Resolution 206-1981RESOLUTION NO. 206-1981
A RESOLUTION FIXING THE DATE, MATURITY
SCHEDULE AND REDEMPTION PROVISIONS FOR
$1,910,000 IMPROVEMENT REVENUE BONDS,
SERIES 1981, OF MONROE COUNTY, FLORIDA;
AUTHORIZING THE SALE OF SUCH BONDS AT
PUBLIC SALE; AUTHORIZING THE PREPARATION
OF THE OFFICIAL STATEMENT FOR THE BONDS;
CANCELLING AUTHORIZATION FOR THE ISSUANCE
OF THE BALANCE OF THE BONDS; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, a resolution of the Board of County Commis-
sioners (hereinafter called "Board") of Monroe County, Florida
(hereinafter called "County"), duly adopted on January 27, 1981,
authorized the issuance of not exceeding $2,000,000 Improvement
Revenue Bonds, Series 1981 (hereinafter called "Bonds"), to pro-
vide for the acquisition of certain capital improvements in the
County; and
WHEREAS, the Bonds were validated and confirmed by final
judgment of the Circuit Court, Sixteenth Judicial Circuit, in and
for Monroe County, Florida (hereinafter called "Court"), and the
appeal period has expired; and
WHEREAS, the Board deems it necessary and desirable at
this time to fix the date, maturity schedule and redemption
provisions for $1,910,000 aggregate principal amount of the
Bonds; to offer $1,910,000 aggregate principal amount of the
Bonds for public sale; to authorize the preparation of the offi-
cial statement for $1,910,000 aggregate principal amount of the
Bonds; and to cancel authorization for the issuance of the
balance of the Bonds; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. REMAINING FISCAL DETAILS FOR BONDS. The
date, maturity schedule and redemption provisions for $1,910,000
aggregate principal amount of the Bonds shall be as provided in
the form of official notice of sale set forth in Section 2
hereof.
SECTION 2. OFFICIAL NOTICE OF SALE AND BID FORM. The
Bonds, in the aggregate principal amount of $1,910,000, shall be
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offered at public sale on July 28, 1981, and the County
Administrator is hereby authorized and directed to publish, or
cause to be published, the official or condensed form of notice
of sale in The Daily Bond Buyer, a financial newspaper published
in the Borough of Manhattan, City and State of New York, and/or
in a newspaper of general circulation in the County, one time not
less than 10 days prior to such date of sale. The official
notice of sale and bid form shall be in substantially the
following form:
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OFFICIAL
NOTICE OF SALE
$1,910,000
MONROE COUNTY, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1981
Sealed proposals will be received by the Board of County
Commissioners of Monroe County, Florida (hereinafter called
"Board" and "County," respectively), at its regular place of
meeting at the Plantation Governmental Center, behind the County
Sheriff's Substation, on U.S. 1, Plantation Key, Florida, until
11:00 A.M. EDST on July 28, 1981, for the purchase of all, but
not less than all, of $1,910,000 Improvement Revenue Bonds,
Series 1981, of the County (hereinafter called "Bonds"), dated
July 1, 1981, in the denomination of $5,000 each, numbered con-
secutively from 1 upward, and maturing serially in numerical
order on July 1 in the years and amounts as follows:
YEAR
AMOUNT
YEAR
AMOUNT
1982
$10,000
1997
$ 45,000
1983
10,000
1998
50,000
1984
15,000
1999
55,000
1985
15,000
2000
60,000
1986
15,000
2001
70,000
1987
15,000
2002
75,000
1988
20,000
2003
85,000
1989
20,000
2004
95,000
1990
25,000
2005
105,000
1991
25,000
2006
115,000
1992
30,000
2007
130,000
1993
30,000
2008
145,000
1994
35,000
2009
160,000
1995
35,000
2010
180,000
1996
40,000
2011
200,000
The Bonds maturing in the years 1982 to 1992, both
inclusive, are not subject to redemption prior to their respec-
tive stated dates of maturity. The Bonds maturing in the year
1993 and thereafter shall, at -the option of the County, be
redeemable in whole at any time on or after July 1, 1992, or
in part, in inverse numerical order, on July 1, 1992, or on any
interest payment date thereafter, at a price of par and accrued
interest, plus the following premiums, expressed as percentages
of the par value of the Bonds so redeemed, if redeemed during the
following years:
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Years (Both Years Inclusive)
Premium
1992
to
1993
2 1/2%
1994
to
1995
2%
1996
to
1997
1 1/2%
1998
to
1999
1%
2000
and
thereafter
1/2%
The Bonds shall be issued in coupon form, registrable as
to principal only, and shall be payable with respect to both
principal and semiannual interest (January 1 and July 1) at the
office of a paying agent to be named by the Board prior. to the
delivery of the Bonds.
