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HomeMy WebLinkAbout1/23/1978I c MONDAY, JANUARY 23, 1978 THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, MET IN SPECIAL SESSION AT THE COURTHOUSE, VERO BEACH, FLORIDA, ON MONDAY, .JANUARY 23, 1978, AT 9:00 O'CLOCK A.M. PRESENT WERE WILLIAM C. WODTKE, JR., CHAIRMAN: ALMA LEE Loy, VICE CHAIRMAN: EDWIN S. SCHMUCKER: AND R. DON DEESON. ABSENT WAS WILLARD W. SIEBERT, JR. ALSO PRESENT WERE .TACK G. JENNINGS, COUNTY ADMINISTRATOR:.L. S. "TOMMY" THOMAS, INTERGOVERNMENTAL COORDINATOR: GEORGE G. COLLINS, JR., ATTORNEY TO THE BOARD OF COUNTY COMMISSIONERS: AND VIRGINIA HARGREAVES, DEPUTY CLERK. THE CHAIRMAN CALLED THE MEETING TO ORDER AND ANNOUNCED THAT THIS SPECIAL MEETING IS BEING HELD TO HANDLE A MATTER THAT HAS ARISEN RELATIVE TO THE GIFFORD WATER AND SEWER PROJECT. HE EXPLAINED THAT THE CONTRACT HAS BEEN LET AND A CONSIDERABLE AMOUNT OF WORK HAS BEEN DONE, BUT WE HAVE NOT YET RECEIVED THE EDA MONIES. WE, THEREFORE, NEED TO TALK ABOUT AUTHORIZATION TO BORROW MONEY ON A LOCAL LEVEL FOR A FAIRLY SHORT PERIOD OF TIME. INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT IT MAY BE ONLY TWO TO THREE WEEKS, BUT TO BE SAFE, HE FELT WE SHOULD SAY TWO MONTHS. CHAIRMAN WODTKE POINTED OUT THAT WE HAVE PEENTY OF DOLLARS FOR THE PROJECT, BUT FIRST WE HAVE TO USE THE EDA MONIES, THEN THE LOAN MONEY, AND THEN THE FHA GRANT MONIES. DISCUSSION FOLLOWED ON TAX ANTICIPATION NOTES AS OPPOSED TO BOND ANTICIPATION NOTES. ATTORNEY COLLINS STATED THAT THOSE TWO MEANS ARE AVAILABLE TO THE COUNTY, BUT HE IS GEARED UPON THE BASIS OF A BOND ANTICIPATION NOTE. HE EXPLAINED THAT JUST AS YOU CAN PLEDGE TAX RECEIPTS TO PAY BACK A TAX ANTICIPATION NOTE, IN THIS SITUATION RECEIPTS FROM THE BOND ISSUE CAN BE PLEDGED TO PAY BACK A BOND ANTICIPATION NOTE. HE FURTHER NOTED THAT THE LOAN FROM THE FHA OF $402,500 IS, IN EFFECT, A BOND AND THIS IS WHAT WE WOULD BORROW AGAINST. HE CONTINUED THAT WE ARE GEARED INTO A JAN 2 3 1978. 8COK 3 3 PAuE 5' 2 RESOLUTION AUTHORIZING BORROWING UP TO $402.500, EVEN THOUGH HE DOES NOT EXPECT THIS AMOUNT WILL BE NEEDED. INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT THE BONDS ARE ACTUALLY SECURED BY THE WATER SYSTEM ITSELF AND HE WOULD RECOMMEND BORROW- ING A MAXIMUM OF $25,000. ATTORNEY COLLINS POINTED OUT THAT HE NEEDS TO KNOW THE AMOUNT ACTUALLY NEEDED TODAY, AND THE COORDINATOR STATED THAT HE IS RECOMMENDING $100,000 FOR THE FIRST NOTE BECAUSE THE CONTRACTOR HAS SUBMITTED A STATEMENT OF $44,621, AND HE ANTICIPATES ANOTHER BILL OF A SIMILAR AMOUNT WITHIN THE NEXT TWO TO THREE WEEKS. THE COORDINATOR INFORMED THE BOARD THAT THE CONTRACTOR'S BILL MUST BE APPROVED BY .JAMES BEINDORF AS THE CONTRACT ENGINEER AND THEN BE SUBMITTED TO FHA FOR THEIR APPROVAL, WHICH WILL TAKE ANOTHER 10 DAYS AT LEAST. COMMISSIONER LOY AGREED THAT WE SHOULD PAY THE CONTRACTOR AS SOON AS WE CAN. ATTORNEY COLLINS INFORMED THE BOARD THAT FIRST WE NEED TO PASS A RESOLUTION AUTHORIZING THE BOND ISSUE. HE STATED THAT THIS RESOLUTION WAS TO BE APPROVED BY FHA AND THEY RECEIVED IT SOMETIME IN OCTOBER, BUT HE HAS NEVER SEEN VERIFICATION ONE WAY OR THE OTHER AS TO WHETHER THEY HAVE APPROVED IT. HE DID NOT ANTICIPATE ANY PROBLEMS, HOWEVER, AND FELT WE NEED TO PROCEED IN ANY EVENT. HE THEN REVIEWED THE -PROPOSED RESOLUTION WITH THE BOARD. INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT THE RATE STRUCTURE COINCIDES WITH THE REDEMPTION NEEDS OF THE BONDS. ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER SCHMUCKER, THE BOARD UNANIMOUSLY ADOPTED RESOLUTION N0. 7$-6 AS READ BY THE ATTORNEY, AUTHORIZING THE ISSUANCE OF WATER AND SEWER REVENUE BONDS NOT•EXCEEDING $402,500. 2 JAN 2 3 1978 BOOK 33 f,�, 3fi3 RESOLUTION NO. 78-6 RESOLUTION PROVIDING FOR THE ACQUISITION OF A WATER AND SEWER SYSTEM IN INDIAN RIVER COUNTY, FLORIDA, AND TIIE CONSTRUCTION AI1D ERECTION OF EXTENSIONS AND IMPROVEMENTS TIIERETO; AUTIiORIZING THE ISSUANCE BY THE COUNTY OF NOT EXCEEDING $402,500 WATER AND SEWER.REVENUE BONDS, SERIES 1979, TO FINANCE A PART OF THE COST THEREOF; PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE BONDS. BE IT RESOLVED BY THE BOARD OF COUNTY CO',4MISSIONERS OF "INDIAN RIVER COUNTY, FLORIDA, as follows: -ARTICLE I • GENERAL 1.01 Authority for this Resolution. This Resolution (this "instrument") is adopted -pursuant to the provisions of Ch. • 159, Florida Statutes (1975), and other applicable provisions of law. '1.02 Findings. It is hereby found and determined that: (A) Indian River County, Florida (the "Issuer"), does not presently own or operate a water and sewer system for the benefit of its inhabitants, and it is necessary for the continued preservation of the health, welfare, convenience and.safety of the Issuer and its inhabitants to acquire a water distribution and. sewage collection and treatment facility and construct and erect extensions and improvements thereto (the "Project" or the "System") in accordance with certain plans and specifications now on file with the Clerk of the Board of County Commissioners of the Issuer (the "Clerk"). (B) The Issuer has been advised by its consulting engineers and it is hereby found and determined that the esti- mated cost of acquiring and constructing the Project in accordance with such plans and specifications is $1,270,000, which shall be paid with the proceeds of the sale of the bonds herein authorized (the "Bonds"), federal grants .in the amount of $792,500 and an amount of $75,000 derived by the Issuer from its share of revenue sharing proceeds, payable pursuant to Ch: 218, Florida Statutes (].975); and shall be deemed to include all expenses necessary, JAN 23 1978 • BcOK 3 �riuF •364 e y appurtenant or incidental thereto, including the cost of any land or interest therein or of any fixtures or equipment, or property nec- essary or convenient therefor, the cost of labor and materials to Complete such construction, engineering and legal expenses, fiscal expenses, expenses for estimates of costs and revenues, expenses for plans, specifications and surveys, interest during construction, if any, administrative expenses and all other necessary miscellaneous expenses. • (C)' The revenues to be derived annually from the rates, rentals, fees and other charges made and collected for the services • and facilities of the System are estimated to be $ 77,324.00 • and will be sufficient to pay, as the same shall become due and payable, the principal of and interest on the Bonds and the annual cost of operating, repairing and maintaining the System, the aggregate annual amount of which is estimated to be $ 76,746,00 it is estimated that the period of usefulness of the System will exceed forty-one years. (D) It is deemed necessary and desirable to pledge the gross revenues of the System to the payment of the principal of and interest on the Bonds. No part of such revenues have been pledged or hypothecated except with respect to the Bonds. (E) This instrument is declared to be and shall con- stitute a contract between the Issuer and all of the holders of the Bonds; and the covenants and agreements herein set forth to be performed -by the Issuer are and shall be for the equal benefit,..protection and.security of all of the legal holders of any and all of the Bonds, all of which shall be of equal rank and without reference t p priority or distinction of any . of the Bonds over any other, except,as hereinafter provided. (F) The Issuer is not, under this instrument, obli- gated to levy any ad valorem taxes on -any real or personal property situated within its corporate territorial limits to pay the principal of or interest on thb IIonds or to pay the cost of . maintaining, repairing and operating the System. The Bonds shall not constitute a lien upon the System or any other property of the Issuer or situated within its corporate territorial limits. «2- ` BCGK 3 365 g 1.03. Definitions. The following terms in this instru- ment shall have the following meanings unless the text otherwise • expressly requires: , (A) "Bonds" shall mean the obligations of the Issuer.autho- sized to be issued pursuant to Section 2.01 of this instrument and shall be deemed to include also any obligations issued hereafter by the Issuer pursuant to the provisions of Section 3.04(H) of this instrument. • (B) "Gross Revenues" shall mean all money received from -rates, fees, rentals or other charges or income received by the Issuer or accruing to it in the management and operation of the System, all calculated in accordance with sound accounting practice. ° (C) "Operating Expenses" shall mean all current expenses, paid or accrued, for the operation, maintenance and repair of all facilities of the System, as calculated in accordance with sound accounting practice, and shall include, without limiting the gener- ality of the foregoing, insurance premiums, administrative expenses of the Issuer related solely to the -System, labor, cost of materials and supplies used for current operation, and charges for the accumu- lation of appropriate reserves for current expenses not annually 'recurrent but which are such as may reasonably be expected to be incurred in accordance with sound accounting practice,•but excluding any°allowance for depreciation or for renewals or replacements of capital assets of the System. (D) "Net Revenues" shall mean Gross Revenues less Operating Expenses. (E) "Fiscal Year" shall mean the period commencing on October 1 of each year and continuing to and including the succeeding September 30. 1.04 Project Authorized. The Issuer is hereby authorized to construct the Project as defined in Section 1.02 (A) above. JAN •2 31979 �CulE t�rJ FAuE'��� �_ c . ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF REVENUE BONDS 2.01 Authorization of Revenue Bonds. Subject and pursuant to the provisions of this instrument, obligations of 1 the Issuer to be known as "Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1979," (the "Bonds") are hereby authorized to be issued in an aggregate principal amount not ex- ceeding Four Hundred and Two Thousand Five Hundred Dollars ($402,500) for the purpose of providing funds to pay a part of the cost of the Project provided for in Section 1.02 hereof. 2.02 Descri2tion of Bonds. The Bonds shall be dated•as of the date of their delivery; shall bear interest at not exceeding the legal rate per annum, payable on September 1, 1979, and annually thereafter on September 1 of each year; shall be numbered consecutively from one upward in order of maturity; shall be in the denomination of $1,000 or any multiple thereof to and includ- ing $10,000 (except bond number 12 which shall be in the denomination of $6,500), and shall mature on September 1 of each year as follows: YEAR AMOUNT YEAR AMOUNT :1981 $4,000 2000 $ 91000 •1982. 