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1995-075
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1995-075
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Last modified
6/13/2018 2:25:34 PM
Creation date
6/13/2018 2:20:48 PM
Metadata
Fields
Template:
Resolutions
Resolution Number
1995-075
Approved Date
06/20/1995
Resolution Type
Bonds
Entity Name
Indian River County
Subject
General Obligation Bonds $15,000,000
Supplementing Resolution 1995-063
Document Relationships
1995-063
(Agenda)
Path:
\Resolutions\1990'S\1995
1995-083
(Cover Page)
Path:
\Resolutions\1990'S\1995
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The Series 1995 Bonds will mature on July i of the following years in the following principal amounts: <br />Principal <br />Amwae <br />Principal <br />Amount * <br />1996 <br />$720,000 <br />2004 <br />11015,000 <br />1997 <br />745,000 <br />2005 <br />1,070,000 <br />1998 <br />780,000 <br />2006 <br />1,120,000 <br />1999 <br />810,000 <br />2007 <br />11180,000 <br />2000 <br />845,000 <br />2008 <br />1,245,000 <br />2001 <br />885,000 <br />2009 <br />1,310,000 <br />2002 <br />925,000 <br />2010 <br />1.380;00(! <br />2003 <br />970,000 <br />Series 1995 Bonds or portions thereof maturing in the years 1996 to 2003, both inclusive, are not <br />redeemable prior to their stated dates of maturity. Series 1995 Bonds or portions thereof maturing on July 1, <br />2004 and thereafter are redeemable prior to their states dates of maturity, at the option of the County as a whole <br />or in part on July 1, 2003, or on any date thereafter, in such manner approved by the County, at a redemption <br />price (expressed as a percentage of the principal amount thereof as set forth in the table below), together with <br />accrued interest on the par amount so redeemed to the redemption date, if redeemed in the following periods: <br />Redemption Period <br />(both dates inclusive) <br />July 1, 2003 to June 30, 2004 <br />July 1, 2004 to June 30, 2005 <br />July 1, 2005 and thereafter <br />Redemption Price <br />(Per_ cent= of Pari <br />102% <br />101 <br />100 <br />After final computation of the bids, to achieve desired debt service levels as described in "Security" <br />below, the County reserves the right either to increase or decrease any Principal Amount of the Series 1995 <br />Bonds (or any Amortization Installment in the case of a Term Bond) shown on the schedule of Principal <br />Amounts set forth above (the "Maturity Schedule"), by an amount not to exceed five percent (5%) of the stated <br />amount of each such Principal Amount on the Maturity Schedule and correspondingly adjust the issue size, all <br />calculations to be rounded to the nearest $5,000. <br />In the event of any such adjustment, no rebidding or recalculation of the bid submitted will be required <br />or permitted If necessary, the total purchase price of the Series 1995 Bonds will be increased or decreased in <br />direct proportion to the ratio that the adjustment bears to the aggregate principal amount of the Series 1995 <br />Bonds speed herein; and the Series 1995 Bonds of each maturity, as adjusted, will bear interest at the same <br />rate and must have the same initial reoffering yields as speed in the bid of the Successful Bidder. However, <br />the award will be made to the bidder whose bid produces the lowest true interest cost, calculated as speed <br />below, solely on the basis of the Series 1995 Bonds offered pursuant to the Bid Maturity Schedule, without taking <br />into account any adjustment in the amount of Series 1995 Bonds set forth in the Bid Maturity Schedule. <br />
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