HomeMy WebLinkAbout13-0906. B.13.a
RESOLUTION NO. 13-090
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
2008A (LAKE DRIVE MSBU); AUTHORIZING A REVISED AMORTIZATION
SCHEDULE FOR SUCH SERIES 2008A 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. 94-19b, 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. 08-257 adopted on August 5, 2008 (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 August 7,
2008 (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 Lake Drive 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 2008A (Lake Drive MSBU) issued on September 20, 2006, in the original principal
amount of $150,000 of which $117,700 is currently outstanding (the "2008A Bond").
(C) The 2008A Bond is secured by special assessments levied upon real property
specially benefited by Lake Drive MSBU Project (the "Lake Drive MSBU Assessments").
(D) The County wishes to make a partial prepayment of the 2008A Bond in the
amount of $15,000 from proceeds of prepayments of the Lake Drive MSBU Assessments (the
"2013 Prepayment"), and to establish a revised amortization schedule for repayment of the
2008A Bond ("Schedule 2") which reflects such partial prepayment.
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{E) The Bank has agreed to a revised amortization schedule for repayment of the
2008A Bond.
Section 4. Prepayment of 2008A Bond. County staff and officials are hereby authorized
and directed to make the 2013 Prepayment of the 2008A Bond on June 1, 2013. The 2013
Prepayment shall be made in the amount of $15,000, which amount shall be derived from
prepayments of the Lake Drive MSBU Assessments or other legally available funds of the County.
Section 5. Approval of Revised Amortization Schedule. The revised Schedule 2 for the
2008A 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 2008A Bond. Except for
revision of the amortization schedule as provided for herein, the 2008A 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 21 st day of May, 2013, at a regular meeting duly called and held.
(SEAL)
ST. LUCIE COUNTY, FLORIDA
By:
Chair, Board of County
Commissioners
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APPROVED AS TO FORM AND
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CORRECTNESS:
6.B.13.a
EXHIBIT A
FORM OF
REVISED AMORTIZATION SCHEDULE
FOR 2008A BOND
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SCHEDULE 2
ST. LUCIE COUNTY
SPECIAL ASSESSMENT IMPROVEMENT BOND, SERIES 2008A
(LAKE DRIVE MSBU)
AMORTIZATION SCHEDULE
Date Payment Interest Principal Balance
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
6/1 /2019
1211 /2019
6/1 /2020
12/1 /2020
6/1/2021
12/1/2021
6/1/2022
12/1/2022
Totals: $ $168,000
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05/16!2013 Page 1
S#. Lucie County 30/360 @ 4.561
Compound Period .......: Monthly
Nominal Annual Rate ...: 4.561
Effective Annual Rate ..: Undefined
Periodic Rate ..............: 0.3801
Daily Rate ...................: 0.01267
Lake Drive M58U
Suntrust Note 273
After 2013 Partial Prepayment
CASH FLOW DATA
Event Start Date Amount Number Period End Date
1 Loan 06/01/2013 102,700.00 1
2 Payment 12/01/2013 10,392.07 1
Fixed Payment (+ interest)
3 Payment 06!01/2014 Interest Only 1
4 Payment 12/01/2014 8,523.98 1
Fixed Payment (+ Interest)
5 Payment 06/01/2015 Interest On{y 1
6 Payment 12101 /2015 8,912.75 1
Fixed Payment (+ Interest)
7 Payment 06!01/2016 interest Only 1
8 Payment 12/01/2016 9,319.26 1
Fixed Payment (+ Interest)
9 Payment 06/01/2017 Interest Oniy 1
10 Payment 12101!2017 9,744.32 1
Fixed Payment (+ Interest)
11 Payment 06/01/2018 Interest Only 1
12 Payment 12101/2018 10,188.75 1
Fixed Payment (+ Interest)
13 Payment 06/01/2019 Interest Only 1
14 Payment 12!0112019 10,653.46 1
Fixed Payment (+ Interest}
15 Payment 06/01/2020 interest Only 1
16 Payment 12/01 /2020 11,139.37 1
Fixed Payment (+ Interest)
17 Payment 06/01/2021 Interest Only 1
18 Payment 12/01/2021 11,647.43 1
Fixed Payment (+ Interest)
19 Payment 06/01!2022 Interest Only 1
20 Payment 12!01/2022 12,178.61 1
Fixed Payment (+ Interest}
AMORTIZATION SCHEDULE - US Rule, 360 Day Year
Date Payment Interest Principal Balance
Loan 06/01 /2013 102,700.00
1 12/01/2013 12,734.14 2,342.07 10,392.07 92,307.93
2013 Totais 12,734.14 2,342.07 10,382.07
2 06/01/2014 2,105.08 2,105.08 0.00 92,307.93
05/16/2013 Page 2
St. Lucie County 30/360 ~ 4.561
Date Payment Interest Principal Balance
3 12/01/2014 10,829.06 2,105.08 8,523.98 83,783.95
2014 Totals 12,734.14 4,210.16 8,523.88
4 06!01/2015 1,910.68 1,910.69 0.00 83,783.95
5 12/01/2015 10,823.44 1,910.69 8,912.75 74,871.20
2015 Totals 12,734.13 3,821.38 8,912.75
6 06/01/2016 1,707.44 1,707.44 0.00 74,871.20
7 12/01/2016 11,026.70 1,707.44 9,319.26 65,551.94
2016 Totals 12,734.14 3,414.88 9,319.28
8 06/01/2017 1,494.91 1,494.91 0.00 65,551.94
9 12/01/2017 11,239.23 1,484.91 9,744.32 55,807.62
2017 Totals 12,734.14 2,889.82 9,744.32
10 06101 /2018 1,272.69 1,272.69 0.00 55,807.62
11 12/01 /2018 11,461.44 1,272.69 10,188.75 45,618.87
2018 Totals 12,734.13 2,545.38 10,188.75
12 06101 /2019 1,040.34 1,040.34 0.00 45,618.87
13 12/01/2019 11,693.80 .1,040.34 10,653.46 34,965.41
2019 Totals 12,734.14 2,080.68 10,653.46
14 06/01/2020 797.39 797.39 0.00 34,965.41
15 12/01 /2020 19 ,936.76 797.39 11,139.37 23,826.04
2020 Totals 12,734.15 1,594.78 11,139.37
16 06/01/2021 543.35 543.35 0.00 23,826.04
17 12101/2021 12,190.78 543.35 11,647.43 12,178.61
2021 Totals 12,734.13 1,088.70 11,$47.43
18 06/01 /2022 277.73 277.73 0.00 12,178.61
19 12/01/2022 12,456.34 277.73 12,178.61 0.00
2022 Totals 12,734.07 555.46 12,178.61
Grand Totals 127,341.31 24,641.31 102,700.00