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RESOLUTION NO. 2019- 059
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE
REDEMPTION OF ITS INDIAN RIVER COUNTY, FLORIDA WATER
AND SEWER REVENUE REFUNDING BONDS, SERIES 2009;
AUTHORIZING A REDEMPTION NOTICE, NOTICE TO REDEEM
AND CERTAIN OTHER DOCUMENTATION; AND PROVIDING FOR
REPEAL OF INCONSISTENT PROVISIONS, SEVERABILITY AND AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, that:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to the provisions of Section 125.01, et seq., Florida Statutes, and other applicable
provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. Indian River County, Florida (the "County") has previously issued its Water and
Sewer Revenue Refunding Bonds, Series 2009 (the 'Bonds").
B. The County desires to redeem said Bonds from legally available funds of the
County.
SECTION 3. AUTHORIZATION OF REDEMPTION. The Bonds, as described in
the form of Notice of Redemption attached hereto as Exhibit A, are hereby authorized to be
redeemed by the County. The County hereby authorizes the Chairman to execute any notice to
redeem, continuing disclosure filing and other documentation in connection therewith, including
any depository or escrow agreement necessary to effectuate the redemption.
SECTION 4. REPEAL OF INCONSISTENT PROVISIONS. All resolutions or
parts thereof in conflict with this Resolution are hereby repealed to the extent of such conflict.
SECTION 5. SEVERABILITY. In the event that any portion or section of this
Resolution is determined to be invalid, illegal or unconstitutional by a court of competent
jurisdiction, such decision shall in no manner affect the remaining portions or sections of this
Resolution, which shall remain in full force and effect.
SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its final passage and adoption.
RESOLUTION NO. 2019-059
The foregoing resolution was moved for adoption by Commissioner Peter D. 0' Bryau
and seconded by Commissioner Susan Adams , and, upon being put to a vote, the vote was
as follows:
Chairman Bob Solari AYE
Vice -Chairman Susan Adams AYE
Commissioner Joseph E. Flescher AYE
Commissioner Tim Zorc AYE
Commissioner Peter D. O'Bryan AYE
The Chairman thereupon declared the resolution duly passed and adopted this 91h day of
July, 2019.
ATTEST: Jeffrey R. Smith, Clerk of Court
and Comptroller
By: a7dA - 0 IkVuAd
Deputy Clerk
Approved as to form and legal sufficiency:
By
Dylan Reingold, County Attorney
S-1
BOARD OF COUNTY COMMSSIONERS•.......t.•.
OF INDIAN RIVER COUNTY, FLORIp'.���`�MsSi0�
Bob Solari, Chairman
•'•• '`R��ER COUN�• .
FORM OF NOTICE OF REDEMPTION
A-1
NGN Draft No.1 6/28/19
262.12
NOTICE OF REDEMPTION
Indian River County, Florida
Water and Sewer Revenue Refunding Bonds, Series 2009
NOTICE IS HEREBY GIVEN on behalf of Indian River County, Florida (the "County")
pursuant to that certain Resolution No. 93-80, adopted April 13, 1993, as amended and
supplemented (the "Resolution"), that the County's outstanding Water and Sewer Revenue
Refunding Bonds, Series 2009, identified below (the "Refunded Bonds"), which were originally
issued on August 13, 2009, shall be redeemed, prior to their respective maturities, on September
, 2019 (the "Redemption Date"), at a redemption price equal to 100% of the principal amount
of each Refunded Bond to be redeemed, together with interest accrued thereon to the Redemption
Date.
The Refunded Bonds or portions thereof to be redeemed are:
Maturity
(September 1) Amount
2020
2021
2022
2023
2024
Interest
CUSIP No.
Rate
454425EX3
5.00%
454425EY1
5.00
454425EZ8
5.00
454425FA2
5.00
454425FBO
5.00
Payment of the Redemption Price of such Refunded Bonds shall become due and payable
on the Redemption Date at the office of The Bank of New York Mellon Trust Company, N.A., as
paying agent (the "Paying Agent"), upon surrender thereof at the office of the Paying Agent
designated below. Interest on such Refunded Bonds accruing prior to the Redemption Date will
be paid in the usual manner. Interest on such Refunded Bonds will cease to accrue from and after
the Redemption Date.
No representation is made as to the correctness or accuracy of each CUSIP number, either
as printed on the Refunded Bonds or as contained in this Notice of Redemption. All questions
should be directed to the Paying Agent, at the address designated below.
Delivery Instructions:
Bondholders presenting their Refunded Bonds in person for same day payment must
surrender their bonds by 1:00 p.m. on the redemption date and a check will be available for pick
up after 2:00 p.m. Checks not picked up by 4:30 P.M. will be mailed out to the Bondholders via
first class mail.
IMPORTANT NOTICE
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), 28% will be
withheld if tax identification number is not properly certified.
