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HomeMy WebLinkAbout1987-059• RESOLUTION 87 - 59 A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION 85-75 OF INDIAN RIVER COUNTY, FLORIDA, AS AMENDED AND SUPPLEMENTED; AUTHORIZING THE CONSTRUCTION, ACQUISITION, FURNISHING AND EQUIPPING OF CERTAIN CAPITAL PROJECTS IN THE COUNTY; PROVIDING FOR THE ISSUANCE OF CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1987, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $3,800,000 AS THE SECOND INSTALLMENT OF THE BONDS ORIGINALLY AUTHORIZED UNDER SAID RESOLUTION; TO PAY THE COST OF SAID PROJECTS; PROVIDING FOR THE PAYMENT OF SAID BONDS FROM THE SALES TAX REVENUES RECEIVED BY THE COUNTY; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE HEREOF. 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 the provisions of Chapters 125 and 279, Florida Statutes (1985), as amended; County Home Rule Ordinance No. 77-19, as amended; the Master Bond Resolution and other applicable provisions of law. SECTION 2. Definitions. All terms herein shall have the meanings ascribed to them in the Master Bond Resolution, except as otherwise provided herein. When used in this Resolution, the following terms shall have the following meanings, unless the context clearly requires otherwise: "Act" shall mean Chapters 125 and 279, Florida Statutes (1985); County Home Rule Ordinance No. 77-19, as amended; the Master Bond Resolution and other applicable provisions of law. "Board" shall mean the Board of County Commissioners of the County. "Bond" or "Bonds" shall include any or all of the Capital. Improvement Revenue Bonds, Series 1987, herein authorized to be issued. "Code" shall mean the Internal Revenue Code of 1986, as amended, and the applicable regulations promulgated thereunder. County. "County Administrator" shall mean the County Administrator of the • • "Investment Agreement" shall mean an agreement, entered into by the County, governing the application and investment of bond proceeds pending expenditure in accordance with requirements of the Code. "Master Bond Resolution" shall mean Resolution No. 85-75 of the County, as amended and supplemented, from time to time, including, to the extent provided herein, this Resolution. "1987 Construction Fund" shall mean the Indian River County 1987 Capital Improvement Revenue Bonds Construction Fund established herein. "1987 Project" shall mean the construction, acquisition, furnishing and equipping of buildings located within the County to house a minimum security detention facility and an office administration and communication center for the County Sheriff's Department; and the acquisition of land for and design of an additional. County administrative office facility, all pursuant to the plans and specifications of a Qualified Independent Consultant on file, or to be on file, with the Issuer. "Pledged Funds" shall mean the Sales Tax and the earnings from the investment of money in certain funds and accounts pledged for payment of the principal of, interest and premium, if any, on the Bonds. "Project" shall be deemed to include the 1987 Project. "Resolution" shall mean this resolution, as amended and supplemented from time to time. "Series 1985 Bonds" shall mean the Indian River County Refunding and Improvement Revenue Bonds, Series 1985, dated as of November 1, 1985, in the aggregnte principal amount of $9,855,000, issued as the first installment of the Bonds authorized under the Master Bond Resolution. - 2 - 40 • "Series 1987 Bonds" shall mean the Capital Improvement Revenue Bonds, Series 1987, herein authorized to be issued as the second installment of the Bonds authorized under the Master Bond Resolution. SECTION 3. Findings. It is hereby ascertained, determined and declared that: A. Pursuant to the Act, the Issuer is authorized to pledge the Pledged Funds to the payment of principal of, interest and premium, if any, on the Bonds; B. It is necessary and desirable to undertake the 1987 Project in order to preserve and protect the public health, safety and welfare of the inhabitants of the Issuer; C. The Issuer deems it necessary and in its beat interests to undertake the 1987 Project by the issuance of the Series 1987 Bonds herein authorized; D. Certain of the estimated funds needed to pay the costs of the 1987 Project shall be provided from the proceeds derived from the sale of the Series 1987 Bonds; E. The costs of the 1987 Project shall be deemed to include, but not be limited to, bond discount, if any, legal expenses, municipal bond insurance, if any, fiscal expenses, expenses for estimates of costs and of revenues, administrative expenses, interest ancrued on the Series 1987 Bonds for a reasonable period after the date of issuance thereof, and reasonable amounts for reserves and the costs of the acquisition of