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LAAO BOND The Board reviewed a Memorandum of July 10, 1995: TO: Board f z commissioners FROM: Charles P. V u aC it n , County Attorney DATE: July 10, 1995 RE: LAAO Bond Resolution Attached is a draft of the resolution which is expected to be used after the 11:00 a.m., July 11, 1995, sale of the LAAC bonds. Once the bids are tabulated and compared by Joe Baird and our Financial Advisor, the best bid will be chosen and the blanks filled in on the resolution. Since this takes a certain amount of time, we respectfully request that the ratification of the'bond sale occur at the beginning of the Budget Hearings at 1:00 p.m. Requested Action: Staff recommends approval of the resolution and authorization for the Chairman and Clerk to sign. Director -Baird reported that out of 7 bidders on- the $1:5,000,000 bond issue, the apparent low bidder is Smith -Barney at a true interest cost of 5.0240912%. The bids ranged from that to 5.1718 so staff feels very fortunate to get that interest rate. Director Baird read the heading of the Resolution aloud: "Awarding the sale of $15,000,000 general obligation bonds of Indian River County, Florida; ratifying previous actions taken by the Director of Management and Budget in connection therewith; approving the maturities and other terms of such bonds; authorizing the purchase of municipal bond insurance; supplementing Resolution No. 95-63 to provide additional covenants relating to municipal bond insurance applicable to the bonds; amending certain covenants to provide continuing disclosure contained in Resolution No. 95-75; providing certain other matters in connection therewith; and providing an effective date". ON MOTION by Commissioner Eggert, SECONDED by Commissioner Tippin, the Board unanimously adopted Resolution 95-83 awarding the sale of $15,000,000 general obligation bonds of Indian River County, Florida. JULY 119 1995 45 BOOK 95 ptv 6S