HomeMy WebLinkAbout2000-251r,
ESCROW DEPOSIT AGREEiNENT
THIS ESCROW DEPOSIT AGREEMENT, dated as of September 1, 2000, by and between
INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), and THE BANK OF NEW YORK, a state
banking association duiy organized and existing under the laws of tite State of New York, as Escrow
Folder and its successors and assigns (the "Escrow Holder");
WITNESSETH:
WI-IEREAS, the Issuer has previously authorized and issued obligations, hereinafter defined
as "1992 Defeased Bonds", as to which the Total Debt Service (as hereinafter defined) is set forth
on Schedule A; and
WHEREAS, the Issuer has determined to provide for payment of the Total Debt Service of
the Defeased Bonds by depositing with the Escrow Holder an amount which together with investment
earnings thereon is at least equal to such 'notal Debt Service; and
WHEREAS, the execution of this Escrow Deposit Agreement and full performance of the
provisions hereof shall defease and discharge the Issuer from the aforestated obligations;
NOW, TI-IEREFORE, in consideration of the mutual covenants and agreements herein
contained, the Issuer and the Escrow Holder agree as follows:
SECTION 1. DEFINITIONS. As used herein, the following terms mean:
(a) "Agreement" means this Escrow Deposit Agreement.
(b) "Annual Debt Service" means the interest and principal on the Defeased Bonds coming
due in such year as shown on Schedule A attached hereto and made a part hereof
(c) "Call hate" means the respective maturity date of the 1992 Defeased Bonds maturing
September 1, 2001 through 2005.
(d) "Escrow Account" means the account hereby created and entitled 'Escrow Account
established and held by the Escrow Holder pursuant to this Agreement, in which cash and investments
will be held for payment of the principal of and accrued interest on the Defeased Bonds as they
become due and payable.
(e) "Escrow Holder" means The Hank of New York, Jacksonville, Florida, and its successors
and assigns.
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(f) "Escrow Requirement" means, as of any date of calculation, the sum of an amount in cash
and principal amount of Federal Securities in the Escrow Account which together with the interest
to become due on the Federal Securities will be sufficient to pay the Total Debt Service on the
Defeased Bonds in accordance with Schedule A.
(g) "Federal Securities" means any bonds or other obligations which as to principal and
interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of
America, none of which permit redemption at the option of the United States of America prior to the
dates on which such Federal Securities shall be applied pursuant to this Agreement. The term
"Federal Securities" shall not include money market funds invested in obligations described in this
definition.
(h) "Issuer" means Indian River County, Florida, and its successors and assigns
0) "Bond Resolution" means Resolution No, 85-75 adopted on July 10, 1985, as amended,
supplemented and restated by Resolution No. 85-125, adopted on October 23, 1985, as amended and
supplemented (collectively, the 1985 Bond Resolution") and Resolution No. 92-216 adopted on
November 24, 1992 (the "1992 Bond Resolution," together with the 1985 Bond Resolution, the
"Bond. Resolution").
0) "Defeasance Resolution" means Resolution No. 2000-086, adopted August 15, 2000,
authorizing defeasance of the Defeased Bonds.
(k) "Defeased Bonds" means the Indian River County, Florida Refunding Revenue Bonds,
Series 1992 to be defeased as identified on Schedule A attached hereto.
(1) "Total Debt Service" means the sum of the principal, premium and interest remaining
unpaid with respect to the Defeased Bonds in accordance with Schedule A attached hereto.
SECTION 2. DEPOSIT OF FUNDS. The Issuer hereby deposits $3,529,365.93 with the
Escrow Holder for deposit into the Escrow Account, in immediately available funds, which funds the
Escrow Holder acknowledges receipt of, to be held in irrevocable escrow by the Escrow Holder
separate and apart from other funds of the Escrow Holder and applied solely as provided in this
Agreement. The Issuer represents that such funds are at least equal to the Escrow Requirement as
of the date of such deposit.
