HomeMy WebLinkAbout1985-063RESOLUTION NO. 85-63
40 A RESOLUTION AWARDING $5,165,000 IMPROVEMENT
BONDS, SERIES NO. 2., OF INDIAN RIVER COUNTY,
FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a resolution (hereinafter called "Resolution")
of the Board of County Commissioners (hereinafter called
"Governing Body") of Indian River County, Florida (hereinafter
called "Issuer"), duly adopted on March 20, 1985, authorized the
of not exceeding $5,165,000 Improvement Bonds, Series No. 2
(hereinafter_ called "Bonds"), to provide for the acquisition and
construction of certain sewage collection and treatment improve-
ments in the unincorporated area of. the Issuer; and
WHEREAS, the Bonds were validated and confirmed by final
judgment of the Circuit Court, Nineteent.r 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 nct:
generate sufficient interest in the municipal bond market to
justify offering them at public sale; and
WHEREAS, a negotiated sale of chose Bonds will resul'_ in
the most favorable bond financing plan and is in the best
interest of the issuer; and
WHEREAS, the Issuer has received from Che State Board of
Administration, State of Plorida, c.uchority to sell the Bonds at
a maximum average net interest cost rate to the Issuer of 11.758
per annum, which rate is the statutory interest Late limit
(hereinafter called "Interest• Rate Limit") applicable to the
Bonds; and
WHEREAS, Flori.'a National Bank, Jacksonville, Florida
(hereinafter called "Purchaser"), has offered to purchase
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$5,.165,OOQ 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 BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. AWARD OF BONDS. $5,165,000 aggregate prin-
cipal amount of the Bonds are hereby awarded and sold to the
Purchaser at the price of par.
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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 Issuer w"rich 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 any ocher action relating
to the Bonds.
SECTION 3. 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 Bowmanand, upon being put to a vote,
the vote was as follows_
Patrick B. Lyons, Chairman Aye
Don C. Scurlock, Jr., Vice Chairman Aye
Margaret C. Bowman Aye
Richard N. Bird Aye
William C. Wodtke, Jr. Absent
The Chairman thereupon declared Resolution #85-63 duly
passed and adopted this 5th day of June, 1985.
BOARD OF COUNTY COMMISSIONERS OF
INDIANN jR COUNTY, FLORIDA
By
ATRICK B._LYe0C airman
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Attest«� WRIGHT,`_gr as to Resolution 85-63
F
® liR�
APPROVED A TO O
y
LEGAL SUE IC
By _
G BRANDENI3URG
Coun y Attorney
•i
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