any lands, or interest therein, and of any fixtures, or equipment, or properties deemed necessary or convenient therefor, architectural/engineering and legal expenses, expenses for financial. services or fiscal advisors, expenses for plana, specifications and surveys, administrative expenses relating to the additions, extensions and improvements — 3 — • authorized by this Resolution, and such other expenses as may be necessary or incidental to the financing authorized by this Resolution, and the 1987 Project; F. The principal of, interest and premium, if any, on the Bonds and all required sinking fund, reserve and other payments are payable solely from the Pledged Funds to be received by the Issuer. The Issuer shall never be required to levy any ad valorem taxes on any property to pay the principal of, interest and premium, if any, on the Bonds or to make any of the required sinking fund, reserve or other payments, and the Bondi shall not constitute a lien upon any property owned by or situated within the County; and G. The estimated Sales Tax and the anticipated investment income to be received by the Issuer will be sufficient to pay all principal of, interest and premium, if any, on the Bonds previously issued and the Series 1987 Bonds to be issued hereunder, as the same become due, and to make all required reserve or other payments required hereby or by the Master Bond Resolution. SECTION 4. Resolution to Constitute Contract. In consideration of the acceptance of the Series 1987 Bonds authorized to be issued hereunder by those who shall hold the same, from time to time, this Resolution shall be deemed to he and shall constitute a contract between the Issuer and such holders and, so long as any of the Series 1987 Bonds are insured by a Municipal Bond Insurer or held by it as subrogee of such holders following payment on a municipal bond insurance policy, such Municipal Bond Insurer, if any. The covenants and agreements herein and in the Master Bond Resolution to be performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of any and all Bonds, including the Series 1987 Bonds, all of which shall be of equal rank and without preference, priority or distinction, except as may be expressly provided for herein or in the Master Bond Resolution. - 4 - • • SECTION 5. Authorization for the 1987 Project. The 1987 Project is hereby authorized in accordance with plans and specifications presently on file or to be placed on file with the Issuer. SECTION 6. Authorization of the Series 1987 Bonds. Subject and pursuant to the provisions of this Resolution, special revenue obligations of the Issuer to be known as "Capital Improvement Revenue Bonds, Series 1987" are hereby authorized to be issued in the maximum aggregate principal amount of Three Million Eight Hundred Thousand Dollars ($3,800,000), which obligations are authorized to be issued as the second installment of the Bonds authorized under the Master Bond Resolution. Said obligations shall have an equal lien upon the Pledged Funds and shall rank equally in all respects with the Series 1985 Bonds and such other Bonds as may be issued under or pursuant to the Master Bond Resolution, from time to time. SECTION 7. Description of the Series 1987 Bonds. The Series 1987 Bonds shall be issued in such denominations, bear interest at such rates not exceeding the maximum rate authorized by applicable law, be payable at such times, mature on such dates in such years and in such amounts and contain such redemption provisions as shall be fixed by subsequent resolution of the County not later than the sale of the Series 1987 Bonds. The Series 1987 Bonds shall be substantially in the form set forth and as described in the Master Bond Resolution, with such omissions, insertions and variations as may be necessary, desirable, authorized and permitted by the Master Bond Resolution and this Resolution. Except as provided herein, the Series 1987 Bonds shall contain all provisions, shall be in the manner spgcified by, and shall be subject to the conditions set forth j.n the Master Bond Resolution. SECTION 8. Authorization for Investment Agreement The County shall enter into an Investment Agreement governing the application and investment of - 5 - 0 0 bond proceeds pending expenditure, in order to insure compliance with the requirements of the Code. The provisions of the Investment Agreement shall be specified by subsequent resolution of the Board. SECTION 9. Application of Bond Proceeds. The proceeds, including accrued interest and premium, if any, received from the sale of any or all of the Series 1987 Bonds shall be applied by the Issuer simultaneously with their delivery to the purchaser thereof, as follows: A. The accrued interest shall be deposited in the Sinking Fund and shall be used only for the purpose of paying