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HomeMy WebLinkAbout11/19/1981Thursday, November 19, 1981 The Board of County Commissioners of Indian River County, Florida, met in Special Session at the County Courtroom, Indian River County Courthouse, Vero Beach, Florida, on Thursday, November 19, 1981, at 8:00 A.M. Present were . illiam C. Vlodtke, Jr., Vice Chairman; Dick Bird; Alfred Grover Fletcher; and Don C. Scurlock, Jr. Patrick B. Lyons, Chairman, was out of town. Also present were Neil A. Nelson, County Administrator; R. Stephen Houlihan, Assistant Attorney to the Board of County Commissioners; and Janice -Caldwell, Deputy Clerk. Vice Chairman Wodtke called the meeting to order. Vice Chairman Wodtke stated that the purpose of the meeting was to -execute the necessary papers for the $725,000 Capital Improve- ment Revenue Bonds, Series 1981. Attorney Houlihan referred to the Incumbency Certificate, paragraph 3, and noted that the date should be changed to read "January, 1982." He added that the appropriate signatures must be authorized and the following documents approved by the Board. 1. Incumbency Certificate 2. Certificate as to Public Meetings 3. Signature and No Litigation Certificate 4. Certificate as to Pledged Revenues . 5. Certificate Concerning Official Statement 6. Non -Arbitrage Certificate 7. Certificate of Delivery and Payment Motion was made by Commissioner Bird, seconded by Commis- sioner Scurlock, that the Board approve the documents as amended, and authorize the appropriate signatures. The Vice Chairman called for the question. It was voted on and carried with a vote of 3 to 1, with Commissioner Fletcher voting in opposition. pAcF 187 L� NOV 191981 19 -1981 .- - 48 PAK188 INCUMBENCY CERTIFICATE I, Freda Wright, Clerk of the Circuit Court of Indian River County, Florida (the "County"), and ex officio Clerk of the Board of County Commissioners (the "Board") of the County, DO HEREBY CERTIFY with regard to the authorization and issuance of $725,000 Capital Improvement Revenue Bonds, Series 1981, dated October 1, 1981 (the "Bonds"), of the County as follows: 1. The names of the members of the Board and the dates of commencement and expiration of their respective terms of office are as follows: Members Term Began Term Ends Patrick B. Lyons November 1978 November 1982 Richard Bird November 1980 November 1984 A. Grover Fletcher November 1980 November 1984 Don C. Scurlock, Jr. November 1980 November 1984 William C. Wodtke, Jr. November 1978 November 1982 2-. All of the above persons have duly filed their oaths of office and such of them as are required by lana to file bonds or undertakings have duly filed such bonds or undertakings in the amount and manner required by law. 3. Patrick B. Lyons was duly elected Chairman of said Board by the members thereof for a term commencing in November 1980, and ending in January 1982. 4. I am the duly elected qualified and acting Clerk of the Circuit Court for Indian -River County, Florida and ex officio Clerk of the Board of County -Commissioners- of Indian River'County, Florida; my present term of office commenced on January 6, 1981? and expires on January 6, 1985; and I have duly filed my oath of office and fidelity bond in the amount and manner required by law. 5. The corporate seal impressed hereon is the true and only corporate seal of the Board. -1- se►+'�"�Pw IN WITNESS WHEREOF, I have hereunto set my hand and impressed the official seal of the Board, this 24th day of November, 1981. INDIAN RIVER COUNTY, FLORIDA ( SEAL) Clerk o the Circuit Court o Indian River County, Florida and ex officio Clerk of the Board of County Commissioners of Indian.River County, Florida -2- Nov 191981 BOOK 48 PACT 18 1) V 1• 1981 ERTIFICATE AS TO PUBLIC MEETINGS STATE OF FLORIDA .) ss. COUNTY OF INDIAN RIVER) U09 A8 PACE 190. Each of the undersigned members of the Board of County Commissioners (the "Board") of Indian River County, Florida (the "County"), recognizing that the purchaser of $725,000 Capital Improvement Revenue Bonds, Series 1981, dated October 1, 1981 (the "Bonds"), of the County will have purchased said Bonds in reliance upon this Certificate, does hereby certify that he, meeting together with any other member or members of the Board, has not reached any prior conclusion as to whether the actions taken by the Board with respect.to said Bonds, the security therefor and the application of the proceeds thereof, should or should not be taken by the Board or should or should not be recommended as an action to be taken or not to be taken by the Board, except at public meetings of the Board held after due notice to the public was given in the ordinary manner required by law and custom of the Board. IN WITNESS WHEREOF, we have hereunto set our hands this 19th day of November, 1981. • % � �: f /; ,z :. ( fit, � zt,c �; _ - CY. Sworn to and subscribed, before me this 19th day of November, 1981. Notar Public, State U Flor a My Commission Expires: A SIGNATURE AND NO LITIGATION CERTIFICATE We, the undersigned officers of Indian River County, Florida (the "County"), DO HEREBY CERTIFY that the undersigned Chairman of the Board of County Commissioners (the "Board") did, on the 24th day of November, 1981, officially sign the following described obligations (the "Bonds") of the County: $725,000 - CAPITAL I14PROVEMENT REVENUE BONDS, SERIES 1981, dated October 1, 1981, numbered con- secutively from one upward, in the de- nomination of $5,000 each, bearing interest (payable semiannually on April 1 and October 1 in each year) at the rate of thirteen and eighty hundredths per cen- tum (13.80%) per annum and maturing on October 1 of each year in thte years and amounts as follows: Year Amount Year Amount 1982 5,000 1997 30,000 1983 5,000 1998 35,000 1984 10,000 1999 40,000 1985 10,000 2000 45,000 1986 10,000 2001 50,000 1987 15,000 2002 60,000 -1988 20,000 2003 65,000 1989 20,000 2004 75,000 1990 25,000 ,2005 85,000 1991 30,000 2006 90,000 We further certify that said Bonds are.duly executed with the facsimile signature of the undersigned Clerk of the Board, who hereby adopts, ratifies and confirms said facsimile signature. We further certify that at the date of the signing of said Bonds, and on this date, we were and are the duly chosen, qualified and acting officers authorized to execute said Bonds as indicated by the official titles opposite our signatures hereunder. We further certify that'the manual signatures of the undersigned Chairman and Clerk have been filed with.the Department of State of the State of Florida, pursuant to the pro- visions of Section 116.34, Florida Statutes. We further certify that no litigation of any nature is now pending or, to our knowledge, threatened (in State or Federal Courts), restraining or enjoining the issuance, sale, execution or delivery of said Bonds, or the pledge of the pledged funds thereto, or affecting in any way the right or authority of the County to pay said Bonds and the interest thereon, or in any manner affecting the proceedings and authority for the issuance, sale, execution or delivery of said Bonds or of any provisions made or authorized for their payment, or the use of the proceeds of said Bonds, or the corporate existence of the Board or boun- daries of the County, or the title of the present officers of the County or any of thein to their respective offices, and that none of the proceedings or authority for the issuance of said Bonds has been repealed, revoked, rescinded, or altered in any manner. We further certify that the semiannual interest coupons becoming due on April 1 and October 1 of each year, attached to said Bonds, are properly executed by the facsimile signature on said coupons of the undersigned Chairman, who hereby adopts, ratifies and confirms said facsimile signature. -1- BOOK 48 PArE 191 NOV 191991 L 4 BOOK 48 PACT 192 a We further certify that the validation certificate appearing on each of said Bonds is duly executed by the facsimile signature of the undersigned Chairman, who hereby adopts, rati- fies and confirms said facsimile signature. We further certify that the seal which has been impressed upon this certificate is the legally adopted, proper and only official corporate seal (SEAL) of said Board, and that a facsimile of said seal has been imprinted upon all of said Bonds and is hereby adopted. WITNESS our hands and the corporate seal of said Board, this 24th day of November, 1981. Signature official Title Chairman, Board of County Commissioners, Indian River County, Florida Clerk, Circuit Court of •Indian River County, Florida, ex officio Clerk of the Board of County Commissioners I- hereby certify that the signatures of the officers of Indian River County, Florida, which appear above, are true and genuine and that I know said officers and know them to hold the offices opposite their names. of the (Title of officer) Bank :WM CERTIFICATE AS TO PLEDGED REVENUES We, the undersigned officers of Indian River County, Florida, (the "County"), DO HEREBY CERTIFY that the Race Track Funds and Jai Alai Fronton Funds, as defined in the resolution adopted May 6, 1981, as amended and supplemented (the "Resolu- tion"), which are pledged to the principal of and interest on its $725,000 Capital Improvement Revenue Bonds, Series 1981, dated October 1, 1981, authorized by said resolution are not pledged, in whole or in part, directly or indirectly, for the benefit of any obligations previously issued by the County and outstanding, except to the prior payment of the outstanding bdnds of an issue of $4,350,000 Capital Improvement Revenue Bonds, Series 1980, referred to, and as provided in, the Resolution. IN