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RESOLUTION NO. $2-3 �___ <br />A RESOLUTION AWARDING A $5,825,900 WATER <br />REVENUE BOND, SERIES 1980 (SOUTH COUNTY <br />WATER SYSTEM), OF INDIAN RIVER COUNTY, <br />FLORIDA, TO FARMERS HOME ADMINISTRATION <br />AT NEGOTIATED SALE; AND PROVIDING AN <br />EFFECTIVE DATE. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), as follows: <br />SECTION 1. AUTHORITY FOR RESOLUTION. This resolution <br />is adopted pursuant to Ch. 159, Fla. Stat. (1981), and other <br />applicable provisions of law. <br />SECTION 2. FINDINGS. It is hereby ascertained, deter- <br />mined and declared that: <br />A. On June 25, 1980, the Board of County Commissioners <br />of the Issuer duly adopted a resolution (the "Resolution") <br />authorizing the issuance of not exceeding $5,825,900 aggregate <br />principal amount of Water Revenue Bonds, Series 1980 (South <br />County Water System), of the Issuer (the "Bonds"), for the pur- <br />pose expressed therein. <br />B. Due to the characteristics of the Bonds and pre- <br />vailing municipal bond market conditions, it is necessary, <br />desirable and in the best public interest that the Bonds be sold <br />at negotiated sale to the U. S. Department of Agriculture, <br />Farmers Home Administration (the "Government"), at the price of <br />par, bearing interest at the rate of 5% per annum, since such <br />terms are substantially more favorable than the Issuer could <br />reasonably expect to receive if the Bonds were sold at public <br />sale. <br />SECTION 3. AWARD OF BONDS. The Bonds are hereby <br />awarded and sold to the Government at the price of par, bearing <br />interest at the rate of 5% per annum, and shall be issued in the <br />form of a single, fully -registered bond, payable in installments, <br />as provided in the Resolution. <br />SECTION 4. EFFECTIVE DATE. This resolution shall take <br />effect immediately upon its adoption. <br />-1- <br />