HomeMy WebLinkAbout13-0896.B.12.a
RESOLUTION NO. ~ 3-089
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
20068 (GREENACRES MSBU); AUTHORIZING A REVISED AMORTIZATION
SCHEDULE FOR SUCH SERIES 2006B 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. 06-289 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 Greenacres 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 2006B (Greenacres MSBU) issued on September 20, 2006, in the original principal
amount of $168,000 of which $111,000 is currently outstanding (the "2006B Bond").
(C) The 2006B Bond is secured by special assessments levied upon real property
specially benefited by Greenacres MSBU Project (the "Greenacres MSBU Assessments").
(D) The County wishes to make a partial prepayment of the 2006B Bond in the
amount of $20,000 from proceeds of prepayments of the Greenacres MSBU Assessments (the
"2013 Prepayment"), and to establish a revised amortization schedule for repayment of the
2006B 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
2006B Bond.
Section 4. Prepayment of 2006B Bond. County staff and officials are hereby authorized
and directed to make the 2013 Prepayment of the 2006B Bond on June 1, 2013. The 2013
Prepayment shall be made in the amount of $20,000, which amount shall be derived from
prepayments of the Greenacres MSBU Assessments or other legally available funds of the County.
Section 5. Approval of Revised Amortization Schedule. The revised Schedule 2 for the
2006B 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 2006B Bond. Except for
revision of the amortization schedule as provided for herein, the 2006B 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:
BY;
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ST. LUCIE COUNTY, FLORIDA
By:
Chair, Board of County
Commissioners
APPROVED AS TO FORM AND
CORRECTNESS:
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EXHIBIT A
FORM OF
REVISED AMORTIZATION SCHEDULE
FOR 2006B BOND
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SCHEDULE 2
ST. LUCIE COUNTY
SPECIAL ASSESSMENT IMPROVEMENT BOND, SERIES 2006B
(GREENACRES MSBU)
AMORTIZATION SCHEDULE
Date Payment Interest Principal Balance
6/1/2007
12/1/2007
6/1 /2008
12/1 /2008
6/1/2009
1211 /2009
6/112010
12/1 /2010
611 /2011
1211 /2011
6/1 /2012
12/1/2012
6/1/2013
12!112013
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
Totals: $ $168,000
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05/16/2013 Page 1
St. Lucie County 30/360 @ 5.107%
Compound Period .......: Monthly
Nominal Annual Rate ...: 5.107
Effec#ive Annual Rate ..: Undefined
Periodic Rate ..............: 0.4256
Daily Rate ...................: 0.01419
CASH FLOW DATA
Greenacres MSBU
Suntrust Note 257
After 2013 Partial Prepayment
Event Start Date Amount Number Period End Date
1 Loan 06101/2013 91,000.00 1.
2 Payment 12!01/2013 11,473.42 1
Fixed Payment (+ Interest)
3 Payment 06/01/2014 Interest Only 1
4 Payment 12/01/2014 9,735.69 1
Fixed Payment {+ Interest)
5 Payment 0610 1 /201 5 Interest Only 1
6 Payment 12/01/2015 10,232.89 1 .
Fixed Payment (+ Interest)
7 Payment 06/01/2016 Interest Only 1
8 Payment 12/01/2016 10,755.48 1
Fixed Payment (+ Interest)
9 Payment 06/01/2017 Interest Only ~ 1
10 Payment 12/01/2017 11,304.77 1
Fixed Payment (+ Interest)
11 Payment 06/01/2018 Interest Only 1
12 Payment 12!0112018 11,882.10 1
Fixed Payment (+ Interest)
13 Payment 06/01/2019 Interest Only 1
14 Payment 12101!2019 12,488.92 1
Fixed Payment (+ Interest}
15 Payment 06/01/2020 Interest Only 1
16 Payment. 12101/2020 13,126.73 1
Fixed Payment (+ Interest)
AMORTIZATION SCHEDULE - US Rule, 360 Day Year
Date Payment Interest Principal Balance
Loan 06/01 /2013 91,000.00
1 12/01/2013 13,797.11 2,323.69 11,473.42 78,526.58
2013 Totals 13,797.11 2,323.69 11,473.42
2 06/01/2014 2,030.71 2,030.71 0.00 79,526.58
3 12/01 /2014 ~ 11,766.40 2,030.71 9,735.69 69,790.89
2014 Totals 13,797.11 4,061.42 9,735.69
4 06/01/2015 1,782.11 1,782.11 0.00 69,790.89
5 12/0112015. 12,015.00 1,782.11 10,232.89 59,558.00
2015 Totals 13,797.11 3,564.22 10,232,89
05/16/2013 Page 2
St. Lucie County 30/360 @ 5.107%
Date Payment Interest Principal Balance
6 06/01 /2016 1,520.81 1,520.81 0.00 59,558.00
7 12/01/2016 .12,276.29 1,520.81 10,755.48 48,802.52
2016 Totals 13,797.10 3,041.62 10,755.48
8 06/01/2017 1,246.17 1,246.17 0.00 48,802.52
9 12/01/2017 12,550.94 1,246.17 11,304.77 37,497.75
2017 Totals 13,797.11 2,492.34 11,304.77
10 06/01 /2018 957.51
~ 957.51 ~ 0.00 37,497.75
11 12!0112018
~ 12,839.61 957.51 .11,882.10 25,615.65
2018 Totals 13,797.12 1,915.02 11,882.10
12 06/01 /2019 654.10 654.10 0.00 .25,615.65
13 12/01/2019 13,143.02 654.10 12,488.92 13,126.73
2019 Totals 13,797.12 1,308.20 12,488.92
14 06/01/2020 335.19 335.19 0.00 ~ 13,126.73
15 12/01 /2020 13,461.92 335.19 13,126.73 0.00
2020 Totals 13,797.11 670.38 1.3,126.73
Grand Totals 110,376.89 19,376.89 91,000.00