HomeMy WebLinkAbout10-228RESOLUTION N0.10-228
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA AMENDING RESOLUTION NO. 10-213 TO
PROVIDE FOR THE APPLICATION OF A PORTION OF THE PROCEEDS OF
THE COUNTY'S SPECIAL ASSESSMENT IMPROVEMENT REVENUE BOND,
SERIES 2010B (NORTH LENNARD ROAD2 MSBU) TO CURRENTLY REFUND
THE PORTION OF THE COUNTY'S SPECIAL ASSESSMENT LINE OF
CREDIT, SERIES 2006 (MSBU LOAN - SUNTRUST BANK FACILITIY)
ALLOCABLE TO THE NORTH LENNARD ROAD2 MSBU PROJECT;
PROVIDING CERTAIN OTHER MATTERS RELATED THERETO 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 Chapter 125, Part I, Florida Statutes, Ordinance No. 87-77 of the Board of County
Commissioners (the "Board") of St. Lucie County, Florida (the "County"), as amended, and
Resolution No, 94-196, adopted on September 20, 1994, as supplemented and amended from time
to time (the "Master Resolution') and other applicable provisions of law.
Section 2. Definitions. Capitalized terms used herein and not otherwise defined shall
have the meaning set forth in the Master Resolution, Resolution No. 10-051 adopted by the Board
on February 2, 2010 (the "Series Resolution') and Resolution No. 10-213 adopted by the Board on
July 17, 2010 (the "Commitment Resolution"), as the case may be.
As used herein:
"Interim Financing" means the County's Special Assessment Improvement Line of
Credit Note, Series 2006 (MSBU Loan - SunTrust Bank Facility) presently outstanding in the
aggregate principal amount of $1,566,070.13, $158,138.76 of which is allocable to the North
Lennard Road2 MSBU Project.
Section 3. Findings. It is hereby found, declared, and determined by the Board.
(A) The Board previously adopted the Series Resolution authorizing the issuance of the
Series 2010B Bond to finance the North Lennard Road2 MSBU Project.
(B) The County also previously adopted the Commitment Resolution, which among
other things, authorized the sale of the Series 2010B Bond at a negotiated sale to JPMorgan Chase
Bank, N.A. (the "Bank") and approved the form of and authorized the execution and delivery of
the Loan Agreement between the County and the Bank relating to the Series 2010B Bond.
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(C) The County's Interim Financing was initially issued on September 18, 2006 to
provide interim financing for the North Lennard Road2 MSBU Project and other projects related to
other North Lennard Road.
(D) The Interim Financing matures on September 18, 2010.
(E) The County now desires to currently refund the portion of the Interim Financing
allocable to the North Lennard Road2 MSBU Project with a portion of the proceeds of the Series
2010B Bond.
(F) It is necessary and desirable and in the best interests of the health, safety and
welfare of the County and its residents to provide for the refunding of the portion of the Interim
Financing allocable to the North Lennard Road2 MSBU Project with a portion of the proceeds of
the Series 2010B Bond.
Section 4. Amendment of Section 4 of the Commitment Resolution. The Commitment
Resolution is hereby amended by adding the following paragraph to the end of "Section 4.
Approval of Commitment; Sale of Series 2010B Bond."
The proceeds of the Series 2010B Bond shall be applied, in the amounts indicated in
the Loan Agreement, for the following purposes:
(a) to pay the costs and expenses incurred in connection with the
issuance of the Series 2010B Bond;
(b) to make a deposit to the North Lennard Road2 Bonds Reserve
Subaccount established under the Series Resolution;
(c) to currently refund the portion of the Interim Financing allocable
to the North Lennard Road2 MSBU Project; and
(d) deposited into the North Lennard Road2 MSBU Project Account
established under the Series Resolution and used to finance the North Lennard
Road2 MSBU Project Costs.
Section 5. Repeal of Inconsistent Provisions. All resolutions or parts thereof in conflict
with this resolution are hereby repealed to the extent of such conflict.
Section 6. Severability. If any one or more of the covenants, agreements, or provisions of
this resolution should be held contrary to any express 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, and in no
way affect the validity of all other provisions of this resolution.
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Section 7. Amendment. After the issuance of the Series 2010B Bond, this resolution may
not be amended or repealed except with the prior written consent of the Bank.
Section 8. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 17th day of August 2010, at a regular meeting duly called and
held.
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ST. LUCIE COUNTY, FLORIDA
(SEAL) ~ ~`~
~.
By:
Chairman, o d of County
Commissio ers
ATTEST:
By: ~ ~.~jow C(~ ~ r
Clerk of th Circuit Court, ex-officio
Clerk of the Board
{25048/001/00458461.DOCv1 }
APPROVED AS TO FORM AND