HomeMy WebLinkAbout23-088RESOLUTION NO.23-088
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA
EXERCISING THE COUNTY'S OPTION TO REQUIRE THE
PURCHASER OF ITS TAXABLE SALES TAX REVENUE
REFUNDING NOTE, SERIES 2022A AND TAXABLE SALES
TAX REVENUE REFUNDING NOTE, SERIES 2022B TO BE
TENDERED AND EXCHANGED FOR THE COUNTY'S
SALES TAX REVENUE REFUNDING NOTE, SERIES 2023A
AND SALES TAX REVENUE REFUNDING NOTE, SERIES
2023B, RESPECTIVELY; AUTHORIZING THE
EXECUTION OF OTHER DOCUMENTS NECESSARY TO
COMPLETE SUCH EXCHANGE; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida (the
"County") has issued its Taxable Sales Tax Revenue Refunding Note, Series 2022A and Taxable
Sales Tax Revenue Refunding Note, Series 2023B (collectively, the "2022 Notes"); and
WHEREAS, the County and TD Bank, N.A. (the "Bank"), as purchaser of the 2022 Notes,
entered into a Bond Purchase and Exchange Agreement, dated February 24, 2022 (the "Exchange
Agreement"), providing for the exchange by the Bank of the 2022 Notes for the County's Sales
Tax Revenue Refunding Note, Series 2023A and Sales Tax Revenue Refunding Note, Series 2023B
(collectively, the "2023 Notes") upon the exercise by the County of its option under the Exchange
Agreement to demand the tender of the 2022 Notes to accomplish such exchange; and
WHEREAS, the County desires to exercise such option;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, as follows:
SECTION 1. The County hereby evidences its intent to exercise the option referenced
above to exchange the 2022 Notes for the 2023 Notes as contemplated by the Exchange
Agreement. The Chairman of the Board of County Commissioners of the County and the Clerk
are hereby authorized to execute any documents necessary to complete such exchange, including
any amendment to or replacement of the Escrow Deposit Agreement previously entered into by
the County with respect to the 2022 Notes. The County hereby authorized its financial advisor,
PFM Financial Advisors, LLC, to invest or cause to be invested amounts on deposit pursuant to
said Escrow Deposit Agreement and engage a verification agent in connection therewith. The
payment of necessary costs in connection with such exchange from legally available County
revenues is hereby authorized.
SECTION 2. This resolution shall take effect immediately upon its adoption.
ADOPTED this 6th day of June, 2023.
ATTEST:
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Clerk oft Board of County
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ST. LUCIE COUNTY, FLORIDA
Chair, Boar f County Commissioners
APPROVED AS TO F RM AND
CO E TNESS:
County Attorney