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HomeMy WebLinkAbout1990-068INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 90- 68 A RESOLUTION AWARDING AND SELLING NOT MORE THAN $1,315,000 MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1990, OF INDIAN RIVER COUNTY, FLORIDA, AT PRIVATE SALE BY NEGOTIATION, TO THE PURCHASER THEREOF; AUTHORIZING AND APPROVING CERTAIN TERMS OF SAID BONDS; PROVIDING FOR CERTAIN MATTERS RELATING TO THE BONDS; APPOINTING A PAYING AGENT AND BOND REGISTRAR FOR THE BONDS; RATIFYING THE DISTRIBUTION OF PRELIMINARY OFFERING DOCUMENTS; AUTHORIZING THE EXECUTION AND DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE MARKETING OF THE BONDS; AUTHORIZING ALL OTHER NECESSARY, DESIRABLE AND/OR APPROPRIATE ACTIONS IN CONNECTION WITH THE SALE, ISSUANCE AND DELIVERY OF THE BONDS; AND SPECIFYING THE EFFECTIVE DATE HEREOF. WHEREAS, the Board of County Commissioners of Indian River County, Florida (the "Board" and the "County", respectively), by Resolution No. 90-40, duly adopted on March 27, 1990, as amended (the "Bond Resolution"), heretofore authorized the issuance of Special Assessment Revenue Bonds, Series 1990, of the County in an aggregate principal amount not to exceed $1,315,000 (the "Bonds"); WHEREAS, the County deems it in its long term best interest that the Bonds be sold at this time at private sale by negotiation; WHEREAS, the County has provided prospective purchasers of the Bonds with a Preliminary Official Statement, dated May 18, 1990 (the "Preliminary Official Statement") and a Notice of Offering dated April 27, 1990, as amended and supplemented by an Addendum dated May 17, 1990 (together, the "Notice of Sale"); WHEREAS, the County has received one or more offers to purchase the Bonds on the terms and conditions described in the Notice of Sale; WHEREAS, the County has determined that the Proposal, hereinafter defined, of the Purchaser, hereinafter defined, will produce the lowest effective interest cost to the County on the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The Bonds are hereby awarded and sold to William R. Hough & Co. (the "Purchaser") at a total price of 99.0218 of par plus accrued interest from June 1, 1990 to the date of delivery thereof. The Proposal of the Purchaser (the "Proposal"), which is attached hereto as Exhibit "A", is hereby approved and accepted and the proper officers of the County are authorized and directed to execute the acceptance thereof in the space provided therefor on the Proposal. SECTION 2. The Bonds shall be in the maximum aggregate principal amount of $1,315,000, or such lesser aggregate principal amount as shall be not more than the aggregate outstanding and unpaid Special Assessments (as that phrase is defined in the Bond Resolution) on the date of issuance and delivery of the Bonds to the Purchaser. The Bonds shall be dated as of June 1, 1990, shall be in fully registered form, shall be in denominations of $5,000 or any integral multiple thereof, shall bear interest payable semiannually on June 1 and December 1 of each year, commencing December 1, 1990, until the principal amount thereof is paid, by check mailed by the Paying Agent to the Registered 2 Owners thereof at their addresses as the same appear on the registration books kept by the Bond Registrar on behalf of the County at 5:00 p.m. local time at the location of the Bond Registrar on the fifteenth (15th) day of the month immediately preceding the applicable interest payment date, at the interest rates per annum set forth in the Proposal, shall mature on June 1 of the years and in the principal amounts as determined in accordance with the Proposal and the Notice of Sale and shall be subject to optional redemption as set forth in the Preliminary Official Statement. SECTION 3. First Union National Bank of Florida St. Petersburg , Florida, is hereby appointed Paying Agent and Bond Registrar for the Bonds. SECTION 4. Pursuant to Section 17A of the Bond Resolution, the deposit of $ -0_-0— of the proceeds from the sale of the Bonds, together with the accrued interest on the Bonds, into the Sinking Fund created and established under the Bond Resolution is hereby authorized and directed. SECTION 5. Pursuant to Section 17B of the Bond Resolution, as amended, the deposit of proceeds from the sale of the Bonds