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HomeMy WebLinkAbout1984-036RESOLUTION 140. 84-36 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 $1,000,000 CAPITAL IMPROVEMENT REVENUE BONDS (JUNIOR LIEN), SERIES 1984A, TO FINANCE PART OF THE COST THEREOF; AND PRO- VIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS FROM THE RACE TRACK FUNDS AND JAi ALAI FRONTON FUNDS ACCRUING ANNUALLY TO INDIAN RIVER COUNTY, FLORIDA, PURSUANT TO LAW AND CERTAIN INVESTMENT INCOME; PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA (hereinafter referred to as "Board"), i that: SECTION 1. AUTHORITY FOR RESOLUTION. This resolution is adopted pursuant_ to the provisions of Chapter 125, Florida Statutes, Indian River County Ordinance No. 77-19, enacted August. 3, 1977, and effective August 9, 1977, as amended, Chapter 83-271, Laws of Florida, Acts of 19133, and other ?pplicable provisions of law. SECTION 2. DEFINITIONS. The following terms shall have the following meanings herein, unless the text otherwise expressly requires. words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. A. "County" shall mean Indian River County, Florida. B. "Board" shall mean the Board of County Coimnissioners of Indian River County; Florida. C. "Act." shall mean Chapter 125, Florida Statutes, Indian River County Ordinance No. 77-i9, enacted August 3, 1977, and effective August 9, 1977, as amended, Chapter 83-271, Laws of Florida, Acts of 1983, and other anDlicahlP provisions of law. D. "Resolution" shall mean this resolution. E. "Bonds" shall mean the Capital Improvement. Revenue Bonds (Junior Lien), Series 1984A, herein authorized to be issued. F. "Serial Bonds" shall mean any Bonds for the payment -1- E t � of the principal of which, at the maturity thereof, no fixed Amortization Installment or bond redemption deposits are required to be made prior to the twelve-mont.li period immediately preceding the stated date of maturity thereof. G. "Term Bonds" shall mean the Bonds of an installment-- all nstallmentall of which shall be stated to mature on one date and which shall be subject to retirement by operation of the Bond Amortization Account herein established within the Bond Service Fund. H. "[amortization Installment", with respect. to any Term Bonds of an installment, shall mean an amount or amounts so designated which is or are established for the Term Bonds of such installment, provided that the aggregate of such Amortization Installments for each maturity of Term Bonds of such installment shall equal the aggregate principal amount of each maturity of Term Bonds of such installment delivered on original issuance. I. "Bond Service Requirement" for any Fiscal Year, as applied to the Bonds, shall mean the sum o': (1) the amount required to pay the interest becoming due on the Bonds during such Fiscal Year, except to the extent that such interest shall have been provided by payments into the Bond Service Fund out of proceeds of the sale of the Bonds for a speci- fic period of time or by payments of investment income into the Bond Service Fund from the Bond Amortization Account or any accounts therein; (2) the amount required to pay the principal of Serial Bonds maturing in such Fiscal Year; and (3) the Amortization Installments established for the maturities of Terin Bonds for such Fiscal Year. J. "Maximum Bond Service Requirement" shall mean, as of any particular date of calculation, the Bond Service Requirement which is largest in dollar amount for the then current or any future Fiscal Year. K. "Holder of Bonds" or "Bondholder" or "Holders" or an_v similar term shall mean any person who shall be the Registered -2- ' . M Owner of any Bond or Bonds or his transferee. L. "Senior Lien Bonds" shall mean the not exceeding $5,700,000 Capital Improvement Revenue Bonds, Series 1984, issued pursuant to the Senior Lien Resolution, whether issued prior to or currently with, the issuance of the Bonds, the lien of which on the Pledged Funds, as herein defined, shall be senior and superior in all respects to that, of the Bonds issued hereunder. M. "Senior Lien Resolution" shall mean the resolution of the County authorizing the issuance of the Senior Lien Bonds. N. "Race Track Funds" shall mean the first. $446,500 of the Race Track Funds and Jai Alai Fronton Funds accruing annually to the County under the provisions of Chapters 550 and 551, Florida Statutes, and allocated to the Board pursuant to law. O. "Senior Lien Resolution Investment Income" shall mean the income from the investment of monies in the funds and accounts established in Section 18 of the Senior Lien Resolution and deposited into the Revenue Fund created by Section 18A of the Senior Lien Resolution. P. "Pledged Revenues" shall mean the Race Track Funds and the Senior Lien Resolution Investment Income. Q. "Authorized Investments" shall mean any of the following if and to the extent the same are at the time legal for investment of municipal funds; (a) direct obligations of or obli- gations guaranteed by the United States; (b) bonds, debentures or notes issued by any of the following federal agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Bank System Export -Import Bank of Washington, Federal Land Banks; or the Federal National Mortgage Association (including Participation Certificates); (c) Public Housing Bonds, Temporary Notes, or Preliminary Loan Notes fully secured by contracts with the United States; (d) full faith and credit obligations of any State, provided that at the time of purchase such obligations are rated in either of the two highest. rating categories by two nationally recognized bond rating agencies; (e) corporate deben- -3- tures rated in the highest rating category by two nationally recognized bond rating agencies; (f) time deposits represented by certificates of deposit fully secured in the manner provided by the laws of the State of Florida; or (g) investments under the Investment of Local Government Surplus Funds ;pct of the State of Florida, being Chapter 218, Part IV, Florida Statutes. R. "Refunded Bonds" shall mean the County's outstanding Capital Improvement Revenue Bonds, Series 1980, dated April 1, 1980, and Capital Improvement. Revenue Bonds, Series 1981, dated October 1, 1981. S. "Escrow Deposit. Agreement" means that certain Escrow Deposit Agreement by and between the County and a bank or trust company to be selected and named by the County prior to the deli- very of the Bonds, which agreement shall be in substantially such form as shall be determined by subsequent resolution of the County. T. "Fiscal Year" shall mean the period commencing on October 1 of each year and ending on the succeeding September 30 or such other annual period as may be prescribed by law from time to time for the County. U. "Federal Securities" shall mean direct obligations of the United States of America and obligations the principal of and interest on which are fully guaranteed by the United States of America, none of which permit redemption prior to maturity at the option of the obligor. V. "Project" shall mean the completion of the recon- struction, alteration, furnishing and equipping of certain capi- tal facilities