The URL can be used to link to this page

Home My WebLink About02-205RESOLUTION NO. 02- 205 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, AUTHORIZING THE REFUNDff4G OF CERTAIN OUTSTANDING SOLID WASTE SYSTEM REVENUE BONDS; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $9,500,000 SOLID WASTE SYSTEM REFUNDING REVENUE BONDS, SER~S 2002, OF THE COUNTY TO FINANCE THE COST THER_EOF; PROVIDING FOR THE PAYMENT OF THE BONDS FROM CERTAIN PLEDGED MONEYS AS PROVIDED HEREIN; NAMING THE UNDERWRITER FOR THE BONDS; AUTHORIZING THE APPROPRIATE OFFICERS OF THE COUNTY TO DEVELOP NECESSARY DOCUMENTS THEREFOR; 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, other applicable provisions of law (collectively, the "Act"). Capitalized terms used and not defined herein shall have the meaning specified in Resolution 93-216, adopted by the Board of County Commissioners (the "Board") on September 21, 1993, as supplemented (collectively, the "Original Resolution"). Capitalized terms used and not otherwise defined herein shall have the meanings assigned in the Original Resolution. Section 2. Findings. It is hereby ascertained, determined and declared that: (A) It is necessary and desirable and in the best interests of the health, safety and welfare of the County and its inhabitants that the County refund for debt service savings (the "Refunding") its outstanding Solid Waste System Refunding Revenue Bonds, Series 1993 (the "1993 Bonds"). The County is authorized pursuant to the provisions of the Act to undertake the Refunding. (B) It is necessary and desirable and in the best interests of the County that it borrow the moneys necessary to accomplish the cost of the Refunding through the issuance of its Solid Waste System Refunding Revenue Bonds, Series 2002 (the "Series 2002 Bonds"), in an aggregate principal amount not to exceed $9,500,000. The County is authorized pursuant to the provisions of the Act to issue the Series 2002 Bonds to provide the necessary monies to pay the costs of the Refunding. (C) The principal off premium, if any, and interest on the Series 2002 Bonds and all required sinking fired, reserve and other payments therefor will be secured solely by a lien upon and pledge of the Pledged Moneys. The County shall never be required to levy ad valorem taxes on any property therein to pay the principal of, premium, if any, and interest on the Series 2002 Bonds, or to make any sinking fund or other payments with respect thereto. The Series 2002 Bonds and the premium, if any, and interest thereon shall not constitute a lien upon the System or any other properties owned by or located within the boundaries of the County, but shall be secured solely by a lien upon and pledge of the Pledged Moneys in the manner provided in the Original Resolution, this resolution, and any resolution amendatory hereof or supplemental hereto. (D) The Pledged Moneys are not pledged or encumbered to pay any debts or obligations of the County other than the Series 1993 Bonds, which pledge will be released upon the issuance of the Series 2002 Bonds and use of a portion of the proceeds thereof to make "provision for payment" of the 1993 Bonds as described in the Original Resolution. The County is authorized pursuant to the provisions of the Act to pledge the Pledged Moneys to secure the payment of the Series 2002 Bonds. (E) A negotiated sale of the Series 2002 Bonds to the underwriter named herein is in the best interest of the County and is found to be necessary due to the volatility of interest rates so that the County may achieve better market timing and lower interest rates on the Series 2002 Bonds. (F) In order to enable the underwriters for the Series 2002 Bonds to comply with Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (the "Rule"), in connection with the offering and sale of the Series 2002 Bonds, it is necessary that the County's Preliminary Official Statement with respect to the Series 2002 Bonds be "deemed final" (except for permitted omissions) by a representative of the County. Section 3. Authorization of Refunding. The Refunding is hereby authorized. Section 4. Authorization of Series 2002 Bonds. The issuance by the County of not exceeding $9,500,000 Solid Waste System Refunding Revenue Bonds, Series 2002, for the purpose of paying a portion of the cost of the Refunding is hereby authorized. The Series 2002 Bonds will be dated; will be in the denomination of $5,000 or integral multiples thereof; will be issued in book- entry only form and registered to "Cede & Co.", as nominee for The Depository Trust Company, New York, New York; will mature at such time; will bear interest from their date until maturity, calculated on a 360-day year basis, at a rate not to exceed the maximum rate allowed by law payable at such times; may be redeemable prior to maturity; all as provided in a subsequent resolution of the Board adopted prior to the sale of the Series 2002 Bonds. The Series 2002 Bonds and the premium, if any, and interest thereon will be secured solely by a lien upon and pledge of the Pledged Moneys. The Board will, prior to the sale of the Series 2002 Bonds, adopt a resolution supplemental to this resolution, setting forth additional details of the Series 2002 Bonds (or delegating the authority to determine such additional details) and specifically authorizing the sale and delivery of the Series 2002 Bonds. Section 5. Authorization to Apply for Insurance Commitments and/or Ratings and Take Other Action. The County Administrator, in consultation with and upon thc advice of the County's Financial Advisor, the County's Bond and Disclosure Counsel, and thc County Attorney is authorized to proceed to draft and develop, or cause to be drafted and developed, all documents, including a Preliminary Official Statement, necessary to facilitate the obtaining of a commitment for a policy of bond insurance and a debt service reserve fund surety bond with respect to thc Series 2002 Bonds, and to proceed to apply for such commitments without further authorization from the Board. 2 8952vl/28902-OOIO6/R.AUTH SHORT The County Administrator, upon the advice of the County's Financial Advisor, the County's Bond and Disclosure Counsel, and County Attomey, is hereby authorized to certify or otherwise represent when any Preliminary Official Statement shall be "deemed final" by the County as of its date (except for permitted omissions), in accordance with Rule 15c2-12 promulgated by the Securities and Exchange Commission (the "Rule"). No Preliminary Official Statement shall be distributed on behalf of the County to prospective purchasers of the Series 2002 Bonds unless it is "deemed final" (except for permitted omissions) in accordance with the Rule. Section 6. Appointment of Underwriter. SunTrust Capital Markets, Inc., is hereby named as Underwriter for the Series 2002 Bonds. Section 7. Continuing Disclosure Agreement. The County will execute and deliver a Continuing Disclosure Agreement satisfying the requirements of SEC Rule 15c2-12 at or prior to the time of sale of the Series 2002 Bonds. Section 8. Repeal of Inconsistent Instruments. All resolutions of the County or parts thereof in conflict herewith arc hereby repealed to the extent of such conflict. Section 9. Effective Date. This Resolution shall take effect immediately upon its adoption. 3 8952v 1/289024)O I06/R-AUTH SHORT Passed and Adopted this 12th day of November 2002, at a regular meeting duly called and held. ST. LUCIE COUNTY, FLORIDA By: Chairman (~f tl~B~ard °f(~ounty Commissioners APPROVED AS TO County'Attomey V FORM AND 4 8952v 1/289024)0106/R.AUTH SHORT