Loading...
HomeMy WebLinkAbout02-204RESOLUTION NO. 02-204 AN RESOLUTION AMENDING RESOLUTION 00-81 OF ST. LUCIE COUNTY, ADOPTED APRIL 4, 2000, AND ENTITLED "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE ISSUANCE FROM TIME TO TIME OF PUBLIC IMPROVEMENT REVENUE BONDS SECURED BY NON-AD VALOREM REVENUES ANNUALLY BUDGETED AND APPROPRIATED AND DEPOSITED INTO THE DEBT SERVICE FUND FOR THE BONDS AND ADDITIONAL REVENUES; COVENANTING TO BUDGET AND APPROPRIATE ANNUALLY FROM NON-AD VALOREM REVENUES AMOUNTS NECESSARY, TOGETHER WITH OTHER MONEYS, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE BONDS; PROVIDING FOR THE RIGHTS, SECURITY, AND REMEDIES OF THE REGISTERED OWNERS OF THE BONDS; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $9,000,000 PUBLIC IMPROVEMENT REVENUE BONDS, SERIES 2000A (800 MHz EMERGENCY RADIO SYSTEM), TO PAY AT MATURITY THE COUNTY'S OUTSTANDING PUBLIC IMPROVEMENT REVENUE NOTE, SERIES 1998 AND TO PAY ADDITIONAL PROJECT COSTS; APPROVING COM2k/II~I'MENTS FOR A CREDIT FACILITY AND A RESERVE ACCOUNT CREDIT FACILITY FOR THE SERIES 2000A BONDS; DELEGATING TO THE COUNTY ADMINISTRATOR THE AUTHORITY TO EXECUTE A CONTINUING DISCLOSURE CERTIFICATE AND A PURCHASE CONTRACT FOR THE SERIES 2000A BONDS; DELEGATING TO THE CHAIRMAN, THE CLERK, AND THE PROPER OFFICERS OF THE COUNTY THE AUTHORITY TO EXECUTE THE SERIES 2000A BONDS AND ALL OTHER INSTRUMENTS, AND TAKE ALL ACTIONS, NECESSARY FOR THE ISSUANCE AND DELIVERY OF THE SERIES 2000A BONDS; AND PROVIDING AN EFFECTIVE DATE" TO PROVIDE FOR ADDITIONAL USES FOR THE ADDITIONAL REVENUES; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA: 1 8955V 1/28902-00068fR-AMEND Section 1. Authority for this Resolution. This Resolution is adopted pursuant to the provisions of Chapter 125, Florida Statutes, and other applicable provisions of law (collectively, the "Act"), and Resolution 00-81 of the County, adopted on April 4, 2000, (the "Original Resolution"), and is amendatory of the Original Resolution. Section 2. Definitions. Capitalized terms used and not defined herein shall have the meaning set forth in the Original Resolution. Section 3. Findings. It is hereby found, declared, and detemfined by the Board as follows: (A) The Board has duly adopted the Original Resolution and therein approved the acquisition and construction of the Series 2000A Project and authorized the issuance of the Series 2000A Bonds to provide for the financing thereof, and provided for the Series 2000A Bonds to be payable from and secured by certain Series 2000A Additional Revenues. (B) The amount of the Radio System Fines component of the Series 2000A Additional Revenues has been in excess of the amount originally projected at the time of issuance of the Series 2000A Bonds, and it is necessary and desirable and in the best interests of the County and its residents that the Original Resolution be amended to provide for the use of Radio System Fines not needed to pay the Debt Service Requirement on the Series 2000A Bonds in a given Bond Year to be available for use by the County to pay operation and maintenance and other capital expenses related to the 800 MHz Emergency Radio System. Section 4. Amendments to Original Resolution. (a) The provisions of Section 4.02(D) of the Original Resolution are hereby amended to read as follows: "Section 4.02. Description of and Security for Series 2000A Bonds. "(D) Series 2000A Additional Revenues and Application Thereofi The Series 2000A Additional Revenues shall be deposited by the County, immediately upon receipt thereof into the Series 2000A Subaccounts in the following manner and order of priority: "(1) first, into the Series 2000A Subaccount in the Current Debt Service Account in such amounts as are necessary to pay the interest becoming due on the Series 2000A Current Interest Paying Bonds in the current Bond Year; "(2) next into the Series 2000A Subaccount in the Current Debt Service Account in such amounts as are necessary to pay the principal maturing on Series 2000A Current Interest Paying Serial Bonds in the current Bond Year; 2 8955V 1/28902-00068/R-AMEND "(3) next, on a parity with the payments provided in paragraph (2) above, into the Series 2000A Subaccount Bond Amortization Account in such sums as are necessary to pay the Amortization Installment for Series 2000A Term Bonds which shall become due and payable