HomeMy WebLinkAbout1986-036r,
UTION NO. 86- 6.
A RESOLUTION ALM IOR I Z I NG TI IE I SSLMICE OF NOT EXCEM I N 1
$9,200,000 MTER AND SEMUR REi/B$JE FU DS, SERIES 1986,
MTICIPATION NOTES OF INDIAN RIVER O`7 KTY, FL -CR IDA;
PFMIDING FOR THE PAYM JT-RIEREOF Atm THE SEQJRITY THEREFOR;
PFCM I D I NG FOR TIRE R I CH'S OF 111E HOLDERS OF S(JQ I NOTES;
W. I NG CMA I N aND AN S AND AGREWaITS IN M VECT l ON
Tl iERE_W I TH ; PRYN I D I NG R -P RELATED MATTERS; MID P[M I D I NG AN
E FFECT I SIE f NTE .
TIE IT RESOLVED BY 11-111 BCAM OF QOl) M OWVI I SS I ONERS OF I I' D I AN R I VER
COXTY, FLCRILSA, as follows:
SECTIM 1. DEFINITIONS. The terms and phrases defined in this
Section, for all purposes of this Resolution, shall have the meanings herein
specified, unless the context clearly otherwise requires:
"Board" means the governing body of the Issuer.
"3onds" means the VvIater and Sewer Revenue Bonds, Series 1986 of the
Issuer, in the aggregate principal amount not to exceed $9,200,000, authorized
under to the Bonds Enabling Resolution.
"Bonds Enabling Resolution" means Resolution No. 36-35 , adopted by
the Issuer on June 18, 1986, authorizing the issuance of the [3onds.
"Clerk" means the Clerk of the hoard of County Comnissloners of the
Issuer.
"Construction Fund" means the special fund created under Section 3.03
of the Bonds Enabling Resolution.
"Cost", when used in connection with the Project, means and includes
all expenses necessary, appurtenant or incidental to the acquisition and
construction of the Project, including, without limitation, the cost of any land
or interest therein or of any fixtures, equiTn)ent or personal property necessary
or convenient therefor; the cost of labor and materials to c(xq-)lete such
•
Ar
construction; engineering and legal expenses; fiscal expenses; expenses for
estimates of costs and of revenues; expenses for plans, specifications and
surveys; interest during construction; reasonable reserves for debt service on
the Bonds; municipal bond insurance premiums; repayment of interim financing
with respect to the Project; and administrative expenses related solely to the
acquisition and construction of the Project.
"Government" means the United States of America, acting through the
Fanners Ham; Administration, United States Department of Agriculture.
"Holder" means any Person who shall be the Registered O ler of any
Outstanding Note or the properly qualified legal representative thereof.
"Issuer" means Indian River County, Florida.
"Loan Comnitment" means collectively, a letter to be delivered by the
Government to the purchaser, and the letters of conditions, dated July 2, 1985,
and November A, 1985, from the Government to the Issuer, and related Government
documents, with respect to a loan from the Government to the Issuer, in the
aggregate principal amount not to exceed $9,200,000.
"Notes Payment Account" means the special account created within the
Construction Fund.
"Outstanding" means, with reference to Notes, as of any particular
time, all the Notes executed, authenticated, issued and delivered under this
Resolution; Provided, however, that such shall not include, in any case:
A. Notes cancelled at or prior to such time;
Q. Notes for payment of which funds shall have been deposited
with the Paying Agent and which shall have matured by their express
terms but which shall not have been surrendered for payment;
C. Notes in substitution for which other Notes shall have been
authenticated and delivered pursuant to provisions hereof;
-2-
•
D. Notes for redemption or payment of which funds then shall be
held by the Paying Agent, or then shall have been provided for in the
manner specified in Subsection 9D; Provided, however, that notice of
such redemption, if applicable, shall have been given or provision
satisfactory to the Paying Agent shall have been made therefor or
written waivers of such notice shall have been received as provided
herein; and
E. Notes which shall have been purchased and paid for by the
Issuer or by the Paying Agent in behalf of the Issuer but which shall
not have been delivered for cancellation or destruction.
The foregoing, however, is subject to the condition that for purposes
of reference to Holders of a particular percentage of Notes there shall be
excluded Notes, if any, held by the Issuer.
"Paying Agent" means a bank in the State, authorized to act as
registrar and paying agent, and which shall also be the authorized depository
for the Construction Fund.
"Person" means an individual, a partnership, an association, a corpo-
ration, a joint stock company, a trust, an unincorporated association, a govern-
mental body, a political subdivision, a municipality, a municipality authority
or any other group or entity.
"Record Date" means the fifteenth (15th) day next preceding each
interest payment date on the Notes.
"Registered Owner" means a Person in whose name any Note shall be
registered by the Paying Agent on books of the Issuer to be kept for that
purpose in accordance with provisions hereof and of such Note.
"Resolution" means this Resolution and all irxxiifications, alterations,
ameix6r�ents and supplements hereto made and delivered in accordance with
-3-
r.
provisions hereof and at such time constituting part hereof, which term some-
times is referred to in this document by use of such words as "hereto",
"hereby", "herein", "hereof", "hereunder" or other descriptive words or phrases
having similar import.
"Series 1986 Notes" or "Notes" means the Water and Sever Revenue
Bonds, Series 1986, Anticipation Notes, dated as of a date to be determined, in
the maximum aggregate principal amount not to exceed $9,200,000, authorized for
issuance under this Resolution.
"State" means the State of Florida.
"United States" means United States of America.
SEDT i OtJ 2 . fit rrur R 1 iY rr)o RFSOUJr
pursuant to §215.431, Fla. Stat
provisions of law.
ION. This Resolution is adapted
(1985), as amended, and other applicable
SECTION 3. FINDINGS. It is hereby ascertained, determined and
declared that:
A. Pursuant to an agreement with the Government the
Board adopted the Bonds Enabling Resolution authorizing the
issuance of the Bonds for the purpose of providing funds to
the Issuer to acquire and construct the Project. By such
agreement the Government has contracted with the Issuer to
purchase the Bonds upon substantial completion of the
Project and compliance with certain other guidelines.
B. The Bonds will be payable from and secured by a
parity lien upon and pledge of the gross revenues to be
derived from the operation of the System in the manner
-4-
4
A
described in the Bonds Enabling Resolution. Reference is
rude to the Bonds Enabling Resolution for a more complete
description of the covenants, lien and pledge securing
payment of the Bonds.
C. The issuer presently expects to commence
construction of the Project in January 15, 1988, and receive
a final commitment letter from the Government with respect
to the Project and the purchase of the Bonds, on or before
January 1, 1988.
D. The Issuer has already incurred engineering costs
in excess of $143,000, and anticipates incurring additional
engineering costs in the amount of $332,315 when the
planning phase of the Project is completed in October, 1986.
It is necessary and urgent that funds be made immediately
available at this time in order to comply with the
provisions of §129.07, Fla. Stat. (1935), relative to the
future costs to be incurred as a result of the existim
engineering contracts and the letting of the construction
contracts for the Project in May, 1987. The Issuer must,
therefore, anticipate the receipt by it of the proceeds to
be derived from the sale of the Bonds. It is in the best
interest of the Issuer and its inhabitants that the Series
1986 Notes be issued pursuant to this Resolution in
anticipation of the receipt by the Issuer of the proceeds
from the sale of the Bonds. The principal of and interest
on the Series 1986 Notes will be payable frrxn and secured by
a prior lien upon and a pledge of the proceeds to be derived
-5-
0
from the sale of the Bonds or the sale of bond anticipation
notes issued to extend and renew the indebtedness evidenced
by the Series 1986 Notes.
E. The Issuer is not, under this Resolution, obligated
to levy any ad valorem taxes on any real or personal
proper ty situated within its territorial limits to pay the
principal of or interest on the Series 1986 Notes or the
Bonds. The Series 1986 Notes shall not constitute a lien
upon the Project or any other real property of the Issuer or
situated within its territorial limits.
F. The Roard anticipates receiving from
M. G. Lewis & Co., Inc. a proposal for the purchase of the
Notes.
SECTION 4. RESOLUTION TO CONSTITUTE COTMO T. In consideration of
the acceptance of the Notes by those who shall hold the same from time to time,
this Resolution shall be deemed to be and shall constitute a contract between
the Issuer and such Holders. The covenants and agreements herein set forth to
be performed by the Issuer shall be for the equal benefit, protection and
security of the legal Holders of the Notes, all of which shall be of equal rank
and without preference, priority or distinction of any of the Notes over any
other thereof, except as expressly provided therein and herein.
SECTION 5. CONCERNING THE RESOLUTION MD THE PAYING err.
A. The Resolution. This Resolution shall remain in
effect so long as Notes shall ruiuin Wtstandirxj.
-6--
•
B. Appointment of Paying Agent. The Issuer shall
appoint by subsequent resolution the Paying Agent, as paying
agent and registrar with respect to any Notes Outstanding
hereunder.
C. Dities of Paying Agent. The Paying Agent shall pay
the principal of and interest on the Notes in behalf of the
Issuer and shall maintain such records and perform such
other duties in behalf of the Issuer as shall be provided
for herein and in the Notes.
D. Co -Paying Agent Authorized. The Issuer, in its
discretion, may appoint a co -paying agent in order to comply
with the requirements of any purchase contract for the
purchase of the Series 1986 Notes.
