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Home My WebLink About03-137RESOLUTION NO. 03-137 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, AUTHORIZING THE REFUNDING OF THE COUNTY'S OUTSTkNDING SALES TAX REFUNDING REVENUE BONDS, SERIES 1994; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $67,000,000 SALES TAX REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES 2003, OF THE COUNTY TO FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT OF THE BONDS FROM CERTAIN PLEDGED REVENUES AS PROVIDED HEREIN; NAMING THE UNDERWRITER FOR THE BONDS; AUTHORIZING THE APPROPRIATE OFFICERS OF THL COUNTY TO DEVELOP NECESSARY DOCUMENTS THEREFOR; AND P ~.OVIDING AN EFFECTWE 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"). 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 Sales Tax Refunding Revenue Bonds, Series 1994, dated January 1, 1994 (the "Refunded Bonds"), and to fiaance the acquisition and construction of certain capital improvements within the County, as more )articularly described on Exhibit A hereto (the "2003 Project"). The County is authorized pursuant to the provisions of the Act to undertake the Refunding and the 2003 Project. (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 and the 2003 Project through the issuance of its Sales Tax Refunding and Improvement Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), in an aggregate principal amount not to exceed $67,000,000. The County is authorized pursuant to the l:rovisions of the Act to issue the Series 2003 Bonds to provide the necessary monies to pay the costs of the Refunding and the 2003 Project. (C) The principal of, premium, if any, and interest on the Series 2003 Bonds and all required sinking fund, reserve and other payments therefor will be secured solely by a lien upon and pledge of (i) the proceeds of the Local Govemment Half-Cent Sales Tax Revenues when, as and if distributed to the County pursuant to Chapter 218, Part VI, Florida Statutes, (ii) the moneys on deposit in certain funds ard accounts established pursuant to a supplemental resolution (the "Supplemental Resolution"), and (iii) certain investment earnings (collectively, the "Pledged Revenues"). 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 2003 Bonds, or to make any sinking fund or other paymeats with respect thereto. The Series 2003 Bonds and the premium, if any, and interest thereon shal? not constitute a lien on any properties owned by or located within the boundaries of the County, bat shall be secured solely by a lien upon and pledge of the Pledged Revenues in the manner provided herein and in the Supplemental Resolution. (D) The Pledged Revenues are not pledged or encumbered to pay any debts or obligations of the County other than the Refunded Bonds, which pledge will be released upon the issuance of the Series 2003 I~ onds and use of a portion of the proceeds thereof to make "provision for payment" of the Refunded Bonds as described in the Supplemental Resolution. The County is authorized pursuant to the provisions of the Act to pledge the Pledged Revenues to secure the payment of the Series 2003 B~nds. (E) It is necessary and desirable to authorize the County Administrator, with the assistance of the County's Financial Advisor, William R. Hough & Co., and Bond Counsel, Squire, Sanders & Dempsey L.L.P., and the County Attomey to prepare an application for the issuance of a policy of municipal bond insurance and a debt service reserve fund surety bond in connection with the proposed issuance of th.: Series 2003 Bonds in order to reduce the borrowing cost to the County. (F) A negotiated a ale of the Series 2003 Bonds to the underwriter named herein is in the best interest of the County ard 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 2003 Bonds. (G) In order to enable the underwriters for the Series 2003 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 2003 Bonds, it is necessary that the County's Preliminary Official Statement with respect to the Series 2003 Bonds be "deemed final" (except for permitted omissions) by a representative of the County. Section 3. Authorization of Refunding and 2003 Project. The Refunding and the 2003 Project is hereby authorized, ~rovided that the Board shall have the right to add to or delete from or othem, ise modify the it~ns and cost estimates with respect to the 2003 Project. Section 4. Authorization of Series 2003 Bonds. The issuance by the County of not exceeding $67,000,000 Sales Tax Refunding and Improvement Revenue Bonds, Series 2003, for the purpose of paying a poetion of the cost of the Refunding and the 2003 Project is hereby authorized. The Series 2003 3onds 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 ~ subsequent resolution of the Board adopted prior to the sale of the Series 2003 Bonds. The Ser es 2003 Bonds and the premium, if any, and interest thereon will be secured solely by a lien upon and pledge of the Pledged Revenues. The Board will, prior to the sale of the Series 2003 Bonds, adopt the Supplemental Resolution supplemental to this resolution, 2 9858vl/28902-OOIIriR-AUTH INITIAL setting forth additional detaiB of the Series 2003 Bonds (or delegating the authority to determine such additional details) and specifically authorizing the sale and delivery of the Series 2003 Bonds. Section 5. Authorization to Apply for Insurance Commitments and/or Ratings and Take Other Action. The County Administrator, in consultation with and upon the advice of the County's Financial Advisor, ~he County's Bond 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 Statcmcr t, necessary to facilitate thc obta'ming of a commitment for a policy of bond insurance and a debt se-vice reserve fund surety bond with respect to the Series 2003 Bonds, and to proceed to apply for suzh commitments without furth~' authorization from thc Board. The County Administ:ator, 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 a 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 (t_~e "Rule"). Section 6. Appointraent of Underwriter. RBC Dain Rauscher Inc., is hereby named as Senior Managing Underwriter for the Series 2003 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 2003 Bonds. Section 8. Repeal of Inconsistent Instruments. All resolutions of the County or parts thereof in conflict herewith a~e hereby repealed to the extent of such conflict. Section 9. Effective Date. This Resolution shall take effect immediately upon its adoption. 3 9858v 1/289024~116?R-AUTH INITIAL Passed and Adopted this 24th day of June 2003, at a regular meeting duly called and held. ATTEST: ST. LU~ORDA By: ~ J ~ B ~. Clerk of the Circuit Court, ex-offic]o Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: County Attorney fi//) 4 9858v 1/25902-00 t 16/R-AUTH INITIAL EXHIBIT A PROJECT DESCRIPTION The following capital projects are to be financed with a portion of the proceeds of the Series 2003 Bonds: Dese fiptinn Two Jail Pods Clerk of the Courts Building Walton Road Annex Covered Equesthan Ce'~ter Walmart Infrastructure Project Total F,~timated Costs $15,000,000 3,921,735 2,200,000 500,000 5~213;000 $26,834,735 5 9858vl/28902-00116FR-AUTH INITIAL