in the current Bond Year; "(4) next, on a parity with the payments provided in paragraphs (2) and (3) above, into the Series 2000A Subaccount in the Current Debt Service Account in such amounts as are necessary to pay the Maturity Amount of any Series 2000A Capital Appreciation Bonds maturing in the current Bond Year; "(5) next, into the foregoing accounts in such amounts as are necessary to cure any deficiency in prior deposits into the Debt Service Fund; "(6) next, into the Series 2000A Subaccount in the Reserve Account in such amounts as are necessary to maintain in the Reserve Account a Reserve Account Value equal to the Reserve Account Requirement for the Series 2000A Bonds by: "(a) restoring the value of the Series 2000A Reserve Account Credit Facility to Full Reserve Account Credit Facility Coverage by making required payments to the Series 2000A Credit Facility Issuer under the Series 2000A Reserve Account Credit Facility Agreement; and "(b) restoring the value of the moneys and Authorized Investments in the Series 2000A Subaccount in the Reserve Account to the required levels hereunder and pursuant to the terms of the Series 2000A Reserve Account Credit Facility; "(7) next, to the Series 2000A Credit Facility Issuer in such amounts as are necessary to pay any unpaid amounts due pursuant to the Series 2000A Reserve Account Credit Facility Agreement; "(8) thereafter, Series 2000A Additional Revenues may be withdrawn in each Bond Year and used by the County for any lawful purpose, including deposit into the Series 2002A Subaccount in the Redemption Account. "Credit shall be allowed against the required deposit amounts due as prescribed above for the Series 2000A Subaccounts to the extent of any other moneys and Authorized Investments on deposit and available for such purpose in the Series 2000A Subaccounts, including (i) Series Additional Revenues and (ii) Series Investment Earnings, in each case, to the extent allocated to such fund or account and required to be retained therein for such purposes. "The foregoing provisions notwithstanding, no further deposits shall be required to be made into the foregoing funds and accounts whenever (1) there shall be on deposit in the Series 2000A Subaccounts an amount of money and Authorized Investments equal to all principal and 3 8955V 1/28902-00068?R-AMEND interest due on the Series 2000A Bonds to the final maturity thereof, and (2) all amounts due and owing to any Credit Facility Issuer shall have been paid. "Moneys on deposit in the Series 2000A Subaccounts in the Debt Service Fund shall be used and applied as follows: "(1) Current Debt Service Account. Moneys on deposit in the Series 2000A Subaccount in the Current Debt Service Account shall be used only for the purpose of paying the Debt Service on Series 2000A Bonds as the same shall become due. "(2) Bond Amortization Account. Moneys held for the credit of the Series 2000A Subaccount established in the Bond Amortization Account for a particular maturity of Series 2000A Term Bonds shall be applied to the retirement of such maturity of Series 2000A Term Bonds, to the extent of the Amortization Installment, if any, for such Bond Year for such maturity of Series 2000ATerm Bonds, and if the amount available in such Bond Year shall not be sufficient therefor, then in proportion to the Amortization Installments, if any, for such Bond Year for each maturity of Series 2000A Term Bonds then Outstanding. "Notwithstanding the provisions of the preceding paragraph, the County may purchase Series 2000A Term Bonds then Outstanding at the most advantageous price obtainable with reasonable diligence, such price not to exceed the principal amount of such Series 2000A Term Bonds which would be payable on the next Redemption Date to the Registered Owners of such Series 2000A Term Bonds if such Series 2000A Term Bonds should be called for redemption on such date fi.om moneys in the Bond Amortization Account. The County shall pay the interest accrued on such Series 2000A Term Bonds to the date of purchase thereof fi.om the Current Debt Service Account and the balance of the purchase price fi.om the Bond Amortization Account. No such purchase shall be made after the giving of notice of redemption with respect to such Series 2000A Term Bonds other than the Bonds so called, except fi.om moneys in excess of the