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1985-062
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1985-062
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Last modified
5/1/2023 10:51:52 AM
Creation date
5/1/2023 10:51:40 AM
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Resolutions
Resolution Number
1985-062
Approved Date
06/05/1985
Subject
Authorizing the issuance of not exceeding $5,165,000 improvement bonds, Series #2
of IRC to finane the cost of the acquisition & construction of certain sewage collection &
treatment improvements to the combined water & sewer system of the County
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(hereinafter called "Resolution"). <br />B. It is necessary and desirable to amend the <br />40 <br />Resolution by making certain technical corrections to conform to <br />the loan commitment by Florida National Bank with respect to the <br />bonds. <br />SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is <br />amended in the following manner. <br />A. Section 11 of the Resolution is hereby amended to <br />read as follows: <br />"SECTION 11. PROVISIONS FOR REDEMPTION. Except as pro- <br />vided below, the Bonds are not subject to redemption prior to <br />their first interest payment date. On July 1, 1986, and on each <br />January 1 and July 1 thereafter, after providing for the payment <br />of interest on the Bonds on the next annual interest payment date <br />and principal thereof on the next amortization installment due <br />date as specified below, the County shall, from money tin deposit <br />in the Improvement Fund, redeem Bonds or portions thereof ar are <br />selects,! by lot, at a price of par and accrued interest to the <br />redemption date, to the extent necessary to exhaust the <br />Improvement Fund. <br />Principal amounts of the Bonds or portions thereof, to <br />be selected by lot, which shall be equal to the following man- <br />datory amortization installments: <br />YEARS AMOUNTS <br />1987 $516,500 <br />1988 516,500 <br />1989 516,500 <br />1990 516,500 <br />1991 516,500 <br />1992 516,500 <br />1993 516,500 <br />1999 516,500 <br />1995 516,500 <br />1996 516,500 <br />shall be redeemed on January 1 prior to their maturity (except <br />the installment maturing in the year 1996) at the price of the <br />principal amount thereof, plus accrued interest, or be purchased <br />in the open market at a price not to exceed such redemption <br />price. <br />-2- <br />
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