1983-028 - Laserfiche WebLink

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c so INTEREST RATE PERMITTED. The Bonds shall bear interest rates expressed in multiples of one-eighth (118) or one -twentieth (1120) of one per centum. Only one interest rate may be specified for the Bonds of the same maturity. Only one coupon rate may be attached to each Bond for each interest payment. A rate of interest based upon the use of split or supplemental interest coupons will not be considered. The purchase price shall not be below 99% of the par value of the Bonds. PAYING AGENTS. The principal of and interest on the Bonds will be payable at the Florida National Banlc, Jacksonville, Florida. SECURITY. The Bonds will be valid and binding general obligations of the County for which the full faith and credit of the County is irrevocably pledged. The authorizing resolution provides that so long as any of the Bonds shall be outstanding, there shall be levied, assessed and collected an ad valorem tax, unlimited as to rate or amount, upon all taxable property within the County sufficient in amount to pay the principal of and interest on the Bonds as the same become due. The issuance of the Bonds was approved by the qualified electors of the County at an election duly called and held in the County on November 2, 1982. PURPOSE. M The Bonds were authorized by a resolution duly adopted by the County on November 17, 1982, as supplemented, and are to be issued for the purpose of financing the cost of acquiring beachfront land on the Atlantic Ocean in the County for recreational purposes. PROPOSALS. Proposals are desired on forms which will be furnished by the County and envelopes containing Proposals should have endorsed thereon "Proposals for $5,000,000 Indian River County, Florida, General Obligation Bonds; Do Not Open Until 11:00 A.M., Eastern Standard j Time, Wednesday, April 20, 1983," or words of equivalent import, and should be addressed to the Board of County Commissioners at the above address. Each Proposal must be accompanied by a certified or bank cashier's check, drawn on an incorporated bank or trust company payable unconditionally to the order of the County, in a sum equal to two percent (2%) of the par value of the Bonds, as evidence of good faith. If the successful bidder shall fail to comply promptly with the terms of his Proposal, the amount of such check will be forfeited as liquidated damages. The good faith check of unsuccessful bidders will be returned to the bidders by registered mail at the address stated in their Proposals, or delivered to a representative of the bidder immediately after the award of the Bonds to the successful bidder. The proceeds of the good faith check of the successful bidder will be applied to the payment of the purchase price of the Bonds. Prior to the delivery of the Bonds, the County may cash and invest the proceeds from the good faith check. Full payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in Federal funds. No interest will be paid to any bidder upon any good faith check. DELIVERY AND PAYMENT. It is anticipated that the Bonds in definitive form will be available for delivery on or about Tuesday, May 10, 1983, at 10:00 A.M. at the offices of Freeman, Richardson, Watson & Kelly, P.A., in Jacksonville, Florida, or some other date, time and place to be mutually agreed upon between the successful bidder and the County. Full payment of the balance of the purchase price, ' including accrued interest to the delivery date, must be made to the County at the time of delivery.