Resolution 344-1980
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RESOLUTION NO. 344 -1980
RESOLUTION AUTHORIZING THE CHAIRMAN OF THE BOARD OF
COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA, TO
EXECUTE A "TRUST AGREEMENT" BY AND BETWEEN MONROE
COUNTY, FLORIDA AND THE FLORIDA NATIONAL BANK OF
MIAMI.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
That the Chairman of the Board of County Commissioners of
Monroe County, Florida, is hereby authorized to execute a "Trust
Agreement" by and between Monroe County, Florida, and the Florida
National Bank of Miami, a copy of same being attached hereto.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting held on the 16th day
of December, A.D. 1980.
By
(Seal)
Attes~ :b---.
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erk
APPROVED AS ro FORM
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"TRUST AGREEMENT"
MONROE COUNTY, FLORIDA, IMPROVEMENT BONDS, SERIES 1980
This agreement entered into this l6th day of December
1980, between Monroe County, Florida (hereinafter called the
"County") and the Florida National Bank of Miami (hereinafter
called the "Trustee" or the "Registrar" as the case may be):
WHEREAS, "the County has, pursuant to Resolution No. 215-1980
adopted on August 26, 1980, authorized the issuance of Improvement
Bonds, Series 1980, and
WHEREAS, said Resolution as amended provided for a Registrar,
and
WHEREAS, said Resolution as amended provided for the cr~ation
of a Construction Fund; a Sinking Fund; a Bond Amortization Fund;
a Reserve Account; a Renewal and Replacement Fund, and
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WHEREAS, the Florida National Bank of Miami is qualified to
act and has agreed to act as Registrar and as Trustee of such
funds,
NOW THEREFORE:
1. The County does hereby appoint the Florida National
Bank of Miami to act as Registrar and Trustee as
set forth herein.
2. The Construction Fund, the Sinking Fund, Bond
Amortization Fund, and the Renewal and Replacement
Fund as provided for in Resolution No. 215-1980
as amended consisting of such money as have been
and shall be deposited therein by the County in
accordance with said Resolution shall be held in
trust by the Trustee..
3. The Trustee shall hold moneys in said Funds and
Accounts for the purposes set out in said Resolu-
tion and shall make remittances to the paying agent
of such funds necessary for payment of maturing
principal and interest prior to due dates thereof
without further resolution or other act of the
County.
4. The moneys in the Construction Fund, Sinking Fund,
Bond Amortization Fund, Reserve Account, and
Renewal and Replacement Fund shall be invested in
direct obligations of the United States of America
in such amounts and for such periods as to not
interfere with requirements of said Resolution.
This Trust Agreement shall constitute authority
for the Trustee to so investor reinvest such
moneys as therein provided. The Trustee shall be
authorized, and obligated, however, without any
action of the County, to sell and dispose of a
sufficient amount of such investments or reinvest-
ments whenever the same shall be necessary in
order to comply with the provisions of said
Resolution relating to any of said funds, and the
Trustee shall have no liability for any loss
caused by such sale or disposition of such in-
vestments or reinvestments.
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5. The Trustee accepts and agrees to execute the
trust hereby created, but only upon the terms
set forth in this agreement, to all of which
the parties hereto agree.
6. The County agrees to indemnify and save the
Trustee harmless against any liability which it
may incur in the proper exercise and performance
of its powers and duties in accordance with this
7. The ~Trustee further agrees that it will at all
times secure the moneys in all of said funds
exclusive of any moneys invested, in the same
manner required by said Resolution.
8. The Registrar shall keep books for the registra-
tion and for the transfer of Bonds, as provided
by County Resolution No. 215-1980 as amended.
Registration and transfer shall be in accordance
with said Resolution.
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9. ~ The Trustee may resign and be discharged of the
Trust created by this agreement, by executing an
instrument in writing, resigning such trust,
specifying the date when such resignation shall
take effect, and filing the same with the Clerk
of the County not less than sixty (60) days be-
fore the date specified in such instrument when
such resignation shall take effect. Such resig-
nation shall take effect on the day specified in
such instrument unless previously a successor
Trustee shall be appointed as hereinafter pro-
vided, in which event such resignation shall take
effect immediately on the appointment of such
successor Trustee.
10. The County may remove the Trustee by a resolution
duly adopted, specifying the date when such re-
moval shall take effect and filing a certified
copy of the same with the President or Vice-
President of the Trustee not less than sixty
(60) days before the date specified in such in-
strument when such removal shall take effect, and
th~ County shall thereupon appoint a successor
Trustee.