4,000 2001 10,000 1983, 4,000 2002 1.0, 000 1984 4,000 2003 11,000 1985 5,000 2004 11,000 1986 5,000 2005 12,000 1987 5,000 2006 13,000 1988 5,000 2067 13,000 1989 6,000 2008 14,000 1990 6,000 2009 15,000 1991 6,000 2010 15,000 1992 6,500 2611 16,000 1993 7,000 2012 17,000 1994 7,000 2013 18,000 1995 .7,000 2014 19,000 1996 8,000 2015 20,000 1997 8,000 2016. 20 , 00.0 1998 91000 2017 21,000 1999 9,000 2018 23,000 2..03 Places of Payment. The Bonds shall be issued in coupon or fully registered form; shall be payable as to both prin- cipal and interest at -such place.or places as the Issuer shall here- ifter, by resolution designate, in lawful money of the United States ,of America; and shall bear interest -from the date of issue, in accordance with and upon surrender of the appurtenant in- torest coupons as they severally mature, unless registered; provided, however, that Ronda held by the United Stakes of _ f. �♦a T+. N��....«�,n.*.�`�.er.r�vg ..... ...e �Y r. .t •.. .•-a. R ...r.W.I.r..t.w r ..• .. .•. .. ........� •!�� •.'ywr^.I�.n..•... mia�PWT:vi.lfryfwlr.Tr...a rlrwm•+M..�..r.-. ... �','�) 5' X71" t.'. @CGK �� PAGE40 1 J AN2 3 1978 America, acting through the Farmers Home Administration, U.S. Department of Agriculture (the "Government"), shall be payable at "Finance Office, U.S. Department of Agriculture, Farmers Home Administration, 1520 Market Street, St. Louis, Missouri 63103," or at such other places as the Government shall from ,f time to time in writing designate to the Issuer. 2.04 Provisions for Redemption. Bonds maturing on or before September 1, 1990, are not subject to redemption prior to their respective stated dates of -maturity. Bonds which shall mature September 1, 1991, and thereafter shall, at the option ...of the Issuer, be redeemable in whole or in part, in inverse num- erical and maturity order, on September 1, 1990, or on any interest payment date thereafter, at par and accrued interest, plus the following premiums, expressed as percentages of the par value of the .Bonds so redeemed, if redeemed in the following years: 5%, if redeemed on September 1, 1990, or thereafter, to and including -September 1, 1993; 4%, if redeemed on September 1, 1994, or thereafter, to and including September 1, 1997; 3%, if redeemed on September 1, 1998, or thereafter, to and including September 1, 2001; 2%0 if redeemed on September 1, 2002, or thereafter, to and including September 1, 2005; 1%, if redeemed on September 1, 2006, -or thereafter, to and including September 1, 2009; Without premium, if redeemed September 1, 2010, or thereafter, but prior to maturity; provided, however, that at least thirty (30) days prior to the redemption date written notice of such redemption shall be .given to the paying agents for the Bonds and to each of the registered owners at their respective addresses as they appear upon the registration books. of the Clerk and shall be published at least once in a financial newspaper published in the City -of New York, New.York. Bonds held by the Government may be redeemed by the Issuer on any interest payment date prior to maturity at :the price of par and accrued interest, without premium. • JAN -231978- 33 363 ®i t America, acting through the Farmers Home Administration, U.S. Department of Agriculture (the "Government"), shall be payable at "Finance Office, U.S. Department of Agriculture, Farmers Home Administration, 1520 Market Street, St. Louis, Missouri 63103," or at such other places as the Government shall from ,f time to time in writing designate to the Issuer. 2.04 Provisions for Redemption. Bonds maturing on or before September 1, 1990, are not subject to redemption prior to their respective stated dates of -maturity. Bonds which shall mature September 1, 1991, and thereafter shall, at the option ...of the Issuer, be redeemable in whole or in part, in inverse num- erical and maturity order, on September 1, 1990, or on any interest payment date thereafter, at par and accrued interest, plus the following premiums, expressed as percentages of the par value of the .Bonds so redeemed, if redeemed in the following years: 5%, if redeemed on September 1, 1990, or thereafter, to and including -September 1, 1993; 4%, if redeemed on September 1, 1994, or thereafter, to and including September 1, 1997; 3%, if redeemed on September 1, 1998, or thereafter, to and including September 1, 2001; 2%0 if redeemed on September 1, 2002, or thereafter, to and including September 1, 2005; 1%, if redeemed on September 1, 2006, -or thereafter, to and including September 1, 2009; Without premium, if redeemed September 1, 2010, or thereafter, but prior to maturity; provided, however, that at least thirty (30) days prior to the redemption date written notice of such redemption shall be .given to the paying agents for the Bonds and to each of the registered owners at their respective addresses as they appear upon the registration books. of the Clerk and shall be published at least once in a financial newspaper published in the City -of New York, New.York. Bonds held by the Government may be redeemed by the Issuer on any interest payment date prior to maturity at :the price of par and accrued interest, without premium. • JAN -231978- 33 363 ®i M 2.05 Execution of Bonds. The Bonds shall be executed in the name of the Issuer with the manual or facsimile signature of the Chairman of its Board of Coun.ty Commissioners and the cor- porate -seal of the Board of County Commissioners of the Issuer shall be impressed thereon, attested and countersigned with the manual or facsimile signature of the Clerk, provided that the signature of one of such officers shall be manually executed thereon. In case any one or more of the officers who shall have signed or sealed any of • the Bonds or whose facsimile signature shall appear thereon shall cease to be such officer of the Issuer before the Bonds so signed • and sealed have been actually sold and delivered, such Bonds may nevertheless be sold and delivered as herein provided and may be •issued as if the person who signed or sealed such Bonds had not ceased to hold such office. The validation certificate endorsed on -the Bonds shall be executed with the manual or facsimile signature of the Chairman of such Board. Any Bond may be signed and sealed on behalf of'the Issuer by such person who at the actual time of the execution of such Bond shall hold the proper office of the Issuer, although at the date of such Bonds such person may not have held such office or may not have been so authorized. The coupons attached to the Bonds shall be authenticated with the facsimile signatures of any present or future Chairman of such Board and Clerk of the Issuer. The Issuer may adopt and use for such purposes the facsimile signa- tures of any such persons who shall have held such offices at any time after the date of the adoption.of this instrument, notwith- standing that either or both shall have ceased to hold such office at the time the Bonds shall be actually sold and delivered. 2.06 Negotiability and Registration. The Bonds shall be and shall have all the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida, and each successive holder, in accepting any of the Bonds or the coupons appertaining thereto, shall be conclusively. deemed to have agreed that the -Bonds shall be and have all of U10 qualities and incidents of negotiable instruments. .The Bonds may be registered, at the option of the holder, as to both principal and interest upon the books kept --6- . .... ,...... .. •.".::C';,ii•riis-i..�..».m^'::'i:�!I;:'.!":i'Y!'Y.'!t•.�:.: : 1 ..-T ct. r••n:.. pan.;�w..nma..a�,�x+ow�,rsees.a.son«. ,,.,u. �COK PAGE 0 JAN' 2 31910* . �1 M for the registration and transfer of Bonds by the Clerk, as Bond Registrar, and .endorsed upon the Bonds by the Bond Regis- trar in the space provided thereon. After such registration, no transfer of the Bonds shall be valid unless made at the office of the Bond Registrar by the registered owner .or by his duly authorized agent or representative and similarly noted on the Bonds, but at the expense of the holders the Bonds may be dis- charged from registration by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored. At the option and expense of the holder, the Bonds .: may thereafter again from time to time be registered or trans- ferred to bearer as before. The Bond Registrar shall not be required to make any such transfer of Bonds during fifteen (15) days next preceding an interest payment date on the Bonds, or in the case of any proposed redemption of Bonds, after such Bonds have been selected for redemption. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any Bond and the interest on any Bond shall be made only to or upon the order of the regis- tered owner thereof or his legal representative. All dsuch pay- ments•shall be valid and effectual to satisfy and discharge theliability upon such Bond including the interest thereon to the extent of the sum or sums so paid. 2.07 Bonds Mutilated, Destroyed, Stolen or Lost. In case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion issue and deliver a new Bond of like tenor as the Bond so mutilated, destroyed, stolen or. lost, in exchange and substitution for such mutilated Bond, upon surrender and cancellation of.such mutilated Bond, or in lieu of and substitution for the Bond destroyed, stolen or lost,.and upon the owner furnishing the Issuer satisfactory indemnity and complying with such other reasonable regulations Find conditions. as the Issuer may prescribe and paying such expenses as the Issuer may incur. All Bonds so surrendered shall be cancelled by the Clerk. If any such Bond, shall have -7- BcoK 33 PnF 370 matured or be. about to mature, instead of issuing a substitute .Bond the Issuer may pay the same, upon being indemnified as - aforesaid, and if such Bond be lost, stolen or destroyed, with- out surrender thereof. • Any such duplicate Bonds issued pursuant to this section shall constitute original, additional contractual obli- gations on the part of the Issuer whether or not the lost, stolen or destroyed Bonds be at any time found by.anyone, and such duplicate Bonds shall be entitled to equal and proportion- ate benefits and rights as to lien on and source and security for payment from the funds, as hereinafter pledged, to the same extent as all other'Bonds issued hereunder. • 2.08 Form of Bonds. The text of the Bonds shall be in substantially the following form, with only such omissions, insertions and variations as may be necessary and/or desirable and approved by the Chairman