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HomeMy WebLinkAbout03-036RESOLUTION NO. 03-36 A RESOLUTION PROVIDING FOR THE CREATION AND FUNDING OF THE BEAR POINT MITIGA~'ION BANK PERPETUAL MAINTENANCE RESERV~ ACCOUNT WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the following d ~terminations: 1. The Boarc has submitted a permit application to the Florida Department of Environmental Protection seeking approval of the proposed Bear Point Mitigation Bank pursuant to Secti3n 373.4136, Florida Statutes, and Chapter 62-342, Florida Administrative Code. 2. Section 62-342.700, Florida Administrative Code, requires the Board to establish a trust fund f,r perpetual maintenance of the Bank as proof of financial responsibility for the ope-ation of the Bank. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St. Lu:ie County, Florida: apply: Definitions: As used in this resolution, the following definitions shall "Account' shall mean the Bear Point Mitigation Bank Perpetual Maintenance Reserve Account. B. "Bank" shall mean the Bear Point Mitigation Bank. "Board" shall mean the Board of County Commissioners, St. Lucie County, F orida. D. "Clerk" s aall mean the Clerk of Circuit Court, St. Lucie County, Florida. "County" shall mean St. Lucie County, a political subdivision of the State of Florida.. "Department" shall mean the Florida Department of Environmental Protection, a public entity in the State of Florida or any successor thereof. "Permit" shall mean the Florida Department of Environmental Protection mitigation bank permit number 0175246-001 and any modifications issued by the Department to that permit. 2. This Board hereby indicates its intent to establish the "Bear Point Mitigation Bank Perpetual Maintenance Reserve Account" in accordance with the provisions of Section 373.4136, Florida Statutes, and Section 62-342.700, Florida Administrative Code. Use of the Account shall be restricted to the perpetual maintenance of the Bank 3. The Account shall be considered fully funded ast an amount of no less than five hundred eighty-nine thousand two hundred seven and 49/100 dollars ($589,207.49) which rep resents one hundred ten percent (110%) of the amount necessary to generate sufficient interest, calculated at a rate of six percent (6%) per annum, to provide the funding for the estimated annual maintenance of thirty-two thousand one hundred thirty-eight and 59/100 dollars ($32,138.59), subject to adjustment every two years as provided in Paragraph 5. 4. The Board shall initially fund the Account in the amount of thirty-five thousand three hundred fifty-two and 45/100 dollars ($35,352.45) which equal one hundred ten percent (110%) of the annual maintenance cots. Subsequently, the County shall deposit twenty percent (20%) of the funds received from the sale of Bank credits into the Account. In any year that the deposits from credit sales do not reach a target of $35,352.44, the Board shall fund the remainder up to that target amount until the Account is fully funded, as defined in Paragraph 4. The Account shall be fully funded on or before the date all mitigation credits are withdrawn from the Bank or within fifteen (15) years of its creation, whichever first occurs. No mitigation credits shall be released prior to the creation and initial funding of the Account. 5. The required funding for the Account shall be adjusted every two years in accordance with the Permit and the provisions of Subsection 62-342.700(11), Florida Administrative Code. 6. The Account shall be held by the Clerk in trust for the benefit of the Department as herein provided. The Clerk shall not be responsible nor shall it undertake any responsibility for t'~e amount or adequacy of, nor any duty to collect fi.om the County, any payments necessary to discharge any liabilities of the County established by the Department. 7. In the event the County fails to perform its perpetual maintenance obligations under the P~rmit, the Board shall fully fund the Account, as described in Paragraph 3 within one year of the Departments' written finding that the County is in default of those obligaticns. Further, the Clerk shall make payments from the Account as the Department Secretary or his designee shall direct in writing, to provide for the payment of the costs of undertaking activities to provide for the perpetual maintenance of the Bank pursuant to the requirements of the Permit. The Clerk shall reimburse persons specified by the Department from the Account for perpetual maintenance expenditures in such amounts as the Department shall direct in writing. The Account may not be drawn upon to cover any of the following: Any obligation of the County under a worker's compensation, disability benefits or unemployment compensation law or other similar law: Bodily injury to an employee of the County arising from, and in the course of employment by the County; Bodily injury or non-realty property damage arising from the ownership, maintenarce, use, or entrustment to others of any aircraft, motor vehicle, or watercraft; Property damage to any property owned, rented, loaned to, in the care, custody, or control of, or occupied by the County that is not the direct result of t ~e construction and implementation of the mitigation bank; Bodily injury or property damage for which the County is obligated to pay damages by reason of the assumption of liability in a contract or agreement. 8. When the Account is fully funded as defined in Paragraph 3, the Clerk may distribute to the County upon its request the interest earned by the Account to be used for the its perpetua maintenance obligations under the Permit. The Clerk may not distribute the principle Account funding to the County. 