Resolution 258-1990
RESOLUTION NO. 258-1990
(~O('-/99a)
A RESOLUTION AMENDING A RESOLUTION~F THE
BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, ENTITLED:
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"A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
AUTHORIZING THE ACQUISITION AND CONSTRUCTION
OF ADDITIONAL CRIMINAL JUSTICE FACILITIES IN
MONROE COUNTY, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $40,000,000 SALES
TAX REVENUE BONDS, SERIES 1991, OF THE COUNTY
TO FINANCE THE COST THEREOF; PROVIDING FOR THE
PAYMENT OF SUCH BONDS FROM THE PORTION OF THE
cONE CENT LOCAL GOVERNMENT INFRASTRUCTURE
zSURTAX PROCEEDS DISTRIBUTABLE TO THE COUNTY;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE."
DULY ADOPTED ON MARCH 27, 1990, BY MAKING
CHANGES NECESSARY FOR RECEIPT OF A NOTE RATING
FROM STANDARD & POOR'S CORPORATION; AND
PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVEO BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1.
AUTHORITY FOR THIS RESOLUTION.
This
resolution is adopted pursuant to Section 212.055(2), Florida
Statutes, and other applicable provisions of law.
SECTION 2.
FINDINGS.
It is hereby ascertained,
determined and declared that:
A. The Board of County Commissioners of Monroe County,
Florida (the "Governing Body"), on March 27, 1990, duly adopted a
resolution entitled:
"A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
AUTHORIZING THE ACQUISITION AND CONSTRUCTION
OF ADDITIONAL CRIMINAL JUSTICE FACILITIES IN
MONROE COUNTY, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $40,000,000 SALES
TAX REVENUE BONDS, SERIES 1991, OF THE COUNTY
TO FINANCE THE COST THEREOF; PROVIDING FOR..THE
PAYMENT OF SUCH BONDS FROM THE PORTION OF THE
ONE CENT LOCAL GOVERNMENT INFRASTRUCTURE
SURTAX PROCEEDS DISTRIBUTABLE TO THE COUNTY;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE."
(the "Resolution).
B.
It is necessary
and desirable to amend the
Resolution by making changes necessary for receipt of a note
rating from Standard & Poor's Corporation, New York, New York.
SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is
amended in the following manner.
A. Section 4.02D of the Resolution is hereby amended to
read as follows:
"D.
RESERVE ACCOUNT.
Pledged Funds shall then be
applied by the Issuer to maintain in the Reserve Account a sum
equal to the Reserve Account Requirement.
Except as provided
below, such sum shall initially be deposited therein from the
proceeds of the sale of the Bonds.
Any withdrawals from the
Reserve Account shall be restored within 12 months by depositing
therein an amount equal to 1/12th of such withdrawal. No further
payments shall be required to be made into the Reserve Account
when there has been deposited therein and as long as there shall
remain on deposit therein a sum equal to the Reserve Account
Requirement.
The Authorized Investments on deposit in the
3247/MON59003/AB7/042390
Reserve Account shall be valued
Fiscal Year in accordance with
practice.
Notwithstanding the foregoing and with the written
consent of the Bond Insurer (if the outstanding Bonds are then
covered by a Bond Insurance policy), the Issuer shall not be
required to fully capitalize the Reserve Account on the date of
issuance of the Bonds from proceeds of the sale of the Bonds, if
it provides on the date of issuance of the Bonds (1) bond reserve
insurance issued by a reputable and recognized municipal bond
insurer whose insurance policies generally result in insured
issues being rated in the highest rating category by both S&P and
Moody's, or (2) a letter of credit issued by any bank or national
banking association insured by FDIC whose own debt securities are
rated 'AA' or the equivalent or better by both of the rating
agencies set forth above, in an amount equal to the difference
between the Reserve Account Requirement and the sum to be
deposited therein pursuant to the preceding paragraph.
At any time after the issuance of the Bonds, the Issuer
may, in its discretion, withdraw the amount of money on deposit
in the Reserve Account and substitute in its place, a bond
reserve insurance policy or unconditional letter of credit as
described in (1) or (2) of the preceding paragraph, in the face
amount of such withdrawal, and use the surplus money so withdrawn
for any lawful purpose specified by the Act.
Money in the Reserve Account shall be used only for the
purpose of the payment of maturing Amortization Installments or
annually on the last day of the
generally accepted accounting
3247fMON59003fAB7f042390
principal of or interest on the Bonds when the other money
allocated to the Sinking Fund and Bond Amortization Account is
insufficient therefor, and for no other purpose. If and whenever
the money applied and allocated to the Reserve Account exceeds
the Reserve Account Requirement on all then outstanding Bonds,
such excess shall be withdrawn and deposited into the Sinking
Fund. "
B. Section 5.06A of the Resolution is hereby amended to
read as follows:
"A. There shall have been obtained and filed with the
Issuer a certificate of an Accountant: (1) stating that he had
compiled or reviewed the books and records of the Issuer relating
to the collection and receipt of the Pledged Funds, or applicable
portion thereof; (2) setting forth the amount of the Pledged
Funds received by the Issuer for 12 consecutive months out of the
..
24 month period immediately preceding the proposed date of
delivery of such Additional Parity Bonds with respect to which
such certificate is made; and (3) stating that the Pledged Funds
for such preceding 12 month period are at least equal to 1.25
times the Maximum Debt Service Requirement to become due in any
ensuing Bond Year on the Bonds then outstanding, and that the
portion of the Pledged Funds which will secure payment of the
principal of and interest on the Additional Parity Bonds proposed
to be issued is at least equal to 1.25 times the Maximum Debt
Service Requirement to become due in any ensuing Bond Year on
such Additional Parity Bonds proposed to be issued."
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SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the provisions contained in this resolution 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 Governing Body in conflict with the provisions
contained in this resolution are, to the extent of such conflict,
hereby superseded and repealed.
SECTION 6. EFFECTIVE DATE.
This resolution shall take
effect immediately upon its adoption.
Passed and adopted by the Board of County Commissioners
of Monroe county, Florida, at a regular meeting of the Board on
May 2, 1990.
(SEAL)
ATTEST: DANNY L. KOLHAGE, Clerk
MONROE COUNTY, FLORIDA
By ~~y
Commissioners
~
Clerk, Boar of
Commissioners
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BY' If
Attorney's Of. lee
3247/MON59003/AB7/042390