HomeMy WebLinkAbout1978-006W
RESOLUTION NO. 78-6
RESOLUTION PROVIDING FOR THE ACQUISITION
OF A WATER AND SEWER SYSTEM IN INDIAN RIVER
COUNTY, FLORIDA, AND THE CONSTRUCTION AND
ERECTION OF EXTENSIONS AND IMPROVEMENTS
THERETO; AUTHORIZING THE ISSUANCE BY THE
COUNTY OF NOT EXCEEDING $402,500 WATER
AND SEWER. REVENUE BONDS, SERIES 1979, TO
FINANCE A PART OF THE COST THEREOF; PLEDGING
THE GROSS REVENUES OF SUCH SYSTEM TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
THE BONDS; AND PROVIDING FOR THE RIGHTS OF
THE HOLDERS OF THE BONDS.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, as follows:
•ARTICLE I
GENERAL
1.01 Authority for this Resolution. This Resolution
(this "instrument") is adopted pursuant to the provisions of Ch.
•159, Florida Statutes (1975), and other applicable provisions of
law.
'1.02 Findings. It is hereby found and determined that:
(A) Indian River County, Florida (the "Issuer"), does
not presently own or operate a water and sewer system for the
benefit of its inhabitants, and it is necessary for the continued
preservation of the health, welfare, convenience and safety of the
Issuer and its inhabitants to acquire a water distribution and
sewage collection and treatment facility and construct and erect
extensions and improvements thereto (the "Project" or the "System")
in accordance with certain plans and specifications now on file with
the Clerk of the Board of County Commissioners of the Issuer (the
"Clerk").
(B) The Issuer has been advised by its consulting
engineers and it is hereby found and determined that the esti-
mated cost of acquiring and constructing the Project in accordance
with such plans and specifications is $1,270,000, which shall be
paid with the proceeds of the sale of the bonds herein authorized
(the "Bonds"), federal grants in the amount of $792,500 and an
amount: of $75,000 derived by the Issuer from its share of revenue
sharing proceeds, payable pursuant to Ch. 210, Florida Statutes
(1975); and shall be deemed to include all expenses necessary,
JAN ?, 31973
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appurtenant or incidental thereto, including the cost of any land or
interest therein or of any fixtures or equipment, or property nec-
essary or convenient therefor, the cost of labor and materials to
Complete such construction, engineering and legal expenses, fiscal
expenses, expenses for estimates of costs and revenues, expenses for
plans, specifications and surveys, interest during construction, if
any, administrative expenses and all other necessary miscellaneous
expenses.
(C)The revenues to be derived annually from the rates,
rentals, fees and other charges made and collected for the services
and facilities of the System are estimated to be $ 77,324.00 ,
and will be sufficient to pay, as the same shall become due and
payable, the principal of and interest on the Bonds and the annual
Cost of operating, repairing and maintaining the System, the aggregate
annual amount of which is estimated to be $ 76,746.00 it
is estimated that the period of usefulness of the System will exceed
forty-one years.
(D) It is deemed necessary and desirable to pledge
the gross revenues of the System to the payment of the principal of
and interest on the Bonds. No part of such revenues have been
pledged or hypothecated except with respect to the Bonds.
(B) This instrument is declared to be and shall con-
stitute a contract between the Issuer and all of the holders
of the Bonds; and the covenants and agreements herein set forth
to be performed by the Issuer are and shall be for the equal
benefit, protection and security of all of the legal holders
of any and all of the Bonds, all of which shall be of equal
rank and without preference, priority or distinction of any
of the Bonds over any other, except,as hereinafter provided.
(F) The Issuer is not, under this instrument, obli-
gated to levy any ad valorem taxes on. any real or personal property'
situated within its corporate territorial limits to pay the
principal of or interest on the Bonds or to pay the cost of .
maintaining, repairing and operating the System. The Bonds shall
not constitute a lien upon the Sys -tem or any other property of
the Issuer or situated within its corporate territorial limits.
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JAN 1978NCOk v3 P?;E .36�
1.03. Definitions. The following terms in this instru-
ment shall have the following meanings unless the text otherwise
expressly requires:
(n) "Bonds" shall mean the obligations of the Issuer autho-
rized to be issued pursuant to Section 2.01 of this instrument and
.Shall be deemed to include also any obligations issued hereafter by
the Issuer pursuant to the provisions of Section 3.0.1(11) of this
instrument.
(B) "Gross Revenues" shall mean all money received from
-rates, fees, rentals or other charges or income received by the
Issuer or accruing to it in the management and operation of the
System, all calculated in accordance with sound accounting practice.
(C) 'Operating Expenses" shall mean all current expenses,
paid or accrued, for the operation, maintenance and repair of all
facilities of the System, as calculated in accordance with sound
accounting practice, and shall include, without limiting the gener-
ality of the foregoing, insurance premiums, administrative expenses
of the Issuer related solely to the System, labor, cost of materials
and supplies used for current operation, and charges for the accumu-
lation of appropriate reserves for current expenses not annually
'recurrent but which are such as may reasonably be expected to be
incurred in accordance with sound accounting practice,•but excluding
any allowance for depreciation or for renewals or replacements of
capital assets of the System.
(D) "Net Revenues" shall mean Gross Revenues less Operating
Expenses.
(E) "Fiscal Year" shall mean the period commencing oil
October 1 of each year and continuing to and including the succeeding
September 30.
1.04 Project Authorized. The Tssucr is hereby authorised
to construct the Project as defined in Section 1.02 (A) above.
JAN •2 31918 ProK J,3 i'," o 6u
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ARTICLE II
AUTHORIZATION, TERMS, EXECUTION AND
REGISTRATION OF REVENUE BONDS
2.01 Authorization of Revenue Bonds. Subject and
pursuant to the provisions of this instrument, obligations of
the Issuer to be known as "Indian River County, Florida, Water
and Sewer Revenue Bonds, Series 1979," (the "Bonds") are hereby
authorized to be issued in an aggregate principal amount not ex-
ceeding Four Hundred and Two Thousand Five Hundred Dollars ($402,500)
for the purpose of providing funds to pay a part of the cost of the
Project provided for in Section 1.02 hereof.
