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HomeMy WebLinkAbout03-035 (Revised)RESOLUTION NO. 03-35 A RESOLUTION PROVIDING FOR THE CREAT ~ON AND FUNDING OF THE BEAR POINT MITIGATION BANK CONSTRUCTION AND IMPLEMENTATION RESERVE ACCOUNT WHEREAS, The Board of County Commissioners of St. Lucie County, Florida, has made the following determinations: I. The Board has submitted a permit application to the Florida Department of Enviromnental Protection seeking approval of the proposed Bear Point Mitigation Bank, pursuant to Section 373.4136, Florida Statutes, and Chapter 62-342, Florida Administrative Code. 2. Section 62-242.700, Florida Administrative Code, requires the Board to provide proof of financial responsibility for the construction and implementation of the Bank. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St. Lucie County, Florida: apply: Definitio.~s: As used in this resolution, the following definitions shall "Account" shall mean the Bear Point Mitigation Bank C >nstruction and Implementation Reserve Account. B. "hank" shall mean the Bear Point Mitigation Bank. "Board" shall mean the Board of County Commissioners, St. Lucie County, Florida. "Clerk" shall mean the Clerk of Circuit Court, St. Lucie County, Florida. "County" shall mean St. Lucie County, a political subdivision of th: State of Florida. "Department" shall mean the Florida Department of Environmental Protection, a public entity in the State of Florida or any successor thereof "3ermit" 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 Construction and Implementation Reserve Account" in accordance with the provisions of the Permit, Section 373.4136, Florida Statutes, and Section 62-342.700, Florida Administrative Code. 3. Initial funding of the Account shall occur within thirty (30) days following issuance of a' 1 permits required for the construction of the Bank. Funding shall be four hundred sixty-four thousand three hundred six and 70/100 dollars ($464,306.70), based upon 110% of t_~e estimated costs of construction, implementation, and annual monitoring of the Ban, as set forth in the permit application and attached hereto as Exhibit "A." No mitigation credits shall be released prior to the creation and funding of the Account. 4. 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 _he amount or adequacy of, nor any duty to collect from the County, any payments r.ecessary to discharge any liabilities of the County established by the Department. 5. In the event the County fails to perform its obligations under the Permit, then 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 construction and implementation of the Bank, including but not limited to maintenance of the Bank following construction, pursuant to the requirements of the Ban, permit. 6. Whenever significant construction has been completed, and with the written approval of the Department, a portion of the reserved funds in the Account may be released. The funding required to remain in the Account will be one hundred ten percent (110%) of that required to complete the implementation of the Bank according to the adjusted cost estimates required by the Permit and paragraph 7 of this resolution. When the Department determines in writing that the Bank has met the final success criteria of the Permit, th s Account may be closed. 7. The requ: red funding for the Account shall be adjusted every two (2) years in accordance with the ?ermit and the provisions of Subsection 62-342.700(11), Florida Administrative Code. 8. The Clerk shall invest and reinvest the principal and income of the Account in one or mor~ investments and keep the Account invested as a single fund, without distinction between principal and income, in accordance with the Board's 2 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 her duties with respect to the Account solely in the interest of the beneficiary and with the care, skill, prudence, and diligence under the circumstances then 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 acquired or held, unless they are securities or other obligations of the Federal or a state government. The Clerk is authorized to hold cash awaiting investment or distribution uninvested for a reasonable time and without liability for the payment of interest t ~ereon. 9. The Cler c 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; and, To pum~ase shares in any investment company registered under the Investmemt Company Act of 1940, 15 U.S.C. 80a-1 et seq. The Clerk may vote such shares in its discretion. 10. 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, exchange, convey, transfer, or otherwise dispose of any property held by ~t, by public or private sale. No person dealing with the Clerk shall be bound to see to the application of the purchase money or to inquire :nto 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; 3 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 depo git 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; To coml:romise or otherwise adjust all claims in favor of or against the Account. 11. The Clerc shall annually, at least thirty (30) days prior to the anniversary date of establishment cf 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 within ninety (90) days after the statement has been furnished to the Grantor and the Department shall constitute a conclusively binding assent by the County, barfing the County from asserting any claim or liability against the Clerk with respect to matters disclosed in the statement. 12. 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 amendment 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 :he 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. 13. This resolution shall take effect upon issuance of all required permits for the creation of the Bank. The Clerk of the Circuit Court is hereby requested to establish the Account in accordance with the terms of this resolution within thirty (30) days following notice from the County Administrator that all permits required for the creation of the Bank have been issued. 4 After motion and second, the vote on this resolution was as follows: Chairman Cliff Barnes AYE Vice Chairman Paula A. Lewis AYE Commissioner John D. Bruhn AYE Commissioner Frannie Hutchinson AYE Commissioner Doug Coward ABSENT PASSED AND DULY ADOPTED this 10th day of June, 2003. ATTEST: ~ Deputy Clerk g:atty\resoltnL2003\03-35.wpd APPROVED AS TO FORM AND CORRECTNESS: BY: ~ · ~ Coun~y~ttorney 5