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R. County Attorney
Trauner Consulting Services, Inc. 1617 JFK Boulevard - Suite 600 Phil2delphia, PA 19103 (215) 81 "400 Nataline Casell, County Attorney Monroe County 502 Whitehead St_ Key West FL 33040 June 27, 2007 Project No: 01899.00 Invoice No: 2070559 Project: 01899.Q0 Monroe County Courthouse ProfesStonal services from April 28. 2007 to Ju ne 1, 2007 sk. 1 OQQ Task 9 QQO - lr,ital Meeting & tievievu . . .... . .... . . ... . . . .. . . . . . ..... . Ta Fee Total Fee 2,260.00 Percent Complete 100,00 Total Earned 2,25Q.QQ Previous Fee Billing 0.00 Current Fee Billing 2,250_00 Total Fee Q vgd- r0 , 2,250.00 Total this task $21250.00 Total this invoice $21250.00 -- ZO'd Z12:9t ZOOZ 6Z 100 OVV9VT8S Z:xPd j 1 ' (81 r 'ri €11 � Meeting Date: November 14, 2007 Bulk Item. Yes x No Division: County Attorney Staff Contact Person: Natileene W. Cassel AGENDA ITEM WORDING: Approval of the Utility Easement by and between Monroe County, Florida and Florida Keys Electric Co -Op. ITEM BACKGROUND: A utility easement is required for electrical lines for the construction of the Medical Examiner's Office and will run across property owned by Monroe County. TOTAL COST: BUDGETED: Yes No REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty x 1 OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required 131 MZ1Iy1Yll'[17Q Revised 2/05 This instrument is prepared by, or under the direction of: Natileene W. Cassel, Esq. FBN 365785 Assistant County Attorney Office of the Monroe County Attorney P.O. Box 1026 Key West, FL 33041-1026 RE number: 00099540-000000 Electric Utility Easement THIS UTILITY EASEMENT is made this day day of , 2007 by and between Monroe County, a political subdivision of the State of Florida, ("Grantor") and Florida Keys Electric Co -Op (Grantee). I . Grantor is the fee simple owner of the property described as KRAWL KEYS PT LOT 3 SEC 26 PT LOT I SEC 35 recorded at OR Book 1154, Page 1916 of the Public Records of Monroe County, Florida (the "Property"), and does hereby warrant title to the land hereindescribed, and will defend the same against the lawful claims of all persons. 2. For good and valuable consideration, the sufficiency of which is hereby acknowledged, Grantor grants to Florida Keys Electric Co -Op, ("Grantee"), its successors and assigns, agents, guests and invitees, a perpetual utility easement as drawn on composite Exhibit "A" hereto (the "Easement") under, over, across, and below the Property. 3. Grantee, its agents, successors and assigns shall have the right to install, construct, maintain, locate, repair, replace, remove, and inspect power lines and poles, and facilities and other comparable public utilities, together with the rights of ingress and egress thereon. 4. Grantee's right to utilize the easement area shall be exclusive to the extent that Grantor shall grant no other easement or license, or make any other covenant, having the effect of permitting the use of the easement area by someone other than Grantee. 5. Grantee shall not construct, place, or allow the placing or construction of any obstruction that would interfere with the Grantee's safe or proper installation, operation, maintenance, inspection or removal of power lines and poles, and facilities and other comparable public utilities, and all appurtenances thereto. Grantee shall have the right to remove any natural or man-made obstructions placed on the easement, which impede the easement herein granted. Grantor shall have the right to make any other use of the easement area that does not interfere with the Grantee's rights. 6. Grantee shall bear the cost of any relocation or modification of said facilities when the change is necessitated by Grantee's requirements or those of any third party other than the Grantee. Page 1 of 2 Electric utility Easement 7. Grantee shall hold Grantor harmless for the acts and omissions of its officers, employees, agents and contractors, and upon the representation that Grantee is a political subdivision as defined by Florida Statutes shall maintain suitable Public Liability insurance or shall be self -insured, in amounts adequate to respond to any and all claims within the limitations of Florida Statutes section 768.28. 8. This easement will run with the land in perpetuity and will be binding on and will inure to the benefit of the parties hereto. 9. The Grantor warrants that it has full power of authority to grant this easement. In Witness Whereof, Grantor and Grantee have hereunto set their hand and seal on the day and year first above written. (GRANTOR) Board of County Commissioners of Monroe County, Florida [SEAL] By: ATTEST: Danny L. Kohlage, Clerk Mario Di Gennaro, Mayor By: Deputy Clerk WITNESSES: Sign Name- Print Name Sign Name: Print Name FLOR1DA KEYS ELECTRIC CO-OP By: Title The foregoing instrument was acknowledged before me this day of , 2007, by , whose is on behalf of FLORIDA KEYS ELECTRIC CO-OP, who is personally known to me/has produced as identification. Notary Public My Commission Expires: MONROE COUNTY ATTORNEY AN ROVED AS TO FOR Page 2 of 2 TILEE(VE W. ASS EL ASSISTANT COUNTYr6TTORNEY Date Za _, -� / LAND DESCRIPTION UTILITY EASEMENT MONROE COUNTY MEDICAL EXAMINERS FACILITY A parcel of land on Crawl Key Number 5, being a portion of Government Lot 1, Section 35, Township 65 South, Range 33 East and a portion of Government Lot 3, Section 26, township 65 South Range 33 East, Monroe County, Florida, more particularly described as follows: COMMENCING at the intersection of the centerline of U.S. Highway Number I with the West line of section 35, Township 65 South, Range 33 East; THENCE North 67'04'07" East on said centerline of U.S. Highway 1, a distance of 1494.57 feet to the intersection with the centerline of Banana Boulevard; THENCE continue North 67°04'07" East on said centerline of U.S. Highway Number 1, a distance of 697.54 feet to an intersection with the Southerly prolongation of a rock road at Crawl Key Number 5; THENCE North 09'23' 05" West on said prolongation, a distance of 119.32 feet to the Northerly right-of- way line of said U.S. Highway Number 1 as laid out and in use; THENCE South 67°04'07" West on said right-of-way line, a distance of 25.72 feet; THENCE North 09"23'05" West a distance of 566.58 feet to the beginning of a curve concave to the East and from which a radial line bears North. 80'36'55" East; THENCE Northerly on the arc of said curve having a radius 1771.54 feet, a central angle of 11'28'55", an are distance of 355.01 feet to a point of tangency; THENCE North 02°05'50" East, a distance of 99.33 feet to a found iron Rod; THENCE North 83'07'20" East, a distance of 50.62 feet to the POINT OF BEGINNING; THENCE North 81 m42'36" East, a distance of 261.79 feet; THENCE North 61'56'00" East, a distance of 159.82 feet; THENCE North 84'48' 10" East, a distance of 204.98 feet; THENCE North 74' 11' 07" East, a distance of 225.16 feet; THENCE South 15'53'21" East, a distance of 20.00 feet; THENCE South 74' 11'07" West, a distance of 225.16 feet; THENCE South 84`48' 10" West, a distance of 204.98 feet; THENCE South 61"56'00" West, a distance of 159.82; THENCE South 81'42'36" West, a distance of 268.79; THENCE North 02'05'50" East, a distance of 20.15 feet to the POINT OF BEGINNING; Said lands lying in the City of Marathon, Monroe County, Florida and containing 16,846 square feet (0387 acres) more or less. Page 1 of 2 COMPOSITE EI-IIEIT A Utility Easei ent do P1 e 2of 2 COMPOSITE E-�'KHIBIT A Utility Easement Property Information For 1116319= .K Page 1 of 4 ONROE COUNTY PROPERTY APPRAISER PROPRIETY INFORMATION FOR: Alternate Key: 1116319 RE Number: 00099540-000000 OWNER OF RECORD MONROE COUNTY 500 WHITEHEAD STREET KEY WEST P1,33040 PHYSICAL LOCATION OVERSEAS HWY MARATHON LEGAL DESCRIPTION 26/35 65 33 M65326-16 KRAWL I{EYS PT LOT 3 SEC 26 PT LOT I SEC 35 OR597-53/55Q/C OR597-56/58 OR656- 449/450 CASE 990-871-CA-05(ORDER OF "TAKING) OR1154-1916/18 SECTION, TOWNSIRP,,RAVGE 26 - 65 - 33 AFFORDABLE MOUSING No MILLAGE GROUP 50CM PC CODE 8600 - COUNTIES OTHER THAN (PC/LIS"C} PROPERTY MAP ,ana veralls LAND USE CODE FRONTAGE DEPTH LAND AREA OOHH - HARDWOOD HAMMOCK 0 0 40.84 AC 9500 - SUBMERGED 0 0 3.89 AC �311p11j11U ;y uY Duffuings NUMBER OF BUILDINGS TOTAL LIVING AREA I 2160 !NUMBER OF COMMERCIAL BUILDINGS YEAR BUILT I 1996 •Bulltllna Unaracteristics Building No I httuJI�VWw.mc-oall.ora/securc/record.aso 1 n/1')/')nm Property Information for 1116319 Page 2 of 4 21 FT, 17 25 FT. zi r 2,1 T. FT, FT. 14FT 9 FT. 9 FT. FLA 7FT, 62.54 1F3 F7. U FT_ FT- ®.FT:�. BUILDING TYPE CONDITION A QUALITY GRADE 350 EFFECTIVE AGE 6 PERIMETER 364 DEPRECIATION % S YEAR BUILT 1996 SPECIAL ARCH 0 GRND FLOOR AREA 2160 FUNCTIONAL OBS 0 ECONOMIC OBS 0 INCLUSIONS: ROOF TYPE ROOF COVER HEAT 1 HEAT 2 FOUNDATION BEDROOMS 0 HEAT SRC I HEAT SRC 2 EXTRA FEATURES: 2 FIX BATH 0 4 FIX BATH 0 6 FIX BATH 0 EXTRA FIX 0 VACUUM 0 SECURITY 0 GARBAGE DISPOSAL L1 3 FIX BATH 0 5 FIX BATH 0 7 FIX BATH 0 DISHWASHER 0 INTERCOM 0 FIREPLACES 0 COMPACTOR 0- TYPE, NBR EXTERIOR WALL TYPE # STORIES YEAR BUILT ATTIC A/C BASEMENT % FINISHED BASEMENT % AREA FLA 1 1 1996 91$ PTO 10 1 1996 162 OPF 2 1 1996 160 OPF 3 1 1996 72 OPF 4 1 1996 168 FLA 5 1 1996 918 OUF 6 1 1996 40 FLA 7 1 1996 162 PTO 8 1 1996 476 FLA 9 1 1996 162 littP://Www.mci)afl.ora/secure/>-ecord.asD i n/l ?/?nn7 Property Information for 1116319 Page 3 of 4 a��eac:c��Aaa►�:uc�s �exa�Kuvesa`e�es IlBR ItizPR TYPE # LIhIT5 rxri LENGTH VVIDTI_I YEAR BUILT ROLL YEAR R GRADE LIFE 1 PT3:PATIO 36 SF 6 6 1995 1996 2 50 2 PT3:PATIO 36 SF 6 6 1995 1996 2 50 3 RW2:RETAINING WALL 144 SF 72 2 1996 1997 4 50 4 CL2:CH LINK FENCE 4680 SF 780 6 1998 1999 2 30 5 PT3:PAT10 64 SF 16 4 1997 1998 2 50 6 CL2:CH LINK FENCE 64 SF 16 4 1998 1999 2 30 7 PT3:PATIO 360 SF 45 8 1995 1996 2 50 8 AP2:ASPHALT PAVING 21000 SF 0 0 1999 2000 2 25 1---"_----- AT-l'-- ppl axaer rlutca 2004 6-16 ADJ AC PER GIS. CW COMMERCIAL FIRE FIGHTING BLD THIS BLD USED AS "TRAINING CENTER BY FIRE DEPT. EXT FIRES, ETC RESCUE ALL IMPROVIv1ENTS MOVED TO THIS PROPERTY FROM AKI 116335 ON 12/7/99 2007/06/13 CRAWL KEY FIRE TRAINING FACILITY 8J 1L 11LLLllj„ H �.31111{l _-_-- 16LDG NUMBER DATE ISSUED DATE COMPLETED AMOUNT DESCRIPTION NOTES p20051231 9/26/2005 1/l/1900 2000000 MEDICAL EXAMINER FACILITY 9721171 9/29/1997 9/17/1999 12000 FENCE AND PRIVACY WALLS 982531 12/22/1998 9/17/1999 14000 SLABS FOR TRAINING APPARA 0202374 9/13/2000 1/l/1900 60000 ASPHALT PAVING 9201538 10/l/1999 I/l/1900 40000 ASPHALT PAVING r•areeo value niNtury TAX ROLL YEAR BUILDING MISCELLANEOUS LAMA JUST EXEMPTIONS (NO T TAXABLE IMPROVEMT,NTS INCLUDING SENIORS) 2007 153,866 41,480 388.369 583,715 583.715 0 2006 157.211 43,640 388,369 589,220 589,220 0 2005 I57,211 45,711 388.369 591,291 591,291 Q 2004 226,025 47.782 388,369 662,176 662,176 0 2003 226,025 49,944 996,562 1,272,531 1,272,531 0 2002 226,025 13,372 996,562 1.235,959 1,235,959 0 2001 226,025 13,762 996,562 1,236,349 L236,349 0 2000 248,408 6,753 996,562 1.251,723 1,251,723 0 1999 0 0 9961,562 996,562 996,562 0 1998 0 0 996,562 996.562 996,562 0 1997 0 0 996,631 996,631 996,631 0 1996 0 0 996,631 996,631 996,631 0 1995 0 0 996,631 996,631 996-631 0 1994 0 0 996,631 996.631 996,631 0 1993 0 0 996,631 996,631 996.631 0 1992 0 0 996,631 996.631 996,631 0 1991 0 0 996,631 996,631 996.631 0 1990 0 0 387,616 387.616 0 387,616 1989 0 0 387.616 387,616 0 38T616 1988 0 0 387,616 387.616 0 387.616 1987 0 0 809.140 809,140 0 809.140 1986 0 0 809,140 809,140 0 809,140 1985 0 0 809,140 809,140 0 809,140 1984 0 0 809,140 809,140 0 309,140 1983 0 0 809,140 809,140 0 809-140 1982 0 0 746,200 746.200 0 746,200 r rarcei zntes History No.'J'[,. - Omz [uw,'om) y Aitt; TY!'i£',�Li�" "3�€3 TO "Jti3dl:.�. �iONTEIS BEHIND I�3ZfJM "3'lit, DATE OP tiAI.,F. IF A RI"Ci,'INT SA1.3s 3)01 5 1-lttp://www.mc-oafl.or�,,/secure/record.asD 10/1 ?/?nm Property Information for 1116319 Page 4 of 4 SALE BATE OFFICIAL RECORDS PRICK INSTRUMENT BOOIVPAGE 0211972 6561449 480,000 00 iiiln,//www_i irn-n I q.qn l ()/17/7f1()7 Meeting Date: November 14, 2007 Bulk Item: Yes XX No MINIMUM401, �... Division: County Attome Staff Contact Person: Cynthia L. Hall AGENDA ITEM WORDING: Authorization to institute collection proceedings and/or enter settlement negotiations with Isolina Souto, Code Enforcement Case Nos, CE04070091, CE05010246, CE04060232, and CE04050109. ITEM BACKGROUND: On January 20, 2005, Ms. Souto was cited in Case CE05010246 for violation of MCC section 9.5-111(1) (permit required for wood deck). On September 17, 2004, Ms. Souto was cited in Case CE04060232 for violation of MCC sections 6-38 (working through Stop Work Order); 9.5-111(1), building of chickee but within shoreline setback); and 9.5-349(b)(1) (placement of chickee within shoreline setback). On August 4, 2004, Ms. Souto was cited in Case CE04050109 for violation of 9.5-111(1) (permit required for dock); 9.5-2(a) (development approval required for removal of swales, lighting and electrical work, dock and dock work); 9.5-317(b)(9) (RV must be made road ready); 9.5-349(b)(1) (RV must be moved from shoreline setback); 9.5-395 (remove or replace waterfront lighting); 9.5-81(a)(1) and (b) (plat approval needed). An amended Notice of Violation was issued in this case on 9/17/04. All cases involved the same property: Unit 6-14, Manatee Cove (condo), Key Largo. The charge of section 9.5-349(b)(1) was subsequently dismissed on Case CE04060232, and the charge of section 9.5-349(b) was subsequently dismissed on Case CE04050109. With these two exceptions, all four cases were brought before the Special Magistrate on May 26, 2005, at which time Ms. Souto was found to be in violation. The Special Magistrate set compliance for July 21, 2005, after which a fine would begin to run in the amount of $100 per day for Case Nos. CE04070091 and CE05010246 and in the amount of $200 per day for Case Nos. CE04060232 and CE04050109. Two subsequent inspections revealed that Case No. CE04070091 was in compliance as of 8/30/50, but the balance of the properties were still not in compliance and the fines and costs remain unpaid. Liens in each of the cases were recorded on February 2, 2006. On September 10, 2006, the Special Magistrate signed an order authorizing the County to institute a civil action to foreclose on the lien and/or recover a money judgment for the amount of the lien plus interest and costs. As of October 30, 2007, the cumulative amount of the lien was $805,400.00 with continuing to accrue at the rate of $100 per day and $200 per day as noted above. PREVIOUS VIOUS + LEVANT ROCC ACTION: None CONT CT/AG E NT CHANGES: NIA STAFF C® ATIONS: Approval J -134 NMI RE, VENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty x OMB/Purchasing Risk Management _ DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # BEFORE THE CODE ENFORCEMENT SPECIAL MAGISTRATE t s�T � 1j ,111, ' Respondents SEPTEMBER 28'" 2006 Inasmuch as a Code Enforcement lien, which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County Attorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. DONE AND ® E � at the Marathon GoN County, Florida, this ay of September 2006. �P• Code: Regional Cgft r, Marathon, Monroe Overby Magistrate STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared J. JEFFERSON OVERBY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. FITNESS my hand and official seal in the County and Ste last aforesaid this ay of September, 2006. rota ub ' Ors 3s2077 '50 40 2'�," 1 DooN 156417 02/02/2006 11.36AM 1 7 Filed & Recorded in Officiai Records of c21 � ��c 6 MbNROE COUNTY NNY L . KOLHAGE i"I"TrioNr= ISTR< } OF MONROE COUNTY, FLORIDA MOI RO +' COUNT'YP FLORIDA Petitioner, VS. Respondent(s). THIS CAUSE having come on for public Dearing before the Special Magistrate on May 26f' 2005, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the. Respondent(s) in violation of Monroe County Code Section(s): §9.5-111(1) and$ §9.5= 349(b)(1). Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by July 21" 2005, and further, that failure to correct the violation(s) by the compliance date may result in a fine 200.00,(I,WO HUNDRED DOLLARS) per count, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on August 251h 2005, inspector Kerr testified for Inspector Reed, that the violation(s) had not yet been corrected: ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $200.00 (TWO HUNDRED DOLLARS), per count, per day, beginning July 22nd 2005 , and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $1.00.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. 3E VIOLA-TION(S) EXIST(S) ON THE FOLLOWING DESCRIBED i 6-14, MANATEE COVE CONDO, KEY LARGO,1 DooN 158 170 Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this aWd"ay- of August, 2005, at the Monroe County Government Regional Center, Marathon, Florida. . Jed 'S ITerby, E,, Code E O e apt Special STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. �yy� Pav ITNESS my hand and official seal in the County and State last aforesaid this r CA of .A,uRust. 2005. ,. Karen L. Saes My Comm s m DD333M wn Expires 20.2m I HEREBY CERTIFY that a true and correct copy of the above and foregoing Order hnposing Penalty/Lien has been fuu j pedvia fax to the Respondent(s) attorney, Nicholas Mulick at (305)852-8880, thi ofAugust, 2005. Q Liaison NONROE COUNTY OFFICIAL RECORDS BEFORE THE CODE ENFORCEMENT SPECL4L MAGISTRATE J. JEFFERS®N ®ATE RBY MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA, CASE NO.CE04060232 Petitioner. VS. ISOL€NA SOUTO Respodent(s). THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on May 26€h 2005, and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, makes the following findings of fact, conclusions of law and order as follows: 'I e 1. That the Despondent(s) is/are the owners of record of property located at : UNIT 6-14 MANATEE COVE CONDO, KEY LARGO, MONROE COUNTY, FLORIDA t s f 0? ill 0. 2. That the Despondent(s) was/were duty noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is ORDERED AND ADJUDGE that: A. Respotzdent(s) Ware- in violation of the Monroe County Code(s) and is/are ordered to comply with t11e provisions of said codes by June 23"' 2005 ° A compliance / review hearing will be held on June 30" 2005. D. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date may result in the imposition of a fine, per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a fine may be levied for the administrative recovery for prosecution and investigation. E. In the event of nonpayment of fines/Liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the violator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you roust do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. DINE EORDEREI)at the Marathon Government Regional Center, Marathon, Florida, thisof June, 2005. COUNTY OF MONROE i HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared J. JEFFER.SON OVERBY, personally known to me, who executed the foregoing and acknowledged before one that he executed the same. WITNESS any band and official seal in the County and State last aforesaid this day of June, 2005. Z Ay Commi n OD353077 0 h EZtOM JWe 23, 20DO EXHIBIT 6699 VIOL'41TIOLQb: COUNT 1. Pursuant to §9.5-111(1)- A building permit is required prior to the following: (1) Any work specified in chapter 6.0; a permit is required for placement of a chickee huut within shoreline setbacks. COUNT 2. Pursuant to §9.5-349(b)(1) Shoreline setback. (b) Principal Structures shall be set back as follows: (1) Along lawfully altered shorelines including manmade canals, channels, and basins, principal structures shall be set back at least twenty (20) feet as measured from the mean high water (M ) line. COUNT 1. Contact Monroe County Building Department and obtain an after the fact permit or remove as required. COUNT 2. Contact the Monroe County Building Department and obtain an after the fact permit or remove as required. Upper Keys (305)852-7135 Middle Keys (305)29-2556 Lower Keys (305)292-4495 I HEREBY CERTIFY that a true and correct copy of the above has b i furnished to the Respondent(s) by mail at 1812 SST 124h Place, Miami, FL 33175 this � y of June, 2005. .-a Karen Lass Code Et forcernent Liaison S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04060232 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on S '�2G5the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on 9-,2/-0 revealed that the following codes are/are not in compliance: PL Compliance Non-Complaance --------------6-38 J 9.5-111 (1) .' 9.5-349 (b) (1) FURTHER AFFIANT SAYETH NOT. Sv DATED this day of 1 c6-cz,,a -„I— , 2006. Code Enforcement Inspector SWORN TO and subscribed before me this day of 2006 . NOTARY PUBLIC, STATE OF FLORIDA - S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE -------------- MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04060232 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on S � � .fthe Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on r-6Z revealed that the following codes are/are not in compliance: Compliance Non-Compliince 6-38 9.5-111 (1) 9.5-349 (b) (1) FURTHER AFFIANT SAYETH NOT. DATED this . day of XUct-;tij7— 2006. 1 e. — . AZZ Ca Code Enforcement Inspector SWORN TO and subscribed before me this day of 2006. F FLORIDA 4 MY CvmmiS,qion DD947&% 06, 20C S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04060232 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on ag_&z- , the Special Magistrate held a public hearing and the Special. Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on A/, revealed that the following codes are/are not in compliance: Compliance Non-Compliince ------------------------ 6-38 9.5-349 (b) (1) FURTHER AFFIANT SAYETH NOT. DATED this`✓ day of �I zL� 2006. SWORN TO and subscribed before me this day of 4 Code Enforcement Inspector 2006. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04060232 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6--14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on - the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an .investigation of the case on �6 -i 3 - o 4 revealed that the following codes are/are not in compliance: Compliance Non-Complain.ce ------------------------- 0 FURTHER AFFIANT SAYETH NOT. DATED this day of SWORN TO and subscribed before me 4 this -, z� day of - A! ,_''t7 6-38 9.5-111(1) 9.5-349 (b) (1) 2006. Code Enforcement Inspector 2006. NOTARY PUBLIC, STATE OF FLORIDA MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO VS. RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } / N -COMPLIANCE CASE NO. CE04060232 PARCEL ID: 00572851003100 UNIT 6--14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on��, the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the ca ! a revealed that the following codes are/ re not in compliance: Compliance Non-Complaince ------------------------ 1/ 6 - 3 8 X 9.5-111(1) 9. 5-349 (b) (1) FURTHER AFFIANT SAYETH NOT. DATED this Z01 day of 0 JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this ao_y l day of (uLLuL &� , 2006. % L(6- ceKIR, NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E S P E C I A L M A G I S T R A T E MONROE COUNTY, AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO VS. RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } FLOR / ON --COMPLIANCE CASE NO. CE04060232 PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the c .-?j?_z/'3 revealed that the following codes are/Are nog in compliance: Compliance Non-Complaince ------------------ ------ ' 6-38 9.5-111(1) 9.5-349 (b) (1) FURTHER AFFIANT SAYETH NOT. DATED this ZZ day of 2 } ,e JACK REED Code Enforcement Inspector SWORN TO and subscrilMd before me this ,la day of 2005. NOTARY PUBLIC, STATE OF FLORIDA MONROE COUNTY, E i€` Respondents Inasmuch as a Code Enforcement lien, which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County .A.ttorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. DONE AND ORDERED at the Marathon Government Ronal Carathon, Monroe County, Florida this a of September 2006. J m Jef=Overby Code ofnt Spe,0 Magistrate Docfl 1564131 02/02/2006 11:36 N DaeN 2564181 FilQd & Recorded in Official Records of Sku 2184 POR 149 NONROE COUNTY D NNY L . KOLHAGE l- r 7 1 f # V f �Ii 1. I C 2 t 1 �t E OF MONROECOUNTY, I O, " I 1 A MONROE COUNTY, FLORIDA Petitioner, v3. Respondent(s). THIS CAUSE having come on for public hearing before the Special Magistrate on May 26tt' 2005, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §9.5-111(1), §93-2(a), §9.5-317(b)(9)(a)(b), §9.5-349(b)(1),and § 9.5-395. Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by July 21't 2005, and further, that failure to correct the violation(s) by the compliance date may result in a fine $200. ,(1'WO HUNDRED DOLLARS) per count, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on September 29th 2005, Inspector Reed was present to testify, that the following violation(s) had not yet been corrected: §9.5-111(1), §9.5-2(a), and §9.5-349(b)(1). ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $200.00 (TWO HUNDRED DOLLARS), per count, per day, beginning July 22" d 2005, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. 41 £ I € (Il ? .1= ( 4 ;i:F I t it E'' E/ P ifi ' 1" _ 1 THE VIOLATION(S) EXIST(S) ON THE FOLLOWING DESCRIBEIt PROPERTY- UNIT 6-14, MIANATE, E COVE, CONDO, KE Y LARGO, MONROE COUNTY, FLORIDA (RF-:00572851-003100). o Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code .Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDE RED this day of November, 2005, at the Monroe County Government Regional Center, Marathon, Florida. �} J• 02fOverby,D Coder ement Special STATE OF FLORIDA COUNTY OF MONROE . I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. TNESS my hand and official seal in the County and State last aforesaid this day of November, 2005. Karen L. Baas e e COMMIUW DD333077 Nays Expires Jun® 26, Me I HEMBY CERTIFY that a true and correct copy of the above and foregoing Order Imposing Penalty/Lien has been f i h via fax to the Respondent(s) attorney, Nicholas Mulick at (305)852-8880, this of November, 2005. h} 9 w vas ^b y -, �. c, VS. Respondent(s). THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on June 30"' 2005, and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, males the following findings of fact, conclusions of law and order as follows: I. That the Respondent(s) is/are the owners of record of property located at : 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is A. Respondent(s) is/axe in violation of the Monroe County Code(s) and is/are ordered to EXHIBIT 66A99 COUNT 1. Pursuant to §9.5-111(1)- A building permit is required prior to the following: (1) Any work specified in chapter 6.0; a permit is required for placement of non -cut off dock lighting and associated electrical, dock/deck repair and replacement, and removal of required swales. COUNT 2. Pursuant to §9.5-2(a) General applicability:.... No Development shall be undertaken without prior approval and issuance of a development permit under the provisions of this chapter and other applicable laws and regulations. Planning approval is required for the removal of required swales, placement of RV within the shoreline setback, erection of lighting and associated electrical work, dock and deck work. COUNT 3. Pursuant to §9.5-317(b)(9)(a)(b) -(b) Additional Standards: In all area of special flood hazard where base flood elevation data has been provided the following provisions are required; (9) Require that recreational vehicles placed on sites within zones Al-30, AH, and AE, V1-30, V and VE on the community FIRM either: (a) Be on the site for fewer than one hundered eighty (180) consecutive days and be fully licensed and ready for highway use; or (b) Meet the permit requirements for subsection 9.5-317(b)(4). COUNT 4. Pursuant to §9.5-349(b)(1) Shoreline setback. (b) Principal Structures shall be set back as follows: (1) Along lawfully altered shorelines including manmade canals, channels, and basins, principal structures shall be set back at least twenty (20) feet as measured from the mean high water (MHW) line. RV has been placed in shoreline setback. COUNT 5. Pursuant to §9.5-395 - Waterfront lighting. All outdoor lighting within twenty-five (25) feet of any body of water shall be cutoff lights and shall not exceed a height of eighteen (18) feet above grade. v'�'p.i1 COUNT 1. Contact Monroe County Building Department and obtain an after the fact permit or -® remove as required. COUNT 2. Contact the Monroe County Building Department and Planning Department, and obtain an after the fact permit or remove as required. COUNT 3. RV must be made road ready as defined in this section, and may only remain on site for period of one hundred .... eighty (180) days, or must meet the permitting requirements for subsection 9.5-317(b)(4). Contact the Monroe County Building Department and obtain permits or remove as required. HP OfficeJet Personal Printer/FaxlCopier/Scanner l; mmmm_ � Jul? 4:45pm Sent 98528880 Result: Q - black and white fax OIL color - color fax Fax l~listory Deport for JOE, PASKALIK CBO 305 289-2596 Jul ill 2005 4:50pm D, uratim FAm Result 4:44 15 OK S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON --COMPLIANCE PAC<�_IlPrL MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That one c> the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above --styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on revealed that the following codes are/are not in compliance: Compliance Non-Complaince ------------------------ i/ 9.5-111(1) 9. 5-2 (a) 9.5-317 (b) (9) (a) (b) 9.5-349 (b) (1.) 9.5-395 FURTHER AFFIANT SAYETH NOT. S� DATED this 2006. day of SPrr3c ►-� , ALB 6 m Code Enforcement Inspector 2006. "�` 9. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLNCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on revealed that the following codes are/are not in compliance: Compliance Non_Complaince �q °� 9.5-111 (1) t e. a 9.5-2 (a)' 9. 5-317 (b) 9) (a) (b) 9 .5-349 (b) (1) 9.5-395 FURTHER AFFIANT SAYETH NOT. a DATED this day of ,r���r3 2006. Code Enforcement Inspector SWORN TO and subscribed before me this day of 2006.Do 144860 �; UMCSC AUOUGt 26, 2080 ��;_�,.:�� € � tiTnruh,,:ryPut:lcunzEFnvr�m; S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE rr�Cr MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn., deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on 6.-/3 -C4 revealed that the following codes are/are not in compliance: Compliance M i/ Non -Compliance -------------- No 9.5-111(1) 9.5-2 (a) 9.5-317 (b) (9) (a) (b) 9.5-349 (b) (1) 9.5-395 FURTHER AFFIANT SAYETH NOT. DATED this Ij T day of 2006. Code Enforcement Inspector SWORN TO and subscribed before me this �A day of %- 2006. 'A ' NOTARY PUBLIC, STATE OF FLORIDA W"' ^..=1'-%z R Raa+dz @ § ®.z✓ "``°.a NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT O COMPLIANCE ON -COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO VS, RESPONDENT, STATE OF FLORIDA COUNTY OF MONROE CASE NO. C2040SO109 PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on 2�tthe Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on //9L00 revealed that the following codes are/are not in compliance: Compliance Non-Complaance ------------------------ � 9.5-111(1) a/ 9.5-2(a) 9.5-317 (b) (9) (a) (b) 1/ 9. 5-349 (b) (1) 9.5-395 FURTHER AFFIANT SAYETH NOT. DATED this 2,oz—'4 day of .ZAoV1-Jl4-1?Y , 006 f JACK REED Code Enforcement Inspector SWORN TO and subscrib,e4, before me this day day of , 2006. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT O COMPLIANCE �ON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 5-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA j COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the/cZ/as revealed that the following codes are are not n compliance: �A�Ti.4L Compliance Non-Complaince ---- _ __ _r_--9.5-111 (1) 9. 5 -- 2 (a) (P4lerlelrc 9.5-317 (b(9) (a (b) 9.5-349 (b) (1) 9.5-395 9. 5-81 (a) (1) 9.5-81(b) FURTHER AFFIANT SAYETH NOT. DATED this 2 V? day of 005 �7 1_' e� JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this �b-o day of u�r��-� , 2005. S P E C I A L M A G I S T R A T E MONROE COUNTY FLORIDA AFFIDAVIT OF COMPLIAN E / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on R-30 -- 6.- revealed that the following codes are are n2oin compliance: Compliance Non-Complaince ------------------------ ✓ 9.5-111 (1) es 9. 5-2 (a) ;/ 9.5-317 (b) (9) (a) (b) _77- 9.5-349 (b) (1) i/ 9.5-395 9.5-81 (a) (1) V/ 9.5-81 (b) FURTHER AFFIANT SAYETH NOT. DATED this _306, day of 2005. 1 0-"� J<!� JACK REED Code Enforcement Inspector SWORN TO d subscrib d before me day of,�_ 2005. this ' �' ti NOTARY PUBLIC, STATE OF FLORIDA My C'um, mi��-n)n Wloy,,�-W5 S P E C I A L M A G I S T R A T E MONROE CO�T�Y, FLORIDA AFFIDAVIT 0 COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 ►IL." N RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on ��'�(�'®�, the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. FURTHER AFFIANT SAYETH NOT. DATED this lk'114 day of L)CU.)'7-- , 2005. END` Code Enforcement Inspector SWORN TO qnd subscribed before me <A this day of 2005. My comwils"Ibil DDoZJ4'4qc NOTARY PUBLIC, STATE OF FLORIDA E��-Tuao Czmar 20. 2009 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / LOLI-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the cap on revealed that the following codes are are no in compliance: Compliance Non-Complaance 9.5-2 (a) 9.5-317 (b) (9) (a) (b) 9.5-349 (b) (1) 9.5-395 FURTHER AFFIANT SAYETH NOT. DATED this LC®f day of 2 O-G5 . JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this day of ,};'� 2005. NOTARY PUBLIC, STATE OF FLORIDA S, P E C I A L M A G I S T R A T E S P E C I A L M A G I S T R A T E ---------------------------------------------------------------------- MONROE COUNTY, AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO VS. RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } FLORIDA ,� ON COMPLIANCE CASE NO. CE04050109 PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn., deposes and says: 1. That on �124/� , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the cZj©� revealed that the following codes are are not in compliance: Compliance Nan-Complaince --------------- 9.5-111(1) 9.5-2 (a) 9.5-317 (b) (9) (a) (b) 9.5-349 (b) (1) 9.5-395 9.5-81 (a) (1) 9.5-81 (b) FURTHER AFFIANT SAYETH NOT. DATED this 20 -� day of f 2005__ JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this day of _ -° _ 2005. My commirnvon DD0305 f� NOTARY PUBLIC, STATE OF FLORIDA 'Sol Gram K Reeder hfy Commission Bf039 aF 1a41 Expires Octobar 20, 2008 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA ' F rAFFIDAVIT OF COIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, ISOLINA SOUTO CASE NO. CE04050109 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on I-V/14 , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on VIy/DS revealed that the following codes are/ e not in compliance: Compliance Non-Complaince ----g -- -------------- FURTHER AFFIANT SAYETH NOT. 9.5-111(1) 9.5-2 (a) 9. 5-317 (b) (9) (a) (b) 9.5-349 (b) (1) 9.5-395 9.5-81 (a) (1) 9 . 5-w81 (b) DATED this /q72 day of %?,,9Y r 200 _ JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this -�A day of _, 2005. A'�\�� I'"� � RULQ' NOTARY PUBLIC, STATE OF FLORIDA Ply conliiiiu'moll D3M.M rEx ire; Wobar 20, 2GOS eg I rir's eg W, 0 4 c 4 9 i CJ� �, I W2 County of Monroe Growth Manaaement Division_ 2798 Overseas Highway Suite 400 Marathon, Florida 33050 Voice: (305) 239-2500 FAX: (305) 289-2536 February 7, 2005 Isolina Souto 1812 SW 124 Place Miami, FL 33175 Board of County Commissioners Mayor Dixie Spehar, Dist. 1 Mayor Pro Tern Charles"Sonny" McCoy, Dist. 3 Comm. George Neugent, Dist. 2 Comm. David P. Rice, Dist. 4 Comm. Murray Nelson, Dist. 5 RE: Permit application 053-0057 -- RE# 00572851 003100 Dear Ms. Souto: I have completed a review of your application and have determined that the application cannot be approved as submitted. First, you roust comply with the "road ready" issues determined by the inspection that occurred on January 19, 2005, after that we can continue processing your application. Additionally the chikee is already in place and other work is in progress. This requires ".After the Fact" applications. 1. An inspection performed on October 8, 2004 has determined that your RV is NOT "road ready": In order to make the RV "road ready" and eligible for consideration for issuance of permits the following must be addressed in accordance with the Monroe County Code. Section 9.5- 44 RECREATIONAL VEHICLE LAND USE DISTRICT states the following: "(a) the following uses are permitted 'as of right in the Recreational Vehicle District. (1) Recreational vehicle spaces. RVspaces are intended for use by traveling recreational vehicles " Pursuant to the RV land use district, the following floodplain management provision of section 9.5-317(9)a. and b. sets the "road ready" standards for recreational vehicles and reads as follows: "recreational vehicles placed on sites within zones Al-30, AH and A , V130, V and VE on the community's FIRM either: a. e on the site for fewer than one hundred eighiy(180) consecutive days and e dully licensed and ready for highway use; or b® meet the permit - PLAINTIFF'S iT 7 r, County of Monroe oe a. There is no tag on your RV. The RV must be fully licensed. b. The blocks must be removed and the RV must be on its wheels. You may use RV triangle jacks or the RV's internal jacking system for stabilization of the RV. Blocks may only be used under the tip outs for stabilization, but not under the chassis of the RV. C. Permanent plumbing has been installed without benefit of a permit, which must be removed. Your RV may only be attached to quick disconnect type RV connections. 2. Once you have addressed the list above, your application must include returning your permanent plumbing to quick disconnect. This should be part of your "to complete" section on the ".After the Fact" application. 3. You must provide a site plan of your lot that shows the dimensions of the lot as well as the dimensions of your RV, including the tip outs, the location and dimensions of all accessory uses and structures which would include existing chiki, slab, deck, dock, shed, electrical lighting and location of RV on the lot. The site plan must show the setbacks of all structures from the lot lines and the water. You should contact the biologist at the Plantation Key office for information on shoreline setbacks. The number is (305)852-7336 or (305) 852-7140. 4. The principal use in the RV land use district is the RV space. Section 9.5-4 (A-2) of the Monroe County Code requires all accessory uses or structures be subordinate to and serve the principal use or structure. The combined total square footage of all accessory uses and structures must be smaller than the principal use, i.e. the RV space. The existing chikee is an accessory structure as well as the shed. The combined square foot of these two structures must be subordinate to the RV. You must provide the size of the shed, concrete pad and deck as well as the chickee. 2 County of Monroe 5. The biologist will review your site plan for stonnwater retention and swail requirements. Your lot does not appear to have a swall. .Also, there is a 20% open space lot ' coverage requirement. The concrete pad and deck will be considered in this calculation. Once the site plan is submitted and the application is complete the biologist will address these issues as well as the placement of the child in the shoreline setback area. The RV is also in the shoreline setback. The site plan from the Manatee Cove Condominium Declaration shows a 20 foot setback from the mean high water line. 6. The RV land use district in which your lot is located is a commercial land use district and permits ARE required for ALL development in these districts. All construction on your lot was accomplished without benefit of a permit and must be listed as after -the -fact construction on your application. It is possible that some construction may have to be moved out of the shoreline setback. You should contact the biologist at the numbers I have provided above for shoreline setback, swale and stormwater retention information. Your lot is located in a VE zone which is the area subject to tidal surge. Your plans must show the anchoring of the chiki and must demonstrate that it meets the VE zone floodplain management standards in that it is properly anchored to prevent floatation, collapse and lateral movement from the effects of wind and water. This will require a V-zone certification form. The same certification and sealed plans is required for the wood deck. Sheds place in Monroe County must either meet all Florida Building Codes or must have a DCA (Department of Community Affairs) letter and DCA seal. If your lot is located in a VE zone which is the area subject to tidal surge. The plans for the shed must demonstrate that the shed meets the VE zone floodplain management standards and is properly anchored to prevent floatation, collapse and lateral movement from the effects of wind and water. If your shed is site built or larger than 150 square feet a V-zone certification from an engineer is required as well as certification that the walls of the shed will break away at a safe load design of no more than 20 and no less than 10 lbs per square foot of water pressure. 7. Your property is located in an area that the U.S. Fish and Wildlife Service have determined to be a habitat for threatened or endangered species. The ATF chiki, slab, shed and deck are all considered development which means you must obtain a Technical Coordination Letter from the US Fish & Wildlife 3 County of Monroe Services. I have included the background information and application for your convenience. 8. All permit applications must include a park approval letter. I am returning this ale to the plantation Building Department pending submission of the documentation listed above. Your plan review process may continue when you have made your RBI road ready, provided the above requested documentation and a completed permit application by adding the ATF chiki, deck, pad, shed and demolition of the non -road ready sewer connection and re -installation of the quick disconnect system. When you have met the requirements and submitted the corrected information for review, we will arrange for another photo inspection and proceed with your request. Meanwhile, if you have any questions or need assistance you may contact me at (305) 289-2518. Sincerely, Dianne Bair, CFM Special Projects Administrator Growth Management Division Cc: Timothy J. McGarry, Director, Growth Management Division Ronda Norman, Code Enforcement Jack Reed, Senior Inspector, Code Enforcement 4 County of Monroe Growth Management Division 2798 Overseas Highway Suite 400 Marathon, Florida 33050 Voice: (305) 289-2500 FAX: (305) 289-2536 February 16, 2005 Aileen Souto 15746 SW 46th Terrace Miami, FL 33185 Board of County Commissioners Mayor Dixie Spehar, Dist. 1 Mayor Pro Tem David P. Rice, Dist. 4 Comm. Dixie Spehar, Dist. 1 Comm. George Neugent, Dist. 2 Comm. Charles "Sonny" McCoy, Dist. 3 RE: Permit application 053-0502 - RE# 00572851 003200 Lor 6 R 1�5- Dear Ms. Souto: I have completed a review of your application to "install two lights on top of pilings on dock" and have determined that the application cannot be approved as submitted for a number of reasons which I will address for you in this letter. First, your RV must comply with the "road ready" issues pursuant to the Monroe County Code Section 9.5-317(b)(9) and the zoning district Section 9.5-244. In addition there are issues with Monroe County Code Section 9.5-111(a) — "No development_ shall occur except pursuant to a building �pe-rmit". There are un-permitted structures on the property and some are located in the shoreline setbacks. There have been no permits for any construction on your lot and you will need "After -the -Fact" permits for all construction that has occurred. Some will involve removing and re -locating certain things from within the shoreline setbacks. Others will involve the submission of detailed plans that demonstrate that existing as well as proposed construction meets all Florida Building Codes and anchoring requirements, and the floodplain management requirements. 1. An inspection performed on February 10, 2005 has determined that your RV is NOT "road ready": In order to make the RV "road ready" the following must be addressed in accordance with the Monroe County Code. Manatee cove is zoned "Recreational Vehicle" (RV). Section 9.5-244 RECREATIONAL VEHICLE LAND USE DISTRICT states the following: "(a) the following uses are permitted as of right in the Recreational Vehicle District. (1) Recreational vehicle spaces. ICY spaces PLAINTIFF'§,,. EXHIBIT : ;� County of Monroe ROAD READY ISSUES: a. There is no tag on your RV. The RV must be fully licensed. b. The RV is on blocks. The blocks must be removed and the RV must be on its wheels. You may use RV triangle ,jacks or the RV's internal jacking system for stabilization of the RV. Blocks may only be used under the tip outs for stabilization, but not under the chassis of the RV. C. Permanent plumbing has been installed without benefit of a permit, which must be removed. Your RV may only be attached to quick disconnect type RV connections. PERMITTING ISSUES: 2. Once you have addressed the list above, your application must include returning your permanent plumbing to quick disconnect. This should be part of your "to complete" section on your building permit application. Plumbing connections must be reviewed and approved by the Monroe County Building Department. Sewer connections must be designed and constructed to eliminate infiltration of floodwaters into the sewer system and discharge from the system into floodwaters when the RV is not connected to the system. 3. There is no site plan in your application. The only plan in your application shows a rectangle with the word "dock" written on it. There are no 2 measurements, no column heights that the lights are to be mounted on and no schematic to show where the existing lot electric is located. You must prepare and provide a complete site plan of your lot that shows the dimensions of the lot as well as the dimensions of your RV, including the tip outs. The site plan must also show the location and dimensions of all accessory uses and structures. This will include the existing chiki, slab, deck under the chiki, any part or portion of any wood deck not under the chiki, shed, dock, and location of the RV space. The site plan must also show the setbacks of all existing and proposed structures from all lot lines and the water. If any structures may not be permitted in a particular space on the lot (i.e. shoreline setback), you must show the existing location and where the structure will be re -located to. In preparing your site plan if you need information on shoreline setbacks, stormwater runoff, swale details and open space requirements you should contact the upper keys biologists, Niko Reisinger at 852-7140 or Alex Score at 853-7336. 4. The principal use in the RV land use district is the RV space. Section 9.5- _ 4(A-2) of the Monroe County Code requires all accessory uses or structures be subordinate to and serve the principal use or structure. The combined total square footage of all accessory uses and structures must be smaller than the principal use, i.e. the RV space. The existing chiki is an accessory structure as well as the storage shed. The combined square foot of these two structures must be subordinate to the RV space, which is considered to be no larger than 400 square feet. Therefore the combination of all existing and proposed accessory structures must be less than 400 square feet. 5. The biologist will review your site plan for stormwater retention and swail requirements. Your application must contain the stormwater calculations and swail requirements. At this time your lot does not have a swail. Also, there is a 20% open space lot coverage requirement. The concrete slab and deck will be considered in this calculation. Once the site plan is submitted and the application is complete the biologist will address these issues as well as the placement of the chiki in the shoreline setback area. The RV is also in the shoreline setbacks. Pursuant to Monroe County Code and your condominium declarations, the RV may not be parked there. The site plan from the Manatee Cove Condominium Declaration shows a 20 foot setback from the mean high water line. 3 County of Monroe b. The RV land use district in which your lot is located is a commercial land use district and permits ARE required for ALL development in these districts. The chiki, decks, slab, plumbing, electric on the dock and shed were placed without benefit of a permit and must be added as after -the -fact construction on your application. You must submit sealed "as built" plans for the chiki demonstrating that it meets the Florida Building Codes and VE zone anchoring requirements. It is possible that your chiki may have to be moved out of the shoreline setback. You should contact one of the biologists for this information. Your lot is located in a VE zone which is the area subject to tidal surge. Your plans must also show the anchoring of the chiki and must demonstrate that it meets the VE zone floodplain management standards in that it is properly anchored to prevent floatation, collapse and lateral movement from the effects of wind and water. This will require a V-zone certification form. The same certification and sealed plans is required for the wood deck and storage shed. In addition you must provide plans for the storage shed demonstrating that it is either approved by the DCA for placement in Monroe County or that it meets all Florida Building Codes. You must also have certification from a Florida registered engineer that the walls of the shed will breakaway from the frame at a safe load design of no more than 20 and no less than 10 pounds per square foot of water pressure resulting from a tidal surge. 7. Your property is located in an area that the U.S. Fish and Wildlife Service have determined to be a habitat for threatened or endangered species. The chiki, decks, slab, and storage shed are considered development which means you must obtain a Technical Coordination Letter from the US Fish & Wildlife Services. I have included the background information and application for your convenience. S. All permit applications must include a park approval letter. I am returning this file to the Plantation Building Department pending submission of the documentation listed above. Your plan review process mqy continue when you have made your RV road ready, provided the above_ requested documentation and a completed permit application by adding the ATF chiki, decks, electric, shed and to complete demolition of the non -road ready sewer connection. When you have met the requirements and submitted the corrected information for review, we will arrange for another photo inspection and proceed with your request. Meanwhile, if 4 MonroeCounty of you have any questions or need assistance you may contact me at (305) 289-2518. For information regarding Florida Building Codes contact Steve Buzzel, Plans Examiner, Plantation Key Building Department at 852-7005. Sincerely, Dianne Bair, CFM Special Projects Administrator Growth Management Division Cc: Timothy J. McGarry, Director, Growth Management Division Ronda Norman, Code Enforcement Jack Reed, Senior Inspector, Code Enforcement I co 93 cP CD rMT CCD tan CCD C-0 r- 0 r CD 0 C tD m17 V :A) V I L# W tD v r 0 w W, w►, IN Vj & = {'7 .f; `- $ i'; q(( � 1 1 7EjB 7J j�l ( i 4 I 7 ' , i E i 4 Eli: 1 i J. S 3 '�`. i ': i Y MONROE COUNTY, FLORIDA ] v 1 j � -. €1� i i €O. Respondents SEPTEMBER 2 `' 2006 CASE# CE050102 6 Inasmuch as a Code Enforcement lien, which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe Country Attorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. DONE AND ORDERED at the Marathon Government Regional Ce er Marathon, Monroe 46yCounty, Florida, this of September 2006. �. 3 en ®verb 9nforcement S gal Magistrate Doc1564180 02/02/20 6 21:36AM DacU 1564180 Filed & Recorded in Official Records of BkH 2184 PgN 147 Mb ROE COUNTY DANNY L. KOLMAGE BEFOREi e `s1} ,EiyZjo t- MONROE COUNTY, FLORIDA Petitioner, CIS. Respondent(s). 1 THIS CAUSE having come on for public hearing before the Special Magistrate on May 26th 2005, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order findiy the Respondent(s) in violation of Monroe County Code Section(s): §9.5-111(1) . Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by July 21" 2005, and further, that failure to correct the violation(s) by the compliance date may result in a fine $200.00,(TWO HUNDRED DOI.,,I.,ARS) per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on August 251h 2005, inspector Derr testified for Inspector Reed, that the violation(s) had not yet been corrected: ACCORDINGLY, Y, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $200.00 ( TWO HUNDRED DOLLARS), per day, beginning July 22°d 2005 , and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. rHE VIOLATION(S) EXIST(S) ON THE FOLLOWING -, DESCRIBED PROPERTY: UNIT 6-14, MANATEE COVE CONDO, KEY LARGO, MONROE CLIOUNTY1 FLORIDA (R= t0 :t - 0 0[ a Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this 0-day of August, 2005, at the Monroe County Government Regional Center, Marathon, Florida. A J. Jeif rsMint 'erby, E,� Code En r Special STATE OF FLORIDA COUNTY OF MONR.OE a I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. /' ITNESS my hand and official seal in the County and State last aforesaid this `Jday of August, 2005. T Laren L. Bass MY COmfffton DD333077 Notary P blic E*= June ze. 2003 I HEREBY CERTIFY that a true and correct copy of the above and foregoing Order Imposing Penalty/Lien has been f s d via fax to the Respondent(s) attorney, Nicholas Mulick at (305)852-8880, this Vreaay of A ugupt, 2005. ''t Karen L. oti, Code Eni i RONROE COUNTY OFFICIAL RECORDS k JEFFERSON O a t RB MONROE COUNTY, ■ t. MONROE COUNTY, FLORIDA, CASE N®.CE05010246 Petitioner. VS. Respondent(s). 1 THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on June 30'h 2005, and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, makes the following findings of fact, conclusions of law and order as follows: 1. That the Respondent(s) is/are the owners of record of property located at : ', A L � � t 6 ,.ii i it t!} irr { - � i, 3�' f ■' , sir€ ir: t Fri 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is A. Respondent(s) is/are in violation of the Monroe County Code(s) and is/are ordered to comply with the provisions of said codes by July 21" 2005. A compliance / review hearing will be held on July 28'h 2005. E. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date will result in the imposition of a fine, $200.00 (TWO HUNDRED DOLLARS) per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a f ne in the amount of $100.00 (ONE HUNDRED DOLLARS) has been levied for the administrative recovery for prosecution and investigation. E. In the event of nonpayment of fines/liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the violator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you must do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. DONE I� ® E D at the Marathon Government Regional Center, Marathon, Florida, this ay of July, 2005. /1 /1 x COUNTY OF MONR.OE I HEREBY CERTIFY that on this day before me, an officer duly qualified to take -® acknowledgments, personally appeared J. JEFFERSON OVERBY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this day of EXHIBIT "A" COUNT 1. Pursuant to §9.5-111(1)- A building permit is required prior to the following: (1) Any work specified in chapter 6.0; a permit is required for a wood deck. COUNT 1. Contact Monroe County Building Department and obtain an after the fact permit or remove as required. Upper Keys (305)852-71.35 Middle Keys (305)289-2556 Lower Keys (305)292-4495 I HEREBY CERTIFY that a true and correct copy of the above has be ished to the Respondent(s) attorney, Nicholas Mulick,via fax @ (305) 852-8880, this of July, 2005. Karen . Bass Code nforcement Liaison 3 HP Officejet Personal Printerf 'ax/Copicr/Scanner Last Fax Dit-i� Time F13m I&ROWD-Cm Jul? 4:45prn Sent 98528880 ReWt: 4K - black and white fax OK color - color fax Fax history Report for JOE RASKALIK CBO 305 289-2596 Jul 07 2005 4:50pm Duratio Pam e tz 4:44 15 OK S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on �'����- the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on f-0,4 revealed that the following codes are/are not in compliance: Compliance Non-Complaince ---------- -------------- FURTHER AFFIANT SAYETH NOT. _ DATED this � r day of 5t- C 2006. J a 0 /17 ( Code Enforcement Inspector SWORN TO and subscribed before me this day of c u\ 2006. 16 &C Liu NOTARY PUBLIC, STATE OF FLORIDA� S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 Vs. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on -t"�, the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondents? was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on S_ - ;? 4 -6 S` revealed that the following codes are/are not in compliance: Compliance Non-Complaance e/' 9.5-111 (1) FURTHER AFFIANT SAYETH NOT. DATED this Jf _r day of A uzr VS T— , 2006. g-.._,4, -- -- Code Enforcement Inspector SWORN TO and subscribed before me this ��day of 2006. `rz E NOTARY PUBLICSTATE OF FLORIDA �'%�'•••'G •`' z nkejThrorac'.'::�Y P+tb!ir l.ln,ii;Frlrrter5 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00S 72851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: . That onthe Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on 1 -2 4-04 that the following codes are/are not in compliance: Compliance Non-Complaince ------------------------ ✓ 9.5-w111 (1) FURTHER AFFIANT SAYETH NOT. DATED this __? V day of :D SWORN TO and subscrib before me this � day of , 2006. Code Enforcement Inspector 2006 Lj�'u`<'� NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on .5''.2 e e-�- , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on &—/,.j- 06 revealed that the following codes are/are not in compliance: Compliance Non-Complaince ------------------------ 9.5--111 (1) FURTHER AFFIANT SAYETH NOT. DATED this IS Z�y� day of SWORN TO and subscribed before the this day of $a{sW-'s . 2006. Code Enforcement Inspector 2006. NOTARY PUBLIC, STATE OF FLORIDA MONROE COUNTY, AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA VS. RESPONDENT, STATE OF FLORIDA COUNTY OF MONROE FLORIDA / ON -COMPLIANCE ] CASE NO. CE05010246 PARCEL ID: 00572851003100 UNIT 6--14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on 5 & &xN!S" , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, anal/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the cas n ';bglzoo., revealed that the following codes are/ re nof > in compliance: Compliance Nan-Complaince FURTHER AFFIANT SAYETH NOT. DATED this Z60 day of SWORN TO and subscribed before me this Qo� day of Q o..mk� 't i ,� Ply iomrrisman OCtf�U49� JACK REED Code Enforcement Inspector 2006. N TARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-1.4 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on _,:� Zfo'D� , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/1.9/2005. 3_ That an investigation of the c J�z�a revealed that the following codes are are not in compliance: Compliance Non-Compliance ------------------- 9.5-111(1) FURTHER AFFIANT SAYETH NOT. _ DATED this day of r2 , 20105 . JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this '- day of 2005. NOTARY PUBLIC, STATE OF FLORIDA � f 2 R ��------���--_-_--_--�5 P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE NON-COMPLIANCE �° MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on ,`] �� �5�, the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the case on e-a-0 revealed that the following codes are/ e n in compliance: Compliance Nan-Complaance -------------------- - 9.5-111 (1) FURTHER AFFIANT SAYETH NOT. DATED this P) day of Au'-OS-7— 2005. SWORN TKO/ and subscribed before me this € day off i�— Code Enforcement Inspector 2005. M_ Q NOTARY PUBLIC, STATE OF FLORIDA MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE C -COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA CASE NO. CE05010246 VS. RESPONDENT, PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the cas )/Z_/0—g- revealed that the following codes are/re no in compliance: Compliance Non-Complaance ----_.._--- �/ 9.5-111(1) FURTHER AFFIANT SAYETH NOT. DATED this �day of _ �t_� , 210 0 5 JACK REED Code Enforcement Inspector SWORN TO, and subscribed (efore me this 4r day of c � v 2005.E , r NOTARY PUBLIC, STATE OF FLORIDA JUH-M-2005 12 1-i RCCL . RCCOU !TINE M5 i = 003 2 P.01 4_. codc n fu-'e ,"(W special Macs ate 1. jefferscn Overby ! ?Ih13'g GOVeU=ent Cater 2799 owuscm HiOnvay mat on, FL, 3JG50 vjA,FAC IE 305-289-2596 To V rhom It -.y Concem: I has ictter is to inform tazt I'VA9f vot be abic to %tend the Code �atl� bC 0 tag 'al as agistrare o J ac s � 35 a to that s .1mve ?ass a rcquested by my 4jocl o 1 accdled ;.czt ftom to. ej y Istii Suly 5, 2045. please fad amrh y Tnedical coatio" n, y cloctctr. Sow for any incollve ieare tl1is inay tboase. i you need adeaitionot info aticrz, please do not hesitate in C211W9 at 305-321-511 i. TbMIk you iD advance for YOU craa'pe;r "I" Sincly, 3smii�a� 5c�satcs Case # CE04060232 June 30, 2005 Code Enforcement Special Magistrate J. Jefferson Overby Marathon Government Center 2798 Overseas Highway Marathon, FL 33050 VIA CERTIFIED MAIL # 7001-1140-0000-1529-5813 To Whom It May Concen1: This letter is to inform that I will not be able to attend the Code Enforcement Special Magistrate on ,Tune 30, 2005 due to that I have been diagnosed with bronchitis and as requested by my doctor I deed bed rest from today until July 5, 2005. PIease find attach my medical confirmation from my doctor. Sorry for any inconvenience this may cause. I you need additional infomn atio1i, Please do not hesitate in calling at 305-321-5111. Thank you in advance for you cooperation. Sincerel , Isolina Souto Case # CE04060232 5 P-E C I A L-- M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, SOUTO ISOLINA VS. RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE05010246 PARCEL ID: 00572851003100 UNIT 6-14 MANATEE COVE CONDO,KEY L BEFORE ME, the undersigned authority personally appeared, JACK REED, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on IyL4 , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 05/19/2005. 3. That an investigation of the cas S/�g revealed that the following codes are/a e no in compliance: Compliance Nora-Complaince --------------- � ------ 9.5-111(1) FURTHER AFFIANT SAYETH NOT. DATED this 161 day of /i,r1� , 200 JACK REED Code Enforcement Inspector SWORN TO and subscribed before me this day of2005. NOTARY PUBLIC, STATE OF FLORIDA ZfF v s..+3'ia'u I 9 A Al, A County of Monroe Growth Management Division 2798 Overseas Highway Suite 400 Marathon, Florida 33050 Voice: (305) 289-2500 FAX: (305) 289-2536 February 7, 2005 Isolina Souto 1812 SST 124 Place Miami, FL 33175 Board of County Commissioners Mayor Dixie Spehar, Dist. 1 Mayor Pro Tern Charles"Sonny" McCoy, Dist, 3 Comm. George Neugent, Dist. 2 Comm. David P. Rice, Dist. 4 Comm. Murray Nelson, Dist. 5 RE: Permit application 053-0057 - RE# 00572851 003100 Dear Ms. Souto: I have completed a review of your application and have determined that the application cannot be approved as submitted. First, you must comply with the "road ready" issues determined by the inspection that occurred on January 19, 2005, after that we can continue processing your application. Additionally the chikee is already in place and other work is in progress. This requires "After the Fact" applications. 1. An inspection performed on October 8, 2004 has determined that your RV is NOT "road ready": In order to make the RV "road ready" and eligible for consideration for issuance of permits the following must be addressed in accordance with the Monroe County Code. Section 9.5-24 RECREATIONAL VEHICLE LAND USE DISTRICT states the following: "(a) the following uses are permitted as of right in the Recreational Vehicle District. (1) Recreational vehicle spaces. AVspaces are intended for use by traveling recreational vehicles." Pursuant to the RV land use district, the following floodplain management provision of section 9.5-317(9)a. and b. sets the "road ready" standards for recreational vehicles and reads as follows: "recreational vehicles placed on sites within zones Al-30, AH and A `, V130, V and VE on the community's FIRM either: a. e on the site for fewer than one hundred eig ty(180) consecutive days and be fully licensed and ready for ,Highway use, or b. meet the permit LITIF' EXHIBIT-� County of Monroe a. There is no tag on your RV. The RV must be fully licensed. b. The blocks must be removed and the RV must be on its wheels. You may use RV triangle jacks or the RV's internal jacking system for stabilization of the RV. Blocks may only be used under the tip outs for stabilization, but not under the chassis of the RV. C. Permanent plumbing has been installed without benefit of a permit, which must be removed. Your RV may only be attached to quick disconnect type RV connections. 2. Once you have addressed the list above, your application must include returning your permanent plumbing to quick disconnect. This should be part of your "to complete" section on the "After the Pact" application. 3. You must provide a site plan of your lot that shows the dimensions of the lot as well as the dimensions of your RV, including the tip outs, the location and dimensions of all accessory uses and structures which would include existing chiki, stab, deck, dock, shed, electrical lighting and location of RV on the lot. The site plan must show the setbacks of all structures from the lot lines and the water. You should contact the biologist at the Plantation Ivey office for information on shoreline setbacks. The number is (305)852-7336 or (305) 852-7140. 4. The principal use in the RV land use district is the RV space. Section 9.5-4 (A-2) of the Monroe County Code requires all accessory uses or structures be subordinate to and serve the principal use or structure. The combined total square footage of all accessory uses and structures must be smaller than the principal use, i.e. the RV space. The existing chikee is an accessory structure as well as the shed. The combined square foot of these two structures must be subordinate to the RV. You must provide the size of the shed, concrete pad and deck as well as the chickee. 2 County of Monroe 5. The biologist will review your site plan for stormwater retention and swail requirements. Your lot does not appear to have a swail. Also, there is a 20% open space lot coverage requirement. The concrete pad and deck will be considered in this calculation. Once the site plan is submitted and the application is complete the biologist will address these issues as well as the placement of the chiki in the shoreline setback area. The RV is also in the shoreline setback. The site plan from the Manatee Cove Condominium Declaration shows a 20 foot setback from the mean high water line. 6. The RV land use district in which your lot is located is a commercial land use district and permits A required for ALL development in these districts. All construction on your lot was accomplished without benefit of a permit and must be listed as after -the -fact construction on your application. It is possible that some construction may have to be moved out of the shoreline setback. You should contact the biologist at the numbers I have provided above for shoreline setback, swale and stormwater retention information. Your lot is located in a VE zone which is the area subject to tidal surge. Your plans must show the anchoring of the chiki and must demonstrate that it meets the VE zone floodplain management standards in that it is properly anchored to prevent floatation, collapse and lateral movement from the effects of wind and water. This will require a V-zone certification form. The same certification and sealed plans is required for the wood deck. Sheds place in Monroe County must either meet all Florida Building Codes or must have a DCA (Department of Community Affairs) letter and DCA seal. If your lot is located in a VE zone which is the area subject to tidal surge. The plans for the shed must demonstrate that the shed meets the VE zone floodplain management standards and is properly anchored to prevent floatation, collapse and lateral movement from the effects of wind and water. If your shed is site built or larger than 150 square feet a V-zone certification from an engineer is required as well as certification that the walls of the shed will break away at a safe load design of no more than 20 and no less than 10 lbs per square foot of water pressure. 7. Your property is located in an area that the U.S. Fish and Wildlife Service have determined to be a habitat for threatened or endangered species. The ATF chiki, slab, shed and deck are all considered development which means you must obtain a Technical Coordination Letter from the US Fish & Wildlife Count of Monroe Services. I have included the background information and application for your convenience. 8. All permit applications must include a park approval letter. I am returning this file to the Plantation Building Department pending submission of the documentation listed above. Your plan review process may continue when you have made your RV road ready, provided the above requested documentation and a completed permit application by adding the ATF chiki, deck, pad, shed and demolition of the non -road ready sewer connection and re -installation of the quick disconnect system. When you have met the requirements and submitted the corrected information for review, we will arrange for another photo inspection and proceed with your request. Meanwhile, if you have any questions or need assistance you may contact me at (305) 289-251 g. Sincerely, Dianne Bair, CFM Special Projects Administrator Growth Management Division Cc: Timothy J. McGarry, Director, Growth Management Division Ronda Norman, Code Enforcement Jack Reed, Senior Inspector, Code Enforcement 4 O C31 s CO C7 m C- (D CD CL I IN r • •: . 4 �. r. �, t b�. ,: .: r: t. t �. • �r Y t W I drl lw IMP W ID CD BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November„ 14, 2007 Bulk Item: Yes XX No Division: County Attorney Staff Contact Person: Cynthia L. Hall AGENDA ITEM FORDING: Authorization to institute collection proceedings and/or enter settlement negotiations with Key Deer Enterprises, Inc. in Code Enforcement Case CE06050255 ITEM BACKGROUND: On January 21, 2005, and January 28, 2005, the property was cited for violation of Monroe County Code Sections 19-95 abandoned vehicles; Monroe County Code Section 19-129(c), trailers motor homes or motor coaches that are parked for storage as per the provision of this ordinance shall not be used as a place of habitation; and Monroe County Code Section 8-17(a) debris, garbage, litter, yard trash, refuse, special solid waste, solid water, trash, industrial waste. The case was brought before the Special Magistrate on September 28, 2006, at which time the property owner was found in violation. The Special Magistrate set compliance for December 15, 2006, after which a fine would begin to run in the amount of $200.00 per day. The case has not been brought into compliance and, as of September 27, 2007, the fines and costs have accrued to a total of $141,918.50 and are continuing to accrue at $200 per day. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: NIA STAFF RECOMMENDATIONS: Approval TOTAL COST: BUDGETED: Yes No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes _ No — AMOUNT PER MONTH Year APPROVED BY: County Atty x OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # Dorn 1630829 03/06/2007 2:06PM Filed & Recorded in official Records of ��i of COUNTY ANNY L . KOLMAGE i t MAGISTRATE, OF MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA Petitioner, VS. { Y DEER ENTERPRISES, INC. Respondent(s). Doc# 1630629 BkN 2277 P9N 352 THIS CAUSE having come on for public hearing before the Special Magistrate on September 281" 2006, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §19-129(c), §19-95, §8-17(a). Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by December St" 2006, and further, that failure to correct the violation(s) by the compliance date may result in a fine $200.00,( TWO HUNDRED DOLLARS) per cost, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on December 15�h 2006, Inspector Windsor testified that the following violation(s) had not yet been corrected: §19-129(c), §1 -95, §8-17(a). ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $200.00,(T ® HUNDRED DOLLARS) per cost, per day, beginning December 9a' 2006, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. � .rF -1, � I 1, art � za [ try � ' �! * � � `1� - �'° 1� � _ t! � ��; z, try �•a THE VIOLATION(S) EXIST(S) ON THE FOLLOWING DESCRIBED PROPERTY: BK 15, LT 15 SANDS SUBDIVISION, BIG PINE KEY, MONROE COUNTY, i ! 11 : EI JE 0 ` gl - 0 I. I° I 1 1= Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code Inspector iri this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this da of December, 2006 at the Monroe y > > County Government regional Center, Marathon. Florida. go; I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknowlWdged before me that he executed the same. ,A APITNESS my hand and official seal in the County and State last aforesaid this ' Cornmisa+pn (3fl333077 Notary Vublic � xpirer� June 21. 20 HEREBY CERTIFY that a true and correct copy of the above and foregoing Order Imposing Penalty/Lien has been furnished by U.S. Mail, to the responde t s) attn: George D. McLaughlin, Sr., 31044 Ave. B, Dig Pine Key, FL 33043, this of December, 2006. % I it, i 41 . M A -`a' r. F, 1... W) VS. I' DEED ENTERPRISES, INC. ,espondent(s). THIS CAUSE .having come before the Code Enforcement Special Magistrate for a public hearing on October 1" 2006, and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, makes the following findings of fact, conclusions of law and order as follows: 1. That the Respondent(s) is/are the owners of record of property located at ( 00301640-000000); 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is A. Respondent(s) is/are in violation of the Monroe County Code(s) and is/are ordered to comply with the provisions of said codes by December " 2006. A compliance / review hearing will be held on December 1' 2006. B. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date may result in the imposition of a fine, per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a fine has been levied for the administrative recovery for prosecution and investigation in the amount of $100.00 E. In the event of nonpayment of fines/liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the violator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you must do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. Affl E at the Marathon Government Regional Center, Marathon, Florida, thiofOctober, 2006. 0 Enforcement Sp al Magistrate COUNTY OF MONROE I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared J. JEFFEMON OVER -BY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this day of October, 2006. J s-,% Notary K=n L 4174 i G mi luf4 D D323=77 2'3. M5 2 EXHIBIT "A" VIOLATIOMUS- COUNT 1. Pursuant to Monroe County Code §19-129(c) Parking of trucks, trailers and travel trailers: (c) Trailers motor homes or motor coaches that are parked for storage as per the provision of this ordinance shall not be used as a place of habitation. COUNT 2. Pursuant to Monroe County Code § t 19-95 - Abandoned vehicles. Within all land use districts, except I districts, all vehicles which are inoperative and/or unlicensed for a period of ten (10) days shall be prohibited on any public right-of-way or on private property except within a completely enclosed garage. COUNT 3. Pursuant to Monroe County Code § 9-17(a) — Premises to be cleaned and crowed. (a) For the purposes of promoting the health, safety and general welfare of the residents of the county, all lands inside and outside of subdivisions, including vacant lands, and improved property within the unincorporated area of the county, shall be kept cleared of debris, garbage, litter, yard trash, refuse, special solid waste, solid waste, trash, industrial waste and/or which tend to be a breeding place or haven for snakes, rodents, insects, and vermin of all kinds and character, and/or which tend to create a fire hazard, endanger the lives and property of the residents of the county, create a traffic hazard, create a nuisance or unsanitary condition and/or which render the soil or air impure, unwholesome, or unhealthful. COUNT 1. Cease and desist habitation of recreational vehicles, travel trailers, trailers, vehicles or mobile homes on the above described property. Call the appropriate Code Enfoccment office upon compliance. COUNT 2. Either remove the abandoned vehicle, or place it in a completely enclosed garage. Vehicles are required to be registered and operable. COUNT 3. Remove all debris, garbage, litter and/or items specified by the Code Enforcement Inspector. Removal of said materials does not authorize the cutting or removal of native or other vegetation without a permit if required. 0a21 Elslils l Diddle Keys (305)289-2556 1 HEREBY CERTIFY that a true and correct copy of the above has been furnished to the Respondent(s) vi class mail at cho George D. McLaughlin, Sr., 310 4 Ave. B, Si Pine Key, FL 33043 this ay of ® er, 2006. Code Enforcement Liaison Please make check or money order payable to Monroe County Code Enforcement and mail to 2795 Overseas Highway, Marathon, FL 33050. CODE ENFORCEMENT SPECIAL MAGISTRATE LARRY J. SARTIN MONROE COUNTY,! '' i! Case # CE06050255 KEY DEER ENTERPRISES, INC. Respondents September 27`h 2007 Inasmuch as a Code Enforcement lien which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County Attorneys office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. Said actions are to begin 30 days from the date of this order. DONE AND ORDERED at the Division of .Administrative Hearings, Tallahassee, Florida, this day of October. Larry J. S Code Enforcement Special Magistrate STATE OF FLORIDA COUNTY OF LEON I HEREBY CERTIFY that on this day before me, an officer duly acknowledgments, personally appeared La J. Sartin qualified to take the foregoing and acknowledged before me that he executed the pere. sonally to me, who executed WITNESS my hand and official seal in the County and State last aforesaid this ��� of October. '. day II Notary Public ,,Q�......8awaWliflains DD481642 G®Y'i7YTilS3i031 Exbires December 2, 2009 "' Eandad T&ay Rim InaurdnCO ist 849.33�7019 BEFORE CODE ENFORCEMENT SPECIAL MAGISTRAI MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA Petitioner, VS. CASE # CE06050255 KEY DEER ENTERPRISES, INC. Respondent(s) I MOTION TO AUTHORIZE COLLECTION PROCEEDINGS & NOTICE OF HEARING Petitioner Monroe County moves the Code Enforcement Special Magistrate, pursuant to F.S. 162.09(3), to authorize collection proceedings on the Code Enforcement lien in this case, which was recorded on Book# 2277 Page(s) # 352-353 , described as: BK 15, LT 15, SANDS SUBDIVISION, BIG PINE KEY, MONROE COUNTY", FLORIDA (RE#00301640-000000 ); A hearing will be held on Thursday, September 271h 2007, at the Marathon Government Center, 2798 Overseas Highway, BOCC Meeting Room at 10:00 a.m., Marathon, FL 33050. Please call (305) 289-2509 at least 24 hours prior to that date if you require assistance under the Americans with Disabilities Act. I hereby certify that on this day of , a copyof the foregoing was g g furnished to Attn: George D. McLaughlin Sr. (P,VP at 3194Y Ave. B Big Pine Key, Fl, 33043. Pedro J. Mercado ffi w� Assistant Coun�.�Attorney P.O. Box 10261, Key West, Florida 33041 (305) 292-3470 Fla. Bar No.: 84050 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. KEY DEER ENTERPRISES INC RESPONDENT, STATE OF FLORIDA COUNTY OF MONROE CASE NO. CE06050255 PARCEL ID: 00301640000000 BK 15 LT 15 SANDS SUB PBl-65 BI BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and ,says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the case on [� revealed that the following codes are/are not in compliance:' Compliance Non-Complaince ------------------ 1i 19-129(c) 19-95 8-17 (a) FURTHER AFFIANT AYETH NOT. DATED this day ofC 200 WINDSOR, KATHLEEN Code Enforcement Inspector SWORN TO and subscribed before me this day of 2007. �` �.Ur`• rotary P„onc �; €r �9 Florida NOTARY���p simrnimsscn t DD 59 5 1-tdvj By Hatsonal Notary Ann. S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. KEY DEER ENTERPRISES INC RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE06050255 PARCEL ID: 00301640000000 BK 15 LT 15 SANDS SUB P131-65 BI BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the case on revealed that the following codes are/are not in comp lance: Compliance Nan-Complaance ------------------------ �'� 19-129(c) 19-95 $-17 (a) FURTHER AFFIANT AYETH NOT. DATED this day of 200 4 WINDSOR, KATHLEEN Code Enforcement. Inspector S P E C 1 A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. KEY DEER ENTERPRISES INC RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE06050255 PARCEL ID: 00301640000000 BK 15 LT 15 SANDS SUB P21-65 BI r BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the case on revealed that the following codes are/are not in 6ompliance: Compliance Non-Complaince ---------------___------- 19-129 (c) 19-95 8-17 (a) FURTHER AFFIANT SAYETH NOT. DATED this day of WINDSOR, KATHLEEN Code Enforcement Inspector SWORN this TO /70 and subscribed before me day of , 2007. C°'i F F RIDA - state of rww a P 20, 2010 D 597522 y Na '" Nolaw Assn. ---------------------------------------------------------------------- S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. KEY DEER ENTERPRISES INC RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE06050255 PARCEL ID: 00301640000000 BK 15 LT 15 SANDS SUB PBl-65 BI BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special. Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3 That an investigation of the case on rev ed that the following codes are/are not in compliar2ce: Compliance Non-Complaince ---------- ------ 19-129 (c) 19-95 8-17 (a) FURTHER AFFIANT SAYETH NOT. DATED this �54h day of `v VV` 20' V W s WINDSOR, KATHLEEN Code Enforcement Inspector Y PUBLIC,'STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON --COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. KEY DEER ENTERPRISES INC RESPONDENT, STATE OF FLORIDA COUNTY OF MONROE CASE NO. CE06050255 PARCEL ID: 00301640000000 BK 15 LT 15 SANDS SUB PBl-65 BI BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the case on n5�01_0 revealed that the following codes are/are not in compllance:y Compliance Non-Complaince ------------------------ 19-129 (c) 19-95 8-17 (a) FURTHER AFFIANT SAYETH NOT. DATED this iAday of 2006 SWORN TO and l subscribed before me this 4 day of p • Karen L. Bass ("il nmis 5i'ol DD'33 33t tt c Expires June 23. 2G05- KAVIA��� WINDSOR, KATHLEEN Code Enforcement Inspector 2006. NOTARY'�PUBLIC, STATE OF FLORIDA W PLAINTIFF'S EXHIBIT LU LU CL Of uj LITIFF9 EXHIBIT V ML�,ROE COUNTY CODE ENFORCEMEN. NOTICE OF VIOLATION TO: KEY DEER ENTERPRISES INC CASE NUMBER: CE05020013 20974 7TH AVENUE WEST CUDJOE KEY, FL 33042 RE NUMBER: 00301530000000 LEGAL DESCRIPTION: AVE A SANDS SUB BIG PINE KEY, FL 33043 DEAR PROPERTY OWNER / TENANT, You are hereby notified that i4n,inspection of the above referenced property oni t' 1dP4r found violations of the following Monroe County ode, Eection(s): 19-95 Green Chevrolet pickup truck must be licensed and operable. Corrective Action Required: Abandoned Vehicles; Within all land use districts except I districts, all vehicles which are inoperative and/or unlicensed for a period of ten (10) days shall be prohibited on any public right-of-way or on private property except within a completely enclosed garage. NOTE: Monroe County's web page, which includes all Monroe County Codes is located at: www.monroecounty-fl.gov, then choose Monroe County Code. In order to correct the violation(s) noticed above, you are requested to take the corrective action within 10 DAYS OF RECEIPT OF THIS NOTICE. This notice is intended to seek your cooperation in correcting the violation(s) described above without having to initiate proceedings before the Code Enforcement Special Magistrate or court system. The Code Enforcement Department will attempt to help you correct the violation(s). If you feel you need an extention of time to comply with the action requested above, please contact the Code Enforcement Department. Any extention, if granted, will not exceed ten (10) days. the violation(s) are .sot corrected by the time sL_�cified by the Code Enforcement Inspector, the case may be presented to J. Jefferson Overby, the Code Enforcement Special Magistrate, even if the violation has been corrected prior to the Special Magistrate hearing. Your cooperation in this matter will be greatly appreciated. Date: 02/02/05 JENCY Code Enforcement Inspector I hereby certify that a copy hereof has been furnished to the above -named adressee(s) by Certified mail, Return Receipt Requested, No. 7002 1000 0004 8084 2620 C de Enfor ent Department Please contact the Code Enforcement Department upon correction of the violation so a re --inspection may be conducted. Lower Keys: 1100 Simonton Street (Room 1-171), Key West, FL 33040 - (305) 292-4495 Middle Keys: 2798 Overseas Highway, Suite 330 Marathon, FL 33050 - (305) 289-2810 Upper Keys: 88820 Overseas Highway Tavernier, FL 33070 - (305) 852-7135 MuAROE COUNTY CODE ENFORCEMEN, NOTICE OF VIOLATION �K REGISTERED AGENT OF CORPORATION TO: GEORGE MC LAUGHLIN CASE NUMBER: CE05020013 20974 7TH AVE W CUDdOE KEY FL 33042 RE: KEY DEER ENT RE NUMBER: 00301530000000 LEGAL DESCRIPTION: AVE A SANDS SUB BIG PINE KEY, FL 33043 DEAR REGISTERED AGENT, You are hereby notified that an inspection of the above referenced property on 01/28/2005 found violations of the following Monroe County Code, Section(s): 19-95 Green Chevrolet pickup truck must be licensed and operable. Corrective Action Required: Abandoned Vehicles; Within all land use districts except I districts, all vehicles which are inoperative and/or unlicensed for a period of ten (10) days shall be prohibited on any public right-of-way or on private property except within a completely enclosed garage. NOTE: Monroe County's web page, which includes all Monroe County Codes is located at: www.monroecounty-fl.gov, then choose Monroe County Code. In order to correct the violation(s) noticed above, you are requested to take the corrective action within 10 DAYS OF RECEIPT OF THIS NOTICE. This notice is intended to seek your cooperation in correcting the violation(s) described above without having to initiate proceedings before the Code Enforcement Special Magistrate or court system. The Code Enforcement Department will attempt to help you correct the violation(s). If you feel you need an extention of time to comply with the action requested above, please contact the Code Enforcement Department. Any extention, if granted, will not exceed ten (10) days. The violation(s) listed herein do not necessarily constitute all the violations, which may exist with regards to this matter/property. Lack of enforcement proceedings at this time does not constitute a waiver of the right to future prosecution. NOTE: If the violation(s) are corrected then recur, or if the violation(s) are not corrected by the time specified by the Codq Enforcement Ins'Evector, the case may be pres-cited to Jo Jefferson Overby, the Code Enforcement Special Magistrate, even if the violation has been corrected prior to the Special Magistrate Hearing. Your cooperation in this matter will be greatly appreciated. Date: 02/02/05"? / P E , JENCY Code Enforcement Inspector I hereby certify that a copy hereof has been furnished to the above -named adressee(s) by Certified mail, Return Receipt Requested, No. 7002 1000 0004 8084 2637 on, $DATE. �< C e Enfor ent Department Please contact the Code Enforcement Department upon correction of the violation so a re -inspection may be conducted. Lower Keys: 1100 Simonton Street (Room 1-171), Key West, FL 33040 - (305) 292-4495 Middle Keys: 2798 Overseas Highway, Suite 330 Marathon, FL 33050 - (305) 289-2810 Upper Keys: 88820 Overseas Highway Tavernier, FL 33070 - (305) 652-7135 vvIONROL, COUNTY, FLORIDA t� REGISTERE, D MAIL RECEIPTS Complaint Number: CE05020013 iliIl;►�r [�I�I�IIIIIT:�It��!<►�3Y�1] 3] �� 8 Ui H w °.Q r 1 w� ©•w m .p i5 Eraru xn O C3 O r Ir r ru cm E Ca3 � Ate. El 13 RRR# 70021000 0004 0004 2637 c p w Zco Er J� Ev uA C.v.m -2�$4��,, O 8 L- M C g. a. C ro Er D D� 1. .Q C. fm r 03 ru rr RIM Lu Q 11 a P 4 E A J Z Offi. 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V) 3 It CO N r vi '¢' {Cco M Ns ftl' r r ® CL CD N �-' L `1FF' o U U U U U U U V U U U U U U U U U U U U U U U U U o EXHIBIT ® y M O LL M Ln M LL r O M ti 0 V M N i ® j ' (�O t�IJ V CLLV 07' CAD dam' N CCOO CAD •:�' ..• m '' M h (D N O N N O N O N O N O N m — 00) — m r a01 r (D) r 0 r m r O) r 0) r a07 T OM) r Cy) r 00) r m s-- m r 00)) r 0 r 0 r S!J CC1� d' sae Ends Florida Keys MLS Please select an option below. Ick to 9isthll:s sa.lmman, Fun nforg- -W01 1 IN'lap ort"«r e C a cul"poi• 20974 West Seventh Ave, Cudjoe Key, FL 33042 List #538812 Boaters Paradise! Contract formation List List Price 699,900 Range Pricing No Limitd Reprsntation No As is Rght to lnspct Yes Location Tax �e al City County County Monroe Subdivision Cudjoe Gardens (21.0) Mile Marker 21 Area 07 - Cudjoe Key Side Ocean Flood Zone is Alternate Key 0 1224294 Parcel 9 00174633-001600 Zoning IS - Improved Subivision District Use Lgl Non -Conform Legal Deed Restrictions Yes Legal BK 18 LT 1 CUDJOE GARDENS SIXTH ADDITION CUDJOE KEY PB6-66 OR473-672 OR899-2110 OR1640- 2042DC OR1755-780AFF OR1817-1540 Taxes 6,984.62 Tax Year 2006 ��l�Ieral Pro228LDescr,12flon Property Type Residential Realtor.COM Type Residential - Single Family Style Single Family Waterfront Yes Pool No Year Built 1972 Lot SgFt 11,250 Living Apx SgFt 1,376 Total Bedrooms 2 Full Baths 2 Half Baths 0 Total Baths 2 Rentals Allowed Yes rR-emairks & Misc TFF' Directions Hwv 1 to Drost. On the corner of Drost and 7th Vilest Status Active 111 Association Info: H. O. A.: No; 1st Right of Refusal: No; Assoc Approval Req: No; Mandatory Assoc.: No; Association Fee: 0; Maintenance Fee $: 0; Assoc/Mnt Fee Per tree Includes: None Tax Exemptions: None License Info: 4� of City License: 0; 0 of County License: pre -wired. Cable Appliancers: Dishwasher; Dryer; Microwave; Oven; Refrigerator Construction: CBS Window0DOors: Double Hung Windows; Jalousie Windows, Sliding Glass Doors Shatters: Clans Shell Floor: Tile Floor; Vinyl Floor flex IIIIS 0; 4,� of' Trans!,-- nt Licns: 0 Control rjep0h: 41 Feet Wateilront: Canal Front; Open Water Waterview: Canal View Dockage: Dock: Concrete; Seawall Building Style: Ground Level Vehicle Storage, Garage; Carport; Car(s): I Furnished: Unfurnished coolinglHeating: Ceiling Fans; WindowMall Unit PorchiSalcony: Open Porch/Balcony Utilities: FKAA P% wb . pezo., Heighboybood Feature, Security: Land Size: Terms: Title: T@rlGravei Roof Pais Allowed Other Area Features No Securiiy Less Than 114 Acre Buyer Obtain Finance Negotiable 41Pvgl-)IQ fo; I � /I "1 0006 .:�r''/P_o ;i:e '%'� 8a 53Eam Pagou`u Uez, `�� �01 Collector - Monroe countv P.O. Box 1129 Kqy Vilest, F-L 33041-I129 Phone: (305) 295-5000 Fax: (305) 293-3022 Ta Talk System - Motor Vehicle Information Deliver To: Vilma Peacock Fax: (305) 289-2536 Company- tviO ROE COUNTY CODE EWORCEMENI' Date: 08/05/200: Vehicle Information N' Number. Devil: Decul 'Type: 'Crag: EI009B Tag Type: Issue Date: Title Status: Title Number: F vpire Date: Title. Czncel Date: Electranicritle Status: WVrUHLength: GNW11111-Widila: Class: Yr li'iaatse: Body, 11 ake: Color. Odometer: Odometer Status- Odometer Date. Stop Info: Salvage Code: Kit Code: Use: Insurance - Owner Infor€aaattion Name: Name: Acd€iress: Address: DOB: Sea: DOB: Sex: 1st DL Number- 2aad DL Number - Registrant ant Information Name- Name: Address: Address: DOB- Sex: DOB: Sex: 1st DL Number. 2nd DL Number: Lien Bolder Information Number of Liens: Naame&ddressfDate Naatae/4ddiws/Date C01vai it NI T: The License plate and/or decal is not associated with a vehicle. Tag: E1009E EXHIBIT a S'-U3" '' 06,1 `-, SI S 7 Doi rin'se Hen 5E e, " FA P.O. Box 1129 Key. ikreA, FL 33041.-1 29 Phone: (305. 295-500 F:�x: (305) 295_5022 Ta Tall: System - Motor Vehicle Infonn' AiOu Deliver To: Woun Peac¢scic 'sax: (305) 289-2536 Company: MONROE COUNTY CODE EI53FQRCEIVMN1" Date: 09/05/2007 Vehicle Information YLK Number: TagZ13678 Title Status: Title Cancel Date- Make - Odometer: Stop Info: Kit Code - Us 0 Decal: Tag Type: Title Nanmbea: Electronic Title Status.- G—V-Wfl&IH Widt - Rody: Odometer States: DecalType. Issue ID:ate: Expire Date: Class Color: Odometer Date: S:alT ag a Cantle: Insurance: Owner InF ormation Name: Nsaasse: ?address: Address: DOB: Sex: BOB: Sex: lst IDL Number: 2nd IDL Number -- Registrant Information Nine: Name: Address- Address: DOB: Sex: DOB- Sep.: Ist IDL Dumber: 2nd IDL Number, Lieu Holden- Inforaaaatiou Number of Liens: NSamefAddressfiD:ate -Na►a,s]A!ddres :ate CO.I 4ENT: The License plate andloar decal i5 ndt associated with a vehicle. Tag: Z13678 (t OCR 06'62-sS PLAINTIFF'S EXHIBIT € j �' Lo LO CD C'A LU page I of 1 Windsor -Kathleen From: Mercado -Pedro Seat: Monday, August 20, 2007 11:56 AM To: Hall -Cynthia; Bass -Karen; Windsor -Kathleen Cc: Norman -Ronda I took a call from Clayton Huffman. He says he inherited the Key Deer Enterprises mess (CE06050255). He just received his letter informing him that the case was being moved forward for collections and he wanted to know what that meant. l explained the process to him. He informed me that he was almost fully compliant and expected to be done by this weekend. l told him that his first step was to contact Kat and have her come out and re -inspect and she could inform us as to status and we could decide from there whether to proceed with collections or not. Told him about the fines running and that they continue to run until he's compliant. 0 h L; (:�86 �q o S Dz66 PLAINTIFF EX I'T ui Lo LO CD CD w co 6 co PLLAAI TI ' EXHIBIT° BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 14 2007 Bulk Item: Yes XX No Division: County Attorney Staff Contact Person: Cynthia L. Hall AGENDA ITEM 'CORDING: Authorization to institute collection proceedings and/or enter settlement negotiations with Arthur Mehr in Code Enforcement Case Nos. CE06060278 and CE06060280. ITEM BACKGROUND: On August 10, 2006, Mr. Mehr was cited for violation of Monroe County Code Section No. 19-95 in Code Case CE06060278, small storage trailer being stored on the property with no tag attached to it. On the same day, Mr. Mehr was cited for violations of Monroe County Code Sections 8-17(a) and (b) in Case No. CE06060280, trash and debris scattered throughout the front and rear of the property and property overgrown with grass and weeds. Case No. CE06060278 pertains to Mr. Mehr's property at 134 Arbor Road in Key Largo and Case No. CE06060280 pertains to Mr. Mehr's property at 130 Arbor Lane, Key Largo, Florida. Both cases were brought before the Special Magistrate on October 19, 2006, at which time Mr. Mebr was found in violation. The Special Magistrate set compliance for December 8, 2006, after which a tine would begin to nun in the amount of $100.00 per day for each case. The charge of Section 8-17(b) in Case CE06006278 was compliant on 8/7/07. Otherwise, these cases have not been brought into compliance and, as of October 17, 2007, the fines and costs have accrued to a total of $140,227.00 and are continuing to accrue at $100 per day for each fine. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: NIA STAFF RECOMMENDATIONS: Approval TOTAL COST: BUDGETED: Yes _ No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes _ No _ AMOUNT PER MONTH Year APPROVED BY: County Atty x OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # Dorn 1630827 03/06/2007 2:03 N Filed & Recorded in Official Records of MONROE COUNTY DANNY L . KOLHAGE ®NROE COUNTY, FLORIDA Petitioner, vs. Respondent(s). Doca 1630827 BkN 2277 PSN 348 THIS CAUSE having come on for public hearing before the Special Magistrate on October 19"' 2006, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §8-17(a), §8-17(b), § 19-95. Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by December 'h 2006, and further, that failure to correct the violation(s) by the compliance date may result in a fine $100.00,(ONE HUNDRED DOLLARS) per count, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on December 15t" 2006, Inspector Williams testified that the following violation(s) had not yet been corrected: §8-17(a), §-17(b), §19-95. ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) per count, per day, beginning December 9"' 2006, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) per count, is hereby levied for the administrative recovery for prosecution and investigation. II f y S- ()� y! g s3> s I� i S 0 # � 4 MI� $ 04 DocH 1630827 BkN 2277 P N 34 Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this day of December, 2006, at the Monroe County Government Regional Center, Marathon, Florida. ,-\ WT J. ,Jeffers - Code y t �_ STATE OF FLORIDA COUNTY OF Imo® OE I HE REBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknoYayo;Ml)ecember,2 ed before me that he executed the same. ffl NESS my hand and official seal in the County and State last aforesaid this . p�fy C.Mmissson OD333077 Expires June 28, 2008 110' I HEREBY CERTIFY that a true and correct copy of �to e above and foregoing Order Imposing Penalty/Lien has been furnished by U. the Respondent(s) at 5776 E. Foxhollow Drive, Boca Ratan, FL 33486, this A� , y f December, 2006. veil Bass, Code E forcement Liaison MONROE COUNTY OFFICIAL RECORDS M THUR MEH Respondent(s). 1 THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on October 19"' 2006 ,and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, mares the following findings of fact, conclusions of law and order as follows: 1. That the Respondent(s) is/are the owners of record of property located at 4 VISED 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is A. Respondent(s) is/are in violation of the Monroe County Code(s) and is/are ordered to comply with the provisions of said codes by December `t' 2006. A compliance / review hearing will be held on December 15" 2006. E. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date will result in the imposition of a fine, 100.00 (ONE HUNDRED DOLLARS), per count, per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a fine in the amount o 100.00 (ONE HUNDRED DOLLARS), per count, has been, levied for the administrative recovery for prosecution and investigation. E. In the event of nonpayment of fines/liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the violator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you must do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. DONE E D at the Marathon Cxovernment Regio al Center, 77hon, Florida, 7this day of October, 2006. ) 1 A /% J. Jiffs Overby -� STATE OF FLORIDA Code Enforcement Special Magistrate COUNTY OF MONROE I HE REBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared J. JEFFERSON OVERBY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and Sta a last aforepid this day of October, 2006. Notary'Public c; cs c�' EXP res June 28, 2003 2 EXHIBIT "A" COUNT 1. Pursuant to Monroe County Code § 8- 7(a) — Premises to be cleaned and mowed. (a) For the purposes of promoting the health, safety and general welfare of the residents of the county, all lands inside and outside of subdivisions, including vacant lands, and improved property within the unincorporated area of the county, shall be kept cleared of debris, garbage, litter, yard trash, refuse, special solid waste, solid waste, trash, industrial waste and/or which tend to be a breeding place or haven for snakes, rodents, insects, and vermin of all kinds and character, and/or which tend to create a fire hazard, endanger the lives and property of the residents of the county, create a traffic hazard, create a nuisance or unsanitary condition and/or which render the soil or air impure, unwholesome, or unhealthful. COUNT 2. Pursuant to Monroe County Code § 3-17(b) -- Premises to be cleaned and snowed. (b)For the purposes of health, safety and general welfare of the residents of the county, all commercial and residential lots, vacant or occupied, shall be kept mowed except that for subdivisions located within public acquisition areas, publicly owned vacant lots acquired for conservation and resource protection purposes and private vacant lots subject to a county approved management plan. COUNT 3. Pursuant to Monroe County Code § 19-95 - Abandoned vehicles. Within all land use districts, except I districts, all vehicles which are inoperative and/or unlicensed for a period of ten (10) days shall be prohibited on any public right-of-way or on private property except within a completely enclosed garage. COUNT 1 Remove all debris, garbage, litter and/or items specified by the Code Enforcement inspector. Removal of said materials does not authorize the cutting or removal of native or other vegetation without a permit if required. COUNT 2. Mow the premises within 10 days of receipt of this order. The property must be mowed to a height not to exceed eight (8) inches. Mowing does not include or authorize the removal of native vegetation or vegetation that would require a permit for it's removal. COUNT 3. Either remove the abandoned vehicle, or place it in a completely enclosed garage. Vehicles are required to be registered and operable. 3 Upper Keys (305)852-7135 HEREBY CE RTIFY that a true and correct copy of the above has been furnished to the Respondent(s) via first-class mail at 5776 e Foxhollow Drive, Boca Raton, FL 33486, this day of 0 obi , 2O6. Code Enforcement Liaison f. . Please make check or money order payable to Monroe County Code Enforcement and mail to 2798 Overseas Highway, Marathon, FL 33050. MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA Petitioner, VS. CASE # CE06060278 ARTHUR MEHR Respondent(s) MOTION TO AUTHORIZE COLLECTION PROCEEDINGS & NOTICE OF HEARING Petitioner Monroe County moves the Code Enforcement Special Magistrate, pursuant to F.S. 162.09(3), to authorize collection proceedings on the Code Enforcement lien in this case, which was recorded on Book# 2277 Page(s) # 348-349 , described as: PLAT OF SHERRILL PARK, KEY L.ARGO,LOT 10,BK 2, MONROE COUNTY, FLORIDA (RE#00487810-000100); A hearing will be held on Thursday, September 27`h 2007, at the Marathon Government Center, 2798 Overseas Highway, BOCC Meeting Room at 10:00 a.m., Marathon, FL, 33050. Please call (305) 289-2509 at least 24 hours prior to that date if you require assistance under the Americans wi h D4Dri ies Act. I hereby certify that on this day of, a copy of the foregoing was furnished to Arthur Mehr at 5776 e. Foxhollo, BqqqlRaton, 334$6. Pedro J. Attorney Ivey West, Florida 33041 (305) 292-3470 Fla. Bar No.: 84050 S P E C I A L M A G I S T R A T E MONROE COUNTY, AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR VS. RESPONDENT, FLORIDA / NON --COMPLIANCE CASE NO. CE06060278 PARCEL ID: 00487810000100 REV PLAT OF SHERRILL PARK PB5-47 K STATE OF FLORIDA I COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective coon by or before the date of 10/12/2006. If 3. That an investigation of the case revealed that the following codes are e not i comp lance: Compliance Non-Complaance ----------- ---- 19-95 8--17 (a) 8-17 (b) SWORN TO and subscr' ed before me this '� day of W , \ '4 J&CL a NW Gan .fsson DDOM-1495 Expres Oc€obwr 20, 2008 NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIAN �/NO�N�-CO�M�PLTA��Nd��, MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060278 VS. RESPONDENT, PARCEL ID: 00487810000100 REV PLAT OF SHERRILL PARK P35-47 K STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the 0 revealed that the following codes ar/are_7351>in c mpl ante: Compliance Non-Complaince ---------- -------------- + 19-95 8--17 (a) -�' 8-17 (b) FURTHER AFFIANT SAYETH NOT. DATED this day of , 2007 Code Enforcement Inspector SWORN TO nd subscribe efore me this day of 2007. ��wdc q� sr. �t�n0002 , 5 NOTARY PUBLIC, STATE OF FLORI A _ 0, 20 } k5 �� bf S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE,- NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060278 VS. RESPONDENT, PARCEL ID: 00487810000100 REV PLAT OF SHERRILL PARK PB5-47 K STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on 0A\joGb, the Special Magistrate held a public hearing and the Sp ci 1 Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the c t-�-09-:)"Z)o revealed that the following codes area%are not 'n compliance: Compliance Nan-Complaance ------------------------ �� 19-95 8-17 (a) 8-17 (b) FURTHER AFFIANT SAYETH NOT. DATED this C>9 day of (ti'_�� , 2006. 5 _j1_ _29AA -1 az' WILLIAMS, DAVID Code Enforcement Inspector SWORN TO and subscrib d before me this `� day of 2006 . t.;. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE'N�ON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060278 VS. RESPONDENT, PARCEL ID: 00487810000100 REV PLAT OF SHERRILL PARK PB5-47 K STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special. Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the ca C3C revealed that the following codes acre �notn compliance: T Compliance Non-Complaince ------------------------ 19-95 ate` 8-17 (a) 8 -17 (b ) FURTHER AFFIANT SAYETH NOT. DATED this IQ day o f � �°;`� .�.�..'_ .�2 0 0 6. (€ WILLI , AVID ff Code Enforcement Inspector SWORN TO nd subscri-bed, before me this day of� 2006. NOTARY PUBLIC, STATE OF FLORIDA ME IA � � I A m 00CU 16 062 0 /0 /2007 2:06P Filed & Recorded in Official Records of MONROE COUNTY, FLORIDA Petitioner, vs. CASE NO. CE06 60230 Respondent(s). Dacn 1630828 BkN 2277 P90 350 ORDER IMPOSING PENALTY LIEN THIS CAUSE having come on for public hearing before the Special Magistrate on October 191h 2006, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §8-17(a), §8-17(b) Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by December 8a' 2006, and further, that failure to correct the violation(s) by the compliance date may result in a fine 100.00,(ONE HUNDRED DOLLARS) per count, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on December 15th 2006, Inspector Williams testified that the following violation(s) had not yet been corrected: §-17(n), §8-17(b) ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) per count, per day, beginning December 9th 2006, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) per count, is hereby levied for the administrative recovery for prosecution and investigation. FHE VIOLATION(S) !_ I=- 7 7 ;!'S EXIST(S) ON THE fl i FOLLOWING DESCRIBED '' 1f 6€7; MONROE COUNTY, FLORIDA (R-E:00487810-000000); Pursuant to Section 1.62.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. DOOR 263OE28 That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this i /`day of December, 2006, at the Monroe County Government Regional Center, marathon, Florida. 11 1r W ,1 STATE OF FLORIDA COUNTY OF MONROE I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. d IT'NESS my hand and official seal in the County and State last aforesaid this 70n L. Bass C,MMIZZSon p©333077 pines juna 28. 2008 I HEREBY CERTIFY that a true and correct copy of the above and foregoing Order Imposing Penalty/Lien has been furnished by UWIc- 1 , to the Respondent(s) at 5776 E. Foxhollow Drive, Boca Raton, FL 33486, thisy of December, 2006. Karen /. Bass, Code 50orcement Liaison MONROE COUNTY OFFICIAL RECORDS vs. Respondent(s). l THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on October• 19u' 2006 ,and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, makes the following findings of fact, conclusions of law and order as follows: 1. That the Respondent(s) is/are the owners of record of property located at REVISED 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "X', which is attached hereto and incorporated herein. Therefore it is A. Respondent(s) is/are in violation of the Monroe County Code(s) and is/are ordered to comply with the provisions of said codes by December 8" 2006..A compliance / review hearing will be held on December 15" 2006. B. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date will result in the imposition of a fine, $10 .00 (ONE HUNDRED DOLLARS), per count, per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS), per count, has been levied for the administrative recovery for prosecution and investigation. E. In the event of nonpayment of fines/liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the violator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you must do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. DONE ® E D at the Maraihon Government Regions Center, Ii�ar n, Florida, thi day of October, 2006. l J. Jeff s verby STATE OF FLORIDA Code nforeement Sp vial Magistrate COUNTY OF MONROE I HERE,BY CERTIFY that on this day before me, an officer duly qualified to tape acknowledgments, personally appeared J. JEFFERSON OVERBY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State l st aforesaid this day of October, 2 A ' ./'? —2 KaTen L Bass Notary •My Commission DDUS077 ExpifezJUR028,2MB 2 EXHIBIT "A" COUNT L Pursuant to Monroe County Code § 8-17(a) — Premises to be cleaned and mowed. (a) For the purposes of promoting the health, safety and general welfare of the residents of the county, all lands inside and outside of subdivisions, including vacant lands, and improved property within the unincorporated area of the county, shall be kept cleared of debris, garbage, litter, yard trash, refuse, special solid waste, solid waste, trash, industrial waste and/or which tend to be a breeding place or haven for snakes, rodents, insects, and vermin of all binds and character, and/or which tend to create a fire hazard, endanger the lives and property of the residents of the county, create a traffic hazard, create a nuisance or unsanitary condition and/or which render the soil or air impure, unwholesome, or unhealthful. COUNT 2. Pursuant to Monroe County Code § 8-17(b) — Premises to be cleaned and mowed. (b)For the purposes of health, safety and general welfare of the residents of the county, all commercial and residential lots, vacant or occupied, shall be Dept mowed except that for subdivisions located within public acquisition areas, publicly owned vacant lots acquired for conservation and resource protection purposes and private vacant lots subject to a county approved management plan. COUNT I Remove all debris, garbage, litter and/or items specified by the Code Enforcement inspector. Removal of said materials does not authorize the cutting or removal of native or other vegetation without a permit if required. COUNT 2. Mow the premises within 10 days of receipt of this order. The property must be mowed to a height not to exceed eight (8) inches. Mowing does not include or authorize the removal of native vegetation or vegetation that would require a permit for it's removal. Upper Keys (305)852-7135 I HEREBY CERTIFY that a true and correct copy of the above has been furnished to the Respondent(s) via first-class mail at 5776 e Foxhollow Drive, Boca Raton, FL 33486, this / . day of Octobir, 2006. r n, Code -Enforcement Liaison Karen L Bass Please make check or money order payable to Monroe County Code Enforcement and mail to 2798 Overseas Highway, Marathon, FL 33050. R MONROE COUNTY, FLORIDA THUR. MEHR Respondents 1 September 27 ' 2007 Case # CE06060280 Inasmuch as a Code Enforcement lien which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County Attorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. DONE AND ORDERED at the Division of Administrative Hearings, Tallahassee, Florida, this O day of October. Larry J. d Code Enforcement Special Magistrate STATE OF FLORIDA COUNTY OF LEON I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared Larry J. Sartin, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this � �� day of October. o { , Notary Public CommissionDD4816422 *: ber 2, 200 Mn; 7�: E) spires Qecem "qT'....••� ilonde6TfoyPain Insurance inc C60-365-7019 LARRY MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA Petitioner, vs• CASE # CE06060280 ARTHUR MEHR Respondent(s) MOTION TO AUTHORIZE COLLECTION PROCEEDINGS & NOTICE OF HEARING Petitioner Monroe County moves the Code Enforcement Special Magistrate, pursuant to F.S. 162.09(3), to authorize collection proceedings on the Code Enforcement lien in this case, which was recorded on Book# 2277 Page(s) # 350-351 , described as: PLAT OF SHERRILL PARK, KEY LARGO,LOT 9,BK 2, MONROE COUNTY, FLORIDA (RE#00487810-000000), A hearing will be held on Thursday, September 27'h 2007, at the Marathon Government Center, 2798 Overseas Highway, BOCC Meeting Room at 10:00 a.m., Marathon, FL 33050. Please call (305) 289-2509 at least 24 hours prior to that date if you require assistance under the Americans with Disabilities Act. I hereby certify that on this4ay of , a copy of the foregoing was furnished to Arthur Mehr at 5776 e. Foxhollo4Dri Bocton, 33486. Pedro J. Mercado Key Nest, Florida 33041 (305) 292-3470 Fla. Bar No.: 84050 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR VS. RESPONDENT, CASE NO. CE06060280 PARCEL ID: 00487810000000 REVISED PLAT OF SHERRILL PARK P25- STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the �_no_t-- revealed that the following codes aco plia ce: Compliance Non -Co m laince 8-17 (a) 8-17 (b) FURTHER AFFIANT SAYETH NOT. DATED this day of 2007.la6'7�_e SWORN TO and subscr' ed before me this day of e%Expires October 20,20W r 6C 2007. Lk NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF CONIPLIAN / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060280 VS. RESPONDENT, PARCEL ID: 00487810000000 REVISED PLAT OF SHERRILL PARK PB5- STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or Respondent(s) was/were to have taken certain before the date of 10/12/2006. 3. That an .investigation of the case on revealed that the following codes are/are not Compliance Non-Complaince ---------- 8-17 (a) _ 8-17 (b) SWORN TO a d subscri before me ti this kt) r� day of , subsequent Orders(s), corrective action by or d in c mpl ance: 2007. Q NOTARY PUBLIC, STATE OF FLORIDA � I S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060280 VS. RESPONDENT, PARCEL ID: 00487810000000 REVISED PLAT OF SHERRILL PARK PB5-- STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on iO the Special Magistrate held a public hearing and the Speci 1 Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the c n D OO revealed that the following codes are are not in compliance: Compliance Non-Complaince ------------------------- Ef 8-17 (a) _ 8--17 (b) FURTHER AFFIANT SAYETH NOT. DATED this C)`�2 day of 006. WILLIAMS, DAVID Code Enforcement Inspector SWORN TO and subscribed before me this day of �r,, '\_ , 2006. yya� NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCEs .7 ON —COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, MEHR ARTHUR CASE NO. CE06060280 VS. RESPONDENT, PARCEL ID: 00487810000000 REVISED PLAT OF SHERRILL PARK PBS — STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, WILLIAMS, DAVID, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 10/12/2006. 3. That an investigation of the cas Y C3 revealed that the following codes ar are no n compliance: Compliance Non-Complaance ---------- ------ 8-1.7 (a) 8 -17 (b ) FURTHER AFFIANT SAYETH NOT. DATED this day of clocLe Enforcement inspector SWORN TO and subscrib before me ' this day of ``2006 . Al NOTARY PUBLIC, STATE OF FLORIDA 0 �. e— y . r , t 3 v s ill 1 t IN � a . /\2 / � WE Meeting Date: November 14, 2007 Bulk Item: Yes XX No Division: County Attorney Staff Contact Person: Cynthia L._Hall AGENDA ITEM WORDING: Authorization to institute collection proceedings and/or enter settlement negotiations with Robin L. Eubanks in Code Enforcement Case CE06070026. �T � B RC GROY On July 6, 2006, Mr. Eubanks was cited for violation of Monroe County Code Section 9.5-111(1), a permit is required for any new construction to include but not limited to the porch and railings, and Monroe County Code Section 9.5-391, outdoor lighting, no structure or land shall be developed, used or occupied unless all outdoor lighting conforms to the requirements of this division and chapter 13, article IV (Sea Turtle Protection), unless otherwise specified within this chapter. The case was brought before the Special Magistrate on December 15, 2006, at which time Mr. Eubanks was found in violation. The Special Magistrate set compliance for January 13, 2007, after which a fine would begin to run in the amount of $100.00 per day. The case has not been brought into compliance and, as of October 17, 2007, the fines and costs have accrued to a total of $52,545.50 and are continuing to accrue at $100 per day. PREVIOUS RELEVANT BOCC ACTION, None CONTRA,CTIAG E NTCHANGES: N/A STAFF RECOMMENDATIONS: Approval TOTAL =COST: COST TO COUNTY: REVENUE PRODUCING: Yes _ No — AMOUNT PER MONTH Year APPROVED BY: County A.tty OMB/Purchasing Risk Management DOCUMENTATION: included x _ Not Required (DISPOSITION: AGENDA ITEM # BEFORE THE CODE ENFORCEMENT SPECIAL MAGISTRATE LARRY J. SARTIN MONROE COUNTY, FLORIDA Case # CE06070026 ROBIN L. EUBANKS Respondents September 27' 2007 Inasmuch as a Code Enforcement lien which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County Attorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. DONE AND ORDERED at the Division of Administrative Hearings, Tallahassee, Florida, this day of October 2007 Larry J. Siwl--� Code Enforcement Special Magistrate STATE OF FLORIDA COUNTY OF LEON I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared Larry J. Sartin, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this y day of October. Notary Public -1mavVilliams Commission # DD48 1642 _ Expires December 2,2009 '���►` Ban3rdTmpFam tnsurancrnc 8114-5&5-16 DOC" 1630823 03/06/2007 2:06PN Plied & Recorded in Official Records of MONROE COUNTY RANNY L. KOLMAGE BEFORE THE CODE ENFORCEMENT SPECIAL MAGISTRATE MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA Petitioner, vs. CASE NO. CE06070026 ROBIN L. EUBANKS DOOM 1630823 Respondent(s). 8kN 2277 PgM 340 1 ORDER IMPOSING PENALTY/LIEN THIS CAUSE having come on for public hearing before the Special Magistrate on December 15' 2006, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §9.5-111(1), §9.5-391. Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by January 18`h 2007, and further, that failure to correct the violation(s) by the compliance date may result in a fine $100.00( ONE HUNDRED DOLLARS) per count, per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on January 251h 2007, Inspector Windsor testified that the following violation(s) had not yet been corrected: §9.5-111(1), §9.5- 391. ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS), per count, per day, beginning January 19'h 2007, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. THIS ORDER SHALL CONSTITUTE A LIEN AGAINST THE LAND ON WHICH THE VIOLATION(S) EXIST(S) AND UPON ANY OTHER REAL OR PERSONAL PROPERTY OWNED BY THE VIOLATOR(S). THE VIOLATION(S) EXIST(S) ON THE FOLLOWING DESCRIBED PROPERTY: BK 4, LT 11, EDEN PINES COLONY, PB4-158, BIG PINE KEY, MONROE COUNTY, FLORIDA (RE#00265600-000000); Doc# 1630823 BkR 2277 Pg N 341 Pursuant to Section 162.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE AND ORDERED this day of ug. / , 2007, at the Division of Administrative Hearings, Tallahassee, Leon County, Florida. BY -j�;, - - :' Larry J. Sa i Code Enforc went Special Magistrate STATE OF FLORIDA COUNTY OF LEON I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to tape acknowledgments, personally appeared LARRY 1. SARTIN, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this day of 7em u�r-Ay 2007. 1pFY nG _� kq� Claudia D, Llado ^� e EXmmission # pp53327B Notary Public expiresJul 25, 2010 "'M 009' 67019 I HEREBY CERTIFY that a true and correct copy of the above and foregoing Order Imposiniz Penalty/Lien has been furnished by U ii, to ts ondent(s) at 29114 Cedar Drive, Big Vine Key,FL 33043, thi day of , 2007. Kare . Bass, Cod Enforcement Liaison MONROE COUNTY OFFICIAL, RECORDS DOCIN 2625492 02/02/2007 12:19P Filed & Recorded in Official Records of noNROE COUNTY DANNY L. KOLHAG6 Doca 1625492 Bkff 2270 PaR 202 Irflr :i �. l.. 1. .0 MONROE COUNTY, FLORIDA MONROE COUNTY, FLORIDA, CASE NO. CE06070026 Petitioner. VS. Respondent(s). 1 THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on December 15`h 2006 ,and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, snakes the following findings of fact, conclusions of law and order as follows: 1. That the Respondent(s) is/are the owners of record of property located at : BK 4, LT 11, ( 26S600-OQ000®), 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is Docg 1625492 '' A. Respondent(s) Ware in violation of the Monroe County Code(s) and is/are ordered to comply with the provisions of said codes by January 18'h 2007. A compliance / review hearing will be held on January 25�h 2007. B. Upon complying, Respondent(s) shall notify the Code Inspector in this case who shall re -inspect the property and notify the Code Enforcement Department of compliance. C. Noncompliance by the above date will result in the imposition of a fine, $100.00 (ONE HUNDRED DOLLARS), per count, per day, for each day thereafter that Respondent(s) is/are in violation. D. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) has been levied for the administrative recovery for prosecution and investigation. E. Xn the event of nonpayment of fines/liens imposed, a certified copy of an order imposing a fine may be recorded in the public records and shall thereafter constitute a lien against the land on which the violation or violations exist and upon any other real or personal property owned by the vioiator(s). F. You have the right to appeal this order to the Circuit Court of Monroe County. If you wish to appeal, you must do so no later than thirty (30) days from the date of this Order. Failure to timely file a written Notice of Appeal will waive your right to appeal. DONE ORDERED at the Marathon Government Regional Center, Ma rat n Florida, this ay of December, 2006. J. JeFer$6n/ erby STATE OF FLORIDA Code Enforcement Speci44gistrate COUNTY OF MONROE I HEREBY CERTIFY that on this day before me, an officer duly qualified to take acknowledgments, personally appeared J. JEFFERSON OVERBY, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this day of December, 2006. Notary f ublic KOM L. Bm MY Camfwaslon D0333077 c � EX083 J-e 20. 200a COUNT 1. Pursuant to Monroe County Code § 9.5-111(1)— A building permit is required prior to the following: (1)Any work specified in chapter 6.0; an after the fact permit is required for downstairs enclosure, widows platform, spiral staircase, outdoor lighting, decking and railing, structural alterations to roof overhang, and metal roofing. COUNT 2. Pursuant to Monroe County Code § Sec. 9.5-391. Outdoor lighting. No structure or land shall be developed, used or occupied unless all outdoor lighting conforms to the requirements of this division and chapter 13, article IV (Sea Turtle Protection), unless otherwise specified within this chapter. COUNT 1. Contact the Monroe County Building Department and either (1) obtain an after the fact permit and all required inspections, or (2) obtain a demolition permit and remove as directed. COUNT 2. Contact the Monroe County Building Department and the Monroe County Biologist and either (1) obtain an after the fact permit and all inspections required, or (2) obtain a demolition permit and remove as directed. Middle Keys (305)289-2810 I HEREBY CERTIFY that a true and correct copy of the above has been furnished to the Respondent(s) via first-class mail at 29114 Cedar Drive, Big Pine Key, FL 33043, this day of December, 2006. Enforcement. Liaison L. Bass Please make check or money order payable to Monroe County Code Enforcement and mail to 2798 Overseas Highway, Marathon, FL 33050. MONROE COUNTY OFFICIAL RECORDS S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, vs. EUBANKS ROBIN L RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE06070026 PARCEL ID: 00265600000000 BK 4 LT 11 EDEN PINES COLONY P BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 12/08/2006. (Z'I 9 1 7 3. That an investigation of the case on D Q revealed that the following codes are/are not in c mp ian e: Compliance Non-Complaance 9.5-395 FURTHER AFFIANT SAYETH N DATED this �c� day of , 20 WINDSOR, KATHLEEN Code Enforcement Inspector S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. EUBANKS ROBIN L RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE0607002G PARCEL ID: 00265600000000 BK 4 LT 11 EDEN PINES COLONY P BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special. Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 12/08/2006. 3. That an investigation of the case on revealed that the following codes are/are not i IFcompliance: Compliance Non-Compliince 9.5-395r, FURTHER AFFIANT SAYETH N DATED this day of SWORN TO and subscribed before me this day of200 07. WXIMOR, KATHLEEN Code Enforcement Inspector S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE / NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, VS. EUBANKS ROBIN L RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } CASE NO. CE06070026 PARCEL ID: 00265600000000 BK 4 LT 11 EDEN PINES COLONY P BEFORE ME, the undersigned authority personally appeared, WINDSOR, KATHLEEN, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 12/08/2006. 3. hat an investigation of the case on revea that the following codes are/are not Compliance FURTHER AFFIANT YETH DATED this ? day Non-Complaance -------------- 9.5-395 � .\- ;20o(o in Compliance. NOT. of , 200 WINDSOR, KATHLEEN Code Enforcement Inspector SWORN TO a subscrib d efore me this day of , 2C Y ARy eomrnieak.,1 q Ey'pf?5 Jun, kh jEW VIOLATION EC t"ST INSPECTOR: CASE NUMBEu: 0:j Q0 CONTENT: Check for open cases (by Re# or VIN# or Tag#) DK Check for Change of Ownership Check for open cases (by Owners andViolators) Check address on Real Estate Tax Bill �2Mk4 \L4 Check for open permits00i (i�1 j UCheck input (SM board & owner name directory style) 4r Check for Occupational Lic(s) A$ Current Property Record. Card Note in notepad Additional Violators Check of AlchMny &. Closed Special Master Cases Check Hold on RE# & all inspections resulted Supervisors Approval SPECIAL MAGISTRATE CASE CHECKLIST CONTENT: Evidence Included &.Marked: ❑ �D�oq Notice of Violation(s) Included: ❑ �� Certified Mail Card(s) Signed: ❑ �C,Q ,Q0 Record(s) of Posting / Service: ❑ Photos Dated & initialed: ❑ Relevant Referrals / Planning / Permit Files: ❑ Current Property Record Card ❑ List of Witnesses: ❑ Current Division of Corp. Page (If Applicable) ❑ ADMIN - Check of Clerk's Record for New Owner(s) ❑ SUPERVISORS APPROVAL: DATE: DIRECTOR'S APPROVAL: NP . _ DATE: I F, ly 31, 2006 4^ 5= f ra q f q X M'4 � A ^S 9 SAM4< y 3wO Qj Hqu AM ANT ._ s F� W Rom= Q O d' S� r Q �4 F- C/) F- W 'xll LL z cn [_ o "® C") -.:;, C7 �� ire �r i;bS.�!� �. � r �''i4�' � S .Yx`.. 2 � i � � a �h �1,1 ��s A��� Idt a `„ ga �� iE; ;� { «1r s � ' �1 s + ���'� i �. .r�"+ s 'd a �€ a � '=F ' i j ml C.0 CN C) C) ) C,C) 2 C) T- w � () T- BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 14, 2007 Division: County AttorneX Bulk Item: Yes XX No Staff Contact Person; Cmthia L. Hall AGENDA ITEM WORDING: Authorization to institute collection proceedings and/or enter settlement negotiations with. Jose Vigo in Code Enforcement Case CEO5100143 ITEM[ BACKGROUND: On October 4, 2005, Mr. Vigo was cited for violation of County Code 6-4(a)(c), observed portion of roof crushed by fallen tree and exposed insulation showing daylight through mobile home. The case was brought before the Special Magistrate on September 28, 2006, at which time Mr. Vigo was found in violation. The Special Magistrate set compliance for January 18, 2007, after which a fine would begin to run in the amount of $250.00 per day. The case has not been brought into compliance and, as of October 17, 2007, the fines and costs have accrued to a total of $76,868.50 and are continuing to accrue at $250 per day. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: N/A STAFF RECOMMENDATIONS: Approval TOTAL COST: BUDGETED: Yes _ No _ COST TO COUNTY: SOURCE OF ]FUNDS: REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # floc# 1630825 03/06/2007 2:06PM Filed $ Recorded in Official Records of MONROE COUNTY DPNNY L. KOLHRGE MONROE COUNTY, FLORIDA Petitioner, VS. Respondent(s). 1 Doer 1630825 BkO 2277 PON 344 THIS CAUSE having come on for public hearing before the Special Magistrate on September 28a' 2006, after due notice to the Respondent(s), at which time the Special Magistrate heard testimony under oath, received evidence, and issued his Order finding the Respondent(s) in violation of Monroe County Code Section(s): §64(a)(c). Said Order, and subsequent orders, required the Respondent(s) to correct the violation(s) by December 14�h 2006, and further, that failure to correct the violation(s) by the compliance date may result in a fine $250.00,( TWO HUNDRED- FIFTY DOLLARS) per day, being imposed for each day thereafter that there is noncompliance. At the meeting of the Special Magistrate held on December 15a' 2006, Inspector Link testified that the following violation(s) had not yet been corrected: §64(a)(c). ACCORDINGLY, the Special Magistrate finding that the violation(s) had not been corrected, as previously ordered, it is hereby: ORDERED that the Respondent(s) pay to Monroe County, Florida, a fine in the amount of $250.00 (TWO HUNDRED- FIFTY DOLLARS), per day, beginning December 151h 2006, and for each and every day thereafter that the violation(s) exist(s) and/or continue(s) to exist. Pursuant to Florida Statutes Section 162.07, a fine in the amount of $100.00 (ONE HUNDRED DOLLARS) is hereby levied for the administrative recovery for prosecution and investigation. ii+ ] ;� its i. � z� � :1�•� � 1� ?i� �� r s C-. ±1' :.� •• Pursuant to Section 1.62.09, Florida Statutes, and may be recorded with the Clerk of the Courts for Monroe County, Florida. DooN 1630825 Bk# 2277 PgN 345 That upon complying, the Respondent(s) shall notify the Code Inspector in this case, who shall reinspect the property and notify the Special Magistrate of compliance. DONE ORDERED � D this day of December, 2006, at the Monroe County Government Regional Center, Marathon, Florida. I STATE OF FLORIDA Al"M rsr 101 I HEREBY CERTIFY that on this day, before me, on officer duly authorized in the State aforesaid and in the County aforesaid, to take acknowledgments, personally appeared J. Jefferson Overby, personally known to me, who executed the foregoing and acknow edged before me that he executed the same. A �ES my and official seal in the County and State last aforesaid this Iay7Decembe;;06. NotAH Public Karen L. BaW a • My ComrrrIesron OD333077 Expires Juna 28, 2008 l I HEREBY CERTIFY that a true and correct copy of the above and foregoing Order imposing Penalty/Lien has been fi9by U.S. Mail, to the Respondent(s) at P.O. Box 832915, Miami, FL 33283, thi y of Dec ber, 2006. Karen • Bass, Code Unforcement Liaison MONROE COUNTY OFFICIAL RECORDS J. JEFFERSON OVERMONROE COUNTY, FLORIDA BY MONROE COUNTY, FLORIDA, CASE NO. CE051001.43 Petitioner. V5. Respondent(s). THIS CAUSE having come before the Code Enforcement Special Magistrate for a public hearing on March 30a' 2005, and the Special Magistrate, having reviewed the evidence, heard testimony under oath and argument of counsel (if any), and being otherwise fully apprised of the premises, makes the following findings of fact, conclusions of law and order as follows: FINDINGS OF FACT AND CONCLUSIONS OF LAW 1. That the Respondent(s) is/are the owners of record of property located at Y LARGO TRAILER VILLAGE, LT 16, DK 2, KEY LARGO, 2. That the Respondent(s) was/were duly noticed of this hearing; and 3. That the above -named property is in violation of the Monroe County Code as more particularly described in Exhibit "A", which is attached hereto and incorporated herein. Therefore it is S BEFORE THE CODE ENFORCEMENT SPECIAL MAGISTRATE LARRY J. SARTIN MONROE COUNTY, FLORIDA Case # CE05100143 JOSE VIGO Respondents September 27" 2007 Inasmuch as a Code Enforcement lien which is incorporated herein, have been on file in the official records of Monroe County for more than 3 months without being satisfied, this tribunal, pursuant to F.S. 162.09(3), hereby authorizes the Monroe County Attorney's office to institute civil actions to foreclose on said liens and/or to recover money judgments for the amounts of the individual liens plus interest and costs. Said actions are not to begin for 20 days from the date of this order. DONE AND ORDERED at the Division of Administrative Hearings, Tallahassee, Florida, this /�_ day of October. Larry J. rtin Code Enforcement Special Magistrate STATE OF FLORIDA COUNTY OF LEON I HEREBY CERTIFY that on this day before me., an officer duly qualified to take acknowledgments, personally appeared Larry J. Sartin, personally known to me, who executed the foregoing and acknowledged before me that he executed the same. WITNESS my hand and official seal in the County and State last aforesaid this q 4-�' day of October. Notary Public EhnaWilliams Commission # D0481642 r:r•..,,..;= Expires December 2, 2009 1 � �� Bard Tmy Fam Insurance Inc 800.355-7010 S P E C I A L M A G I S. T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANC NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, JOSE VIGO VS. RESPONDENT, CASE NO. CE05100143 PARCEL ID: 00459040000100 LT16 BLK2 KLTV,KEY LARGO, FL 33037 STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 07/26/2006. 3. That an investigation of the case on revealed that the following codes are/ e no com Zia e: Compliance Non-Compliince ------------------ - --- 6-4 (a) (c) FURTHER AFFIANT SAYETH NOT. DATED this day of&42,007. LINK, D E Code Enforcement Inspector SWORN :u a d subscri d befor me this kday of 2007. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA� AFFIDAVIT OF COMPLIANC NON --COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, JOSE VIGO VS. RESPONDENT, CASE NO. CE05100143 PARCEL ID: 00459040000100 LT16 BLK2 KLTV,KEY LARGO, FL 33037 STATE OF FLORIDA } COUNTY OF MONROE } BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or Respondent(s) was/were to have taken certain before the date of 07/26/2006. 3. That an investigation of the case on revealed that the following codes are/are not Compliance Non -Cam aince 6-4 (a) (c) FURTHER AFFIANT SAYETH DATED this 64 day NOT. subsequent orders (s), corrective action by or 5�/Iq 16 in am-li ce. of 2007. a&v wc'� LINK, ') ANE Code Enforcement Inspector SWORN TO,,,aof before me this dayof 2007. JQ, '_%� < NOTARY PUBLIC, STATE OF FLORIDA 0 f +�F - rA1 � a ..'f ,R& y 7 :5 7Y,� a by /, 61c� bd V �✓ � 4� � ✓ Tom. � �� �� j►` - r� •,i• l ^' ITT � ���`. .f � .-� /���,�L��.f •f� :�~Si� �.�J.,ts'�� f�� �� ��' [ Iii*9w �� 1 S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIAN / NON-COMPLIAN MONROE COUNTY FLORIDA PETITIONER, JOSE VIGO VS. RESPONDENT, CASE NO. CE05100143 PARCEL ID: 00459040000100 LT16 BLK2 KLTV,KEY LARGO, FL 33037 STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 07/26/2006. 3. That an investigation of the case o /0�2 revealed that the following codes are/ re not 'n mpl ante: Compliance Non-Complaince ---------- ----- V - - 6-4 (a) (c) FURTHER AFFIANT SAYETH NOT. DATED this no day of , 2006. SWORN TO nd subscribed before me this day of 6__L , Grace is ROW My Comiown DD0364496 Exp€res octot)er 20, 20W /1/"// z7"�" "� LINK, ANE Code Enforcement Inspector 200ij- . RY Pub�IC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, JOSE VIGO CASE NO. CE05100143 VS. RESPONDENT, PARCEL ID: 00459040000100 KEY LARGO TRAILER VILLAGE PBS-43 K STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on , the special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 07/26/2006. 3. That an investigation of the c G revealed that the following codes ar /are not in c mp iance: Compliance Non--Complaince ---------- ------ _ 6--4 (a) (c) FURTHER AFFIANT SAYETH NOT. DATED this 9.1 day ofS EPTEMSER, 2006. SWORN TO and subscr' ed before me this day of rs, err,, � r,•;,,., �, r,- LINK, DY Code Enforcement Inspector 2006. V.Eu_kt�_N PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANCE NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, JOSE VIGO CASE NO. CE05100143 VS . RESPONDENT, PARCEL ID: 00459040000100 KEY LARGO TRAILER VILLAGE PB5-43 K STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on NIA , the Special Magistrate held a public hearing and the Speci l Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 07/26/2006. 3. That an investigation of the case on revealed that the following codes are/ -e n in corn lian e: Compliance Non-Complaance ------. ---- I. 6-4 (a) (c) FURTHER AFFIANT SAYETH NOT. DATED this 2,69- day of , 2006. LINK, DIANE Code Enforcement Inspector SWORN TO and subscribed before me this ._ day of 2006. ARY PUBLIC, o Comm 000443= z ma eia2*000 �pFnO6y�a`" 801ded thru (800)4n.4254 x....��m..iol" .. Phnda,Notary Assn.�Inc S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANC ON -COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, RIPOL ISABEL VS. RESPONDENT, CASE NO. CE05100143 PARCEL ID: 00459040000100 KEY LARGO TRAILER VILLAGE PB5-43 K STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That hearing and above -styled on the Special matter. _, the Special Magistrate held a public Magistrate heard and issued its order in the 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 03/23/2006. 3. That an investigation of the c ., revealed that the fallowing codes ar are no comp i nce: Compliance Non-Complaince ---------- 6-4 (a) (c) FURTHER AFFIANT SAYETH NOT. DATED this Jgo day of 2006. LINK, D ANE Code Enforcement Inspector SWORN TO d subscribed before me this day of , U race iC Reedei 1 y %PtCa7;;rrsOnDD0364495 OeFt� Exµ.__ .....,�,..• _U. 2G�8 2006. NOTARY PUBLIC, STATE OF FLORIDA S P E C I A L M A G I S T R A T E MONROE COUNTY, FLORIDA AFFIDAVIT OF COMPLIANC t� NON-COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, RIPOL ISABEL CASE NO. CE05100143 VS. RESPONDENT, PARCEL ID: 004S9040000100 KEY LARGO TRAILER VILLAGE PBS-43 1{ STATE OF FLORIDA COUNTY OF MONROE BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: 1. That on the Special Magistrate held a public hearing and the Sp cial Magistrate heard and issued its order in the above --styled matter. 2. That, pursuant to said Order, and/or Respondent(s) was/were to have taken certain before the date of 03/23/2006. 3. That an investigation of the case on revealed that the following codes ax are no Compliance Non--Complaince ------------------------ 6-4 (a) (c) subsequent Orders(s), corrective action by or '31Z4,06 in ompl'ance: FURTHER AFFIANT SAYETH NOT. DATED this 250'day of , 2006. SWORN TO and subscribed be re me this ( day of � Y � r 2006 j NOTARY PUBLIC, STATE OF FLORIDA "p s. ] 4 E ■■ sE r Ar' ti" � _ µ•��ifY , iT. ant• V 7' 1 Z:y\T Yr s .: Code Enforcement Detail Page I of I 1 CASE INFO PROPERTY INFO NUMBER CE05100035 DATE 10/5/2005 PARCEL 00459040000100 TYPE 4 OPER linkd ADDRESS 75 AVENUE A KL TRAILER VILLAGE DESC CDF CSz KEY LARGO , FL 33037 TENANT OWNER RIPOL ISABEL ADD INFO 7005 0390 0002 8719 5288 ADDRESS 75 AVENUE A STATUS 0 OPENED WITH RECEP CSz KEY LARGO , FL 33037 OFFICER DCL PHONE VIOLATION CODES 1: 8-17(A) -- PREMISES TO BE CLEANED CASE DESCRIPTION TRASH & DEBRIS & MOWING 10/04/05-SITE INSPECTION SHOWED UTILITY POLE ATILT AND YARD AMESS. SPOKE WITH NEIGHBOR. ELECTRIC CO. DISCONNECTED POWER TO HOME. ISSUE NOV TO OWNER. INSPECTIONS/EVENTS DETAIL DATE TIME INSP/EVE TYPE INSTRUCTIONS 11/8/2005 16:48:00 NOV POSTED POSTED NOV AT PROPERTY 11/7/2005 09:27:44 NOV POSTED NOV PREPARED FOR POSTING @ COURTHOUSE & SUBJECT PROPERTY 11/4/2005 08,22:16 NOV CERTIFIED RETURNED CERTIFIED RECPT RET'D - UNCLAIMED 7005 0390 0002 8719 5288 10/14/2005 10:27:13 NOTICE OF VIOLATION NOTICE OF VIOLATION SENT TO PROPERTY OWNER 10/5/2005 09:15:46 CREATE A CASE VIOLATION RECORDED LINKD 10/4/2005 09:34:38 INITIAL INSPECTION TYPE IISSUE NOV TO OWNER In ..../, l act «7 ,---r'-cnc 1 Wlfll c 1 1 11 Q/'Mor, r_y R„ t � r k 3 Ii.. IY MEMORANDUM Reviewed TO: Joe Paskalik, Building Official FROM: -D1ICcn e L n SUBJECT: Unsafe Structure Referral DATE: /al/ 9 /0,5- Attached please find photographs/documents regarding Code Enforcement Case CE._ _EZOI) 1 4k3 _ for your review. Owner/ Tenant: / SA- EL Pi aaL Physical Address: 75 AVEA-lug— KEY: LAPGo ( 5go�oa x�.oT: I l� e : 2 suer 2c.F 1�,11ge Comments: I have reviewed the documents/photographs provided to me regarding the above Code Enforcement Case. It is my opinion, based upon these documents/photographs that the structure is: xUnsafe andi it /will not require a building permit to bring violation into compliance Not being Maintained in a safe and sanitary condition and is in violation of MCC 6-4(A)(C) The Standard Unsafe Building Abatement Code as do kir�oe Paskalik, Building Official Mr m ti a MW 1�� �MT • � Y �., i 1 i T• 3 � YL �i '.''�,, Mgt► �- >�. r F I� MAD �L i Nk S P E C I A L M A G I S T R A T E MONROE COUNTY, AFFIDAVIT OF COMPLIANCE MONROE COUNTY FLORIDA PETITIONER, RIPOL ISABEL V5. RESPONDENT, STATE OF FLORIDA } COUNTY OF MONROE } FLORIDA (NON:-OMPL IANCE CASE NO. CE05100143 PARCEL ID: 00459040000100 KEY LARGO TRAILER VILLAGE PBS-43 K BEFORE ME, the undersigned authority personally appeared, LINK, DIANE, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and says: r 1. That on _/� the Special Magistrate held a public hearing and the Special° Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent. Orders(s), Respondent(s) was/were to have taken certain corrective action by or before the date of 12/12/2005, 3. That an investigation of the ca / // q Z 7_ revealed that the following codes are are not in c pliace: Compliance Non-Complaince FURTHER AFFIANT SAYETH NOT. DATED this1 day of 2006 . LINK, DIANE Code Enforcement Inspector SWORN TO and subscribed before me this day of , Brace K RevdW fir, t`� r:.}7n ed Ct•.fri+F' ..� �.'7:18 2006. NOTARY PUBLIC, STATE OF FLORIDA Evidence Included & Marked: Notice of Violation(s) Included: Certified Mail Card(s) Signed: Record(s) of Posting / Service: Photos Dated & Initialed: Relevant Building / Planning / Permit Files: Current Property Record Card List of Witnesses: Check of Alchemy & Closed Special Master Cases Current Division of Corp. Page (If Applicable) MIA - Check of Clerk's Record for New Owner(s) C21/ DIRECTOR'S APPROVAL; Doi _ DATE. IT SPECIAL MAGISTRATE LIAISON; Date Received: Date of Service For Notice of Hearing: Date of Posting / Personal Service: Request For Continuance: Continued Until: Agenda Date: It IL I�j LI z 0 000 :Y =7 =r =r n n n n X, X" x ;r Q c m CD O =,X o CD Cr CD c CD m ❑. m REVISE} 8/9/2005 E � FM: RIA ao :,: '�w'f � _ i -_ i �. L J � '�A`��' 4P"h 4•-..x� �. YrT. ":. i- 3g„� � S; ��fi?�"ri$'i a+C�i..� '. , Li C> W r .... x»aa.�..: r 4ONROE COUNTY ***LIVE*** PERMIT STATUS REPORT ]ATE : 12/15/2006 PAGE ; 1 3ASIC INFORMATION Permit no Master no "0 issued Project RE: kddress Dwner (s ) Dwner Addr Permit Type: Jsage Class: Input Quan: :general Cont: 06305793 Status : COMPLETE Apply date : 10/03/06 Permit issued: 10/11/06 CO number 00459040000100- LT16 BLK2 KLTV VIGO JOSE 75 AVENUE A KEY 51 RES 0 07031 LARGO FL 33037 C404 Type Appl. Valua: 1000 Calc Valuat: 0 BEST ELECTRICAL CONT INC SPECIAL CONDITIONS 75 AVE A-KLTV �)7.T.nrn'iTP, LIT 7"f-im ?ROPERTY INFORMATION MATION _ section rout age 'ownship '.ange ;one else 'ld zone nits ron.t eft edrms ooms onstruc type ubdivision agineer rchitect 22 Lot Impact area 61 Block 39 Lot area Fire disc Fld elev Floors Back Right Sgft roof Sgft footprnt: Sgft livable 36000000 )NTRACTOR-INFORMATION_-__---__-__----_-_-_- General Cont: 07031 MONROE COUNTY ***LIVE*** PERMIT STATUS REPORT DATE : 12/15/2006 FEES FEE ID QUANTITY ----------------- B- 1B APPL 1 E- 0 EDUC 1 E- 42 SERV 1 E- 4J SUB 1 TOTALS PLAN REVIEWS FEE 50.00 2.00 50.00 50.00 152.00 BEST ELECTRICAL CONT INC hl:loce 50.00 2.00 .00 50.00 102.00 CREDITS .00 .00 50.00 .00 50.00 REV STOP RV DATE IN DATE OUT ST TIME REVIEWER SENT TO ABO 1 10/04/06 10/04/06 L 0.00 perezm READY COORD 1 10/04/06 10/04/06 L 0.00 harleyb ABO ELECT 1 10/04/06 10/03/06 P 0.00 reyesa COORD MAR-BLDG 1 P.K.-BLDG 1 10/03/06 10/03/06 L 0.00 harleyb ELECT S.I.-BLDG. 1 INSPECTIONS i fAiY....� Y .00 .00 50.00 .00 INSP TYPE SQ REQ. DT SCHE. DT INSP. DT R FAILCODE FEE ID BL999 1 EL99 1 10/11/06 10/11/06 10/11/06 P USER DEFINED SCREENS ACTIVE HOLDS .00 PAGE : 2 RECEIPTS BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 14, 2007 Division: County Attorney Bulk Item: Yes No xx Staff Contact Person: Cynthia L. Hall x3174 AGENDA ITEM WORDING: Approve the Settlement Agreement between Monroe County Code Enforcement and Irene and Callie Kapiris. ITEM BACKGROUND: A notice of violation was served on Callie and Irene Kapiris on March 29, 2006, for property located at 26960 Shannahan Road, Ramrod Key, alleging violation of Monroe County Code Section 9.5-111(1)(building without a permit). The owners were found in violation after a hearing held on September 28, 2006, at which time fines were imposed in the amount of $100 per day if the violations were not corrected by December 15, 2006, plus administrative costs of $100. Ms. Irene Kapiris applied for and received a permit on December 20, 2006, but did not pay any portion of the fines or costs. A lien was recorded by the County on March 6, 2007. As of September 28, 2007, the property was still not in compliance. On that date, the Special Magistrate signed an order authorizing the County to begin collection actions. The County Attorney's office is recommending settlement with the property owners for a very small amount of the outstanding lien ($30,218.50) for the following reasons. Over the past year, Ms. Irene Kapiris has had numerous personal difficulties, including her own illness for 4 months after Hurricane Wilma, illness and then death of her mother Callie in January 2007, and other serious financial difficulties. Ms. Irene Kapiris got a final inspection on August 28, 2007, and passed. Her property is now in compliance. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: NIA STAFF RECOMMENDATIONS: Approval TOTAL COST: COST TO COUNTY: BUDGETED: Yes —No SOURCE OF FUNDS: REVENUE PRODUCING: Yes x No AMOUNT PER MONTH Year $302.1.8 APPROVED BY: County Atty x OMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # BEFORE THE CODE ENFORCEMENT SPECIAL_ MASTER OF MONROE COUNTY, FLORIDA THE HONORABLE J. JEFFERSON OVERBY, PRESIDING MONROE COUNTY, FLORIDA Petitioner, VS. CASE NO.: CE060020401 Respondents. SETTLEMENT AGREEMENT The Board of County Commissioners of Monroe County and Irene and Carrie Kapiris Respondents, hereby agree to settle the code enforcement lien imposed in the above -referenced case by the Special Master against property owned by the Respondents for a total of $302.18. The property in question has a legal description of RAMROD SHORES, FIRST ADDN., RAMROD KEY, Lots 6 through 10, Bk 8, Monroe County, Florida (RE:00208400- 000000). The lien was recorded at Book 2277, Page 346 of the Office Records of Monroe Cou nty. Upon approval of this agreement by the Board of County Commissioners, the Respondent shall remit cash, money order or check in the amount of $302.18 made payable to the Board of County Commissioners on or before January 12, 2008. Within 30 days of clearance of the last check, the County shall provide to Respondent a release and satisfaction of said lien, which the Respondent shall record in - the Official Records of Monroe County. By entering into this agreement, any and all claims arising out of the above - captioned code enforcement case shall be satisfied and concluded. Each party shall bear its own costs and attorney's fees other than as specified in this agreement. (SEAL) BOARD OF COUNTY COMMISSIONERS Attest: DANNY L.KOLHAGE, Clerk OF MONROE COUNTY, FLORIDA Deputy Clerk Dated Notary Public BV Mayor/Chairperson IRENE KAPIRIS Oall i e K(Y-P 1 -C RIE K MON OE COUNTY ATTORNEY A RnA T F M: �CYNTHIA L. HALL ASSIST G�UNTY ATT0�3NEY Date o, 0 2 (date) 105.805 RHY Ifo? This is to certify that the information here given is correctly copied from an original certificate of death duly filed with me as Local Registrar. The original certificate will be forwarded to the State Vital Records Office for permanent tiling. WARNING: it is illegal to duplicate This copy by photostat or photograph. Fee Cor this certilicaw. 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KAPIRIS CALLIE G & IRENE R/S RESPONDENT, STATE OF FLORIDA COUNTY OF MONROE CASE NO. CE06020401 PARCEL ID: 00208400000000 RAMROD SHORES FIRST ADDN PB4-51 RA BEFORE ME, the undersigned authority personally appeared, BORSO, LAUR.A, Code Inspector for the County of Monroe, who, after being duly sworn, deposes and sags: 1. That on , the Special Magistrate held a public hearing and the Special Magistrate heard and issued its order in the above -styled matter. 2. That, pursuant to said Order, and/or subsequent Orders(s), Respondent.W was/were to have taken certain corrective action by or before the date of 08/25/2006. 3. That an investigation of the case on revealed that the following codes are/are not in compliance: Compliance Non-Complaance -------------- FURTHER. AFFIANT SAYETH NOT. DATED this /rz` day of 2007. i550RStr, XATJRA Code Enforcediefit inspector SWORN TO and subscribed before me this __-� day of jae , 2007 !Nz !NOTARY PUBLIC, STATE OF FLORIDA f4f1 Iflee � �COM ISSIOA1ROD9wss � � �cri��1Ys�Fdi4Rf.cEii`�c�r Meeting Date: 11/14/2007 Bulk Item- Yes No xx Division: County Attorney Staff Contact Person: Bob Shillinger AGENDA ITEM WORDING: Approval of request to schedule a closed executive session of the Board of County Commissioners in the matter of Salvatore Zappulla v. Monroe County, at the December 19, 2007 BOCC meeting in Marathon. ITEM BACKGROUND: Sal Zappulla has filed a petition with the Monroe County Career Service Council challenging his dismissal from his position from county service. Legal staff desires direction from the Board. Per F.S. 286.011(8), the subject matter of the meeting shall be confined to settlement negotiations or strategy sessions related to litigation expenditures. Present at the meeting will be the Commissioners, County Administrator Tom Willi, County Attorney Suzanne Hutton, and Chief Assistant County Attorney Bob Shillinger, special litigation counsel Mike Casey and Kevin Vance of the law firm Epstein, Becker & Green, P.A., and a certified court reporter. PREVIOUS RELEVANT BOCC ACTION: None. CONTRACT/AGREEMENT CHANGES: n/a STAFF RECOMMENDATIONS: Approval. TOTAL. COST:@$1500.00 BUDGETED: Yes xx No COST TO COUNT': @$1500.00 SOURCE OF FUNDS: ad valorem REVENUE PRODUCING: Yes No xx AMOUNT PER MONTH Year APPROVED BY: County Atty xx OMB/Purchasing n/a Risk Management n/a DOCUMENTATION: Included Not Required X DISPOSITION: AGENDA ITEM # Revised 2145 Meeting Date: 11/14/2007 Division: County Attorney Bulk Item: Yes No xx Staff Contact Person: Bob Shillinger AGENDA ITEM WORDING: Request for direction in the matter of Monroe County v. De artment of Cormnunity Affairs DOAH 06- 2856GM. ITEM BACKGROUND: The BOCC unanimously passed Ordinance 015-2006 on April 19, 2006. That ordinance provided for a density bonus for small units of affordable housing by creating a definition for a "dwelling, half unit". For purposes of density calculations, a dwelling unit is counted as a half unit if it is a deed restricted affordable housing unit ranging in size from 400 to 750 square feet. The Department of Community Affairs rejected the ordinance based upon a finding that it was inconsistent with the County's comprehensive plan and the principals for guiding development in an area of critical state concern. The County challenged DCA's rejection of the ordinance in the above -referenced matter. That challenge is pending. Legal staff requests direction on whether to continue with the challenge. A status report is due with the DOAH hearing officer on November 30, 2007. PREVIOUS RELEVANT BOCC ACTION: Board previously met in closed session in January 2007. CONTRACT/AGREEMENT CHANGES: n/a STAFF RECOMMENDATIONS: n/a TOTAL COST: None COST TO COUNTY: n/a BUDGETED: n/a SOURCE OF FUNDS: n/a APPROVED BY: County Atty xx OMB/Purchasing n/a DOCUMENTATION: Included xx Not Required DISPOSITION: Revised 2/05 Risk Management n/a AGENDA ITEM # STATE OF FLORIDA DIVISION OF ADMINSTRATIVE HEARINGS MONROE COUNTY, Petitioner, V. FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS, Respondent. CASE NO. DCA Final Order No. DCA06-OR-157 PETITION FOR FORMAL ADMINISTRATIVE PROCEEDINGS Introduction Monroe County, a political subdivision of the State of Florida, files this Petition for Formal Administrative Proceedings pursuant to Sections 120.569 and 120.57(1), Florida Statutes, to challenge the Final Order of the Department of Community Affairs rejecting the Land Development Regulation adopted by Monroe County and states as follows: The challenged final order is: DCA06-OR-157, published in the Florida Administrative Weekly, Volume 32, No. 28, July 14, 2006, 2. The challenged final order rejects a land development regulation that seeks to implement portions of the Monroe County Comprehensive Plan and regulate land use and development within Monroe County. This challenge is based on the consistency of the subject Land Development Regulation (LDR) with Chapter 380, Florida Statutes, the Area of Critical State Concern Act, and Florida Statutes, Section 125.01055 regarding Affordable Housing. The regulation encourages and allows the creation of more affordable housing by allowing a "dwelling density bonus unit" and counting affordable dwelling units as half -units for the purpose of density computation if less than 750 square feet. 4. Petitioner seeks an administrative determination overturning the Final Order of the DCA on the basis that it is consistent with the requirements of Chapter 380, Florida Statutes, and Florida Statutes Section 125.01055 for the reasons stated below. Identification of Petitioner and Other Parties Petitioner, Monroe County, is a non -chartered county and a political subdivision of the State of Florida, whose address is 500 Whitehead Street, Key West, Florida 33040. 6. Respondent, Department of Community Affairs ("DCA") is a State agency exercising powers granted to it by Section 380.05, Florida Statutes, to approve or reject land development regulations that are enacted, amended, or rescinded by any local government in the Florida Keys Area of Critical State Concern ("ACSC"). DCA's address is 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399-2100. Explanation of How Petitioner's Substantial Interests Are or Will be Affected The Monroe County Board of County Commissioners has found that there is a current lack of sufficient affordable housing and a current estimated unmet need of over 7,300 affordable units within the County. 8. The Monroe County Board of County Commissioners has further found that the lack of sufficient affordable housing opportunities for the local work force creates serious risk to the local economy. 2 9. The Monroe County Board of County Commissioners has found that a limited land area suitable for residential development remains in the County and allowing a density bonus when building affordable housing will allow for the creation of more such housing and that such is a legitimate governmental interest and proper to implement goals 101 and 601 of the Monroe County Comprehensive Plan (Policy 101.4; Policy 101.4.5.; Policy 601.1.12, and Objectives 601.2 and 601.6). The Land Development Regulations in question specifically further Florida Statute Section 163.3202(3) by implementing an innovative land development regulation provisions such as transfer of development rights, incentive, and inclusionary housing. 10. The Monroe County Board of County Commissioners has further found that the Amendments to the LDRs in question specifically further Florida Statute Section 125,01055 providing "that a County may adopt and maintain in effect any law, ordinance, rule or other measure that is adopted for the purpose of increasing the supply of affordable housing using land use mechanisms such as inclusionary housing ordinances." 11. if Monroe County is not allowed to utilize the Amendment to the LDRs in question and similar regulations it will be inhibited in its ability to increase the supply of affordable housing within the county and as such both the County and its citizens will be "adversely affected". 12. Monroe County is a "substantially affected person" entitled to initiate this proceeding in accordance with the Florida Administrative Procedure Act. 3 When and How Notice Was Received 13. Notice of the Final Order was received via publication in the Florida Administrative Weekly, Volume 32, No. 28, July 14, 2006. 14. This Petition is filed within 21 days of the publication of the Notice of Final Order. Statement of Material Facts Disputed and Alleged 15. Final Order No. DCA06-OR-157 (attached as "Exhibit A") rejects Monroe County Ordinance No. 015-2006. (Attached as "Exhibit B"), which Ordinance amends Section 9.5-4 (Definitions), Section 9.5-262 (Maximum Residential Density and District Open Space), and Monroe County Section 9.5-352 (Required Parking). a. Section 9.5-4 (D-31(a)) adds a new definition to the Monroe County Land Development Regulations of a "dwelling, density bonus unit" and defines same to mean "the additional number of dwelling half units that can be added to a site pursuant to means as defined in Section 9.5-262 and shall be (one (1) or more rooms physically arranged to create housekeeping establishment for occupancy by one (1) family with separate toilet facilities. The abbreviation `DDBU' shall mean `dwelling density bonus unit.')." b. Section 9.5-4 (D-31(b)) creates a new definition of "dwelling half unit" to mean a "deed restricted affordable housing unit(s) as defined in MCC Section 9.5-4 (A-4-5) that range in size from 400 to 750 square feet which shall be considered one half (.5) of a 5 dwelling unit for the purposes of calculating density as laid out in Section 9.5-262." c. Section 9.5-262 adds the following parenthetical allowance for density calculations for deed restricted affordable or employee housing units providing that units which range in size from 400 to 750 square feet shall be considered a dwelling half -unit as defined above. d. Section 9.5-352 creates a new category for required number of off street parking spaces requiring that dwelling half -units are only required to have 1.0 space per dwelling half unit as a minimal number off street parking. 16. The Final Order of the DCA found the Ordinance in question to be "inconsistent with the 2010 Monroe County Comprehensive Plan" in that "The Plan does not address half allocations or density bonuses for half allocations." Petitioner contends that the Ordinance in question is consistent with the 2010 Monroe County Comprehensive Plan, specifically; (a) Goal 601 which states "Monroe County shall adopt programs and policies to facilitate access by all current and future residents to adequate affordable housing that is safe, decent and structurally sound and that meets the needs of the population based on type, tenure characteristics, unit size and individual preferences." 5 (b) Policy 601.1.12 which states the County "shall adopt land development regulations which may include density bonuses, impact fee waiver program, and other possible regulations to encourage affordable housing." [Emphasis added] (c) Section 7.2.2 of the Monroe County 2010 Comprehensive Plan Technical Document provides for "special housing needs." The Department of Community Affairs established an affordable housing task force for the Florida Keys in conjunction with the provision of technical assistance to Monroe County and made specific recommendations to the County to include regulatory reform. to "explore and support the concept of establishing a new zoning designation for affordable housing. This could be handled as an overlay zone combined with other zoning tools or by site specific designations and/or special exceptions for specific sites." Other recommendations of the DCA's Task Force were as follows: (1) "Local ordinances should be adopted which ease land development requirements and construction regulations to reduce the cost of affordable housing development." (2) "The following incentives should be provided for affordable housing projects and programs: 0 - Relaxation of traffic study requirements - Density relaxation" (d) Section 7.3.2 of the Monroe County 2010 Comprehensive Plan Technical Document further provides for strategies to meet the diverse housing needs of Monroe County's projected population to include: (1) "A range of residential land use categories shall be utilized, (2) "A variety of residential density shall be provided to encourage the private sector to construct a variety of housing unit types." (e) The Department of Community Affairs has failed to follow the legislative intent of Florida Statute, Section 380.0552, which designates the Florida Keys Area as an Area of Critical State Concern and which granted the DCA the authority to reject the Ordinance in question, specifically: "(2) LEGISLATIVE INTENT — it is hereby declared that it is the intent of the legislature is:.. . (d) to provide for affordable housing in close proximity to places of employment in the Florida Keys." 17. (a) In rejection of the Ordinance on the grounds that it was inconsistent with the principles for guiding development as set forth in Florida Statutes, Section 380.0552(7) the Department of Community Affairs has violated the specific intent of the legislature which states: "the 7 principles shall be construed as a whole and no specific provision shall be construed or applied in isolation from the other provisions". (b) Furthermore, one of the principles F.S. §380.055(7)0)] provides for Monroe County: "o) To make available adequate affordable housing for all sectors of the population of the Florida Keys." (c) The Department of Community Affairs has selectively utilized individual principles for guiding development without consideration of the affordable housing crisis in Monroe County and the necessity for implementation of ordinances adopted for the purpose of increasing the supply of affordable housing. 18. The Department of Community Affairs has ignored Florida Statute 125.01055 which states: Affordable housing — Notwithstanding any other provision of law, a county may adopt and maintain in effect any law, ordinance, rule, or other measure that is adopted for the purpose of increasing the supply of affordable housing using land use mechanisms such as inclusionary housing ordinances. Concise Statement of Ultimate Facts Alleged 19. The Ordinance which adopted the Land Development Regulations which were rejected by the Final Order of the Department are consistent with Monroe County's approved and adopted 2010 Comprehensive Plan and is specifically authorized by Florida Statute Section 125.01055 in order to increase the supply of affordable housing within Monroe County. Rules or Statutes Petitioner Contends Rewire Reversal or Modificationof the Agency's Pro used Action 20. The Final Order violates the legislative intent as stated in Section 380.0552 and the principles for guiding development, Section 380.0552(7). 21. Florida Statutes Section 125.01055 specifically authorizes the County to enact the Ordinance which has been rejected by the Department of Community Affairs. Relief Sought by Petitioner WHEREFORE, it is respectfully requested that the Division of Administrative Hearings conduct a formal administrative hearing on the issues raised in this Petition and enter a Final Order determine the Final Order of the Department of Community Affairs to be invalid for the reasons stated above. Respectfully submitted this 21" day of July, 2006. Monroe County Attorney's Office P.O. Box 1026 Key West, FL 33041-1026 (305) 292-3470 (305) 292-3516 (fax) Suzanne A. Hutton, County Attorney FBN: 336122 Robert B. Shillinger Chief Assistant County Attorney FBN: 058262 Shillinger-bob@monroccounty-fl.gov Jerry D. Sanders Assistant County Attorney FBN: 112798 Sanders-JerryP,, onroecounty-fl.gov .ferry D. Sanders Assistant County Attorney 9 CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing has been furnished by facsimile and U.S. Mail to the Secretary of the Department of Community and its General Counsel at 2555 Shumard Oak Boulevard, Tallahassee, FL 32399-2100. Jerry D. Sanders 10 'I I Q 1 `l3 a 11Q I ZI mm- BOARDOF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 17, 2007 Department: County Attorney Bulk Item: Yes No X Staff Contact Person: Suzanne Hutton 93470 AGENDA ITEM WORDING: Approval of a resolution authorizing the issuance of Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007, in an aggregate principal amount not to exceed $33,000,000 to finance the cost of making capital infrastructure and wastewater infrastructure improvements; providing a pledge of the net revenues collected from Discretionary Infrastructure Sales Surtax to secure payment of the principal of and interest on said bonds; providing for the rights of the holders of said bonds; and providing for an effective date for this resolution. ITEM BACKGROUND: There is a shortfall of available cash requirements to finish previously identified capital projects due to the timing of projects to be funded from revenue derived from Discretionary Infrastructure Sales Surtax proceeds. Issuance of revenue bonds is necessary to provide available cash to complete projects scheduled for completion in the next three years. HIT 9/21/2007 BOCC approved the County Administrator's recommended 2008 Budget Action Plan. 2/19/2003 BOCC approved issuance of Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 in an aggregate principal amount not to exceed $25,000,000 for specific identified capital projects. CONTRACT AGREEMENT CHANGES: N/A . , ;� 1, r. €� '� �-, �::r ,i •. TOTAL l„ COST: 1 BUDGETED: Yes No N/A SOURCEOF FUNDS: I, r �; 11; ; APPROVED BY: County Atty. OMB/Purchasing Included X Not Required DISPOSITION: Revised 2/05 Risk Management _ To Follow AGENDA ITEM # N f`i fs.f Gas �n M �xl W Q C7 d d d C� � Co a a Q rn o O0 N w ci o C C Ln C C C C �n CJ C7 C7 %0 M O CD a d d O In Q O C7 {r, JZy C O O N M C O �n O O L3 r 'Z �+ o 0 0 �i C)0 C)t; C C r O C7 O M d d ,O d d -It r" in lc O N N C V It CV N In R, d C7 Ci In It 0 0 — C Ln C O d V' M C C> C] C C, O O C7 •p N M m rn N O M ` C. a.� O N 00� m00 r o � � -ter c7 G, 00 U ❑. N M fl0 W� L' ry .N N C., C] O m M C C Ln GO en GO M d C O Q -r 00 Cl < O 'tj� O OO M '7 C] C 00 `n = vo o CD v o o t� a n O C ato O On0 a r� O- M u w N Y C M M C) N O M d C C U M U C r U Ca d CD C O y f� Cd FSI CD c- ~ 'j CD 0 CA •� y N N dCD cs O C7 d '� ` � -T C. 0" Ny o F - chi E, U o>Sl © U o o U d d CIO 4j 4 CLn i� U � p � d � ��•+ � s-� O ..zj>y NOTICE IS HEREBY GIVEN that on Wednesday, November 14, 2007, at 2:30 P.M., or as soon thereafter as may be heard, at the Key Fargo Library, Tradewinds Shopping Center, 101485 Overseas Highway, Mile Marker 101, Key Largo, Monroe County, Florida, the Board of County Commissioners of Monroe County, Florida will consider the adoption of the following proposed County Resolution: Pursuant to Section 286.0105, Florida Statutes, notice is given that if a person decided to appeal any decision made by the Board with respect to any matter considered at such hearings or meetings, he will need a record of the proceedings, and that, for such purpose, he may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. ADA ASSISTANCE: If you are a person with a disability who needs special accommodations in order to participate in this proceeding, please contact the Office of the County Administrator by phoning (305) 292- 4441, between the hours of 8:30 a.m. — 5:00 p.m_ and no later than two (2) working days prior to the scheduled meeting; if you are hearing or voice impaired, call "711 ". Dated at Key West, Florida, this 24rd day of October, 2007, DANNY L. KOLHAGE, Clerk of the Circuit Court and ex officio Clerk of the Board of County Commissioners of Monroe County, Florida (SEAL) Publication slates: Reporter (Fr) 10/26/07 Keynoter (Sa) 10/27/07 KW Citizen (Su) 10/28/07 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AMENDING AND SUPPLEMENTING RESOLUTION NO.077-2003 ADOPTED BY THE BOARD ON FEBRUARY 19, 2003; AUTHORIZING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF VARIOUS CAPITAL IMPROVEMENTS WITHIN THE COUNTY; AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $32,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF MONROE COUNTY, FLORIDA INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2007, IN ORDER TO FINANCE A PORTION OF THE COSTS OF SUCH CAPITAL IMPROVEMENTS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH SERIES 2007 BONDS; AUTHORIZING THE AWARDING OF SAID SERIES 2007 BONDS PURSUANT TO A PUBLIC BID; DELEGATING CERTAIN AUTHORITY TO THE MAYOR AND THE COUNTY ADMINISTRATOR FOR THE AWARD OF THE SERIES 2007 BONDS AND THE APPROVAL OF THE TERMS AND DETAILS OF SAID SERIES 2007 BONDS; APPOINTING THE PAYING AGENT AND REGISTRAR FOR SAID SERIES 2007 BONDS; AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT WITH RESPECT THERETO; ESTABLISHING A BOOK -ENTRY SYSTEM OF REGISTRATION FOR THE SERIES 2007 BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE CERTIFICATE; AUTHORIZING MUNICIPAL BOND INSURANCE FOR THE BONDS; AUTHORIZING A RESERVE ACCOUNT INSURANCE POLICY WITH RESPECT TO THE BONDS; MAKING CERTAIN AMENDMENTS TO RESOLUTION NO. 077-2003; AND PROVIDING AN EFFECTIVE DATE. RESOLVEDBE IT BY THE BOARD :,.; COUNTY COMMISNIONERS 0;. MONROE COUNTY, FLORIDA: SECTION 1. FINDINGS AND AUTHORIZATIONS. It is hereby found and determined that: (A) On February 19, 2003, the Board of County Commissioners (the "Board") of Monroe County, Florida (the "Issuer") duly adopted Resolution No. 077-2003 (as supplemented, the "Resolution"), authorizing, among other things, the issuance of the Issuer's Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), for the principal purpose of financing the acquisition, construction and equipping of various capital improvements. (B) Certain additional capital improvements should be acquired, constructed and equipped within the Issuer in order to improve the health, safety and welfare of the Issuer's citizens. Such capital improvements are generally described in Exhibit A hereto and are more particularly described in the records, plans and specifications on file with the Issuer (the "Series 2007 Project"). The Series 2007 Project may be amended or supplemented from time to time by the Board in accordance with the provisions of the Resolution. (C) The Resolution provides for the issuance of Additional Bonds, payable on a parity with the Series 2003 Bonds, for the principal purpose of financing the acquisition, construction and equipping of various capital improvements, upon meeting certain requirements set forth in the Resolution. (D) There is hereby authorized the financing of costs related to the acquisition, construction and equipping of the Series 2007 Project, all in the manner provided by this Supplemental Resolution and by the Resolution. (E) The Issuer deems it to be in its best interest to issue its Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") for the principal purpose of financing costs of the acquisition, construction and equipping of the Series 2007 Project. The Series 2007 Bonds shall be issued on parity with the Series 2003 Bonds pursuant to the terms of the Resolution. (F) In accordance with Section 218.385, Florida Statutes, and pursuant to this Supplemental Resolution, the Series 2007 Bonds shall be advertised for competitive bids pursuant to the Official Notice of Sale, the form of which is attached hereto as Exhibit B (the "Official Notice of Sale") (G) Pursuant to the Official Notice of Sale, competitive bids received in accordance with the Official Notice of Sale on or prior to 10:00 a.m., Eastern Standard 2 Time, on November 28, 2007 or such other date or time as is determined by the Mayor in accordance with the terms and provisions of the Official Notice of Sale, shall be publicly opened and announced. (H) Due to the present volatility and uncertainty of the market for tax-exempt obligations such as the Series 2007 Bonds, it is desirable for the Issuer to be able to advertise and award the Series 2007 Bonds at the most advantageous time and date which shall be determined by the Mayor; and, accordingly, the Issuer hereby determines to delegate the advertising and awarding of the Series 2007 Bonds to the Mayor, and in his or her absence or unavailability, to the County Administrator, within the parameters described herein. (1) It is necessary and appropriate that the Board determine certain parameters for the terms and details of the Series 2007 Bonds and to delegate certain authority to the Mayor, and in his or her absence or unavailability, to the County Administrator for the award of the Series 2007 Bonds and the approval of the terms of the Series 2007 Bonds in accordance with the provisions hereof, of the Resolution and of the Official Notice of Sale. (J) In the event Bond Counsel shall determine that the Series 2007 Bonds have not been awarded competitively in accordance with the provisions of Section 218.385, Florida Statutes, the Board shall adopt such resolutions and make such findings as shall be necessary to authorize and ratify a negotiated sale of the Series 2007 Bonds in accordance with said Section 218,385, (K) The covenants, pledges and conditions in the Resolution shall be applicable to the Series 2007 Bonds herein authorized and said Series 2007 Bonds shall be on a parity with and rank equally as to the lien on and source and security for payment from the Pledged Funds (as defined in the Resolution) and in all other respects with. the Series 2003 Bonds and all Additional Bonds hereafter issued pursuant to the Resolution, and shall constitute "Bonds" within the meaning of the Resolution. (H) No Event of Default (as defined in the Resolution) has occurred and is continuing under the Resolution. - (1) It is necessary and desirable to amend the Resolution in certain respects in order to clarify certain components of the Pledged Funds. (J) The Resolution provides that the Series 2007 Bonds shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by, or provided for in, a Supplemental Resolution adopted by the Issuer; and it is now 3 appropriate that the Issuer set forth the parameters and mechanism to determine such terms and details through a competitive sale in accordance with the provisions herein and in the hereinafter described Official Notice of Sale. SECTION 2. DEFINITIONS. When used in this Supplemental Resolution, the terms defined in the Resolution shall have the meanings therein stated, except as such definitions may be hereinafter amended and defined. SECTION 3. AUTHORTTV FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is enacted pursuant to the provisions of the Resolution. and the Act. SECTION 4. AUTHORIZATION OF THE SERIES 2007 PROJECT. The Issuer hereby authorizes the acquisition, construction and equipping of the Series 2007 Project. SECTION 5. AUTHORIZATION AND DESCRIPTION OF THE SERIES 2007 BONDS. The Issuer hereby authorizes the issuance of a Series of Bonds in the aggregate principal amount of not exceeding $32,000,000 to be known as the "Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007," (or such other designation as the Mayor may determine) for the principal purpose of providing moneys to finance costs of the acquisition, construction and equipping of the Series 2007 Project. The actual aggregate principal amount of Series 2007 Bonds to be issued shall be determined by the Mayor provided such initial aggregate principal amount does not exceed $32,000,000. The Series 2007 Bonds shall be dated as of their date of delivery (or such earlier or later date as may be determined by the Mayor), shall be issued in the form of fully registered Bonds in the denomination of $5,000 principal amount or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity preceded by the letter "R," and shall bear interest from their date of delivery (or such other earlier or later date as may be determined by the Mayor), payable semi- annually on each April 1 and October 1 (each date an "Interest Date"), commencing on April 1, 2008 (or such later date as may be determined by the Mayor). Interest on the Series 2007 Bonds shall be payable by check or draft of U.S. Bank - National Association, Fort Lauderdale, Florida, as Paying Agent, made payable and mailed to the Holder in whose name such Bond shall be registered at the close of business on the date which shall be the fifteenth day (whether or not a business day) of the calendar month next preceding the applicable Interest Date, or, at the request of such Holder, by bank wire transfer to the account of such Holder. Principal of the Series 2007 Bonds is payable to the Holder upon presentation, when due, at the designated corporate trust office of U.S. Bank National Association, Fort Lauderdale, Florida, as Paying 11 Agent. The principal of, redemption premium, if any, and interest on the Series 2007 Bonds are payable in lawful money of the United States of America. The Series 2007 Bonds shall bear interest at such rates and yields, shall mature on April 1 of each of the years and in the principal amounts corresponding to such years as determined by the Mayor subject to the provisions set forth in Section 6 hereof and the provisions of the Official Notice of Sale. The final maturity of the Series 2007 Bonds shall not be later than April 1, 2018. All of the terms of the Series 2007 Bonds will be included in a certificate to be executed by the Mayor following the award of the Series 2007 Bonds (the "Award Certificate") and shall be set forth in the final Official Statement as described herein. In the event the Mayor is unavailable to execute the Award Certificate in a timely manner, the County Administrator- is authorized to execute such Award Certificate, SECTION 6. AWARD OF SERIES 2007 BONDS. The Mayor, on behalf of the Issuer and only in accordance with the terms hereof and of the Official Notice of Sale, shall award the Series 2007 Bonds to the underwriter or underwriters that submit a bid proposal which complies in all respects with the