The URL can be used to link to this page

Home My WebLink About1981-006.4 y 6SOLUTION NO. 81-6 A RESOLUTION AUTHORIZING 711E .ISSUANCE Ol' NOT EXCEEDING $236,000 WATER AND SEWER REVENUE BONDS, SECOND SERTES 1979, ANTTCIPATTON NOTES ® OF INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR THE PAYMENT THEREOF AND ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS WTTH THE HOLDERS THEREOF. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF S fa INDIAN RIVER COUNTY, FLORIDA ( the "Issuer") , a:; follows: SECTION 1. AUTHORITY FOR RESOLUTION. This resolution is adopted pursuant to Section 215.431, Florida Statutes (1980), and other applicable provisions of law. A. On January 4, 1979, the Issuer adopted a resolution (th^ "Enabling instrument") authorizing the issuance of. $230,000 Water and Sewer Revenue Bonds, Second Series 1979, of the Issuer (the "Bonds"), for the purpose of payinq ,-a Dart of the cost of acquiring water distribution and sewage collection and treatment facilities and constructinq extensions and ir!pr-ovements thereto (the "Project"). B. The Bonds ay,l the coupon:; appert- a i n i n(1 thereto will Ht, payable :solely from and secur- et },, a prior- 1 ir•r: upnn and pleucte fit the grass revenues to he vier i v,d ley the I S Suer f rfrr: the operat i can of such facilities (the "Pic -dried E'ur ':s,"} . Pf-ferr,nee i!-, made to the Enal)lirig Inst;,imr.•nt: for a more corTl"lete do"cript i -)n of tht. covenalits, lien:. ,:and pledge Securinq pavrrient -f the llori L: ran,] the coul+r,n., appertaining thereto. C. 1t: it; necessary and ru-ftent that fund!; be matte immedi:atel available in order to provide momry for the commencement of the Project at this time. The Tssuer mu:;t, therefore, anticipate the receipt. h`- it of the proceeds to he derived from the sale of t -he Bonds, and the Issuer has determined it to he in the hest interest- of tho Issuer and its residents and inhabitants that: interest hearing notes of the Issuer (the "Notes") he issued pursuant to this resolution in anticipation of the receipt by the. Is:.uer of the proceed . from the sale of the Bondsi. 'Che principal of and interest on ti -.e Notes will ht., payable solely from thereof) : -2- x• ® and secured by a lien upgn and pledge of the proceeds to be derived { { from the sale of the Bonds and, if necessary, the Pledged Funds. ` SECTION 2. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Notes by those who shall hold the same from time to time, this resolution shall he deemed to be i 1 and shall constitute a contract between the Issuer and such holders. ! The covenants and agreements herein set forth to he performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of the Notes, all of which shall he of equal rank and without preference, priority or distinction of any of the Notes over any other thereof, except as coxpressly providod therein and herein. SECTION 3. AU'1'11tiRI7,i,'I'lirN rrt' NOTES. Vlore are herrhy authorized to be issued Wator .n),1 ,;,, e•r Rov, nut Fonds, Second Series 1979, Anticipation Notes Of the, le;:;u-r in an a1(ioroctate principal amount not exceedinq Two Ilundreil Thirty-si.% Thousand Dollars ($236,000). The Notes shall bre rlate-(j rrs of !11(, date=s of their respective deliveries to tiller initial purchasors thereof, shall mature on or prior to January 30, 198, and ;:r, he in such denomina- tion or denominations as shall be acceptable t(: :;ugh purchasers. The Notes shall be payable at- such han?• or banks, slurll hear such rate or rages of interest not excoud i nrl the 1 oc{a 1 rate and shall he ill substantially the followinq farm, with only :;uvh emissions, inser-- tions and variations a:; mrty ho r:tc•t::sary and i •:;ir,rl,le and apprrrk•td by the Chairman of the Board (,t c nrnty Cornmi:;:;ion,•l s of the• print- to tho i:;:;uanrt thor,•„t fwfiich appr,w:rl m,r,, hl, I r'o•:umod 1-,' hit extcuti nn of the: Not(,!, atlel f l dt l ivory of t ht Notts to the• purc•hrinor•. thereof) : -2- NO. $210,000.00 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY Or INDIAN RTVER WATER AND SEWER REVENUE itONDS, SECOND SI•:RIES 1979 ANTICIPATION NOTE FOR VALUE RECEIVED, the County of Indian River, Florida, (the "Issuer"), hereby promises to pay to tho order of FIRST CITRUS BANK OF INDIAN RIVER COUNTY, at its principal office in the City of Vero Beach, Florida, on or before January 30, 1982, solely from the: special funds hereinafter mentioned, in lawful money of the United States of America, the principal sum of T110 HUNDRED TEN THOUSAND DOLLARS ($210,000.00) and, quarterly from the date hereof, solely from such funds, interest on such principal sum from the date hereof at the rate of nine and one-half per centum (9.5R) per annum, until such principal sum shall be paid. This note is issued pursuant to the Constitution and laws of the State of Florida, particularly Section 215.431, Florida Statutes (1990), and a resolution duly adopted by the Is:;uer on January 4, 1479, (the Resolution), in anticipation of the receipt I•; the lssner of the proceeds from the sale of not excc.!edinq $230,000 try incipal amount of Water anti Sewer Revenue Honds, :eccrnd Serie; 1140, „f- the Issuer (tilt, Bonds) . This Note and the int rest due til"14,+11 .ar- payable solely from and secured by a prior l i -n upot) eared a ple"l(rc. r)t the orocoods to h(- derived from the :sale of the iionds :anti, it- ru• ,•t;::nry, from and serured by a prior lien upon and a pindge r,f the rlrn.:; revenues to be derived from the operation o; the ls;;uer's water and ::r,wer- :system, .111 in the manner provided in the 14�solution. This Note shall riot constitute• a (leneral obligation of the Issuer, and the holder thereof shall never have the right to require or compel the exercise of the power of the lsesuvr to levy ad valorem taxes for payment of the principal of and interest on this Note. It is hereby certified, recited and declared that all acts, conditions and things required to exist, to hat)pen and to he performed precedent to and in connection with the issuance of this Note, exist, have happened and have been performed .in regular and duce form and time n. E 40 required by the laws and Constitution of the state of Florida applicable thereto; and that the issuance of this Note and of the issue of No -.