HomeMy WebLinkAbout1980-032RESOLUTION No. 80-32
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
FIXING THE DATES, MATURITIES, INTEREST RATES,
® AND REDEMPTION PROVISIONS FOR THE $4,350,000
CAPITAL IMPROVEMENT REVENUE•' BONDS, SERIES
1980, OF THE COUNTY; DESIGNATING THE PAYING
AGENT FOR SAID BONDS; RE -AWARDING SAID BONDS
® TO THE PURCHASER THEREOF; AUTHORIZING USE OF
AN OFFICIAL STATEMENT FOR SAID BONDS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners (the "Board")
of Indian River County, Florida (the "County"), has heretofore by
a resolution adopted on November 21, 1979, authorized the
a
issuance of $4,350,000 Capital Improvement Revenue Bonds, Series
1980 (the "Bonds"); and
WHEREAS, the Board deems it in the best interest of the
County that said Bonds be sold at this time; and
WHEREAS, it is necessary to fix the dates, maturities,
interest rates, and redemption provisions for the Bonds; and
WHEREAS, it is necessary to designate a paying agent for
the Bonds; and
WHE•'REAS, William R. Hough & Co. (hereinafter called
"Purchaser"), has previously submitted a proposal for the
purchase of said Bonds, which proposal was approved by the Board;
and
WHEREAS, it is necessary to authorize the use of an
Official Statement for said Bonds; now therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. $4,350,000 principal amount of the Bonds,
being the total amount of the Bonds hereto[ore authorized, shall
be issued.
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NJ SECTION 2. The Bonds shall be dated April 1, 1980,
shall bear interest, payable semiannually on April 1 and October
1 of: each year commencing October 1, 1980, at the rates per
annum, and shall mature in numerical order on October 1 in the
years and amounts as follows:
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SECTION 3. The redemption provisions for the Bonds
shall be as follows:
"The Bonds maturing in the years .1981 to 1990,
inclusive, shall not be redeemable prior to
their stated dates of maturity. The Bonds
maturing in the year 1991 and thereafter shall
be redeemable from moneys available for such
purpose, at the option of the County, in whole
or in part, but inverse order of maturities
and by lot within maturities if less than a
full maturity, on October 1, 1990, or on any
interest payment date thereafter, at the price
of par and accrued interest to the date of
redemption, plus a premium equal to three per
centum (38) of the principal amount of Bonds
so redeemed if redeemed on October 1, 1990.
Such premium shall reduce by one-fourth of one
per centum (1/4 of 18) on each interest
payment date thereafter."
SECTION 4. The Bonds shall be payable as to both prin-
cil>al and interest at Central Plaza Bank & Trust Co., St.
Petersburg, Florida.
SECTION 5. The Bonds are hereby awarded and sold to the
Purchaser at the price of $4,242,912 and accrued interest from
April 1, 1980 to the date of delivery thereof. Such award
is made pursuant to the terms of the contract of purchase pre-
viously submitted by the Purchaser on March 12 , 1980,
and approved by resolution of the Board on March 12 ,
1980, which contract is hereby expressly reapproved.
SECTION 6. The proper officers of the County be and
they are hereby authorized to execute the Official Statement
dated March 21, 1980, as to the Bonds and to deliver same to the
Purchaser for use by it in connection with the sale and distribu-
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Interest
Interest
Year
Amount
Rate
Year
Amount
Rate
1981
$35,000
8.758
1996
$115,000
8.408
1982
40,000
8.75
1997
125,000
8.50
1983
45,000
8.75
1998
135,000
8.50
1984
45,000
8.75
1999
145,000
8.60
1985
50,000
8.75
2000
160,000
8.60
1986
55,000
8.75
2001
175,000
8.70
1987
55,000
8.75
2002
190,000
8.70
1988
60,000
8.75
2003
210,000
8.70
1989
65,00
8.75
2004
230,000
8.70
1990
70,000
8.75
2005
250,000
8.70
1991
75,000
8.00
2006
275,000
8.75
1992
85, 00.0
8.10
2007
295,000
8.75
1993
90,000
8.15
2008
325,000
8.75
1994
100,000
8.20
2009
355,000
8.75
1995
105,000
8.30
2010
390,000
8.75
SECTION 3. The redemption provisions for the Bonds
shall be as follows:
"The Bonds maturing in the years .1981 to 1990,
inclusive, shall not be redeemable prior to
their stated dates of maturity. The Bonds
maturing in the year 1991 and thereafter shall
be redeemable from moneys available for such
purpose, at the option of the County, in whole
or in part, but inverse order of maturities
and by lot within maturities if less than a
full maturity, on October 1, 1990, or on any
interest payment date thereafter, at the price
of par and accrued interest to the date of
redemption, plus a premium equal to three per
centum (38) of the principal amount of Bonds
so redeemed if redeemed on October 1, 1990.
Such premium shall reduce by one-fourth of one
per centum (1/4 of 18) on each interest
payment date thereafter."
SECTION 4. The Bonds shall be payable as to both prin-
cil>al and interest at Central Plaza Bank & Trust Co., St.
Petersburg, Florida.
SECTION 5. The Bonds are hereby awarded and sold to the
Purchaser at the price of $4,242,912 and accrued interest from
April 1, 1980 to the date of delivery thereof. Such award
is made pursuant to the terms of the contract of purchase pre-
viously submitted by the Purchaser on March 12 , 1980,
and approved by resolution of the Board on March 12 ,
1980, which contract is hereby expressly reapproved.
SECTION 6. The proper officers of the County be and
they are hereby authorized to execute the Official Statement
dated March 21, 1980, as to the Bonds and to deliver same to the
Purchaser for use by it in connection with the sale and distribu-
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tion of the Bonds.
SECTION 7. The proper officers of the County be and
they are hereby authorized to act for the County and to sign any
and all documents necessary to effectuate the delivery of the
Bonds.
SECTION 8. All resolutions or parts of resolutions in
conflict herewith are hereby repealed.
SECTION 9.' This resolution shall take effect imme-
diately upon its adoption.
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