Resolution and the Official Notice of Sale and offers to purchase the Series 2007 Bonds at the lowest true interest cost to the Issuer, as calculated by the Issuer's Financial Advisor in accordance with the terms and provisions of the Official Notice of Sale; provided, however, the Series 2007 Bonds shall not be awarded to any bidder unless the true interest cost set forth in the winning bid (as calculated by the Issuer's Financial Advisor) is equal to or less than 5.50%. In accordance with the provisions of the Official Notice of Sale, the Mayor may, in his or her sole discretion, reject any and all bids. SECTION 7. REDEMPTION PROVISIONS. The Series 2007 Bonds shall not be subject to optional redemption prior to maturity. Term Bonds may be established with such Amortization Installments in accordance with the provisions of the Official Notice of Sale at the option of the winning bidder. The mandatory redemption provisions for the Series 2007 Bonds, if any, shall be set forth in the Award Certificate and in the final Official Statement. SECTION 8. BOOK -ENTRY. Notwithstanding the provisions set forth in Section 2.08 of the Resolution, the Series 2007 Bonds shall be initially issued in the form of a separate single certificated fully registered Series 2007 Bond for each maturity. Upon initial issuance, the ownership of the Series 2007 Bonds shall be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). As long as the Series 2007 Bonds shall be registered in the name of Cede & Co., all payments on the Series 2007 Bonds shall be made by the Paying Agent by check or draft or by bank wire transfer to Cede & Co., as Holder of the Series 2007 Bonds. G1 With respect to Series 2007 Bonds registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, the Issuer, the Registrar and the Paying Agent shall have no responsibility or obligation to any direct or indirect participant in the DTC book -entry program (a "Participant"). Without limiting the immediately preceding sentence, the Issuer, the Registrar and the Paying Agent shall have no responsibility or obligation withh respect to (A) the accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership interest on the Series 2007 Bonds, (B) the delivery to any Participant or any other person other than a Series 2007 Bondholder, as shown in the registration books kept by the Registrar, of any notice with respect to the Series 2007 Bonds, or (C) the payment to any Participant or any other person, other than a Series 2007 Bondholder, as shown in the registration books kept by the Registrar, of any amount with respect to principal or interest of the Series 2007 Bonds. The Issuer, the Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Registrar as the Holder and absolute owner of such Series 2007 Bond for the purpose of payment of principal or interest with respect to such Series 2007 Bond, for the purpose of giving notices and other matters with respect to such Series 2007 Bond, for the purpose of registering transfers with respect to such Series 2007 Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal or interest of the Series 2007 Bonds only to or upon the order of the respective Holders, as shown in the registration books kept by the Registrar, or their respective attorneys duly authorized in writing, as provided herein and in the Resolution and all such payments shall be valid and effective to fully satisfy and discharge the Issuer's obligations with respect to payment of principal or interest of the Series 2007 Bonds to the extent of the sum or sums so paid. No person other than a Series 2007 Bondholder, as shown in the registration books kept by the Registrar, shall receive a certificated Series 2007 Bond evidencing the obligation of the Issuer to make payments of principal or interest pursuant to the provisions hereof. Upon delivery by DTC to the Issuer of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions in Section 2.08 of. the Resolution with respect to transfers during certain periods next preceding an interest payment date or the date a Bond has been selected for redemption, the words "Cede & Co." in the Resolution shall refer to such new nominee of DTC; and upon receipt of such notice, the Issuer shall promptly deliver a copy of the same to the Registrar and the Paying Agent. Upon (A) receipt by the Issuer of written notice from DTC (i) to the effect that a continuation of the requirement that all of the outstanding Series 2007 Bonds be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, is not in the best interest of the beneficial owners of such Series or (ii) to the effect that DTC is unable or unwilling to discharge its responsibilities and no substitute depository willing to undertake the functions of DTC hereunder can be found C'l which is willing and able to undertake such functions upon reasonable and customary terms, or (B) determination by the Issuer, in its sole discretion, that such book -entry only system should be discontinued by the Issuer, such Series 2007 Bonds shall no longer be restricted to being registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, but shall be registered in whatever name or names Holders shall designate, in accordance with the provisions of the Resolution. In such event, the Issuer shall issue and the Registrar shall authenticate, transfer and exchange the Series 2007 Bonds consistent with the terms of the Resolution, in denominations of $5,000 or any integral multiple thereof to the holders thereof. The foregoing notwithstanding, until such time as participation in the book -entry only system is discontinued, the provisions set forth in the existing Blanket Issuer Letter of Representations previously executed by the Issuer and delivered to DTC shall apply to the payment of principal and interest on the Series 2007 Bonds. SECTION 9. FORM OF SERIES 2007 BONDS. The text of the Series 2007 Bonds, together with the Registrar's Certificate of Authentication shall be substantially in the form of the bond set forth in Section 2.10 of the Resolution, with such omissions, insertions and variations as may be necessary or desirable and authorized or permitted by the Resolution or any subsequent resolution adopted prior to the issuance thereof, or as may be necessary to comply with applicable laws, rules and regulations of the United States, the State of Florida and the Issuer in effect upon the issuance thereof. SECTION 10. APPLICATION OF SERIES 2007 BOND PROCEEDS. Subject in all respects to the award of the Series 2007 Bonds in accordance with this Supplemental Resolution and the Official Notice of Sale, the proceeds derived from the sale of the Series 2007 Bonds shall be applied by the Issuer simultaneously with the delivery thereof as follows: (A) Capitalized interest, if any, shall be deposited to the Interest Account and shall be used only for the purpose of paying the interest which shall thereafter become due on the Series 2007 Bonds. Any capitalized interest shall be held in trust solely for the payment of the Series 2007 Bonds. (B) A sufficient amount of Series 2007 Bond proceeds shall be used to pay the - premium for the hereinafter described Reserve Account Insurance Policy to be issued by the face amount of which, together with all other amounts on deposit in the Reserve Account, shall equal the Reserve Account Requirement for the Bonds. (C) A sufficient amount of the Series 2007 Bond proceeds shall be applied to the payment of the premium of the hereinafter described Bond Insurance Policy applicable to the Series 2007 Bonds and to the payment of costs and expenses relating to VA the issuance of the Series 2007 Bonds. Such amount or any portion thereof may, at the option of the Issuer, be deposited in and disbursed from the Construction Fund. (D) The balance of the Series 2007 Bond proceeds shall be deposited to a separate account (the "2007 Project Account") in the Construction Fund established with respect to the Series 2007 Project and shall be used to pay the Costs of the Series 2007 Project. SECTION 11. KEY LARGO WASTEWATER TREATMENT DISTRICT OBLIGATIONS. The Issuer covenants and agrees to use a sufficient amount of the proceeds of the Series 2007 Bonds deposited in 2007 Project Account to satisfy its remaining reimbursement obligations under the First Amended and Restated Interlocal Agreement, dated July 20, 2005, between the Key Largo Wastewater Treatment District and the Issuer (the "KLWTD Agreement") in accordance with such. Agreement. The Issuer covenants not to amend this Supplemental Resolution or the Resolution in any manner which would result in there being an insufficient amount of proceeds of the Series 2007 Bonds on deposit in the 2007 Project Account to satisfy the Issuer's remaining reimbursement obligations under the KLWTD Agreement. SECTION 12. SECURITY FOR THE SERIES 2007 BONDS. The Series 2007 Bonds shall be secured on a parity basis with the Series 2003 Bonds and any subsequently issued Additional. Bonds pursuant to the provisions of the Resolution, particularly Sections 4.01 and 4.02 thereof. SECTION 13. OFFICIAL NOTICE OF SALE. The form of the Official Notice of Sale attached hereto as Exhibit B and the terms and provisions thereof are hereby authorized and approved. The Mayor is hereby authorized to make such changes, insertions and modifications as he or she shall deem necessary prior to the advertisement of such Official Notice of Sale. The Mayor is hereby authorized to advertise and publish the Official Notice of Sale or a summary thereof at such time as he or she shall deem necessary and appropriate, upon the advice of the Issuer's Financial Advisor, to accomplish the competitive sale of the Series 2007 Bonds. SECTION 14. PRELIMINARY OFFICIAL STATEMENT. The Issuer �- hereby authorizes the distribution and use of a Preliminary Official Statement in substantially the form attached hereto as Exhibit C in connection with offering the Series 2007 Bonds for sale. If between the date hereof and the mailing of the Preliminary Official Statement, it is necessary to make insertions, modifications or changes in the Preliminary Official Statement, the Mayor and the County Administrator are hereby authorized to approve such insertions, changes and modifications. The Mayor and the County Administrator (or either's designee) are hereby authorized to deem the Preliminary Official Statement "final" within the meaning of Rule 15c2-12(b) under the �0- Securities Exchange Act of 1934 (the "Rule") in the form as mailed. Execution of a certificate by the Mayor or County Administrator (or either's designee) deeming the Preliminary Official Statement "final" as described above shall be conclusive evidence of the approval of any insertions, changes or modifications. SECTION 15. OFFICIAL STATEMENT. Subject in all respects with the award of the Series 2007 Bonds in accordance with. Section 6 hereof, the Mayor and the County Administrator are hereby authorized and directed to execute and deliver a final Official Statement, dated the date of the award of the Series 2007 Bonds, which shall be in substantially the form of the Preliminary Official Statement, in the name and on behalf of the Issuer, and thereupon to cause such Official Statement to be delivered to the underwriter or underwriters with such changes, amendments, modifications, omissions and additions as may be approved by the Mayor and the County Administrator. Said Official Statement, including any such changes, amendments, modifications, omissions and additions as approved by the Mayor and the County Administrator, and the information contained therein are hereby authorized to be used in connection. with the sale of the Series 2007 Bonds to the public. Execution by the Mayor and the County Administrator of the Official Statement shall be deemed to be conclusive evidence of approval of such changes. SECTION 16. APPOINTMENT OF PAVING AGENT AND REGISTRAR. Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 5 hereof, L.S. Bank National Association, Fort Lauderdale, Florida is hereby designated Registrar and Paying Agent for the Series 2007 Bonds. The Mayor and the County Administrator are hereby authorized to enter into any agreement which may be necessary to effect the transactions contemplated by this Section 10 and by the Resolution. SECTION 17. SECONDARY MARKET DISCLOSURE. Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, the Issuer hereby covenants and agrees that, in order to provide for compliance by the Issuer with the secondary market disclosure requirements of the Rule, it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate to be executed by the Issuer and dated the dated date of the Series 2007 Bonds, as it may be amended fiom time to time in accordance with the terns thereof. The Continuing Disclosure Certificate shall be substantially in the form of Exhibit D hereto with such changes, amendments, modifications, omissions and additions as shall be approved by the Mayor who is hereby authorized to execute and deliver such Certificate. Notwithstanding any other provision of the Resolution, failure of the Issuer to comply with such Continuing Disclosure Certificate shall not be considered an Event of Default under the Resolution; provided, however, to the extent permitted by law, the sole and exclusive remedy of any Series 2007 Bondholder for the enforcement of the provisions of the Continuing 0 Disclosure Certificate shall be an action for mandamus or specific performance, as applicable, by court order, to cause the Issuer to comply with its obligations under this Section 17 and the Continuing Disclosure Certificate. For purposes of this Section 17, "Series 2007 Bondholder" shall mean any person who (A) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series 2007 Bonds (including persons holding such Bonds through nominees, depositories or other intermediaries), or (B) is treated as the owner of any such Bond for federal income tax purposes. SECTION 18. AMENDMENT TO RESOLUTION. The definition of "Infrastructure Sales Surtax Revenues" set forth in Section 1.01 of the Resolution is hereby amended in its entirety to read as follows: "Infrastructure Sales Surtax Revenues" shall mean all amounts received by the Issuer from the Discretionary Sales Surtax Clearing Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes. The foregoing amendment to the Resolution is being made in accordance with Section 7.01(A) of the Resolution and, accordingly, neither the consent of the Bondholders nor the Insurers is required or being sought. SECTION 19. MUNICIPAL BOND INSURANCE; RESERVE ACCOUNT INSURANCE POLICY. (A) Subject in all respects with the award of the Series 2007 Bonds in accordance with. Section 6 hereof, the Issuer hereby authorizes the payment of the principal of and interest on the Series 2007 Bonds to be insured pursuant to a municipal bond insurance policy (the "Bond Insurance Policy") to be issued by The Mayor and the County Administrator are hereby authorized to execute such documents and instruments necessary to cause to insure the Series 2007 Bonds. (B) Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, the Issuer shall deposit to the Reserve Account a reserve account insurance policy purchased from [(the "Reserve Account Insurance Policy")] the face amount of which, together with any other cash amounts and the face amounts of any other reserve policies or surety bonds on deposit in the Reserve Account, is equal to the Reserve Account Requirement for the Bonds.] The Reserve Account Insurance Policy constitutes a "Reserve Account Insurance Policy" for purposes of the Resolution. The Mayor is hereby authorized to enter into a [financial guaranty agreement] substantially in the form attached hereto as Exhibit E (the "Debt 10 Service Reserve Fund Policy Agreement") in order to cause to issue such Reserve Account Insurance Policy. The provisions of such Debt Service Reserve Fund Policy Agreement, when executed and delivered, shall be incorporated herein by reference and to the extent there are any conflicts between the Debt Service Reserve Fund Policy Agreement and the Resolution, the provisions of the Debt Service Reserve Fund Policy Agreement shall control. SECTION 20. PROVISIONS RELATING TO BOND INSURANCE POLICE' AND RESERVE ACCOUNT INSURANCE POLICE'. (A) The commitments from to issue its Bond Insurance Policy and [Reserve Account Insurance Policy] for the Series 2007 Bonds are hereby approved and authorized and payment for the premiums for such insurance is hereby authorized from proceeds of the Series 2007 Bonds. A statement of insurance is hereby authorized to be printed on or attached to the Series 2007 Bonds for the benefit and information of the Holders of the Series 2007 Bonds. (B) Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, so long as the Bond Insurance Policy issued by is in full force and effect and has not defaulted in its payment obligations under the Bond Insurance Policy or the [Reserve Account Insurance Policy,] the Issuer agrees to comply with the following provisions: to come SECTION 21. GENERAL AUTHORITY. The Mayor, the County Administrator, the Clerk, the County Attorney, and the other 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, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement or the Official Notice of Sale or desirable or consistent with the requirements hereof or of the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement or the Official Notice of Sale for the full punctual and complete performance of all the terms, covenants and agreements contained herein or in the Series 2007 Bonds, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Debt Service Reserve Fund Policy Agreement and the Official Notice of Sale and each member, employee, attorney and officer of the Issuer is hereby authorized and directed to execute and deliver any and all papers and instruments and to be and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated hereunder. If the Mayor is unavailable or unable at any time to perform any duties or functions hereunder, the Mayor Pro Tem and the County Administrator are each hereby authorized to act on his behalf. 11 SECTION 22. SEVERADILITY 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 2007 Bonds. SECTION 23. CONFLICTS; 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; provided, however, that in the event of a conflict between the terms of this Supplemental Resolution and the Resolution, the terns of this Supplemental Resolution shall govern. SECTION 24. EFFECTIVE DATE. This Supplemental Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the 14"' day of November, 2007. Di Gennaro McCoy Murphy Neugent Spehar (SEAL) Attest: DANNY L. KOLHAGE, Clerk 51 Deputy Clerk Mayor ;4NEW COUATTORNEY VED AS12 c�oUr� �Ar�E Hate SERIES 2007 PROJECT The Series 2007 Project generally includes the following: acquisition, construction and equipping of a new fire station/EMS facility on Stock Island e acquisition, construction and equipping of a new fire station on Big Pine Key 0 acquisition, construction and equipping of a new fire station on Conch Key ® acquisition, construction and equipping of a public works compound at Rockland 0 capital improvements at Big Pine Park ® pursuant to the terms of the Resolution, the County will deposit a sufficient amount of the proceeds of the Series 2007 Bonds to the 2007 Project Account in order to satisfy all of its remaining reimbursement obligations under the KLWTD Agreement �V.=11�.�af'li'.3 $30,640,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 Electronic Bids, as Described Herein, Will Be Accepted Until 10:00 a.m., Eastern Standard Time, November 28, 2007* *Preliminary, subject to change. Monroe Comity, Florida Iufraoructttre Sales Surtax Revenue Bonds, Series 2007 - Official Notice of Sole Page I $30,640,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds Series 2007 NOTICE IS HEREBY GIVEN that electronic bids will be received in the manner, on the date and up to the time specified below: DATE: November 28, 2007* TIME: 10:00 A.M. Eastern Standard Time* ELECTRONIC BIDS: May be submitted only through Public Financial Management's PFMauction website ("PFMauction") as described below. No other form of bid or,provider of electronic bidding services will be accepted. a Bids will be received at the office of the County Administrator of Monroe County, Florida, The Historic Gato Cigar Factory, 1100 Simonton Street, Suite 2-205, Key West, Florida 33040, for the purchase of all, but not less than all, of the $30,640,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Bonds") to be issued by Monroe County, Florida (the "County") pursuant to the terms and conditions of Resolution No. 077-2003 adopted by the Board of County Commissioners of the County, on February 19, 2003, as amended and supplemented (the "Bond Resolution"). Such bids will be opened in public in accordance with applicable legal requirements. The Bond proceeds will be used to finance the acquisition, construction and equipping of various capital improvements within the County and to pay costs of issuing the Bonds, including the premium for a municipal bond insurance policy and a debt service reserve insurance policy. The Bonds are more particularly described in the Preliminary Official Statement dated November 15, 2007 (the "Preliminary Official Statement") relating to the Bonds, available at PFMauction's website, iviviv.pfinauclion.coni. This Official Notice of Sale contains certain information for quick reference only. It is not, and is not intended to be, a summary of the Bonds. Each bidder is required to read the entire Preliminary Official Statement to obtain information essential to making an informed investment decision. *Prelinunary, subject to change. Monroe County, Florida Infrastructure Sales Surfer Revenue Bondi, Series 2007- Official Notice of Sale Page 2 Prior to accepting bids, the County reserves the right to change the principal amount of the Bonds being offered and the teens of the Bonds, to postpone the sale to a later date or time, or cancel the sale. Notice of a change or cancellation will be announced via The Bold Buyer news service at the internet website address nrn,)v. tnr3. cone, not later than Noon, Eastern Standard Time, on. the day preceding the bid opening or as soon as practicable. Such notice will specify the revised principal amount or terns, if any, and any later date or time selected for the sale, which may be postponed or cancelled in the same manner. If the sale is postponed, a later public sale may be held at the hour, in the manner, and on such date as communicated upon at least twenty-four (24) hours notice via The Bond Buyer news service at the internet website address iviviv.1m3.cote. The County reserves the right, after the bids are opened, to adjust the principal amount of the Bonds, as further described herein. See "ADJUSTMENT OF AMOUNTS AND MATURITIES." To the extent any instructions or directions set forth in PFMauction conflict with this Official Notice of Sale, the terms of this Official Notice of Sale shall control. For further information about PFMauction and to subscribe in advance of the bid, potential bidders may contact PFMauction at (412) 391-5555, extension 370. Each prospective electronic bidder must be a subscriber to PFMauction. Each qualified prospective electronic bidder shall be solely responsible to make necessary arrangements to view the bid form on PFMauction and to access PFMauction for the purposes of submitting its bid in a timely manner and in compliance with the requirements of the Official Notice of Sale. Neither the County nor PFMauction shall have any duty or obligation to provide or assure access to PFMauction to any prospective bidder, and neither the County nor PFMauction shall be responsible for a bidder's failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by, PFMauction. The County is using PFMauction as a communication mechanism, and not as the County's agent, to conduct the electronic bidding for the Bonds. The County is not bound by any advice and determination of PFMauction to the effect that any particular bid complies with the terns of this Official Notice of Sale and, in particular, the bid specifications hereinafter set forth. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via PFMauction are the sole responsibility of such bidders and the County shall not be responsible, directly or indirectly, for any such costs - or expenses. If a prospective bidder encounters any difficulty in submitting, modifying or withdrawing a bid for the Bonds, the prospective bidder should immediately telephone PFMauction at 412-391-5555, extension 370, and notify the County's Financial Advisor, Public Financial Management, Inc., at 239-939-3009 or canaryh cc pf n-com. The County shall have no responsibility for technological or transmission errors that any bidder may experience in transmitting a bid. The use of PFMauction shall be at the bidder's risk and expense, and the County shall have no liability with respect thereto. Monroe County, Florida Ittfrastrttctttre Srtles Sttrtar Revenue Bonds, Series 2007 - Official Notice of Sale Page 3 The Bonds will be issued in fully registered, book -entry only form, without coupons, will be dated as of their date of delivery (currently anticipated to be December 14, 2007), will be issued in denominations of $5,000 or integral multiples thereof, will bean interest from their dated date until paid at the annual rate or rates specified by the successful bidder, subject to the limitations specified below, payable as shown on the Summary Table set forth herein. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds must meet the minimum and maximum coupon and reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. The Bonds will mature on the dates, in the years and principal amounts shown on the Summary Table as serial bonds except as otherwise adjusted as described herein. Any two to four consecutive maturities of the Bonds bearing interest at the same rate may be combined into up to three (3) term bonds with mandatory sinking fund installments equal to the amounts and years specified in the Official. Notice of Sale combined to form a term bond. The Bonds will not be subject to optional redemption prior to maturity. U—RRRTIIM The Bonds shall be limited obligations of the Issuer and secured by Infrastructure Sales Surtax Revenues, as defined in the Resolution and described in the Preliminary Official Statement. The Bonds shall be on parity with the County's outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"). See the Preliminary Official Statement for more information regarding the security for the Bonds. Monroe County, Florida litfrastructtire Sales Surtav Revenue Bonds, Series 2007 - Official Notice of Sale Page 4 Summary 'Fable If numerical or date references contained in the body of this Official Notice of Sale conflict with this Summary Table, the body of this Official Notice of Sale shall control. Consult the body of this Official Notice of Sale for a detailed explanation of the items contained in the Sununary 'fable, including interpretation of such items and methodologies used to determine such items. Prospective purchasers of the bonds must read the entire Official Notice of Sale and the entire Preliminary Official Statement, Terns of the Bonds Dated Date: Date of Delivew Anticipated Delivery Date: December 14, 2007* Interest Payment Dates: April I and October 1, cominencing April 1, 2009 Principal Payment Dates (April 1): Year Principal Amount* Year Principal Amount* 2009** $2,615,000 2014** $3,095,000 2010** 2,700,000 2015** 3,205,000 2011** 2,795,000 2016** 3,325,000 2012** 2,890,000 2017** 3,445,000 2013** 2.990,000 2018** 3,580,000 Interest Calculation: [Ratings] : Bidding Parameters Sale Date: Bidding Method: All or none vs. Maturity -by -Maturity: Bid Award Method: Bid Confirmation: Bid Award:. Good Faith Deposit: Coupon Multiples: Maximum Coupon: Minimum Coupon: Optional Redemption: Tern Bonds: Maximum Reoffering Price: Minimum Reoffering Price Insurance: 360-day year of twelve 30-day months Moody's: Aaa (insured) S&P: AAA (insured) Fitch: AAA (insured) November 28, 2007* PFMauctio n All -or -none Lowest true interest cost Fax signed Official Confrrnation of Bid Form As soon as practicable on day of sale $310,000" Surety bond required prior to bid 1/8 or 1/20 of 1% 5.25% None No Yes, at bidder's option. See "STRUCTURE" herein. Maturity Urdinuted Aggregate Unlimited Maturity 98.0 Aggregate 99.0 Yes, all maturities by Ad ustment Parameters (As required to optimize funding of projects) Principal Increases: Maturity Unlimited Aggregate 10.0% Principal Reductions: Maturity Unlimited Aggregate 10.0% * Preliminary. subject to change. **May be combined into up to three (3) term bonds. See "STRUCTURE" herein. Monroe County, Florin a Infrastructure Sales Surtaw Revenue Bonds, Series 2007 - Official Notice of Sale Page 5 i W41, G 4; •.: The aggregate principal amount of each maturity of Bonds is subject to adjustment by the County after the receipt and opening of the bids for their purchase. Changes to be made after the opening of the bids will be communicated to the successful bidder directly prior to 8:00 a.m., Eastern Standard Time on the date following the sale date. The County may cancel the sale of the Bonds or adjust the aggregate principal amount. The County may increase or decrease the principal amount of the Bonds or any maturity thereof by no more than the individual maturity or aggregate principal percentages, if any, shown in the Summary Table. The County will consult with the successful bidder before adjusting the amount of any maturity of the Bonds or canceling the Bonds; however, the County reserves the sole right to make adjustments, within the limits described above, or cancel the sale of the Bonds. Adjustment to the size of the Bonds within the limits described above does not relieve the purchaser from its obligation to purchase all of the Bonds offered by the County. Each bid must specify the initial reoffering prices to the public of each maturity of Bonds. Adjustments may be made to the principal amounts based on the reoffering prices shown on PFMauction. In determining whether there will be any revision to the principal amount of or maturity of the Bonds subsequent to the bid opening and award, the County expects that changes may be made that are necessary to increase or decrease the principal amount of the Bonds to meet the County's funding objectives, all subject to the limitations set forth above. In the event that the principal amount of any maturity of the Bonds is revised after the award, the interest rate and reoffering price for each maturity and the Underwriter's Discount on the Bonds as submitted by the successful bidder shall be held constant. The "Underwriter's Discount" shall be defined as the difference between the purchase price of the Bonds submitted by the bidder and the price at which the Bonds will be issued to the public, calculated from information provided by the bidder, divided by the par amount of the Bonds bid. The Bonds will be issued in fully registered, book -entry only form and a bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York ("DTC"), registered in the name of its nominee, Cede & Co. A book -entry system will be employed, evidencing ownership of the Bonds, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The successful bidder, as a condition to Monroe County, Florida Lrfrastriietrrre Sales Surtat Re etue Bonds, Series 2007 - Official Notice of Sale Page 6 delivery of the Bonds, will be required to deposit the Bond certificates with DTC or the Registrar- (as defined below), registered in the name of Cede & Co. Principal of, premium, if any, and interest on the Bonds will be payable by U.S. Bank National Association, the paying agent and registrar (the "Registrar") for the Bonds by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal, premium, if any, and interest payments to the beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. Neither the County nor the Registrar will be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender thereof at the designated corporate office of the Registrar on the dates, in the years and amounts established in accordance with the award of the Bonds. Interest on the Bonds is payable on the dates shown in the Summary Table. The Registrar will snail interest payments on the Bonds on each interest payment date to the owners of the Bonds at the addresses listed on the registration books maintained by the Registrar for such purpose at the close of business on the date which shall be the fifteenth day (whether or not a business day) of the calendar month next proceeding the applicable payment date, as described in the Bond Resolution. So long as DTC or its nominee is the registered owner- of the Bonds, payments of principal, interest and any redemption premium on the Bonds will be made to DTC or its nominee. PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT The County has authorized the preparation and distribution of a Preliminary Official Statement containing inforrnation relating to the Bonds. The Preliminary Official Statement has been deemed final by the County as required by Rule 15c2-12 of the Securities and Exchange Commission. The County will furnish the successful bidder on the date of closing, with its certificate as to the completeness and accuracy of the Official Statement. - The Preliminary Official Statement and this Official Notice of Sale and any other information concerning the proposed financing will be available electronically at PFMauction's website, iviviv.pfniaitction.coni. Assistance in obtaining the documents will be provided by PFMauction customer service at 412-391-5555, extension 370 or from Public Financial Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, Florida 33966-4796, Phone 239-939-3009, Fax 239- 939-1220 or email canaryh@pfin.com. Monroe Corruty, Florida Ir frastracture, Stiles Surtav Revenue Bouts, Series 2007 - Official Notice of Sale Page 7 The Preliminary Official Statement, when amended to reflect the actual amount of the Bonds sold, the interest rates specified by the successful bidder and the price or yield at which the successful bidder will reoffer the Bonds to the public, together withh any other information required by law, will constitute a final "Official Statement" with respect to the Bonds as that terra is defined in Rule 15c2-12, The County shall furnish at its expense within seven (7) business clays after the Bonds have been awarded to the successful bidder no more than 200 copies of the final Official Statement. Additional copies of the Official Statement may be provided at the request and expense of the winning bidder. if the Bonds are awarded to a syndicate, the County will designate the senior managing underwriter of the syndicate as its agent for purposes of distributing copies of the Official Statement to each participating underwriter. Any underwriter submitting a bid with respect to the Bonds agrees thereby that if its bid is accepted, it shall accept such designation and shall enter into a contractual relationship with all participating underwriters for the purpose of assuring the receipt and distribution by each participating underwriter of the Official Statement. LEGAL OPINIONS The Bonds will be sold subject to the opinion of Nabors, Giblin & Nickerson, P.A., the County's Bond Counsel, as to the legality thereof and such opinion will be furnished without cost to the purchaser and all bids will be so conditioned. A form of Bond Counsel's opinion is attached to the Preliminary Official Statement as Appendix E. Certain matters will be passed on for the County by Suzanne Hutton, County Attorney and Bryant Miller Olive P.A., the County's Disclosure Counsel. A legal opinion (or reliance letter thereon) of Bryant Miller Olive P.A., Tampa, Florida, Disclosure Counsel, and a legal opinion of Suzanne Hutton, County Attorney, with respect to certain matters concerning the Official Statement will be furnished without charge to the successful bidder at the time of delivery of the Bonds. BIDDING PROCEDURE; OFFICIAL BID FORMS Only electronic bids submitted via PFMauction will be accepted. No other �- provider of electronic bidding services will be accepted. No bid delivered in person or by facsimile directly to the County will be accepted. Bidders are permitted to submit bids for the Bonds during the bidding time period, provided they are eligible to bid as described under "GENERAL" above. Each electronic bid submitted via PFMauction shall be deemed an irrevocable offer in response to this Official Notice of Sale and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the County. All bids remain firm until an award is made. The successful bidder must confirm the details of such bid by a signed ,Monroe Counly, Florida Infrastructure Sales Surfav Rererure Bonds, Series 2007 - Official: lotice of Sale Page 8 Official Confirmation of Bid Form delivered by fax to Public Financial Management, Inc. at 239-939-1220 no later than one hour after being notified by the County of being the winning bidder, the original of which must be received by Public Financial Management, Inc., Financial Advisor to the County on the following business day at 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796. Failure to deliver the form does not relieve the bidder of the obligation to purchase the Bonds. Bidders must bid to purchase all maturities of the Bonds. Each bid must specify (1) an annual rate of interest for each maturity, (2) reoffering price or yield for each maturity and (3) a dollar purchase price for the entire issue of the Bonds. No more than one (1) bid from any bidder will be considered. A bidder must specify the rate or rates of interest per annum (with no more than one rate of interest per maturity), which the Bonds are to bear, to be expressed in multiples of 1/8 or 1/20 of 1%. Any number of interest rates may be named, but the Bonds of each maturity must bear interest at the same single rate for all bonds of that maturity. Each bid for the Bonds must meet the minimum and maximum coupon criteria and minimum and maximum reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. Each bidder must specify, as part of its bid, the prices or yields at which a substantial amount (i.e., at least 10%) of the Bonds of each maturity will be offered and sold to the public. Reoffering prices presented as a part of the bids will not be used in computing the bidder's true interest cost. As promptly as reasonably possible after bids are received, the County will notify the successful bidder that it is the apparent winner. The County has received a commitment from of its intent to issue a municipal bond insurance policy insuring payment of principal and interest on the Bonds, when due. The cost of municipal bond insurance will be paid by the County. Information regarding the bond insurance commitment may be obtained fi•om the Public Financial Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796, 239-939-3009, canaiyh@pfm.com. pfm.com. The City has received a commitment from of its intent to issue a debt service reserve fund insurance policy (the "Reserve Account Insurance Mouroe County, Florida ltifrccstructttre Sales Srirtav l?et etene Ba►rrls, Series 2007- Official Notice of Sale Page 9 Policy"), the face amount of which, together with other amounts on deposit in the Reserve Account (as defined in the Bond Resolution), will be equal to the Reserve Account Requirement (as defined in the Bond Resolution) for the Bonds and the Series 2003 Bonds. Such Reserve Account Insurance Policy shall be deposited to the Reserve Account and shall be used to pay debt service on the Bonds to the extent the Pledged Funds are insufficient therefore. The cost of the Reserve Account Insurance Policy will be paid by the County. The County expects to award the Bonds to the winning bidder as soon as practicable after the bids are opened on the sale date. Bids may not be withdrawn prior to the award. Unless all bids are rejected, the Bonds will be awarded by the County on the sale date to the bidder whose bid complies with this Official Notice of Sale and results in the lowest Tare Interest Cost ("TIC") to the County. The lowest TIC will be determined by doubling the semi-annual interest rate, compounded semi-annually, necessary to discount the debt service payments from the payment dates to the dated date of the Bonds and to the aggregate purchase price of the Bonds. If two or more responsible bidders offer to purchase the Bonds at the same lowest TIC, the County will award the Bonds to one of such bidders by lot. Only the final bid submitted by any bidder through PFMauction will be considered. The right reserved to the County shall be final and binding upon all bidders with respect to the form and adequacy of any proposal received and as in its conformity to the terms of this Official Notice of Sale. The County reserves the right, in its discretion, to reject any and all bids and to waive irregularity or informality in any bid. Delivery of the Bonds will be made by the County to DTC in book -entry only form, in New York, New York on or about the delivery date shown in the Summary Table, or such other date agreed upon by the County and the successful bidder. Payment for the Bonds must be made in Federal Funds or other funds immediately available to the County at the time of delivery of the Bonds. Any expenses incurred in providing immediate funds, whether by transfer of Federal Funds or otherwise, will be borne by the purchaser. The County intends to conduct the closing in Naples, Florida. The successful bidder will have the night, at its option, to cancel its obligation to purchase the Bonds if the Registrar- fails to authenticate the Bonds and tender the same Monroe County, Florida Infrastructure Sales Surtat Revenue Bonds, Series 2007 - Official ;Police of Sale Page 10 for delivery within 60 days from the date of sale thereof, and in such event the successful bidder will be entitled to the return of the Good Faith Deposit accompanying its bid. Each bid for the purchase of the Bonds must be accompanied by a financial surety bond which guarantees payment to the County of the Good Faith Deposit amount shown in the Summary Table to secure the County against any loss resulting from a failure of the successful bidder to take up and pay for the Bonds in accordance with the terms of this Official Notice of Sale and of their bids. Each financial surety bond must be from an insurance company acceptable to the County and licensed to issue such a bond in the State of Florida. Each financial surety bond must be submitted to Public Financial. Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796, or by facsimile to 239-939-1220, prior to the time bids are rewired to be submitted and must be in form and substance acceptable to the County. Each financial surety bond must identify each bidder whose deposit is guaranteed by such financial surety bond. The successful bidder for the Bonds is required to submit its Good Faith Deposit to the County in the form of a wire transfer in federal funds not later than 12:30 p.m., Eastern Standard Time, on the next business day following the award. If such deposit is not received by that time, the relevant financial surety bond will be drawn upon by the County to satisfy the deposit requirement. The Good Faith Deposit so wired will be retained by the County until the delivery of such Bonds, at which time the good faith deposit will be applied against the purchase price of such Bonds or the good faith deposit will be retained by the County as partial liquidated damages in the event of the failure of the successful bidder to take up and pay for such Bonds in compliance with the terms of the Official Notice of Sale and of its bid. The County will pay no interest on the good faith deposit. The balance of the purchase price must be wired in federal funds to the account detailed in the closing memorandum provided by the County to the successful purchaser, simultaneously with delivery of such Bonds. CUSIP N UMBERS It is anticipated that CUSIP numbers will be printed on the Bonds, but neither failure to print such numbers on any Bonds nor any error with respect thereto will constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds. Bond Counsel will not review or express any opinion as to the correctness of such CUSIP numbers. The policies of the CUSIP Service Bureau will govern the assignment of specific numbers to the Bonds. The successful bidder will be Afouroe County, ITorirla ILrfrastructrtre Salev Srrrtai Rerenue Raitrls, Series 2007 - Official Aratice of Sale Page 11 responsible for applying for and obtaining CUSIP numbers for the Bonds. All expenses in relation to the printing of CUSIP numbers on the Bonds will be paid for by the County; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers will be the responsibility of and will be paid for by the successful bidder. f��7lT�►'� tV'! The County has not undertaken to register the Bonds under the securities laws of any state, nor investigated the eligibility of any institution or person to purchase or participate in the underwriting of the Bonds under any applicable legal investment, insurance, banking or other laws. By submitting a bid for the Bonds, the successful bidder represents that the sale of the Bonds in states other than Florida will be made only under exemptions from registration or, wherever necessary, the successful bidder will register the Bonds in accordance with the securities laws of the state in which the Bonds are offered or sold. The County agrees to cooperate with the successful bidder, at the bidder's written request and expense, in registering the Bonds or obtaining an exemption from registration in any state where such action is necessary; provided, however, that the County shall not be required to consent to suit or to service of process in any jurisdiction. Section 218.38(1)(b)(2), Florida Statutes, requires that the successful purchaser file a statement with the County containing information with respect to any fee, bonus or gratuity paid, in connection with the Bonds, by any underwriter or financial consultant to any person not regularly employed or engaged by such underwriter or consultant. Receipt of such statement is a condition precedent to the delivery of the Bonds to such successful bidder. The winning bidder must (1) complete the Truth -in -Bonding Statement provided by Bond Counsel (the form of which is attached hereto as Exhibit A) and (2) indicate whether such bidder has paid any finder's fee to any person in connection with the sale of the Bonds in accordance with Section 218.386, Florida Statutes. The successful purchaser will be required to submit to the County prior to closing a certification to the effect that (i) all of the Bonds have been subject of a bona fide initial offering to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices no higher than those shown on the cover of the Official Statement relating to the Bonds, (ii) to the best of their knowledge, and based on their records and other information available to them which they believe to be correct, at least 10 percent of each maturity of the Bonds were sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at initial offering prices not greater than or Almiroe County, Flh)ridtt It frastrttetttre Sales Sttrtar Rei etttte Botttls, Series 2007 - Official Notice of Sale Page 12 yields not lower than the respective prices or yields shown on the cover of the Official Statement, and (111) at the time they agreed to purchase the Bonds, based upon thew assessment of the then prevailing market conditions, they had no reason. to believe any of the Bonds would be sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices greater than or yields lower than the respective prices or yields shown on the cover of the Official Statement. The County has covenanted to provide ongoing disclosure in accordance with Rule 15c2-12 of the Securities and Exchange Commission. The specific nature of the information to be contained in the annual. report and the notices of material events are set Forth in the Continuing Disclosure Certificate which is reproduced in its entirety in Appendix F attached to the Preliminary Official Statement for the Bonds. The covenants have been undertaken by the County in order to assist the successful purchaser in complying with clause (b) (5) of Rule 15c2-12 of the Securities and Exchange Commission. The County will deliver to the purchaser of the Bonds a certificate of an official of the County, dated the date of delivery of said Bonds, stating that as of the date thereof, to the best -of the knowledge and belief of said official, the Official Statement does not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and further certifying that the signatory knows of no material adverse change in the financial condition of the County. Any litigation or claim arising out of any bid submitted (regardless of the means of submission) pursuant to this Official Notice of Sale shall be governed by and construed in accordance with the laws of the State of Florida. The venue situs for any such action shall be the state courts of the Sixteenth Judicial Circuit in and for Monroe County, Florida. Monroe Comity, !' wida It fraatructare Sales Surfav Revenue hands, Series 2007 -. Official Nwfire of Sale Page 13 A person or affiliate who has been placed on the Convicted Vendor List (as described in Florida Statutes) following a conviction for a public entity crime may not submit a bid. By: Mayor Dated: November 15, 2007 ,i(onroe County, Florida Infrastructure Sales Surtav Revenue Bonds, Series 2007- Official Notice of Sale Page 14 M a:. Board of County Commissioners of Monroe County, Florida, November , 2007 Re: Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 Dear Commissioners: The purpose of the following two paragraphs is to furnish, pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the truth -in - bonding statement required thereby, as follows: (a) The County is proposing to issue S principal amount of the above -referenced Bonds for the principal purposes of financing the acquisition, construction and equipping of various capital improvements within the County and paying certain costs of issuance of the Bonds, including the premium for municipal bond insurance and a reserve account insurance policy. This obligation is expected to be repaid over a period of approximately years. At a true interest cost of %, total interest paid over the life of the obligation will be approximately $ (b) The Bonds are limited obligations of the County. The principal source of repayment or security for the Bonds is the Infrastructure Sales Surtax Revenues (as described in the Preliminary Official Statement for the Bonds). The Bonds will be on parity with the County's outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003. The foregoing is provided for information purposes only and shall not affect or control the actual terms and conditions of the Bonds. Very truly yours, Underwriter By: Authorized Signatory Monroe County, ;Series 2007- Official iVotice of Sale Page 15 OFFICIAL CONFIRMATION OF BID FORM Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds Series 2007 The undersigned hereby offer to purchase all of the Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Bonds"), to be dated as of the date of delivery (expected to be December 14, 2007), described in the attached Official Notice of Sale and the Preliminary Official Statement referred to therein, which by reference is made part of this bid, for all but not less than all of said Bonds and will pay therefor, at the time of delivery, in immediately available Federal Reserve Funds Dollars ($ }, bearing interest at the following rates per annum: Reoffering Reoffering Year Principal` Interest Price or Year Principal* Interest Price or (April l Amount Rate Yield (April 1 Amount Rate Yield 2009** $2,615,000 2014** $3,095,000 2010** 21,700,000 2015** 3,205,000 2011** 2,795,000 2016** 3,325,000 2012** 2,890,000 2017** 3,445,000 2013** 2,990,000 2018** 3,580,000 * Preliminary, subject to change. **May be combined into tip to three (3) terni bonds. See "STRUCTURE" herein. Any two to four consecutive maturities of the Bonds bearing interest at the same rate may be combined into up to three (3) term bonds with mandatory sinking fund installments equal to the amounts and years specified in the Official Notice of Sale combined to form a term bond. The principal installments for the Bonds indicated on the previous page shall be applied for the mandatory retirement of Term Bonds maturing in the years and amounts and bearing interest as follows: Term Bonds maturing on April 1, $ Term Bonds maturing on April 1, $ Term Bonds maturing on April 1, $ __ Term Bonds maturing on April 1, at % per annum to yield % per annum at % per annum to yield % per annum at % per annum to yield % per annum at % per annum to yield % per annum 31otrrve Cvujrty, Florida Infrastructure Sales Surtav Revenne Bonds, Series 2007 - Official Notice of Sale Page 16 In accordance with the attached Official Notice of Sale, we are the authorized principal of a Financial Surety Bond in the amount of Three Hundred Ten Thousand and No/100 Dollars ($310,000.00) with respect to this bid as described in the attached Official Notice of Sale. MISCELLANEOUS This proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Sale. Receipt and review of the Preliminary Official Statement relating to the Bonds is hereby acknowledged. The names of the underwriters or member of the account or joint bidding account, if any, who are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto. Prior to an award, the successful bidder must complete, sign and deliver with this Official Confu-mation of Bid. Form the Truth in Bonding Statement which is attached to the Official Notice of Sale as Exhibit A. The County reserves the right to assist the bidder in correcting any inconsistencies or inaccuracies set forth in such Truth in Bonding Statement. The County may waive any inconsistencies or inaccuracies relating to such Statements and any such waived inconsistencies or inaccuracies shall not adversely affect the bid. Furthermore, pursuant to Section 218.386, Florida Statutes, the names, addresses and estimated amounts of compensation of any person who has entered into an understanding with the underwriters or, to the managing underwriter's knowledge, the County, or both, for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the County and managing underwriter or who exercises or attempts to exercise any influence to effect any transaction in the purchase of the Bonds are set forth below in the space provided. If no information is provided below, the County shall presume no compensation was or will be paid. Alonrue Coitnq,, Florida II fravir11Ct11re Sales S11rt(LC Re1W111He Bonds, Series 2007 - ©ffCial N,ofice of Sale Page 17 Senior Manager: Authorized Signature: Printed Name: Address City State Zip Code Telephone Number Facsimile Number Jfan roe County, ,Florida Infrastructure Sales Surtax Rerenue Bonds, Series 2007 - ©ffrcial Natice of Sale Page 18 PRELIMINARY OFFICIAL STATEMENT DATED 2007 NEW ISSUE - BOOK ENTRY ONLY In the opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel, interest on the Series 2007 Bonds (as hereinafter defined) is, under existing statutes, regulations, railings and court decisions: (a) excludable from gross income for federal income tax purposes except as otherwise described herein under the caption "TAX EXEMPTION" and W not an item of tax preference for purposes of the federal alternative inininuall tax imposed on individuals and corporations. Sucli interest, laozoever, will be includable in the calculation of a corporation's alternative inininnan taxable income and naay be subject to other federal income tax consequences described herein under the caption "TAX EXEMPTION. " Also, see "TAX EXEMPTION" herein for a discussion of Bond Counsel's opinion, including a discussion of the corporate alternative minim.urn tax. $30,640,000" MONROE COUNTY, FLORIDA Infrastruucture Sales Surtax Revenue Bonds, Series 2007 Dated: Date of Delivery Due: April I in each year as shown on the inside cover Monroe County, Florida (the "County") is issuing its Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") as fully registered bonds, which initially will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). Individual purchases will be made in book entry form only in denominations of $5,000 and any integral multiple thereof. Purchasers of the Series 2007 Bonds (the "Beneficial Owners") will not receive physical delivery of the Series 2007 Bonds. Transfer of ownership in the Series 2007 Bonds will be effected by DTC's book -entry system as described herein. As long as Cede & Co. is the registered owner as nonunee of DTC, principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as defined herein) for subsequent disbursement to the Beneficial Owners. Interest on the Series 2007 Bonds is payable semi-annually on April 1 and October 1 of each year commencing April 1, 2008. Principal of the Series 2007 Bonds is payable, when due, to the registered owners upon presentation and surrender- at the designated corporate office of U.S. Bank National Association, Fort Lauderdale, Florida. All payments of principal of and interest on the Series 2007 Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. On parity with the County's Outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), which are currently outstanding in the principal amount of $16,830,000, the payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) all amounts received by the County from the Discretionary Sales Surtax Clearing 'Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes (the "Infrastructure Sales Surtax Revenues") and (ii) until applied in accordance with [lie provisions of Resolution No. 077-2003 adopted by the Board on t250091001100196637. D 0001 February 19, 2003, as amended and supplemented by Resolution No. 2007 adopted by the Board on 2007 (collectively, the `Resolution"), all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the "Pledged Funds"). The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance policy premium and the reserve account insurance policy premium. THE SERIES 2007 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE COUNTY AS 'BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE COUNTY, PAYABLE SOLELY FROM. AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2007 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OR THE USE OF AD VALOREM TAX REVENUES TO PAY SUCH SERIES 2007 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2007 BOND FROM ANY MONEYS OF THE COUNTY EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. The Series 2007 Bonds are not subject to optional redemption prior to maturity. Certain of the Series 2007 Bonds may be subject to mandatory redemption as provided herein. Payment of principal of and interest on the Series 2007 Bonds when due will be insured by a municipal bond insurance policy to be issued by (the "Insurer") simultaneously with the delivery of the Series 2007 Bonds. [INSERT LOGO] This cover page contains certain information for quick reference only. It is not, and is not intended to be, a summary of this issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment decision. The Series 2007 Bonds are offered zolien, as and if issued, subject to [lie approving legal opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel. Certain legal matters will be passed upon for the County by Suzanne A. Hutton, Esq., County Attorney, and Bryant Miller Olive P.A., Tampa, Florida, Disclosure Counsel. Public Financial Management, Inc., Fort Myers, Florida is Financial Advisor to [lie County in regard to the 125009100110019GG37.D()Cv3j isstcance of the Series 2007 Bonds. The Series 2007 Bonds in definitive form are expected to be available for delivery in Nezv York, New York through the facilities of DTC on or about December 14, 2007. Electronic bids for the Series 2007 Bonds will be received as described in the Official Notice of Sale. Dated: 2007 Treliminary, subject to change t2 5009/001 /00196637. DOC. v3} $30,640,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2007 AMOUNTS, MATURITIES, INTEREST RATES, YIELDS AND INITIAL CUSIP NUMBERS Maturity Amount* (Al2rill $2,615,000 2009 2,700,000 2010 2,795,000 2011 2,890,000 2012 2,990,000 2013 3,095,000 2014 3,205,000 2015 3,325,000 2016 3,445,000 2017 3,580,000 2018 * Serial Bonds Interest Rate Yield Initial Cusip Number x_ Preliminary, subject to change ** Bidder may designate these maturities to be part of up to 3 Term Bonds rather than Serial Bonds as described more particularly in the Official Notice of Sale under the caption "STRUCTURE." {25009I001 /0019663 7 .D0Cv31 RED HERRING LANGUAGE: This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Series 2007 Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of such jurisdiction. The County has deemed this Preliminary Official Statement "final," except for certain permitted omissions, within the contemplation of Rule 150- 12 promulgated by the Securities and Exchange Commission. 