HomeMy WebLinkAbout16-110RESOLUTION NO. 16 -110
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, AUTHORIZING REDEMPTION AND
PREPAYMENT IN FULL OF THE COUNTY'S SPECIAL ASSESSMENT
IMPROVEMENT BOND, SERIES 2006A (SUNLAND GARDENS PHASE I
MSBU); 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. 06-290 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 Sunland Gardens Phase I 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 2006A (Sunland Gardens Phase I MSBU) issued on September 20, 2006, in the
original principal amount of $370,000 (the "2006A Bond").
(C) The 2006A Bond is secured by special assessments levied upon real property
specially benefited by Sunland Gardens Phase I MSBU Project (the "Sunland Gardens Phase I
MSBU Assessments").
(D) The 2006A 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 County wishes to redeem the Series 2006A Bond by prepaying the
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outstanding principal balance thereof in full at this time, together with any interest accrued
thereupon.
Section 4. Redemption of 2006A Bond. County staff and officials are hereby authorized
and directed to redeem the 2006A Bond by prepaying the outstanding principal balance of the
2006A Bond in full, together with any interest accrued thereupon, on August 5, 2016. The payoff
amount of $70,547.11 was provided by the Bank as registered owner of the 2006A Bond and is
hereby approved. The redemption shall be made from prepayments of the Sunland Gardens
Phase I MSBU Assessments, moneys on deposit in the funds or accounts established for the
Sunland Gardens Phase I MSBU Project, or other legally available funds of the County.
Section 5. Effectiveness of 2006A Bond. Upon receipt of the prepayment contemplated
hereunder by the Bank, the Loan evidenced by the 2006A Bond shall be deemed repaid and the
2006A Bond shall be deemed redeemed and no longer outstanding.
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Section 6. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 26th day of July, 2016, at a regular meeting duly called and held.
(SEAL)
ATTEST:
By: VVOA=��
C erk of the Circuit Court, ex -officio
Clerk of the Board
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ST
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APPROVED AS TO FORM AND
CORRECTNESS:
Asti► County Attorney