HomeMy WebLinkAbout18-064RESOLUTION NO. 18-064
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 2010C (LENNARD ROAD 3 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. 10-214 adopted on July 27, 2010 (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 August
18, 2010, (the "Loan Agreement") entered into between St. Lucie County, Florida (the "County")
and J.P. Morgan (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 Lennard Road 3 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 2010C (Lennard Road 3 MSBU) issued on August 18, 2010, in the original principal
amount of $260,000 (the "2010C Bond").
(C) The 2010C Bond is secured by special assessments levied upon real property
specially benefited by Lennard Road 3 MSBU Project (the "Lennard Road 3 MSBU
Assessments").
(D) The 2010C 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 2010C Bond by prepaying the
outstanding principal balance thereof in full at this time, together with any interest accrued
thereupon.
Section 4. Redemption of 2010C Bond. County staff and officials are hereby authorized
and directed to redeem the 2010C Bond by prepaying the outstanding principal balance of the
2010C Bond in full, together with any interest accrued thereupon, on April 30, 2018. The
redemption amount of $156,723.19 was provided by the Bank as registered owner of the 2010C
Bond and is hereby approved. The redemption shall be made from prepayments of the Lennard
Road 3 MSBU Assessments, funds available in the construction or project fund established for the
Lennard Road 3 MSBU Project, or other legally available funds of the County.
Section 5. Effectiveness of 2010C Bond. Upon receipt of the prepayment contemplated
hereunder by the Bank, the Loan evidenced by the 2010C Bond shall be deemed repaid and the
2010C 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 17h day of April, 2018, at a regular meeting duly called and held.
ST. LUCIE COUNTY, FLORIDA
(SEAL) oJ�-(Y CO���
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V Chair, B d o ounty
y
N * Commissioners
ATTEST:
By:
Clerk of the Cir rt, ex -officio
Clerk of the Board
APPROVED AS TO FORM AND
CORRECTNESS: