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HomeMy WebLinkAbout1983-027f • RESOLUTION NO. 83-27 A RESOLUTION FIXING THE FORM OF COUPON BOND AND PROVISIONS FOR EXECUTION, NEGOTIABILITY AND REGISTRATION OF $5,000,000 GENERAL OBLIGATION • BONDS OF INDIAN RIVER COUNTY, FLORIDA; FIXING THE DATE AND MATURITIES OF SAID BONDS, AUTHO- RIZED BY RESOLUTION ADOPTED NOVEMBER 17, 1982, AUTHORIZING SALE AND DIRECTING PUBLICATION OF NOTICE OF SALE FOR SAID BONDS AND PREPARATION OF PPF.T.TMTMhV ^FFICI::L STATEMENT ilio ncv:v'. WHEREAS, by resolution adopted by the Board of County Commissioners (the "Board") of the County of Indian River, Florida, on November 17, 1982 (the "Authorizing Resolution"), the County authorized the issuance of $5,000,000 General Obligation Bonds (herein called "Bonds"), to provide for financing the cost of the acquisition of beachfront land on the Atlantic Ocean in the County; and WHEREAS, said Bonds have been alidated by a judgment of the Circuit Court for Indian River County, and the time for taking an appeal from said judgment has expired; and WHEREAS, the Board deems it in the best interest of the County to sell said Bonds; and WHEREAS, the Authorizing Resolution provided for the Bonds to be issued in fully registered form unless the provisions of Public Law 97-248 (Tax Equity and Fiscal Responsibility Act of 1982) were amended to change the effective date of Section 310 thereof from December 31, 1982, to a later date, in which event the Bonds could be issued as coupon Bonds, in the discretion of the Board; and WHEREAS, the effective date of said Section 310 of said Tax Act was subsequently changed to June 30, 1983, and the Board has determined that it is advisable to issue said Bonds as unre- gistered coupon Bonds, registrable as to principal only; and WHEREAS, it is necessary to fix the form of such coupon Bonds and the provisions for negotiability and registration thereof, as required by Section 8 of the Authorizing Resolution and to restate the provisions for lost, stolen or destroyed Bonds; and -1- WHEREAS, it is necessary to fix the date and maturities ® for said Bonds, now, therefore, j BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. FORM OF COUPON BONDS. The $5,000,000 General Obligation Bonds, authorized by the Antt,cr=,i— ncoolu= •7 tion, shall be issued in coupon form, registrable as to principal • only. The Bonds, the interest coupons to be attached thereto, and the certificate of validation thereon shall be in substan- tially the following form, with such omissions, insertions and variations as may be necessary and desirable and which are authorized or permitted prior to the issuance of the Bonds: -2- W 40 •• NO. UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER GENERAL OBLIGATION BOND $5,000 KNOW ALL MEN BY THESE PRESENTS, that Indian River County, Florida (hereinafter referred to as "County"), for value received, hereby promises to pay to the bearer hereof, or if this Bond be registered, to the registered holder as herein provided, on the first day of April, 19`, the principal. sum of FIVE THOUSAND DOLLARS with interest thereon at the rate of per centum ( %) per annum, payable semi- annually on October 1 and April 1 of each year, upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this Bond are payable in lawful money of the United States of America at the principal office of or at the option of the holder at the principal office of For the prompt payment of the principal of and interest on this Bond as the same shall become due, the full faith, credit and taxing power of the County are hereby irrevocably pledged. This Bond is one of an authorized issue of Bonds in the aggregate principal amount of not exceeding $5,000,000, of like date, tenor and effect, except as to number, interest rate (if all bonds do not bear the same rate) and date of maturity, issued to finance the cost of the acquisition of beachfront land on the Atlantic Ocean in the County, for recreational purposes, under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, particularly Chapter 125, Florida Statutes, and other applicable provisions of Law, and pursuant to a resolution adopted by the Board of County Commis- sioners of Indian River County, Florida, on the 17th day of November, 1982, as supplemented (herein respectively called the -3- -4- 1 4 r "Board" and the "Resolution"). This Bond is subject