Resolution 260-1980
.................,.
RESOLUTION NO. 260-1980
A RESOLUTION AMENDING RESOLUTION NO. 215-1980
OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, ENTITLED: "A RESOLUTION PRO-
VIDING FOR THE ISSUANCE OF NOT EXCEEDING
$8,000,000 IMPROVEMENT BONDS, SERIES 1980, OF
MONROE COUNTY, FLORIDA, TO FINANCE THE COST OF
THE ACQUISITION AND CONSTRUCTION OF ADDITIONS,
EXTENSIONS AND IMPROVEMENTS TO THE SOLID WASTE
DISPOSAL FACILITIES OF SUCH DISTRICT; PROVIDING
FOR THE PAYMENT OF THE BONDS FROM SPECIAL
ASSESSMENTS LEVIED AGAINST BENEFITED PROPERTY,
AND CERTAIN INVESTMENT INCOME; MAKING CERTAIN
COVENANTS AND AGREEMENTS IN CONNECTION THERE-
WITH; AND PROVIDING AN EFFECTIVE DATE." BY MAK-
ING CERTAIN MINOR CHANGES IN THE DEFINED TERMS
CONTAINED IN THE RESOLUTION, CLARIFYING THE USE
OF THE DEFINED TERM, "COST OF OPERATION AND
MAINTENANCE", IN A PORTION OF THE RESOLUTION,
IN REDUCING THE AMOUNT OF TIME REQUIRED FOR
PREPARATION OF AN ANNUAL AUDIT; AND PROVIDING
AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, the governing body of the Monroe County
Municipal Service District:
SECTION 1.
FINDINGS. It 1S hereby ascertained, determined,
and declared that:
A. The Board of County Commissioners of Monroe County,
Florida (hereinafter called "Board"), on August 26, 1980, duly
adopted Resolution No. 215-1980 entitled:
"A RESOLUTION PROVIDING FOR THE ISSUANCE OF
NOT EXCEEDING $8,000,000 IMPROVEMENT BONDS,
SERIES 1980, OF MONROE COUNTY MUNICIPAL
SERVICE DISTRICT, MONROE COUNTY, FLORIDA,
TO FINANCE THE COST OF THE ACQUISITION AND
CONSTRUCTION OF ADDITIONS, EXTENSIONS AND
IMPROVEMENTS TO THE SOLID WASTE DISPOSAL
FACILITIES OF SUCH DISTRICT; PROVIDING FOR
THE PAYMENT OF THE BONDS FROM SPECIAL
ASSESSMENTS LEVIED AGAINST BENEFITED PRO-
PERTY, AND CERTAIN INVESTMENT INCOME; MAKING
CERTAIN COVENANTS AND AGREEMENTS IN CONNEC-
TION THEREWITH; AND PROVIDING AN EFFECTIVE
DATE."
(hereinafter called "Resolution").
B. It is necessary and desirable to amend the Resolution
1n order to make certain minor changes in the defined terms used
in the Resolution, to clarify the use of the "defined term"
"Cost of Operation and Maintenance" as used in a portion of the
Resolution, and to reduce the amount of time required for prepara-
tion of an annual audit.
Page 1 of 3 Pages
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SECTION 2.
AMENDMENTS TO RESOLUTION.
The Resolution shall
be amended as follows:
A. Subsection 2 I of the Resolution IS hereby amended
to read as follows:
"I. 'Cost of Operation and Maintenancte of the
Facilities shall mean the current expenses, paid or
accrued, of operation, maintenance and repair of the
Facilities, as calculated in accordance with generally
accepted accounting practice, including payments made
by the Issuer to franchisee solid waste collectors,
but shall not include any reserves for renewals and
replacements, extraordinary repairs or any allowance
for depreciation. Such current expenses shall be re-
duced by the amount of ad valorem taxes, if any,
levied and collected within the District for such
purposes."
