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HomeMy WebLinkAbout01-317"CouE title in and ra provis with amend Facilit BE Yi COUNTY, FI Sectio is amended in RESOLUTION NO. 01-3.__/3 A RESOLUTION AMENDING RESOLUTION NO. 92-167 ADOPTED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA ON JUNE 11, 1992, AND ENTITLED: "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE ACQUISITION AND ESTABLISHMENT OF A SEPARATE WATER AND SEWER SYSTEM ON NORTH HUTCHINSON ISLAND AND THE CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS THERETO; PROVIDING FOR THE ISSUANCE OF NORTH HUTCHINSON ISLAND SYSTEM WATER AND SEWER REVENUE BONDS FROM TIME TO TIME TO FINANCE THE FUNDING AND REFUNDING OF CAPITAL PROJECTS WITH RESPECT TO SUCH SYSTEM; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $5,205,000 SERIES 1992 BONDS TO FINANCE THE COST OF ACQUISITION OF THE SYSTEM AND OF THE 1992 PROJECT; PROVIDING FOR THE PAYMENT THEREFOR; PROVIDING FOR THE RIGHTS, SECURITY, AND REMEDIES OF THE REGISTERED OWNERS OF SUCH BONDS; FIXING THE INITIAL SCHEDULE OF RATES, FEES AND CHARGES FOR THE SYSTEM; AND PROVIDING AN EFFECTIVE DATE." BY MODIFYING THE RATE COVENANT AND COVENANT FOR THE ISSUANCE OF ADDITIONAL BONDS, AS MORE PARTICULARLY DESCRIBED HEREIN; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners (the "Board") of St. Lucie County (the ty") has previously adopted Resolution No. 92-167 (the "Original Resolution") referred to by the title above; and WHEREAS, it is necessary and desirable and in the best interest of the citizens of the County :epayers of the North Hutchinson Water and Sewer System (the "System") to amend certain ions of the Original Resolution to provide for the requests of Ambac Assurance Corporation ~'spect to the insuring of the proposed Series 2002 Bonds of the System; and WHEREAS, Section 6.06 of the Original Resolution provides for the modification or ment of the Original Resolution without the approval of the Owners of the Bonds or Credit r Issuer (as defined in the Original Resolution) in certain respects; NOW THEREFORE, RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE ,ORIDA, as follows: a 1. Amendments To Original Resolution. The Original Resolution be and the same hereby the following respects: A. SuBsections (A) and (H), respectively, of Section 5.01 of the Original Resolution is amended to read as follows: "SECTION 5.01. COVENANTS OF THE COUNTY. So long as any of the Bonds shall be Outstanding, )r until (a) there shall have been set apart in the Sinking Fund and the accounts therein, a sum sufficient to ay, when due, the entire principal amount of the Bonds remaining unpaid, together with the premium, if: ay, with respect thereto and the interest accrued and to accrue thereon, and all amounts due and owing to 1 he Credit Facility Issuer, or (b) until all Bonds have been defeased in accordance with Section 6.04 hereof, t]~e County covenants with the Registered Owners of any and all of the Bonds issued pursuant to this Resolution and with all Credit Facility Issuers as follows: collect such same from tin with the Fisc~ ,xclusive of Guarm revise rates, fi System as ma' requirements under this Sec (A) RATE COVENANT. The County will fix, establish and maintain such rates and ,~es, rentals, or other charges for the services and Facilities of the System, and will revise the :e to time whenever necessary, so as to provide Net Revenues in each Fiscal Year commencing Year beginning October 1, 1991, equal to: (i) Net Revenues (exclusive of Guaranteed Revenue Fees) equal to (a) one hundred m percent (110%) of the Debt Service Requirement on the Bonds for such Fiscal Year, plus lb) one hundred percent (100%) of the required deposits into (1) the Reserve Account (less any )orfion thereof to be deposited from proceeds of Bonds) together with any amounts of Reserve luCCOuntCredit Costsin such Fiscal the Renewal and Facility payable Year, (2) Replacement nd in such Fiscal Year, and (3) the Subordinate Debt Service Fund in such Fiscal Year, (ii) (A) Net Revenues (including Guaranteed Revenue Fees), together with Capital _~acilities Charges available in such Fiscal Year, equal to (a) one hundred twenty percent 1120%) of the Debt Service Requirement on the Bonds for such Fiscal Year, plus (b) one hundred percent (100%) of the required deposits into (1) the Reserve Account (less any portion hereof to be deposited from proceeds of Bonds) together with any amounts of Reserve ~ccount Credit Facility Costs payable in such Fiscal Year, (2) the Renewal and Replacement 7und in such Fiscal Year, and (3) the Subordinate Debt Service Fund in such Fiscal Year; and. teed Revenue Fees) equal to (a) one hundred percent (100%) of the Debt Service Requirement on the Bonds for such Fiscal Year, plus (b) one hundred percent (100%) of the required deposits into (1) the Reserve Account (less any portion thereof to be deposited from proceeds of Bonds) together with any amounts of Reserve Account Credit Facility Costs payable in such Fiscal Year, (2) the Renewal and Replacement Fund in such Fiscal Year, and (3) the Subordinate Debt Service Fund in such Fiscal Year. ['he County further covenants that, from time to time and as often as shall be necessary, it will ~es and charges of the System or the Operating Expenses and methods of operations of the / be necessary or proper so that Net Revenues in each Fiscal Year will, subject to applicable md restrictions