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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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shall apply to the registration and transfer of the Bonds and to Payments and Notices with respect <br />thereto. <br />SECTION 4. AUTHORIZATION OF THE : PROJECT. The acquisition :and <br />construction of the Project (including the reimbursement to the Issuer o f certain costs incurred with <br />respect thereto), is hereby authorized by the Issuer. <br />SECTION 5. SALE OF THE BONDS. The County Administrator and/or Chief Deputy <br />Comptroller, or his or her designee, is hereby authorized and directed to sell the Bonds at public sale <br />by competitive bid and to publish the Summary Notice of Sale in.the form attached hereto as Exhibit <br />A in The Bond Buver or such other publication as. directed by the County Administrator or his <br />.designee at least ten (10) days prior to the date of sale, which date of sale shall be determined by the <br />Chief Deputy Comptroller or her designee, in consultation with the County's Financial Advisor, in an <br />effort to achieve the lowest interest cost for the. County. <br />The Official Notice of Sale attached hereto as Exhibit B and the Prelitninary Official <br />Statement attached hereto as Exhibit C are each hereby approved and authorized to be used in <br />connection with the sale of the Bonds. The Preliminary Official Statement, upon advice of the <br />County Administrator, is hereby deemed final for purposes of Rule 15c2-12 of the Securities.and <br />Exchange Commission (the "Rule"). The Preliminary Official Statement and Official Statement (as <br />defined below) are authorized to be made available by electronic means. The Preliminary Official <br />Statement, as amended on the date of sale of the Bonds to delete the preliminary language and as <br />further amended to reflect the actual interest rates and reoffering terms and any changes ofmaturities <br />or amounts and with such additional, correcting and conforming changes as shall be approved by the <br />County Administrator, is hereinafter referred to as the "Official Statement," and as promptly as <br />possible following the sale. and. within seven (7) business days of.the date. of sale of the Bonds, the <br />County agrees to make available to the. Underwriters of the. Bonds a sufficient number of copies -of <br />the Official Statement as necessary to enable such purchasers to comply with -the Rule. The <br />Chairman and County Administrator are authorized to execute the Official Statement on behalf of <br />the County, with such changes, completions and amendments as they shall determine are necessary, <br />or desirable. <br />The County Administrator or his designee is hereby delegated the authority to award the <br />Bonds to the responsive bidder offering to purchase the Bonds at the lowest true interest cast to the <br />County,, which in no event shall exceed five percent (5.00%0), calculated as provided in the Official <br />Notice of Bond Sale; and with a final maturity date of no later than twenty.(20) years. following the <br />date of issuance of the Bonds. <br />SECTION 6. APPLICATION OF BOND PROCEEDS. The proceeds, including accrued <br />interest and premium, if any, received from the sale of the Bonds shall be applied by the Issuer. <br />simultaneously with the delivery of such Bonds to the purchaser, as follows: <br />A. Capitalized interest, if any; shall be deposited into the SinkingFundand shellbe used <br />only for the purpose of paying interest becoming due on the Bonds. <br />5 <br />
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