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Home My WebLink About05-347 RESOLUTION NO. 05-347 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE BORROWING OF NOT EXCEEDING $43,000,000 TO PROVIDE FINANCING OR REFINANCING FOR THE ACQUISITION AND CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS TO PUBLIC BUILDINGS, ROADS AND PARKS WITHIN THE COUNTY; PROVIDING FOR THE ISSUANCE OF IMPROVEMENT REVENUE BONDS, SERIES 2005A (P ARK IMPACT FEES PROJECTS), IMPROVEMENT REVENUE BONDS, SERIES 2005B (PUBLIC BUILDINGS IMPACT FEES PROJECTS), AND IMPROVEMENT REVENUE BONDS, SERIES 2005C (ROAD IMPACT FEES PROJECTS), AS EVIDENCE OF THE COUNTY'S OBLIGATION TO REPAY SUCH BORROWING; PROVIDING AS SECURITY FOR THE PAYMENT OF SUCH BONDS A LIEN UPON AND PLEDGE OF CERTAIN IMPACT FEES; ADDITIONALLY PROVIDING FOR A COVENANT TO BUDGET AND APPROPRIATE FROM LEGALLY AVAILABLE NON-AD VALOREM REVENUES OF THE COUNTY AS ADDITIONAL SECURITY FOR SUCH BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF NECESSARY DOCUMENTS AND AUTHORIZING FURTHER OFFICIAL ACTION IN CONNECTION WITH THE DELIVERY OF SUCH BONDS; 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 the Act, hereinafter defined. Section 2. Definitions. The following terms shall have the following meanings when used in this resolution unless the context clearly requires otherwise. Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Loan Agreement. "Act" means Chapter 125, Part I, Florida Statutes, as amended, Ordinance No. 87-77, as amended, Ordinance No. 85-10, enacted November 12, 1985, as amended, Ordinance No. 95-023, enacted September 19, 1995, as amended, Ordinance No. 95-041, enacted September 1, 1995, as amended of the Board, as amended, and other applicable provisions of law. "Board" means the Board of County Commissioners, as the governing body of the County. I {5000/99/00030755.DOCv6 } "Bond Service Requirement" shall mean, for any series of Bonds in any bond year, the amount required to pay interest, prepayment premium, if any and principal in such bond year. "Bonds" means, collectively, the Park Bonds, the Public Buildings Bonds and the Road Bonds, authorized hereby. "Chairman" means the Chairman of the Board, or in the Chairman's absence, the Vice Chairman. "Clerk" means the Clerk of the Circuit Court of St. Lucie County, Florida, or, in the Clerk's absence, any Deputy Clerk. "County" means St. Lucie County, Florida, a political subdivision of the State of Florida. "County Administrator" means the County Administrator of the County. "Covenant" means a covenant to budget and appropriate from Non-Ad Valorem Revenues the moneys necessary to supplement the Impact Fees to pay the principal of and interest on the Bonds when due. "Expansion Portion" shall mean the portion of a project intended to increase the capacity of the applicable facilities of the County to serve development which will pay the impact fees as opposed to replacing or upgrading existing facilities in a manner that does not provide additional capacity, as reasonably determined by the County. "Impact Fees" means, collectively, the Parks Impact Fees, the Public Buildings Impact Fees, and the Road Impact Fees. "Non-Ad Valorem Revenues" mean all or any specified portion of the revenues of the County derived from sources other than ad valorem taxation and legally available to pay principal of and interest on the Bonds. "Parks Impact Bonds" means the Improvement Revenue Bonds, Series 2005A (Park Impact Fees Project) issued to finance or refinance the Expansion Portion of Parks Projects and secured by Parks Impact Fees and a Covenant. "Parks Impact Fees" means the County's impact fees levied and collected pursuant to Ordinance No. 95-023, enacted September 19, 1995, as subsequently amended. "Parks Projects" means the acquisition and construction of additions, extensions and improvements to the County's Parks, as more particularly described in Ordinance No. 95-023, enacted September 19, 1995, as subsequently amended. 2 {5000/99/000307 55 .DOCv6} "Paying Agent" means the Clerk of the Circuit Court of the County or such bank or trust company as shall be designated by subsequent resolution of the Board. "Project" means, collectively, the Parks Projects, the Public Buildings Projects and the Roads Projects, as the case may be. "Project Costs" means all or a portion of the cost of undertaking the Project including, but not limited to: engineering, legal, accounting, and financial expenses; expenses for estimates of costs and of revenues; expenses for plans, specifications and surveys; fees of fiscal agents, financial advisors or consultants; administrative expenses relating solely to the Project; reimbursement to the County for any sums heretofore expended for the foregoing purposes to the extent permitted under the Code; and such other costs and expenses as may be necessary or incidental to the financing and refinancing of the Project. "Public Buildings Impact Bonds" means the Improvement Revenue Bonds, Series 2005B (Public Buildings Impact Fees Project) issued to finance or refinance the Expansion Portion of Public Buildings Projects and secured by Public Buildings Impact Fees and a Covenant. "Public Buildings Impact Fees" means the County's impact fees levied and collected