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Home My WebLink About1986-02086-20 RESOLUTION NO. A RESOLUTION FIXING THE DATE, MATURITY SCHEDULE, TERM BOND AMORTIZATION INSTALL- MENTS, INTEREST RATES, INTEREST PAYMENT DATES, REDEMPTION PROVISIONS AND BOND REGISTRAR AND PAYING AGENT WITH RESPECT TO $2,720,000 RECREATIONAL REVENUE BONDS, SERIES 1985, OF INDIAN RIVER COUNTY, FLORIDA; AWARDING THE BONDS AT NEGOTIATED SALE TO THE PURCHASER; APPROVING THE FORM AND DISSEMINATION OF THE OFFICIAL STATE- MENT FOR THE BONDS; FIXING THE RESERVE ACCOUNT REQUIREMENT FOR THE BONDS; CAN- CELLING AUTHORIZATION FOR THE ISSUANCE OF THE BALANCE OF THE BONDS; 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 July 17, 1985, as amended, authorized the issuance of not exceeding $9,200,000 Recreational Revenue Bonds, Series 1985 (hereinafter called "Bonds"), to finance the cost of construction and equipment of a public qolf course and related clubhouse facilities; and WHEREAS, prior to adoption of this resolution, signifi- cant changes have occurred in the municipal bond market regarding interest rates on long term municipal bonds, which are favorable to the Issuer; and WHEREAS, based upon all available information and advice from the staff of the Issuer, the Governing Body has determined that it is in the best interest of the Issuer to respond to these favorable market conditions without undue delay; and WHEREAS, there is insufficient time to respond to these favorable market conditions by offering the Bonds for public sale; 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, a negotiated sale of these Bonds will result in the most favorable bond financing plan and is in the best -1- 1 interest of the Issuer; and WHEREAS, there has been filed with the Issuer, prior to adoption of this resolution, the disclosure statement required by Section 218.385(4), Florida Statutes; and WHEREAS, the Issuer has received a commitment for muni- cipal bond insurance from AMBAC Indemnity Corporation, New York, New York (hereinafter called "Insurer"), and, therefore, expects to receive from Standard & Poor's Corporation, New York, New York, and/or Moody's Investors Service, Inc., New York, New York, prior to issuance of the Bonds, a bond rating in one of their 3 highest classifications; and WHEREAS, M. G. Lewis & Co., Winter Park, Florida (hereinafter called "Purchaser"), has, by written proposal, offered to purchase $2,720,000 aggregate principal amount of the Bonds at the price of $2,646,251.85, plus accrued interest to the date of delivery, at the interest rates set forth below; and WHEREAS, the Governing Body deems it necessary and desirable at this time to fix the date, maturity schedule, term bond amortization installments, interest rates, interest payment dates, redemption provisions and bond registrar and paying agent with respect to the Bonds; to award the Bonds at negotiated sale to the Purchaser; to approve the form and dissemination of the official statement for the Bonds; to fix the Reserve Account requirement for the Bonds; and to cancel authorization for the issuance of the balance of the Bonds; now, therefore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. REMAINING FISCAL DETAILS FOR BONDS. The date, maturity schedule, term bond amortization installments, interest rates, interest payment dates and redemption provisions for the Bonds shall be as set forth below. The Bonds shall be dated April 1, 1986, and bear interest payable on September 1, 1986, and semiannually thereafter as pro- vided in the Resolution. -2- $425,000 aggregate principal amount of the Bonds shall bear interest at the rates per annum and mature serially on September 1 in the years and amounts as follows: INTEREST INTEREST YEAR AMOUNT RATE YEAR AMOUNT RATE 1991 $40,000 6.40% 1995 $55,000 7.00% 1992 45,000 6.60 1996 60,000 7.10 1993 50,000 6.80 1997 60,000 7.20 1994 50,000 6.90 1998 65,000 7.30 $320,000 aggregate principal amount of the Bonds shall be issued as term bonds and shall mature on September 1, 2002, and bear interest at the rate of 7.408 per annum. Amortization installments are hereby established for such Bonds due September 1, 2002, and such Bonds due September 1, 2002, as will be selected by lot, shall be deemed to be due on September 1 in the years and amounts as follows: YEARS AMOUNTS 1999 $70,000 2000 75,000 2001 85,000 2002 90,000 Principal amounts of the Bonds or portions thereof maturing September 1, 2002, to be selected by lot, which shall he equal to the following mandatory amortization installments: YEARS AMOUNTS 1999 $70,000 2000 75,000 2001 85,000 2002 90,000 shall be redeemed on September 1 in such years prior to their maturity (except the installment maturing in the year 2002) by operation of the Bond Amortization Account, at the price of the principal amount thereof