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HomeMy WebLinkAbout10-052 SERIES RESOLUTION RESOLUTION N0.10-052 (NORTH LENNARD ROAD3 MSBU) A RESOLUTION SUPPLEMENTING RESOLUTION N0.94-196 OF ST. LUCIE COUNTY, FLORIDA; AUTHORIZING THE ACQUISITION AND CONSTRUCTION OF SANITARY SEWER IMPROVEMENTS IN THE NORTH LENNARD ROAD3 MSBU; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $266,000 SPECIAL ASSESSMENT IMPROVEMENT BONDS, SERIES 2010 (NORTH LENNARD ROAD3 MSBU), OF THE COUNTY TO FINANCE THE COST OF SUCH PROJECT; PROVIDING FOR THE PAYMENT OF THE BONDS FROM CERTAIN PLEDGED REVENUES, INCLUDING SPECIAL ASSESSMENTS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AUTHORIZING VALIDATION OF THE BONDS; PROVIDING FOR EXECUTION OF DECLARATION OF OFFICIAL INTENT; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED by the Board of County Commissioners of St. Lucie County, Florida (the "Board") as follows: ARTICLE I AUTHORITY, DEFINITIONS AND FINDINGS Section 1.01 Authority for this Resolution. This Resolution is adopted pursuant to the provisions of Chapter 125, Part I, Florida Statutes, Ordinance No. 87-77 of St. Lucie County, Florida (the "County"), and other applicable provisions of law (collectively, the "Act"), and Resolution No. 94-196, adopted on September 20, 1994, as amended and supplemented (the "Master Resolution"), and is supplemental to the Master Resolution. Section 1.02 Definitions. Unless the context otherwise requires, the capitalized terms used in this resolution shall have the meanings specified in this Section. Capitalized terms not otherwise defined in this Section shall have the meanings specified in the Master Resolution. Words importing singular number shall include the plural number in each case and vice versa, and words importing persons shall include firms and corporations. "Bond Resolution" means, collectively, the Master Resolution, this Resolution and all resolutions amendatory hereof and resolutions supplemental hereto. "North Lennard Road3 MSBU" means the North Lennard Road3 Municipal Services Benefit Unit created pursuant to Resolution No. 00-105 of the Board adopted June 6, 2000. "North Lennard Road3 MSBU Assessment Resolutions" means the resolutions adopted by the Board with respect to the North Lennard Road3 MSBU providing for the levy and collection of the North Lennard Road3 MSBU Special Assessments within the North Lennard Road3 MSBU, including Resolution No. 00-105, adopted June 6, 2000, Resolution No. 10-048 adopted February 2, 2010, and any resolution supplemental thereto or amendatory thereof. { 25048/001 /00405006. DOCv4 } "North Lennard Road3 MSBU Project" means the acquisition and construction of sanitary sewer improvements within the North Lennard Road3 MSBU and all costs incidental thereto as permitted by the Assessment Act. "North Lennard Road3 MSBU Project Costs" means the cost of the acquisition and construction of the North Lennard Road3 MSBU Project and the construction and acquisition of additions, extensions, and improvements thereto including, but not limited to: the acquisition of any lands or interests therein or any other properties deemed necessary or convenient therefor; engineering, accounting, and legal fees and expenses; expenses for plans, specifications and surveys and appraisals; expenses for estimates of costs and of revenues; the fees of fiscal agents, financial advisors and consultants; administrative expenses; interest on the North Lennard Road3 Bonds for a reasonable period of time after the date of their delivery; reasonable reserves for the payment of Debt Service with respect to the North Lennard Road3 Bonds; discount upon the sale of the North Lennard Road3 Bonds; the cost of purchasing any Credit Facility with respect to the North Lennard Road3 Bonds; such other expenses as may be necessary or incidental to the financing authorized by this Resolution, to the North Lennard Road3 MSBU Project, and to the placing of the North Lennard Road3 MSBU Project in operation; and reimbursement to the County for any sums expended for the foregoing purposes in anticipation of the issuance of the North Lennard Road3 Bonds. "North Lennard Road3 MSBU Special Assessments" means the special assessments levied within the North Lennard Road3 MSBU pursuant to the North Lennard Road3 Assessment Resolutions. "North Lennard Road3 Bonds" means the County's Special Assessment Improvement Bonds, Series 2010 (North Lennard Road3 MSBU), herein authorized. "North Lennard Road3 Pledged Revenues" means with respect to the North Lennard Road3 Bonds, (i) the North