HomeMy WebLinkAboutResolution 542-2002
RESOLUTION NO. 542
2002
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, AUTHORIZING AND DIRECTING THE COUNTY
ADMINISTRATOR AND THE COUNTY'S FINANCIAL ADVISOR TO SOLICIT
PROPOSALS FROM VARIOUS FINANCIAL INSTITUTIONS TO PROVIDE
FINANCING TO THE COUNTY IN ORDER TO REFUND CERTAIN OUTSTANDING
INDEBTEDNESS OF THE COUNTY AND TO FINANCE VARIOUS CAPITAL
IMPROVEMENTS: AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the County previously has issued its Monroe County, Florida Refunding Revenue
Bonds, Series 1993 (the "1993 Bonds") and its Monroe County, Florida Municipal Service District
Refunding Improvement Bonds, Series 1991 (the "1991 Bonds");
WHEREAS, due to current favorable interest rate markets, the County may be able to
achieve debt service savings by refinancing the 1993 Bonds and/or the 1991 Bonds (collectively, the
"Existing Bonds");
WHEREAS, the County has various infrastructure and capital improvement needs (the
"Capital Improvements") that may be funded with proceeds of the infrastructure sales surtax (the
"Sales Surtax") that is scheduled to become effective as of January 1, 2004; and
WHEREAS, due to current favorable interest rate markets, it may be desirable and beneficial
to the County to issue tax-exempt bonds secured in whole or in part by the Sales Surtax in order to
finance all or a portion of the Capital Improvements; now, therefore
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
Section 1. AUTHORIZATION TO SOLICIT BIDS. The County Administrator and the
County's financial advisor, Public Financial Management, Inc. ("PFM"), are hereby authorized and
directed to solicit bids from qualified financial institutions to provide financing fo~the refGddinQ-t1>f
the Existing Bonds and the financing of the Capital Improvements. The Count~d$lini~torPin
consultation with PFM, may determine, in his sole discretion, whether to solicit bi~~~.ref~ b@1,
either or none of the Existing Bonds. The winning bidders shall subsequently b~provEf<Jl by .the
Board in connection with the subsequent approval of any debt issuance. gr./ N (:)
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PASSED AND ADOPTED by the Board of County Commissioners of Monr~nt~ Flo~a
at a regular meeting of the Board this 20th day of November, 2002. ..".):> - ("")
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Mayor Spehar
Mayor Pro T em Nelson
Commissioner McCoy
Commissioner Neugent
Commissioner Rice
yes
yes
yes
yes
yes
(SEAL)
Attest: DANNY L.KOLHAGE, Clerk
BG.~
Dep Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE C NTY, FLORIDA
By
APPROVED AS TO FO
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