HomeMy WebLinkAbout13-0866.B.9.a
RESOLUTION NO. 13-086
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, AUTHORIZING PARTIAL PREPAYMENT OF
THE COUNTY'S SPECIAL ASSESSMENT IMPROVEMENT BOND, SERIES
2006A (SUNLAND GARDENS PHASE I MSBU); AUTHORIZING A REVISED
AMORTIZATION SCHEDULE FOR SUCH SERIES 2006A BOND
REFLECTING THE PARTIAL PREPAYMENT; AUTHORIZING AND
DIRECTING COUNTY STAFF AND OFFICIALS TO TAKE ACTION IN
CONNECTION THEREWITH; 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
Resolution No. 94-196, adopted on September 20, 1994, as amended and supplemented from time
to time and particularly as amended by Resolution No. 95-183, adopted on September 5, 1995, and
as supplemented by Resolution No. 06-290 adopted on September 19, 2006 (collectively, the
"Resolution").
Section 2. Definitions. Capitalized terms used herein and not otherwise defined shall
have the meaning set forth in the Resolution or that certain Term Loan Agreement dated
September 20, 2006 (the "Loan Agreement") entered into between St. Lucie County, Florida (the
"County") and SunTrust Bank (the "Bank").
Section 3. Findings. It is hereby found, declared, and determined by the Board:
(A) The County and the Bank entered into the Loan Agreement in order to provide
financing for the Sunland Gardens Phase I MSBU Project.
(B) The County's obligation to repay the indebtedness arising under the Loan
Agreement is evidenced by its St. Lucie County, Florida Special Assessment Improvement
Bond, Series 2006A (Sunland Gardens Phase I MSBU) issued on September 20, 2006, in the
original principal amount of $370,000 of which $231,000 is currently outstanding (the " 2006A
Bond").
(C) The 2006A Bond is secured by special assessments levied upon real property
specially benefited by Sunland Gardens Phase I MSBU Project (the "Sunland Gardens Phase I
MSBU Assessments").
(D) The County wishes to make a partial prepayment of the 2006A Bond in the
amount of $45,000 from proceeds of prepayments of the Sunland Gardens Phase I MSBU
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6.B.9.a
Assessments (the "2013 Prepayment"), and to establish a revised amortization schedule for
repayment of the 2006A Bond ("Schedule 2") which reflects such partial prepayment.
(E) The Bank has agreed to a revised amortization schedule for repayment of the
2006A Bond.
Section 4. Prepayment of 2006A Bond. County staff and officials are hereby authorized
and directed to make the 2013 Prepayment of the 2006A Bond on June 1, 2013. The 2013
Prepayment shall be made in the amount of $45,000, which amount shall be derived from
prepayments of the Sunland Gardens Phase I MSBU Assessments or other legally available funds
of the County.
Section 5. Approval of Revised Amortization Schedule. The revised Schedule 2 for the
2006A Bond reflecting the 2013 Prepayment, in the form attached hereto as Exhibit A, is hereby
approved. County staff and officials are hereby authorized and directed to deliver the revised
Schedule 2 to the Bank and to take all action and steps which are necessary or desirable in order to
effectuate the 2013 Prepayment. The revised Schedule 2 shall take effect upon receipt of the 2013
Prepayment by the Bank.
Section 6. Effectiveness of Resolution, Loan Agreement and 2006A Bond. Except for
revision of the amortization schedule as provided for herein, the 2006A Bond, as well as the
Resolution and the Loan Agreement, including all terms, conditions and covenants set forth
therein, shall remain in full force and effect.
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Section 7. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 21st day of May, 2013, at a regular meeting duly called and held.
