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PSj <br /> ? t x <br /> Y•} <br /> • <br /> 3L , <br /> 10 . RESOLUTION 2001 - 113 APPOINTING FINANCIAL SECURITY <br /> ASSURANCE AS MUNICIPAL BOND INSURER FOR THE <br /> SERIES 2001 BONDS ; PROVIDING CERTAIN OTHER <br /> MATTERS IN CONNECTION WITH THE MUNICIPAL BOND <br /> INSURANCE POLICY • AND PROVIDING AN EFFECTIVE <br /> DATE ISIIA0 , 000 GENERAL OBLIGATION NOTICE OF <br /> BOND SALE - LAAC ) <br /> The Board reviewed a Memorandum of October 31 , 2001 : <br /> TO : Board of County Commissioners <br /> THRU : James E . Chandler, County Administrator <br /> FROIM : Joseph A . Baird , Assistant County Administrator <br /> DATE : October 31 2001 <br /> SUBJECT : 511 , 000, 000 General Obligation Bond Insurance Commitment <br /> Indian River County is going to sell General Obligation bonds <br /> sensitive land in the amount of 511for environmentally <br /> , 000 , 000 on November 13 , 2001 . The proposals will be <br /> received electronically via the Parity system (a widely accepted electronic bidding system) until <br /> 11 : 00 a. m. Eastern Standard Time_ Proposals will be accepted with or without insurance . Art <br /> Diamond of Fishl ind & Associates had requested insurance bids from four bond insurance firms : <br /> Results are as follows : <br /> Financial Security Assurance (FSA) 17 . 4 basis points <br /> ANIBAC Assurance Corporation 18 . 9 basis points <br /> Financial Guaranty Insurance Co . (FGIC) 22 . 9 basis points <br /> MBIA Insurance Corporation did not respond <br /> Based on the above mentioned bids the FSA was chosen as the insurer and all proposals <br /> must use FSA as the insurer if the bid includes insurance . <br /> The Commitment for Municipal Bond Insurance from FSA needs to be approved by the <br /> Commission prior to the sale of the Bonds . Attached is a Resolution for consideration by the <br /> Comnnssion to approve the terms and conditions of the Commitment for insurance from FSA . <br /> NOVEMBER 6 , 2001 rt e , � " <br /> - 63 - <br /> 7�7 777777r777 <br /> 01 <br /> 7TW77"W 117 <br /> i <br /> f <br /> . . 1. v . _ <br />