for carrying out the purposes of the <br />System, including, without intending to limit the generality of the foregoing, the cost of any land or interest <br />therein or of any fixtures, equipment, or personal property necessary or convenient therefor; costs of acquiring <br />any water or sewer system or other property in place, or any undivided interest therein, which can be operated <br />as part of the System or which may be declared by resolution of the Board to be part of the System; <br />engineering, legal, and financing expenses; expenses for estimates of costs and of revenues, expenses for <br />surveys; the fees of fiscal agents, financial advisors, and consultants; administrative expenses relating solely to <br />such acquisition or construction; the capitalization of interest for a reasonable period after the issuance of Bonds <br />to tinance any portion of the Costs of such acquisition or construction; the creation and establishment of <br />reasonable reserves for debt service and operation and maintenance; the discount on the sale of Bonds to finance <br />any portion of the Costs of such acquisition or construction; and such other costs and expenses as may be <br />necessary or incidental to such acquisition or construction. <br />G-3 <br />
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