-_,s of 40 which this Note is one does not violate any constitutional or statutory limitations or provisions. 4D IN WITNESS WHEREOF, the County of Indian River, Florida, has issued this Note and has caused the same to be signed by the Chairman of its Board of County Commissioners and its corporate seal to be impressed hereon and attested and countersigned by the Clerk of. such Board, all as of this, 30t.h clay or ,lanuary, .11)81. r_'()(r1'ITY OP lilnlAN RIVER, FLORIDA i Ity C airmr!n, nnnrd of y --' - Comm i.ssinner.s (SEAL) ATTESTED AND COUNTERSTGNED: C' erk, 1'0, x 6. 'ounty comm s;�ionors SECTION 4. SALE OF NOTES. The Notes shall be sold at public or private sale, at prices not less than the par value thereof and accrued interest, either at one time or from time to time, as the Chairman and Clerk shall determine, who are hereby authorized to award the Notes, execute and deliver the same, receive the purchase price therefor and apply the proceeds thereof- as hereinafter provided, without further authority from this Board of. County Commissioners. SECTION 5. NOTES NOT GENERAL INDEBTEDNESS. The Notes shall not be or constitute a general obligation of the Issuer within the meaning of any constitutional, statutory or other limitation of indebtedness, but shall be payable solely from the proceeds derived from the sale of the Bonds and, if necessary, from the Pledged Funds. No holder or holders of the Notes shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real property therein to pay the Notes or the interest due thereon. SECTION 6. SECURITY OF NOTER. The payment of the principal of and interest on the Notes shall 1W :;enured tor-thw.it.h, equally and ratably, by a prior lien on and ple lcie of the pioceod:; to Uv derived from the sale of the Bonds and, if 11-sSary, by a prior lien on and pledge of the Pledged Funds. Thr Ir::u r done, herehy irrevocably plodgo the funds to the payment into the Sinkinq Fund and Reserve Account created pursuant to the Enabl i.rnf Tn!;trumrnt, it the times provided, of the sums required to secure to holders of the Notes the payment of the principal. thereof and the interest thereon when due. SECTION 7. APPLICATION OF PROCEEhfS. The money received from the delivery of the Notes shall. be deposited .into the Construc- tion Fund created pursuant to the Enabling Instrument and applied as provided therein. The holders of. the Notes shall have a lien upon all the proceeds thereof until the same have been applied as provided in the Enabling Instrument. SECTION 8. COVENANTS Of' THF ISSUER. For so long as the principal of and interest. on the Nntes shall be outstanding and unpaid or until there shall have been irrevocably set apart a sum sufficient to pay, when due, the entire principal of the Notes remaining unpaid, -5- r� together with interest accrued and to accrue thereon, the Issuer covenants with each of the holders of the Notes as follows: 4D A. PROCEEDS FROM [BONDS. Upon the receipt of the proceeds of the Bonds, excluding accrued interest, the Issuer shall apply 40 such proceeds as follows: (1) To pay forthwith the principal of the outstand- ing Notes and the interest accrued thereon to such date of payment. (2) For deposit and application of the balance of such proceeds pursuant to the provisions of. the Enabling Instrument. B. APPLICATION OF PRIOR COVENANTS. The covenants and pledges contained in the Enabling Instrument for the benefit of the holders of the Bonds to the extent that the same are not inconsistent with the provisions of this resolution shall be deemed to be for the benefit, protection and security for the payment of the Notes and for the holders thereof in like manner as applicahle to the Bonds for thr benefit of the holders thereof. The Sinking bund and Reserve Account created and established pursuant to the Enahlincl Instrument, to the extent necessary, shall be maintained for the henef.it of the Notes and the holders thereof. l C. SALE, OF BONDS. From time to time the Issuer shall in good faith endeavor to sell a sufficient principal amount of the Bonds in order to have funds available to pay the Notes and the interest thereon as the same become due. SECTION 9. SUPPLEMPNTA1, INSTRUMENTS. The Issuer shall, as necessary, from t-imf- to rime ,inti at any time, .idopt such resolut.icrosc and/or ordinance:, as shall not be inconsistent with the term:; and conditions of this resolution: A. To cure any ambiquity, defect-, ur Omiss ion herein; ant!/or B. Co secure, cxtrrnd c:r- re�now to the holders Of the Notes the pledges made herein for the payment of the Not -(,,s and the interest to accrue thereon. SECTION 10. MODIFICATION AND AMFNDMI:NT. No material modification or amendment of this resolution ni of any resolution amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of the Notes. -G- SECTION 11. SEVERABILITY. If any one or more of the covenants, agreements or provisions of this resolution should be held contrary to any express provision of law or contrary to the policy of express law, though not oxpressly 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 tho rcmaini.ng covenants, agreements or provisions, and in no way affect the validity of all. the other provisions of this resolution or of the Notes. SECTION 12. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 28th day of January, 1981. ( SEAL) ATTEST j FreM Wright Clerk Y. BOARD OF COUNTY COMMISSIONERS OF INDIADLRIVER COUNTY, FLORIDA By --7- rick 13. Lyons firman