HomeMy WebLinkAbout04-031RESOLU'r~ON NO. 04-31
A RESOLUTION AUTHORIZING AND EMPOWERING ST.
LUCIE COUNTY TO ESTABLISH AN ACCOUNT WITH
MORGAN STANLEY AS DESCRIBED IN THE MORGAN
STANLEY CORPORATE ACCOUNT AGREEMENT; TN ORDER
TO CONSTRUCT AN EC~UESTRIAN CENTER TO BE
LOCATED AT THE ST. LUCIE COUNTY FAIRGROUNDS;
AND THAT ADAM5 RANCH, LTD. WILL DONATE TO THE
COUNTY $350,000.00 PAYABLE OVER 15 YEARS TN
LAWFUL MONEY OF THE UNITED STATE5
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has mode
the following determinations:
1. St. Lucie County is proposing to construct on Equestrian Center to be located at the
St. Lucie County Fairgrounds and has solicited donations from private parties to help fund
construction of the Center.
2. The construction of the Equestrian Center will serve o public purpose and will
benefit the citizens of St. Lucie County.
3. Adams Ranch, Ltd. has agreed to donate Three Hundred Fifty Thousand and 00/:[00
($350,000.00) Dollars payable over fifteen (15) years in the form of lawful money of the
United 5totes of America.
4. This Board desires to accept the commitment by Adams Ranch, Ltd.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St.
Lucie County, Florida:
t. St. Lucie County is authorized and empowered to open o Securities Account with
Morgan Stanley os described in the Morgan Stanley Corporate Account Agreement.
2. The Securities Account shall be a Cash Account or o Margin Account for the
purpose of purchasing, selling (including short sales), transferring, exchanging, pledging, and
generally dealing in any and all forms of securities and financial instruments of every kind or
nature whatsoever. All orders and instructions written or oral, relating to the Securities
Account shall be given to Morgan Stanley by one of the individuals designed under the heading
"Authorized ];ndividuols', and each of them individually is hereby authorized and directed to
purchase and/or sell and/or deal in any and all securities and financial instruments for St.
Lucie County, including the power to deliver, accept delivery of, pledge, endorse, and direct
the transfer of record title of any assets beneficially owned by St. Lucia County, without
obligation on the part of Morgan Stanley to inquire into the reasons for said orders or
instructions.
3. Morgan Stanley may deal with any of the Authorized individuals os though Morgan
Stanley were dealing with St. Lucie County directly.
4. Each of the Authorized individuals is authorized and directed to execute and deliver
to Morgan Stanley on behalf of St. Lucie County any and all agreements, documents, contracts,
and other writings that Morgan Stanley may require.
5. The Clerk of the Circuit Court ("Clerk") (or other duly designated officer) of St.
Lucie County is hereby authorized, empowered and directed to certify, under the seal of St.
Lucie County, or otherwise to Morgan Stanley:
(a) A true copy of this Resolution.
(b) Specimen signatures of each and every individual empowered by this resolution.
(c)
A certificate (which, if Morgan Stanley requires shall be supported by an
opinion of the County Attorney of St. bucie County, or other counsel
satisfactory to Morgan Stanley) that St. Lucie County is duly organized and
existing, that the l~oard of County Commissioners empowers it to transact the
business contemplated in this resolution, and that no limitation has been
imposed upon such powers by constitution, statute, court order, regulation, or
otherwise.
6. Morgan Stanley may rely upon any certification given in accordance with this
resolution as continuing fully effective unless and until Morgan Stanley shall receive due
written notice of an amendment, modification or rescission of such resolution or certification.
Further that Morgan Stanley shall not be liable for any action taken or not taken upon
instruction of any Authorized individual prior to Morgan Stanley's actual receipt of written
notice of the termination or impairment of such person's authority. The failure to supply any
specimen signature or any other documentation shall not invalidate any transaction which is
in accordance with authority actually granted.
7. In the event of any change in the office or powers of persons hereby empowered,
the Clerk (or other duly designated officer) shall certify such changes to Morgan Stanley, in
writing which certification, when Morgan Stanley receives it, shall terminate the powers of
the persons previously authorized and empower the persons thereby substituted.
After motion ond second the vote on this resolution wos os follows:
Chairman Paula A. Lewis
Vice Chairman ~Tohn b. Bruhn
Commissioner Fronnie Hutchinson
Commissioner Doug Coward
Commissioner Cliff Barnes
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PASSED AND DULY ADOPTED this (::)th day of ,Tonuory, 2004.
ATTEST:
BOARD OF COUNTY COMMT55TONER5
ST. LUCZE COUNTY, FLOR]:DA
APPROVED A5 TO LEGAL FORM AND
COR'J~ECTNES5:
COUNTY