2023-004 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2023- 004 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $50,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS AT ONE TIME OR FROM TIME TO TIME, TO FINANCE THE COST OF ACQUIRING AND PRESERVING ENVIRONMENTALLY SENSITIVE LANDS AND CONSTRUCTING PUBLIC ACCESS IMPROVEMENTS RELATED THERETO WITHIN THE COUNTY; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING OTHER MATTERS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA as follows: ARTICLE I GENERAL SECTION 1.01. DEFINITIONS. When used in this Resolution, the following terms shall have the following meanings, unless the context clearly otherwise requires: "Accreted Value" shall mean, as of any date of computation with respect to any Capital Appreciation Bond, an amount equal to the principal amount of such Capital Appreciation Bond (the principal amount at its initial offering) plus the interest accrued on such Capital Appreciation Bond from the date of delivery to the original purchasers thereof to the Interest Date next preceding the date of computation, or the date of computation if an Interest Date, such interest to accrue at a rate not exceeding the legal rate, compounded semiannually, plus, with respect to matters related to the payment upon redemption or acceleration of the Capital Appreciation Bonds, if such date of computation shall not be an Interest Date, a portion of the difference between the Accreted Value as of the immediately preceding Interest Date and the Accreted Value as of the immediately succeeding Interest Date, calculated based on the assumption that Accreted Value accrues during any semi-annual period in equal daily amounts on the basis of a 360 -day year. "Act" shall mean Chapter 125, Florida Statutes, Article VII, Section 12 of the Florida Constitution, and other applicable provisions of law. "Ad Valorem Taxes" shall mean the direct annual tax levied on all taxable property within the Issuer to pay debt service on the Bonds, as provided by Section 3.01 of this Resolution. "Amortization Installment" shall mean an amount designated as such by, or provided for pursuant to, this Resolution or Supplemental Resolution of the Issuer and established with respect to Term Bonds.