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RESOLUTION NO. 84-60 <br />A RESOLUTION AWARDING $2,050,000 IMPROVEMENT <br />BONDS, SERIES NO. ONE, OF INDIAN RIVER COUNTY, <br />FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER; <br />AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, a resolution (hereinafter called "Resolution") <br />of the Hoard of County Commissioners (hereinafter called <br />"Governing Body") of Indian River County, Florida (hereinafter <br />called "Issuer"), duly adopted on July 11, 1984, authorized the <br />issuance of not exceeding $2,050,000 Improvement Bonds, Series <br />No. One (hereinafter called "Bonds"), to provide for the acquisi- <br />tion and construction of certain water distribution improvements <br />in the unincorporated 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 />and for Indian River County, Florida, and the appeal period has <br />expired; and <br />WHEREAS, the complex character of the issuance of the <br />Bonds requires lengthy and detailed structuring which could be <br />unreasonably restricted by the lack of flexibility at public <br />sale; and <br />WHEREAS, special assessment bonds normally do not <br />generate sufficient interest in the municipal bond market to <br />justify offering them at public sale; and <br />WHEREAS, a negotiated sale of these Bonds will result in <br />the most favorable bond financing plan and is in the best <br />interest of the Issuer; and <br />WHEREAS, the 20 "Bond -Buyer" Average Yield Index <br />(hereinafter called "Index") published immediately prior to the <br />first day of the month during which this resolution was adopted <br />Has 10.1.7 %; and <br />WHEREAS, 150 basis points above the Index is 11.67 s <br />o, <br />which rate is the statutory interest rate limit (hereinafter <br />called "Interest Rate Limit") applicable to the Bonds; and <br />WHEREAS, Florida National Bank, Jacksonville, Florida <br />-1- <br />