amounts set aside or deposited for the redemption of Series 2000A Term Bonds. "(3) Reserve Account. Moneys, Authorized Investments on deposit in the Series 2000A Subaccount in the Reserve Account or amounts available under the Series 2000A Reserve Account Credit Facility shall be used only for the purpose of the payment of Debt Service Requirement on the Series 2000A Bonds when the other moneys in the Series 2000A Subaccounts in the Debt Service Fund are insufficient therefor: "If the Series 2000A Subaccount in the Reserve Account contains both cash/Authorized Investments and a Series 2000A Reserve Account Credit Facility, the cash/Authorized Investments shall be utilized prior to making any draw on the Series 2000A Reserve Account Credit Facility. If there is more than one Series 2000A Reserve Account Credit 4 8955V 1/28902-00068/R-AMEND Facility on deposit in the Reserve Account, draws shall be pro rata against both Series 2000A Reserve Account Credit Facilities (based on the Reserve Account Credit Facility Coverage available under each Series 2000A Reserve Account Credit Facility at the time of the draw). "The Authorized Investments on deposit in the Series 2000A Subaccount in the Reserve Account shall be valued annually as of the last day of the Fiscal Year at their market value. If and whenever the stun of(a) the cash, (b) the market value of the Authorized Investments allocated to the Series 2000A Subaccount in the Reserve Account, and (c) the available amounts under all Series 2000A Reserve Account Credit Facilities exceed the Reserve Account Requirement on all then Outstanding Bonds, excess cash may be withdrawn and allocated to the Series 2000A Subaccount in the Current Debt Service Account. "Deficiencies in the Series 2000A Subaccount in the Reserve Account resulting from a withdrawal therefrom, a decline in market value of the Authorized Investments therein or, a draw on a Series 2000A Reserve Account Credit Facility, shall be restored from the first available Series 2000A Pledged Revenues in the following manner; (1) first, the amount of any Series 2000A Reserve Account Credit Facility Costs shall be paid in accordance with the Series 2000A Reserve Account Credit Facility Agreement (and if there is more than one Series 2000A Reserve Account Credit Facility, restoration shall be on a pro rata basis) and (2) second, the amount of cash and Authorized Investments shall be restored. "If the issuance of any Additional Bonds causes an increase in the amount of the Series Reserve Account Requirement, the County shall deposit additional cash, Authorized Investments, or an additional Series Reserve Account Credit Facility to make the amount on deposit therein equal to the Series Reserve Account Requirement. If the County (i) establishes a separate Series Subaccount in the Reserve Account for a particular Series, and (ii) specifies that amounts in such Series Subaccount are available only to pay Debt Service on the Series, the amounts of Non-Ad Valorem Revenues budgeted, appropriated and deposited into the Series Subaccounts in the Debt Service Fund must be pro rata based on the amounts needed to make the required deposits into the Series Subaccounts (after taking into account any Series Additional Revenues and Series Investment Earnings on deposit therein) without regard to whether the Series Subaccount in the Reserve Account is funded with cash and Authorized Investments or with a Reserve Account Credit Facility. "(4) Redemption Account. Moneys on deposit in the Series 2000A Subaccount in the Redemption Account shall be used to pay the Redemption Price of Series 2000A Bonds on the Redemption Date in accordance with the provisions applicable to such Series 2000A Bonds. 