pursuant to Ordinance No. 95-041, enacted September I, 1995, as subsequently amended. "Public Buildings Projects" means the acquisition and construction of additions, extensions and improvements to the County's Public Buildings and all costs incidental thereto, as more particularly described in Ordinance No. 95-041, enacted September I, 1995, as subsequently amended. "Roads Impact Bonds" means the Improvement Revenue Bonds, Series 2005C (Roads Impact Fees Project) issued to finance or refinance the Expansion Portion of Roads Projects and secured by Roads Impact Fees and a Covenant. "Roads Impact Fees" means the County's impact fees levied and collected pursuant to Ordinance No. 85-10, enacted November 12,1985, as subsequently amended. "Roads Projects" means the acquisition and construction of additions, extensions and improvements to the County's Roads and all costs incidental thereto, as more particularly described in Ordinance No. 85-10, enacted November 12, 1985, as subsequently amended. "Revenues" means all moneys received by the County from the levy and collection of the Impact Fees. "Series 2005 Project" means, collectively, the Public Buildings Projects, the Roads Projects, and the Parks Projects, and all costs incidental thereto, more particularly described in Exhibit A 3 {5000/99/00030755.DOCv6 } hereto and in the plans related thereto on file with the County Administrator; provided that the Board shall have the right to modify the facilities described in Exhibit A in its sole discretion. "Supplemental Resolution" means a resolution supplemental to this resolution setting forth the fiscal and other details of the Bonds. Section 3. Findings. It is hereby found, declared, and determined by the Board: (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 undertake the Series 2005 Project. The County is authorized pursuant to the provisions of the Act to undertake the Series 2005 Project. (B) The County is without adequate, currently available funds to pay Project Costs of the Series 2005 Project, and it is necessary and desirable and in the best interests of the County that it borrow the moneys necessary for the Series 2005 Project. The County is authorized pursuant to the provisions of the Act to borrow moneys necessary to pay such Project Costs. (C) The County anticipates receiving the Revenues, and the Revenues are not pledged or encumbered to pay any obligations of the County. (D) It is necessary and desirable and in the best interests of the County that it issue (i) the Parks Impact Bonds to finance or refinance the Expansion Portion of Parks Projects constituting part of the Series 2005 Project, (ii) the Public Building Impact Bonds to finance or refinance the Expansion Portion of the Public Buildings Projects constituting part of the Series 2005 Project, and (iii) the Roads Impact Bonds to finance or refinance Expansion Portion of the Roads Projects constituting part of the Series 2005 Project. (E) It is necessary and desirable and in the best interests of the County that it enter into the Covenant as additional security for repayment of the Bonds. (F) It is anticipated that, together with revenues budgeted and appropriated pursuant to the Covenant (i) the Parks Impact Fees will be sufficient to pay the Parks Impact Fees Bonds, (ii) the Public Buildings Impact Fees will be sufficient to pay the Public Buildings Impact Fees Bonds, and (iii) Roads Impact Fees will be sufficient to pay the Roads Impact Fees Bonds. (G) It is necessary and desirable and in the best interests of the County to authorize and approve the making of arrangements for the sale of the Bonds and the taking of all other action in connection therewith. Section 4. Authorization of Bonds; Series of Bonds; Supplemental Resolution. Subject and pursuant to the provisions hereof and in accordance with the provisions of the Supplemental Resolution the issuance by the County of its (i) Improvement Revenue Bonds, Series 2005A 4 {5000/99/00030755.DOCv6 } (Parks Impact Fees Projects) to finance the Expansion Portion of the Series 2005 Project constituting Parks Projects, (ii) Improvement Revenue Bonds, Series 2005B (Public Buildings Impact Fees Project) to finance the Expansion Portion of the Series 2005 Project constituting Public Buildings Projects, and (iii) Improvement Revenue Bonds, Series 2005C (Roads Impact Fees Project) to finance the Expansion Portion of the Series 2005 Project constituting Roads Projects, in an aggregate principal amount not to exceed $43,000,000, to be dated, to bear interest, to be payable, to mature, to be subject to redemption and to have such other characteristics as provided in the Supplemental Resolution, is hereby authorized. The security for Bonds of a series shall be the Impact Fees that are legally available to pay the cost of the Project to be financed with the Bonds of such series; specifically, the Parks Impact Bonds are secured by the Parks Impact Fees only, the Public Buildings Impact Bonds are secured by the Public Buildings Impact Fees only, and the Roads Impact Bonds are secured by the Roads Impact Fees only. In addition, each series of Bonds is secured by the Covenant as described in the following section. The fiscal and other details of the Bonds shall be set forth in the Supplemental Resolution. Section 5. Covenant to Budget and Appropriate. Subject to the next paragraph, the County covenants and agrees to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues, amounts sufficient to pay principal of and interest on the Bonds not being paid from Impact Fees or from other amounts as the same shall become due. Such covenant and agreement on the part of the County to budget and appropriate such amounts of Non-Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non-Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. No lien upon or pledge of such budgeted Non-Ad Valorem Revenues shall be in effect until such monies are budgeted and appropriated. The County further acknowledges and agrees that the obligations of the County to include the amount of any deficiency in payments in each of its annual budgets and to pay such deficiencies from Non-Ad Valorem Revenues may be enforced in a court of competent jurisdiction in accordance with the remedies set forth herein. Such covenant to budget and appropriate does not create any lien upon or pledge of such Non-Ad Valorem Revenues, nor does it preclude the County from pledging in the future its Non-Ad Valorem Revenues, nor does it require the County to levy and collect any particular Non-Ad Valorem Revenues, nor does it give the holders of a Bond a prior claim on the Non-Ad Valorem Revenues as opposed to claims of general creditors of the County. Such covenant to budget and appropriate Non-Ad Valorem Revenues is subject in all respects to the prior payment of obligations secured by a pledge of such Non-Ad Valorem Revenues heretofore or hereafter entered into (including the payment of debt service on bonds and other debt instruments). Anything in this Resolution to the contrary notwithstanding, it is understood and agreed that all obligations of the County hereunder shall be payable from the portion of Non- Ad Valorem Revenues budgeted and appropriated as provided for hereunder and nothing herein shall be deemed to pledge ad valorem tax revenues or to permit or constitute a mortgage or lien upon any assets owned by the County and no holder of the Bonds nor any other person, 5 {5000/99/000307 55. DOCv6} may compel the levy of ad valorem taxes on real or personal property within the boundaries of the County. Notwithstanding any provisions of this Resolution to the contrary, the County shall never be obligated to maintain or continue any of the activities of the County which generate user service charges, regulatory fees or any Non-Ad Valorem Revenues. Neither this . Resolution nor the obligations of the County hereunder shall be construed as a pledge of or a lien on all or any legally available Non-Ad Valorem Revenues of the County, but shall be payable solely as provided herein and is subject in all respects to the provisions of the laws of the State of Florida, and is subject, further, to the payment of services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the County. Section 6. Authorization of Other Action; Validation. The Chairman, the Clerk, the County Administrator, the Finance Director, and the County Attorney are each designated agents of the County in connection with the preparation for sale of the Bonds and are authorized and empowered, collectively or individually, to take all action and steps to execute and deliver any and all instruments, documents or contracts on behalf of the County which are necessary or desirable in connection with the sale of the Bonds, including, but not limited to, the commencement of validation proceedings for validation of the Bonds and the Impact Fees and proceedings relative thereto. Section 7. Repeal of Inconsistent Provisions. All resolutions or parts thereof in conflict with this resolution are hereby repealed to the extent of such conflict. Section 8. 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, and in no way affect the validity of all other provisions of the Resolution or of the Bonds or Loan Agreement delivered hereunder. Section 9. Effective Date. This resolution shall take effect immediately upon its adoption. 6 {5000/99/00030755.DOCv6 } Passed and Adopted this d1l!!..) day of September, 2005, at a regular meeting duly called and held. (SEAL) &IT,' ~~, I"nl!t}'.,.,\\, ,. "'~ ~~:::.~-;:~,:.I þÞ:.}~; 'r' , ~.-' .,.'!í rl. ';~,,' '!..... (J ~ ti;' h",," /' ," u - '~";; \I,\.. '<,:~r~! 'í:\ î'; ....... ." I. .... .':.... '¡;]\ I;: ',. . " "" tH{( 't ..C;;, "(~fl ~) '.." .. '.", >oIJ :.i", '.\ /{'-:.~".,.;,>~:.. '~'-,"j, ./ {!i .},¡ f.;"·...", .'.1 ,"',' ,'",. "1 ~~~~~Ð:~;·i~'~':;-"~ilj~;~~ BOARD OF COUNTY COMMISSIONERS ST. LUCIE COUNTY, FLORIDA ì ¡ .,.j )\ f , /",. .// ~-~? . By: ·Qb/Y7~-!ð /~-#rM~77 Chair, './ , , \ Board of County Commissioners ATTEST: \ By: -&-Ø L-<.L~ Cler of the Circuit Court, ex-officio Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: 7 {5000/99/00030755.DOCv6 } EXHIBIT A PROJECT DESCRIPTION Parks: Completion of the South County Regional Football/Soccer Stadium Public Buildings Refinance the 2003 Addition to the Rock Road Jail Workfarm Facility Roads Widening of Midway Road from South 25th Street to Turnpike TOTAL {5000/99/000307 55 .DOCv6} 5000/99/00030743 .DOCv 1 } $ 3,000,000 20,500,000 354,000 15,000,000 $38,854,000