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RESOLUTION NO. 05-375
A RESOLUTION AUTHORIZING THE MODIFICATION OF THE TERM
LOAN AGREEMENT BETWEEN THE COUNTY AND BANK OF
AMERICA, N. A. RELATING TO THE LINE OF CREDIT PROVIDED
FOR THE BENEFIT OF THE MUNICIPAL SERVICES BENEFIT UNITS
WITHIN THE COUNTY BY THE COUNTY'S SPECIAL ASSESSMENT
IMPROVEMENT TERM NOTE, SERIES 2001 (MSBU LOAN - BANK OF
AMERICA FACILITY), TO EXTEND THE MATURITY OF
OUTSTANDING ADV ANCES THEREUNDER; 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 of law (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 and Bank of America, N.A. (the "Bank"), have previously entered
into that certain Term Loan Agreement, dated September 24, 2001, as amended and modified
(collectively the "Loan Agreement") and;
B. Pursuant to the Loan Agreement, the County issued its St. Lucie County, Florida
Special Assessment Improvement Note, Series 2001 (MBU Loan - Bank of America, N.A.
Facility) (the "Note"); and
C. There are currently outstanding Advances under the Loan Agreement and the
Note for the Lennard Road MSBU interim projects in the aggregate principal amount of
$510,000 (the 'Outstanding Advances"); and
D. The County desires to extend the due date for the Outstanding Advances and the
Bank as agreed to extend the maturity of the Outstanding Advances to September 20,2006; and
E. The County has determined that it is necessary and desirable to extend the due
date for the Outstanding Advances to September 20, 2006.
Section 3. Approval of Allonge to Note. The Allonge to Note, in substantially the form
attached hereto as Exhibit A, providing for the extension of the maturity date for the Outstanding
Advances to September 20, 2006 is hereby authorized and approved. The proper officers of the
County are hereby authorized and directed to execute the Allonge to Note for and on behalf of
the County in substantially the form attached hereto as Exhibit A, subject to such changes,
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insertions and omissions and filling in of blanks therein as shall be approved by the officers of
the County executing the same, such execution and delivery to be conclusive evidence of said
approval, and to deliver an executed original thereof to the Bank.
Section 4. Remaining Provisions Unaffected. The remaining provisions of the Loan
Agreement and the Note shall remain in full force and effect.
Section 5. Authorization of Execution and Additional Action. The Chairman, Vice
Chairman, Clerk, Deputy Clerk, County Administrator and any other official of the County are each
authorized and directed to execute and deliver any and all documents and instruments and to do and
cause to be done all acts and things necessary or proper for carrying out and implementing the
extension of the maturity date of the Outstanding Advances as contemplated by this resolution.
Section 6. 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 7. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 4th day of October 2005, at a regular meeting duly called and held.
ST. LUCIE COUNTY, FLORIDA
(SEAL)
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By: .l"~-njyz/ylj.':~'~5J.Z~I.~I~~/~~':ßY)
Chair, Board of Cøuno/ CommIssIOners
ATTEST:
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By.
C erk of the Circuit Court,
Ex-officio Clerk of the Board
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EXHIBIT A TO RESOLUTION
Allonge to
St. Lucie County, Florida
Special Assessment Improvement Note, Series 2001
(MSBU Loan - Bank of America, N. A. Facility)
Date:
Re Requisition Nos.
Re: Requisition Amounts:
The repayment date for the Advances referred to above of the $5,000,000 Special
Assessment Improvement Tenn Note, Series 2001, dated September 24, 2001, and the Loan
Agreement related thereto, are hereby extended to September 20,2006.
Date:
ST. LUCIE COUNTY, FLORIDA
By:
Bank of America, N. A., as the Registered Owner of the Note, hereby acknowledges and
consents to the foregoing extension of the repayment due date for the above-referenced
Advances.
Date:
BANK OF AMERICA, N.A.
By:
Title:
This Allonge shall be appended to and shall modify and amend and become a part of the
Note.
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