SECTION 6. M CERN I I K; THE NOM -S.
A. Authorization of Series 1986 Notes. There is
authorized for issuance hereunder initially a series of
Notes, which series shall constitute the Series 1986 Notes,
in the maxim m aggregate principal amount not to exceed
$9,200,000.
The Series 1986 Motes shall be designated
specifically as "Plater and Sewer Revenue [fonds, Series 1986,
Anticipation Notes".
The Series 1986 Notes shall be issued initially in
definitive form, shall be dated for convenience as of a date
to be determined by the Issuer, shall be in fully registered
-7-
l is
fonn, without coupons, and shall be issuable in
denominations of $5,000 or any integral multiple thereof.
Each of the Notes constituting the Series 1986
Notes shall bear interest from the interest payment date
next preceding the date of registration and authentication
of such Note, unless: (i) such Note is registered and
authenticated as of an interest payment date, in which event
such Note shall bear interest from such interest payment
date; or (ii) such Note is registered and authenticated
after a Record Date and before the next succeeding interest
payment date, in which event such Note shall bear interest
from such interest payment date; or (iii) such Note is
registered and authenticated on or prior to the Record Date
preceding the first interest payment date, in which event
such Note shall bear interest from the date of issuance; or
(iv) as shown by the records of the Paying /gent, interest
on such Rote shall be in default, in which event such Note
shall bear interest from the date on which interest was last
paid on such Note, payable semiannually on such dates to be
determined by the Issuer, until the principal sun thereof is
paid. Except as to distinguishing nurbers and
denominations, the Series 1986 Notes and the Paying Agent's
certificates of authentication shall be substantially in the
forms and shall be of the tenor and purport hereinafter set
forth, with such insertions and variations (includirxg QJSIP
numbers) approved by tine Pay i ng /\gent , as wkly be appropriate
for different denominations.
P
The principal of and interest on all Notes shall be
payable in lawful money of the United States at the place or
places and under the terms and conditions set forth in the
Notes. Payment of interest on any Notes shall be made by
check mailed to the Person whose name shall appear, at the
close of business on the Record Date on the registration
books of the Issuer maintained by the Paying Agent in behalf
of the Issuer, as the Registered Owner, irrespective of any
transfer or exchange of such Note subsequent to the Record
Date and prior to such interest payment date, unless the
Issuer shall be in default in payment of interest due on
such interest payment date. In the event of any such
default, such defaulted interest shall be payable to the
Persons in whose names the Notes are registered at the close
of business on a special record date for the payment of such
defaulted interest established by notice nkiiled by the
Paying Agent in behalf of the Issuer to the Registered
Owners of Notes not less than fifteen (15) days preceding
such special record date. Such notice shall be mailed to
the Persons in whose names the Notes are registered at the
close of business on the fifth (5th) day preceding the date
of mailing. Payment of the principal of all Notes shall be
made upon presentation and surrender of such Notes as the
same shall become due and payable.
If the date for payment of the principal of or
interest on the Notes shall be a Saturday, Sunday, legal
holiday or a day on which banking institutions in the
0
municipality where the principal corporate trust office of
the Paying Argent is located are authorized by law or
executive order to close, then the date for such payment
shall be the next succeeding day which is not a Saturday,
Sunday. legal holiday or a day on which such banking
institutions are authorized to close, and payment on such
date shall have the same force and effect as if made on the
nominal date of payment.
The Issuer in issuing its Notes may use "QJSIP"
nurbers (if then generally in use) and the Paying Acjent
shall use such "CUSIP" numbers in notices of rede!rption as a
convenience to Holders, provided that any such notice shall
state that no representation is made as to the correctness
of such numbers either as printed on the Notes or as
contained in any notice of redemption and that reliance may
be placed only on the identification nurbers printed on the
Notes.
The Series 1986 Notes shall be numbered
consecutively as issued, without regard to denomination, and
shall bear interest at a rate or rates not exceeding the
maximum rate permitted by law and shall mature on a date or
dates not to exceed five years from the date of issuance
thereof, and in the aggregate principal amount or amounts,
all as shall be determined by the Issuer.
-10--
0
• •w ,
r
B. Form of Notes. The text of the Notes and the
Payirxd Agent's Certificates of Authentication, except as
otherwise provided, shall be in substantially the following
forms with such omissions, insertions and variations as may
be necessary and/or desirable and approved by the Chairman
or the Clerk prior to the issuance thereof (which necessity
and/or desirability and approval shall be presumed by such
officer's execution of the Notes and the Issuer's delivery
of the Notes to the purchaser or purchasers thereof):
No.
( FM1 OF NOTE)
[FACE OF NCTM - j
1141 TLD STATES OF AVER I CA
STATE OF FLORIDA
INDIAN FIVER M MY
PATER AICD SEVER RE AME BONDS, SERIES 1986
ANTICIPATION NOTE
M
Dated Date of Series Interest Rate Maturity Date CUSIP
o
IMIAN RIVER allJTY, FLDRIL[A (the "Issuer"), for value received,
promises to pay to the order of , or
registered assigns, on the maturity date stated hereon, upon surrender
hereof, the principal sun of
DOLLARS, unless this Nater and Sewer Revenue Bond,
Series 1986, Anticipation Note (the "Note") duly shall have been called for
earlier redemptior) and payment of the redemption price shall have been made or
provided for, and to pay semiannually on and of each year,
beginning I I to the registered owner hereof, interest on said
principal sun, at the rate per annum stated hereon, from the interest payment
date next preceding the date of registration and authentication of this Note,
unless: (a) this Note is registered and authenticated as of an interest payment
date, in which event this Note shall bear interest from such interest payment
date; or (b) this Note is registered and authenticated after a Record Date
(hereinafter defined) and before the next succeeding interest payment date, in
which event this Note shall bear interest from such interest payment date; or
(c) this Note is registered and authenticated on or prior to the Record Date
(hereinafter defined) preceding in which event this Note shall bear
interest from I ; or (d) as shown by the records of the Paying
-12-
Agent (hereinafter defined), interest on this Note shall be in default, in which
event this Note shall bear interest from the date on which interest was last
paid oil this Note, until said principal sLm is paid. The interest on this Nota,
Mich is payable by check dra`Nn on
(the "Paying Agent"), the principal corporate trust office of
which is located in the
of I County, Florida, as paying agent, and the
principal of this Note, which is payable upon surrender, are payable in lawful
money of the United States of America at the principal corporate trust office of
the Paying Pgent or any successor paying agent under the P.esolution (hereinafter
defined). Payment of the interest hereon shall be made to the registered owner
hereof whose name and address shall appear, at the close of business on time
fifteenth (15th) day next preceding each interest payment date (the "Record
Date"), on the registration books maintained by the Paying Agent in behalf of
the Issuer, irrespective of any transfer or exchange of this Note subsequent to
such Record Date and prior to such interest payment date, unless the Issuer
shall be in default in payment of interest due on such interest payment date.
In the event of any such default, such defaulted interest shall be payable to
the person in whose name this flote is registered at the close of business on a
special record date for the payment of such defaulted interest established by
notice mailed by the Paying Agent in behalf of the Issuer to the registered
owner of this Note not less than fifteen (15) days preceding such special record'
date. Such notice shall be mailed to the person in whose name this Note is
registered at the close of business on the fifth (5th) day preceding the date of
maiIing.
This Note is one of an initially authorized series of $9,200,000,
maximum aggregate principal amount of bond anticipation notes of the Issuer,
Ar
known as hater arxi Sewer Revenue Bonds, Series 1986, Anticipation Notes (the
"Notes"), all of like date and tenor, except as to nuTbers and denominations,
and all issued pursuant to the Constitution and laws of the State of Florida,
particularly §215.431, Fla. Stat. (1985) and a resolution duly adopted by the
Issuer on June 18, 1986 (the "Resolution"), in anticipation of the receipt by
the Issuer of the proceeds from the sale of not exceeding $9,200,000 Water and
Sewer Revenue Bonds, Series 1986 of the Issuer (the "Bonds"). Reference is made
to the Resolution, a copy of which, duly certified by the Clerk of the Issuer,
is on file at the principal corporate trust office of the Paying Agent, for,
inter alia, a statement of the particular money of the Issuer pledged for
payment of the principal of and interest on the Notes, the nature, extent and
n-onner of enforcerT>ent of the security for the Notes, the rights of holders of
the Notes and of the Paying Agent with respect to such security and the terms
and conditions upon which notes of other series may be issued thereunder. This
Note is payable from and secured by a prior lien upon and a pledge of the
proceeds to be derived from the sale of the Bonds or the sale of bond
anticipation notes issued to extend and renew the indebtedness evidenced hereby,
This Note shall not constitute a general obligation of the Issuer, and
the holder thereof shall never have the right to require or cooper the exercise
of the power of the Issuer to levy ad valorem taxes for the payment of the
principal of and interest on this Note.
-ME TE13NS AND PROV I S I MS OF -1-1-11S NOTE ARE Mrr I PRIED ON T11E REVERSE
HEREOF AJC Sim MiT I NUED TF:r- SAS AM PFrNI S I ONS SIV\1_1_ F Z ALL PUTOSES i LAVE 11 IE
SAME EFFECT' AS TF I0O0-er l RJLLY SET F-U%n-I AT TF l I S PLJ CE.
This Note shall not be entitled to any benefit under the Resolution
nor shall it be valid, obligatory or enforceable for :my purpOSO until this Mote
shall have been authenticated by the Paying Agent.
-14--
KI
Y
Me holder of this Note, by acceptance hereof, shall be deemed to have
assented to all terms and conditions of the Resolution.
IN 1V17NESS WIEREOF, Indian River County, Florida, has issued this Note
and has caused the same to be executed in its name by the facsimile signature of
the Chaim -on of its Board of County Carmissioners and a facsimile of its
corporate seal to be affixed hereto and attested and countersigned by the
facsimile signature of the Clerk of its Board of County Commissioners, all as of
the day of 198
(SEA-)
ATTESTED AND 03UPJTERSIGIM:
- U erk, Mard of County
Co€Tmissione rs
INDIAN RIVER C"JTY, FLORIDA
By:
a i n-nan, oard of
County Commissioners
0
(FORK OF VALICAT ION CERTIFICATE-)
VAL I CAT 1 ON CERT I F I LATE
This Note was validated by judgnent of the Circuit Court for Indian
River County, Florida, rendered on , 1986,
Chairman, Board of County Camissioners
im
Ila
(K"A OF PAY I NG AGSM' S CERT I F I CATES )
CERTIFICATE OF AUTT-IDIT'ICATICN ATS CERTIFICATE AS TO OPINION
Date of Registration and Authentication:
It is certified that:
(i) This Note is one of the Notes described in the within rmntioned
Resolution; and
(i i) The text of the Opinion printed upon this Note is a true and
correct copy of the text of an original Opinion issued by Rhoads S Sinon, dated
and delivered on the date of the original delivery of, and payment for, such
Notes that is on file at our principal corporate trust office where the same may
be inspected.
Paying Agent
BF
Authorized Representative
17--
IIIc+=•� .� . , ',• .
le
[ REVERSE OF NM -1
LIN ITED STATES OF AMERICA
STATE OF FL -CR I F A
I M I AN R I VER a-UJTY
WATER MD SEINER 12EVD- UE ENDS, SERIFS 1986
ANTICIPATION NOTE -
The Notes are issuable only in the form of registered notes, without
coupons, in denom'nations of $5,000 principal amount and any integral multiple
thereof. The Issuer and the Paying Argent shall not be required to issue or
register the transfer of or exchange any Notes then considered for redemption
during a period beginning at the close of business on the fifteenth (15th) day
next preceding any date of selection of Notes to be redeemed and ending at the
close of business on the day of mailing of the applicable notice of redemption,
or to register the transfer of or exchange any portion of any note selected for
redemption until after the redemption date.
Notes may be exchanged for a like aggregate principal amount of Notes
of other authorized denominations.
This Note may be transferred or exchanged by the registered owner
hereof upon surrender of this Note to the Paying Agent, at its principal
corporate trust office, accompanied by a written instrument or instruments in
form, with instructions, and with guaranty of signature satisfactory to the
Paying ,Agent, duly executed by the registered owner of this Note or his
attorney - in -fact or legal representative. The Paying Agent shall enter any
transfer of ownership or exchange of this Note in the registration books and
shall authenticate and deliver in the name of the transferee or transferees a
new fully registered note or notes of authorized denominations for the aggregate
principal amount that the registered owier is entitled to receive at the
earliest practicable time. The. Issuer and the Payirxl Arent may deem and treat
the registered owner hereof as the absolute ummer hereof (whether or not this
-18-
•
rU
Note shall be overdue) for the purpose of receiving payment of or on account of
principal hereof and interest due hereon and for all other purposes, and the
Issuer and the Payirxd Agent shall not be affected by any notice to the contrary.
The Notes are subject to redeWtion prior to maturity, at the option
of the Issuer, as a whole, on , , or on any date thereafter,
upon payTnent of the principal amount thereof, together with accrued interest to
the date fixed for redeniption.
The dotes are subject to redemption prior to maturity, at the option
of the Issuer, from time to times, in part, on I , or on any date
thereafter, as drawn by lot by the Paying Agent, upon payment of the principal
amount to be redeemed, together with accrued interest to the date fixed for
rederrpt i on.
The Notes are subject to redemption prior to maturity, at the option
of the Issuer, as a whole, on April 15, 1987, upon payment of the principal
amount thereof, together with accrued interest to the date fixed for redemption
in the event that a final corrmitment letter with respect to the Project, as such
tennis defined in the Resolution, and the purchase of the Bonds is not received
by the Issuer from the Goverment, as such term is defined in the Resolution, on
or prior to March 1, 1987.
If this Note is of a denomination larder than $5,000, a portion of
this Note may be redeemed. For the purpose of redesilpt i on, this Note shall be
treated as representing that nurber of Notes that is obtained by dividing the
principal anount hereof by $5,000, each $5,000 portion of this Note beinq
subject to redailption. In the case of partial redwiption of this Note, payment
of the redemption price shall be made only upon surrender of this Note in
exchange for Notes of authorized denominations in aggregate principal amount
equal to the unredeenied portion of the principal a;nourrt hereof.
-19-
1, •
Notice of any redemption, as hereinbefore authorized, shall be given
by the Paying Bent by first class mail to the registered owners of Notes to be
redeemed in whole or in part not more than 45 days and not less than 30 days
prior to the date fixed for redemption at the addresses shown on the
registration books, in accordance with requirements of the Resolution. Failure
to mail any notice of redarption or any defect therein or in the mailing thereof
shall not affect the validity of any proceeding for redemption of other Notes so
called for redemption. Any such redemption shall be in the manner and upon
terms and with the effect provided in the Resolution or after waiver of such
notice shall have been filed in accordance with provisions of the Resolution.
Certain modifications and alterations of the Resolution not adversely
affecting rights of holders of Notes outstanding thereunder may be made without
consent of holders of such Notes in the manner and upon terms and conditions
provided in the Resolution. Any other modification or alteration of the
Resolution or of rights and obligations of the Issuer or of holders of Notes
outstanding thereunder may be made in the manner and upon terms and conditions
provided in the Resolution. Anv consent by the holder of thie Nntn
required by the Resolution (unless revoked as provided in the Resolution), shall
be conclusive and binding upon such holder and all future holders and owners of
this Note, irrespective of whether any notation of such consent is made upon
this Note.
It is hereby certified, recited and declared that all acts, conditions
and things required to exist, to happen and to be perfonned precedent to and in
connection with the issuance of this dote, exist, have happened and have been
performed in regular and due fonn and time as required by the laws ancl
Constitution of the State of Florida applicable thereto; and that the issuance
--20-
•
of this Note and of the issue of Notes of which this Note is one does not
violate any constitutional or statutory limitations or provisions.
This Note is and shall have all of the qualities and incidents of a
negotiable instrument under the laws of the State of Florida.
a
•
(FOGA OF ASS IG VENT)
FOR VALUE RECEIVED,
sells, assigns and transfers unto
ASS I CMU4T
, the undersigned, hereby
(the "Transferee")
Name
-- --mss -- -
Social Security or Federal 6Tployer Identification No.
the within Note and all rights thereunder and hereby irrevocably constitutes and
appoints
as attorney to transfer the within Note on the books kept for registration
thereof, with full power of substitution in the premises.
Date:
Signature Guaranteed:
ICE: Signature(s) mist be
guaranteed by a merrier f i rm of
the New York Stock Exchange or
a ccxmiercial bank or a trust
conpany. .
NOTICE: No transfer will bernade in
the name of the Transferee, unless the
signature(s) to this assignment corres-
pond(s) with the name(s) appearing upon
the face of the within Note in every
particular, without alteration or
enlargement or any change whatever and
the Social Security or Federal Grpioyer
Identification Nurber of the Transferee
is Supplied. If the Transferee is
trust, the names and Social Security or
Federal 6rployer Identification NixrberS
of the settlor and beneficiaries of the
trust, the Federal GTployer Identifi-
cation Nurrber and date of the trust and
the name of the trustee IYUSt be
supplied.
•
C. Execution of the Notes. All Notes issued hereunder
shall be executed in the name of the Issuer by the manual or
facsimile signature of its Chairman and its official seal or
a facsimile thereof shall be affixed thereto and attested by
the manual or facsimile signature of its Clerk. In ease any
one or more of such officers whose manual or facsimile
signature shall appear upon Notes shall have ceased to be
such officer at the time of delivery thereof or shall have
become physically or legally incapacitated at the time of
delivery thereof, such Notes nevertheless shall be valid and
binding obligations of the Issuer.
D. Authentication and Delivery of the Notes. No Notes
shall become valid or obligatory for any purpose until such
Notes shall have been authenticated by the Paying Agent, and
such authentication by the Paying Agent upon any Note shall
be conclusive and the only evidence that such Note duly has
been authenticated and delivered and that the Holder is
entitled to benefit of the trusts and liens hereby created.
At any time after the effectiveness hereof, the
Issuer may execute and deliver the Notes to the Paying Agent
for authentication and, thereupon, the Paying Agent shall
authenticate and deliver the Notes, as appropriate, upon
order of the Issuer.
At any time after authentication of the Notes and
delivery of the Notes to the Issuer by the Paying Agent, the
Issuer may deliver the Notes to the purchaser in return for
the purchase price thereof.
