HomeMy WebLinkAbout1989-065ThirdReso.(Public Wearing) 6(16189((JTII Raso2('vAciVk)iF'
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RESOLUTION NO, 89--65
A RESOLUTION OF INDIAN RIVER COUNTY
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WHEREAS,
:__—____
WHEREAS, the Board of County Commissioners of Indian
River County, by Resolution No. 89-57, adopted June 6, 1989,
determined to make special assessments against certain
properties to be serviced by the installation of a sewer
collection system on Sixth Avenue from Eighth Street to U.S.
#1; and
WHEREAS, said resolution described the manner in which
said special assessments shall be made and how said special
assessments are to be paid;
WHEREAS, the resolution was published as required by
§11-52, Indian River County Code;
WHEREAS, an assessment roll in connection with said
special assessments has been prepared; and
WHEREAS, the Board of County Commissioners of Indian
River County passed Resolution No. 89-58 on June 6, 1989,
which set a time and place for a public hearing at which the
owners of the properties to be assessed and other interested
persons would have the chance to be heard as to any and all
complaints as to said project and said special assessments,
and for the Board to act as required by 411-53,'Indian River
County Code;
WHEREAS, notice of the time and place of the public
hearing was published in the Press Journal Newspaper on
June 9, 1989, and June 16, 1989 (twice one week apart and
the last being at least one week prior to the hearing) as
required by §11--52, Indian River County Code;
Rt'SOLU'VION M). _09-65
40 WHEREAS, the land owners of record were mailed notices
on June _1_6_, 1989 (at least ten days prior to the hearing)
40 as required by §11-52, Indian River County Code; and
WHEREAS, the Board of County Commissioners of Indian
0 River County on June -27,_ 1989, at 9:05-A.M. conducted the
public hearing with regard to the special assessments;
NOW, THEREFORE, BE IT RESOLVED 13Y THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows:
1. The special assessments shown on the attached
assessment roll are hereby confirmed and approved, and shall
remain legal, valid, and binding first liens against the
properties assessed until paid in full.
2. That the Clerk Is hereby directed to record the
special assessments and this resolution, which describes the
properties assessed and the amounts of the special
assessments, on the public records which shall constitute
prima facie evidence of the validity of the special
assessments.
The resolution was moved for adoption by Commissioner
E cl (
and the motion was seconded by Commissioner
Scurlock_ and, upon being put to a vote, the vote was as
follows:
Chairman Gary C. Wheeler Aye
Vice -Chairman Carolyn K. Eggert Aye
Commissioner Don C. Scurlock, Jr. Aye
Commissioner Richard N. Bird Aye
Commissioner Margaret C. Bowman Aye
The Chairman thereupon declared the resolution duly
passed and adopted this 27 day of June, 1989.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By
----
Attest M7
7
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h rm,'i
je�4) A�ey 1�_a4rr er
Attachment: ASSESSMENT ROLL
9 -
2
C.R. $35 PC 2661
SUMMARY SHEET OF FINAL ASSESSMENT
FOR
INDIAN RIVER COUNTY PROJECT NO. US -88 -08 -CCS
6TH AVENUE & 8TH STREET
GRAVITY SEWER, PUMPING STATION, AND FORCE MAIN
INDIAN RIVER COUNTY, FLORIDA
CONSTRUCTION COST . . . . . . . . . . . $ 97,822.50
10% CONTINGENCY . . . . . . . . . . . . . 9,782.25
TOTAL: $107,604.75
USE FOR CONSTRUCTION . . . . . . . . . $107,605.00
ENGINEERING DESIGN FEE . . . . . . . . . 12,120.00
RESIDENT INSPECTION FEE . . . . . . . . . 51105.00
TOTAL COST TO BE ASSESSED . . . . . . . $124,830.00
TOTAL SQUARE FEET - 1,310,005.5
COST PER SQUARE FOOT - $0.095289676
-2-
. wr PI) :
O.R. 835 PC 2663
4/20/89 UTIL(H6THPREL.WFM):h
INDIAN RIVER COUNTY PROJECT NO. US--88-08-CCS
6TH AVENUE & 8TH STREET
GRAVITY SEWER, PUMPING STATION, AND FORCE MAIN
INDIAN RIVER COUNTY, FLORIDA
'AFtCE, NQ• Sti*J IBE. FEET
-3--
0 R. 835 PC 2664
ASSESSMENT AMOUNT
1.
95,700
$ 9,11.9.22
2.
220,110
20,974.21
3.
50,460
4,808.32
4•
30,015
2,860.12
5.