B. Subsection 2 R of the Resolution IS hereby amended to
read as follows:
"R. 'Pledged Funds' shall mean, collectively, the
Assessments; any payments received from franchisee
solid waste collectors with respect to commercial
property within the area of the Issuer; all other
non ad valorem funds received by the Issuer with
respect to the furnishing of the services of the
Facilities to the residents of the Issuer; and any
income dervied from the investment of funds and
accounts created and established by this resolution,
excluding any state or federal funds received from
time to time by the Issuer".
c. Subsection 15 E of the Resolution IS hereby amended to
read as follows:
"E. ASSESSMENT ORDINANCE. The Issuer shall
annually adopt an assessment ordinance as required
by the Act, and thereby will determine, fix, levy
and collect such Assessments as will always provide
revenues in each year sufficient to pay 100% of the
Maximum Bond Service Requirement on the Bonds and on
all outstanding Additional Parity Obligations, plus
100% of all reserve or other payments, including
the Cost of Operation and Maintenance (reduced by the
amount of ad valorem taxes, if any, levied and col-
lected within the area of the Issuer for such pur-
poses) and deposits for renewals and replacements
of the Facilities. Such Assessments shall not be
reduced so as to be insufficient to provide revenues
for such purposes; provided, however, that the Assess-
ments shall be levied against the benefited property
in proportion to the special and positive benefits
to be received from the acquisition and construction
of the Project and the furnishing of solid waste dis-
posal services to the residents of the Issuer, and
shall never exceed in the aggregate the amount by
which such property is determined to be benefited."
Page 2 of 3 Pages
'"
D. The bond form contained 1n Section 12 of the Resolution
1S hereby amended as necessary to conform to the changes contained
1n this resolution.
SECTION 3.
REPEALER. All resoluitons or parts thereof in
conflict herewith are hereby repealed.
SECTION 4.
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 held on the 6th day
of October, A.D. 1980.
BOARD OF COUNTY COMMISSIONERS
OF MONROE ,OUNTY, FLORIDA
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By
(Seal)
Attest:
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Page 3 of 3 Pages
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MONROE COUNTY MUNICIPAL SERVICE DISTRICT
INCINERATOR FlNANCING
The obligations are secured by the Pledged Revenues derived from
Special Assessments levied against residential property speci-
fically benefited by the acquisition and construction of the
solid waste facilities. Such Special Assessments shall never
exceed the amount by which such property is determined to be
benefited. The obligations may be additionally payable from any
other funds of the District derived from sources other than ad
valorem taxes, and legally available for such purpose.
Pledged Revenues shall mean. collectively. the Assessments; any
payments received from franchisee solid waste collectors with
respect to commercial property within the District; all other
funds received by the Issuer with respect to the furnishing of
the services of the facilities to the residents of the District;
and any income derived from investment of funds and accounts
created and established by the Resolution authorizing these obli-
gations. excluding any State or Federal Funds received from time
to time by the Issuer.
The District is authorized, empowered and directed. annually, to
levy upon all the real and personal taxable property. including
homesteads. in the District. a suff1cient tax to pay the necessary
costs for the maintenance. operation and support of the District.
Maximum Annual Debt Service
to be serviced by Special Assessment Levy
30 Years @ 10~~
35 Years @ 10\%
$830.000
$849,000
Estimated O&M to be funded from ad valorem
taxes (based on FYE 9/30/79 and subject to
1980-81 Budget) $1,563,505.
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MONROE COUNTY MUNICIPAL SERVICE DISTRICT
ESTIMATED ELEMENTS OF REVENUE BOND ISSUE
TO PROVIDE $6,000,000 OF PROJECT FUNDS
JCALCULATED @ 10% FOR 30 YEAR~, LEVEL DEBT)
$6,000,000
780,000
825,000
195,000
43,600
16 ,400
$7,860,000
60,000
$7,800,000
?
$ 15,600
15,000
5,000
3,000
2,500
500
2,000
$ 43,600
9/16/80
Project Funds at Closing
Capitalized Interest
Capitalized Debt Service Reserve Fund
o i s c 0 un t 2. 5 %
Issuance Costs (1)
Contingency
Less Interest Earned on Capitalized Interest Acct.
Less Interest Earned on Construction Fund
(1) Estimated Costs of Issuance
Bond Co unse 1 Fee
Local Counsel Fee
Preparation, Printing & Distribution of O.S.
Ratings and Related Costs
Bond Printing
Validation
Signing and Closing (New York)
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