Lennard Road3 MSBU Special Assessments, (ii) the moneys on deposit in the North Lennard Road3 Subaccounts established for the North Lennard Road3 Bonds, and (iii) the Investment Earnings allocable to such North Lennard Road3 MSBU Special Assessments (the "North Lennard Road3 Investment Earnings"). "North Lennard Road3 Subaccounts" means the separate accounts established and maintained pursuant to the provisions of this Resolution for the benefit of the Owners of the North Lennard Road3 Bonds. i h r a cer fined determined and declared that: Section 1.03 Findin s. Its e eb s to g Y A. It is necessary and in the best interests of the health, safety, and welfare of the County and its inhabitants that the County undertake the North Lennard Road3 MSBU Project. The County is authorized pursuant to the provisions of the Act and the Assessment Act, to undertake the North Lennard Road3 MSBU Project. B. The County is without adequate, currently available funds to pay North Lennard Road3 MSBU Project Costs, and it is necessary and desirable and in the best interests of the 2 { 25048/001 /00405006. DOCv4 } County that it borrow the moneys necessary to accomplish the financing of the North Lennard Road3 MSBU Project. The County is authorized pursuant to the provisions of the Assessment Act to borrow moneys necessary to pay the cost of the North Lennard Road3 Project. C. The County anticipates receiving the North Lennard Road3 Pledged Revenues, and the North Lennard Road3 Pledged Revenues are not pledged or encumbered to pay any other debts or obligations of the County. D. The North Lennard Road3 Pledged Revenues are estimated to be sufficient to pay the Debt Service on the North Lennard Road3 Bonds and to make all other payments required to be made by the provisions of the Bond Resolution; provided, however, that in the event the North Lennard Road3 Pledged Revenues are insufficient to pay the principal or interest on the North Lennard Road3 Bonds, the County has agreed to budget and appropriate such Non-Ad Valorem Revenues as are necessary to provide for the timely payment of the principal of, interest on and other amounts due under the North Lennard Road3 Bonds as provided for in Section 3.02 hereof.. E. The principal of and interest on the North Lennard Road3 Bonds, and all required payments into the North Lennard Road3 Subaccounts, shall be limited obligations of the County and, except as otherwise provided herein, shall be payable from and secured solely by a pledge of and lien on the North Lennard Road3 Pledged Revenues. Neither the County, nor the State of Florida or any political subdivision thereof or governmental authority or body therein, shall ever be required to levy ad valorem taxes to pay the principal of and interest on the North Lennard Road3 Bonds or to make any of the required payments into the North Lennard Road3 Subaccounts, and the North Lennard Road3 Bonds shall not be secured by a lien upon any property owned by or situated within the corporate limits of the County other than the North Lennard Road3 Pledged Revenues in the manner provided herein. Section 1.04 Resolution and Master Resolution to Constitute Contract. In consideration of the acceptance of the North Lennard Road3 Bonds authorized to be issued hereunder by those who shall be the Registered Owners of the same from time to time, this resolution and the Master Resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners. The covenants and agreements in the Master Resolution and herein set forth to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of any and all of such North Lennard Road3 Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the North Lennard Road3 Bonds over any other thereof, except as expressly provided therein and herein. [Remainder of Page Intentionally Left Blank] 3 {25048/001/00405006.DOCv4 } ARTICLE II AUTHORIZATION OF NORTH LENNARD ROAD3 MSBU PROJECT; AUTHORIZATION OF ISSUANCE OF NORTH LENNARD ROAD3 BONDS; DESCRIPTION, DETAILS AND FORM OF NORTH LENNARD ROAD3 BONDS Section 2.01. Authorization of North Lennard Road3 MSBU Project. The Board hereby specifically confirms the authorization of the North Lennard Road3 MSBU Project. The Board hereby specifically ratifies and affirms all actions previously taken in furtherance of the North Lennard Road3 MSBU Project. Section 2.02. Authorization of North Lennard Road3 Bonds. Subject and pursuant to the provisions of this Resolution and the Master Resolution, obligations of the County, to be known as "Special Assessment Improvement Bonds, Series 2010 (North Lennard Road3 