HomeMy WebLinkAbout1989-154i
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INDIAN RIVER COUNTY, FLORIDA
RESOLUTION NO, 89- 154
A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO.
86-35 OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED:
"RESOLUTION NO. 86-35
A RESOLUTION PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS
TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER
COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY SUCH COUNTY
OF NOT EXCEEDING $9,200,000 WATER AND SEWER REVENUE
BONDS, SERIES 1986, TO FINANCE THE COST THEREOF;
PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS;
PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; PROVIDING FOR RELATED MATTERS; AND PROVIDING
AN EFFECTIVE DATE."
TO INCLUDE ACQUISITION OF THE BENT PINE SEWER SYSTEM AND
THE CONNECTION THEREOF TO THE COMBINED WATER AND SEWER
SYSTEM OF THIS COUNTY AS A PART OF THE PROJECT TO BE
FINANCED AND TO AUTHORIZE THE ISSUANCE THEREUNDER OF AN
ADDITIONAL SERIFS OF NOT EXCEEDING $450,000 PRINCIPAL
AMOUNT WATER AND SEWER REVENUE. BONDS, SERIES 1986A IN
CONNECTION WITH THE PROJECT.
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, and pursuant to Section 3.04 (J) of the Original
Resolution (hereinafter defined).
SECTION 2, Findines. It is hereby ascertained, determined and declared
that:
A. The Board of County Commissioners (the "Board") of Indian River
County, Florida (the "Issuer"), on .June 18, 1986, duly adopted a
resolution entitled as follows:
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"RESOLUTION NO. 86-35
A RESOLUTION PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS
TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER
COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY SUCH COUNTY
OF NOT EXCEEDING $9,200,000 WATER AND SEWER REVENUE
BONDS, SERIES 1986, TO FINANCE THE COST THEREOF;
PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS;
PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; PROVIDING FOR RELATED MATTERS; AND PROVIDING
AN EFFECTIVE DATE."
(which, together with all amendments and supplements thereto
heretofore adopted, is hereinafter called the "1986 Bond
Resolution").
B. The Board of the Issuer, 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 RESOLUTION
AUTHORIZING THE ISSUANCE OF ALL OUTSTANDING WATER AND/OR
SEWER REVENUE OBLIGATIONS OF THIS COUNTY; AND PROVIDING
FOR THE RIGHTS OF THE HOLDERS OF SUCH OBLIGATIONS."
(which, together with all amendments and supplements thereto
heretofore adopted, including without limitation the 1986 Bond
Resolution, is hereinafter called the "Original Resolution").
C. The Issuer has previously redeemed and retired the Parity
Obligations, as that phrase is defined in the 1986 Bond Resolution,
by the issuance on May 4, 1989, of a series of bonds known as the
Issuer's Water and Sewer Revenue Refunding Bonds, Series 1989, in
the original aggregate principal amount of $6,510,000, which shall
have a lien on the Pledged Funds, as that phrase is defined in the
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1986 Bond Resolution, junior to the lien of the Series 1986 Bonds
and the Series 1986A Bonds, as those phrases are defined herein.
D. The Board of the Issuer heretofore determined to acquire the
sanitary sewer system known as the Bent Pine Sewer System and to
connect the same to the combined water and sewer system of the
Issuer, thereby making the same a part thereof (such undertakings
being referred to herein as the "Bent- Pine Project"). It is
estimated that the period of usefulness of the facilities acquired
and/or constructed as part of the Bent Pine Project is at least 41
years.
E. The Board of the Issuer has determined that it is necessary and
desirable to authorize the issuance of additional water and sewer
revenue bonds of the Issuer in an aggregate principal amount not to
exceed $450,000, to be designated as the "Water and Sewer Revenue
Bonds, Series 1986A", to finance a portion of the costs of the Bent
Pine Project, such bonds to be on a parity and rank equally as to
lien and security for payment from the Pledged Funds, as that phrase
is defined in the 1986 Bond Resolution, with the Series 1986 Bonds,
as that phrase is defined herein.
F. The Issuer has completed or substantially completed the Bent
Pine Project and the costs and expenses incurred by the Issuer in
connection therewith are not less than $450,000.
G. It is necessary and desirable to amend and supplement the 1986
Bond Resolution to authorize the Series 1986A Bonds (as defined
herein) as set forth below.
