HomeMy WebLinkAbout1978-089RESOLUTIO14 NO. 78-89
A RESOLUTION PROVIDING FOR THF. ISSUANCE OF
REVENUE AND GENERAL OBLIGATION NOTES OF
INDIAN RIVER COUNTY, FLORIDA, NOT TO EXCEED
$235,000 TO PAY THE COST OF ADVANCING FUNDS
FOR THE ACQUISITION OF A WATER SYSTEM;
PLEDGING REVENUES OF THE PROJECT AND AD
VALOREM TAXES FOR REPA.YPIENT THEREOF AND
CONTAINING OTHER PROVISIONS RELA:TING TO
THE NOTES; PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA (hereinafter called "Board") that:
SECTION 1. AUTHORITY FOR RESOLUTION. This resolution
is adopted pursuant to the provisions of Section 125.01, Florida
Statutes, Chapter 159i Part I, FlOridc
Statutes, and other applicable
pro': _.~ions Of law.
SrCTIOIr 2, r Lj D<<;GS.It _s hereat found, deft
_rained
and d�:clare,-, as fr,llows, that:
r:. Tt :... ii�C' �5� , O_ _'S_r2�'tla, E;1� _n the best �
" .:n4£reS..
Of In:al?n .r''.:.'c' �O'!a,ty, l0r; a (hereinafter cailP_d "COL'n''},"), GnC
its inhabitantn ".,,at :eVeriue an-- general Obl Cation notes in all
amount not exceeding :235,000.00 be issued to .;ad, ancf? funds for
th(: acquisition O: the water system serving app=Koxinatel%, 1,100
[:t1';tOmerS, rtT'r•snn' IJ• r)'r:ni'CZ� .'^,+,,'3-'lOrlild F.ftillX_LC:a, Inc.
(herein
Called "Prc)ject.") .
B. Such ri2'1cnt.:e:, dl'
. .__ oma^ _ _:.orl no_'.5 together
W1, h all o`_hR'r ou'tanding general ob iCa tio.4 bonded ind--btedness
Of the COunt�' 4'_ 1 1 _ exceed a: for
SECTIO?: SOLC:20:: TD CON*271T'UTE CONTRACT. Ire Con --
L i6te--aticn,
on-£i6te--atien Of th°v accepta: c;-. of .he notes aut',-r;.zed to h}-,
hereunder by thOsse who shall;a sa
iG, _=0..^: time to tllii^, this
re--olutiOn shall !`e deemed' to be and shall constitute a contract
between the Count% and such holders. The covenants and agreei�ents
herein set forth to beiperformed by th._ County shall be for the
equal benefit, protection and security of the legal holders of any
and all of such Notes, all of which shall be of equal rank and
without preference, priority or distinction of any of the Notes
over any other thereof, except as expressly provided therein and
herein.
64 M SECTION 4. AUTHORIZATION OF NOTES. For the purpose of
advancing funds to finance the cost of the Project, there are hereby
• authorized to be issued Revenue and General Obligation Notes of
the County (herein called "Notes"), in the aggregate principal
• amount of not exceeding Two Hundred Thirty -Five Thousand Dollars
($235,000). The Notes shall be dated December 14, 1978, numbered
1 to 5, inclusive, Notes numbers 1 to 4, inclusive, to be in the
denomination of. $50,000 each and No. 5 for $35,000. Said Notes
shall mature on December 13, 1979 and shall bear interest, payable
at maturity, at the rate of six and forty hundredths per centum
(6.40%) per annum. Such Notes shall be payable as to principal
and interest in lawful money of the United States of America at
The Chase Manhattan Bank, N.A., New Yor.b:, New York and shall be
payable to bearer unless reuistered as hereinafter provided.
SECTION 5. SALE OF NOTF:s. The Notes are hereby awarded
and sold at private sale, at tt3e price nf par plus accrued interest,
if any, to thr� date of delivery, t -t :*il1ia..4 R. fiough & Co.,
St. Petersburg, Florida.
The Chairman of th-I Pu,ird of County Cn-.-issioners is
hero!by authorized to receive the c;urct,ase pricr� o` sairi ::ores and
to q,ply the proceeds thereof wi'_:,-_)ut further aet`'rrnrity from this
Board.
SWC, IOt.' 6. C6,t..';. rs. .TOTES. The totes shall be
executed in the r.a..,_ the {C- _n , :;y the C:^.,__.. an of the Bond
Of Count%, anci c'D_ntersigned c.:.. atte=t.ed h7 the Clerk
of th'= Board, anC` .'..t.' corpcfate seal %= P_ acy..'_T'�.:.le =.'le reoJ shall
be affixed thereto r,, _ -:produced thereon. ..hs� _,:cs; ' le
,�.� signatures
of the Chairman or t1lie Clerk may be i_mpr nt-d riZ on the
Notes, provided that at lfeast one signaturga recu_red to placed
thereon shall be manually subscribed, in case any officer whose
signature shall appear on any of the Notes shall cease _o be such
officer before the delivery of such Notes, such signature or facsimile
shall nevertheless be valid and sufficient for all purposes the same
as if lie had remained in office until such delivery. The Motes may
be signed and sealed on behalf of the County by such pe -son who at
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so the actual time of the execution of such ?votes shall hold the proper
office with the County, although at the date of such Notes such person
O may not have held such office or may not have been so authorized.
SECTION 7. NO -ES MUTILATED, DESTROYED, STOLEN OR LOST.
• In case any Note shall become mutilated, or be destroyed, stolen or
lost, the County may in its discretion issue and deliver a new Note
�• of like tenor as the Note so mutilated, destroyed, stolen or lost,
in exchange and substitution for such mutilated Note, upon surrender
and cancellation of such mutilated Note, if any, or in lieu of
and substitution for the Note, if any, destroyed, stolen or lost,
and upon the holder furnishing the County proof of his ownership
thereof and satisfactory _n6ernit and co,-.)lyinc with such other
reasonable regulations and co ncli_ic—nn ^o:.., .-,:y c_'escribe
and paying such exnenses as ..r,_ Cc ...__ _nc -. 1'_ Notes so
surren ereG sha11 UU cancc-II-d ✓ _,... C _o.. f t' -e rd If any
such Notcz shall have nate eG C7_ D= _ .] _ `_� I:8t1y �, -n-stead of
upon being
w g
cest.oyed 'without Cherp^_.
All suc.. d•, __^ate 2:ctes =ss - -- 'a._,._ _o _� section
shall crnstitute c__ :,al, a_di iona_
the part of the Counts whether or not :';a :.o_ t, stolen or destroy,•,}
l"ores be at any ti--,, -`--rid a:'. One, .._ch d:;p"cat.e Notes :hail
be entitled to ecual Y_op:rt o: aye benefits and ria'-ts as to
lien on -nd no:__:o Y.._ security for pa,. -,e :_ t. -le fu: -td-, as
as all othe_ obllt'titions
issued hereunder.
SECTION 8. PiU Ok IiVIAIFIPTI ON. The Notes shall. not be-
redeemable
eredeemable prior to their stated dates of maturity.
SECTION 9. NEGOTIABILITY AND RI-GISTRATION. The Notes
issued hereunder shall be and shall have all of the qualities and
incidents of negotiable instruments under the law merchant and the
Laws of the State of Florida, and each successive holder, in accept-
ing any of such Notes shall be conclusively deemed to have agreed
�. 3
':..at such Notes shall be and have all of the qualities and incidents
of negotiable instruments under the law merchant and the Laws of
the State of Florida.
The Notes may be registered at the option of the holder
as to principal and interest at the office of the Clerk of the Board,
as Registrar, or such other Registrar as may be hereafter duly
appointed, such registration to be noted on the back of the Notes
in the space pi:ovided therefor. After such registration as to
Principal and interest, no transfer of the Notes shall be valid
unless mace at such office by Written assign.,{pnt Oi. the registered
Owner, or by his duly authorized attorney, in a :Ori Sat15LaCt0'}'
to "he ..e-Ci_„_rcr, a:,c zimilar O
��}' . T{ teC on tnn Notes, but the Notes
_ o:{ _ Qe] ig__..c r.l::;{ ger trans
derrrd tq bearer for-- and
shr,11 be restore--. At the hn?, _
w , _ _r, the totes may
..:l F'.rt.:a-_r :•mac i{ _`�C,i'. L�Trr ta "o• - - -
_ , .__._.C.; c- _..ans-erred to
bearer for;, as befo-e.
..7-C:_Gri
ar: .ubstan t_a_�l
_ e
fo.lo�
un
Variations,
Omi-_ions and
_,.t ras a.1
n— all nor
izcd C3_ pe. _Wt_�
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_ -..-_'J:{ L. a. _ ..a...'t,S?;7"16.':Srr:L't1Gn
ado. cr3 Drior
tG theISSUE:.
