HomeMy WebLinkAbout06-097
RESOLUTION NO. 06-097
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 ADVANCES 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 oflaw (the "Act").
Section 2. Findings. It is hereby found, declared, and determined by the Board of County
Commissioners (the "Board") of St. 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 (MSBU 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 Sunland Gardens Phase I MSBU interim projects in the aggregate principal amount
of $360,000 (the 'Outstanding Advances"); and
D. The County desires to extend the due date for the Outstanding Advances and the
Bank has 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 No. 2 to Note. The Allonge No. 2 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 No.
2 to Note for and on behalf of the County in substantially the form attached hereto as Exhibit A,
subject to such changes, 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 thereofto 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 ofthe 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 fTom 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.
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Section 7. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 14th day of March 2006, at a regular meeting duly called and held.
ST. LUCIE COUNTY, FLORIDA
(SEAL)
. '
, '
,
By: ~~C2ß .
Chairman, Bo d of County CommlsslOn~rs
ATTEST:
By:
APPROVED AS TO FORM AND
CORRECTNESS:
County Attorney I
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EXHIBIT A TO RESOLUTION
Allonge No.2 to
St. Lucie County, Florida
Special Assessment Improvement Note, Series 2001
(MSBU Loan - Bank of America, N. A. Facility)
Date:
March 14,2006
Re: Requisition Nos. 11
Re: Requisition Amounts: $360,000
The repayment date for the Advances referred to above of the $5;0'00,000 Special
Assessment Improvement Term Note, Series 2001, dated September 24, '4101, and the Loan
Agreement related thereto, are hereby extended to September 20,2006.
Date:
By:
Chairman, Boar of County Commissioners
APP~9JD AS ~nAND CORRECTNESS
¡J/!ii[4x
County Alt0V
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.
By:
Date:
BANK OF AMERICA, N.A.
By:
Title:
This Allonge No.2 shall be appended to and shall modify and amend and become a part
of the Note.
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