Resolution 597-2006
RESOLUTION NO. 597-2006
RESOLUTION AMENDING IN CERTAIN RESPECTS
RESOLUTION NO. 238B-2006 ADOPTED ON JUNE 21,
2006; AS PREVIOUSLY AMENDED AND
SUPPLEMENTED; AND PROVIDING AN EFFECTIVE
DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROIE COUNTY, FLORIDA:
SECTION 1.
FINDINGS. It is hereby found and determined that:
(A) On June 21, 2006, the Board of County Commissioners (the "Board") of
Monroe County, Florida (the "Issuer") adopted Resolution No. 238B-2006 (as previously
amended and supplemented, the "Bond Resolution"), which, among other things,
authorized the issuance of the Monroe County, Florida Airport Variable Rate Revenue
Bonds (Key West International Airport), Series 2006 (the "Series 2006 Bonds").
(B) Pursuant to the Bond Resolution, the Issuer issued the Series 2006 Bonds
on July 19, 2006, in the aggregate principal amount of $30,455,000, the payment of
which Series 2006 Bonds is secured, in part, by an irrevocable direct pay letter of credit
issued by Bank of America, N.A. (the "Bank").
(C) The Issuer and the Bank have agreed that the Bond Resolution should be
amended in certain respects to more clearly reflect the business transaction agreed to
between the Issuer and the Bank and it is in the best interests of the Issuer to so amend
the Bond Resolution.
SF:CTION 2. DEFINITIONS. When used in this Supplemental
Resolution, the terms defined in the Bond Resolution shall have the meanings therein
stated.
SJi:CTION 3. AUTHORITY FOR THIS SUPPLEMENTAL
RESOLUTION. This Supplemental Resolution is adopted pursuant to the provisions of
the Act and the Bond Resolution.
SI~CTION 4. AMENDMENT TO THE BOND RESOLUTION. The
definition of "2006 Project Grants" set forth in Section 1.01 of the Bond Resolution is
hereby amended in its entirety to read as follows:
"2006 Project Grants" shall mean that portion of the AlP
Entitlement Grant awarded to the Issuer after September 30, 2006,
(estimated to be in an amount equal to $4,600,000), and the Florida
Department of Transportation Grant in an amount estimated at $8,700,000,
both of which relate to the acquisition and construction of the 2006 Project.
The: foregoing amendment to the Bond Resolution shall not become effective until
the Issuer obtains the written consent to such amendment from the Bank.
SECTION 5. GENERAL AUTHORITY. The members of the Board, the
Clerk, th(: County Administrator and the officers, attorneys and other agents or
employees of the Issuer are hereby authorized to do all acts and things required of them
by this Supplemental Resolution or desirable or consistent with the requirements hereof
for the full punctual and complete performance of all the terms, covenants and
agreements contained herein and each member, employee, attorney and officer of the
Issuer or the Board, the Clerk, and the County Administrator is hereby authorized and
directed to do and cause to be done any and all acts and things necessary or proper for
carrying out the transactions contemplated hereunder.
SECTION 6. SEVERABILITY AND INVALID PROVISIONS. If any
one or more of the covenants, agreements or 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 covenants, agreements or provisions shall be null and void and
shall be deemed separable from the remaining covenants, agreements or provisions and
shall in no way affect the validity of any of the other provisions hereof or of the Series
2006 Bonds.
S.ECTION 7. RESOLUTION TO CONTINUE IN FORCE. Except as
herein expressly provided, the Resolution and all the terms and provisions thereof are and
shall remain in full force and effect.
SJ~CTION 8. EFFECTIVE DATE. This Supplemental Resolution shall
become (:ffective immediately upon its adoption.
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ADOPTED at a regular meeting of the Board of County Commissioners on the
I~ay of November, 2006.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor
~
,
(SEAL )
By:
ATIEST: DANNY L, KOLHAGE. Clerk
Cb~
Deputy Clerk
MONAoe COUNTY ATTOANEY
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