-7:3-
0
E. Application of Proceeds of Notes. The Issuer shall
deposit the proceeds of sale of the Notes, upon receipt
thereof, in the Construction Fund and shall set aside in the
Notes Payment Account such amount, if any, as shall be
specified in a subsequent resolution of the Issuer,
earmarked for the payment of interest on the Notes. Money
on deposit in the Construction Fund (including the Notes
Payment Account), including the earnings on the investment
thereof, shall be invested and applied in the manner and at
the times as shall be specified in a subsequent resolution
of the Issuer.
F. Transfer, Exchange and Negotiation. Each of the
Notes shall be transferable or exchangeable by the
Registered a%ler thereof upon surrender thereof to the
Paying Accent, at its principal corporate trust office,
accompanied by a written instrument or instruments in form,
with instructions, and with guaranty of signature
satisfactory to the Paying Agent, duly executed by the
Registered Owner thereof or his attorney-in-fact or legal
representative. The Paying Agent shall enter any transfer
of ownership or exchange of any of the Notes in the
registration books and shall authenticate and deliver in the
name of the transferee or transferees a new fully registered
Note or Notes of authorized denominations of the same
maturity for the aggregate principal aMOUnt which the
Registered Owner is entitled to receive at the earliest
practicable time.
-24-
The Issuer and the Paying Anent shall not be
required to issue or transfer or exchange any Notes then
considered for redemption during the period beginning at the
close of business on the fifteenth (15th) day next preceding
any date of selection of Notes to be redeemed and ending at
the close of business on the day of mailing of the
applicable notice of redemption or to transfer or exchange
any portion of any Note selected for redemption until after
the redemption date.
As to any Note, the Issuer and the Paying Agent may
deern and treat the Person in whose name the same shall be
registered as the absolute owner thereof for all purposes,
whether such Note shall be overdue or not, and payment of or
on account of either principal or interest on any such Note
sha I i be made only to or upon the order of the Registered
O✓ner thereof or his legal representative, but such
registration may be changed, as herein provided. All such
payments shall he valid and effectual to satisfy and
discharge the liability upon any such Note, to the extent of
the SUM or sums so paid, and neither the Issuer nor the
Paying Agent shall be affected by any notice to the
contrary.
The I ssuer sha I I cause to he kept , and the Pay i txj
Agent is hereby directed to keep, at the principal corporate
trust office of the Paying Agent, books for the registration
and transfer of Notes in the manner provided herein and
therein, so long as Notes shell rem in Outstanding. Such
-15--
[410
registrations and transfers shall be made without charge to
Holders, except for actual costs, including postage,
insurance and any taxes or other governmental charges
required to be paid with respect to the same.
G. Notes+Mutilated, Destroyed, Lost or Stolen. If any
Note shall become mutilated or shall be destroyed, lost or
stolen, the Issuer, in its discretion, may issue and
thereupon the Paying Agent shall authenticate and deliver a
new Note of like date, tenor, amount, maturity and series,
in exchange and in substitution for such mutilated Note,
upon surrender thereof, or in lieu of and in substitution
for such Note destroyed, lost or stolen, upon the Holder of
the Note: (i) filing with the Paying Agent evidence
satisfactory to the Issuer and the Paying Agent that such
Note has been destroyed, lost or stolen and of his ownership
thereof; (ii) furnishing the Issuer and the Paying Agent
with satisfactory indemnity; and (iii) complying with such
other reasonable regulations as the Issuer and the Paying
Agent may require. A reasonable charge may be imposed upon
the Holder of the Note to reimburse the Issuer and the
Paying Agent for expenses of issuing each such new Note,
which cost shall be paid before delivery of such new Note.
If any such Note shall have matured or shall be about to
mature, instead of issuing a substitute Note, the Issuer and
the Paying Agent may pay the same, upon receiving evidence
and being indcmrified as aforesaid, aril if such Note shall
be destroyed, lost or stolen, without surrender thereof.
-26-
n
Any Note issued under this Subsection shall
constitute an original additional contractual obligation on
the part of the Issuer, whether or not the Note so alleged
to have been destroyed, lost or stolen shall be found at any
time; and any Note issued under this Section shall be
entitled to benefits hereof, in the manner, to the extent
and subject to conditions provided herein.
All Notes surrendered to the Paying Agent for
purposes of payment, redemption, exchange, transfer or
substitution shall be cancelled and destroyed by the Paying
Agent and the Paying Agent shall furnish the Issuer with a
certificate of cancellation and destruction; Provided,
however, that the Paying Agent, upon request of the Issuer,
in lieu of such cancellation and destruction, may cancel
such Notes and deliver the same to the Issuer.
SECTION 7. CCW-F--FNING CCt\ISTT4.CT I CN. The Issuer covenants that it
will proceed with all reasonable dispatch to construct, acquire and ccn-plete the
Project, and that in connection with construction related to the Project or any
other construction undertaken with respect to the Systuii, it will carply with
all present and future laws, rules, regulations, orders and requirements
lawfully made by any competent public body or authority now or hereafter
existing and having jurisdiction.
27-
•
SECTION 8. MMARTIM OF NOTES. The Series 1986 Notes shall be
subject to redemption prior to maturity, at the option of the Issuer, as a whole
or in part, at such times and in such amounts as shall be determined and
specified in a subsequent resolution of the Issuer.
'The Series 1986 Notes are subject to redemption prior to maturity as a
whole, on February 15, 1988, upon payment of the principal amount thereof,
together with accrued interest to the date fixed for redemption, in the event
that a final conmitment letter- with respect to the Project and the purchase of
the Bonds is not received by the Issuer from the Government on or prior to
January 1, 1988.
A. Selection of Notes to be Redeemed. Whenever the
Paying Agent shall be required to select any Notes for
redemption by lot, the Paying Agent shall draw the
appropriate Notes to be redeemed by lot in the usual and
customary manner.
For the purpose of selecting any of the Notes for
redemption, each Note subject to redemption shall be treated
as representing that number of Notes that is obtained by
dividing the principal amount thereof by $5,000, each $5,000
portion of such Note being subject to redemption.
In the case of partial redemption of any Note, payment
of the redemption price shalI be made only UpOn surrender of
such Note, in exchange for a Note or Notes of authorized
denominations in aggregate principal amount equal to the
unredeemed portion of the principal amount of such Note.
-78-
L`
Such redemption shall be upon notice or waiver of
notice as provided herein.
B. Notice of Redemption. Whenever the Issuer shall
determine to redeem all or part of the Notes, in accordance
with the right reserved so to do, as evidenced by documents
required hereunder delivered to the Paying Agent, or
whenever the Paying Agent shall be required hereunder to
redeem part of any series of Notes out of any sinking or
analogous fund established therefor, a notice of intention
to redeem shall be mailed by the Paying Ardent, by first
class mail, to Registered Owners of Notes to be redeemed in
whole or in part, not more than 45 days and not less than 30
days prior to the elate fixed for redemption, at the
addresses shown on the registration books maintained by the
Paying Agent in behalf of the Issuer as provided herein.
Such notice shall specify: (1) the series, maturities and
nurbers of Notes or portions thereof to be redeemed
(including the CUSIP nurbers); (2) the date fixed for
redemption; (3) the redemption price or prices applicable to
the Notes (or portions thereof) to be redeesmd; and (4) that
on the data fixed for redemption such Notes or, the redeemed
portions thereof will be payable at the principal corporate
trust office of the Paying Ardent and that after such date
interest shall cease to accrue on such Notes or the redeemed
portions thereof; Provided, however, that if Holders or
Registered Owners of all such Notes or portions thereof to
be redeemed shall file written waivers of notice with the
-29-
•
CI
r.
Paying Agent, such Notes may be redeemed on the redemption
date without necessity of notice by mxailing; Provided
further, however, that failure to mail any notice of
redemption or any defect therein or in the mailing thereof
shall :urt affect the validity of any proceeding for
redemption of other Notes so called for redemption.
C. Pay4mnt of Redeemed Notes. Notice by mailirxi
having been given in the manner herein provided, or
irrevocable instructions having been given to the Paying
Agent to give such notice, accompanied by payment of funds
sufficient to pay all expenses of advertisement, or written
waivers of notice having been filed with the Paying Agent by
Holders or Registered Cmners of all Notes to be redeemed,
and the principal and accrued interest payable having been
deposited with the Paying Agent or having been set aside by
the Paying Agent in any Fund or Account described hereunder,
as appropriate, as provided herein, prior to the date fixed
for redemption, Notes or portions thereof so called for
redemption shall become payable on the date fixed for
redemption and interest on such Notes or portions thereof so
called for redemption shall cease from such redemption date,
whether such Notes shall be presented for redemption or riot.
The principal amount of all such Notes or portions thereof
so called for redemption shall be paid by the Paying Agent,
as provided hereunder, upon presentation and surrender
thereof in negotiable form.
-30•-
Money deposited with or held by the Paying Agent
for redemption of Notes under this Subsection, after the
date of deposit or allocation of such money for such
purpose, shall be held by the Paying Agent in trust, for
redemption of such Notes, as appropriate.
SET I ON 9. SECUR 11Y , FUNDS AND APPLICATION THERF--0F .
