05/05/1992 SpecialXx 192
Special Meeting
Board of County Commissioners
Tuesday, May 5, 1992
Key West
A Special Meeting of the Monroe County Board of
County Commissioners convened at 10:00 a.m. on the above
date at the Chapel on Stock Island in Key West. Present
and answering to roll call were Commissioner Earl Cheal,
Commissioner Jack London, and Mayor Wilhelmina Harvey.
Commissioner Doug Jones arrived after roll call. Absent
from the meeting was Commissioner John Stormont. Also pre-
sent were Danny Kolhage, Clerk; Randy Ludacer, County
Attorney; Tom Brown, County Administrator; County Staff;
members of the Press and Radio; and the general public.
All stood for the Invocation and Pledge of
Allegiance.
The Board entered into a discussion regarding the
Plantation Key Convalescent Center project. George Mueller
addressed the Board. Tom Heustis of Public Financial
Management, Inc. also addressed the Board. After lengthy
discussion, motion was made by Commissioner Jones and
seconded by Commissioner Cheal to adopt the following
Resolution, showing the amendments set out below,
authorizing the issuance of $3,000,000 Industrial
Development Refunding Revenue Bonds, Series 1992 (Plantation
Key Convalescent Center, Inc. Project), of Monroe County,
Florida; appointing a Trustee, Paying Agent, Registrar and
Authenticating Agent for the Bonds; authorizing execution
and delivery of a Trust Indenture, Loan and Security
Agreement and Assignment of Mortgage with respect to the
Bonds; awarding the Bonds at negotiated sale to the
purchaser; and providing an effective date:
C. The Center's future annual financial statements
be audited by a recognized Certified Public
Accountant and filed with the County and the
State;
D. The payment of all taxes due;
E. Require the Center to certify, prior to the
issuance of the Refunding Bonds, that all liens,
debt etc., with the exception of the management
fees and the second mortgage, have been fully
satisfied;
F. The proposed investor agreement be modified to
include:
1 - The investor/purchaser will not offer,
sell or dispose of the bonds unless to
an "accredited investor" or the bonds
have been assigned a rating in one of
the 3 highest categories by a bond
rating agency;
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2 - The investor/purchaser will not offer,
sell or dispose of the bonds unless
conditions precedent for the transfer of
such bonds are certified by the Trustee;
3 - The investor/purchaser will not offer,
sell or dispose of the bonds unless in
increments of $100,000 or more;
4 - Require the present and future investor(s)
to commit, that upon the notification by
the Trustee that the issue is in default,
to operate and maintain the facility;
5 - Disclosure of all financial problems be
incorporated into sophisticated investors
letter as well as all other documents.
Roll call vote was taken with the following results:
Commissioner Cheal
Yes
Commissioner Jones
Yes
Commissioner London
No
Mayor Harvey
Yes
Motion carried.
RESOLUTION NO. 243-1992
11 See Res. Book No. 107 which is incorporated herein by
reference.
There being no further business, the meeting was
adjourned.