WITNESS 4HEREOF, we have hereunto set our respective hands and impressed the official seal of the County, the 24th day of November, 1981. (SEAL) NOV 191981 INDIAN RIVER COUNTY, FLORIDA Chairman, Board of County Commissioners Clerk of the Circuit Court and ex officio Clerk of the Board of County Commissioners 7 Box 48 mu 193 a G 8 WEIR CERTIFICATE CONCERNING OFFICIAL STATEMENT We, the undersigned Chairman of the Board of County Commissioners, County Administrator, and County Finance Officer of Indian River County, Florida, do hereby certify that, to the best of our knowledge, the Official Statement, dated November 24, 1981, relating to the $725,000 Capital Improvement Revenue Bonds, Series 1981, dated October 1, 1981, of said County, did not as of its date, and does not as of the date hereof, contain any untrue statement of a material fact or omit to state a material fact required to be contained therein for the purposes for which such Official Statement is to be used, or which is. necessary in order to make the statements contained therein, in the light of"the circumstances in which they were made, not misleading. DATED this 24th day of November, 1981. INDIAN RIVER COUNTY, FLORIDA Ch—firman, Board of County• Commissioners County Administrator County Finance Officer INDIAN RIVER COUNTY, FLORIDA $725,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1981 Dated October 1, 1981 NON -ARBITRAGE CER`T'IFICATE The undersigned official of Indian River County, Florida ( the "County") ,certifies :with respect to the above issue of bonds (hereinafter called the "Bonds"), as follows: 1. The undersigned, along with other officials of the County is charged with the responsibility for issuing the Bonds. 2. This certificate is made -pursuant to Sections 1.103-13, 1.103-14, and 1.103-15 of the Code of Federal Regulations promulgated by T.D. 7627 on May 31, 1979 (the "Regulations"), all with respect to arbitrage bonds as described in Section 103(c) of the Internal Revenue Code of 1954, as amended (the "Code"). 3. The Bonds are being issued on the date of this -cer- tificate for the purpose of financing the cost of completing the reconstruction, alteration, furnishing and -equipping (including the cost of design and engineering, and -issuance expenses.of the Bonds) of an Administration Building, Courthouse and Annexes, -all 4ithin the County (the "Project"), whose estimated total cost is $4,302,528. 4. The principal amount of Bonds being issued on this date is $725,000; the proceeds of the Bonds is the amount of $703,479.58, computed as follows: Princip4l Amount $725,000.00 Less Discount 36,250.00 Subtotal $688,750.00 Accrued Interest 14,729.5_8 Total Proceeds $703,479.58 5. The total proceeds of the Bonds will be applied as follows: accrued interest deposited to Sinking Fund $ 14,729.58 deposited to Reserve Account 105,521.94 issuance expenses 13,700.00 deposited to�Construction Trust Fund 569,528.06 TOTAL $703,479.58 6. The proceeds to be deposited into the Construction Trust Fund are to be used solely to pay the cost of completing the Project. The County has heretofore, on February 27, 1980, entered into a binding contract for construction of portions of the Project with Reinhold Construction, Inc., in an amount in excess of $100,000. Work on the Project has proceeded and will continue with due diligence to completion which is estimated to be by June 15, 1982. At least 85% of the proceeds of the Bonds will have been expended to pay costs of the Project aithin three (3) years fro,n the date hereof. 7. The County reasonably expects that the Project ,gill not be sold or otherwise disposed of, in whole or in part, prior to the last maturity of the Bonds. Boa 48. PAGE. i NOV 191981 9 PAC 8. The Bonds are payable from certain Race Track Funds and Jai Alai Fronton Funds, as defined in the resolution authorizing their issuance, and investment income (the "Pledged Revenues"). All amounts of proceeds of the Bonds and Pledged Revenues deposited into the Sinking Fund will be used within 13 months of the date of deposit for payment of principal of an interest on the Bonds. The County reasonably expects that the Pledged Revenues in each year will be sufficient to pay in such year the required debt service on the Bonds and reserves therefor. Except for the Sinking Fund and Reserve Account therein, and the Surplus Account, all described in Section 14(B) of the resolution authorizing the Bonds, the County has not created or established and does not expect to create or establish any other fund for payment of debt service on the Bonds. 9. All income from investments of proceeds deposited in the Construction Trust Fund will remain therein and will be expended for costs of the Project within one year after receipt. All income on investments in the Sinking Fund and the Reserve Account will be expended for payment of principal of or interest on the Bonds within 13 months after receipt. 