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HomeMy WebLinkAbout14-168f RESOLUTION NO. 2014-168 A RESOLUTION AMENDING RESOLUTION NO. 00-149 (MSBU REVOLVING LOAN PROGRAM) ADOPTED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, AS AMENDED BY RESOLUTION NO. 07-147 AND RESOLUTION NO. 08-207, BY AMENDING SECTION 6 (ESTABLISHMENT OF LOAN CRITERIA) TO INCREASE THE MAXIMUM LOAN AMOUNT; PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the following determinations: 1. Resolution No. 00-149, adopted by the Board June 27, 2000, established the MSBU Revolving Loan Program to finance smaller MSBU Capital projects in-house; thereby, alleviating the cost related to bank financing. Section 6 thereof established the maximum project cost to be $80,000. 2. Resolution No. 07-147, adopted by the Board June 5, 2007, amended the interest rate for the MSBU Revolving Loan Program. 3. Resolution No. 08-207, adopted by the Board July 8, 2008, amended Section 6, increasing the maximum project cost to $150,000; and, Section 5, increasing the amount of time the loans can be amortized from 10 years to 20 years. 4. Due to increases in construction costs, the requirement that a project cost must be no more than $150,000 to qualify for in-house funding is no longer feasible. 5. It is necessary and desirable to increase the project cost requirement to no more than $300,000. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of St. Lucie County, Florida as follows: PART A. Section 6. of Resolution No. 08-207 is amended to read as follows: SECTION 6. ESTABLISHMENT OF LOAN CRITERIA; DELEGATION OF AUTHORITY TO DEVELOP GUIDELINES AND TO IMPLEMENT REVOLVING LOAN PROGRAM. Loans may be made from the Revolving Loan Fund without further authority from this Commission where the following Loan Criteria are satisfied: (1) the Project must be estimated to cost no more than ~-~58;AAA 300 000, or at the discretion of the Board; and (2) the value of each of the Benefited Properties, determined by reference to the most recent roll prepared by the County Property Appraiser (or by such other appraisal as shall be approved by the MSBU Coordinator), must be at least 5x the amount of the assessment to be levied against such Benefitted Properties. The MSBU Coordinator shall develop Guidelines for the making of Loans, with the advice from the Finance Director and the County Attorney, and with the approval of the County Administrator. PART B. REMAINING PROVISIONS UNAFFECTED The remaining provisions of the Original Resolution shall remain in full force and effect. PART C. SEVERABILITY If any one or more of the provisions of this amending resolution should be held to be contrary to the policy of express law, though not expressly prohibited, or to be against public policy, or should for any reason whatsoever be held invalid, then such provisions shall be null and void. PART D. EFFECTIVE DATE This Resolution shall become effective immediately upon its adoption. PART E. ADOPTION Passed and duly adopted this 21St day of October, 2014. ATTEST Deputy Clerk BOARD OF COUNTY CO SSIONERS ST. LUC~OUNTY, F RIDA r C APPROVETO FORM AND CORRECT ES : „ n .. ,: ,~ unty A