A. Notes not General Indebtedness. The Notes shall
not be or constitute a general obligation of the Issuer
within the meaning of any constitutional, statutory or other
limitation of indebtedness, but shall be payable from the
proceeds derived from the sale of the Bonds or the sale of
bond anticipation notes issued to extend and renew the
indebtedness evidenced by the Notes and from the Loan
Conmitment. No Holder or Holders of the Notes shall ever
have the right to compel the exercise of any ad valorem
taxing power of the Issuer or taxation in any form of any
real property therein to pay the Notes or the interest due
thereon nor be entitled to payment of such Notes from any
money of the Issuer except as provided herein. The Loan
Cormmitment shall immediately be subject to the lien of this
pledge without any physical delivery thereof or further act,
and the lien o f this p l edge shall be valid aryl b i nd i rye as
against all parties haviiyj claims of any kind in tort,
contract or otherwise against the Issuer.
B. Security of Notes. The payment of the principal of
and interest on the Notes shall be secured forthwith,
-31-
s
Illfsem ` %.',
r
equally and ratably, by a prior lien upon and pledge of the
proceeds to be derived from the sale of the Bonds or the
sale of bond anticipation notes issued to extend and renew
the indebtedness evidenced by the Notes and by a prior lien
upon and pledge of the Loan Ca mitment. The Issuer does
hereby irrevocably pledge such funds to the payment into the
Notes Payment Account, created pursuant to the Bonds
Enabling Resolution, at the times provided, of the sum
required to secure to the Holders of the Notes the payment
of the principal thereof and the interest thereon when due.
C. Covenants of the Issuer. For so long as the
principal of and interest on the Notes shall be Outstanding
and unpaid or Until there shall have been irrevocably set
apart a sun sufficient to pay, when due, the entire
principal of the Notes renkaining unpaid, together with
interest accrued and to accrue thereon, the Issuer covenants
with each of the Holders of the Notes as follows:
(i) Application of Bond Proceeds. All
proceeds to be derived from the sale of the Bonds
shall be paid over to the Paying Agent and
deposited by the Paying Agent to the credit of the
Notes Payment Account, created and established by
the Bonds Enabling Resolution, and applied Eby the
Paying Agent only in the manner provided therein.
(ii) Application of Prior Covenants. The
covenants and pledges contained in the Bonds
Enablitxj Pesolution for the benefit of the holders
-32--
l I► S
of the Bonds, to the extent that the same are not
inconsistent with the provisions of this
Resolution shall be deemed to be for the benefit,
protection and security for the payment of the
Notes and for the !-folders thereof in like manner
as applicable to the Bonds for the benefit of the
holders thereof.
(iii) Sale of Bonds. The Issuer shall in
000d faith endeavor to make timely sale and
delivery of the Bonds to the Government in order
to have funds available to pay the Notes and the
interest thereon as the same become due.
(iv) Arbitrage. The Issuer covenants with
purchasers of the issue that is c")r i sed of the
Notes that the Issuer will make no use of the
proceeds of such issue that, if such use had been
reasonably expected on the date of issuance of
such issue, would have caused such issue to be
arbitrage bonds, and the Issuer also covenants to
comply with the requirements of Section 103(c) of
the Internal Revenue Code of 1954, as amended, and
with Sections 1.103-13, 1.103-14 and 1.103-15 of
the applicable regulations heretofore published in
the Federal Register or with such other
regulations implementing said Section 103(c), if
and to the extent applicable, throughouL the term
of such issue.
-33-
•
ry
The Issuer further covenants with the
purchasers of the issue that is compr i sed of the
Notes that it will comply with the provisions of
H.R. 3838, 99th Congress, 1st Sess. (1985), as
passu by the United States Clouse of
Representatives on December 17, 1985, to the
extent required to maintain Federal income tax
exemption of the interest on the Notes, giving
effect to a joint statement issued on March 14,
1986, by ranking Republican and Democratic mreabers
of the House Ways and Means Committee and the
Senate Finance Committee and the Secretary of the
Treasury with respect to the effective dates of
certain provisions of such Dill affecting state
and local government notes. This covenant shall
be of no further force or effect as to any or all
of the provisions of such Bill, as applicable and
appropriate, at such time as the Issuer receives
an opinion of nationally recognized bond counsel
to the effect that continuing compliance by the
Issuer with such provision or provisions is not
required to maintain Federal income tax exemption
with respect to interest on the Notes.
D. Defeasance. If, at any time, the Issuer shall have
paid, or shall have made provision for paynent of, the
principal avid interest with respect to the Notes, then, and
-34-
E
9 -
in that event, the pledge of the lien on the proceeds of the
sale of the Bonds or any bond anticipation notes issued to
extend or renew the indebtedness evidenced by the Notes and
the Loan Commitment in favor of the holders of the Notes
shall be no longer in effect. For purposes of the preceding
sentence, deposit of sufficient cash and/or principal and
interest on direct obligations of the United States or
obligations the principal of and interest on which are fully
guaranteed by the United States, none of which permit
redemption prior to maturity at the option of the obligor
(the "Federal Securities"), or bank certificates of deposit
fully secured 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 to effect such a defeasance)
in irrevocable trust with a banking institution or trust
company, for the sole benefit of the Folders, to make timely
payment of the principal of and interest on the outstanding
Notes, shall be considered "provision for payment".
E. Remedies. Any Holder or holders of the Notes may
either at law or in equity, by suit, action, mandamus or
other proceedings in any court of competent jurisdiction,
protect and enforce any and all rights, includirxj the right
to the appointment of a receiver, existing under the laws of
Me State of Florida or granted and contained in this
resolution, and may enforce and compel the perfo rnt►nce of
all duties required by this Resolution or by any applicable
-35-
11
state or federal statute to be performed by the Issuer or by
any officer thereof.
SECT I C>I`I 10. M I SCE LLANEOUS PMV I S I CNS .
A. Supplemental instruments. The Issuer shall, as
necessary, from time to time and at any time, adopt such
resolutions and/or ordinances as shall not be inconsistent
with the terms and conditions of this Resolution:
(i) To cure any ambiguity, defect or
omission herein; and/or
(ii) To secure, extend or renew to the
Holders of the Notes the pledges made herein for
the payment of the Notes and the interest to
accrue thereon.
S. Modification and Amendment. No material
modification or amemhient of this Resolution or of any
resolution amendatory hereof or supplemental hereto may be
made after the issuance and delivery of the Notes without
the consent in writing of the Holders of the Notes.
C. Severability. If any one or more of the covenants,
agreements or provisions of this resolution should 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 covenants, agreements or provisions
shall be null and void and shall be deemed separate from the
rerm inirrj covenants, agreements or provisions, and in no way
-36-
•
^►r
affect the validity of all the other provisions of this
resolution or of the Notes.
D. Validation Authorized. T1ze Issuer's Attorney is
hereby authorized and directed to institute appropriate
proceedings in the Circuit Court for Indian River County,
Florida, for the validation of the Notes.
E. Effective Date. This Resolution shall take effect
immediately upon its adoption.
-37-
0
$OM ;
The foregoing resolution was offered by
Commissioner Lyons 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.
Aye
Vice Chairman
Patrick B.
Lyons
Aye
Commissioner
Richard N.
Bird
Aye
Commissioner
William C.
Wodtke, Jr.
Aye
Commissioner
Margaret C.
Bowman
Aye
The Chairman thereupon declared Resolution No.
86-36 duly passed and adopted this 18th day of June, 1986.
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
By: 2)i�:
on acur
iC. —ock, r.
Chairman
Attest:
edIa Wrig t rk
APPROVED AS TO FORM AND LEGAL
J�.C• SUFFICIENCY
By. Charles P. Vitunac`--------
County Attorney
7
Me /
RESOLUTION 87- 143
A RESOLUTION AMENDING RESOLUTION 86-36 OF
INDIAN RIVER COUNTY, FLORIDA, ENTITLED:
"A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $9,2001000 WATER AND SEWER REVENUE
BONDS, SERIES 1986, ANTICIPATION NOTES OF
INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR
THE PAYMENT THEREOF AND THE SECURITY THEREFOR;
PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH
NOTES; MAKING CERTAIN COVENANTS AND AGREEMENTS
IN CONNECTION THEREWITH; PROVIDING FOR RELATED
MATTERS; AND PROVIDING AN EFFECTIVE DATE"
BY MODIFYING CERTAIN REDEMPTION PROVISIONS
APPLICABLE TO THE SERIES 1986 NOTES, AND
SUPPLEMENTING SAID RESOLUTION BY ESTABLISHING
CERTAIN PROVISIONS REGARDING THE APPLICATION OF
THE PROCEEDS OF THE SERIES 1986 NOTES, THE
APPLICATION OF THE CONSTRUCTION FUND WITH
RESPECT TO THE SERIES 1986 NOTES, AND THE
SATISFACTION, BY THE COUNTY, OF CERTAIN
REQUIREMENTS CONTAINED IN THE ORIGINAL
RESOLUTION AND THE LOAN COMMITMENT; AND
PROVIDING AN EFFECTIVE DATE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA THAT:
is adopted
SECTION 1. Authority for Resolution. This Resolution
pursuant to the provisions of Chapter 125 and Section
215.431, Florida Statutes (1985), as amended; and other applicable
provisions of law.
SECTION 2. Definitions. All terms and phrases used
herein shall have the meanings ascribed to them in the Neste
Resolution, as hereinafter defined, except as otherwise
specifically provided herein.
