HomeMy WebLinkAbout1984-060RESOLUTION NO. 84-60
A RESOLUTION AWARDING $2,050,000 IMPROVEMENT
BONDS, SERIES NO. ONE, OF INDIAN RIVER COUNTY,
FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a resolution (hereinafter called "Resolution")
of the Hoard of County Commissioners (hereinafter called
"Governing Body") of Indian River County, Florida (hereinafter
called "Issuer"), duly adopted on July 11, 1984, authorized the
issuance of not exceeding $2,050,000 Improvement Bonds, Series
No. One (hereinafter called "Bonds"), to provide for the acquisi-
tion and construction of certain water distribution improvements
in the unincorporated area of the issuer; and
WHEREAS, the Bonds were validated and confirmed by final
judgment of the Circuit Court, Nineteenth Judicial Circuit, in
and for Indian River County, Florida, and the appeal period has
expired; and
WHEREAS, the complex character of the issuance of the
Bonds requires lengthy and detailed structuring which could be
unreasonably restricted by the lack of flexibility at public
sale; and
WHEREAS, special assessment bonds normally do not
generate sufficient interest in the municipal bond market to
justify offering them at public sale; and
WHEREAS, a negotiated sale of these Bonds will result in
the most favorable bond financing plan and is in the best
interest of the Issuer; and
WHEREAS, the 20 "Bond -Buyer" Average Yield Index
(hereinafter called "Index") published immediately prior to the
first day of the month during which this resolution was adopted
Has 10.1.7 %; and
WHEREAS, 150 basis points above the Index is 11.67 s
o,
which rate is the statutory interest rate limit (hereinafter
called "Interest Rate Limit") applicable to the Bonds; and
WHEREAS, Florida National Bank, Jacksonville, Florida
-1-
(hereinafter called "Purchaser"), has offered to purchase
$2,050,000 of the Bonds at the price of par, resulting in an
average net interest cost rate less than the Interest Rate Limit,
now, therefore,
BE IT RESOLVED BY THE 13OARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. AWARD OF BONDS. $2,050,000 aggregate prin-
cipal amount of the Bonds are hereby awarded and sold to the
Purchaser at the price of par.
SECTION 2. NECESSARY ACTION. The proper officers of
the Issuer are hereby designated agents of the Issuer in connec-
tion with the issuance of the Bonds, and are authorized and
empowered, individually or collectively, to take all action and
steps and to execute and deliver any and all instruments, docu-
ments or contracts on behalf of the Issue which are required by
the Resolution and/or are necessary and desirable in connection
with the execution and delivery of the Bonds, and which are not
inconsistent with this resolution and an other action relating
to the Bonds.
SECTION 3. EFFECTIVE DATE. Ch s res)lution shall take
effect immediately upon its adoption.
Adopted: September 5, 1984
Bird
The foregoing resolution was offered by Commissioner
who moved its adoption. The motion was seconded
by Commissioner Lyons and, upon being
the vote was as follows: p 9 Put to a vote,
Don C. Scurlock, Jr., Chairman Aye
Patrick B. Lyons, Vice Chairman Aye
Richard N. Bird, Commissioner Ave
William C. Wodtke, Jr., Commissioner- Absent
Margaret C. Bowman, Commissioner Aye
The Chairman thereupon declared the resolution duly
passed and adopted this Sth day of September, 1984.
-2-
BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA
By e--
DON
DON C. SCURLOCK, J
Chairman
Ai-test: It
FREDA 3412i�HT, C rk
APPROVED A�`.7O FORM AND
LEGAL SUE*IrCIENCY ..
By
y Atto
-3-