15,660
1,492.24
6•
8,700
829.00
7•
190,312.5
18,134.82
8•
13,485
1,284.98
9.
82,650
7,875.69
10.
185,095.5
17,637.69
11.
34,365
3,274.63
12.
134,197.5
12,787.64
13.
81,345
7,751.34
14.
167,910
16,000.10
TOTAL:
$1.24,830.00
-3--
0 R. 835 PC 2664
------------------------
I.
PARCEL I.D. NUMBER:
OWNER: 1
MAILING ADDRESS:
CITY, STATE, ZIP:
ASSESSMENT AMOUNT:
------------------------
2.
PARCEL I.D. NUMBER:
OWNER:
MAILING ADDRESS:
CITY, STATE, ZIP:
ASSESSMENT AMOUNT:
3.
PARCEL I.D. NUMBER:
OWNER:
MAILING ADDRESS:
CITY, STATE, ZIP:
ASSESSMENT AMOUNT:
-------------------------
4/20/89 UTIL(H6THPREL.WFM):h
---------------------------------
13 33 39 00000 1000 00041.0
KARST, ARTHUR R.
P. O. BOX 909
VERO BEACH, FL 32961-0909
95,700 SQ.FT. -- $9,119.22
----------------------------------------
13 33 39 00000 1000 00042.0
SCOTTY'S, INC.
P. O. BOX 939
WINTER HAVEN, FL 33880-0939
220,110 SQ.FT. _ $20,974.21
13 33 39 00000 1000 00044.0
BERLIN, MARY K.
514 BAY DRIVE
VERO BEACH, FL 32963
50,460 SQ.FT. - $4,808.32
-----------------------------------
-4-
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13.
PARCEL T.D. NUMBER:
OWNER:
MAILING ADDRESS:
CITY, STATE, ZIP:
ASSESSMENT AMOUNT:
---------------------------
14.
PARCEL I.D. NUMBER:
OWNER:
4/20/89 UTIL(H6THPREL.WFM):h
--------------------------------
13 33 39 00000 1000 00010.0
SCHINDLER, KENNETH R
4621 PEBBLE BAY EAST
VERO BEACH, FL 32963
81,345 SQ.FT. - $7,751.34
-----------------------------------
13 33 39 00000 1000 00012.0
KENNEDY GROVES, INC.
MAILING ADDRESS: P. 0. BOX 968
CITY, STATE, ZIP: VERO BEACH, FL 32961-0968
ASSESSMENT AMOUNT: 167,910 SQ.FT. - $16,000.10
WFM:h
-8-
O.R. 835 PG 2669
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' 0.R. 835 PO 2670
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INDIAN RIVER COUNTY, FLORIDA
RESOLUTION NO, 89-62
A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA,
PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION
BONDS, SERIES 1989, OF INDIAN RIVER COUNTY,
FLORIDA, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $5,900,000 TO FINANCE THE COST OF IMPROVEMENTS
TO AND EXPANSION OF THE PUBLIC LIBRARY SYSTEM AND
SERVICES IN THE COUNTY; PROVIDING FOR CERTAIN
PROVISIONS WITH RESPECT TO SAID BONDS AND
PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER
COUNTY, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to Chapter 125, Florida Statutes (1988), and other applicable provisions
of law,
SECTIO1, 2. DEFINITIONS. The following terms shall have the following
meanings in this Resolution, unless the context otherwise clearly requires:
A. "Act" shall mean Chapter 125, Florida Statutes (1988), as amended,
and other applicable provisions of law.
B. "Authorized Investments" shall mean those investments specified in
Section 125.31, Florida Statutes (1988), as amended.
C. "Board" shall mean the Board of County Commissioners of Indian
River County, Florida.
D. "Bonds" shall mean the General Obligation Bonds, Series 1989,
authorized and issued hereunder.
E. "Bond Registrar" shall mean the Bond Registrar to be determined by
subsequent resolution of the Board.
F. "County" shall mean Indian River County, Florida.
G. "Federal Securities" shall mean direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed
by, the United States of America, which are not redeemable prior to maturity at
the option of the obligor.
H. "Fiscal Year" shall mean the period beginning with and including
October first of each year and ending with and including the next September 30.
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I. "Paying Agent" shall mean the Paying Agent to be determined by
subsequent resolution of the Board.
J. "Project" shall mean certain improvements to and expansions of the
public library system and services in and of the County, the cost of which, in
part, shall be paid from proceeds of the Bonds.