SECTION 3. USE AND INVESTMENT OF FUNDS. The Escrow Holder acknowledges
receipt of the sum described in Section 2 and agrees:
(a) to hold the funds and investments purchased pursuant to this Agreement in irrevocable
escrow during the terra of this Agreement for the sole benefit of the holders of the Defeased Bonds;
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(b) to immediately invest $3,529,356.00 of such funds in the Federal Securities set forth on
Schedule B attached hereto and to hold such securities and $9.93 of such funds in cash in accordance
with the terms of this Agreement;
(c) in the event the securities described on Schedule B cannot be purchased, substitute
securities may be purchased with the consent of the Issuer but only upon receipt of verification from
an independent certified public accountant that the cash and securities deposited will not be less than
the Escrow Requirement and only upon receipt of an opinion of Bryant, Miller and Olive, P.A., that
such securities constitute Federal Securities for purposes of this Agreement;
(d) there will be no investment of funds except as set forth in this Section 3 and except
as set forth in Section 5.
SECTION d. PAYMENTOF BONDS AND EXPENSES.
(a) Defea d Bonds. On the dates and in the amounts set forth on Schedule A, the Escrow
Holder shall transfer to The Bank of New York, New York, New York, the Paying Agent For the
Defeased Bonds (the "Paying Agent"), in immediately available funds solely from amounts available
in the Escrow Account, a sum sufficient to pay that portion of the Annual Debt Service for the
Defeased Bonds coining due on such dates, as shown on Schedule A.
(b) Sim. After making the payments from the Escrow Account described in Subsection
4(a) above, the Escrow Holder shall retain in the Escrow Account any remaining cash in the Escrow
Account in excess of the Escrow Requirement until the termination of this Agreement, and shall then
pay any remaining funds to the Issuer.
(c) Priority of Payments. The holders of the Defeased Bonds shall have an express first
priority security interest in the funds and Federal Securities in the Escrow Account until such funds
and Federal Securities are used and applied as provided in this Agreement.
SECTION 5. REINVESTMENT.
(a) Except as provided in Section 3 and in this Section, the Escrow Holder shall have no
power or duty to invest any funds held under this Agreement or to sell, transfer or otherwise dispose
of or make substitutions of the Federal Securities held hereunder.
(b) At the written request of the Issuer and upon compliance with the conditions hereinafter
stated, the Escrow [-folder shall sell, transfer or otherwise dispose of any of the Federal Securities
acquired hereunder and shall substitute other Federal Securities and reinvest any excess receipts in
Federal Securities. The Issuer will not request the Escrow Holder to exercise any of the powers
described in the preceding sentence in any manner which, will cause interest on the Bonds to be
included in the gross income of the holders thereof for purposes of Federal income taxation. The
transactions may be effected only if (i) an independent certified public accountant selected by the.
Issuer shall certify or opine in writing to the Issuer and the Escrow Holder that the cash and principal
amount of Federal Securities remaining on hand after the transactions are completed will be not less
than the Escrow Requirement, and (ii) the Escrow Holder shall receive an opinion from a nationally
recognized bond counsel acceptable to the Issuer to the effect that the transactions, in and by
themselves will not cause interest on such Bonds to be included in the gross income of the holders
thereof for purposes of Federal income taxation and such substitution is in compliance with this
Agreement. Subsection 4(c) above notwithstanding, cash in excess of the Escrow Requirement
caused by substitution of Federal Securities shall, as soon as practical be paid to the Issuer.
SECTION 6. REDEMPTION OR ACCELERATION OF MATURITY. Except for the
redemption set forth in Schedule A hereto the Issuer will not accelerate the maturity of, or exercise
any option to redeem before maturity, any Defeased Bonds.
