HomeMy WebLinkAbout08-207
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RESOLUTION NO. 08- 207
A RESOLUTION AMENDING RESOLUTION NO, 00-149 ADOPTED BY
THE BOARD OF COUNTY COMMISSIONERS OF ST, LUCIE COUNTY,
FLORIDA, ON JANUARY 15,2002, AS AMENDED BY RESOLUTION NO,
07-147, AND ENTITLED:
"A RESOLUTION PROVIDING FOR THE FUNDING OF
SMALL CAPITAL IMPROVEMENT PROJECTS IN MUNICIPAL
SERVICES BENEFIT UNITS THROUGH THE CREATION OF
AN MSBU CAPITAL PROJECT REVOLVING LOAN FUND;
PROVIDING.FOR THE PAYMENT OF THE COSTS OF SMALL
CAPITAL IMPROVEMENT PROJECTS THROUGH LOANS
F.ROM SUCH FUND; PROVIDING FOR THE
ESTABLISHMENT OF CRITERIA TO GOVERN THE MAKING
OF SUCH LOANS; PROVIDING FOR THE APPUCATION OF
MONEYS RECEIVED IN REPAYMENT OF SUCH LOANS;
DELEGATING TO THE COUNTY ADMINISTRATOR AND
THE COUNTY MSBU COORDINATOR THE AUTHORITY TO
DEVELOP GUIDEUNES FOR THE MAKING OF SUCH
LOANS; PROVIDING AN EFFECTIVE DATE,
TO INCREASE THE MAXIMUM LOAN AMOUNT FROM "$80,000" TO
"$150,000, OR AT THE DIRECTION OF THE BOARD"; AND TO REVISE
THE LOAN TERM FROM "10 YEARS" TO "10 TO 20 YEARS"; PROVIDING
AN EFFECTIVE DATE,
WHEREAS, the Board of County Commissioners (the "Board") of St. Lucie County (the
"County") has previously adopted Resolution No. 00-149 (the "Original Resolution") referred
to by title in the title above; and
WHEREAS, it is necessary and desirable to increase the maximum loan amount from
"$80,000" to "$150,000, or at the discretion of the Board"; and to revise the loan term from
"10 years" to "10 to 20 years."
NOW, THEREFORE, be it resolved by the Board of County Commissioners of St.
Lucie County, Florida, as follows:
Section 1, Amendments to Original Resolution. The Original Resolution be and the
same is hereby amended in the following respects:
Page 1 of 3
EDWIN M. FRY, Jr., CLERK OF THE CIRCUIT COURT
SAINT LUCIE COUNTY
FILE # 323371907/18/2008 at 09:06 AM
OR BOOK 2996 PAGE 305 - 307 Doc Type: RESO
RECORDING: $27.00
( .,
A. Section 5. of the Original Resolution is amended to read as follows:
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
at a rate (1) 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, determined on the date the Loan is made, plus two percent
(21'0), or (ii) 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 ten to 20 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 "uniform 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 fundadditiona Loans.
B. Section 6. of the Original Resolution is amended to read as follows:
SECTION 6. ESTABLISHMENT OF LOAN CRITERIA; DELEGATION OF
AUTHORITY TO DEVELOP GUIDELINES AND TO IMPLEMENT REVOLVING LOAN
PROGRAM. Loans may be made from the Revolving Loan Fund without further authority from
this Commission where the following Loan Criteria are satisfied: (1) the Project must be
estimated to cost no more than $80,000 $150.000. or at the discretion of the Board; and (2)
the value of each of the Benefitted Properties, determined by reference to the most recent
roll prepared by the County Property Appraiser (or by such other appraisal as shall be
approved by the MSBU Coordinator), must be at least 5x the amount of the Assessment to
be levied against such Benefitted Properties. The MSBU Coordinator shall develop Guidelines
for the making of Loans, with advice from the Finance Director and the County Attorney, and
with the approval of the County Administrator.
Section 2. Remaining Provisions Unaffected. . The remaining provisions of the
Original Resolution shall remain in full force and effect.
Section 3. Severability, If anyone or more of the provisions of this amending
resolution should be held to be contrary to any express provisions of law or to be contrary
to the policy of express law, though not expressly prohibited, or to be against public policy,
or should for any reason whatsoever be held invalid, then such provisions shall be null and void
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and shall be deemed separate from the remaining provisions of, and in no way affect the
validity of, all the other provisions of the Original Resolution.
Section 4. Effective Date, This Resolution shall become effecti,
upon its adoption.
PASSED AND DULY ADOPTED this 8th day of July, 2008.
Page 3 of 3
BOARD OF COU
ST, LUCIE CO
BY:
APPROVED~TO FORM AND
CORRE N :
BY: (If
County A 0 ney