to all. the ® terms and conditions of said Resolution. The Bonds of the issue of which this Bond is one are not dD redeemable prior to their stated dates of maturity. It is hereby certified and recited that all acts, condi- tions and things required to happen, to exist and to be performed, precedent to and in the issuance of this Bond, have happened, 0 • 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 issue of Bonds of which this Bond is one has been approved at an election held in accordance with the Constitution and Laws of Florida on the 2nd day of November, 1982; that the total indebtedness of the County, including the issue of Bonds of which this Bond is one, does not exceed any constitutional or statutory limitation; and that provision has been made for the levy and collection of a direct annual tax, without limitation as to rate or amount, upon all taxable pro- perty within the County sufficient to pay the principal of and interest on this Bond 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 Bond may be registered as to principal only in accordance with the provisions endorsed hereon. IN WITNESS WHEREOF, Indian River County, Florida, has issued this Bond and has caused the same to be executed by the Chairman of the Board and attested by the Clerk of the Board by their manual or facsimile signatures, and its corporate seal to be affixed, impressed, imprinted, lithographed or reproduced hereon, and has caused the interest coupons hereto attached to be -4- executed with the facsimile signature of said Chairman, all as S of the first day of April, 1983. INDIAN RIVER COUNTY, FLORIDA A (SEAL) Chairman, Board of County Commissioners ATTEST: Clerk, Board of County Commissioners FORM OF COUPON No. $ Unless the Bond to which this corpon is attached has been duly called for prior redemption and provision duly made for the payment thereof, on the day of , 19—, the County of Indian River, Florida, will pay to the bearer at the principal office of or at the option of the holder at the principal office of the amount shown hereon in lawful money of the United States of America, upon presentation and surrender of this coupon, being six months' interest then due on its General Obligation Bond, dated April 1, 1983, No. INDIAN RIVER COUNTY, FLORIDA (SEAL) Chairman, Board of County Commissioners VALIDATION CERTIFICATE This Bond is one of a series of Bonds which were vali- dated and confirmed by judgment of the Circuit Court for Indian River County, Florida, rendered on the 28th day of December, 1982. Chairman, Board of County Commissioners -5- PROVISIONS FOR REGISTRATION ® This Bond may be registered as to principal only in the name of the holder on the books to be kept by the Clerk of the ® Board of County Commissioners, as Registrar, or such other Registrar as may be hereafter duly appointed, as to principal only, 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. Such registration shall not restrain the negotiability of the coupons by delivery. DATE OF .IN WHOSE NAME SIGNATURE OF REGISTRATION REGISTERED REGISTRAR -6- 40 i •0 SECTION 2. EXECUTION OF COUPON BONDS AND COUPONS. The Bonds shall be executed in the name of the County by the Chairman of the Board and counersigned by its 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 of the Board may be imprinted or reproduced on the Bonds; provided, that at least one signature required to be placed thereon shall be manually subscribed. In case any officer who shall have signed or sealed any of the Bonds shall cease to be such officer of the Board before the Bonds so signed and sealed shall have been actually sold and delivered, such Bonds may nevertheless be sold and delivered, as herein provided, and may be issued as if the person who signed or sealed such Bonds had not ceased to hold such office. The Bonds may be signed and sealed on behalf of the County by such person who at the actual time of the execution of such Bonds shall hold the proper office in the County, although at the date of such Bonds such person may not have been so authorized. The coupons attached to the Bonds shall be authenticated with the facsimile signature of any present or future Chairman of the Board, and shall be sealed by imprinting thereon the word "(Seal)". The validation certificate on the Bonds shall be exe- cuted with the facsimile signature of the Chairman of the Board. The County may adopt