SECTION 7, INDEMNITY. To the extent permitted by law, the Issuer hereby assumes
liability for, and hereby agrees to indemnify, protect, save and keep harmless the Escrow Holder and
its respective successors, assigns, agents and servants, from and against any and all liabilities,
obligations, losses, damages, penalties, claims, actions, suits, costs, expenses and disbursements
(including reasonable legal fees and disbursements) of whatsoever kind and nature which may be
imposed on, incurred by, or asserted against at any time, the Escrow Holder (whether or not also
indemnified against the same by the Issuer or any other person under any other agreement or
instrument) and in any way relating to or arising out of the execution and delivery of this Agreement,
the establishment of the Escrow Account established hereunder, the acceptance of the funds and
securities deposited therein, the purchase of the Federal Securities, the retention of the Federal
Securities or the proceeds thereof and any payment, transfer or other application of funds or securities
by the Escrow Holder in accordance with the provisions of this Agreement; provided, however, that
the Issuer shall not be required to indemnify the Escrow (-folder against its own negligence or willful
misconduct. In no event shall the Issuer be liable to any person by reason of the transactions
contemplated hereby other than to the Escrow Holder as set forth in this Section. The indemnities
contained in this Section shall survive the termination of this Agreement. Tile Escrow Holder shall
not be liable for any deficiencies in the amounts necessary to pay the Escrow Requirement.
Furthermore, the Escrow I -folder shall not be liable for the accuracy of the calculation as to the
sufficiency of moneys and the principal amount of Federal Securities and the earnings thereon to pay
the Escrow Requirement.
SECTION 8. RESPONSIBILITIES OF ESCROW HOLi1ER. The Escrow Holder and
its respective successors, assigns, agents and servants shall not be held to any personal liability
whatsoever, in tort, contract, or otherwise, in connection with the execution and delivery of this
Agreement, the establishment of the Escrow Account, the acceptance of the funds deposited therein,
the purchase of the Federal Securities, the retention of the Federal Securities or the proceeds thereof
or for any payment, transfer or other application of moneys or securities by the Escrow Holder in
accordance with the provisions of this Agreement or by reason of any non -negligent or non -willful
act, omission or error of the Escrow Holder made in good faith in the conduct of its duties. The
Escrow Holder shall, however, be responsible for its negligent or willful failure to coratply with its
duties required hereunder, and its negligent or willful acts, omissions or errors hereunder. The duties
and obligations ofthe Escrow Holder may be determined by the express provisions of this Agreement.
The Escrow Holder may consult with counsel, who may or may not be counsel to the Issuer, at the
Issuer's expense and in reliance upon the opinion of such counsel shall have full and complete
authorization and protection in respect of any action taken, suffered or omitted by it in good faith in
accordance therewith. Whenever the Escrow Holder shall deem it necessary or desirable that a matter
be proved or established prior to taking, suffering; or omitting any action under this Agreement, such
matter may be deemed to be conclusively established by a certificate signed by an authorized officer
of the Issuer.
SECTION 9. RESIGNATION OF ESCROW HOLDER. The Escrow Holder may resign
and thereby become discharged from the duties and obligations hereby created, by notice in writing
given to the Issuer, any rating agency then providing a rating on either the Defeased Bonds or the
Bonds, and the Paying Agent for the Defeased Bonds not less than sixty (GO) days before such
resignation shall take effect. Such resignation shall not take effect until the appointment of a new
Escrow Holder hereunder
SECTION 10, REMOVAL OF ESCROW HOLDER.
(a) The Escrow Holder may be removed at any time by an instrument or concurrent
instruments in writing, executed by the holders of not less than fitly -one percentum (51%a) in
aggregate principal amount of the Defeased Bonds then outstanding, such instruments to be filed with
the issuer, and notice in writing given by such holders to the original purchaser or purchasers of the
Bonds and published by the Issuer once in a newspaper of general circulation in the territorial limits
of the Issuer, and in a daily newspaper or financial journal of general circulation in the City of New
York, New York, not less than sixty (60) days before such removal is to take effect as stated in said
instrument or instruments. A photographic copy of any instrument filed with the Issuer under the
provisions of this paragraph shall be delivered by the Issuer to the Escrow Holder.
