HomeMy WebLinkAbout21-050BRESOLUTION 21-050B
A RESOLUTION OF THE ST. LUCIE COUNTY WATER
AND SEWER DISTRICT AMENDING AND
SUPPLEMENTING RESOLUTION NO. 13-232A OF THE
DISTRICT; MODIFYING THE DEFINITION OF THE
TERMS "GROSS - REVENUES" AND "COST OF
OPERATION AND MAINTENANCE," EFFECTIVE UPON
RETIREMENT OF THE DISTRICT'S SERIES 2013 BONDS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Commission of the St. Lucie County Water and Sewer District
(the "District") adopted on November 5, 2013 its Resolution No. 13-232A (the "Original
Resolution"), providing for the issuance from time to time of its Utility System Revenue Bonds,
and providing for certain covenants and agreements in connection therewith; and
WHEREAS, said Original Resolution includes the determination of the "Gross Revenues"
and "Cost of Operation and Maintenance" of the District's water and sewer system (the "System")
for the purpose of complying with the rate covenant and meeting the additional bonds test and for
operation of the System under the terms of the Original Resolution; and
WHEREAS, the District desires to modify said definitions in order to more strictly
construe such terms on a cash basis of accounting, which is more the norm on local government
public utility systems; and
WHEREAS, Section 22(J) of the Original Resolution permits the amendment thereof; "to
modify any of the provisions of this Resolution in any other aspects provided that such
modifications shall not be effective until after the Bonds Outstanding at the time such
Supplemental Resolution is adopted shall cease to be Outstanding, or until the holders thereof
consent thereto pursuant to Section 23 hereof, and any Bonds issued subsequent to any such
modification shall contain a specific reference to the modifications contained in such Supplemental
Resolution";
NOW, THEREFORE, BE IT RESOLVED BY THE DISTRICT COMMISSION OF
THE ST. LUCIE COUNTY WATER AND SEWER DISTRICT as follows:
SECTION 1. The definition of "Cost of Operation and Maintenance" set forth in Section
2 of the Original Resolution is hereby amended to read as follows:
"Cost of Operation and Maintenance" of the System shall mean the Issuer's then current
expenses, in the operation, maintenance and repair of the System, as calculated in accordance with
generally accepted accounting principles, including, but not limited to, general administrative and
indirect labor costs, personal services, contractual services, repairs and maintenance, and materials
and supplies, but shall not include capital expenditures, any reserve for renewals and replacements,
any allowance for depreciation, any Debt Service Requirement, any costs of issuance associated
with a Series of Bonds, any payments in lieu of taxes, franchise fees or other transfers, costs
incurred with respect to the issuance of Additional Parity Obligations or amounts budgeted and
paid from amounts on deposit in the Renewal and Replacement Fund, any non -cash charges, any
loss resulting from the valuation of investment securities at market value and any other loss that
does not require or result in the expenditure of cash.
SECTION 2. The definition of "Gross Revenue" or "Revenue" set forth in Section 2 of
the Original Resolution is hereby amended to read as follows;
"Gross Revenues" or "Revenues" shall mean all income and earnings, including
Meter Install Fees and Guaranteed Revenue Fees, received by the Issuer or accrued
to the Issuer from the ownership, use or operation of the System and all parts
thereof, including, without limitation, unencumbered, non -ad valorem special
assessments not pledged for the repayment of, or as security for, any indebtedness
of the Issuer, whether currently outstanding or hereafter issued, other than the
Bonds and which are legally available to be used as contemplated hereunder, grant
monies received by the Issuer as a result of ownership, use or operation of the
System, proceeds from the sale or other disposition of the System or any part
thereof pursuant to the terms of Section 20(G) hereof, moneys received by the
Issuer into the Revenue Fund (including without limitation receipts from interfund
transfers) for any internal and external administrative services provided by the
System, and shall also include investment income, if any, earned on any fund or
account created pursuant to this Resolution, except the Rebate Fund, the Sewer
System Capital Facilities Fee Fund, the Water System Capital Facilities Fee Fund,
all as calculated in accordance with generally accepted accounting principles, and
any payment received by the Issuer as contemplated in Section 27 hereof, but
"Gross Revenues" or."Revenues" shall not include any direct subsidy payments
received from the United States Treasury relating to Direct Subsidy Bond or any
other interest subsidy or similar payments made by the Federal government, non -
ad valorem special assessments which are pledged for the repayment of, or as
security for, any indebtedness of the Issuer, whether currently outstanding or
hereafter issued, other than the Bonds, condemnation awards or proceeds of
insurance received with respect to the System, Contributions in Aid of
Construction, Connection Fees, or unrealized gains or losses from investments, or
any other gain that does not require or result in the receipt of cash."
SECTION 3. The foregoing amendments shall take effect only upon the retirement in
full of the District's Utility System Improvement and Refunding Revenue Bonds, Series 2013.
Except as amended hereby, the Original Resolution shall remain in full force and effect.
0
PASSED AND ADOPTED this 23rd day of March, 2021.
BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY, FLORIDA, sitting as
the St. Lucie County Water and Sewer District
Chris Dzadovs
Its: Chair
A'
JAIichelle R. Miller
Its: Ex-Officio Clerk
APPROVED:
JPMorgan Chase Bank, N.A., as owner of the
District's Taxable Utility System Refunding
Revenue Bond, Series 2020
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