SECTION 3. Find n
determined and declared that: It is hereby ascertained,
County,
A. The Board of County Commissioners of Indian River
Florida (hereinafter called the "Board" and the "County",
respectively), on June 18, 1986, duly adopted a resolution
entitled:
[•
"A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $9,200,000 WATER AND SEWER REVENUE
BONDS, SERIES 1986, ANTICIPATION NOTES OF
INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR THE
PAYMENT THEREOF AND THE SECURITY THEREFOR;
PROVIDING FOR THE RIGHTS OF THE HOLDERS OF
SUCH NOTES; MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; PROVIDING
FOR RELATED MATTERS; AND PROVIDING AN
EFFECTIVE DATE."
(hereinafter called the "Note Resolution"
B. It is necessary and desirable to amend the Note
Resolution with regard to certain redemption provisions applicable
to the Series 1986 Notes and to supplement the Note Resolution by
establishing certain provisions regarding the application of the
proceeds of the Series 1986 Notes, the application of the
Construction Fund with respect to the Series 1986 Notes, and the
satisfaction, by the County, of certain requirements contained in
the Original Resolution and the Loan Commitment.
SECTION 4. Amendments to Note Resolution. The Note
Resolution is hereby amended as follows:
A. The form of Notes referenced in Subsection B of
Section 6 of the Note Resolution, as appearing on pages 12 through
22, inclusive, of the Note Resolution, is amended by deleting in
its entirety the third (3rd) complete paragraph on page 19 thereof.
B. Section 8 of the Note Resolution, beginning on page
28 thereof, is amended by deleting, in its entirety, the second
(2nd) paragraph thereof, beginning with the words "The Series 1986
Notes are subject", through and including the words "prior to
January 1, 1988.-
C. Subsection C of Section 9 of the Note Resolution is
amended by adding the following subparagraph:
"(v) Loan Commitment Etc The County shall in good
faith endeavor to comply with the terms and conditions of the Loan
Commitment and Section 3.04(J) of Original Resolution, as emended
and supplemented, regarding the issuance of other obligations, and
shall exercise its best efforts to issue the Series 1986 Bonds or
to issue and Pell other bond anticipation notes in order to have
funds available from the issuance of such other obligations to pair
the Series 1986 Notes and the interest thereon as the same shall
become due. In the event that the Government for any reason does
not purchase the Series 1986 Bonds, the County shall in good faith
endeavor to otherwise issue and sell the Series 1986 Bonds or to
2
issue and sell other bond anticipation notes, in order to have
sufficient funds available to pay the Series 1986 Notes and the
interest thereon as the same shall become due."
D. Paragraph (iv) of Subsection C of Section 9 of the
Note Resolution is amended to read as follows:
"(iv) Non -Arbitrage and Tax Covenants. The County
covenants with holders of the Series 1987 Notes that, -throughout
the term of the Series 1987 Notes and for any required period
thereafter it will make no use of the proceeds of the Series 1987
Notes that may cause the Series 1987 Notes to be or become
"arbitrage bonds" within the meaning of Section 103(b)(2) and
Section 148 of the Internal Revenue Code of 1986, as amended and
supplemented (the "Code") and it will comply with all other
requirements of applicable provisions of the Code, including,
without limitation, the applicable provisions of Section 1.103-13,
1.103-14 and 1.103-15 of the applicable regulations heretofore
published in the Federal Register and with the applicable
provisions of other regulations hereafter to published."
E. The definition of the term "Paying Agent" in Section
1 of the Note Resolution is amended to read as follows:
" 'Paying Agent' means a bank in the State, authorized to
act as registrar and paying agent."
SECTION S. Supplements to Note Resolution The Note
Resolution is hereby supplemented as follows:
A. Section 1 of the Note Resolution, entitled
"Definitions", is hereby supplemented by adding thereto the
following:
(i) " 'Consulting Engineers' shall mean Masteller and
Moler Associates, Inc., Sebastian, Florida, the County's consulting
engineers for the Project, or such other consulting engineers for
the Project as the County may hereafter designate"•
(ii) " 'Consulting Engineers' Representative' shall mean
the person from time to time designated as such by written notice
to the County signed by the president or any vice president of the
Consulting Engineers"; and
(iii) "Terms and phrases used herein which are not
otherwise defined herein and which are defined in the Bond Enabling
Resolution shall, for purposes hereof, have the meanings ascribed
to them in the Bond Enabling Resolution."
B. The Note Resolution is hereby supplemented to
include the terms and provisions set forth hereinafter.
3
SECTION 6. Avplication of Note Proceeds The proceeds,
including accrued interest and premium, if any, received from the
sale of the Series 1986 Notes shall be deposited and applied by the
County, simultaneously with the delivery of the Series 1986 Notes
to the original purchaser thereof, as follows:
A. The accrued interest plus an amount which, together
with the accrued interest, will equal the amount of interest
payable on the Series 1986 Notes from the dated date thereof
through the maturity date thereof shall be deposited in the Notes
Payment Account and will be used only to pay interest on the Series
1986 Notes, in accordance with the terms hereof, as the same shall
become due and payable.
B. To the extent not paid or reimbursed therefor by the
original purchaser of the Series 1986 Notes, to pay all allowable
costs and expenses incurred by the County in connection with the
preparation, issuance and sale of the Series 1986 Notes.
C. The balance of such proceeds shall be deposited into
the Construction Fund.
SECTION 7. Application of the Construction Fund
A. The County shall make payments from the Construction
Fund to pay the Cost of the Project upon receipt of requisitions,
in form and substance satisfactory to the County, approved by the
Consulting Engineers' Representative and the Government, as
necessary, stating with respect to each payment to be made: (1)
the requisition number, (2) the name and address of the person to
whom payment is due, (3) the amount to be paid, and (4) that each
cost mentioned therein has been properly incurred, is a proper Cost
of the Project and has not been the basis of any previous payment,
or (when the County is described as the person to whom payment is
due) that each cost mentioned therein has been paid by the County,
is a proper Cost of the Project, has not been theretofore
reimbursed to the County or otherwise been the basis of any
previous payment, and that the County is entitled to reimbursement
thereof.
B. The County may also pay from the Construction. Fund
any costs and expenses referred to in Section 6 (B) hereof not
previously paid pursuant to said Section 6 (B).
C. There is hereby established within the Construction
Fund an account to be known as the Rebate Account. The County
shall at least annually transfer from the Construction Fund to the
Rebate Account amounts sufficient to pity to the United States of
America all amounts due with respect to the Series 1986 Notes under
the provisions of Section 148 (f) of the Internal Revenue Code of
1986, as amended and supplemented, or under similar provisions of
subsequent federal revenue laws (the "Code"). The earnings on the
4
Rebate Account shall be added to and become a part of the Rebate
Account. Moneys in the Rebate Account shall only be used to pay
the amounts due to the United State of America under said Section
of the Code as the same shall become due and payable. It is the
intent of this paragraph to provide for payment of all amounts due
under said Section of the Code with respect to the Series 1986
Notes, in such installments and at such times as may be required by
said Section of the Code. In the event of any amendment to the
Code or the promulgation of regulations under the Code which
provide or require otherwise than as provided or required in this
paragraph, this paragraph shall be deemed to be amended to
incorporate such amendments or regulations, to the extent
applicable, and any provisions hereof which conflict with the
provisions thereof shall be deemed to be null and void.
D. Upon completion of the Project and payment in full
for all Costs of the Project, all funds remaining in the
Construction Fund shall, if and to the extent required by the
Government, be applied to the redemption of Series 1986 Notes, at
par, and, to the extent not so applied, may be used by the County
for any legally permissible purpose.
SECTION 8. Investments All money on deposit from time
to time in the Notes Payment Account shall be continuously secured
in the manner by which deposits of public funds are authorized to
be secured by the laws of the State of Florida and may be invested
and reinvested only in direct obligations of, or obligations the
principal of and interest on which are guaranteed by, the United
States of America maturing at such times as will enable the timely
payment of interest of the Series 1986 Notes in accordance with
their terms. Any and all income from such investments shall be
deposited i'n the Construction Fund.
All money on deposit in the Construction Fund from time
to time shall be continuously secured in the manner by which
deposits of public funds are authorized to be secured by the laws
of the State of Florida and may be invested and reinvested only in
those investments specified in Section 125.31, Florida Statutes, as
amended, maturing or subject to redemption at the option of the
holder, at a price no less than the principal amount thereof plus
accrued interest thereon, not later than the date on which the
proceeds thereof will be needed. Any and all income received by
the County from such investments shall be deposited into the
Construction Fund.
SECTION 9, pledge of Notes Payment Accoun The monss
from time to time in the Notes Payment Account y
earnings thereon) are hereby pledged as securityeforuandefor the
payment of the Series 1986 Notes, and as long as any of such
Series 1986 Notes are Outstanding, such funds shall be applied
solely for the payment of interest and redemption premium, if any,
on and principal of the Series 1986 Notes, all in accordance with
5
the terms thereof.
SECTION 10. 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 noway affect
the validity of any of the other provisions hereof.
SECTION 11. Reoealino Clause Any and all prior
resolutions and other actions of the Board, or parts thereof, in
conflict with the provisions herein contained are, to the extent of
such conflict, hereby superseded and repealed.
SECTION 12. Effective Date. This Resolution shall take
effect immediately upon its adoption.
The foregoing Resolution was offered by Commissioner
Eggert who moved its adoption. The motion was seconded
by Commissioner Bowman_ and, upon being put to a vote, the
vote was as follows:
Chairman Don C. Scurlock, Jr.
