Resolution 127-1981R_ 30LUTION NO. 127-1981
A RESOLUTION. FIXING THE DL.TE, SEMIANNUAL
INa'-R2ST PAYMENT DATES, TERM BOND 1:ANDATORY
...A'.•. )?TIZATION INSTALLMENTS,. MA1^URITIES,
R, EMPTION PROVISIONS AND PAYING tGENT
F:. R $8, 000, 000 MONROE COUNTY MUNICIPAL
S EY-,VICE DISTRICT IMPROVEMENT BONDS, SERIES
196J; AWARiING SUCH BONDS AT .PRIVATE SAL --
TO THE PURCHASER THEREOF; APPROVING THEI FORM AND DSSEMINATION OF THE OFFICIAL
STA':EMENT FOR THE BONDS; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIOA,,�RS
r_reinafter 'c.alled "Board") OF MONROE COUNTY, FLORIDA, the
_ overning•, body• of the Monroe County Municipal Service Di stricr.
hereinafter `'cabled "District"), that:
SE,TI.ON 1. AUTHORITY FOR THIS RESOLUTION. This resolu-
tion i_� adopted pursuant to Cn. 125, Fla. Stat. (1979); Chapter
8, Articles 1, II and III, of the Monroe County Code; and uthe�
applicable provisions of -aw.
SECTION 2. FINDINGS. It is hereby ascertained, dete-.-
ined and ueclared that:
A. The Board heretofore duly adopted on August 26,
1980, Reso.ut"ion No. 215-1980, entitled:
RESOLUTION PROVIDING FOR THE ISSUANCE OF
NOT -E-XCEEDING $8,000,_000 IMPROVEMENT SONUS,
SERIES 198U, OF MONROE COUNTY MUNICIPAL
S FRV.I:C:E DISTRICT; M10NROL COUNTY, FLORIDA,
TO F'INANCr_' THE COST OF THE ACQUISITION AND
COUISTRUCTION OF ADDITIONS, EXTENSIONS AND
IMPROVEMENTS TO THE SOLID WASTE DISPOSAL
FA,"ILITIES OF SUCH DISTRICT; PROVIDING FOR
THIE PAYMENT OF THE BONDS FROM SPE,-.:AL
ASSESSMENTS LEVIED AGAINST BENEFITED PRO-
PERTY, AND CERTAIN INVESTMENT INCOME; MAKING
CERTAIN COVENANTS AND AGREEMENTS IN CONNEC-
TION THEREWITH; AND PROVIDING AN EFFECTIVE
DATE."
and subsequently amended the same (hereinafter collectively
alle,3 "Resolution") .
B,. It is ri•ecessary. and desirably to fix date,
semiannual interest payment dates, term bond mandatory amor-
tization installments, maturities, redemption provisions and
..ayin3 agent for the bonds, as required by the Resolution.
C. The characteristics of the bonds any the prevailing
-1-
municipal bond-marKet conditions dictate a negotiated sale'of the
bonds,rather t. -han a public sale, and the bonds should be awarded
o he puzchaser at r v to ne oti t d sale at this time.. based upor
t ie ete urination as e .or`th 01 EXhiDit 1 hereof.
D.. There has been, filed with the Board prior to the
award 6f the bonds -pursuant to this resolution, a disclosure sta-
t;-.ement as required dy §218. 385(6) , Fla. Stat. (Supp. 1980), which
statement is•'a.t-tached hereto as Exhibit A.
SECTION 3. REMAINING FISCAL DETAILS'OF BONDS. The
bonas shall be -dated April .l., 1981; and shall bear interest at
the rates' per -annurn specified. below, payable semiannually on
s
April 1 and. -October 1 of each year. $2,630,000 aggregate prin-
cipal amount of the bonds shall mature serially in -numerical
order on October 1 in the years and amounts and bear interest as
follows:
INTEREST
INTEREST
YEAR
AMOUNT
RATE
YEAR
AMOUNT
RATE
1982
$40,000
.11.25b
1992
$120,000
10.00%
1983
413,000 000
172525
1993
130,000
10.17
1984
50,000
11.25
1994
145,000
10.20
1 985
55, 000
11. 25
199,5
160,000
10 .30
1986
651000
11.25
1996
175,000
10.40
1987
70,000
.�mll.25
1997
195,000.
10.50
1988
80,000
11.25
1998215,000
10.60
1 989
85,600
11,25
1999
240,000
10.70
1990
95,0a-b
11.25
2000
265,000
10.75
1 991
105, 000.
2001
295, 000
10.. 80
$5,3-71),000•aggregate principal amount of the bonds shall
be issued as term bonds, -shall mature on October 1, 2011, and
shall -bear interest at the rate of 11.25 % per annum. Mandatory
amortization installments are hereby established for the term
bonds due on October 1, 2U11, and such term. bonds due October 1,
2011, as shall be selected by lot, shall -be deemed to be due on
October 1 in the years and amounts as follows:
' YEAR
A, MOUNT.
YEAR
AMOUNT
2002
$325,000 ,
2007
$540,000
2003
360,000
2008
600,000
2 O04
400, 0 Q0
2009
665,000
2 005
440,000
2010
735,000
2 0.06
490,000
2011
815,000
Principal amounts of the term bonds due on October 1,
9
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which shall be equal.`to the foregoing amortization
_.nstallment,s,. shali be redeemed prior to maturity from money on
deposit in. th•e-'$ond Amortization Fund, created and established by
the Resolu.tioh, on October 1 .in any.o the years for which amor-
tization installments a -re required, at the price of the principal
amount thereof plus -accrued interest to the date of prior
redemption, or be purchased in the open market at a price not to
xceed such redemption price. Purchases of amounts of such term
;aonds in -the 4'en market in excess of the amortization
installment required for a -'particular year, due to favorable
market con4't Ens, shall reduce correspondingly the amount of the
amortization..hs=tallment for the succeeding year.
-The bonds maturing in the years 1982 to 1991, both
inclusive, are not subject to redemption prior to their respec-
4
1
rive stated dates of maturity. The bonds maturing in the year
1992 and thereafter shall, at the option of the District,.be
redeemable in whole at any time on or after October 1, 1991, or.
in part, in inverse order of maturity and by lot within a
maturity, on October
1, 1991, or on any interest payment date
thereafter, at.a price
of..par and accrued interest,
plus the
i ollowi'ng pre,i-iums,
expressed as percentages of
the par value of
the bonds so ;z.e'deemed,
if redeemed -,during the following
periods:
Period (Bdth Dates Inclusive)
Premium
October 1, 11991,
�to September 30, 1993
2 1/2%
October 1, 1993,
to September 30, 1995
2%
October 1, 1995,
to September 30, 1997
1 1/2
October 1, 1997,
to September 30, 1999
1%
October. 1, 1999,
to September 30, 200-1
1/25%
October 1, 2001,
and thereafter
0%
SECTION 4.
PAYING AGENT. The paying
agent for the
bonds shall "be BOULEVARD -BANK.
SECTION 5. AWARD.OF BONDS. Subject to receipt by the
Board of: notification from a nationally recognized rating service
that the bonds have been assigned a rating in any one of the 3
,ighest bond rating classifications, or subject to a computed
aver,.�e net interest cost rate of not exceeding 11.59% per annum
:rased upon the terms of the purchase proposal of William R. Hough
rf
- 3-
& Co. for the bonds, whichever is applicable' and controlling,
$ 8, 000, 000 Improvement Bonds, -Series 1980, of the District, as
u cscribed herein` and in the Resolution', are hereby awarded and
ld to William R. Hough & Co. at the price of $7,800,000.00 + plus
a::crued.interest and upon the other terms and conditions con-
t.9ined in the purchase proposal attached hereto as Exhibit B.
SECTION 6. APPROVAL OF OFFICIAL STATEMENT. The form
and dissemination of the Preliminary Official Statement, dated
April 13, 198li•with respect to -the bonds are hereby approved,
and the proper officers of.the District are hereby authorized to
execute a finall�Official Statement with such variations from the-
Preliminary -Official Statement as shall be approved by the
appropriate officers and/or agents of the District, such approval
to be evidenced by execution of the final Official Statement by
the proper oLficers of the District on or prior to the bond
closing.
