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WHEREAS, it is necessary and desirable to specify certain terms and <br />provisions with respect to the Bonds; <br />WHEREAS, it is desirable for the County to designate each of the Bonds as a <br />"qualified tax-exempt obligation"; <br />WHEREAS, the County deems it in its long term best interest that the Bonds <br />be sold at this time at private sale by negotiation; <br />WHEREAS, William R. Hough & Co. (the "Purchaser"), has offered to purchase <br />the Bonds on the terms and conditions hereinafter described; <br />WHEREAS, the County desires to purchase municipal bond insurance in <br />connection with the Bonds; <br />WHEREAS, the County desires to appoint a Paying Agent and Bond Registrar for <br />the Bonds, to ratify the distribution of a Preliminary Official Statement and to <br />authorize the execution and distribution of an Official Statement; <br />WHEREAS, the County desires to provide for the retirement of the Series <br />1985 Bonds and Series 1987 Bonds to be retired; <br />WHEREAS, the County desires to approve the form of the Escrow Agreement and <br />to appoint an Escrow Agent in connection with said retirements; and <br />WHEREAS, the County desires to provide for certain other matters in <br />connection with the foregoing. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Bonds shall be in the aggregate principal amount of <br />$7,530,000, shall be dated as of December 1, 1992, shall be in fully registered <br />form, shall be in denominations of $5,000 or any integral multiple thereof, shall <br />bear interest payable semiannually, on March 1 and September 1 of each year, <br />commencing March 1, 1993, until the principal amount thereof is paid, by check <br />