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HomeMy WebLinkAbout1990-067INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 90--67 A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 89-54 OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED: "RESOLUTION NO. 90 -40 RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $1,315,000 AGGREGATE PRINCIPAL AMOUNT OF SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1990, OF INDIAN RIVER COUNTY, FLORIDA, THE NET PROCEEDS OF WHICH WILL BE USED TO REIMBURSE THE COUNTY FOR A PORTION OF THE COST OF ACQUISITION AND CONSTRUCTION OF CERTAIN SEWER LINE EXTENSIONS AND A CERTAIN LOW PRESSURE GRINDER PUMP SEWERAGE SYSTEM IN CONNECTION WITH THE ROCKRIDGE WASTEWATER SYSTEM OF THE COUNTY AND TO MAKE A DEPOSIT INTO THE IMPACT FEE TRUST FUND FOR THE EXPANSION OF THE INDIAN RIVER COUNTY SEWERAGE SYSTEM TO PAY FOR THE EXPANSION OF THE SEWAGE DISPOSAL SYSTEM OF THE COUNTY, INCLUDING WITHOUT LIMITATION THE ACQUISITION AND CONSTRUCTION OF A SEWER SYSTEM TO BE KNOWN AS THE "ROCKRIDGE WASTEWATER SYSTEM"; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS AND PLEDGING FOR THE PAYMENT THEREOF CERTAIN SPECIAL ASSESSMENTS LEVIED BY THE COUNTY AND CERTAIN SPECIAL ASSESSMENTS IN LIEU OF IMPACT FEES LEVIED BY THE COUNTY AGAINST PROPERTIES THE OWNERS OF WHICH HAVE CONSENTED THERETO AND, AT THE OPTION OF THE COUNTY, FROM OTHER LEGALLY AVAILABLE NON AD VALOREM TAX FUNDS; AND PROVIDING AN EFFECTIVE DATE." BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. Authority for Resolution. This resolution is adopted pursuant to applicable provisions of Article VIII, Section 1, Florida Constitution (1968), Chapter 125, Florida Statutes (1989), Ordinance No. 86-88 of the County (Sections 11-21 through 11-72 of the Code of Laws and Ordinances of the County), and other applicable provisions of law. that: SECTION 2. Findings. It is hereby ascertained, determined and declared A. The Board of County Commissioners (the "Board") of Indian River County, Florida (the "County"), on March 27, 1990, duly adopted Resolution No. 90-40 (which resolution, together with all amendments and supplements thereto heretofore adopted, is hereinafter called the "Bond Resolution") authorizing the issuance of a series of bonds to be designated as the "Special Assessment Revenue Bonds, Series 1990", the net proceeds of which will be used to reimburse the County for a portion of the cost of acquisition and construction of certain sewer line extensions and a certain low pressure grinder pump sewerage system in connection with the Rockridge Wastewater System of the County and to make a deposit into the Impact Fee Trust Fund for the Expansion of the Indian River County Sewerage System to pay for the expansion of the sewage disposal system of the County, including without limitation the acquisition and construction of a sewer system to be known as the "Rockridge Wastewater System". B. To provide further the terms of the bonds to be issued pursuant to the Bond Resolution and for the security thereof, it is necessary to amend and supplement the Bond Resolution as set forth below. SECTION 3. Amendments and Sunnlements to Section 15 of the Bond Resolution. Section 15 of the Bond Resolution shall be amended and supplemented as follows: A. The last sentence of Clause (1) of Subsection B shall be amended to read as follows: "In the event the Revenues on deposit in the Revenue Fund are insufficient for such purpose, the County shall transfer money to the Sinking Fund from the following funds in the indicated order of priority: First, the Reserve Account and, second, the Bond Redemption Account." - 2 - B. The last sentence of Clause (2) of Subsection B shall be amended to read as follows: "In the event the Revenues on deposit in the Sinking Fund and the Revenue Fund are insufficient for such purpose, the County shall transfer money to the Bond Amortization Account from the following funds in the indicated order of priority: First, the Reserve Account and, second, the Bond Redemption Account." C. Clause (3) of Subsection B shall be redesignated as Clause 11(4)" and the following new Clause (3) shall be inserted: " (3) Third, the County shall deposit into an account within the Sinking Fund to be known as the "Reserve Account", which is hereby created and established, the sum, if any, necessary to increase the amount in the Reserve Account to an amount equal to the lesser of (a) the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year or (b) ten percent (10%) of the proceeds of the Bonds; in the event that the Revenues on deposit in the Revenue Fund are insufficient for such purposes, the County shall transfer money to the Reserve Account from the Bond Redemption Account. The Reserve Account may initially be funded from the proceeds of the sale of the Bonds or other legally available funds of the County. The value of the Reserve Account, including investments on deposit therein, shall be determined annually on the first day of the Fiscal Year of the County by a Qualified Independent Consultant, who may be the accountant for the County, using the fair market method of valuation. No further deposits shall be required to be made into the Reserve Account so long as the value thereof (including any Reserve Account Credit Instrument as described below) equals the amount required to be maintained therein, as provided in the first sentence of this clause (3). " Notwithstanding the foregoing provisions, in lieu of, in whole or in part, the required deposits into the Reserve Account, the County may cause to be deposited into the Reserve Account any of the following (each a "Reserve Account Credit Instrument"): - 3 - (a) A surety bond or insurance policy issued to the Paying Agent, as agent of the Bondholders, by a company licensed to issue an insurance policy guaranteeing the timely payment of debt service on the Bonds (a "municipal bond insurer"), if the claims paying ability of the issuer thereof shall be rated "AAA" or "Aaa" by Standard & Poor's