of the County for use as an Administration Building, Courthouse and Annexes and the construction and acqui- sition of additional courtroom facilities, all pursuant to the plans and specifications of the Consulting Architect on file, or to be on file, with the County. W. "Bond Registrar" shall mean the officer of the County or such bank or trust company, located within or without. the State -4- 60 of Florida, who shall maintain the registration books of the County and who shall be responsible for the registration of and for transfer of the Bonds. X. "Registered Owner" shall mean the owner of any Bond or Bonds as shown on the Books of the County maintained by the Bond Registrar. Y. "Record Date" shall mean the 15th day of the month immediately preceding any interest payment date for the Bonds. SECTION 3. FINDINGS. It. is hereby ascertained, deter- mined and declared that: A. The County now receives the Race Track Funds which are riot pledged or encumbered in any manner except. to the payment of the Refunded Bonds, which pledge will be defeased pursuant_ to the refunding program herein authorized, and except to the prior payment of the Senior Lien Bonds. B. The County will, pursuant to the Senior Lien Resolution, receive the Senior Lien Resolution Investment Income which is not pledged or encumbered in any manner except to the prior payment_ of the Senior Lien Bonds. C. The County has previously issued the Refunded Bonds, of which the sum of not exceeding $4,995,000 principal amount will be outstanding and unpaid at the time the Bonds are issued. D. It is necessary and desirable to acquire and construct the Project, as provided herein, in order to preserve and protect the public health, safety and welfare of the inhabi- tants of the County. E. The County deems it necessary and in its best interest to provide for the refunding of the Refunded Bonds either through the issuance of the Senior Lien Bonds or a com- bination of the Bonds issued hereunder and Senior Lien Bonds. The refunding program herein described will be advantageous to the County, by (1) restructuring the debt_ service of the County payable from the Race Track Funds; and (2) providing a savings in debt service. -5- F. The estimated funds needed for such refunding as above described and for the Project shall be provided from pro- ceeds derived From the sale of the Bonds or from the Senior Lien Bonds or a combination of both together with other funds of the t� County available therefor. (1) An amount which, together with the income on the investment thereof, will be sufficient to effect the refunding will be deposited in an irrevocable escrow account_ established for the holders of the Refunded Bonds, and invested in Federal Securi- ties. The principal amounts of such Federal Securities together with the interest earnings thereon will he sufficient to make timely payments of all presently outstanding principal, interest and redemption premiums in respect to the Refunded Bonds and all costs associated with the acquisition and subsequent management of such Federal Securities. (2) Such costs of the refunding and of the con- struction of the Project shall be deemed to include bond discount, if any, legal expenses, fiscal advisor expenses, expen- ses for estimates of costs and of revenues, administrative expenses, interest accrued on the Bonds for a reasonable period from the date of issuance thereof, reasonable amounts for reserves, and such other expenses as may be necessary or inciden- tal for the financing authorized by this Resolution. The costs of construction of the Project shall be deemed to include but not be limited to, the acquisition of any lands, or interest therein, and of any fixtures, or equipment, or properties deemed necessary or convenient therefor, architectural/engineering and legal expenses, expenses for financial services or fiscal advisors; expenses for estimates of costs and of revenues, expenses for plans, specifications and surveys, administrative expenses relating to the additions, extensions and improvements authorized by this Resolution, and such other expenses as may be necessary or incidental to the financing authorized by this Resolution and The construction of r_}le Project authorized by this Resolution -6- 40 s® and the placing of same in operation. G. The principal of and interest. on the Bonds and all required sinking fund, reserve and other payments shall be payable solely from the Pledged'Revenues and the income from investments of monies in the funds and accounts herein created, as herein provided. The County shall never be required to levy ad valorem taxes on any property within its corporate territory to pay the principal of and interest. on the Bonds or to make any of the required sinking fund, reserve or other payments, and such Bonds shall not constitute a lien upon any property owned by or situated within the corporate territory of the County. H. The estimated Pledged Revenues to be received by the County together with the income from investments made under this resolution will be sufficient to pay all prin-iipal of and interest on the Bonds to be issued hereunder, as the same become due, and to make all required sinking fund, reserve or other payments required by this Resolution. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In con- sideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the County and such Holders. The covenants and agree- ments herein set forth to be performed by the County shall be for the equal benefit_, protection and security of the legal Holders of any and all of such Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided therein and herein. SECTION 5. AUTHORIZATION OF CONSTRUCTION AND ACQUISITION OF PROJECT AND REFUNDING OF REFUNDED BONDS. There is hereby authorized the acquisition and construction of the Project in accordance with plans and specifications presently on file or to be on file with the County. There is also hereby authorized the refunding of the Refunded Bonds, in the manner hereinafter pro- -7- 40 40 of vided. SECTION b. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this Resolution, obligations of the County to be known as "Capital Improvement. Revenue Bonds (Junior Lien), Series 1984A" are hereby authorized to be issued in the aggregate principal amount of not exceeding One Million Dollars ($1,000,000), SECTION 7. DESCRIPTION OF BONDS. The Bonds shall be dated as of a date to be fixed by resolution of the County, but not later than the date of issuance, shall be numbered consecu- tively froia one upward; shall be in the denomination of $5,000 each or integral multiples thereof; shall bear interest. at not exceeding the maximum rate authorized by applicable law, payable semiannually, and shall mature on such dates and in such years and in such amounts, all as are fixed by subsequent resolution of the County adopted at or prior to the sale of the Bonds. The Bonds shall be issued in fully registered form without coupons; shall be issued as Serial Bonds or Term Bonds or a com- bination of both; shall be payable with respect to both principal and interest at such bank or banks to be determined by the County