HomeMy WebLinkAbout05-095
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RESOLUTION NO. 05-095
A RESOLUTION RATIFYING THE EXECUTION AND
DELIVERY OF A REVISED COMMITMENT LETTER WITH
RESPECT TO THE COUNTY IMPROVEMENT REVENUE
NOTE, SERIES 2004, SECOND INSTALLMENT (NORTH
COUNTY UTILITIES PROJECT); 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, Florida Statutes, and other applicable provisions of law.
SECTION 2. Findings. It is hereby found, determined and declared by the Board of
County Commissioners (oard of St. Lucie County, Florida ("County"), as follows:
A. The County has heretofore pursuant to Resolution No. 04-157, adopted May
25, 2004, as amended and supplemented by Resolution No. 04-180, adopted June 15,
2004 (collectively, the "Resolution") approved a commitment letter dated June 3, 2004
("Original Commitment"), as supplemented by a supplemental commitment letter
("Supplemental Commitment"), from Wachovia Bank, N.A. ("Bank"), for a loan of
$2,377,500 ("Second Installment Loan") to finance utility projects in the County, and
authorized the execution and delivery of a Loan Agreement and First Supplement to Loan
Agreement (collectively the "Loan Agreement") and promissory note ("Second Installment
Note") by the County to the Bank to evidence its obligation to repay the Loan.
B. The Bank has submitted a revised Supplemental Commitment Letter
("Revised Supplemental Commitment") and, together with the Original Commitment, (the
"Commitment"), with respect to the Second Installment Loan, and it is necessary and
desirable that the County ratify the execution and delivery of the Supplemental
Commitment Letter to the Bank.
C. The County Financial Advisor, RBC Dain Rauscher, Inc., has advised the
County that the terms and conditions of the Revised Supplemental Commitment are
favorable to the County and recommended the approval of the Revised Supplemental
Commitment.
SECTION 3. Ratification of Revised Supplemental Commitment. The provisions of the
Revised Supplemental Commitment, in substantially the form attached hereto as Exhibit A,
are hereby approved, and the execution of the Revised Supplemental Commitment by the
proper officers of the County and the delivery of the Revised Supplemental Commitment to
the Bank are hereby ratified and confirmed and adopted as the official action of the
Cou nty.
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SECTION 4. Effective Date. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this 1st day of March 2005.
(SEAL)
ATTEST:
ST. LUCIE COUNTY, FLORIDA
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APPROVED FOR FORM AND
CORRèpTNESS
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Daniel S. Mcintyre
County Attorney