2.02 Description of Bonds. The Bonds shall be
dated as of the date of their delivery; shall bear interest at
not exceeding the legal rate per annum, payable on September 1,
1979, and annually thereafter on September 1 of each year; shall be
numbered consecutively from one upward in order of maturity; shall be
in the denomination of $1,000 or any multiple thereof to and includ-
ing $10,000 (except bond number 12 which shall be in the denomination
of $6,500), and shall mature an September 1 of each year as follows:
YEAR AMOUNT YEAR AMOUNT
1981 $4,000 2000 $ 91000
•i982 4,000 2001 10,000
1983. 4,000 2002 10,000
1984 4,000 2003 11,000
1985 5,000 2004 11,000
1986 5,000 2005 12,000
1987 5,000 2006 13,000
1988 5,000 2007 13,000
1989 6,000 2008 14,000
1990 6,000 2009 15,000
1991 6,000 2010 15,000
1992 6,500 21)11 16,000
1993 7,000 2012 17,000
1994 7,000 2013 18,000
1995 .7,000 2014 19,000
1996 8,000 2015 20,000
1997 8,000 2016. 20,00.0
1998 9100. 2017 21,000
1999 9,000 2018 23,000
2.03 Places of Payment. The Bonds shall be issued in
coupon or fully registered form; shall be payable as to both grin-
cipal and interest at -such place or places as the Issuer shall here-
after by resolution designate, in lawful money of the United States
of America; and shall bear interest from the date of issue,
in accordance with and upon surrender of the appurtenant in-
Lorest• coupons a. they severally mature, unless registered;
provided, heweVV)*, that Pond:: held by the Iln.ttrd St:at:e. of
PCGK TJ
JAN 231IJ78
4
America, acting through the Farmers )Tome Administration, U.S.
Department of Agriculture (the "Government"), shall be payable
at "Finance Office, U.S. Department of Agriculture, Farmers
!tome Administration, 1520 Market Street, St. Louis, Missouri
63103," or at such other places as the Government shall from
time to time in writing designate to the Issuer.
2.04 Provisions for Redemption. Bonds maturing on
or before September 1, 1990, are not subject to redemption
prior to their respective stated dates of maturity. Bonds which
shall mature September 1, 1991, and thereafter shall, at the option
of the Issuer, be redeemable in whole or in part, in inverse num-
erical and maturity order, on September 1, 1990, or on any interest
payment date thereafter, at par and accrued interest, plus the
following premiums, expressed as percentages of the par value of the
Bonds so redeemed, if redeemed in the following years:
5$, if redeemed on September 1, 1990, or thereafter,
to and including September 1, 1993;
4%, if redeemed on Septe�:.ber 1, 1994, or thereafter,
to and including September 1, 1997;
3%, if redeemed on September 1, 1998, or thereafter,
to and including September 1, 2001;
2$; if redeemed on September 1, 2002, or thereafter,
to and including September 1, 2005; .
12, if redeemed on September 1, 2006, or thereafter,
to and including September 1, 2009;
Without premium, if redeemed September 1, 2010, or
thereafter, but prior to maturity;
provided, however, that at least thirty (30) days prior to the
redemption date written notice of such redemption shall be
given to the paying agents for the Bonds and to each of the
registered owners at their respective addresses as they appear
upon the registration books of the Clerk and shall be published
at least once in a financial newspaper published in the City of
New York, New York. Bonds held by the Government may be redeemed
by the Issuer on any interest payment date prior to maturity at
:the price of par and accrued interest, without premium.
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JAN- 2 3 197 R: K 43 Farr 363
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2.05 Execution of: Bonds. The Bonds shall be executed
in the name of the Issuer with the manual or facsimile signature
Of the Chairman of its Board of County Commissioners and the cor-
porate seal of the Board of County Commissioners of the Issuer shall
be impressed thereon, attested and countersigned with the manual or
facsimile signature of the Clerk, provided that the signature of one
of such officers shall be manually executed thereon. In case any
one or more of the officers who shall have signed or sealed any of
the Bonds or whose facsimile signature shall appear thereon shall
Cease to be such officer of the Issuer before the Bonds so signed
and sealed have been actually sold and delivered, such Bonds may
nevertheless be sold and delivered as herein provided and may be
issued as if the person who signed or sealed such Bonds had not
ceased to hold such office. The validation certificate endorsed on
the Bonds shall be executed with the manual or facsimile signature
of the Chairman of such Board. Any Bond may be signed and sealed on
behalf of'the Issuer by such person who at the actual time of the
execution of such Bond shall hold the proper office of the Issuer,
although at the date of such Bonds such person may not have held
such office or may not have been so authorized. The coupons attached
to the Bonds shall be authenticated with the facsimile 'signatures of
any present or future Chairman of such Board and Clerk of the Issuer.
The Issuer may adopt and use for such purposes the facsimile signa-
tures of any such persons who shall have held such offices at any
time after the date of the adoption.of this instrument, notwith-
standing that either or both shall have ceased to hold such office
at the time the Bonds shall be actually sold and delivered.
2.OG Negotiability and Registration. The Bonds stall
be and shall have all the qualities and incidents of negotiable
instruments under the law merchant and the Laws of: the state of
Florida, and each successive holder, in accepting any of the
bonds or the coupons appertaining thereto, shall be conclusively
deemed to have agreed that the Bonds shall be and have all of
the qualities and incidents of negotiable instruments.
The Bonds may be rr.gist-ored, at the opt:.ion of the
holdor, as to both principal. and interest upon the. hooks ):opt
(-
BCOK �� )'ABY o.sU�
JAN' 2 31978
for the registration and transfer of Bonds by the Clerk, as
Bond Registrar, and endorsed upon the Bonds by the Bond Regis-
trar in the space provided thereon. After such registration,
no transfer of the Bonds shall be valid unless made at the office
of the Bond Registrar by the registered owner'or by his duly
authorized agent or representative and similarly noted on the
Bonds, but at the expense of the holders the Bonds may be dis-
charged from registration by being in like manner transferred
to bearer, and thereupon transferability by delivery shall be
restored. At the option and expense of the holder, the Bonds
may thereafter again from time to time be registered or trans-
ferred to bearer as before. The Bond Registrar shall not be
required to make any such transfer of Bonds during fifteen (15)
days ner_t'preceding an interest payment date on the Bonds, or
in the case of any proposed redemption of Bonds, after such
Bonds have been selected for redemption. The person in whose
name any Bond shall be registered shall be deemed and regarded
as the absolute owner thereof for all purposes, and pa}orient of
or on account of the principal of any Bond and the interest on
any Bond shall be made only to or upon the order of the regis-
tered owner thereof or his legal representative. All such pay-
ments.shall be valid and effectual to satisfy and discharge
the liability upon such Bond including the interest thereon to
the extent of the sum or sums so paid.
