HomeMy WebLinkAbout13-0876.B.10.a
RESOLUTION NO. 13-087
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
2009B (SUNLAND GARDENS PHASE II MSBU); AUTHORIZING A REVISED
AMORTIZATION SCHEDULE FOR SUCH SERIES 2009B BOND
REFLECTING THE PARTIAL PREPAYMENT; AUTHORIZING AND
DIRECTING COUNTY STAFF AND OFFICIALS TO TAKE ACTION IN
CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE TT 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. 95-1$3, adopted on September 5,1995, and
as supplemented by Resolution No. 09-286 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 Sunland Gardens Phase II 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 2009B (Sunland Gardens Phase II M5BU) issued on September 23, 2009, in the
original principal amount of $3,130,000 of which $2,640,000 is currently outstanding (the "2009B
Bond").
(C) The 2009B Bond is secured by special assessments levied upon real property
specially benefited by Sunland Gardens Phase II MSBU Project (the "Sunland Gardens Phase II
MSBU Assessments").
(D) The County wishes to make a partial prepayment of the 2009B Bond in the
amount of $700,000 from proceeds of prepayments of the Sunland Gazdens Phase II MSBU
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6.6.10.a
Assessments and legally available funds resulting from construction cost savings for the
Sunland Gardens Phase II MSBU Project {the "2013 Prepayment"), and to establish a revised
amortization schedule for repayment of the 2009E Bond ("Schedule 2") which reflects such
partial prepayment.
(E) The 2009B 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
2009B Bond.
Section 4. Prepayment of 2009B Bond. County staff and officials are hereby authorized
and directed to make the 2013 Prepayment of the 2009B Bond on June 1, 2013. The 2013
Prepayment shall be made in the amount of $700,000, which amount shall be derived from
prepayments of the Sunland Gardens Phase II MSBU Assessments, funds available in the
construction or project fund established for the Sunland Gardens Phase II MSBU Project or other
legally available funds of the County.
Section 5. Approval of Revised Amortization Schedule. The'revised Schedule 2 for the
2009B 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 2009B Bond. Except for
revision of the amortization schedule as provided for herein, the 2009B 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.
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ST. LUCIE COUNTY, FLORIDA
By:
Chair, Board of County
Commissioners
APPROVED AS TO FORM AND
CORRECTNESS:
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6.B.10.a
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FORM OF
REVISED AMORTIZATION SCHEDULE
FOR 2009B BOND
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6.B.10.a
SCHEDULE 2
ST. LUCIE COUNTY
SPECIAL ASSESSMENT IlvIl'ROVEMENT BOND, SERIES 2l)09B
(SLTNLAND GARDENS PHASE II 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
611 /2019
1211 /2019
6/1/2020
12/1 /2020
6/1/2021
12/1 /2021
6/1 /2022
1211 /2022
6!1/2023
12/1 /2023
6/1 /2024
12/1 /2024
Totals: $ $3,130,000
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05/16/2013 Page 1
St. Lucie County 301360 ~ 3.4%
Compound Period ......: Monthly
Sunland Gardens 2 MSBU
Nominal Annual Rate ..: 3.400 % suntrust Note 22a
Effective Annual Rate ..: Undefined After zo13 Partial Prepayment
