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RESOLUTION NO. 07-147
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA,
AMENDING SECTION 5 OF COUNTY RESOLUTION NO.
00-149 REGARDING THE INTEREST RATE FOR THE
MSBU REVOLVING LOAN PROGRAM; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, in Resolution No. 00-149, the Board of County Commissioners
established the MSBU (Municipal Service Benefit Units) Revolving Loan Program: and
WHEREAS, Section 5 of Resolution No. 00-149 established that the interest rate
for loans from the Revolving Loan Fund established thereunder would be equal to the rate
per annum which the County would receive on monies invested in the Local Government
Surplus Funds Trust Fund administered by the State Board of Administration (SBA), plus
two percent (2'Yo) (the" SBA Loan Rate"): and
WHEREAS, the Board has determined that the interest rates from the SBA have
increased considerably in the last year, making them higher than if financed through bank
loans under the MSBU Revolving Loan Program: and
WHEREAS, the Board wishes to amend Resolution No. 00-149 to establish the
interest rate for the MSBU Revolving Loan Program as equal to the lesser of the SBA Loan
Rate or the rate then effect for bank loans under the MSBU Revolving Loan Program.
NOW THEREFORE BE IT RESOLVED, by the Board of County Commissioners of
St. Lucie County, Florida, as follows:
SECTION 1. AMENDMENT. Section 5 of Resolution No. 00-149 is hereby amended as
follows, with underline indicating additional text:
SECTION 5. LOANS FROM REVOLVING LOAN FUND; REPAYMENT OF
LOANS. Loans from the Revolving Loan Fund shall be advanced only for
Projects, upon the recommendation of the MSBU Coordinator and with the
approval of the County Administrator. All Loans shall be approved in accordance
with the Guidelines and shall be evidenced by such documentation as shall be
required by the Finance Director. Loans shall: (A) bear interest as a rate (I) equal
to the lesser of (i) the rate per annum which the County would receive on moneys
invested in the Local Government Surplus Funds Trust Fund administered by the
State Board of Administration, detennined on the date the Loan is made, plus two
percent (2%). or Iii) the rate then in effect for bank loans under the Program. and
(2) which will produce an amount necessary to pay the County's Administrative
Costs incurred in administering the Program; (B) be amortized over a 1en-year
period, with level annual payments of principal and interest (which may be
adjusted from time to time as necessary to reflect prepayments); and (C) be
secured as to repayment by a lien upon the Assessment Revenues (which shall be
collected under the "unifonn method" provided for in Section 197.3632, Florida
Statutes, as amended from time to time). Repayments of Loans shall be deposited
into the Revolving Loan Fund and shall be available to fund additional Loans.
SECTION 2. EFFECTIVE DATE. This Resolution shall take effect immediately upon
adoption.
After motion and second the vote on this resolution was as follows:
Chairman Chris Craft Aye
Vice Chairman Joseph E. Smith Aye
Commissioner Paula A. Lewis Aye
Commissioner Charles Grande Aye
Commissioner Doug Coward Aye
PASSED AND DULY ADOPTED this 5th day of June, 2007.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
ST. L~ COUNTY. FLORIDA
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APPROVED AS TO LEGAL FORM AND
CORRECTNESS:
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!Ts)f COUNTY ATTOR EY
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