prior to the delivery of the Bonds; shall be payable in lawful money of the United States of America; and shall bear interest from such date, but not earlier than the date of the Bonds, as is fixed by resolution of the County adopted at or prior to the sale of the Bonds, payable by mail to the registered owner at his address as it appears on the registration books. If Term Bonds are issued Amortization Installments therefor shall be fixed in the subse- quent resolution referred to above. SECTION 8. EXECUTION OF BONUS. The Bonds shall be exe- cuted in the name of the County by the Chairman of the Board and attested by the Clerk of the Board and the corporate seal of the County or a facsimile thereof shall be affixed thereto or repro- duced thereon. The facsimile signatures of the Chairman and the Clerk may be imprinted or reproduced on the Bonds. The Bond Registrar's Certificate of Authentication shall appear on the M10 40 dD 60 Bonds- The Authorized signature for the Bond Registrar shall be either manual or in facsimile; provided, however, that. at least one of the signatures, including that of the authorized signature for the Bond Registrar, appearing on the Bonds shall at all times be a manual signature. In case any one or more of r.he officers of the County who shall have signed or sealed any of the Bonds shall cease to be such officer of the County 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. Any Bonds may be signed and sealed on behalf of the County by such person as at the actual time of the execution of such Bonds shall hold the proper office, although at the date of such Bonds such person may not have held such office or may not. have been so authorized. A certification as to Circuit. Court validation, in the form hereinafter provided, shall be executed with the facsimile signature of any present or future Chairman of the Board. SECTION 9. NEGOTIABILITY. The Bonds shall be and have all the qualities and incidents of negotiable instruments under the laws of the State of Florida, and each successive Holder, in accepting any of the Bonds, shall be conclusively deemed to have agreed that uch Bonds shall be and have all of the qualities and incidents of negotiable instruments under the laws of the State of Florida. SECTION 10. REGISTRATION. The Bonds shall be issued only as fully registered bonds without coupons. There shall be a Bond Registrar, which may be either the County itself, or a bank or trust company located within or without the State of Florida. The County, if it chooses to have a bank act. as such Bond Registrar shall, not later than the date of sale of the Bonds, by resolu- tion designate such bank to serve as the Bond Registrar and paying agent. The Bond Registrar shall be responsible for main- taining the books for the registration of and for the transfer of -9.- ■ J ®® the Bonds and, if a bank is so designated, in compliance with an Agreement to be executed between the County and such bank as Bond Registrar as parties on or prior to the delivery date of the Bonds. Such Agreement shall set forth in detail the duties, rights, and responsibilities of the parties to the Agreement. Upon surrender to the Bond Registrar for transfer or exchange of any Bond, duly endorsed for transfer or accompanied by an assignment duly executed by the Registered Owner or his attorney duly authorized in writing, the Bond Registrar shall deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations of the same maturity for the aggregate principal amount which the registered owner is entitled to receive. All Bonds presented for transfer, exchange, redemption or payment (if so required by the County or the Bond Registrar) shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and with guarant of signa- ture satisfactory to the County or the Bond Registrar, duly exe- cuted by the Registered Owner or by his duly authorized attorney. The County and the Bond Registrar may charge the bond- holder or his transferee a sum sufficient to reimburse them for any expenses incurred in making any exchange or transfer after the first such transfer after the delivery of the Bonds. The Bond Registrar or the County may also require payment from the bond- holder or his transferee of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in relation thereto. Such charges and expenses shall be paid before any such new Bond shall be delivered. Interest shall be paid on such dates as are set forth in a subsequent resolution to the Registered Owner of record whose name appears on the books of the Bond Registrar as of 5:00 p.m. (local time, Vero Beach, Florida) on the Record Date. New Bonds delivered upon any transfer or exchange shall be valid obligations of the County, evidencing the same debt as the -10- e 40 Bonds surrendered, shall be secures] by this Resolution, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. The County and the Bond Registrar may treat. the registered owner of any Bond as the absolute owner thereof for all purposes, whether or not such Bond shall be overdue, and shall not. be bound by any notice to the contrary. The person in whose name any Bond is registered may be deemed the owner thereof by the County and the Bond Registrar, and any notice to the contrary shall not be binding upon the County or the Bond Registrar. Notwithstanding the foregoing provisions of this Section 10, the County reserves the right, on or prior to the delivery of the Bonds, to amend or modify the foregoing provisions relating to registration of the Bonds in order to comply with all applicable laws, rules, and regulations of the United States Government and the State of Florida relating thereto. SECTION 11. DISPOSITION OF BONDS PAID OR REPLACED. When- ever any Bond shall be delivered to the Bond Registrar for cancella- tion, upon payment of the principal amount. thereof or for replace- ment or transfer or exchange, such Bond shall either be retained by the Bond Registrar for a period of time specified in writing by the County or at the option of the County, shall be cancelled and destroyed by the Bond Registrar and counterparts of a certificate of destruction evidencing such destruction shall be furnished to the County. SECTION 12. BONDS MUTILATED, DESTROYED, STOLEN UR 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 of like tenor as the Bonds so mutilated, destroyed, stolen, or lost, in exchange and substitution for such mutilated Bond, upon surrender and cancellation of such mutilated Bond or in lieu of and substitution for the Bond destroyed, stolen or lost, and upon the holder furnishing the County and the Bond Registrar proof of his ownership thereof and satisfactory indemnity and complying with -11- 40 ®® such other reasonable regulations and conditions as the County may prescribe and paying such expense as the County and Bond Registrar may incur. All Bonds so surrendered shall be cancelled by the Bond Registrar. If any such Bond shall have matured or be about to mature, instead of issuing a substitute Bond, the County may pay the same, upon being indemnified as aforesaid, and if such Bond be lost, stolen or destroyed, without surrender thereof. Any such duplicate Bonds 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 be at any time found by anyone and such duplicate Bonds shall be entitled to equal and proportionate benefits and rights as to lien, source and security for payment, pursuant to this Resolution, from the funds, as hereinafter pledged, to the same extent as all other Bonds issued under this Resolution. SECTION 13. PROVISIONS FOR RED8MPTION. The Bonds or any portions thereof shall be subject to redemption prior to their respective stated dates of maturity, at the option of the County, at such times and in such manner as shall be determined by sub- sequent resolution prior to the sale thereof. Notice of such redemption shall, at least thirty (30) days prior to the redemption date (i) be filed with the paying agents, and (ii) be mailed, postage prepaid, to all owners of Bonds to be redeemed at their addresses as they appear of record on the books of the Bond Registrar as of forty-five (45) days prior to the date of redemption. Interest shall cease to accrue on any Bond duly called for prior redemption on the redemption date, if payment thereof has been duly provided. The privilege of transfer or exchange of any of the Bonds is suspended for a fif- teen day period preceding the mailing of the notice of redemption. SECTION 14. FORM OF BONDS. The text of the Bonds, together with the validation certificate and the Bond Registrar's Certificate to be endorsed thereon, shall be substantially of the -12- following tenor, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this Resolution or any subsequent resolution adopted prior to the issuance thereof, or as may be necessary to comply with applicable • laws, rules and regulations of the United States Government and the State of Florida in effect upon the issuance thereof: •s -13- No• CUSIP: UNITED STATES OF AMERICA STATE OF FLORIDA ® COUNTY OF INDIAN RIVER CAPITAL IMPROVEMENT REVENUE BOND, SERIES 1984A RATE OF INTEREST MATURITY DATE DATE OF ORIGINAL ISSUE REGISTERED OWNER: so = PRINCIPAL AMOUNT: KNOW ALL MEN BY. THESE PRESENTS, that Indian River County, Florida (hereinafter called "County"), for value received hereby promises to pay to the Registered Owner designated above, or registered assigns, solely from the special funds hereinafter mentioned, on the Maturity Date specified above the principal sum shown above, upon the presentation and surrender hereof at the corporate trust office of as Paying Agent and Bond Registrar, and to )ay solely from such special funds interest thereon from the date of this bond or from the most -recent interest payment date to which interest has been paid, whichever is applicable, until payment of such sum, at the rate per annum set forth above, payable on , and semiannually thereafter on 1 and 1 in each year, by check or draft mailed to the registered owner at his address as it appears, at 5:00 P.M. on the fifteenth day of the month preceding the applicable interest payment date, on the registration books of the County kept by the Bond Registrar. The principal of, premium, if any, and interest on this Bond are payable in lawful money of the United States of America. This bond is one of an authorized issue of bonds in the aggregate principal amount of not exceeding $1,000,000 of like tenor and effect, except as to installment, date, number, interest rate and date of maturity, issued to finance part of the cost of refunding the County's outstanding Capital Improvement Revenue Bonds, Series 1980, dated April 1, 1980, and Capital Improvement -14- a Revenue Bonds, Series 1981, dated October 1, 1981, and part of the cost of completing the reconstruction and alteration of certain facilities of the County for use as an Administration Building, Courthouse and Annexes and the construction of additional court- room facilities in the County, under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125, Florida Statutes, County Ordinance No. 77-19, enacted August 3, 1977, and effective August 9, 1977, as amended, Chapter 83-271, Laws of Florida, Acts of 1983, and other applicable provisions of law, and a resolution duly adopted by the Board of County Commissioners (the "Board") of the County on the day of , 1984, as supplemented (hereinafter called "Resolution"), and is subject to all the terms and conditions of such Resolution. This bond and the interest thereon are payable solely from and secured by a lien upon arid a pledge of the first $446,500 of the Race Track Funds and Jai Alai Frontor Funds accruing annually to the County under the provisions of Chapters 550 and 551, Florida Statutes, and allocated to the Board pursuant to law, and certain investment income accruing to the County under a Senior Lien Resolution pursuant to which certain Senior Lien Bonds, hereinafter defined, have been issued or will be issued concurrently with the issuance of the bonds of the issue of which this bond is one (said Race Track Funds and Jai Alai Fronton Funds and Senior L' t ..�„ Resolution u�Lon invesi.ment income being collectively called the "Pledged Revenues"), and the income from the invest- ment of monies held in the funds and accounts established by Section 18 of the Resolution. This bond does not constitute an indebtedness of the Board or of the County within the meaning or any constitutional, statutory or charter provision or limitation. The lien on the Pledged Revenues of the holders of the bonds of the issue of which this bond is one is junior, inferior and subordinate in all respects to the lien on said Pledged Revenues of the holders of the outstanding $5,700,000 Capital -15- R Improvement Revenue Bonds, Series 1984 (the "Senior Lien Bonds"). It is expressly agreed by the owner of this bond that such owner shall never have the right to require or compel the levy of ad valorem taxes for the payment of the principal of and interest on this bond or for the making of any sinking fund, reserve or other payments provided for in the Resolution. This bond and the indebtedness evidenced thereby shall not constitute a lien upon any property of the Board or upon any property of or in the County but shall constitute a lien only upon the Pledged Revenues and the income from investments in the funds and accounts established by Section 18 of the Resolution in the manner above recited. (To be inserted where appropriate on face of bond: "REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF, AND SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THIS SIDE.") This bond may be transferred only upon the books of the County kept by the Bond Registrar under the Resolution upon surrender thereof at the principal office of the Bond Registrar with an assignment duly executed by the Registered Owner or his duly authorized attorney, but only in the manner., subject to the limitations and upon payment of the charges, if any, provided in the Resolution, and upon surrender and cancellation of this bond. Upon any such transfer, there shall be executed in the name of the transferee, and the Bond Registrar stall deliver, a new registered bond or bonds in the same aggregate principal amount and series, maturity and interest rate of the authorized denominations as the surrendered