11. In case at any time the Trustee, or any Trustee
hereinafter appointed shall resign or shall be
removed as provided in Section 10 hereof, a
vacancy shall forthwith and ipso facto exist in
the office of Trustee and a successor Trustee
may be appointed by the County.
12. In case at any time the Trustee shall resign
and no appointment of a successor Trustee shall
be made pursuant to the foregoing provisions of
this agreement prior to the date specified in
the notice of resignation as the date when such
resignation shall take effect, the retiring
Trustee may forthwith apply to a court of com-
petent jurisdiction for the appointment of a
successor Trustee. Such court may thereupon,
after such notice, if any, as it may deem proper
and prescribe, appoint a successor Trustee.
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Any successor Trustee appolnted hereunder shall
execute, acknowledge and deliver to the County
an instrument accepting such appointment here-
under, and thereupon such successor Trustee,
without any further act, deed or conveyance,
shall become fully vested with all the estate,
property rights, powers, trusts, duties and obli-
gations of its predecessors in the trust hereunder,
with like effect as if originally named Trustee
herein. Upon request of such successor Trustee,
the Trustee ceasing to act and the County shall
execute and d~liver an instrument transferring
to such successor Trustee all the estate, prop-
erties, rights, powers and trusts hereunder of
the Trustee so ceasing to act; and the Trustee
so ceasing to act shall pay over to the-successor
Trustee all moneys at the time held by it here-
under. Any successor Trustee hereunder shall be
a bank or trust company in the State of Florida
which is a member of the Federal Reserve System
and is qualified to act as such a Trustee under
the laws of the State of Florida and the United
States of America.
14. Any bank or trust company into which any Trustee
hereunder may be merged or with which it may be
consolidated, or any bank or trust company re-
sulting from any merger or consolidation to which
any Trustee hereunder shall be a party, shall be
the successor Trustee under this agreement, with-
out the execution or filing of any paper or
further act on the part of the parties hereto,
anything herein to the contrary notwithstanding.
15. In addition to the other payments required to be
made by said Resolution as amended into any of
said funds, the County shall pay to the Trustee
hereunder its proper fees and expenses; and the
Truestee shall have a lien on all moneys in said
funds for such proper 'fees and expenses. The
fees and expenses of the Trustee shall mean and
include, in addition to other fees as may be
agreed upon from time to time by the County and
the Trustee, reasonable compensation for services
rendered in termination of, and transferring
funds and accounts upon removal or resignation
of the Trus tee.'
16. Subject to the said lien of the Turstee for its
proper fees and expenses, the holders of Improve-
ment Bonds, Series 1980 issued pursuant to
Resolution No. 215-1980 as amended have a lien
on all said funds on deposit with said Trustee
until paid out and applied in accordance with
this agreement and said Resolution as amended.
IN WITNESS WHEREOF Monroe County, Florida, has caused its
corporate seal to be hereto affixed and attested to by its Clerk,
and these presents to be signed by its Chairman of the Board of
County Commissioners, and the said FLORIDA NATIONAL BANK OF MIAMI
has caused its corporate seal to be hereto affixed and attested
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by its Cashier and these presents to be signed by its President the
day and year first above written.
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(Seal)
Attes(~. dk--
C erk 4.
FLORIDA NATIONAL BANK OF MIAMI
By
President
(Seal)
Attest:
Cashier
STATE OF FLORIDA
COUNTY OF MONROE
16th December
On this day of , 1980, before me,
Jed V. Sawyer , a notary public in and for
the county a~d state aforesaid, personally appeared George E.
Dolezal ", to me known and known to me to be the
Chairman of the Board of County Commissioners of Monroe County,
Florida, and to me known to be the person who executed the fore-
going instrument, and acknowledged the execution thereof to be his
free act and deed and the free act and deed of said County of
Monroe for the uses and purposes therein mentioned.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
notarial seal the day and year in this certificate first above
written.
(Seal)
My Commission Expires:
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STATE OF FLORIDA
COUNTY OF
On this day of , 1980,
before me, , a notary public
in and for the county and state aforesaid, personally appeared
, to me known and known to
me to be a of Florida National Bank of
Miami, the above described corporation, and to me known to be
the person who executed the foregoing instrument, and acknowledged
the execution~thereof ro be his free act and deed and the free
act and deed of said Florida National Bank of Miami for the uses
and purposes therein mentioned.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
my notarial seal the day and year in this certificate first above
written.
~.
Notary Public, State of Florida
at Large
(Seal)
My Commission Expires:
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