HomeMy WebLinkAbout1987-143•
RESOLUTION 87- 113
A RESOLUTION AMENDING RESOLUTTON 86-36 OF
INDIAN FIVER COUNTY, FI,OPlr)A, F,NT[TLEE):
'A RESOLUTION AUTHORIZING TFfF; ISSUANCE OF Not
EXCEEDING $9,200,000 WATER, AND SEI,;F.R REVENUE
BONDS, ,"EP,IES 1.986, ANTICIPATION NOTES OF
INDIAN RIVER COUNTY, FLORIDA: VROVIDING FOR
THE PAYMENT THEREOF AND THE; E:CL;P.ITY TEIEREFoR;
PROVIDING FOR THE PrcwrS OF TETE: HOLDERS OF sUcif
NOTES; MA rtiG CERTAIN COVENANTS AND AGREEMENTS
IN CONNECTION THEREVITH; PROVIDING FOR RELATED
MATTERS; AND PROVrDING AN EFFF,CT[VE: 0A'CF:",
AY ttr)"FYING CERTAIN REDF:MPTtoN PROV[r EONS
APPLICABLE TO THE SERtES 1786 NOTES, AND
SUPPLE; FtF:N'IiNC. SAID RESOLUTION BY FSTARLtSHING
CER'CAIN I'ROVf5EONS REGARDING THE APFLICATEON OF
THE PROCEEDS OF THE SERIES 1486 NOTES, TEIF,
APPLICATION OF THE CONSTRUCTION FUND VE C[I
RESPECT TO THE SEPJFr; 1486 NOTF..",, ANT) TIIF,
SATISFACTION, BY THE COUNTY, OF CERTAIN
REQUIREMENTS CONTAINED IN THE ORIGENAL
RESOLUTION ANI) TIIE; E,OAN COPt'X[M—:NT; ANI)
PROVIPING AN EFFEt.CEVE DATE,
BE; IT RESOLVED BY THE: BOARD OF COUN'CY COMttI55IONER S OF'
INDIAN RIVER COUN'r'i, FLORIDA THAT:
SECTION 1, ATt(harl x for Reeolr`tian. Till Reaolutton
is adopted pttt'sn(+nt to the provEsione of Chapter 125 an(I Section
215,431, Florldn ;;tnt.utes (1985), as amended; and other applicable
provision, of lnw.
SECTION 2, Qe•-jn It All terms and phra^:es used
herein shall have the meanings ascribe(t to titer. In the trate
Resolution, as hereinafter defined, except as otherwise
specifically provided herein.
SEC'T'ION 3, l_Lnd n s. It Is hereby ascertained,
determined and declared that:
A. The Board of County Commissioners of Indian River
County, Florida (hereinafter called the "Board" and the "County",
respectively), on lune 18, 1986, duly adopted a resolution
entitled:
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"A RESOLUTION AUTHORIZING THE ISSUANCE: OF NOT
EXCEEDING $9,200,000 WATER AND SEWER REVENUE
BONDS, SERIES 1986, ANTICIPATION NOTES OF
INDIAN RIVER COUNTY, FI.ORIDA; PROVIDING FOR THE
PAYMENT THEREOF AND THE SECURITY THEREFOR;
PROVIDING FOR THE RIGHTS OF THE 1101.DERS OF
SUCH NOTES; MAKING, CE:R'tAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; PROVIDING
FOR RELATED MATTERS; ANO PROVIDING AN
EFFECTIVE: DATE."
'I (hereinafter called the "Note Resolutlon").