bond. In like manner, subject to such conditions and upor the payment of such charges, if any, the registered owner of any bond or bonds may surrender the same (together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the Registered Owner or his duly authorized attorney) in exchange for an equal aggregate principal amount of fully registered bonds of the -16- same installment and maturity of any other authorized denominations. It is hereby certified and recited that all acts, con- ditions and things required to exist, to happen and to be performed precedent to and in the issuance of this bond exist, have happened and have been performed in regular and due form and time as required by the Statutes and Constitution of the State of Florida applicable thereto; and that the issuance of this bond and of the issue of bonds of which this bond is one, does not violate any con- stitutional or statutory limitation. This bond is and has all the qualities and incidents of a negotiable instrument under the laws of the State of Florida. (Insert redemption provisions). Notice of such redemption shall be given in the manner required by the Resolution. This bond shall not be valid or become obligatory for any _purpose or be entitled to any security or benefit under the Reso- lution until the certificate of authentication hereon shall have been executed by the Bond Registrar. IN WITNESS WHEREOF, Indian River County, Florida, has issued this bond and has caused the same to be executed by the Chairman of its Board of County Commissioners and attested by the Clerk of such hoard, either manually or with their facsimile signatures, and its corporate seal or a facsimile thereof to be affixed, impressed, imprinted, lithographed or reproduced hereon, all as of the first day of . 198 - INDIAN RIVER COUNTY, FLORIDA (SEAL) ATTEST: Chairman, Board of County Commissioners Clerk, Board of County Commissioners -17- BOND REGISTRAR'S CERTIFICATE OF AUTHENTICATION This bond is one of the bonds of the issue described in the within -mentioned Resolution. Date of Authentication As Bond Registrar By Authorized Signature VALIDATION CERTIFICATE This bond is one of a series of bonds which were validated and confirmed by judgment of the Circuit Court for Indian River County, Florida, rendered on the day of 19 Chairman, Board of County Commissioners -18- A The following abbreviations, when used *:_n the inscription on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties ` JT TEN - as joint tenants with right of survivorship and not as tenants in common se UNIT GIF MIN ACT - Tust. Custodian for (Minor) under Uniform Gifts to Minors Act of (State) Additional abbreviations may also be used though not in list above. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers to PLEASE INSERT NAME, ADDRESS AND SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE the within bond and does hereby irrevocably constitute and appoint the Bond Registrar as his agent to transfer the bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature guaranteed: (Bank, Trust Company or Firm) (Authorized Officer) NOTICE: The signature to this assignment must correspond with the name of the registered Owner as it appears upon the face of the within bond in every parti- cular, without alteration or enlargement or any change whatever. -19- SECTION 15. APPLICATION OF BUND PROCEEDS. The proceeds, including accrued interest and premium, if any, received from the sale of any or all of the Bonds shall be applied by the County simultaneously with their delivery to the purchaser thereof, as follows: A. The accrued interest shall be deposited in the Junior Lien Sinking Fund herein created and shall be used only for the purpose of paying interest becoming due on the Bonds. B. A sum which, together with other legally available funds of the County which may be deposited therein on the date of delivery of the Bonds, will equal all or a portion of the Maximum Bond Service Requirement on the Bonds, at the option of the County, shall be deposited into the Reserve Account hereinafter created and established. C. To the extent not paid or reimbursed therefor by the ori.yInal purchaser of the Bonds, the County shall pay all costs and expenses in connection with the preparation, issuance and sale of the Bonds. D. Unless the refunding is accomplished solely by the issuance of the Senior Lien Bonds, a sum specified in the Escrow Deposit Agreement which together with the other funds described in the Escrow Deposit Agreement to be deposited 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 amounts suf- ficient 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 disbursed under the Escrow Deposit Agreement, if not paid under C above. Such funds shall be kept separate and apart from all other funds of the County, and shall be withdrawn, used and applied by -20- the County solely for the purposes set forth herein and in the Escrow Deposit Agreement. All such proceeds shall be and consti- tute trust funds for such purposes and there is hereby created a lien in favor of the owners of the Bonds upon such moneys until ® so applied. Simultaneously with the delivery of the portion of the Bonds necessary to accomplish the refunding program specified in this Resolution, the County shall enter into the Escrow Deposit Agreement in such form as shall be fixed by subsequent resolution of. the County adopted prior to the issuance of the Bonds, with a bank or trust company approved by the County, which shall provide for the deposit of sums into the Escrow Account established there- in, and for the investment of such moneys in appropriate Federal Securities so as to produce sufficient funds to make all of the payments described in the first paragraph of this subsection 15D of this resolution. At the bine of execution of the Escrow Deposit Agreement, the County shall furnish to the Escrow Holder named therein appropriate documentation to demonstrate that the sums being deposited and the investments to be made will be suf- ficient for such purposes. E. The balance of such funds shall be deposited into the "Indian River County Capital Improvement Construction Trust Fund" (hereinafter called "Construction Fund") created by the Senior Lien Resolution and used and applied as provided for such Fund. SECTION 16. SECURITY FOR BONDS. The principal of and interest on the Bonds shall be secured forthwith equally and ratably by a lien upon and a pledge of the Pledged Revenues, as defined herein, and the income from the investment of monies held is the various funds and accounts hereinafter established in Section 18 hereof. The County hereby irrevocably pledges such funds to the payment of the principal of and interest on the Bonds issued hereunder. The lien of the holders of the Bonds on the Pledged -21- 40 40 of Revenues shall be junior, inferior and subordinate in all respects to the lien on such Pledged Revenues of the holders of the Senior Lien Bonds. SECTION 17. BONDS NOT DEBT OF BOARD OR COUNTY. Neither the Bonds nor the interest thereon shall be or constitute general obligations or indebtedness of the Board or of the County within the meaning of any constitutional