K. "Project Cost" shall mean all costs, direct or indirect, in
connection with the acquisition, construction or equipping of the Project or the
issuance of the Bonds, including without limitation all property, real, personal
and mixed, rights, powers, easements, rights of way, privileges, franchises and
all other property or interests in property used or useful in connection with the
public library system and services of and in the County, engineering, legal and
financing expenses; expenses for estimates of cost; expenses for plans,
specifications and surveys; the fees of fiscal agents, financial advisors and
consultants; administrative expenses relating solely to the construction and
acquisition of the Project-; the capitalization of interest for a reasonable
period after the issuance of the Bonds; the discount on the sale of the Bonds;
and such other costs and expenses as may be necessary or incidental to the
financing herein authorized and the construction and acquisition of the Project
and the placing of same in operation.
L. "Provision for Payment" shall mean the deposit of Federal
Securities or bank certificates of deposit fully secured as to principal and
interest by Federal Securities (or the deposit of any other securities or
investments which may be authorized by law from time to time and sufficient under
such law to effe(t; a defeasance) in irrevocable trust with a banking institution
or trust company, for the sole benefit of the Registered Owners of the Bonds, the
principal of and interest on which will be sufficient to pay, when due, the
principal, interest and premiums, if any, on the Bonds. Nothing in this
Resolution shall be deemed to require the County to call any of the outstanding
Bonds for redemption prior to maturity pursuant to any applicable optional
redemption provisions, or to impair the discretion of the County in determining
whether to exercise any such option for early redemption.
M. "Record Date" shall mean the fifteenth (15th) day of the month
immediately preceding an interest or other applicable payment date for the Bonds.
N. "Registered Owner", "Bondholder" or any similar term shall mean
any person who shall be the owner of any outstanding Bond or Bonds as shown on
the books of the County maintained by the Bond Registrar.
Words importing singular number shall include the plural number and
vice versa and words importing persons shall include firms and corporations or
other entities and vice versa.
SECTION 3. FINDINGS, It is hereby found and determined as follows:
A. It is necessary, desirable, and in the best interest of Indian
River County, Florida, and its inhabitants to acquire and construct the Project
and to issue the Bonds to finance the Project Cost.
2
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B. The issuance of the Bonds was authorized by Resolution 86-41 of the
County.
C. The issuance of the Bonds was approved by a majority of votes cast
in a bond referendum held on September 2, 1986, by the qualified electors of the
County in the manner required by the Constitution and Laws of the State of
Florida.
D, The Project Cost is estimated to equal or exceed $5,900,000.
E. The Bonds shall be payable from ad valorem taxes levied on all
taxable property in the County.
F. The Bonds, together with all other outstanding general obligation
bonded indebtedness of the County, do not exceed any limitation on debt as
imposed by applicable law.
SECTION 4. AUTHORIZATION OF PROJECT. The Project is hereby
authorized and approved.
SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT, in consideration of
the acceptance of the Bonds by the Registered Owners who shall hold the same from
time to time, this Resolution shall be deemed to be and shall constitute a
contract between the County and such Registered Owners. The covenants and
agreements herein set forth to be performed by the County shall be for the equal
benefit, protection and security of the Registered Owners of the Bonds, all of
which Bonds shall _e of equal rank and without preference, priority or
distinction with respect to any other Bonds, except as expressly provided therein
and herein.
SECTION 6. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and
pursuant to the provisions of Resolution 86.41 of the County and this Resolution,
general obligations of the County to be known as "General Obligation Bonds,
Series 1989," are hereby authorized to be issued in the aggregate principal
amount of not exceeding $5,900,000. The Bonds shall be payable from ad valorem
taxes levied by the County on all taxable property in the County. The Bonds
shall be dated as of a date to be fixed by subsequent resolution of the County
and may be numbered consecutively from one upward or in such other manner as
agreed upon between the County and the Bond Registrar. The Bonds shall be issued
in such denominations, shall bear interest at such rate or rates, not exceeding
the maximum rate authorized by applicable law, payable at such times, shall
mature on such dates and in such years and in such amounts and shall have such
other terms and conditions as may be determined by subsequent resolution of the
County adopted at or prior to the sale of the Bonds.
The Bonds shall be issued in fully registered form without coupons;
shall be payable with respect to principal at a principal corporate trust office
of the Paying Agent; shall be payable in lawful money of the United States of
America; and shall bear interest from their date, payable by check mailed to the
Registered Owners at their addresses as they appear on the registration books
kept by the Bond Registrar on behalf of the County.
