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HomeMy WebLinkAbout1989-045INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 89-45 A RESOLUTION SUPPLEMENTING RESOLUTION NO. 82-61 OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED: "RESOLUTION NO. 82-61 RESOLUTION COMBINING ALL WATER AND/OR SEWER SYSTEMS OF INDIAN RIVER COUNTY, FLORIDA, INTO ONE INTEGRATED SYSTEM; PLEDGING THE GROSS REVENUES OF SUCH COMBINED SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL AND INTEREST ON ALL WATER AND SEWER REVENUE OBLIGATIONS OF THE COUNTY; REVISING CERTAIN COVENANTS IN THE RESOLUTIONS AUTHORIZING THE ISSUANCE OF ALL OUTSTANDING WATER AND/OR SEWER REVENUE OBLIGATIONS OF THE COUNTY; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH OBLIGATIONS." TO PROVIDE FOR THE CONTINUING EFFECTIVENESS THEREOF NOTWITHSTANDING PAYMENT OR PROVISION FOR PAYMENT OF ALL OBLIGATIONS SECURED THEREBY. 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 Chapters 125 and 159, Florida Statutes (1988), as amended, 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 July 7, 1982, duly adopted a resolution entitled as follows: "RESOLUTION NO. 82-61 RESOLUTION COMBINING ALL WATER AND/OR SEWER SYSTEMS OF INDIAN RIVER COUNTY, FLORIDA, INTO ONE INTEGRATED SYSTEM; PLEDGING THE GROSS REVENUES OF SUCH COMBINED SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL AND INTEREST ON ALL WATER AND SEWER REVENUE OBLIGATIONS OF THE COUNTY; REVISING CERTAIN COVENANTS IN THE RESOLUTIONS AUTHORIZING THE ISSUANCE OF ALL OUTSTANDING WATER AND/OR SEWER REVENUE OBLIGATIONS OF THE COUNTY; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH OBLIGATIONS." (which, together with all amendments and supplements thereto heretofore adopted, is hereinafter called the "Senior Lien Bond Resolution"). B. The Board of the County, on February 14, 1989, duly adopted Resolution No. 89-19 (which Resolution and all amendments and supplements thereto is herein referred to as the "1989 Bond Resolution") authorizing, among other things, the issuance of a series of water and sewer revenue refunding bonds, designated as "Water and Sewer Revenue Refunding Bonds, Series 1989" (the 111989 Bonds"), for the purpose of retiring all series of water and/or sewer revenue obligations heretofore issued, presently outstanding and secured by the Senior Lien Bond Resolution (the "Original Bonds"). C. The Board of the County, by Resolution No. 89-42 adopted on April 27, 1989, has awarded the 1989 Bonds and authorized and directed such other action as may be necessary or desirable to effect issuance of the 1989 Bonds and contemporaneous retirement of the Original Bonds. D. The Board of the County has received from the United States of America, acting by and through the Farmers Home Administration, United States Department of Agriculture (the "FmHA"), certain letters of conditions and amendments thereto providing the terms and conditions upon which the FmHA shall purchase additional water and sewer revenue bonds of the County in an aggregate principal amount not to exceed $9,650,000, to be issued under the Senior Lien Bond Resolution and to be secured by a pledge of and first lien upon the "Gross Revenues" of the "System", as those phrases are defined in the Senior Lien Bond Resolution (the "Senior Lien Bonds"). E. The 1989 Bond Resolution permits the issuance of the Senior Lien Bonds under the terms and provisions of the Senior Lien Bond Resolution and having a right to 2 - payment and a lien senior to that of the 1989 Bonds and any "Additional Parity Bonds" , as that phrase is defined in the 1989 Bond Resolution, that may be issued thereunder from time to time. F. Upon payment or provision for payment of all obligations of the Original Bonds from proceeds of the 1989 Bonds or other available funds, the pledge of and lien on such Gross Revenues of such System in favor of the holders of the Original Bonds created by the Senior Lien Bond Resolution shall be no longer in effect, in accordance with the provisions of Section 4.04 of the Senior Lien Bond Resolution. G. It is necessary and desirable that, notwithstanding retirement of the Original Bonds and termination of the lien of the Senior Lien Bond Resolution in favor of the holder thereof, the Senior Lien Bond Resolution not be deemed to have been repealed, but continue to be in force and effect so that the Senior Lien Bonds may, in the future, be issued and secured thereunder. SECTION 3. Amendment o Senior Lien Bond Resolution The Senior Lien Bond Resolution is hereby amended by adding thereto the following Section: 114.08 Continuing Effectiveness Notwithstanding payment or provision for payment of all principal, interest and redemption premiums, if any, on all of the Bonds and the Notes having been made at any time in accordance with Section 4.04 hereof, and the termination of the lien hereof in favor of the holders of such obligations, this Resolution shall not terminate nor shall it be deemed to have been repealed, but it shall continue in effect until expressly repealed by due and lawful resolution of the Board. Nothing in this Section shall be construed to require the Issuer to maintain funds in any account created hereunder at such time as all Bonds and Notes have been paid or provision for payment thereof shall have been made as aforesaid." _S_ECTION 4. 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. - 3 - SECTION 5. 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 6. Effective Date, This Resolution shall take effect immediately. The foregoing resolution was offered by Commissioner Eugprt who moved for its adoption. The motion was seconded by Commissioner cur oC and, upon being put to a vote, the vote was as follows: Chairman Gary C. Wheeler Ave Vice Chairman Carolyn K. Eggert Ave Commissioner Don C. Scurlock Ave Commissioner,Richard N. Bird Ave Commissioner Margaret C. Bowman Aye The Chairman thereupon declared the Resolution duly passed and adopted this 2nd day of May, 1989. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By �J Chair a ti. Atte. % A APPROVED" AS TO FORff AND LEGAL SUFFICIENCY Charles P. Vitunac Attorney for the County )1a9.vr