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HomeMy WebLinkAbout1989-155INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 89 - 155 A RESOLUTION AWARDING $9,200,000 AGGREGATE PRINCIPAL AMOUNT OF WATER AND SEWER REVENUE BONDS, SERIES 1986, AND $450,000 AGGREGATE PRINCIPAL AMOUNT OF WATER AND SEWER REVENUE BONDS, SERIES 1986A, OF INDIAN RIVER COUNTY, FLORIDA, AT PRIVATE SALE BY NEGOTIATION, TO THE PURCHASER THEREOF; AUTHORIZING AND APPROVING CERTAIN TERMS OF SAID BONDS; PROVIDING FOR CERTAIN MATTERS RELATING TO THE BONDS; DETERMINING TO REDEEM $9,200,000 AGGREGATE PRINCIPAL AMOUNT OF WATER AND SEWER REVENUE BONDS, SERIES 1986, ANTICIPATION NOTES, OF INDIAN RIVER COUNTY, FLORIDA, AS A WHOLE, BY OPTIONAL REDEMPTION PRIOR TO MATURITY; PROVIDING FOR CERTAIN MATTERS RELATING TO THE REDEMPTION OF THE NOTES; AUTHORIZING THE TRANSFER OF CERTAIN FUNDS IN CONNECTION WITH THE BONDS AND THE REDEMPTION OF THE NOTES; AUTHORIZING ALL OTHER NECESSARY, DESIRABLE AND/OR APPROPRIATE ACTIONS IN CONNECTION WITH THE SALE, ISSUANCE AND DELIVERY OF THE BONDS AND THE REDEMPTION OF THE NOTES; 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. 86-35, duly adopted on June 18, 1986, as amended (the "Bond Resolution"), heretofore authorized the issuance of Water and Sewer Revenue Bonds, Series 1986, of the County in an aggregate principal amount not to exceed $9,200,000 (the "Series 1986 Bonds") and Water and Sewer Revenue Bonds, Series 1986A, of the County in an aggregate principal amount not to exceed $450,000 (the "Series 1986A Bonds") (the Series 1986 Bonds and the Series 1986A Bonds are hereinafter collectively referred to as 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 United States of America, acting through the Farmers Home Administration, United States Department of Agriculture (the "Purchaser"), has offered to purchase the Bonds on the terms and conditions hereinafter described; WHEREAS, the County desires to redeem $9,200,000 aggregate principal amount of Water and Sewer Revenue Bonds, series 1986, Anticipation Notes, of the County (the "Notes"), as a whole, by optional redemption prior to maturity; and WHEREAS, it is necessary and desirable to authorize and approve certain terms and provisions with respect to the redemption Of the Notes. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The Series 1986 Bonds shall be in the aggregate principal amount of $9,200,000, shall be dated as of date of their delivery, shall be in fully registered form, shall be in denominations as provided in the Bond Resolution, shall bear interest payable annually on September I of each year, commencing September 1, 1990, until the principal amount thereof is paid, as provided in the Bond Resolution, at the interest rate of five 2 40 04 percent (5&) per annum, and shall he payable in installments on September l of the years and in the principal amounts, shall mature and shall he subject to optional redemption all as sat forth in the Bond Deaqlution, SECTION 2. The Series 1986A Bonds shall be in the aggregate principal amount of $450,000, shall be dated as of date of their delivery, shall by in fully registered form, shall he in denominations as provided in the Bond Resolution, shall boar interest payable annually on September 1 of each year, commencing September z, 1990, until the principal amount thereof is paid, as provided in the Bond Resolution, at the interest rate of seven percent (7%) per annum, and shall be payable in installments on September l of the yearn and in the principal amounts, shall mature and shall be subject to optional redemption all as oat forth in the Bond Resolution. aEcrzoN 3. The Bonds are hereby awarded and sold to the Purchaser at ^ total price of $9'*50'000,00' sooczom :. The county hereby determines to redeem the Notes by optional redemption prior to maturity on January za, zyyn in accordance with the rights and privileges reserved to the County in the Notes and under Resolution No. 86-36 of the County, adopted June 18, zyo*, as amended and supplemented (the "mote nmanlutiuu")' Such redemption shall be effected by depositing with Florida National Bank, the Paying Agent for the Notes, under the Caoruw Agreement, hereinafter described, an amount equal to the principal and interest on the motes which will be due and payable 3 on January 18, 1990. The county hereby exercises its option to redeem all of the Notes in accordance with the rights and privileges reserved to the County in the Notes and under the Note Resolution. The date fixed for the redemption of the Notes shall be zuouncy zo, 1990. Such redemption shall be accomplished in the manner and upon terms and conditions provided in the Note Resolution and shall have the effect provided in the Note Resolution. The County hereby authorizes and directs the Paying Agent, as paying agent under the Note Resolution, to mail the Notice of Redemption with respect to the redemption of the Notes authorized