HomeMy WebLinkAbout2026-035RESOLUTION NO. 26- 035
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA PROVIDING CONSENT TO THE FLORIDA
DEVELOPMENT FINANCE CORPORATION TO THE
ISSUANCE OF REVENUE BONDS ON BEHALF OF
COASTAL WASTE & RECYCLING, INC. AND/OR
CERTAIN AFFILIATES, SUBSIDIARIES OR RELATED
ENTITIES; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
INDIAN RIVER COUNTY, FLORIDA (THE "BOARD"):
WHEREAS, the Florida Development Finance Corporation (the "Issuer") was created by
the Florida Development Finance Corporation Act, Chapter 288, Part VIII, Florida Statutes (the
"Act"), which provides, in part, that the Issuer may issue bonds to finance and refinance projects
for the benefit of Florida businesses to enhance the economic development of the State of Florida
(the "State"), provided that the Issuer has entered into an interlocal agreement with the local
governmental agency in which the project will be located; and
WHEREAS, the Issuer and. the Board have previously entered into a joinder to interlocal
agreement, as amended (the "Interlocal Agreement") pursuant to the Act and the Florida Interlocal
Cooperation Act of 1969, as amended, which Interlocal Agreement remains in full force and effect,
to permit the Issuer to issue revenue bonds to finance and refinance projects located within the
jurisdictional limits of Indian River County, Florida (the "County"), subject to the Board's
reserved right to consent to each such project; and
WHEREAS, Coastal Waste & Recycling, Inc. and/or one or more of its affiliates,
subsidiaries or related entities (collectively, the "Borrower") has requested the issuance of the
Issuer's revenue bonds in the amount of up to $250,000,000 (the "Bonds"), to directly or indirectly
finance, refinance or reimburse, the eligible costs of the design, development, acquisition,
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RESOLUTION NO. 26- 0 3 5
construction, installation, and equipping of certain solid waste disposal facilities (collectively, the
"Project") located throughout the State of Florida; and
WHEREAS, a portion of the Project to be financed with the proceeds of the Bonds is or
will be located in the County (the "Indian River County Facilities"); and
WHEREAS, the Borrower and the Issuer have requested that the Board consent to the
Issuer's issuance of the Bonds, a portion of which are expected to be used to finance or refinance
all or a portion of the costs of the Indian River County Facilities, in compliance with the provisions
of the Interlocal Agreement; and
WHEREAS, as a result of the anticipated economic benefits associated with the Indian
River County Facilities, the issuance of the Bonds for the purposes of financing and refinancing
the Indian River County Facilities is deemed to be in the best interests of the citizens of the County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Indian River County, Florida as follows:
Section 1. Recitals. The foregoing recitals are true and correct and are hereby
incorporated herein by reference.
Section 2. Consent to Issuance of the Bonds. Based upon the foregoing, and pursuant
to the terms of the Interlocal Agreement, the Board hereby consents to the issuance by the Issuer
of the Bonds for the purposes of, among other things, financing or refinancing the Indian River
County Facilities.
Section 3. Limitation. The County shall have no responsibility with respect to the
repayment of the Bonds. The Bonds and the interest thereon shall not constitute an indebtedness
or pledge of the general credit or taxing power of the County but shall be payable solely from the
revenues pledged therefore pursuant to financing agreements entered into by and among the Issuer
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RESOLUTION NO. 26- 035
and the Borrower and/or parties other than the County prior to or contemporaneously with the
issuance of the Bonds.
The approval given herein shall not be construed as (a) an endorsement of the
creditworthiness of the Borrower or the financial viability of the Project or the Indian River County
Facilities, (b) a recommendation to any prospective purchaser of the Bonds, (c) an evaluation of
the likelihood of the repayment of the debt service on the Bonds, or (d) an approval of any
necessary rezoning applications nor for any other regulatory permits relating to the Indian River
County Facilities or the Project and the County shall not be construed by reason of its adoption of
this Resolution to have made any such endorsement, finding or recommendation or to have waived
any of the County's rights or estopping the County from asserting any rights or responsibilities it
may have in that regard.
Section 4. Repealing Clause. All restrictions or resolutions or portions thereof in
conflict herewith are, to the extent of such conflict, hereby superseded and repealed.
Section 5. Effective Date. This Resolution shall take effect immediately upon its
adoption.
This Resolution was moved for adoption by Commissioner josenh F. Fl PcchPx and the
motion was seconded by Commissioner Susan Adams , and, upon being put to a vote, the
vote was as follows:
Chairman Deryl Loar
AYE
Vice Chairman Laura Moss AYE
Commissioner Susan Adams AYE
Commissioner Joseph H. Earman AYE
Commissioner Joseph E. Flescher AVE
RESOLUTION NO. 26- 035
The Chairman thereupon declared this Resolution duly passed and adopted this 5th day
of May 2026.
Attest: Ryan L. Butler, Clerk of Court
and Comptroller
By: 2w M)Md&�2 —
Deputy
Approved as to form and
legal sufficiency
By
:21
W . s
gfifer . Shuler, County Attorney
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BOARD OF COUNTY CON MISSIQ.[E]
INDIAN RIVER COUNTY, FF�s
Deryl Loar, Chairman