imposed by law, not be less than the amount required for such Fiscal Year :ion 6.01 (A). The County further covenants and agrees that it will annually, within thirty (3 0) 2 8339V1/28 02-00083/R-AMI~ND days after adqption of the annual budget, revise its rates, fees and charges to the extent necessary to cause the estimated Net Revenues during the Fiscal Year to which such budget pertains to be not less than the amount requi~ed by this Section 6.01 (A). fees and chm System, as su shall be issue( and condition the purpose o: System, inclu evidenced by appropriate: In furtherance of this rate covenant, the County does hereby fix the initial schedule of rates, ges for the use of and for the services famished or to be furnished by the facilities of the :h rates, fees and charges are more fully set out in Resolution No. 92-143 of the County. (H) ISSUANCE OF ADDITIONAL PARITY BONDS. No Additional Parity Bonds after the issuance of any Bonds pursuant to this Resolution, except upon the following terms ~dditional Parity Bonds payable from the Pledged Revenues may be issued by the County for !financing the construction and acquisition of additions, extensions and improvements to the ding Project Costs only if the requirement of either (1) or (2) below have been met, as the certificate of an Independent Consultant or Independent Certified Public Accountant, as The Adjusted Net Revenues (excluding Guaranteed Revenue Fees) for the Computation ?eriod, hereinafter defined, shall have at least equalled the sum of: (i) one hundred ten percent (110%) of the Maximum Debt Service Requirement on all Bonds to be Outstanding as of the date of such issuance, plus (ii) one hundred percent (100%) of the Maximum Debt Service Requirement on all Subordinate Debt to be Outstanding as of the date of such issuance, plus (iii) amotmts, if any, required to be deposited in the Reserve Account during such Fiscal Years (less any portion thereof which is to be deposited from proceeds of Bonds) together with any amounts of Reserve Account Credit Facility Costs payable in such Fiscal Years, plus (iv) amounts required to be deposited in the Renewal and Replacement Fund during such period, )R 2) (a) The Adjusted Net Revenues (including Guaranteed Revenue Fees) together with the 2apital Facilities Charges for the Computation Period shall have equalled at least the sum of: (i) one hundred twenty percent (120%) of the Maximum Debt Service Requirement on all Bonds to be Outstanding as of the date of such issuance, plus 3 8339V1/28 g2-00083/R-AMEIqD on all Bonds on all Subord Fiscal Years mounts of R, during such p, Project, provi, fifteen percenl be issued witt Issuer and del: such completi Project substa~ of the Bonds Refunding p~ Requirement i only upon the (ii) one hundred percent (100%) of the Maximum Debt Service Requirement on all Subordinate Debt to be Outstanding as of the date of such issuance, plus (iii) amounts, if any, required to be deposited in the Reserve Account during such Fiscal Years (less any portion thereof which is to be deposited from proceeds of Bonds) together with any amount of Reserve Account Credit Facility Costs payable in such Fiscal Years; plus (iv) amounts required to be deposited in the Renewal and Replacement Fund during such period; (b) The Adjusted Net Revenues (excluding Guaranteed Revenue Fees) for the Computation Period, hereinafter defined, shall have at least equaled the sum of: (i) one hundred percent (100%) of the Maximum Debt Service Requirement o be Outstanding as of the date of such issuance, plus (ii) one hundred percent (100%) of the Maximum Debt Service Requirement hate Debt to be Outstanding as of the date of such issuance, plus (iii) amounts, if any, required to be deposited in the Reserve Account during such tess any portion thereof which is to be deposited from proceeds of Bonds) together with any ~serve Account Credit Facility Costs payable in such Fiscal Years, plus ~riod. (iv) amounts required to be deposited in the Renewal and Replacement Fund ~_dditional Parity Bonds may be issued without any financial tests for completion of any ted that such completion Bonds may be issued only in a principal amount not greater than (15%) of the principal amount of Bonds initially issued to fund the applicable Project, or may tout regard to the fifteen percent (15%) limitation upon the approval of the Credit Facility very to the County of a certificate of an Independent Consultant stating that the proceeds of >n Bonds will be sufficient to complete the acquisition, construction.and installation of such ~tially in accordance with the plans and specifications therefor in effect at the time of issuance ,riginally issued for such Project. kdditional Parity Bonds payable from the Pledged Revenues may be issued by the County for rposes without regard to the foregoing tests, provided that the Maximum Debt Service not increased. Additional Parity Bonds may be issued in the form of Variable Rate Bonds ~rior written consent of the Credit Facility Issuer. >r purposes of this Section 6.01(H): 8339V1/2~ 32-00083/R-AMEND 4. Independent ¢ adjustment sk a certificate o assumptions, the case may (1) the term "Adjusted Net Revenues" shall mean the Net Revenues certified by the 2ertified Public Accountant, giving effect to the following adjustments, (provided each such all be certified by an Independent Consultant or Independent Certified Public