MSBU)," are hereby authorized to be issued in an aggregate principal amount on original issuance of not exceeding Two Hundred Sixty Six Thousand Dollars ($266,000) for the purpose of financing the North Lennard Road3 MSBU Project Costs. The North Lennard Road3 Bonds shall be and are herby designated to be a Series of Bonds to be issued as Additional Bonds under and pursuant to the Master Resolution. Section 2.04. Description of North Lennard Road3 Bonds. The North Lennard Road3 Bonds shall be numbered; shall be in such denominations or maturity amounts; shall be dated; shall bear interest at not exceeding the maximum rate allowed by law payable on such dates; shall mature on the first day of such month, in such years, and such amounts; and shall be issued as Current Interest Bonds, Serial Bonds, Term Bonds, or any combination thereof; all as shall be determined by supplemental resolution to be adopted by the Board at or prior to the time of sale of the North Lennard Road3 Bonds. The North Lennard Road3 Bonds shall be issued in fully registered form without coupons; shall be payable with respect to principal at the office of the Registrar, as paying agent, or such other paying agent as shall be subsequently determined by the Board; shall be payable in lawful money of the United States of America; and shall bear interest from their date, or from the most recent date to which interest has been paid, payable, by check or draft mailed, on or before the Interest Payment Date, to the Registered Owner at his address as it appears upon the books of the Registrar as of 5:00 P.M. Eastern Time on the Record Date. Section 2.05. Form of North Lennard Road3 Bonds. The text of the North Lennard Road3 Bonds shall be in substantially the form of Exhibit A attached hereto, with such omissions, insertions, and variations as may be necessary and desirable, and as may be authorized or permitted by this resolution or by subsequent resolution or resolutions adopted prior to the issuance thereof, and as may be necessary to reflect the characteristics of any particular installment of North Lennard Road3 Bonds. 4 { 25048/001 /00405006. DOCv4 } ARTICLE III APPLICATION OF PROVISIONS OF MASTER RESOLUTION Section 3.01 Application of Provisions of the Master Resolution. The North Lennard Road3 Bonds shall for all purposes be considered to be Bonds issued under the authority of the Master Resolution and shall be entitled to all the protection and security provided therein for Bonds. The covenants and pledges contained in Section 3.01 and 3.02 and in Article V of the Master Resolution shall be applicable to the North Lennard Road3 Bonds herein authorized. Section 3.02. Security for North Lennard Road3 Bonds. (A) Pledge and Lien. The North Lennard Road3 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon the North Lennard Road3 Pledged Revenues. The North Lennard Road3 Bonds shall not be or constitute general obligations or an indebtedness of the County as "bonds" within the meaning of the Constitution of Florida, but, subject to the following paragraph, shall be payable from and secured solely by a lien upon and pledge of the North Lennard Road3 Pledged Revenues as provided herein and in the Master Resolution. No Owner of any North Lennard Road3 Bonds shall ever have the right to compel the exercise of the ad valorem taxing power of the County or taxation in any form of property therein to pay the Debt Service on the North Lennard Road3 Bonds. The North Lennard Road3 Bonds shall not constitute a lien upon the North Lennard Road3 MSBU Project or upon any property of or in the County except the North Lennard Road3 Pledged Revenues in the manner provided herein and in the Master Resolution. In the event the North Lennard Road3 Pledged Revenues are insufficient to pay the principal or interest on the North Lennard Road3 Bonds, the County covenants and agrees and has a positive and affirmative duty to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues, amounts sufficient to provide for the timely payment of the principal of, interest on and other amounts due under the North Lennard Road3 Bonds in such Fiscal Year. Such covenant shall be cumulative and shall continue until Non Ad Valorem Revenues in amounts sufficient to make all required payments hereunder when due, shall be budgeted and appropriated and actually deposited into the North Lennard Road3 Subaccount. Notwithstanding the foregoing, the County does not covenant to maintain any services or programs now provided or maintained by the County which generate Non Ad Valorem Revenues. Such