(b) The Escrow Holder may also be removed at any time for any breach of trust or for acting
or proceeding in violation of, or for failing to act or proceed in accordance with, any provisions of
this Agreement with respect to the duties arid obligations of the Escrow Holder by any court of
competent jurisdiction upon the application of the Issuer or the holders of not less than five
percentum (51/16) in aggregate principal amount of the Bonds then outstanding, or the holders of not
less than five percentum (5%) in aggregate principal amotnt of the Defeased Bonds then outstanding;.
(c) The Escrow Molder may riot be removed until a successor Escrow Holder has been
appointed in the manner set forth herein.
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SECTION 11. SUCCESSOR ESCROW HOLDER.
(a) If at any time hereafter the Escrow bolder shall resign, be removed, be dissolved or
otherwise become incapable of acting, or shall be taken over by any governmental official, agency,
department or board, the position of Escrow Holder Shall thereupon become vacant. If the position
of Escrow Halder shall become vacant for any of the foregoing reasons or for any other reason, the
Issuer shall appoint an Escrow Holder to fill such vacancy. The Issuer shall either (i) publish notice
of any such appointment made by it once in each week for four (4) successive weeks in a newspaper
of general circulation published in the territorial limits of the Issuer and in a daily newspaper or
financial journal of general circulation in the City of New fork, New York, or (ii) mail a notice of
any such appointment made by it to the Holders of the Defeased Bonds within thirty (30) days after
such appointment.
(b) At any time within one year after such vacancy shall have occurred, the holders of a
majority in principal amount of the Bonds then outstanding or a majority ill principal amount of the
Defeased Bonds then outstanding, by art instrument or concurrent instruments in writing, executed
by either group of such bondholders and filed with the governing body of the Issuer, may appoint a
successor Escrow Holder, which shall supersede any Escrow Holder theretofore appointed by the
Issuer. Photographic copies of each such instrument shall be delivered promptly by the Issuer, to the
predecessor Escrow Holder and to the Escrow Holder so appointed by the bondholders. In the case
of conflicting appointments made by the bondholders under this paragraph, the first effective
appointment made during the one year period shall govern.
(c) If no appointment of a successor Escrow Holder shall be made pursuant to the foregoing
provisions of this Section, the holder of any Defeased Bonds then outstanding, or any retiring Escrow
Holder may apply to any court of competent jurisdiction to appoint a successor Escrow Holder. Such
court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint
a successor Escrow Holder.
(d) Any corporation or association into which the Escrow Holder may be converted or
merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust
business and assets as a whole or substantially as a whole, or any corporation or association resulting
from any such conversion, sale, merger, consolidation or transfer to which it is a party, ipso facto,
shall be and become successor Escrow Holder hereunder and vested with all the trust, powers,
discretions, immunities, privileges and all other matters as was its predecessor, without the execution
or filing of any instrument or any further act, deed or conveyance on the part of any parties hereto,
anything herein to the contrary notwithstanding, provided such successor shall have reported total
capital and surplus in excess of $50,000,000, provided that such successor Escrow Holder assume
in writing all the trust, duties and responsibilities of the Escrow Holder hereunder.
SECTION 12, PAYMENT TO ESCROW HOLDER. The Escrow Holder hereby
acknowledges that it has agreed to accept compensation under the Agreement in the sum of
$2,500.00, payable up front, for services to be performed by the Escrow Holder pursuant to this
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Agreement, out-of-pocket expenses and legal expenses to be reimbursed at cost from legally available
funds of the Issuer. The Escrow Halder shall have no lien or claim against funds in the Escrow
Account for payment of obligations due it under this Section.
SECTION 13. TERM. This Agreement shall commence upon its execution and delivery
and shall terminate when the Defeased Bonds have been paid and discharged in accordance with the
proceedings authorizing the Defeased Bonds, except as provided in Section 7.
