Loading...
HomeMy WebLinkAbout1984-026RESOLUTION NO. 84--26 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS • OF INDIAN RIVER COUNTY, FLORIDA DETERMINING TO MARE ASSESSABLE WATER DISTRIBUTION IMPROVEMENTS IN INDIAN RIVER COUNTY, FLORIDA; ADOPTING THE ASSESSMENT PLAT, PLANS AND SPECIFICATIONS AND ® ESTIMATE OF COSTS SUBMITTED BY THE ENGINEERS; DETERMINING TO DEFRAY THE COST THEREOF BY SPECIAL ASSESSMENTS AGAINST THE PROPERTIES BENEFITED THEREBY; AUTHORIZING PREPARATION OF AN ASSESSMENT ROLL; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF A INDIAN RIVER COUNTY, FLORIDA (hereinafter called "Board" and "County," respectively) that: SECTION 1 AUTHORITY FOR RESOLUTION This resolution is adopted pursuant to the provisions of Ordinance No. 83-46 of the County, applicable provisions of Chapter 170, Florida Statutes, and other applicable provisions of law. SECTION 2 FINDINGS A. Indian River County has been approached by a group of landowners who desire the County to undertake certain public improvements to make potable water available to their respective properties for the purpose of advancing certain development projects. The requesting landowners have agreed to voluntarily submit their lands to an assessment to defray that portion of the costs of the improvements attributable to their needs. B. It is advisable, desirable and in the best interest of the County to provide for the acquisition and construction of assessable improvements, consisting of a portion of a water trans- mission line abutting State Road 60 (hereinafter called "Project") in an unincorporated area of the County specially benefiting cer- tain lntG and lards in the area of the County more particularly described in Exhibit A attached hereto. C. It is in the best interest of the County and the owners of the property to be specially benefited by the Project that the assessments be levied on an available tap basis for each parcel of property benefited by the initial availability of County -1- water taps. ® D. The engineers have prepared and filed with the Board an assessment plat detailing the area to be assessed and the taps ® to be assigned specific land areas, plans and specifications of the Project, and an estimate of costs thereof. Such estimate of a costs includes, in addition to the actual costs of the Project, the incidental expenses as set forth in Section 170.03, Florida ® Statutes. The estimate of costs for the Project is the sum of $2,800,000.00. The cost of the Project attributable to benefits received by the requesting landowners shall be assessed against the properties specially benefited thereby. The engineers have also prepared and filed with the Board a tentative apportionment of the estimated total cost of. the Project as botween each lot or parcel of land specially benefited. Such apportionment of the estimated total cost has been made for the preliminary assessment roll. The assessment plat, plans and specifications, estimate of costs and tentative apportionment of such estimate of costs are open to public inspection. SECTION 3 APPROVAL OF PROJECT AND ASSESSMENT PLAT I' The Project, assessment plat, plans and specifications; estimate of costs of the Project and tentative apportionment of such estimate of costs submitted by the engineers, presently on file with the Board, are hereby adopted and approved. SECTION 4 SPECIAL ASSESSMENTS The special assessments to be levied against the proper- ties specially benefited from the Project may be paid in cash in not exceeding 10 equal yearly installments with interest at a rate not to exceed 1% above the interest rate on the bonds or notes, as the case may be, to be issued to finance the cost of the Project. If the special assessments are not paid when due, there shall be added a penalty at the rate of 1% per month until paid; provided, however, that such assessments may be prepaid at any time within 30 days after the Project is completed and a resolution accepting the same has been adopted by the Board, but such prepaid -2- assessments shall bear interest at the rate borne by the bonds or the notes, as the case may be, described above, and shall include, if deemed necessary by the Board, a prepayment fee not to exceed the applicable redemption premium, if any, for such notes or • bonds, as the case may be, if they were to be redeemed on the next available redemption date. The special assessments shall be levied against such benefited properties on an available tap basis tc the properties receiving benefit by virtue of the availability of potable water. Any special assessment liens upon benefited properties, resulting from special assessments levied in accor- dance with the provisions of this resolution, shall be extin- guished upon the recording by the Board in the Official Records of the County, of an affidavit or affidavits executed by the Chairman of the Board to the effect that sufficient security has been deposited with the County in order to insure timely payment of the amount of such special assessments or the installments thereof, as the case may be. SECTION 5 COLLECTION OF ASSESSMENTS The assessments, as finally determined and adjusted, and all installments thereof, shall be collected by the Tax Collector of the County. ASSESSMENT ROLL Upon adoption of this resolution, the Clerk of the Board, as assisted by the County Attorney and the engineers for the County, shall cause an assessment roll to be prepared, pub- lished and considered in public hearing as required by Sections 170.06, 170.07 and 170.08, Florida Statutes. SECTION 7 FINAL DETERMINATION OF ASSESSMENTS Upon completion of the Project, the Board shall adopt a resolution finally assessing the costs of the Project based upon the actual costs thereof, but