hereunder, all in accordance with the Note Resolution. On the date of the closing on the bonds or as soon thereafter as reasonably possible, the county is hereby authorized ^ and directed to deposit with the Paying Agent, as canzmx agent tinder the Escrow Agreement, funds in an amount equal to the principal and interest on the Notes which will be due and payable on January lo, 1990, in addition, the County shall pay to the � Paying Agent at such time any fees then or thereafter to become due ` and payable to the raying agent, as paying Agent or as escrow agent under the Escrow Agreement. upon making the aforesaid deposit and payment, all pzeu«oa and liens under the Note Resolution shall innediately, without any further action whatsoever, become released, cancelled, discharged and satisfied and null and void and of no further force 4 • • •i or effect whatsoever. The Escrow Agreement in substantially the form attached hereto as Exhibit A, with such changes therein as may be necessary and/or desirable and approved by the Chairman of the Board prior to the execution thereof, is hereby approved. The proper officers of the County are hereby authorized and directed to execute the Escrow Agreement and to deliver the same to the Paying Agent for execution. The necessity and/or desirablity and approval of any such changes shall be conclusively presumed by such execution and delivery. SECTION 5. The transfer of funds of the County in an amount equal to the Maximum Bond Service Requirement, as defined in Resolution No. 82-61 of the County, as amended and supplemented (the "Original Resolution"), to the Reserve Account in the Sinking Fund created, established and existing under the original Resolution is hereby authorized and directed. SECTION 6. The proper officers of this County are 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 7. 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 8. The proper officers of the County are hereby authorized and directed to execute and deliver on behalf of the 5 WRIT "All ESCROW AGREEMENT THIS ESCROW AGREEMENT, made and entered into this 20th day of December, 1989 (the "Agreement", which term Sometimes is referred to in this document by use of such terms as "hereof", "herein", "hereby" or "hereunder"), but effective as of the date of delivery hereof by the parties hereto, by and between INDIAN RIVER COUNTY, FLORIDA (the "County"), party of the first part, and FLORIDA NATIONAL BANK (the "Escrow Agent"), a national banking association with trust powers, having a corporate trust office in the City of St. Petersburg, Florida, as paying agent tinder the Resolution (hereinafter identified), party of the second part. WITNESSETH; WHEREAS, The Board of County Commissioners (the "Board") of the County heretofore duly adopted a resolution, designated as Resolution No. 86- 36, on June 18, 1986 (referred to herein as the "Resolution"), under which bond anticipation notes of the County were authorized to be issued; and WHEREAS, The County heretofore authorized and issued, and the Escrow Agent, as paying agent, authenticated, inter alla, a series of bond anticipation notes under the Resolution, designated specifically as "Vater and Sewer Revenue Bonds, Series 1986, Anticipation Notes", dated as of December 1, 1987, in the aggregate principal amount of $9,200,000 (the 111986 Notes"); and tMEREAS, The 1986 Notes are the only series of notes outstanding under the Resolution; and WHEREAS, The County, in accordance with the rights and privileges reserved to it in the 1986 Notes and under the Resolution, has exercised its option to call for redemption, prior to maturity, the outstanding 1986 Notes; and WHEREAS, The County, pursuant to authority vested in it by law, has determined to provide funds to the Escrow Agent which will be sufficient to enable the Escrow Agent, in behalf of the County, to retire the 1986 Notes upon optional redemption prior to maturity, on January 18, 1990; and WHEREAS, The Board of the County, by a resolution duly adopted in accordance with law, Inter alfa, has authorized the sale, issuance and delivery of bonds in the aggregate principal amount of $9,650,000, designated as "Water and Sewer Revenue Bonds, Series 1986" and "Water and Sewer Revenue Bonds, Series 1986A", dated December 20, 1989 (the "Bonds"), with the proceeds thereof to be used, in part, to the extent necessary, for the purposes of retiring the 1986 Notes; and WHEREAS, The County, simultaneously with the execution and delivery of this Agreement, proposes to deliver the Bonds to the purchaser thereof, all in accordance with prior action heretofore taken by the Board of the County; and WHEREAS, The County, concurrently with the effectiveness hereof, as provided herein, has deposited or caused to be deposited with the Escrow Agent an amount of money that is sufficient to meet all obligations of the. County under and with respect to the Resolution; and WHEREAS, The County and the Escrow Agent desire to agree that Such money deposited with the Escrow Agent for payment of obligations of the County Linder the Resolution with respect to principal and interest relating to the 1986 2 5. The Escrow Agent covenants and agrees to apply the sum referred to in Paragraph 1. for the purposes and at the times as set forth in Paragraph 2 and Paragraph 3, respectively. 