HomeMy WebLinkAbout23-089RESOLUTION NO.23-089
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA
SITTING AS THE ST. LUCIE COUNTY WATER AND
SEWER DISTRICT REAUTHORIZING AND CONFIRMING
THE EXCHANGE OF THE DISTRICT'S TAXABLE
UTILITY SYSTEM REFUNDING REVENUE BOND, SERIES
2020 FOR ITS UTILITY SYSTEM REFUNDING REVENUE
BOND, SERIES 2023; 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 sitting as
the St. Lucie County Water and Sewer District (the "District") has issued its Taxable Utility System
Refunding Revenue Bond, Series 2020 (the "2020 Bond"); and
WHEREAS, the District and JPMorgan Chase Bank, N.A. (the "Bank"), as purchaser of
the 2020 Bond, entered into a Forward Delivery and Direct Purchase Agreement, dated March 26,
2020 (the "Exchange Agreement"), providing for the exchange by the Bank of the 2020 Bond for
the District's Utility System Refunding Revenue Bond, Series 2023 (the "2023 Bond") upon the
terms and conditions set forth in the Exchange Agreement; and
WHEREAS, the District desires to reaffirm such authorization and exchange;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, SITTING AS THE ST. LUCIE
COUNTY WATER AND SEWER DISTRICT, as follows:
SECTION 1. The District hereby reauthorizes and affirms the exchange of the 2020 Bond
for the 2023 Bond as contemplated by the Exchange Agreement, and sets the "Future Bond Closing
Date" (as defined in the Exchange Agreement) as October 2, 2023, or such other date as agreed to
by the District and the Bank. The Chairman of the District Board of Commissioners 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 District with respect to the 2020 Bond. The payment of necessary costs in connection with such
exchange from legally available District revenues is hereby authorized.
SECTION 2. This resolution shall take effect immediately upon its adoption.
ADOPTED this 6th day of June, 2023.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY, FLORIDA, sitting as
the St. Lucie County Water and Sewer District
Chair, Board d
County Commissioners
APPROVED AS TO FORM AND
CORRECTNESS: I—,
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D ut Clerk f Circuit Court and ex County Attorney
O ficio Clerk of the Board of County
Commissioners
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