2.07 Bonds Mutilated, Destroyed, Stolen or Lost. In
case any Bond shall become mutilated, or be destroyed, stolen
or lost, the Issuer may in its discretion issue and deliver a
new Bond of like tenor as the Bond so mutilated, destroyed,
stolen or lost, in exchange and substitution for such mutilated
Bond, upon surrender and cancellation of.such mutilated Bond,
or 3n lieu of and substitution for the Bond destroyed, stolen
or lost, and upon the owner furnishing the Issuer satisfactory
ilidemnity and complying with such other reasonable regulations
rind conditions as the Issuer may prescribe and paying such
expenses as the In.;uer may incur. All Bonds so surrendered
shall he cancelled by the Clerk. If any such llouds shill have
\ -7-
JAN 231978�Co� q� ,t,�., )
matured or be about to mature, instead of issuing a substitute
•Bond the Issuer may pay the same, upon being indemnified as
aforesaid, and if such Bond be lost, stolen or destroyed, with-
out surrender thereof.
Any such duplicate Bonds issued pursuant to this
" section shall constitute original, additional contractual obli-
gations on the part of the Issuer whether or not the lost,
stolen or destroyed Bonds be at any time found by anyone, and
such duplicate Bonds shall be entitled to equal and proportion-
ate benefits and rights as to lien on and source and security
for payment from the funds, as hereinafter pledged, to the
same extent as all other Bonds issued hereunder.
2.00 Form of Bonds. The text of the Bonds shall be
in substantially the following form, with only such omissions,
insertions and variations as may be necessary and/or desirable
and approved by the Chairman of the Board of County Commissioners
of the Issuer prior to the issuance thereof (which necessity and/
or desirability and approval shall be presumed by his execution of
the Bonds and the Issuer's delivery of the Bonds to the purchaser
thereof):
No. $
UNITED STATES OF AMERICA
STATh OF FLORIDA
COUNTY OF INDIAN RIVER
WATER AND SEWER REVrNUE BOND, SERIES 1979
KNOW ALL REN BY THESE PRESENTS, that the County of
Indian River, Florida (the "Issuer"), a public body created and
existing tinder and by virtue of the Laws of the State of Florida,
for value received, hereby promises to pay to the bearer, or if
this Bond be registered, to the registered holder as herein Dro-
vided, on the first day of September, 19from the special funds
hereinafter mentioned, the principal sum of
.DOLLARS
and to pay interest thereon, from the date of the delivery of
this Bond, to the purchaser tliereof, solely from such special
funds, at the rate of per,cont:um ( Q)
Per annum, payable on Septomhcr 1, 1979, and annually theroaf.ter
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JAN 231979 33
4.
on the first day of September of each year upon the presentation
And surrender of the annexed coupons as they severally fall due,
unless registered. Both principal of and interest on this Bcnd
are payable at
in lawful money of the United States of America.
This Bond is one of an authorized issue of Bonds in
the aggregate principal amount of $402,500 of like date, tenor and
effect, except as to number, denomination, interest rate (if all
Bonds do not bear the same rate of interest) and date of maturity,
issued to finance a part of the cost of acquiring a combined water
and sewer system in the Issuer and erecting and constructing ex-
tensions and improvements thereto (the "System"), under the auth-
ority of and in full compliance with the Constitution and Statutes
of the State of. Florida, particularly Ch. 159, Florida Statutes
(1975), and a resolution duly adopted by the Issuer on ,
1977 (the "Resolution"), and is subject to all the terms and condi-
tions of the Resolution.
This Bond and the interest thereon are payable solely
from and secured by a prior lien upon and a pledge of the gross
revenues to be derived from the operation of the Svstem, in the
manner described in the Resolution. 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 shall 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 a lien only on the
dross revenues derived from the operation of the System.
In and by the Resolution, the Issuer has covenanted
and agreed with the holders of. the Bonds of this issue that it
Will fix, establish, revise from time to gime whenever necessary,
JAN2 31970
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CCOK UJ 116E J i
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 cash•revenues sufficient to
pay, and out of such funds pay, as the same shall become due, the
principal of and interest on the Bonds, the necessary expenses of
operating and maintaining the System and all reserve, Sinking Fund
or 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.
The Bonds of this issue maturing on or before September 1,
1990, are not subject to redemption prior to their respective stated
dates of maturity. Bonds which shall mature September 1, 1991, and
thereafter shall, at the option of the Issuer, be redeemable in
whole or in part, in inverse numerical and maturity order, on September
1, 1990, or on any interest payment date thereafter, at par and
accrued interest, plus the following premiums, expressed as percent-
ages of the par value of the Bonds so redeemed, if redeemed in the
following years:
5%, if redeemed on September 1, 1990, or thereafter,
to and including September 1, 1993;
4%, if redeemed on September 1, 1994, or thereafter,
to and including September 1, 1997;
3%, if redeemed on September 1, 1998, or thereafter,
to and including September 1, 2001;
2%, if redeemed on September 1, 2002, or thereafter,
to and including September 1, 2005;
1%, if redeemed on September 1, 2006, or thereafter,
to and including September 1, 2009;
Without premium, if redeemed on September 1, 2010, or
thereafter, but prior to maturity;
provided, however, that notice of such redemption shall be given
in the manner required by the Resolution.
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 rcquircd by the Laws and Constitution of the Slate of
Florida ;applicable thereto, and that the issuancu of this Bond,
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JAN 2 3197 Rr,�K �3J1 r'AJ[.j J'3
and of the issue of Bonds of which this Bond is one, does not
violate any constitutional, statutory or charter limitations
or provisions.
This Bond and the coupons appertaining thereto are and
have all the qualities and incidents of negotiable instruments
I
tender the law merchant and the laws of the State of Florida.
. I
This Bond may be registered as to both principal and
interest in accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF, the County of Indian River, Florida,
has.issued this Bond and has caused the same to'be executed in its
name and on its behalf by the Chairman of its Board of County
Commissioners and its corporate seal to be impressed hereon, attested
and countersigned by the Clerk of such Board, all as of ,
'1979.
