HomeMy WebLinkAbout1989-055,JUN. G 1989
BOOK 16 FnUL 95
RESOLUTION NO. 89-55
A RESOLUTION OF THE COUNTY COMMISSION OF
INDIAN RIVER COUNTY, FLORIDA ACCEPTING THE
RESIGNATION OF CITIBANK, N.A., AS REMARKET-
ING AGENT FOR THE $4,000,000 INDIAN RIVER
COUNTY, FLORIDA VARIABLE RATE DEMAND UTILITY
REVENUE BONDS, SERIES 1983 (GENERAL DEVELOP-
MENT UTILITIES, INC. PROJECT) AND APPOINTING
MANUFACTURERS HANOVER TRUST CO. AS THE NEW
REMARKETING AGENT FOR THE BONDS; APPROVING A
REMARKETING AGREEMENT RELATING TO THE BONDS;
ACCEPTING THE RESIGNATION OF BANKAMERICA
TRUST COMPANY OF NEW YORK AS TRUSTEE, REGIS-
TRAR AND PAYING AGENT FOR THE BONDS;
APPOINTING CHEMICAL BANK AS SUCCESSOR
TRUSTEE, REGISTRAR AND PAYING AGENT FOR THE
BONDS; APPROVING A FIRST SUPPLEMENTAL TRUST
INDENTURE RELATING TO THE BONDS; APPROVING A
FIRST AMENDMENT TO THE LOAN AGREEMENT RELAT-
ING TO THE BONDS; APPROVING THE RELEASE OF
GENERAL DEVELOPMENT CORPORATION FROM ALL
OBLIGATIONS AS GUARANTOR FOR THE BONDS OR
UNDER ANY GUARANTEES RELATING TO THE. BONDS;
ACKNOWLEDGING THE RELEASE OF THE MORTGAGE
WITH. RESPECT TO THE TRUSTEE FOR THE BONDS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Indian River County, Florida (the "Issuer") issued
its $4,000,000 Variable Rate Demand Utility Revenue Bonds, Series
1983 (General Development Utilities, Inc. Project) (the "Bonds");
and
WHEREAS, in connection therewith the Issuer entered into a
Trust Indenture. dated as of December 1, 1983 (the "Indenture")
with BankAmerica Trust Company of New York, as Trustee,
("BankAmerica"); and
WHEREAS, the proceeds of the Bonds were -loaned to General
Development Utilities, Inc. ("GDU") pursuant to a Loan Agreement
dated as of December 1, 1983 (the "Loan Agreement"); and
WHEREAS, in connection with the Bonds, the Issuer entered
into a Remarketing Agreement dated as of December 1, 1983 with
GDU and Citibank, N.A. ("Citibank") as Remarketing Agent (the
"Remarketing Agreement"); and
WHEREAS, as further described in the Memorandum, attached
hereto as Exhibit E, presented to this meeting from GDU and its
bond counsel, the parties wish to make certain changes in the
provisions of the financing documents as described in said memo-
randum;
RESOLUTION 89-55 IS ON FILE IN ITS ENTIRETY IN THE OFFICE OF THE CLERK