1250 09100 1100 19 6637. D(,)Cv3l MONROE COUNTY, FLORIDA The Historic Cato Cigar Factory 1100 Simonton Street Key West, Florida 33040 MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS [Mario Di Gennaro, Mayor] [Dixie Spehar, Mayor Pro -Tear] Charles "Sonny" McCoy George Nugent Sylvia Murphy CLERIC OF THE CIRCUIT COURT OF MONROE COUNTY, FLORIDA AND EX OFFICIO CLERK OF THE BOARD OF COUNTY COMMISSIONERS Danny L. Kolhage COUNTY ADMINISTRATOR Thomas J. Willi COUNTY ATTORNEY Suzartne A. Hutton, Esq. BUDGET MANAGER Tina Boan BOND COUNSEL Nabors, Giblin & Nickerson, P.A. Tampa, Florida FINANCIAL ADVISOR Public Financial Management, Inc. Fort Myers, Florida DISCLOSURE COUNSEL Bryant Miller Olive P.A. Tampa, Florida f 25009/00 r100196637.D Of: 01 No dealer, broker, salesman or other person has been authorized by the County to give any information or to make any representations in connection with the Series 2007 Bonds other than as contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized by the County. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2007 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the County, The Depository Trust Company, the Insurer, and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the County with respect to any information provided by others. The underwriters listed on the cover page hereof (the "Underwriters") have reviewed the information in this Official Statement in accordance with and as part of their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. The information and expressions of opinion stated herein are subject to change, and neither the delivery of this Official Statement nor any sale made hereunder shall create, under any circumstances, any implication that there has been no change in the matters described herein since the date hereof. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2007 BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. All summaries herein of documents and agreements are qualified in their entirety by reference to such documents and agreements, and all summaries herein of the Series 2007 Bonds are qualified in their entirety by reference to the form thereof included in the aforesaid documents and agreements. NO REGISTRATION STATEMENT RELATING TO THE SERIES 2007 BONDS HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") OR WITH ANY STATE SECURITIES COMMISSION. IN MAKING ANY INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF THE COUNTY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE SERIES 2007 BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE A CONTRACT BETWEEN THE COUNTY OR THE UNDERWRITERS AND ANY ONE OR MORE OF THE OWNERS OF THE SERIES 2007 BONDS. (250091001100196637.D U Cv3l TABLE OF CONTENTS Contents Paae INTRODUCTION.......................................................................................................................................................1 General...........................................................................................................................................................1 MonroeCounty .............................. ..................... .......................................................................................... 1 Authority for and Purpose of Issuance.....................................................................................................2 Securityfor the Bonds..................................................................................................................................2 MunicipalBond Insurance..........................................................................................................................2 Description of the Series 2007 Bonds......................................................................•........................-----.....2 TaxExemption..............................................................................................................................................3 ContinuingDisclosure .................................... .............................. ............ ........ ...................... ... .... •... •... •-• ... 3 OtherInformation........................................................................................................................................3 AUTHORITY FOR AND PURPOSE OF ISSUANCE.............................................................................................3 DESCRIPTION OF THE SERIES 2007 BONDS.......................................................................................................4 General...........................................................................................................................................................4 Book -Entry Only System.............................................................................................................................4 NoOptional Redemption............................................................................................................................6 MandatoryRedemption.........................................................................................................•-•-•------.........7 Selection of Series 2007 Bonds to be Redeemed.......................................................................................7 Noticeof Redemption..................................................................................................................................7 Interchangeability, Negotiability and Transfer........................................................................................8 Bonds Mutilated, Destroyed, Stolen or Lost...... ........................................................... ........................... 9 SECURITY FOR THE BONDS..................................................................................................................................9 General...........................................................................................................................................................9 Other Obligations Payable From Infrastructure Sales Surtax Revenues............................................10 Fundsand Accounts..................................................................................................................................11 ConstructionFund.....................................................................................................................................12 ReserveAccount.........................................................................................................................................12 Disposition of Infrastructure Sales Surtax Revenues............................................................................13 AdditionalBonds........................................................................................................................................15 SubordinatedIndebtedness..........................................................................•--.........................................17 Accession of Subordinated Indebtedness To Parity Status with the Bonds.......................................17 Booksand Records.............................•-•--...................................................................................................17 Receipt of Infrastructure Sales Surtax Revenues....................................................................................17 No Impairment, Limitation on Maturity of Bonds................................................................................18 Investments..............................................................................................................................18 SeparateAccounts......................................................................................................................................18 Amendment of Resolution without Consent of Bondholders; Control by Credit Facility Provider in Case of Event of Default......................................................19 INFRASTRUCTURE SALES SURTAX REVENUES............................................................................................19 General••............................••--.......................................................................................................................19 Local Actions and Lin-itations..................................................................................................................21 Distribution.................................................................................................................................................22 Historical Distribution Factors.................................................................................................................24 HistoricalCollections.................................................................................................................................25 MUNICIPAL BOND INSURANCE.......................................................................................................................26 I2 5009/001/00196637.DOCO ) RESERVE ACCOUNT INSURANCE POLICIES..................................................................................................26 ESTIMATED SOURCES AND USES OF FUNDS................................................................................................28 DEBTSERVICE SCHEDULE..................................................................................................................................29 .................................. INVESTMENT POLICY........................................................................................ .................30 LEGALMATTERS....................................................................................................................................................32 LITIGATION.............................................................................................................................................................33 DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS...........................................................33 TAXEXEMPTION..................................................................I.......................... ..33 Opinionof Bond Counsel..........................................................................................................................33 InternalRevenue Code of 1986.................................................................................................................34 CollateralTax Consequen.ces....................................................................................................................34 OtherTax Matters.......................................................................................................................................34 Tax Treatment of Original Issue Discount..............................................................................................35 TaxTreatment of Bond Premium.............................................................................................................35 RATINGS...................................................................................................................................................................35 FINANCIALADVISOR...........................................................................................................................................36 INDEPENDENT ACCOUNTANTS.......................................................................................................................36 UNDERWRITING............................................ ............. ....... .................................................................................... 36 CONTINGENTFEES...............................................................................................................................................37 ENFORCEABILITY OF REMEDIES.......................................................................................................................37 CONTINUING DISCLOSURE................................................................................................................................37 ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT................................................................38 AUTHORIZATION OF OFFICIAL STATEMENT...............................................................................................39 APPENDIX A: General Information Concerning the County APPENDIX B: General Purpose Audited Financial Statements of the County APPENDIX C: Composite of the Resolution APPENDIX D: Specimen Bond Insurance Policy APPENDIX E: Form of Bond Counsel Opinion APPENDIX F: Form of Continuing Disclosure Certificate 125009/001 /00196637. DOCc,3) ii OFFICIAL STATEMENT relating to $30,640,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2007 INTRODUCTION General This Official Statement, including the covet, page, inside cover page and the appendices hereto, is furnished with respect to the sale of $ * aggregate principal amount of Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") issued by Monroe County, Florida (the "County"). This introduction is not, and is not intended to be, a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the covet- page, inside cover page and appendices hereto, and the documents summarized or described herein. A full review should be trade of the entice Official Statement. The offering of the Series 2007 Bonds is made only by means of this Official Statement and is subject in all respects to the information contained herein. For a complete description of the terns and conditions of the Series 2007 Bonds, reference is made to "APPENDIX C—Composite of the Resolution" attached hereto. Unless otherwise indicated, capitalized terms used in this Official Statement shall have the same meaning established in "APPENDIX C—Composite of the Resolution" attached hereto. Monroe County Monroe County, Florida, was constitutionally formed in 1823. It is comprised primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas. The Florida Keys separate the Atlantic Ocean on the south and the east from the Gulf of Mexico on the north and west, and extend approximately 100 miles south from. the United States mainland. The County seat, the City of Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 miles southwest of Miami and 66 nautical miles north of the Tropic of Cancer. According to the United States Census, in 2000, the County's population was 79,589. The estimated 2006 population of the County was 80,510 according to the University of Florida Bureau of Economic and Business Research. Within the County, there are five municipalities: the Cities of Key West, Layton, Marathon and Key Colony Beach and the Villages of Islamorada. See "APPENDIX A — General Information Concerning the County" attached hereto. Preliminary, subject to change. l',009t001i00tsss3 r .D()Cv3) Authority for and Purpose of Issuance The Series 2007 Bonds are being issued under the authority of and in full compliance with Chapter 125, Florida Statutes, Chapter 212, Florida Statutes, the Monroe County Code, Ordinance No. 013-1989 enacted by the Board of County Commissioners of the County (the "Board") on May 23, 1989 and Ordinance No. 01-2000 enacted by the Board on January 19, 2000, as each Ordinance may be amended and supplemented (collectively, the "Infrastructure Sales Surtax Ordinance"), and other applicable provisions of law (collectively, the "Act"), and pursuant to Resolution No. 077-2003 adopted by the Board on February 19, 2003, as amended and supplemented by Resolution No. _-2007 adopted by the Board on 2007 (collectively, the "Resolution"). The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. Security for the Bonds On parity with the County's Outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds") which are currently outstanding in the principal amount of $16,830,000, The payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) all amounts received by the County from the Discretionary Sales Surtax Clearing Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes (the "Infrastructure Sales Surtax Revenues"), and (ii) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the "Pledged Funds"). Municipal Bond Insurance The scheduled payments of principal and interest on the Series 2007 Bonds when due will be insured by a municipal bond insurance policy to be issued by (the "Insurer") simultaneously with the delivery of the Series 2007 Bonds. See "APPENDIX D -- Specimen Bond Insurance Policy" attached hereto. Description of the Series 2007 Bonds Denominations. The Series 2007 Bonds will be issued in denominations of $5,000 or any integral multiple thereof. Redemption. The Series 2007 Bonds are not subject to optional redemption prior to maturity. Certain of the Series 2007 Bonds may be subject to mandatory redemption prior to their stated dates of maturity as described herein. Registration and Transfers. Transfer of ownership in the Series 2007 Bonds will be effected by The Depository Trust Company ("DTC") book -entry system as described herein. As long as Cede & Co. is 12 y009/001/00196637.D0001 2 the registered owner as nominee of DTC, principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as hereinafter defined) for subsequent disbursement to the Beneficial Owners (as hereinafter defined). Interest on the Series 2007 Bonds is payable semi-annually on April 1 and October 1 of each year commencing April 1, 2008. Tax Exemption The approving legal opinion of Nabors, Giblin & Nickerson, P.A., Bond Counsel, will include an opinion to the effect that, under existing statutes, regulations, rulings and court decisions, assuming continuing compliance by the County with certain covenants set forth in the Resolution and with the Internal Revenue Code of 1986, as amended, interest on the Series 2007 Bonds is (a) excludable from gross income for federal income tax purposes, and (b) not an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations; however, interest on the Series 2007 Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on certain corporations. See "TAX EXEMPTION" herein. Continuing Disclosure The County has agreed and undertaken, for the benefit of Series 2007 Bondholders, to provide certain financial information and operating data relating to the County, the Pledged Funds and the Series 2007 Bonds pursuant to Rule 15c2-12 of the Securities and Exchange Commission. See "CONTINUING DISCLOSURE" herein. Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change.. Copies of the Resolution and other documents and information are available, upon request and upon payment to the County of a charge for copying, mailing and handling, from the County Administrator, The Historic Gato Cigar Factory, 1100 Simonton Street, Key West, Florida 33040. For a complete description of the terms and conditions of the Series 2007 Bonds, reference is made to the Resolution, a composite of which is included in "APPENDIX C — Composite of the Resolution" attached hereto. The description of the Resolution, the Series 2007 Bonds and information from reports contained herein do not purport to be comprehensive or definitive. AUTHORITY FOR AND PURPOSE OF ISSUANCE The Series 2007 Bonds are being issued under the authority of and in full compliance with the Act, and under and pursuant to the terms and provisions of the Resolution. The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip and/or renovate various capital improvements, including without limitation, all or a portion of the following: acquisition, construction and equipping of a new fire station/EMS facility on Stock Island; acquisition, construction and equipping of a new fire station on Big Pine Key; acquisition, construction and equipping of a new fire station on Conch Key; acquisition, construction and equipping of a public (25009/001/00196637.I3ocv3l 3 works compound at Rockland; renovations at the courthouse, acquisition of fire/EMS vehicles; capital improvements at Big Pine Park; and pursuant to the terms of the Resolution, the County will deposit a sufficient amount of the proceeds of the Series 2007 Bonds to the 2007 Project Account in order to satisfy all of its remaining reimbursement obligations under the hereinafter defined KLWTD Interlocal Agreement (collectively, the "2007 Project"), and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. DESCRIPTION OF THE SERIES 2007 BONDS General The Series 2007 Bonds shall be dated the date of their delivery, shall be numbered consecutively from R-1 upward, and shall be issued in the denominations of $5,000 or integrall multiples thereof. The Series 2007 Bonds will mature on the dates and will bear interest at the rates set forth on the inside cover page of this Official Statement. Interest on the Series 2007 Bonds shall be payable semi-annually on April 1 and October 1 in each year commencing April 1, 2008 and is payable by check or draft of U.S. Bank National Association, Fort Lauderdale, Florida, as initial registrar and paying agent (the "Registrar" and the "Paying Agent"), made payable to and mailed to the registered owners, as shown on the Bond registration books at the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding each Interest Date or, at the request of a holder of Series 2007 Bonds, by bank wire transfer to the account of such registered holder. Principal of the Series 2007 Bonds is payable, when due, to the registered owners upon presentation, when due, at the designated corporate trust office of the Paying Agent. While in book -entry, only form, such payments will be made only to Cede & Co. as described below. Book -Entry Only System THE FOLLOWING INFORMATION CONCERNING DTC AND DTC'S BOOK -ENTRY ONLY SYSTEM HAS BEEN OBTAINED FROM SOURCES THAT THE COUNTY BELIEVES TO BE RELIABLE, BUT THE COUNTY TAKES NO RESPONSIBILITY FOR THE ACCURACY THEREOF. DTC will act as securities depository for the Series 2007 Bonds. The Series 2007 Bonds will be registered in the name of Cede & Co. (DTC's partnership nominee). Purchases of beneficial ownership interests in the Series 2007 Bonds will be made in book -entry only form, in the denominations hereinbefore described. Purchasers of beneficial ownership interests in the Series 2007 Bonds ("Beneficial Owners") will not receive bond certificates representing their ownership interests in the Series 2007 Bonds, except in the event that use of the book -entry only system for the Series 2007 Bonds is discontinued. One fully registered certificate will. be issued for each maturity of the Series 2007 Bonds, and deposited with DTC. SO LONG AS CEDE & CO. IS THE REGISTERED OWNER OF THE SERIES 2007 BONDS AS NOMINEE OF DTC, REFERENCES IN THIS OFFICIAL STATEMENT TO THE SERIES 2007 BONDHOLDERS OR REGISTERED OWNERS OF THE SERIES 2007 BONDS SHALL MEAN CEDE & CO. AND SHALL NOT MEAN THE BENEFICIAL OWNERS OF THE SERIES 2007 BONDS. THE DESCRIPTION WHICH FOLLOWS OF THE PROCEDURES AND RECORD KEEPING WITH RESPECT [25009/001/(10196637.D0Cv3) 4 TO BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2007 BONDS, PAYMENT OF INTEREST AND PRINCIPAL ON THE SERIES 2007 BONDS TO DIRECT PARTICIPANTS (AS HEREINAFTER DEFINED) OR BENEFICIAL OWNERS OF THE SERIES 2007 BONDS, CONFIRMATION AND TRANSFER OF BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2007 BONDS, AND OTHER RELATED TRANSACTIONS BY AND BETWEEN DTC, THE DIRECT PARTICIPANTS AND BENEFICIAL OWNERS OF TI-IE SERIES 2007 BONDS IS BASED SOLELY ON INFORMATION FURNISHED BY DTC. ACCORDINGLY, THE COUNTY NEITHER MAKES NOR CAN MAKE ANY REPRESENTATIONS CONCERNING THESE MATTERS. DTC, the world's largest depository, is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the mewling of the New York Uniform Comtmercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2.2 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants (the "Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of securities transactions, in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, batiks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust and Clearing Corporation ("DTCC"). DTCC, in turn is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Fixed Incorine Clearing Corporation, and Etmerging Markets Clearing Corporation, as well as by the New York Stock Exchange, Inc., the American Stock Exchange LLC and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers, dealers, banks, trust companies acid clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (the "Indirect Participannts"). DTC has Standard & Poor's Ratings Services highest rating: AAA. The DTC rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at wwwAtcc.conn and wwwAtc.org. Purchases of Series 2007 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for such Series 2007 Bonds on DTC's records. The ownership interest of each actual purchaser of each. Series 2007 Bond (the "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants` records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing, details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2007 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their beneficial interests in the Series 2007 Bonds, except in the event that use of the book -entry system for the Series 2007 Bands is discontinued. To facilitate subsequent transfers, all Series 2007 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other nature as may be requested by an authorized representative of DTC. The deposit of Series 2007 Bonds with DTC and their registration in the name of Cede & Co. or such other- DTC nominee do not effect any change in beneficial 125009/001/00196637. DOCti 31 5 ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2007 Bonds. DTC's records reflect only the identity of the Direct Participants to whose accounts such Series 2007 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping an account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements made among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Redemption notices will be sent to DTC. If less than all of a maturity of the Series 2007 Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such bonds, as the case may be, to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2007 Bonds unless authorized by a Direct Participant in accordance with DTC's procedures. Under its usual procedures, DTC nails an Omnibus Proxy to the County as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Series 2007 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Principal and interest payments on the Series 2007 Bonds will be made to DTC. DTC's practice is to credit Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from the County or the Registrar on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Direct or Indirect Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Direct or Indirect Participants and not of DTC, the Registrar or the County, subject to any statutory and regulatory requirements as may be in effect from time to time. Payment of principal and interest to DTC is the responsibility of the County and/or the Paying Agent for the Series 2007 Bonds. Disbursement of such payments to Direct Participants is the responsibility of DTC, and disbursement of such payments to the Beneficial Owners is the responsibility of the Direct and Indirect Participants. DTC may discontinue providing its services as securities depository with respect to the Series 2007 Bonds at any time by giving reasonable notice to the County. Under such circumstances, in the event that a successor securities depository is not obtained, certificates are required to be printed and delivered. The County may decide to discontinue use of the system of book -entry transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered. No Optional Redemption The Series 2007 Bonds are not subject to optional redemption prior to maturity. 123009/001/00190637.DOCv31 6 Mandatory Redemption The Series 2007 Bonds maturing on April 1, , are subject to mandatory sinking fund redemption, prior to maturity in part, by lot on April 1, and on each April 1 thereafter, at a redemption price equal to the principal amount of such Series 2007 Bonds or portions thereof to be redeemed, plus interest accrued thereon to the date of redemption, on April 1 in the following years and in the following amounts: Year Amount Maturity. Selection of Series 2007 Bonds to be Redeemed The Series 2007 Bonds shall be redeemed only in the principal amount of $5,000 each and integral multiples thereof. The County shall, at least forty-five (45) days prior to the redemption date (unless a shorter time period is satisfactory to the Registrar, but in no event less than thirty-five (35) days) notify the Registrar of such redemption date and of the principal amount of Series 2007 Bonds to be redeemed. For purposes of any redemption of less than all of the Outstanding Series 2007 Bonds of a single maturity, the particular Series 2007 Bonds or portions of Series 2007 Bonds to be redeemed shall be selected not more than forty-five (45) days and not less than thirty-five (35) days prior to the redemption date by the Registrar from the Outstanding Series 2007 Bonds of the maturity or maturities designated by the County or by such method as the Registrar shall deem fair and appropriate and which may provide for the selection for redemption of Series 2007 Bonds or portions of Series 2007 Bonds in principal amounts of $5,000 and dntegral multiples thereof. If less than all of the Outstanding Series 2007 Bonds of a single maturity are to be redeemed, the Registrar shall promptly notify the County and Paying Agent (if the Registrar is not the Paying Agent for such Series 2007 Bonds) in writing of the Series 2007 Bonds or portions of Series 2007 Bonds selected for redemption and, in the case of any Series 2007 Bond selected for partial redemption, the principal amount thereof to be redeemed. Notice of Redemption Notice of redemption, which shall specify the Series 2007 Bond or Series 2007 Bonds (or portions thereof) to be redeemed and the date and place for redemption, shall be given by the Registrar on behalf of the County, and (A) shall be filed with the Paying Agent, and (B) shall be mailed first class, postage prepaid, at least thirty (30) days prior to the redemption date to all Holders of Series 2007 Bonds to be redeemed at their addresses as they appear on the registration books kept by the Registrar as of the date of mailing of such notice. Failure to mail notice to the Holders of the Series 2007 Bonds to be redeemed, or any defect therein, shall not affect the proceedings for redemption of Series 2007 Bonds as to which no such failure or defect has occurred. Each notice of redemption shall state: (1) the CUSIP numbers of all Series 2007 Bonds being redeemed, (2) the original issue date of such Series 2007 Bonds, (3) the maturity date and rate of interest borne by each Series 2007 Bond being redeemed, (4) the redemption date, (5) the Redemption Price, (6) (25009/001/00196637.DOCv31 7 the date oil which such notice is mailed, (7) if less than all Outstanding Series 2007 Bonds are to be redeemed, the certificate number (and, in the case of a partial redemption of any Series 2007 Bond, the principal amount) of each Series 2007 Bond to be redeemed, (8) that on such redemption date there shall become due and payable upon each Series 2007 Bond to be redeemed the Redemption Price thereof, or the Redemption Price of the specified portions of the principal thereof in the case of Series 2007 Bonds to be redeemed in part only, together with interest accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to accrue and be payable, (9) that the Series 2007 Bonds to be redeemed, whether as a whole or in part, are to be surrendered for payment of the Redemption Price at the designated office of the Paying Agent at an address specified, and (10) unless sufficient funds have been set aside by the County for such purpose prior to the mailing of the notice of redemption, that such redemption is conditioned upon the deposit of sufficient funds for such purpose on or prior to the date set for redemption; and provided, further, that such notice and the redemption set forth therein may be subject to the satisfaction of one or More additional conditions set forth therein. Interchangeability, Negotiability and Transfer So long as the Series 2007 Bonds are registered in the naive of DTC or its noininee, the following paragraphs relating to transfer and exchange of Series 2007 Bonds do not apply to the Series 2007 Bonds. Series 2007 Bonds, upon surrender thereof at the office of the Registrar with a written instrument of transfer satisfactory to the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing, may, at the option of the Holder thereof, be exchanged for an equal aggregate principal amount of registered Series 2007 Bonds of the same maturity of any other authorized denon-inations. The Series 2007 Bonds issued under the Resolution shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code of the State of Florida, subject to the provisions for registration and transfer contained in the Resolution and in the Series 2007 Bonds. So long as any of the Series 2007 Bonds shall remain Outstanding, the County shall maintain and keep, at the office of the Registrar, books for the registration and transfer of the Series 2007 Bonds. The transfer of any Series 2007 Bond shall be registered only upon the books of the County, at the office of the Registrar, under such reasonable regulations as the County may prescribe, by the Holder thereof in person or by his attorney duty authorized in writing upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed and guaranteed by the Holder or his duly authorized attorney. Upon the registration or transfer of any such Series 2007 Bond, the County shall issue, and cause to be authenticated, in the name of the transferee a new Series 2007 Bond or Series 2007 Bonds of the same aggregate principal amount and maturity as the surrendered Series 2007 Bond. The County, the Registrar and any Paying Agent or fiduciary of the County may deem and treat the Person .in whose name any Outstanding Series 2007 Bond shall be registered upon the books of the County as the absolute owner of such Series 2007 Bond, whether such Series 2007 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal and interest on such Series 2007 Bond and for all other purposes, and all such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Series 2007 Bond to the extent of the sunk or sums so paid and neither the County nor the Registrar- nor any Paying Agent nor other fiduciary of the County shall be affected by any notice to the contrary. 125009/001/00196637DOCv31 8 In all cases in which the privilege of exchanging Series 2007 Bonds or the transfer of Series 2007 Bonds shall be registered, the County will execute and the Registrar shall authenticate and deliver such Series 2007 Bonds in accordance with the provisions of the Resolution. Execution of Series 2007 Bonds by the Mayor and Clerk for purposes of exchanging, replacing or registering the transfer of Series 2007 Bonds may occur at the time of the original delivery of the Series 2007 Bonds. All Series 2007 Bonds surrendered in any such exchanges or registration of transfer will be held by the Registrar for safekeeping until directed by the County to be cancelled by the Registrar. For every such exchange or registration of transfer, the County or the Registrar may make a charge sufficient to reimburse it for any tax, fee, expense or other governmental charge required to be paid with respect to such exchange or registration of transfer. The County and the Registrar shall not be obligated to Make any such exchange or transfer of the Series 2007 Bonds during the period commencing on the fifteenth day of the month immediately preceding an Interest Date on the Series 2007 Bonds and ending on such Interest Date, or in the case of any proposed redemption of the Series 2007 Bonds, then, for the Series 2007 Bonds subject to redemption during the 15 days next preceding the date of the first mailing of notice of such redemption and continuing until such redemption date. Bonds Mutilated, Destroyed, Stolen or Lost So tong as the Series 2007 Bonds are registered in the name of DTC or its noininee, the following paragraphs relating to mutilated, destroyed, stolen or lost Series 2007 Bonds do not apply to the Series 2007 Bonds. In case any Series 2007 Bond shall become mutilated, or be destroyed, stolen or lost, the County may, in its discretion, issue and deliver, and the Registrar shall authenticate, a new Series 2007 Bond of like tenor as the Series 2007 Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such Mutilated Series 2007 Bond upon surrender and cancellation of such Mutilated Series 2007 Bond or in lieu of and substitution for the Series 2007 Bond destroyed, stolen or lost, and upon the Holder furnishing the County and the Registrar proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the County or the Registrar may prescribe and paying such expenses as the County and the Registrar may incur. All Series 2007 Bonds so surrendered or otherwise substituted shall be cancelled by the Registrar. If any of the Series 2007 Bonds shall have matured or be about to mature, instead of issuing a substitute Series 2007 Bond, the County may pay the same or cause the Series 2007 Bond to be paid, upon being indemnified as aforesaid, and if such Series 2007 Bonds be lost, stolen or destroyed, without surrender thereof. Any such duplicate Series 2007 Bonds issued pursuant to the Resolution shall constitute original contractual obligations on the part of the County whether or not the lost, stolen or destroyed Series 2007 Bond be at any time found by anyone, and such duplicate Series 2007 Bond shall be entitled to equal and proportionate benefits and rights provided under the Resolution to the same extent as all other Series 2007 Bonds issued hereunder. SECURITY FOR THE BONDS General On a parity with the Series 2003 Bonds, the payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) the Infrastructure Sales Surtax Revenues, and (ii) until applied in accordance with the [25009/001/00196637.DOCv3l 9 provisions of the Resolution, all moneys, including investments thereof, in funds and accounts established pursuant to the Resolution except (A) for the Unrestricted Revenue Account and the Rebate Fund (as such funds are established pursuant to the Resolution), and (B) any moneys set aside in a particular subaccount of the Reserve Account if such moneys shall be pledged solely for the payments of a different Series of Bonds for which it was established in accordance with the provisions of the Resolution (collectively, the 'Pledged Funds"). In addition, the County has irrevocably pledged and granted a lien upon the fledged Funds to the payment of any amounts owing to the Insurer- in accordance with the provisions of the Resolution; provided, however, such pledge and lien shall be junior and subordinate in all respects to the pledge and lien upon such fledged Funds granted by the Resolution to the Bondholders. THE SERIES 2007 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE COUNTY AS "BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE COUNTY, PAYABLE SOLELY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2007 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OR THE USE OF AD VALOREM TAX REVENUES TO PAY SUCH SERIES 2007 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2007 BOND FROM ANY MONEYS OF THE COUNTY EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. Other Obligations Payable From Infrastructure Sales Surtax Revenues The Florida Legislature has identified the Florida Keys as an area of critical state concern and in need of adequate wastewater treatment to protect the environment and the health, safety and welfare of the landowners and inhabitants of the Florida Keys within the County. Rule 28-20.110, Florida Administrative Code (the "Rule") became effective on September 27, 2005 through the Department of Community Affairs rulemaking process. The Rule is a comprehensive effort to replace septic tanks in the Florida Keys with centralized wastewater systems, and the County has certain financial responsibilities in this regard. In particular, pursuant to the Rule, the County is required to provide $40 million in financing secured by Infrastructure Sales Surtax Revenues for wastewater facilities. As of the date of the issuance of the Series 2007 Bonds and in order to comply with the requirements of the Rule, the County has entered into two interlocal agreeIrients with both the Florida Keys Aqueduct Authority (the "FKAA") and The Key Lai -go Wastewater Treatment District (the "KLWTD") which were intended to comply with the requirements of the Rule. The County and the FKAA executed the Interlocal Agreement Monroe County and Florida Keys Aqueduct Authority Wastewater Systems dated September 6, 2005, as amended by the First Amendment to Interlocal Agreement of Cooperation in Wastewater System Development dated September 19, 2007 (collectively, the "FKAA Interlocal Agreement"). Pursuant to the requirements of the FKAA Interlocal Agreement, the County has a total financial obligation of $31.8 million, which includes $20 million of the $40 million obligation set forth in the Rule plus $11.8 million which is in addition to financial obligations set forth in the Rule. Previously, the County paid $11 million to the FKAA and is obligated to satisfy the balance of $20.8 Million from any legally available sources of the County. 1250091001100196637. DC)Cv1J 10 The County and the KLWTD executed the First Amended and Restated Interlocal Agreement dated July 20, 2005 (the "KLWTD Interlocal Agreement"). Pursuant to the KLWTD Interlocal Agreement, the County has a total reimbursement obligation of $20 million, which includes the $20 million balance of the $4.0 million obligation set forth in the Rule. Under such Agreement, the County has agreed to issue Infrastructure Sales Surtax Bonds, the proceeds of which will be used to make such reimbursements. Previously, the County paid $9 mullion to the KLWTD and intends to fund the $11 million balance from proceeds of the Series 2007 Bonds. These proceeds are to be used to snake the remaining reimbursements over tinne pursuant to the KLWTD Interlocal Agreement. It is unclear whether the County's reimbursement obligation under the KLWTD Interlocal Agreement rises to the level of having created a lien on Infrastructure Sales Surtax Revenues, and if so, whether such lien would be prior to, on parity with, or junior and subordinate to the lien created in favor of the holders of the Bonds. Pursuant to the Resolution, the County has covenanted to use a sufficient amount of the proceeds of the Series 2007 Bonds (i.e., an amount equal to the $11 million balance referred to above) as a source of funds to satisfy its remaining reimbursement obligations under the KLWTD Interlocal Agreement. The County further covenanted not to amend the Resolution in any manner which would result in there being an insufficient amount of proceeds of the Series 2007 Bonds on deposit in the 2007 Project Account to satisfy the County's remaining reitnbursenient obligations under the KLWTD Interlocal Agreement. In the event the County does not so utilize such proceeds, the County may be required to issue Additional Bonds pursuant to the Resolution (or Subordinate Indebtedness pursuant to the Resolution) which are secured by Infrastructure Sales Surtax Revenues to satisfy its obligations under the KLWTD Interlocal Agreement. Upon payment of the $20.8 million balance to FKAA and the $11 million balance to KLWTD, the County's obligations under the Rule, the FKAA Interlocal Agreement and KLWTD Interlocal Agreement will be satisfied. It is unclear at this time when such payments will be made as tinging depends upon certain conditions which are required to be individually satisfied by FKAA and KLWTD. Funds and Accounts The County covenanted and agreed in the Resolution to establish the following funds and accounts to be known as the "Construction Fund," the "Revenue Fund," the "Debt Service Fund," and the "Rebate Fund." The County shall maintain in the Revenue Fund two accounts: the "Restricted Revenue Account" and the "Unrestricted Revenue Account." The County shall maintain in the Debt Service Fund four accounts: the "Interest Account," the "Principal Account," the "Bond Amortization Account," and the "Reserve Account." The County shall maintain in the Construction Fund an account for each Project. Subject to the provision described below and in the Resolution relating to restrictions in the Act regarding the application of Infrastructure Sales Surtax Revenues, moneys in the aforementioned funds and accounts, other than the Rebate Fund and the Unrestricted Revenue Account, until applied in accordance with the provisions of the Resolution, shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further security of such Holders. The County may at any time and from time to time appoint one or more depositories to hold, for the benefit of the Bondholders, any one or more of the funds, accounts and subaccounts established by the Resolution. Such depository or depositories shall perform at the direction of the County the duties of the County in depositing, transferring and disbursing moneys to and from each of such funds and accounts as set forth in the Resolution and all records of such depository in performing such duties shall be open at all reasonable times to inspection by the County and its agent and employees. Any such depository shall be a bank or trust company duly authorized to exercise corporate trust powers and 125009/001 /00196637, DOCO) subject to examination by federal or state authority, of good standing, and be qualified under applicable State lacy as a depository. Construction Fund The County shall establish within the Construction Fund a separate account for each Project (including the 2007 Project), the Costs of which are to be paid in whole or in part out of the Construction Fund. The County covenants that the acquisition, construction and equipping of each Project will be completed without delay and in accordance with sound engineering practices. The County shall only make disbursements or payments from the applicable account of the Construction Fund to pay Costs of the Project for which such account was established, except as provided below with respect to any surplus proceeds in a particular account. The County shall keep records of such disbursements and payments and shall retain all such records for six (6) years from the dates of such records. Notwithstanding any of the other provisions of the Resolution, to the extent that other moneys are not available therefor, amounts in an account of the Construction Fund shalt be applied to the payment of principal and interest on the Series of Bonds for which such account was established or to reimburse a Credit Facility Provider for the payment of such principal and interest. The date of completion of acquisition, construction and equipping of a Project shall be filed by the Clerk with the County. Promptly after the date of the completion of a Project, and after paying or making provisions for the payment of all unpaid items of the Costs of such Project, the County shall deposit in the following order of priority any balance of moneys remaining in the Construction Fund in (A) any other account established in the Construction Fund for which the Clerk certifies that there are insufficient moneys to pay the Costs of the Project for which such account was established, (B) the Reserve Account to the extent of any deficiency therein and (C) such other fund or account established under the Resolution as shall be determined by the County, provided the County has received an opinion of Bond Counsel to the effect that such transfer shall not adversely affect the exclusion, if any, of interest on the Bonds (other than Taxable Bonds) from gross income for purposes of federal income taxation. Reserve Account Pursuant to the Resolution, upon delivery of the Series 2007 Bonds, the County shall deposit to the Reserve Account a debt service reserve surety bond issued by (the "2007 Reserve Account Insurance Policy"). The 2007 Reserve Account Insurance Policy is being deposited along with a debt service reserve surety bond previously issued by [MBIA Insurance Corporationl simultaneously with the issuance of the Series 2003 Bonds (the "2003 Reserve Account Insurance Policy"). See "RESERVE ACCOUNT INSURANCE POLICIES" herein. [See "MUNICIPAL BOND INSURANCE" herein for information about the Insurer.] The amount of such 2007 Reserve Account Insurance Policy is equal to $ which, together with the amount of the 2003 Reserve Account Insurance Policy ($1,965,600), equals the Reserve Account Requirement. The Reserve Account may be used to secure Additional Bonds issued pursuant to the Resolution. Alternatively, the County reserves the right to establish separate subaccounts for any Series of Additional Bonds for the purpose of securing such Series only. i25009/001/00196637.D0001 12 Disposition of Infrastructure Sales Surtax Revenues (A) The County shall promptly deposit upon receipt from the State all of the Infrastructure Sales Surtax Revenues into the Restricted Revenue Account. The moneys in the Restricted Revenue Account shall be deposited or credited on or before the 251h day of each month, commencing in the month immediately following delivery of any of the Bonds to the purchasers thereof, or such later date as provided in the Resolution, in the following manner- and in the following order of priority: (1) Interest Account. The County shall deposit or credit to the Interest Account the sum which, together with the balance in said Account, shall equal the interest on all of the Outstanding Bonds accrued and unpaid and to accrue to the end of the then current calendar month (assuming that a year consists of twelve (12) equal calendar months of thirty (30) days each). Moneys in the Interest Account shall be applied by the County for deposit with the Paying Agent to pay the interest on the Bonds on or prior to the date the same shall become due, whether by maturity, redemption or otherwise. The County shall adjust the amount of the deposit to the Interest Account not later than a month immediately preceding any Interest Date so as to provide sufficient moneys in the Interest Account to pay the interest on the Bonds coming due on such Interest Date. No further deposit need be made to the Interest Account when the moneys therein are equal to the interest coming due on the Outstanding Bonds on the next succeeding Interest Date. (2) Principal Account. Commencing in the month which is one year prior to the first principal due date (or if the first principal due date is less than one year from the date of issuance of the Bonds, the month immediately following the issuance of the Bonds), the County shall next deposit into the Principal Account the sum which, together with the balance in said Account, shall equal the principal amount on the Outstanding, Bonds due and unpaid and that portion of the principal next due which would have accrued on such Bonds during the then current calendar month if such principal amounts were deemed to accrue monthly (assuming that a year consists of twelve (12) equal calendar months having thirty (30) days each) in equal amounts from the next preceding principal payment due date, or, if there is no such preceding payment due date from a date one year preceding the due date of such principal amount. Moneys in the Principal Account shall be applied by the County for deposit with the Paying Agent to pay the principal of the Bonds on or prior to the date the same shall mature, and for no other purpose. The County shall adjust the amount of the deposit to the Principal Account not later than the month immediately preceding any principal payment date so as to provide sufficient moneys in the Principal Account to pay the principal on the Bonds becoming due on such principal payment w date. No further deposit need be wade to the Principal Account when the moneys therein are equal to the principal coning due on the Outstanding Bonds on the next succeeding principal payment date. (3) Bond Amortization Account. Comiarencing in the month which is one year prior to any Amortization Installment due date, there shall be deposited or credited to the Bond Amortization Account an amount which, together with the balance in said Account, shall equal the Amortization Installments of all Bonds Outstanding due and unpaid and that portion of the Amortization Installment next due which would have accrued on said Bonds during the then current calendar month if such Amortization Installment were deemed to accrue daily (assuming that a year consists of twelve (12) months of thirty (30) days each), in equal amounts from the next preceding Amortization Installment due date, or if there is no such preceding Amortization (25009/001/00196637.DOCO) 13 Insta.11rmernt due date, from a date one year preceding the due date of such Amortization Installmernt. Moneys in the Bond Amortization Account shall be used to purchase or redeem Term Bonds in the planner provided in the Resolution or in a Supplemental Resolution, and for no other purpose. The County shall adjust the amount of the deposit into the Bond Amortization Account not later than the month immediately preceding any date for payment of an Amortization Installment so as to provide sufficient moneys in the Bond Aulortization Account to pay the Amortization Installments on the Bonds coming due on such date. No further deposit need be made to the Bond Amortization Account when the moneys therein are equal to the Amortization Installments coning due on the Outstanding Bonds on the next succeeding Armortization Installment due date. Payments to the Bond Amortization Account shall be on a parity with payments to the Principal Account. Amounts accumulated in the Bond Amortization Account with respect to any Amortization Installment (together with amounts accumulated in the Interest Account with respect to interest, if any, on the Term Bonds for which such Amortization Installmernt was established) may be applied by the County, on or prior to the sixtieth (60th) day preceding the due date of such Amortization Installment, (a) to the purchase of Term Bonds of the Series and maturity for which such Amortization Installment was established at a price not exceeding par plus accrued interest or (b) to the redemption at the applicable Redemption Prices of such Term Bonds, if then redeemable by their terms at a price not exceeding par plus accrued interest. The applicable Redemption Price (or principal amount of maturing Term Bonds) of any Terra Bonds so purchased or redeemed shall be deemed to constitute part of the Bond Amortization Account until such Amortization Installment date, for the purposes of calculating the amount of such Account. As soon as practicable after the sixtieth (60th) day preceding the due date of any such Amortization Installment, the County shall proceed to call for redemption on such due date, by causing notice to be given as provided in the Resolution, Term Bonds of the Series and maturity for which such Amortization Installment was established (except in the case of Term Bonds maturing on an Amortization Installment date) in such amount as shall be necessary to complete the retirement of the unsatisfied balance of such Amortization Installment. The County shall pay out of the Bond Amortization Account and the Interest Account to the appropriate Paying Agents, on or before the day preceding such redemption date (or maturity date), the amount required for the redemption (or for the payment of such Term Bonds then maturing), and such amount shall be applied by such Paying Agents to such redemption (or payment). All expenses in connection with the purchase or redemption of Term Bonds shall be paid by the County from the Restricted Revenue Fund. (4) Reserve Account. There shall be deposited to the Reserve Account an amount which shall not be less than one twelfth (1/12) of the amount which would enable the County to restore the funds on deposit in the Reserve Account to an amount equal to the Reserve Account Requirement applicable thereto in one (1) year from the date of any deficiency caused by decreased market value of the investments on deposit therein or withdrawal therefrom. On or prior to each principal payment date and Interest Date for the Bonds, moneys in the Reserve Account shall be applied by the County to the payment of the principal of or Redemption Price, if applicable, and interest on the Bonds to the extent moneys in the Interest Account, the Principal Account and the Bond Amortization Account shall be insufficient for such purpose. Whenever there shall be surplus moneys in the Reserve Account by reason of (i) investment income, shall be deposited in the Interest Account, and (ii) a decrease in the Reserve Account Requirement, such surplus moneys shall be deposited by the County into the Unrestricted Revenue Account subject (25009/001 /0019G637.D0001 14 to receiving an opinion of Bond Counsel that such application will not have an adverse effect on the tax-exempt status of the Bonds, and otherwise to the Debt Service Fund. Whenever the amount of cash or securities in the Reserve Account, together with the other amounts in the Debt Service :Fund, are sufficient to fully pay all Outstanding Bonds in accordance with their terms (including principal or applicable Redemption Price and interest thereon), the funds on deposit in the Reserve Account may be transferred to the other Accounts of the Debt Service Fund for the payment of the Bonds. Upon the issuance of any Series of Bonds under the terms, limitations and conditions as herein provided, the County shall, on the date of delivery of such Series of Bonds, fund the Reserve Account in an amount at least equal to the Reserve