covenant to budget and appropriate does not create any lien upon or pledge of Non Ad Valorem Revenues until budgeted, appropriated, and deposited into the North Lennard Road3 Subaccount, nor does it preclude the County from pledging in the future any specific portion of its Non Ad Valorem Revenues, nor does it require the County to levy and collect any particular Non Ad Valorem Revenues, nor does it give the Registered Owner a prior claim on the Non Ad Valorem Revenues as opposed to claims of general creditors of the County. Such covenant to budget and appropriate Non Ad Valorem Revenues is subject in all respects to the payment of obligations of the County secured by a pledge of all or any specified portion of Non Ad Valorem Revenues heretofore or hereafter issued (including the payment of debt service on bonds and other debt instruments); provided, however, this covenant to budget and appropriate for the purposes and in the manner stated herein shall have the effect of making available for the payment of the Debt Service Requirement on the North Lennard Road3 Bonds, in the manner described herein and in the Master Resolution, sufficient amounts of Non Ad Valorem Revenues and of placing on the Board a positive duty to budget and 5 { 25 048/001 /00405 006. DOCv4 } appropriate, by amendment if necessary, amounts sufficient to meet its obligations hereunder; subject, however, in all respects to the restrictions of Section 129.03, Florida Statutes, which requires a balanced budget, and Section 125.07, Florida Statutes, which prohibits a board of county commissioners from expending or contracting for the expenditure in any Fiscal Year more than the amount budgeted in each fund's budget; and subject, further, to the payment of the cost of maintaining services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the County or which are legally mandated by applicable law. (B) Series Subaccounts. There are hereby created and established in the Funds and Accounts created and established pursuant to Section 3.03(A) of the Master Resolution the following Series Subaccounts, hereinbefore defined as the "North Lennard Road3 Subaccounts:" (1) in the Sinking Fund, the "North Lennard Road3 Bonds Subaccount," which includes (a) the "North Lennard Road3 Bonds Debt Service Subaccount," (b) the "North Lennard Road3 Bonds Bond Amortization Subaccount," (c) the "North Lennard Road3 Bonds Reserve Subaccount," and (d) the "North Lennard Road3 Bonds Redemption Account." (C) Use of North Lennard Road3 Pledged Revenues. All North Lennard Road3 MSBU Special Assessments and North Lennard Road3 Investment Earnings shall be applied and deposited in the manner provided in Section 3.04(A) and (B) of the Master Resolution only into the North Lennard Road3 Subaccounts. Moneys and Authorized Investments on deposit at any time in the North Lennard Road3 Subaccounts may be used and applied only in the manner provided in Section 3.04(C) of the Master Resolution for the payment of Debt Service on, or the Redemption Price of, the North Lennard Road3 Bonds. Moneys on deposit in the North Lennard Road3 Subaccounts may be invested and reinvested only in Authorized Investments in the manner provided in Section 3.05 of the Master Resolution. Section 3.04 Remedies. Any Registered Owner of, or any Credit Facility Issuer for, North Lennard Road3 Bonds shall have available the remedies specified in Section 5.03 of the Master Resolution. [Remainder of Page Intentionally Left Blank] 6 {25048/001 /00405006.DOCv4 } ARTICLE IV APPLICATION OF PROCEEDS OF NORTH LENNARD ROAD3 BONDS There is hereby created and established in the Project Fund created pursuant to Section 4.02 of the Master Resolution a Series Subaccount to be known as the "North Lennard Road3 MSBU Project Account." Proceeds of the North Lennard Road3 Bonds to be used to pay North Lennard Road3 MSBU Project Costs shall be deposited in to the North Lennard Road3 MSBU Project Account and used solely for the purpose of paying North Lennard Road3 MSBU Project Costs, subject to the provisions of Section 4.02 of the Master Resolution regarding (a) conditions for expenditure of moneys, (b) investment of moneys application of Investment Earnings, and (c) use of moneys remaining after completion of the North Lennard Road3 MSBU Project. [Remainder of Page Intentionally Left Blank] 7 { 25 048/001 /00405006. DOCv4 } ARTICLE V MISCELLANEOUS PROVISIONS Section 5.01. Special Assessments. (A) Perfection of Special Assessments; Completion of Projects. If not previously completed, the County will forthwith, whenever