06/04/2024 - Laserfiche WebLink

Home Browse Search

(A) On January 31, 2023, the Board of County Commissioners of Indian River County, Florida (the "County" or "Issuer") duly adopted Resolution No. 2023-004 (the "Original Resolution"). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Original Resolution. (B) The Original Resolution, as previously supplemented and as supplemented hereby, is referred to herein as the 'Bond Resolution." (C) The Original Resolution provides for the issuance ofbonds thereunder, upon meeting the requirements set forth in the Original Resolution. (D) The County deems it to be in the best interests of its citizens and taxpayers to issue its General Obligation Bonds, Series 2024 (the 'Bonds") for the purpose of financing the acquisition and preservation of environmentally sensitive lands and the construction of public access improvements with respect thereto within the County, as identified by resolution of the County (the "Project," as described in the Original Resolution). (E) The principal of and interest on the Bonds and all required sinking fund, reserve and other payments shall be general obligations of the County, secured by the full faith and credit of the County and the Ad Valorem Taxes, as provided in the Bond Resolution. (F) The County deems it necessary: (i) to fix the date, denominations, amount and maturities of the Bonds, (ii) to authorize the publication of a Summary Notice of Sale in The Bond Bur or such other publication as directed by the County Administrator, (iii) to approve the form and authorize the use of an Official Notice of Sale, Preliminary Official Statement and a final Official Statement, (iv) to authorize the County Administrator or the Chief Deputy Comptroller of the County to award the Bonds to the best bidder or bidders upon the terms and conditions and subject to the limitations set forth herein and the Official Notice of Bond Sale, (v) to appoint a Bond Registrar and Paying Agent, and (vi) to approve the form of a continuing disclosure undertaking. (G) The Original Resolution provides that the Bonds shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by Supplemental Resolution adopted by the County; and it is now appropriate that the County determine parameters for such terms and details. SECTION 2. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is adopted pursuant to Articles II and VII of the Original Resolution, the provisions of the Act (as defined in the Original Resolution) and other applicable provisions of law. SECTION 3. AUTHORIZATION AND DESCRIPTION OF THE BONDS. The County hereby determines to issue a series of Bonds in an aggregate principal amount not exceeding $25,000,000, the exact principal amount to be as authorized by the Official Notice of Sale, to be known as its "General Obligation Bonds, Series 2024," for the principal purpose of financing the Cost of the Project. 2 69