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y <br /> VIFNW <br /> Ilk <br /> Recommendation : <br /> It is recommended the Board of County Commissioners approve the Resolution <br /> authorizing Insurance from FSA . <br /> ON MOTION by Commissioner Macht , <br /> SECONDED by Commissioner Stanbridge , the <br /> Board unanimously adopted Resolution 2001 - 113 <br /> appointing Financial Security Assurance as <br /> municipal bond insurer for the Series 2001 Bonds ; <br /> providing certain other matters in connection with <br /> the municipal bond insurance policy , and providing <br /> an effective date ($ 11 , 000 , 000 General Obligation <br /> Bonds - LAAC ) . <br /> RESOLUTION NO . 2001 113 <br /> A RESOLUTION 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 . <br /> WHEREAS , on May 16 , 1995 , the Board of County Commissioners of Indian River County, <br /> Florida (the " County" or the "Issuer") adopted Resolution No . 95 -63 , as supplemented (the " Original <br /> Resolution ) to provide for the issuance of not to exceed $26 , 000, 000 in aggregate principal amount <br /> of Indian River County General Obligation Bonds (the " Bonds " ) payable from the County's ad <br /> valorem taxes without limit on all taxable property in the County as provided in the Original <br /> Resolution ; provided, however, that the Bonds shall be structured in such a manner that at the time <br /> of issuance of any series thereof, the millage rate required to make the maximum annual payment <br /> of the principal of and interest on the Bonds shall not exceed '/z mil of the then assessed value of all <br /> lands situated in the County subject to ad valorem taxation ; and _, <br /> WHEREAS , on October 23 , 2001 , the County Commission of Indian River County , Florida <br /> adopted Resolution No . 2001 - 107 (the "Resolution") , supplementing the Original Resolution to <br /> provide for the issuance and sale of the County ' s not to exceed $ 11 , 000 , 000 General Obligation # <br /> Bonds , Series 2001 (the "Series 2001 Bonds") ; and <br /> p_ <br /> {: <br /> WHEREAS , the Resolution provided for the County Administrator or his designee to solicit <br /> offers from municipal bond insurance firms to provide municipal bond insurance (the "Municipal <br /> Bond Insurance Policy") for the Series 2001 Bonds ; and <br /> WHEREAS , the Issuer now desires to approve the commitment for municipal bond insurance <br /> provided by Financial Security Assurance Inc . as the municipal bond insurance firm (the "Bond <br /> Insurer") to provide the Municipal Bond Insurance Policy for the Series 2001 Bonds if such <br /> municipal bond insurance is elected by the purchaser of the Series 2001 Bonds , and if so selected , <br /> to supplement the Resolution to provide for the requirements of the Commitment . <br /> NOVEMBER 6 , 2001 <br /> - 64 - t <br /> it <br /> h: ✓ � X <br />