Dated: July , 2019
2
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Paying Agent
Michael C. Jenkins, Vice President
MASTERSON
/ ADVISOPS
TABLE OF CONTENTS
Indian River County, Florida
Optional Redemption of Series 2009 Bonds
Report
Page
Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Savings .................................... 3
Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF)
MASTERSON
irk / ADV9SOPS :.
SOURCES AND USES OF FUNDS
Indian River County, Florida
Optional Redemption of Series 2009 Bonds
Dated Date 09/01/2019
Delivery Date 09/01/2019
Sources:
Other Sources of Funds:
Funds from Water and Sewer System 8,168,005.15
Reduction of Debt Service Reserve Fund ('DSRF') 3,151,994.85
11,320,000.00
Uses:
Payoff of Series 2009 Bonds:
Cash Deposit 11,315,000.00
Delivery Date Expenses:
Cost of Issuance
5,000.00
11,320,000.00
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF) Page 1
MASTERSON
i A ADVISOPS , .
SUMMARY OF REFUNDING RESULTS
Indian River County, Florida
Optional Redemption of Series 2009 Bonds
Dated Date 09/01/2019
Delivery Date 09/01/2019
Arbitrage yield
Escrow yield 0.000000%
Value of Negative Arbitrage
Bond Par Amount
Par amount of refunded bonds 11,315,000.00
Average coupon of refunded bonds 5.000000%
Average life of refunded bonds 2.850
PV of prior debt to 09/01/2019 @ 2.100000% 12,212,554.25
Net PV Savings 892,554.25
Percentage savings of refunded bonds 7.888239%
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF) Page 2
MASTERSON
kkA ADVISORS,
SAVINGS
Indian River County, Florida
Optional Redemption of Series
2009 Bonds
Present Value
Prior Refunding
to 09/01/2019
Date Debt Service Net Cash Flow
Savings @ 2.1000000%
09/01/2020 2,880,750.00
2,880,750.00 2,824,102.67
09/01/2021 2,880,000.00
2,880,000.00 2,764,415.55
09/01/2022 2,878,500.00
2,878,500.00 2,705,256.52
09/01/2023 2,881,000.00
2,881,000.00 2,651,012.40
09/01/2024 1,407,000.00
1,407,000.00 1,267,767.11
12,927,250.00 0.00
12,927,250.00 12,212,554.25
Savings Summary
PV of savings from cash flow
12,212,554.25
Less: Prior funds on hand
-11,320,000.00
Net PV Savings
892,554.25
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF) Page 3
MASTERSON
MA ADVISOPS
SAVINGS
Indian River County, Florida
Optional Redemption of Series 2009 Bonds
Present Value
Prior Refunding Annual to 09/01/2019
Date Debt Service Net Cash Flow Savings Savings @ 2.1000000%
03/01/2020
282,875.00
282,875.00
279,935.68
09/01/2020
2,597,875.00
2,597,875.00
2,880,750.00
2,544,167.00
03/01/2021
225,000.00
225,000.00
218,058.77
09/01/2021
2,655,000.00
2,655,000.00
2,880,000.00
2,546,356.78
03/01/2022
164,250.00
164,250.00
155,891.99
09/01/2022
2,714,250.00
2,714,250.00
2,878,500.00
2,549,364.53
03/01/2023
100,500.00
100,500.00
93,413.97
09/01/2023
2,780,500.00
2,780,500.00
2,881,000.00
2,557,598.43
03/01/2024
33,500.00
33,500.00
30,494.25
09/01/2024
1,373,500.00
1,373,500.00
1,407,000.00
1,237,272.86
12,927,250.00
0.00 12,927,250.00
12,927,250.00
12,212,554.25
Savings Summary
PV of savings from cash flow
Less: Prior funds on hand
Net PV Savings
12,212,554.25
-11,320,000.00
892,554.25
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF) Page 4
MASTERSON
► A ADVISOPS
SUMMARY OF BONDS REFUNDED
Indian River County, Florida
Optional Redemption of Series 2009 Bonds
Maturity
Bond Date
Interest
Rate
Par
Amount
Call
Date
Call
Price
Water and Sewer Revenue Refunding Bonds,
Series 2009, 2009:
BOND 09/01/2020
5.000%
2,315,000.00
09/01/2019
100.000
09/01/2021
5.000%
2,430,000.00
09/01/2019
100.000
09/01/2022
5.000%
2,550,000.00
09/01/2019
100.000
09/01/2023
5.000%
2,680,000.00
09/01/2019
100.000
09/01/2024
5.000%
1,340,000.00
09/01/2019
100.000
11,315,000.00
Jul 2, 2019 1:48 pm Prepared by Masterson Advisors LLC (kgb) (Finance 8.001 Indian River County, Florida:WWSS-2019_REF,2019_REF) Page 5