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UNITED ST:.TES OF ._.E°ICA
STATE OF FLORIDA
COUNTY 0: INDIAN RIVER
REVENUE AND GENERAL OBLIGATION NOTE
KNOB ALL MEN BY THESE PRESENTS, that Indian River County,
Florida (hereinafter referred to as "County"), for value received,
hereby promises to pay to the bearer, or if this Note be registered,
to the registered holder as herein provided, on December 13, 1979,
the principal sum of Dollars ($
with interest thereon at the rate of six and forty hundredths per
centum (6.400 per annum, payable at the maturity hereof, upon
presentation and sur.rr!nder of this 'dote. Both principal of and
interest on this Note are payable in lawful money of the United
States of America at The Chase Manhattan Bank, N.A., New York, New
York. For thF. prompt pa7r-,, rit of the principal of and interest on
this Note as the game shall become due, the rr>%,L-nues of the project
(hc:rn_inaft_er referred to), and, if necessarj', the ad valorem taxing
power of the County for thE' fiscal ,rear 1979-30 3t. an annual
rate not to exceed ten (10) trills on the dollar of assessed value,
are hereby irrevocanl pled=,epi.
This Note is one of an authorized issue of notes in the
aggr#_;ate principal amount of 523S,CrA0 of like date, tenor anFi
effect, except as to number an£I .3enomination, issued to advance
funds to fillance th cost raf t. ),F acquisition o° a wat<.-r stem
ji
(herein called the "project"), under thr: authority of and in full
compliance with tiic constituticrti ,anri :>tatut+s of the State of
Florida, includinq Section 125.01, E'lorizizk l;tatutes, Chapter 159,
Part 1, Florida Statutes, and -A.her applicable provisions of law,
and pursuant to a re:,olution of the County duly adopted on the 6th
day of December, 1978 (hereinafter called "Resolution"). This Notc
is subject to all they terms and conditions of said Resolution.
It is certified and recited that all acts, conditions and
things required to happen, to exist and to be performed, precedent
to and In the issuance of this Note, have happened, exist, and have
2
66
leen performed in due time,
form and manner as required by the
Constitution and Laws or the
State of Florida, applicable thereto;
40
that the total indebtedness
of said County, including the issue of
Notes of which this Note is
one, does not exceed any constitu-
40
tional, statutory, or other
limitation; and that, to the extent
the revenues of the project
are insufficient therefor, provision
has been made for the levy and collection of a direct annual tax
for the fiscal year 1979-80,
at an annual rate not to exceed ten
(10) mills on the dollar of
assessed value, upon all property
subject to taxation by the Court., sufficient to pay the principal
of and interest ora this Note
as the sa-me shall beco;aa due, which
tax shall be levie_- and collected at the sa;-,,e time and In the same
r-,,anner an ot.%r_•r ad taxE-a r_ the County a -re assessed, levied
and collected.
This Note is not r i.:.emat,le • rior to its _.stated date
of maturity.
This 1:r3:e i5 hG= has a!'- _.. •alities of a neaotia.�, Ie
ins _rument and . :.e !aw merchanz ane- _ ;e '_z-45 of the State of
F)orJ.ca.
!:te :ea i ste=ed as Lo both pr_na: 3'1 C3
in'l_ :re --t in accordance with the provisions endorsee hereon.
River County, : �.o__3?, has
issu..!a1 this Note and has caused the :sari, to be executed by the
manual or facsimile-isnature of the Chairman of the Board of
County Commissioners and the• corporate seal of said County or a
facsimile thereof to bt:i .af_`ixc:3 hereto or impressed, imprinted,
l.ithoLlraphed or reproduced hereon and atte tcd .:and countersigned
by the manual or fausiudlea signature of tial! Clark of the Board,
all as of the 14th day of December, 1978.
(SEAL)
ATTESTED :_ND COUNTERSIGNED:
Clerk., Board of County
Commissioners
RIVER COUNTY, : LORIDA
By.
(fhairman, Board of County
Coac;.i ssi oners
PROVISION :OR REGISTRATION
This Mote may be registered as to both orincioal and
interest in the name of the holder on "t? Loo):s to he ke-o _ by
the Clerk of the Board of Count,' as Registrar, such
reci.::tra`ion k'i"ina noted hereon, _._ 1 7ecis`_:er in .`.tile reaistrLtionl
blank below, aftFr .:hick no trams : =..i-1 te vs11d unIe _ made h'✓
written a21.. )C,:._ rey_z`_F_e- .._-1__ or attorney
duly authorizedi' n_ ._? _ `,' .'lu 3 .n .'i F'
br-.1041, but it G'_', lie ___7. transferred
o oaarer, a. -e
my be ain re..; -r a f
Dr. Or -.. S_G:.A? OF
~"te r -IS �.A TQ_, GEST.. ,{R
•w SEC T IO:N 11 . PLEDGE' OF REVENUE'S AND AD VALOREM TAXES.