it shall first be timely, complete the Assessment Proceedings, including adoption of the North Lennard Road3 MSBU Assessment Resolutions necessary for the lawful levy of the North Lennard Road3 MSBU Special Assessments against all lands and properties specially benefitted by the construction of the North Lennard Road3 MSBU Project and the collection thereof in an amount equal to or not less than the aggregate of the Debt Service Requirements on the North Lennard Road3 Bonds to be paid from such North Lennard Road3 MSBU Special Assessments. If any assessment made with respect to any property shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or if the County shall be satisfied that any such assessment is so irregular or defective that the same cannot be enforced or collected, or if the County shall have omitted to make any such assessment when it might have done so, the County covenants that it will take all necessary steps to cause a new assessment to be made for the whole or any part of any improvement or against any property benefitted by any improvement of the North Lennard Road3 MSBU Project, in the manner provided by law, and in any case any such second assessment or an initial Special Assessment for one that shall have been omitted, shall be either in whole or in part annulled, vacated, or set aside, or be unenforceable or uncollectible by reason of defect or irregularity, the County shall obtain and make other assessments until a valid assessment shall be made. The County will also complete the North Lennard Road3 MSBU Projects or cause the North Lennard Road3 MSBU Projects to be completed. (B) Collection of Special Assessments. The County will collect the North Lennard Road3 MSBU Special Assessments in the manner provided in Section 197.3632, Florida Statutes, and other applicable provisions of law. The County will take or cause to be taken all actions necessary to .diligently enforce the payment of all of the North Lennard Road3 MSBU Special Assessments and all of the installments thereof, interest thereon and penalties therefrom, in the manner prescribed by the Master Resolution, this Resolution, and the laws of the State pertaining thereto. Section 5.02. Validation Authorized. The County Attorney, in his discretion, with the advice of Bond Counsel, is hereby authorized to institute on behalf of the County validation proceedings in the Circuit Court for St. Lucie County pursuant to the provisions of Chapter 75, Florida Statutes, for validation of the North Lennard Road3 Bonds and other matters necessary or incidental thereto. Section 5.03. Sale of North Lennard Road3 Bonds. The North Lennard Road3 Bonds shall be issued and sold at public sale, private placement, or negotiated sale at one time or in installments from time to time and at such price or prices consistent with the provisions of the Act, the laws of the State, and the requirements of this Resolution and a supplemental resolution to be adopted prior to the issuance of the North Lennard Road3 Bonds. Section 5.04. Continuing Disclosure. In the event that the North Lennard Road3 Bonds or an installment thereof are sold to an underwriter, the County Administrator is hereby authorized and directed to enter into a continuing disclosure agreement with the Registered 8 {25048/001 /00405006.DOCv4 } Owners of such North Lennard Road3 Bonds or installment thereof. Such agreement shall be for the benefit of such Registered Owners and shall provide and set forth the County's covenant to provide certain annual information and notification of certain material events, in compliance and consistent with the recent amendments to the Rule. Notwithstanding the foregoing or anything else in this Resolution, any such agreement shall apply only to such North Lennard Road3 Bonds are subject to the Rule. The County shall not be required to enter into any such agreement with respect to North Lennard Road3 Bonds, or any installment thereof, which are not subject to the Rule. Section 5.05 Authorization to Apply for Insurance Commitments and Execute Declaration of Official Intent. The County Administrator, in consultation with and upon the advice of the County's Financial Advisor, the County's Bond Counsel, and the County Attorney, is authorized to apply for a commitment for a policy of bond insurance and a debt service reserve fund surety bond with respect to the North Lennard Road3 Bonds. The County Administrator, with the advice of Bond Counsel, is further authorized to execute a "Declaration of Official Intent", in accordance with Resolution No. 