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HomeMy WebLinkAbout1981-087RESOLUTION NO. 81••47 A RESOLUTION FURTHER AMENDING A RESOLUTION ENTITLED: "A RESOLUTION PROVIDING FOR COMPLETION OF THE RECONSTRUCTION, ALTERATION, FURNISHING AND 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," AS AMENDED. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. Subsections B (2) and (3) of Section 14 of the resolution adopted on May 6, 1981, as amended by resolution adopted on May 20, 1981, and referred to by title in the title of this resolution (hereinafter called the "Resolution") De and the same are hereby further amended to read as follows: "SECTION 14. COVENANTS OF THE COUNTY. . . B. DISPOSITION OF RACE TRACK FUNDS. . . (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- cipal 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 and from other funds of the County legally available for such purpose. No further payments shall be made into such Reserve Account when there has been deposited therein and as long as there shall remain on deposit therein a sum equal to the maxi- mum 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, -1- � VW including 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 prin- cipal amount 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 re,nai.ning 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. Moneys in said Surplus Account shall next be used to reimburse the County for any moneys initially deposited into the Reserve Account from sources other than the proceeds of the Bonds. 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 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 -2- 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 purchase or redeem at least $10,000 principal amount 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 Fiscal Year, such principal amount of Obligations at least equal to the amount then available in said Surplus Account suf- ficient to redeem the same." SECTION 2. Section 15 of said Resolution, as amended, be and the same is hereby further amended to read as follows: "SECTION 15. CONSTRUCTION TRUST FUND. All of the pro- ceeds derived from the sale of the Obligations (except (i) an amount equal to accrued interest to be deposited in the Bond Service Fund, and (ii) an amount which, together with other funds of the County lawfully available therefor, is equal to the maxi- mum amount of principal and interest which will mature and become due on the Obligations in any ensuing Fiscal Year to be deposited in the Reserve Account) shall be deposited in a trust fund which is hereby created, established and designated as the "Construction Trust Fund." Such Construction Trust Fund shall be deposited and maintained with any banking institution in the State of Florida approved as a County depository and subsequently designated by the County. The moneys therein shall be used only for the payment of the cost of the Project as hereinabove defined, but, pending such application, may be invested in Authorized Investments maturing at such time or times as C91: necessary to meet the requirements of the Construction Trust Fund, the income from such investments to remain in said Construction Trust Fund. Any balance of unexpended moneys in the Construction Trust Fund after completion of such Project shall either be used for the construction or acquisition of County Capital Improvements in such order of priority as shall be deter- mined by the Board _= silall be deposited n the Sinking Fund hereinbefore established." SECTION 3. The remaining provisions of said Resolution shall remain in full force and effect and are hereby ratified and confirmed. SECTION 4. This amendatory resolution shall take effect immediately upon its adoption. Adopted November 4, 1981 -4-