6. At the direction of the County, the sum referred to in Paragraph l shall be invested and reinvested by the Escrow Agent in Authorized Investments stated to mature or subject to redemption by the holder at not less than the purchase price thereof not• later than January 1.8, 1990 (the "Obligations"). For purposes hereof, the phrase "Authorized Investments" shall mean direct obligations of the United States, or obligations the principal of and interest on which are fully guaranteed by the United States, none of which permit redemption prior to maturity at the option of the obligor ("Federal Securities"), or bank certificates of deposit fully secured as to principal and interest by Federal Securities. The Obligations shall be held in the name of the Escrow Agent and shall be subject to withdrawal and/or collection only by the Escrow Agent for application for proper purposes provided for in this Agreement. The income derived from such investment and/or deposit of money, to the extent not required to meet obligations of the County to pay the principal and interest on the 1986 Notes, promptly shall be paid over to the County or disbursed by the Escrow Agent as shall be directed by the County in writing. 7. The County authorizes and directs the Escrow Agent, in behalf of the County, to do all acts and things that shall be necessary or desireable, from time to time, to effectuate the withdrawal and/or collection of the principal and interest of the Obligations in accordance with the provisions of - 5 - 0 v ` 62919'7 RESOLUTION NO. 59-156 A RESOLUTION Or BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, ASSESSING COSTS OF COUNTY WEED, TRASH AND DEBRIS NUISANCE ABATEMENT ON LOT 1, BLOCK 10, OF WHISPERING PALMS SUBDIVISION UNIT 9; SUCH ASS138SMENT BEING A BINDING OBLIGATION UPON THE PROPERTY UNTIL PAID. WHEREAS, the Board of County Coamuissioners of Indian River County has determined that the regulation of the accumulation of weeds, trash, debris, and garbago is in the public interest and necessary for the health, safety, and welfare of the citizens of Indian River County; and WHEREAS, Indian River County Ordinances No. 87-13, "Public Nuisances," defines as a public nuisance weeds in excess of 18 inches in height on a lot contiguous to a residential structure within a platted residential subdivision where the platted lots are at minimum of 50% developed; and WHEREAS, the Board of County Commissioners of Indian River County has determined that the landowners are responsible for abating public nuisance existing on their property; and WHEREAS, a Notice of Public Nuisance calling for the abate- ment of the described nuisance was sent to the owners by certified mail, and notice was posted on the subject property for 30 days, in accordance with Section 13-23, "serving of notice," of the County Public Nuisance Ordinance, and WHEREAS, the landowners of the subject property failed to abate the described weed, trash and debris nuisance within 30 days of the posted and mailed notice; and WHEREAS, Section 13-19(b) of the County Public Nuisance Ordinance (No. 87-33) authorized County personnel to abate a public nuisance if the nuisance is not abated by the landowner within 30 days of notice; and WHEREAS, as of November 08, 1989, County (toad and Bridge Division abated the herein described weed, trash and debris nuisance, In accordance with Section 1.3-19(b), of the County Public Nuisance Ordinance; and WHEREAS, Section 13-21(a) of the County Public Nuisance Ordinances provides that, after abatement of a nuisance by the County, the cost thereof shall be calculated and reported to the Board of County Commissioners thereupon, the Board, by resolu- tion, shall assess such costs against the subject property, such costs to include an administrative fee of seventy-five dollars ($75.00) per lot; and WHEREAS, the total cost of equipment use, labor, and adminis- trative fee for County abatement of the heroin described nuisance is determined to be nine thousand eight hundred seventy three dollars and six cents ($9,873.06); and WHEREAS, Section 13-21(c) of the County Public Nuisance Ordinance provides that the assessment shall be clue and payable thirty (30) days after the mailing of a notice of assessment, whereby if the owner fails pay assessed cost within the thirty (30 days, a certified copy of the assessment shall be recorded in the official record books of the County, constituting a lien against the property, subject to twelve (12)per annum interest; Q.B. 85?. 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