HomeMy WebLinkAbout1981-089RESOLUTION NO. 81-89
A RESOLUTION OF THE BOARD OF COUNTY COMMIS-
SIONERS OF INDIAN RIVER COUNTY, FLORIDA,
FIXING THE DATE, MATURITIES, INTEREST RATES,
AND REDEMPTION PROVISIONS FOR THE $725,000
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES
1981, OF THE COUNTY; DESIGNATING THE PAYING
AGENT FOR SAID BONDS; AWARDING SAID BONDS
TO THE PURCHASER THEREOF; AUTHORIZING USE OF
AN OFFICIAL STATEMENT FOR SAID BONDS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Hoard of County Commissioners (the "Board"
of Indian River County, Florida (the "County"), has heretofore by
a resolution adopted on May 61 1981, as thereafter amended by a
resolution adopted May 20, 1981 (hereinafter collectively called
"Resolution"), authorized the issuance of $725,000 Capital
Improvement Revenue Bonds, Series 1981 (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 date, maturities,
interest rates, and redemption provisions for the Bonds; and
WHEREAS, it is necessary to designate a paying agent for
the Bonds; and
WHEREAS, the Board deems it is in the best financial
interest of the County that said Bonds be sold at negotiated
sale for the reasons hereinafter set forth; and
WHEREAS, The Leedy Corporation (hereinafter called
"Purchaser"), has submitted a proposal for the purchase of said
Bonds; 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. The $725,000 Capital Improvement Revenue
Bonds, Series 1981, shall be dated October 1, 1981, shall bear
interest, payable semiannually on April 1 and October 1 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 2. The redemption provisions for the Bonds shall
be as follows:
The bonds maturing in the years 1982 through 1991
shall not be redeemable prior to maturity. The bonds
maturing in the years 1992 and thereafter shall be
redeemable, at the option of the County, on October 1,
1991, or on any interest payment date thereafter, at
the price of par and accrued interest to the date of
redemption plus a premium of 38 0£ the par value thereof
if redeemed in 1991. Such premium shall reduce at the
rate of 1/4 of 18 on each October 1 thereafter.
SECTION 3. The Bonds shall be payable as to both prin-
cipal
r.in-cipal and interest at Florida National Bank, Jacksonville, Florida ,
Florida.
SECTION 4. The Board, in compliance with Section
218.385(2)(a), Florida Statutes, hereby finds, determines and
declares that a negotiated sale of the Bonds is in the best
interests of the County for the following reasons:
(1) The Bonds will not be submitted for rating by any
of the rating agencies because the Board has been advised that a
satisfactory rating would not be received;
(2) The extremely small size of the issue does not make
it feasible to sell the Bonds at public sale; and
(3) Because of the junior lien position of the Bonds,
the narrow coverage factor and the security for the Bonds, the
Board has been advised that no bids would be received at a public
sale.
SECTION 5. The Bonds are hereby awarded and sold to the
Purchaser at the price of $ 688,750 and accrued interest
from October 1, 1981, to the date of delivery thereof, said Bonds
to bear interest at the rates set forth in Section. 1 hereof,
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Interest
Interest
Year
Amount
Rate
Year
Amount
Rate
1982
$ 5,000
13.808
1992
$30,000
13.80%
1983
5,000
13.80
1993
35,000
13.80
1984
10,000
13.80
1994
40,000
13.80
1985
10,000
13.80
1995
45,000
13.80
1986
10,000
13.80
1996
50,000
13.80
1987
15,000
13.80
1997
60,000
13.80
1988
20,000
13.80
1998
65,000
13.80
1989
20,000
13.80
1999
75,000
13.80
1990
25,000
13.80
2000
85,000
13.80
19991
30.000
13:80
2001
90.000
1.3.80
SECTION 2. The redemption provisions for the Bonds shall
be as follows:
The bonds maturing in the years 1982 through 1991
shall not be redeemable prior to maturity. The bonds
maturing in the years 1992 and thereafter shall be
redeemable, at the option of the County, on October 1,
1991, or on any interest payment date thereafter, at
the price of par and accrued interest to the date of
redemption plus a premium of 38 0£ the par value thereof
if redeemed in 1991. Such premium shall reduce at the
rate of 1/4 of 18 on each October 1 thereafter.
