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HomeMy WebLinkAbout2007-072RESOLUTION NO. 2007-072 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE ISSUANCE, SUBJECT TO THE BOND REFERENDUM HEREIN PROVIDED FOR, OF GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA PAYABLE FROM THE FULL FAITH AND CREDIT AND UNLIMITED AD VALOREM TAXING POWER OF THE COUNTY, TO PROVIDE NET PROCEEDS OF $40,000,000 TO FINANCE THE COST OF ACQUISITION, RENOVATION OF EXISTING FACILITIES AND CONSTRUCTION OF ADDITIONAL FACILITIES CONSTITUTING A CAPITAL PROJECT FOR AN INDUSTRIAL OR MANUFACTURING PLANT DESCRIBED AS PIPER AIRCRAFT, FOR ECONOMIC DEVELOPMENT, PROVIDING FOR AND CALLING A BOND REFERENDUM OF THE QUALIFIED ELECTORS OF THE COUNTY TO BE HELD ON OCTOBER 9,2007; PROVIDING FOR OFFICIAL BALLOTS; PROVIDING FOR BOND REFERENDUM PROCEDURES; ESTABLISHING ITS INTENT TO REIMBURSE SUCH CAPITAL EXPENDITURES INCURRED WITH PROCEEDS OF SUCH GENERAL OBLIGATION BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, it is necessary and desirable that Indian River County, Florida (the "County") issue Bonds for the achievement of economic development and to finance the cost of acquisition, rehabilitation and construction of a capital project for an industrial or manufacturing plant described as Piper Aircraft (the 'Project") and pay issuance expenses incurred in connection with the sale of the hereinafter defined Bonds related thereto; and WHEREAS, the Bonds shall be payable from the full faith and credit and unlimited ad valorem taxing power of the County; and WHEREAS, Section 125.045(2), Florida Statutes provides; "The governing body of a county may expend public funds to attract and retain business enterprises, and the use of public funds toward the achievement of such economic development goals constitutes a public purpose. The provisions of this chapter which confer powers and duties on the governing body of a county, including any powers not specifically prohibited by law which can be exercised by the governing body of a county, must be liberally construed in order to effectively carry out the purposes of this section."; and WHEREAS, Section 125.045(3), Florida Statutes provides; "For the purposes of this section, it constitutes a public purpose to expend public funds for economic development activities, including, but not limited to, developing or improving local infrastructure, issuing RESOLUTION NO. 2007-072 bonds to finance or refinance the cost of capital projects for industrial or manufacturing plants, leasing or conveying real property, and making grants to private enterprises for the expansion of businesses to the community."; and WHEREAS, the project qualifies for expenditure of public funds and issuance of bonds under the Act as hereinafter defined; and , WHEREAS, the Board of County Commissioners (the 'Board") hereby determines that the qualified electors of the County should make, through a bond referendum, the final decision determining whether to acquire, rehabilitate and construct the Project; and WHEREAS, the Board hereby determines that it serves a paramount public purpose that the Project be acquired, rehabilitated and constructed and that it is in the best interest of the County to issue General Obligation Bonds to finance the cost of acquisition, rehabilitation and construction of the Project; and WHEREAS, to pay all or a part of the cost of the Project, including the costs of issuing and insuring the general obligation bonds, it is necessary to issue the general obligation bonds of the County as hereinafter provided; and WHEREAS, this Resolution is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations which were promulgated pursuant to the Internal Revenue Code of 1986, as amended, with respect to the debt incurred to finance the Project; and WHEREAS, the County now desires to issue general obligation bonds in one or more series in such principal amount as will provide bond proceeds, after payment of the costs of issuance and municipal bond insurance and after adjusting for net original issue discount or premium ("Net Proceeds") of forty million dollars ($40,000,000) (the 'Bonds") pursuant to the terms of an authorizing bond resolution hereinafter to be adopted by the County if the qualified electors of the County approve the bond referendum authorized herein; and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA AS FOLLOWS: Section 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the Constitution and laws of the State of Florida, including Sections 100.201-100.351, Florida Statutes, Chapter 125 Florida Statutes including but not limited to Sections 125.045 (2) and (3), and other applicable provisions of law (hereinafter collectively referred to as the "Act"). 2 RESOLUTION NO. 2007-072 Section 2. FINDINGS. The Board hereby finds and determines that the recitals set forth herein are true and correct and adopts the same as its findings and determinations. Section 3. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions hereof, the Bonds of the County are authorized to be issued in such principal amount as will provide Net Proceeds of forty million dollars ($40,000,000) to finance the cost of the Project. The monies received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be general obligations of the County and shall be secured by the full faith and credit and unlimited ad valorem taxing power of the County. The Bonds shall mature in not more than thirty (30) years from issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the County at or prior to the sale of the Bonds. The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval of the bond referendum hereinafter called and subsequent adoption of an authorizing bond resolution by the Board, as governing body of the County. Section 4. BOND REFERENDUM. A bond referendum of the qualified electors of the County is hereby called to be held on October 9, 2007 to determine whether or not the issuance of the Bonds in such principal amount as will provide Net Proceeds of forty million dollars ($40,000,000) shall be approved by such qualified electors to finance the cost of the Project. All qualified electors in the County shall be entitled and permitted