Vice Chairperson Margaret C. Bowman - _ Ave
Commissioner Richard N. Bird - Aye
Commissioner Carolyn K. Eggert - Ave
Commissioner Gary C. Wheeler - Aye
The Chairman thereupon declared the Resolution duly
passed and adopted this 8th day of December 1 1987
ATTEST: BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA
By
Don C. Scurlock, Jr.
Chairman
Freda Wright
Ex -Officio Cler
APPROVED AS TO FORM AND
11
LEGAI. SUFFICIENCY;
Char?es E'. Vl.tunac
County Attotttey
•
RESOLUTION NO. 87 - 144
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A NOTE
PURCHASE AGREEMENT FOR THE SALE AND AWARD OF $9,200,000
AGGREGATE PRINCIPAL AMOUNT. OF WATER AND SEWER REVENUE BONDS,
SERIES 1986, ANTICIPATION NOTES OF INDIAN RIVER COUNTY,
FLORIDA, AT PRIVATE SALE BY NEGOTIATION TO THE PURCHASERS
THEREOF; AUTHORIZING AND APPROVING CERTAIN TERMS OF SAID
NOTES; RATIFYING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT; AUTHORIZING THE EXECUTION AND DISTRIBUTION OF AN
OFFICIAL STATEMENT IN CONNECTION WITH THE MARKETING OF SUCH
NOTES; AUTHORIZING OTHER APPROPRIATE AND NECESSARY ACTIONS IN
CONNECTION WITH THE DELIVERY OF SUCH NOTES; APPOINTING A
PAYING AGENT AND REGISTRAR FOR SUCH NOTES; AND SPECIFYING AN
EFFECTIVE DATE HEREOF.
WHEREAS, the Board of County Commissioners of Indian River County,
Florida (the "Board" and the "County", respectively), by Resolution No. 86-36,
duly adopted on June 18, 1986, as amended and supplemented (the "Note
Resolution"), heretofore authorized the issuance of Water and Sewer Revenue
Bonds, Series 1986, Anticipation Notes of this County in the maximum aggregate
principal amount of $9,200,000 (the "Series 1986 Notes"); and
WHEREAS, the County deems it in its long-term best interests that the
Series 1986 Notes be sold at private sale by negotiation; and
WHEREAS, it is necessary and appropriate to authorize and approve
certain terms and provisions with respect to the Series 1986 Notes and the sale
thereof; and
WHEREAS, the County desires to appoint the "Paying Agent" to act as the
paying agent and registrar for the Series 1986 Notes, to ratify the distribution
of a Preliminary Official Statement therefor, and to authorize the execution and
distribution of an Official Statement therefor; and
i„ •
WHEREAS, A. G. Edwards & Sons, Inc, and Raymond James & Associates,
Inc., as co -managers (collectively, the "Purchasers"), have offered to purchase
the Series 1986 Notes on the terms and conditions hereinafter described.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA THAT:
SECTION 1. The Series 1986 Notes shall be in the aggregate principal
amount of $9,200,000, shall be dated as of December 1, 1987 (the "Dated Date"),
Six and Three -Eighths 6 3/8
shall bear interest from the Dated Date at the rate of — percent (�8)
per annum, payable initially on June 1, 1988, and semiannually thereafter on June
1 and December 1 of each year until the principal amount thereof is paid in
full, and shall mature and be due and payable in full on December 1 , 1990.
SECTION 2. The Series 1986 Notes shall be subject to redemption prior
to maturity, at the option of the County, as a whole or in part, on June 1, 1989,
and on any date thereafter, upon payment of 1008 of the principal amount thereof,
together with accrued interest to the date fixed for redemption. In the event of
a partial redemption of the Notes, the Notes to be redeemed, and the portions of
any Notes to be redeemed in part, shall be selected by lot by the Paying Agent,
in increments of $5,000 principal amount.
SECTION 3. Florida National Bank, St. Petersburg, Florida, is hereby
appointed Paying Agent for the Series 1986 Notes.
SECTION 4. It is hereby found, ascertained, determined and declared by
the Board that a negotiated sale of the Series 1986 Notes is in the long-term
best interests of the County,
SECTION 5. The Series 1986 Notes are hereby awarded and sold to the
Purchasers at a total price of $ 91124,100.00 , plus accrued interest from the
Dated Date.to the date of delivery thereof. The Note Purchase Agreement with
2
respect to the Series 1986 Notes, dated the date hereof, by and among the
Purchasers and the County, in the form attached hereto as Exhibit "A" (the "Note
Purchase Agreement"), is hereby accepted and approved and the proper officers of
the County are hereby authorized and directed to execute, oil behalf of the
County, the acceptance thereof in the space provided therefor on the Note
Purchase Agreement.
SECTION 6. In compliance with Subsection 218.385(4), Florida Statutes,
as amended, there has been provided to the County, prior to the adoption of this
Resolution, a disclosure statement containing, the information required by
subsections (a) throuf;h (g) of said Subsection 218.385(4). A copy of said
disclosure statement is attached hereto as Exhibit "C".
SECTION 7, The Preliminary Official Statement with respect to the
Series 1986 Notes, in the form attached hereto as Exhibit: "B" (the "Preliminary
Official Statement"), is hereby approved and ratified by the County, and the
County hereby approves and ratifies the use by the Purchasers of the Preliminary
Official Statement in connection with the sale and public re -offering, of the
Series 1986 Notes. The Official Statement with respect to the Series 1986 Notes,
in substantially the form of the Preliminary Official Statement, with such
omissions, insertions and variations as may be necessary and/or desirable and are
approved by the Chairman prior to the execution thereof (the "Official
Statement"), is hereby approved by the County and the proper officers of the
County are hereby authorized to execute said Official Statement, on behalf of the
County, and to Deliver the same to the Purchasers for use by them in connection
with the sale and distribution of the Series 1986 Notes, and the necessity and/or
desirability of any such omissions, insertions and variations as may be reflected
3
•
in such final Official Statement shall be presumed by such execution and
delivery.
SECTION 8. The proper officers of the County are hereby authorized
and directed to execute the Series 1986 Notes, when prepared, by manual or
facsimile signatures, and to deliver the same to the Purchasers upon payment in
full, in immediately available funds, of the purchase price therefor, without
further authority from the Board.
SECTION 9. The proper officers of the County are hereby authorized
and directed to execute and deliver an Investment Certificate with respect to
the Series 1986 Notes, to be effective as of the Dated Date, in order to comply
with certain provisions of the Internal Revenue Code of 1986, as amended. The
Chairman of the Board and the County Attorney for the County are each hereby
designated its agents of the County in connection with execution and delivery of
said Investment Certificate, and are hereby authorized and empowered,
collectively or Individually, to tale all such other and further action and steps
as may be necessary or appropriate to execute and deliver the same. The proper
officers of the County are also hereby authorized and directed to execute and
deliver any and all other instruments, documents or contracts and to take any and
all other actions on behalf of the County as are necessary or desirable in
connection with the execution, issuance and delivery of the Series 1986 Notes and
are not inconsistent: with the terms and provisions of this Resolution, the Note
Resolution and any other actions relating to the Series 1986 Notes heretofore
taken by the County.
SECTION 10. This Resolution shall take effect immediately upon its
adoption.
4
1
The foregoing Resolution was offered by Commissioner -Eggert
who moved its adoption. The motion was seconded by Commissioner
Bowman and, upon being put to a vote, the vote was as follows:
Chairman Don C. Scurlock, Jr. - Aye
Vice Chairman Margaret C. Bowman - Aye
Commissioner Richard N. Bird - Aye
Commissioner Carolyn K. Eggert - Aye
Commissioner Gary C. Wheeler - Aye
The Chairman thereupon declared the Resolution duly passed and adopted
this 8th day of December 1987.
ATTEST:
oFreda Wright
Ex -Officio Cler 4'
CI .
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
Ch9fles P. Vitunac
County Attorney
9
BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA
By
Don C. Scu�r oc�k, Jr.
Chairman
•
D38766
•• .
THE REST OF TEIS
MENT WILL
INDIAN RIVER COUNTY, FLORIDA INCL ED AS A BE
Water and Sewer Revenue Bonds, SEPARATE DOCUMENT
Series 1986, Anticipation Notes
NOTE PURCHASE AGREE
December 8. 1987
Board of County Commissioners
Indian River County, Florida
1840 25th Street
Vero Beach, Florida 32960
Ladies and Gentlemen:
A.C. Edwards & Sons', Inc,and Raymond James &
Associates, Inc. (the "Underwriters") hereby offer to enter into
this Note Purchase Agreement with you, Indian River County,
Florida (the "County"). for the purchase by the Underwriter$. and
sale by the County, of all (but not less than all) of the
Water and Sewer Revenue Bonds, Series 1986, Anticipation No es
(the "Notes"), which Notes shall be as described in Resolution
86-36, adopted by the County on June 18, 1986, as amended and
supplemented by Resolution 87- adopted by the County on
December 8, 1987 (collectively, the "Note Resolution"), and the
Official Statement, delivered in respect of the Notes, dated the
date of this Note Purchase Agreement (the "Official Statement").
Upon acceptance by the County not later than 5:00 p.m., New York
time, on the date hereof, this Note Purchase Agreement shall be
in full force and effect and shall bind the County and the
Underwriters in accordance with its terms.