Corporation ("S&P") or Moody's Investors Service ("Moody's"), respectively; or (b) An unconditional irrevocable letter of credit issued to the Paying Agent, as agent of the Bondholders, by a bank, if such bank is rated at least "AA" by S&P. Any such Reserve Account Credit Instrument shall be payable or available to be drawn upon, as the case may be (upon the giving of notice as required thereunder), by the Paying Agent on any interest payment date on which a deficiency exists which cannot be cured by money in any other fund or account held pursuant hereto and available for such purpose. It shall be the duty of the Paying Agent to, and the Paying Agent shall, without further authorization or direction from the County, ascertain the necessity for a claim or draw upon any Reserve Account Credit Instrument and provide notice to the issuer of the Reserve Account Credit Instrument in accordance with its terms at such time as will, when giving due allowance for the time permitted for the issuer to make payment under the Reserve Account Credit Instrument, ensure payment under the Reserve Account Credit Instrument on or before the interest payment date. If the Reserve Account requirement shall at any time be satisfied in whole or in part with a qualifying letter of credit and such letter of credit is about to expire or terminate, the County hereby authorizes and directs the Paying Agent to draw upon such letter of credit prior to its expiration or termination to the extent required to fully fund the Reserve Account requirement unless a replacement Reserve Account Credit Instrument is in place or the Reserve Account is otherwise fully funded in its required amount. " If a disbursement is made under any such Reserve Account Credit Instrument, the County may reinstate the - 4 - maximum limits of such Reserve Account Credit Instrument immediately following such disbursement, otherwise the amount of credit toward the Reserve Account requirement for such Reserve Account Credit Instrument shall be appropriately reduced. " Furthermore, the County may at any time and from time to time cause to be deposited in the Reserve Account such a Reserve Account Credit Instrument and cause an appropriate amount to be withdrawn from the Reserve Account and released to the County. Money in the Reserve Account shall be used only for the purpose of the payment of principal of or interest on the Bonds when the other money in the Sinking Fund is insufficient therefor, and for no other purpose. However, upon the valuation of the Reserve Account in each year, if the money applied and allocated to the Reserve Account (except the investment income thereon, which shall be deposited into the Revenue Fund as hereinafter provided) exceeds the aforesaid amount, such excess may be withdrawn and deposited in the Revenue Fund." D. Clause (4) of Subsection B shall be amended to read as follows: 11 (4) Fourth, the balance shall be deposited into an account within the Sinking Fund to be known as the "Bond Redemption Account", which is hereby created. Money in the Bond Redemption Account shall be used (a) when and to the extent practicable, to redeem Bonds subject to optional redemption or to purchase Bonds at a price not to exceed the current redemption price thereof and (b) to remedy any deficiency in the Sinking Fund, including the Bond Amortization Account and the Reserve Account, as provided herein." E. Subsection C shall be amended to read as follows: "C. PLEDGED FUNDS AND INVESTMENT OF FUNDS. The Revenue Fund, the Sinking Fund, the Bond Amortization Account, the Reserve Account and the Bond Redemption Account shall be Pledged Funds, shall constitute trust funds for the purposes provided herein for such funds and shall WE be used only for the purposes and in the manner provided herein. All moneys in all funds and accounts created or established hereunder shall be continuously secured in the manner by which deposits of public funds are required to be secured by the laws of the State of Florida. Moneys on deposit in the Revenue Fund and the Sinking Fund (except the Reserve Account therein) may be invested and reinvested only in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such funds. Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than five (5) years from the date of purchase. Any and all income received by the County from such investments shall be deposited into the Rebate Account hereunder to the extent required and the excess, if any, into the Revenue Fund." SECTION 4. Amendments and Supplements to Section 17 of the Bond Resolution Section 17 of the Bond Resolution shall be amended and supplemented by redesignating subsections "B" and "C" as subsections "C" and "D", respectively, and inserting a new subsection "B" to read as follows: B. A sum specified by subsequent resolution of the County shall be deposited into the Reserve Account." SECTION 5. Severability of Invalid Provisions. If any one or more of the provisions contained herein shall be held contrary to the express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed severable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 6. Repealing Clause. Any and all prior resolutions and other actions of the Board, or parts thereof, in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. SECTION 7. Effective Date. This Resolution shall take effect immediately. - 6 - The foregoing resolution was offered by Commissioner Scurlock who moved for its adoption. The motion was seconded by Commissioner Wheeler and, upon being put to a vote, the vote was as follows: Chairman Carolyn K. Eggert Aye Vice Chairman Richard N. Bird Aye Commissioner Margaret C. Bowman Aye Commissioner Don C. Scurlock Aye Commissioner Gary C. Wheeler Aye The Chairman thereupon declared the Resolution duly passed and adopted this 22nd day of May , 1990. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By:[� - 4Cayn C. Eggert, airman e lr rt Clerk AL 4n063 ) APPROVED AS, T0, FORM AND l: LECAL_SUFFICb9NCY Charles P. Vitunac Attorney for the County