3
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Notwithstanding any other provisions of this section, the Board may,
at its option, prior to the date of issuance of the Bonds and subject to the
approval of the purchasers of the Bonds, elect to use an immobilization system or
pure book -entry system with respect to issuance of the Bonds, provided adequate
records will be kept with respect to the ownership of Bonds issued in book -entry
form or the beneficial ownership of the Bonds issued in the name of a nominee.
As long as any Bonds are outstanding in book -entry form, the provisions of
Sections 7, 9, 10 and 11 of this Resolution shall not be applicable to such
book -entry Bonds. The details of any alternative system of Bond issuance, as
described in this paragraph, shall be set forth in a resolution of the Board
duly adopted at or prior to the delivery of any of the Bonds.
SECTION 7. EXECUTION AND AUTHENTICATION OF BONDS. The Bonds shall be
executed in the name of the County by the Chairman or Vice Chairman of the Board
attested by its Clerk and its official seal or a facsimile thereof shall be
affixed thereto or reproduced thereon. The signatures of the Chairman or Vice
Chairman and Clerk may be either manual or facsimile signatures. The certificate
of authentication of the Bond Registrar shall appear on the Bonds, and no Bond
shall be valid or obligatory for any purpose or be entitled to any security or
benefit under this Resolution unless such certificate shall have been duly
executed on such Bond, The authorized signature for the Bond Registrar shall be
manual, In case any one or more of the officers of the Board who shall have
signed or sealed any of the Bonds shall cease to be such officer or officers of
the Board before the Bonds so signed and sealed shall have been actually sold and
delivered, such Bonds may nevertheless be sold and delivered as if the persons
who signed or sealed such Bonds had not ceased to hold such offices, Any Bonds
may be signed anu sealed on behalf of the Board by such person who at the actual
time of the execution of such Bonds shall hold the proper office, although at the
date of such Bonds such person may not have held such office or may not have been
so authorized.
The validation certificate on the Bonds, if any, shall be executed
with the manual or facsimile signature of the Chairman or Vice Chairman of the
Board.
SECTION 8, NEGOTIABILITY. The Bonds issued hereunder shall be and
shall have all of the qualities and incidents of negotiable instruments under the
laws of the State of Florida, and each successive holder, in accepting any of the
Bonds, shall be conclusively deemed to have agreed that such Bonds shall be and
have all of the qualities and incidents of negotiable instruments under the laws
of the State of Florida.
SECTION 9. REGISTRATION, TRANSFER AND EXC11ANGE, The Bond Registrar
shall be responsible for maintaining books for the registration, transfer and
exchange of the Bonds.
All Bonds presented for transfer, exchange, or payment (if so required
by the Board or the Bond Registrar) shall be accompanied by a written instrument
or instruments of transfer or authorization for exchange, in form and with
guaranty of signature satisfactory to the Board or the Bond Registrar, duly
executed by the Registered Owner or by his duly authorized attorney.
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it
Upon surrender to the Bond Registrar for transfer or exchange of any
Bond accompanied by an assignment or written authorization for exchange,
whichever is applicable, duly executed by the Registered Owner or his attorney
duly authorized in writing, the Bond Registrar shall deliver in the name of the
Registered Owner or the designated transferee or transferees, as the case may be,
a new fully registered Bond or Bonds of authorized denominations and of the same
maturity and interest rate, in an aggregate principal amount equal to the
principal amount that remains outstanding with respect to such Bond so
surrendered,
The Bond Registrar or the Board may require payment from the
Registered Owner or his transferee of a sum sufficient to cover any tax, fee or
other governmental charge that may be imposed in connection with any transfer or
exchange of the Bonds. Such charges and expenses shall be paid before any such
new Bond shall be delivered.
Interest on the Bonds shall be paid to the Registered Owner whose name
appears on the books of the Bond Registrar as of 5.00 P.M. local time at the
location of the Bond Registrar on the Record Date,
New Bonds delivered upon any transfer or exchange shall be valid
obligations of the County, evidencing the same debt as the Bonds surrendered,
shall be secured by this Resolution, and shall be entitled to all of the security
and benefits hereof to the same extent as the Bonds surrendered.
The County and the Bond Registrar may treat the Registered Owner of
any Bond as the absclute owner thereof for all purposes, whether or not such Bond
shall be overdue, and shall not be bound by any notice to the contrary.
SECTION 10. DISPOSITION OF BONDS PAID OR REPLACED. Whenever any Bond
shall be delivered to the Bond Registrar for payment of the principal amount
thereof upon maturity or redemption, or for replacement, transfer or exchange,
such Bond shall be cancelled and destroyed by the Bond Registrar, and
counterparts of a certificate of destruction evidencing such destruction shall be
furnished to the County.