SECTION 3. The Bonds shall be payable as to both prin-
cipal
r.in-cipal and interest at Florida National Bank, Jacksonville, Florida ,
Florida.
SECTION 4. The Board, in compliance with Section
218.385(2)(a), Florida Statutes, hereby finds, determines and
declares that a negotiated sale of the Bonds is in the best
interests of the County for the following reasons:
(1) The Bonds will not be submitted for rating by any
of the rating agencies because the Board has been advised that a
satisfactory rating would not be received;
(2) The extremely small size of the issue does not make
it feasible to sell the Bonds at public sale; and
(3) Because of the junior lien position of the Bonds,
the narrow coverage factor and the security for the Bonds, the
Board has been advised that no bids would be received at a public
sale.
SECTION 5. The Bonds are hereby awarded and sold to the
Purchaser at the price of $ 688,750 and accrued interest
from October 1, 1981, to the date of delivery thereof, said Bonds
to bear interest at the rates set forth in Section. 1 hereof,
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being an average net interest cost rate to the County of 14.145 $.
The proposal to purchase said Bonds, submitted by the Purchaser
on Wednesday, November 4, 1981, is hereby approved and accepted.
SECTION 6. The proper officers of the County oe and
they are hereby authorized to execute an Official Statement
relating to the Bonds and to deliver same to the Purchaser for
use by it in connection with the sale and distribution of the
Bonds.
SECTION 7. The proper officers of the County be and
they are hereby authorized to execute the Bonds when prepared and
deliver same to the Purchaser upon payment of the purchase price;
and such officers are further authorized to act for the County
and to sign any and all documents necessary to effectuate the
delivery of the Bonds.
SECTION 8. There has been filed with the Board, prior
to the award of the Bonds herein made, the disclosure statement
required by Subsection (6) of Section 218.385, Florida Statutes,
which statement is attached hereto as Exhibit "A" and made a
part of this resolution.
SECTION 9. All resolutions or parts of resolutions in
conflict herewith are hereby repealed.
SECTION 10. This resolution shall take effect imme-
diately upon its adoption.
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/'/ el -to"
THm LEERY CORRC�RATIaN
PosT OFFICE BOX 711
749 NORTH GARLAND AVENUE
ORL-ANMCi, FLCIRIOA aaaOl
MUNICIPAL FINANCIERS November 2, 1981 TELEPHONE 305/423,3464
Honorable Chairman and Members of
the Board of County Commissioners
Indian River County
Vero Beach, Florida 32961
Exhibit A
Gentlemen:
As required by Subsection (6) of Section 218.385, Florida Statutes, the
following disclosure statement is presented for your information,
218.385, Florida Statutes (6). In the event the local governing body decides
to negotiate for a sale of bonds, the senior managing underwriter, or financial
consultant or adviser if applicable, shall provide to the unit of local government,
prior to the award of bonds to the senior managing underwriter, a disclosure
statement containing the following information:
(a) An itemized list setting forth the nature and estimated amounts of
expenses to be incurred by the managing underwriters in connection with the
issuance of the bonds. Notwithstanding the foregoing, any such list may include
an item for miscellaneous expenses, provided it includes only minor items of
expense which cannot be easily categorized elsewhere in the statement.
Estimated Issuance t:x�errses
Bond Counsel 61000
County Attorney 3,500
Bond Printing 700
Official Statement 2,000
Delivery and Miscellaneous 1,500
$13,700
(b) The names addresses, and estimated amounts of compensation of any person
who enters into an understanding with either the issuer or managing underwriters,
or both, for any paid or promised compensation or valuable consideration, directly
or indirectly, expressly or implied, to act solely as an intermediary between the
issuer and managing underwriters or who exercises or attempts to exercise any
influence to effect any transaction in the purchase of the bonds.
NONE