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ROOK 97 PAGE 644 RESOLUTION AUTHORIZING SALE OF WATER & SEWER REVENUE BONDS, SERIES 1996 The Board reviewed a Memorandum of March 13, 1996: TO: Members of the Board of County Commissioners DATE: March 13, 1996 SUBJECT: UTILITY BOND ISSUE OMB AGENDA ITEM FROM: Joseph A. Bair OMB Director DESCRIPTION AND CONDITIONS Indian River County was scheduled to issue the $38,380,000 Water and Sewer Revenue bond issue on March 11, 1996. The Preliminary Official Statement was printed on Thursday, March 7, 1996. Unfortunately on Friday, March 8, there was a significant change in the interest rates upwards which did not benefit the County. Due to this change and the volatile interest market, County staff, the County Financial Advisor and the Underwriter decided not to market the bonds on Monday, March 11, 1996. Since the market has been volatile for the last several months, it is stall's opinion as well as the County Financial Advisor and the Underwriter, to be able to enter the market when the opportunity arises. To do this, the Board will need to approve a resolution delegating authority for staff to enter into the market if conditions seem beneficial to the County. RECOMMENDATION Staff recommends the Board of County Commissioners approve the attached resolution and the exhibits. ATTACHMENTS Resolution Exhibit A - Bond Purchase Contract (on file in Clerk's Office) Exhibit B - Commitment for Municipal Bond Insurance and Debt Service Reserve Fund Policy (on file in Clerk's Office) Exhibit C - Preliminary Official Statement (on file in Clerk's Office) ON MOTION by Commissioner Eggert, SECONDED by Commissioner Tippin, the Board unanimously (4-0, Commissioner Bird being absent) adopted Resolution No. 96-42, which amends and supplements Resolution No. 93-80 and authorizes the negotiated sale of not - to -exceed $45,000,000 Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1996, and other pertinent actions, as recommended in the memorandum. 104 March 19, 1996