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RESOLUTION NO. O V%
<br />A RESOLUTION FIXING THE MATURITY AND INTEREST
<br />PAYMENT DATES FOR AN $850,000 INDUSTRIAL DEVELOP-
<br />MENT REVENUE BOND, SERIES 1982 (RAMPMASTER
<br />PROJECT), OF INDIAN RIVER COUNTY, FLORIDA;
<br />AWARDING THE BOND AT NEGOTIATED SALE TO TEE
<br />PURCHASER; AND PROVIDING AN EFFECTIVE DATE.
<br />WHEREAS, the Bonds are payable from the proceeds of the
<br />Loan Agreement, Mortgage and Security Agreement, as defined in
<br />the Resolution, and, therefore, the Issuer does not have a direct
<br />interest in the terms of sale and the Proprietor, as defined in
<br />the Resolution, has expressed its unwillingness to undertake the
<br />risks and expenses attendant to a public sale of the Bonds; and
<br />WHEREAS, the complex nature of the security for payment
<br />of the Bonds requires a lengthy review of the credit of the
<br />Proprietor which would be financially impractical for bidders to
<br />undertake in a competitive sale context; and
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<br />WHEREAS, a resolution (hereinafter called "Resolution")
<br />of the Board of County Commissioners (hereinafter called
<br />"Governing Body") of Indian River County, Florida (hereinafter
<br />called "Issuer"), duly adopted on Ncvember 3, 1982, authorized
<br />the issuance of not exceeding $850,000 Industrial Development
<br />Revenue Bonds, Series 1982 (Rampmaster Project), hereinafter
<br />called "Bonds," to provide for the acquisition and construction
<br />of a capital project in the area of the Issuer; and
<br />WHEREAS, the Bonds were validated and confirmed by final
<br />judgment of the Circuit Court, Nineteenth Judicial Circuit, in
<br />the appeal will
<br />and for Indian River County, Florida, and period
<br />expire midnight, January 3, 1983; and
<br />WHEREAS, Barnett Bank of South Florida, N.A., Miami,
<br />Florida (hereinafter called "Purchaser"), has offered to purchase
<br />the Bonds at the price of par, pursuant to the remaining terms of
<br />Purchase Agreement attached hereto as Exhibit A
<br />the Bond
<br />(hereinafter called "Bond Purchase Agreement"); and
<br />WHEREAS, industrial development revenue bonds are tradi-
<br />tionally sold on a negotiated basis and, consequently, a com-
<br />petitive sale of the Bonds would in all probability not produce
<br />better terms than a negotiated sale, particularly in view of the
<br />timing of such an offering and the current instability of the
<br />i
<br />bond market; and
<br />WHEREAS, the Bonds are payable from the proceeds of the
<br />Loan Agreement, Mortgage and Security Agreement, as defined in
<br />the Resolution, and, therefore, the Issuer does not have a direct
<br />interest in the terms of sale and the Proprietor, as defined in
<br />the Resolution, has expressed its unwillingness to undertake the
<br />risks and expenses attendant to a public sale of the Bonds; and
<br />WHEREAS, the complex nature of the security for payment
<br />of the Bonds requires a lengthy review of the credit of the
<br />Proprietor which would be financially impractical for bidders to
<br />undertake in a competitive sale context; and
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