HomeMy WebLinkAbout2001-107 RESOLUTION NO.2001-107
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY,FLORIDA, SUPPLEMENTING RESOLUTION NO.
95-63; PROVIDING FOR THE SALE OF NOT TO EXCEED $11,000,000
GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA;
FIXING REDEMPTION PROVISIONS AND SERIES DESIGNATION FOR THE
BONDS; SETTING FORTH THE FORM OF THE NOTICE OF BOND SALE
AND SUMMARY NOTICE OF BOND SALE RELATING TO THE SALE OF
SUCH BONDS;DIRECTING PUBLICATION OF THE SUMMARY NOTICE OF
SALE RELATING TO SUCH BONDS; PROVIDING FOR THE OPENING OF
BIDS RELATING TO THE SALE OF THE BONDS; SETTING FORTH THE
OFFICIAL NOTICE OF SALE AND BID FORMS; PROVIDING THAT SUCH
BONDS SHALL BE ISSUED IN FULL BOOK ENTRY FORM; APPROVING
THE FORM OF A PRELIMINARY OFFICIAL STATEMENT; COVENANTING
TO PROVIDE CONTINUING DISCLOSURE;AUTHORIZING THE SELECTION
OF A REGISTRAR AND PAYING AGENT;AUTHORIZING THE SELECTION
OF A PROVIDER OF MUNICIPAL BOND INSURANCE; PROVIDING
CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS,on May 16, 1995,the Board of County Commissioners of Indian River County,
Florida(the"County" or the"Issuer")adopted Resolution No. 95-63, as supplemented(the"Original
Resolution")to provide for the issuance of not to exceed$26,000,000 in aggregate principal amount
of Indian River County General Obligation Bonds (the "Bonds") payable from the County's ad
valorem taxes without limit on all taxable property in the County as provided in the Original
Resolution; provided, however, that the Bonds shall be structured in such a manner that at the time
of issuance of any series thereof, the millage rate required to make the maximum annual payment
of the principal of and interest on the Bonds shall not exceed %2 mil of the then assessed value of all
lands situated in the County subject to ad valorem taxation; and
WHEREAS, it is in the best interest of the County to provide for the current public sale of
not to exceed $11,000,000 of such Bonds as an additional Series of Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows:
SECTION 1. SERIES DESIGNATION. The series designation for the Bonds is hereby
determined to be Series 2001 (and hereinafter are referred to as the "Series 2001 Bonds").
SECTION 2. APPLICATION OF PROVISIONS OF THE RESOLUTION. The Series 2001
Bonds,herein authorized, shall for all purposes (except as herein expressly provided)be considered
to be issued under the authority of the Original Resolution, and shall be entitled to all the protection
and security provided therein for Bonds issued thereunder.
SECTION 3. PUBLIC SALE. There are hereby authorized to be sold pursuant to a public
sale not to exceed $11,000,000 Indian River County, Florida, General Obligation Bonds.
SECTION 4. SALE OF SERIES 2001 BONDS; REDEMPTION AND MATURITY
PROVISIONS. The County Administrator or his designee, is hereby directed to arrange for the sale
of the Series 2001 Bonds utilizing the electronic bid process of PARITY through the publication of
the Summary Notice of Sale of the Bonds in a newspaper regularly distributed in Indian River
County and in The Bond Buye , such publications to be on such date as shall be deemed by the
County Administrator or his designee, to be in the best interest of the Issuer and such publications
to be not less than ten(10) calendar days prior to the date of sale as required by Section 218.385(1),
Florida Statutes; and to publish such Notice in such other newspapers on such dates as may be
deemed appropriate by the County Administrator or his designee.
The Series 2001 Bonds shall be subject to optional redemption and shall mature on the dates
as is set forth in the Notice of Bond Sale hereinafter approved.