The Bonds are being issued for the purpose of financing
the cost of the acquisition and/or construction of certain capi-
tal improvements within the County. The Bonds will be payable
solely from and secured by a prior lien upon and a pledge of the
racetrack funds and jai alai fronton funds accruing annually to
the County pursuant to Chapters 550 and 551, Florida Statutes,
and allocated to the Board pursuant to Chapter 19260, Laws of
Florida (1939), together with the earnings on money held in the
Sinking Fund and Reserve Account established for the benefit of
the holders of the Bonds. The Bonds have been validated by final
judgment of the Circuit Court for Monroe County, Florida, and the
appeal period has expired.
Bidders may specify rates of interest in multiples of
1/8 or 1/20 of 1% per annum with the same single coupon rate for
any one maturity. Interest becoming due on an interest payment
date must be evidenced by a single coupon. A rate of interest
based upon the use of split rate or supplemental coupons will not
be considered.
MGIC Indemnity Corporation (hereinafter called "MGIC
Indemnity") has issued a commitment for municipal bond insurance
covering the Bonds. The premium for such insurance shall be paid
by the County out of the proceeds of the sale of the Bonds. All
bids must be conditioned upon the issuance, effective as of the
date on which the Bonds are issued, of a policy of insurance by
MGIC Indemnity guaranteeing the payment of the principal of and
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interest on the Bonds. Each Bond will bear a legend referring to
the insurance. The purchaser, holder, or -owner of the Bonds is
not authorized to make any statement regarding the insurance -
beyond those set out here and in the Bond legend.
No bid for less than all of the Bonds offered, or for
less than 97% of the par value 'thereof, will be considered. No
bid will be considered which requires the payment of both the
principal of andinterest on the Bonds in any maturity year
ending on July 1, to exceed $223,250. Award of the.Bonds will be
made to the bidder whose bid offers the lowest true interest cost
to the County, such lowest true interest cost to be determined by
doubling the semiannual interest rate (compounded semiannually)
necessary to discount the debt service payments on the Bonds from
the payment dates to July 1, 1981, and to the price bid, not
including interest accrued to the date of delivery of the Bonds.
Award of the Bonds will be made on the same day bids are received.
Except as otherwise provided herein, each bid submitted
must be unconditional, on a form furnished by the Board and in a
sealed envelope addressed to the Board and marked "Bid for
$1,910,000 Monroe County, Florida, Improvement Revenue Bonds,
Series 1981," and must be accompanied by a certified or bank
cashier's or bank treasurer's check for $38,200 drawn upon an
incorporated bank or trust company to the order of the County as
a good faith deposit to guarantee performance of the bid. No
interest will be paid on any good faith check. The checks of the
unsuccessful bidders will be returned upon award of the Bonds.
The check of the successful bidder will be retained and applied
towards the purchase price of the Bonds pending full performance
of the successful bidder, or will be forfeited to the County and
applied as full liquidated 'damages upon failure of the successful
bidder to take up and pay for the Bonds. If the Bonds are not
delivered to the successful bidder within 60 days from the date
of sale, without fault upon the part of the successful bidder,
such successful bidder shall not thereafter be obligated to take
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delivery of and pay for the Bonds and the good faith check will
be promptly returned to the successful bidder.
It is anticipated that CUSIP identification numbers will
be printed on the Bonds, but neither the failure to print such
numbers on any Bond nor any error with respect thereto shall
constitute cause for a failure or refusal by the purchaser
thereto to accept delivery of and pay for the Bonds in accordance
with the terms of this Official Notice of Sale.
Delivery of and payment for the Bonds in definitive form
will be made against payment within approximately 30 days from
the sale date in New York, New York, or such other place mutually
agreed upon between the purchaser and the County. Payment of the
balance of the purchase price, plus accrued interest, shall be
made to the County at the closing, in New York City clearinghouse
funds or bank cashier's check, without cost to the County. The
approving opinion of Freeman, Richardson, Watson & Kelly, P.A.,
Jacksonville, Florida, will be furnished without charge to the
purchaser at the time of delivery. There will also be furnished
the usual closing papers, including a certificate stating that
there is no litigation pending or threatened affecting the vali-
dity of the Bonds, and a certificate concerning the Official
Statement stating that the Official Statement does not contain an
untrue statement of a material fact or omit to state a material
fact which should be included therein to make the statements con-
tained therein, not misleading.
The County reserves the right to reject any and all
bids, to waive any informality in any bid, to take any action
adjourning or postponing the sale of the Bonds or to take any
other action the Board may deem to be in the best interest of the
County.
Copies of the Official Statement, Official Bid Form and
other information may be obtained from Mr. E. R. Wulbern, William
R. Hough & Co., 1340 Atlantic Bank Building, Jacksonville,
Florida 32202, (904) 355-6691.
