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Home My WebLink About2000-249September 1, 2000 County Commission Indian River County, Florida Vero Beach, Florida The Bank of New York Jacksonville, Florida 1 i uf% �06N,O a X49 CFIMMY PLATA 135 WEST 020um. BIND SurrE1230 ()1OANDo, F[DKn)A 32801 'MEPiKwE: (407)4267081 FAcsWE:(407)4267262 PunsE REPLY To: ROBF�(TC. RM TAIIAHAS4E OF1gCR B0BREK)@BWHAW.00M Re: Defeasance of $3,505,000 Principal Amount of the Indian River County, Florida Refunding Revenue Bonds, Series 1992 Ladies and Gentlemen: We are acting as bond counsel for Indian River County, Florida (the "County") in connection with the defeasance by the County of $3,505,000 in principal amount of its Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds"). The Series 1992 Bonds were issued pursuant the Constitution and laws of the State of Florida, Chapter 125, Florida Statutes, and other applicable provisions of law, and Resolution No. 92-216 adopted by the County Commission on November 24, 1992, as amended and supplemented (the "Resolution"). The County is defeasing the outstanding principal amount $3,505,000 of the Series 1992 Bonds by depositing with The Bank of New York, as escrow agent (the "Escrow Agent") the sum of $3,529,365.93 on September 1, 2000, for deposit into the Escrow Account created pursuant to that certain Escrow Deposit Agreement dated as of September 1, 2000 (the "Escrow Deposit Agreement"), between the County and the Escrow Agent. BR`'ANT, MILLER AND OLIVE, P.A. TAMPA NATIONSBANK PLATA 101 EAST KENNEDY BLVD TFBIEXCMANCIRBIB1DM SurrK 2100 201 SOUTH MONROE STREET, SUITE 500 TAMPA, FLORIDA 33602 TELKPRONE: (813) 273-6677 TALLAHASSEE, FLORIDA 32301 FACSIMILK: (813)223-2705 TFjmtwE:(85M222-8611 FACMMT-(850)22ZSW An.ArrrA 430MARCIATE ATLANG, ()EDROIA 30328 Tt2Fn [ors: (770) 395~7700 FAc mmE:(770)3996462 September 1, 2000 County Commission Indian River County, Florida Vero Beach, Florida The Bank of New York Jacksonville, Florida 1 i uf% �06N,O a X49 CFIMMY PLATA 135 WEST 020um. BIND SurrE1230 ()1OANDo, F[DKn)A 32801 'MEPiKwE: (407)4267081 FAcsWE:(407)4267262 PunsE REPLY To: ROBF�(TC. RM TAIIAHAS4E OF1gCR B0BREK)@BWHAW.00M Re: Defeasance of $3,505,000 Principal Amount of the Indian River County, Florida Refunding Revenue Bonds, Series 1992 Ladies and Gentlemen: We are acting as bond counsel for Indian River County, Florida (the "County") in connection with the defeasance by the County of $3,505,000 in principal amount of its Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds"). The Series 1992 Bonds were issued pursuant the Constitution and laws of the State of Florida, Chapter 125, Florida Statutes, and other applicable provisions of law, and Resolution No. 92-216 adopted by the County Commission on November 24, 1992, as amended and supplemented (the "Resolution"). The County is defeasing the outstanding principal amount $3,505,000 of the Series 1992 Bonds by depositing with The Bank of New York, as escrow agent (the "Escrow Agent") the sum of $3,529,365.93 on September 1, 2000, for deposit into the Escrow Account created pursuant to that certain Escrow Deposit Agreement dated as of September 1, 2000 (the "Escrow Deposit Agreement"), between the County and the Escrow Agent. i 40 01-6— _CLJ Indian River County The Bank of New York September 1, 2000 Page 2 We are of the opinion that the holders of the Series 1992 Bonds, currently outstanding in the aggregate principal amount of $3,505,000 and as further identified in the Escrow Deposit Agreement, have no further pledge of and lien on the Pledged Revenues under the Resolution, other than the right to receive payment from the Escrow Account created for such purpose and that the Series 1992 Bonds being defeased pursuant to the Escrow Deposit Agreement have been legally defeased in accordance with the Resolution. In rendering this opinion we have relied on the report prepared by Causey Demgen & Moore Inc., Certified Public Accountants, verifying the arithmetical accuracy of certain computations, and