Proposals for purchase of the Series 2001 Bonds will be received electronically via PARITY
as provided in the Official Notice of Sale, from the time that the Notice of Bond Sale is published
until 11:00 a.m., Eastern Daylight Savings Time,on such date and time as may be established by the
County Administrator or his designee, and if such date is subject to change, communicated through
Thompson Municipal Market Monitor(TM3)not less than twenty-four(24) hours prior to the time
bids are to be received for the purchase of Indian River County, Florida, General Obligation Bonds,
Series 2001;provided that if the internet is not working on the designated bid date, the bid date shall
be automatically changed to the next business day, and the County will communicate a confirmation
of this change in bid date through Thompson Municipal Market Monitor(TM3), all as provided in
the Notice of Sale (the "Bid Date").
SECTION 5. The proceeds, including accrued interest and premium, if any, received from
the sale of any or all of the Series 2001 Bonds shall be applied simultaneously with the delivery of
the Bonds to the purchaser thereof, as follows:
(A) The accrued interest and capitalized interest, if any, shall be deposited in the Debt
Service Fund created by the Original Resolution and shall be used only for the purpose of paying
interest coming due on the Series 2001 Bonds.
(B) To the extent not reimbursed therefor by the original purchaser of the Series 2001 Bonds,
the County shall pay all costs and expenses in connection with the preparation, sale, issuance and
delivery of the Series 2001 Bonds.
(C) The remainder of the proceeds of the sale of the Series 2001 Bonds shall be deposited
in the "Indian River County General Obligation Bonds, Project Acquisition Fund" (the "Acquisition
Fund") created by the Original Resolution,which shall be a trust fund for the benefit of the Owners
of the Series 2001 Bonds, and used only for the costs of the Projects. The proceeds of the sale of
the Series 2001 Bonds shall be and constitute trust funds for the purposes hereinabove provided and
there is hereby created a lien upon such moneys, until so applied, in favor of the Owners of said
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Series 2001 Bonds. Moneys in the Acquisition Fund may from time to time be invested in
Authorized Investments.
SECTION 6. APPROVAL OF FORMS. The Notice of Bond Sale and Summary Notice of
Sale of the Bonds to be submitted for purchase of the Series 2001 Bonds shall be in substantially the
forms annexed hereto, as Exhibits A and B, respectively, together with such changes as shall be
deemed necessary or desirable by the County Administrator or his designee, depending on the
bidding method selected in accordance with Section 4 hereof,incorporated herein by reference. The
form of the Official Bid Form shall be provided by the internet auction website selected by the
County Administrator, and shall be reasonably satisfactory to the County Administrator.
SECTION 7. BOOK ENTRY ONLY BONDS. It is in the best interest of the County and
the residents and inhabitants thereof that the Series 2001 Bonds be issued utilizing a pure book-entry
system of registration. In furtherance thereof, the County has previously executed and delivered a
Blanket Letter of Representations with the Depository Trust Company. For so long as the Series
2001 Bonds remain in such book entry only system of registration,in the event of a conflict between
the provisions of the Original Resolution and of the Blanket Letter of Representations,the terms and
provisions of the Blanket Letter of Representations shall prevail.
SECTION 8. PAYMENT OF INTEREST. Payment of the interest on the Series 2001 Bonds
shall be made by the Paying Agent on each interest payment date to the person appearing on the
registration books of the Registrar as of the date fifteen(15)days prior to each interest payment date,
as the registered Owner thereof,by check or draft mailed to such registered Owner at his address as
it appears on such registration books;provided, however, that for any Owner of$1,000,000 or more
in principal amount of Series 2001 Bonds, interest payments will, at the written request and at the
expense of such Owner, be made by wire transfer or other medium acceptable to the Issuer and to
the Owner.
SECTION 9. PRELIMINARY OFFICIAL STATEMENT. The County Administrator is
authorized and directed to cause a Preliminary Official Statement to be prepared in substantially the
form attached hereto as Exhibit C,with such changes, insertions and omissions as shall be approved
by the County Administrator containing a copy of the attached Notice of Bond Sale and to furnish
a copy of such Preliminary Official Statement to interested bidders. The County Administrator is
authorized to deem final the Preliminary Official Statement prepared pursuant to this Section for
purposes of Rule 15c2-12(the"Rule")of the Securities and Exchange Commission. Upon the award
of the Series 2001 Bonds to the successful bidder,the County shall also make available a reasonable
number of copies of the Official Statement to such bidder, who may mail such Official Statements
to prospective purchasers at the bidder's expense.
