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RESOLUTION NO. 06-271
A RESOLUTION OF THE BOARD OF couNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, AMENDING RESOLUTION NO. 05-347, AS
PREVIOUSLY AMENDED BY RESOLUTION NO. 06-094, WHICH
PROVIDED FOR THE BORROWING OF NOT EXCEEDING $34,000,000 TO
PROVIDE FINANCING OF ADDmONS, EXTENSION$ AND
IMPROVEMENTS TO PUBLIC BUILDINGS, ROADS, AND PARKS WITHIN
THE COUNTY; PROVIDING FOR A MATURITY PERIOD THAT WIll BE
BORNE BY THE INDEBTEDNESS; READOPTING THE REMAItlJDER OF
RESOLUTION NO. 05-347, CONFIRMING THE AUTHORIZATION TO
INSTITUTE VALIDATION, AND RESOLUTION NO. 06-094 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, as defined in Resolution No. 05-347.
Section 2. Definitions. The terms contained within the Resolution shall be s defined
in Resolution No. 05-347.
Section 3. Interest Rate and Maturity. Improvement Revenue Bonds, Series
2005A (Park Impact Fees Projects), Improvement Revenue Bonds, Series 2005B (Public
Buildings Impact Fees Project), and Improvement Revenue Bonds, Series 2005C (Road Impact
Fees Project) shall mature at a period no greater than ten (10) years following their issuance.
No impact fees derived from property shall be used to pay debt service on the bonds unless
there is capacity to serve that property in the parks, roads or public buildings being funded
by such indebtedness. In the event that no capacity exists, then debt service on the
Improvement Revenue Bonds shall be paid from other available non-ad valorem revenue. The
financial terms of the 2005 Bonds, including, but not limited to, the actual interest rate, shall
be established prior to the closing on the Bonds by a supplemental Resolution as defined in
Resolution No. 05-347.
Section 4. Readopting of Resolution No. 05-347. Except to th¢ extent that it has
been amended herein or by Resolution No. 06-094, Resolution No. 05-347 is readopted in its
entirety. The authorization to institute validation proceedings, as contained in Resolution No.
05-347, shall be confirmed as previously authorized by Resolution No. 05-347.
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Section 5. Effective Date. This resolution shall take effect immediately upon its
adoption.
Passed and Adopted this 22nd day of August, 2006, at a regular meeting duly called
and held.
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COU TY, L R!DA
BY:
BY: