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HomeMy WebLinkAbout1983-46ORDINANCE NO. 83-46 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA RELATING TO THE ACQUISITION AND CONSTRUCTION OF CERTAIN LOCAL IMPROVEMENTS IN INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE OF REVENUE BONDS BY INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE COST THEREOF, PAYABLE FROM SPECIAL ASSESSMENTS LEVIED AGAINST PROPERTY SPECIFICALLY BENEFITED BY SUCH IMPROVEMENTS, AND, AT THE OPTION OF THE COUNTY, FROM OTHER LEGALLY AVAILABLE NON AD VALOREM FUNDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, pursuant to Article VIII, Section 1, Florida Constitution (1968), and Chapter 125, Florida Statutes (1981), as amended, the Board of County Commissioners of Indian River County, Florida, has all powers of local self-government to perform county funct?.ons 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 Indian River County, Florida and its citizens that provision be made for the acquisition, construction, repair, paving, hard surfacing, widening, guttering and drainage of streets, boulevards and alleys; for the grading, leveling, paving and hard surfacing of sidewalks; for the construction of sanitary sewers, storm sewers and drains, including the necessary appurtenances thereto; for the construction of water mains, water laterals and other water distribution facilities, including the necessary appurtenances thereto; for the drainage and reclamation of wet, low or overflowed lands; the provision of street lighting; (all of such improvements being hereinafter collectively called "Improvements"); and that provision be made for the payment of all or any part of the costs of any of the Improvements by levying and collecting special assessments on the abutting, adjoining, contiguous or other specially benefited property; and WHEREAS, it is necessary and desirable to provide for the issuance of revenue bonds to finance the cost of such -1- Improvements, payable from special assessments levied against the property to be specially benefited by the acquisition and/or construction of the Improvements and, at the option of the County, from other funds of the County derived from sources other than ad valorem taxation and legally available for such purpose; now, therefore, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. AUTHORIZATION OF IMPROVEMENTS. The Board of County Commissioners of Indian River County, Florida (hereinafter called "Board" and "County," respectively) is hereby authorized to acquire and construct any of the Improvements, from time to time, in the unincorporated areas of the County. SECTION 2. AUTHORIZATION TO ISSUE BONDS. To pay the cost of the Improvements, the Board is authorized to provide by resolution for the issuance of revenue bonds (hereinafter called "Bonds") from time to time. The Bonds may be issued in fully registered form, without coupons, in such denomination or denominations, bearing interest at such rate or rates and maturing at such time or times not exceeding 2 years after the maturity of the last installment of the special assessments, all as may be determined by the Board. The Board may, at its option, prior to the date of issuance of any series of Bonds, elect to use an immobilization system or book -entry system with respect to issuance of such Bonds, provided adequate records will be kept with respect to the ownership of Bonds issued in book -entry form or the beneficial ownership of Bonds issued in the name of a nominee. The details of any alternative system of Bond issuance shall be set forth in a resolution of the Board duly adopted prior to the issuance of the applicable series of Bonds. The Bonds may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and con- ditions as may be fixed by the Board prior to their issuance. The Board shall determine the place or places of payment of the -2- principal of the Bonds, which may be at any bank or trust company within or without the State of Florida. Interest on the Bonds shall be payable by checks or drafts mailed to the registered owners thereof. The Bonds shall be signed by the manual or fac- simile signatures of the Chairman and Clerk of the Board, and the Bond registrar, provided that the Bonds shall bear at least one signature which is manually executed thereon. The Bonds shall have the seal of the Board affixed, imprinted, reproduced or lithographed thereon, all as may be prescribed in the resolution or resolutions authorizing the issuance thereof. The Bonds may be delivered to any contractor for payment for his work in constructing Improvements hereunder or may be sold at public or private sale at such price as the Board shall determine to be in its best interest, provided that the price shall not be less than 95% of the par value of the Bonds sold. SECTION 3. SECURITY FOR BONDS. The principal of, interest on and redemption premiums, if any, for the Bonds shall be payable from the proceeds of the special assessments to be levied against the property specially benefited by the acquisi- tion and/or construction of the Improvements, and, at the option of the Board, may be additionally payable from any other funds derived by the County from sources other than ad valorem taxation and legally available for such purpose. The provisions of this section, however, shall not be construed so as to impair or authorize the impairment of the security of the holders of any obligations previously issued by the County which are payable from such non ad