2024-023 - Laserfiche WebLink

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Furthermore, if after final computation of the bids, the " Issuer determines in its sole discretion that the funds necessary to accomplish the purpose of the 2024" _Bonds is more or less than the proceeds of the sale of all of the 2024 Bonds, the Issuer reserves the right to increase or decrease the principal amount, by no more than 15% of the principal amount" of the 2024 Bonds, or 25% within a given maturity of the 2024 Bonds (to be rounded to the nearest $5,000) or by such other amount as approved by the winning bidder, provided; that the aggregate principal amount of the 2024 Bonds may not exceed $25,000,000. In the event of any such adjustment, no rebidding or recalculation of the bids submitted will be required or permitted; and the 2024 Bonds of each maturity, as adjusted, will bear interest at the same rate and must have the same initial reoffering yield as specified immediately after award of the 2024 Bonds of that maturity; and the Underwriter's Discount on the 2024 Bonds as submitted by the successful bidder shall be held constant. The "Underwriter's Discount' shall be defined as the difference between the purchase price of the: 2034 Bonds submitted by the bidder and the price at which the 2024 Bonds will be issued to the public, calculated from information provided by the bidder, divided by the par amount of the 2024 Bonds bid However, the award will be made to the bidder whose bid produces the lowest True Interest Cost ("TIC"), calculated as specified herein, solely on the basis of the 2024 Bonds offered, without taking into account any adjustment in the amount of 2024 Bonds pursuant to this paragraph. REDEMPTION PROVISIONS The 2,024 Bonds maturing on or."al ter July 1, 2035. will be subject to_optional redemption prior to maturity on and after July 1, 2034 at a redemption price of par plus accrued interest to the redemption date. The"2024 Bonds maturing on and prior to July 1, 2034 will not be subject to optional redemption prior to maturity. TERM BONDS OPTIONS Any bidder may, at its option, specify that the maturities of the 20:24 Bonds maturing after July 1, 2034 will consist of term bonds which are subject to mandatory sinking fund redemption in consecutive years immediately preceding the maturity thereof (each a "Term Bond") as designated in the bid of such bidder. In the event that the bid of thesuccessful bidder specifies that apermitted maturity of the 20244 Bonds will be -.a Term Bond, such Term Bond will be subject to mandatory sinking fund redemption on July 1 in each applicable year, in the principal amount for such year as set forth hereinbefore under the heading "INITIAL MATURITY SCHEDULE FOR THE 2024 BONDS," at a redemption price equal tothe principal amount thereof to be redeemed together with accrued interest thereon to the redemption date, without premium. AUTHORITY AND PURPOSE The 2024 Bonds are being issued under the zuthority of the Florida Constitution; Chapter 166.021, Florida Statutes, and other applicable provisions of law (collectively; the "Act"), and Resolution No. 2023-004, adopted by the Board of County Commissioners of the County ` on January 31, 2023,: as supplemented (the "Resolution"). 3.