HomeMy WebLinkAbout17-043RESOLUTION NO. 17-043
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST.
LUCIE COUNTY, FLORIDA, AUTHORIZING REDEMPTION OF THE
COUNTY'S SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 1998
(SOUTH HUTCHINSON ISLAND WASTEWATER SYSTEM); 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. 95-208 adopted on October 3, 1995, as amended and supplemented from time to
time and particularly as supplemented by Resolution No. 98-110 adopted on May 12, 1998 and
Resolution No. 98-159 adopted on June 23, 1998 (collectively, the "Resolution"). Any capitalized
terms used herein and not otherwise defined shall have the meaning set forth in the Resolution.
Section 2. Findings. It is hereby found, declared, and determined as follows:
(A) The County issued its $14,920,000 St. Lucie County, Florida Special Assessment
Refunding Bonds, Series 1998 (South Hutchinson Island Wastewater System) on July 16, 1998
(the "1998 Bonds").
(C) The Series 1998 Bonds refunded certain debt obligations which financed the cost
of the acquisition and construction of a wastewater treatment and effluent disposal/reuse
system on South Hutchinson Island (the "SHI Project").
(D) The Series 1998 Bonds are secured by special assessments levied upon real
property specially benefited by the SHI Project (the "SHI MSBU Assessments").
(E) The Series 1998 Bonds are subject to redemption prior to their date of maturity at
the option of the County without penalty at any time on or after November 1, 2008.
(F) The County wishes to redeem the Series 1998 Bonds by prepaying the
outstanding principal balance thereof in full at this time, together with any interest accrued
thereupon.
Section 3. Redemption of Series 1998 Bonds. County staff and officials are hereby
authorized and directed to redeem the Series 1998 Bonds by prepaying the outstanding principal
balance of the Series 1998 Bonds in full in the amount of $1,870,000, together with any interest
accrued thereupon, and to provide notice of such redemption in the manner provided by the
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Resolution. The Series 1998 Bonds shall be redeemed on May 1, 2017, or as shortly thereafter as
may be feasible given the notice requirements of the Resolution. The redemption shall be made
from proceeds of the SHI MSBU Assessments, moneys on deposit in the funds or accounts
established for the Series 1998 Bonds, and/or other legally available funds of the County.
Section 4. Effectiveness of Series 1998 Bonds. Upon payment in full of principal and
interest as contemplated hereunder, the Series 1998 Bonds shall be deemed redeemed and no
longer outstanding.
Section 5. Effective Date. This resolution shall take effect immediately upon its adoption.
Passed and Adopted this 280, day of March, 2017, at a regular meeting duly called and
held.
(SEAL)
ATTEST:
By -
44
f thef
rcuit Court, ex -officio
Clerk
ST. LUCIE COUNTY, FLORIDA
By:
Chairm , Boar of ZCounty
Commissioners
APPROVED AS TO FORM AND
CORRECTNESS:
County Attorney
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