SECTION 11. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any
Bond shall become mutilated, or be destroyed, stolen or lost, the County may, in
its discretion, issue and deliver a new Bond of like tenor as the Bond so
mutilated, destroyed, stolen or lost, in exchange for and cancellation of such
mutilated Bond or in lieu of and substitution for the Bond destroyed, stolen or
lost, upon the Registered Owner furnishing the County and the Bond Registrar
proof of his ownership thereof and the loss thereof (if lost, stolen or
destroyed) and satisfactory indemnity and complying with such other reasonable
regulations and conditions as the Board may prescribe and paying such expenses as
the Board and the Bond Registrar may incur. All Bonds so surrendered shall be
cancelled by the Bond Registrar. If any such Bonds shall have matured or be
about to mature, instead of issuing a substitute Bond, the County may pay the
same, upon being indemnified as aforesaid, and if such Bond be lost, stolen or
destroyed, without surrender thereof.
Any such duplicate Bonds issued pursuant to this section shall
qW
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No. R -
UNITED STATES OF AMERICA
STATE OF FLORIDA
INDIAN RIVER COUNTY
GENERAL OBLIGATION BOND, SERIES 1989
RATE OF INTEREST MATURITY DATE DATED DATE OF SERIES CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
KNOW ALL MEN BY THESE PRESENTS, that INDIAN RIVER COUNTY, FLORIDA (the
"County"), for value received, hereby promises to pay to the Registered Owner
named above, or registered assigns, on the Maturity Date specified above, the
Principal Amount specified above and to pay semiannually on and
of each year, beginning , interest on the Principal Amount
specified above, at the Rate of Interest specified above, per annum, until such
Principal Amount is paid in full. Interest on this General Obligation Bond,
Series 1959 (this "Bond") shall be payable from the interest payment date next
preceding the date of registration and authentication of this Bond, unless: (a)
this Bond is registered and authenticated as of an interest payment date, in
which event this Bond shall bear interest from such interest payment date; or (b)
this Bond is registered and authenticated after a Record Date (hereinafter
defined) and before the next succeeding interest payment date, in which event
this Bond shall bear interest from such interest payment date; or (c) this Bond
is registered and authenticated on or prior to the Record Date first preceding
, in which event this Bond shall bear interest from
or (d) as shown by the records of the Paying Agent (hereinafter
defined), interest on this Bond is in default, in which event this Bond shall
bear interest from the date on which interest was last paid on this Bond. The
Principal Amount hereof shall be payable, when due upon maturity, upon
presentation and surrender of this Bond at the principal corporate trust office
of (the "Paying Agent"), , Florida, as
Paying Agent. Interest hereon shall be paid, when due, by check mailed to the
Registered Owner whose name and address shall appear, at 5:00 P.M. prevailing
local time at the location of the Bond Registrar (hereinafter defined) on the
fifteenth (15th) day of the month next preceding each interest payment date (the
"Record Date"), on the registration books maintained by
(the "Bond Registrar"), , Florida, as Bond Registrar, irrespective
of any transfer or exchange of this Bond subsequent to such Record Date and prior
to such interest payment date, unless the County shall be in default in payment
of interest due on such interest payment date. In the event of any such default,
such defaulted interest shall be payable to the person in whose name this Bond is
registered on such registration books at 5:00 P.M, prevailing local time at the
location of the Bond Registrar on a special record date for the payment of such
defaulted interest established by notice mailed by the Paying Agent to the
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Registered Owner of this Bond not less than fifteen (15) days preceding such
special record date, Such notice shall be mailed to the persons in whose names
the Bonds are registered at the close of business of the Bond Registrar on the
fifth (5th) day preceding the date of mailing. The principal of, premium, if
any, and interest on this Bond are payable in lawful money of the United States
of America.
This Bond is one of the series of bonds authorized by the County under
the authority of and in full compliance with the Constitution and laws of the
State of Florida, including particularly Chapter 125, Florida Statutes (1988),
and Resolution No. 86-41 and Resolution No. 89-62 of the County, all as amended
and supplemented, and other applicable provisions of law. The above -referenced
resolutions, as amended and supplemented from time to time, are hereinafter
collectively referred to as the "Resolution". This Bond is subject to all the
terms and conditions of the Resolution.
