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HomeMy WebLinkAbout02-022 RESOLUTION NO. A RESOLUTION AMENDING RESOLUTION NO. 92-167 ADOPTED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA ON JUNE 11, 1992, AND ENTITLED: "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE ACQUISITION AND ESTABLISHMENT OF A SEPARATE WATER AND SEWER SYSTEM ON NORTH HUTCHINSON ISLAND AND THE CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS THERETO; PROVIDING FOR THE ISSUANCE OF NORTH HUTCHINSON ISLAND SYSTEM WATER AND SEWER REVENUE BONDS FROM TIME TO TIME TO FINANCE THE FUNDING AND REFUNDING OF CAPITAL PROJECTS WITH RESPECT TO SUCH SYSTEM; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $5,205,000 SERIES 1992 BONDS TO FINANCE THE COST OF ACQUISITION OF THE SYSTEM AND OF THE 1992 PROJECT; PROVIDING FOR THE PAYMENT THEREFOR; PROVIDING FOR THE RIGHTS, SECURITY, AND REMEDIES OF THE REGISTERED OWNERS OF SUCH BONDS; FIXING THE INITIAL SCHEDULE OF RATES, FEES AND CHARGES FOR THE SYSTEM; AND PROVIDING AN EFFECTIVE DATE." TO PROVIDE PARAMETERS FOR CONSOLIDATION OF SYSTEMS, AS MORE PARTICULARLY DESCRIBED HEREIN; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners (the "Board") of St. Lucie County (the "County") has previously adopted Resolution No. 92-167 (the "Original Resolution") referred to by title in the title above; and WHEREAS, it is necessary and desirable and in the best interest of the citizens of the County and ratepayers of the North Hutchinson Water and Sewer System (the "System") to amend certain provisions of the Original Resolution to provide for the parameters for consolidation of the System with other systems; and WHEREAS, Section 6.06 of the Original Resolution provides for the modification or amendment of the Original Resolution without the approval of the Owners of the Bonds or Credit Facility Issuer (as defined in the Original Resolution) in certain respects; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, as follows: Section 1. Amendments To Original Resolution. The Original Resolution be and the same hereby is amended in the following respects: A. Subsections 5.01(L) of the Original Resolution is amended to read as follows: "SECTION 5.01. COVENANTS OF THE COUNTY. So long as any of the Bonds shall be Outstanding, or until (a) there shall have been set apart in the Sinking Fund and the accounts therein, a sum sufficient to pay, when due, the entire principal amount of the Bonds remaining unpaid, together with the premium, if any, with respect thereto and the interest accrued and to accrue thereon, and all amounts due and owing to the Credit Facility Issuer, or (b) until all Bonds have been defeased in accordance with Section 6.04 hereof, the County covenants with the Registered Owners of any and all of the Bonds issued pursuant to this Resolution and with all Credit Facility Issuers as follows: (L) NO COMPETING FACILITIES. The County, to the extent permitted bylaw, will not grant any franchise, license, or permit, or cause or voluntarily agree to the granting of any franchise, license, or permit, for the construction or operation of any facilities which will be competitive with the services and facilities of the System; provided, however, that this subsection shall not affect the vested rights of any persons, firms, or corporations now owning or operating such facilities. Notwithstanding the foregoing provisions, the County shall be authorized to construct or acquire other non-competing utility systems providing products and services similar to those provided by the System in areas of the County geographically distinct from those of the System, and none of the revenues derived from such other non-competing utility systems shall be deemed to be Gross Revenues of the System pursuant to this Resolution; provided, however, that if the County shall furnish products and services from the System to any other non-competing utility systems, which the County is hereby authorized to do, it shall do so at rates comparable to the rates charged to other customers served by the System and the revenues so derived from said other non-competing utility systems shall be deposited in the Revenue Fund created and established by this Resolution, and shall be deemed to be Gross Revenues derived from the operation of the System as fully and to the same extent as other Gross Revenues derived from the operation of the System. The County is further authorized and empowered to combine and consolidate the System with any other water systems, sewer systems or combined utility, whether located within or without the County, and whether acquired or constructed by the County, and after such combination and consolidation, such systems shall thereafter be deemed to be one system and subject to the provisions of the resolution governing the issuance of debt for the system deemed by the County to be the surviving system; provided, that (a) the coverage test prescribed in Section 5.01(H)(1) of this resolution for the issuance of Additional Parity Bonds must be (i) satisfied at the time of such consolidation and (ii) be projected by the Independent Consultant to be satisfied in each of the three (3) Fiscal Years following the consolidation, treating the senior lien obligations outstanding under the resolution for the system with which the System is being combined and consolidated as Additional Parity Bonds for purposes of such coverage test, and (b) the rate covenant contained in Section 5.01(A) of this resolution must be satisfied at all times while any Bonds issued under this resolution remain Outstanding, treating both the Bonds Outstanding under this resolution and the senior lien obligations outstanding under the resolution for the system with which the System is 2 8422V 1/28902~00083/R.-AMEND CONSOLIDATE being combined and consolidated as "Bonds" for purposes of such rate covenant." Section 2. Remaining Provisions Unaffected. The remaining provisions of the Original Resolution shall remain in full force and effect. Section 3. Severability. If any one or more of the provisions of this amending resolution should be held to be contrary to any express provisions of law or to be contrary to the policy of express law, though not expressly prohibited, or to be against public policy, or should for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed separate from the remaining provisions of, and in no way affect the validity of, all the other provisions of the Original Resolution. Section 4. Effective Date. This Resolution shall become effective immediately upon the later to occur of(l) its adoption and (2) the written consent of the Credit Facility IsSuer to the amendment provided for herein. 3 8422V 1/28902-00083/R-AMEND CONSOLIDATE Passed and Adopted this 8th day of January 2002, at a regular meeting duly called and held. (SEAL) ST. LUCIE COUNTY, FLORIDA Chairman, Board of County Commissioners Clerk Circuit Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Co~ttomey 4 8422V 1/28902-00083/R-AMEND CONSOLIDATE