or statutory limitation of indebtedness, but shall be payable solely from and secured by a lien upon and a pledge of the Pledged Revenues, as herein defined, and the income from the investment of monies held in the various funds and accounts hereinafter established in Section 18 hereof. No holder or holders of any Bonds issued hereunder shall ever have the right to compel the levy of ad valorem taxes to pay the Bonds or interest thereon or for the making of any other payments pro- vided for in this Resolution. :SECTION 18. COVENANTS OF THE COUNTY. For as long as any of the principal of and interest on any of the Bonds shall be outstanding and unpaid or until there shall have been set apart in the Junior Lien Bond Service Fund, herein established, including the Bond Amortization Account_ and the Reserve Account therein, a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid, together with interest accrued or to accrue thereon, the County covenants with the holders of any and all Bonds as follows: A. REVENUE FUND. The Pledged Revenues shall, upon receipt thereof, be deposited and applied first as set forth in Subsection 17A and paragraphs (1) and (2) of Subsection 17B of the Senior Lien Resolution. All Pledged Revenues remaining on deposit in the Revenue Fund created and established in the Senior Lien Resolution shall be disposed of commencing with the Fiscal Year 1983-84, only in the following manner and in the following order of priority: (1) Pledged Revenues shall first be used for deposit into a separate fund, which is hereby created and designated the -22- . +o 40 "Junior Lien Bond Service Fund", such sums as will be sufficient to pay the following amounts on a parity basis (a) all interest becoming due and payable on the fronds during the current Fiscal Year, (b) the principal amount of Serial Bonds which will become due and payable on the next principal maturity date; and (c) the Amortization Installment, if any, required to be made on the next annual payment date. Such Amortization Installment shall be credited to a ® "Bond Amortization Account", which is hereby created and esta- blished In said Junior Lien Bond Service Fund. A separate spe- cial subaccount within the Bond Amortization Account shall be established for each installment of Term Bonds outstanding, and if there shall be more than one stated maturity for Term Bonds of an installment, then a separate special subaccount in the Bond Amortization Account shall be established for each such separate maturity of Term Bonds. Upon the sale of any 'Perm Bonds, the County shall, by resolution, establish the amounts and maturities of such Amortization Installments and if there shall be more than one maturity of Term Bonds, the Amortization Installmencs for the Term Bonds of each maturity. Moneys on deposit in each of the separate special sub - accounts in the Bond Amortization Account shall either be used for the open market purchase or the redemption of Term Bonds of the maturity of Term Bonds for which such separate special sub - account is established in the manner hereinafter specified. (2) Pledged Revenues remaining in the Revenue Fund shall next be applied by the County to maintain a Junior Lien Reserve Account in said Junior Lien Bond Service Fund, which Junior Lien Reserve Account is hereby created and established, in an amount equal to the Maximum Bond Service Requirement on the Bonds, all or a portion of which such sum may be initially pro- vided from the proceeds of the sale of the Bonds and other funds of the County available therefor. The County shall thereafter -23- -24- deposit annually into said Reserve Account, if necessary, an amount equal to twenty per cent (20%) of the difference between the amount, if any, so deposited upon the delivery of the Bonds and the amount required to be maintained therein by the provi- sions of this subparagraph (2). No further payments shall be required to be made into such Junior Lien Reserve Account when there has been deposited therein and as long as there shall remain on deposit therein a sum equal to the Maximum Bond Service ® Requirement on the Bonds. Any withdrawals from the Junior Lien Reserve Account shall be subsequently restored from the first moneys available in the Revenue Fund after all required payments have been made for the Senior Lien Bonds and all required current payments into the Junior Lien Bond Service Fund, including the Bond Amortization Account therein, and into the Junior Lien Reserve Account, including all deficiencies for prior payments, have been made in full. Moneys in the Junior Lien Reserve Account shall be used only for the purpose of the payment of maturing principal (in- cluding Amortization Installments) of or interest on the Bonds when the moneys in the Junior Lien Bond Service Fund are insuf- ficient therefor, and for no other purpose. Whenever the amount on deposit in the Junior Lien Reserve Account exceeds the amount required to be maintained therein by the provisions of this subparagraph (2), the excess may be withdrawn and deposited into the Junior Lien Bond Service Fund or the Bond Amortization Account therein and used for the purposes thereof, or may be transferred and allocated to the Redemption Account, hereinafter created, and used solely for the purposes thereof. The County shall not be required to make any further payments into the Junior Lien Bond Service Fund, including the Bond Amortization Account therein, or into the Junior Lien Reserve Account when (i) the aggregate amount of moneys in such -24- 4 (4) The Junior Lien Bond Service Fund and the Bond Amor- tization Account, Redemption Account and the Junior Lien Reserve Account therein, and any other special funds or accounts herein established and created shall constitute trust funds for the pur- poses provided herein for such funds. All such funds shall be continuously secured in the same manner as state and municipal deposits are required to be secured by the laws of the State of Florida. Moneys on deposit in any of such funds and accounts may be invested and reinvested in Authorized Investments. Investments made with moneys in the Junior Lien Bond Service Fund (including the Bond Amortization Account and the Redemption Account therein) must mature not later than the date that such moneys will be needed but in no event later than one year from the date of purchase. Investments made with moneys in the Junior Lien Reserve Account must mature not later than the final maturity of any Bonds then outstanding. Any and all income received by the County from all such investments shall upon -25- Junior Lien Bond Service Fund, the Bond Amortization Account ® therein, and the Junior Lien Reserve Account therein are at least equal to the aggregate principal amount of Bonds then outstanding, plus the amount of interest then due or thereafter to become due on such Bonds then outstanding or (ii) the County shall have made a provision for payment of the Bonds as provided in Section 20 of this Resolution. (3) The balance of any moneys remaining in the Revenue e• Fund in each month in each Fiscal Year after all of the above required current payments have been made