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HomeMy WebLinkAbout1980-058RESOLUTION NO. 80-58 A RESOLUTION PROVIDING FOR THE ISSUANCE OF REVENUE AND GENERAL OBLIGATION NOTES OF 114D'IAN RIVER COUNTY, FLORIDA, NOT TO EXCEED e $450,000.00 TO PAY THE COST OF ADVANCING FUNDS FOR LAND ACQUISITION EXPENSES FOR A SOUTH COUNTY 14ATER SYSTEM; PLEDGING REVENUES OF THE PROJECT AND AD VALOREM ® TAXES FOR REPAYMENT THEREOF AND CONTAINING OTHER PROVISIONS RELATING TO THE NOTES; PROVIDING AN EFFECTIVE DATE. •r 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 159, Part I, Florida Statutes, and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby found, determined and declared as follows, that: A. It is necessary, desi-rable, and in the best interest of Indian River County, Florida (hereinafter called "County"), and its inhabitants that a revenue and general obligation note in an amount of $450,000.00 be issued to advance funds for land acquisition and the payment of expenses for the south county water system (herein called "Project"). B. Such revenue and general obligation note together with all other outstanding general obligation bonded indebtedness of the County will not exceed any statutory debt limitation. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In con- sideration of the acceptance of the Note authorized to be issued hereunder by those who shall hold the same from time to time, this k resolution shall be deemed to be and shall constitute a contract between the County and such holder. The convenants and agreements herein set forth to be performed by the County shall be for the equal benefit, protection and security of the legal holder of such Nate. SECTION 4. AUTHORIZATION OF NOTE. For the purpose of advancing funds to finance the cost of the Project, there is hereby ® authorized to be issued a Revenue and General Obligation Note of the County (herein called "Note"), in the aggregate principal amount of not exceeding Four Hundred Fifty Thousand Dollars ($450,000.00). The Note shall be dated June 18, 1980. Said Note shall mature on June 15, 1981 and shall bear interest, payable at maturity, at the rate of six and seventy five hundredths per centum (6.75%) per annum. Such Note shall be payable as to principal. and interest in lawful. money of the United States of America at The First Citrus Bank of Indian River County, Vero Beach, Florida and shall be payable to bearer unless registered as hereinafter provided. SECTION 5. SALE OF NOTE. The Note is hereby awarded and sold at private sale, at the price of the par plus accrued interest, if any, to the date of delivery, to The First Citrus Bank of Indian River County, Vero Beach, Florida. The Chairman of the Board of County Commissioners is hereby authorized to receive the purchase price of said Note and to apply the proceeds thereof without further authority from this Board. SECTION 6. EXECUTION OF NOTE. The Note shall be executed in the name of the County by the Chairman of the Board of County Commissioners and countersigned and attested by the Clerk of the Board, and its corporate seal or a facsimile thereof shall be affixed thereto or reproduced thereon. The facsimile signatures of the Chairman or the Clerk may be imprinted or reproduced on the Note, provided that at least one signature required to be placed thereon shall be manually subscribed. In case any officer whose signature shall cease to be such officer before the delivery of such Note, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Note may be signed and sealed on behalf of the County by such person who at the actual time of the execution of such Note shall hold the proper office with the County, although -2- Lj 40 40 66 at the date of such Note such person may not have held such office or may not have been so authorized. SECTION 7. NOTE MUTILATED, DESTROYED, STOLEN OR LOST. In case the 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 holler furnishing the County proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the County may prescribe and paying such expenses as the County may incur. The Note so surrendered shall be cancelled by the Clerk of the Board. If such Note shall have matured or be about to mature, instead of issuing a substitute Note, the County may pay the same, upon being indemnified as aforesaid, and if such Note be lost, stolen or destroyed without surrender thereof.. Such duplicate Note issued pursuant to this aection shall constitute original, additional contractual obligations on the part of the County whether or not the lost, stolen or destroyed Note be at any time found by anyone, and such duplicate Note shall be entitled to equal and proportionate 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 obligations issued hereunder. SECTION 3. PRIOR REDEMPTION. The Note shall be redeemable prior to its stated date of maturity at the County's option without penalty. 4 SECTION 9. NEGOTIABILITY AND REGISTRATION. The Note 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 accepting such Note shall be conclusively deemed to have agreed that such Note 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. -3- ?t The Note 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 Note in the space provided therefor. After such registration as to principal and interest, no transfer of the Note shall be valid ® unless made at such office by written assignment of the registered owner., or by his duly authorized attorney, in a form satisfactory to the Registrar, and similarly noted on the Note, but the [dote may be discharged from registration by being in like manner transferred to bearer form and thereupon transferability by delivery shall be restored. At the option of the holder, the Note may thereafter again from time to time be registered or transferred to bearer form as before. SECTION 10. FORM OF NOTE. The test of the Note shall be in substantially the following form and tenor, with such variations, omissions and insertions as may be necessary, desirable and authorized or permitted by this resolution or any subsequent resolution adopted prior to the issuance thereof: 4 -4- $450,000.00 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER I'd-WENUE AND GENERAL OBLIGATION NOTE ® KNOW ALL MEN BY THESE PRESIENTS, that Indian River County, Florida (hereinafter referred to as "County"), for value received, 44004 hereby promises to pay to the bearer, or if this Note be registered, to the registered holder as herein provided, on June 15, 1981, � ® the principal sum of. Four Hundred Fifty Thousand Dollars ($450,000.00), with interest thereon at the rate