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Last modified
10/13/2025 12:21:41 PM
Creation date
10/13/2025 12:18:40 PM
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Resolutions
Resolution Number
2025-061
Approved Date
10/07/2025
Agenda Item Number
14.C
Resolution Type
Authorizing the Sale of Recenue Bonds
Entity Name
Sandridge Golf Club
Subject
Authorizing Capital Revenue Bonds for the Sandridge Golf Club new clubhouse.
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date agreed upon by the County and the successful bidder. Payment for the Bonds must be made <br />in Federal Funds or other funds immediately available to the County at the time of delivery of the <br />Bonds. Any expenses incurred in providing immediate funds, whether by transfer of Federal <br />Funds or otherwise, will be borne by the purchaser. The County intends to conduct the closing in <br />Vero Beach, Florida. <br />RIGHT OF CANCELLATION <br />The successful bidder will have the right, at its option, to cancel its obligation to purchase <br />the Bonds if the Registrar fails to authenticate the Bonds and tender the same for delivery within <br />60 days from the date of sale thereof, and in such event the successful bidder will be entitled to the <br />return of the Good Faith Deposit accompanying its bid. <br />GOOD FAITH DEPOSIT <br />The successful bidder for the Bonds is required to submit its Good Faith Deposit to the <br />County in the form of a wire transfer in federal funds in the amount of $130,000 not later than 5:00 <br />p.m., Eastern Daylight Savings Time, on the day of the award. If such deposit is not received by <br />that time, the County may reject such bid and award the Bonds to the bidder that submitted the <br />next best bid in accordance with the terms of the Official Notice of Sale. <br />The Good Faith Deposit so wired will be retained by the County until the delivery of such <br />Bonds, at which time the good faith deposit will be applied against the purchase price of such <br />Bonds or the Good Faith Deposit will be retained by the County as partial liquidated damages in <br />the event of the failure of the successful bidder to take up and pay for such Bonds in compliance <br />with the terms of the Official Notice of Sale and of its bid. The County will pay no interest on the <br />good faith deposit. The balance of the purchase price must be wired in federal funds to the account <br />detailed in the closing memorandum provided by the County to the successful purchaser, <br />simultaneously with delivery of such Bonds. <br />CUSIP NUMBERS <br />It is anticipated that CUSIP numbers will be printed on the Bonds, but neither failure to <br />print such numbers on any Bonds nor any error with respect thereto will constitute cause for a <br />failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds. Bond <br />Counsel will not review or express any opinion as to the correctness of such CUSIP numbers. The <br />policies of the CUSIP Service Bureau will govern the assignment of specific numbers to the Bonds. <br />The County's Municipal Advisor will be responsible for applying for and obtaining CUSIP <br />numbers for the Bonds. All expenses in relation to the printing of CUSIP numbers on the Bonds <br />will be paid for by the County; provided, however, that the CUSIP Service Bureau charge for the <br />assignment of said numbers will be the responsibility of and will be paid for by the successful <br />bidder. <br />E <br />
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