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Resolution No. 22-131
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
ST. LUCIE COUNTY, FLORIDA AMENDING RESOLUTION NO. 21-317
OF THE COUNTY, RELATING TO THE ABILITY OF THE COUNTY TO
ISSUE ADDITIONAL INDEBTEDNESS THEREUNDER; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, St. Lucie County, Florida (the "County") has previously issued its Capital
Improvement Revenue Note, Series 2021 (the "Note"), pursuant to Resolution No. 21-317 of the
Board of County Commissioners of the County, adopted July 27, 2021 (the "Original Resolution");
and
WHEREAS, the Note is secured under the Original Resolution by a covenant to budget
and appropriate non -ad valorem revenues, and the Original Resolution contains an "anti -dilution
test" limiting the ability of the County to incur similar debt; and
WHEREAS, the County desires to amend the Original Resolution, with the consent of the
owner of the Note, to provide for flexibility in issuing additional indebtedness with shorter
maturities;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA as follows:
SECTION 1. Section 14 of the Original Resolution is hereby amended to read as follows
(additional language underlined):
Anti -Dilution Test. The Issuer will not issue any additional obligations payable from the
Non -Ad Valorem Revenues, nor voluntarily create or cause to be created any debt, lien, pledge,
assignment, encumbrance or other charge against the Non -Ad Valorem Revenues, or any part
thereof, except as set out below.
No additional indebtedness payable from or secured by Non -Ad Valorem Revenues shall
be issued by the Issuer unless the Issuer certifies that the average of the annual Net Non -Ad
Valorem Revenues Available For Debt Service for the prior two Fiscal Years equals at least 150%
of the maximum annual debt service on all debt payable from such Non -Ad Valorem Revenues.
For purposes of the foregoing (a) if said debt has 25% or more of the aggregate principal
amount coming due in any one year, debt service shall be determined on the debt during such
period of time as if the principal of and interest on such debt were being paid from the date of
incurrence thereof in substantially equal annual amounts over a period of 25 years.
Within this Section, for the purpose of calculating annual debt service on any indebtedness
which bears interest at a variable rate, such indebtedness shall be deemed to bear interest at the
greater of (i) 1.25 times the most recently published Revenue Bond Index of The Bond Buyer, or
(ii) 1.25 times actual average interest rate during the prior Fiscal Year of the Issuer.
In the event any additional obligations are issued for the purpose of refunding any debt
then outstanding, the conditions of this anti -dilution shall not apply, provided that the issuance of
such additional obligations shall result in a reduction of the aggregate debt service on the
applicable debt obligation.
SECTION 2. Except as amended hereby, the Original Resolution shall remain in full
force and effect.
SECTION 3. This resolution shall take effect immediately upon its adoption.
2
ADOPTED this 191' day of July, 2022.
J�-4 CoM��s
ATTEST:
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Dt"Clerk of the Circuit Court ands
Officio Clerk of the Board of County
Commissioners
ST. LUCIE COUNTY, FLORIDA
\J�hair, Board of County Commissioners
4 IPROVED AS TO FORM
AND CORRECTNESS:
Sy�COUNTY ATTORNEY
The undersigned, as owner of the Note, does hereby consent to the foregoing amendment.
Dated: , 2022 TRUIST BANK