of the Board of County Commissioners of the Issuer prior to the issuance thereof (which necessity and/ or desirability and approval shall be presumed by his execution of :the Bonds and the Issuer's delivery of the Bonds to the purchaser thereof): No. $ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER WATER AND SEIIER REVENUE BOND, SERIES 1979 KNOW ALL 14EN BY THESE PRESENTS, that the. -County of Indian River, Florida (the "Issuer"), a public body created and existing under and by virtue of the Laws of the State of Florida, for value received, hereby promises to pay to.the bearer, or if this Bond be registered, to the registered holder as herein'pro- vided, on the first day of September, 19`, from the special funds hereinafter mentioned, the principal sum of .DOLLARS and to pay interest thereon, from the date of the delivery of this Bond, to the purchaser thereof, solely from such special funds, at the rate -of per.centum ( 8j Per annum, payable on September 1, 1979, and annually thereafter • ecce 33 Pa -E 371 �1 N r— L P . on the first day of September of each year upon the presentation and surrender of the annexed coupons as they severally fall due, unless registered. Both principal of and interest on this Bond •' are payable at • , in lawful money of the United States of America. This Bond is one of an authorized issue of Bonds in the aggregate principal amount of $402,500 of like date, tenor and effect, except as to number, denomination, interest rate (if all Bonds do not bear the same rate of interest) and date of maturity, issued to finance a part of the cost of acquiring a combined water and sewer system in the Issuer and erecting and constructing ex- tensions and improvements thereto (the "System"), under the auth- ority of and in full compliance with the Constitution and Statutes of the State of Florida, particularly Ch..159, Florida Statutes (1975), and a resolution duly adopted by the Issuer on , 1977 (the "Resolution"), and is subject to all the terms and condi- tions of the Resolution. This Bond and the interest thereon are payable solely from and secured by a prior lien upon and a pledge of the gross revenues to be derived from the operation of the System, in the manner described in the Resolution. It is expressly agreed by the holder of this Bond that the full faith and•credit of the Issuer are not pledged to the payment of the principal of and interest on this Bond and that such holder shall never have the right to require or •compel the exercise of any taxing power of the Issuer to the payment of such principal and interest or the cost of maintaining, repairing and operating the System. This Bond and the obligation evidenced hereby shall not constitute a lien upon the System or any part thereof or upon any other property of the Issuer or situated within its corporate limits, but shall constitute a lien only on the gross revenues derived from the operation of the System. In and by the Resolution, the Issuer has covenanted and agreed with the holders of.the Bonds of this issue that it Will fix, establish, revise from time to time whenever necessary,. JAN • 2 31970 -9- BOOK 33 PAGc •, 1 J maintain and collect always such fees, rates, rentals and other charges for the use of the product, services and facilities-of the•System which will always produce cash.revenues sufficient to pay, and out of such funds pay, as the same shall become due, the principal of and interest on the Bonds, the necessary expenses of operating and maintaining the System and all reserve, Sinking Fund or other payments required by the Resolution; and that such rates, rentals, fees and.other charges will not be reduced so as to be insufficient to provide funds for such purposes. The Bonds' of this issue maturing on or before September 1, 1990, are not subject to redemption prior to their respective stated dates of maturity. Bonds which shall mature September 1, 1991, and thereafter shall, at the option of the Issuer, be redeemable in whole or in part, in inverse numerical and maturity order, on September 1, 1990, or on any interest payment date thereafter, at par and accrued interest, plus the following premiums, expressed as percent- ages of the gar value of the Bonds so redeemed, if redeemed in the following years: 5%, if redeemed on September 1, 1990, or thereafter, to and including September 1, 1993; 4%, if.redeemed on September 1, 1994, or thereafter, to and including September 1, 1997; 3%, if redeemed on September l,-1998, or thereafter, to and including September 1, 2001; 2%, if redeemed on September 1, 2002, or thereafter, to and including September 1, 2005; 1$, if redeemed on September 1, 2006, or thereafter, to and including September 1, 2009; Without premium, if redeemed on September 1, 2010, or thereafter, but prior to maturity; provided, however, that notice of such redemption shall be given in the manner required by the Resolution. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of-this Bond, exist, have happened and have been performed, in regular and due form and time as required by the.Laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond, JAN 23 1978, RCOK 33 N and of the issue of Bonds of which this Bond is one, does not violate any constitutional, statutory or charter limitations or provisions. This Bond and the coupons appertaining thereto are and have all the qualities and incidents of negotiable instruments under the law merchant and the laws of the State of Florida. This Bond may be 'registered as to both principal and interest in accordance with the provisions endorsed hereon. IN WITNESS WHEREOF, the County of Indian River, Florida, has.issued this Bond and has caused the same to'be executed in its • name -and on its behalf by the Chairman of its Board of County Commissioners and its corporate seal to be impressed hereon, attested and countersigned by the Clerk of such Board, all as of , COUNTY OF INDIAN RIVER, FLORIDA By Chairman, Board of County Commissioners (SEAL) ATTESTED AND COUNTERSIGNED: *Clerk, Board of County Commissioners FORM OF COUPON No. $ On.the lst day of September, 19 , unless the Bond to which this coupon is attached is callable and shall have been previously duly called for prior redemption and payment thereof duly made or provided for, the County of Indian River, Florida, will pay to the bearer at , Florida, from the Special funds described in the Bond to which this.coupon is attached, the amount shown hereon in laaful'money of the United States of America, upon presentation and surrender of this coupon, being one year's interest then due on its Water and Sewer Revenue Bond, Series 1979, dated , 1979, No. ................ JAN 2 3,1979 J scop 33 PAGE' e 4� 4 (SEAL) ATTESTED AND COUNTERSIGNED: Clerk Board of Co t COUNTY OF INDIAN RIVER, FLORIDA By Chairman, Board of County Commissioners un y Commissioners 'FORM OF VALIDATION CERTIFICATE This Bond is one of a -series of Bonds which were validated -by judgment of the Circuit Court for Indian River County, Florida rendered on , 1978. Chairman, Board of County Commissioners PROVISIONS FOR REGISTRATION ,This Bond may be registered as to both principal and interest on the books kept by the Clerk of the Board of County Commissioners, as Bond Registrar, such registration being noted hereon by the Bond Registrar in the registration blank below, the coupons being surrendered and the interest being payable only to the registered holder, remitted by mail, after which registration no transfer shall be valid unless made on the books by the registered holder or his legal representative and similarly noted in the re- gistration blank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable , by delivery, or it may again be registered as before. Upon recon- version of this Bond into a coupon Bond, coupons representing the interest to accrue upon the Bond to date of maturity shall be at- tached hereto. Date of Name and Address of Signature of Registration Registered Owner Bond Registrar --12- `•�•!4`hw F'rp-!tlntir �swwq...+.n-✓a1�� w•......., n•s. � - .'t� ..�. r .... ... .�. t. ..i _. � ..� r. .+. �..r nTm t, r.ryr.wq\4t�,s.�+�M!y'n`Oea �w^wvfP�w`I Ft.Pq M...w.l ^e+�•�--. JAN 2 31978 BCOK 33 PAG -:J f I r I I ARTICLE III COVENANTS, SPECIAL FUNDS AND APPLICATION THEREOF 3.01 Bonds Not to Be Indebtedness of Issuer. Neither the Bonds nor the coupons attached thereto shall be or constitute general obligations or indebtedness of the Issuer as "bonds" within the meaning of Article VII, Section 12, Florida Constitution, but shall be payable solely from and secured by a prior lien upon • s and pledge of the gross revenues, as -herein provided. No owner or holder of any Bond or coupon issued hereunder shall ever have the right to compel the exercise of any ad valorem taxing power to pay ,such Bond or coupon or the cost of operating and maintaining the System, or be entitled to payment of such Bond or coupon from any funds of the Issuer except from the gross revenues derived from the operation of the System in the manner provided herein. 3.'02 Security for Bonds. The payment of the debt service of all of the Bonds issued hereunder shall be secured forthwith equally and ratably by a pledge of and a prior lien Upon the gross revenues derived from the operation of the System, as now or hereafter constituted. The Issuer does hereby irrevocably pledge such funds to the payment of the principal of and interest on the Bonds and to the payment into the Sinking Fund'at the times provided of the sums required to secure to the holders of the Bonds issued hereunder the payment of the principal of and interest thereon at the respective maturities of the Bonds and coupons so held by them. 3.03 Application of Bond Proceeds. The Issuer hereby covenants that it will establish with the Florida, a separate account or accounts (herein collectively called the "Construction Account") into which shall be deposited. the proceeds from the sale of- the Bonds (except such portion thereof as shall be necessary to pay interest.on the Bonds during the construction of the Project, which shall be deposited in the Sinking Fund), grant funds and t110 additional funds, if any, required to -assure payment in full JAN 2.31978 of the cost of the Project. Withdrawals from the Construction Account shall be made only for such purposes as shall have been previously specified in the Project cost estimates and as shall be..approved by the Issuer's consulting engineers for the Project. The Issuer's share of any liquidated damages or other money paid by defaulting contractors or their sureties, and all • proceeds of insurance compensating for damages to the Project during the period of construction, shall be deposited in the • Construction Account to assure completion of the Project. Money in the Construction Account shall be secured by the depository bank in accordance with U. S. Treasury Depart - went Circular 176 and in the manner prescribed by the Laws of the State of Florida relating to the securing of public funds. 