(SEAL)
A
B
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ST. LUCIE COUNTY, FLORIDA
By:
Chair, Board of County
Commissioners
fu i'ROVED AS TO FORM AND
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CORRECTNESS:
6.B.9.a
EXHIBIT A
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FORM OF
REVISED AMORTIZATION SCHEDULE
FOR 2006A BOND
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SCHEDULE 2
ST. LUCIE COUNTY
SPECIAL ASSESSMENT IIvIl'ROVEMENT BOND, SERIES 2006A
(SUNLAND GARDENS PHASE I MSBU)
AMORTIZATION SCHEDULE
Date Payment Interest Principal Balance
6/1/2007
12/1/2007
6/1/2008
1211 /2008
6/1/2009
12/1/2009
6/1 /2010
12/1 /2010
6/1 /2011
12/1 /2011
6/1/2012
12/1/2012
6/1 /2013
12/1/2013
6/1/2014
12!1/2014
6/1/2015
12/1/2015
6/1/2016
12/1/2016
6/1 /2017
12/1 /2017
6/1/2018
12/1 /2018
611 /2019
12/1/2019
Totals: $ $370,000
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05/1612013 Page 1
St. Lucie County 30/360 @ 5.107%
Compound Period ......: Monthly Sunland Gard ~ MSBU
Nominal Annual Rate ..: 5.107
Effective Annual Rate ..: Undefined
Periodic Rate .............: 0.4256
Daily Rate ..................: 0.01419
CASH FLOW DATA
ens
Suntrust Note 240
After 2013 Partial Prepayment
Event Start Date Amount Number Period End Date
1 Loan 06/01 /2013 186,000.00 1
2 Payment 12/01/2013 26,735.78 1
Fixed Payment (+ Interest)
3 Payment 06/01!2014 Interest Only 1
4 Payment 12/01/2014 23,351.67 1
Fixed Payment (+ Interest) .
5 Payment 06/01/2015 Interest Only 1
6 Payment 12/01/2015 24,544.24 1
Fixed Payment (+ Interest}
7 Payment 06/01/2016 Interest Only 1
8 Payment 12/01/2016 25,797.71 1
Fixed Payment (+ Interest)
9 Payment 06/01/2017 Interest Only 1
10 Payment • 12/01/2017 27,115.20 1
Fixed Payment (+ Interest)
11 Payment 06/01/2018 Interest Only 1
12 Payment 12101!2018 28,499.97 1
Fixed Payment (+ Interest)
13 Payment 06/01/2019 Interest Only 1
14 Payment 12/01/2019 29,955.43 1
Fixed Payment (+ Interest)
AMORTIZATION SCHEDULE - US Rule, 360 Day Year
Date Payment Interest Principal Balance
Loan 06/01/2013 186,000.00
1 12/01/2013 31,485.29 4,749.51 26,735.78 159,264.22
2013 Totals 31,485.29 4,749.51 26,735.78
2 06/01/2014 4,066.81 .4,066.81 0.00 159,264.22
3 12/01/2014 27,418.48 4,066.81 23,351.67 135,912.55
2014 Totals 31,485.29 8,133.62 23,351.67
4 06/01/2015 3,470.53 3,470.53 0.00 135,912.55
5 12/01/2015 28,014.77 3,470.53 24,544.24 111,368.31
2015 Totals 31,485.30 6,941.06 24,544.24
6 06/01/2016 2,843.79 2,843.79 0.00 111,368.31
7 12/01/2016 28,641.50 2,843.79 25,797.71 $5,570.60
05/16/2013 Page 2
St. Lucie County 30/360 (cD 5.107%
Date Payment Interest Principal Balance
2018 Totals 31,485.29 5,687.58 25,797.71 ~
8 06/01/2017 2,185.05 2,185.05
~ 0.00 85,570.80
9 12/01/2017 29,300.25 2,185.05 27,115.20 58,455.40
2017 Totals 31,485.30 4,370.10 27,115.20
10 06/01 /2018 1,492.66 1,492.68 0.00 ~ 58,455.40
11 12/01/2018 29,992.63 1,492.6$ 2$,499.97 29,955.43
2018 Totals 31,485.29 2,985.32 28,499.97
12 06101/2019 764.91 764.91 0.00 29,955.43
13 12/01/2019 30,720.34 764.91 29,955.43 0.00
2019 Totals 31,485.25. 1,529.82 - 28,955.43
Grand Totals 220,397.01 34,397.01 186,000.00