2009-144, adopted by the Board on May 5, 2009, with respect to reimbursement to the County of costs of the North Lennard Road3 MSBU Project expended prior to the issuance of the North Lennard Road3 Bonds. Section 5.06. Severability of Invalid Provisions. If any one or more of the covenants, agreements or provisions of this resolution should be held to be contrary to any express provision 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 covenants, agreements, or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements, or provisions of, and in no way affect the validity of, all the other provisions of the Master Resolution or this resolution or of the North Lennard Road3 Bonds. Section 5.07. Repealing Clause. All resolutions of the County, or parts thereof, in conflict with the provisions of this resolution are to the extent of such conflict hereby superseded and repealed. Section 5.08. Effective Date. This resolution shall take effect immediately upon the final approval hereof. [Remainder of Page Intentionally Left Blank] 9 { 2 5 048 /001 /00405 006. DOCv4 } Passed and Adopted by the Board of County Commissioners of St. Lucie County, Florida at a regular meeting duly called and held this 2nd day of February, 2010 , ~,t . ST. LUCIE COUNTY, FLORIDA ~,y~ ~\Y,' i ~7.. f" "~Yi' a1 la r, f ti _ y kdC t,~ ~,eft ~lgttt~~r$` ti g .d ~ ~Yf~ f ~ as M; ~ a1 ' By: a a * ~Y,, ~ ~ j' ~ Chairm oard of County YttF ,1~c~'~'~ ~s Commissloners 5 ATTEST: °~~'t~ f the ircuit Court, icio Clerk to the Board of unty Commissioners APPR VED AS TO FORM AND CORRE NESS: County Attorn 10 {25048/001 /00405006.DOCv4 } EXHIBIT A FORM OF BOND No. $ UNITED STATES OF AMERICA STATE OF FLORIDA ST. LUCIE COUNTY SPECIAL ASSESSMENT IMPROVEMENT BOND, SERIES 2010 (NORTH LENNARD ROAD3 MSBU) RATE OF INTEREST MATURITY DATE DATE OF ISSUE CUSIP o~ 0 REGISTERED OWNER: PRINCIPAL AMOUNT: St. Lucie County, Florida (the "County"), for value received, hereby promises to pay to the Registered Owner designated above, or registered assigns, solely from the special funds hereinafter mentioned, on the Maturity Date specified above, the Principal Amount shown above, upon presentation and surrender hereof at the corporate trust office of as Bond Registrar and Paying Agent, and to pay solely from such funds, interest thereon from the date of this Bond or from the most recent Interest Payment Date to which interest has been paid, whichever is applicable, until payment of such Principal Amount, at the Rate of Interest per annum set forth above, such interest being payable on ,and thereafter on of each year by check or draft mailed on or before the Interest Payment Date, to the Registered Owner at his address as it appears, at 5:00 P.M. Eastern Time on the fifteenth day of the month preceding the applicable Interest Payment Date, on the registration books of the County kept by the Bond Registrar; provided, that for any Registered Owner of one million dollars or more in principal amount of Bonds, such payment shall,. at the written request of such Registered Owner be by wire transfer or other medium acceptable to the County and to such Registered Owner. The principal of, premium, if any, and interest on this Bond are payable in lawful money of the United States of America. This Bond is one of a Series of Bonds, originally authorized to be issued in the aggregate principal amount of $ , of like date, tenor and effect, except as to number, interest rate, and date of maturity, issued to finance the cost of the acquisition and construction of Sanitary A-1 (25048/001 /00405006. DOCv4 } Sewer improvements within the North Lennard Road3 Municipal Service Benefit Unit (the "North Lennard Road3 MSBU Project"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125 Part I, Florida Statutes, Ordinance No. 87-77 of St. Lucie County, Florida, and other applicable provisions of law, and Resolution No. 94-196, duly adopted by the Board of County Commissioners on September 20, 1994, as amended and supplemented, and particularly as supplemented by Resolution No. adopted by the Board on February 2, 2010, as supplemented by Resolution No. adopted on (hereinafter collectively called the "Resolution"), and is subject to all the terms and conditions of said Resolution. Capitalized terms used herein shall have the meaning specified in the Resolution. This Bond is payable from and secured solely by a lien upon and pledge (i) of the proceeds derived from assessments levied against the lands and real estate within the County to be specially benefitted by the North Lennard Road3 MSBU Project authorized