'When the money on deposit in the Construction Account exceeds the estimated disbursements -on account of the Project for the next 90 days, the Issuer may direct the depository bank to invest such excess.funds in direct obligations of or obligations the principal of and interest on which are guaranteed by the United States of America, which shall be subject to redemption at any time at face value by the holder thereof. The earnings from any such investment shall be deposited in the Construction Account. When the construction of the Project has been completed and all construction costs have been paid in full, all funds remaining in the Construction Account, except grant funds, shall be used for the purchase or redemption of Bonds or for deposit into a special fund*and expended only for paying costs of improvements or extensions to the System or of repairs and replacements of its facilities, and the Construction Account shall be closed. All money deposited in the Construction Account shall be and constitute a trust fund created for the purposes stated, and there is hereby created a lien upon such fund in favor of tI.ie holders of the Bonds until the money therein shall have been applied in -accordance with this instrument. 3.04 Covenants of the 'Issuer. So long as any of the principal of or interest on any of the Bonds shall be outstanding and unpaid, or until. there shall have been set apart in the Sinking fund herein established, including the I:eserve Account -14- JAN 231978. Bcox 33 PAUF,f_ 7 t therein, a sum sufficient to pay, when due, the entire principal of the Bonds remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with the holders of any and all of the Bonds as follows: (A)- Annual Budget of Operating Expenses. The Issuer covenants and agrees that on or before the date of delivery of the Bonds to the purchaser thereof, it will adopt a budget of Operating Expenses for the System for the remainder of the then current Fiscal_Year and thereafter, on or before the first day of each Fiscal Year during which any of the Bonds are outstand- ing, it will adopt an annual budget of Operating Expenses for the ensuing Fiscal Year, and will mail a copy of such budget or amendments thereto to any requesting bondholder. Operating Expenses shall include all reasonable and necessary costs of operating, repairing, maintaining and insuring the System, but shall exclude • depreciation, payments into the Sinking Fund and payments into the Reserve Account. The Issuer covenants that the Operating Expenses incurred in any year will not exceed the reasonable and necessary amounts required therefor, and that it will.not expend -any amount or incur any obligations for the operation, maintenance and repair of the System in excess of the amount provided for Operating Expenses in the annual budget, except upon resolution of the Board of County Commissioners of the Issuer that such expenses are necessary to operate and maintain the System. (B) Revenue Fund. The Issuer covenants and agrees that.on or before the date of.delivery of the Bonds to the purchaser thereof, it will establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation and which is eligible under the Laws of the State of Florida to receive public funds, and maintain so long as any of the Bonds are outstanding, a special fund to be known as the "Indian River County water and Sewer System Revenue Fund" (the "Revenue Fund"). Into such Revenue Fund the Issuer shall deposit promptly as received all cash.income derived from the ownership and operation of the System. The Revenue Fund -15- JAN 23 1978 Box 33 ����� � 73 t shall be held by the Issuer separate and apart from all other funds and shall be expended and used only in the manner and order specified in paragraphs (C),. (D), and (E) of this Section. (C) Bond and Interest Sinking Fund. -The Issuer covenants and agrees to establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation, and which is eligible under the Laws of the State of Florida to receive public funds a special fund or funds, !collectively called "Indian River County Water. nd Sewer System Bond and Interest Sinking Fund" (the "Sinking Fund"), to be used exclusively for the purposes hereinafter mentioned. As soon after delivery of the Bonds as the System shall be revenue- producing, the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and deposit to the credit of the Sinking Fund the following amounts: (1) A sum equal to 1/12 of the.amount of one year's interest on all the Bonds then outstanding, together with the amount of any deficiency in prior deposits for interest; and (2) Beginning on September 15, 1980, a sum equal to 11/12 of the principal of,the Bonds maturing on the next succeed- ing'anniversary date, together with the amount of any deficiency in prior deposits for principal. (3) After fulfillment of the requirements of paragraphs (C)(1) and (2), the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and deposit to the credit of a special account in'the Sinking Fund (the "Reserve Account"), the sum of Two Hundred Dollars ($200.00) until such time as the funds and investments therein shall equal Twenty-four Thou- sand Dollars ($24,000.00), and monthly thereafter such amount as may be necessary to maintain in the Reserve Account the sum of Twenty- four Thousand Dollars ($24,000.00) but not exceeding Two Hundred Dollars ($200.00) monthly. Money in the Reserve account shall be used only for (1) paying the cost•of repairing or replacing any damage to the System which shall be caused by an unforeseen catas- trophe, (2) constructing improvements or extensions to the System JAN 2 3 1978 BCCK 33 PA,, .� i9 R which shall increase its net revenues and which shall be approved by the consulting engineers, if the Issuer shall not then be in default under any of the provisions of this instrument, and (3) paying the -principal of and interest on the Bonds in the event that the other money in the Sinking Fund shall ever be -insufficient to meet such payments. (D). Operation and Maintenance Fund. The Issuer covenants and agrees to establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation, -and.which is eligible under the Laws of the State of Florida to receive public funds, a special fund to be known as the "Indian River•County Water and Sewer System Operation and Maintenance Fund" (the "Operation and Maintenance Fund"), which shall be used ex- -elusively for the purpose of receiving funds to be transferred monthly by the Issuer from the Revenue Fund, and for paying, as they accrue, the Operating Expenses of the System pursuant to the annual budget. As soon after delivery of the Bonds as the System shall be revenue-producing, and after having made the deposits to the Sinking Fund as provided in paragraph (C) above, the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and -deposit to the credit of the Operation and Maintenance Fund a sum sufficient to pay the Operating Expenses of the System for the -current month, all in accordance with the annual budget. Any bal- ance remaining in the Operation and Maintenance Fund at the end of the Fiscal Year, and not required to pay costs incurred during the Fiscal Year, shall be deposited promptly into the Revenue Fund. (E) Excess Funds. Subject to the provisions for the disposition of revenues in paragraphs (C) and (D), which are cumu- lhtive, the Issuer shall, on or before the 15th day of each month, transfer to the Reserve Account in the Sinking Fund the balance of money remaining in the Revenue Fund until the funds and investments 'in the Reserve Account equal•the amount of Twenty-four Thousand Dollars.($24,000.00), and thereafter whenever funds and investments in the Reserve Account equal Twenty-four Thousand Dollars ($24,000.00) the Issuer may use'the surplus funds in the Revenue Fund for the --17- AN 2 31979 gcoK 33 F,�UE'33G purchase or redemption of Bonds or for any other lawful municipal purpose. (F) Trust Funds. The funds and accounts created and established by this instrument shall constitute trust funds for the purpose provided herein for such funds. All of such funds, except as hereinafter provided, shall be continuously secured in the same manner as deposits of public funds are required to be ..secured by the Lawb of the State of Florida. Money on deposit to the credit of the Reserve Account shall be invested by the deposi- tory bank, upon request by the Issuer, in direct obligations of, or obligations the principal of and interest on which are guaranteed by the United States of America and which shall be subject to redemp- tion at face value at any time by the holder thereof at the option of such holder; and the money on deposit to the credit of the Sinking Fund may be so invested in such obligations which shall mature not later than fifteen (15) days prior to the date on which such money shall be needed to pay the principal of and interest on the Bonds in the manner herein provided, but money on deposit to the credit of the Revenue Fund and the Operation and Maintenance Fund shall not be invested at any time. The securities so purchased as an investment of funds shall be deemed at all times to be a part of the account from which the investment was withdrawn, and the interest accruing thereon•and any profit realized therefrom shall be credited to such account and any loss resulting from such investment shall likewise be charged to such account. (G) Rates and Charges. The Issuer covenants and agrees.to maintain and collect, so long as any of the Bonds are outstanding, such schedule of rates and charges for the services and facilities of the System which will produce revenues which shall be sufficient to provide for current debt service and reserve requirements for the Bonds and pay the reasonable expenses of opera- tion and maintenance of the System; and the Issuer covenants and ;agrees that so long as any of the Bonds are outstanding and unpaid, at the same time and in like manner that the Issuer prepares its annual btid.7ot of the Operating Expenses,.the Issuer shall annually prepare an estimate of: gross revenues to be derived from the opera- --10- JAN 2311"3 . BEAK � PAGE 464 0 t tion of the System for the ensuing Fiscal Year, and to the extent that such gross•revenues are insufficient to pay debt service re- quirements during such