5 8955V 1/28902-00068/R-AMEND "(5) Project Fund. Moneys on deposit in the Series 2000A Account in the Project Fund shall be withdrawn, used and applied by the County solely for the payment of Series 2000A Project Costs and purposes incidental thereto, as described and set forth in this Original Bond Resolution; provided that such moneys maybe used to supplement the moneys on deposit in the Series 2000A Subaccount in the Current Debt Service Account to the extent necessary to prevent a default in the payment of Debt Service on the Series 2000A Bonds. All expenditures or disbursements from the Series 2000A Project Fund, other than for payment of Debt Service on the Series 2000A Bonds, shall be made only after such expenditures or disbursements shall have been approved in writing by the Authorized Officer. "All amounts on deposit in the Series 2000A Account in the Project Fund, which in the opinion of the Authorized Officer, are not immediately necessary for expenditure, as hereinabove provided, may be invested in Authorized Investments, maturing at such time or times as such moneys will be needed for the purposes of the Series 2000A Account in the Project Fund. All income derived from such investments shall be retained in the Series 2000A Account in the Project Fund and used to pay Series 2000A Project Costs or, to the extent not needed therefor, may be deposited into the Series 2000A Subaccount in the Current Debt Service Account. "If, for any reason, the moneys on deposit in the Series 2000A Account in the Project Fund, or any part thereof, are not necessary for or are not applied to the payment of Project Costs, then upon receipt of an opinion of Bond Counsel to the effect that the proposed use will not violate the provisions of Section 5.01(G) hereof, the unapplied proceeds may be (1) deposited by the County into the Series 2000A Subaccounts in the Debt Service Fund and used to pay interest on the Series 2000A Bonds, (2) used to pay any Series 2000A Reserve Account Credit Facility Costs then due and owing, (3) deposited by the County into the Series 2000A Subaccount in the Reserve Account to the extent of any deficiency therein, (4) deposited into the Series 2000A Redemption Account or (5) used for any lawful capital purpose for which the Series 2000A Pledged Revenues can be used. (b) The provisions of Section 3.03(D)(6)(b) are amended to read as follows: "Section 3.03. Application Of Series Pledged Revenues. Until any Series shall no longer be Outstanding or until (1) (a) there shall have been set apart in the Series Subaccounts in the Debt Service Fund, a sum sufficient to pay when due the entire Debt Service Requirement accrued and to accrue on such Series, or (b) provision for payment of such Series shall have been made in accordance with the provisions of this Original Bond Resolution, and (2) all Reserve Account Credit Facility Costs with respect to such Series shall have been paid in full, the County covenants with the Registered Owners of, and any Credit Facility Issuer for, such Series as follows: 6 8955V 1/28902-00068/R-AMEND (D) Application Of Non-Ad Valorem Revenues. The County will apply and deposit Non-Ad Valorem Revenues budgeted and appropriated by the Board pursuant to the Covenant in the following manner and order of priority; (6) into the Reserve Accounts in such amounts as are necessary to maintain in the Reserve Account a Reserve Account Value equal to the Reserve Account Requirement by: (a) restoring the value of any Reserve Account Credit Facility to Full Reserve Account Credit Facility Coverage by making required payments to the Credit Facility Issuer under the Reserve Accotmt Credit Facility Agreement; and (b) restoring the value of the moneys and Authorized Investments in the Reserve Account to the required levels hereunder and pursuant to the terms of any Reserve Account Credit Facility;" Section 5. Remaining Provisions Unaffected. Resolution shall remain in full force and effect. The remaining provisions of the Original Section 6. Severability. If any one or more of the covenants, agreements, or provisions of this resolution should be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements, or provisions shall be null and void and shall be deemed separate fi:om the remaining covenants, agreements or provisions hereof, and in no way affect the validity of all other provisions of the Original Resolution or this resolution. Section 7. Effective Date. This resolution shall take effect immediately upon receipt of the consent of the Credit Facility Issuer to the amendments contained in Section 3 hereof. 7 8955V 1/28902-00068/R-AMEND Passed And Adopted by the Co ,unit~ Board of the County of St. Lucie County, Florida at a regular meeting duly called and held this 10 day of September 2002· ST. LUCIE COUNTY, FLORIDA Chairman, Bo~[ ~)f County Commissioners ATTEST' J'"x Clerk of the C~cuit Court, ~ of the Board APPROVED AS TO FORM/~ County Attomey 8 8955V 1/28902-00068/R-AIvlEND