in an amount equal to the maximum annual debt service on the Bonds in any subsequent fiscal year, but not more than 10% of the proceeds of the Bonds, into the Reserve Account created and established under the Bond Resolution is hereby authorized and directed. SECTION 6. The Preliminary Official Statement with respect to the Bonds is hereby approved and ratified by the County, and the County hereby 3 approves and ratifies the use by the Purchaser of the Preliminary Official Statement in connection with the sale and public re -offering of the Bonds. An Official Statement with respect to the Bonds, in substantially the form of the Preliminary Official Statement, with such omissions, insertions and variations as may be necessary and/or desirable and approved by the Chairman of the Board prior to the execution thereof (the "Official Statement"), is hereby approved by the County and the proper officers of the County are hereby authorized to execute the Official Statement and to deliver the same to the Purchaser for use by it in connection with the sale and distribution of the Bonds. The necessity and/or desirability and approval of any such omissions, insertions and variations as may be reflected in the Official Statement shall be conclusively presumed by such execution and delivery. SECTION 7. The proper officers of this County are hereby authorized and directed to execute the Bonds, when prepared, by manual or facsimile signatures, and to deliver the same to the Purchaser upon payment of the purchase price without further authority from the Board. SECTION 8. It is hereby found, ascertained, determined and declared by the Board that a negotiated sale of the Bonds is in the long-term best interest of the County. SECTION 9. In compliance with Subsection 218.385(4), Florida Statutes, as amended, there has been provided to the County, prior to the adoption of this Resolution, a disclosure statement containing the information 11 required by paragraphs (a) through (g) of said Subsection 218.385(4). A copy of said disclosure statement is attached hereto as Exhibit B. SECTION 10. The proper officers of the County are hereby authorized and directed to execute and deliver on behalf of the County a Rebate Compliance Certificate, to evidence this County's obligation and agreement to comply with certain provisions of the Internal Revenue Code of 1986, as amended, with respect to the Bonds. The Chairman of the Board and the County Attorney are each designated agents of the County in connection with the execution and delivery of said Rebate Compliance Certificate, and are authorized and empowered, collectively or individually, to take all other actions as may be necessary and/or appropriate to execute and deliver the same. SECTION 11. The Chairman, the Vice Chairman and the Clerk of the Board and the proper officers of the County are each hereby authorized to take all other actions on behalf of the County as may be necessary, desirable and/or appropriate in connection herewith and with the sale, issuance and delivery of the Bonds, including without limitation to execute and deliver any and all documents and instruments on behalf of the County. SECTION 12. This Resolution shall take effect immediately upon its adoption. 5 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 Ave 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: (SEAL)' Caro ly C. Eggert airman Attest: J YKlerAPPROVED AS TO D �• LEGAL SUFFICIENCY Charles P. Vitunac County Attorney LIST OF EXHIBITS TO BE ATTACHED Exhibit A - Accepted Proposal Exhibit B - Underwriter's Disclosure Statement ..e...__ 01188 a. flonh & CL 140 SECOND AVENUE SWTM eT.PmmsBURd iIORIDA33701 (013)823.8100 May 21, 1990 VIA TELECOPY Mr. Joe Baird Office of Management & Budget Suite 312 County Administration Building 1840 25th Street Vero Beach, Florida 32960 RE: $1,210,000 INDIAN RIVER COUNTY, FLORIDA SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1990 Dear Mr. Baird: Attached is William R. Hough & Co.'s formal bid for the purchase of the above -referenced Bonds that are to be issued by the Indian River County Board of County Commissioners. It is our understanding that Reserve Fund. Upon delivery of the County will establish and maintain a into or crede Series 1990 Bonds, the County shall deposit it to an account in the Reserve Fund