plus accrued interest to the date of prior redemption, or be purchased in the open market at a price not to exceed such redemption price. $1,975,000 aggregate principal amount of the Bonds shall be issued as term bonds and shall mature on September 1, 2015, and bear interest at the rate of 7.50% per annum. Amortization installments are hereby established for such Bonds due September -3- FA 1, 2015, and such Bonds due September 1, 2015, as will be selected by lot, shall be deemed to be due on September 1 in the years and amounts as follows: YEARS AMOUNTS YEARS AMOUNTS 2003 $ 95,000 2010 $160,000 2004 105,000 2011 170,000 2005 110,000 2012 180,000 2006 120,000 2013 195,000 2007 125,000 2014 210,000 2008 135,000 2015 225,000 2009 145,000 Principal amounts of the Bonds or portions thereof maturing September 1, 2015, to be selected by lot, which shall be equal to the following mandatory amortization installments: YEARS AMOUNTS YEARS AMOUNTS 2003 $ 95,000 2010 $160,000 2004 105,000 2011 170,000 2005 110,000 2012 180,000 2006 120,000 2013 195,000 2007 125,000 2014 210,000 2008 135,000 2015 225,000 2009 145,000 shall be redeemed on September 1 in such years prior to their maturity (except the installment maturing in the year 2015) by operation of the Bond Amortization Account, at the price of the principal amount thereof plus accrued interest to the date of prior redemption, or be purchased in the open market at a price not to exceed such redemption price. The Bonds or portions thereof maturing in the years 1991 through 1995, both inclusive, are not subject to redemption prior to their maturity. The Bonds or portions thereof maturing in the year 1996 and thereafter shall, at the option of the Issuer, be redeemable other than by operation of the Bond Amortization Account, in whole at any time on or after September 1, 1995, or in part, in inverse order of maturity and by lot within a single maturity, on September 1, 1995, or on any interest payment date thereafter, at a price of par and accrued interest, plus the following premiums expressed as percentages of the principal amount thereof, if redeemed at the following tires: -4- .{ Redemption Period (both dates inclusive) Redemption Premium September 1, 1995, through August 31, 1996 2% September 1, 1996, through August 31, 1997 1 1/2 September 1, 1997, through August 31, 1998 1 September 1, 1998, through August 31, 1999 1/2 September 1, 1999, and thereafter 0 SECTION 2. BOND REGISTRAR AND PAYING AGENT. The bond registrar and paying agent for the Bonds shall be Florida National Bank, Jacksonville, Florida. SECTION 3. RESERVE ACCOUNT REQUIREMENT. The Reserve Account Requirement (as defined in the Resolution) for the Bonds is $0.00. SECTION 4. AWARD OF BONDS. $2,720,000 aggregate prin- cipal amount of the Bonds are hereby awarded and sold to the Purchaser at the price of $2,646,251.85, plus accrued interest to the date of delivery, bearing interest as stated above, and upon the remaining terms and conditions of the proposed Bond Purchase Agreement, dated April 16, 1986, attached hereto. SECTION 5. STATEMENT OF INSURANCE. There shall be printed on the back of each Bond a statement to the effect that the principal of and interest on the Bonds is insured by the Insurer, and the proper officer of the Issuer is authorized and directed to pay the premium for such insurance upon the delivery of the Bonds. SECTION 6. OFFICIAL STATEMENT. The form and dissemi.ia- tion of the preliminary Official Statement with respect to and in connection with the marketing of the Bonds are hereby approved. The proper officers and/or employees of the Issuer are hereby directed to cause the final Official Statement for the Bonds to be prepared in substantially the form of the preliminary Official Statement, with such changes and additions as may be suggested from time to time by the proper officers and/or employees of the Issuer. SECTION 7. CANCELLATION OF BALANCE OF BONDS. The authorization for the issuance of the unsold balance of the Bonds is hereby cancelled and rescinded. -5- SECTION 8. 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 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 any other action relating to the Bonds. SECTION 9. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. The foregoing resolution was offered by Commissioner Bowman 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. Vice Chairman Patrick B. Lyons Commissioner Richard N. Bird Commissioner Margaret C. Bowman Commissioner William C. Wodtke, Jr. The Chairman thereupon declared the resolution duly passed and adopted this 16th day of April, 1986. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By G _ DON C. SCU LOCK, JR. � airman Attest: L&_ FRE�A,.NRTGHT, Cle c APPROVED AS TO FORM AND LEGAL SUFFICIENCY By CHARLES P. VITUNAC County Attorney -6-