have assumed the enforceability of the Escrow Deposit Agreement. As used herein, the term "Pledged Revenues" shall have the meaning set forth in the Resolution. Any capitalized terms not defined herein shall have the meaning set forth in the Resolution. Yours truly, BRYANT, MILLER AND OLIVE, P.A. 40 40 RESOLUTION NO. 2000- 086_ � A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA PROVIDING FOR THE DEFEASANCE OF THE OUTSTANDING INDIAN RIVER COUNTY, FLORIDA REFUNDING REVENUE BONDS, SERIES 1992; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BETWEEN THE COUNTY AND THE ESCROW HOLDER; APPOINTING AN ESCROW HOLDER; AUTHORIZING OTHER REQUIRED ACTIONS; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION I . AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Chapter 125, Florida Statutes, County Home Rule Ordinance No.477-19, enacted August 3, 1977 and effective August 9, 1977, as amended, and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby found and determined that: A. Pursuant to Resolution No. 92-216 adopted by the County Commission on November 24, 1992 (the "1992 Bond Resolution, together with the 1985 Bond Resolution, the "Bond Resolution"), the County has previously issued and sold its Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds"). B. The County has determined that it has sufficient available funds, together with funds on deposit in the funds and accounts securing the Series 1992 Bonds to use to defease all of the outstanding Series 1992 Bonds and to pay the costs of such defeasance. SECTION 3. AUTHORIZATION OF DEFEASANCE, There is hereby authorized the defeasance all of the Series 1992 Bonds set forth in Exhibit A hereto on the respective call date set forth on Exhibit A hereto, and the payment of all costs associated therewith. SECTION 4. APPROVAL OF THE ESCROW DEPOSIT AGREEMENT, The Escrow Deposit Agreement in substantially the form attached hereto as Exhibit B is hereby approved and the Chairman or Vice -Chairman and the Clerk are hereby authorized and directed to execute and deliver the Escrow Deposit Agreement on behalf of and in the name of the County, with such additional changes, insertions and omissions therein as may be otherwise made and approved by said officers of the County executing the same, such execution to be conclusive evidence of such approval. STATE OF FLORIDA ,NDIAN RIVER COUNTY :HIS IS TO CERTIFY THAT THIS IS _.-,.c_i COPY OF ?IAL CN FI:C IN THIS OFFICE. E7Y�-rFREY K. TON, CLERK cLcu DATE / J -00 40 40 RESOLUTION NO. 2000-086 SECTION S. APPOINTMENT OF THE ESCROW HOLDER. The County Finance Director is hereby authorized to select and appoint the entity to serve as Escrow I lolder under the Escrow Deposit Agreement. SECTION 6. GENERAL AUTHORITY. The Chairman or Vice -Chairman, the County Administrator, the County Attorney, the Clerk and any other proper officials of the County are hereby auinonzed to do all acts and things required of them by this Resolution, tilt Bond Resolution, the Escrow Deposit Agreement or that may otherwise be desirable or consistent with accomplishing the full, punctual and complete performance of all the terms, covenants and agreements contained in any of the foregoing and the County is hereby authorized and directed to execute and deliver any and all papers and instruments and to cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated thereby. SECTION 7. SEVERABILITY AND INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, but not expressly prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shalhbe null and void and shall he deemed separable fmm die remaining coven -111S. alRY111� I1IS OI' p1U\ ISI,lI1S an t Shall 111 IIJ effect the validity of the other provisions hereof or of the Bonds. SECTION 9. EFFECTIVE DATE. This Resolution shall be effective immediately upon its adoption. 6 RESOLUTION NO. 2000-O86 Adopted this 15th day of August Attest: APPROVED AS TO FORM AND LEGAL SUFFICIENCY Co y Au •ney .97 BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA Fran B. Adams As: Chairman