HomeMy WebLinkAbout1980-10ORDINANCE NO. 80-10
AN EMERGENCY ORDINANCE AMENDING COUNTY ORDINANCE
NO. 77-19 ENTITLED: "AN ORDINANCE RELATING TO '
THE ACQUISITION, CONSTRUCTION, FURNISHING AND
EQUIPPING OF COUNTY CAPITAL PROJECTS IN INDIAN
RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE
OF BONDS BY THE BOARD OF COUNTY COMIISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE
COST OF SUCH PROJECTS,PAYABLE FROM REVENUES, IF
ANY, DERIVED FRO14 SAID PROJECTS AND ALSO PAYABLE
FROM A PORTION OF THE STATE REVENUE SHARING TRUST
FUNDS RECEIVED BY INDIAN RIVER COUNTY OR OTHER
FUNDS OF THE COUNTY DERIVED FROM SOURCES OTHER
THAN AD VALOREM TAXES; PROVIDING THE METHOD BY
WHICH THIS ORDINANCE SHALL BECO14E EFFECTIVE";
INCREASING THE MAXIMUM RATE OF INTEREST WHICH
BONDS ISSUED THEREUNDER MAY BEAR; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, pursuant to Article VIII, Section 1 of the
Constitution of the State of Florida and Section 125.01 et seq.,
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, the County has heretofore enacted County
Ordinance No. 79-19 authorizing the issuance of bonds to finance
County capital projects; and
WHEREAS, because of conditions in the municipal bond
market, it -is necessary for the public health, safety and general
welfare of the County and its citizens that said Ordinance be
amended to increase the maximum interest rate at which bonds
issued pursuant to said Ordinance No. 77-19 may bear;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. Section 2 of Ordinance No. 77-19, duly
enacted on August 3, 1977, and effective August 9, 1977, and
referred to by title in the title of this Ordinance, be and the
same is hereby amended to read as follows:
"SECTION 2. To pay the cost of such projects,
as above described, or to refund any bonds issued for
such purposes, the Board is authorized to issue •bonds
from time to time (hereinafter referred to as "bonds").
Such bonds may be in coupon form, in such denomination
or denominations, bear interest at such rate or rates
not exceeding nine and one-half per centum (9.5%) per
annum and shall mature at such time or times not exceeding
forty (40) years from their date or dates as may be
determined by the Board. The bonds may be made redeemable
before maturity, at the option of the Board, at such
price of prices and under such terms and conditions as
may be fixed by the Board prior to 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
such bonds shall bear the facsimile signature or signa-
tures of such officer of officers as shall be designated
by the Board. 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
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 not be
less than nirsty-five per centum (95%) of the par value
of the bonds sold."
SECTION 2. All Ordinances in conflict with this Ordinance
including specifically Ordinance No. 80-3, are hereby repealed.
SECTION 3. The remaining provisions of said Ordinance
No. 77-19 shall remain in full force and effect and are hereby
ratified and confirmed.
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SECTION 4. This Board does hereby declare that an
emergency exists and by no less than four-fifths (4/5) vote does
hereby waive notice of intent to consider this Ordinance.
SECTION 5. A certified copy of this Ordinance, as
enacted, shall be filed by the Clerk of the Board with the
Department of State of Florida, as soon after enactment as is
practicable by depositing the same with the postal authorities
of the Government of the United States for special delivery
by registered mail, postage prepaid, to the Florida Department
of State. This Ordinance shall take effect when a copy has
been accepted by the postal authorities of the Government of
the United States for special delivery by registered mail to
the Florida Department of State.
This Ordinance shall take effect [larch 14, 1980.
STATE OF FLORIDA
INDIAN RIVER COUNTY
THIS IS TO CERTIFY THAT THIS IS
A TRUE AND CORRECT COPY OF
THE ORIGINAL ON FILE IN THIS
OFFICE.
FREDA WRIGHT,
CLERK
DY D.C.
DA E