SECTION 10. CONTINUING DISCLOSURE. The County hereby covenants and agrees
that, in order to provide for compliance by the County with the secondary market disclosure
requirements of the Rule, that it will comply with and carry out all of the provisions of that certain
Continuing Disclosure Certificate in substantially the form attached hereto as Exhibit D, to be
executed by the County and dated the date of issuance and delivery of the Series 2001 Bonds, as it
may be amended from time to time in accordance with the terms thereof(the"Continuing Disclosure
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SECTION 10. CONTINUING DISCLOSURE. The County hereby covenants and agrees
that, in order to provide for compliance by the County with the secondary market disclosure
requirements of the Rule, that it will comply with and carry out all of the provisions of that certain
Continuing Disclosure Certificate in substantially the form attached hereto as Exhibit D, to be
executed by the County and dated the date of issuance and delivery of the Series 2001 Bonds, as it
may be amended from time to time in accordance with the terms thereof(the "Continuing Disclosure
Certificate"). Notwithstanding any other provision of this Resolution, failure of the County to comply
with such Continuing Disclosure Certificate shall not be considered an event of default; however, any
Bondholder may take such actions as may be necessary and appropriate, including seeking mandate
or specific performance by court order, to cause the County to comply with its obligations under this
Section.
SECTION 11. REGISTRAR AND PAYING AGENT. First Union National Bank,
Jacksonville, Florida, is hereby appointed as Registrar and Paying Agent for the Series 2001 Bonds.
SECTION 12. MUNICIPAL BOND INSURANCE. The County Administrator or his
designee, is hereby authorized to select a bond insurer to provide insurance to insure the scheduled
payment of principal and interest on the Series 2001 Bonds on behalf of the Issuer or, in the
alternative, allow each bidder to select whether the Series 2001 Bonds are to be insured by such bond
insurer.
SECTION 13. AWARD OF BID. The County Administrator or his designee, is hereby
authorized to accept the bids for the Series 2001 Bonds. The County Administrator is hereby
authorized to award the sale of the Series 2001 Bonds on his determination of the best bid submitted
in accordance with the terms of the Notice of Bond Sale provided for herein so long as the true
interest cost rate shall not exceed 6.0% on the Series 2001 Bonds. The County Administrator is
hereby authorized to award the sale of the Series 2001 Bonds as set forth above or to reject all bids
for the Series 2001 Bonds. Such award shall be final.
SECTION 14. INCONSISTENT PROVISIONS. All prior resolutions and motions 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.
[Remainder of page intentionally left blank]
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SECTION 15. EFFECTIVE DATE. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED the 23VAy of Oct. , 2001.
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V S.
BOARD OF COUNTY COMIVIISSf6NERS
INDIAN RIVER COUNTY,�FLORIDA
Chairman ,, Caro] i rye D.
(SEAL) ,..
r
ATTEST:
County, �k
@.
Approved as to form:
i
pecial County Attorney
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EXHIBIT A
FORM OF OFFICIAL NOTICE OF BOND SALE
I
OFFICIAL NOTICE OF BOND SALF
$11,000,000*
INDIAN RIVER COUNTY, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 2001
NOTICE IS HEREBY GIVEN that electronic (as explained below) proposals will be
received electronically via PARITY in the manner described below, until 11:00 a.m., Eastern
Standard Time, on November 13, 2001.
Bids must be submitted electronically via PARITY in accordance with this Notice of Bond
Sale, until 11:00 a.m.,Eastern Standard Time,but no bid will be received after the time for receiving
bids specified above. To the extent any instructions or directions set forth in PARITY conflict with
this Notice of Bond Sale,the terms of this Notice of Bond Sale shall control. For further information
about PARITY, potential bidders may contact the financial advisor to the County, Fishkind &
Associates, Inc., 11869 High Tech Avenue, Orlando, Florida 32817 Attention: Arthur Diamond,
telephone(407)382-3256,or Dalcomp at 395 Hudson Street,New York,NY 10014,telephone(212)
806-8304. In the event of a malfunction in the electronic bidding process, the bid date will
automatically change to the next business day as confirmed in a communication through Thompson
Municipal Market Monitor(TM3).
