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HomeMy WebLinkAbout1984-035RESOLUTION NO. 84-35 A RESOLUTION AMENDING RESOLUTION NO. 83-63 ADOPTED ON AUGUST 17, 1983 AND ENTITLED: "A RESOLUTION PROVIDING FOR THE REFUNDING OF CERTAIN OUTSTANDING REVENUE OBLIGATIONS OF INDIAN RIVER COUNTY, FLORIDA, AND THE CON- STRUCTION AND EQUIPPING OF ADDITIONAL COURT- ROOM FACILITIES; AUTHORIZING THE; ISSUANCE OF NOT EXCEEDING $5,700,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1983, 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 PROVIDING AN EFFECTIVE DATE. WHEREAS, the County has, by Resolution No. 83-63 adopted on August 17, 1983 (the "Resolution") authorized the issuance of not exceeding $5,700,000 Capital Improvement Revenue Bonds, Series 1983 (the "Bonds") for.the purpose of refunding certain of the County's outstanding bonds and constructing a Project, as defined in said Resolution; and WHEREAS, it is now deemed desirable and in the best financial interests of the County to provide f -r an alternative whereby the refunding and the construction of the Project may be accomplished by the issuance of the Bonds and of Junior Lien Bonds being authorized and to be issued simultaneously with the Bonds, or by the issuance of portions of both the Bonds and Junior Lien Bonds; and WHEREAS, it is necessary to amend the Resolution to reflect the issuance of the Junior Lien Bonds; and WHEREAS, it is also necessary and advisable to update the series designation of the Bonds to reflect the probable date of issuance thereof, now, therefore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The title and body of Resolution No. 83-63, adopted on August 17, 1983, be and the same is hereby amended by changing the words and figures "Series 1983" to read "Series 1984" wherever the same appears after the words "Capital Improvement Revenue Bonds." SECTION 2. Section 2 of said Resolution is amended by adding thereto a new subsection V to read as follows: "SECTION 2. DEFINITIONS. . . V. 'Junior Lien Bonds' shall mean the obligations of the County, if issued, the lien of which on the Race Track Funds and the investment income herein provided for, shall be junior and subordinate in all respects to the lien of the Bonds." SECTION 3. Subsection 3E of the Resolution is hereby amended to read as follows: "SECTION 3. FINDINGS. It is hereby ascertained, deter- mined and declared that:... E. The estimated funds needed for such refunding as above described and for the Project shall be provided from proceeds derived from the sale of the Bonds, or a portion thereof, and the Junior Lien Binds, or a portion thereof, if issued, and other funds of the County available therefor." SECTION 4. The first full paragraph of Subsection 15D of the Resolution is amended to read as follows: "SECTION 15. APPLICATION OF BOND PROCEEDS... D. A sum specified in the Escrow Deposit Agree- ment, together with such portion of the proceeds of the Junior Lien Bonds, if issued, specified in the Escrow Deposit Agreement which together with the other funds described in the Escrow Deposit Agreement to be depo- sited in escrow, and together with the investment income thereon, will be sufficient to pay the principal of, interest and redemption premium, if any, on the Refunded Bonds as the same shall become due or may be redeemed, shall be deposited into the Escrow Account established by the Escrow Deposit Agreement in the respective -2- J •• amounts sufficient for such purposes. Further, an amount sufficient to pay the costs and expenses incurred in connection with the issuance and sale of the Bonds may be deposited in a separate Expense Account and dis- bursed under the Escrow Deposit Agreement, if not paid under C above." SECTION 5. Section 25 of said Resolution is hereby renum- bered Section 26 and there is hereby created a new Section 25 to read as follows: "SECTION 25. REPEAL Or INCONSISTENT RESOLUTIONS. All resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict except the resolution authorizing the issuance of the Junior Lien Bonds. If upon delivery of the Bonds or any portion thereof, herein authorized, and of the Junior Lien Bonds, if any are issued, it shall be determined that any remaining unissued portion of the Bonds and/or the Junior Lien Bonds, if any, are not necessary to pay costs of the refunding and of the Project herein authorized, then the authorization for such portion of the Bonds and/or the Junior Lien Bonds remaining unissued shall thereupon be cancelled and rescinded by subsequent resolution of the Board." SECTION 6. This resolution shall take effect immediately upon its adoption. -3- 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 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 23rd day of May 1984. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By / DON C. SCU�011.�JR� / 11 Chairman Attest FR•EDA,.WRT`G' f Cle,r•.k' APPROVED FORM AND LEGA UFFIC . ty/ Attorn -4- a-