MONROE COUNTY, FLORIDA
KERMIT H. LEWIN, County Administrator
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OFFICIAL
BID FORM
$1,910,000
MONROE COUNTY, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1981
Board of County Commissioners of
Monroe County, Florida
Plantation Governmental Center
Plantation Key, Florida
Gentlemen:
July 28, 1981
Subject to the provisions and in accordance with the
terms of the attached Official Notice of Sale, which is hereby
made a part of this proposal, we offer to pay
Dollars ($
) plus accrued
interest on the Bonds from July 1, 1981, to the date of delivery,
for $1,910,000 par value Improvement Revenue Bonds, Series 1981,
dated July 1, 1981, described in such Official Notice of Sale,
maturing on July 1 in the following years and amounts, and
bearing interest at the following rates per annum:
INTEREST
INTEREST
YEAR
AMOUNT RATE
YEAR
AMOUNT RATE
1982
$10,000 $
1997
$ 45,000 %
1983
10,000
1998
50,000
1984
15,000
1999
55,000
1985
15,000
2000
60,000
1986
15,000
2001
70,000
1987
15,000
2002
75,000
1988
20,000
2003
85,000
1989
20,000
2004
95,000
1990
25,000
2005
105,000
1991
25,000
2006
115,000
1992
30,000
2007
130,000
1993
30,000
2008
145,000
1994
35,000
2009
160,000
1995
35,000
2010
180,000
1996
40,000
2011
200,000
This proposal is subject
to the
condition subsequent of
the issuance by MGIC Indemnity Corporation, on the date of deli-
very of the Bonds, of a municipal bond insurance policy guaran-
teeing the payment of the principal of and interest on the Bonds.
At the time of delivery of the Bonds, the County shall
furnish to us, free of charge, the unqualified opinion of
Freeman, Richardson, Watson & Kelly, P.A., of Jacksonville,
ff-Im
Florida, approving the legality of the Bonds, together with the
usual closing papers.
We enclose herewith a certified or bank cashier's or
bank treasurer's check payable to the order of Monroe County,
Florida, in the amount of $38,200 which check is to be held and
applied in accordance with the provisions of the Official Notice
of Sale.
(NOTE: Not a part of the proposal)
Purchase Price Bid $
True Interest Cost* $
True Interest Cost
Rate* %
(to 4 decimal places)
Public Reoffering Yield to
Maturity %
(to 4 decimal places)
(No alterations are to be made in
this bid except those additions
provided for above)
Computed in accordance with Official
Notice of Sale
Respectfully submitted,
The above good faith check
in the amount of $38,200
has been returned and receipt
thereof is duly acknowlddged.
By
SECTION 3. CONDENSED NOTICE OF SALE. The condensed
notice of sale shall be in substantially the following form:
NOTICE OF SALE
$1,910,000
MONROE COUNTY, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1981
Sealed proposals will be received by the Board of County
Commissioners of Monroe County, Florida, at its regular place of
meeting at the Plantation Governmental Center, behind the County
Sheriff's Substation, on U.S. 1, Plantation Key, Florida, until
11:00 A.M. EDST on July 28, 1981, for the purchase of all, but
not less than all, of $1,910,000 Improvement Revenue Bonds,
Series 1981, of the County (hereinafter called "Bonds"), dated
July 1, 1981, with semiannual interest payable January 1 and July
1. The Bonds will be coupon bonds, in the denomination of $5,000
each, registrable as to principal only, and will mature serially
in numerical order on July 1 in the years and amounts as follows:
YEAR
AMOUNT
YEAR
AMOUNT
1982
$10,000
1997
$ 45,000
1983
10,000
1998
50,000
1984
15,000
1999
55,000
1985
15,000
2000
60,000
1986
15,000
2001
70,000
1987
15,000
2002
75,000
1988
20,000
2003
85,000
1989
20,000
2004
95,000
1990
25,000
2005
105,000
1991
25,000
2006
115,000
1992
30,000
2007
130,000
1993
30,000
2008
145,000
1994
35,000
2009
160,000
1995
35,000
2010
180,000
1996
40,000
2011
200,000
The Bonds will be payable solely from and secured by a
prior lien upon and pledge of the racetrack and jai alai fronton
funds accruing annually to the County pursuant to Chapters 550
and 551, Florids Statutes, and allocated to the Board pursuant to
Chapter 19260, Laws of Florida (1939), together with the earnings
on money held in the Sinking Fund and Reserve Account established
for the benefit of the holders of the Bonds.
The successful. bidder will be furnished the unqualified
approving opinion of Freeman, Richardson, Watson & Kelly P.A.,
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Jacksonville, Florida.
Copies of the Official Statement, Official Notice of
Sale, Official Bid Form, and other information may be obtained
from Mr. E. R. Wulbern, William R. Hough & Co., 1340 Atlantic
Bank Building, Jacksonville, Florida 32202, (904) 355-6691.
MONROE COUNTY, FLORIDA
KERMIT H. LEWIN, County Administrator
SECTION 4. OFFICIAL STATEMENT. The proper officers or
agents of the Board or of the County are hereby authorized and
directed to prepare, or cause to be prepared, and execute the
Official statement for the Bonds without further authorization
from this Board.
SECTION 5. CANCELLATION OF BALANCE OF BONDS. The
authorization for the issuance of the $90,000 balance of the
Bonds is hereby cancelled and rescinded.
SECTION 6. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
(Seal)
Attest:
BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA
By
May airman w
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