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2024-023
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Last modified
6/7/2024 12:34:02 PM
Creation date
6/7/2024 12:29:12 PM
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Resolutions
Resolution Number
2024-023
Approved Date
06/04/2024
Agenda Item Number
8.K.
Resolution Type
Supplementing Resolution 2023-004
General Obligaton Bond
Entity Name
Indian River County
Subject
General Obligations Bond Preserving Environmentally Sensitive Lands
Authorizing the issuance of not exceeding $25,000,000 in aggregate principal
amount of Indian River County, Florida
Document Relationships
2023-004
(Agenda)
Path:
\Resolutions\2020's\2023
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The Bonds shall be dated as of their date of delivery, shall be. issued as fully registered <br />Bonds, numbered consecutively from one upward in order of maturity with the prefix 'W shall bear <br />interest from their date of delivery, payable semi-annually, on (except as otherwise established by <br />the County Administrator based on advice of the County's Financial Advisor) January 1 and July 1 <br />of each year, commencing on January. 1, 2025, at such rates and maturing in iuch amounts on July 1 <br />of such years (except as otherwise established by the County Administrator based on advice of the <br />County's Financial. Advisor) as to be set forth in the Official Notice of Sale. _ The Bonds shall be <br />issued in denominations of $5,000 and any integral multiple thereof. -Each Bond shall bear interest <br />from the Interest Date next preceding the date on which it is authenticated, unless authenticated on <br />an Interest Date, in which case it shall bear interest from such Interest Date, or, unless authenticated <br />prior to the fust interest payment date, in which.case it shall bear interest from its date; provided, <br />however, that if at the time of authentication interest is in default, such Bond shall bear interest from <br />the date to which interest shall have last been paid. The intereston the Bonds shall be calculated on <br />the basis of a 360 -day year comprised of twelve 30 -day months. <br />The principal of and the interest on the Bonds shall be payable in any coin or currency of the <br />United States of America which on the respective. dates of payment thereof is legal tender for the <br />payment of public and private debts. The principal of the shall be payable only to the registered <br />Holder or his legal representative at the principal corporate trust office of the Paying Agent, and <br />payment of the interest on the shall be made by the Paying Agent on each interest payment date to <br />the person appearing on the registration books of the Issuer hereinafter provided for as the registered <br />Holder thereof, by electronic means, draft or check mailed to such registered Holder at his address as <br />it appears on such registration books. Payment of the principal on all Bonds shall be made upon the <br />presentation and surrender of such Bonds as the same shall become due and payable: <br />The Bonds shall be subject to redemption prior to maturity.as:set forth below: <br />The Bonds maturing on July 1, 2035, and thereafter are redeemable at the option of the <br />County from any legally available source, in whole or in part and if in part, in any order of maturity <br />selected by the County, at its discretion, and by lot within a maturity if less than an entire maturity is <br />to be redeemed, on July 1, 2034, or at any time thereafter, at a. redemption price equal to the <br />principal amount of the Bonds to be redeemed, together with accrued interest to the date fixed for <br />redemption. <br />Notwithstanding the foregoing, if the County's Financial. Advisor, upon consultation with the <br />Chief Deputy Comptroller of the County, determines that market conditions require different or no <br />optional redemption provisions for the Bonds or for certain maturities of the Bonds, such different <br />optional redemption provisions or the exclusion of certain or all maturities.ofthe Bonds from such <br />optional redemption provisions will be deemed approved by the County so long as:the maximum <br />redemption premium does not exceed 1% and the first optional redemption period, if any, is not <br />more than eleven (11) years from the date of issuance of the. Bonds if Bonds are to be subject to <br />optional redemption. <br />Any bonds which are designated as Term Bonds in accordance with the Official Notice of <br />Sale shall also be subject to mandatory redemptionprior to maturity. by lot; in such manner as the <br />3 <br />
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