This Bond is one of the series of bonds designated as Coneral
Obligation Bonds, Series 1989, all of like date and tenor, except as to numbers,
denominations, dates of maturity and rates of interest, in the aggregate
principal amount of Five Million Nine Hundred Thousand Dollars ($5,900,000) (the
"Bonds"). The proceeds of the Bonds, together with certain other available funds
of the County, will, inter alia, be used to acquire and construct the Project as
defined in the Resolution, including without limitation certain improvements to
and expansions of the public library system and services of the County and to pay
certain costs and expenses relating to issuance of the Bonds, all as more fully
set forth in the Resolution,
For the prompt payment of the principal of and interest on this Bond as
the same shall become due, the full faith, credit and taxing power of the County
have been irrevocably pledged.
The Bonds are general obligations of the County.
(To be inserted where appropriate on face of bond: "REFERENCE IS HEREBY
MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE SIDE
HEREOF, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT
AS IF SET FORTH ON THIS SIDE.")
The Bonds are issuable only in the form of registered bonds, without
coupons, in the denominations of $5,000 principal amount or any integral multiple
thereof.
This Bond may be transferred only upon the books kept by the Bond
Registrar, on behalf of the County, upon surrender hereof at the principal
corporate trust office of the Bond Registrar with an assignment duly executed by
the Registered Owner or his duly authorized attorney, but only in the manner,
subject to the limitations and upon payment of a sum sufficient to cover any tax,
fee or governmental charge that may be imposed in connection with such transfer,
all as provided in the Resolution. Upon such transfer, there shall be executed
in the name of the transferee, and the Bond Registrar shall deliver, as early as
practicable, a new fully registered bond or bonds of authorized denominations in
the same aggregate principal amount and of the same maturity and interest rate as
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this Bond.
In like manner, subject to said conditions and upon payment of any such
sum, this Bond may be surrendered at said office of the Bond Registrar in
exchange for an equal aggregate principal amount of new fully registered bonds of
authorized denominations of the same maturity and interest rate as this Bond.
It is hereby certified and recited that all acts, conditions and things
required to exist, to happen and to be performed precedent to and in the issuance
of this Bond exist, have happened and have been performed in regular and due form
and time as required by the Constitution and laws of the State of Florida
applicable thereto.
This Bond is and has all the qualities and incidents of a negotiable
instrument under the laws of the State of Florida.
This Bond shall not be valid or become obligatory for any purpose or be
entitled to any security or benefit under the Resolution until the certificate of
authentication hereon shall have been executed by the manual signature of an
authorized representative of the Bond Registrar.
IN WITNESS WHEREOF, Indian River County, Florida, has issued this Bond
and has caused the same to be executed by the Chairman of the Board of County
Commissioners of the County and attested by the Clerk of the Board of County
Commissioners, either manually or with their facsimile signatures, and its
official seal, or a icsimile thereof, to be affixed, impressed, imprinted or
otherwise reproduced hereon, all as of the __ _ day of
(SEAL) INDIAN RIVER COUNTY, FLORIDA
ATTEST:
Clerk
By:
Chairman
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RISK Mgr,
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers to
(Name and address of Transferee)
(Social Security or Taxpayer Identification Number of Transferee)this Bond and
does hereby irrevocably constitute and appoint
as his agent to transfer this Bond on the books kept for registration hereof,
with full power of substitution in the premises.
(Signature of Transferor)
Date:
Signature guaranteed:
(Name of Bank, Trust Company
or Firm)
By:
Title:
NOTICE: No transfee will be registered and no new Bond will be issued in the
name of the Transferee unless the signature(s) to this assignment correspond(s)
to the name(s) appearing as Registered Owner upon the face of the within Bond in
every particular, without enlargement or any change whatever and the Social
Security or Federal Employer Identification Number of the Transferee is supplied.
Signature(s) of the Transferor(s) must be guaranteed by a member firm of a major
stock exchange or a commercial bank or trust company.
SECTION 13, PLEDGE OF FULL FAITH, CREDIT AND TAXING POWER. For the
prompt payment of the principal of and interest on the Bonds, the full faith,
credit and taxing power of the County are hereby irrevocably pledged.
SECTION 14. COVENANTS OF THE COUNTY. For so long as any of the
principal of or interest or premium, if any, on any of the Bonds shall be
outstanding and unpaid, or until there shall have been set apart in the Sinking
Fund hereinafter created a sum sufficient to pay, when due, the entire principal
amount of the Bonds outstanding together with the interest and premium, if any,
thereon, or until Provision for Payment of the principal, interest and premium,
if any, on the Bonds shall have been made, the County covenants with the
Registered Owners of the Bonds that:
A. SINKING FUND. A fund is hereby created and established to be
known as the "General Obligation Bonds, Series 1989 Sinking Fund" (herein the
"Sinking Fund") for the sole purpose of paying the principal of and interest on
the Bonds as the same shall become due. The County shall deposit in the Sinking
Fund from time to time from the taxes collected by the County for the payment of
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the principal of and interest on the Bonds and other revenues of the County
amounts sufficient to pay the principal of and interest on the Bonds as the same
shall become due. In addition, the County shall from time to time transfer to
the Paying Agent from the Sinking Fund amounts sufficient for the Paying Agent to
pay the principal of and interest on the Bonds as the same shall become due.