COUNTY OF INDIAN RIVER, FLORIDA
By
Chairman, Board of County
Commissioners
(SEAL)
ATTESTED AND COUNTERSIGNED:
'Clerk, Board of County
Commissioners
rOR14 OF COUPON
Ido.
On the 1st day of September, 19—, unless the Bond to
which this coupon is attached is callable and shall have been
previously duly called for prior redemption and payment thereof
duly made or provided for, the County of Indian River, Florida,
will pay to the bearer at Florida, from the
special funds described in the Bond to which this coupon is
attached, the amount shown hereon in lawful money of the United
States of America, upon presentation and surrender of this coupon,
being one year's interest then due on its Water and Sewer
Revenue Bond, Series 1979, dated , 1979, No.
,IAN 2 3.197 ecoK u3 I'A6�. •� �
c
COUNTY OF INDIAN RIVER, FLORIDA
BX
Chairman, Uoard of County
(SEAL) Commissioners
ATTESTED AND COUNTERSIGNED:
Clerk, Board of County
Commissioners
FORM OF VALIDATION CERTIFICATE
This Bond Is one of a series of Bonds which were validated
by judgment of the Circuit Court for Indian River County, Florida
rendered on 1978.
Chairman, Board oz County
Commissioners
i
PROVISIONS FOR REGISTRATION
This Bond may be registered as to both principal and
c
interest on the books kept by the Clerk of the Board of County
Commissioners, as Bond Registrar, such registration being noted
hereon by the Bond Registrar in the registration blank below, the
coupons being surrendered and the interest being payable only to the
registered holder, remitted by mail, after which registration no
transfer shall be valid unless made on the books by the registered
holder or his legal representative and similarly noted in the re-
gistration blank below, but it may be discharged from registration
by being transferred to bearer, after which it shall be transferable
by delivery, or it may again be registered as before. Upon recon-
version of this Bond into a coupon Bond, coupons representing the
interest to accrue upon the Bond to date of maturity shall be at-
tached hereto.
Date of Name and Address of Signature of
Registration Rcnistcred Owner Bond neoi tear
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JAN- 2 313178 PCOK 33 rmi (�
ARTICLE III
COVENANTS, SPECIAL FUNDS
AND APPLICATION THERrOC
3.01 Bonds Not to Be Indebtedness of Issuer; Neither
the Bonds nor the coupons attached thereto shall be or constitute
general obligations or indebtedness of the Issuer as "bonds"
within the meaning of Article VII, Section 12, Florida Constitution,
but shall be payable solely from and secured by a prior lien upon
and pledge of the gross revenues, as. herein provided. No owner or
holder of any Bond or coupon issued hereunder shall ever have the
right to compel the exercise of any ad valorem taxing power to pay
Such Bond or coupon or the cost of operating and maintaining the
System, or be entitled to payment of such Bond or coupon from any
fuhds of the Issuer except from the gross revenues derived from the
operation of the System in the manner provided herein.
3.'02 Security for Bonds. The payment of the debt
service of all of the Bonds issued hereunder shall be secured
forthwith equally and ratably by a pledge of and a prior lien
Upon the gross revenues derived from the operation of the
System, as now or hereafter constituted. The Issuer does hereby
irrevocably pledge such funds to the payment of the principal of and
interest on the Bonds and to the payment into the Sinking Fund at
the times provided of the sums required to secure to the holders of
the Bonds issued hereunder the payment of the principal of and
interest thereon at the respective maturities of the Bonds and
coupons so held by.them.
3.03 Application of Bond Proceeds. The Issuer hereby
covenants that it will establish with the
Florida, a separate account- or
accoulits (herein collectively called the "Construction Account")
into which shall be deposited the proceeds from the sale of the
Bonds (except such portion thereof as shall be necessary to pay
interest on the Bonds during the construction of the Project,
which shall be deposited in the Sinking Fund), grant funds and
the additional funds, if any, required to assure± payment in full
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JAN 2 3197/8
• R7/ ;;K �� P1�'.31i)
s
of the cost of the Project. Withdrawals from tiro Construction
Account shall be made only for such purposes as shall have been
previously specified in the Project cost estimates and as shall
be -.approved by the Issuer's consulting engineers for the Project.
The Issuer's share of any liquidated damages or other
money paid by defaulting contractors or their sureties, and all
proceeds of insurance compensating for damages to the project
during the period of construction, shall be deposited in the
Construction Account to assure completion of the Project.
Money in the Construction Account shall be secured
by the depository bank in accordance with U. S. Treasury Depart-
ment Circular 176 and in the manner prescribed by the Laws of
the State of Florida relating to the securing of public funds.
•When the money on deposit in the Construction Account exceeds
the estimated disbursements on account of the Project for the
next 90 days, the Issuer may direct the depository bank to invest
such excess funds in direct obligations of or obligations the
principal of and interest on which are guaranteed by the United
States of America, which shall be subject to redemption at any
time at face value by the holder thereof. The earnings from any
such investment shall be deposited in the Construction Account.
When the construction of the Project has been completed
and all construction costs have been paid in full, all funds
remaining in the Construction Account, except grant funds, shall
be used for the purchase or redemption of Bonds or for deposit into
a special fund and .expended only for paying costs of improvements
or extensions to the System or of repairs and replacements of its
facilities, and the Construction Account shall be closed.
All money deposited in the Construction Account shall be
and constitute a trust fund created for the purposes stated, and
.there is hereby created a lien upon such fund in favor of the holders
of the Bonds until the money therein shall have been applied in
•accordance with this, instrument.
3.04 Covenants of the issuer. So long as any of the
principal of or interest• on any of the Bonds rhall be outstanding
and unpaid, or until. there shall have been set apart• in the
Sinking Fund herein cstablAnhod, including the itonerve Account•
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JAN 2 31978 8COX 3 c-u-ii7
therein, a sum sufficient to pay, when due, the entire principal
of the Bonds remaining unpaid, together with interest accrued
and to accrue thereon, the Issuer covenants with the holders of
any and all of the Bonds as follows:
(A) Annual Budget of Operating Expenses. The Issuer
covenants and agrees that on or before the date of delivery of
the Bonds to the purchaser thereof, it will adopt a budget of
Operating Expenses for the System for the remainder of the then
current Fiscal Year and thereafter, .on or before the first day
of each Fiscal Year during which any of the Bonds are outstand-
ing, it will adopt an annual budget of Operating Expenses for the
ensuing Fiscal Year, and will mail a copy of such budget or
amendments thereto to any requesting bondholder. Operating Expenses
shall include all reasonable and necessary costs of operating,
repairing, maintaining and insuring the System, but shall exclude
i
depreciation, payments into the Sinking Fund and payments into
the Reserve Account. The Issuer covenants that the Operating
Expenses incurred in any year will not exceed the reasonable and
necessary amounts required therefor, and that it will not expend
j
any amount or incur any obligations for the operation, maintenance
and repair of the System in excess of the amount provided for
Operating Expenses in the annual budget, except upon resolution of
the Board of County Commissioners of the Issuer that such expenses
are necessary to operate and maintain the System.