interest coming due on the Bonds; B. A sum equal to the lesser of ten (10X) of the proceeds of the Series 1987 Bonds or the Maximum Debt Service Requirement on the Series 1987 Bonds shall be deposited into the Reserve Account; C. To the extent not paid or reimbursed therefor by the original purchaser of the Series 1987 Bonds, the Issuer shall pay all costs and expenses in connection with the preparation, issuance and sale of the Series 1987 Bonds; and D. The balance of such funds shall be deposited into the 1987 Construction Fund, which is hereby created, and used only for payment of the costs and expenses of the 1987 Project or to reimburse the Issuer for the cost thereof. Any funds on deposit in the 1987 Construction Fund which, in the opinion of the Issuer, are not immediately necessary for expenditure, may be invested in Authorized Investments, maturing at such times as the moneys in the 1987 Construction Fund will be needed for their intended purposes. All income derived from such investment of funds.shall be retained in the 1987 Construction Fund and used for the 1987 Project until the 1987 Project has been completed, at which time any balance remaining in the 1987 Construction Fund shall, at the option of the Issuer, be used for other capital improvements in the County or - 6 - • deposited in the Revenue Fund as may be permitted by applicable provisions of State and Federal law. All expenditures or disbursements from the 1987 Construction Fund shall be made only after such expenditures or disbursements shall have been approved in writing by the County Administrator or his designee. The date of the completion of the 1987 Project shall be determined by a Qualified Independent Consultant who shall certify such fact in writing to the Board. Such funds described in this Section shall be kept separate and apart from all other funds of the Issuer and such moneys shall be used and applied by the Issuer solely for the purposes set forth herein. All such proceeds shall be and constitute trust funds for such purposes and there is hereby created a lien in favor of the Holders of the Series 1987 Bonds upon such money until so applied. SECTION 10. Special Obligations of Issuer. Neither the Series 1987 Bonds nor interest thereon shall be or constitute a general indebtedness of the Issuer within the meaning of any constitutional or statutory provision or limitation, but shall be payable solely from and secured by a first lien upon and a pledge of the Pledged Funds, on a parity with the Series 1985 Bonds and such other Bonds as may be issued under or pursuant to the Master Bond Resolution, from time to time. No Holder or Holders of any Series 1987 Bonds issued hereunder shall ever have the right to require or compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any property therein for payment thereof, or be entitled to payment of the principal, interest and premium, if apy, on the Series 1987 Bonds from any other funds of the Issuer except the Pledged Funds. Until payment has been provided for as herein permitted, the payment of the principal of, interest and premium, if any, on the Series 1987 Bonds - 7 - shall be secured forthwith equally and ratably by an irrevocable first lien upon and a pledge of the Pledged Funds, on a parity with that of the Series 1985 and such other Bonds as may be issued under or pursuant to the Master Bond Resolution, from time to time. Bonds, prior and superior to any other liens or encumbrances on the Pledged Funds and the Issuer does hereby irrevocably pledge such Pledged Funds to the payment of the principal of, interest and premium, if any, on the Bonds, including the Series 1987 Bonds, the reserves therefor, and for all other required payments. SECTION 11. Covenants in Master Bond Resolution. All of the covenants made by the Issuer in the Master Bond Resolution are hereby made, ratified and confirmed and shall apply as if fully contained herein. SECTION 12. Non -Arbitrage and Tax Covenants. The County covenants with holders of the Series 1987 Bonds that, throughout the term of the Series 1987 Bonds and for any required period thereafter it will make no use of the proceeds of the Series 1987 Bonds that may cause the Series 1987 Bonds to be or become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Code and it will comply with all other requirements of applicable provisions of the Code, including, without limitation, the applicable provisions of Section 1.103-13, 1.103-14 and 1.103-15 of the applicable regulations heretofore published in the Federal Register and with the applicable provisions of other regulations hereafter so published. SECTION 13. Modification or Amendment. No adverse or material modification of this Resolution may be made except as provided in the Master Bond Resolution. SECTION 14. Sale of