Resolution 193-1983
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RESOLUTION NO.
lQ1-1983
A RESOLUTION AMENDING A RESOLUTION OF THE
BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, ENTITLED:
"A RESOLUTION AUTHORIZING THE ADVANCE
REFUNDING OF THE OUTSTANDING IMPROVEMENT
REVENUE BONDS, SERIES 1981, OF MONROE
COUNTY, FLORIDA; PROVIDING FOR THE ISSUANCE
OF NOT EXCEEDING $2,750,000 REFUNDING
IMPROVEMENT REVENUE BONDS, SERIES 1983, OF
MONROE COUNTY, FLORIDA, TO PAY THE COST
THEREOF; PROVIDING FOR THE PAYMENT OF THE
BONDS FROM THE RACETRACK AND JAI ALAI
FRONTON FUNDS ALLOCATED ANNUALLY TO THE
COUNTY AND DISTRIBUTED TO THE BOARD OF
COUNTY COMMISSIONERS, AND CERTAIN INVEST-
MENT INCOME OF THE COUNTY; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE."
DULY ADOPTED ON MAY 17, 1983, BY
EXCLUDING THE REFUNDED BONDS MATURING
JULY 1, 1993, FROM THOSE REFUNDED
BONDS TO BE REDEEMED ON JULY 1, 1992,
AND BY INSERTING CERTAIN PROVISIONS
WITH RESPECT TO MUNICIPAL BOND
INSURANCE; AND PROVIDING AN EFFECTIVE
DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
. MONROE COUNTY, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolu-
tion is adopted pursuant to Chapter 125, Florida Statutes, and
other applicable provisions of law.
SECTION 2.
FINDINGS.
It is hereby ascertained, deter-
mined and declared that:
A. The Board of County Commissioners of Monroe County,
Florida (hereinafter called "Board") on May 17, 1983, duly
adopted a resolution entitled:
"A RESOLUTION AUTHORIZING THE ADVANCE
REFUNDING OF THE OUTSTANDING IMPROVEMENT
REVENUE BONDS, SERIES 1981, OF MONROE
COUNTY, FLORIDA; PROVIDING FOR THE ISSUANCE
OF NOT EXCEEDING $2,750,000 REFUNDING
IMPROVEMENT REVENUE BONDS, SERIES 1983, OF
MONROE COUNTY, FLORIDA, TO PAY THE COST
THEREOF; PROVIDING FOR THE PAYMENT OF THE
BONDS FROM THE RACETRACK AND JAI ALAI
FRONTON FUNDS ALLOCATED ANNUALLY TO THE
COUNTY AND DISTRIBUTED TO THE BOARD OF
COUNTY COMMISSIONERS, AND CERTAIN INVEST-
MENT INCOME OF THE COUNTY; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE."
(hereinafter called "Resolution").
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B. It is necessary and desirable to amend the
Resolution by excluding the refunded bonds maturing July 1, 1993,
from those refunded bonds to be redeemed on July 1, 1992, and by
inserting certain provisions with respect to municipal bond
insurance.
SECTION 3.
AMENDMENTS TO RESOLUTION.
The Resolution is
amended in the following manner.
A. Section 1.02B of the Resolution is hereby amended
to read as follows:
"B. The Refunded Bonds maturing in the year 1993 and
thereafter are redeemable prior to their stated dates of
maturity, at the option of the County, as a whole at any time on
or after July 1, 1992, or in part, in inverse numerical order,
on July 1, 1992, or on any interest payment thereafter, at a
price of par and accrued interest to the date of redemption, plus
the following premiums expressed as percentages of the par value
of the Refunded Bonds so redeemed, if redeemed during the
following years:"
B. Section 1.02D of the Resolution is hereby amended
to read as follows:
"D. Due to current favorable municipal bond market
conditions, it is in the best interest of the County that the
Refunded Bonds be advance refunded as soon as practicable and
that the outstanding Refunded Bonds (except those Refunded Bonds
maturing on July 1, 1993) be redeemed on July 1, 1992. The
refunding of the Refunded Bonds will benefit the County by
achieving substantial interest cost savings."
