11/24/1992 - Laserfiche WebLink

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BOOK 88 P,1c 45 —7 WHEREAS, the County desires to appoint a Paying Agent and Bond Registrar for the Bonds, to ratify the distribution of a Preliminary Official Statement and to authorize the execution and distribution of an Official Statement; WHEREAS, the County desires to provide for the retirement of the Series 1985 Bonds and Series 1987 Bonds to be retired; WHEREAS, the County desires to approve the form of the Escrow Agreement and to appoint an Escrow Agent in connection with said retirements; and WHEREAS, the County desires to provide for certain other matters in connection with the foregoing. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The Bonds shall be in the aggregate principal amount of $7,530,000, shall be dated as of December 1, 1992, shall be in fully registered form, shall be in denominations of $5,000 or any integral multiple thereof, shall bear interest payable semiannually, on March 1 and September 1 of each year, commencing March 1, 1993, until the principal amount thereof is paid, by check mailed by the Paying Agent to the Registered Owners thereof at their addresses as the same appear on the registration books kept by the Bond Registrar on behalf of the County at 5:00 p.m. local time at the location of the Bond Registrar on the fifteenth (15th) day of the month immediately preceding the applicable interest payment date, at the interest rates per annum set forth in the Bond Purchase Agreement (hereinafter defined), shall mature on September 1 of the years and in the principal amounts set forth in the Bond Purchase Agreement. The Bonds shall not be subject to optional or mandatory redemption prior to maturity. At the option of the Registered Owner of $1,000,000 or more in aggregate principal amount of Bonds, interest shall be payable by wire transfer pursuant to written instructions from such Registered Owner. SECTION 2. The County has determined that it does not reasonably expect to issue tax-exempt obligations that, together with all tax-exempt obligations reasonably expected to be issued by all entities that issue obligations on behalf of the County and all "subordinate entities" (within the meaning of Section 265(b)(3)(E) of the Internal Revenue Code of 1986, as amended (the "Codep)) of the County, in the aggregate, will not exceed Ten Million 44