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HomeMy WebLinkAbout1980-03ORDINANCE NO. 80-3 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 COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE COST OF SUCH PROJECTS, PAYABLE FROM REVENUES, IF ANY, DERIVED FROM 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 BECOME EFFECTIVE;" INCREASING THE MAXIMUM RATE OF INTEREST WHICH BONDS ISSUED THEREUNDER MAY BEAR; 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. 77-19 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 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 -1- OFFICE. FREDA WRIGHT, CLERK BY D.C. DA0 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 per centum (98) 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 or 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 or 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 be not less than ninety-five per centum (95%) of the par value of the bonds sold." SECTION 2. The remaining provisions of said Ordinance No. 77-19 shall remain in full force and effect and are hereby ratified and confirmed. SECTION 3. This Board does hereby declare that an emergency exists and by no less than four-fifths (4/5) vote does -2- hereby waive notice of intent to consider this Ordinance. SECTION 4. 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 January 24, 1980. -3-