Loading...
HomeMy WebLinkAbout1983-028a- P ESOLUTION NO. 4` p 8 A RESOLUTION FIXING THE 19TEREST RAPES FOR GENERAL OBLIGATION BONDS OF INDIAN, RIVER COUNTY, FLORIDA; AWARDING SANZ BONRS,To 'rHE SUCCESSFUL BIDDER AT PUBLIC SALE THEREOF; NAMING TkE PAYING AGENT FOR SAID BONDS; XOTHORIZING USE OF AN OFFICIAL STATEMENT FOR SAID BONDS; AND AUTHORIZING PRINTING OF AN INSURANCE STATEMENT ON SAID BONDS. WHEREAS, the Board of County Commissioners (the "Board") of Indian River County, Florida (hereinafter called the "County"), has heretofore, by Resolution adopted on November 17, 1982, as supplemented, authorized the issuance of $5,000,000 General Obligation Bonds (the "Bonds"); and WHEREAS, by notice duly published in the manner required by law, the County has offered said Bonds at public sale to be sold at this time, subject to the provision, of said Notice of Sale; and WHEREAS, it is necessary to award said Bonds to the suc- cessful bidder and to fix the interest rates for said Bonds; and WHEREAS, it is necessary to name the Paying Agent for said Bonds; and WHEREAS, the following sealed bids have been received for said Bonds: Name of. Bidder Smith Barney Harris Upham & Assoc. Trust Co. Bank of Atlanta Arch W. Roberts & Co. & Assoc. Purchase Net Interest Price Bid Cost Rate $4,970,017.60 6.493318% $4,960,000.00 6.786794% $4,961,750.00 6.589401% copies of which bids are attached hereto; and -I- WHEREAS, after due consideration it appears that the pro- posal of Smith Barney Harris Upham of Tampa, Florida ssoc. offering to pay the sum of $ 4,970,017_60 plus accrued interest from April 1, 1983, for said Bonds, bearing interest at the rates hereinafter set forth, is the best bid received; now, therefore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The $5,000,000 General Obligation Bonds, dated April 1, 1983, offered for public sale on sealed bids, shall bear interest, payable on October 1, 1983, and semiannually thereafter on April 1 and October 1, at the rates per annum, as follows: INTEREST YEAR AMOUNT RATE 1984 $ 890,000 6.00 1985 940,000 6.00% 1986 990,000 6.10% 1987 1,055,000 6.30% 1988 1,125,000 6.50% SECTION 2. Said Bonds be, and the same are hereby awarded and sold to Smith Barney Harris Upham & Assoc. , of Tampa Florida , at the purchase price of $ 4,970,017.60 and accrued interest from April 1, 1983, to the date of delivery thereof, bearing interest at the rates per annum set forth in Section 1 hereof. SECTION 3. The Bonds shall be payable as to both prin- cipal and interest at the Florida National Bank, Jacksonville, Florida. SECTION 4. The distribution of the Preliminary Official Statement is hereby ratified and confirmed and the proper officers of the County be and they are hereby authorized and directed to execute a final Official Statement and to deliver same to the Purchaser of the Bonds upon the delivery thereof. SECTION 5. The proper officers of the County be and they are hereby authorized and directed to execute the Bonds when pre- -2- pared, and to deliver same to said Purchaser upon payment therefor without further authority from this Board. SECTION 5. This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED by the Board of County Commissioners, Indian River County, Florida, this 20th day of. April, 1983. The foregoing resolution was offered by Commissioner Scurlock who moved its adoption. The motion was seconded by Commissioner Bowman 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 - Absent Commissioner William C. Wodtke, Jr. - Aye The Chairman thereupon declared the resolution duly passed and adopted this 20th day of April, 1983. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By RICHARD N. BIRD ` Chairman Attest: FREDA WRIGHT, Cler APPROVED TO FORM By LEG U � % :FF�CI CY KA YBRANDENBURG C un y.Attorney r EXTRACTS FROM THE MINUTES OF A Regular MEETING OF THE Board of County Commissioners OF Indian River County, Florida HELD ON THE 20th DAY OF April IQA_l 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. 11:00 o'clock A M. on the 20th day of April 19_B3 , the place, hour, and date duly established for the holding of such meeting. The C:hn; mnn_ called the meeting to order and on roll call the following answered present: Margaret C. Bowman Richard N. Bird William C. Wodtke, Jr. Don C.Scurlock, Jr. , and the following were absent: I Patrick B. Lyons I The Chairman declared a quorum present. A resolution entitled: RESOLUTION NO. 83-28 A RESOLUTION FIXING THE INTEREST RATES FOR GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA; AWARDING SAID BONDS TO THE SUCCESSFUL BIDDER AT PUBLIC SALE THEREOF; NAMING THE PAYING AGENT FOR SAID BONDS; AUTHORIZING USE OF AN OFFICIAL STATEMENT FOR SAID BONDS; AND AUTHORIZING PRINTING OF AN INSURANCE STATEMENT ON SAID BONDS was introduced by Mr. Bird The resolution was then read in full and discussed and considered. Mr. - Scurlock_ then moved the adoption � y ' of the resolution as introduced and read. Mrs. Bowman seconded the motion, and, on roll call, the following voted "Aye". T.T; 1 14 — C t.T� a , i. T._ . rvvut-nc, JL , Margaret C. Bowman; Don C. SC11r14C�C, Jr.; Richard N. Bird and the following voted "Nay": The Chairman thereupon declared the motion carried and the resolution adopted as introduced and read. There being no furthFr 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. SHe is the duly appointed, qualified and acting �1erk of the Board Of (:nunt'�GnmmiSci mets (herein called the 'i Board "), and keeper of the records thereof, including the minutes or its proceedings; 2. The annexed copy of extracts from the minutes of the meeting of the BQard he— on the t day of April 19 g, is a true, 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 requirAments 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; 5. The copy of the resolution annexed hereto entitled: RESOLUTION NO. 83-28 A RESOLUTION FIXING THE INTEREST RATES FOR GENERAL OBLIGATION BONDS OF INDIAN RIVER COUNTY, FLORIDA; AWARDING SAID BONDS TO THE SUCCESSFUL BIDDER AT PUBLIC SALE THEREOF; NAMING THE PAYING AGENT FOR SAID BONDS; AUTHORIZING USE OF AN OFFICIAL STATEMENT FOR INSURANCE STATEMENT.ON SAID BONDS. 