in no event shall the final assess- ments exceed the amount of benefits originally assessed. -3- J •• SECTION 8 PUBLICATION OF RESOLUTION The Clerk of the Board is directed to cause this resolu- tion to be published once each week for 2 consecutive weeks in a newspaper of general circulation in the County. SECTION 9 i EFFECTIVE DATE This resolution shall become effective immediately upon its adoption. The foregoing resolution was offered by Commissioner. Lyons who moved its adoption. The motion was seconded ! by Commissioner. Bird and, upon being put to a vote, the i vote was as follows: Chairman Don C. Scurlock, Jr. Aye Vice -Chairman Patrick B. Lyons Aye Commissioner Richard N. Bird Aye Commissioner Margaret C. Bowman Absent Commissioner William C. Wodtke, Jr. Aye The Chairman thereupon declared the resolution duly passed and adopted this 11th day of April , 1584. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA Attest: FREDA~WRIGHT Clerk APPROVED��AND LEG F� Attorney BY DON C. SCUR OCR, JR. Chairman -4- 40 40 n 'nwY. FLORIDA NATIONAL BANK April 11, 1984 Indian River County Commission County Administration Building 1840 25th Street Vero Beach, Florida 32960 Attention: Gary M. Bradenburg, Esquire Gentlemen: We are pleased to advise that Florida National Bank has approved the purchase of Improvement Bonds ("Bonds") to be issued by Indian River County, Florida ("Issuer") to fund the cunstructi.on of an extension of a 20 inch water line from an existing water reservoir west of Oslo Road to 43rd Avenue, north along 43rd Avenue to either 8th or 12th Street, west on said street to Kings Highway, north on Kings Highway to State Road 60 and west on State Road 60 to Interstate 95 to service the developing area west of Vero Beach (the "Project"). This letter outlines the general terms and conditions under which Florida National Bank ("Bank") will purchase the Bonds. The Bonds shall be in an amount not to exceed $2.050.000 and will be repaid by the Issuer from special assessments against the properties initially to be benefited by the Project, all of which properties have reserved water taps with West County Utility, Inc. ("Utility"). The Bonds will be pay- able annually and mature on May 1, 1997 and will be subject to, but not limited to, the following terms and conditions: 1. INTEREST RATE The interest rate on the Bonds shall be 10% per annum payable annually. It is understood that the in- terest payable to the Bank is to be tax-free, and the Bank will require an opinion of bond counsel confirming that fact. 214 HOGAN STREET / GE14ERAL MAIL CENTER / JACKSONVILLE. FLORIDA 32231/ (9(4) 359.5111 V In order to secure payment of the Bonds, the Issuer shall cause a. special assessment lien to be placed against those properties which initially benefit from th^_ Project, such special assessment lien to be coequal with the lien of all state, county, district and municipal taxes and superior in dignity to all other liens, titles and claims (the "Collateral"). No Collateral shall be released by Issuer without the substitution therefor of additional collateral satisfactory to Bank. Should the Issuer fail to institute and complete the foreclosure F.:oceedings on any delinquent assessment within ten (10) months of the due date of such delinquent assessment, Bank in its capacity as bondholder shall have the right to institute foreclosure proceedings, or complete foreclosure proceedings already commenced by the Issuer, on behalf of the Issuer as to such delinquent assessment. 4. COST AND COMPLETION DATE OF THE PROJECT Prior to purchase of the Bonds, the Issuer shall have entered into appropriate contractural arrangements with a contractor to make water available to the Project by March 1, 1985 at a cost not to exceed $2,850,000. 5. OTHER COMMITMENT REQUIRED Prior to purchase of the Bonds, Issues small provide the Bank with the commitment of the Farmer's Home Adminis- tration to fund $800,000.00 of the cost of the Project. - 6. COMPLETION OF THE Pi(OJECT It shall be a condition precedent to the payment of any costs in connection with the construction of the Project that at all times the amount of the undisbursed Bond proceed: together with funds on deposit from the FArmer's Home Admin- istration or other guaranteed sources shall be sufficient to complete the construction of the Project. Should the undis- bursed Bond proceeds together with the above described funds on deposit be insufficient to complete the Project, Issuer shall provide the funds sufficient to complete the Project before any further disbursements are made of the Bond pro- ceeds. 2. BOND AMORTIZATION Amortization of the principal of the Bonds shall be in ten (10) consecutive annual installments of principal, tale first nine installments to be in the amount of $190,000.00 ® each and the final installment shall be in the amount of $340,000.00. The first payment of principal shall be due and payable on May 1, 1987. Accrued interest on the unpaid principal balance shall be payable annually on May lst of a each year commencing May 1, 1986. Notwithstanding the fore- going, all monies in the Sinking Fund (aa hereinafter defined) shall be paid to Bank as bondholder on the first day of May, 1986 and the first day of each November and May thereafter A until the bonds have been paid in full, such monies to be applied first to accrued interest and the remainder to principal. There shall be no acceleration of principal in the event of a default in the amortization of the Bonds. 