HomeMy WebLinkAbout2003-081RESOLUTION 2003- 081
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN
RIVER COUNTY, FLORIDA AMENDING RESOLUTION 2003-080 WHICH
AUTHORIZED THE NOT TO EXCEED $7,500,000 INDIAN RIVER COUNTY,
FLORIDA RECREATIONAL REVENUE REFUNDING BONDS, SERIES 2003
AND AWARDED THE SALE THEREOF TO WILLIAM R. HOUGH & CO.;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Indian River County, Florida (the "Issuer"), has by Resolution No. 2003-075
adopted by the Board of County Commissioners of the Issuer on July 8, 2003 (the "Authorizing
Resolution") and Resolution No. 2003-080 adopted by the Board of County Commissioners of the
Issuer on July 22, 2003 authorized the issuance and awarded the sale of not to exceed $7,500,000
Indian River County, Florida Recreational Revenue Refunding Bonds, Series 2003 (the "Bonds");
WHEREAS, the Issuer has been advised by William R. Hough & Co. that since the adoption
of Resolution No. 2003-080, capital markets have become volatile and that a redemption of the
Issuer's Recreational Revenue Refunding Bonds, Series 1993 on September 2, 2003 may not be in
the best interest of the Issuer; and
WHEREAS, the Issuer now desires to amend Resolution No. 2003-080 to allow for reaction
time to changing market conditions;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. Section 1 of Resolution No. 2003-080 is hereby amended to read as follows
(added language is underlined and deleted language is [bracketed]):
The issuance of not to exceed $7,500,000 of Indian River County, Florida
Recreational Revenue Refunding Bonds, Series 2003 by the Issuer is hereby
approved upon the terms and conditions set forth in the Authorizing Resolution as
supplemented by this Resolution. All capitalized terms not otherwise defined herein
shall have such meaning as is assigned to such term in the Authorizing Resolution.
The County Administrator shall cause the Refunded Bonds to be called for
redemption on September 2, 2003 or such later date designated by the County
Administrator based on market conditions.
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SECTION 2. Section 2(D) of Resolution No. 2003-080 is hereby amended to read as follows
(added language is underlined and deleted language is [bracketed]):
(D) The proceeds of the sale of the Bonds shall be deposited by the Issuer
on the date of issuance of the Bonds with the Refunded Bonds Paying Agent,
together with other funds of the Issuer which are sufficient to redeem, in full, the
Refunded Bonds on [September 2, 2003] their designated date of redemption, and
proceeds of the Bonds in excess of this amount shall be used by the Issuer to pay the
premium for the Financial Guaranty Insurance Policy and the debt service reserve
fund policy authorized in Section 6 hereof, and to pay costs of issuing the Bonds.
SECTION 3. All prior resolutions or other actions of the Issuer inconsistent with the
provisions of this Resolution are hereby modified, supplemented and amended to conform with the
provisions herein contained and except as otherwise modified, supplemented and amended hereby
shall remain in full force and effect.
SECTION 4. This Resolution shall take effect immediately upon its adoption.
PASSED. ANIS ADOPTED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, THIS 5th DAY OF AUGUST, 2003.
,:(SEAL
Aust'—.` Barton, Cle
iJ
By -
Deputy Clerk
Approved as to form
and 1- gal sufficiency
1/ Ada/
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INDIAN RIVER COUNT , ORIDA
BOARD O . oUNT CO SSIONERS
BY:
enneth R. acht, Chairman