C. Section 1.02E of the Resolution is hereby amended
to read as follows:
"E. The estimated maximum cost of such refunding as
above described is a sum of not exceeding $2,750,000, the actual
cost to be determined prior to the delivery of the Bonds herein
authorized. Such cost shall be paid from the proceeds derived
from the sale of the Bonds, together with certain other funds
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available to the County. An amount sufficient to effect the
refunding will be deposited in irrevocable escrow for the holders
of the Refunded Bonds, and invested in direct obligations of, or
obligations fully guaranteed as to principal and interest by, the
United States of America, none of which permit redemption prior
to maturity at the option of the obligor (hereinafter called
I Federal Securities'). The principal of and interest on such
Federal Securities will be sufficient to make timely payment of
the principal of and interest on the Refunded Bonds on and prior
to July 1, 1992, and on July 1, 1993~ and payment of the
principal, redemption premium and interest on the outstanding
Refunded Bonds (except the Refunded Bonds maturing on July 1,
1993) called for redemption on their July 1, 1992, redemption
date."
D. Section 3. 03B of the Resolution is hereby amended
to read as follows:
liB. The balance shall be deposited into a trust fund
which is hereby created and established and designated as the
'Escrow Fund' pursuant to an Escrow Deposit Agreement
(hereinafter called 'Agreement'), a substantial form of which is
attached hereto as Exhibit A, between the County and a banking
institution qualifying as a depository for county funds, executed
and delivered on the date of delivery of the Bonds. Such amount,
together with the other funds described in the Agreement, shall
be invested in Federal Securities, the principal of and interest
on which shall be sufficient and shall mature and be payable at
such times as shall be necessary to pay, when due, the principal
of and interest on the Refunded Bonds on and prior to July 1,
1992, and on July 1, 1993~ and on July 1, 1992, the principal of,
redemption premium and interest on the Refunded Bonds (except the
Refunded Bonds maturing on July 1, 1993) then outstanding and
called for redemption on such date.
Such funds shall be held by the escrow holder under the
Agreement and shall be ,withdrawn, used and applied by the escrow
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holder solely for the purposes set forth herein and in the
Agreement.
At the time of execution of the Agreement, the County
shall furnish to the escrow holder named therein appropriate
documentation to demonstrate that the amount being deposited and
the investments to be made will be sufficient for such purpose."
E. Section 4.04 of the Resolution is hereby amended to
read as follows:
"SECTION 4.04 DEFEASANCE. If, at any time, the Board
shall have paid, or shall have made provision for payment of, the
principal, interest and redemption premiums, if any, with respect
to the Bonds, then, and in that event, the pledge of and lien on
the Pledged Funds in favor of the Holders of the Bonds shall be
no longer in effect. For purposes of the preceding sentence,
deposit of Federal Securities in irrevocable trust with a banking
institution or trust company, for the sole benefit of the
Bondholders, the principal of and interest on which, when
received, will be sufficient to make timely payment of the
principal, interest, and redemption premiums, if any, on the
outstanding Bonds, shall be considered I provision for payment. I
Nothing herein shall be deemed to require the Board to call any
of the outstanding Bonds for redemption prior to maturity pur-
suant to any applicable optional redemption provisions, or to
impair the discretion of the Board in determining whether to
exercise any such option for early redemption.
Notwithstanding any other provisions of this resolution,
if payment of the principal, interest and redemption premiums, if
any, with respect to the Bonds pursuant to a municipal bond
insurance policy issued by American Municipal Bond Assurance
Corporation, New York, New York (hereinafter called 'AMBAC'), has
been made by AMBAC prior to the refunding of such Bonds, such
Bonds shall, nevertheless, be considered outstanding and unpaid
unless payment of the principal, interest and redemption
premiums, if any, with respect to the Bonds paid by A.'.1BAC, has
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been made to AMBAC or adequate provision has been made for the
payment thereof to AMBAC, in a manner satisfactory to it.
In the
event of the payment of the principal, interest and redemption
premiums, if any, with respect to the Bonds by M1BAC pursuant to
its municipal bond insurance policy, AMBAC shall be subrogated to
the rights of the Holders of the Bonds paid by it."