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. this (SEAL) WITNESS my hand and the seal of the Clerk 26thday of _ April 19 83. Freda Wright, Clerk 40 •• 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 Commissioners' 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 oi $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 1987 1,055,000 1988 1,125,000 The Bonds will not be redeemable prior to their stated dates of maturity. 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 the 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 considered 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. c so INTEREST RATE PERMITTED. The Bonds shall bear interest rates expressed in multiples of one-eighth (118) or one -twentieth (1120) 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 Bond for each interest payment. A rate of interest based upon the use of split or supplemental interest coupons will not be considered. 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 Banlc, Jacksonville, Florida. SECURITY. The Bonds will be valid and binding general obligations of the County for which the full faith 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, unlimited 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 election duly called and held in the County on November 2, 1982. PURPOSE. M 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 recreational 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 j 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 evidence 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 bidders 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 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 proceeds 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. ab ®• MUNICIPAL BOND INSURANCE. The County has received a commitment from American Municipal Bond Assurance Corporation ("AMBAC") to issue a municipal bond insurance policy unconditionally and irrevocably guaranteeing 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 municipal 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, deletions 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. 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, that 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, Florida Federal Building, Eleven Fourth Street North, St. Petersburg, Florida 33701, telephone (813) 823-8100. INDIAN RIVER COUNTY, FLORIDA MICHAEL WRIGHT County Administrator he PROPOSAL FOR $5,000,000 INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS Dated April 1, 1983 Board of County Commissioners April 20, 1983 Indian River County, Florida County Administration Building Vero Beach, Florida Commissioners: For Five Million Dollars ($5,000,000) par value, Indian River County, Florida, General Obligation Bonds, as more particularly described in the annexed Notice of Sale, which by reference is made a part of this Proposal, and for all but not less than all of said Bonds bearing interest as follows: Due Principal Interest April 1 Amount Rate 1984 $ 890,000 6.00% 1985 940,000 6.00% 1986 990,000 6.10% 1987 1,055,000 6.30% 1988 1,125,000 6.50% Four million nine hundredseventy thousand We offer too V the sum of seventeen and 60/dollars ($ 4,970, . 0 i), together with accrued interest from April 1, 1983, to date of delivery. We will accept delivery of said Bonds in the City of Jacksonville, Florida, on May 10, 1983, unless another date or place shall be mutually agreed upon, it being understood that the County shall furnish to us, free of charge, at the time of delivery of said Bonds, the opinion of Freeman, Richardson, Watson & Kelly, P.A., Jacksonville, Florida, Bond Counsel, approving the validity thereof. In accordance with said Notice of Sale, we enclose herewith a certified or bank cashier's check for One Hundred Thousand Dollars ($100,000) payable to the order of Indian River County, Florida, to be returned to the undersigned upon the award of said bonds provided this Proposal is not accepted; or, the amount thereof to be retained by the County until the delivery of said Bonds and payment therefor, and to be retained as and for full liquidated damages in case of the failure of the undersigned to make payment as agreed. FORM OF ELECTION FOR INSURANCE (Please check appropriate box) ❑ This bid is for Bonds carrying Bond Insurance with the premium to be paid by the County. ® This bid is for Bonds NOT carrying Bond Insurance. This Proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of Sale. Receipt of the Preliminary Official Statement relating to these Bends is hereby acknowledged. The names of the underwriters or members of the account who are associated for the purpose of this Proposal are listed on a separate sheet attached hereto. Smith Barney Harris Upham & Associates By The true interest cost rate of these Bonds (taking into account the 6.500649 municipal bond insurance premium, if insurance is elected) is ................... % The above computation is submitted for purposes of information only and is not a part of this Proposal. (No addition or alteration is to be made to this Proposal, and it must not be detached from the annexed Notico of Sale. If space for inserting names of joint bidders is insufficieni-, attach a supplementary sheet.) I do U 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 Commissioners' 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 $5,000,00 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 1987 1,055,000 1988 1,125,000 The Bonds will not be redeemable prior to their stated dates of maturity. 