by the North Lennard Road3 MSBU Assessment Resolutions, including interest and penalties on such assessments and any moneys received upon the foreclosure of the liens of such assessments or sales, if any, of tax deeds or tax certificates with respect to such assessments (the "North Lennard Road3 MSBU Special Assessments"), (ii) the moneys on deposit in the North Lennard Road3 Subaccounts in the Funds and Accounts created pursuant to the Resolution, and (iii) the North Lennard Road3 Investment Earnings (collectively, the "North Lennard Road3 Pledged Revenues"), all in the manner provided in and subject to the terms and conditions of the Resolution; provided, however, that the County has covenanted in the Resolution to budget and appropriate in its annual budget for each Fiscal Year, by amendment if necessary, Non Ad Valorem Revenues in amounts sufficient to provide for the timely payment of the principal of, interest on and other amounts due under this Bond in such Fiscal Year. Such covenant shall be cumulative and shall continue until Non Ad Valorem Revenues in amounts sufficient to make all required payments hereunder when due, shall be budgeted and appropriated and actually deposited into the North Lennard Road3 Subaccount. Notwithstanding the foregoing, the County does not covenant to maintain any services or programs now provided or maintained by the County which generate Non Ad Valorem Revenues. Such covenant to budget and appropriate does not create any lien upon or pledge of Non Ad Valorem Revenues until budgeted, appropriated, and deposited into the North Lennard Road3 Subaccount, nor does it preclude the County from pledging u-1 the future any specific portion of its Non Ad Valorem Revenues, nor does it require the County to levy and collect any particular Non Ad Valorem Revenues, nor does it give the Registered Owner a prior claim on the Non Ad Valorem Revenues as opposed to claims of general creditors of the County. Such covenant to budget and appropriate Non Ad Valorem Revenues is subject in all respects to the payment of obligations of the County secured by a pledge of all or any specified portion of Non Ad Valorem Revenues heretofore or hereafter issued (including the payment of debt service on bonds and other debt instruments); provided, however, the covenant to budget and appropriate for the purposes and in the manner stated herein and in the Resolution shall have the effect of making available for the payment of debt service on this Bond, in the manner described herein and in the Resolution, sufficient amounts of Non Ad Valorem Revenues and of placing on the Board a positive duty to budget and appropriate, by amendment if necessary, amounts sufficient to meet its obligations hereunder; subject, however, in all respects to the restrictions of Section 129.03, Florida Statutes, which requires a balanced budget, and Section 125.07, Florida Statutes, which prohibits a board of county commissioners from expending or contracting for the expenditure in any Fiscal Year more than the amount budgeted in each fund's budget; and subject, further, to the payment of the cost of maintaining services and programs which are for essential public A-2 { 25048/001 /00405006.DOCv4 } purposes affecting the health, welfare and safety of the inhabitants of the County or which are legally mandated by applicable law. This Bond does not constitute a general obligation or indebtedness of the County as a "bond" within the meaning of the State constitution, and it is expressly agreed by the Registered Owner of this Bond that such Registered Owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the County, or the taxation of any property of or in the County, for the payment of the principal of and interest on this Bond or for the making of any sinking fund, reserve or other payments provided for in the Resolution. It is further agreed between the County and the Registered Owner of this Bond, that this Bond and the obligation evidenced hereby shall not constitute a lien upon the North Lennard Road3 MSBU Project or any part thereof, or on any other property of or u1 the County, but shall constitute a lien only on the North Lennard Road3 Pledged Revenues, in the manner provided in the Resolution. The Bonds are issuable only as fully registered Bonds in the denominations or Maturity Amounts of $5,000 or integral multiples thereof. This Bond is transferable, and exchangeable for Bonds of other authorized denominations, at the office of the Bond Registrar, by the Registered Owner or by a person legally empowered to do