10. The. Reserve Account for the Bonds will be funded by depositing therein theesum of $114,734.47 (equal to the maximum debt service on the Bonds in any year), consisting of $105,521.94 from the proceeds of the Bonds and $9,212.53 from other moneys of the County legally available for such purpose. All amounts in the Reserve Account in excess of the sum of $105,521.94 will not be invested at.a rate in excess of 1/8 of 1% above the yield on the Bonds which is computed to be 14.679%. The amounts deposited into the Reserve Account and invested earnings thereon are not expected to exceed $114,734.47 at any time prior to the final maturity of the Bonds. 11. The County has established a Surplus Account into which all surplus Pledged Revenues will be deposited. Moneys i -n the Surplus Account will be used, to the extent sufficient ,therefor, on each principal maturity date of the Bonds prior to the first call date to purchase Bonds of any maturity at not exceeding the redemption price of the Bonds on the next succeeding redemption date. Commencing on the first call date of the Bonds, October 1, 1991, and on each call date thereafter, moneys in said Surplus Account, to the extent sufficient -therefor, shall be used to redeem Bonds at the then redemption price. The County has made a reaso- nable,effort to schedule payment of as much debt service as is practicable in each year prior- to the first -call date which is October 1, 1991. Commencing -on the firs -t call date any moneys on deposit in the Surplus Account will not -.be invested at a rate in excess of 1/8 of 1% above the yield on the Bonds which is computed to be 14.679`x. All income on investments in the Surplus Account will,.within 13 months after receipt, be deposited into the Sinking Fund and expended for payment of debt service on the Bonds. 12. None of the proceeds of the Bonds will be used as a substitute for other funds which were otherwise to be used as a source of financing for any part of'the cost of the Project. 13. The County has not issued any other Bonds to finance the Project or any part thereof within the one year period preceding the date hereof. 14. The County has not been advised of any listing or proposed listing of the Internal Revenue Service determining that the County's certificate with respect to its obligations may not be relied upon. � � a On the basis of the foregoing facts, estimates and reasonable expectations, and the covenants made in the resolution authorizing the Bonds, it is not expected that the proceeds of the Bonds will be used in a manner that ,could cause the Bonds to be arbitraye bonds under Section 103(c) of the Code or the Regulations. To the best of my knowledge and belief there are no facts, estimates or circumstances that would materially change such expectations. IN WITNESS 'WHEREOF, the undersigned has executed and delivered this certificate this 24th day of November, 1981. INDIAN RIVER COUNTY, FLORIDA By Chairman, Board of County Commissioners r NOV 1 91981 CERTIFICATE OF DELIVERY AND PAY14ENT APOK .4$ PAu19 I, Patrick B. Lyons, Chairman of the Board of County Commissioners of Indian River County, Florida, DO HEREBY CERTIFY: That on the 24th day of November, 1981, I delivered to The Leedy Corporation, the purchaser thereof, the following described obligations (the "Bonds") of Indian River County, Florida: $725,000 - CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1981, dated October 1, 1981, numbered con- secutively from one upward, in the de- nomination of $5,000 each, bearing interest (payable semiannually on April 1 .and October 1 in each year) at the rate of thirteen and eighty hundredths per cen- tum (13.80%) per annum and maturing on October 1 of each year in the years and amounts as follows Year Amount Year Amount 1982 5,000 1997 30,000 1983 5,000 1998 35,000 1984 10,000 1999 40,000 1985 10,000 2000 45,000 1986- 10,000 2001 50,000 1987 15,000 2002 60,000 1988 20,000 2003 65,000 1989 20,000 2004 75,000 1990 25,000 2005 85,000 1991 30,000 2006 90,000 That at the time of delivery of said Bonds all matured interest coupons were detached therefrom and all unmatured . interest coupons were attached thereto. That at the time of delivery of said Bonds, I received from said purchaser full payment for said Bonds in accordance with the contract of sale, computed as follows: Contract Price - Accrued Interest _ Total Purchase Price $688,750.00 . $ 14,729.58 $703,479.58 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County this 24th day of November, 1981. ( SEAL) Chairman, Board of County Commissioners, Indian River County, Florida The following letter from the County Attorney is hereby made a part of the Minutes: [ON COUNTY ATTORNEY LETTERHEAD] a. f, I q