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 the 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 considered 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 ba 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. 40 1 • INTEREST RATE PERMITTED. The Bonds shall bear interest rates expressed in multiples of one-eighth (118) or one -twentieth (1120) 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 Bond for each interest payment. A rate of interest based upon the use of split or supplemental interest coupons will not be considered. 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 payaule at the Florida National Bank, Jacksonville, Florida. SECURITY. The Bonds will be valid and binding general obligations of the County for which the full faith 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, unlimited 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 election 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 recreational 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 evidence 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 bidders 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 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 proceeds 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. L 40 V MUNICIPAL BOND INSURANCE. The County has received a commitment from American Municipal Bond Assurance Corporation ("AMBAC") to issue a municipal bond insurance policy unconditionally and irrevocably guaranteeing 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 municipal 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, deletions and revisions as determined by the County as necessary to complete the Preliminary Official j Statement. A reasonable number of copies of the Official Statement will be made available to the successful bidder at the expense of the County. ICUSIP 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, that 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. i 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 26th Street, Vero Beach, Florida 32960, telephone (306) 667-8000, or from Worth Blackwell, William R. Hough & Co., Suite 924, Florida Federal Building, Eleven Fourth j Street North, St. Petersburg, Florida 33701, telephone (813) 823.8100. INDIAN RIVER COUNTY, FLORIDA MICHAEL WRIGHT County Administrator 40 are® _® .. PROPOSAL FOR $5,000,000 INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS Dated April 1, 1983 Board of County Commissioners April 20, 1983 Indian River County, Florida County Administration Building Vero Beach, Florida Commissioners: For Five Million Dollars ($5,000,000) par value, Indian River County, Florida, General Obligation Bonds, as more particularly described in the annexed Notice of Sale, which by reference is made a part of this Proposal, and for all but not less than all of said Bonds bearing interest as follows: Due Principal Interest April 1 Amount Rate 1984 $ 890,000 `S t%D % 1985 940,000 5. ?6'- 1986 990,000 . z S 1987 1,055,000 16.770 1988 1,125,000 CIO Weoff r o pay the sum of r�O lf/„A/e /-vN —41 4 Six Jr "uS.4iv� dollars ($ 1 60 DOD. OD ►, together with accrued interest from April 1, f983, to date of delivery. We will accept delivery of said Bonds in the City of Jacksonville, Florida, on May 10, 1983, unless another date or place shall be mutually agreed upon, it being understood that the County shall furnish to us, free of charge, at the time of delivery of said Bonds, the opinion of Freeman, Richardson, Watson & Kelly, P.A., Jacksonville, Florida, Bond Counsel, approving the validity thereof. In accordance with said Notice of Sale, we enclose herewith a certified or bank cashier's check for One Hundred Thousand Dollars ($100,000) payable to the order of Indian River County, Florida, to be returned to the undersigned upon the award of said bonds provided this Proposal is not accepted; or, the amount thereof to be retained by the County until the delivery of said Bonds and payment therefor, and to be retained as and for full liquidated damages in case of the failure of the undersigned to make payment as agreed. FORM OF ELECTION FOR INSURANCE (Please check appropriate box) ❑ This bid is for Bonds carrying Bond Insurance. with the premium to be paid by the County. ,This bid is for Bonds NOT carrying Bond Insurance. This Proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of Sale. Receipt of the Preliminary Official Statement relating to these Bonds is hereby acknowledged. The names of the underwriters or members of the cou t who are associated for the purpose of this Proposal are listed on a separate sheet attached heR to. 1 B _Joh P. Adams Jr. First w Trust Company The true interest cost rate of these Bonds (taking Intoae unt the Hank of At. arta municipal bond insurance premium, if insurance is elected) is ................... b'��c/ lJi The above computation is submitted for purposes of information only and is not a part of this Proposal. (No addition or alteration is to be made to this Proposal, and it must not be detached from the annexed Notice of Sale. If space for inserting names of joint bidders is insufficient, attach a supplementary sheet.) `__3 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 Commissioners' 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 lo5,000,000 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 1987 1,055,000 1988 1,125,000 The Bonds will not be redeemable prior to their stated dates of maturity. 