of six and seventy five per centum (6.75%) per annum, payable at the maturity hereof or before at County's option, upon presentation and surrender of this Note. Both principal of and interest on this Note are payable in lawful money of the United States of America at The First Citrus Bank of Indian River County, Vero Beach, Florida. For the prompt payment of the principal of and interest on this Note as the same shall become due, the revenues of the project (hereinafter referred to), and, if necessary, the ad valorem taxing power of the County for the fiscal year 1980-81 at an annual rate not to exceed ten (10) mills on the dollar of assessed value, are hereby irrevocably pledged. This Note is in the aggregate principal amount of $450,000.00, issued to advance funds to finance the cost for land acquisition and payment of necessary expenses of the south county water system (herein called the "project"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including Section 125.01, Florida Statutes, Chapter 159, Part I, Florida Statutes, and other applicable provisions of law, and pursuant to a resolution of the County duly adopted on the 18th day of June, 1980 (hereinafter called "Resolution").,,', This Note is subject to all the 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 been performed in due time, form and manner as required by the constitution and Laws of the State of Florida, applicable thereto; that the total indebtedness of said County, including this Note, -5- 173 40 G of does not exceed any constitutional, 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 1980-81, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, upon all property subject to taxation by the County, sufficient to pay the principal of and interest on this Note as the same shall become due, which tax shall be levied and collected at the same time and in the same manner as other ad valorem taxes of the County are assessed, levied and collected. This Piote is redeemable prior to its stated date of maturity at option of County without payment of premium or penalty. This Note is and has all the qualities of a negotiable instrument under the law merchant and the laws of the State of Florida. This Note may be registered as to both principal and interest in accordance with the provisions endorsed hereon. IN WITNESS IMEREOF, Indian River County, Florida, has issued this Note and has caused the same to be executed by the manual or facsimile signature of the Chairman of the Board of County Commissioners and the corporate seal of said County or a facsimile thereof to be affixed hereto or impressed, imprinted, lithographed or reproduced hereon and attested and countersigned by the manual or facsimile signature of the Clerk of the Board, all as of the 18th day of June, 1980. ` (SEAL) ATTESTED AND COUNTERSIGNED: J C erc, —Board of0county Commissioners ,4t"- /aim- :e . INDIAN RIVER COUNTY, FLORIDA —z BY: �� C iairman, Hoar or' Counpy' Commissioners 4, -o- PROVISION FOR REGISTRATION This Note may be registered as to both Trincipal and 40 interest in the name of the holder on the books to be kept by i$s the Clerk of the Board of County Commissioners as Registrar, such registration being noted hereon by such Registrar in the registration blank below, after which no transfer shall be valid unless made by written assignment on said books by the registered holder or attorney duly authorized and similarly noted in the registration blank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. DATE OF IN WHOSE NME SIGNATURE OF REGISTRATION REGISTERED REGISTRAR June 18, 1980 First Citrus Bank of Indian River Co. 4 -7- CC . SECTION 11. PLEDGE OF REVENUES AND AD VALOREM TAXES. For the prompt payment of the principal of and interest on the ® Note, 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 1980-81, at an annual rate not to exceed ten (10) mills on the dollar of ® assessed value, are irrevocably pledged. SECTION 12. SINKING FUND, DEPOSIT OF REVENUES AND LEVY 0 OF AD VALOREM TAX. There is hereby created a Sinking Fund to be held and administered by the County solely for the purpose of paying the principal of and interest on the Note as it becomes due. All of the revenues derived from the operation of the project shall be deposited into said Sinking Fund. There shall also be levied and collected a tax during the fiscal year 1980-81, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, on all property subject to taxation by the County, sufficient in the amount to pay the principal of and interest on such Note as the same shall. become due, after deducting therefrom any revenues or other funds which may be so applied. Such tax shall be assessed, levied and collected in the same manner and at ;.he same time as other County taxes are assessed, levied and collected. SECTION 13. NOTE HOLDERS NOT AFFECTED BY USE OF NOTE PROCEEDS. The holder of the Note issued hereunder shall have no responsibility for the use of the proceeds of said Note, and the use of such Note proceeds by the County shall in no way affect the rights of such Note holder. SECTION 14. ARBITRAGE. No use will be made of the proceeds of the Note which would cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue Code. The County,, at all times while the Note and interest thereon are outstanding, will comply with the requirements of Section 103(c) of. the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service. SECTION 15. MODIFICATION OR AMENDMENT. No material modification or amendment of this resolution or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the holder of the Note then outstanding, -8- i ATTEST: k;,Ier �. ✓. %�id�f �?t�o �.0 . 1• BOARD OF COUNTY COPQIISSIONERS OF INDIAN RIVER COUNTY, FLORIDA BY:� Chairman -9s 4 X9.7 provided, however, that no modification or amendment shall permit a change in the maturity of such Note or the unconditional promise of ® the County to pay the principal of and interest on the Note as the same shall become due. ® SECTION 16. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the convenants, agreements, or provisions of this 40 resolution should be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly 66 prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such convenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no way affect the validity of all the other provisions of this resolution or of the Notes issued hereunder. SECTION 17. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. ATTEST: k;,Ier �. ✓. %�id�f �?t�o �.0 . 1• BOARD OF COUNTY COPQIISSIONERS OF INDIAN RIVER COUNTY, FLORIDA BY:� Chairman -9s 4 X9.7