Form of Series 2001 Bond
The Series 2001 Bonds will be issued in book entry only form, without coupons, in
denominations of$5,000 or any integral multiples thereof, and shall be dated November 1, 2001.
Principal of the Series 2001 Bonds shall be paid to the registered owners at the designated corporate
trust office of First Union National Bank(the "Paying Agent" and "Registrar"), upon presentment
and surrender of the Series 2001 Bonds. Interest on the Series 2001 Bonds shall be paid to the
registered owners as shown on the registration books maintained by the Registrar, by check or draft
mailed to each such owner's address as shown on the registration books maintained by the Registrar
as of the fifteenth(15th) day of the calendar month preceding such interest payment date. Interest
will be payable each January 1 and July 1, commencing July 1, 2002. Interest will be calculated on
the basis of a 360-day year of twelve 30-day months. For so long as The Depository Trust
Company,New York,New York,or its nominee,Cede&Co. (collectively, "DTC") is the registered
owner of the Series 2001 Bonds,payments of principal of,redemption premium, if any, and interest
on the Series 2001 Bonds will be made directly to DTC. Disbursements of such payments to the
DTC participants is the responsibility of DTC and further disbursement of such payments from the
DTC participants to the beneficial owners of the Series 2001 Bonds is the responsibility of the DTC
participants.
*Preliminary, subject to change
Initially one bond will be issued for each maturity of the Series 2001 Bonds in the aggregate
principal amount of each such maturity and registered in the name of DTC. DTC, an automated
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clearing house for securities transactions,will act as securities depository for the Series 2001 Bonds.
Purchases of the Series 2001 Bonds will be made in book-entry-only form (without certification).
It shall be the responsibility of the Successful Bidder (as hereinafter defined) for the Series 2001
Bonds to furnish to DTC an underwriters' questionnaire and to the County the CUSIP numbers of
the Series 2001 Bonds not less than seven(7)days prior to the Closing Date(as hereinafter defined).
Maturity Schedule
The Series 2001 Bonds will mature on July 1 of the following years in the following
principal amounts:
Series 2001 Bonds
Principal Principal Principal
Maw Amount* Maturity Amount* Maturity_ Amount*
2002 $480,000 2007 $670,000 2012 $810,000
2003 595,000 2008 690,000 2013 845,000
2004 610,000 2009 720,000 2014 885,000
2005 630,000 2010 745,000 2015 925,000
2006 650,000 2011 780,000 2016 965,000
Mandatory Redemption Provision
If the Successful Bidder designates any Series 2001 Bonds as tern bonds as described under
"Designation of Term Bonds," the following mandatory redemption provisions shall apply with
respect to such designated term bonds:
The Series 2001 Bonds maturing on July 1, 20_will be subject to mandatory redemption
prior to maturity, selected by lot, or in such manner as the Registrar may deem appropriate, at a
redemption price equal to par plus accrued interest to the redemption date, on July 1, 20_, and
each July 1 thereafter,from amounts deposited in the Redemption Account in the Bond Service Fund
established by the Ordinance, in the following years and amounts as follows:
Year Amount
*Preliminary, subject to change
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Optional Redemption Provisions
Series 2001 Bonds or portions thereof maturing in the years 2002 to 2012, both inclusive,
are not redeemable prior to their stated dates of maturity. Series 2001 Bonds or portions thereof
maturing on July 1, 2013 and thereafter are redeemable prior to their states dates of maturity, at
the option of the County as a whole or in part on July 1, 2012, or on any date thereafter, in such
manner approved by the County, at a redemption price (expressed as a percentage of the principal
amount thereof as set forth in the table below), together with accrued interest on the par amount
so redeemed to the redemption date, if redeemed in the following periods:
Redemption Period Redemption Price
(both dates inclusive) (Percentage of Par)
July 1, 2012 through June 30, 2013 101%
July 1, 2013 and thereafter 100%
Adjustment of Principal Amount
After final computation of the bids, to achieve desired debt service levels, the County
reserves the right either to increase or decrease any Principal Amount of the Series 2001 Bonds (or
any Amortization Installment in the case of a Term Bond) shown on the schedule of Principal
Amounts set forth above(the "Maturity Schedule"), by an amount not to exceed five percent (5%)
of the stated amount of each such Principal Amount on the Maturity Schedule and correspondingly
adjust the issue size, all calculations to be rounded to the nearest $5,000.