B. It Ls necaasary and desLcable to smr.nrl the Note
Re soIittIon with regard to certain redemption provIIto It atppIIcab la
to the Series 1736 Notes and to :SLIP plernnr the dote Re;o[utton by
o%tali llshIng certnIn provI%Ions regarding, rite app ILeat[ on of the
procr.ads of the Sar Les 1186 Notes, rhe appLIri,tIon of th,,
Construction Fund with respect to tate SP rtes 1986 Notes, and the
sat:inf;actIon , by the Cn trtr_y, of certatrt reclutrement con ta[tit, d In
the Original Resolutlnrt and the E.oAn ComrnLt. ment
:iEC'fION 4. Asandman _s. �-n pjo[.p_^rF;�.g_f ir:.Larl. Vhn 2tote
Raanitttlon La hernbyr attended as follows:
A. The form of Notq.c retrrenced In subsection B of
S r t. IC, rl 6 of. the. Nota Reso Lut Lon, ar; appear Ing, on pages 12 through
22, Iitr.lnwivP., of Ilia Notn Pe%,,Iittt ,it, [:': .tmende,I by deleting 1n
ttt, vnt.iret.y the th[rcl ()r'(t) e:nripLere p.tr,t} r,tph e,n pare 11k thereof.
A. S tInit H of the Note Rv. .nluttun, hcKtnntng an pAF,0
2H €hnreof, is cuanndnd by t,, IM t.trig, , to It. enttrery, ttte, .mond
(Ind) 1)4t1:AF,I'a1111 €ltarnLi be,giit it Iit jr wEtFt tit? words "The ierles 1986
Notes Are subject", through and including rhe words. *pt tor to
January I, 1988."
C. Subsection C of Sect Lott 9 of the Note Roziolu€Ion is
amended by Adcttng the. following subparagraph:
"(v) ],niiin_C,,mmlttsent. Etc. 'fie County shall In good
faith endeavor to comply with the tenni and conditions of the I.oan
Commitment and SeCtlon 3.04(J) of Orlgtnal Resolutlon, as amended
And supplemented, regarding the issuance of other oblip,ations , and
shall exorcise its best efforts to issue the Series 1986 Bonds or
to issue and sell other bond anticipation notes in order to have
funds available from the issuance of such other obligations to pay
the Series 1986 Notes and the interest thereon as the same shall
become due. In the event that the Government for any reason does
not purchase the Series 1986 Bonds, the County shall in good faith
endeavor to otherwise issue and sell the Series 1986 Bonds or to
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issue and sell other bond anticipation notes, in order to have
sufficient fund, available to pay the. Series 1986 Notes and the
interest: thereon as the same shall become due."
D. Paragraph (iv) of Subsection C of Section 9 of the
Note Resolution is amended to read as follows:
"(
iv)iii J� rh1Gtage and Tax t'nym i'lgat�, The County
covenants+ with holders of the Series 198) Notes that, throughout
the term of the Series 19P,7 Notes and for any regnir'ed perLnd
thereafter it will make no Ilse of the proceed, of r_he ;cries 1487
Notes that: may c,ausfi the Series 1987 llotes to he or becone
"arbitrage bond," within the reanLng of Section 101(b)(1) and
Section 148 of. the Internal Cevnnue Corte of 1986, a, amended and
supplemented Min "bode") and Lr_ wi.11 comply with .all other
requirements of applicable prnvlz[on.e of the Corte, Including.
Without limttat[on, the applic.:abLe prnvi lon.s of Section 1.103.13,
1,10314 and L.103.15 of tltr, appl[a:.ah1 r,.•pulat[ons heretofore
published In the E'e.drral Rojrj,t.s!r an•rl with the :applicable
provisions of other reglilna.[n, he res•.aft.er to ;,..Lisped."
E. The clef LnLt.Lfita of tlaeseem '^Poaytnp, Agent" In Section
1 of. tita Note Rn!-olur:ton In amended to road :a.s follow..:
" I'aytnF; Agent' Weans a hanb in tine St.ar.r., authortzed to
act as; roF;ist.rar :and paytng nµ,en[: '
SECT(0N S, pp,lsmenr _.re Hats Resolution 'Tile note
Reenlut ion lr; h„reLy ,uPplemerated ar; Eaalloorae;
A. Section I of tile Notre lost Lon, entif. led
"0efInILIons", Lr; hereby supplertertte.ei F>y addLn thereto the
following:
(i) 'Consulting Engineers' shaLl neap Masreller and
Molnr Asaoctates, Inc., Sebasttan, Flor'lda, tine Coasnty', consulting
engineers; for the Project, or s;ucla other consaltLng engineers for
the Project as the County may hereafter des;ignatel';
(ii) " 'Consulting Eng[ne4,rs' Re pre sen€ative' shall swan
the person from time to time designated as such by written notice
to the County signed by the president or any vice president of. the
Consulting Engineers"; and
(iii) "'Perms and phrases used herein which are not
otherwise defined herein and which are defined In the Bond F,nabling
Resolution shall, for purposes hereof, have the meanings ascribed
to them in the Bond Enabling Resolution."