9. The Clerr shall invest and reinvest the principal and income of the Account in one or more investments and keep the Account invested as a single fund, without distinction between principal and income, in accordance with the Board's Investment Policy and statutory requirements, subject, however, to the provisions of this section. In investing, reinvesting, exchanging, selling, and managing the Account, the Clerk shall discharge he: duties with respect to the Account solely in the interest of the beneficiary and with the care, skill, prudence, and diligence under the cimumstances theg prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims, except that: Securities or other obligations of the County, or any other owner or operator of the mitigation bank, or any of their affiliates as defined in the Investment Company Act of 1940, as amended, 15 U.S.C. 80a-2(a), shall not be acc uired or held, unless they are securities or other obligations of the Federal or a state govenunent. The Clerk is authorized to invest the Account in time or demand deposits of the Board, to the extent insured by an agency of the Federal or a state government; and, The Clerk is authorized to hold cash awaiting investment or distribution uninvested for a reasonable time and without liability for the payment of interest thereon. 10. The Clerk is expressly authorized in its discretion to transfer from time to time any or all of the assets of the Account to any common, commingled, or collective account created by the Clerk in which the Account is eligible to participate, subject to all of the provisions thereof, to be commingled with the assets of other reserve accounts participating therein. 11. Without in any way limiting the powers and discretion conferred upon the Clerk by other provisions of this resolution or by law, the Clerk is expressly authorized and empowered: To sell, e~change, convey, transfer, or otherwise dispose of any property held by i~, by public or private sale. No person dealing with the Clerk shall be '~ound to see to the application of the pumhase money or to inquire into the validity or expediency of any such sale or other disposition; To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted; To register any securities held in the Account in its own name or in the name of a nominee and to hold any security in bearer form or in book entry, or to combine certificates representing such securities with certificates of the same issue held by the Trustee in other fiduciary capacities, or to deposit or arrange for the deposit of such securities in a qualified central depository even though, when so deposited with other securities deposited therein by another person, or to deposit or arrange for the deposit of any securities issued by the United States Government, or any agency or instrumentality thereof, with a Federal Reserve bank, but the books and records of the Clerk shall at all times show that all such securities are part of the Fund; 4 To compromise or otherwise adjust all claims in favor of or against the Account. 12. All taxes ~f any kind that may be assessed or levied against or in respect of the Account and all brokerage commissions incurred by the Account shall be paid from the Account. All other expenses incurred by the Clerk in connection with the administration of this Aocount, including fees for legal services rendered to the Clerk, the compensation of the Clerk to the extent not paid directly by the County, and all other proper charges and disbursements of the Clerk shall be paid from the Account. 13. The Clerk shall annually, at least thirty (30) days prior to the anniversary date of establishment of the Account, furnish to the County and to the Department a statement confirming the value of the Account. Any securities in the Account shall be valued at market value as of no more than sixty (60) days prior to the anniversary date of establishment of the Account. The failure of the Clerk or the Department to object in writing to the Clerk wit?in ninety (90) days after the statement has been furnished to the Grantor and the Department shall constitute a conclusively binding assent by the County, barring the County from asserting any claim or liability against the Clerk with respect to matters disclosed in the ~atement. 14. All orders, requests, and instructions by the County to the Clerk shall be in writing, signed by the County Administrator or such other designee as the County may designate by amendmen; to this resolution. The Clerk shall be fully protected in acting without inquiry in accordance with the County's orders, requests and instructions. All orders, requests, and instructions by the Department to the Clerk shall be in writing, signed by the Department's Secretary, or designee, and the Clerk shall act and be fully protected in acting in accordance with such orders, requests, and instructions. The Clerk shall have the right to assume in the absence of written notice to the contrary, that no event constituting a change or a termination of the authority of any person to act on behalf of the County or the Department hereunder has occurred. The Clerk shall have no duty to act in the absence of such orders, requests, and instructions from the County and/or the Department, except as provided for herein. 15. This reso ution shall take effect upon issuance of all required permits for the creation of the Bani(. The Clerk is hereby requested to establish the Account in accordance with the terms of this resolution within fifteen (15) days following notice from the County Administrator that all permits required for the creation of the Bank have been issued. After motion and second, the vote on this resolution was as follows: Chairman Cliff Barnes AYE Vice ChaLnnan Paula A. Lewis AYE Commissioner John D. Bruhn AYE Commissioner Frannie Hutchinson AYE Commissioner Doug Coward ABSENT PASSED AND DULY ADOPTED this l0th day of June, 2003. BOARD OF COUNTY~J~SSIONERS ¥1q~EST: ST..LUCIE COUNTY, F~/-' :. Chair o g:~atty~resoltn~2003~03-36.w ~d ~ 6 Bear Point Annual Maintenance Costs: Post Success Description Culverts: Culvert Replacement I 50 ft Culvert Ever.,' 5 years Rock and Roadbase Rip Rap - Installed Maintenance Dike Fill- Annual Estimate, 30 ton/mile Coquina - Annual Estimate 30 CY / Mile Dike Inspection and Gate Operation - Anr~ual Operation Crew Hours Qty UIM Unit Cost 10 LF 30 TN 75 TN 75 CY 150 CH Total Estimated Sou rce Cost $87.86 $878.59 FDOT Cost Hist. 99 $34.50 $1,035.00 FDOT Cost Hist. 99 $10.00 $750.00 I $25.00 $1,875.00 FDOT Cost Hist. 99 $50.00 $7,500.00 Direct Quote $12,O38.59 Exotic Remove: EA $20,100.00 $20,100.00 RL Weigt Total Estim; ted Cost Contracted Ou~ $32,138.69 EXHIBIT