In the event of any such adjustment in the Series 2001 Bonds, no rebidding or recalculation
of the bid submitted with respect to such Series 2001 Bonds will be required or permitted. If
necessary, the total purchase price of the Series 2001 Bonds will be increased or decreased in direct
proportion to the ratio that the adjustment bears to the aggregate principal amount of the Series 2001
Bonds specified herein; and the Series 2001 Bonds of each maturity, as adjusted, will bear interest
at the same rate and must have the same initial reoffering yields as specified in the bid of the
Successful Bidder. However, the award will be made to the bidder whose bid produces the lowest
true interest cost, calculated as specified below, solely on the basis of the bid for the Series 2001
Bonds offered pursuant to the Bid Maturity Schedule of the relevant series of Series 2001 Bonds,
without taking into account any adjustment in the amount of Series 2001 Bonds set forth in the Bid
Maturity Schedule.
Designation of Term Bonds
Bidders may specify that the annual Principal Amounts of the Series 2001 Bonds coming due
in any two or more consecutive years may be combined to form one or more maturities of Series
2001 Term Bonds scheduled to mature in the last of such years with the preceding annual Principal
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Amounts for such years constituting mandatory Amortization Installments of Series 2001 Bonds to
be selected by lot and redeemed at a price of par plus accrued interest in accordance with the
Original Resolution.
Basis of Award
Proposals must be unconditional and only for all the Series 2001 Bonds. The purchase price
bid for the Series 2001 Bonds may include a discount(including underwriters' discount and original
issue discount)not to exceed two percent(2%)of the principal amount of the Series 2001 Bonds and
shall specify how much of the discount is original issue discount. The purchase price bid may also
include an original issue premium(including underwriter's discount and original issue premium)not
to exceed two percent(2%)of the principal amount of the Series 2001 Bonds and shall specify how
much of such purchase price is original issue premium. The Series 2001 Bonds will be insured by
and the County will pay the bond insurance premium from Series 2001 Bond
proceeds. The purchase price bid for the Series 2001 Bonds will not deduct the insurance premium.
Only the final bid submitted by any bidder through Parity will be considered. The County reserves
the right to determine the Successful Bidder for the Series 2001 Bonds, to reject any or all bids and
to waive any irregularity or informality in any bid.
The Series 2001 Bonds will be awarded to the bidder(herein referred to as the "Successful
Bidder" as to the Series 2001 Bonds) offering such interest rate or rates and purchase price which
will produce the lowest true interest cost to the County over the life of the Series 2001 Bonds. True
interest cost for the Series 2001 Bonds (expressed as an annual interest rate) will be that annual
interest rate being twice that factor of discount rate, compounded semiannually,which when applied
against each semiannual debt service payment (interest, or principal and interest, as due) for the
Series 2001 Bonds will equate the sum of such discounted semiannual payments to the bid price
(inclusive of accrued interest). Such semiannual debt service payments begin on July 1, 2002. The
true interest cost shall be calculated from November 15,2001,the expected closing date of the Series
2001 Bonds (the "Closing Date") and shall be based upon the principal amounts of each serial
maturity set forth in this Notice of Bond Sale and the bid price set forth in the Proposal for the Series
2001 Bonds submitted in accordance with the Notice of Bond Sale. In case of a tie, the County may
select the Successful Bidder by lot. It is requested that each Proposal for the Series 2001 Bonds be
accompanied by a computation of such true interest cost to the County under the term of the
Proposal for Bonds,but such computation is not to be considered as part of the Proposal for Bonds.
Interest Rates Permitted
The Series 2001 Bonds shall bear interest expressed in multiples of one-eighth (1/8) or one-
twentieth (1/20) of one percent. There shall not be a difference greater than three hundred basis
points(300 b.p.)Between the lowest interest rate and the highest interest rate. Should an interest rate
be specified which results in annual interest payments not being equally divisible between the
semiannual payments in cents the first semiannual payment will be reduced to the next lower cent
and the second semiannual payment will be raised to the next higher cent.