SEC°PION 7. REPEALING CLAUSE. All resolutions or parts
thereof of the Board in conflict with the provisions herein con -
gained ate, to the extent of such conflict, hereby superseded and
r apealed.
SECTION 8. EFFECTIVE DATE.
effect immediately upon its adoptioh.,
DATED: April 21, 1981.
(Seal)
Attest:
This resolution shall take
.�WCI:PAL SERVICE DISTRICT
OF rIQWE . COUNTY
1
APPROVED AS 70 FORM
AND LEGAL SUFMIENCK
X�By
e4ttorney's -Office-
EXHIBIT l
Monroe County Mun icipal ' Service District_, .,Monroe
'County, Florida; in compliance with Section 218.385.(2) (a),
Florida Stattues.,,hereby-finds, determines and declares that a
negotiated sale o.'f the Bonds is in the best interests of the
District for the -following reasons:
A; When initially contemplated, the purpose and
,source of revenues securing.the issue, as well as
,.,adverse economic forecasts for the Keys precluded
S.vide interest from prospective underwriters and
.�nves:.ors.
B. Contractual obligations were made by the District
for construction.contracts in early 1980 for completion
on September 15, 1981. Bond Anticipation Notes of
$4,000,000, due May 15, 1981, were issued to obtain
early funding for payment of committed construction
draws through May 1, 1981. Competitive bidding process
for permanen,:t financing, including funds for the
redemption of the $4,000,000 of Notes will not accommodate
t}le May 13, 1981 closing necessary to make..funds. avail-
able to retire 'the Notes at 'maturity date, May 15, 1981.
C. Fiscal Agent fees of approximately $40,000 are
saved by the District by negotiating directly with the
.:Underwriters.
D% Interest rate fluctuations make it prudent for the
District to issue bonds at presently available rates,
rather than speculate on future rates.
E. The current commitment from Municipal Bond Insurance
Association, 'bond .insurers,. guaranteeing a lower interest
-rate to the District by virtue of the rating of "AAA"
as insured bonds, makes the marketing of the issue at
once, desirable.
¢t
Ai,ONROE COUNTY MUNICIPAh:'SERVICE DISTRICT
Responding to Florida Statutes, Section 218.385
(a) Estimated Issuance -Expenses
Payin�•,Agent Acceptance Fee
Trustee.:Acceptance Fee
Bond Cdunsel Fee (Freeman, Richardson,
Wat$on, Kelly &.-Livermore, P.A.)
Bond Ckunsel Expenses (estimated)
t90%L =nouns 1 Fe (M H Cats , Es l
Rats a -Fee eStanedard�& Poor s Cor�6fation)
Bon:, Printing and Shipping •(Northern Bank
Notes)
Prepai-tion, Printing and Distribution. of
Official Statement (William R. Hough & Co.)
Signing and Closing (New York)
Contingency
TOTAL ESTIMATED ISSUANCE EXPENSES
$ 1,000
2,000
16,000
1,200
15,OOQ
1,80
3;500
10,400
4,5'13/0
10,000
$65,400
(b) No person o- persons have any understanding regarding
promised compensation or consideration, directly or in-
directly, expressly or implied, to act as interme(llary
between the issuer.and the managing underwriters in this
transaction.
(c) The ;anderwricing spread expected to be realized is
less -those expenses paid by Underwriter.
(d) There is.no management fee.
(e) No fe6"'bbnus or other compensation will be paid by the Under-
,writer.s.•in connection with this issue, to any person not
tegulaVly employed '-o,r' retained by the Underwriters.
(f) Williaiz .,R. Hough &' Co . , 11 Fourth Street North, St .' Pe,:.ers-
burg, Florida 33701, is the Underwriter.
Submitted by William R. Hough & Co., as Underwriter.
By:
orth T Bladkweii;,Vice 111resicLent
Exhibit A