Accountant in r report which shall set forth the assumptions upon which it is based and shall state that such in the opinion of the Independent Consultant or Independent Certified Public Accountant, as 3e, form a reasonable basis for the conclusions expressed therein). (a) If the County, prior to the issuance of the proposed Series of Bonds, as applicable (,the "Applicable Bonds"), shall have put into effect an increase in the rates, fees, rentals or )ther charges for the services of the System, then Net Revenues shall be adjusted to include Ihe additional Net Revenues which would have been received during the Computation Period if such increased rates, fees, rentals or other charges had been in effect during all of such ~eriod. (b) If the number of connections as of the first day of the month preceding the month n which the proposed Applicable Bonds are to be issued exceeds the average number of such :onnections during the most recent full Fiscal Year, then the Net Revenues shall be adjusted :o include the Net Revenues which would have been received during the Computation Period if those additional connections had also been connected to the System during all of such ~eriod. (c) If the County shall acquire by the issuance of the Applicable Bonds any privately ,r publicly owned existing water system, sewer system or water and sewer System then the Net ~evenues during the Computation Period shall be increased by adding to the Net Revenues luring the Computation Period the additional Net Revenues (to the extent such amounts were aot reflected in such Net Revenues) which, on the basis of operating data pertaining to the ~cquired system during the Computation Periods, would have been derived from such existing ~vater system, sewer system, or other utility system as if such existing water system, sewer ;ystem or other utility system had been operated by the County as a part of the System during he Computation Period. (d) If the County shall have entered into a contract, which contract shall be for a turation of not less than the final maturity of the proposed Applicable Bonds, with any public )ody whereby the County shall have agreed to furnish services for the collection, treatment or tisposal of sewage or agreed to furnish services in connection with any water system or other ~tility system, then the Net Revenues during the Computation Period shall be increased (to the ,~xtent such amounts were not reflected in such Net Revenues) by the minimum amount which ;uch public body shall guarantee, under oa legally enforceable agreement with the County, to )ay in any Fiscal Year for the furnishing of such services by the County, after deducting from ;uch payment the estimated additional Operating Expenses attributable in such Fiscal Year to ;uch services. (e) )therwise r~ lave been The Net Revenues shall be increased (to the extent the following amounts are not ',flected in Net Revenues) by the amount of additional Net Revenues which would 'eceived during the Computation Period from any existing occupied structures 8339V1/28 02-00083/R-AMEND complete cale the date of iss improvement payments into full to the d.~ compliance w covenants he] Resoh shoul~ expres whatst from ti Origin adopti, which are to be connected to the System within the following eighteen (18) months of the issuance of the Applicable Bonds. (f) Net Revenues shall reflect any adjustments necessary for any period during the Computation Period in the opinion of an Independent Consultant or Independent Certified Public Accountant to reflect government ownership of the System or any Facilities constituting a part thereof. ~,2) "Computation Period" means (a) any twelve (12) consecutive of the eighteen (18) ndar months or (b) the most recent complete Fiscal Year, in either case immediately preceding uance of Additional Parity Bonds. No Additional Parity Bonds for the purpose of constructing additions, extensions or to the System including Project Costs, shall be issued at any time, however, unless all of the the respective funds and accounts provided for in this Resolution, shall have been made in te of issuance of such Additional Parity Bonds, and the County shall be in substantial ith the covenants, agreements and terms of this Resolution. Each resolution authorizing the issuance of Additional Parity Bonds shall recite that all of the e, in contained will be applicable to such Additional Parity Bonds." SeCtion 2. Remaining Provisions Unaffected. The remaining provisions of the Original ttion shall remain in full force and effect. Section 3. S everability. If any one or more of the provisions of this amending resolution be held to be contrary to any express provisions of law or to be contrary to the policy of s law, though not expressly prohibited, or to be against public poliCy, or should for any reason ~ever be held invalid, then such provisions shall be null and void and shall be deemed separate le remaining provisions of, and in no way affect the validity of, all the other provisions of the al Resolution. Section 4. Effective Date. This Resolution shall become effective immediately upon its )n. 6 8339Vl/28~ )2-00083/R-AMEND held. (SEA] ATTE Passed and AdoPted this 18th day of December 2001, at a regular meeting duly called and ST. LUCIE COUNTY, FLORIDA By: ~O~~~n Chairman, Board of County Commissioners ST: of the ~ APPROVED AS TO FORM AND CORRECTNESS: 7 8339V1/289, 2-00083/R-AMEND