3. SECURITY In order to secure payment of the Bonds, the Issuer shall cause a. special assessment lien to be placed against those properties which initially benefit from th^_ Project, such special assessment lien to be coequal with the lien of all state, county, district and municipal taxes and superior in dignity to all other liens, titles and claims (the "Collateral"). No Collateral shall be released by Issuer without the substitution therefor of additional collateral satisfactory to Bank. Should the Issuer fail to institute and complete the foreclosure F.:oceedings on any delinquent assessment within ten (10) months of the due date of such delinquent assessment, Bank in its capacity as bondholder shall have the right to institute foreclosure proceedings, or complete foreclosure proceedings already commenced by the Issuer, on behalf of the Issuer as to such delinquent assessment. 4. COST AND COMPLETION DATE OF THE PROJECT Prior to purchase of the Bonds, the Issuer shall have entered into appropriate contractural arrangements with a contractor to make water available to the Project by March 1, 1985 at a cost not to exceed $2,850,000. 5. OTHER COMMITMENT REQUIRED Prior to purchase of the Bonds, Issues small provide the Bank with the commitment of the Farmer's Home Adminis- tration to fund $800,000.00 of the cost of the Project. - 6. COMPLETION OF THE Pi(OJECT It shall be a condition precedent to the payment of any costs in connection with the construction of the Project that at all times the amount of the undisbursed Bond proceed: together with funds on deposit from the FArmer's Home Admin- istration or other guaranteed sources shall be sufficient to complete the construction of the Project. Should the undis- bursed Bond proceeds together with the above described funds on deposit be insufficient to complete the Project, Issuer shall provide the funds sufficient to complete the Project before any further disbursements are made of the Bond pro- ceeds. 7. APPRAISAL REQUIREMENT ® Prior to purchase of the Bonds, Issuer shall provide the Bank with the current ad valorem assessments on the properties to be initially benefited by the Project showing an aggregate value of no less than $5,800,000.00. 8. SINKING FUND INVESTMENT Issuer shall maintain at Bank the sinking fund investment or ® • the improvement fund investment for all monies received from the collection of the special assessment securing the Bonds (the "Sinking Fund"). The term Sinking Fund shall also include all reserve accounts, if any, for the payment of interest, whether funded by proceeds of the sale of the Bonds or from the collection of special assessments. If no such reserve account is used, an amount of the proceeds from the sale of the Bonds equal to the initial interest payment shall be capitalized for that purpose. 9. BOND DOCUMENTS AND OPINIONS All Bond documents and opinions must be approved by legal counsel for the Bank: Kent, Watts, Durden, Kent, Nichols & Mickler. 10. BANK'S EXPENSES Utility shall pay all of Bunk's expenses incurred in connection with its purchase of the Bonds, including, but in no way limited to, Bank's attorneys' fees, recording, documentary stamps,, intangible taxes, and any other mis- cellaneous expenses in connection with the preparation of this commitment and the issuance and purchase of the Bonds, whether the Bonds are issued or not. 11. COMPLIANCE WITH AUTHORITY The Issuer shall apply for and be responsible for ob- taining all resolutions, commitments and certificates, as may be required by all Federal, state or local governmental agencies in connection with the issuance of the Bonds and the construction of the Project. Issuer shall also comply with all requirements of Bank in this regard. 12. BANK TO BE REGISTRAR AND DEPOSITORY Florida National Bank shall be named Registrar of the Bond issue and depository institution for the Sinking Fund to be maintained by the Issuer. 13. FURTHER ASSURANCES The Issuer, prior and subsequent to the issuance of tha Bonds reed a) To provide and furnish the Bank with all items, documents, writings, reports and information in addition to those items specifically set forth herein, which Bank may require in order to-complete their documentation for the pur- chase of the Bonds; and r-, b) To execute any and all legal instruments, documents and agreements and/or provide the ® Bank with such items as Bank may reasonably require in order to secure its position in �g regard to this bond transaction. 14. RIGHT TO POST SIGN - , — Bank shall have the right to issue press releases re- garding, and to post a sign in a prominent location on, the Project property reflecting that Bank is providing financing for the Project. 15. ACCEPTANCE OF THIS COMMITMENT This commitment supersedes any prior commitment in connection with the Project. Please inform us of your acceptance of the terms and conditions of this commitment by executing and returning the enclosed copy of this commitment letter by April 16, 1984, otherwise this commitment will expire as of that date. We thank you for the opportunity to be of serrvsicee to you. If we may be of an further assistance, p e do not hesitate to contact us. Sincerely, FLORIDA NATIONAL BANK #esident 47 ull ida National Bank, Vero Beach ACCEPTANCE I have read the foregoing Commitment Letter and the terms and conditions contained therein, and hereby accept this Commitment Letter this //14 day of April, 1984. This Commitment is issued and accepted subject to all the terms and conditions which are expressly set forth herein. INDIAN RIVER COUNTY, FLORIDA By �M G Don C. Scurlock, Jr., Ch an Board of County Commissioners do 40 00. ILnY. Indian River County Commission Page Seven April 11, 1984 JOINDER OF ACCEPTANCE The undersigned joins in the acceptance of this Commit- ment and agrees to be bound by all of the terms, covenants, and conditions contained herein this 16th day of April, 1984. W'tnesses WEST CPUNTY UTILITY, INC. President (CORPORATE SEAL)