For the DYOmpt pa}went of the principal of and interest on the
Notes, the revenues derived from the operation of the project and,
to the extent such revenues are insufficient therefor, the ad
valorem taxing power of the County for the fiscal year 1979-80, at
an annual rate not to cxceed ten (10) mills on the dollar of
assessed value, are irrevocably pledged.
SECTION 12. SIN-NING FUND, DEPOSIT tT OF R. VENUES F.I;D LEVY OF
AD VALOREM TPJ:. There is hereby created a Sinking Fund to be held
and administered by the County sole viOr the DL2r70Sc' Or paying the
princiti_1 of and _.wrest On the NUtes as tlrey become due. All of
the revenues Gc,'lt'r..d _rGi; the oDnzGtion cf. the project shall be
deposited -nto SG:id Sin.,ing :ung. There shall aisc !i -e 1e; -r
and
collectofd a t.'... C1:: i.:;G :+� .. _ _c! ec._ 11,379-8
0 , at an annu�l rate
not to Pyce,cd tr7; ( n) _: s O:i t.*1e 6G__ r O° 255@SSL ra 1 :n, O
all PrO-j'E'rty su: - --_ tc,�d;.,`.l .: Cj C.Jc _ sul ,icie.'.t 1Z
a,-'%0u7:t to Day
otic—r fu%dls hic:: ray be so
=6 assessed,
leN-lie.. and cr,_lected in the sa-e .-.. - - - . a
Other County tzxes are assessedle;:,A end collected.
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h'F- —:) ? Sj,^; �3:
2:=ATE
P'r:C)CE- S . . r.e .... _ o . ne :votes issued he
re:::lde_ a:aa: _ i1av� no
rr. aponsibil_ c,: .� use cf the proceeds cf sa.�
use
of Suq.a No e . rock. the y shall in nD c
SY-C1I0:. _.H "......._.. No use will be I ade Of the Proceeds
Of the i•7pt.t�°: Whi[:h +:(illi^ caul Lhe sarle to ::r, c_rbitrarp<- bo: a_-
1
within the m€.aninc-i of the I;1tF _'n 1 R-vanu . e County Cod,Th, at
all ti: -,i _s whi l e t1 e i:ot.es an C'
i.n.tE'rect the_-&G:i are Out ;taneing, will
comply with the requirements O= Section 103(c) of the Internal
Revenue Code and any valid and applicable rules am regulations of
the Internal Revenue Service.
SECTION 15. MODIFICATION OR ANFND:ENT. No material modifica-
tion or amendment- Of this resolution Or oz an-: _?sojutio c- r1GuLU `.
or supple -ental hereto, be ,ade �Y'it'r,o;:t t::e consent in
%"_iting of the holders of the motes then outstanding, provided,
however, that no modification or amendment shall permit a e chem in
g
the maturity of such Notes or the unconditional promise of the
County to pay the principal of and interest on the Notes s as the
same shall become due.
SECTION le. SEVFRT:S_TLITY O 1NV;,r.zD PROVISIONS. if any
one or more of the covenants, acreeme:Its, orrovi sons
p of this
resolution should be�
held con�_<,_y 'to any express provisions o�
law or contrary to the Policy Of express law, though not e%pressly
Prohibited, or against public polic,
x or Ellcl or any reason
whatsoever be held _.nvz c_
:_:2Ln Si1C
or
Provisions shall be null
an':'
1.void
and S'-all
dee-Me-Z Separate
i rOm the• re mina covenalits f
, nO
4:ay affect th`- vcj!.r'
he oth,:r
t _s resolution
Y
U,. OL �})C• i:Ot� 1.6>..3i.7'a's n�?r?L':tC^: .
SEC 7O:: 17.
�-'�ieC ].Tt.'l�'.^...r"r.l ?�- - •� __••�_C:1 5 ;cil ta�:E'
BOARD OF COUNTy CO*t%USSI0Eta
;7S
F1T'I'; .`,T : OF Y NDI AN R{V" COUNTY, FLORIDA
Clerk------
�
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