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F, '136 1 <br />L,00? 1 U ma, ,w <br />The referenced 1984 industrial development revenue bonds were completely <br />paid in October of 1997 according to the attached letter from Barnett Bank. <br />Since the County was the original issuer of the bonds for which the mortgage <br />serves as collateral, the attorney for the successor trustee (the Bank of New <br />York) is requesting that the County execute a satisfaction. <br />Recommended Action: Staff recommends that the Board approve the request <br />and authorize the Chairman to sign the attached document on its behalf. <br />Nk13UIRE '� <br />BATTLE &Boyo � <br />3300 Barnett center o uu ,; ►'t <br />50 North Laura Street O� c� r�r. <br />Post office Box 4099 <br />Jacksonville, Florida 32201-4099 `9 <br />ti <br />Telephone (904) 354-1100 • Fax (904) 798.2698 <br />Ralph R Wickersham Direct Dial: (904) 798-2633 <br />Direct Fax: (904) 798-2698 <br />Charles P. Vitunac, Esquire April 15, 1998 <br />Indian River County Attorney's office <br />1840 2P Street <br />Vero Beach, FL 32960-3384 <br />Re: Indian River County, $2.500,000 Industrial Development Revenue Bond <br />Series 1984 (Hetra Project) <br />Dear Charles: <br />We represent the Bank of New York, the Successor Trustee on the Indian River <br />County, $2,500,000 Industrial Development Bond Series 1984 (Hetra Project). The Bond <br />was 100% owned by Barnett Bank, Enclosed is a letter from Barnett stating that the <br />Bond has been paid. Accordingly, it is necessary to prepare, execute and record a <br />Satisfaction of Mortgage. <br />The Mortgage originally ran to Indian River County and was assigned to the <br />Trustee. However, the Mortgage secures all amounts due under the Loan Agreement — <br />that includes, for example, any amounts due to the Issuer pursuant to its rights of <br />indemnification. Thus, since the Mortgage secures obligations to tht Issuer, it is <br />necessary to have the Issuer join in the Satisfaction of Mortgage. <br />Would you please have the Issuer execute the enclosed Satisfaction and return to <br />me as soon as possfble. <br />I am simultaneously forwarding to the Bank of New York a copy of [his same <br />Satisfaction for its execution. <br />Please give me a call if you have any questions in connection with the foregoing. <br />Sincerely, <br />Ralph' Wickersham <br />RRWlsc <br />Enclosure <br />NAC\3"3WEM\vftWW-415Aoc <br />www.mwbb.com <br />ALMATY • BALTIMORF • BRU.CW • CHARLOTTE • CHARLOTTF.bSILLE • JACKSONVILLE • Moltow • NORFou • R1r.HM0\'P • TYtn\C CoRNFR nr �,.• •, <br />Apri128,1998 <br />22 <br />