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HomeMy WebLinkAbout04-144RESOLUTION NO. 04-144 A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $12,000,000 IMPROVEMENT REVENUE BONDS (LAND ACQUISITION), OF THE COUNTY TO FINANCE THE COST OF REFUNDING THE COUNTY'S IMPROVEMENT REVENUE NOTE, SERIES 2004 (LAND ACQUISITION); PROVIDING FOR THE PAYMENT OF THE BONDS FROM CERTAIN PLEDGED REVENUES; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; 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; Definitions. This Resolution is adopted pursuant to the provisions of Chapter 125, Florida Statutes, County Ordinance No. 87-77, as amended, and other applicable provisions of law (collectively, the "Act"). Section 2. Findings. It is hereby ascertained, determined and declared that: (A) The County, pursuant to Resolution No. 04-134, authorized and plans to issue its Improvement Revenue Note, Series 2004 (Land Acquisition) (the "Note"). (B) It is necessary and desirable and in the best interest of the County to refund the Note on or prior to February 1, 2005 through the issuance of Improvement Revenue Bonds (Land Acquisition) (the "Bonds"). (C) It is necessary and in the best interests of the health, }afety and welfare of the County and its inhabitants that the County authorize the refunding of the Note through the issuance of the Bonds (the "Refunding"). The County is authorized pursuant to the provisions of the Act to refund the Note. (D) The County is Improvement Revenue Bonds Refunding. authorized pursuant to the provisions of the Act to issue (Land Acquisition) (the "Bonds") to pay the costs of the (E) It is necessary and desirable and in the best interests of the County that in each year while the Bonds are outstanding it covenant (the "Covenant") to budget and appropriate from legally available Non-Ad Valorem Revenues and deposit to a debt service fund sufficient amounts (the "Pledged Revenues") to pay the annual principal of and interest on the Bonds when due. (F) The principal of and interest on the Bonds shall be secured solely by the Pledged Revenues. Neither the County, nor the State of Florida or any political subdivision thereof or governmental authority or body therein, shall ever be required to levy ad valorem taxes to pay the 1 10712.1/28902-00121/R-INITIAL principal of and interest on the Bonds, and the Bonds shall not be secured by a lien upon any property owned by or situated within the County other than the Pledged Revenues in the manner provided herein and in the Supplemental Resolution (hereinafter defined). (G) In order to enable the underwriters for the 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 Bonds, it is necessary that the County's Preliminary Official Statement with respect to the Bonds be "deemed final" (except for permitted omissions) by a representative of the County. Section 3. Authorization of Bonds. The issuance by the County of not exceeding $12,000,000 Improvement Revenue Bonds (Land Acquisition), for the purpose of paying Refunding Costs is hereby authorized. The Bonds shall be dated, shall be in the denomination of $5,000 or integral multiples thereof, shall be in fully-registered form, payable to "Cede & Co.", as nominee for the Depository Trust Company, New York, New York, shall be issued in book-entry only form, shall mature at such time and shall bear interest from their date until maturity, calculated on a 360-day year basis, payable at such times and at a rate or rates not to exceed the maximum rate allowed by law, and may be redeemable prior to maturity, all as provided in a supplemental resolution of the Board (the "Supplemental Resolution") adopted at or prior to the date of sale of the Bonds. Section 4. Delegation of Authority to Deem Preliminary Official Statement Final, To Deliver Preliminary Official Statement, and to Take Other Action. The County Administrator, in consultation with and upon the advice of the County's Financial Advisor, Bond Counsel and County Attorney is authorized to proceed to draft and develop, or cause to be drafted and developed, all documents necessary to facilitate and proceed with the offering for sale of the Bonds, including a Preliminary Official Statement. The Preliminary Official Statement shall not be distributed on behalf of the County to the Underwriter unless and until such Preliminary Official Statement has been "deemed final" (except for permitted omissions) in accordance with the Rule. The County Administrator, upon the advice of the County's Financial Advisor, Bond Counsel and County Attorney, is hereby authorized to certify or otherwise represent when such Preliminary Official Statement shall be "deemed final" by the County as of its date (except for permitted omissions), in accordance with the Rule. The County Administrator and the Finance Director, upon the advice of the County's Financial Advisor, Bond Counsel and the County Attorney, are authorized and directed (1) to deliver the "deemed final" Preliminary Official Statement to the Underwriter for use in marketing the Bonds; (2) to apply for and secure a commitment for the issuance of a municipal bond insurance policy and/or a debt service reserve fund surety bond with respect to the Bonds; and (3) to take such further action as may be necessary or desirable to allow the Underwriter to present a proposal to purchase the Bonds to the County at the earliest possible date consistent with favorable market conditions. Section 5. Continuing Disclosure Agreement. The Chairman and Clerk of the Board of County Commissioners will execute and deliver to the Underwriter a continuing disclosure agreement satisfying the requirements of the Rule at or prior to the time of sale of the Bonds. 2 10712.1/28902-0012 I/R-INITIAL Section 6. Repeal of Inconsistent Instruments. All resolutions of the County or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 7. Effective Date. This resolution shall take effect immediately upoxn its adoption. Passed and Adopted' at a meeting duly called and held this 4th day of May, 2004. (sE ) ST. LUCIE COUNTY, FLOi~'J. DA ATTEST: ,i~ Clerk of the C' cu(t)Court ex~fficio Cler"l~of the Board of County Commissioners Chairman, Board o~ou~y Commissioners APPROVED AS TO FORM AND CORRECTNESS: County Attorney ~fi~'//,] 3 10712.1/28902-00121/R~INITIAL