SECTION 3. Amending the Caption of the 1986 Bond Resolution. The caption of
the 1986 Bond Resolution is hereby amended to read as follows:
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"RESOLUTION N0. 86-35
A RESOLUTION PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS
TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER
COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY SUCH COUNTY
OF NOT EXCEEDING $9,200,000 WATER AND SEWER REVENUE
BONDS, SERIFS 1986, AND $450,000 WATER AND SEWER REVENUE
BONDS, SERIES 1986A, TO FINANCE THE COST THEREOF;
PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS;
PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; PROVIDING FOR RELATED MATTERS; AND PROVIDING
AN EFFECTIVE DATE."
SECTION 4. Amp d Og and Supplementing section 1.01 of the 1986 Bond Resolution
Section 1.01 of the 1986 Bond Resolution is hereby amended and supplemented as
follows:
A. The following definitions are hereby added to Section 1.01:
" 'Bent Pine Project' shall mean the acquisition
of the sanitary sewer system located within the
territorial limits of the Issuer known as the Bent Pine
Sewer System and the connection thereof to the System,
thereby making the same a part thereof.
" 'Series 1986 Bonds' shall mean the water and
sewer revenue bonds designated as "Water and Sewer
Revenue Bonds, Series 1986" authorized to be issued
pursuant to Section 2.01 of this Instrument.
" 'Series 1986A Bonds' shall mean the water and
sewer revenue bonds designated as "Water and Sewer
Revenue Bonds, Series 1986A" authorized to be issued
pursuant to SeCi;ion 2.01 of this Instrument."
B. The definition of the phrase "Project" is hereby amended to read
as follows:
" 'Project' shall mean the additions, extensions
and improvements to the System to be acquired and
constructed pursuant to the authorization contained in
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this Instrument in accordance with certain plans and
specifications now on file with the Clerk, or in
accordance with such changes therein as shall have been
approved by the Issuer, including without limitation the
Bent Pine Project."
SBCTON 5• endive Section 1 0 o� the 1986 Bond Resolution,_ Section 1.03(B)
of the 1986 Bond Resolution is hereby amended to read as follows:
"(B) The Issuer has determined that the Cost of the Project is not
less than $9,650,000, which shall be paid with the proceeds of the
sale of the Bonds."
SSEgTION 6._ Adding Section 1.95 to the 198¢ Bond Resolution, The 1986 Bond
Resolution is hereby amended and supplemented to add the following section at
the end of Article I thereof:
"1.05 Parity Obligations Retired. The Issuer ratifies
and confirms the retirement of the Parity Obligations.
Henceforth references in this Instrument to the "Parity
Obligations" shall be construed to give effect to the
fact that the Parity Obligations are no longer
outstanding."
SECTION 7.. Amending and Supplementing Section 2_01 of the 1986 Bond Resolution,
Section 2.01 of the 1986 Bond Resolution is hereby amended and supplemented to
add the following sentence at the end thereof:
"Subject and pursuant to the provisions of this Instrument,
additional obligations of the Issuer to be known as "Water and Sewer
Revenue Bonds, Series 1986A" are hereby authorized to be issued in
an aggregate principal amount not exceeding $450,000 for the purpose
of providing additional funds to pay the Cost of the Project."
SECTION 8.. Amending and Supplementing Section 2,02 of tlie 1986 Bond Resolution.
A. section 2.02 of the 1986 Bond Resolution shall be amended by
inserting "A. Series 1986 Bonds." after the caption thereof and
substituting the phrase "Series 1986 Bonds" for the term "Bonds" in
each place such term appears in such Section of the 1986 Bond
Resolution.
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B. Section 2.02 of the 1986 Bond Resolution shall be supplemented
by inserting the following new subsection at the end thereof:
°B. Series 1986A Bonds. The Series 1986A Bonds shall
be dated as of the date of their delivery; shall bear
interest at a rate or rates not exceeding the maximum
rate per annum permitted by law, payable on September
1, 1990, and annually thereafter on September 1 of each
year; and shall be issued initially as a single fully -
registered Bond, numbered 1 (with exchange privileges
as hereinafter provided), payable in installments on
September 1 of the years and in the amounts as follows:
Year
Am Uu tt
Year
Amount
1992
$ 2,600
2011
$ 9,400
1993
2,800
2012
10,100
1994
3,000
2013
10,800
1995
3,200
2014
11,600
1996
3,400
2015
12,400
1997
3,700
2016
13,200
1998
3,900
2017
14,200
1999
4,200
2018
15,100
2000
4,500
2019
16,200
2001
4,800
2020
17,300
2002
5,100
2021
18,600
2003
5,500
2022
19,900
2004
5,900
2023
21,200
2005
6,300
2024
22,700
2006
6,700
2025
24,300
2007
7,200
2026
26,000
2008
7,700
2027
27,900
2009
8,200
2028
29,800
2010
8,800
2029
31,800;
Provided, however, that if the Series 1986A Bonds shall
be issued on September 1, 1990, or thereafter, each of
the installments or maturity dates shall be deferred by
one year for each year or fraction of a year that the
issuance of the Series 1986A Bonds shall be deferred
beyond August 31, 1990, and all other dates herein shall
be deferred correspondingly."
