HomeMy WebLinkAbout2013-082RESOLUTION NO. 2013- 082
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE REDEMPTION
AND PAYMENT OF A PORTION OF THE COUNTY'S OUTSTANDING
SPRING TRAINING FACILITY REVENUE BONDS, SERIES 2001;
AUTHORIZING THE USE OF GENERAL FUND RESERVES IN THE
AMOUNT OF $2,275,000 TO PAY DOWN THIS DEBT; 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 a
portion of the County's outstanding Spring Training Facility Revenue Bonds, Series 2001 (the
"Series 2001 Bonds") maturing on or before April 1, 2021 from available moneys of the
County; and
WHEREAS, the County issued its Series 2001 Bonds pursuant to Resolution No.
2001-072 adopted by the County on August 7, 2001, as supplemented from time to time, and
as particularly supplemented by Resolution No. 2001-073 adopted by the County on August
71 2001 (collectively, the "Bond Resolution"); and
WHEREAS, the County desires to optionally redeem $2,275,000 in principal amount
of the outstanding Series 2001 Bonds on their first optional redemption date for which proper
notice may be given; and
WHEREAS, the County has legally available cash on hand to redeem the Series
2001 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.
SECTION 3. AUTHORIZATION TO DEFEASE A PORTION OF THE SERIES 2001
BONDS. The redemption of $2,275,000 of outstanding Series 2001 Bonds which mature on
or before April 1, 2021 on or before October 1, 2013 at a redemption price equal to the
principal amount to be redeemed plus interest accrued to the redemption date is hereby
authorized. The County Administrator is hereby directed and authorized to direct the Paying
Agent for the Series 2001 Bonds to give notice of the redemption of the Series 2001 Bonds
to DTC and the bondholders of such redemption and to select the maturities of the Series
2001 Bonds to be redeemed.
1
RESOLUTION NO. 2013 082
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 portion of the Series 2001 Bonds being 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. 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 partial redemption of the Series 2001 Bonds is
hereby approved, confirmed and ratified.
SECTION 6. 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 7. 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.
SECTION 8. EFFECTIVE DATE. The provisions of this Resolution shall take effect
immediately upon its passage.
The foregoing resolution was moved for
Solari ,and seconded by Commissioner
adoption bC
and, upon being put to a vote, the vote was, as follows:
Chairman Joseph E. Flescher
Vice Chairman Wesley S. Davis
Commissioner Peter D. O'Bryan
Commissioner Bob Solari
Commissioner Tim Zorc
2
y ommissioner
Flescher
Aye
Ave
Ave
Aye
RESOLUTION NO. 2013_
PASSED AND ADOPTED the 20th day of August , 2013.
(SEAL)
ATTEST: Jeffrey R
Clerk of Court and (
erk
Smith
I
Approved as to form and
leU al sufficiency
By
County Attorney
er
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By
3
;BONERS:"*