Bonds. The Bonds shall be Issued and sold at public or private sale, and at a price or prices consistent with the provisions - 8 - 0 0 of the Act and the requirements of this Resolution, as the Issuer shall determine by subsequent resolution. SECTION 15. Amendments to the Master Bond Resolution. The following additional amendments are hereby made to the Master Bond Resolution: A. The "Indian River County Refunding and Improvement Revenue Bonds Revenue Fund" is renamed the "Indian River County Revenue Bonds Revenue Fund"; B. The "Indian River County Refunding and Improvement Revenue Bond Sinking Fund" is renamed the "Indian River County Revenue Bonds Sinking Fund"; C. The "Refunding and Improvement Revenue Bonds, Bond Amortization Fund" is renamed the "Indian River County Revenue Bonds Bond Amortization Fund"; D. The "Reserve Account" is renamed the "Indian River County Revenue Bonds Reserve Account"; E. Section 17B(3) is amended to add the following at the end thereof: "There is hereby created and established a subaccount within the Reserve Account to be known as the "Series 1987 Reserve subaccount." There shall be applied and allocated thereto the amount required to be deposited in the Reserve Account out of the proceeds of the Series 1987 Bonds and such additional amounts, if any, as shall be required to be applied to the Reserve Account pursuant to this Section 17B(3) which is attributable to the Series 1987 Bonds. The Series 1987 Reserve Subnccount shall be maintained, invested, reinvested and accounted for separately from the remainder of the Reserve Account including any other subaccounts thereunder."; F. Section 2G is amended to read as follows: "G. Bonds shall mean the bonds in an aggregate principal amount not exceeding Twenty-five Million Dollars ($25,000,000) authorized to be issued hereunder together with Additional Parity Obligations hereafter issued under the terms, conditions and limitations contained herein."; G. Section 6 is amended to read as follows: "SECTION 6. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this Resolution, special revenue obligations of the Issuer are hereby authorized to be issued in the maximum aggregate principal amount of Twenty-five Million Dollars ($25,000,000). The first - 9 - • installment of such special revenue obligations is hereby designated as the "Refunding and Improvement Revenue Bonds, Series 1985"."; H. The first paragraph of Section 7 is amended to read as follows: "SECTION 7. DESCRIPTION OF BONDS. The Bonds authorized hereunder may be issued, from time to time, in one or more installments; each installment shall be dated as of a date to be fixed by subsequent resolution of the Issuer, but not later than the date of issuance. The Bonds shall be issued in such denominations, shall bear interest at not exceeding the maximum rate authorized by applicable law, payable at such times, and shall mature on such dates and in such years and in such amounts, all as are fixed by subsequent resolution of the Issuer adopted at or prior to the sale of the Bonds."; and I. SECTION 17B(8) is amended by adding the following immediately following the second grammatical paragraph thereof: "If the market value of securities and other assets in the Reserve Account, including any subaccounts thereof, exceeds the Maximum Debt Service Requirement on the Bonds, the yield on such excess shall be restricted to a yield that complies with Section 1.013-13(6)(5) of the Regulations promulgated under Section 103(b)(20) and Section 148 of the Internal Revenue Code of 1986, as amended.". SECTION 16. Incorporation of Master Bond Resolution By Reference. Except to the extent in conflict herewith, the provisions of the Master Bond Resolution are hereby incorporated herein by reference and made a part hereof as if fully set forth herein. SECTION 17. Severability of Invalid Provisions. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law; the policy of express law, though not expressly prohibited; public policy; or for any other reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof or of the Series 1987 Bonds issued hereunder. - 10 - • s SECTION 18. Repeal of Conflicting Ordinances and Resolutions. All ordinances or resolutions or parts thereof in conflict herewith shall, upon the date of issuance of any of the Series 1987 Bonds authorized hereunder, stand repealed to the extent of such conflict. In the event of any conflict between this Resolution and this Resolution, this Bond Resolution shall prevail, except as may be specifically provided herein. SECTION 19. Effective Date. This Resolution shall take effect immediately upon its passage. ATTEST: Cler-k V Ad opted: Approved as to form and Legal Sufficiency Charles P. Vitunac County Attorney Don C. Scurlock, Jr. Chairman, Board of Cou t Commissioners of Indian River County