ensuing year on all outstanding Bonds payable from the revenues of the System, build up and maintain the required reserves for all such outstanding Bonds and pay Operating Expenses, the Issuer shall revise the fees and rates charged for the use of the services and facilities of the System sufficiently to provide the funds required. in) Issuance of Other Obligations. (1) The Issuer covenants and agrees tliat in the event the cost of construction or completion of the Project shall exceed the dollar amount of Bonds herein authorized, it shall deposit into the Construction Account the amount of such excess out of ;funds available to it for such purpose, and the Issuer may pro- vide such excess, and only such excess, through the issuance of parity Bonds conforming to the requirements of paragraph (3) of this.subsection; but except to complete the Project, it will not issue any other obligations payable from or secured by the rev- enues of the System, unless the conditions hereinafter set forth shall be met, or unless the lien of such obligations is junior and subordinate.in all respects to the lien of the Bonds. (2) The Issuer shall have the right to add new water or sewer facilities and related auxiliary facilities, by the issuance of one or more additional series of bonds to be secured by a parity lien on and ratably payable from the gross revenues of•the System, provided in each instance that: (a) The facility or facilities to be built from the proceeds of the additional parity bonds is or are made a part of the System and its or.their revenues are pledged as additional security for the additional parity bonds and the outstanding Bonds. . (b) The Issuer is in compliance with all covenants .-and undertakings in connection with all of its Bonds then out- standing and payable from the revenues of the System, or any part thereof, and has not been in default as to any payments ; _19- "�atw.+.r sew.w....w«v•.T•.o...«n•a+vm�..o...�..e.w. ..,. .. ...... s.«.....�....ww•nv.+»...,....i.,,....r..w.•..v....rr.v..re*ww....wx,,.w.s..wo..�..wa.•rn.+a...o.•.....w.w+..w.. rw-^ JAN 2 3 1978 ��a,�: required to be made under this instrument for a period of at least the next preceding 24 months, or if at such time the Bonds shall not have been outstanding for 24 months, then for the period.that the Bonds shall have been outstanding. (c) The annual net revenues for the Fiscal Year next preceding the issuance of additional parity bonds are certified by .i an independent certified public accountant not regularly employed by the Issuer, to have been equal.to at least one and twenty -hundredths (1.20) times the average annual requirements for principal and interest on all the Bonds then outstanding and payable from such Pledged revenues. W The estimated average annual net revenues of the ,facility or facilities to be constructed and acquired with the proceeds of such additional bonds (and any other funds pledged and set aside for such purpose), when added to the estimated future average annual net revenues of the then existing System shall be at least one and twenty -hundredths (1.20) times the average annual debt service requirements for principal and interest on all outstanding Bonds payable from the revenues of the System and on the additional bonds proposed to be issued. Estimates of future revenues and operating expenses shall be furnished by recognized independent consulting engineers and approved by the Board of County Commis- sioners of the Issuer, and shall be forecast over a period of not exceeding ten years from the date of' -the additional bonds proposed to be issued. Provided, however, the conditions provided by this paragraph and by the next preceding•paragraph (c) may be waived or modified by the written consent of the holders of seventy-five per centum (75%) of the Bonds then outstanding. _(3) The Issuer hereby covenants and agrees that in the event additional series of parity bonds are issued, it will provide that the parity bonds shall mature according to a schedule which most closely approximates equal annual installments of com- bined principal and interest payments for such parity bonds and all other Bonds payable from the revenues of the System; it will adjust the required deposits into and the maximum amount to be maintained in the Sinking Fund, including the Reserve Account therein, on the -20- B JAN 2,3 198COK 33 PAGE 383 M same basis as hereinabove prescribed, to reflect the average annual debt service on the additional bonds; and it will make such addi- tional bonds payable as to principal on September 1 of each year in • which principal falls due and the coupons attached thereto payable on September 1 of each year. If in any subsequently issued series of bonds secured by a parity lien on the revenues of the System, it is provided that excess revenues shall be used to redeem bonds in advance of scheduled maturity,•or if the Issuer at its option undertakes to redeem outstanding bonds in advance of scheduled maturity, the Issuer covenants that calls of bonds will be applied to each series of bonds on an equal pro rata basis (reflecting the proportion that the amount originally issued of each series bears to the amount originally issued of each of the other series) to the extent that this may be accomplished in accordance with the call provisions of the respective bond series, but the Issuer shall have the right to call any or all outstand- ing bonds which maybe called at par prior to calling any bonds that are callable at a premium. (I)° Disposal of Facilities. The Issuer covenants and agrees that, so long as any of the Bonds are outstanding, it will -maintain its corporate identity and existance and°will not sell or otherwise dispose of any of the System facilities or any part thereof, and, except as provided for above, it will not create.or permit to be created any charge or lien on the revenues thereof ranking equal or prior to the charge or lien of the Bonds. Notwithstanding the foregoing, the Issuer may at any time per- manently abandon the use of, or sell at fair market.value, any .of its System facilities, provided that: (a) It is in compliance with all covenants and under- takings in connection with all of its Bonds then outstanding and payable from the revenues of the System, and the debt service reserve for such Bonds has been fully established; •(b) It will, in the•edent of sale, apply the proceeds to either (1) redemption of outstanding Bonds in accordance with the provisions governing payment of Bonds in advance of maturity, JAN -2 31978 -21- aCOK 33 PAUt — 38 N M t or (2) replacement of the facility so disposed.of by another facility the revenues of which shall be incorporated into the ,System as hereinbefore provided; (c) It is certified, prior to any abandonment of use, that the facility to be abandoned is no longer economically feasible of producing net revenues; and ...(d) It certified that the estimated net revenues of the remaining System facilities for the next succeeding Fiscal Year, plus the estimated net revenues of the facility, if any, to be added to the System, satisfy the earnings test hereinbefore provided in the Section governing issuance of additional parity bonds. (J) Insurance on System. While any of the Bonds shall remain outstanding, the Issuer shall carry at least the following insurance coverage: (1) Fire and extended coverage on the insurable portions of the System, in amounts sufficient to provide for not less than full recovery whenever a loss from perils insured against does not exceed eighty per centum .(80%) of the full insurable value of the damaged facility; and flood damage insurance shall be car- ried.to the full insurable value, as recommended by consulting engineers, of all property of the System which may be subject to flood damage and shall be situated in a flood plain area. (2) Public liability insurance relating to the operation of the System, with limits of not.less than $1.00,000 for one person and '$,300,000 for more than one person involved in one accident, to protect the Issuer from claims for bodily injury and/or death, and not„less than $10,000 for claims for damage to property of others which may arise from the Issuer's operation of the System. (3) If the Issuer owns or operates a vehicle in the operation of the System, vehicular public liability insurance with limits of not less than $100,000 for one person and $300,000 for . more than ono person involved in one accident to protect the Issuer from claims for bodily injury and death, and not less than $10,000. against Laims for damage to property of others which may arise from the Issuer's operation of vehicles. -22- JAN 2 31978 cox F�U:J(JO I All such insurance shall be carried for the benefit of the holders of the Bonds. All money received by the Issuer by reason of insurance coverage, except liability coverage, shall be deposited to the credit of the Reserve Account and Is hereby pledged by the .Issuer .as security for the Bonds, until and unless such proceeds are used to remedy the loss or damage for which such proceeds are re- ceived, either by repairing the property damaged or replacing the property destroyed within ninety (90) days from the receipt of such proceeds. (K) Maintenance of Svstem. The Issuer will complete the construction of the Project in an economical and efficient manner with all practicable dispatch, and thereafter will maintain the System in good condition and continuously operate the same in an efficient manner and at a reasonable cost. (L) No Free Services. The Issuer will not render or cause to be rendered any free services of any nature by its System, nor will any preferential rates be established for users of the same class; and if the Issuer shall avail itself of the facilities or services provided by the System, or any part thereof, then the same rates, fees or charges applicable to other customers receiving like service under similar circumstances shall be charged to the Issuer. Such charges shall be paid as they accrue, and the Issuer shall transfer from its general funds sufficient sums to pay such charges. The revenues so received shall be deemed to be revenues derived from the operation of the System, and shall be deposited and accounted for in the same 'manner as other revenues derived from such operation of the System. (M) Failure of User to Pav for Services. Upon failure • of any user of any product, services or facilities of the System to pay for the same within sixty (60) days after the Issuer shall have billed such user therefor, the Issuer shall shut off the connection of such user and shall not furnish him or permit' him to receive from the System further service until all obli- gations owed by him to the Issuer on account of services, including JAN 2 3 1978 -23.