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It shall not be necessary that all Series 2001 Bonds bear the same rate of interest, provided
that all Series 2001 Bonds maturing on the same date shall bear the same rate of interest. A rate of
interest based upon the use of split or supplemental interest payments or a zero rate of interest will
not be considered.
Paying Agent and Registrar
The Paying Agent and Registrar for the Series 2001 Bonds is First Union National Bank
through its designated office in Miami, Florida.
Seciirity
Principal of and interest on the Series 2001 Bonds to be issued pursuant to Resolution No.
95-63, as supplemented, and all required sinking fund, and other payments shall be payable solely
from the County's ad valorem taxes without limit on all taxable property in the County as provided
herein; provided, however, that the Bonds shall be structured by the County in such a manner that
at the time of issuance the millage rate required to make the maximum annual payment of the
principal of and interest on the Series 2001 Bonds shall not exceed 1/2 mil of the then assessed value
of all lands situated in the County subject to ad valorem taxation. The Series 2001 Bonds are general
obligations of the County secured by the full faith and credit and taxing power of the County. In
each year while any of the Series 2001 Bonds are outstanding and unpaid, there shall be levied and
collected an ad valorem tax on all the taxable property within the County sufficient to pay the
interest on the Series 2001 Bonds as it becomes due, and to provide for the payment of the principal
on the Series 2001 Bonds at their maturity. The County is irrevocably and unconditionally obligated
to levy and collect ad valorem taxes, without limitation as to rate or amount, on all the taxable
property within the County, sufficient in amount to pay all principal of, redemption premium, if any,
and interest on the Series 2001 Bonds as the same shall become due and payable.
Purpose
Pursuant to the Original Resolution, as supplemented by Resolution No. 01- ,the Series
2001 Bonds are being issued to finance the acquisition of environmentally significant land to protect
water quality, open spaces, and wildlife habitat in Indian River County(the "Projects"), under the
authority of and in full compliance with the Constitution and Statutes of the State of Florida,
including particularly Chapter 125,Florida Statutes,Resolution No. 92-146 of Indian River County,
Florida, a vote of the electors of Indian River County, Florida, in accordance with Chapter 100,
Florida Statutes, the Original Resolution and Resolution No. 01- , and to pay the cost of
issuance of the Series 2001 Bonds.
Issuance of Series 2001 Bond
The Series 2001 Bonds will be issued and sold by Indian River County, Florida, a political
subdivision of the State of Florida. The Series 2001 Bonds are being issued pursuant to Resolution
No. 95-63, as supplemented, adopted May 16, 1995 (the " Original Resolution") by the Board of
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........... .. .
County Commissioners of Indian River County, Florida, Resolution No. 2001-107 adopted by the
Board of County Commissioners on October 23, 2001 and pursuant to the provisions of Chapter
125, Florida Statutes, and other applicable provisions of law.
Municipal Bond insurance Policy
A commitment to issue a municipal bond insurance policy guaranteeing payment of principal
and interest on the Series 2001 Bonds has been obtained from
Proposals
Proposals for the Series 2001 Bonds are desired on forms which will be furnished by
PARITY, on behalf of the County, and be submitted electronically via PARITY.
Each bidder for the Series 2001 Bonds must have arranged for a good faith deposit in the
amount of$110,000, in the form of a Financial Surety Bond from any insurance company licensed
to issue such a Surety Bond in the State of Florida and approved by the County(as of the date hereof
only Financial Security Assurance Corporation has been so approved)prior to the bid deadline. The
Successful Bidder's good faith deposit shall be delivered by wire transfer to the County by 3:00 p.m.
on the next business day. If the Successful Bidder shall fail to comply promptly with the terms of
its Proposal, the amount of such wire will be forfeited to said payee as liquidated damages. The
proceeds of the good faith deposit of the Successful Bidder will be applied to the payment of the
purchase price of the Series 2001 Bonds. Prior to the delivery of the Series 2001 Bonds,the County
may invest the proceeds from the good faith deposit. No interest will be paid to any bidder upon any
good faith deposit.