B. LEVY AND COLLECTION OF AD VALOREM TAXES. In each year while any
of the Bonds are outstanding the County shall levy and collect a tax on all
taxable property within the County, over and above all other taxes authorized or
permitted by law, sufficient in amount to pay the principal of and interest on
the Bonds as the same shall become due. Such tax shall be assessed, levied and
collected in the same manner and at the same time as other County taxes are
assessed, levied and collected.
C. ENFORCEMENT OF COLLECTIONS. The County will diligently enforce
and collect the taxes which are levied for the payment of the principal of and
interest on the Bonds, will take all steps, actions and proceedings for the
enforcement and collection thereof as the same shall become delinquent to the
full extent permitted or authorized by law and will maintain accurate records
with respect thereto. All such taxes, as collected, shall be applied as herein
provided and not otherwise.
D. PLEDGE AND INVESTMENT OF FUNDS. The Sinking Fund shall
constitute a trust fund for the purposes provided herein for such fund and shall
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 ma,tner by which deposits of public funds are required to be
secured by the laws of the State of Florida. Moneys on deposit in the Sinking
Fund 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 fund.
Any and all income received by the County from such investments shall
be deposited into the Rebate Account to the extent required and the excess, if
any, into the Sinking Fund.
E. REMEDIES. Any Registered Owner may by suit, action, mandamus or
other proceedings in any court of competent jurisdiction, protect and enforce any
and all rights existing under the laws of the State of Florida, and may enforce
and compel the performance of all duties required hereunder or by any applicable
statutes to be performed by the County or by any officer thereof.
Nothing herein, however, shall be construed to grant to any Registered
Owner any lien on any property of or in the County.
F. ARBITRAGE. The County covenants to and with purchasers of the
issue which is comprised of the Bonds that it will make no use of the proceeds of
such issue which will cause the Bonds to be or become "arbitrage bonds" within
the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of
1986, as amended (the "Code"), and the regulations implementing said Sections
that duly have been published in the Federal Register or with any other
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applicable regulations implementing said Sections, and the County further
covenants to comply with all other requirements of the Code if and to the extent
applicable to maintain continuously the Federal income tax exemption of interest
on the Bonds.
G, FUNDS AND ACCOUNTS, The designation and establishment of the
various funds and accounts created herein does not require the establishment of
any completely independent, self balancing funds as such term is commonly defined
and used in governmental accounting, but rather is intended solely to constitute
an earmarking of certain revenues and assets as provided herein.
H. POWER TO LEVY TAX, ISSUE BONDS, ETC. The County is duly
authorized under all applicable laws to levy and collect the ad valorem taxes
pledged hereunder, to create and issue the Bonds and to adopt this Resolution and
to pledge the full faith, credit and taxing power of the County in the manner
and to the extent provided herein, The Bonds and the provisions of this
Resolution are and will be valid and legally enforceable obligations of the
County in accordance with their terms and the terms of this Resolution.
I. TAR COVENANTS. The County covenants that it will not take any
action or fail to take any action with respect to the proceeds of the Bonds that
would result in loss of the exclusion from gross income for federal income tax
purposes pursuant to Section 103(x) of the Code of interest paid on the Bonds
which, when initially issued and sold, were the subject of an opinion of counsel
to the effect that interest thereon was so excludable.
SECTION 15. APPLICATION OF THE BOND PROCEEDS, All moneys received
from the sale of the Bonds shall be deposited and applied by the County as
follows;
A. All accrued interest on the Bonds, plus, at the option of the
County, an amount specified by subsequent resolution of the County adopted at or
prior to delivery of the Bonds which equals the amount of interest on the Bonds
for a reasonable period of time from the date of issuance thereof, shall be
deposited into the Sinking Fund and applied exclusively for the payment of
interest first becoming due on the Bonds.
B, Next, the amount necessary to pay all engineering fees, costs and
expenses of financial reports, studies and projections, legal fees, fees of
financial advisors, costs of the issuance of the Bonds, premiums and expenses
related to insuring or rating the Bonds and all other similar costs incurred in
connection with the issuance of the Bonds shall be paid or provided for.