valorem funds. SECTION 4. INCORPORATION OF CERTAIN PROVISIONS OF CHAPTER 170. The provisions of Chapter 170, Florida Statutes (1981), as amended, to the extent not inconsistent with the pro- visions of this ordinance, are hereby incorporated herein by reference and made applicable to the COUnty the same as if it were a "municipality" as defined therein. Appropriate changes t0 the provisions of Chapter 170, Florida Statutes (1981), as -3- '+ 7 amended, as incorporated herein, are hereby made to reflect the differences between municipal and county government. The Board, however, shall not be required to let contracts for any Improvements before adoption of any resolution authorizing the issuance of Bonds. All assessment plats, plans and specifications, cost estimates and records of the names and addresses of the owners of property to be assessed shall be kept and maintained by the public works or other similar department of the County, or such other office or officer of the County as may be specified by the Board from time to time. Any special assessment liens upon real property, resulting from special assessments levied pursuant to the provisions of this ordinance, shall be extinguished upon the recording by the Board in the Official Records of the County, an affidavit or affidavits exe- cuted by the Chairman of the Board to the effect that sufficient security has been deposited with the County in order to insure timely payment of the amounts of such special assessments or the installments thereof, as the case may be. If notes are issued in anticipation of the issuance of Bonds, the special assessments shall bear interest at a rate not to exceed 1% above the rate of interest on the notes, as long as the notes are outstanding. Any special assessments that are prepaid shall bear interest at the rate borne by the Bonds or the notes issued in anticipation of the issuance of the Bonds, whichever are outstanding, and, if necessary to pay additional expenses of redemption, shall include a prepayment fee not to exceed the applicable redemption premium, if any, for such notes or Bonds, if they were to be redeemed on the next available redemption date. SECTION 5. NO REFERENDUM REQUIRED. No referendum or election in the County shall be required for the exercise of any of the provisions of this ordinance, unless such referendum or election is required by the Constitution of the State of Florida. SECTION 6. NO IMPAIRMENT OF CONTRACT. The County will not enact any ordinance or adopt any resolution which will repeal, impair or amend in any manner the rights of the holders -4- of the Bonds issued from time to time, or the security of the funds which may be pledged to the payment of principal of, interest on and redemption premiums, if any, for the Bonds. K SECTION 7. REFUNDING BONDS. The County may, by resolution of the Board, issue bonds to refund any Bonds issued pursuant to this ordinance and provide for the rights of the holders hereof. Such refunding bonds may be issued in an amount sufficient to pay the principal of the outstanding Bonds; the interest due and payable on the outstanding Bonds to and including the first date upon which the outstanding Bonds shall be callable prior to maturity or the dates upon which the prin- cipal thereof shall mature, or any dates in between, whichever is applicable; the redemption premiums, if any, for the Bonds; and any expenses of the issuance and sale of such refunding bonds. SECTION 8. THIS ORDINANCE SUPPLEMENTAL AUTHORITY. This i ordinance shall not be deemed to repeal or supersede any general or special law but shall be considered as supplemental and addi- tional authority to the Board and the County to carry out and perform the powers authorized herein. SECTION 9. EFFECTIVE DATE. A certified copy of this ordinance, as enacted, shall be filed in the office of the Department of State of the State of Florida by the clerk of the Board within 10 days after its enactment, and this ordinance shall take effect upon receipt of official acknowledgment from that office that such ordinance has been filed. SECTION 10. POWER OF BOARD. All power and authority granted to the County by the provisions Of this Ordinance shall be exercised by the Board, or its successors, as the governing body of the County. SECTION 11. SEVERABILITY. The provisions of this ordi- nance are intended to be severable. If any one or more sections, paragraphs, sentences, clauses or provisions shall be held to be illegal or invalid, the remaining sections, sentences, clauses k and provisions of this ordinance shall nevertheless stand and be -5- construed as if the illegal or invalid sections, sentences, clauses or provisions had not been included herein. SECTION 12. REPEALER. All other ordinances, resolu- tions or parts thereof in conflict with the provisions of this ordinance are, to the extent of such conflict, hereby repealed. Approved and adopted by the Board of County Commissioners of Indian River County, Florida on this 21 day of December , 1983. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY � By 1-4e RICHARD N. BIRD Chairman Acknowledgment by the Department of State of the State of Florida this 3rd day of January , 1984. Effective Date: Acknowledgment from the Department of State received on this 9th day of Januar- , 1984, at 11.00 A.M./P.M, and filed in the Office of the Clerk of the Board of County CCommiissioners of Indian River County, Florida. APPROV/E ' S " FOR i SAND LEGALFF� EN. By - �', i jA7M. BRANDENBURG County Attorney -6-