B. Tile Note Resolution is hereby supplemented to
include the terms and provisions set forth hereinafter.
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SECTION 6, ppplicat10 o l -or —Pro_��e=cis. The proceeds,
including accrued interest and premium, If any, received from the
sale of the Series 1986 Notes shall be deposited and applied by the
County, simultaneous Ly with the delivery of the Series 1486 Notes
to the original purchaser thereof, as follow%:
A. The accrued Interest, plats an amount which, together
with the accrued interest wL11 equal the amount of interest
payable on the Series 1986 Notes Econ the dated data thereof
thro,igh the maturity date thereof shall be daposttefi in the .•"loter.
Paynent Account and will bo n.crl only to pay interest on aha Series
1986 Notes, In accordAncr wtth the terns tie reof A ctie sAme shall
become due nod payable,
A. To the extant. not paid a r.iLnbu1:5-d therefor by the
or I g L n A I purchaser of the ;girl®!a L')96 Noces, to pay all atl,)wAble
cost.^, and expen.e ln,nrred hV the County Ln ConnectEon With the
prnp:tration, Ls;snance and .sale of r.ha :Snr[a., 1986 Nor e%
C. 'Elie,, ba Lance of s,t,'li proceed.; .shaL1 be, detpet,Ited Into
the Construct Ion Fund
SECTION 1, AQnlicatfon of the Constriction Fund
A, The County shall oaks payments from the Construction
Fund to pay the Coat of the Project upon receipt of regsat%1r1ons,
in form and suhstAnr.o sat lafa,.try ro the County, approved by the
Consulting Engin—r%% Repre.seritatLve and the government, w:
necessary, .4tattor, with re.apnct to each pA,/na,nt. t.a, be rro,tdn, (1}
the rnquivIE[oil nun)..r, (2) rhe tram• and ,ulalras:s of the person to
whom payriottt L, due,,, ( 3 ) the Amount to be paLd, anal (E.) that each
cost mentioned tLnrrin hA% been properly incurred, is a proper Cost
of the Project and has not been the ba, -Ls of any i+revlous payment,
or (when the County is deserlhed an the person to whom pAyment is
clue) that each cost rnenttonecl therein has been paid by the County,
is a proper Cost of than Project, has not. been theretofore
reimbursed to the County or otherwise been Elie basis of any
previous payment, and that the. County i, entitled to reimbursement
thereof,
B. Tho County may also pay from the Construction Fund
any costs and expenses referred to in Section 6 (8) hereof not
previously paid pursuant to said Section 6 (8).
C. There is hereby established within the Construction
Fund an account to be known as the Rebate Account. The County
shall at least annually transfer from the Construction Fund to the
Rebate Account amounts sufficient to pay to the United States of
America all amounts due with respect to the Series 1986 Notes 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 "Code"). The earnings on the
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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 clue to the United State of America under said Section
of the Code As the same shall become clue and payable. It is the
intent of tills paragraph to provide for payment of all. amounts due
under said Section of the Code with respect to tile Series 1986
Notes, in such installments and at such times a.; nay be rtqutred by
said Section of the Code. In the event of any amendment r.n the
Code or the promulgatlon of regulations under th,e Code.whtch
provide or require otherwise than As prnvLded or requLred Ln this
paragraph, this paragraph shall be deemed to be amended to
incorporate such amendments or regulations, to the extent
Applicable, anti any provisions hereof which conflict, wlth the
provisions thereof shall be (teemed to he mutt stn([ vold,
D. Upon cornple-. Lotl of ;.he prajcct acid payment In full
for all Costs of. the Project, all funds rem-t[n[n17 [zz the
ConAtruntion Fund ,hall, If tinct to Che extent rcquLred by the
Governmv+nt, be applied to the redemption of Sere; I99r, Notes, At
par, and, to ti,e extant nor. ao applied, may he 'used by the County
for any legally permissible( pqrpose.
