2015-070A - Laserfiche WebLink

Home Browse Search

SECTION 1. AUTHORIZATION OF SERIES 2015 NOTE. The Issuer hereby authorizes the issuance of its "Indian River County, Florida Limited General Obligation Refunding Note", which shall constitute a "Bond" for purposes of the Authorizing Resolution, and the series designation for such Note is hereby determined to be Series 2015 (and hereinafter is referred to as the "Series 2015 Note"). SECTION 2. APPLICATION OF PROVISIONS OF THE AUTHORIZING RESOLUTION. The Series 2015 Note, authorized in this resolution (this "Resolution"), shall for all purposes (except as herein expressly provided) be considered to be issued under the authority of the Authorizing Resolution, and shall be entitled to all the protection and security provided therein for Bonds issued thereunder, and the Existing Resolution shall remain in effect with respect to the Series 2015 Note after the payment in full of the Refunded Bonds. Capitalized terms used herein without definition shall have the respective meanings ascribed to such terms in the Existing Resolution. SECTION 3. NEGOTIATED SALE. It is hereby found and determined that the Series 2015 Note to be issued by the County is in a relatively small aggregate principal amount and is for the purpose of refunding the Refunded Bonds, and thus constitutes debt not readily marketable at public sale. A public sale of the Series 2015 Note is theretofore found to be impractical in the prevailing bond market, and protection of the public interest necessitates the approval of a negotiated sale of the Series 2015 Note directly to the initial registered owner of the Series 2015 Note (such initial registered owner and any other registered owner of all or any portion of the Series 2015 Note from time to time, individually and collectively, the "Holder"). No underwriter or consultant has dealt with the County and no official statement or prospectus of the County was utilized concerning the issuance and sale of the Series 2015 Note. SECTION 4. AUTHORIZATION AND DESCRIPTION OF SERIES 2015 NOTE. (A) The Series 2015 Note shall be dated the day of its delivery, shall be issued as a fully registered Note; shall bear interest from its date of delivery, payable semi-annually, on January 1 and July 1 of each year, commencing on July, 1, 2015, at the rate of 1.66% per annum, subject to adjustment as set forth in paragraph (c) below, and shall be repayable as to principal as follows: Year Principal (July 1) Amount 2015 $320,000 2016 343,000 2017 4,053,000 2018 4,158,000 2019 4,227,000 2020 4,298,000 2021 2,970,000 For purposes of the payment of principal on the Series 2015 Note, the Series 2015 Note will be deemed a "Term Bond" under the Existing Resolution with amortization installments equal to the above -referenced amounts. The Series 2015 Note shall be issued in the single denomination of $20,369,000. Interest on the Series 2015 Note shall be calculated on the basis 2