HomeMy WebLinkAbout19-110RESOLUTION NO. 19-110
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 2008A (LAKE DRIVE 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. 08-257 adopted on August 5, 2008 (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 5,
2008 (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 Lake Drive 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 2008A (Lake Drive MSBU) issued on August 7, 2008, in the original principal
amount of $150,000 (the "2008A Bond").
(C) The 2008A Bond is secured by special assessments levied upon real property
specially benefited by Lake Drive MSBU Project (the "Lake Drive MSBU Assessments").
(D) The 2008A 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 2008A Bond by prepaying the
outstanding principal balance thereof in full at this time, together with any interest accrued
thereupon.
Section 4. Redemption of 2008A Bond. County staff and officials are hereby authorized
and directed to redeem the 2008A Bond by prepaying the outstanding principal balance of the
2008A Bond in full, together with any interest accrued thereupon, on June 1, 2019. The redemption
amount of $45,618.87 was provided by the Bank as registered owner of the 2008A Bond and is
hereby approved. The redemption shall be made from prepayments of the Lake Drive MSBU
Assessments, funds available in the construction or project fund established for the Lake Drive
MSBU Project, or other legally available funds of the County.
Section 5. Effectiveness of 2008A Bond. Upon receipt of the prepayment contemplated
hereunder by the Bank, the Loan evidenced by the 2008A Bond shall be deemed repaid and the
2008A 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 21st day of May, 2019, at a regular meeting duly called and held.
(SEAL)
ATTEST:
By4rkof the Circuit Court, ex -officio
Clerk of the Board
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ST. LUCIE COUNTY, FLORIDA
By: --
Chair, Board ()f County
Commissioners
APPROVED AS TO FORM AND
CORRECTNESS:
Es