Laserfiche WebLink
NO ACTION REQUIRED OR TARN. <br />10.A. RESOLUTIONNO.2000-086 AND ESCROW AGREEMENT <br />TO DEFEASE THE REFUNDING REVENUE BONDS, SERIES 1992 <br />The Board reviewed a Memorandum of August 9, 2000: <br />TO: Board of County Commissioners <br />DATE: August 9, 2000 <br />SUBJECT: Resolution and Escrow Agreement to Defease the <br />Refunding Revenue Bonds, Series 1992 <br />FROM: Joseph A. Baird, Assistant County Administrato <br />lk__ <br />Staff requests permission to proceed with defeasing the Refunding Revenue Bonds, <br />Series 1992. Proceeds to defense the bond issue will come from the General Fund (001); <br />Municipal Service Taxing Unit Fund (004); and Bond Refund and Improvement Fund (204). <br />After the bonds are defeased, staff will bring back to the Board of County Commissioners in the <br />form of a budget amendment the amount needed from each fund (including defeasance costs) <br />to defease the Bonds. Defeasance costs include verification report, bond counsel, escrow agent <br />costs, etc. <br />In order to defease the bond issue, the Board of County Commissioners must approve the <br />attached Resolution. <br />Recommendation <br />Staff recommends the Board of County Commissioners approve the attached Resolution <br />and authorize the Chairman or Vice Chairman to sign the Resolution and all necessary and <br />pertinent documents affiliated with the defeasance. <br />ON MOTION by Commissioner Macht, SECONDED BY <br />Commissioner Stanbridge, the Board unanimously (4-0, <br />Commissioner Tippin absent) adopted Resolution No. 2000- <br />086 providing for the defeasance of the outstanding Indian River <br />County, Florida Refunding Revenue Bonds Series 1992; <br />August 15, 2000 <br />