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HomeMy WebLinkAbout1989-13540 INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 89 - 135 A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT FOR THE SALE AND AWARD OF $6,075,000 AGGREGATE PRINCIPAL AMOUNT OF SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1989, OF INDIAN RIVER COUNTY, FLORIDA, AT PRIVATE SALE BY NEGOTIATION, TO THE PURCHASER THEREOF; AUTHORIZING AND APPROVING CERTAIN TERMS OF SAID BONDS; AUTHORIZING THE TRANSFER OF CERTAIN FUNDS FROM THE IMPACT FEE TRUST FUND FOR THE EXPANSION OF THE COUNTY SEWERAGE SYSTEM; PROVIDING FOR CERTAIN MATTERS RELATING TO THE BONDS; APPOINTING A PAYING AGENT AND BOND REGISTRAR FOR THE BONDS; RATIFYING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT; AUTHORIZING THE EXECUTION AND DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTIO!' WITH THE MARKETING OF THE BONDS; AUTHORIZING ALL OTHER NECESSARY, DESIRABLE AND/OR APPROPRIATE ACTIONS IN CONNECTION WITH THE SALE, ISSUANCE AND DELIVERY OF TETE 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. 89-51, duly adopted on June 6, 1989, as amended (the "Bond Resolution"), heretofore authorized the issuance of Special Assessment Revenue Bonds, Series 1989, of the County in an aggregate principal amount not to exceed $7,560,000 (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, it is necessary and desirable to authorize and approve certain terms and provisions with respect to the Bonds and the sale thereof; WHEREAS, the County desires to appoint a Paying Agent and Bond Registrar for the Bonds, to ratify the distribution of a Preliminary Official Statement and to authorize the execution and distribution of an Official Statement therefor; and WHEREAS, Gulfstream Financial Associates, Inc., as manager (the "Purchaser"), has offered to purchase the Bonds on the terms and conditions hereinafter described. NOW, THEREFORE, BE IT RESOLVED BY TETE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The Bonds shall be in the aggregate principal amount of $6,075,000, shall be dated as of October 15, 1969, shall be in Tully registered form, shall be in denominations Of $5,000 or any integral multiple thereof, shall bear interest payable semiannually on April 1 and October 1 of each year, commencing April 1, 1990, until the principal amount thereof is paid, by check mailed by the Paying Agent to the Registered owner thereof at his address as the same appear on the registration books kept by the Bond Registrar on behalf of the County at 5:o0 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 Preliminary official Statement hereinafter referred to, shall mature on October 1 of the years and in the principal amounts set forth in the Preliminary official Statement and shall be subject to optional and mandatory redemption as set 2 L] forth in the Preliminary Official Statement. SECTION 2. Citizens and Southern Trust Company (Florida), National Association, Fort Lauderdale, Florida, is hereby appointed Paying Agent and Bond Registrar for the Bonds. SECTION 3. The Bonds are hereby awarded and sold to the Purchaser at a total price of $5,955,018.75 plus accrued interest from October 15, 1989 to the date of delivery thereof. The Bond Purchase Agreement dated October 24, 1989 by and between the Purchaser and the County, in the form attached hereto as Exhibit A (the "Bond Purchase Agreement"), 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 Bond Purchase Agreement. SECTION 4. The transfer of $607,500.00 from the Impact Fee Trust Fund for the Expansion of the Indian River County Sewerage System to the Reserve Account created and established under the Bond Resolution is hereby authorized and directed. SECTION 5. Pursuant to Section 17A of the Bond Resolution, the deposit of $430,270.32 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 6. Pursuant to Section 17D of the Bond Resolution, the deposit of $ -0- of the proceeds from the sale of the Bonds into the above referenced Reserve Account is hereby authorized and directed. 3 40 SECTION 7. Pursuant to Section 2W of the Bond Resolution, Supplemental Assessments shall include the assessments assessed by Resolution No. 89-134 with respect to certain properties situate in certain unincorporated areas in the northern portion of the County and the assessments shown on the attached Exhibit B with respect to certain properties situate in the City of Sebastian, Florida. SECTION 8. The Preliminary Official Statement with respect to the Bonds, in the form attached hereto as Exhibit C (the "Preliminary official Statement"), is hereby approved and ratified by the County, and the County hereby 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. The 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 9. The proper officers of this County are 4 • 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 10. 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 11. 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 required by paragraphs (a) through (g) of said Subsection 218.385(4). A copy of said disclosure statement is attached hereto as Exhibit D. SECTION 12, The proper officers of the county are hereby authorized and directed to execute and deliver on behalf of the County an Investment Certificate, in order 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 Investment Certificate, and are authorized and empowered, collectively or individually, to take all other actions as may be necessary or appropriate to execute and deliver the same. SECTION 13. 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