HomeMy WebLinkAbout2013-081RESOLUTION NO. 2013- 081
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE REDEMPTION
AND PAYMENT OF THE COUNTY'S OUTSTANDING RECREATIONAL
REVENUE REFUNDING BONDS, SERIES 2003; AUTHORIZING AN
INTERFUND LOAN FROM GENERAL FUND RESERVES IN THE AMOUNT
OF $1,565,000 TO THE GOLF COURSE TO FUND THE REDEMPTION OF
THE SERIES 2003 BONDS; AUTHORIZING THE PROPER OFFICERS OF
THE COUNTY TO DO ALL ACTS NECESSARY AND PROPER FOR
CARRYING OUT THE TRANSACTIONS CONTEMPLATED BY THIS
RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of Indian River County, Florida (the
"County") has determined that it is in the County's best interest to redeem and pay off the
County's Recreational Revenue Refunding Bonds, Series 2003 (the "Series 2003 Bonds")
from available moneys of the County; and
WHEREAS, the County issued its Series 2003 Bonds pursuant to Resolution No.
2003-075 adopted by the County on July 8, 2003, as supplemented from time to time, and as
particularly supplemented by Resolution No. 2003-080 adopted by the County on July 22,
2003 and by Resolution No. 2003-081 adopted by the County on August 5, 2003
(collectively, the "Bond Resolution"); and
WHEREAS, the County desires to optionally redeem the outstanding Series 2003
Bonds on their first optional redemption date; and
WHEREAS, the County has legally available cash on hand to redeem the Series
2003 Bonds; and
WHEREAS, the County operates the County's Sandridge Golf Course (the "Golf
Course") as a separate enterprise fund for budget purposes; and
WHEREAS, it is in the best interest of the County to make an interfund loan to the
Golf Course to facilitate the redemption of the Series 2003 Bonds.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN
RIVER COUNTY, FLORIDA:
SECTION 1. FINDINGS OF FACT. The County hereby finds, determines and
declares the matters hereinabove set forth.
SECTION 2. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to Chapter 125, Florida Statutes, the Bond Resolution, and other applicable
provisions of law.
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SECTION 3. AUTHORIZATION TO REDEEM THE SERIES 2003 BONDS. The
redemption of the Series 2003 Bonds with a maturity date on or after September 1, 2014,
and a redemption price equal to the principal amount to be redeemed, plus interest to the
redemption date, is hereby authorized. The Series 2003 Bonds maturing on and after
September 1, 2014 are subject to redemption on any date on or after September 1, 2013.
The County Administrator is hereby directed and authorized to direct the paying agent for the
Series 2003 Bonds to give notice of the redemption of the Series 2003 Bonds to DTC and
the bondholders of such redemption in accordance with the Bond.
SECTION 4. REDEMPTION FUNDS. The County hereby directs the County
Administrator to transfer to the Paying Agent monies from the County's General Fund,
together with the balance, if any, in the Debt Service Fund, in the amount necessary to pay
the principal and any interest due on the Series 2003 Bonds to be redeemed on their
redemption date. By separate action, if required, the County shall take such steps as may be
required to amend its budget to provide for such redemption payment.
SECTION 5: INTERFUND LOAN. The County hereby directs and authorizes that
an interfund loan be made from the County's General Fund Reserves to the Golf Course in
the principal amount of $1,565,000 bearing interest at the rate of 2.5% per annum and
maturing on September 1, 2016.
SECTION 6. AUTHORIZATION TO EXECUTE, The Chairman (or in the absence of
the Chairman, the Vice -Chairman), the Clerk, the Director of Management and Budget, the
County Administrator, the County Finance Director and the County Attorney or any other
appropriate officers of the County are hereby authorized and directed to take all actions
necessary, and to execute any and all certifications, agreements, or other instruments or
documents required by the Bond Resolution or this Resolution. All action taken to date by
the officers of the County in furtherance of the redemption of the Series 2003 Bonds is
hereby approved, confirmed and ratified.
SECTION 7. SEVERABILITY. If any one or more of the covenants, agreements or
provisions of this Resolution should be held contrary to any express provision of law or
contrary to the policy of express law, though not expressly prohibited, or against public
policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements
or provisions shall be null and void and shall be deemed separate from the remaining
covenants, agreements or provisions of this Resolution.
SECTION 8. INCONSISTENT RESOLUTIONS. All prior resolutions of the County
inconsistent with the provisions of this Resolution are hereby modified, supplemented and
amended to conform to the provisions herein contained.
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SECTION 9. EFFECTIVE DATE. The provisions of this Resolution shall take effect
immediately upon its passage.
The foregoing resolution was moved for adoption by Commissioner
soj ari , and seconded by Commissionerc)!R,�an
and, upon being put to a vote, the vote was, as follows:
Chairman Joseph E. Flescher Ave
Vice Chairman Wesley S. Davis _Aye
Commissioner Peter D. O'Bryan Bye
Commissioner Bob Solari Ave
Commissioner Tim Zorc Ave
PASSED AND ADOPTED the
(SEAL)
nT�T• .leffrev R. Smith
20th
day of August , 20
BOARD OF COUNTY
INDIAN RIVER COUNTY,
Approved as to form and
legal sufficiency
By
ounty Attorney
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FLO
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