and use for such purposes the facsimile signatures of any persons who shall have held such offices at any time on or after the date of the Bonds notwithstanding that they may have ceased to be such officers at the time such Bonds shall be actually delivered. SECTION 3. NEGOTIABILITY AND REGISTRATION OF COUPON BONDS. The Bonds 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 suc- cessive holder, in accepting any of said Bonds or the coupons appertaining thereto, shall be conclusively deemed to have agreed -7- 40 •�i that such Bonds shall be and have all of the qualities and inci- dents of negotiable instruments under the law merchant and the laws of the State of Florida. The Bonds may be registered at the option of the holder as to principal only at the office of the Clerk of the Board, as Registrar, or such other registrar as may be subsequently appointed, such registration to be noted on the back of the bonds in the space provided therefor. After such registration as to principal only, no transfer of the Bonds shall be valid unless made at such office by the written assignment of the registered owner, or by his duly authorized attorney in a form satisfactory to the Registrar, and similarly noted on the Bonds, but the Bonds may be discharged from registration by being in like manner transferred to bearer and thereupon transferability by delivery shall be restored. At the option of the holder., the Bonds may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. SECTION 4. COUPON BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond shall become mutilated, or be destroyed, stolen or lost, the County may in its discretion issue and deliver a new Bond with all unmatured coupons attached of like tenor as the Bond and attached coupons, if any, so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated bonds, upon surrender and cancellation of such muti- lated Bond and attached coupons, if any, or in lieu of and substitution for the Bond and attached coupons, if any, destroyed, stolen or lost, and upon the holder furnishing the County proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and con- ditions as the County may prescribe and paying such expenses as the County may incur. All Bonds and coupons so surrendered shall be cancelled by the Registrar. If any such Bonds or coupons db 40 •• shall have matured or be about to mature, instead of issuing a substitute Bond or coupons, the County may nay the same, upon being indemnified as aforesaid, and if such Bond or coupon be lost, stolen or destroyed, without surrender thereof. All such duplicate Bonds and coupons issued pursuant to this section shall constitute original, additional contractual obligations on the part of the County whether or not the .lost, stolen or destroyed Bonds or coupons be at any time found by anyone, and such duplicate Bonds and coupons 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 Bonds and coupons issued under the Authorizing Resolution. SECTION 5. DETAILS OF BONDS. Said $5,000,000 General Obligation Bonds shall be dated April 1, 1983, shall bear interest payable semiannually on October 1 and April 1 and shall mature serially, in numerical order, on April 1 of each year in the years and amounts as follows: YEAR AMOUNT 1984 $ 890,000 1985 940,000 1986 990,000 1987 1,055,000 1988 1,125,000 Said Bonds shall not be redeemable prior to their stated dates of maturity. SECTION 6. SALE OF BONDS. The said Bonds shall be offered at public sale on sealed proposals on April 20, 1983, at 11:00 o'clock A.M. (EST) at the Board's meeting room in the County Administration Building. The County Administrator is hereby authorized and directed to publish notice of such sale in The Daily Bond Buyer, a financial newspaper published in the Borough of Manhattan, City and State of New York and, in his discretion, in a newspaper published in the County one time not less than ten (10) days prior to such date of sale. The Notice of Sale shall be in substantially the form attached hereto as Exhibit "A" which -9- d is hereby made a part hereof as if herein set forth at length. ® SECTION 7. OFFICIAL STATEMENT. William R. hough & Co. is hereby authorized and directed to proceed with Lhe preparation O of a Preliminary Official Statement for said Bonds. SECTION B. EFFECTIVE DATE. `Phis resolution shall take effect immediately upon its adoption. The foregoing resolution was offered by Commissioner ®® Scurlock who moved its adoption. The motion was seconded by Commissioner Lyons and, upon being put to a vote, the vote was as follows: Chairman Richard N. Bird - Aye Vice -Chairman Don C. Scurlock, Jr. - Aye Commissioner Margaret C. Bowman - Aye Commissioner Patrick B. Lyons - Aye Commissioner William C. Wodtke, Jr. - Aye The Chairman thereupon declar--d the resolution duly passed and adopted this 6th day of April, 1983. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER :COYNTY, FLORIDA By RICHARD N. BIRD Chairman Attest: Z/�� FREDA WRIGHT, erk APPROVEDO FO AND LEG UFFI EN By 14, Y BIkANDENBURCf C n Attorney -10- pq 40 EXHIBIT "A" NOTICE OF SALE $5,000,000 INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS NOTICE IS HEREBY GIVEN that Indian River County, Florida (herein referred to as the "County"), will receive sealed bids (herein referred to as "Proposals") at the Board of County Com- missioners' Meeting Room in the County Administration Building, 1840 25th Street, Vero Beach, Florida, 32960, up to the hour of 11:00 A.M., Eastern Standard Time, Wednesday, April 20, 1983, for the purchase of all but not less than all of $5,000,000 Indian River County, Florida, General Obligation Bonds (herein referred to as the "Bonds") . FORM OF BONDS. The Bonds shall be issued in coupon form, registrable as to principal only; in the denomination of $5,000 each; shall be numbered consecutively from one upward and shall be dated April 1, 1983. The Bonds will bear interest payable semiannually on the first days of October and April of each year at the rate or rates specified by the successful bidder. MATURITY AND REDEMPTION. The Bonds will mature on April 1 of each year in the years and amounts as follows: YEAR AMOUNT 1984 $ 890,000 1985 940,000 1986 990,000 1.987 1,055,000 1988 1,125,000 The Bonds will not be redeemable prior to their stated dates of maturity. -1- BASIS OF AWARD. No Proposals for less than all of said $5,000,000 Bonds will be considered. Not more than one (1) Proposal from any bidder will be considered. The County reserves the right to determine who is the successful bidder, to reject any or all Proposals, and to waive any irregularity or informality in any Proposal. The Bonds will be awarded to trj Bidder whose Proposal produces the lowest effective interest rate to the County. The lowest effective interest rate will be determined in accordance with the effective interest cost method of calculation ("true interest cost method") by doubling the semiannual rate (compounded semiannually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and the price bid, not including interest accrued to the date of delivery. It is requested that each proposal be accompanied by a statement of the effective interest rate for the Bonds computed as specified in this Notice of Sale, but such statement is not to be con- sidered as a part of the proposal. In the event the bidder specifies municipal bond insurance, the amount of the insurance premium shall be deducted from the price bid in making the above described computation of interest cost for the purposes of comparing bids. Although the cost of municipal bond insurance will be deducted from the price bid for the purposes of computation, it should not be deducted by the bidder from the purchase price as shown on the bid form. In comparing bids, no consideration will be given to accrued interest to be paid by the purchaser at the time of delivery of the Bonds. INTEREST RATE PERMITTED. The Bonds shall bear interest rates expressed in multi- ples of one-eighth (1/8) or one -twentieth (1/20) of one per centum. Only one interest rate may be specified for the Bonds of the same maturity. Only one coupon rate may be attached to each I Bond for each interest payment., A rate of interest based upon the use of split or supplemental interest coupons will not be considered. Lmmmmim The purchase price shall not be below 99% of the par value of the Bonds. PAYING AGENTS. The principal of and interest on the Bonds will be payable at the Florida National Bank, Jacksonville, Florida. SECURITY. The Bonds will be valid and binding general obligations Of the County for which the full fait'1 and credit of the County is irrevocably pledged. The authorizing resolution provides that so long as any of the Bonds shall be outstanding, there shall be levied, assessed and collected an ad