C. A fund is hereby created and established to be known as the
"General Obligation Bonds, Series 1989 Construction Fund" (herein the
"Construction Fund"). There shall be deposited into the Construction Fund the
balance of the moneys remaining after making all the deposits and payments
provided for above.
The moneys on deposit in the Construction Fund shall be withdrawn, used
and applied by the County, as and when necessary, solely for the payment of the
Project Cost, If for any reason any moneys in the Construction Fund are not
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necessary for or are not applied to the payment of such costs, then such moneys
shall be deposited by the County into the Sinking Fund and used only to pay the
principal of and interest on the Bonds. Anything to the contrary contained
herein notwithstanding, the Construction Fund shall be and constitute a trust
fund for the purposes provided herein therefor.
Any moneys in the Construction Fund which, in the opinion of the
County, are not immediately necessary for expenditure, as hereinabove provided,
may be invested in Authorized Investments maturing at such time or times as will
make the proceeds thereof available when needed. All income derived therefrom
shall be deposited into the Construction Fund; provided, however, that any income
which will be required to be rebated under Section 148 of the Code shall be
transferred to the Rebate Account created hereunder.
SECTION 16. BONDHOLDERS NOT AFFECTED BY APPLICATION OF BOND PROCEEDS.
The Registered Owners of the Bonds issued hereunder shall have no responsibility
for the use of the proceeds of the Bonds, and the use of such proceeds shall in
no way affect the rights of. the Registered Owners, The Board shall be
irrevocably obligated to continue to levy and collect the ad valorem taxes as
provided herein and to pay the principal of the interest on the Bonds,
notwithstanding any failure of. the County to use and apply such proceeds in the
manner provided herein.
SECTION 17. REBATE. Anything to the contrary contained herein
notwithstanding, the County shall at least annually transfer appropriate amounts
from the funds and accounts hereunder to which income on investments has been
deposited into an account to be known as the "Rebate Account" sufficient to pay
to the United States of America all amounts due with respect to the Bonds under
the provisions of Section 148 (f) of the Internal Revenue Code of 1986, as
amended and supplemented, or under similar provisions of subsequent federal
revenue laws. The earnings on the Rebate Account shall be added to and become a
part of the Rebate Account. Moneys in the Rebate Account shall only be used to
pay the amounts due to the United States of America under said Section of the
Code as the same shall become due and payable. It is the intent of this
paragraph to provide for payment of all amounts due under said Section of the
Code with respect to the Bonds, in such installments and at such times as may be
required by said Section of the Code. In the event of any amendment to the Code
or the promulgation of regulations under the Code which provide or require
otherwise than as provided or required in this paragraph, this paragraph shall be
deemed to be amended to incorporate such amendments or regulations, to the extent
applicable, and any provisions hereof which conflict with the provisions thereof
shall be deemed to be null and void,
SECTION 18, SALE OF BONDS. The Bonds may be sold at public or
private sale pursuant to the Act, all at one time or from time to time, as shall
be provided by subsequent resolution of the Board.
SECTION 19. MODIFICATION OF RESOLUTION. No adverse material
modification or amendment of this Resolution, or of any resolution amendatory
hereof or supplemental hereto, may be made without the consent in writing of the
Registered Owners of 516 or more in aggregate principal amount of the Bonds then
outstanding affected by such adverse material modification or amendment;
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provided, however, that no modification or amendment shall permit a change in the
maturity of any Bonds or a reduction in the rate of interest thereon or in the
amount of the principal obligation thereof, or affect the unconditional promise
of the County to levy and collect taxes or to pay the principal of and interest
on the Bonds as the same shall become due or reduce the percentage required above
for an adverse material modification or amendment, without the consent of the
Registered Owners of all of the Bonds affected thereby.
SECTION 20, SEVERABILITY. If any one or more of the covenants,
agreements or provisions of this Resolution should be held contrary to any
express provision 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 hold invalid, then such covenants, agreements or provisions shall
be null and void and shall be deemed separate from the remaining covenants,
agreements and provisions hereof, and shall in no way affect the validity thereof
or of the Bonds issued hereunder.
SECTION 21. VALIDATION. The validation of the Bonds in the Circuit
Court of the Nineteenth Judicial Circuit of Florida in and for Indian River
County, Florida, is approved, ratified and confirmed.
SECTION 22, REPEALER. All resolutions or parts of resolutions in
conflict herewith are hereby repealed.
SECTION 23. EFFECTIVE DATE. This Resolution shall take effect
immediately upon '.ts adoption.
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