SEC'rIOti 8, i,ixestraanta_ AIL noney on deposit from time
to time Ln the Nous I'Aymr!nt Account shall h,, continuously secured
in t:he naunnt' by which d,,poslte of public funds are outhorl.ed to
be Aecured by the law; of the Sr.Ate of Florida And may be Inveliced
and rel.nvoct(ul only In dLrecr. ohtigatLons of, or obligations the
principal of and Interest on whlr'h fire gusrantRRd by, tire United
Stn Lea o AmerI1,A raaturinPr, At ntic: it tLnaes as wilt enat,lrn cite timely
payment of Intern nt of the "• z'Lns €986 Note.n to accorel,ctre•e w€th
their terms. Any incl All income, from such [nvest,arnr..e: *tosEl b
deposited In the Construction Fund.
All money nn deposLt In the Constructlon Feind from tine
to time shall be continuously sar.ured in the nanner by which
deposits of public £antis are authorized to be secured by the €Asn
of tite State of Florida and may be Invested and reinvested only in
those investments specified in Section 125.31, Flor€da Statutes, As
amended, rnaturinl; or subject to redemption at. the option of the
holder, At: It price no less than the principal amount thereof plus
accrued interest thereon, not later than the date on which the
proceeds thereof will be needed. Any and all Income received by
the County from such investments shall be deposited into the
Constructton Fund.
SECTION 9. Pledge Q(__.Notes Payment Account. The moneys
from time to tirne in the Notes Payment Account (exclusive of the
earnings thereon) are hereby pledged as security for and for
payment of the Series 1986 Notes, and as long as any of such
Series 1986 Notes are Outstanding, such funds shall be applied
solely for the payment of interest and redemption premium, if any,
on and principal of the Series 1986 Notes, all in accordance with
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the terms thereof.
SECTION 10. Severability iA InLyij-Lr�.�%ovl_.5Ions . If any
one or more of the provisions herein contained shall be held
contrary to any express provision of law or contrary to the pollcy
of express law, though riot expree;sly prohibited, or against public
policy, or shall for any reason whatsoever be held Invalid, then
such provisions shall be null and voLd and s;haLl be deemed
separable from the remaintng provLsLons and „hall In nn way affect
the validity of any of the other pt•ovLsLons hereof.
SECTION 11. l°G°�n1t���>rt;_eAny and all prior
resolutionn and other actions of the Boat(l, or part.; theceef. in
conflict with the provisions heretn c.ontaLneei are, to the (!xta_nt of
such conflict, herehy st.tpnrseded and repealed.
SECTION 12. F.�;.�,L=g--P'ttF. Thl.g Rc,ntutton shall til. r.
effect Irmoadtately upon tt'4 Adoptlon.
The fornF;otng Rosolution waq offered k,y Cnmials:lon r
b99eTt ----_ who mov.zd £t,y adopt Lon. The. nor Loci was seconded
by Commissionerf'a�' it,tr� _.--- _—^ and, ,opnc; be Ink, put to a vote, the
vote was as follow;:
Chairmen Dun C. Scurlock, Jr. Ayy
Vice Chalrparson Mnrpar.t t:. Bnwm+tn Aye
Commissioner RLc.hard N, Btret Aye
Commission"r Carnlyn K. EF'F'-rt Ave
Commisslonet' Cat'y C, Wttnelf-c Au
The Chatrmun thereupon declared the Resotutlott (July
passed and adopted this; Lith (fay of _ 6r'c:emht`r 1957.
ATTEST: HOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA
Freda Wright
Ex -Offs' io Cler
APPROVED AS TO FORM AND
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H yttl�-
Don C, Scurlock, Jr.
Chairman
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LEGAL SUFFICIENCY:
Chnrlc€:
P. Vitunnc
County Attorney
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