Delivery and Payment
It is anticipated that the Series 2001 Bonds in book entry only form will be available for
delivery on November 15, 2001, in New York, New York, at The Depository Trust Company, or
some other date and place to be mutually agreed upon by the Successful Bidder and the County
against the payment of the purchase price therefor including accrued interest calculated on a 360-day
year basis, less the amount of the good faith check,in immediately available Federal Reserve funds
without cost to the County.
Closing Documents
The County will furnish to the Successful Bidder upon delivery of the Series 2001 Bonds the
following closing documents in a form satisfactory to Bond Counsel: (1) signature and no-litigation
certificate; (2) federal tax certificate; (3)certificate regarding information in the Official Statement;
and (4) seller's receipt as to payment. A copy of the transcript of the proceedings authorizing the
Series 2001 Bonds will be delivered to the Successful Bidder of the Series 2001 Bonds upon request.
Copies of the form of such closing papers and certificates may be obtained from the County.
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Information Statement
Section 218.38(1)(b)l, Florida Statutes requires that the County file, within 120 days after
delivery of the Series 2001 Bonds, an information statement with the Division of Bond Finance of
the State of Florida(the "Division")containing the following information: (a)the name and address
of the managing underwriter,if any,connected with the Series 2001 Bonds; (b)the name and address
of any attorney or financial consultant who advised the County with respect to the Series 2001
Bonds; and(c)any fee,bonus, or gratuity paid, in connection with the bond issue,by an underwriter
or financial consultant to any person not regularly employed or engaged by such underwriter or
consultant and(d)any other fee paid by the County with respect to the Series 2001 Bonds, including
any fee paid to attorneys or financial consultants. The Successful Bidder will be required to deliver
to the County at or prior to the time of delivery of the Series 2001 Bonds, a statement signed by an
authorized officer containing the same information mentioned in(a) and(c) above. The Successful
Bidder shall also be required, at or prior to the delivery of the Series 2001 Bonds, to furnish the
County with such information concerning the initial prices at which a substantial amount of the
Series 2001 Bonds of each maturity were sold to the public as the County shall reasonably request.
Pursuant to Section 218.385(2) and (3) of the Florida Statutes, as amended, a truth-in-
bonding statement will be required from each bidder as to the Series 2001 Bonds as part of their bid
in the following form:
"Indian River County,Florida, is proposing to issue $11,000,000 original aggregate
principal amount of General Obligation Bonds, Series 2001, for the purpose of
paying (i) a portion of the costs of the Projects, (ii) the costs of issuing the Series
2001 Bonds and(iii)the premium on the Bond Insurance Policy, if any, all as further
described in Resolution No. 01- . The final maturity date of the Series 2001
Bonds is ,and the Series 2001 Bonds are expected to be repaid over a period
of ( ) years. At a forecasted average interest rate of % per
annum, total interest paid over the life of the Series 2001 Bonds will be
$ . The source of repayment or security for this proposal is the
County's ad valorem tax revenues and moneys and investments held in the funds
created under the said Resolution. Authorizing the Series 2001 Bonds will result in
$ not being available to finance the other capital projects of the
County. This truth-in-bonding statement prepared pursuant to Section 218.385(2)
and (3) of the Florida Statutes, as amended, is for informational purposes only and
shall not affect or control the actual terms and conditions of the Series 2001 Bonds."
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Legal Opinion
The Successful Bidder will be furnished,without cost,with the approving opinion of Bryant,
Miller and Olive, P.A., Tallahassee, Florida, to the effect that based on existing law, and assuming
compliance by the County with certain covenants and requirements of the Internal Revenue Code
of 1986, as amended (the "Code"), regarding use, expenditures, investment of proceeds and the
timely payment of certain investment earnings to the United States Treasury, the interest on the
Series 2001 Bonds is not includable in the gross income of individuals, however, interest on the
Series 2001 Bonds will be included in the calculation of the alternative minimum tax liabilities of
corporations. The Code contains other provisions that could result in tax consequences, upon which
Bond Counsel renders no opinion, as a result of ownership of the Series 2001 Bonds or the inclusion
in certain computations (including, without limitation, those related to the corporate alternative
minimum tax and environmental tax) of interest that is excluded from gross income.