- OR U t disconnection and reconnection charges, shall have been paid in full. This covenant shall not,.however, prevent the Issuer .from causing any System connection to be shut off sooner.. (N) Enforcement of Collections. The Issuer will Bili - gently enforce and collect the rates, fees and other charges for the services and facilities of the System; and will take all steps, actions and proceedings for the enforcement and collection of such rates, charges and fees as shall become delinquent to the full extent permitted or authorized by law; and will maintain accurate records with respect thereof. All such fees, rates# • charges and revenues -herein pledged shall., as collected, be held in trust to be applied as provided in this instrument and not otherwise. (4) Sufficiency of Rates. The Issuer covenants and agrees that it will fix, establish, revise from time to time whenever necessary and maintain always such fees, rates, rentals and other charges for the use of the product, services and facilities of the System which will always produce cash revenues sufficient to pay, and out of such funds pay, as the same shall become due, the principal of and interest on the Bonds, the nec- essary expenses of operating and maintaining the System and all reserve, Sinking Fund or other payments required -by this instrument; and that such rates, fees, rentals or other charges will not be reduced so as to be insufficient to provide funds for such purposes. (P) Compliance with Laws and Regulations. The Issuer covenants and agrees to perform and comply with, in every respect, the Loan 'and Grant Agreements which it might have with the ..Government.or with any other governmental agency, and all applicable Federal and State .Laws and regulations. (�) Remedies. Any holder of the'.Bonds or any coupons appertaining thereto issued under the provisions of this instru- ment, or any trustee acting for the holders of such Bonds and 'coupons, may either at law or in equity, by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all right,, including the right to the appointment of a receiver, existing under the Laws of the -24- :fid 7J A N 2 3 1978 �e 3 PAGE State of Florida, or granted and contained in this instrument, and may enforce and compel the performance of all duties re- quired by this instrument or by any applicable State or Federal statutes to be performed by the Issuer or by any officer thereof. Nothing herein, however, shall be construed to grant to any holder of such Bonds or coupons any lien on any real property of the Issuer. (R) Records and Audits. The Issuer shall keep books and records of the revenues of the System, which such books and records shall be kept separate and apart from all other books, records and accounts of the Issuer, and any holder of a Bond or Bonds or the coupons applicable thereto issued pursuant to this -instrument shall have the right to, at all reasonable times, inspect all records, accounts and data of the Issuer relating thereto. So long as any of the Bonds shall be outstanding, the Issuer will furnish on or before ninety (90) days after the close of each Fiscal Year, to any bondholder who shall request the same in writing, copies of any annual audit report prepared by an independent certified public accountant or an auditing official of the State of Florida, covering for the preceding Fiscal Year, in reasonable detail, the financial condition and record of operation of the System and any other facilities the revenues of which are pledged to the payment of the Bonds. (S) Connection with Svstem. The Issuer will, to the full extent permitted by law, require all lands, buildings, residences and structures within its corporate limits which can use the facilities and services of the System to connect there- with . here -with, and use the facilities and services thereof and to cease the use of all other facilities. The Issuer will not grant a franchise for the operation of any competing water or sewer -System until all Bonds issued hereunder, together with interest thereon, shall have been paid'in'full. (T) Fidelity Bond. The Issuer will require each employee who may have possession of the revenues of the System to be'covered by a fidelity bond written by a responsible indemnity company in an 11 ,r • RCGK 33 PAGE 388 . E amount fully ,adequate to .protect the 2ssuer from loss. (Il) Governmcnt Approval of Extensions and Tinancing. Anything herein to the contrary notwithstanding, while the Government is the bolder of .any of the Bonds, the Issuer will not borrow any money from nny source or enter into any contract or agreement or :incur .any other liability in connection with making extensions or improvements other than normal maintenance of the System, or make any extensions or enlargements of the System, or pe=it others to do no, without.obtaining the prior written consent of the Government. • -(V) Reimbursement of Advances and Interest Thereon. While the Government shall be the holder of any of the Bonds, the Government shall have the right to make advances for the payment of insurance premiums and/or other advances which, in the opinion of the Government, may be required to protect the Government's security interest. In the event of any such advances, the Issuer covenants and agrees to repay the same, together with interest thereon at the same rate per annum as specified in the Bonds, upon demand made at any time after any such expenditure by the Government. Any such amount due the Government shall take priority over any other payments from the Reserve Account. JAN-2�11979 �2G- ECGK FADE ou . e ARTICLE IV MISCELLANEOUS PROVISIONS 4.01. Modification or Amendment. No material modifi- cation or amendment of this instrument or of any instrument amendatory hereof or supplemental hereto, may be made without the consent in writing of the holders of two-thirds or more in principal amount of the Bonds then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of such Bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation, or affect -the -unconditional promise of the Issuer to charge and collect such rates, fees and charges for the use of the product, services and facilities of the System and apply the same as herein provided, or reduce the number of such Bonds the written consent of the holders of which are required by this Section for such modifi- cations or amendments, without the consent of the holders of all such Bonds. 4.02 Creation of Superior Liens. The Issuer covenants that except as herein provided it will not issue any other Bonds, certificates or obligations of any kind or nature or create or cause or permit to be created any debt, lien, pledge, assignment or encumbrance or charge payable from or enjoying a lien upon the revenues of the System ranking prior and superior to the lien created by this instrument for the benefit of the Bonds. 4.03 Severabilitv of Invalid Provisions. If any one or more of the covenants, agreements or provisions of this instrument or of the Bonds 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 pro - Visions of this instrument and of the Bonds. 4.04 Validation Authorized. The'Issuer's Attorney_is hereby authorized and directed to institute appropriate proceedings -27- JAN 27- J 23 19-78 BCOX 33 FAGS 3g k'- •in the Circuit Court for Indian River County, Florida, for the valida- tion of the Bonds. 4.05 Sale of Bonds. The Bonds are hereby sold and awarded to the Government at the price of par and bearing interest at the rate of five per centum (5%) per annum. • 4.06 Conflicts Repealed. All resolutions or parts of -resolutions in conflict herewith are hereby repealed. 4.07 Effective Date. This instrument shall take effect immediately upon its passage. Adopted: January 23, 1978 -20- JAW-2 -20-•J 2 3 1978 BOOK 33 eacE391 M • EXTRACTS FROM THE' MJ WTES OF A Special 14EETING of THE Board of County Commissioners OF Indian River County, Florida . HELD Ott 'ME 23rd DAY OF January 19'78 The Board of County Commissioners of Indian River County, Florida met in Special meeting at Indian River County Courthouse in the city of Vero Beach _Florida at . 9:00� o'clock A M. on the 23rd day of January 19 78 the place,.hour, and date duly established for the hold- ing of such meeting. . The Chairman called the meeting to order and on roll call the following answered present: William C. Wodtke, Jr. Alma Lee Loy Edwin S. Schmucker R. Don Dee-8on and the following were absent: Willard W. Siebert, Jr. r The .-Chairman declared a quorum,. present. A Resolution entitled: RESOLUTION NO. 78-6 Resolution providing for the acquisition of a water and sewer ..System in Indian River County, Florida, and the construction and erection of extensions and improvements thereto; authorizing the issuance by the County of not exceeding $402,500 water and sewer revenue bonds, series 1979, to finance a part of the cost thereof; pledging the gross revenues of such system to secure payment of the principal of and interest on the bonds; and providing for the rights of the'holders of the bonds. was introduced by ttr. William C: Wodtke-, Jr. Said Resolution was then read in full.and discussed and considered. ° ti's. • , . ,SAN .2 3 1978 �CGK 33 FAGS 3�i 1; r Miss Alma Lee Loy then moved the adoption of the Resolution as introduced and read. Mr. Schmucker � seconded the motion, and, on roll call, the following voted "Aye": R. Don-Deeson, Edwin S. Schmucker, Alma Lee Loy and Williim C. Wodt:.ke , Jr. . and the following voted "clay" None The Chairman thereupon declared the motion carried and the Resolution adopted as .introduced and read. * * * * A *There being no further business to come before the meeting, upon motion duly made and seconded, the meeting was adjourned. P e JAN 23 1978 . JJ 8CO3 PA -UE f k k JJ 8CO3 PA -UE c CERTIr ICATI; Or OE•1ICM1 The undersigned I: Iu:BY C RTILFICS that: 1. Site is the duly appointed, qualified, and acting i Clerk of the-, Board of County Commissioners 1 (herein called the Board ) , and kOz=er of the records thereof, including the minutes o: its proceedings; i 2. The annexed copy of extracts from the mi.,utes o: the Special -meeting of the Board -, field on the 23rd day of January 1978 is a tree, corre-t, and connared copy of the whole of the original minutes of said moeti::g on file and o= reccrd'insofa= as the same relate to the resolution referred -to in said extracts and to the other ma=ters referred to herein: 3. Said taeettng was duly convened in' conformity with • all aptilicable re,quiremen=s: a proper quorum was present through- out 'said meeting and t a resolution hereinafter mentioned was , duly proposed, considered, and adopted in conformity apnli- cable requirements.: and'all other requirements and Droccedings ineid^nt to the prover adopt'_.I] of said resolution have b26R duly .fulfilled, carried out, and otherwise observed; 4. Sie is duly authorized to execute this Certificate; and . 