shall be transferred and allocated to a special account hereby created in the Junior Lien Bond Service Fund and designated the "Redemption Account." Moneys in said Redemption Account shall be used on each interest payment date but in any event not less than once in each Fiscal Year for the purchase or redemption of Bonds, or portions thereof, of not less than $5,000 in principal_ amount at any one time at prices not exceeding the redemption price on the next succeeding redemption date. (4) The Junior Lien Bond Service Fund and the Bond Amor- tization Account, Redemption Account and the Junior Lien Reserve Account therein, and any other special funds or accounts herein established and created shall constitute trust funds for the pur- poses provided herein for such funds. All such funds shall be continuously secured in the same manner as state and municipal deposits are required to be secured by the laws of the State of Florida. Moneys on deposit in any of such funds and accounts may be invested and reinvested in Authorized Investments. Investments made with moneys in the Junior Lien Bond Service Fund (including the Bond Amortization Account and the Redemption Account therein) must mature not later than the date that such moneys will be needed but in no event later than one year from the date of purchase. Investments made with moneys in the Junior Lien Reserve Account must mature not later than the final maturity of any Bonds then outstanding. Any and all income received by the County from all such investments shall upon -25- a receipt thereof be deposited into the Junior Lien Bond Service I Fund. of The cash required to be accounted for in each of the foregoing funds and accounts established herein may be deposited in a single bank account, and funds allocated to the various accounts established herein may be invested in a common invest- ment pool, provided that adequate accounting records are main- tained to reflect and control the restricted allocation of the cash on deposit therein and such investments for the various pur- poses of such funds and accounts as herein provided. The designation and establishment of the various funds in and by this Resolution shall not be construed to require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an ear- marking of certain moneys and assets of the County for certain purposes and to establish certain priorities for application of such moneys and assets as herein provided. B. OPERATION OF BOND AMORTIZATION ACCOUNT. Moneys held for the credit of the Bond Amortization Account shall be applied to the retirement of Term Bonds as follows: (1) Subject to the provisions of Paragraph (3) below, the County shall endeavor to purchase Term Bonds then outstanding at the most advantageous price obtainable with reasonable diligence, such price not to exceed the principal of such Term Bonds plus the amount of the premium, if any, which would be payable on the next redemption date to the Holders of such Terra Bonds if such Term Bonds or portions thereof should be called for redemption on such date from moneys in the Bond Amortization Account. The County shall pay the interest accrued on such Term Bonds to the date of delivery thereof from the Junior_ Lien Bond Service Fund and the purchase price from the Bond Amortization Account therein, but no such purchase shall be made by the County within the period of 45 days immediately preceding any interest -26- payment date on which Term Bonds are subject to call for redemp- tion, except from moneys in excess of the amounts set aside or En deposited for the redemption of Term Bonds. so (2) Subject to the provisions of Paragraph (3) below, whenever sufficient money is on deposit in the Bond Amortization Account to redeem $5,000 or more principal amount of Term Bonds, the County shall call for redemption from money in the Bond Amortization Account such amount• of. Term Bonds then subject to redemption as, with the redemption premium, if any, will exhaust the money then held in the Bond Amortization Account as nearly as may be practicable. Prior to calling Term Bonds for redemption, the County shall withdraw from the Junior Lien Bond Service Fund and from the Bond Amortization Account therein and set aside in separate accounts or deposit with the paying ag^nts the respec- tive amounts required for paying the interest on and the prin- cipal of and redemption premium applicable to the Term Bonds so called for redemption. (3) Moneys in the Bond Amortization Account shall be applied by the County in each Fiscal Year to the retirement of Term Bonds then outstanding in the following order: (a) The Term Bonds to the extent of the Amortization Installment, if any, for such Fiscal Year for the Term Bonds then outstanding, plus the applicable premium, if any, and, if the amount available in such Fiscal Year shall not be sufficient therefor, then in proportion to the Amortization Installment, if any, for such Fiscal Year for the Term Bonds then outstanding, plus the applicable premium, if any; provided, however, that if the Term Bonds shall not then be subject to redemption from moneys in the Bond Amortization Account and if the County shall at any time be unable to exhaust the moneys applicable to the Term Bonds under the provisions of this clause or in the purchase of. such Term Bonds under the provisions of Paragraph (1) above, such money or the balance of such money, as the case may be, shall be retained in the Bond Amortization Account- and, as -27- soon as it is feasible, applied to the 'Perm Bonds; and (b) Any balance then remaining, other than money ON retained under the first clause of this Paragraph (3), shall be a applied to the retirement of such Term Bonds as the County in its sole discretion shall determine, but only, in the case of the redemption of Term Bonds, in such amounts and on such terms as may be provided in the resolution authorizing the issuance of the Bonds. (4) The County shall deposit into the Bond Amortization Account Amortization Installments for the amortization of the principal of the Term Bonds, together with any deficiencies for prior required deposits, such Amortization Installments to be in such amounts and to be due in such years as shall be determined by resolution of the Board prior to the delivery of the Bonds. The County shall pay from the Junior Lien Bond Service Fund all expenses in connection with any such purchase or redemp- tion. C. ADDITIONAL OBLIGATIONS. The County hereby covenants and agrees not to incur any other obligations or indebtedness, except refunding obligations as hereinafter provided, payable from the same source as the payments hereinbefore specified to be made into the Bond Service Fund and Reserve Account, unless such obligations contain an express statement that such obligations are junior and subordinate in all respects to the Bonds herein authorized as to lien on and source and security for payment from the Pledaed Revenues_ D. REMEDiE;;. Any Holder of Bonds issued under the pro- visions of this Resolution, may either at law or in equity, by suit, action, mandamus or other proceedings in any Court of com- petent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida or granted and contained in the Act and in this Resolution, and may enforce and compel the payment of all sums and the performance of all duties required by this Resolution or by any applicable statutes to be performed by -28- the County, or by any officer thereof, including but not being limited to, the application and distribution of the Pledged Revenues in the manner provided in this Resolution. E. BOOKS AND RECORDS. The County shall keep books and ® records of the receipt of all Pledged Revenues received by it, including particularly the Pledged Revenues pledged hereunder, which such books and records shall be kept separate and apart from all other books, records and accounts of the County and any A ® Holder of a Bond or Bonds shall have the right at all reasonable times to inspect all records, accounts and data of the County relating thereto. F. ANNUAL AUDIT. The County shall also, at least once a year, within 120 days after the close of the Fiscal Year, cause the books, records and accounts relating to such Pledged Revenues to be properly audited by an independent Certified Public Accoun- tant and shall mail, upon request, and make generally available, the report of such audits to any Holder or Holders of Bonds. A copy of such annual audit shall also be furnished to the original purchasers of the Bonds, if requested. G. NO IMPAIRMENT OF CONTRACT. The County has full power and authority to irrevocably pledge the Race Track Funds hereinabove described to the payment of the principal of and interest on the Bonds. The pledge of such Race Track Funds, in the manner provided herein, shall not be subject to repeal, modi- fication or impairment by any subsequent resolution or other pro- ceedings of the County or by any subsequent act of the Legislature of Florida without and unless the County shall have provided, or t the Legislature shall have made immediately available to the County, such additional or supplemental funds which shall be suf- ficient to retire such Bonds and the interest thereon in accor- dance with their terms. The County shall take all actions and pursue such legal remedies which may be available to it either in law or in equity to prevent or cure any default or impairment as within the meaning of this subsection G. -29- H. ARBITRAGE. The County does hereby further covenant that no use will be made of the proceeds of the Bonds which would cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder. The County, at all times while such Bonds and the interest thereon are outstanding, including refundings thereof, will comply with the requirements of said Section lU3(c) and with the valid and applicable rules 6!01 r and regulations of the Internal Revenue Service thereunder. SECTION 19. RIGHTS OF THE BOND HOLDERS. The Holders of the Bonds shall have no responsibility for the application and use of the proceeds received from the sale thereof and the appli- cation and use of such proceeds by the County shall in no way affect the rights of the Bond Holders. The County shall be irre- vocably obligated, upon receipt thereof, to use the Pledged Revenues and the income from investments pledged hereunder to pay the principal of and interest on the Bonds and to make all reserve and other payments provided for herein, notwithstanding any failure of the County to apply such Bond proceeds in the manner provided herein. SECTION 20. DEFEASANCE. If, at any time, the County shall have paid, or shall have made provision for payment of, the principal, interest and redemption premiums, if any, with respect to the Bonds, then, and in that event, the pledge of and lien on the Pledged Revenues and the income from investments in favor of the Holders of the Bonds shall be no longer in effect_. For pur- poses of the preceding sentence, deposit of Federal Securities or bank certificates of deposit fully secured as to principal and interest by Federal Securities (or deposit of any other securities or investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the Holders of such Bonds, in an amount such that the principal of and interest on such securities or certifi- -30- 40 cates will be sufficient to pay when due the principal, interest, and redemption premiums, if any, on the outstanding Bonds, shall be considered "provision for payment". Nothing herein shall be deemed to require the County to call any of the outstanding Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the County in determining whether to exercise any such option for early redemption. •i SECTION 21. SALE OF BONDS. The Bonds shall be sold and issued in such manner and at such price or prices consistent with the provisions of the Act and this Resolution as shall be deter- mined by subsequent resolution of the County adopted prior to such sale and issuance, respectively. SECTION 22. VALIDATION AUTHORIZED. The Attorney for the County be, and he is, hereby authorized and directed to institute proceedings in the Circuit Court for Indian River County, Florida, for the validation of said Bonds, and the proper officers of the County are hereby authorized to verify on behalf of the County any pleadings in such proceedings. SECTION 23. MODIFICATION OR AMENDMENT. No adverse material modification or amendment of this Resolution or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the Registered Owners of sixty- six and two-thirds per centum (66 2/3%) or more in principal amount of the Bonds then outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of such Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof or affecting the unconditional promise of the County to collect the Pledged Revenues as herein provided, or to pay the principal of and interest on the Bonds as the same shall become due from such Pledged Revenues and the income from investments, or reduce such percentage of Registered Owners of such Bonds, required above, for Such modifi- cations or amendments, without the consent of the Registered -31- Owners of all of such Bonds; drovided further, however, that no modification or amendment of this Resolution or of any resolution amendatory hereof or supplemental hereto may be made which shall. allow or permit any acceleration of the payment of principal of or s interest on the Bonds upon any default in the payment thereof, whether or not the Registered Owners of the Bonds consent thereto. SECTION 24. SEVERABILITY. It any one or more of the covenants, agreements or provisions of this Resolution shall be 0 held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no way affect the validity of all the other provisions of this Resolution or of the Bonds issued thereunder. SECTION 25. EFFECTIVE DATE. This Resolution shall take effect 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 vote was as follows: Chairman Don C. Scurlock, Jr. Aye Vice -Chairman Patrick B. Lyons Ave Commissioner Richard N. Bird Aye Commissioner Margaret C. Bowman Absent Commissioner William C. Wodtke, Jr. Aye The Chairman thereupon uN��� 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 CR, JR. _ Chai man Attest:. �`lo ' L>> FREDA WRIGHT U Clerk APPROVED AS F i AND LEGAL F BY !� BRANDENB ou y Attorney