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HomeMy WebLinkAbout02-322RESOLUTION NO. 02-322 A RESOLUTION AMENDING RESOLUTION 93-216 OF ST. LUCIE COUNTY, ADOPTED SEPTEMBER 21, 1993, ANT) ENTITLED "A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR THE ISSUANCE FROM TIME TO TIME OF SOLID WASTE SYSTEM REVENUE BONDS OF THE COUNTY; PROVIDING FOR THE PAYMENT OF SUCH BONDS; PROVIDING FOR THE RIGHTS, SECURITY, AND REMEDIES OF THE REGISTERED OWNERS OF SUCH BONDS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AUTHORIZING THE ISSUANCE OF SOLID WASTE SYSTEM REFUNDING REVENUE BONDS, SERIES 1993; AND PROVIDING AN EFFECTIVE DATE." IN ORDER TO ELIMINATE THE REQUIREMENT FOR THE MAINTENANCE FOR CERTAIN RESERVES AND IN OTHER RESPECTS; 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 the provisions of Chapter 125, Florida Statutes, Ordinance No. 87-77 of the County, as amended, and other applicable provisions of law (collectively, the "Act"), and Resolution No. 93-216 of the County, adopted on September 21, 1993, as amended and supplemented (collectively, 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 determined by the Board as follows: (A) The Board has duly adopted the Original Resolution and therein approved the financing and refinancing of the acquisition and construction of improvements to the System. (B) The Board has determined, upon the recommendation of the County's staff and Financial Advisor, that it is in the best interest of the County that certain reserve accounts created by the Original Resolution be eliminated and moneys therein be (1) used to finance a portion of the refinancing of the County's Solid Waste System Refunding Revenue Bonds, Series1993 (the "Series 1993 Bonds"), or (2) transferred to and maintained in the Reserve Fund. (C) It is necessary and desirable and in the best interests of the County and its residents that certain definitions in the Original Resolution be amended and/or deleted. Section 4. Amendments to Original Resolution. (a) Section 1.02 of the Original Resolution is amended by adding thereto a definition of "Mandated Reserves" as follows: "Mandated Reserves" means the reserves required to be established by the County pursuant to the Resource Recovery and Management Laws. (b) Section 1.02 of the Original Resolution is amended by deleting therefrom the definition "Mandatory Disposal Ordinance". (c) The definition of "Operating Expenses" in Section 1.02 of the Original Resolution is amended to mad as follows: "Operating Expenses" means the current expenses, paid or accrued, of operation, maintenance and repair of the System and its Facilities in accordance with Accounting Principles. "Operating Expenses" shall not include Administrative Expenses, the maintenance of Mandated Reserves, any depreciation expense, or any other non-cash expenses, except to the extent expressly herein provided." (d) The definition of "Pledged Moneys" in Section 1.02 of the Original resolution is amended to read as follows: "Pledged Moneys" means the (i) Net Revenues, (ii) until expended, the amounts on deposit in the funds and accounts established hereunder (except with respect to the Reserve Account, as may be more particularly provided by subsequent resolution of the County establishing separate subaccounts within the Reserve Account for different series or installments of Bonds), and (iii) Investment Earnings." (e) Subsections (A), (C), (D) and (G) of Section 3.03 of the Original Resolution are amended to read as follows: "SECTION 3.03. FUNDS AND ACCOUNTS; PLEDGED MONEYS. For as long as any of the principal of and interest on any of the Bonds shall be Outstanding and unpaid or until (a) there shall have been set apart in the Sinking Fund, herein established, including the Reserve Account and Bond Amortization Account, a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid, together with the premium, if any, with respect thereto, and the interest accrued or to accrue thereon, or (b) provision for payment of the Bonds shall have been made in accordance with the terms of Section 6.04 of this Resolution and the lien of the Bonds upon the Pledged Moneys shall have been defeased, the County covenants with the Registered Owners of any and all Bonds as follows: 2 9277V [/28902-O0106/R-AMEND (A) CREATION OF FUNDS AND ACCOUNTS. There are hereby created and established the following funds and accounts: the Solid Waste System Revenue Bonds Revenue Fund, hereinafter referred to as the "Revenue Fund"; the Solid Waste System Revenue Bonds Sinking Fund, hereinafter called the "Sinking Fund", together with the subaccounts therein to be known as the "Bond Amortization Account" (together with any subaccounts therein), the "Reserve Account" (together with any subaccounts therein) and