SLCTION 9. Amending, Section 2,03 of the 1986 Bond Resolution. Section 2.03 of
the 1986 Bond Resolution shall be amended to delete the phrase beginning with
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the words "Finance Office" and ending with the words "St. Louis, Missouri
63103," and to substitute in its place the following phrase:
"District Office, Farmers Home Administration, United States
Department of Agriculture, 5601 Corporate Way, Suite 400, West Palm
Beach, Florida 33407,".
¢t('T7gN 10. Amending Section -2.-06 of the 1986 Bond esolution. The third
paragraph of Section 2.06 of the 1986 Bond Resolution shall be amended to read
as follows:
"Any Band may be exchanged by the owner and holder thereof at any
time, not more than 90 days after surrender of such Bond to the Bond
Registrar, for an equal aggregate principal amount of fully
registered Bonds of the same series and interest rate stated to
mature on September 1 of the years, in the amounts and in
denominations corresponding to the years and amounts of the unpaid
installments of principal of the original, single, fully -registered
Bond of such series, and substantially in the form prescribed for
such series in Section 2.08 of this Instrument, with appropriate
insertions, omissions and variations."
SECTION 11. Amending_ and Suoolementinp Section 2.08 of the 1986 Bond
Resolution.
A. Section 2.08 of the 1986 Bond Resolution shall be amended by
inserting "A. Series 1986 Bonds." after the caption thereof and
substituting the phrase "Series 1986 Bonds" for the term "Bonds" in
each place such term appears in such Section of the 1986 Bond
Resolution; provided, however that the term shall not be so replaced
in the form of Bond set forth in such Section.
B. The form of bond set forth in Section 2.08 of the 1986 Bond
Resolution shall be amended as follows:
1. The second sentence of first paragraph of the form
of bond shall be amended to read as follows:
"Both principal and interest on this Bond
are payable, at the District Office, Farmers
Home Administration, United States
Department of Agriculture, 5601 Corporate
Way, Suite 400, West Palm Beach, Florida
33407, in lawful money of the United States
of America."
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(FORM OF 1986A BOND)
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
WATER AND SEWER REVENUE BOND, SERIES 1986A
BOND NO. 1
KNOW ALL MEN BY THESE PRESENTS, that the County of Indian River,
Florida, a public body created and existing under and by virtue of the laws of
the State of Florida (the "Issuer"), for value received, hereby promises to pay,
solely from certain special funds described herein, to tyle order of the United
States of America, acting through the Farmers Home Administration, United States
Department of Agriculture (the "Government"), or registered assigns, unless this
Bond duly shall have been called for earlier redemption and payment of the
redemption price shall have been made or provided for, the principal sum of
$450,000 on the first day of September in the years and installments as follows.
ar
Amovii
Year
Amount
1992
$ 2,600
2011
$ 9,400
1993
2,800
2012
10,100
1994
3,000
2013
10,800
1995
3,200
2014
11,600
1996
3,400
2015
12,400
1997
3,700
2016
13,200
1998
3,900
2017
14,200
1999
4,200
2018
15,100
2000
4,500
2019
16,200
2001
4,800
2020
17,300
2002
5,100
2021
18,600
2003
5,500
2022
19,900
2004
5,900
2023
21,200
2005
6,300
2024
22,700
2006
6,700
2025
24,300
2007
7,'100
2026
26,000
2008
7,700
2027
27,900
2009
8,200
2028
29,800
2010
8,800
2029
31,800;
or such lesser amount as shall, on any of such dates, represent the then
outstanding principal amount hereof, and to pay interest on the balance of such
principal sum from time to time remaining unpaid, from the date of the issuance
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of this Bond to the holder hereof, at the rate of .... per centum (...8) Per
annum, payable on September 1, 1990, and annually thereafter on the first day
of September of each year. Both principal of and interest on this Bond are
payable at District office, Farmers Home Administration, United States
Department of Agriculture, 5601 Corporate Way, Suite 400, West Palm Beach,
Florida 33407, in lawful money of the United States of America. Any
prepayments of principal of this Bond shall be noted by the owner and bolder
hereof on the back of this Bond at the place provided for such notation. Upon
final payment of principal and interest, this Bond shall be surrendered to the
Issuer,
This Bond represents an authorized issue of Bonds in the aggregate
principal amount of $450,000 issued to finance a portion of the cost Of
acquiring and constructing additions, extensions and improvements to the
combined water and sewer system of the Issuer (the "System"), under the
authority of and in full compliance with the Constitution and Statutes of the
State of Florida, particularly Ch. 159, Fla, Stat, (1988), and a resolution duly
adopted by the Issuer, including a resolution duly adopted by the Issuer on
December 1989 (collectively, the "Resolution"), and is subject to all the
terms and conditions of the Resolution.
