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HomeMy WebLinkAbout1981-032RESOLUTION NO. 81-32 A RESOLUTION AMENDING A RESOLUTION ENTITLED: "A RESOLUTION PROVIDING FOR COMPLETION OF THE RECONSTRUCTION, ALTERATION, FURNISHING AND h EQUIPPING OF A COURTHOUSE ANNEX IN INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $725,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1981, TO FINANCE THE �► COST THEREOF; AND PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS FROM THE RACE TRACK FUNDS AND JAI ALAI FRONTON FUNDS ACCRUING ANNUALLY TO INDIAN RIVER COUNTY, FLORIDA, PURSUANT TO LAW, AND CERTAIN INVESTMENT INCOME; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS," ADOPTED ON MAY 6, 1981. 4i BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. Subsections B and C of Section 14 of the resolution adopted on May 6, 1981, and referred to by title in the title of this resolution (hereinafter called the "Resolution") be and the same are hereby amended to read as follows: "SECTION 14. COVENANTS OF THE COUNTY. . B. DISPOSITION OF RACE TRACK FUNDS. All Race Track Funds ana-Jai Alai Fronton Funds at any time remaining on deposit in the Sinking Fund shall be disposed of commencing with the Fiscal Year 1980-1981, only in the following manner and in the following order of priority: (1) Moneys on deposit in the Sinking Fund shall first be used to pay all interest becoming due and payable on the Obligations during the current Fiscal Year and the principal amount of Obligations which will become due and payable on the next principal maturity date. (2) Moneys remaining in the Sinking Fund shall next be applied by the County to maintain a Reserve Account in said Sinking Fund, which Reserve Account is hereby created and established, in an amount equal to the maximum amount of prin- cipa; and interest which will mature and come due on the Obligations in any ensuing Fiscal Year, which such sum shall be initially provided from the proceeds of the sale of the Obliga- tions. No further payments shall be made into such Reserve 1 Account when there has been deposited therein and as long as there shall remain on deposit therein a sum equal to the maximum amount of principal and interest which will mature and come due on the Obligations in any ensuing Fiscal Year. Any withdrawals from the Reserve Account shall be sub- sequently restored from the first moneys available in the Sinking Fund after all required current payments into the Sinking Fund, includinq all deficiencies for prior payments, have been made in full. Moneys in the Reserve Account shall be used only for the purpose of the payment of maturing principal of or interest on the Obligations when the moneys in the Sinking Fund are insuf- ficient therefor, and for no other purpose. The County shall not be required to make any further payments.into the Sinking Fund or into the Reserve Account when (i) the aggregate amount of moneys in such Sinking Fund and the Reserve Account therein are at least equal to the aggregate arin- cipal amobnt of Obligations then outstanding, plus the amount of interest then due or thereafter to become due on such Obligations then outstanding or (ii) the County shall have made provision for payment of the Obligations as provided in Section 17 of this Resolution. (3) The balance of any moneys remaining in the Sinking Fund after the above required current payments have been made shall be considered surplus funds and shall be deposited by the County into a special account to be known as the "Surplus Race Track Funds Account" (hereinafter called the "Surplus Account"). The moneys on deposit in said Surplus Account shall first be used, prior to any interest or principal payment date, to imple- ment the Sinking Fund and the Reserve Account to the extent of any deficiencies therein. Thereafter in each Fiscal Year, on the principal maturity date of the Obligations, any moneys remaining on deposit in said Surplus Account shall be used for the purchase of Obligations of any maturity at not exceeding the redemption price of the Obligations on the next succeeding redemption date i or shall be invested as hereinafter provided and, commencing on the first date on which the Obligations become redeemable, for the redemption of Obligations in the manner provided in Section 10 hereof; provided, however, that no such purchase or redemption of Obligations shall be made unless there is on deposit in said Surplus Account sufficient moneys to puLchase or redeem at least $10,000 principal amcunt of Obligations. The purchase or redemption price, including redemption premium, if any, of Obligations so purchased or redeemed shall be paid from the Surplus Account and the interest accrued to the date of such purchase or the date fixed for redemption shall be paid from the Sinking Fund. Commencing with the first Fiscal Year in which the Obligations are redeemable, and in each Fiscal Year thereafter, the County shall call for redemption, in the manner provided in Section 10 hereof, on the principal. maturity date occurring in such riscai Year, such principal. amount of Obligations at least equal to the amount then available in said Surplus Account suf- ficient to redeem the same. (4) The Sinking Fund, and the Reserve Account therein, the Surplus Account, and any other special funds or accounts herein established and created shall constitute trust funds for the purposes provided herein for such funds. All such funds shall be continuously secured in the same manner as state and municipal deposits are required to be secured by the laws of the State of Florida. Moneys on deposit in the Sinking Fund may be invested and reinvested in Authorized Investments. Moneys on deposit in the Reserve Account in the Sinking Fund shall be invested only in direct obligations of the United States of America. Moneys on deposit in the Surplus Account may be invested and reinvested in Authorized Investments; provided, however, that such investments shall be made only in securities, or at a yield not in excess of the yield limitations, applicable -3- under Section 103(c) of the Internal Revenue Code and the regu- lations promulgated thereunder. Investments made with moneys in the Sinking Fund and in the Surplus Account must mature not later than the date that such moneys will be needed. Investments made with moneys in the Reserve Account must mature not later than the final. maturity of any Obligations then outstanding. Any and all income received by the County from all such investments shall upon receipt thereof be deposited into the Sinking Fund and used only for the payment of principal and interest on the Obligations and for the Reserve Account, and thereafter shall be deposited into the Surplus Account and used for the purchase or redemption of Obligations. The cash required to be accounted for in each of the foregoing funds and accounts established herein may be deposited in a single bank account, and funds allocated to the various a ccounts established herein may be invested in a common invest- ment pool, provided that adequate accounting records are main- tained to reflect and control the restricted allocation of the cash on deposit therein and such investments for the various pur- poses ur-poses of such funds and accounts as herein provided. The designation and establishment of the various funds in and by this Instrument shall not be construed to require the establishment of any completely independent, self -balancing fund as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an ear- marking of certain moneys and assets of the County for certain purposes and to establish certain priorities for application of such moneys and assets as herein provided. C. ADDITIONAL OBLIGATIONS. The County hereby covenants and agrees not to incur any other obligations or indebtedness, except refunding obligations, payable from the same sources as the payments hereinbefore specified to be made into the Sinking Fund and Reserve Account."