9/12/1995 - Laserfiche WebLink

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a � � omissions as may be approved by the Chairman, Vice Chairman and County Clerk executing same, and the execution of the acceptance of the Escrow Deposit Agreement by such authorized officer of the County shall be conclusive evidence of any such approval. SECTION 7. PURCHASE OF FEDERAL SECURITIES. The Clerk of the Circuit Court in and for Indian River County, in consultation with the Director of the Office of Management and Budget, is hereby authorized to select and purchase the Federal Securities for deposit to the Escrow Account created under the Escrow Deposit Agreement. SECTION 8. ESCROW HOLDER. The Bank of New York is hereby :appointed to serve as Escrow Holder under the Escrow Deposit Agreement. SECTION 9. DECLARATION OF INTENT. The County hereby expresses its intention to be reimbursed from proceeds of a future tax-exempt financing for capital expenditures to be paid by the County in connection with the acquisition of the City System through the defeasance of the City Bonds as herein authorized. Pending reimbursement, the County expects to use funds on deposit in the County's water and sewer system enterprise fund and/or the County's general fund to pay the costs of acquiring the City System through the defeasance of the City Bonds. It is not reasonably expected that the total amount of debt to be incurred by the County to reimburse itself for expenditures paid with respect to the acquisition of the City System will exceed $5,000,000. This Resolution is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations. SECTION 10. EXECUTION OF DOCUMENTS. The Chairman and Vice Chairman of the Board of County Commissioners, the County Finance Director, the.County Administrator and the County Attorney or any 25 SEPTEMBER 12, 1995 aooK aux