I ! Chairman Board of County Commissioners Indian River County, Florida The Leedy Corporation 749 Garland Avenue - Orlando, Florida 32801 Freeman, Richardson, Watson • & Kelly, P.A. 1200 Barnett Bank Building Jacksonville, Florida 32202 Re: $725,000 Capital Improvement Revenue Bonds, Series 1981, of Indian River County, Florida Gentlemen: I have acted as Attorney for Indian River County, Florida (the "County") in connection with the authorization and issuance by the County of $725,000 Capital Improvement Revenue Bonds, Series 1981, dated October 1, 1981 (the "Bonds"), pursuant to a Resolution adopted by the Board of County Commissioners (the "Board") of the County on May 6, 1981, as amended and supplemented (herein collectively called the "Resolution"). I have examined all proceedings of the Board in connection with the authorization, issuance and sale of the Bonds by the County. Based thereon, I am of the opinion that: 1. No additional or further approval, consent or autho- rization of any governmental or public agency or authority not already obtained is required in connection with (a) the issuance and sale of the Bonds or (b) entry into and performance by the County of its obligations under the Resolution with respect to the Bonds. 2. The Resolution adopted by the County -authorizing the Bonds is valid and in force and enforceable by and against the County in accordance with its terms, except to the extent that the enforceability thereof may be limited by bankruptcy, insol- vency or other laws affecting creditors' rights generally. 3. The Race Track Funds and Jai Alai Fronton Funds,, as defined in the Resolution, which are pledged to the payment of the principal of and interest on the Bonds are not pledged in whole or in part, directly or indirectly, for the benefit of any outstanding obligations previously issued by the County,•except to the prior payment of the outstanding bonds of an issue of $4,350,000 Capital Improvement Revenue Bonds, Series 1980. 4. To the best of my knowledge, there was no legisla- tion adopted by the 1981 Session of the Florida Legislature that restricts or otherwise adversely affects the County's power to issue the Bonds or its ability to pay the principal thereof and interest thereon in the manner provided in the Resolution. NOV 191981 13 Bw 48 PnF 199 I r OV 91981 800K 18 PAGE 200 5. No litigation is now pending or, to the knowledge of the undersigned, threatened, in any court restraining or enjoining the issuance, sale, execution or delivery of the Bonds or the collection of the Race Tracie Funds and Jai Alai Fronton Funds pledged to pay the principal of and interest on the Bonds, or the pledge thereof, or any matter affecting the proceedings and authority for the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the sale of the Bonds to the purchaser thereof, or affecting directly or indirectly the validity of the Bonds or any provisions made or authorized for their payment, or the title of the present offi- cers of the County or any of them; none of the proceedings or authority for the issuance of the Bonds has been repealed, revoked, rescinded or altered in any manner. 6. Other than as disclosed in the Official Statement, dated November 24, 1981, there is no litigation pending, or to the knowledge of the undersigned, threatened against the County affecting any of the property or assets under the control of the County which involves the possibility of any judgments.or lia- bility, not fully covered by insurance or adequate established reserves, that might result in any material adverse change in the properties, assets or in the condition, financial or otherwise, of the County other than suits pending or threatened for inverse condemnation proceedings or otherwise, involving claims in an aggregate amount not exceeding $250,000. 7. The descriptions and statements in the aforemen— tioned Official Statement with respect to the County, the Race Track Funds and Jai Alai Fronton Funds, the Resolution and the Bonds are, to the best of my knowledge, true and correct and do not contain an untrue statement of a material fact or omit to state a material fact which is necessary to make the descriptions and statements made in the Official Statement, in light of the circumstances under which they were made, not misleading. In rendering the opinion set forth in paragraph 7 above, it is understood that I have not undertaken to independently verify information presented in the Official Statement that was obtained or derived from various United. States Government, State of Florida, and Indian River County publications. _ - Very truly yours, George G. Collins, Jr. County Attorney There being no further business, on Motion made, seconded and carried, the Board of County -Commissioners adjourned at 8:07 A.M. ATTEST: C1 erk dice ChairmanV1 1