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RESOLUTION N0.09-2$5
A RESOLUTION AUTHORIZING THE MODIFICATION OF THE TERM
LOAN AGREEMENT BETWEEN .THE COUNTY AND SUNTRUST BANK
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 LINE OF
CREDIT NOTE, SERIES 2006 (MSBU LOAN -SUNTRUST BANK FACILITY),
TO EXTEND THE MATURITY OF CERTAIN 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 of law (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 SunTrust Bank (the "Bank"), have previously entered into that
certain Loan Agreement, dated September 18, 2006 (the "Loan Agreement") and;
B. Pursuant to the Loan Agreement, the County issued its St. Lucie County, Florida
Special Assessment Improvement Line of Credit Note, Series 2006 (MSBU Loan - SunTrust
Bank Facility) (the "Note"); and
C. There are currently outstanding Advances under the Loan Agreement and the
Note for the (a) North Lennard Road1 MSBU interim projects in the aggregate principal amount
of $1,181,769.27; (b) North Lennard Road2 MSBU interim projects in the aggregate principal
amount of $103,652.50; and (c) North Lennard Road3 MSBU interim projects in the aggregate
principal amount of $146,299.27 (collectively, the "Outstanding Advances"); and
D. The County has determined that it is necessary and desirable to extend the due
date for the Outstanding Advances and the Bank has agreed, subject to a change in the interest
rate for such Outstanding Advances, to extend the maturity of the Outstanding Advances to
September 18, 2010.
Section 3. Approval of Allonge No. 1 to Note. The Allonge No. 1 to Note, in
substantially the form attached hereto as Exhibit A, providing for the extension of the maturity
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date fox the Outstanding Advances to September 18, 2010, and a change in the interest rate
based on a calculation using 77% of 1-month LIBOR plus 1.50%, is hereby authorized and
approved. The proper officers of the County are hereby authorized and directed to execute the
Allonge No. 1 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 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 and change of the interest rate of the Outstanding Advances as
contemplated by this resolution.
Section 6. Severability. If any one or more of the covenants, agreements, or provisions of
this resolution should be held contrary to any expxess 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.
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Section 7. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 22nd day of September 2009, at a regular meeting duly called and
held.
ST. LUCIE COUNTY, FLORIDA
(SEAL)
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V` Ii;CN r t l~r~e+1i..
e k of e Circuit Court,
Ex-officio Clerk of the Board
APPROVED AS TO FORM AND
CORRECTNESS:
County Attorney
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EXHIBIT A TO RESOLUTION
Allonge No. 1 to
St. Lucie County, Florida
Special Assessment Improvement Line of Credit Note, Series 2006
(MSBU Loan - SunTrust Bank Facility)
Date: September 23 2009
Re Requisition Nos.
Re: Requisition Amounts: Loan #208 for $1 181 769 27• Loan #216 for $103,652.50; and
Loan No. 232 for $146,299.27
1. The repayment date for the Advances referred to above of the $10,000,000 Special
Assessment Improvement Line of Credit Note, Series 2006, dated September 18, 2006, and the
Loan Agreement related thereto, are hereby extended to September 18, 2010.
2. The interest rate on the Advances referred to above shall be changed as of September 18,
2009, to 77% of 1-month LIBOR plus 1.50%, adjusted the first day of each calendar month.
Date: September 23, 2009
ST. LUCIE COUNTY, FLORIDA
By:
SunTrust Bank, 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: September 23, 2009 SUNTRUST BANK
By:
Title:
This Allonge No. 1 shall be appended to and shall modify and amend and become a part
of the Note.
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