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HomeMy WebLinkAbout1985-062• • to RESOLUTION NO. 85-62 A RESOLUTION AMENDING A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED: "RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $5,165,000 IMPROVEMENT BONDS, SERIES N0, 2, OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE COST OF THE ACQUI- SITION AND CONSTRUCTION OF CERTAIN SEWAGE COLLECTION AND TREATMENT IMPROVEMENTS TO THE COMBINED WATER AND SEWER. SYSTEM OF THE COUNTY; PROVIDING FOR THE RIGHTS OF THE HOLDERS THEREOF AND PLEDGING FOR THE PAY-- MENT THEREOF THE PROCEEDS FROM SPECIAL ASSESSMENTS FOR IMPACT FEES LEVIED AGAINST PROPERTY SPECIAL'. Y BENEPITE!:; BY SUCH IMPROVEMENTS; AND PROVIDING AN EFFECTIVE DATE." DULY ADOPTED ON MARCH 20, 1985, BY MAKJCNG CERTAIN 'TECHNICAL CORRECTIONS TO CONFORM TO THE LOAN COMMITMENT BY FLORIDA NATIONAL BANK WITH RESPECT TO THE DONDS; 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 Ordinance No. 83-46 of the County, as amended, applicable provisions of Chapter 170, 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 March 20, 3.985, duly adopted a resolution entitled: "RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING ;5,165,000 IMPROVEMENT BONDS, SERIES NO. 2, OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE COST OF THE ACQUI- SITION AND CONSTRUCTION OF CERTAIN SEWAGE COLLECTION AND TREATMENT IMPROVEMENTS TO THE COMBINED WATER AND SEWER SYSTEM OF THE COUNTY; PROVIDING FOR THE RIGHTS OF THE HOLDERS THEREOF AND PLEDGING FOR THE PAY- MENT THEREOF THE PROCEEDS FROM SPECIAL ASSESSMENTS FOR IMPACT FEES LEVIED ACATNST PROPERi'Y SPECIALLY BENEFITED BY SUCH IMPROVEMENTS; AND PROVIDING AN EFFECTIVE DATE." C -C (hereinafter called "Resolution"). B. It is necessary and desirable to amend the 40 Resolution by making certain technical corrections to conform to the loan commitment by Florida National Bank with respect to the bonds. SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is amended in the following manner. A. Section 11 of the Resolution is hereby amended to read as follows: "SECTION 11. PROVISIONS FOR REDEMPTION. Except as pro- vided below, the Bonds are not subject to redemption prior to their first interest payment date. On July 1, 1986, and on each January 1 and July 1 thereafter, after providing for the payment of interest on the Bonds on the next annual interest payment date and principal thereof on the next amortization installment due date as specified below, the County shall, from money tin deposit in the Improvement Fund, redeem Bonds or portions thereof ar are selects,! by lot, at a price of par and accrued interest to the redemption date, to the extent necessary to exhaust the Improvement Fund. Principal amounts of the Bonds or portions thereof, to be selected by lot, which shall be equal to the following man- datory amortization installments: YEARS AMOUNTS 1987 $516,500 1988 516,500 1989 516,500 1990 516,500 1991 516,500 1992 516,500 1993 516,500 1999 516,500 1995 516,500 1996 516,500 shall be redeemed on January 1 prior to their maturity (except the installment maturing in the year 1996) at the price of the principal amount thereof, plus accrued interest, or be purchased in the open market at a price not to exceed such redemption price. -2- In addition, the Bonds or portions thereof, shall be ® redeemable at any time, at the option of the County, in whole or in part, by lot if less than all, at the price of the principal • amount thereof, plus accrued interest to the date of redemption. At least 10 days prior to the redemption date, notice of such redemption shall be filed with the paying agent and shall be mailed, postage prepaid, to all Registered Owners of Bonds to be • • redeemed at their respective addresses as they appear on the registration books. Interest shall cease to accrue on any Bonds duly called for prior redemption, after 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 15 day period preceding the mailing of the notice of redemption." B. Section 15 of the Resolution is hereby amended to read as follows: "SECTION 15. FLOW OF FUNDS; GENERAL COVENANTS. For so 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 Improvement Fund, Series No. 2, hereinafter created, a sum sufficient to pay when due, the entire principal amount of the Bonds remaining unpaid, together with interest accrued or to accrue thereon, the County covenants with the holders of any and all of the Bonds issued pursuant to this reso- lution as follows, that: A. IMPROVEMENT FUND, SERIES NO. ONE. The County shall 3stablish with Florida National Bank, Vero Beach, Florida, and maintain so long as any of the Bonds are outstanding, a special. fund which is hereby created and designated 'Improvement Fund, Series No. 2' (hereinafter called 'Improvement Fund'). All money received from the collection of Assessment installments shall constitute trust funds and shall he deposited into the Improvement Fund, after satisfaction of the provisions of the resolutions authorizing the issuance of the Prior Lien Obligaticrrs.. Such money on deposit from time to time in the -3- • •• Improvement Fund shall be applied in the following manner and order of priority: 1. First, for the payment of interest becoming due and payable on the Bonds on the next interest payment date and for the payment of all principal maturing on the Bonds on the next principal maturity date and/or applicable redemption date (to the extent Bonds have been called for prior redemption). Such payments shall be adjusted to the extent required to pay such interest and principal becoming due, after making allowance for the amount of money which will be deposited into the Improvement Fund from the proceeds of the sale of the Bonds imme- diately following their delivery. 