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Home My WebLink About05-119 RESOLUTION NO. 05-119 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, AUTHORIZING THE REFUNDING OF THE COUNTY'S OUTSTANDING IMPROVEMENT REVENUE NOTE, SERIES 2004 (LAND ACQUISITION); AUTHORIZING THE ACQUISITION OF CERTAIN LANDS FOR COUNTY PURPOSES WITHIN THE COUNTY; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $13,000,000 SALES TAX REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 2005, OF THE COUNTY TO FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT OF THE BONDS FROM CERTAIN PLEDGED REVENUES AS PROVIDED HEREIN; NAMING THE UNDERWRITER FOR THE BONDS; AUTHORIZING THE APPROPRIATE OFFICERS OF THE COUNTY TO DEVELOP NECESSARY DOCUMENTS THEREFOR; 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, Florida Statutes, Ordinance No. 87-77 of the County, and other applicable provisions of law, and Resolution No. 03-163 of the Board of County Commissioners (the "Board") of the County, adopted on July 15, 2003 (the "Original Resolution"). Section 2. Findings. It is hereby ascertained, detennined and declared that: (A) It is necessary and desirable and in the best interests of the health, safety and welfare of the County and its inhabitants that the County refund (the "Refunding") its outstanding Improvemenl Revenue Note, Series 2004 (Land Acquisition), dated May 5, 2004, in the principal amount of $10,000,000 (the "Refunded Nole"), and finance the acquisition of certain parcels of lands within the County to be used for County purposes (the "Project"). The County is authorized pursuant to the provisions of the Act to undertake the Refunding and the Project. (B) It is necessary and desirable and in the best interesls of the County that it borrow the moneys necessary to accomplish the cost of the Refunding and the Project through the issuance of its Sales Tax Refunding and Improvement Revenue Bonds, Series 2005 (the "Series 2005 Bonds"), in an aggregate principal amount not to exceed $13,000,000. The County is authorized pursuant to the provisions of the Act to issue the Series 2005 Bonds to provide the necessary monies to pay the costs of the Refunding and the Project. (C) The principal of, premium, if any, and interest on the Series 2005 Bonds and all required sinking fund, reserve and other payments therefore will be secured solely by a lien upon and pledge of (i) the proceeds of the Local Govemment Half-Cent Sales Tax Revenues when, as and if distributed to the County pursuant to Chapter 218, Part VI, Florida Statutes, (ii) the moneys on deposit in certain funds and accounts established pursuant to a supplemental resolution (the "Supplemental Resolution"), and (iii) certain investment earnings (collectively, the "Pledged Revenues"). The lien on and pledge of the Pledged Revenues to the payment of the Series 2005 Bonds will be on a parity with the County's outstanding Sales Tax Refunding and Improvement Revenue Bonds, Series 2003, dated July 15, 2003 (the "Outstanding Parity Bonds"). The County shall never be required to levy ad valorem taxes on any property therein to pay the principal of, premium, if any, and interest on the Series 2005 Bonds, or to make any sinking fund or other payments with respect thereto. The Series 2005 Bonds and the premium, if any, and interest thereon shall not constitute a lien on any properties owned by or located within lhe boundaries of the County, but shall be secured solely by a lien upon and pledge of the Pledged Revenues in the manner provided herein and in the Supplemental Resolution. (D) The Pledged Revenues are not pledged or encumbered to pay any debts or obligations of the County other than the Outstanding Parity Bonds. The County is authorized pursuant to the provisions of the Act and the Original Resolution to pledge the Pledged Revenues to secure the payment of the Series 2005 Bonds. (E) It is necessary and desirable to authorize the County Administrator, with the assistance of the County's Financial Advisor, RBC Dain Rauscher Inc., The County's Bond and Disclosure Counsel, Bryanl Miller and Olive P.A., and the County Attorney, to prepare an application for the issuance of a policy of municipal bond insurance and a debt service reserve fund surety bond in connection with the proposed issuance of the Series 2005 Bonds in order to reduce the borrowing cost 10 the County. (F) A negotiated sale of the Series 2005 Bonds to the underwriter named herein is in the best interest of the County and is found to be necessary due to the volalility of interest rates so that the County may achieve better market timing and lower interest rates on the Series 2005 Bonds. (G) In order to enable the underwriters for the Series 2005 Bonds 10 comply with Rule l5c2-12 under the Securities Exchange Act of 1934, as amended (the "Rule"), in connection with the offering and sale of the Series 2005 Bonds, it is necessary that the County's Preliminary Official Statement with respect to the Series 2005 Bonds be "deemed final" (except for pennitted omissions) by a representative ofthe County. Section 3. Anthorization of Refunding and Project. The Refunding and the Project are hereby authorized. Section 4. Authorization of Series 2005 Bonds. The issuance by the County of not exceeding $13,000,000 Sales Tax Refunding and Improvement Revenue Bonds, Series 2005, for the purpose of paying a portion of the cost of the Refunding and the Project is hereby authorized. The Series 2005 Bonds and the premium, if any, and interest thereon will be secured solely by a lien upon and pledge of the Pledged Revenues. The Board will, prior to the sale of the Series 2005 Bonds, adopt a resolution supplemental to this resolution, setting forth additional details of the Series 2005 Bonds (or delegating the authority to detennine such additional details) and specifically authorizing the sale and delivery of the Series 2005 Bonds. { 15000100/00006466. DOCv I ) 2 Section 5. Authorization to Apply for Insurance Commitments and/or Ratings and Take Other Action. The County Administrator, in consultation with and upon the advice of the County's Financial Advisor, the County's Bond Counsel, and the County Attorney is authorized to proceed to draft and develop, or cause to be drafted and developed, all documents, including a Preliminary Official Statement, necessary to facilitate the obtaining of a commitment for a policy of bond insurance and a debt service reserve fund surety bond with respect to the Series 2005 Bonds, and to proceed to apply for such commitments without further authorization rrom the Board. The County Administrator, upon the advice ofthe County's Financial Advisor, lhe County's Bond and Disclosure Counsel, and County Attorney, is hereby authorized to certifY or otherwise represent when a Preliminary Official Statement shall be "deemed final" by the County as of its date (except for permitted omissions), in accordance with Rule l5c2-l2 promulgated by the Securities and Exchange Commission (the "Rule"). Section 6. Appointment of Underwriter. Bear Stearns & Co. Inc. is hereby named as Senior Managing Underwriler for the Series 2005 Bonds. Section 7. Continuing Disclosure Agreement. The County will execute and deliver to the Underwriter a Continuing Disclosure Agreement satisfying the requirements of SEC Rule l5c2-12 at or prior to the time of sale of the Series 2005 Bonds. Section 8. Repeal of Inconsistent Instruments. All resolutions of the County or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 9. Effective Date. This resolution shall take effect immediately upon its adoption. (15000100100006466.DOCvl} 3 Passed and Adopted this 22nd day of March 2005, at a regular meeting duly called and held. ST. LUCIE COUNTY, FLORIDA / , i,- )n/ \ --Ä . '-,,--~~_._- , By;-<t.-- ,(s/J/d,·Y(" {~\/ Iwt-l;;f:t¡",.;.:;'» Lß~-'/: Chair, Board ofC~JUnty ; Commissioners ' ki' / '¿ . // .-? ' Y' ./. "-- r- Þi' c.-<..--å-~D k of the Circuit Court, ex-officio Clerk ofthe Board APPROVED AS TO FORM AND CORRECTNESS: } /1/2 ~¿l<r County Attorney 115000100100006466.DOCvll 4