5. The copy of the resolution annexed hereto entitles?: RESOLUTION NO. 78-6. kesol.ution providing for the acquisition of a water and sewer system in Indian River County, Florida, and the construction and erection of extensions and improvements= thereto; authoriz- ing the issuance by the County of not exceeding $402,500 water and sewer revenue bonds, series 1979, to finance a part of .the Post thereof; pledging the gross revenues of such system to secure payment of the principal of and interest on the bonds; and providing for the rights of the holders of the bonds. is a* true, correct, and compared cct:.• of the original res o1utio-,i refel:rcd to in said c"tracts and as finally adoptcd at said :gee r- ing and, t:) thn extent required by law, as thereafter duly si;nt-d or approved by the proper officer or officers of the which resolution is on file and of record. 41I;'VESS my 'nand and the seal of the_ Clerk , this 23rd day of January in78 Freda Wright, Clsrk ('SFA ..) fi,yo�,.,r„^c�-..ss.ms,.. ®»r,.>...�.....�,4.e.�_..�-- - • �,.q.......... _..,.._.....e..ti_. �.._. •_.._...�-�._..+�.�.... �_..•�..-e*.e,......,.,.... _. ..w..a. JAN 3 1978 BoK PAGE' ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER SCHMUCKER, THE BOARD UNANIMOUSLY ADOPTED RESOLUTION N0. 75-7 AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES NOT EXCEEDING $402,500 34 JAN 231979 ma 33 PAGE -5A R RESOLUTION NO. 78-7 A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $402,500 WATER AND SEXIER REVENUE BONDS, SERIES 1979, ANTICIPATION NOTES OF INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR -THE.-PAYMENT THEREOF AND ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS WITH THE HOLDERS THEREOF. --. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), as follows: SECTION 1. AUTHORITY FOR RESOLUTION. 'This resolution .is adopted pursuant to Section 215.431, Florida Statutes (1975), and'other applicable provisions of law. A. On January 23 1978, the Issuer adopted a resolution (the "Enabling Instrument") authorizing the issuance of $402,500 Water and Sewer Revenue Bonds, Series 1979, of the Issuer (the "Bonds"), for the purpose of paying a part of the cost of acquiring water distribution and sewage collection and treatment facilities and constructing extensions and improvements thereto (the "-Project") . B. The Bonds and the coupons appertaining thereto will be payable solely from and secured by a prior lien upon and pledge of the gross revenues to be derived by the Issuer from the operation of such facilities (the "Pledged Funds").... Reference is made to the Enabling Instrument for a more complete description of .the covenants, liens and pledge securing payment of the Bonds and the coupons appertaining thereto. C.' It is necessary and urgent that funds be made immediately available in order to provide money for the com- mencement of the Project at this time. The Issuer must, there- fore, anticipate the receipt by it of the proceeds to be derived from the sale of the Bonds, and the Issuer has determined it to be '-in.-the best interest of the Issuer and its residents and inhabitants that -interest bearing notes of the Issuer (the "Notes") be issued pursuant to this resolution in anticipation of the receipt by the Issuer of the.proceeds from the sale of the Bonds. The principal of And interest on the Notes will be payable solely from and secured by a lien upon and pledge of the proceeds to be derived from the sale of the Bonds and, if necessary, the Pledged Funds. a, trtwscm�nn9. ..- , . : gs,m«.Rao�p��*,a,q,v�•*ns+�.nnmv+-rva8. m..e•.-,._�,. �.�..:...,�, . .. -Fsav��o'.;.�aevr�^r. 33 JAIL 2 , 1978 �CGK SAGE _(! SECTION 2. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Notes by those who shall hold the same from time to time, this resolution shall be .-deemed to be and shall constitute a contract between the Issuer and such holders. The covenants and agreements herein set forth .to be performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of the Notes, all of which shall be of equal rank and without preference, priority or distinction of any of the Notes over any other thereof, ex- cept as expressly provided therein and herein. SECTION 3. AUTHORIZATION OF NOTES. There are hereby authorized to be issued Water and Sewer Revenue Bonds, Series 1979, Anticipation Notes of the Issuer in an aggregate principal amount not exceeding Four Hundred and Two Thousand Five Hundred Dollars ($402,500). The Notes shall be dated as of the dates of their res- 'pective deliveries to the initial purchasers thereof, shall mature onJanu23 or prior to January i901 , and may be in such denomination or denominations as shall be acceptable to such purchasers. The Notes shall be payable at such bank or banks, shall bear such rate or rates of interest not exceeding the legal rate and shall be in substantially the following form, with only such omissions, in- sertions and variations as may be necessary and -desirable and ap- -proved by the Chairman of the Board of County Commissioners of the Issuer prior to the issuance thereof (which approval may be presumed by his execution of the Notes and the delivery of the Notes to the. purchasers thereof): -2- JAN 2 31978 1 I M 33 PAGE 6 -i -W o� Na. ... $ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER WATER AND SEWER REVENUE BONDS, SERIES 1979 ANTICIPATION NOTE FOR VALUE RECEIVED, the County of Indian River, Florida (the "Issuer"), hereby promises to pay to the order of at its principal office in the City of Florida, on or before 19_, solely -from the special funds hereinafter mentioned, in„lawful money of the United States of America; the principal sum of Dollars ($ ) and, quarterly from the date hereof, solely from such special funds, interest on such principal sum from the .date hereof at the rate of per centum per annum, until such principal sum shall be paid. This Note is issued pursuant to the Constitution and laws.of the State of Florida, particularly Section 215.431, Florida Statutes (1975), and a resolution duly adopted by the Issuer on , 1977 (the "Resolution"), in anticipation of the receipt by the Issuer of the proceeds from the sale of not -exceeding $402,500 principal amount of Water and Sewer Revenue Bonds, Series 1979, of the Issuer (the "Bonds"). This Note and the interest due thereon are payable solely from and secured by a prior lien upon and a pledge of the proceeds to be derived from the sale of the Bonds and, if necessary, from and secured by a prior lien .-upon and a pledge of the gross revenues to'be derived from the operation of the Issuer's water -and sewer system, all in the manner provided in the Resolution. This Note shall not constitute a general obligation of the Issuer, and the holder thereof shall never have the right to require or compel the exercise of the power of the Issuer to levy ad valorem taxes for the payment of.the principal of and interest on this Note. It is hereby certified, recited and declared that all acts, conditions and things required to exist, to happen and to be performed precedent to and in connection with the issuance -3- JAN .2 31978 . PCGK PAU ���� S of this Note, exist, have happened, and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida.applicable thereto; and that the issuance of this Note and of the issue of Notes of which this Note is one does not violate any constitutional or statutory limitations or provisions. SN WITNESS WHEREOF, the County of Indian River, Florida, has issued this Note and has caused the same to be signed by the .Chairman of its Board of County Commissioners and its corporate seal to be impressed hereon and attested and countersigned by the Clerk of such Board, all as of the day of , 19 COUNTY OF INDIAN :RIVER, FLORIDA •BY Chairman, Board of County Commissioners (SEAL) ATTESTED AND COUNTERSIGITED: r Clerk, Board of County Commissioners JAN ,2 31978 3 F►,w3^ SECTION 4. SALE OF NOTES. The Notes shall be sold at public or private sale, at prices not less than the par value thereof and accrued interest, either at one time or from time to time, as the Chairman and Clerk shall determine, who are hereby authorized to award the Notes, execute and deliver the same, receive the purchase price therefor and apply the proceeds thereof as here- inafter provided, without further authority from this Board of County Commissioners. , SECTIONS. NOTES NOT GENERAL INDEBTEDNESS. The Notes shall not be or constitute a general obligation of the Issuer within the meaning of any constitutional, statutory or other limitation of indebtedness, but shall be payable solely from the proceeds derived from the sale of the Bonds and, if neces- sary, from the Pledged Funds. No holder or holders of the Notes shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real property therein to pay the Notes or the interest due thereon. SECTION 6. SECURITY OF NOTES. The payment of the principal of and interest on the Notes shall be securod forth- with, equally and ratably, by a prior lien on and pledge of the proceeds to be derived from the sale of the Bonds and, if necessary, by a prior lien on and pledge of the Pledged Funds. The Issuer does hereby irrevocably pledge the funds to the payment into the Sinking Fund and Reserve Account created pursuant to the Enabling Instrument, at the times provided, of the sums required to secure to holders of the Notes the payment of the principal thereof and the interest thereon when due. SECTION 7., APPLICATION OF PROCEEDS. The money received from'the delivery of the Notes shall be deposited into the Construc- tion Fund created pursuant to the Enabling Instrument and applied as provided therein. The holders of the Notes shall have a lien upon -S- JAN 2* 3,1978 Boa 33 PAGE 40 _ W c ' -all the proceeds thereof until the same have been applied as pro- vided in the Enabling Instrument. SECTION 8. COVENANTS OF THE ISSUER. For so long as the principal of and interest on the Notes shall be outstand- ing and unpaid or until there shall have been irrevocably set apart a sum sufficient to pay, when due, the entire principal of the Notes remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with each of the .holders of the Notes as follows: A. PROCEEDS FROM BONDS. Upon the receipt of the proceeds of the Bonds, excluding accrued interest, the Issuer shall apply such proceeds as follows: (1) To pay forthwith the principal of the outstand- ing Notes and the interest accrued thereon to such date of payment. (2) For.deposit and application of the balance of such proceeds pursuant to the provisions of the Enabling Instrument. B. APPLICATION OF PRIOR COVENANTS. The covenants and pledges contained in the Enabling Instrument for the benefit of the holders of the Bonds to the extent that the same are not inconsistent with the provisions of this resolution shall be deemed to be for the benefit, protection and security for the •payment of the Notes and for the holders thereof in like manner as applicable to the Bonds for the benefit of the holders there- of. The Sinking Fund and Reserve Account created and established pursuant to the Enabling Instrument, to the extent necessary, _shall be maintained for the benefit of the Notes and the holders thereof. C. SALE OF BONDS. From time to time the Issuer shall in good faith endeavor to sell a sufficient principal amount of the Bonds in order to have funds available to pay the .