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HomeMy WebLinkAbout1985-04040 40 RESOLUTION NO. 85-40 A RESOLUTION AMENDING A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED: "RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY THE COUNTY OF NOT EXCEEDING $2,750,700 WATER AND SEWER REVENUE BONDS, SERIES 1982, TO FINANCE THE COST THEREOF; PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE BONDS." DULY ADOPTED ON JULY 7, 1982, BY DELETING AUTHORIZATION FOR THE ISSUANCE OF COUPON BONDS IN ORDER TO COMPLY WITH CURRENT FEDERAL TAX LAWS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolu- tion is adopted pursuant to Chapter 159, Florida Statutes (1983), and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby ascertained, deter- mined and declared that: A. The Board of County Commissioners of Indian River County, Florida (hereinafter called "Board"), on July 7, 1982, duly adopted a resolution entitled: "RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF ADDITIONS, EXTENSIONS -1- E 40 4i® AND IMPROVEMENTS TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY THE COUNTY OF NOT EXCEEDING $2,750,700 WATER AND SEWER REVENUE BONDS, SERIES 1982, TO FINANCE THE COSI' THEREOF; PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF THE BONDS." (hereinafter called "Resolution"). B. It is necessary and desirable to amend the Resolution by deleting authorization for the issuance of coupon bonds in order to comply with current federal tax laws. SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is amended in the following manner. A. Section 2.06 of the Resolution is hereby amended to read as follows: "2.06 Negotiability, Registration and Exchange. The Bonds shall. be and shall have all the qualities and incidents of negotiable instruments under laws of the State of Florida, and each successive holder, in accepting any of the Bonds or the coupons appertaining thereto, shall be conclusively deemed to have agreed that the Bonds shall be and have all of the qualities and incidents of negotiable instruments. The coupon Bonds may be registered, at the option of the holder, as to both principal and interest upon the books kept for the registration and transfer of Bonds by the Clerk, as Bond -2- 40 40 *a= Registrar, and endorsed upon the Bonds by the Bond Registrar in the space provided thereon. After such registration, no transfer of the Bonds shall be valid unless made at the office of the Bond Registrar by the registered owner or by h.s duly authorized agent or representative and similarly noted on the Bonds, but at the expense of the holder, the Bonds may be discharged from registra- tion by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored. At the option and expense of the holder, the Bonds may thereafter again from time to time be registered or transferred to bearer as before. The Bond Registrar shall not be required to make any such registra- tion or transfer of Bonds during 15 days next preceding an interest payment date on the Bonds, or in the case of any pro- posed redemption of Bonds, after such Bonds have been selected for redemption. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any Bond and the interest on any Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond including the interest thereon to the extent of the sum or sums so paid. The single fully -registered Bond may be exchanged.by the -3- • s owner and holder thereof at any time, not more than 90 days after surrender of such Bond to the Bond Registrar, for an equal aggre- gate principal amount of fully -registered Bonds maturing in the years and amounts corresponding to the pears and amounts of the unpaid installments of principal of the single fully -registered Bond, and in the form prescribed for coupon Bonds in Section 2.08 of this Instrument, with such alterations as are necessary to convert such coupon Bond to a fully -registered Bond with provi- sions for assignment." B. Authorization for the issuance of coupon Bonds in accordance with the provisions of the Resolution, is hereby can- celled and rescinded. SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the provisions herein contained shall be 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 provisions shall be null and void and shall be deemed separable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION S. REPEALING CLAUSE. All resolutions or parts thereof of the Board in conflict with the provisions herein con- tained are, to the extent of such conflict, hereby superseded and repealed. -4- dft • Go= ' - SECTION 6. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. The foregoing resolution was offered by Commissioner Scurlock who moved its adoption. The *,otion was seconded by Commissioner Bowman and, upon being put to a vote, the vote was as follows: Chairman Patrick B. Lyons Ave Vice Chairman Don C. Scurlock, Jr. Aye Commissioner Margaret C. Bowman Ave Commissioner Richard N. Bird Aye Commissioner William C. Wodtke, Jr. Aye The Chairman thereupon declared the resolution duly passed and adopted this 10th day of April, 1985. Attest: FREDA W] APPROVED LEGAL SU By Attorney , wier ANV-) BOARD OF C NTY COMMISSIONERS OF INDIAN COUNTY, FLORIDA By VIATRICK B. (S, Chairman -5-