a sum equal to the Reserve Account Requirement. The Reserve Account Requirement will be as of the date of calculation an amount oqual to the lesser of (1) maximum Bond Service Requirement, (i (11) 125% of the average annual Debt Bond Se10% of the proceeds of the Series 1990 Bonds.rvice Requirement, or It is also our understanding that the County will no longer require a "sophisticated investors" letter, and therefore William R. Hough & Co, may re- tolexecutesandbdeliver ate all rsop sophisticated art ted inv investor letter Bonds at closing. be required Sincerely, WILLIAM R. HOUGH & C Scott G. John n SGJ/pd Senior Vice President attachment STATE, COUNTY AND MUNICIPAL BONDS ���� INDIAN INVEN COUNTY 6PECIAL ASSESSMENT 800108 TIC ON BONDS AT 99.021 Prices for Delivery 06/01/90 Oste Principal Coupon Yield Price 06/01/91 70,000 6.750 100.000 06/01/92 79,000 7.000 100.000 06/01/93 80,000 7.200 100.000 06/01/94 90,000 7.400 100.000 06/01/99 99,000 7.500 100.000 06/01/96 100,000 7.600 100.000 06/01/97 110,000 7.700 100.000 06/01/98 120,000 7.800 100.000 06/01/99 125,000 7.900 100.000 06/01/00 135,000 8.000 - 10D.000 Average 7.728 100.000 Net Effective 7.888607 From 06/01/90 True interest 7.920049 From 06/01/90 Bond Veers 6,100.0000 From 06/01/90 Average Life 6.1000 From 06/01/90 Interest 1,71,415.00 From 06/01/90 Accrued 0.00 From 06/01/90 Par Amount 1,000,000.00 Lose Oise "t -9,790.00 •9.79/N Montt aid 990,210.00 990.21/01 Plus spread 9,790.00 9.79/m Production 1,000,000.00 1,000.00/01 WIRisn E. Hough a Co. Fiia:IM 05/21/90 09153 DISCLOSURE REQUIREMENT UNDER SECTION 218.385(4), FLORIDA STATUTES May 22, 1990 The Honorable County Commissioners ' Indian River County, Florida RE: Indian River County, Florida Special Assessment Revenue Bonds, Series 1990 Dear County Commissioners: In connection with the proposed issuance by Indian River County, Florida, (the "County") of $720,000 Special Assessment Revenue Bonds, Series 1990 (the "Bonds"), William R. Hough & Co. has agreed to underwrite a public offering of the Bonds. The purpose of this letter is to furnish, pursuant to the provisions of Section 218.385(4), Florida Statutes, certain information in respect of the arrangement contemplated for the underwriting of the Bonds as follows: (a) The nature and estimated amounts of expenses to be incurred by William R. Hough & Co. as the managing underwriter, in connection with the .issuance of the Bonds, are set forth in Schedule I attached hereto. (b) No person has entered into an understanding with the Underwriters, or to the knowledge of the Underwriters, with the County for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the County and the Underwriters or to exercise or attempt to exercise any influence to effect any transaction in the purchase of the Bonds. (c) The underwriting spread, the difference between the price at which the Bonds will be initially offered to the public by the Underwriters (100% of the principal amount) and the price to be paid to the County for the Bonds, exclusive of accrued interest, will be approximately 1.103% of the principal amount of the Bonds. (d) As part of the estimated underwriting spread set forth in paragraph (c) above, the Underwriter will charge a management fee of $1.50 per $1,000 bonds, or $1,080.00. (e) No other fees, bonus or other compensation is estimated to be paid by the Underwriters in connection with the issue of the Bonds, to any person not regularly employed or retained by the Underwriters, (including any, "finder" as defined in Section 218.386(1)(a), Florida Statutes, as amended), except as specifically enumerated as expenses to be incurred and paid by the Underwriters, as set forth in Schedule I attached hereto. We understand that you do not require any further disclosure from the Underwriters, pursuant to Section 218.385(4), Florida statutes, as amended. William R. Hough & Co. 100 Second Avenue South St. Petersburg, Florida 33701 By: X'& Vice President $720,000 INDIAN RIVER COUNTY, FLORIDA SPECIAL ASSESSMENT REVENUE BONDS SERIES 1990 * Approximate per $1,000 Bonds. MSRB, PSA, CUSIP Per Bond $ . Amount S 43 20 Clearance Computer .50 1.00 360.00 Reproduction, Courier .35 720.00 Service Fed Funds 252.00 Day Loan .28 .10 201.60 72.00 Travel, Closing, Misc. ZIA2 1.794.10 Total $ 4 W $3,442.90 * Approximate per $1,000 Bonds.