HomeMy WebLinkAbout16-013REVISED EXECUTION COPY
RESOLUTION NO. 16-01.3
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY, FLORIDA AUTHORIZING THE ISSUANCE
BY ST. LUCIE COUNTY OF NOT EXCEEDING $3,320,000 IN
AGGREGATE PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT
REVENUE BONDS, SERIES 2016, TO PROVIDE FUNDS TO FINANCE
CERTAIN CAPITAL IMPROVEMENTS RELATED TO THE COUNTY
JAIL; AUTHORIZING THE AWARD OF THE SALE OF THE BONDS
UPON COMPLIANCE WITH CERTAIN PARAMETERS;
AUTHORIZING THE EXECUTION AND DELIVERY OF THE FORM
OF ATTACHED LOAN AGREEMENT BETWEEN THE COUNTY AND
THE PURCHASER OF THE BONDS; COVENANTING TO BUDGET
AND APPROPRIATE LEGALLY AVAILABLE NON -AD VALOREM
FUNDS TO PAY THE BONDS; PROVIDING FOR REPEAL OF
INCONSISTENT PROVISIONS; PROVIDING FOR SEVERABILITY;
AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, that:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to the provisions of Section 125.01, et seq., Florida Statutes, and other applicable
provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. St. Lucie County, Florida (the "County") has requested proposals to provide the
County with the necessary financing (the "Loan") to provide for the financing of certain capital
improvements related to the County jail (the "Project").
B. It is necessary and desirable to provide for the execution and delivery of a Loan
Agreement and the issuance of Capital Improvement Revenue Bonds, Series 2016 (the "Bond")
of the County to implement the Loan. Amounts due under the Loan Agreement and the Bond
shall be payable from non -ad valorem revenues of the County derived from the County's
covenant to budget and appropriate from legally available non -ad valorem funds each year such
monies sufficient to pay the principal of and interest on such obligation.
C. In accordance with the provisions of Part III, Chapter 218, Florida Statutes, a
negotiated sale of the Bond is in the best interest of the County because of the flexibility
available in structuring the Bond and its terms.
SECTION 3. AUTHORIZING AND AWARD OF BOND. The issuance by the
County of not to exceed $3,320,000 aggregate principal amount of its Capital Improvement
Revenue Bonds, Series 2016 for the purposes described above; to be dated, to bear interest at a
rate or rates not exceeding the maximum legal rate per annum, to be payable, to mature, to be
subject to redemption and to have such other characteristics as are provided in the Loan
Agreement attached; and secured by a covenant of the County to budget and appropriate from
legally available non -ad valorem funds each year monies sufficient to pay the principal and
interest on such Bond, is hereby authorized. The sale of the Bond is hereby authorized to
Pinnacle Public Finance, Inc., pursuant to such final terms providing the best overall benefit to
the County being hereby delegated to the Chairman of the Board of County Commissioners of
the County, providing the following parameters are complied with: (A) the aggregate principal
amount of the Bond shall be not in excess of $3,320,000; (B) the initial interest rate on the Bond
shall not exceed 2.60%; (C) the costs of issuance associated with the issuance of the Bond shall
not exceed $40,000; and (D) the Bond shall be redeemable at the option of the County at par on
and after October 1, 2021, as provided in the Loan Agreement.
SECTION 4. APPROVAL OF LOAN AGREEMENT AND BOND. The Loan
Agreement and the Bond in the forms attached thereto as Exhibit B are hereby approved in
substantially such forms, with such modifications as may be approved by the Chairman or Vice
Chairman, including a modification of the principal amount thereof (not to exceed $3,320,000)
and associated amortization changes, such approval to be conclusively determined by his or her
execution thereof and the execution and delivery thereof by the Chairman or Vice Chairman of
the Board of County Commissioners and the Clerk of the County who are hereby authorized to
execute and deliver such instruments and to take such other actions as shall be necessary to
implement the Loan.
SECTION 5. AUTHORIZATION OF PROJECT. The Chairman, County
Attorney and Clerk are hereby authorized to take all action necessary in connection with the
acquisition and construction of the Project, which is hereby authorized. Such parties are
additionally hereby authorized to take any other action necessary or required in connection with
the issuance of the Bond.
SECTION 6. REPEAL OF INCONSISTENT PROVISIONS. All resolutions or
parts thereof in conflict with this Resolution are hereby repealed to the extent of such conflict.
SECTION 7. SEVERABILITY. In the event that any portion or section of this
Resolution is determined to be invalid, illegal or unconstitutional by a court of competent
jurisdiction, such decision shall in no manner affect the remaining portions or sections of this
Resolution, which shall remain in full force and effect.
SECTION 8. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its final passage and adoption.
2
PASSED AND ADOPTED this 26th day of January, 2016.
ATTEST:
0 it
le q.,
uit Court and Comptroller
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA