HomeMy WebLinkAbout1987-060A
RESOLUTION NO. 87- 60
A RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF A BOND PURCHASE AGREEMENT FOR THE
SALE. AND AWARD OF $3,655,000 AGGREGATE
PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT REVENUE
BONDS, SERIES 1987, OF INDIAN RIVER COUNTY,
FLORIDA, AT PRIVATE SALE BY NEGOTIATION, TO THE
PURCHASER THEREOF; AUTHORIZING AND APPROVING
CERTAIN DETAILS OF SAID BONDS; AUTHORIZING THE
EXECUTION AND DISTRIBUTION OF AN OFFICIAL
STATEMENT IN CONNECTION WITH THE MARKETING OF
SUCH BONDS; AUTHORIZING OTHER APPROPRIATE AND
NECESSARY ACTIONS IN CONNECTION WITH THE
DELIVERY OF SUCH BONDS; APPOINTING A PAYING
AGENT AND BOND REGISTRAR FOR SUCH BONDS; AND
SPECIFYING AN EFFECTIVE DATE HEREOF.
WHEREAS, the Board of County Commissioners of this
County, by Resolution No. 85-75, duly adopted on July 10, 1985, as
amended and supplemented by Resolution No. 85-125, duly adopted on
October 23, 1985 (collectively the "Master Bond Resolution"),
heretofore authorized the issuance of revenue bonds of this County
in the maximum aggregate principal amounts of $25,000,000,
including an initial installment of such revenue bonds designated
as the Refunding and Improvement Revenue Bonds, Series 1985, in
the aggregate principal amount of $9,855,000 (the "Series 1985
Bonds"); and
WHEREAS, the Board of County Commissioners of this
County, by Resolution duly adopters June 30, 1987, has authorized
the issuance of a second installment of said issue of revenue
bonds designated as the Capital Improvement Revenue Bonds, Series
1987, in the aggregate principal amount of $3,655,000 (the "Series
1987 Bonds") under and pursuant to the Master Bond Resolution; and
WHEREAS, this County deems it in its long term best
interests that the Series 1987 Bonds be sold at this time at
private sale by negotiation;
WHEREAS, it is necessary and appropriate to authorize
and approve certain details and provisions with respect to the
Series 1987 Bonds; and
WHEREAS, this County desires to appoint a Paying Agent
and Bond Registrar for the Series 1987 Bonds, to authorize the
printing of an insurance legend on the Series 1987 Bonds, and to
authorize the execution and distribution of an Official Statement
therefor; and
WHEREAS, Smith Barney, Harris Upham & Co. Incorporated,
Tampa, Florida (the "Purchaser") has offered to purchase the
Series 1987 Bonds at a total price of $3,621,965 plus accrued
interest from July 1, 1987, to the date of delivery thereof,
bearing interest, maturing at such times and in such amounts and
containing such other terms and provisions as are hereinafter
stated.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
.SECTION 1. (a) $3,655,000 aggregate principal amount
of Capital Improvement Revenue Bonds, Series 1987 (the "Series
1987 Bonds"), shall be issued at this time, shall be dated as of
July 1, 1987, shall be in fully registered form, shall be in the
denominations of $5,000 or any integral multiple thereof, shall
bear interest payable initially on September 1, 1987, and
semiannually thereafter on March 1 and September 1 of each year
until the principal amount thereof is paid, by check mailed to the
Registered Owner thereof whose address appears as set forth on the
registration books of the County fifteen (15) days prior to each
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interest payment date, at interest rates per annum and maturing on
September 1 of the years and in the principal amounts as follows:
(b) The Series 1987 Bonds stated to mature on September
1, 2005, are hereby designated as the Term Bonds of said issue.
Such Term Bonds shall be subject to mandatory redemption prior to
maturity and shall be callable by lot at par plus accrued interest
to the date of redemption on September 1 of the following years
and in the following principal amounts:
Principal
Interest
Amount
Principal
Interest
Year
Amount
Rate
Year.
Amount
Rate
1988
$115,000
4.758
1995
$ 170,000
6.409
1989
$125,000
5.00%
1996
$ 180,000
6.608
1990
$130,000
5.25%
1997
$ 195,000
6.808
1991
$135,000
5.50%
1998
$ 205,000
7.009
1992
$145,000
5.758
1999
$ 220,000
7.20%
1993
$150,000
6.008
2000
$ 235,000
7.30%
1994
$160,000
6.20%
2005
$1,490,000
7.758;
(b) The Series 1987 Bonds stated to mature on September
1, 2005, are hereby designated as the Term Bonds of said issue.
Such Term Bonds shall be subject to mandatory redemption prior to
maturity and shall be callable by lot at par plus accrued interest
to the date of redemption on September 1 of the following years
and in the following principal amounts:
SECTION 2. The optional redemption provisions of the
Series 1987 Bonds shall be as follows:
The Series 1987 Bonds maturing before September 1, 1998,
are not subject to optional redemption by the County. The Series
1987 Bonds maturing on or after September 1, 1998, are subject to
redemption prior to maturity, at the option of the County, in
whole or in part, on any date on or after September 1, 1997. The
County may select the maturities of the Series 1987 Bonds to be
Principal
Year
Amount
2001
$255,000
2002
$275,000
2003
$295,000
2004
$320,000.