(D) Revenue Fund. The Issuer covenants and agrees
that, on or before the date of delivery of the Bonds to the
purchaser thereof, it will establish with a depository in the
State of Florida, which is a member of the federal Deposit
Insurance Corporation and which is eligible under the Laws of
the State of Florida to receive public funds, and maintain
so long as any of: the Bonds are outstanding, a special fund to
be known as the "Indian River County water and Sewer System
Revenue Fund" (the "Revenue Fund"). Into such Revenue Fund the
Issuer shall deposit promptly as received all cash income derived
from the ownership and operation of the System. The Revenue Fund
_15 -
JAN
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JAN 2, 3 1078 HCOK � � P,I;,F. •J l �
F- i _
Shall be held by the Issuer separate and apart from all other
funds and shall be expended and used only in the manner and order
Specified in paragraphs (C), (D), and MCA this Section.
(C) Bond and Interest sinki_ ng Fund. The Issuer
covenants and agrees to es,abl•ish with a depository in the State
Of Florida, which is a member of the Federal Deposit Insurance
COrporati.on, and which is eligible under the Laws of the State
Of Florida to receive public funds a special fund or funds,
!collectively called "Indian River County water ynd Sewer System
Bond and Interest Sinking Fund" (the "Sinking Fund"), to be used
exclusively for the purposes hereinafter mentioned. As soon
after delivery of the Bonds as the System shall be revenue-
producing, the Issuer shall transfer on or before the 15th day of
each month from the Revenue Fund and deposit to the credit of the
Sinking Fund the following amounts:
'• A
(l) A sum equal to 1/12 of the amount of one year's
interest on all the Bonds then outstanding, together with the
amount of any deficiency in prior deposits for interest; and
(2) Beginning on September 15, 1950, a sum equal to
`/12 of the principal of the Bonds maturing on the next succeed- �
ing'anniversary date, together with the amount of any deficiency
in prior deposits for principal.
(3) After fulfillment of the requirements of paragraphs
(c)(1) and (2), the Issuer shall transfer on or before the 15th
day of each month from the Revenue Fund and deposit to the
credit of a special account in the Sinking Fund (the "Reserve
Account"!, the sum of Two Hundred Dollars ($200.00) until such time
as the funds and investments therein shall equal Twenty-four Thou-
sand Dollars ($24,000.00), and monthly thereafter such amount as may
be necessary to maintain in the Reserve Account the sum of Twenty-
four Thousand Dollars ($24,000.00) but not exceeding Two Hundred
Dollars ($200.00) monthly. Money in the Reserve Account shall be
used only for (1) paying the costof repairing or replacing any
-damage to the System which shall be caused by an unforeseen caLa.
trophe, (2) constructing improvements or extensions to the System
JAN 2 31978 3 ``}}
Pi OK 33 ('ivi: �S �J
WIN
which shall increase its net revenues and which shall be approved by
the consulting engineers, if the Issuer shall not then be in default
under any of the provisions of this instrument, and (3) paying
the principal of and interest on the Bonds in the event that the
ether money in the Sinking Fund shall ever be -insufficient to meet
such payments.
(D) Operation and Maintenance Fund. The Issuer covenants
and agrees to establish with a depository in the State of Florida,
which is a member of the Federal Deposit Insurance Corporation,
•and which is eligible under the Laws of the State of Florida
to receive public funds, a special fund to be known as the "Indian
River.County Water and Sewer System Operation and Maintenance Fund"
(the "Operation and Maintenance Fund"), which shall be used ex-
.clusively for the purpose of receiving funds to be transferred
monthly by the Issuer from the Revenue Fund, and for paying, as they
accrue, the Operating Expenses of the System pursuant to the annual
budget. As soon after delivery of the Bonds as the System shall be
revenue-producing, and after having made the deposits to the Sinking
Fund as provided in paragraph (C) above, the Issuer shall transfer
on or before the 15th day of each month from the Revenue Fund and
•deposi.t to the credit of the Operation and Maintenance Fund a sum
sufficient to pay the Operating Expenses of the Systed for the
current month, all in accordance with the annual budget. Any bal-
ance remaining in the Operation and Maintenance Fund at the end of
the Fiscal Year, and not required to pay costs incurred during the
Fiscal Year, shall be deposited promptly into the Revenue Fund.
(E) Excess Funds. Subject to the provisions for the
disposition of revenues in paragraphs (C) and (D), which are cumu-
lative, the Issuer shall, on or before the 15th day of each month,
transfer to the Reserve Account in the Sinking Fund the balance of
money remaining in the Revenue Fund until the funds and investments
in the Reserve Account equal the amount of Twenty-four Thonisand
Dollars. Q24,000.00), and thereafter whenever funds and investments
in the Reserve Account equal Twenty-four Thousand Dollar, (;21,000.00)
the Issuer may use the surplus fundr in the Revenue Fund for the
•-17-
JAV 2 319118
KKK
4.
purchase or redemption of Bonds or for any other lawful municipal
purpose.
(F) Trust Funds. The funds and accounts created and
established by this instrument shall constitute trust funds for
the purpose provided herein for such funds. All of such funds,
except as hereinafter provided, shall be continuously secured
in the same manner as deposits of public funds are required to be
secured by the Law's of the State uf Florida. Money on deposit to
the credit of the Reserve Account shall be invested by the deposi-
tory bank, upon request by the Issuer, in direct obligations of, or
obligations the principal of and interest on which are guaranteed by
the United States of America and which shall be subject to redemp-
tion at face value at any time by the holder thereof at the option
of such holder; and the money on deposit to the credit of the Sinking
Fund may be so invested in such obligations which shall mature not
later than fifteen (15) days prior to the date on which such money shall
be needed to pay the principal of and interest on the Bonds in the
manner herein provided, but money on deposit to the credit of the
Revenue Fund and the Operation and Maintenance Fund shall not be
invested at any time. The securities so purchased as an investment
of funds shall be deemed at all times to be a part, of the account
from which the investment was withdrawn, and the interest accruing
thereon•and any profit realized therefrom shall be credited to'such
account and any loss resulting from such investment shall likewise
be charged to such account.