the "Redemption Account"; and the Solid Waste System Revenue Bonds, Rebate Fund (the "Rebate Fund")." (C) APPLICATION OF REVENUES. All Gross Revenues shall, immediately upon receipt thereof, be deposited by the County into the Revenue Fund. Any moneys at any time on deposit in the Revenue Fund shall be disposed of in each month in each Bond Year only in the following manner and order of priority. (1) The County shall first pay all current Operating Expenses. (2) The County shall next deposit into the Sinking Fund one-sixth (1/6) of the amount required to pay the interest due on the Current Interest Paying Bonds on the next Interest Payment Date. (3) The County shall next deposit into the Sinking Fund (a) one-twelfth (1/12) of the amount required to pay the principal due on the Current Interest Paying Bonds maturing on the next Principal Maturity Date and (b) one-twelfth of the Maturity Amount of Compounding Interest Bonds becoming due on the next Principal Maturity Date. (4) On a parity with the deposits under the preceding paragraph, the County shall deposit into the Bond Amortization Account, if and to the extent required, one-twelfth (1/12) of the Amortization Installment for Term Bonds which shall become due and payable on the next Principal Maturity Date. (5) The County shall next restore to the Sinking Fund and Bond Amortization Account therein the amount of any deficiency for prior payments not made in full or resulting from a decline in the market value of any investments therein (such restoration to be prior to the end of the Bond Year in which such deficiency occurs). (6) The County shall next maintain on deposit in the Reserve Account in the Sinking Fund an amount equal to the Reserve Account Requirement; provided that this requirement shall not apply with respect to any Bonds as to which a Reserve Account Credit Facility has been furnished to satisfy all or a portion of such Reserve Account Requirement; further provided, that the County may substitute a Reserve Account Credit Facility for the cash and investments on deposit in the Reserve Account at any time. 3 9277V 1/28902-00106/R-AMEND Notwithstanding the foregoing, in the event the County provides a Reserve Account Credit Facility in lieu of all or a portion of the Reserve Account Requirement, commencing with the first month following any draw on the Reserve Account Credit Facility, moneys shall next be used to to repay the Reserve Account Credit Facility Costs in an amount equal to one-twelfth (1/12) of the aggregate Reserve Account Credit Facility Costs related to such draw. If and to the extent that cash has also been deposited in the Reserve Account, all such cash shall be used (or investments purchased with such cash shall be liquidated and the proceeds applied as required) prior to any drawing under the Reserve Account Credit Facility, and repayment of any Reserve Account Credit Facility Costs shall be made prior to the replenishment of any such cash amount. If more than one Reserve Account Credit Facility is provided, drawings under such Reserve Account Credit Facilities shall be made on a pro rata basis (calculated by reference to the original maximum amounts available under each Reserve Account Credit Facility) after applying all available cash in the Reserve Account and prior to replenishment of any such cash draws, respectively. Upon the issuance of Additional Parity Bonds, additional moneys shall be deposited into the Reserve Accotmt fi.om the proceeds of such Additional Parity Bonds, or fi.om other moneys of the County available therefor, in order to make the amount on deposit in the Reserve Account at the time of issuance thereof equal to the Reserve Account Requirement. The foregoing provision notwithstanding, the County shall be entitled at the time of issuance of the Additional Parity Bonds to provide a Reserve Account Credit Facility in an amount equal to all or a portion of such difference in lieu of depositing such moneys; provided, that the consent of the Credit Facility Issuer with respect to any Bonds Outstanding at the time of issuance of such Additional Parity Bonds shall be required where the full deposit into the Reserve Account is not made at the time of issuance of such Additional Parity Bonds. (7) The County shall next restore to the Reserve Account the amount of any deficiency resulting fi.om withdrawals therefi.om or fi.om a decline in the market value of the investments therein; provided that, in any event, such deficiency shall be cured no later than twelve (12) months following notice to the Board of such deficiency. (8) Moneys shall next be used to pay the principal of and interest on any Subordinate Bonds that may be Outstanding. (9) The County shall next deposit into the Rebate Fund any sums recommended by the Independent Certified Public Accountant and determined by the Board to be deposited therein for the purpose of making rebate payments to the U.S. Government. (I0) Moneys shall next be used to pay Administrative Expenses. (11) At such time as the foregoing payments and deposits shall have been made in full for the then current Bond Year, remaining moneys in the Revenue Fund may thereafter be used by the County only for purposes of the System, including maintenance of the Mandated Reserves. 