The Notes are being issued in an a
amount of $9,200.000 in anticipation of the receiptebyrtheiCoal
unty
of the proceeds from the sale of its $9.200,000 Plater and Sewer
Revenue Bonds, Series 1986 (the "Bonds" or "Series 1986 Bonds")
to be issued pursuant to Resolution 86-35 adopted by the County
on June 18, 1986, as amended and supplemented (the "Bond
Resolution") and as an additional series of bonds authorized
pursuant to Resolution 82-61, adopted by the County on July 7.
1982. as amended and supplemented (the "Original Resolution").
The Note Resolution, the Original Resolution and the
Bond Resolution are collectively referred to herein as the
"Resolutions." The Notes are limited obligations of the County,
with principal payable solely from and secured solely by a prior
lien upon and pledge of the proceeds derived from the sale of the
Series 1986 Bonds or the sale of other bond anticipation notes
Ex-Hiai7 "R It
PIIE:LIMINARY OFF
NEW ISSUE
THE REST OF. THIS
DOCUMENT WILL BE
INCLUDED AS A
SEPARATE DOCUIW.M'
Il DECEMBER 3, 1987
RATING: Moody's: _
(see "RATING" herein)
In the opinion of Bond Counsel, assuming car, vith certain covenants to comply with provisions
of the Internal Revenue Code of 1986, as amender -am present federal income taxes under existing
statutes, regulations and decisions, except as set forth under "TAX EXEMPTION" in this Official Statement, • and the Notes and
the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed
by Chapter 220, Florida Statutes, on interest, income, or profits on debt obligations owned by corporations, banks and savings
associations, /See "TAX I,,XEM4V770N" herein for further information.)
Indian River County, Florida
Water and Sewer Revenue Bonds,
Series 1986, Anticipation Notes
Dated: December 1, 1987
Due: December 1, 1990
(Price. _ ___ %, plus accrued interest)
The Water and Sewer Revenue Bonds, Series 1965, Anticipation Notes (the "Notes") are being issued by Indian
River County, Florida (the "County") in fully registered form in denominations of $5,000 and any integral multiple
thereof. Interest on the Notes is payable semiannually on'June I and December 1, commencing June 1. 1988, by check
or draft of Florida National Bank, Jacksonville, Florida, as Paying Agent, made out and mailed to the registered
owner, as shown on the registration books of the County on the fifteenth day next preceding the applicable interest
payment dates and as otherwise described herein. The principal of the Notes will be payable upon presentation and
surrender thereof at the principal corporate trust office of the Paying Agent,
The Notes are subject to redemption at the option of the County prior to maturity as set forth herein.
The Notes are being issued to li) finance, on an interim basis, a portion of the cost of certain additions, extensions
,and improvements to the County's water and sewer system (the "Project"), (ii) pay interest on the Notes to maturity,
:and (iii) pay certain costs incurred in connection with issuance of the Notes.
The Notes are being issued in an aggregate principal amount of $9,200,000 in anticipation of the receipt by the
County of the proceeds from the sale of its $9,200,000 Water and Sewer Revenue Bonds, Series 1986 (the "Series
1986 Bonds" ). The County currently expects that the Series 1986 Bonds will be sold to the United States Department
of Agriculture, Farmers Home Administrat ion pursuant to the laws of the State of Florida and Resolution No. 86-35
duly adopted by the County on June 18, 198(1, as amended and supplemented (the "Bond Resolution"), on or prior
to December 1, 1990- If the County fails to issue the aeries 1986 Bonds or the Series 1986 Bonds are not purchased
by Farmers Home Administration, sufficient funds may not be available to pay the principal of the Notes at maturity.
THE NO'T'ES ARE LIMIT ;) OBLIGATIONS OF INDIAN RIVER COUNTY, FLORIDA. PRINCIPAL OF THE NOTES
IS PAYABLE SOLELY FROM AND SECURED SOLELY BY A PRIOR LIEN UPON AND PLEDGE OF THE PROCEEDS
DERIVED FROM THE SALE'. OF TIfE SERIES 191#1 BONDS OR THE SALE OF OTHER BOND ANTICIPATION NOTES
ISSUED TO EXTEND AND RENEW '1111E INDEBTEDNESS EVIDENCED BY THE NOTES. INTERESTON THE NOTES
IS PAYABLE SOLELY PROM THE PltocE.EDS OF THF. NOTES DEPOSITED IN THF. NOTES PAYMENT ACCOUNT
ESTABLISHED UNDER THE' BOND RESOLUTION. SEE "RISK FACTORS" HEREIN.
NEITHER THE COUNTY, THE: STATE: OF FLORIDA NOR ANY POLITICAL SUBDIVISION THEREOF HAS
PLEDGED ITS FAITH Olt CREDIT Olt TAXING POWER TO THE PAYMENT OF THE NOTES. NO HOLDER OF THE
NOTES SHALI. EVER HAVE. THE: RIGHT TO COMI'EII, THE EXERCISE OF ANY AD VALOREM TAXING POWER OF
THE COUNTY OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN TO PAY THE NOTES OR THE
INTEREST DUE THEREON NOR BE ENTITLED TO PAYMENT OE' THE NOTES FROM ANY FUNDS OF THE COUNTY
EXCEPT AS DESCRIBED HEREIN.
The Notes are offered when, as and if issued and received by the Underwriters, subject to the approval of legality by Rhoads
,z Sinon, Boca Raton, Florida, Bond Counsel to the County, and certain other conditions. Certain legal matters will bepassed upon
for the County by Charles R Vitunac, Esquire, County Attorney, and for the Underwriters by Ballard Spahr, Andrews dl Ingersoll
Washington, D.C., C.'ounsel to the Underwriters. It is expected that the Notes will be available for delivery in New York, New York,
on or about December 17, 1987
(rff E warif s & Ons, Inc Raymond James & Associate'
ssocia t e ' Inc.
cernber , 1987 1 t .
11
,.,A.G FAva 1s ,So� s,1nG _
December F4 1987
County of Indian River, Florida
1840 25th Street
Vero Beach, FL 32960
tun Bank Building—Pelican Bay
801 Laurel Oak Drive, Suite 603
Naples, FL 33963
(813) 598-2405
Re: $9,200,000 Indian River County, Florida__ -L$
Water and Sewer Revenue Bonds, Series 1986,
Anticipation Notes
Ladies and Gentlemen:
In connection with the proposed issue by Indian River
County, Florida (the "County") of $9,200,000 principal amount
of Indian River County, Florida Water and Sewer Revenue
Bonds, Series 1986, Anticipation Notes, (the "Notes")
A. G. Edwards & Sons, Inc. and Raymond James & Associates,
Inc. (the "Underwriters") are to underwrite a public offering
of the Notes. Arrangements for underwriting the Bonds will
include a Note Purchase Agreement between the County and the
Underwriters.
The purpose of this letter is to furnish, pursuant to
the provisions of Section 218.385(4), Florida Statutes, as
amended, certain information in respect of the arrangements
contemplated for the underwriting of the Notes as follows:
(a) The nature and estimated amounts of
expenses to be incurred by the Underwriters in
connection with the purchase and reoffering of the
Notes are set forth in Schedule I attached hereto.
(b) No person has entered into an understandiiig
with the Underwriters or, to the knowledge of the
Underwriters, with the County for any paid or promised
compensation or valuable consideration, directly or
indirectly, expressly or implied, to act solely as an
intermediary between the County and the Underwriters or
to exercise or attempt to exercise any influence to
effect any transaction in the purchase of the Notes.
(c) The underwriting spread (i.e., the' diffe-
rence between the price at which the Notes will be
initially offered to the public by the Underwriters(/00%
of the principal amount) and the price to be paid to
the County for the Notes (31.17n- of the principal
amount), exclusive of accrued interest in both cases)
will be 0.8x5"% of the principal amount of the Notes.
-,4GEaWrds&Sytm Inc
i,vvesrMtrrr a4NXI ;
County of In i.an River, Florida
December 0 1987
Page 2 0
(d) No other fee, bonus or other compensation
is estimated to be paid by the Underwriters connection
with the issuance of the Notes to any person not
regularly employed or retained by the Underwriters,
except as specifically enumerated as expenses to be
incurred by the Underwriters as set forth in paragraph
(a) above.
(e) The name and address of each of the
Underwriters are set forth in Schedule II attached
hereto.
We understand that you do not require any further
disclosure from the Underwriters pursuant to Section
218.385(4), Florida Statutes.
Very truly yours,
A. G. EDWARDS & SONS, INC.
RAYMOND JAMES & ASSOCIATES, INC.
By:
ICr40
EXPENSES RELATING TO:
$9,200,000
INDIAN RIVER C011tiTY, FLORIDA
WATER AND SEWF,R REVENUE BONDS,
SERIES'. 1.986, ANTICIPATION NOTES
fS
C75 RL.
— -_ ----_--_—.--_-. _ i.CAPcl►iMIS&SOILS.AC
1" I SMI NT Utl%AI.S'C.
:;chcadule I
000
f
n
NAMES AND ADDRESSES OF REPRESENTATIVES
A. G. Edwards & eons, Inc.
Sun Bank Building - Pelican Bay
801 Laurel Oak Drive
:suite 605
Naples, Florida 33963-2764
Raymond .lames & Associates, Inc.
880 Carillon Parkway
St. Petersburg, Florida 33733-2749
,SLC F,dwwds & Soni Inc
INYEST.NENT MNIUNG
Schedule II