(G) Rates and Charges. The Issuer covenants and
agrees.to maintain and collect, so long as any of the Bonds are
outstanding, such schedule of rates and charges for the services
and facilities of the System which will produce revenues which
shall be sufficient to provide for current debt service and reserve
requirements for the Bonds and pay the reasonable expenses of opera-
tion and maintenance of the System; and the Issuer covenants and
agrees that so long as any of the Donds are outstanding and unpaid,
at the same time and in like manner that the Issuer prepares its
annual btidgot• of the Oper.atinci Expenses, the Issuer shall annually .
prepare an intimate of groes revenue:: to be derivad from the opera-
-10•-
ecOK JJ rmVE J0. I
f.
tion of the System for the ensuing Fiscal Year, and to the extent
that such gross revenues are insufficient to pay debt service re-
quirements during such ensuing year on all outstanding Bonds payable
from the revenues of the System, build up and maintain the required
-reserves for all such outstanding Bonds and pay Operating Expenses,
the Issuer shall revise the fees and rates charged for the use of
the services and facilities of the System sufficiently to provide
the funds required.
(Ii) Issuance of Other Obligations.
(1) The Issuer covenants and agrees that in the event
the cost of construction or completion of the Project shall exceed
the dollar amount of Bonds herein authorized, it shall deposit
into the Construction Account the amount of such excess out of
,funds available to it for such purpose, and the Issuer may pro-
vide such excess, and only such excess, through the issuance of
parity Bonds conforming to the requirements of paragraph (3) of
this subsection; but except to complete the Project, it will not
issue any other obligations payable from or secured by the rev-
enues of the System, unless the conditions hereinafter set forth
shall be met, or unless the lien of such obligations is junior and
.subordinate.in all respects to the lien of the Bonds.
(2) The Issuer shall have the right to add new water
or sewer facilities and related auxiliary facilities, by the
issuance of one or more additional series of bonds to be secured
by a parity lien on and ratably payable from the gross revenues
of'the System, provided in each instance that:
(a) The facility or facilities to be built from the
proceeds of the additional parity bonds is or are made a part
of the System and its or their revenues are pledged as additional
security for the additional parity bonds and the outstanding
Bonds.
(b) The Issuer is in compliance with all covenants
and undertakings in connection with all of its Bonds then out-
standing and payable from the revenues of the System, or any
Part thereof, and his not been in default as to any payments
_19 -
JAN
!� () (� ROOK od� 1'.i; ,` ni
JAN 7 31978 'T• J�liv
required to be made under this instrument for a period of at
i
least the next preceding 24 months, or if at such time the
Bonds shall not have heen outstanding for 24 months, then for
the period that the Bonds shall have been outstanding.
(c) The annual net revenues for the Fiscal Year next
preceding the issuance of additional parity bonds arc certified by
an independent certified public accountant not regularly employed by
the Issuer, to have been equal.to at least one and twenty -hundredths
(1.20) times the average annual requirements for principal and
interest on all the Bonds then outstanding and payable from such
pledged revenues.
(d) The estimated average annual net revenues of the
facility or facilities to be constructed and acquired with the
proceeds of such additional bonds (and any other funds pledged
and set aside for such purpose), when added to the estimated
future average annual net revenues of the then existing System
shall be at least one and twenty -hundredths (1.20) times the average
annual debt service requirements for principal and interest on all
outstanding Bonds payable from the revenues of the System and on the
Additional bonds proposed to be issued. Estimates of future revenues
and operating expenses shall be furnished by recognized independent
consulting engineers and approved by the Board of County Commis-
sioners of the Issuer, and shall be forecast over a period of not
exceeding ten years from the date of the additional bonds proposed
to be issued. Provided, however, the conditions provided by this
paragraph and by the next preceding paragraph (c) may be waived or
modified by the written consent of the holders of seventy-five per
centum (75 1) of the Bonds then outstanding.
(3) The Issuer hereby covenants and agrees that in
the event additional series of parity bonds are issued, it will
provide that the parity bonds shall mature according to a schedule
which most closely approximates equal annual installments of coni-
bined principal and interest payments for such parity bonds and all
other Bonds payable from the revenues of the System; it will adjust
the required deponit:s into and the maximum amount to be maintained
in the Sirilci.ng Fund, including the nc serve Account thea:cin, on the
-20-
JAN 2.3 1978 F6K 33 ou 383
c
same basis as hereinabove prescribed, to reflect the average annual
debt service on the additional bonds; and it will make such addi-
tional bonds payable as to principal on September 1 of each year in
which principal falls due and the coupons attached thes;eto payable
on September 1 of each year. If in any subsequently issued series
of bonds secured by a parity lien on the revenues of the System,
it is provided that excess revenues shall be used to redeem bonds in
advance of scheduled maturity, or if the Issuer at its option
undertakes to redeem outstanding bonds in advance of scheduled
maturity, the Issuer covenants that calls of bonds will be
applied to each series of bonds on an equal pro rata basis
(reflecting the proportion that the amount originally issued of
each series bears to the amount originally issued of each of the
other series) to the extent that this may be accomplished in
accordance with the call provisions of the respective bond series,
but the Issuer shall. have the right to call any or all outstand-
ing bonds which may be cal.lcd at par prior to calling any bonds
that are callable at a premium.
(I). Disnosal of racilities. The Issuer covenants and
agrees that, so long as any of the Bonds are outstanding, it
will maintain its corporate identity and existence 'and will not
sell or otherwise dispose of any of the System facilities or any
part thereof, and, except as provided for above, it will not
create or permit to be created any charge or lien on the revenues
thereof ranking equal or prior to the charge or lien of the Bonds.
