HomeMy WebLinkAbout1974-02INDIAN RIVER COUNTY ORDINANCE NO. 74-2
AN 01117INANCE 1iELA1'ING '1'0 'rilE ACQUISITION,
CONSTRUCTION, FURNISHING AND E -QUIPPING OF
COUNTY CAPITAL PROJECTS IN INDIAN RIVER
COUNTY, FLORIDA: AUTIIORIZING THE ISSUANCE
OF BONDS BY TIIL 130ARD OF COUNTY COMMIS-
SIONERS OF INDIAN RIVIER COUNTY, FLORIDA,
TO FINANCE TIIL COST OF SUCH PROJECTS, RE-
PAYABLE FROM THE RACE TRACK FUNDS AND
JAI ALAI FRONTON FTT'TDS ACCRUING ANNUALLY
TO INDIAN RIVER COUNTY; PROVIDING THE
METHOD BY WHICH THIS ORDINANCE SMALL
BECOINIE EFFECTIVE.
WHEREAS, pursuant to Article VIII, Section 1 of the Con-
stitution of the State of Florida and Section 125. 66, Florida Statutes, the
Board of County Commissioners of Indian River County, Florida, has
all powers of Local self government to perform county functions and to
render county services in a manner not inconsistent with general or
special law and such power may be exercised by the enactment of county
ordinances; and
WHEREAS, it is necessary for the public health, safety and
general welfare of the county and its citizens that provisions be made for
the acquisition and construction of capital projects which serve a county
purpose and for financing the cost of such projects;
NOW, 'T'HEREFORE, BE IT ORDAINED BY THE BOARD OF
COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. The Board of County Commissioners of Indian
River County, Florida, (hereinafter referred to as the "board") is hereby
authorized to acquire, construct, furnish and equip county capital projects
(hereinafter called I1projects11).
SEC'T'ION 2. To pay the cost of such projects, as above
described, the board is authorized to issue bonds from time to time
(hereinafter referred to as "Bonds"). Such bonds may be in coupon form,
ill such denomination Or denominations, bear interest at Stich raje or rates
not cxcec•dilrt* the masilnurn allo-ed by ::tate law per annum and shall
mature at such time• or times not eXceeding thirty (30) years from their
d;rtr ur dates a:' 11);ly Irl• dl•Ic'r wilicd by lln' hoard. The bonds may he nl;lcll• I.(.-
ctclrrlrahJc In-forc r";11ur'i1y, al the opliuu ol• ille board, al :tucrh lwicc- of. pri, l ::
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their issuance. The board shall determine the place or places of payment
of the principal and interest which may be at any bank or trust company
within or without the state. The bonds shall be signed either by manual
or facsimile signatures of the Chairman and Clerk of the board, provided
that such bonds shall bear at least one (1) signature which is manually
executed thereon, and the coupons attached to suc:- Jonds shall bear the
facsimile signature or signatures of such officer or officers as shall be
designated by the board. The bonds shall have the seal of the -board affixed,
imprinted, reproduced or lithograph --d thereon, all as may be prescribed
in the resolution or resolutions authorizing the issuance thereof. The
bonds shall be sold at public sale or private sale at such price or prices
as the board shall determine to be in the best interest, provided that the
price shall be not less than ninety-five per centum (95';16) of the par value
of the bonds sold.
SECTION 3. The principal of and interest on the bonds
issued hereunder will be payable from the race track funds and jai alai
fronton funds accruing annually to Indian River County, pursuant to
Chapters 550 and 551, Florida Statutes, as allocated to the board pursuant
to lave.
SECTION 4. The bonds shall also be and they are hereby
constituted negotiable instruments under the law merchant and the laws
of the State of Florida.
SECTION 5. The bonds small be and they are hereby con-
stituted as legal investments for any state, county, municipal or other
public funds or for any bank, savings bank, trustees, executors, guardians,
or any trust or fiduciary funds whatsoever. Such bonds shall also bo and
MISWULC 1Cga1 Securities which may be deposited by any bank or trust
company for the security of state, county, municipal or other public funds.
SECTION ti. No referendu111 or election in Indian ]diver
County shall be required for th.. Cxercisc of any of the provisions of this
ordim a e, un]eti ,;uc•h rc•ferc•udurn (w c ]c Blinn is rc•ttuirc•d by t1w Uow;ti1111!!1
.. 2 -
of Florida.
SECTION 7. The cost of the projects may be deemed to
also include ( but not lir—ited to), the cost of acquisition of sites, legal,
engineering, fiscal, architectural fees and fees of any other experts or
consultants employed by the board, engineering or architectural studies,
surveys, plans and designs for said projects; provisions for debt service
reserves, bond discount, the expense of the issuance, authorization and
sale of said bonds including advertisement, notices and other proceedings
in connection therewith; and such other expenses as are necessary, incidental
or appurtenant to the purposes authorized hereunder.
SECTION 8. The county does hereby covenant with the
holders of such bonds that it will not enact any ordinance which will repeal,
impair or amend in any manner the rights of such holders or the security of
the funds which may be pledged to the payment of the principal of and interest
on the bonds issued pursuant to the provisions of this ordinance.
SECTION 9. This ordinance shall not be deemed to repeal
or supersede any other law or laws, but -shall be considered as supplemental
and additional authority to said board to carry out and perform the powers
provided in this ordnance.
SECTION 10. This ordinance shall become effective on the
llthday of Januar , 197 4