•Notes and the interest thereon as the same become due. SECTION 9. SUPPLEMENTAL INSTRUMENTS. The Issuer shall, as necessary, from time to time and at any time, adopt -6- eit � . �,..a 7•e^T.mi+M�.;:ma��*xms++�+e,.e+nw+� we.csR.m T�!^�°R+a JAN 2 31978. ma - 33 PAUE 4jjI I; 41 such resolutions and/or ordinances as shall not be inconsistent With the terms and conditions of this resolution: A. To cure any ambiguity, defect, Or omission herein; and/or B. To secure, extend or renew to the holders of the Notes the pledges made herein for the payment Of the Notes and the interest to accrue thereon. SECTION 10. MODIFICATION AND AMENDMENT. No material modification or amendment of this resolution or of any resolution amendatory hereof or sUpplemental hereto may be made without the -.consent in writing of the holders of the Notes. SECTION 11.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 valid; then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no way 'affect the validity of all the other provisions of this resolution or of the Notes. SECTION 12. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 23 day of January 19 7& JAN 231979 PCOA 33 PAGE U1,21 c - P • _. CERTIFIC%TZ OF RLCO DING OFI'ICER The undersigned H'-'rZBY CERTiFIE3 that: 1. Me is the lily appointed, qualified, and acting Clerk of the Board of County Commissioners •(herein called the oar ), and k_c=er of the records thereof, including the minutes of its proceedings; . 2. The annexed copy of extracts from ".e minutes o -f the Special 23 meeting of the Board -held on the day of January 19 78 , is a true, corse -t, and compared coPy of the whole of the original tainutes of said mr.eti::g on filt and o_ record -insofar as the same relate to the resolution referred -to in said extracts and to the other matters referred to therein; X. Said meeting was duly convened in conformity. with • all apiilicab?e re^nzire-nsnts; a Urn -per quorum was present through- out said meeting and t*.--- .resolution hereinafter mentioned was duly proposed, considered, and adooted in conformity with acali- •cable requirements: and all other requirements and eroceedings ineid,2nt to the proper adcnt:on of said resolution have been duiv fulfilled, carried out, and otherwise observed;. 4. SHe is duly.authorized to execute this Certificate: and .5. The copy of the resolution annexed hereto entitled: RESOLUTION NO. 78-7 A'Resolution authorizing the issuance of not exceeding $402,500 water and sewer revenue bonds, series 1979, aniticipation notes of Indian River County, Florida; providing for the payment there- of and entering into certain covenants and agreements with the holders thereof. is a tr"e, correct, and ccmpared cony of the original resolution refel:red tc in sa'?.4 e::tracts and as'iinally adoctcd at said mee:�- ing and, t:c th^ extent required by la'•J, as thereafter duly si=ncd or approved by the proper officer or oif Kers of the Board which resolution is on file and of- record. WITIMSS my nand and the seal of the Clerk this 23 day o7 January 1978 (: 1:AL.) Vie' Freda Wright, Glerk JAN 231979 MOK 33 PAGE 4j3 I I f! EXTRACTS FROM THE MINUTES OF A Special MEETING OF THE Board of County Commissioners OF Indian River County, Florida - • HELD ON Tv_E 23rd DAY OF January 1978 The Board of County Commissioners Of Indian RiverCounty, Florida met in Special meeting at Indian River County Courthouse in the City of Vero Beach Florida at •9'_04 _ o'clock A M. on the 23rd day of January , ig 78 , the place, hour, and date duly established for the hold- ing of such meeting. The Chairman called the meeting to order •and on roll call the following answered present: = William C. Wodtke, Jr.* , Alma Lee Loy Edwin S. Schmucker R. Don Deeson and the following were absent: Willard W. Siebert, Jr. , The Chairman declared a quorum present. A Resolution entitled: RESOLUTION N0: 78-7 A Resolution authorizing the issuance of not exceeding $402,500 water --and sewer revenue bonds, series 1979, anticipation notes of Indian River -County, Florida; providing for the payment thereof and entering into certain covenants and agreements with the holders thereof. was introduced by Mr. William C. Wodtke, Jr. Said Resolution was then read in fall ana discussed and considered. if JAN 2 3,1978 Fca 33 PAGE4A c • -Miss Alma T- P_Lng then moved the adoption of the Resolution as introduced and read. Mr.Edwin*S. Schnucker seconded the motion, and, on roll call, the following voted "Aye": R. Don Deeson, Edwin S. Schmucker, Alma Lee Loy and William C. Wodtke, Jr. r and the following voted "Hay": None The Chairman thereupon declared the motion I carried and the Resolution adopted as introduced and read. There being no further business to come before the meeting, upon motion duly made and seconded, the meeting was adjourned. 0 ON MOTION BY COMMISSIONER DEESON, SECONDED BY COMMISSIONER SCHMUCKER, THE BOARD UNANIMOUSLY ADOPTED RESOLUTION.No. 73-8 AUTHORIZING THE COUNTY TO BORROW $100,000 PURSUANT TO THE AUTHORIZATION OF RESOLU- TION NOS. 75-7 AND 78-8 AND AUTHORIZED THE CHAIRMAN TO SIGN ALL SUPPLEMENTARY LEGAL DOCUMENTATION NECESSARY TO IMPLEMENT THE LOAN. JAN 2 3,19 78- f, J J RESOLUTION 78-8 BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, That in addition to County Resolution 78-7, the Board hereby agrees that in the event the $402,500.00 Water and Sewer Revenue Bonds, Series 1979, funds are not available on September 30, 1978, then the I Board shall retire that Promissory Note in the principal amount of $100,000.00, payable to the First Citrus Bank of Indian River County, and dated the 30th day of January, 1978, from such other cash reserves as the Board shall determine. i This Resolution shall become effective as of the _ i day of January, 1978. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA B u E° 2v yWilliam C. Wodtke, Jr., Chairman Attest:. Freda Wright, Cletk I I I i i f JAN 2 3 1979 . Pox FAGF.4U � I r; Pio. 1 $100,000.00 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER WATER AND SEWER REVENUE BONDS, SERIES 1979 ANTICIPATION NOTE FOR VALUE RECEIVED, the County of Indian River, Florida (the "Issuer"), hereby promises to ,pay to the order of First Citrus Bank of Indian River County, at its principal office in the City of Vero Beach, Florida, on or before September 30, 1978 in lawful money of the United States of America, the principal sum of One Hundred Thousand Dollars ($100,000), plus accrued interest at the rate of six per centum (6%) per annum. This Note is issued pursuant to the Constitution and laws of the State of Florida, particularly Chapters 1.25 and 215.431, Florida Statutes (1975), and Resolutions duly.adopted by the Issuer on January 23, 1978, in anticipation of the receipt by the Issuer of the proceeds from the sale of not exceeding $402,500 principal amount of Water and Sewer Revenue Bonds, Series 1979, of the Issuer (the "Bonds"). This Note and the interest due thereon are payable from and secured by a prior lien upon and a pledge of the proceeds to be derived from the sale of the Bonds,and, if necessary, from and secured by a prior lien upon-and'a pledge of the gross revenues to be derived from the operation of the Issuer's water and sewer system, all in the manner provided in the Resolutions, or in the alternative, said Note is secured by other County funds now on hand. This Note may constitute a general obligation of the Issuer in the event Bond proceeds are not available at the time of maturity. It is hereby certified, recited and declared that all acts, conditions and things required to exist, to happen and to be performed ' precedent to and in connection with the issuance of this Note, exist, have happened, and have been performed in regular and due form and time as required by the laws and. Constitution of the State of Florida applicable thereto; and that the issuance of this Note and of the -a a A ��,o 33 PAc,F 408 4l issue of Notes of which this Note is one -does not violate any con- stitutional or statutory limitations or provisions. IN WITNESS WHEREOF, the County of Indian River, Florida, has issued this Note and has caused the same to be signed by the Chairman of $' its Board of County Commissioners and its corporate seal to be impressed hereon and attested and countersigned by the Clerk of such Board, all as of the 23rd day of January, 1978. , COUNTY OF INDIAN RIVER, FLORIDA 3 ByGC.C�d�a C airman, Board of County Commissioners (SEAL) ATTESTED AND COUNTERSIGNED: I C • Clerk, Board of C my Commissioners s L-� t; ATTORNEY COLLINS INFORMED THE BOARD THAT THE DER HAS LITIGATION AGAINST URBAN DEVELOPMENT UTILITIES IN REGARD TO THEIR SEWER SYSTEM, WHICH WE HAVE AGREED TO PURCHASE, AND STATED THAT HE IS VERY HESITANT TO RECOMMEND CLOSING ON THE PURCHASE UNTIL THIS PARTICULAR MATTER IS WORKED OUT. HE NOTED THAT WE NEED TO DECIDE WHETHER WE ARE GOING TO BUILD A PLANT UP THERE OR TIE IN WITH THE CITY AND SHOULD DEFINITELY HAVE.THIS INFORMATION BEFORE WE FINALIZE THIS MATTER. COMMISSIONER LOY NOTED WE HAVE BEEN WAITING FOR THE ENGINEER TO GIVE US THIS INFORMATION. ATTORNEY COLLINS FELT SOME QUESTIONS HAVE ARISEN IN REGARD TO AN IMPACT FEE AND AS TO WHERE TO TIE IN TO THE CITY'S LINE - AT THE HOSPITAL OR THE AIRPORT. IN FURTHER CONVERSATION, IT WAS FELT THAT THE ENGINEER IS AUTHORIZED TO CONTACT THE CITY AND IS DOING SO, BUT THAT THE MATTER NEEDS TO BE PUSHED. THE CHAIRMAN STATED THAT HE WILL CALL MAYOR SCURLOCK AND ALSO WRITE HIM A LETTER IN REGARD TO THIS MATTER. THERE BEING NO FURTHER BUSINESS, ON MOTION MADE, SECONDED AND CARRIED, THE BOARD ADJOURNED AT 9:25 O'CLOCK A.M. ATTEST: CLERK JAIL 2 31979 49 CHAIRMAN ac*33 F,A.0 410