F. Section 4.05 of the Resolution is hereby amended to
read as follows:
"SECTION 4.05
REDEMPTION OF REFUNDED BONDS.
The
Refunded Bonds maturing after July 1, 1992, except those Refunded
Bonds maturing on July 1, 1993, are hereby called for redemption,
as a whole, as of July 1, 1992, at a price of par plus accrued
interest to July 1, 1992, plus a premium equal to 2 1/2% of the
principal amount of the Refunded Bonds to be so redeemed. The
Notice of Redemption of such Refunded Bonds shall be in subs tan-
tially the following form:
NOTICE OF REDEMPTION
MONROE COUNTY, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1981
DATED JULY 1, 1981
NOTICE IS HEREBY GIVEN, for and on behalf of rv1onroe
County, Florida, that all of the outstanding Improvement Revenue
Bonds, Series 1981, dated July 1, 1981, which mature after July
1, 1992 (except those bonds maturing on July 1, 1993), in the
aggregate principal amount of $1,635,000, and are redeemable on
July 1, 1992, at the option of the County, at the redemption
price of the principal amount of each bond to be redeemed,
together with interest accrued thereon to the date fixed for
redemption, plus a premium equal to 2 1/2% of the principal
amount of such bonds to be redeemed, will be redeemed on July 1,
1992.
Payment of the redemption price, plus accrued interest,
of such bonds will be made on such July 1, 1992, redemption date,
at the office of Florida National Bank of Miami, Miami, Florida,
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the paying agent for the bonds, upon surrender thereof. The
principal of and interest on the bonds maturing on such redemp-
tion date and on July 1, 1993, will be paid in the usual manner.
Interest on such bonds being redeemed will cease to accrue from
and after such redemption date.
DATED this ____ day of
, 19
MONROE COUNTY, FLORIDA
By
Chairman, Board of County
Commissioners
The escrow holder under the Agreement is hereby instructed and
directed at least 30 days prior to such redemption date to
publish at least once in the name of the County, such Notice of
Redemption in a financial journal published in the Borough of
Manhattan, City and State of New York i to file such Notice of
Redemption with the paying agent for the Refunded Bonds i and to
mail such Notice of Redemption, postage prepaid, to all regis-
tered owners of Refunded Bonds to be redeemed, at their addresses
as they appear on the registration books.
If the ownership of
all the Refunded Bonds to be redeemed can be determined as of the
proposed date of publication of such Notice of Redemption, and
the holders of all the Refunded Bonds to be redeemed waive publi-
cation of such Notice of Redemption, the escrow holder shall not
publish such Notice of Redemption.
The provisions of this section shall not take effect
until the Bonds have been issued pursuant to this resolution."
G. The following new Section 5.05 is added to the
Resolution:
"SECTION 5.05
AMBAC DEEMED BONDHOLDER FOR CERTAIN
PURPOSES.
For the purposes of Section 5.01 of this resolution,
and at any time the County is in default in payment of the
principal, interest and applicable redemption premiums on the
Bonds, AMBAC shall be considered a Holder of those Bonds covered
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by any municipal bond insurance policy issued by it. In
interpreting the provisions of Section 5.01 of this resolution,
the consent of AMBAC shall be required if any Bonds, the Holders
of which have given their consent pursuant to Section 5.01, are
insured by a municipal bond insurance policy issued by AMBAC."
H. The remaining sections of the Resolution shall be
renumbered Sections 5.06 and 5.07, respectively.
SECTION 4.
SEVERABILITY OF INVALID PROVISIONS.
If any
one or more of the provisions herein contained shall be held
contrary to any express provision of law or contrary to the
policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held
invalid, then such provisions shall be null and void and shall be
deemed separable from the remaining provisions and shall in no
way affect the validity of any of the other provisions hereof.
SECTION 5.
REPEALING CLAUSE.
All resolutions or parts
thereof of the Board in conflict with the provisions herein con-
tained are, to the extent of such conflict, hereby superseded and
repealed.
SECTION 6.
EFFECTIVE DATE.
This resolution shall take
effect immediately upon its adoption.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
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Ma or/Chairman ~//'
By
(Seal)
Attest:
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