HomeMy WebLinkAbout23-053RESOLUTION NO.23-053
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 2007A (INDIAN RIVER ESTATES 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, as
supplemented by Resolution No. 02-309 adopted on December 10, 2002, and Resolution 06-321
adopted on October 17, 2006 (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 February
28, 2007 (the "Loan Agreement") entered into between St. Lucie County, Florida (the "County") and
Wachovia/Wells Fargo (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 Indian River Estates 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 2007A (Indian River Estates MSBU) issued on February 28, 2007, in the original
principal amount of $11,800,000 (the "2007A Bond").
(C) The 2007A Bond is secured by special assessments levied upon real property
specially benefited by Indian River Estates MSBU Project (the "Indian River Estates MSBU
Assessments").
(D) The 2007A 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 2007A Bond by prepaying the
outstanding principal balance thereof in full at this time, together with any interest accrued
thereupon.
Section 4. Redemption of 2007A Bond. County staff and officials are hereby authorized
and directed to redeem the 2007A Bond by prepaying the outstanding principal balance of the
2007A Bond in full,together with any interest accrued thereupon,on February 28,2023. The not to
exceed redemption amount of$3,360,000 was provided by the Bank as the registered owner of the
2007A Bond and is hereby approved. The redemption shall be made from prepayments of the
Indian River Estates MSBU Assessments, funds available in the construction or project fund
established for the Indian River Estates MSBU Project, or other legally available funds of the
County.
Section 5. Effectiveness of 2007A Bond. Upon receipt of the prepayment contemplated
hereunder by the Bank, the Loan evidenced by the 2007A Bond shall be deemed repaid and the
2007A 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 February, 2023, at a regular meeting duly called and
held.
ST. LUCIE COUNTY,FLORIDA
(SEAL)
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By: _! '_ LIA. -. ...i. 11_4 A Ai.
Chair,Boar: of County
Commissi f -rs
A 1-1'hST:
By: .a . !‘.u.. O r.. dt
Clerk of the Circuit Court, -* 'F•_. • •\ C
Clerk of the Board ` 4, -} ti
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00UHT1;rt.00 '
APPROVED AS TO FORM AND
CORRECTNESS:
County Attorney
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