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 the 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 considered 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. 40 •i • INTEREST RATE PERMITTED. The Bonds shall bear interest rates expressed in multiples of one-eighth (118) or one -twentieth (1.120) 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 Bond for each interest payment. A rate of interest based upon the use of split or supplemental interest coupons will not be considered. The purchac:e price shall not he below 99% of the par value of the Bonds. PAYING AGENTS. The principal of and interest on the Bonds will be payabl , at the Florida National Bank, Jacksonville, Florida. SECURITY. The Bonds will be valid and binding general obligations of the County for which the full faith and credit of the Countv 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, unlimited 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 election 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 recreational 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%n) of the par value of the Bonds, as evidence 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 bidders 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 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 proceeds 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. L] V MUNICIPAL BOND INSURANCE. The County has received a commitment from American Municipal Bond Assurance Corporation ("AMBAC") to issue a municipal bond insurance policy unconditionally and irrevocably guaranteeing 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 whethar municipal 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, deletions 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. 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, that 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, Florida Federal Building, Eleven Fourth Street North, St. Petersburg, Florida 33701, telephone (813) 823.8100. INDIAN RIVER COUNTY, FLORIDA MICHAEL WRIGHT County Administrator 40 v PROPOSAL FOR $5,000,000 INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS Dated April 1, 1983 Board of County Commissioners April 20, 1983 Indian River County, Florida County Administration Building Vero Beach, Florida Commissioners: For Five Million Dollars ($5,000,000) par value, Indian Rive, County, Florida, General Obligation Bonds, as more particularly described in the annexed Notice of Sale, which by reference is made a part of this Proposal, and for all but not less than all of said Bonds bearing interest as follows: Due Principal Interest April 1 Amount Rate_ 1984 $ 890,000 S G.S % 1985 940,000 Or %S 1986 990,000 G , /O 1987 1,055,000 rp, q0 1988 / 1,125,000 0.7S" We o fer to ay the sum of /�Or /Mi%�Cy Ni4e �1v�+/.rr�r,�yas�yl�e+rsv✓t•+ ti✓��• dollars ($ �,V6 , 00 ), together with accrued interest from April 1, 1983, to date of delivery. We will accept delivery of said Bonds in the City of Jacksonville, Florida, on May 10, 1983, unless another date or place shall be mutually agreed upon, it being understood that the County shall furnish to us, free of charge, at the time of delivery of said Bonds, the opinion of Freeman, Richardson, Watson & Kelly, P.A., Jacksonville, Florida, Bond Counsel, approving the validity thereof. In accordance with said Notice of Sale, we enclose herewith a certified or bank cashier's check for One Hundred Thousand Dollars ($100,000) payable to the order of Indian River County, Florida, to be returned to the undersigned upon the award of said bonds provided this Proposal is not accepted; or, the amount thereof to be retained by the County until the delivery of said Bonds and payment therefor, and to be retained as and for full liquidated damages in case of the failure of the undersigned to make payment as agreed. FORM OF ELEC`1'ION FOR INSURANCE (Please check appropriate box) ❑ This bid is for Bonds carrying Bond Insurance with the premium to be paid by the County. This bid is for Bonds NOT carrying Bond Insurance. This Proposal is not subject to any conditions not expressly stated herein or in the annexed Notice of Sale. Receipt of the Preliminary Official Statement relating to these Bonds is hereby acknowledged. The names of the underwriters or members of the account who are associated for the purpose of this Proposal are listed on a separate sheet attached hereto. / ,/ / The true interest cost rate of these Bonds (taking into accou (t the municipal bond insurance premium, if insurance is elected) is . ................. The above computation is submitted for purposes of information only and is not a part of this Proposal. (No addition or alteration is to be made to this Proposal, and it must not be detached from the annexed Notice of Sale. If space for inserting names of joint bidders is insufficient, attach a supplementary sheet.)