4 9277V 1/28902-00106/R-AMEND No further deposits shall be required to be made into the foregoing funds and accounts whenever there shall be on deposit in the Sinking Fund, including the Reserve Account and the Bond Amortization Account therein, an amount of money and Authorized Investments equal to all principal and interest due on the Bonds to the final maturity thereof. (D) USE OF MONEYS ON DEPOSIT IN FUNDS AND ACCOUNTS. Moneys on deposit in the Sinking Fund and the Bond Amortization Account shall be used only to pay the principal of (including Amortization Installments) and interest on the Bonds as the same becomes due and for no other purpose. No further deposits shall be required to be made into said accounts In any Bond Year when the amount on deposit therein is equal to the Debt Service Requirement for the Bonds for such Bond Year. Moneys in the Reserve Account shall be used only for the purpose of the payment of maturing Amortization Installments or principal of or interest on the Bonds when the other moneys allocated to the Sinking Fund are insufficient therefor, and for no other purpose. Any withdrawals from the Reserve Account shall be restored from the first available moneys after all required current payments have been made into the Sinking Fund and the Bond Amortization Account including deficiencies for prior payments. The Authorized Investments on deposit in the Reserve Account shall be valued annually as of the last day of the Fiscal Year at their fair market value exclusive of accrued interest. If and whenever the moneys and Authorized Investments applied and allocated to the Reserve Account (except investment income to be deposited into the Revenue Fund as hereinafter provided) exceed the Reserve Account Requirement on all then Outstanding Bonds, such excess may be withdrawn and applied and allocated to the Revenue Fund or to the Redemption Account. "(G) INVESTMENT OF MONEYS IN FUNDS AND ACCOUNTS. Alt moneys on deposit in the funds and accounts created in this Section 3.03 may be invested and reinvested in Authorized Investments; provided, however, that such investments shall mature not later than the respective dates when such moneys will be required for the purposes of such funds and accounts; further provided, that the average aggregate weighted term to maturity of the Authorized Investments in the Reserve Account shall not exceed five (5) years. All Investment Earnings shall, upon receipt, be deposited into the Revenue Fund." (t) follows: Paragraph (2) of Section 5.01(H) of the Original Resolution is amended to read as 5 9277V 1/289024)0106/R-AMEND "(2) Additional Parity Bonds may be issued only if the Adjusted Net Revenues, as hereinafter defined, received by the County from the operation of the System during (a) any twelve (12) consecutive months of the twenty-four (24) months or (b) the most recent Fiscal Year, in either case immediately preceding the date of issuance of such Additional Parity Bonds (the "Computation Period"), as evidenced by the written certificate of the Independent Consultant, shall be at least equal to the greater of (a) one hundred fifteen per centum (115%) of the Maximum Debt Service Requirement on (i) the 1993 Bonds issued pursuant to this Resolution then Outstanding, (ii) any Additional Parity Bonds theretofore issued and then Outstanding, and (iii) the Additional Parity Bonds proposed to be issued, or (b) one hundred per centum (100%) of(i) the Maximum Debt Service Requirement and (ii) all Reserve Account Credit Facility Costs due and owing, in each case, in any future Bond Year." Section 5. Remaining Provisions Unaffected. The remaining provisions of the Original Resolution shall remain in full force and effect. 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 from 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 the defeasance of the Series 1993 Bonds. 6 9277VI/28902-00106/R-AMEND Passed And Adopted by the Board of County Commissioners of St. Lucie County, Florida at a regular meeting duly called and held this 17th day of December 2002. (SEAL) ~ Cler/!~'o~the Circuit'Cc~ elc.ot~o Clerk of the Board ST. LUCIE COUNTY, FLORIDA By: ~ Chairman, Board of County Commissioners APP~~ORM County Attomey 7 9277V 1/25902-00106/R-AMEN O