Official Statement
The Preliminary Official Statement, copies of which may be obtained as described below,
is in a form "deemed final" by the County for purposes of SEC Rule 15c2-12(b)(1) (except for
certain permitted omissions as described in such rule) but is subject to revision, amendment and
completion in a final Official Statement. Upon the sale of the Series 2001 Bonds, the County will
publish a final Official Statement in substantially the same form as the Preliminary Official
Statement. Copies of the final Official Statement will be provided, at the County's expense, on a
timely basis in such quantities as may be necessary for the Successful Bidder's regulatory
compliance.
It is not the intention or the expectation of the County to print the name(s) of the Successful
Bidder as to the Series 2001 Bonds on the cover of the Official Statement.
Continuing Disclosure
The County has covenanted to provide ongoing disclosure in accordance with Rule 15c2-12
of the Securities and Exchange Commission. See "Appendix_--Form of Continuing Disclosure
Certificate" attached to the Preliminary Official Statement.
CUSIP Number
It is anticipated that CUSIP identification numbers will be printed on the Series 2001 Bonds,
but neither the failure to print such number on any Series 2001 Bonds nor any error with respect
thereto shall constitute cause for failure or refusal by the Successful Bidder to accept delivery of and
pay for the Series 2001 Bonds in accordance with its agreement to purchase the Series 2001 Bonds.
All expenses in relation to the printing of CUSIP numbers on the Series 2001 Bonds shall be paid
for by the County;provided,however,that the CUSIP Service Bureau charge for the assignment of
said number shall be the responsibility of and shall be paid for by the Successful Bidder.
Copies of Documents
Page 8 of 9
Copies of the Preliminary Official Statement, this Official Notice of Bond Sale and the
Official Bid Form and further information which may be desired,may be obtained from the County's
Financial Advisor, Fishkind&Associates, Inc., 11869 High Tech Avenue, Orlando, Florida 32817
Attention: Arthur Diamond, telephone (407) 382-3256.
Amendment and Notices
Amendments hereto and notices, if any, pertaining to this offering shall be made through
Thompson Municipal Market Monitor(TM3) or similar information distribution service.
INDIAN RIVER COUNTY, FLORIDA
/s/Caroline Ginn
Chairman
KC Approved: October 23, 2001
Page 9 of 9
EXHIBIT B
FORM OF SUMMARY NOTICE OF SALE
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SUMMARY NOTICE OF SALE
INDIAN RIVER COUNTY, FLORIDA
General Obligation Bonds
Series 2001
NOTICE IS HEREBY GIVEN, that bids will be received by the County Administrator of
Indian River County, Florida, electronically through PARITY, subject to the provisions of the
Official Notice of Bond Sale.
Sale Date: November 13, 2001
Time: 11:00 a.m., E.S.T.
Bonds Dated: November 1, 2001
Maturities: Payable July 1 in the years and amounts as follows:
Series 2001 Bonds
Principal Principal Principal
Maturit Amount* Maturity Amount* Maturity Amount*
2002 $480,000 2007 $670,000 2012 $810,000
2003 595,000 2008 690,000 2013 845,000
2004 610,000 2009 720,000 2014 885,000
2005 630,000 2010 745,000 2015 925,000
2006 650,000 2011 780,000 2016 965,000
Interest
Payment Dates: Payable January 1 and July 1, commencing July 1, 2002.
Legal Opinion: Bryant, Miller and Olive, P.A.,
Tallahassee, Florida
For copies of the Official Notice of Bond Sale and the Preliminary Official Statement of Indian
River County, Florida,please contact the County's Financial Advisor, Fishkind & Associates, Inc.,
11869 High Tech Avenue,Orlando,Florida 32817 Attention: Arthur Diamond,telephone(407)382-
3256. The Proposed Form is to be provided by PARITY.
*Preliminary, subject to change
EXHIBIT C
FORM OF PRELIMINARY OFFICIAL STATEMENT
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EXHIBIT D
FORM OF CONTINUING DISCLOSURE CERTIFICATE