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RESOLUTION NO. 05-040
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE EXTENSION OF
THE MATURITY DATE OF THE COUNTY'S IMPROVEMENT REVENUE
NOTE, SERIES 2004 (LAND ACQUISITION), DA TED MAY 5, 2005;
AUTHORIZING FURTHER ACTION IN CONNECTION THEREWITH,
INCLUDING AMENDMENT OF THE LOAN AGREEMENT BETWEEN
THE COUNTY AND SUNTRUST BANK; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE
COUNTY, FLORIDA:
Section 1. Authority for this Resolution. This resolution is adopted pursuant to the
provisions of Chapter 125, Part I, Florida Statutes, as amended, Ordinance No. 87-77 of the Board,
as amended, and other applicable provisions oflaw (the "Act").
Section 2. Findings. It is hereby found, declared, and determined by the Board of County
Commissioners (the "Board") ofSt. Lucie County, Florida (the "County"), as follows:
(A) The County, pursuant to Resolution No. 04-134, adopted by the Board on April 13,
2004, entered into a Loan Agreement with Sun Trust Bank (the "Bank"), dated May 5, 2004 (the
"Loan Agreement"). Pursuant to the Loan Agreement, the Bank loaned funds to the County in the
form of a line of credit in an amount not to exceed $10,000,000 (the "Loan"), to acquire land for a
new research and education center within the County and the County delivered a promissory note
("Note") to the Bank as evidence thereof.
(B) The Board finds it necessary and desirable and in the best interest of the health,
safety and welfare of the inhabitants of the County to extend the maturity of the Note to June 1,
2005, and the Bank has agreed such extension.
Section 3. Amendments to Loan Agreement.
The proper officers of the County are hereby authorized to execute such amendments to the
Loan Agreement as shall be necessary so that:
(A) The maturity date of the Loan is hereby amended to be June 1,2005.
(B) All references to the maturity date of February 1,2005 in the Loan Agreement and the
Note are hereby amended to be June 1,2005.
Section 4. Remaining Provisions Unaffected. The remaining provisions of the Loan
Agreement and the Note shall remain in full force and effect.
Section 5. Severability. If anyone or more of the covenants, agreements, or provisions of
this resolution should be held contrary to any express provision of law or contrary to the policy of
express law, though not expressly prohibited, or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements, or provisions shall be null and void
and shall be deemed separate from the remaining covenants, agreements or provisions hereof, and in
no way affect the validity of all other provisions of the Loan Agreement or this resolution.
Section 6. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 18th day of January, 2005, at a regular meeting duly called and
held.
ST. LUCIE COUNTY, FLORIDA
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By:
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