Periodic Rate ............. : 0.2833
Daily Rate ..................: 0.00944
CASH FLOW DATA
Event Start Date Amount Number Period End Date
1 Loan 06/01/2013 1,940,000.00 1
2 Payment 12/01/2013 163,317.87 1
Fixed Payment (+ Interest)
3 Payment ~ 06/01/2014 Interest Oniy 1
4 Payment 12/01/2014 135,890.68 1
Fixed Payment (+ Interest)
5 Payment 06/01/2015 .Interest Only 1
6 Payment 12/01/2015 140,510.96 1
Fixed Payment (+ Interest)
7 Payment 06/01/2016 Interes# Only 1
8 Payment 12/01/2016 145,288.33 1
Fixed Payment {+ interest)
9 Payment 06/01/2017 Interest OMy 1
10 Payment 12/01/2017 ,150,228.14 1
Fixed Payment (+ interest)
11 Payment 06101/2018 Interest Only 1
12 Payment 12/01/2018 155,335.89 ~ 1'
fixed Payment {+ fn#erest)
13 Payment 06/01/2019 Interest Only 1
14 Payment 12/01/2019 160,617.31 1
Fixed Payment (+ Interest)
15 Payment 06/01/2020 Interest Only 1
16 Payment 12/01/2020 166,078.30 1
Fixed Payment (+ Interest)
17 Payment 06/01/2021 Interest Only 1
18 Payment 12101 /2021 171,724.96 1
Fixed Payment {+ Interest)
19 Payment 06/01/2022 Interest Only 1
20 Payment 12/01/2022 177,563.61 1
Fixed Payment (+ Interest)
21 Payment 06/01/2023 Interest Only 1
22 Payment ~ 12101 /2023 183,600.78 1
Fixed Payment {+ Interest}
23 Payment 06/01/2024 Interest Only 1
24 Payment 12/01/2024 189;843.17 1
Fixed Payment {+ Interest)
AMORTIZATION SCHEDULE - US Rule, 360 Day Year
05/16/2013 Page 2
St. Lucie County 301360 @ 3.4%
Date P~ment In_te___rest Principal Balance
Loan 06!01/2013 1,940,000.00
1 12!01/2013 196,297.87 32,980.00 163,317.87 1,776,682.13
2013 Totais 196,297.87 32,980.00 163,317.87
2 06/01/2014 30,203.60 30,203.60 0.00 1,776,682.13
3 12!01/2014 166,094.28 30,203.60 135,890.88 1,640,791.45
2014 Totals. 196,297.88 60,407.20 135,890.68
4 06/01/2015 27,893.45 27,893.45 0.00 1,640,791.45
5 12/01/2015 168,404.41 27, 893.45 140, 510.96 1,500, 280.49
2015 Totals 196,297.86 55,786.90 140,510.96
6 06/01!2016 25,504.77 .25,504.77 0.00 1,500,280.49
7 12/01/2016 170,793.10 25;504.77 145,288.33 1,354,992.16
2016 Totals 196,297.87 51,009.54 145,288.33
8 06/01/2017 23,034.87 23,034.87 0.00 1,354,992.16
9 12/01/2017 173,263.01 ~ 23,034.87 150,228.14 1,204,764.02
2017 Totals 198,297.88 4$,069.74 150,228.14
10 06/01/2018 20,480.99 20,480.99 0.00 1,204,764.02
11 12/01/2018 175,816.88 20,480.99 155,335.89 1,049,428.13
2018 Totals 196,297.87 40,961.98 155,335.89
12 06/01!2019 17,840.28 17,840.28 0.00 1,049,428.13
13 12/01/2019 178,457.59 17, 840.28 160,617.31 888, 810.82
2019 Totals 196,297.87 35,680.56 160,617.31
14 06/01 /2020 15,109.78 15,109.78. ~ 0.00 888,810.82
15 12/01/2020 181,188.08 15,109.78 166,078.30 722,732.52
2020 Totals 196,297.86 30,219.56 166,078.30
16 06/01/2021 12,286.45 12,286.45 ~ 0.00 722,732.52
17 12/01/2021 184,011.41 12,286.45 171,724.96 551,007.56
2021 Totals 196,297.86 24,572.90 171,724.96
18 06/01/2022 9,367.13 9,367.13 0.00 551,007.56
19 12/01/2022 186,930.74 9,367.13 177,563.61 373,443.95
2022 Totals 196,297.87 18,734.26 177,563.61
20 06/01/2023 6,34$.55 6,348.55 0.00 373,443.95
21 12/01/2023 189,949.33 6,348.55 183,600.78 189,843.17
2023 Totals 196,297.88 12,697.10 183,600.78
22 06/01/2024 3,227.33 3,227.33 0.00 189;843.17
23 12/01/2024 193,070.50 3,227.33 189,843.17 0.00
2024 Totais 196,297.83 6,454.66 189,843.17
Grand Totals 2,355,574.40 415,574.40 1,940,000.00