so, upon presentation and surrender hereof to the Bond Registrar, together with a request for exchange or an assignment signed by the Registered Owner or by a person legally empowered to do so, in a form satisfactory to the Bond Registrar, all subject to the terms, limitations and conditions provided in the Resolution. No charge will be made for transfer or exchange, but the County or the Bond Registrar may require payment of an amount sufficient to cover any tax or other governmental charge payable in connection therewith. The County and the Bond Registrar may deem and treat the Registered Owner as the absolute owner of this Bond for the purpose of receiving payment of or on account of principal or interest and for all other purposes, and neither the County nor the Bond Registrar shall be affected by any notice to the contrary. The County has entered into certain covenants with the Registered Owners of the Bonds of this Series for the terms of which reference is made to the Resolution. In particular, the County has reserved the right to defease the lien of the Bonds of this issue upon the North Lennard Road3 Pledged Revenues upon making provision for payment of the Bonds as provided in the Resolution. Reference is made to the Resolution for a more complete description of the provisions, among others, with respect to the nature and extent of the security for the Bonds, the rights, duties and obligations of the County, the Registrar and the Registered Owners, and the terms and conditions upon which the Bonds are issued and secured. The Registered Owner of this Bond, by acceptance hereof, assents to all of the provisions of the Resolution. [INSERT REDEMPTION PROVISIONS] Notice of such redemption shall be given in the manner provided in the Resolution. This Bond is and has all the qualities and incidents of a negotiable instrument under the Uniform Commercial Code-Investment Securities Laws of the State of Florida, and the Registered Owner and each successive Registered Owner of this Bond, shall be conclusively deemed by his A-3 { 25048/001 /00405006. DOCv4 } acceptance hereof to have agreed that this Bond shall be and have all the qualities and incidents of negotiable instruments under the laws of the State of Florida. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Bond, exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond, and of the issue of Bonds of which this Bond is one, does not violate any constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Registrar. IN WITNESS WHEREOF, St. Lucie County, Florida has issued this Bond and has caused the same to be executed by its Chairman, either manually or with her/his facsimile signature, and the corporate seal of said County or a facsimile thereof to be affixed hereto or imprinted or reproduced hereon and attested by the manual or facsimile signature of the Clerk, all as of the Date of Issue above. (SEAL) ST. LUCIE COUNTY, FLORIDA By: - Chairman, Board of County Commissioners ATTEST: By: Clerk of the Circuit Court, ex officio Clerk to the Board of County Commissioners REGISTRAR'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within-mentioned Resolution. As Bond Registrar By A-4 {25048/001 /00405006. DOCv4 } Authorized Signature Date of Authentication: A-5 { 25048/001 /00405006. DOCv4 } VALIDATION CERTIFICATE This Bond is one of a series of Bonds validated by judgment of the Circuit Court for St. Lucie County, Florida rendered on , 2010. Chairman A-6 { 25048/001 /00405006.DOCv4 } The following abbreviations, when used in the inscription on the face of the within bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common UNIF GIF MIN ACT - TEN ENT - as tenants by the entireties (Gust.) JT TEN - as joint tenants with right Custodian for of survivorship and not of (Minor) tenants in common Additional abbreviations may also be used although not listed above. ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers to (Please insert Social Security or other Identifying Number of Assignee) the within Bond and does hereby irrevocably constitute and appoint the Bond Trustee as his agent to transfer the Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: NOTICE: The signature to this assignment Signature guaranteed: must correspond with the name of the Registered Owner as it appears upon the face of the within note in every particular, without alteration or enlargement or change whatever. NOTICE: Signature must be guaranteed by in institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program. (Authorized Officer) A-7 { 25048/001 /00405006. DOCv4 }