Notwithstanding the foregoing, the Issuer may at any time per-
manently abandon the use of, or sell at fair market .value, any
.of its System facilities, provided that:
(a) It. is in compliance with all covenants and under-
takings in connection with all. of its Bonds then outstanding and
payable from the revenues of the System, and the debt service
reserve for such Bonds has been full.y established;
•(b) It will, in the evcni: of sale, apply the proceeds
to either (1) redemption of outstanding Bonds in accordance with
the provisions governing payment of Bonds in advance of maturity,
-21.-
JAN '2 31978 KOK 33 i,ma 384
Or (2) replacement of the facility so disposed of by another
facility the revenues of which shall be incorporated into the
.System as hereinbefore provided;
(c) It is certified, prior to any abandonment of use,
that the facility to be abandoned is no longer economically
feasible of producing net revenues; and
(d) It certified that the estimated net revenues of
the remaining System facilities for the next succeeding Fiscal
Year, plus the estimated net revenues of the facility, if any,
to be added to the System, satisfy the earnings test hereinbefore
provided in the Section governing issuance of additional parity
bonds.
(J) insurance on System. While any of the Bonds shall
remain outstanding, the Issuer shall carry at least the following
insurance coverage:
(1) Fire and extended coverage on tate insurable
portions of the System, in amounts sufficient to provide for not
less than full recovery whenever a loss from perils insured against
does not exceed eighty per centum (80%) of the full insurable value
of the damaged facility; and flood damage insurance shall be car-
ried.to the full insurable value, as recomn;ended by consulting
engineers, of all property of the System which may be subject to
flood damage and shall be situated in a flood plain area.
(2) Public liability insurance relating to the operation
Of the System, with limits of not less than $100,000 for one person
and $300,000 for more than one person involved in one accident, to
Protect the Issuer from claims for bodily .injury and/or death, and
not -less than $10,000 for claims for damage to property of others
which may arise from the Issuer's operation of the System.
(3) If the Issuer owns or operates a vehicle in the
operation of the System, vehicular public liability insurance with
limits of not less than $100,000 for one person and ,$$300,000 for
more than one person involved in one accident- to protect the I;SUer
from claims for bodily injury and death, and not loss than $10,000
against claims for damage to property of others t•111ich may arise from
the Issuer's, operation of vollic.les,
-22-
JAN 231979 i"VA-lia
All such insurance shall be carried for the benefit of the
holders of the Bonds. All money received by the Issuer by reason
of insurance coverage, except liability coverage, shall be deposited
to the credit of the Reserve Account and is hereby pledged by the
_Issuer as security for the Donds, until and unless such proceeds are
used to remedy the loss or damage for which such proceeds are re-
ceived, either by repairing the property damaged or replacing the
property destroyed within ninety (90) days from the receipt of such
proceeds.
(ii) Maintenance of Svstem. The Issuer will complete the
construction of the Project in an economical and efficient manner
with all practicable dispatch, and thereafter will maintain the
System in good condition and continuously operate the same in an
efficient manner and at a reasonable cost.
(L) No Free Services. The Issuer will not render or
cause to be rendered any free services of any nature by its
System, nor will any preferential rates be established for users
of the same class; and if the Issuer shall avail itself of the
facilities or services provided by the System, or any part
thereof, then the same rates, fees or charges applicable to other
customers receiving like service under similar circumstances
shall be charged to the Issuer. Such charges shall be paid as
they accrue, and the Issuer shall transfer from its general funds
sufficient sums to pay such charges. The revenues so received
shall be deemed to be revenues derived from the operation of the
System, and shall be deposited and accounted for in the same
'manner as other revenues derived from such operation of the
System.
(m) Failure of User to Pav for Services. Upon failure
of any user of any product, services or facilities of the System
to pay for the same within sixty (60) days after the Issuer
shall have billed such user therefor, the Issuer shall shut off
the connection of such user and shall not furnish him or permit
him to receive from the System further service until all obli-
gations owed by him to the Issuer on account of services, including
-23-
JAN 231979 4:oK. �acE�1i
LM
disconnection and reconnection charges, shall have been paid in
full. This covenant shall not,.however, prevent the Issuer
.from causing any System connection to be shut off sooner..
(N) Enforcement of Collections. The Issuer will dili-
gently enforce and collect the rates, fees and other charges for
the services and facilities of the System; and will take all steps,
.0. actions and proceedings for the enforcement and collection of
such rates, charges and fees as shall become delinquent to the i
full extent permitted or authorized by law; and will maintain
Accurate records with respect thereof. All such fees, rates,
charges and revenues herein pledged shall, as collected, be held
in trust to be applied as provided in this instrument and not
otherwise.
(0) Sufficiency of Rates. The Issuer covenants and
agrees that it will fix, establish, revise from time to time
whenever necessary and maintain always such fees, rates, rentals
And other charges for the use of the product, services and
facilities of the System which will always produce cash revenues
sufficient to pay, and out of such funds pay, as the same shall
become due, the principal of and interest on the Bonds, the nec-
essary expenses of operating and maintaining the System and all
reserve, Sinking Fund or other payments required by this instrument;
and that such rates, fees, rentals or other charges will not be
reduced so as to be insufficient to provide funds for such purposes.
(P) Compliance with Laws and Regulations. The Issuer
covenants and agrees to perform and comply with, in every respect,
the Loan and Grant Agreements which it might have with the
Government or with any other governmental agency, and all applicable
Federal and State'Laws and regulations.
(Q) Remedies. Any holder of the Bonds or any coupons
appertaining thereto issued under the provisions of this instru-
ment, or any trustee acting for the holders of such Bonds and
coupons, may either at law or in equity, by suit, action, mandamus
or other proceedings in any court of competent jurisdiction,
protect and enforce any and all right,, including the right to
the appointment of a receiver, existing under the Laws of the
PCOK 33 PAGE
JAN •�;�
2, 31978
4.
State of Florida, or granted and contained in this instrument,
and may enforce and compol the performance of all duties re-
quired by this instrument or by any applicable State or Federal
Statutes to be performed by the Issuer or by any officer thereof.
Nothing herein, however, shall be construed to grant to
any holder of such Bonds or coupons any lien on any real property
Of the Issuer.
(R) Records and Audits. The Issuer shall keep books
and records of the revenues of the System, which such books and
records shall be kept separate and apart from all other books,
records and accounts of the Issuer, and any holder of a Bond or
Bonds or the coupons applicable thereto issued pursuant to this
.instrument shall have the right to, at all reasonable times, inspect
all records, accounts and data of the Issuer relating thereto.