This Bond and the interest hereon are payable solely from and
secured by a lien upon and a pledge of the gross revenues to be derived from the
operation of the System, in the manner described in the Resolution. It is
provided in the Resolution that this Bond shall rank on a Parity with the Water
and Sewer Revenue Bonds, series 1986, of even date herewith, of the Issuer, duly
issued pursuant to the Resolution (herein referred to as the "Parity
Obligations"), which shall have a lien of equal rank upon such gross revenues.
It is expressly agreed by the holder of this Bond that the full
faith and credit of the Issuer are not pledged to the payment of the principal
of and interest on this Bond and that such holder soil never have the right to
require or compel the exercise of any taxing power of the Issuer to the payment
of such principal and interest or the cost of maintaining, repairing and
operating the System, This Bond and the obligation evidenced hereby shall not
constitute a lien upon the System or any part thereof or upon any other property
of the Issuer or situated within its corporate limits, but shall constitute ji
lien only on the gross revenues derived from the operation of the System.
In and by the Resolution, the Issuer has covenanted and agreed with
the holder of this Bond that it will fix, establish, revise, from time to time,
whenever necessary, maintain and collect always such fees, rates, rentals and
other charges for the use of the product, services and facilities of the System
which will always produce revenues sufficient to pay, and out of such funds pay,
as the same shall become due, 100% of the current Bond Service Requirement, as
defined in the Resolution, on this Bond and the Parity obligations and 1008 of
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all other payments required by the Resolution; and that such rates, rentals,
fees and other charges will not be reduced so as to be insufficient to provide
funds for such purposes.
As provided in the Resolution, this Bond is exchangeable at the
expense of the owner and holder hereof at any time, not more than 90 days after
surrender of this Bond to the Clerk hereinafter mentioned, as Band Registrar,
for an equal aggregate principal amount of fully registered Bonds stated to
mature on September 1 of the years in the amounts and in denominations
corresponding to the years and amounts of the unpaid installments of principal
of this Bond.
This Bond is subject to redemption prior to maturity, at the option
of the Issuer, as a whole, on any date, upon payment of the outstanding
principal amount hereof, together with accrued interest to the date fixed for
redemption.
The Issuer, at its option, from time to time, on any interest
payment date, may redeem any part of the principal of this Bond by payment of
the amount selected for such redemption, together with accrued interest on the
amount selected for such redemption to the redemption date. Each partial
redemption shall be applied against the installments of principal last (by date)
due and payable and no partial redemption shall postpone or interrupt payments
of future amortized installments which shall continue to be due and payable
until payment hereof in full.
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 laws and Constitution of the State of
Florida applicable thereto; and that the issuance of this Bond does not violate
any constitutional or statutory limitations or provisions.
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SSEC T ON 12. Amending Section 4,03 of the 1986 Bond Resolution. Section 4.03
of the 1986 Bond Resolution shall be amended to read as follows:
114,03 Arbitrage, The Issuer covenants to and with the purchasers
of the issue that is comprised of the Bonds that it will make no use
of the proceeds of such issue that will cause the Bonds to be or to
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
applicable regulations implementing said Sections, and the Issuer
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, including without
limitation the full and timely payment of any rebate amount due and
payable with respect to the Water and Sewer Revenue Bonds, Series
1986, Anticipation Notes of the Issuer."
SECTION 13. 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.
SECTION 14,_ 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 15, Effective Date, This Resolution shall take effect immediately.
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