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HomeMy WebLinkAbout16-212EXECUTION COPY RESOLUTION NO. 16-212 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA AUTHORIZING THE ISSUANCE BY ST. LUCIE COUNTY OF NOT EXCEEDING $3,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF A CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2016A, TO PROVIDE FUNDS FOR A NEW MAINTENANCE REHAB AND OVERHAUL (MRO) HANGAR AND CERTAIN OTHER CAPITAL IMPROVEMENTS AT THE AIRPORT AND PORT OF FORT PIERCE; AUTHORIZING THE AWARD OF THE SALE OF THE BOND 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 BOND; COVENANTING TO BUDGET AND APPROPRIATE LEGALLY AVAILABLE NON -AD VALOREM FUNDS TO PAY THE BOND; 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 enacted 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 design, bid and construction phases for a new Maintenance Rehab and Overhaul (MRO) Hangar at the Treasure Coast International Airport, and certain other capital improvements, including bulkhead design and improvements at the Port of Fort Pierce Fisherman's Wharf, dredging permits and construction, roadway construction and Port of Fort Pierce natural resources site design and permitting (the "Project"). B. It is necessary and desirable to provide for the execution and delivery of a Loan Agreement and the issuance of the County's Capital Improvement Revenue Bond, Series 2016A (the "Bond") 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 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 $3,000,000 aggregate principal amount of its Capital Improvement Revenue Bond, Series 2016A 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 CenterState Bank of Florida, N.A., with the approval of the final terms providing the best overall benefit to the County being hereby delegated to the Chair of the Board of County Commissioners of the County (the "Chair"), providing the following parameters are complied with: (A) the aggregate principal amount of the Bond shall be not in excess of $3,000,000; (B) the interest rate on the Bond (subject to tax and default adjustments as provided in the Loan Agreement) shall not exceed 2.18%; and (C) the costs of issuance associated with the issuance of the Bond shall not exceed $45,000. SECTION 4. APPROVAL OF LOAN AGREEMENT AND BOND. The Loan Agreement and the Bond in the form attached thereto as Exhibit A are hereby approved in substantially such forms, with such modifications as may be approved by the Chair or Vice Chair, including a modification of the principal amount thereof (not to exceed $3,000,000) and associated amortization changes, such approval to be conclusively determined by his or her execution thereof, and the execution and delivery thereof by the Chair or Vice Chair 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 THE PROJECT. The Project is hereby authorized. The Chair, County Attorney and Clerk are hereby authorized to take all 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 15th day of November, 2016. ATTEST: Smith Its: Ex -Officio Clerk BOARD OF COUNTY COMMISSIONERS OF ST. LUCIF4COUNTY, FLORIDA Kim dAhn Its: Chair 3 EXHIBIT A FORM OF LOAN AGREEMENT A-1