SECTION 14. SEVERABILITY. If any one or more of the covenants or agreements
provided in this Agreement on the part of the Issuer or the Escrow Holder to be performed should
be determined by a court of competent jurisdiction to be contrary to law, notice of such event shall
be sent to Moody's Investors Service and Standard & Poor's at the address set forth in Section 15,
but such covenant or agreements herein contained shall be null and void and shall in no way affect
the validity of the remaining provisions of this Agreement,
SECTION 15. AMENDMEN'T'S TO THIS AGREEMENT. This Agreement is made for
the benefit of the Issuer and the holders from time to time of the Defeased Bonds and the Bonds and
it shall not be repealed, revoked, altered or amended in whole or in part without the written consent
of all affected holders, the Escrow Holder and the Issuer; provided, however, that the Issuer and the
Escrow Holder may, without the consent of, or notice to, such holders, enter into such agreements
supplemental to this Agreement as shall not adversely affect the rights of such holders and as shall
not be inconsistent with the terms and provisions of this Agreement, for any one or more of the
following purposes--
(a)
urposes`
(a) to cure any ambiguity or formal defect or omission in this Agreement
(b) to grant to, or confer upon, the Escrow Holder, For the benefit of the holders of the
Bonds and the Defeased Bonds any additional rights, remedies, powers or authority that may lawfully
be granted to, or conferred upon, such holders or the Escrow Holder; and
(c) to subject to this Agreement additional funds, securities or properties.
The Escrow Holder shall, at its option, be entitled to request at the Issuer's expense and rely
exclusively upon an opinion of nationally recognized attorneys on the subject of municipal bonds
acceptable to the Issuer with respect to compliance with this Section, including the extent, if any, to
which any change, modification, addition or elimination affects the rights of the holders of the
Defeased Bonds or that any instrument executed hereunder complies with the conditions and
provisions of this Section. Prior written notice of such amendments, together with proposed copies
of such amendments shall be provided to Moody's Investors Service, Inc., Public Finance Rating
Desk/Defeased Bonds, 99 Church Street, New York, New York 10007 and Standard & Poor's,
Rating Services/Defeased Bonds, 25 Broadway, New York, New York 10004-1064.
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SECTION 16. COUNTERPARTS. This Agreement may be executed in several
counterparts, all or any of which shall be regarded for all purposes as one original and shall constitute
and be but one and the same instrument.
SECTION 17. GOVERNING LAW. This Agreement shall be construed under the laws
of the State of Florida.
[This space intentionally left blank]
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IN WMESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers and their corporate seals to be hereunto affixed andattested as of the date first
above written.
INDIAN RIVER COUNTY, FLORIDA
(SEAL) By GLS" 6 OA9,�
Chairman
o n 4Clc;t��4
I
Approved as to. form and
correctness:
County Att ey
THE BAND OF NEW YORK, Escrow Holder
(SEAT.)
By—
Title:
y_Title:
- I
SC14EDULE A
TOTAL DEBT SERVICE
FOR
INDIAN RIVER COUNTY, FLORIDA
REFUNDING REVENUE BONDS
SERIES 1992
To be Defeased
Period
interest
in
Pringipal
Rate
Intere
Total
03/01/2001
$97,235.00
$ 97,235.00
09/01/2001
$630,000.00
5.20%
97,235-00
727,235.00
0310112002
80,855.00
80,855.00
09101/2002
660,000.00
5.30
80,855.00
740,855.00
03/0113003
63,365.00
63,365.00
09/0113003
595,000.00
5.60
63,365.00
758,365.00
03101/2004
43,905.00
43,905.00
09101/2004
740,000.00
5.70
43,905.00
783,905.00
03/01/2005
22,815.00
22,81.5.00
09/01/2005
780.000.00
5.85
22,815-00
802 815 00
Total
$3,505,000.00
$616,350.00
$4,121,350.00
C]
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SCHEDULE B
SCHEDULE OF FEDERAL SECURITIES
INOIAA RIVER COUNTY, FLORIDA
RMWING REVERE eat,ns
SERIES 1992
DESCRIPTION OF TIIE ESCRUD SECURITIES
AS OF SEPTEHOER 1. 2000
FAR
SETTLMT
HATURM
TYPE
DATE
OATS
SLGS
...................
01•Sep-20DO
01 -Har -201
SLG5
01 -Sep -2000
01 -Sep -2001
SLGS
01 -Sep -2000
01 -Sep -2002
SLGS
01-Sep•2000
O1•?iar-2003
SLGS
01-Sep•2000
01-Sep•2003
SLGS
01.5ep-20U0
01 -Mar -2604
SLGS
01 -Sep -2000
01-Sep•2'Q04
SWS
01-Sep•2000
01 -Mar -2005
SLGS
01 -Sep -2000
01 -Sep -2005
FAR
COUPON
TOTAL
NOW
RATE
PRICE
COST
..............................
$16.114.00
................
6.319X
100.000900%
. ..........
$16.114.00
€09,380.00
6.150
100.00000"
699.390,00
660.239.40
6.1401
100.000000%
660.239.00
3.018.00
6.11OX
190.000000t
3.018.00
698,110.00
6.0701
100.000090%
698.110.00
4,038.00
6.0401
100.000000.1
4.838.Q0
744.984.00
6.006t
100.000000%
744.984.00
6.243.00
5.970%
100.000000.1
6.243.00
796,430.00
4.167%
100.000000%
786.430.00
53.524.356.00
$3.529.356.00
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RESOLUTION NO, 2000 086 y9 9
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 BOLDER; 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 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant
to the provisions of Chapter 125, Florida Statutes, County Home Rule Ordinance No. ;7-19, 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 Comity Itas previously issued and sold its Refunding Revenue Bonds. Series
�j 1992 (the "Series 1992 Bonds").
l� 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 def"ease all of the
outstanding Series 1992 Bonds and to pay tine costs of such dcfeasancc.
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 casts associated therewith.
SECTION A. APPROVAL OFTI IE ESCROW DEPOSIT AGREEMENT. The Escrow Deposit
Agreement in substantially the form attached hereto as Exhibit B is hereby approved and the Chairman cir
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
;"DIAN RIVER COUNTY
,;IS IS T^ `:?.;FY 114AT THIS IS
7 _::?Y OF
THIS
.:FFICL.
v 0N. CLERK
C.
DATE b -00
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RESOLUTION N0. 2000-086
SECTION 5. APPOINTMENT OF THE ESCROW I ]OLDER. The County ]'mance Director
is hereby authorized to select and appoint the entity to serve as Escrow bolder under the Escrow Deposit
Agreement.
SECTION 6. GENERAL AUTIMITY. The Chairman or Vice -Chairman, the County
Administrator, the County Attorney. the Clerk and any other proper officials of the County are hereby
authonzed to do all acts and things required of them by this Resolution, the Bond Resolution, the Escrow
Deposit Agreement or that may otherwise be desirable or consistent with accomplishing tate full, punctual
and complete perfotanance 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. [f 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 late, but not expressly prohibited or against public policy, or shall ror
any reason whatsoever be held invalid, then such covenants, agreements or provisions shalhbc null and void
and ihal[ he deemed se,p„vahle faint the remainin, CO%cn:rnrs. k%!TX atrrnts Or I+nit i..<i.ur+.uM 1h.111 Irl ua %%J%
effect the validity of the other provisions hereoror of the Bonds.
SECTION 9. EFFECTIVE DATE, This Resolution shall he cffective immediately upon its
adoption,
RESOLUTION NO. 2000-086
Adopted thisi 5th day of August 2000.
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
By: qz!,qanL-- 18 QkA6:!-'t0
Fran B. Adams
As: Chairinan
Attest:
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
Couf4y Auckney
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