1996-042 - Laserfiche WebLink

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WHEREAS, the Issuer desires to ratify the distribution of and use by the Underwriters of a Preliminary Official Statement, to authorize the execution and distribution of an Official Statement in connection with the issuance of the Bonds and to take certain other actions in connection with the issuance and sale of the Bonds; WHEREAS, the Issuer has authorized the purchase of municipal bond insurance and has received a commitment for such insurance from Financial Guaranty Insurance Company (the "Bond Insurer"); and WHEREAS, the Issuer has authorized the deposit of a Debt Service Reserve Fund Policy in the Reserve Account and desires to purchase such Reserve Policy from Financial Guaranty Insurance Company and to authorize the execution of a Financial Guaranty Agreement in connection therewith; and WHEREAS, the Issuer will be provided all applicable disclosure information required by Section 218.385, Florida Statutes, at the time of execution and delivery of the Bond Purchase Contract; and WHEREAS, this resolution shall constitute a supplemental resolution under the terms of the 1996 Resolution and all capitalized undefined terms used herein shall have the meanings set forth in the Resolution; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY SSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. There is hereby authorized and directed to be issued the Issuer's Water and Sewer Revenue Bonds, Series 1996 (the "Bonds"), in the principal amount not to exceed $45,000,000. The Bonds shall be issued under and secured by the Master Bond Resolution. The Bonds shall mature in the amounts and at the times, shall bear interest at the rates, be redeemable at the redemption prices and upon the terms and shall have all of the other characteristics, all as to be approved by the Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget prior to sale of said Bonds, as provided in this resolution. The Bonds shall be executed, authenticated and delivered by the officers of the Issuer authorized below in substantially the form set forth in the Master Bond Resolution in fully registered form. SECTION 2. It is hereby found and determined that due to the complexity of the financing and the need to coordinate matters among the Issuer and the Underwriter, it is in the best interest of the Issuer to negotiate the sale of the Bonds. The disclosure required by Section 218.385, Florida Statutes, as amended, shall be provided to the Issuer, as evidenced by a schedule attached to the Bond Purchase Contract wherein the Underwriter agrees to provide disclosure to the Issuer prior to execution by the Issuer of the