Resolution 228-1981
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RESOLUTION NO. 228-1981
A RESOLUTION AWARDING $1,855,000 IMPROVEMENT
REVENUE BONDS, SERIES 1981, OF MONROE COUNTY,
FLORIDA, AT NEGOTIATED SALE; CANCELLING
AUTHORIZATION FOR THE ISSUANCE OF THE BALANCE
OF THE BONDS; ADJUSTING THE MATURITY SCHEDULE
FOR THE BONDS TO REFLECT THE AMOUNT SOLD;
FIXING THE PAYING AGENT FOR THE BONDS; APPROV-
ING THE FORM OF OFFICIAL STATEMENT FOR THE
BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners (hereinafter
called "Board") of Monroe County, Florida (hereinafter called
"County"), on July 28, 1981, offered $1,910,000 Improvement
Revenue Bonds, Series 1981 (hereinafter called "Bonds"), of the
County for public sale, but received only one nonconforming bid
therefor, which was rejected; and
WHEREAS, the Board deems it to be in the best financial
interest of the County that the Board accept a proposal by
Merrill Lynch White Weld Capital Markets Group (hereinafter
called "Purchaser"), St. Petersburg, Florida, to purchase
$1,855,000 aggregate principal amount of the Bonds at negotiated
sale, at a price of $1,799,350, plus accrued interest, maturing
and bearing interest as hereinafter provided; and
WHEREAS, the Purchaser has previously filed with the
Board, the disclosure statement required by S218.385(6), Fla.
Stat. (Supp. 1980); and
WHEREAS, it is necessary and desirable to adjust the
maturity schedule for the Bonds in order to reflect the reduced
aggregate principal amount being sold, to cancel authorization
for the issuance of the balance of the Bonds, to fix the paying
agent for the Bonds, and to approve the Official Statement for
the Bonds; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, that:
SECTION 1. AWARD OF BONDS AT NEGOTIATED SALE. The
Bonds, in the aggregate principal amount of $1,855,000, are
hereby awarded and sold to the Purchaser at negotiated sale, at a
price of $1,799,350, plus accrued interest, maturing in the years
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and amounts and bearing interest as follows:
INTEREST INTEREST
YEAR AMOUNT RATE YEAR AMOUNT RATE
1982 $10,000 8.75% 1997 $ 45,000 10.85%
1983 10,000 9.00 1998 50,000 11. 00
1984 15,000 9.15 1999 55,000 11.15
1985 15,000 9.30 2000 60,000 11. 30
1986 15,000 9.40 2001 65,000 11. 40
1987 15,000 9.50 2002 75,000 11.50
1988 20,000 9.60 2003 80,000 11.60
1989 20,000 9.70 2004 90,000 11. 70
1990 20,000 9.80 2005 100,000 11.70
1991 25,000 9.90 2006 115,000 11.70
1992 25,000 10.00 2007 125,000 11.70
1993 30,000 10.15 2008 140,000 11. 70
1994 30,000 10.30 2009 160,000 11.70
1995 35,000 10.50 2010 175,000 11.70
1996 40,000 10.70 2011 195,000 11. 70
SECTION 2. ADJUSTMENT OF MATURITY SCHEDULE. The
maturity schedule for the Bonds, as set forth in Resolution No.
206-1981 of the Board, is hereby adjusted as provided in Section
1 hereof, in order to reflect the reduced aggregate principal
amount of Bonds being sold.
SECTION 3. CANCELLATION OF BALANCE OF BONDS.
Authorization for the issuance of the $55,000 balance of the
Bonds is hereby cancelled and rescinded.
SECTION 4. APPROVAL OF OFFICIAL STATEMENT. The form
and dissemination of the Official Statement with respect to and
in connection with the marketing of the Bonds are hereby
approved.
SECTION 5. PAYING AGENT. The paying agent for the
Bonds shall be Florida National Bank of Miami, Miami, Florida.
SECTION 6. REPEAL OF INCONSISTENT PROVISIONS. All
resolutions or parts thereof in conflict herewith are hereby
repealed to the extent of such conflict.
SECTION 7. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
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Passed and adopted by the Board of County Comrnissioners of
Monroe County, Florida, at a regular meeting of said Board held on the
28th
day of
July
, 1981.
BOARD OF COUNTY COMMISSIONERS
OF H ~ j COUMTY,,-.FLO.R.,I,Dl~r.~:.~..,;,.;;.-~...
(Seal)
Attes t: R'", ~ U,~,~" H,~ ~W.:;'F.'!. r C"'l' lr'RJK'"
" I" ,: k'" '. \ ' ',' ",," '" , "' . ,
W'fl.;' W~. ~~~Jdd.~ ' Lb
1\-1~ 1)\ p~ ,Dc
Clerk
APPROVED AS TO FORM
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BY --'..AI" - (l,.1 ..
Auorn6'l" OfficII
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