2. After the principal of and interest on all the Bonds shall have been paid, or there shall have been set apart in the Improvement Fund a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid and interest accrued or to accrue thereon, any money remaining on deposit to the credit of the Impr-ovement Fund shall be withdraws: by the County and deposited to the credit of its general fund or used by the County for any lawful purpose. All money on deposit from time to time in the Improvement Fund shall be continuously secured in the manner by which the deposit of public funds are authorized to be secured by the laws of the State of Florida and may be invested and rein- vested only in certificates of deposit or the Florida Gold account, issued or maintained, as the case may be, by the Bank, maturing or subject to redemption at the option of the holder not later than the date on which the money therein will be needed. Any and all income received by the County from such investments shall be deposited into the Improvement Fund. B. ENFORCEMENT OF PAYMENT OF ASSESSMENTS. The County will receive, r_.nllect and onforce the payment of the Assessments in the manner prescribed by this resolution and all other 40 • of resolutions, ordinances or laws thereunto appertaining. C. DELINQUENT ASSESSMENTS. If the owner of any lot or parcel of land assessed for the Project shall be delinquent in the payment of any Assessment for a period of 30 days, then the County shall declare the entire unpaid balance of such Assessment to be in default and, at its own expense, shall cause such delinquent property to be foreclosed in the same method now or hereafter provided by law for the foreclosure of mortgages on real estate, or otherwise as provided by law. If such fore- closure be not filed and prosecuted to completion within 10 months of the due date of the delinquent Assessment, then any Registered Owner may file and prosecute such foreclosure action in the name of the County for the benefit of the Registered Owners of all outstanding or unpaid Bonds .end interest thereon. All money realized thereby, except attorneys fees and costs which shall be paid directly to the Registered Owners that have incurred the same, shall be deposited into the Improvement Fund, after satisfaction of the provisions of the resolutions authorizing the issuance of the Prior Lien Obligations, and distributed as above provided. The County further covenants, at its expense, to furnish to any Registered Owner requesting the same, 60 days after the due date of each annual installment, a list of all delinquent installments, together with a copy of the County annual audit, and a list of any foreclosure actions in progress and the current status of the same. D. FORECLOSURE OF ASSESSMENT LIENS. If any property shall be offered for. sale for the non-payment of any Assessment, and no person or persons shall purchase the same for an amount equal to the full amount due on the Assessment (principal, interest, penalties and costs, plus attorneys fees, if any), the property shall then be purchased in the name of the County for an amount equal to the balance due on the Assessment (principal, interest, penalties and costs, plus attorneys fees, if any), and the County shall receive in its corporate name the title to the -5- ob • •• property for the benefit of the Registered Owners and the holders of the Prior Lien Obligations. The County shall have the power and shall lease or sell such property, and deposit all of the net proceeds of any such lease or sale into the Improvement Fund, after satisfaction of the provisions of the resolutions authorizing the issuance of the Prior Lien Obligations for an amount not to be less than the balance previously due oil the Assessment (principal, interest, penalties and costs, plus attor- neys fees, if any). Not less than 10 clays prior to the filing of any foreclosure action as herein provided, the County shall cause written notice thereof to be mailed to any designated agents of the Registered Owners. Not less than 30 days prior to the pro- posed sale of any lot or tract of land acquired by foreclosure by the County, it shall give written notice thereof to such representatives. The County agrees that it shall be required to take the measures provided by law for sale of property acquired by it as trustee for the Registered Owners within 30 days after the receipt of the request therefor signed by the Registered Owners of 15% of the aggregate principal amount of the outstanding Bonds. E. OTHER OBLIGATIONS PAYABLE FROM ASSESSMENTS. Tlie County will not issue any other obligations payable from the pro- ceeds of the Assessments nor voluntarily create or cause !.o be created any debt, lien, pledge, assignment, encumbrance or other charge upon the Assessments. F. BOOKS AND RECORDS. The County shall_ keep books and records of the collection of the Assessments, which such books, records acid accounts shall be kept separate and apart from all other books, records and accounts of the County. The Clerk of the Board shall., at the end of each Fiscal Year, prepare a writ- ten report setting forth the collections received, the number and amount of delinquencies, the proceedings taken to enforce collec- tions and cure delinquencies and an estimate of time for the conclusion of such legal proceedings. Such report shall be -6- S •• audited by the certified public accountants of the County as part of the annual County audit. Copies of such reports shall upon written request be mailed to the Registered Owners or if the Bank shall then be the Registered owner of any of the Bonds, a copy of such report shall be mailed to the Bank without request therefor. In addition, if the Bank shall then be the Registered Owner of any of the Bonds, the County shall notify the Bank, at least quarterly, of all releases of Assessment liens subsequent to the date of the prior notice. G. GOVERNMENT APPROVALS. The County shall obtain all necessary federal, state and local government approvals necessary for the acquisition and construction of the Project and the issuance of the Bonds. H. ARBITRAGE. No use will be made of the proceeds of the Bonds or the funds on deposit, from time to time, in the Improvement Fund which, if reasonably expected on the date of issuance of the Bonds, would cause the Bonds to be 'arbitrage bonds' within the meaning of the Internal Revenue Code. The County at all times while the Bonds and the interest thereon are outstanding will comply with the requirements of Section 103(c) of the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service. I. FUNDS AND ACCOUNTS. The designation and establish- ment of the various funds and accounts created herein does not 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 consti- tute an earmarking of certain revenues and assets of the County for certain purposes and to establish certain priorities for application of such revenues and assets as provided herein. J. RE140VAL OF ASSESSMENT LIENS. Any owners of property �ub;ect to the Assessments may, at their option, require the County to release and extinguish the liens upon their property, or portions thereof, by virtue of the levy of the Assessments, by -7- J • •• depositing with the Clerk of the Board, Federal Securities, the principal of and interest on which shall be sufficient to pay the Assessments or the installments thereof, as the case may be, attributable to such property owners and the property to be released from such liens. Upon receipt of such Federal Securities, the Clerk of the Board shall forthwith record in the Official Records of the County an affidavit or affidavits, as the case may be, 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 applicable amounts of the Assessments or the installments thereof, as the case may be, and that such Assessment liens are thereby released and extinguished. All principal and interest received from such Federal Securities on deposit with the Clerk of the Board Fhall be deposited, as received, into the Improvement Fund, after satisfaction of the provisions of the resolutions authorizing the issuance of the Prior Lien Obligations." C. Section 16B of the Resolution is hereby amended to read as follows; "B. The County hereby covenants that it will establish with Florida National Bank, Vero Beach, Florida, a separate fund or funds (hereinafter collectively called 'Construction Fund') into which shall be deposited the remaining proceeds from the Male of the Bonds. As long as the unspent proceeds frrnn the sale of the Bonds on deposit in the Construction Fund, together with any expected investment income to be derived therefrom, are suf:-- fi,.:ient to pay, when due, the cost of the Project, money in the Construction Fund shall be expended to pay the cost of the Project. If. such funds are ever expected to be insufficient. for such purposes, then the County shall not further expend any money on deposit in the Construction Fund to pay Project costs until the County shall deposit into the Construction Fund, from the Non Ad Valorem Funds, an amount, together with any expected invest- ment income to be derived therefrom, necessary to cure such grim 40 • •• deficiency. However, this provision shall not be construed in a manner to create a lien upon or pledge of any of such Non Ad Valorem Funds or prevent the County from hereafter pledging any portion of such Non Ad Valorem Funds. Money in the Construction Fund shall be secured by the depository bank in the manner prescribed by law relating to the securing of public funds. The money on deposit in the Construction Fund may be invested and reinvested only in cer- tificates of deposit or the Florida Gold account, issued or maintained, as the case may be, by the Bank, which shall mature or be subject to redemption on or prior to the date on which money shall be needed therefrom. The earnings from any such investments shall be deposited into the Construction Fund. Any money remaining in the Construction Fund after all. costs of the Project have been paid shall be used by the County for any lawful purpose. All money deposited in the Construction Fund shall be and constitute a trust fund created for the purposes stated herein, and there is hereby created a lien upon such Fund in favor of the Registered Owners until the money therein has been applied in accordance with this resolution." D. Section 18 of the Resolution is hereby amended to read as follows: "SECTION 18. 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 Assessments in favor of the Registered Owners shall be no longer in effect. For purposes of the preceding sentence, depo- sit of Federal Securities or bank certificates of deposit fully r,ecured 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 -9- to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the Registered Owners, the principal of and interest on which will ba sufficient to pay, when due, the principal, interest, and redemp- tion premiums, if any, on the outstanding Bonds, shall be con- sidered 'provision for payment.' Nothing in this section 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 i arty redemption." 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 expl:c:ss 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 ' deamed separable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 5. 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. 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 motion was seconded by Commissioner Bow and, upon being put to a vote, the vote was as follows: Patrick B. Lyons, Chairman Aye Don C. Scurlock, Jr., Vice Chairman Aye Richard N. Bird Ave William C. Wodtke, Jr, Absent Margaret C. Bowman Aye -10- 40 • •a RESOLUTION NO. 85-62 (Page 11 of 11) The Chairman thereupon declared Resolution No. 85-62 duly passed and adopted this 5th day of June, 1955. Attest: re a Wright, er Approved as to form and legal su' ciency: a ran en urg Co tyAttorney BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By -11-