HomeMy WebLinkAbout13-0886.8.11.a
RESOLUTION N0.13-088
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
2004A (HARMONY HEIGHTS MSBU); AUTHORIZING A REVISED
AMORTIZATION SCHEDULE FOR SUCH SERIES 2009A 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. 09-284 adopted on September 22, 2009 (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 23, 2009 (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 Harmony Heights 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 2004A (Harmony Heights MSBU) issued on September 23, 2009, in the original
principal amount of $1,250,000 of which $1,015,000 is currently outstanding (the "2009A Bond"}.
(C) The 2009A Bond is secured by special assessments levied upon real property
specially benefited by Harmony Heights MSBU Project (the "Harmony Heights MSBU
Assessments").
(D) The County wishes to make a partial prepayment of the 2009A Bond in the
amount of $400,000 from proceeds of prepayments of the Harmony Heights MSBU Assessments
and legally available funds resulting from construction cost savings for the Harmony Heights
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6.B.11.a
MSBU Project (the "2013 Prepayment"), and to establish a revised amortization schedule for
repayment of the 2009A Bond ("Schedule 2") which reflects such partial prepayment.
(E) The 2009A Bond provides that it is subject to prepayment prior to its date of
maturity at the option of the County at any time without penalty.
(F) The Bank has agreed to a revised amortization schedule for repayment of the
2009A Bond.
Section 4. Prepayment of "2009A Bond. County staff and officials are hereby authorized
and directed to make the 2013 Prepayment of the 2009A Bond on June 1, 2013. The 2013
Prepayment shall be made in the amount of $400,000, which amount shall be derived from
prepayments of the Harmony Heights MSBU Assessments, funds available in the construction or
project fund established for the Harmony Heights MSBU Project or other legally available funds of
the County.
Section 5. Approval of Revised Amortization Schedule. The revised Schedule 2 for the
2009A 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 2009A Bond. Except for
revision of the amortization schedule as provided for herein, the 2009A 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)
ATTEST:
B
{25048/011/00767045.DOCv1)
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ST. LUCIE COUNTY, FLORIDA
By: l o o~
Chair, Board of County
Commissioners
~1'PROVED AS TO FORM AND
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CORRECTNESS:
6.8.11.a
SCHEDULE 2
ST. LUCIE COUNTY
SPECIAL ASSESSMENT Ilv1I'ROVEMENT BOND, SERIES 2009A
(HARMONY HEIGHTS MSBU)
AMORTIZATION SCHEDULE
Date Payment Interest Principal Balance
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
6/1 /2019
1211 /2019
611 /2020
12/1 /2020
6/1/2021
12/1/2021
6/1/2022
12/1 /2022
Totals: $ $1,250,000
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St. Lucie County 301360 ~ 3.4%
Compound Period ......: Monthly
Nominal Annual Rate ..: 3.400
Effective Annual Rate ., : Undefined
Periodic Rate .............: 0,2833
Da'sly Rate .............. . . ..: 0.00944
CASH FLOW DATA
Harmony Heights MSBU
Suntrust Note 182
After 2013 Partial Prepayment
Event Start Date Amount. Number Period End Date
1 Loan 06/01/2013 615,000.00 1
2 Payment 12/01/2013 61,911.53 1
Fixed Payment (+ Interest)
3 Payment 06/01/2014 Interest Only 1
4 Payment 12!0112014 53,561.52 1
Fixed Payment (+ Interest)
5 Payment 06/01/2015 Interest Only 1
6 Payment. 12/01/2015 55,382.61 1
Fixed Payment {+ Interest)
7 Payment 06/0112016 Interest Only 1
8 Payment 12/01/2016 57,265.62 1
Fixed Payment (+ Interest)
9 Payment 06/01.12017 Interest Only 1
10 Payment 12/01/2017 59,212,65 1
Fixed Payment (+ Interest)
11 Payment 06/01/2018 Interest Only 1
12 Payment 12101 /2018 61,225.88 1
Fixed Payment (+ Interest)
13 Payment 06/01/2019 Interest Only 1
14 Payment 12/01/2019 63,307.56 1
Fixed Payment (+ Interest)
15 Payment 06/01/2020 Interest Onfy 1
16 Payment 12/01/2020 65,460.02 1
Fixed Payment (+ Interest)
17 Payment 06/01/2021 Interest Only 1
18 Payment 12/01/2021 67,685.66 1
Fixed Payment (+ Interest)
19 Payment 0610112022- Interest Only 1
20 Payment 12/01/2022 71,176.73 1
AMORTIZATION SCHEDULE - US Rule, 360 Day Year
Date Payment Interest Principal Balance
Loan 06/01/2013
1 12/01/2013 72,366.53 10,455.00
2013 Totals 72,366.53 10,455.00
2 06101 /2014 9,402.50 9,402.50
3 12/01/2014 62,964.02 9,402.50
615,000.00
61,911.53 553,088,47
61,911.53
0.00 553,088,47
53,561.52 499,526.95
05/16/2013 Page 2
St. Lucie County 30/360 @ 3.4%
Date Payment Interest Principal Balance _
2094 Totals 72,366.52 18,805..00 53,561.52
4 06/01/2015 8,491.96 8,491.96 0.00 499,526.95
5 12/0112015 63,874.57 8,491.96 55,382.61 444,144.34
2015 Totals 72,366.53. 16,983.92 55,382.61
6 .06/01/2016 7,550.45 7,550.45. 0.00 444,144.34
7 12/01/2016 64,816.07 7,550.45 57,265.62 386,878.72
2016 Totals 72,366.52 15,100.90. 57,265.62
8 06/01/2017 6,576.94 6,576.94 0.00 386,878.72
9 12/01/2017 65,789.59 6,576.94 59,212.65. 327,666.07
2017 Totals 72,366.53 13,153.88 59,212.65
10 06/01/2018 5,570.32 5,570.32 0.00 327,666.07
11 12!01/2018 66,796.20 5,570.32 61,225.88 266,440.19
2018 Totals 72,366.52 11,140.64 ~ 61,225.88
12 06/01/2019 4,529.48 4,529.48 0.00 266,440.19
93 12/01/2019 67,837.04 4,529.48 63,307.56 203,132.63
2019 Totals 72,366.52 9,058.96 63,307.56
14 06/01/2020 3,453.25 , 3,453.25 0.00 203,132.63
15 12/01/2020 68,913.27
~ 3,453.25 65,460.02 137,672.61
2020 Totals 72,366.52 6,906.50 65,460.02
16 06/01/2021 2,340.43 2,340.43 0.00 137,672.61
17 .1210112021 70,026.09 2,340.43 67,685.66 69,986.95
2021 Totals 72,366.52 4,680.86 67,685.66
18 06/01 /2022 1,189.78 1,1$9.78 0.00 69,986.95
19 12/01 /2022 71,176.73 1,189.78 69, 986.95 0.00
2022 Totals 72,366.51 2,379.56 69,986.95
Grand Totals 723,665.22 108,665.22 615,000.00