to vote in the bond referendum. The Supervisor of Elections of Indian River County, Florida (the "Supervisor of Elections") shall hold, administer and conduct the bond referendum in the manner prescribed by law. The County Administrator and the County Attorney (the "County Representatives") and the Supervisor of Elections are directed to take all necessary measures to conduct the bond referendum in accordance with applicable law. The results shall be certified to the Department of State in accordance with Section 100.351, Florida Statutes. All procedures and requirements of the laws of the State of Florida and other applicable law shall be complied with for the purpose of conducting the computation of ballots and completion of bond referendum procedures. The County Representatives are hereby designated and appointed as the official representative of the Board in all transactions with the Supervisor of Elections in relation to matters pertaining to the use of the registration books and the holding of said bond referendum. Ballots containing the question set forth in Section 6 hereof shall be prepared for the use of absent electors entitled to cast such ballots in said bond referendum. 3 RESOLUTION NO. 2007-072 Section 5. NOTICE OF BOND REFERENDUM. Notice of the bond referendum shall be published in a daily newspaper of general circulation in the County, at least twice, once in the fifth week and once in the third week prior to the week in which the bond referendum is held, the date of first publication in said newspaper to be at least thirty (30) days before said bond referendum, in substantially the form attached hereto as Exhibit A and in the manner provided in Section 100.342, Florida Statutes. Section 6. OFFICIAL BALLOT. The ballot for voting in the bond referendum shall be in substantially the following form: INDIAN RIVER COUNTY GENERAL OBLIGATION BONDS PIPER AIRCRAFT FACILITY ACQUISITION, REHABILITATION AND CONSTRUCTION CAPITAL PROJECT REFERENDUM Shall Indian River County issue general obligation bonds in one or more series in such principal amount as will provide net proceeds of forty million dollars $40,000,000, bearing interest not exceeding the maximum legal rate, payable from the unlimited ad valorem taxing power of the County, maturing within thirty (30) years from issuance, to finance the costs of acquisition, rehabilitation and construction of capital projects comprising the Piper Aircraft Facilities for economic development. Yes - For Bonds No - Against Bonds Section 7. BOND REFERENDUM RESULTS. Returns of the votes cast at the bond referendum shall be made as required by law. If a majority of the votes cast at the bond referendum shall be "Yes - For Bonds," the Bonds shall be approved, and then the Bonds may be issued pursuant. to this Resolution and as provided by authorizing bond resolution of the Board, as governing body of the County. If less than a majority of the votes cast at the bond referendum shall be "Yes - For Bonds," the Bonds shall be defeated, and no Bonds shall be issued pursuant to this Resolution. Section 8. LANGUAGES. To the extent required. by law, the official ballot and notice of bond referendum shall be published in both the English and the Spanish languages. Section 9. INTENT TO REIMBURSE. The Board hereby expresses its intention that the County be reimbursed from the proceeds of the Bonds for costs relating to the Project. S RESOLUTION NO. 2007-072 Pending reimbursement, the County expects to use funds on deposit in the County's general fund or other appropriate fund or account to pay such costs. This Resolution is intended to constitute with respect to the construction of the Project a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations. Section 10. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED the 10th day of July, 2007. BOARD OF COUNTY COMMISSIONERS INDIAN.RIVER COUNTY, FLORIDA Gary C.: eeler; Chairman (SEAL) ATTEST: JEFFREY K. BARTON, CLERK OF COURT Deputy Clerk Approved as to form and legal sufficiency: William G. Collins II County Attorney 5 EXHIBIT A NOTICE OF.BOND REFERENDUM FOR GENERAL OBLIGATION BONDS TO BE HELD ON OCTOBER 9, 2007 INDIAN RIVER COUNTY, FLORIDA To be held on October 9, 2007 provided by Resolution No.2007-072 of the Board of County Commissioners, as governing body of Indian River County, Florida adopted on July 10, 2007 Notice is hereby given that a bond referendum will be held in Indian River County, Florida on October 9, 2007. The bond referendum will be held to determine whether there shall be issued General Obligation Bonds (the "Bonds") of the County, in one or more series, in such amount as will provide net proceeds of forty million dollars ($40,000,000). The Bonds shall be general obligations of the County and shall be secured by the full faith and credit and unlimited ad valorem taxing power of the County. The Bonds shall mature in not more than thirty (30) years after issuance, and the Bonds shall bear interest at a legal interest rate at the time of the sale of the Bonds. The monies received and interest earned from the issuance of the Bonds will be used to finance the cost of acquisition, rehabilitation and construction of a capital project for an industrial or manufacturing plant described as Piper Aircraft. The issuance of such Bonds and the holding of such bond referendum have been authorized by Resolution No. 2007-072 of the Board of County Commissioners adopted on July 10, 2007. In accordance with the Constitution and laws of the State of Florida, all qualified electors of Indian River County, Florida, shall be entitled to vote in the bond referendum to which this notice pertains. The polls at said bond referendum will be open from 7 o'clock a.m. until 7 o'clock p.m. on October 9, 2007, and will be held at polling places in the several precincts of the County. Indian River County shall be authorized to issue the bonds covered by the question hereinabove set forth only if such issuance shall have been approved by vote of a majority of the qualified electors of the County voting thereon. By order of the Board of County Commissioners of Indian River County, Florida. County Clerk Indian River County, Florida Exhibit A-1