valorem tax, unli- mited as to rate or amount, upon all taxable property within the County sufficient in amount to pay the principal of and interest on the Bonds as the same become due. The issuance of the Bonds was approved by the qualified electors of the County at an elec- tion duly called and held in the County on November 2, 1982. PURPOSE. The Bonds were authorized by a resolution duly adopted by the County on November 17, 1982, as supplemented, and are to be issued for the purpose of financing the cost of acquiring beachfront land on the Atlantic Ocean in the County for recrea- tional purposes. PROPOSALS. Proposals are desired on forms which will be furnished by the County and envelopes containing Proposals should have endorsed thereon "Proposals for $5,000,000 Indian River County, Florida, General Obligation Bonds; Do Not Open Until 11:00 A.M., Eastern Standard Time, Wednesday, April 20, 1983", or words of equivalent import, and should be addressed to the Board of County Commissioners at the above address. Each Proposal must be accompanied by a certified or bank cashier's check, drawn on an incorporated bank or trust company payable unconditionally to the order of the County, in a sum equal to two percent (2%) of the par value of the Bonds, as evi- dence of good faith. If the successful bidder shall fail to comply promptly with the terms of his Proposal, the amount of such check will be forfeited as liquidated damages. The good faith check of unsuccessful bidders will be returned to the bid- ders by registered mail at the address stated in their Proposals, or delivered to a representative of the bidder immediately after the award of the Bonds to the successful bidder. The proceeds of -3- •i the good faith check of the successful bidder will be applied to the payment of the purchase price of the Bonds. Prior to the delivery of the Bonds, the County may cash and invest the pro- ceeds from the good faith check. Full payment of the balance of the purchase price must be made, at the time of delivery, by the successful bidder in Federal funds. No interest will be paid to any bidder upon any good faith check. DELIVERY AND PAYMENT. It is anticipated that the Bonds in definitive form will be available for delivery on or about Tuesday, May 10, 1983, at 10:00 A.M. at the offices of Freeman, Richardson, Watson & Kelly, P.A., in Jacksonville, Florida, or some other date, time and place to be mutually agreed upon between the successful bidder and the County. Full payment of the balance of the purchase price, including accrued interest to the delivery date, must be made to the County at the time of delivery. MUNICIPAL BOND INSURANCE. The County has received a commitment from American Municipal Bond Assurance Corporation ("AMBAC") to issue a munici- pal bond insurance policy unconditionally and irrevocably guaran- teeing timely payment of principal and interest on the Bonds to the paying agent or agents for the Bonds. Any purchase of such policy shall be at the sole option of the bidder. Should a bidder specify that the County purchase such municipal bond insurance, the premium will be paid by the County from Bond proceeds. Each bidder must specify on the bid form whether muni- cipal bond insurance is requested. If the Bonds are awarded on an insured basis, reference to the policy shall appear on the Bonds. CLOSING DOCUMENTS. The County will furnish to the purchaser upon delivery of the Bonds the unqualified approving opinion of Freeman, Richardson, Watson & Kelly, P.A., Bond Counsel, Jacksonville, Florida, and customary closing papers. OFFICIAL STATEMENT. Upon the sale of the Bonds, the County will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, dele- tions and revisions as determined by the County as necessary to complete the Preliminary Official Statement. A reasonable number of copies of the Official Statement will be made available to the successful bidder at the expense of the County. -4- .AA i • s CUSIP NUMBERS. } It is anticipated that CUSIP identification numbers will be printed on the Bonds,, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidders to accept delivery of and pay for the Bonds in accordance with their agreement to purchase the Bonds. All expenses in relation to the printing of CUSIP Numbers on the Bonds shall be paid for by the County; provided, however, tha': the CUSIP Service Bureau charge for the assignment