SECTION 2. The optional redemption provisions of the
Series 1987 Bonds shall be as follows:
The Series 1987 Bonds maturing before September 1, 1998,
are not subject to optional redemption by the County. The Series
1987 Bonds maturing on or after September 1, 1998, are subject to
redemption prior to maturity, at the option of the County, in
whole or in part, on any date on or after September 1, 1997. The
County may select the maturities of the Series 1987 Bonds to be
redeemed and if less than all Series 1987 Bonds of a particular
maturity are to be redeemed, the selection of the particular
Series 1987 Bonds to be redeemed shall be by lot in any customary
manner of selection designated by this County. Any such
redemption shall be made at the following prices (expressed below
as a percentage of the principal amount of Series 1987 Bonds being
redeemed), plus accrued interest to the redemption date:
SECTION 3. Florida National Bank, Jacksonville,
Florida, is hereby appointed Paying Agent and Bond Registrar for
the Series 1987 Bonds.
SECTION 4. The Series 1987 Bonds are hereby awarded and
sold to the Purchaser at a total price of $3,621,965 plus accrued
interest from July 1, 1987, to the date of delivery thereof,
bearing interest at the rates per annum and maturing on the dates
and in the principal amounts as set forth in Section 1(a) hereof.
The Bond Purchase Agreement, dated June 30, 1987, by and between
the Purchaser and this County, in the form attached hereto as
Exhibit "A" (the "Bond Purchase Agreement") is hereby accepted and
approved and the proper officers of this County are authorized and
directed, on behalf of the County, to execute the acceptance
thereof in the space provided therefor on the Bond Purchase
Agreement.
Redemption Period
Optional
(both
dates inclusive)
Redemption Price
September
1,
1997 to August 31, 1998
102%
September
1,
1998 to August 31, 1999
101E
September
1,
1999 and thereafter
100%.
SECTION 3. Florida National Bank, Jacksonville,
Florida, is hereby appointed Paying Agent and Bond Registrar for
the Series 1987 Bonds.
SECTION 4. The Series 1987 Bonds are hereby awarded and
sold to the Purchaser at a total price of $3,621,965 plus accrued
interest from July 1, 1987, to the date of delivery thereof,
bearing interest at the rates per annum and maturing on the dates
and in the principal amounts as set forth in Section 1(a) hereof.
The Bond Purchase Agreement, dated June 30, 1987, by and between
the Purchaser and this County, in the form attached hereto as
Exhibit "A" (the "Bond Purchase Agreement") is hereby accepted and
approved and the proper officers of this County are authorized and
directed, on behalf of the County, to execute the acceptance
thereof in the space provided therefor on the Bond Purchase
Agreement.
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SECTION 5. The Official Statement, attached to the Bond
Purchase Agreement, is hereby approved and the proper officers of
this County are hereby authorized to execute and to deliver said
Official Statement to the Purchaser for use by it in connection
with the sale and distribution of the Series 1987 Bonds.
SECTION 6. Proper officers of this County are hereby
authorized and directed to execute the Series 1987 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 of County Commissioners of this
County. The Chairman or Vice -Chairman of the Board of County
Commissioners, the County Administrator, the Finance Director and
Bond Counsel to this County are hereby authorized to act for this
County and to sign any documents necessary to effect delivery of
the Series 1987 Bonds.
SECTION 7. The County Administrator is hereby
authorized to have printed on each of the Series 1987 Bonds an
appropriate legend to the effect that the Series 1987 Bonds are
insured.
SECTION 8. It is hereby found, ascertained, determined
and declared by the Board of County Commissioners of this County
that a negotiated sale of the Series 1987 Bonds is in the long
term best interest of this County.
SECTION 9. In compliance with Subsection 218.385(4),
Florida Statutes, as amended, there has been provided to the
County, prior to the adoption of this Resolution, a disclosure
statement containing the information required by subsections (a)
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through (q) of said Subsection 218.385(4). A copy of said
disclosure statement is attached to the Bond Purchase Agreement.
SECTION 10. The proper officers of the Board of County
Commissioners of the County are hereby authorized and directed to
execute and deliver an Investment Agreement, to be dated as of
July 1, 1987, between this County and Florida National Bank,
Jacksonville, Florida, in order to comply with certain provisions
of the Internal Revenue Code of 1986, as amended, with respect to
the Series 1987 Bonds. The Chairman of the Board of County
Commissioners of this County and the County Attorney are each
designated agents of this County in connection with execution and
delivery of said Investment Agreement, and are authorized and
empowered, collectively or individually, to take all such other
and further action and steps as may be necessary or appropriate to
execute and deliver the same and any and all other instruments,
documents or contracts on behalf of this County which are
necessary or desirable in connection with the execution and
delivery of the Series 1987 Bonds and which are not inconsistent
with the terms and provisions of this resolution, and any other
actions relating to the Series 1987 Bonds heretofore taken by this
County.
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SECTION 11. This Resolution shall take effect
immediately upon its adoption.
Adopted this 30th day of June, 1987.
Don C. Scurl cc, Jr.
Chairman, Board of ty
ATTEST: Commissioners
JAk
Freda Wrigbt,:C1
Approved.as to form and legal sufficiency:
Charles P. Vitunac
County Attorney