So long as any of the Bonds shall be outstanding, the
Issuer will furnish on or before ninety (90) days after the
Close of each Fiscal Year, to any bondholder who shall request the
same in writing, copies of any annual audit report prepared by an
independent certified public accountant or an auditing official
of the State of Florida, covering for the preceding Fiscal Year,
in reasonable detail, the financial condition and record of
Operation of the System and any other facilities the revenues
of which are pledged to the payment of the Bonds.
(S) Connection with Svstem. The Issuer will, to the
full extent permitted by law, require all lands, buildings,
residences and structures within its corporate limits which can
use the facilities and services of the System to connect there-
with -
here -with, and use the facilities and services thereof and to cease
the use of all other facilities. The Issuer will not grant a
franchise for the operation of any competing water or sewer
-system until all Bonds issued hereunder, together with interest
thereon, shall have been paid in full.
(T) Fidelitv Bond. The Issuer will require each employee
who may have possession of the revenues of the SysLem to be covered
by a fidelity bond written by a responsible indeuuiity company in an
-25-
JAN 231978
r i,
PLIA �3 f"1ic..,J 8
amount fully adequate to protect the Issuer from loss.
(V) Government Approval of Extonsi.ons and rinancinq.
,luiything herein to the contrary notwithstanding, while the
Government is the holder of any of the bonds, the Is will
not borrow any money from nny sou:Tce or enter into any contract
or agreement or incur any other liability in connection with
making extensions or improvements other than normal maintenance
of the System, or make any extensions or enlargements of the
System, or permit others to do so, without obtaining the prior
written consent of the Government.
-(V) Reimbursement of. Advances and Interest Thereon.
Mile the Government shall be the holder of any of the Bonds,
the Government shall have the right to make advances for the
payment of insurance Premiums and/or other advances which, in
the opinion of the Government, may be required to protect the
Government's security interest. In the event of any such
advances, the Issuer covenants and agrees to repay the same,
together with interest thereon at the same rate per annum as
specified in the Bonds, upon demand made at any time after
any such expenditure by the Government. Any such amount due
the Government shall take priority over any other payments from
the Reserve Account.
-26-
JA R 2 3 1978 v3 PI!�f. •3 J
ARTICLE IV
l4ISCELLANCOUS PROVISIONS
4.01. Modification or Amendment. No material modifi-
cation or amendment of this instrument or of any instrument
amendatory hereof or supplemental hereto, may be made without
the consent in writing of the holders of two-thirds or more in
principal amount of the Bonds then outstanding; provided, however,
that no modification or amendment shall permit a change in the
maturity of such Bonds or a reduction in the rate of interest
thereon, or in the amount of the principal obligation, or affect
the unconditional promise of the Issuer to charge and collect
such rates, fees and charges for the use of the product, services
and facilities of the System and apply the same as herein provided,
or reduce the number of such Bonds the written consent of the
holders of which are required by this Section for such modifi-
cations or amendments, without the consent of the holders of
all such Bonds.
4.02 Creation of Superior Liens. The Issuer covenants
that except as herein provided it will not issue any other Bonds,
certificates or obligations of any kind or nature or create or
cause or permit to be created any debt, lien, pledge, assignment
or encumbrance or charge payable from or enjoying a lien upon the
revenues of the System ranking prior and superior to the lien
created by this instrument for the benefit of the Bonds.
4.03 Severability of Invalid Provisions. If any one
or more of the covenants, agreements or provisions of this
instrument or of the Bonds should be held contrary to any express
provision 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 covenants,
agreements or provisions shall be null and void and shall be
deemed separate from the remaining covenants, agreements or pro -
Visions of this instrument and of the Bonds.
4.04 Validation AMthorined. The Issuer's Attorney is
hereby authorized and directed to institute appropriate proccedinga_
�1 A N E' 31 Pcox 33 FncE 39J
n
in the Circuit Court for Indian River County, Florida, for the valida-
tion of the Bonds.
4.05 Sale of Bonds. The Bonds are hereby sold and
awarded to the Government at the price of par and bearing
interest at the rate of five per centum (52) per annum.
• 4.06 Conflicts Repealed. All resolutions or parts of
resolutions in conflict herewith are hereby repealed.
4.07 Effective Date. This instrument shall take effect
immediately upon its passage.
Adopted: January 23, 1978
JAN 2 31978
Hca 33 i uE.391
d �
• EXTEtACrs 17Ro;1 THS M1 W•rr_s of A special
•
MEETING OP T11E Board of County Commissioners
OF Indian River Country, Florida
HELD ON TFIE 23rd DAY OF January 19 78
TheBoard of County Commissioners
-of Indian River County, Florida
,met in Special meeting at Indian River County Courthouse
1.n the City of Vero Beach � ^Florida at
9:00 O'clock A
M. on the 23rd day of January
19 78 , the place,.hour, and date duly established for the hold-
ing of such meeting.
The Chairman called the meeting to order
and on roll call the following answered present: i
William C. Wodtke, Jr..
Alma Lee Loy
E dwi.ii S. Schmucker - ~�
R. Don Deelon
and the following were absent:
Willard 14. Siebert, Jr,
The -Chairman declared a quorum•. present.
A Resolution entitled: RESOLUTION NO. 73-6
Resolution providing for the acquisition of a water and sewer
-system in Indian River County, Florida, and the construction
and erection or extensions and improvements thereto; authorizing
the issuance by the County of not exceeding S402,500 water and
sewer revenue bonds, series 1979, to finance a part of the cost
thereof; pledging the gross revenues of such system to secure
payment of the principal of and interest on the bonds; and
providing; for the rights of the holders of the bonds•
was introduced by Mr. William C. Wodtl<c, Jr.
said Resolution was then read in full Anil discussed
and considered.
eccK 33
JAN 231978 .
i miss Alma Lee Loy then moved the adoption
of the Resolution as introduced and read, Mr. Schmucker
seconded the motion, and, on roll call, the following voted "Aye":
R. Don Peeson, Edwin S. Schmucker, Alma Lee Loy and William C.
Wodtke, Jr.
and the following voted 'Tay"
None
The Chairman thereupon declared the motion
carried and the Resolution adopted as introduced and read.
There being no further business to come before the
meeting, upon motion duly made and seconded, the meeting was
adjourned.
JAN 2 31978
MOK �J -JJ