of said numbers shall be the respon- sibility of and shall be paid for by the successful bidder. COPIES OF DOCUMENTS. Copies of the Preliminary Official Statement, the Notice of Sale, and the Official Bid Form, and further information which may be desired, may be obtained from Michael Wright, County Administrator, 1840 25th Street, Vero Beach, Florida 32960, telephone (305) 567-8000, or from Worth Blackwell, William R. Hough Co., Suite 924, One Fourth Street North, St. Petersburg, Florida 33701, telephone (813) 823-8100. INDIAN RIVER COUNTY, FLORIDA MICHAEL WRIGHT County Administrator -5- EXTRACTS FROM THE MINUTES OF A regular MEETING OF THE Board of County Commissioners OF Tndian R; irPr r nitn tyy Florida HELD ON THE 6th DAY OF April 19 83 r The Board of County Commissioners of Indian River County, Florida met in regular meeting at 1840 25th Street in the City of Vero Beach , Florida at 8:30 o'clock A M. on the 6th day of April , 1933 , the place, hour, and date duly established for the holding of such meeting, The Chairman called the meeting to order and on roll call the following answered present: Patrick B. Lyons , Don C SS ct,� _,I r . Margaret-- C. Rnwm n_. r William C. Wodtke, Jr. r � , and the following were absent: None - r The Chairman declared __quorum resent. A resolution entitled:tESOLUTION NO. 83-27 A RESOLUTION FIXING THE FORM OF COUPONF—BUND AND PROVISIONS FOR EXECUTIO1 NEGOTIABILITY AND REGISTRATION OF $5,000,000 GENERAL OBLIGATION BONDS OI'' INDIAN RIVER COUNTY, FLORIDA; FIXING THE DATE AND MATURITIES OF SAID BONDS, AUTHORIZED BY RESOLUTION ADOPTED NOVEMBER 17, 1982, AUTHORIZING SALE AND DIRECTING PUBLICATION OF NOTICE OF SALE FOR SAID BONDS AND PREPARATION OF PRELIMINARY OFFICIAL. STATEMENT THEREON. was introduced by Attnv,nPy Rrand nbi,rg, The resolution was then read in full and discussed and considered. Mr. Scurlock then moved the adoption of the resolution as introduced and read. Mr. Lyons seconded the motion, and, on roll call, the following voted "Aye": Wi i i i am (' wndtke Ji Margarct C. ow—maii; I atricK B 'Lyons Don C. Scurlock Jr. Richard N. Bird and the following voted "Nay": None The Chairman thereupon declared the motion carried and the resolution adopted as introduced and read. There being no further business to come before the meeting, upon motion duly made and seconded, the meeting was adjourned. .CERTIFICATE OF RECORDING OFFICER The undersigned HEREBY CERTIFIES that: 1. S He is the duly appointed, qualified and acting ('1 erkof the Roa (herein called —Th—e---il Board an eeper o the records thereof, i-i.clud +:.yth�.. ..tor �f iiVe rr.nonAinnc. •••�••`^ r"•"`•'"`••�� 2. The annexed copy of extracts from the minutes of the Regular meeting of theBoard —01 _ 19 , held on the 6th �ay of ____April is a true, _ _ + �3 correct, and compared copy of the whole of the original minutes of the meeting on file and of record insofar as the same relate. to the resolution referred to in such extracts and to the other matters referred to therein; 3. The meeting was duly convened in conformity with all applicable requirements; a proper quorum was present throughout the meeting and the resolution hereinafter mentioned was duly proposed, considered, and adopted in conformity with applicable requirements; and all other requirements and proceedings incident to the proper adoption of the resolution have been duly fulfilled, carried out, and otherwise observed; and 4. SHe is duly authorized to execute this Certificate; t a. 1........a a•a a. J. The copy of he resolution annexed hereto entice eu: RESOLUTION NO. 83-27 A RESOLUTION FIXING THE FORM OF COUPON BOND AND PROVISIONS FOR EXECUTION, NEGOTIABILITY AND REGISTRATION OF $5,000,000 GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA: FIXING THE DATE AND MATURITIES OF SAID BONDS, AUTHORIZED BY RESOLUTION ADOPTED NOVEMBER 17, 1982, AUTHORIZING SALE AND DIRECTING PUBLICATION OF NOTICE OF SALE FOR SAID BONDS AND PREPARATION OF PRELIMINARY OFFICIAL STATEMENT THEREON. is a true, correct, and compared copy of the original resolution referred to in the extracts and as finally adopted at the meeting and, to the extent required by law, as thereafter duly signed or approved by the proper officer or officers of the Board which resolution is on file and of record. WITNESS my hand and the seal of the r-lerk , this 11th day of April + 19 -83 -- Freda Wright, Clerk (SEAL)