Account Requirement, if so required. Such required amount may be paid in full or in part from the proceeds of such Series of Bonds. (5) Unrestricted Revenue Account. The balance of any moneys after the deposits required by Sections (A)(1) through (A)(4) above may be transferred, at the discretion of the County, to the Unrestricted Revenue Account or any other appropriate fund and account of the County and may be used for any lawful purpose including, without limitation, the early redemption of Bonds. In the event moneys on deposit in the Interest Account and the Principal Account on the third day prior to an Interest Date are not sufficient to pay the principal of and interest on the Bonds coaling due on such Interest Date, the County shall transfer moneys from the Unrestricted Revenue Account, if any, to the appropriate Account of the Debt Service Fund to provide for such payment. Any moneys remaining in the Unrestricted Revenue Account on each Interest Date may be used for any lawful purpose. (B) The County, in its discretion, may use moneys in the Principal Account, the Bond Amortisation Account and the Interest Account to purchase or redeem Outstanding Bonds coming due on the next principal payment date, provided such purchase does not adversely affect the County's ability to pay the principal or interest coming due on such principal payrnent date on the Bonds not so purchased. (C) At least two business days prior to the date established for payrnent of any principal of or interest on the Bonds, the County shall withdraw from the appropriate Account of tine Debt Service Fund sufficient moneys to pay such principal or interest and deposit such moneys with the Paying Agent. Such deposits -with the Paying Agent shall be made in moneys available to make payments of the principal of and interest on the Bonds as the same becomes due. Additional Bonds No Additional Bonds, payable on a parity with the Bonds then Outstanding pursuant to the Resolution, shall be issued except upon the conditions and in the manner provided in the Resolution. The County may issue one or more Series of Additional Bonds for any one or more of the following purposes: financing or refinancing the Costs of a Project, or the completion thereof, or refunding any or all Outstanding Bonds or of any Subordinated Indebtedness of the County. No such Additional Bonds shall be issued unless (1) no Event of Default (as specified in [lie Resolution) shall have occurred and be continuing thereunder and (2) the following conditions are complied with: 123009/001/00196637. DOCv31 15 (A) Except as otherwise provided in Section (D) below, there shall have been obtained and filed with the County a statement of the Clerk or his/her designee: (1) stating that he or she has examined the books and records of the County relating to the Infrastructure Sales Surtax Revenues which have been received by the County for deposit to the Restricted Revenue Account; (2) setting forth the amount of such Infrastructure Sales Surtax Revenues during any twelve (12) consecutive months designated by the County within the twenty-four (24) months immediately preceding the date of delivery of such Additional Bonds with respect to which such statement is inade; and (3) stating that the amount of such Infrastructure Sales Surtax Revenues received during the aforementioned 12-month period equals at least 1.30 times the Maximum Annual Debt Service on the Prior Bonds and all Bonds then Outstanding and such Additional Bonds with respect to which such statement is made. Such report may be partially based upon a certification of certain matters related to the calculation of the Maximum Annual Debt Service by the County's financial advisor. (B) For the purpose of determining the Maximum Annual Debt Service under Section (A) above and for determining the Reserve Account Requirement for any Variable Rate Bonds, the interest rate on any Variable Rate Bonds then proposed to be issued and on any Outstanding Variable Rate Bonds then Outstanding shall be deemed to be the lesser of (1) the interest rate for 20-year revenue bonds published by The Bond Buyer no more than two weeks prior to the sale of the Variable Rate Bonds, or (2) the Maximum Interest Rate. (C) Additional Bonds shall be deemed to have been issued pursuant to the Resolution the same as the Outstanding Bonds, and all of the other covenants and other provisions of the Resolution (except as to details of such Additional Bonds inconsistent therewith) shall be for the equal benefit, protection and security of the Holders of all Bonds issued pursuant to the Resolution. Except as provided in the Resolution, all Bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lied on the Pledged Funds and their sources and security for payment therefrom without preference of any Bonds over any other; provided, however, that the County shall include a provision in any Supplemental Resolution authorizing the issuance of Variable Rate Additional Bonds pursuant to the Additional Bonds test that in the event the principal thereof is accelerated due to such Bonds being held by the Credit Facility Provider, the lien of any accelerated debt due and owing such Credit Facility Provider on the Pledged Funds shall be subordinate in all respects to the pledge of the Pledged Funds created by the Resolution. (D) In the event any Additional Bonds are issued for the purpose of refunding any Bonds then Outstanding, the conditions of the Additional Bonds test shall not apply, provided that the issuance of such Additional Bonds shall result in a reduction of aggregate debt service. The conditions of Section (A) above shall apply to Additional Bonds issued to refund Subordinated Indebtedness and to Additional Bonds issued for refunding purposes which cannot meet the conditions of this paragraph. (E) In the event the Act is amended to provide for additional Infrastructure Sales Surtax Revenues to be distributed to the County, the County may, by Supplemental Resolution, extend the pledge of the Infrastructure Sales Surtax Revenues created pursuant to the terms of the Resolution to include such additional Infrastructure Sales Surtax Revenues and may then for the purpose of determining whether there are sufficient Infrastructure Sales Surtax Revenues to 125009/001 /00196637. DO C01 16 PO Box 1026 Key West, FL 33041-1026 Telephone: (305) 292-3470 Facsimile: (305) 292-3516 r .A .cr �- t.,teAttorney Fax To: From: Fax: Pages: Phone: ®ate: Re: CC: ❑ Urgent ❑ For Review ❑ Please Comment ❑ Please Reply ® Comments: meet the coverage tests specified in (A) above, assume that such additional Infrastructure Sales Surtax Revenues were in effect during the applicable twelve (12) consecutive month period. Pursuant to the Resolution, the County may issue Additional Bonds on parity with the Series 2003 Bonds and the Series 2007 Bonds. See "SECURITY FOR THE BONDS — Additional Bonds" herein for a description on the requirements which must be met for the issuance of Additional Bonds. The Series 2007 Bonds are being issued as Additional Bonds under the Resolution. Subordinated Indebtedness The County will not issue any obligation, other than Additional Bonds, except under the conditions and in the manner provided in the Resolution and described above under "—Additional Bonds", payable from the Pledged Funds or voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien thereon in favor of the Bonds and the interest thereon. The County may at any time or from time to time issue evidences of indebtedness payable in whole or in part out of the Pledged Funds and which may be secured by a pledge of the Pledged Funds; provided, however, that such pledge shall be, and shall be expressed to be, subordinated in all respects to the pledge of the Pledged Funds created by the Resolution and shall not be subject to acceleration prior to maturity. The County shall have the right to covenant with the holders from time to time of any Subordinated Indebtedness to add to the conditions, limitations and restrictions under which any Additional Bonds may be issued pursuant to the Resolution. The County agrees to pay promptly any Subordinated Indebtedness as the same shall become due. Accession of Subordinated Indebtedness To Parity Status with the Bonds The County may provide for the accession of Subordinated Indebtedness to the status of complete parity with the Bonds, if (A) the County shall meet all the requirements imposed upon the issuance of Additional Bonds by the Resolution, assuming, for purposes of said requirements, that such Subordinated Indebtedness shall be Additional Bonds and (B) the Reserve Account, upon such accession, shall contain an amount equal to the Reserve Account Requirement in accordance with the Resolution. If the aforementioned conditions are satisfied, the Subordinated Indebtedness shall be deemed to have been issued pursuant to the Resolution the same as the Outstanding Bonds, and such Subordinated Indebtedness shall be considered Bonds for all purposes provided in the Resolution. Books and Records The County will keep books and records of the receipt of the Infrastructure Sales Surtax Revenues in accordance with generally accepted accounting principles, and any Credit Facility Provider or Holder or Holders of at least $1,000,000 aggregate principal amount of Bonds shall have the right at all reasonable times to inspect the records, accounts and data of the County relating thereto. Receipt of Infrastructure Sales Surtax Revenues The County covenants to do all things necessary or required on its part by the Act or otherwise to maintain the levy and receipt of the Infrastructure Sales Surtax Revenues. The County shall exercise all legally available remedies to enforce such levy, cottection and receipt now or hereafter available remedies to enforce such levy, collection and receipt now or hereafter available under law. The County will not 125009/001/00196637.DOCv31 17 take any action, including amending or supplementing the Infrastructure Sales Surtax Ordinance, or enter into any agreement that shalt result in reducing the level of Infrastructure Sales Surtax Revenues received by the County from that level prevailing at the time the County takes such action or enters into such agreement. No Impairment; Limitation on Maturity of Bonds The pledging of the Pledged Funds in the manner provided herein shall not be subject to repeal, modification or impairment by any subsequent ordinance, resolution, agreement or other proceedings of the County. The County shall not (1) permit the Infrastructure Sales Surtax Ordinance to be terminated or expire while any Bonds remain Outstanding or (2) issue any Bonds maturing after the stated expiration date of the one cent local government infrastructure sales surtax authorized by the Infrastructure Sales Surtax Ordinance, as the same may be extended in accordance with the Act. Investments Moneys on deposit in the Construction Fund, the Restricted Revenue Account and the Debt Service Fund shall be continuously secured in the manner by which the deposit of public funds are authorized to be secured by the laws of the State. Moneys on deposit in the Construction Fund, the Restricted Revenue Account and the Debt Service Fund, other than the Reserve Account, may be invested and reinvested in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such Fund or Account. "Authorized Investments" has the meaning ascribed thereto in "APPENDIX C — Composite of the Resolution" attached hereto. Moneys on deposit in the Reserve Account may be invested and reinvested in Authorized Investments which shall mature no later than ten (1 Q) years from the date of investment. All investments shall be valued at market at least semi-annually. Any and all income received by the County from the investment of moneys in the Construction Fund, the Interest Account, the Principal Account, the Bond Amortization Account, the Restricted Revenue Account and the Reserve Account (to the extent such income and the other- amounts in the Reserve Account does not exceed the Reserve Account Requirement) shall be retained in such respective Fund or Account. Any and all income received by the County from the investment of moneys in the Reserve Account (only to the extent such income and other amounts in the Reserve Account exceeds the Reserve Account Requirement) shall be deposited in the Interest Account. Nothing contained in the Resolution shall prevent any Authorized Investments acquired as investments of or security for funds held under the Resolution from being issued or held in book -entry form on the books of the Department of the Treasury of the United States. Separate Accounts The moneys required to be accounted for in each of the funds, accounts and subaccounts established in the Resolution may be deposited in a single, non-exclusive bank account, and funds allocated to the various funds, accounts and subaccounts established in the Resolution may be invested in a common investment pool, provided that adequate accounting records are maintained to reflect and control the restricted allocation of the moneys on deposit therein and such investments for the various purposes of such funds, accounts and subaccounts as provided in the Resolution. t25009/001/00196637.DOCv3) 18 The designation and establishment of the various funds, accounts and subaccounts in and by the Resolution shall not be construed to require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues for certain purposes and to establish certain priorities for application of such revenues as provided in the Resolution. Amendment of Resolution without Consent of Bondholders; Control by Credit Facility Provider in Case of Event of Default For purposes of amending the Resolution, when Bondholder consent is required pursuant to the Resolution, a Credit Facility Provider of a Series of Bonds shall be considered the Holder thereof, provided such Series of Bonds, at the time of the adoption of the amendment, shall be rated by the rating agencies which shall have rated the Bonds no lower than the initial ratings assigned thereto by such rating agencies. The consent of the Holders of Bonds shall not be required if the Credit Facility Provider shall consent to the amendment as provided by the Resolution. Such right of amendment, however, does not apply to any amendment to the Resolution regarding the County's covenants with respect to the exclusion of interest on the Bonds from gross income for purposes of federal income taxation. Upon filing with the Clerk of evidence of such consent of a Credit Facility Provider, the County may adopt such Supplemental Resolution. After the adoption by the County of such Supplemental Resolution, notice thereof shall be mailed in the same manner as notice of an amendment under the Resolution. To the extent the Insurers make any payment of principal of or interest on Series 2003 Bonds and Series 2007 Bonds in accordance with their respective Bond Insurance Policies, such Insurers shall become subrogated to the rights of the recipients of such payments in accordance with the terms of such Bond Insurance Policies. Upon the occurrence and continuance of an Event of Default, a Credit Facility Provider of a Series of Bonds, if such Credit Facility Provider shall not be in payment default under its Bond Insurance Policy, shall be deemed to be the sole owner of such Bonds for purposes of (A) directing and controlling the enforcement of all rights and remedies with respect to such Series of Bonds, including any waiver of an Event of Default and removal of any trustee, and (B) exercising any voting right or privilege or giving any consent or direction or taking any other action that the Holders of such Bonds are entitled to take pursuant to the Resolution. No provision expressly recognizing or granting rights in or to a Credit Facility Provider shall be modified without the consent of such Credit Facility Provider. A Credit Facility Provider's rights under this provision is suspended during any period in which such Credit Facility Provider is in default in its payment obligations under its Bond Insurance Policy (except to the extent of amounts previously paid by such Credit Facility Provider and due and owing to such Credit Facility Provider) and is of no force or effect if its Bond Insurance Policy is no longer in effect or if the Credit Facility Provider asserts that its Bond Insurance Policy is not in effect or if the Credit Facility Provider waives such rights in writing. INFRASTRUCTURE SALES SURTAX REVENUES General Pursuant to Chapter 212, Florida Statutes, as amended, the State of Florida is currently authorized to .Levy and collect a tax on sales, use and other transactions, including a sales tax of six percent (6%) on, among other things, the sales price of each item or article of tangible personal property 125009/001 /00196637.DOCv3) 19 sold at retail in the State, subject to certain exceptions and dealer allowances as set forth in Chapter 212, Florida Statutes. Pursuant to Chapter 212, Florida Statutes, counties are authorized to levy a local discretionary sales surtax of an additional one-half percent (1/2%) or one percent (1%) pursuant to an ordinance enacted by a majority of the members of the Board of County Commissioners and approved by referendum. Chapter 212, Florida Statutes, provides that the levy on such surtax may be extended upon approval of a majority of the electors of the County voting in a referendum on the discretionary sales surtax. Generally, the proceeds of the discretionary sales surtax may only be expended to finance, plan and construct "infrastructure" which is defined as any fixed capital expenditure or fixed capital costs associated with the construction, reconstruction or improvement of public facilities which have a life expectancy of five or more years and any land acquisition, land improvement, design and engineering costs related thereto. Because the County has been designated as an area of critical state concern, it is qualified to use only up to 10 percent of the surtax proceeds for any public purpose other than for infrastructure purposes. Pursuant to Section 212.055(2)(e), Florida Statutes, as amended, counties receiving discretionary sales surtax proceeds may pledge such proceeds for the purpose of servicing new bond 'indebtedness incurred pursuant to law. Effective October 1, 2001, the structure for the imposition of taxes on telecommunications and other communications services was completely changed by Chapter 202, Florida Statute (the "CST Law"). The CST Law rescinded or modified various taxes imposed upon certain telephone and other telecommunications and cominunicalions services (including the discretionary sales surtax on certain long distance services) and replaced the revenues from such taxes with revenues from a new state tax and a local option tax imposed on communications services (the "Local Option Communications Services Tax"). "Communications services" under- the CST Law includes the transmission of voice, data, audio, video or any other information or signals, including cable services, by or through any medium or method currently in existence or in the future devised regardless of the protocol used for such transmission or conveyance. Communication services do not include "information services" (as defined in the CST Law to include electronic publishing, web hosting services and end user 900 number services, among other things), the installation or maintenance of wiring or equipment on a customer's premises, the sale or rental of tangible personal property, the sale of advertising, bad check and late payment charges, bitting and collection services and internet access electronic mail service and related on line services. Exempted from the Local Option Communications Services Tax are certain sales of communications services to the federal government, or any instrumentality or agency thereof, the state or any county, municipality or political subdivision of the state, and religious institutions, educational organizations and certain other charitable organizations. The Florida Department of Revenue ("FDOR") has the responsibility to administer, collect, and enforce the discretionary sales surtax. Pursuant to Section 212.054(4)(b), Florida Statutes, the proceeds of the County's discretionary sales surtax collections (including the Replacement Local Option Communications Services Tax) are transferred to the Discretionary Sales Surtax Clearing Trust Fund. A separate account in the trust fund is established for each county imposing such a surtax. FDOR is authorized to deduct 3% of the total revenue generated for all counties levying a surtax for administrative costs. The amount deducted for administrative costs is required to be used only for those costs solely and directly attributable to the surtax. The total administrative costs are prorated among those counties 1250091001/00196637.DOCv31 20 levying the surtax on the basis of the amount collected for a particular county to the total amount collected for all counties. However, FDOR is currently not deducting any amount of revenue for administering these taxes, even though the authorization currently exists to do so. FDOR is required to submit annually, no later than March 1st, a report detailing the expenses and amounts deducted for administrative costs to the President of the State Senate, the Speaker of the State House of Representatives, and the governing board of each county levying the surtax. The Local Option Communications Services Tax imposed by the CST Law pursuant to Section 202.19(5), Florida Statutes as a replacement for the discretionary sales surtax on certain corm-tiunieation services (the "Replacement Local Option Communications Services Tax") is levied in the County at a rate of 0.5% on the sale price of communications services and is included in the Infrastructure Sales Surtax Revenues which are pledged to the Series 2003 Bonds and the Series 2007 Bonds. The Replacement Local Option Communications Services Taxes collected under the CST Law are deposited along with the discretionary sales surtax into the Discretionary Sales Surtax Clearing Trust Fund and is then distributed by FDOR to the County as part of the discretionary sales surtax, with no distinction made as to the portion of the distribution constituting Replacement Discretionary Communications Services Tax. Except for the Replacement Local Option Communications Services Tax received by the County pursuant to Section 202.19(5), Florida Statutes, no other revenues received by the County pursuant to the CST Law are pledged to the Series 2003 Bonds and the Series 2007 Bonds. Therefore, the Infrastructure Sales Surtax Revenues do not include the Local Option Communication Services Tax or taxes levied pursuant to Section 202.12, Florida Statutes. For purposes of the immediately preceding sentence, "Local Option Communications Services Tax" means any communications services taxes levied pursuant to Chapter- 202, Florida Statutes (other than the Replacement Local Option Communication Services Tax levied pursuant to Section 202.19(5), Florida Statutes), which are distributed to the County from the Local Communications Services Tax Trust Fund. Section 212.055(2)(d)1., Florida Statutes, expressly states that neither the proceeds from the discretionary sales surtax nor the interest accrued thereon shall be used for operational expenses of any infrastructure. Because the County has been designated as an area of critical state concern, it is qualified to use only up to 10 percent of the surtax proceeds for any public purpose other than for infrastructure purposes. Further restrictions prohibit counties from using the discretionary sales surtax to replace or supplant user fees or to reduce ad valorem taxes. The surtax applies to all transactions in the County that are subject to the State sales tax imposed on sales, use, rentals, admissions, and other transactions under Chapter 212, Florida Statutes. The surtax does not apply to the sales amount of tangible personal property greater than $5,000 or to long distance telephone service. Pursuant to Section 212.15, Florida Statutes, vendors are required to remit sales tax receipts (including proceeds of any discretionary sales surtax) by the twentieth (20th) day of the month immediately following the month of collection. No statute prescribes a deadline for remitting surtax proceeds from FDOR to the local governing bodies. However, according to the accounting division of FDOR, FDOR consistently remits the surtax proceeds to such local governing bodies by the end of the month immediately following receipt by FDOR. Local Actions and Limitations Pursuant to Ordinance No. 013-1989 enacted by the Board on May 23, 1989 and pursuant to a successful vote of the electors of the County held on August 8, 1989, the County was authorized to levy a 125009/001/00196637.D0001 21 local one -percent discretionary sales surtax for a period from November 1, 1989, and continuing through September 30, 2004 for the purposes of funding the following categories of infrastructure: recreational facilities, courthouses, parking, offices, roads, bridges, airport improvements, libraries, piers, auditoriums, riprap/seawalls, storm sewers, solid waste facilities, jails and police/fire facilities. On January 19, 2000, the Board enacted Ordinance No. 01-2000, calling, a referendum for March 14, 2000, to consider whether to extend the levy of the local one -percent discretionary sales surtax through December 31, 2018 for the purposes of funding the following categories of infrastructure all of which have a life expectancy in excess of five years: wastewater facilities, recreation and conservation lands, miarinas, courthouses, parking, offices, roads, bridges, airports, libraries, piers, auditoriums, riprap/seawalls, solid waste, jails, police/fire facilities, land acquisition, and storm water. In addition to the capital infrastructure projects described in the previous sentence, the funds so collected during the extension period, and interest accrued thereto, may also be expended on any public purpose, including maintenance of recreation and conservation lands, but only if: (1) the debt service obligation for the year is net; and (2) the County's comprehensive plan has been determined to be incompliance with Chapter 163, Part I1, Florida Statutes. The referendum was approved by the electors of the County. Pursuant to the Infrastructure Sales Surtax Ordinance described above in this paragraph, the County may use the proceeds of the infrastructure sales surtax for the purpose of servicing new bond indebtedness incurred pursuant to general law. In addition to the one percent (1%) local government infrastructure sales surtax described above, there is also levied and collected within the County for the benefit of the Monroe County, Florida School District a one-half percent ('/2%) sales surtax on, among other things, the sales price of each item or article of tangible personal property sold at retail in the County. The levy of such sales surtax will expire on December 31, 2016. The revenue derived from this surtax is not a revenue of the County or pledged to repay the Bonds. Distribution The discretionary sales surtax is distributed by the FDOR among the County and the Cities of Layton, Key Colony Beach, Key West and Marathon and the Villages of Islamorada as provided by the Florida Legislative Committee on Intergovernmental Relations. Florida law provides that, unless otherwise specified in an interlocal agreement, the distribution of the proceeds will be on the same basis as distribution of the so-called "Half -Cent Sales Tax" proceeds distributions under Section 218.62, Florida Statutes. The Infrastructure Sales Surtax Ordinance provides that the discretionary sales surtax be distributed pursuant to such statute. Such "Half -Cent Sales Tax" collected -within a county and distributed to participating local government units is distributed among such county and municipalities therein in accordance with the formula detailed in Section 218.62, Florida Statutes, and shown below (the "Distribution Factor") and such Distribution Factor governs the distribution of the Infrastructure Sales Surtax collected within Monroe County among the County and the municipalities therein: 125009/001/00196637.DOCv31 29 County's Share Unincorporated 2/3 of the (expressed as a County + incorporated percentage) = population County population total 2/3 of the county + incorporated population County population Each Municipality's municipality o ulation Share (expressed as = total 2/3 of the a percentage) county + incorporated population County population "Population" means the latest official State of Florida estimate of population certified prior to the beginning of the local government fiscal year. Should any unincorporated area of a county become incorporated as a municipality, the share received by the participating local governments would be adjusted accordingly. The share of the discretionary sales surtax that is to be distributed to the County will be affected by changes in the relative populations of the unincorporated and incorporated areas within the County. Such relative populations are subject to change through normal increases and decreases of population within the existing unincorporated and incorporated areas of the County and are also subject to change by Annexation of previously unincorporated areas of the County by municipalities within the County. Such annexations would not only increase the population of the incorporated areas but also would, in equal amount, decrease the population of the unincorporated area. The Villages of lslamorada and the City of Marathon were incorporated in the County in the fiscal years ended September 30, 1998 and 2000, respectively. However, regardless of the incorporations that may be approved by voters of the County in the future, pursuant to the above formula the County will receive a minimum of 40% of the discretionary sales surtax even if the entire County is incorporated. The total amount of discretionary sales surtax collected within the County and distributed to the County is subject to increase or decrease due to increases or decreases in the dollar volume of taxable sales within the County, which, in turn, is subject to among other things, (i) legislative changes which may include or exclude from taxation sales of particular goods or services, and (ii) changes in the dollar volume of purchases in the County, which is affected by changes in population and economic conditions. The potential for increased use of electronic commerce and other internet-related sales activity could have a material adverse impact upon the amount of Infrastructure Sales Surtax Revenues collected by the County. [Remainder of page intentionally left blank] 125009/001/00196637. DOCv31 23 Historical Distribution Factors The following table sets forth historical population distribution factors of the infrastructure sales surtax to the County (unincorporated) and the incorporated areas therein for the last ten years. HISTORICAL POPULATION DISTRIBUTION FACTORS FOR INCORPORATED AND UNINCORPORATED MONROE COUNTY Fiscal Year Ended Unincorporated Incorporated September 30 Monroe County Monroe County 2007 59.78% 40.22% 2006 59.77 40.23 2005 59.84 40.16 2004 59.91 40.09 2003 59.90 40.10 2002 59.88 40.12 2001 59.76 40.24 2000(1) 66.84 33.16 1999 66.95 33.05 19980) 70.90 29.10 �l> The population distribution factors for these fiscal years changed from the previous fiscal year due, in part, to the incorporation of the Villages of Islamorada in fiscal year ended September 30, 1998 and the City of Marathon in fiscal year elided September 30, 2000. Source: Florida Department of Revenue [Remainder of page intentionally left blank] (25009/001/00196637.DOCv3) 24 Historical Collections The following table sets forth the historical collections of the Infrastructure Sales Surtax Revenues by the County (and does not include any local government infrastructure sales surtax distributed to municipalities located in the County.) MONROE COUNTY, FLORIDA HISTORICAL INFRASTRUCTURE SALES SURTAX REVENUESUP) Infrastructure Year Ended Sales Surtax Percentage SeSe te1� Revenuesi�1(') Change 2007 $15,088,819 (0.7)% 2006 15,201,005 2.2 2005 14,875,923 (3.2) 2004 15,365,641 19.3 2003 12,884,890 1.9 2002 12,645,370 (0.6) 2001 12,719,997 2.7 2000 12,387,681 (4.7) 1999 12,996,907 (1.7) 1998 13,217,392 10.1 1997 12,009,003 -- (1) Monroe County, Florida Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2006, for fiscal years ended September 30, 1997 through and including 2006. (2) The Information Sales Surtax Revenues for the .fiscal year ended September 30, 2007 is projected and unaudited. [Remainder of page intentionally left blank] 125009/001/00196637, DOCK 31 25 MONROE COUNTY, FLORIDA PRO FORMA DEBT SERVICE COVERAGE ON THE SERIES 2007 BONDS Fiscal Year Ended September 30 2003 2004 2005 2006 2007 Infrastructure Sales Surtax Revenues $12,884,890 $15,365,641 $14,875,923 $15,201,005 $15,088,8190) Maximum Annual Debt Service on the Series 2003 Bonds and the Series 2007 Bonds<2u3) Pro Forma Debt Service Coverage(3) $5,702,642 $5,702,642 $5,702,642 $5,702,642 $5,702,642 2.26x 2.69x 2.61x 2.67x 2.65x (1) The .Information Sales Surtax Revenues for the fiscal year ended September 30, 2007 is projected and unaudited. (2) Calculated on the basis of a year ended September 30. (3) Based on actual debt service on the Series 2003 Bonds and debt service estimated by the Financial Advisor on the Series 2007 Bonds based on current market conditions and an estimated principal amount of $30,640,000, a true interest cost rate of approximately 4.25% on the Series 2007 Bonds and a final maturity of April 1, 2018. MUNICIPAL BOND INSURANCE The following information under this reading has been furnished by (the "Insurer") for use in this Official Statement. Reference is made to "APPENDIX D - Specimen Bond Insurance Policy" for a specimen of the Insurer's municipal bond insurance policy (the 'Bond Insurance Policy"). [TO COME] THE INFORMATION RELATING TO THE INSURER CONTAINED ABOVE HAS BEEN FURNISHED BY THE INSURER. NO REPRESENTATION IS MADE BY THE COUNTY OR THE UNDERWRITERS AS TO THE ACCURACY OR ADEQUACY OF SUCH INFORMATION OR THAT THERE HAS NOT BEEN ANY MATERIAL ADVERSE CHANGE IN SUCH INFORMATION SUBSEQUENT TO THE DATE OF SUCH INFORMATION. NEITHER THE COUNTY NOR THE UNDERWRITERS HAS MADE ANY INVESTIGATION INTO THE FINANCIAL CONDITION OF THE INSURER, AND NO REPRESENTATION IS MADE AS TO THE ABILITY OF THE INSURER TO MEET ITS OBLIGATIONS UNDER THE BOND INSURANCE POLICY. RESERVE ACCOUNT INSURANCE POLICIES [The Reserve Account Requirement for the Bonds will be funded by the 2003 Reserve Account Insurance Policy previously issued in the amount of $1,965,600 (with an expiration date of April 1, 125009/001/00196637. DOCv31 26 2018) by MBIA Insurance Corporation and the 2007 Reserve Account Insurance Policy to be issued in the amount of $ (with an expiration date of April 1, 2018) by the Insurer to secure the Bonds. The 2003 Reserve Account Insurance Policy and the 2007 Reserve Account Insurance Policy are hereinafter referred to as the "Reserve Account Insurance Policies." The Reserve Account Insurance Policies" will provide that upon notice from the Paying Agent to the Insurer to the effect that insufficient amounts are on deposit in the Principal Account, Interest Account or Bond Amortization Account to pay the principal of (at maturity or pursuant to mandatory redemption requirements) and interest on the Bonds, the Insurer will promptly deposit with the Paying Agent an amount sufficient to pay the principal of and interest on the Bonds or the available amount of the Reserve Account Insurance Policies, whichever is less. Upon the later of: (i) three (3) days after receipt by the Insurer of a Demand for Payment in the form attached to the Reserve Account Insurance Policies, duly executed by the Paying Agent; or (ii) the payment date of the Bonds as specified in the Demand for Payment presented by the Paying Agent to the Insurer, the Insurer will make a deposit of funds in an account with State Street Bank and Trust Company, N.A., in New York, New York, or its successor, sufficient for the payment to the Paying Agent, of amounts which are then due to the Paying Agent (as specified in the Demand for Payment) subject to the Surety Bond Coverage. Such reimbursement shall be made only after all required deposits to the Interest Account, the Principal Account and the Bond Amortization Account have been made. The available amount of the Reserve Account Insurance Policies is the initial face amount of the Reserve Account Insurance Policies less the amount of any previous deposits by the Insurer with the Paying Agent which have not been reimbursed by the County. In conjunction with the issuance of the Series 2007 Bonds, the County and the Insurer will enter into a Financial Guaranty Agreement (the "Agreement"). Pursuant to the Agreement, the County is required to reimburse the Insurer, within one year of any deposit, the amount of such deposit made by the Insurer with the Paying Agent under the 2007 Reserve Account Insurance Policy. Under the terms of the Agreement, the County is required to reimburse the Insurer, with interest, until the face amount of the 2007 Reserve Account Insurance Policy is reinstated, before any deposit of Infrastructure Sales Surtax Revenues is made to the Unrestricted Revenue Account. The Reserve Account Insurance Policies will be held by the Paying Agent in the Reserve Account and is provided as an alternative to the County depositing funds into the Reserve Account and the premium for the 2007 Reserve Account Insurance Policy will be fully paid by the County at the time of delivery of the Series 2007 Bonds.] [Remainder of page intentionally left blank] 125009/001/00196632.DOCv3J 27 ESTIMATED SOURCES AND USES OF FUNDS The table that follows summarizes the estimated sources and uses of funds to be derived from the sale of the Series 2007 Bonds: SOURCES: Principal Amount of Series 2007 Bonds Less: Net Original Issue Discount/Prep-ium TOTAL SOURCES $ USES: Deposit to 2007 Project Account in Construction Fund $ Costs of Issuance(;) TOTAL USES $ Includes Bond Insurance Policy premium, Reserve Account Insurance Policy premium, Underwriters' discount, financial advisor fees, legal fees and miscellaneous costs of issuance. [Remainder of page intentionally left blank] (25009/001/00196637.DOCv31 28 Series 2003 Year Ending Bonds Al2rit 1 Debt Service 2008 $1,821,830.00 2009 1,837,070.00 2010 1,851,732.50 2011 1,861,682.50 2012 1,876,670.00 2013 1,887,540.00 2014 1,904,865.00 2015 1,918,165.00 2016 1,932,300.00 2017 1,952,800.00 2018 1,965,600.00 TOTAL $20,810,255.00 DEBT SERVICE SCHEDULE Series 2007 Bonds Total Principal Interest Debt Service Debt Service [Remainder of page intentionally [eft blank] 125009/001/00196637.DOCv3l 29 INVESTMENT POLICY All investment activity of the County's pooled cash, not otherwise classified as restricted assets requiring separate investing is currently governed by art investment policy prepared by the Clerk and adopted by the Board on March 19, 2003 (Resolution No. 114-03). Such investments are limited to: A. The Florida Local Government Surplus Funds Trust Fund ("SBA") A maximum of 100% of available funds may be invested in The Florida Local Government Surplus Funds Trust Fund. B. United States Government Securities Negotiable direct obligations, or obligations the principal and interest of which are unconditionally guaranteed by the United States Government. A maximum of 100% of available funds may be invested in United States Government Securities with the exception of Treasury Strips, which are limited to 10% of available funds_ The maximum length to maturity of any direct investment in the United States Government Securities is five (5) years from the date of purchase. C. United States Government Agencies Bonds, debentures, notes, callables and fixed rate mortgage -backed securities issued or guaranteed by United States Government Agencies, provided such obligations are backed by the full faith and credit of the United States. A Maximum of 50% of available funds may be invested in United States Government Agencies. A maximum of 10% of available funds may be invested in any individual United States Government Agencies. The maximum length to maturity for an investment in any United States Government Agency security is five (5) years from the date of purchase. D. Federal Instrumentalities (United States Government -sponsored agencies) Senior obligations, which include bonds, debentures, notes, callables and fixed rate nortgage-backed securities issued or guaranteed by United States government - sponsored agencies (Federal Instrumentalities). These are limited to the following: Federal Farm Credit Bank (FFCB) Federal Hone Loan Bank or its County banks (FHLB) 125009/001/00196637.DOCv31 30 Federal National Mortgage Association (FNMA) Federal Home Loan Mortgage Corporation (Freddie -Macs) including Federal — Home Loan Mortgage Corporation participation certificates A maximum of 80% of available funds may be invested in Federal Instrumentalities. A maximum of 30% of available funds may be invested in any one issuer and a maximum of 25% of available funds may be invested in callable securities. The maximum length to maturity for an investment in any Federal Instrumentality security is five (5) years from the date of purchase. E. Interest -bearing Time Deposit or Saving Accounts Nonnegotiable interest -bearing time certificates of deposit or savings accounts in financial institutions organized under the laws of this state and/or in national financial institutions organized under the laws of the United States and doing business and situated in the State of Florida, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes. Additionally, the financial institution shall not be listed with any recognized credit watch information service. A maximum of 10% of available funds may be invested in nonnegotiable interest -bearing time certificates of deposit. A maximum of 10% of available funds may be deposited with any one issuer. The maximum maturity on wiy certificate shall be no greater than one (1) year from the date of purchase. F. Registered Investment Companies (Money Market Mutual Funds) Shares in open-end and no -Loan Money Market Mutual Funds provided such funds are registered under the Federal Investment Company Act of 1940 and operate in accordance with 17 C.F.R. 270.2a-7, which stipulates that money market funds must have an average weighted maturity of 90 days or less. In addition, the share value of the money market funds must equal to $1.00. A maximum of 20% of available funds may be invested in money market mutual funds. A maximum of 10% of available funds may be invested with any one money market fund. The money market mutual funds shall be rated AAAIn or AAAm-G or better by Standard & Poor's, or the equivalent by another nationally recognized rating agency. A thorough review of any money market mutual fund is required prior to investing, and on a continual basis. There shall be a questionnaire developed by the investment advisor 125009/001 /00196637. DO Cv31 31 that shall contain a list of questions that cover the major aspects of any investment pool/fund. G. Intergovernmental Investment Pool Intergovernmental Investment Pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. A nnaximum of 10% of available funds may be .invested in intergovernmental investment Pools. A thorough review of any investment pool/fund is required prior to investing, and on a continual basis. There shall be a questionriaire developed by the Investment Advisor that shall contain a list of questions that cover the major aspects of any investment pooI/fund. Investment Officials or Investment Advisor may not invest in investment products that include the use of derivatives or reserve purchase agreements and securities lending transactions are not permitted by the investment policy. A "derivative" is defined as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or index or asset values. Investments not listed in the investment policy are prohibited. The Board may further modify the aforementioned investment policy from time to time. For information relating to the investment of funds and accounts created pursuant to the Resolution, please see "APPENDIX C - Composite of the Resolution" attached hereto. LEGAL MATTERS Certain legal matters in connection with the issuance of the Series 2007 Bonds are subject to an approving legal opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel, whose approving opinion (a .form of which is attached hereto as "APPENDIX E--Form of Bond Counsel Opinion") will be available at the time of delivery of the Series 2007 Bonds. Certain legal matters will be passed on for the County by Suzanne A. Hutton, Esq., County Attorney, and Bryant Miller Olive P.A., Tampa, Florida, Disclosure Counsel. Bond Counsel has not been engaged to, nor has it undertaken to, review (1) the accuracy, completeness or sufficiency of this Official Statement or any other offering material relating to the Series 2007 Bonds; provided, however, that Bond Counsel will render an opinion to the Underwriters of the Series 2007 Bonds (upon which opinion only the Underwriters may rely) relating to the fairness of the presentation of certain statements contained herein under the heading "TAX EXEMPTION" and certain statements which summarize provisions of the Resolution, the Series 2007 Bonds and federal tax law, and (2) the compliance with any federal or state law with regard to the sale or distribution of the Series 2007 Bonds. (25009/001 /00196637.DQC01 32 II"He"llls6MI [There is no pending or, to the knowledge of the County, any threatened Iitigation against the County of any nature whatsoever which in any way questions or affects the validity of the Series 2007 Bonds, or any proceedings or transactions relating to their issuance, sale, execution, or delivery, or the adoption of the Resolution, or the pledge of the Pledged Funds. Neither the creation, organization or existence, nor the title of the present members of the Board, or other officers of the County is being contested. The County experiences claims, litigation, and various legal proceedings which individually are not expected to have a material adverse effect on the operations or financial condition of the County, but may, in the aggregate, have a material impact thereon. In the opinion of the County Attorney, however, the County will either successfully defend such actions or otherwise resolve such matters without any material adverse consequences on the financial condition of the County.] DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS Pursuant to Section 517.051, Florida Statutes, as amended, no person may directly or indirectly Offer or sell securities of the County except by an offering circular containing full and fair disclosure of all defaults as to principal or interest on its obligations since December 31, 1975, as provided by rule of the Florida Department of Banking and Finance (the 'Department"). Pursuant to Rule 3E-400.003, Florida Administrative Code, the Department has required the disclosure of the amounts and types of defaults, any legal proceedings resulting from such defaults, whether a trustee or receiver has been appointed over the assets of the County, and certain additional financial information, unless the County believes in good faith that such information would not be considered material by a reasonable investor. The County is not and has not been in default on any bond issued since December 31, 1975 that would be considered material by a reasonable investor. TAX EXEMPTION Opinion of Bond Counsel In the opinion of Bond Counsel, the form of which is included as "APPENDIX E--Form of Bond Counsel Opinion" attached hereto, the interest on the Series 2007 Bonds is excludable from gross income and is not a specific item of tax preference for federal income tax purposes under existing statutes, regulations, rulings and court decisions. However, interest on the Series 2007 Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on corporations pursuant to the Internal Revenue Code of 1986, as amended (the "Code"). Failure by the County to comply subsequently to the issuance of the Series 2007 Bonds with certain requirements of the Code, regarding the use, expenditure and investment of Series 2007 Bonds proceeds and the timely payment of certain investment earnings to the Treasury of the United States, may cause interest on the Series 2007 Bonds to become includable in gross income for federal income tax purposes retroactive to their date of issuance. The County has covenanted in the Resolution to comply with all provisions of the Code necessary to, among other things, maintain the exclusion from gross income of interest on the Series 2007 Bonds for purposes of federal income taxation. In rendering its opinion, Bond Counsel has assumed continuing compliance with such covenants. f 25009/001/00196637.D0Cv31 33 Internal Revenue Code of 1986 The Code contains a number of provisions that apply to the Series 2007 Bonds, including, among other things, restrictions relating to the use or investment of the proceeds of the Series 2007 Bonds and the payment of certain arbitrage earnings in excess of the "yield" on the Series 2007 Bonds to the Treasury of the United States. Noncompliance with such provisions may result in interest on the Series 2007 Bonds being included in gross income for federal income tax purposes retroactive to their date of issuance. Collateral Tax Consequences Except as described above, Bond Counsel will express no opinion regarding the federal income Lax consequences resulting from the ownership of, receipt or accrual of interest on, or disposition of, the Series 2007 Bonds. Prospective purchasers of Series 2007 Bonds should be aware that the ownership of Series 2007 Bonds may result in other collateral federal tax consequences. For example, ownership of the Series 2007 Bonds may result in collateral tax consequences to various types of corporations relating to (1) denial of interest deduction to purchase or carry such Series 2007 Bonds, (2) the branch profits tax, and (3) the inclusion of interest on the Series 2007 Bonds in passive income for certain Subchapter S corporations. In addition, the interest on the Series 2007 Bonds may be included in gross income by recipients of certain Social Security and Railroad Retirement benefits. PURCHASE, OWNERSHIP, SALE OR DISPOSITION OF THE SERIES 2007 BONDS AND THE RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX CONSEQUENCES FOR CERTAIN INDIVIDUAL AND CORPORATE BONDHOLDERS, INCLUDING, BUT NOT LIMITED TO, THE CONSEQUENCES DESCRIBED ABOVE. PROSPECTIVE BONDHOLDERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN THAT REGARD. Other Tax Matters Interest on the Series 2007 Bonds may be subject to state or local income taxation under applicable state or local laws in other jurisdictions. Purchasers of the Series 2007 Bonds should consult their own tax advisors as to the income tax status of interest on the Series 2007 Bonds in their particular state or local jurisdictions. During recent years, legislative proposals have been introduced in Congress, and in some cases enacted, that altered certain federal tax consequences resulting from the ownership of obligations that are similar to the Series 2007 Bonds. In some cases, these proposals have contained provisions .that altered these consequences on a retroactive basis. Such alterations of federal tax consequences may have affected the market value of obligations similar to the Series 2007 Bonds. From time to lime, legislative proposals are pending which could have an effect on both the federal tax consequences resulting from ownership of the Series 2007 Bonds and their market value. No assurance can be given that additional legislative proposals will not be introduced or enacted that would or might apply to, or have an adverse effect upon, the Series 2007 Bonds. (25009/001/00196637.DOCv3) 34 Tax Treatment of Original Issue Discount Bond Counsel is further of the opinion that the difference between the principal amount of the Series 2007 Bonds maturing on April 1, 20 through April 1, 20. inclusive and on April 1, 20_ (collectively the "Discount Bonds") and the initial offering price to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of Underwriters or wholesalers) at which price a substantial amount of such Discount Bonds of the same maturity was sold constitutes original issue discount which is excludable from gross income for federal income tax purposes to the same extent as interest on the Series 2007 Bonds. Further, such original issue discount accrues actuarially on a constant interest rate basis over the terry of each Discount Bond and the basis of each Discount Bond acquired at such initial offering price by an initial purchaser thereof will be increased by the amount of such accrued original issue discount. The accrual of original issue discount may be taken into account as an increase in the amount of tax-exempt income for purposes of determining various other tax consequences of owning the Discount Bonds, even though there will not be a corresponding cash payment. Owners of the Discount Bonds are advised that they should consult with their own advisors with respect to the state and local tax consequences of owning such Discount Bonds. Tax Treatment of Bond Premium The difference between the principal amount of the Series 2007 Bonds maturing on April 1, 20_ through April 1, 20— inclusive (the "Prernium Bonds") and the initial offering price to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial arnount of such Prenuurn Bonds of the sarne maturity was sold constitutes to an initial purchaser amortizable bond premium which is not deductible from gross income for Federal income tax purposes. The aunount of amortizable bond prenuum for a taxable year is determined actuarially on a constant interest rate basis over the term of each Premium Bond which terns ends on the earlier of the maturity or optional call date for such Premium Bond which results in the lowest yield on such Bond to the purchaser thereof. For purposes of determining gain or - loss on the sale or other disposition of a Premium Bond, an initial purchaser who acquires such obligation in the initial offering to the public at the initial offering price is required to decrease such purchaser's adjusted basis in such Prerniurn Bond annually by the amount of amortizable bond premium for the taxable year. The amortization of bond premium may be taken into account as a reduction in the amount of tax-exempt income for purposes of determining various other tax consequences of owning such Premium Bonds. Owners of the Premium Bonds are advised that they should consult with their own advisors with respect to the state and local tax consequences of owning such Premium Bonds. RATINGS Moody's Investors Service ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch Ratings are expected to assign their municipal bond ratings of "Aaa," "AAA" and "AAA," respectively, to the Series 2007 Bonds with the understanding that upon delivery of the Series 2007 Bonds, the Bond Insurance Policy will be issued by the Insurer. In addition, Moody's, S&P's and Fitch have assigned underlying ratings of " " and " respectively, without giving any regard to such Bond Insurance Policy. The ratings reflect only the views of said rating agencies and art explanation of the ratings may be obtained only from said rating agencies. There is no assurance that such ratings will continue for any given period of time or that they will not be lowered or withdrawn entirely by the rating agencies, or any of there, if in their judgment, circumstances so warrant. A downward change in or 125009/001/00196637. DOCv31 35 withdrawal of any of such ratings, may have an adverse effect on the market price of the Series 2007 Bonds. An explanation of the significance of the ratings can be received from the rating agencies, at the following addresses: Moody's .Investors Service, 99 Church Sheet, New York, New York 10007-2796, Standard & Poor's Ratings Services, 25 Broadway, New York, New York 10004 and Fitch Ratings, One State Street Plaza, New York, New York 10004. FINANCIAL, ADVISOR The County has retained Public Financial Management, Inc., Fort Myers, Florida, as Financial Advisor in connection with the County's financing plans and with respect to the authorization and issuance of the Series 2007 Bonds, The Financial Advisor is not obligated to undertake and has not undertaken to make an independent verification or to assume responsibility for the accuracy, completeness, or fairness of the information contained in the Official Statement. The Financial Advisor did not participate in the underwriting of the Series 2007 Bonds. The Financial Advisor may receive a .fee for bidding investments for certain proceeds of the Series 2007 Bonds. INDEPENDENT ACCOUNTANTS The General Purpose Audited Financial Statements of the County for the fiscal year ending September 30, 2006, and report thereon of Green Marva PA, Inc., Key West, Florida (the "Independent Certified Public Accountants") are attached hereto as "APPENDIX B -- General Purpose Audited Financial Statements of the County." Such statements speak only as of September 30, 2006. [The Independent Certified Public Accountants have consented to the use thereof herein and have performed various procedures relating to the provision of such consent.] The Series 2007 Bonds are payable solely from the Pledged Funds as described in the Resolution and herein and the Series 2007 Bonds are not otherwise secured by, or payable from, the general revenues of the County. The General Purpose Audited Financial Statements attached hereto as "APPENDIX B -- General Purpose Audited Financial Statements of the County" are presented for general information purposes only. The County covenanted and agreed in the Resolution to, immediately after the close of each Fiscal Year, cause the financial statements of the County to be properly audited by a recognized independent certified public accountant or recognized independent firm of certified public accountants, and shall require such accountants to complete their report on the annual financial statements in accordance with applicable law. The annual financial statement shall be prepared in conformity with generally accepted accounting principles consistently applied. UNDERWRITING The Series 2007 Bonds are being purchased by the underwriters shown on the cover of the Official Statement (the "Underwriters") at an aggregate purchase price of `.6 (which equals the principal amount of less net original issue discount of $ and Underwriters' discount of : ). The Underwriters' obligations are subject to certain conditions precedent described in the Official Notice of Sale which was prepared by the County, and the Underwriters will be [25009/001/00196637.DOCv3l 36 obligated to purchase all of the Series 2007 Bonds if any Series 2007 Bonds are purchased. The Series 2007 Bonds may be offered and sold to certain dealers (including dealers depositing such Series 2007 Bonds into investment trusts) at prices lower than such public offering prices, and such public offering prices may be changed, from time to time, by the Underwriters. CONTINGENT FEES The County has retained Bond Counsel, the Financial Advisor and Disclosure Counsel with respect to the authorization, sale, execution and delivery of the Series 2007 Bonds. Payment of the fees of such professionals and an underwriting discount to the Underwriters are each contingent upon the issuance of the Series 2007 Bonds. ENFORCEABILITY OF REMEDIES The remedies available to the owners of the Series 2007 Bonds upon an event of default under the Resolution, the Bond Insurance Policy and the Reserve Account Insurance Policies are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including specifically the federal bankruptcy code, the remedies specified by the Resolution, the Series 2007 Bonds, the Bond Insurance Policy and the Reserve Account Insurance Policies may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2007 Bonds (including Bond Counsel's approving opinion) will be qualified, as to the enforceability of the remedies provided in the various legal instruments, by linutations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before of after such delivery. See "APPENDIX C — Composite of the Resolution" attached hereto for a description of events of default and remedies. CONTINUING DISCLOSURE The County has covenanted for the benefit of the Series 2007 Bondholders to provide certain financial information and operating data relating to the County and the Series 2007 Bonds in each year, and to provide notices of the occurrence of certain enumerated material events. The County has agreed to file annual financial information and operating data and its audited financial statements with each nationally recognized municipal securities information repository then approved by the Securities and Exchange Commission (the "NRMSIRs"), as well as any state information depository that is established in the State (the "SID"). Currently, there are no such SIDS. The County has agreed to file notices of certain enumerated material events, when and if they occur, with the NRMSIRs or the Municipal Securities Rulemaking Board, and with the SIDs, if any. In lieu of filing annual financial information and operating data, audited financial statements and notices of certain material events with the NRMSIRs and the SID, if any, the County is permitted to file such information with a central post office designated by the Securities and Exchange Commission as a location that satisfies the Rule (as defined below) (such location a "CPO"). Filings to the Municipal Securities Rulemaking Board (the WSW') are not permitted to be made to a CPO in lieu of filing with the MSRB. The specific nature of the financial information, operating data, and of the type of events which trigger a disclosure obligation, and other details of the undertaking are described in "APPENDIX F — 125004/001/00196637.DDCv31 37 Form of Continuing Disclosure Certificate" attached hereto. The Continuing Disclosure Certificate shall be executed by the County prior to the issuance of the Series 2007 Bonds. These covenants have been made in order to assist the Underwriters in complying with the continuing disclosure requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission (the "Rule"). With respect to the Series 2007 Bonds, no party other than the County is obligated to provide, nor is expected to provide, any continuing disclosure information with respect to the Rule. [In the past 5 years, the County has not failed to comply with any prior agreements to provide continuing disclosure information pursuant to the Rule.] ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT The references, excerpts, and summaries of all documents, statutes, and information concerning the County and certain reports and statistical data referred to herein do not purport to be complete, comprehensive and definitive and each such summary and reference is qualified in its entirety by reference to each such document for full and complete statements of all matters of fact relating to the Series 2007 Bonds, the security for the payment of the Series 2007 Bonds and the rights and obligations of the owners thereof and to each such statute, report or instrument. Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. Neither this Official Statement nor any statement that may have been made verbally or in writing is to be construed as a contract with the owners of the Series 2007 Bonds. The appendices attached hereto are integral parts of this Official Statement and must be read in their entirety together with all foregoing statements. [Remainder of page intentionally left blank] 125009/001/001 96637.DOCv31 38 AUTHORIZATION OF OFFICIAL STATEMENT The execution and delivery of this Official Statement has been duly authorized and approved by the County. At the time of delivery of the Series 2007 Bonds, the County will furnish a certificate to the effect that nothing has come to their attention which would lead it to believe that the Official Statement (other than information herein related to the Insurer, the Bond Insurance Policy, the Reserve Account Insurance Policies, DTC, the book -entry only system of registration and the information contained under the caption 'Tax Exemption" as to which no opinion shall be expressed), as of its date and as of the date of delivery of the Series 2007 Bonds, contains an untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Official Statement is intended to be used, or which is necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. MONROE COUNTY, FLORIDA Mayor, Board of County Commissioners County Administrator 125009/001/00196637. DOCv3) 39 APPENDIX A GENERAL INFORMATION CONCERNING THE COUNTY The follozvirlg inforwatioiz concerning Monroe County, Florida (the "County"), is iricluded only for the Purposes of supplying general inforrrration regarding the priurtary coiwwo ity served by the County. The Series 2007 Bonds are payable solely front the .Pledged Funds described herein, arid are not payable or secured by other properties of the County or any other political subdivision of the State of Florida. General Information Monroe County, Florida, was constitutionally formed in 1823. It is comprised primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas. The Florida Keys separate the Atlantic Ocean on the south and the east from the Gulf of Mexico on the north and west, and extend approximately 100 mules south from the United States mainland. The County seat, Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 mules southwest of Miami and 66 nautical miles north of the Tropic of Cancer. The County has a mild, sub -tropical climate. The average annual temperature is 77.7 degrees, with an average temperature during the winter of 69.9 degrees and a summer average of 83.9 degrees. The highest temperature recorded was 95 degrees in 1957, and the lowest temperature recorded was 41 degrees in 1981. Precipitation (39-40 inches per year) is characterized by dry and wet seasons in June through October and December through March, respectively. History Initial European contact with the Florida Keys, then occupied by the Calusa Indians, occurred in 1513 with Ponce de Leon's exploration of the Straits of Florida. As a consequence of an Indian war in which the remains of the slain were left to the elements, the island was named Cayo Hueso, or Borne Key, which was later anglicized to Key West. In 1815, the Florida Keys were granted to Juan Pablo Salas by the Spanish governor of Florida. In 1821, Florida became a United States territory. Nevertheless, Salas sold the island to John Simonton of Mobile, Alabama, for $2,000. In 1823, Commodore David Porter established a United States naval base on the island. During the period imnmediately following, in excess of 120 vessels, many from. the Bahamas, were employed in the wrecking business in direct competition with emigrants from New England. The City of Key West was incorporated in 1828. Federal legislation permitting salvaging of property from wrecked ships was the principal reason Key West grew by the 1890's to the wealthiest city, per capita, in the United States. In 1831, the first cigar factory was established in Key West, and by 1869, the City became the largest clear -Havana cigar manufacturing city in the United States. The strategic importance of Key West was demonstrated in 1823, when the West Indian Anti - Piracy Squadron established its base there. Key West's connection with the military dates from this period, and its fortunes were thereafter linked to federal decisions concerning military presence in the Gulf of Mexico. 125009/001/00196637. D0001 A-1 The economic importance of Key West was affected by the excellence of its harbor at the time of the completion of the Panama Canal, and its proximity to Cuba. In 1912, the Overseas Railway from Miami to Key West was completed. This constituted building a railroad 128 miles out to sea, spanning 29 islands of the Florida Keys, and connecting Key West and Havana, Cuba, by train -ferry with the rest of Florida. An estimated average of 3,000 men labored approximately seven years, at a total cost of approximately $50 million to complete the railroad that for the next 22 years would provide a round trip from Miami to Havana, including meals for $24. In 1938, the State of Florida completed a modern highway on the bed of the railroad tracks, permitting motorists to drive from Miami to Key West. That highway and its series of bridges have recently undergone renovation. In 1920, the first international air passenger service and the first international air mail routes for the United States were established between Key West and Havana, Cuba; and in 1927, the Key West airport was designated the first Airport of Entry in the United States. Pan American Airlines was established at Key West in 1927. In 1942, a fresh water pipeline from the mainland was opened. A new pipeline .from the mainland, as well as new mainland water treatment facilities and pumping stations, were completed in 1982. Those facilities have substantially increased the quantity of water which can be delivered to the Keys. These facilities are currently administered by the Florida Keys Aqueduct Authority. In 1946, President Truman created the "Little White House" in Key West on the Naval Annex that bears his name. Recent development has resulted in substantial historic renovation and restoration and continuing growth of tourist activity. Government The County has a five -member Board of County Commissioners elected for staggered terms of four years. The Mayor (Chairman) and the Mayor Pro -Tens (Vice Chairman) are elected by the Board. The Board apportions and levies County taxes and controls the expenditure of all County funds, except for schools, which are controlled by The School Board of Monroe County (the "School Board"). The budget year of the County runs from October 1 to the following September 30. Operating revenue is raised mainly from ad valorem real and personal property taxes, with supplements from state and federal sources for county roads, welfare and health. The Board operates the county road system and has the power to establish, build, maintain, repair, protect and preserve these facilities. The County may issue bonds for all lawful purposes. The Board is responsible for various types of elections in the County. Other elected officials serving county -wide are a five -member School Board, a Superintendent of Schools, a Property Appraiser, a Tax Collector, a Supervisor of Elections, a Sheriff, and a Clerk of the Circuit Court who is also ex officio Clerk of the Board of County Commissioners. The Board appoints a County Administrator who serves at the pleasure of the Board. The Military The United States Naval Station at Key West (the `Naval Station") was established in 1823 with the formation of the West Indian Anti -Piracy Squadron. Some construction began in 1823, and the permanent construction of the Naval Building began in 1856. In 1974, the Naval Station was disestablished, though military operations still exist within the City, including a medical facility, 125009/001/00196637DOCv31 A-2 substantial barracks and military housing for Boca Chica Air Station and numerous federal agencies such as the United States Coast Guard and the Department of Agriculture. The present mission of the various U.S. Military and Coast Guard commands in the Key West area include both air and surface functions. The major military activities center around the Boca Chica Naval Air Station on Boca Chica Key (located inunediately to the east of Stock Island and Key West) and Truman Annex. Health Care There are three hospitals located throughout the County: Lower Keys Medical Center (167 beds), Fisherman's Hospital (58 Beds) and Mariner's Hospital (42 beds). Population From 1930 to 1970, the population of the County increased by 38,962 or 286%. From 1970 to 1980, the population increased by 20%; from 1980 to 1990, by 23%; and from 1990 to 2000, the population increased by 2%. Population Statistics Monroe County and State of Florida 1930-2000 Percentage State of Percentage Year Monroe County Changes Florida Changes 1930 13,624 -- 1,468,211 -- 1,940 14,078 3% 1,897,414 29% 1950 29,957 113 2,771,305 46 1960 47,921 60 4,951,560 79 1970 52,586 10 6,791,418 37 1980 63,188 20 9,746,961 44 1990 78,024 23 12,938,071 33 2000 79,589 2 15,982,378 24 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. (25009/001 /00196637. D0001 A-3 The following tables show the population surnmaty for Monroe County for the years 2000 through 2006 and the Monroe County projected population by age for the years 2010 and 2030. Monroe County Population Summary 2000-2006 2000 2001 2002 2003 2004 2005 2006 Monroe County 79,589 80,588 81,140 80,537 81,236 82,413 80,510 Islarnorada(l) 6,846 6,950 7,067 6,970 6,993 7,033 7,057 Key Colony Beach 788 799 815 822 836 852 857 Key West 25,478 25,735 25,853 25,811 26,215 26,534 25,319 Layton 186 186 188 194 195 204 206 Marathon(2) 10,255 10,407 10,445 10,341 10,391 10,626 10,605 Unincorporated 36,036 36,511 36,772 36,399 36,606 37,164 36,466 (1) Islan-iorada incorporated in the fiscal year ended September 30,1998. (2) Marathon incorporated in the fiscal year ended September 30, 2000. Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Population Projections By Age Monroe County, Florida 2010 and 2030 Year Total Less than 18 18-64 65 and Over 2010 84,136 14,385 54,368 15,383 2030 89,789 15,192 45,676 28,921 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. [Remainder of page intentionally left blank] [25009/001/00196637. DOCv3 } A-4 Monroe County Property Tax Levies and Collections For Last Ten Tax Years Percent of Tax Year Tax Levy Tax Collection Levy Collected 1997 $53,523,947 $51,917,045 97.0% 1998 56,473,845 54,723,468 96.9 1999 55,411,449 53,578,782 96.7 2000 56,096,471 54,023,766 96.3 2001 53,154,741 51,323,260 96.6 2002 56,741,898 34,763,033 96.5 2003 60,408,846 58,373,078 96.6 2004 64,432,039 62,154,285 96.5 2005 70,060,293 67,738,903 96.7 2006 77,461,997 74,778,245 96.5 Property tax levies, based on assessed values as of January 1st, become due and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in November, with the discount declining by one percent each month thereafter. Accordingly, taxes collected will never be one hundred percent of the tax levy. Taxes become delinquent on April 1st of each year and tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June 1st of each year. Property taxes receivable and a corresponding reserve for uncollectible property taxes are not included in the financial statements as there are no delinquent taxes as of September 30, 2006. Source: Monroe County, Florida Comprehensive Annual Financial Report for the fiscal year ended September 30, 2006. [Remainder of page intentionally left blank] (25009/001/00196637.DOCv31 A-5 Monroe County, Florida Assessed Value and Estimated Actual Value of Taxable Property For Last Ten Fiscal Years Real Property Fiscal Year Conm ercial Less: Tax Total Ended Residential Commercial Personal Exempt Total Taxable Direct September 30 Proper Prey Property Property Assessed Value Tax Rate 1997 N/A N/A N/A N/A $7,326,361,058 7.2919 1998 N/A N/A N/A N/A 7,855,025,891 7.1878 1999 N/A N/A N/A N/A 8,314,435,377 6.6586 2000 N/A N/A N/A N/A 9,075,159,549 6.1737 2001 N/A N/A N/A N/A 9,958,877,321 5.3325 2002 $9,707,330,204 $5,771,654,443 $685,978,755 $4,841,248,319 11,323,715,083 5.0060 2003 11,388,166,555 6,038,712,194 673,290,788 5,416,336,535 12,683,833,002 4.7584 2004 14,084,761,001 6,335,756,339 669,026,769 6,382,682,766 14,706,861,343 4.3811 2005 17,419,554,907 8,117,316,077 707,161,448 8,908,126,876 17,335,905,556 4.0413 2006 22,987,248,461 8,515,526,423 771,401,532 10,526,309,471 21,747,866,945 3.5619 Source: Monroe County, Florida Comprehensive Annual Financial Report for the year ended September 30, 2006. Assessed values used are net taxable values after deducting allowable statutory exemptions. Property is assessed as of January 1st and taxes based on those assessments are levied and become due on the following November 1st. Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the next succeeding calendar year. Estimated actual value for each tax year is equal to the assessed value. The ratio of total assessed to the total estimated actual value is 100% for each tax year. [Remainder of page intentionally left blank] 125009/001/00196637. DOCO) A-6 Monroe County, Florida Aggregate Millage Rates For Last Ten Tax Years Tax Year Operating Debt Service 1997 7.2919 -0- 1998 7.1878 -0- 1999 6.6586 -0- 2000 6.1737 -0- 2001 5.3325 -0- 2002 5.0060 -0- 2003 4.7584 -0- 2004 4.3811 -0- 2005 4.0413 -0- 2006 3.5619 -0- County millage consists of the General Revenue Fund, the Fine and Forfeiture Fund, the Health Clinic and the General Purpose Fund. Property is assessed as of January 1st and the taxes based on those assessments are levied according to the tax rate in effect during that tax year and become due on November 1st. Therefore, assessments and tax levies applicable to a certain tax year are collected in the fiscal year ending during the following calendar year. Monroe County does not have outstanding debt funded by ad valorem taxes. Source. Monroe County, Florida Comprehensive Annual Financial Report for the fiscal year ended September 30, 2006. Property Tax Reform [TO COME] [Remainder of page intentionally left blank] [25009/0€11/00196637.D0Cv 3l A---7 Monroe County, Florida Ten Largest Taxpayers Percentage of Total Taxable Taxpayer Assessed Value Assessed Value 1. Bell South/Southern Bell $73,458,624 0.34 % 2. Fla. Keys Electric Co -Op 72,406,440 0.33 3. Casa Marina Owner LLC 45,887,445 0.21 4. Windward Point LLC 43,709,650 0.20 5. Galleon Condo. Assoc. 42,086,530 0.19 6. Cheeca Holdings LLC 32,816,249 0.15 7. Tannex Development Corp. 32,349,480 0.15 8. Hawk's Cay Investors LTD 28,325,854 0.13 9. Pier House Joint Venture 27,176,268 0.12 10. KW Beach Suites LTD 22,000,000 0.10 $420,216,540 1.93% Source: Monroe County, Florida Comprehensive Annual Financial Report for the year ended September 30, 2006. Monroe County, Florida Ratio of Net General Bonded Debt To Assessed Value and Net Bonded Debt Per Capita Monroe County does not have any general bonded debt as of September 30, 2006. Monroe County, Florida Computation of Direct Underlying and Overlapping Debt September 30, 2006 Monroe County does not have any direct and overlapping governmental activities debt as of September 30, 2006. [Remainder of page intentionally left blank] 125009/001/00196637.DQCv31 A-8 ed O r I I W , U d) O �i O LLn d d m m cC4 m Z Z 0 c� Vu v r r r r o o H p Z CNO m© N LC�� o m 00 4 6, d LO 00 O d m cJ r c� c78 hi C, 0 `m e� i LO �' ON d d M O N N cM N N LU) Ln d+ m H 0 0 Ca O O O rl m Ln Oo fn i. t-I N � N cz� NI r W V Ln M N N N N N N cT M c0' m f�l L-, r�, N i� L' o J N� H O O 66, � 00 C� U� u QJ I I I 1 i 00 © yW rn m `WM� qj O N E ai d 1-1 OR cm d+ � �✓ � r+i cri cMfi qj Q) C) Q I I I I � O 00 0 0 0 0 0 0 0 0 0 0 r ,� Q) W Ln O Ln O Ln H © 000 LL' m m aN 00 m o Lrn o m � n oo m r N�� r� Lra � �� m � N � N © � m � m U I„a � cn r �o 00 � I © O 0 0 0 � �Sa o8000 r o 0 c*i w76 d+ �v�' di N N x-I H I I I I I I L`n CT N tV N' r 0 o c o 0 0 0 0 0 0 � O 0 0 0 0 0 C7 0 0 � Lri LCZ LIj o o Lij a o Ln Ln o a\ � r N � oo Ln o m > N cS C'� N O Vr r-� � N Lfj p 4\ CO M r� N N�� N N M' N Cr, C.� O r-� N m dt Ln m a` 6` � o 0 0 o c CDO d\ 6. � O CDO O O 0 0 >� r r r N N N N N N N N 5 V C� O 9 O C] Economy and Tourism International and do►nestic tourism remains a►1 important econo►nic factor in Monroe County. The tropical climate together with the recreational water activities ►Hakes the Florida Keys and Key West a major tourist area. Further evidence of the importance of the tourist industry is that of the top ten taxpayers in Monroe County, eight are hotels. Tourist tax revenues decreased in fiscal year ended September 30, 2006 by 2% fro►n the prior fiscal year to $13,781,806. Lodging units in Monroe County are comprised of 1S6 hotels motels/resorts with 8,263 units, 56 bed and breakfast/guesthouse/inn facilities with 502 units, 87 seasonal rental/realtor rentals with 2,434 units and 21 campground/RV parks with 2,410 units for a total of 350 properties with 13,609 units. The occupancy rate for calendar year 2006 decreased by 3.5% over calendar year 2005. However, average daily room rate increased by 9.9% for the same period. The table below provides annual occupancy rates and annual average daily rates for the last five years. Monroe County, Florida Annual Occupancy Rates and Annual Average Daily Rates 2002 2003 2004 2005 Occupancy Rate 68.0% 72.2% 71.2% 70.0% Average Daily Rate $137.02 $141.61 $153.89 $164.24 Source: Monroe County Tourist Development Council. [Remainder of page intentionally left blank] 2006 66.5% $180.48 125009/001/00196637.DOCv 31 A-10 Monroe County, Florida Average Monthly Employment by Major Sector 2004 and 2005 Sector 2004 2005 Agriculture, forestry, fishing and hunting 108 100 Mining N/A N/A Utilities N/A 187 Construction 2,034 2,212 Manufacturing 305 285 Wholesale trade 493 520 Retail trade 5,475 5,466 Transportation and warehousing 799 775 Information 451 475 Finance and Insurance 1,178 1,220 Real estate and rental and leasing 1,008 1,083 Professional, scientific and technical services 1,069 1,056 Management companies and enterprises 86 102 Administration and support 1,491 1,317 Educational services 296 282 Health care and social assistance 2,331 2,213 Arts, entertainment and recreation 1,072 1,118 Accommodation and food services 10,688 10,041 Other 1,302 1,472 Unclassified 25 30 Total all industries 30,375 29,935 N/A Not available Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. [Remainder of page intentionally left blank] l25009/001/00196637-D0Cv3 A-11 Employment Monroe County has consistently trailed the State in unemployment for each of the past ten years as shown in the table below. Employment Monroe County Labor Year Force Ens to ment Unemployment 1996 44,401 43,355 1,046 1997 45,505 44,446 1,059 1998 45,979 44,769 1,210 1999 45,816 44,793 1,023 2000 44,604 43,705 899 2001 48,196 46,947 1,249 2002 47,908 46,560 1,348 2003 46,590 44,964 1,626 2004 45,662 44,142 1,520 2005 44,699 43,372 1,327 County Unemployment Rate 2.4 2.3 2.6 2.2 2.0 2.6 2.8 3.5 3.3 3.0 State Unemployment Rate 4.5 4.8 4.3 3.9 3.6 4.8 5.5 5.3 4.8 3.8 N/A Not available Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Per Capita Personal Income Monroe County, Florida and United Mates (rounded to dollars) Year Monroe County State of Florida United States 1995 $26,821 $22,691 $23,076 1996 28,069 23,655 24,175 1997 29,668 24,502 25,334 1998 32,596 25,987 26,883 1999 33,419 26,894 27,939 2000 37,009 28,509 29,845 2001 37,159 29,273 30,574 2002 37,029 29,709 30,810 2003 37,966 30,128 31,484 2004 40,203 31,469 33,050 Source. Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. (25009/001/00196637. DOCO) A-12 Yearly Sales Comparison Monroe County, Florida (in millions) Gross Sales Percent Taxable Sales Taxable Sales Year Gross Sales Change Taxable Sales Percent Change as % of Gross 1996 $2,300.8 8.7% $1,500.9 2.9% 65.2% 1997 2,480.5 7.8 1,703.8 13.5 68.7 1998 2,589.2 4.4 1,794.2 5.3 69.3 1999 2,842.2 9.8 1,955.3 9.0 68.8 2000 3,011.4 6.0 2,074.5 6.1 68.9 2001 3,073.4 2.1 2,115.1 2.0 68.8 2002 3,102.5 0.9 2,120.3 0.2 68.3 2003 3,156.5 1.7 2,171.5 2.4 68.8 2004 3,364.3 6.6 2,299.3 5.9 68.3 2005 3,654.7 8.6 2,434.1 5.9 66.6 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Education The County is served by The School Board of Monroe County. The School Board maintains 12 schools serving grades kindergarten through 12, with 636 instructional staff members and 61 Administrative staff members. For the school year 2005-2006, the school system served 8,421 children. The County maintains a public library, which was the first public library established in south Florida. The library includes five facilities and houses a total of 201,469 books. [Remainder of page intentionally left blank] 120-009/001/00196637. DOCv31 A-13 Risk Management The County is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976, 1984 and 1988, the County established the Worker's Compensation, Group Insurance and Risk Management Funds, respectively, as internal service funds to account for and finance its uninsured risks of loss. Under these programs, the Worker's Compensation provides $1,000,000 coverage per claim.. The Group Insurance Fund provides self insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $100,000 self -insured retention, and building property damage is covered for the actual value of the building with a deductible between $100,000 and $250,000. Deductibles for windstorm and flood vary by location. The Board purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the County participate in the programs and make payments to the Worker's Compensation, Group Insurance and Risk Management Funds based on estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported at September 30, 2006 are based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior- to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Worker's Group Risk Compensation Insurance Management Total Balance at September 30, 2004 $1,000,000 $3,307,897 $1,501,607 $5,809,504 Current year claims and changes in estimates 1,699,116 10,319,303 85,264 12,103,683 Claim payments 96( 6,864) (10,531,409) (85,264) 11 583 537 Balance at September 30, 2005 1,732,252 3,095,791 1,501,607 6,329,650 Current year claims and changes in estimates 2,033,326 10,308,270 294,353 12,635,949 Claim payments 1 903 711 (10,311,580) (294,353) (12,509,644) Bahuice at September 30, 2006 $1,861,867 $3,092,481 $1,501,607 $6,455,955 Florida Retirement System Substantially all full-time County employees are participants in the Florida Retirement System ("FRS"), a multiple -employer, cost -sharing public employees defined benefit retirement system administered by the Florida Department of Administration. As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, community college or participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost -of living adjustments, and death benefits to plan members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and Chapter 605, Florida Administrative Code. Amendments to the law can be made only by act of the Florida Legislature. 125009/001/00196637. DOCv3l A-14 The FRS provides for vesting of benefits after 6 years of credited service. Normal retirement benefits are available to employees who retire at or after age 62 with 6 or more years of service. Early retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation and years -of -service credit where average compensation is computed as the average of an individual's five highest years of earnings. The Florida Division of Retirement issues a publicly available financial report that includes financial statements and required supplementary information for the FRS. The report may be obtained in writing to Florida Division of Retirement, 2639 Monroe Street, Building C, Tallahassee, Florida 32399-1560, or from the website www.frs.state.fl.us. The FRS is noncontributory for members. Participating employer contributions are based upon state-wide rates established by the State of Florida. These rates are applied to employee salaries as follows: regular employees 9.85%, special risk employees 20.92%, special risk administrative support 12.55%, elected officials 16.53%, senior management 13.12% and DROP participants 10.91%. The County contributed to the plan an amount equal to 7.50% of covered payroll during the fiscal year ended September 30, 2006. The County's contributions made during the years ended September 30, 2006, 2005 and 2004 were $8,206,747, $6,866,565 and $6,170,058, respectively, equal to the required contribution requirements for each year. Therefore, the County does not have a pension asset or liability as determined in accordance with GASB Statement No. 27. Other Postemployment Benefit Plans [TO COME] 125009/001/00196637.DOCv31 A-15 APPENDIX B GENERAL PURPOSE AUDITED FINANCIAL STATEMENTS OF THE COUNTY 12-50091001 /0019 6687. D OCv3� APPENDIX C COMPOSITE OF THE RESOLUTION {25009/001/0019663 7.D0Cvs} APPENDIX D SPECIMEN BOND INSURANCE POLICY (25009/001100196637 .DDCOJ APPENDIX E FORM OF BOND COUNSEL OPINION �250091001100196637.DOCv3} APPENDIX F FORM OF CONTINUING DISCLOSURE CERTIFICATE {350091001100196637.DC)Cv 1} �s ,10 IV I,: CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by Monroe County, Florida (the "Issuer") in connection with the issuance of its $ Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Bonds"). The Bonds are being issued pursuant to Resolution No. 077- 2003 adopted by the Board of County Commissioners of the Issuer (the "Board) on February 19, 2003, as amended and supplemented by Resolution No. _-2007 adopted by the Board on 2007 (collectively, the "Resolution"). SECTION 1. PURPOSE OF THE DISCLOSURE CERTIFICATE. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the Holders and Benefidal Owners of the Bonds and in order to assist the Participating Underwriters in complying with the continuing disclosure requirements of Securities and Exchange Commission Rule 15c2-12. SECTION 2. DEFINITIONS. In addition to the definitions set forth in the Resolution which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. "Central Post Office" shall mean any central filing location described in Exhibit B hereto and any additional central filing location hereafter designated by the Securities and Exchange Commission as a location that satisfies the Rule. "Dissemination Agent" shall mean the Issuer, or any successor Dissemination Agent designated in writing by the Issuer and which has filed with the Issuer a written acceptance of such designation. "Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. "National Repository" shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. The National Repositories currently approved by the Securities and Exchange Commission are set forth in Exhibit B. "Participating Underwriters" shall mean the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Repository" shall mean each National Repository and each State Repository and shall include any other entity authorized and approved by the Securities and Exchange Commission to act as a central post office for purposes of complying with the Rule. (2,9009/001/00196635. D0Cv41 "Rule" shall mean the continuing disclosure requirements of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "State" shall mean the State of Florida. "State Repository" shall mean any public or private repository or entity designated by the State as a state information depository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Certificate, there is no State Repository. SECTION 3. PROVISION OF ANNUAL REPORTS. (a) The Issuer shall, or shall cause the Dissemination Agent to, not later than each April 30th, commencing April 30, 2008 with respect to the report for the 2007 fiscal year, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submtted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if they are not available by that date provided, further, in such event unaudited financial statements are required to be delivered as part of the Annual Report in accordance with Section 4(a) below. If the Issuer's fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). (b) Not later than fifteen (15) Business Days prior to the date set forth in (a) above, the Issuer shall provide the Annual Report to the Dissemination Agent (if other than the Issuer). If the Issuer is unable to provide to the Repositories an Annual Report by the date required in subsection (a), the Issuer shal I send a notice to (i.) each National Repository or the Municipal Securities Rulemaking Board, and (ii) the State Repository, in substantially the form attached as Exhibit A. (c) The Dissemination Agent shall: W determine each year prior to the date for providing the Annual Report the name and address of each National Repository, the State Repository, if any; provided, however, if the filing is to be made through the Central Post Office pursuant to Section 6 below, the Dissemination Agent need only determine the name and address of the Central Post Office; and (ii) if the Dissemination Agent is other than the Issuer, file a report with the Issuer - certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and listing all the Repositories, or the name of the Central Post Office in the event the filing is made through the Central Post Office, to which it was provided. SECTION 4. CONTENT OF ANNUAL REPORTS. The Issuer's Annual Report shall contain or include by reference the following: (a) the audited financial statements of the Issuer for the prior fiscal year, prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. If the Issuer's audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the Annual Report [25009/001/00196635.D0Cv4l 2 shall contain unaudited finvlcial statements in a format similar to the financial statements contained in the final Official Statement dated 2007 (the "Official Statement"), and the audited financial statements shall be filed in the same manner as the Annual Report when they become available; and (b) updates to the following historical financial information and operating data presented in tabular form in the Official Statement entitled ""HISTORICAL POPULATION DISTRIBUTION FACTORS FOR INCORPORATED AND UNINCORPORATED MONROE COUNTY," "MONROE COUNTY, FLORIDA HISTORICAL INFRASTRUCTURE SALES SURTAX REVENUES" and "MONROE COUNTY, FLORIDA PRO FORMA DEBT SERVICE COVERAGE." The information provided under Section 4(b) may be included by specific reference to other documents, including official statements of debt issues of the Issuer or related public entities, which have been submitted to each of the Repositories, either directly or through the Central Post Office, or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The Issuer shall clearly identify each such other document so included by reference. SECTION 5. REPORTING OF SIGNIFICANT EVENTS. (a) Pursuant to the provisions of this Section 5, the Issuer shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material: 1. principal and interest payment delinquencies; 2. non-payrnent related defaults; 3. unscheduled draws on the debt service reserves reflecting financial difficulties; 4. unscheduled draws on credit enhancernents reflecting financial difficulties; 5. substitution of credit or liquidity providers, or their failure to perform; 6. adverse tax opinions or events affecting the tax-exempt status of the Bonds; 7. modifications to rights of the holders of the Bonds; 8. Bond calls (other- than scheduled mandatory redemption); 9. defeasances; 10. release, substitution, or sale of property securing repayment of the Bonds; 11. ratings changes; and 12. notice of any failure on the part of the Issuer to meet the requirements of Section 3 hereof. 125009/DOl/00196635. D0Cv4} (b) Whenever the Issuer obtains knowledge of the occurrence of a Listed Event, the Issuer shall promptly determine if such event would be material under applicable federal securities laws; provided, however, that any event under clauses 4, 5, 6, 11 and 12 above shall always be deemed to be material. (c) If the Issuer determines that knowledge of the occurrence of a Listed Event would be material under applicable federal securities laws, the Issuer shall promptly file a notice of such occurrence with (i) each National Repository or the Municipal Securities Rulema.king Hoard, and (ii) the State Repository. SECTION 6. EILING THROUGH A CENTRAL POST OFFICE. Any filing made or notice provided by the Issuer in accordance with this Certificate to a Central Post Office by electronic or other means shall satisfy the requirements of this Certificate with respect to filings required to be shade to all National Repositories and the State Repository, and the issuer shall not be required to make separate filings with the National Repositories and the State Repositories, unless the Securities and Exchange Commission has withdrawn the interpretive advice in its letter to the MAC dated September 2, 2004. SECTION 7. TERMINATION OF REPORTING OBLIGATION. The Issuer's obligations under this Disciosu re Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds or if the Rule is repealed or no longer in effect. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5(c). SECTION 8. DISSEMINATION AGENT. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Issuer pursuant to this Disclosure Certificate. The initial Dissemination Agent shall be the Issuer. SECTION 9. AMENDMENT; WAIVER. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may attend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) If the amendment or waiver relates to the provisions of Sections 3(a), 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the Issuer, or the type of business conducted; (b) The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) The amendment or waiver either (i) is approved by the holders of Beneficial Owners of the Bonds in the same manner as provided in the Resolution for amendments to the Resolution with the consent of holders or Beneficial Owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or Beneficial Owners of the Bonds. 125009/001/00196635.DOOM) 4 In the event of any amendment or waiver of a provision of this Disclosure Certificate, the Issuer shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the saute manner as for a Listed Event under Section 5(c), and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. SECTION 10. ADDITIONAL INFORMATION. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. SECTION 11. DEFAULT. In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate, any holder or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer to comply with its obligations under this Disclosure Certificate; provided, however, the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with the provisions of this Disclosure Certificate shall be an action to compel performance. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution. SECTION 12. DUTIES, IMMUNITIES AND LIABILITIES OF DISSEMINATION AGENT. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The obligations of the Issuer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. [Remainder of page intentionally left blank] f 2,90091001/0019GG35.DOCv41 5 SECTION 13. BENEFICIARIES. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriters and holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Dated: 2007 MONROE COUNTY, FLORIDA By: Mayor, Board of County Commissioners 125009/001/00196635. D0Cv4l 6 EXHIBIT A NOTICE OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: Monroe County, Florida Naive of Bond Issue. Infrastructure Sales Surtax Revenue Bonds, Series 2007 Date of Issuance: 2007 NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with respect to the above - named Bonds as required by Sections 3 and 4(b) of the Continuing Disclosure Certificate dated as of 2007. The Issuer anticipates that the Annual Report will be filed by MONROE COUNTY, FLORIDA By: Name: Title: 125009/001/00196635.DOCv4) A-1 EXHIBIT B Any filing under this Certificate to any of the Repositories may be made solely by transmitting such filing to the Texas Municipal Advisory Council (the "MAC") as the "Central Post Office" as such term is defined in the Certificate and as provided at lilt ivx nv.disclosur•eusa.orZ unless the United States Securities and Exchange Conuniss.ion has withdrawn the interpretive advice in its letter to the MAC dated September 7, 2004, Nationally Recognized Municipal Securities Information Repositories approved by the Securities and Exchange Commission: Bloomberg Municipal Repository 100 Business Park Drive Skillman, NJ 08558 Phone: (609) 279-3225 Fax: (609) 279-5962 http://,,vvvNv.blooiiiberg.com/iii,ii-kets/i-ates/iiiuiiico ntacts.htnil Email: Munis((oBloomber•g.corn DPC Data Inc. Interactive Data Pricing and Reference Data, Inc. Attn: NRMSIR 100 William Street, 151h Floor New York, NY 10038 Phone: (212) 771-6999 Fax: (212) 771-7390 lit tp: //wvvw. inter, acti veda ta-r2rd.con3 Email: NRMSIR(�7)interactivedata.corii Standard & Poor's Securities Evaluations, Inc. One Executive Drive 55 Water Street, 45th Floor Fort Lee, NJ 07024 New York, NY 10041 Phone: (201) 346-0701 Phone: (212) 438-4595 Fax: (201) 947-0107 Fax: (212) 438-3975 lzttp://�vw�v.MuniFILINGS.cotii lit tp:I/rvwrv.disclosuredirectol;rLs[andardandpoors Email: nrnnsir(Odpcdata.com corn Email: nr rTisir re2osi trn _vcnrsand l- ( A list of names and addresses of all designated Nationally Recognized Municipal Securities Information Repositories as of any point in time is available by visiting the SEC's website at �v�v�v.sec.gov/info/municipal/rirnisir.htm. t25009/001/00196635. D0Cv4j B-1 REVISED 2"1 TIME CERTAIi�d JO I ids (1 BOND ISStiF CONSIDERATION BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 17, 2007 Department: County Attorney Bulk Item: Yes __ No X Staff Contact Person: Suzanne Hutton #3470 AGENDA ITEM WORDING: Approval of a resolution authorizing the issuance of Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007, in an aggregate principal amount not to exceed $33,000,000 to finance the cost of making capital infrastructure and wastewater infrastructure improvements; providing a pledge of the net revenues collected from Discretionary Infrastructure Sales Surtax to secure payment of the principal of and interest on said bonds; providing for the rights of the holders of said bonds; and providing for an effective date for this resolution. THIS RESOLUTION IS BEING APPROVED IN SUBSTANTIALLY FINAL FORM AS THERE ARE ITEMS TO BE DETERMINED UPON CLOSING. ITEM BACKGROUND: There is a shortfall of available cash requirements to finish previously identified capital projects due to the tinting of projects to be funded from revenue derived from Discretionary Infrastructure Sales Surtax fu proceeds. Issuance of revenue bonds is necessary to provide available cash to complete projects scheduled for completion in the next three years. PREVIOUS RELEVANT BOCC ACTION: 9/21/2007 BOCC approved the County Administrator's recommended 2008 Budget Action Plan. 2/19/2003 BOCC approved issuance of Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 in an aggregate principal amount not to exceed $25,000,000 for specific identified capital projects. CONTRACT AGREEMENT CHANGES: N/A STAFF RECOMMENDATIONS: Approval TOTAL COST: -0- COST TO COUNTY:-O- BUDGETED: Yes _ No N/A SOURCE OF FUNDS: REVENUE PRODUCING: Yes_ No N/A AMOUNT PER MONTH_ Year APPROVED BY: County Atty.OMB/Purchasing _ Risk Management DOCUMENTATION: Included X Not Required To Follow DISPOSITION: AGENDA ITEM # —' Revised 2/05 R v R C0 'y v � y ✓ti O CyN' h rNv' N W W i11 r w N h D\ L u ^ W OO 0 Y$ %i O O P O O 00 V Cy V y w Wl S 9 O O Ni O O O l� O O r r O W 7 O 0 0 0 In 0 0 ID O O V N N w ?WWW+ W O O O"'I O O O 'D m 0 9 O p 0 N M O V G 0 0 (`S M M �1 L � Q1 W O F 1 IN 00 �n 00 �D M V O O /) lD p M {tl W O N 00 N 00 G m � W R L W y C O V O O O M V O O lD E aoo �D oooO II= r" pp g oro .V'. b rn P.I0 IN In N O R WIN O F M Q M INO O W^ P' y U '� J �` 'O O U N O N O❑ O $ J❑q�y • b U %� l V R N i"H U O ry 'al U O >L` ? y O O O y i6 .0. �✓ O U J M p^ 9 V] 5 T I�� m v O O w 12� O m w P. U p 'w m U N Z NOTICE OF BOND ISSUE CONSIDERATION NOTICE IS HEREBY GIVEN that on Wednesday, November 14, 2007, at 2:30 P.M., or as soon thereafter as may be heard, at the Key Largo Library, Tradewinds Shopping Center,101485 Overseas Highway, Mile Marker 101, Key Largo, Monroe County, Florida, the Board of County Commissioners of Monroe County, Florida will consider the adoption of the following proposed County Resolution: A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $33,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF MONROE COUNTY, FLORIDA INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2007, TO FINANCE THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS WITHIN THE COUNTY; PLEDGING MONEYS RECEIVED By THE COUNTY FROM THE ONE CENT LOCAL GOVERNMENT INFRASTRUCTURE SALES SURTAX TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS; PROVIDING CERTAIN TERMS AND DETAILS OF SAID BONDS; AND PROVIDING FOR AN EFFECTIVE DATE FOR THIS RESOLUTION. Pursuant to Section 286.0105, Florida Statutes, notice is given that if a person decided to appeal any decision made by the Board with respect to any matter considered at such hearings or meetings, he will need a record of the proceedings, and that, for such purpose, he may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. ADA ASSISTANCE: If you are a person with a disability who needs special accommodations in order to participate in this proceeding, please contact the Office of the County Administrator by phoning (305) 292- 4441, between the hours of 8:30 a.m. — 5:00 p.m. and no later than two (2) working days prior to the scheduled meeting; if you are hearing or voice impaired call "711 ". Dated at Key West, Florida, this 2e day of October, 2007. DANNY L. KOLHAGE, Clerk of the Circuit Court and ex officio Clerk of the Board of County Commissioners of Monroe County, Florida (SEAL) Publication dates: Reporter (Fr) 10/26/07 Keynoter (Sa) 10/27/07 KW Citizen (Su) 10/28/07 RESOLUTION NO. A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA AMENDING AND SUPPLEMENTING RESOLUTION NO.077-2003 ADOPTED BY THE BOARD ON FEBRUARY 19, 2003, AUTHORIZING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF VARIOUS CAPITAL IMPROVEMENTS WITHIN THE COUNTY; AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $32,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF MONROE COUNTY, FLORIDA INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2007, IN ORDER TO FINANCE A PORTION OF THE COSTS OF SUCH CAPITAL IMPROVEMENTS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH SERIES 2007 BONDS; AUTHORIZING THE AWARDING OF SAID SERIES 2007 BONDS PURSUANT TO A PUBLIC BID; DELEGATING CERTAIN AUTHORITY TO THE MAYOR AND THE COUNTY ADMINISTRATOR FOR THE AWARD OF THE SERIES 2007 BONDS AND THE APPROVAL OF THE TERMS AND DETAILS OF SAID SERIES 2007 BONDS; APPOINTING THE PAYING AGENT AND REGISTRAR FOR SAID SERIES 2007 BONDS; AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT WITH RESPECT THERETO; ESTABLISHING A BOOK -ENTRY SYSTEM OF REGISTRATION FOR THE SERIES 2007 BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE CERTIFICATE, AUTHORIZING MUNICIPAL BOND INSURANCE FOR THE BONDS; AUTHORIZING A RESERVE ACCOUNT SURETY BOND WITH RESPECT TO THE BONDS; MAKING CERTAIN AMENDMENTS TO RESOLUTION NO. 077-2003. AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA: SECTION 1. FINDINGS AND AUTHORIZATIONS. It is hereby found and determined that: (A) On February 19, 2003, the Board of County Commissioners (the "Board") of Monroe County, Florida (the "Issuer") duly adopted Resolution No. 077-2003 (as supplemented, the "Resolution") authorizing, among other things, the issuance of the Issuer's Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), for the principal purpose of financing the acquisition, construction and equipping of various capital improvements. (B) Certain additional capital improvements should be acquired, constructed and equipped within the Issuer in order to improve the health, safety and welfare of the Issuer's citizens. Such capital improvements are generally described in Exhibit A hereto and are more particularly described in the records, plans and specifications on file with the Issuer (the "Series 2007 Project"). The Series 2007 Project may be amended or supplemented from time to time by the Board in accordance with the provisions of the Resolution. (C) The Resolution provides for the issuance of Additional Bonds, payable on a parity with the Series 2003 Bonds, for the principal purpose of financing the acquisition, construction and equipping of various capital improvements, upon meeting certain requirements set forth in the Resolution. (D) There is hereby authorized the financing of costs related to the acquisition, construction and equipping of the Series 2007 Project, all in the manner provided by this Supplemental Resolution and by the Resolution. (E) The Issuer deems it to be in its best interest to issue its Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") for the principal purpose of financing costs of the acquisition, construction and equipping of the Series 2007 Project. The Series 2007 Bonds shall be issued on parity with the Series 2003 Bonds pursuant to the terms of the Resolution. (F) In accordance with Section 218.385, Florida Statutes, and pursuant to this Supplemental Resolution, the Series 2007 Bonds shall be advertised for competitive bids pursuant to the Official Notice of Sale, the form of which is attached hereto as Exhibit B (the "Official Notice of Sale"). (G) Pursuant to the Official Notice of Sale, competitive bids received in accordance with the Official Notice of Sale on or prior to 10:00 a.m., Eastern Standard Time, on November 28. 2007 or such other date or time as is determined by the Mayor in accordance with the terms and provisions of the Official Notice of Sale, shall be publicly opened and announced. (H) Due to the present volatility and uncertainty of the market for tax-exempt obligations such as the Series 2007 Bonds, it is desirable for the Issuer to be able to advertise and award the Series 2007 Bonds at the most advantageous time and date which shall be determined by the Mayor, and, accordingly, the Issuer hereby determines to delegate the advertising and awarding of the Series 2007 Bonds to the Mayor, and in his or her absence or unavailability, to the County Administrator, within the parameters described herein. (I) It is necessary and appropriate that the Board determine certain parameters for the terms and details of the Series 2007 Bonds and to delegate certain authority to the Mayor, and in his or her absence or unavailability, to the County Administrator for the award of the Series 2007 Bonds and the approval of the terms of the Series 2007 Bonds in accordance with the provisions hereof, of the Resolution and of the Official Notice of Sale. (J) In the event Bond Counsel shall determine that the Series 2007 Bonds have not been awarded competitively in accordance with the provisions of Section 218.385, Florida Statutes, the Board shall adopt such resolutions and make such findings as shall be necessary to authorize and ratify a negotiated sale of the Series 2007 Bonds in accordance with said Section 218.385. (K) The covenants, pledges and conditions in the Resolution shall be applicable to the Series 2007 Bonds herein authorized and said Series 2007 Bonds shall be on a parity with and rank equally as to the lien on and source and security for payment from the Pledged Funds (as defined in the Resolution) and in all other respects with the Series 2003 Bonds and all Additional Bonds hereafter issued pursuant to the Resolution, and shall constitute 'Bonds" within the meaning of the Resolution. L,�H) No Event of Default (as defined in the Resolution) has occurred and is continuing under the Resolution. It is necessary and desirable to amend the Resolution in certain respects in ordertt�larify certain components of the Pledged Funds. i•f) The Resolution provides that the Series 2007 Bonds shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by, or provided for in, a Supplemental Resolution adopted by the Issuer; and it is now appropriate that the Issuer set forth the parameters and mechanism to determine such terms and details through a competitive sale in accordance with the provisions herein and in the hereinafter described Official Notice of Sale. 3 SECTION 2. DEFINITIONS. When used in this Supplemental Resolution, the terms defined in the Resolution shall have the meanings therein stated, except as such definitions may be hereinafter amended and defined. SECTION 3. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is enacted pursuant to the provisions of the Resolution and the Act. SECTION 4. AUTHORIZATION OF THE SERIES 2007 PROJECT. The Issuer hereby authorizes the acquisition, construction and equipping of the Series 2007 Project. SECTION 5. AUTHORIZATION AND DESCRIPTION OF THE SERIES 2007 BONDS. The Issuer hereby authorizes the issuance of a Series of Bonds in the aggregate principal amount of not exceeding $32,000,000 to be known as the "Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007," (or such other designation as the Mayor may determine) for the principal purpose of providing moneys to finance costs of the acquisition, construction and equipping of the Series 2007 Project. The actual aggregate principal amount of Series 2007 Bonds to be issued shall be determined by the Mayor provided such initial aggregate principal amount does not exceed $32,000,000. The Series 2007 Bonds shall be dated as of their date of delivery (or such earlier or later date as may be determined by the Mayor), shall be issued in the form of fully registered Bonds in the denomination of $5,000 principal amount or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity preceded by the letter "R," and shall bear interest from their date of delivery (or such other earlier or later date as may be determined by the Mayor), payable semi- annually on each April I and October I (each date an "Interest Date"), commencing on April 1, 2008 (or such later date as may be determined by the Mayor). Interest on the Series 2007 Bonds shall be payable by check or draft of U.S. Bank National Association, Fort Lauderdale, Florida, as Paying Agent, made payable and mailed to the Holder in whose name such Bond shall be registered at the close of business on the date which shall be the fifteenth day (whether or not a business day) of the calendar month next preceding the applicable Interest Date, or, at the request of such Holder, by bank wire transfer to the account of such Holder. Principal of the Series 2007 Bonds is payable to the Holder upon presentation, when due, at the designated corporate trust office of U.S. Bank National Association, Fort Lauderdale, Florida, as Paying Agent. The principal of, redemption premium, if any, and interest on the Series 2007 Bonds are payable in lawful money of the United States of America. The Series 2007 Bonds shall bear interest at such rates and yields, shall mature on April 1 of each of the years and in the principal amounts corresponding to such years as determined by the Mayor subject to the provisions set forth in Section 6 hereof and the provisions of the Official Notice of Sale. The final maturity of the Series 2007 Bonds 4 shall not be later than April 1, 2018. All of the terms of the Series 2007 Bonds will be included in a certificate to be executed by the Mayor following the award of the Series 2007 Bonds (the "Award Certificate") and shall be set forth in the final Official Statement as described herein. In the event the Mayor is unavailable to execute the Award Certificate in a timely manner, the County Administrator is authorized to execute such Award Certificate. SECTION 6. AWARD OF SERIES 2007 BONDS. The Mayor, on behalf of the Issuer and only in accordance with the terms hereof and of the Official Notice of Sale, shall award the Series 2007 Bonds to the underwriter or underwriters that submit a bid proposal which complies in all respects with the Resolution and the Official Notice of Sale and offers to purchase the Series 2007 Bonds at the lowest true interest cost to the Issuer, as calculated by the Issuer's Financial Advisor in accordance with the terms and provisions of the Official Notice of Sale; provided, however, the Series 2007 Bonds shall not be awarded to any bidder unless the true interest cost set forth in the winning bid (as calculated by the Issuer's Financial Advisor) is equal to or less than 5.50%. In accordance with the provisions of the Official Notice of Sale, the Mayor may, in his or her sole discretion, reject any and all bids. SECTION 7. REDEMPTION PROVISIONS. The Series 2007 Bonds shall not be subject to optional redemption prior to maturity. Term Bonds may be established with such Amortization Installments in accordance with the provisions of the Official Notice of Sale at the option of the winning bidder. The mandatory redemption provisions for the Series 2007 Bonds, if any, shall be set forth in the Award Certificate and in the final Official Statement. SECTION 8. BOOK -ENTRY. Notwithstanding the provisions set forth in Section 2.08 of the Resolution, the Series 2007 Bonds shall be initially issued in the form of a separate single certificated fully registered Series 2007 Bond for each maturity. Upon initial issuance, the ownership of the Series 2007 Bonds shall be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). As long as the Series 2007 Bonds shall be registered in the name of Cede & Co., all payments on the Series 2007 Bonds shall be made by the Paying Agent by check or draft or by bank wire transfer to Cede & Co., as Holder of the Series 2007 Bonds. With respect to Series 2007 Bonds registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, the Issuer, the Registrar and the Paying Agent shall have no responsibility or obligation to any direct or indirect participant in the DTC book -entry program (a "Participant"). Without limiting the immediately preceding sentence, the Issuer, the Registrar and the Paying Agent shall have no responsibility or obligation with respect to (A) the accuracy of the records of DTC, Cede & Co. or any Participant with respect to any ownership interest on the Series 2007 Bonds, (B) the delivery to any Participant or any other person other than a Series 5 2007 Bondholder, as shown in the registration books kept by the Registrar, of any notice with respect to the Series 2007 Bonds, or (C) the payment to any Participant or any other person, other than a Series 2007 Bondholder, as shown in the registration books kept by the Registrar, of any amount with respect to principal or interest of the Series 2007 Bonds. The Issuer, the Registrar and the Paying Agent may treat and consider the person in whose name each Bond is registered in the registration books kept by the Registrar as the Holder and absolute owner of such Series 2007 Bond for the purpose of payment of principal or interest with respect to such Series 2007 Bond, for the purpose of giving notices and other matters with respect to such Series 2007 Bond, for the purpose of registering transfers with respect to such Series 2007 Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal or interest of the Series 2007 Bonds only to or upon the order of the respective Holders, as shown in the registration books kept by the Registrar, or their respective attorneys duly authorized in writing, as provided herein and in the Resolution and all such payments shall be valid and effective to fully satisfy and discharge the Issuers obligations with respect to payment of principal or interest of the Series 2007 Bonds to the extent of the sum or sums so paid. No person other than a Series 2007 Bondholder, as shown in the registration books kept by the Registrar, shall receive a certificated Series 2007 Bond evidencing the obligation of the Issuer to make payments of principal or interest pursuant to the provisions hereof. Upon delivery by DTC to the Issuer of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions in Section 2.08 of the Resolution with respect to transfers during certain periods next preceding an interest payment date or the date a Bond has been selected for redemption, the words "Cede, & Co." in the Resolution shall refer to such new nominee of DTC; and upon receipt of such notice, the Issuer shall promptly deliver a copy of the same to the Registrar and the Paying Agent. Upon (A) receipt by the Issuer of written notice from DTC (i) to the effect that a continuation of the requirement that all of the outstanding Series 2007 Bonds be registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, is not in the best interest of the beneficial owners of such Series or (ii) to the effect that DTC is unable or unwilling to discharge its responsibilities and no substitute depository willing to undertake the functions of DTC hereunder can be found which is willing and able to undertake such functions upon reasonable and customary terms, or (B) determination by the Issuer, in its sole discretion, that such book -entry only system should be discontinued by the Issuer, such Series 2007 Bonds shall no longer be restricted to being registered in the registration books kept by the Registrar in the name of Cede & Co., as nominee of DTC, but shall be registered in whatever name or names Holders shall designate, in accordance with the provisions of the Resolution. In such event, the Issuer shall issue and the Registrar shall authenticate, transfer and exchange the Series 2007 Bonds consistent with the terms of the Resolution, in denominations of $5,000 or any integral multiple thereof to the holders thereof. The foregoing notwithstanding, until such time as participation in the book -entry only system is s discontinued, the provisions set forth in the existing Blanket Issuer Letter of Representations previously executed by the Issuer and delivered to DTC shall apply to the payment of principal and interest on the Series 2007 Bonds. SECTION 9. FORM OF SERIES 2007 BONDS. The text of the Series 2007 Bonds, together with the Registrar's Certificate of Authentication shall be substantially in the form of the bond set forth in Section 2.10 of the Resolution, with such omissions, insertions and variations as may be necessary or desirable and authorized or permitted by the Resolution or any subsequent resolution adopted prior to the issuance thereof, or as may be necessary to comply with applicable laws, rules and regulations of the United States, the State of Florida and the Issuer in effect upon the issuance thereof. SECTION 10. APPLICATION OF SERIES 2007 BOND PROCEEDS. Subject in all respects to the award of the Series 2007 Bonds in accordance with this Supplemental Resolution and the Official Notice of Sale, the proceeds derived from the sale of the Series 2007 Bonds shall be applied by the Issuer simultaneously with the delivery thereof as follows: (A) Capitalized interest, if any, shall be deposited to the Interest Account and shall be used only for the purpose of paying the interest which shall thereafter become due on the Series 2007 Bonds. Any capitalized interest shall be held in trust solely for the payment of the Series 2007 Bonds. (B) A sufficient amount of Series 2007 Bond proceeds shall be used to pay the premium for the hereinafter described Reserve Account Surety Bond to be issued by MBIA Insurance Corporation, the face amount of which, together with all other amounts on deposit in the Reserve Account, shall equal the Reserve Account Requirement for the Bonds. (C) A sufficient amount of the Series 2007 Bond proceeds shall be applied to the payment of the premium of the hereinafter described Bond Insurance Policy applicable to the Series 2007 Bonds and to the payment of costs and expenses relating to the issuance of the Series 2007 Bonds. Such amount or any portion thereof may, at the option of the Issuer, be deposited in and disbursed from the Construction Fund. (D) The balance of the Series 2007 Bond proceeds shall be deposited to a separate account (the "2007 Project Account") in the Construction Fund established with respect to the Series 2007 Project and shall be used to pay the Costs of the Series 2007 Proj ect. SECTION 11. KEY LARGO WASTEWATER TREATMENT DISTRICT OBLIGATIONS. The Issuer covenants and agrees to use a sufficient amount of the proceeds of the Series 2007 Bonds deposited in 2007 Project Account to satisfy its remaining reimbursement obligations under the First Amended and Restated 7 Interlocal Agreement, dated July 20, 2005, between the Key Largo Wastewater Treatment District and the Issuer (the "KLWTD Agreement") in accordance with such Agreement. The Issuer covenants not to amend this Supplemental Resolution or the Resolution in any manner which would result in there being an insufficient amount of proceeds of the Series 2007 Bonds on deposit in the 2007 Project Account to satisfy the Issuer's remaining reimbursement obligations under the KLWTD Agreement. SECTION 12. SECURITY FOR THE SERIES 2007 BONDS. The Series 2007 Bonds shall be secured on a parity basis with the Series 2003 Bonds and any subsequently issued Additional Bonds pursuant to the provisions of the Resolution, particularly Sections 4.01 and 4.02 thereof. SECTION 13. OFFICIAL NOTICE OF SALE. The form of the Official Notice of Sale attached hereto as Exhibit B and the terms and provisions thereof are hereby authorized and approved. The Mayor is hereby authorized to make such changes, insertions and modifications as he or she shall deem necessary prior to the advertisement of such Official Notice of Sale. The Mayor is hereby authorized to advertise and publish the Official Notice of Sale or a summary thereof at such time as he or she shall deem necessary and appropriate, upon the advice of the Issuer's Financial Advisor, to accomplish the competitive sale of the Series 2007 Bonds. SECTION 14. PRELIMINARY OFFICIAL STATEMENT. The Issuer hereby authorizes the distribution and use of a Preliminary Official Statement in substantially the form attached hereto as Exhibit C in connection with offering the Series 2007 Bonds for sale. If between the date hereof and the mailing of the Preliminary Official Statement, it is necessary to make insertions, modifications or changes in the Preliminary Official Statement, the Mayor and the County Administrator are hereby authorized to approve such insertions, changes and modifications. The Mayor and the County Administrator (or either's designee) are hereby authorized to deem the Preliminary Official Statement "final" within the meaning of Rule 15c2-12(b) under the Securities Exchange Act of 1934 (the "Rule") in the form as mailed. Execution of a certificate by the Mayor or County Administrator (or either's designee) deeming the Preliminary Official Statement "final" as described above shall be conclusive evidence of the approval of any insertions, changes or modifications. SECTION 15. OFFICIAL STATEMENT. Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof: the Mayor and the County Administrator are hereby authorized and directed to execute and deliver a final Official Statement, dated the date of the award of the Series 2007 Bonds, which shall be in substantially the form of the Preliminary Official Statement, in the name and on behalf of the Issuer, and thereupon to cause such Official Statement to be delivered to the underwriter or underwriters with such changes, amendments, modifications, omissions and additions as may be approved by the Mayor and the County Administrator. Said Official Statement, including any such changes, amendments, modifications, omissions kq and additions as approved by the Mayor and the County Administrator, and the information contained therein are hereby authorized to be used in connection with the sale of the Series 2007 Bonds to the public. Execution by the Mayor and the County Administrator of the Official Statement shall be deemed to be conclusive evidence of approval of such changes. SECTION 16. APPOINTMENT OF PAYING AGENT AND REGISTRAR. Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 5 hereof, U.S. Bank National Association, Miami, Florida is hereby designated Registrar and Paying Agent for the Series 2007 Bonds. The Mayor and the County Administrator are hereby authorized to enter into any agreement which may be necessary to effect the transactions contemplated by this Section jP and by the Resolution. I SECTION 17. SECONDARY MARKET DISCLOSURE. Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, the Issuer hereby covenants and agrees that, in order to provide for compliance by the Issuer with the secondary market disclosure requirements of the Rule, it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate to be executed by the Issuer and dated the dated date of the Series 2007 Bonds, as it may be amended from time to time in accordance with the terms thereof. The Continuing Disclosure Certificate shall be substantially in the form of Exhibit D hereto with such changes, amendments, modifications, omissions and additions as shall be approved by the Mayor who is hereby authorized to execute and deliver such Certificate. Notwithstanding any other provision of the Resolution, failure of the Issuer to comply with such Continuing Disclosure Certificate shall not be considered an Event of Default under the Resolution; provided, however, to the extent permitted by law, the sole and exclusive remedy of any Series 2007 Bondholder for the enforcement of the provisions of the Continuing Disclosure Certificate shall be an action for mandamus or specific performance, as applicable, by court order, to cause the Issuer to comply with its obligations under this Section 17 and the Continuing Disclosure Certificate. For purposes of this Section 17, "Series 2007 Bondholder" shall mean any person who (A) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series 2007 Bonds (including persons holding such Bonds through nominees, depositories or other intermediaries), or (B) is treated as the owner of any such Bond for federal income tax purposes. SECTION 18. AMENDMENT TO RESOLUTION. The definition of "Infrastructure Sales Surtax Revenues" set forth in Section 1.01 of the Resolution is hereby amended in its entirety to read as follows: "Infrastructure Sales Surtax Revenues" shall mean all amounts received by the Issuer from the Discretionary Sales Surtax Clearing Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but W not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes. The foregoing amendment to the Resolution is being made in accordance with Section 7.01(A) of the Resolution and, accordingly, neither the consent of the Bondholders nor the Insurers is required or being sought. SECTION 19. MUNICIPAL BOND INSURANCE; RESERVE ACCOUNT SURETY BOND. (A) Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, the Issuer hereby authorizes the payment of the principal of and interest on the Series 2007 Bonds to be insured pursuant to a municipal bond insurance policy (the 'Bond Insurance Policy") to be issued by MBIA Insurance Corporation ("MBIA"). The Mayor and the County Administrator are hereby authorized to execute such documents and instruments necessary to cause MBIA to insure the Series 2007 Bonds. (B) Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, the Issuer shall deposit to the Reserve Account a reserve account surety bond purchased from MBIA (the 'Reserve Account Surety Bond ") the face amount of which, together with any other cash amounts and the face amounts of any other reserve policies or surety bonds on deposit in the Reserve Account, is equal to the Reserve Account Requirement for the Bonds. The Reserve Account Surety Bond constitutes a 'Reserve Account Insurance Policy" for purposes of the Resolution. The Mayor is hereby authorized to enter into a financial guaranty agreement substantially in the form attached hereto as Exhibit E (the "Financial Guaranty Agreement") in order to cause MBIA to issue such Reserve Account Surety Bond. The provisions of such Financial Guaranty Agreement, when executed and delivered, shall be incorporated herein by reference and to the extent there are any conflicts between the Financial Guaranty Agreement and the Resolution, the provisions of the Financial Guaranty Agreement shall control. SECTION 20. PROVISIONS RELATING TO BOND INSURANCE POLICY AND RESERVE ACCOUNT SURETY BOND. (A) The commitments from MBIA to issue its Bond Insurance Policy and Reserve Account Surety Bond for the Series 2007 Bonds are hereby approved and authorized and payment for the premiums for such insurance is hereby authorized from proceeds of the Series 2007 Bonds. A statement of insurance is hereby authorized to be printed on or attached to the Series 2007 Bonds for the benefit and information of the Holders of the Series 2007 Bonds. (B) Subject in all respects with the award of the Series 2007 Bonds in accordance with Section 6 hereof, so long as the Bond Insurance Policy issued by MBIA is in full force and effect and MBIA has not defaulted in its payment obligations under 10 the Bond Insurance Policy or the Reserve Account Surety Bond, the Issuer agrees to comply with the following provisions: (i) In the event that, on the second business day, and again on the business day, prior to a Interest Date on the Series 2007 Bonds, the Paying Agent has not received sufficient moneys to pay all principal of and interest on the Series 2007 Bonds due on the second following or following, as the case may be, business day, the Paying Agent shall immediately notify MBIA or its designee on the same business day by telephone or telegraph, confirmed in writing by registered or certified mail, of the amount of the deficiency. (it) If the deficiency is made up in whole or in part prior to or on the Interest Date, the Paying Agent shall so notify MBIA or its designee. (iii) In addition, if the Paying Agent has notice that any Series 2007 Bondholder has been required to disgorge payments of principal or interest on a Series 2007 Bond to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Series 2007 Bondholder within the meaning of any applicable bankruptcy laws, then the Paying Agent shall notify MBIA or its designee of such fact by telephone or telegraphic notice, confirmed in writing by registered or certified mail. (iv) The Paying Agent is hereby irrevocably designated, appointed, directed and authorized to act as attorney -in -fact for Series 2007 Bondholders as follows: (a) If and to the extent there is a deficiency in amounts required to pay interest on the Series 2007 Bonds, the Paying Agent shall (I) execute and deliver to U.S. Bank Trust National Association, or its successors under the Bond Insurance Policy (the "Insurance Paying Agent"), in form satisfactory to the Insurance Paying Agent, an instrument appointing MBIA as agent for such Series 2007 Bondholders in any legal proceeding related to the payment of such interest and an assignment to MBIA of the claims for interest to which such deficiency relates and which are paid by MBIA, (II) receive as designee of the respective Series 2007 Bondholders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment from the Insurance Paying Agent with respect to the claims for interest so assigned, and (III) disburse the same to such respective Series 2007 Bondholders; and (b) If and to the extent of a deficiency in amounts required to pay principal of the Series 2007 Bonds, the Paying Agent shall (I) execute and deliver to the Insurance Paying Agent in form satisfactory to the Insurance Paying Agent an instrument appointing MBIA as agent for such Series 2007 Bondholder in any legal proceeding relating to the payment of such principal and an assignment to MBIA of any of the Series 2007 Bonds surrendered to the Insurance Paying Agent of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Paying Agent and available for such payment (but such assignment shall be delivered only if payment from the Insurance Paying Agent is received), (II) receive as designee of the respective Series 2007 Bondholders (and not as Paying Agent) in accordance with the tenor of the Bond Insurance Policy payment therefor from the Insurance Paying Agent, and (III) disburse the same to such Series 2007 Bondholders. (v) Payments with respect to claims for interest on and principal of Series 2007 Bonds disbursed by the Paying Agent from proceeds of the Bond Insurance Policy shall not be considered to discharge the obligation of the Issuer with respect to such Series 2007 Bonds, and MBIA shall become the owner of such unpaid Series 2007 Bond and claims for the interest in accordance with the tenor of the assignment made to it under the provisions of this subsection or otherwise. (vi) Irrespective of whether any such assignment is executed and delivered, the Issuer and the Paying Agent agree for the benefit of MBIA that: (a) They recognize that to the extent MBIA makes payments, directly or indirectly (as by paying through the Paying Agent), on account of principal of or interest on the Series 2007 Bonds, MBIA will be subrogated to the rights of such Series 2007 Bondholders to receive the amount of such principal and interest from the Issuer, with interest thereon as provided and solely from the sources stated in the Resolution and the Series 2007 Bonds; and (B) They will accordingly pay to MBIA the amount of such principal and interest (including principal and interest recovered under subparagraph (ii) of the first paragraph of the Bond Insurance Policy, which principal and interest shall be deemed past due and not to have been paid), with interest thereon as provided in the Resolution and the Series 2007 Bonds, but only from the sources and in the manner provided in the Resolution for the payment of principal of and interest on the Series 2007 Bonds to Series 2007 Bondholders, and will otherwise treat MBIA as the owner of such rights to the amount of such principal and interest. (vii) In connection with the issuance of additional parity obligations, the Issuer shall deliver to MBIA a copy of the disclosure document, if any, circulated with respect to such additional parity obligations. l2 (viii) Copies of any amendments made to the documents executed in connection with the issuance of the Series 2007 Bonds which are required to be consented to by MBIA shall be sent to S&P. Copies of any other amendments not requiring MBIA's consent shall be delivered to MBIA. (ix) The Issuer shall provide MBIA with notice of the resignation or removal of the Paying Agent and the appointment of a successor thereto. (x) The Issuer shall provide MBIA with copies of all notices required to be delivered to Series 2007 Bondholders under the Resolution and, on an annual basis, copies of the Issuer's audited financial statements and annual budget. (xi) Any notice required to be given to or by any party, including, but not limited to, a Series 2007 Bondholder or the Paying Agent, pursuant to the Resolution shall also be provided to MBIA. All notices required to be given to MBIA shall be in writing and shall be sent by registered or certified mail addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention: Insured Portfolio Management. (xii) The Issuer agrees to reimburse MBIA immediately and unconditionally upon demand, to the extent permitted by law, for all reasonable expenses, including attorneys' fees and expenses, incurred by MBIA in connection with (a) enforcement by MBIA of the Issuer's obligations, or the preservation or defense of any rights of MBIA, under the Resolution and any other document executed in connection with the issuance of the Series 2007 Bonds, and (b) any consent, amendment, waiver or other action with respect to the Resolution or any related document, whether or not granted or approved, together with interest on all such expenses from and including the date incurred to the date of payment of Citibank's prime rate plus 3% or the maximum interest rate permitted by law, whichever is less. In addition, MBIA reserves the right to charge a fee in connection with its review of any such consent, amendment or waiver, whether or not granted or approved. (xiii) Except as otherwise provided in this Section 20(B)(xiii), the Issuer agrees not to use MBIA's name in any public document including, without limitation, a press release or presentation, announcement or forum without MBIA's prior consent. Notwithstanding the immediately preceding sentence, the Issuer may use, refer to and disclose MBIA's name in its ordinary course of business and government activity. Such use, reference or disclosure includes, but is not limited to, publishing MBIA's name in the Issuer's Comprehensive Annual Financial Report, any Preliminary or final Official Statement, any continuing disclosure document, or any other document or instrument that is prepared by the Issuer in the ordinary course of its business and government activity. In addition, the Issuer may disclose MBIA's name in accordance with any applicable public records or 13 other laws. In the event that the Issuer is proposing to disclose MBIA's name in any press release, public announcement or other public document outside of its ordinary course of business and governmental activity, the Issuer shall provide MBIA with at least three (3) business days' prior written notice of its intent to use MBIA's name together with a copy of the proposed use of MBIA's name and of any description of a transaction with MBIA and shall obtain MBIA's prior consent as to the form and substance of the proposed use of MBIA's name and any such description. (xiv) The Issuer shall not enter into any agreement nor shall it consent to or participate in any arrangement pursuant to which Series 2007 Bonds are tendered or purchased for any purpose other than the redemption and cancellation or legal defeasance of such Series 2007 Bonds without the prior written consent of MBIA. (xv) The Resolution may not be terminated until all amounts owed to MBIA under the terms of the Financial Guaranty Agreement have been satisfied. (xvi) There may be no optional redemption of the Series 2007 Bonds or distribution of funds to the Issuer unless all amounts owed to MBIA under the terms of the Financial Guaranty Agreement have been paid in full. (xvii) MBIA, acting alone, shall have the right to direct all remedies with respect to the Series 2007 Bonds in the event of a default under the Resolution. MBIA shall be recognized as the registered owner of each Series 2007 Bond which it insures for the purposes of exercising all rights and privileges available to Series 2007 Bondholders. For Series 2007 Bonds which it insures, MBIA shall have the right to institute any suit, action, or proceeding at law or in equity under the same terms as a Series 2007 Bondholder in accordance with applicable provisions of the Resolution. Other than the standard redemption provisions set forth in the Resolution, any acceleration of principal payments on the Series 2007 Bonds shall be subject to MBIA's prior written consent. (xviii) Notwithstanding any other provision of the Resolution to the contrary, upon the defeasance of any Series 2007 Bonds pursuant to Section 8.01 of the Resolution, the Issuer shall provide MBIA with an opinion of counsel acceptable to MBIA that the Series 2007 Bonds have been legally defeased and that the escrow agreement establishing such defeasance operates to legally defease the Series 2007 Bonds within the meaning of the Resolution. In addition, the Issuer shall provide MBIA with (a) 15 business days notice of any advance refunding of the Series 2007 Bonds and (b) an accountant's report with respect to the sufficiency of the amounts deposited in escrow to defease the Series 2007 Bonds. 14 SECTION 21. GENERAL AUTHORITY. The Mayor, the County Administrator, the Clerk, the County Attorney, and the other 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, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Financial Guaranty Agreement or the Official Notice of Sale or desirable or consistent with the requirements hereof or of the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Financial Guaranty Agreement or the Official Notice of Sale for the full punctual and complete performance of all the terms, covenants and agreements contained herein or in the Series 2007 Bonds, the Resolution, the Official Statement, the Continuing Disclosure Certificate, the Financial Guaranty Agreement and the Official Notice of Sale and each member, employee, attorney and officer of the Issuer is hereby authorized and directed to execute and deliver any and all papers and instruments and to be and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated hereunder. If the Mayor is unavailable or unable at any time to perform any duties or functions hereunder, the Mayor Pro Tern and the County Administrator are each hereby authorized to act on his behalf. SECTION 22. 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 2007 Bonds. SECTION 23. CONFLICTS; 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; provided, however, that in the event of a conflict between the terms of this Supplemental Resolution and the Resolution, the terms of this Supplemental Resolution shall govern. SECTION 24. EFFECTIVE DATE. This Supplemental Resolution shall become effective immediately upon its adoption. 15 PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the 14"' day of November, 2007. Di Gennaro McCoy Murphy Neugent Spehar (SEAL) BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By: Mayor Attest: DANNY L. KOLHAGE, Clerk In Deputy Clerk 16 MONROE COUNTY ATTORNEY AP ROVED AS 0 SUZANNE .HUTT0N CO 01 70 N Date . EXHIBIT A SERIES 2007 PROJECT • The Series 2007 Project generally includes the following: • acquisition, construction and equipping of a new fire station/EMS facility on Stock Island • acquisition, construction and equipping of a new fire station on Big Pine Key • acquisition, construction and equipping of a new fire station on Conch Key • acquisition, construction and equipping of a public works compound at Rockland • capital improvements at Big Pine Park • pursuant to the terms of the Resolution, the County will deposit a sufficient amount of the proceeds of the Series 2007 Bonds to the 2007 Project Account in order to satisfy all of its remaining reimbursement obligations under the KLWTD Agreement EXHIBIT B FORM OF OFFICIAL NOTICE OF SALE OFFICIAL NOTICE OF SALE $30,640,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 Electronic Bids, as Described Herein, Will Be Accepted Until 10:00 a.m., Eastern Standard Time, November 28, 2007* "Preliminan . subject to change. .•r ........qy ! uirtaa ngrasnucrure Sales Surlav Rei•enue Bowls, Series 2007 - Official Notice of Sale Page 7 OFFICIAL NOTICE OF SALE $30,640,0004: Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds Series 2007 NOTICE IS HEREBY GIVEN that electronic bids will be received in the manner, on the date and up to the time specified below: DATE: November 28, 2007* TIME: 10:00 A.M. Eastern Standard Time* ELECTRONIC BIDS: May be submitted only through Public Financial Management's PFMauction website ("PFMauction") as described below. No other form of bid or provider of electronic bidding services will be accepted. GENERAL Bids will be received at the office of the County Administrator of Monroe County, Florida, The Historic Gato Cigar Factory, 1100 Simonton Street, Suite 2-205, Key West, Florida 33040, for the purchase of all, but not less than all, of the $30,640,000* Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Bonds") to be issued by Monroe County, Florida (the "County") pursuant to the terms and conditions of Resolution No. 077-2003 adopted by the Board of County Commissioners of the County, on February 19, 2003, as amended and supplemented (the "Bond Resolution"). Such bids will be opened in public in accordance with applicable legal requirements. The Bond proceeds will be used to finance the acquisition, construction and equipping of various capital improvements within the County and to pay costs of issuing the Bonds, including the premium for a municipal bond insurance policy and a debt service reserve insurance policy. The Bonds are more particularly described in the Preliminary Official Statement dated November 15, 2007 (the "Preliminary Official Statement") relating to the Bonds, available at PFMauction's website, inrir.pfmauction.conl. This Official Notice of Sale contains certain information for quick reference only. It is not, and is not intended to be, a summary of the Bonds. Each bidder is required to read the entire Preliminary Official Statement to obtain information essential to making an informed investment decision. "Preliminan'. subject to change. Co"to 4} l"hwida btfratstructure Sales Surtax Rereiute Bonds, Series 2007- Official ,Votice of Sale Page 2 Prior to accepting bids, the County reserves the right to change the principal amount of the Bonds being offered and the terms of the Bonds, to postpone the sale to a later date or time, or cancel the sale. Notice of a change or cancellation will be announced via The Bond Buyer news service at the internet website address irww.nn3.com, not later than Noon, Eastern Standard Time, on the day preceding the bid opening or as soon as practicable. Such notice will specify the revised principal amount or terms, if any, and any later date or time selected for the sale, which may be postponed or cancelled in the same manner. If the sale is postponed, a later public sale may be held at the hour, in the manner, and on such date as communicated upon at least twenty-four (24) hours notice via The Bond Buyer news service at the internet website address u,u,rv.tm3.com. The County reserves the right, after the bids are opened, to adjust the principal amount of the Bonds, as further described herein. See "ADJUSTMENT OF AMOUNTS AND MATURITIES." To the extent any instructions or directions set forth in PFMauction conflict with this Official Notice of Sale, the terms of this Official Notice of Sale shall control. For further information about PFMauction and to subscribe in advance of the bid, potential bidders may contact PFMauction at (412) 391-5555, extension 370. Each prospective electronic bidder must be a subscriber to PFMauction. Each qualified prospective electronic bidder shall be solely responsible to make necessary arrangements to view the bid form on PFMauction and to access PFMauction for the purposes of submitting its bid in a timely manner and in compliance with the requirements of the Official Notice of Sale. Neither the County nor PFMauction shall have any duty or obligation to provide or assure access to PFMauction to any prospective bidder, and neither the County nor PFMauction shall be responsible for a bidder's failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by, PFMauction. The County is using PFMauction as a communication mechanism, and not as the County's agent, to conduct the electronic bidding for the Bonds. The County is not bound by any advice and determination of PFMauction to the effect that any particular bid complies with the terms of this Official Notice of Sale and, in particular, the bid specifications hereinafter set forth. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via PFMauction are the sole responsibility of such bidders and the County shall not be responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in submitting, modifying or withdrawing a bid for the Bonds, the prospective bidder should immediately telephone PFMauction at 412-391-5555, extension 370, and notify the County's Financial Advisor, Public Financial Management, Inc., at 239-939-3009 or canaryh@pfm.com. The County shall have no responsibility for technological or transmission errors that any bidder may experience in transmitting a bid. The use of PFMauction shall be at the bidder's risk and expense, and the County shall have no liability with respect thereto. Jforrroe County, Florida Irrfrastraciare Sales Sartar Reveinre Bonds, Series 2007-Official Arotice of Sale Page 3 THEBONDS The Bonds will be issued in fully registered, book -entry only form, without coupons, will be dated as of their date of delivery (currently anticipated to be December 14, 2007), will be issued in denominations of $5,000 or integral multiples thereof, will bear interest from then dated date until paid at the annual rate or rates specified by the successful bidder, subject to the limitations specified below, payable as shown on the Summary Table set forth herein. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds must meet the minimum and maximum coupon and reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. The Bonds will mature on the dates, in the years and principal amounts shown on the Summary Table as serial bonds except as otherwise adjusted as described herein. STRUCTURE Any two to four consecutive maturities of the Bonds bearing interest at the same rate may be combined into up to three (3) term bonds with mandatory sinking fund installments equal to the amounts and years specified in the Official Notice of Sale combined to form a term bond. NO OPTIONAL REDEMPTION The Bonds will not be subject to optional redemption prior to maturity. SECURITY The Bonds shall be limited obligations of the Issuer and secured by Infrastructure Sales Surtax Revenues, as defined in the Resolution and described in the Preliminary Official Statement. The Bonds shall be on parity with the County's outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"). See the Preliminary Official Statement for more information regarding the security for the Bonds. 3101er0e Iowa),, Pli rida Infrastructure Sales Surtax Rerenne Roads, Series 2007 - Official Notice of Sale Page 4 Summary 'fable If numerical or date references contained in the body of this Official Notice of Sale conflict with this Summary Table, the body of this Official Notice of Sale shall control. Consult the body of this Official Notice of Sale for a detailed explanation of the items contained in the Summary Table, including interpretation of such items and methodologies used to determine such items. Prospective purchasers of the bonds must read die entire Official Notice of Sale and the entire Preliminary Official Statement Tereus of the Bonds Dated Date: Date of Delivery Anticipated Delivery Date: December 14, 2007* Interest Payment Dates: April 1 and October 1, commencing April 1, 2008 Principal Payment Dates (April 1): Year Principal Amount* Year Principal Amount* 2009** $2,615,000 2014** $3,095,000 2010** 2,700,000 2015** 3,205,000 2011** 2,795,000 2016** 3,325,000 2012** 2,890,000 2017** 3,445,000 2013** 2.990,000 2018** 3,580,000 Interest Calculation: [Ratings]: Bidding Parameters Sale Date: Bidding Method: All or none vs. Maturity -by -Maturity: Bid Award Method: Bid Confirmation: Bid Award: Good Faith Deposit: Coupon Multiples: Maximum Coupon: Minimum Coupon: Optional Redemption: Term Bonds: Maximum Reoffering Price: Minimum Reoffering Price: Insurance: 360-day year of twelve 30-day months Moody's: Aaa (insured) S&P: AAA (insured) Fitch: AAA (insured) November 28. 2007* PFMauction All -or -none Lowest true interest cost Fax signed Official Confirmation of Bid Form As soon as practicable on day of sale $310,000; Surety bond required prior to bid 1/8 or 1/20 of 1% 5.25% None No Yes, at bidder's option. See "STRUCTURE" herein. Maturity Unlimted Aggregate Unlimited Maturity, 98.0 Aggregate 99.0 Yes, all maturities by Adjustment Parameters (As required to optimize funding of projects) Principal Increases: Maturity Unlimited Aggregate 10.0% Principal Reductions: Maturity Unlimited Aggregate 10.0% * Preliminary, subject to change. **May be combined into up to tluee (3) tern bonds. See "STRUCTURE" herein. Aheme Count, Florida infrastractare Sales Surtax Revenue Bonds, Series 2007 - Of.rcinf h"otice of Sale Page 5 ADJUSTMENT OF AMOUNT AND MATURITIES The aggregate principal amount of each maturity of Bonds is subject to adjustment by the County after the receipt and opening of the bids for their purchase. Changes to be made after the opening of the bids will be communicated to the successful bidder directly prior to 8:00 a.m., Eastern Standard Time on the date following the sale date. The County may cancel the sale of the Bonds or adjust the aggregate principal amount. The County may increase or decrease the principal amount of the Bonds or any maturity thereof by no more than the individual maturity or aggregate principal percentages, if any, shown in the Summary Table. The County will consult with the successful bidder before adjusting the amount of any maturity of the Bonds or canceling the Bonds; however, the County reserves the sole right to make adjustments, within the limits described above, or cancel the sale of the Bonds. Adjustment to the size of the Bonds within the limits described above does not relieve the purchaser from its obligation to purchase all of the Bonds offered by the County. Each bid must specify the initial reoffering prices to the public of each maturity of Bonds. Adjustments may be made to the principal amounts based on the reoffering prices shown on PFMauction. In determining whether there will be any revision to the principal amount of or maturity of the Bonds subsequent to the bid opening and award, the County expects that changes may be made that are necessary to increase or decrease the principal amount of the Bonds to meet the County's funding objectives, all subject to the limitations set forth above. In the event that the principal amount of any maturity of the Bonds is revised after the award, the interest rate and reoffering price for each maturity and the Underwriter's Discount on the Bonds as submitted by the successful bidder shall be held constant. The "Underwriter's Discount" shall be defined as the difference between the purchase price of the Bonds submitted by the bidder and the price at which the Bonds will be issued to the public, calculated from information provided by the bidder, divided by the par amount of the Bonds bid. FORM AND PAYMENT The Bonds will be issued in fully registered, book -entry only form and a bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York ("DTC"), registered in the name of its nominee, Cede & Co. A book -entry system will be employed, evidencing ownership of the Bonds, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The successful bidder, as a condition to :itonroe e.ounry, Plarida llyrastracture Sales Surtax Revenue Bands, Series 2007 _ Official Notice of Sale Page 6 delivery of the Bonds, will be required to deposit the Bond certificates with DTC or the Registrar (as defined below), registered in the name of Cede & Co. Principal of, premium, if any, and interest on the Bonds will be payable by U.S. Bank National Association, the paying agent and registrar (the "Registrar") for the Bonds by wire transfer or in clearinghouse funds to DTC or its nominee as registered owner of the Bonds. Transfer of principal, premium, if any, and interest payments to the beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. Neither the County nor the Registrar will be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender thereof at the designated corporate office of the Registrar on the dates, in the years and amounts established in accordance with the award of the Bonds. Interest on the Bonds is payable on the dates shown in the Summary Table. The Registrar will mail interest payments on the Bonds on each interest payment date to the owners of the Bonds at the addresses listed on the registration books maintained by the Registrar for such purpose at the close of business on the date which shall be the fifteenth day (whether or not a business day) of the calendar month next proceeding the applicable payment date, as described in the Bond Resolution. So long as DTC or its nominee is the registered owner of the Bonds, payments of principal, interest and any redemption premium on the Bonds will be made to DTC or its nominee. PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT The County has authorized the preparation and distribution of a Preliminary Official Statement containing information relating to the Bonds. The Preliminary Official Statement has been deemed final by the County as required by Rule 15c2-12 of the Securities and Exchange Commission. The County will furnish the successful bidder on the date of closing, with its certificate as to the completeness and accuracy of the Official Statement, The Preliminary Official Statement and this Official Notice of Sale and any other information concerning the proposed financing will be available electronically at PFMauction's website, inrit,.pfinauction.com. Assistance in obtaining the documents will be provided by PFMauction customer service at 412-391-5555, extension 370 or from Public Financial Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, Florida 33966-4796, Phone 239-939-3009, Fax 239- 939-1220 or email canaryhRpfm.com. Jlonrue County. Florida Lefrastracture Sales Surtax Reivrute Bonk, Series 2007- Official V(dice of Sale Page 7 The Preliminary Official Statement, when amended to reflect the actual amount of the Bonds sold, the interest rates specified by the successful bidder and the price or yield at which the successful bidder will reoffer the Bonds to the public, together with any other information required by law, will constitute a final "Official Statement" with respect to the Bonds as that term is defined in Rule 15c2-12. The County shall furnish at its expense within seven (7) business days after the Bonds have been awarded to the successful bidder no more than 200 copies of the final Official Statement. Additional copies of the Official Statement may be provided at the request and expense of the winning bidder. If the Bonds are awarded to a syndicate, the County will designate the senior managing underwriter of the syndicate as its agent for purposes of distributing copies of the Official Statement to each participating underwriter. Any underwriter submitting a bid with respect to the Bonds agrees thereby that if its bid is accepted, it shall accept such designation and shall enter into a contractual relationship with all participating underwriters for the purpose of assuring the receipt and distribution by each participating underwriter of the Official Statement. LEGAL OPINIONS The Bonds will be sold subject to the opinion of Nabors, Giblin & Nickerson, P.A., the County's Bond Counsel, as to the legality thereof and such opinion will be furnished without cost to the purchaser and all bids will be so conditioned. A form of Bond Counsel's opinion is attached to the Preliminary Official Statement as Appendix E. Certain matters will be passed on for the County by Suzanne Hutton, County Attorney and Bryant Miller Olive P.A., the County's Disclosure Counsel. A legal opinion (or reliance letter thereon) of Bryant Miller Olive P.A., Tampa, Florida, Disclosure Counsel, and a legal opinion of Suzanne Hutton, County Attorney, with respect to certain matters concerning the Official Statement will be furnished without charge to the successful bidder at the time of delivery of the Bonds. BIDDING PROCEDURE; OFFICIAL BID FORMS Only electronic bids submitted via PFMauction will be accepted. No other provider of electronic bidding services will be accepted. No bid delivered in person or by facsimile directly to the County will be accepted. Bidders are permitted to submit bids for the Bonds during the bidding time period, provided they are eligible to bid as described under "GENERAL" above. Each electronic bid submitted via PFMauction shall be deemed an irrevocable offer in response to this Official Notice of Sale and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the County. All bids remain firm until an award is made. The successful bidder must confirm the details of such bid by a signed Alonroe Cman ,, Florida Infraoractare Sales Sartax Remnne Bonds, Series 2007 - Official A'otice of Sale Page 8 Official Confirmation of Bid Form delivered by fax to Public Financial Management, Inc. at 239-939-1220 no later than one hour after being notified by the County of being the winning bidder, the original of which must be received by Public Financial Management, Inc., Financial Advisor to the County on the following business day at 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796. Failure to deliver the form does not relieve the bidder of the obligation to purchase the Bonds. FORM OF BID Bidders must bid to purchase all maturities of the Bonds. Each bid must specify (1) an annual rate of interest for each maturity, (2) reoffering price or yield for each maturity and (3) a dollar purchase price for the entire issue of the Bonds. No more than one (1) bid from any bidder will be considered. A bidder must specify the rate or rates of interest per annum (with no more than one rate of interest per maturity), which the Bonds are to bear, to be expressed in multiples of 1/8 or 1/20 of 1%. Any number of interest rates may be named, but the Bonds of each maturity must bear interest at the same single rate for all bonds of that maturity. Each bid for the Bonds must meet the minimum and maximum coupon criteria and minimum and maximum reoffering price criteria shown in the Summary Table on a maturity and aggregate basis. Each bidder must specify, as part of its bid, the prices or yields at which a substantial amount (i.e., at least 10%) of the Bonds of each maturity will be offered and sold to the public. Reoffering prices presented as a part of the bids will not be used in computing the bidder's true interest cost. As promptly as reasonably possible after bids are received, the County will notify the successful bidder that it is the apparent winner. MUNICIPAL BOND INSURANCE The County has received a commitment from of its intent to issue a municipal bond insurance policy insuring payment of principal and interest on the Bonds, when due. The cost of municipal bond insurance will be paid by the County. Information regarding the bond insurance commitment may be obtained from the Public Financial Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796, 239-939-3009, canaryh@pfm.com. RESERVE ACCOUNT INSURANCE POLICY The City has received a commitment from of its intent to issue a debt service reserve find insurance policy (the "Reserve Account Insurance 31onroe Counryy, Florida h!frastructare Sales Surtax Reretate Ronth, Series 2007- Official Notice of Sale Page 9 Policy"), the face amount of which, together with other amounts on deposit in the Reserve Account (as defined in the Bond Resolution), will be equal to the Reserve Account Requirement (as defined in the Bond Resolution) for the Bonds and the Series 2003 Bonds. Such Reserve Account Insurance Policy shall be deposited to the Reserve Account and shall be used to pay debt service on the Bonds to the extent the Pledged Funds are insufficient therefore. The cost of the Reserve Account Insurance Policy will be paid by the County. AWARD OF BID The County expects to award the Bonds to the winning bidder as soon as practicable after the bids are opened on the sale date. Bids may not be withdrawn prior to the award. Unless all bids are rejected, the Bonds will be awarded by the County on the sale date to the bidder whose bid complies with this Official Notice of Sale and results in the lowest True Interest Cost ("TIC") to the County. The lowest TIC will be determined by doubling the semi-annual interest rate, compounded semi-annually, necessary to discount the debt service payments from the payment dates to the dated date of the Bonds and to the aggregate purchase price of the Bonds. If two or more responsible bidders offer to purchase the Bonds at the same lowest TIC, the County will award the Bonds to one of such bidders by lot. Only the final bid submitted by any bidder through PFMauction will be considered. The right reserved to the County shall be final and binding upon all bidders with respect to the form and adequacy of any proposal received and as in its conformity to the terms of this Official Notice of Sale. RIGHT OF REJECTION The County reserves the right, in its discretion, to reject any and all bids and to waive irregularity or informality in any bid. DELIVERY AND PAYMENT Delivery of the Bonds will be made by the County to DTC in book -entry only form, in New York, New York on or about the delivery date shown in the Summary Table, or such other date agreed upon by the County and the successful bidder. Payment for the Bonds must be made in Federal Funds or other funds immediately available to the County at the time of delivery of the Bonds. Any expenses incurred in providing immediate funds, whether by transfer of Federal Funds or otherwise, will be borne by the purchaser. The County intends to conduct the closing in Naples, Florida. RIGHT OF CANCELLATION The successful bidder will have the right, at its option, to cancel its obligation to purchase the Bonds if the Registrar fails to authenticate the Bonds and tender the same Monroe Count),, Florida &frasiructure Sales Surtax Resin Ronrh, Series 1007- Official Notice of Sale Page 10 for delivery within 60 days from the date of sale thereof, and in such event the successful bidder will be entitled to the return of the Good Faith Deposit accompanying its bid. GOOD FAITH DEPOSIT Each bid for the purchase of the Bonds must be accompanied by a financial surety bond which guarantees payment to the County of the Good Faith Deposit amount shown in the Summary Table to secure the County against any loss resulting from a failure of the successful bidder to take up and pay for the Bonds in accordance with the terms of this Official Notice of Sale and of their bids. Each financial surety bond must be from an insurance company acceptable to the County and licensed to issue such a bond in the State of Florida. Each financial surety bond must be submitted to Public Financial Management, Inc., Financial Advisor to the County, 13350 Metro Parkway, Suite 302, Fort Myers, FL 33966-4796, or by facsimile to 239-939-1220, prior to the time bids are required to be submitted and must be in form and substance acceptable to the County. Each financial surety bond must identify each bidder whose deposit is guaranteed by such financial surety bond. The successful bidder for the Bonds is required to submit its Good Faith Deposit to the County in the form of a wire transfer in federal funds not later than 12:30 p.m., Eastern Standard Time, on the next business day following the award. If such deposit is not received by that time, the relevant financial surety bond will be drawn upon by the County to satisfy the deposit requirement. The Good Faith Deposit so wired will be retained by the County until the delivery of such Bonds, at which time the good faith deposit will be applied against the purchase price of such Bonds or the good faith deposit will be retained by the County as partial liquidated damages in the event of the failure of the successful bidder to take up and pay for such Bonds in compliance with the terms of the Official Notice of Sale and of its bid. The County will pay no interest on the good faith deposit. The balance of the purchase price must be wired in federal funds to the account detailed in the closing memorandum provided by the County to the successful purchaser, simultaneously with delivery of such Bonds. CUSIP NUMBERS It is anticipated that CUSIP numbers will be printed on the Bonds, but neither failure to print such numbers on any Bonds nor any error with respect thereto will constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds. Bond Counsel will not review or express any opinion as to the correctness of such CUSIP numbers. The policies of the CUSIP Service Bureau will govern the assignment of specific numbers to the Bonds. The successful bidder will be Aloeroe Countj% Florida lnfrastracture Sales Surtav Revenue Ronds, Series 2007- Official Notice of Sale Page 11 responsible for applying for and obtaining CUSIP numbers for the Bonds. All expenses in relation to the printing of CUSIP numbers on the Bonds will be paid for by the County; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers will be the responsibility of and will be paid for by the successful bidder. BLUE SKY The County has not undertaken to register the Bonds under the securities laws of any state, nor investigated the eligibility of any institution or person to purchase or participate in the underwriting of the Bonds under any applicable legal investment, insurance, banking or other laws. By submitting a bid for the Bonds, the successful bidder represents that the sale of the Bonds in states other than Florida will be made only under exemptions from registration or, wherever necessary, the successful bidder will register the Bonds in accordance with the securities laws of the state in which the Bonds are offered or sold. The County agrees to cooperate with the successful bidder, at the bidder's written request and expense, in registering the Bonds or obtaining an exemption from registration in any state where such action is necessary; provided, however, that the County shall not be required to consent to suit or to service of process in any jurisdiction. DISCLOSURE OBLIGATIONS OF THE PURCHASER Section 218.38(1)(b)(2), Florida Statutes, requires that the successful purchaser file a statement with the County containing information with respect to any fee, bonus or gratuity paid, in connection with the Bonds, by any underwriter or financial consultant to any person not regularly employed or engaged by such underwriter or consultant. Receipt of such statement is a condition precedent to the delivery of the Bonds to such successful bidder. The winning bidder must (1) complete the Truth -in -Bonding Statement provided by Bond Counsel (the form of which is attached hereto as Exhibit A) and (2) indicate whether such bidder has paid any finder's fee to any person in connection with the sale of the Bonds in accordance with Section 218.386, Florida Statutes. The successful purchaser will be required to submit to the County prior to closing a certification to the effect that (i) all of the Bonds have been subject of a bona fide initial offering to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices no higher than those shown on the cover of the Official Statement relating to the Bonds, (ii) to the best of their knowledge, and based on their- records and other information available to them which they believe to be correct, at least 10 percent of each maturity of the Bonds were sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at initial offering prices not greater than or Monroe Coren6� Florida lrefrastrtectfa•e Soles Sartar Rernnie Bonk. Series 2007 - Official Notice of Sale Page 12 yields not lower than the respective prices or yields shown on the cover of the Official Statement, and (iii) at the time they agreed to purchase the Bonds, based upon their assessment of the then prevailing market conditions, they had no reason to believe any of the Bonds would be sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at prices greater than or yields lower than the respective prices or yields shown on the cover of the Official Statement. CONTINUING DISCLOSURE The County has covenanted to provide ongoing disclosure in accordance with Rule 15c2-t2 of the Securities and Exchange Commission. The specific nature of the information to be contained in the annual report and the notices of material events are set forth in the Continuing Disclosure Certificate which is reproduced in its entirety in Appendix F attached to the Preliminary Official Statement for the Bonds. The covenants have been undertaken by the County in order to assist the successful purchaser in complying with clause (b) (5) of Rule 15c2-12 of the Securities and Exchange Commission. CERTIFICATE The County will deliver to the purchaser of the Bonds a certificate of an official of the County, dated the date of delivery of said Bonds, stating that as of the date thereof, to the best of the knowledge and belief of said official, the Official Statement does not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and further certifying that the signatory knows of no material adverse change in the financial condition of the County. CHOICE OF LAW Any litigation or claim arising out of any bid submitted (regardless of the means of submission) pursuant to this Official Notice of Sale shall be governed by and construed in accordance with the laws of the State of Florida. The venue situs for any such action shall be the state courts of the Sixteenth Judicial Circuit in and for Monroe County, Florida. Monroe Counht Florida Infrastructure Sales Surtax Reremte Bonds, Series 2007 - Official t\'otice of Sale Page 13 NOTICE OF BIDDERS REGARDING PUBLIC ENTITY CRIMES A person or affiliate who has been placed on the Convicted Vendor List (as described in Florida Statutes) following a conviction for a public entity crime may not submit a bid. BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By: Mayor Dated: November 15, 2007 Monroe Courtly, Florida Iitfrastradure Sales Srtrtar Reie me Bonds, Series 2007 - Official Notice of Sale Page 14 EXHIBIT A TRUTH -IN -BONDING STATEMENT November , 2007 Board of County Commissioners of Monroe County, Florida, Re: Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 Dear Commissioners: The purpose of the following two paragraphs is to furnish, pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the truth -in - bonding statement required thereby, as follows: (a) The County is proposing to issue $ principal amount of the above -referenced Bonds for the principal purposes of financing the acquisition, construction and equipping of various capital improvements within the County and paying certain costs of issuance of the Bonds, including the premium for municipal bond insurance and a reserve account insurance policy. This obligation is expected to be repaid over a period of approximately years. At a true interest cost of %, total interest paid over the life of the obligation will be approximately $ (b) The Bonds are limited obligations of the County. The principal source of repayment or security for the Bonds is the Infrastructure Sales Surtax Revenues (as described in the Preliminary Official Statement for the Bonds). The Bonds will be on parity with the County's outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003. The foregoing is provided for information purposes only and shall not affect or control the actual terms and conditions of the Bonds. Very truly yours, Underwriter By: Authorized Signatory Monroe Connq,, Honda InfrasTrrteture Sales Sartac Revenue Bonds, Series 2007- Official,1"once o/'Stile Page 15 OFFICIAL CONFIRMATION OF BID FORM Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds Series 2007 The undersigned hereby offer to purchase all of the Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the 'Bonds"), to be dated as of the date of delivery (expected to be December 14, 2007), described in the attached Official Notice of Sale and the Preliminary Official Statement referred to therein, which by reference is made part of this bid, for all but not less than all of said Bonds and will pay therefor, at the time of delivery, in immediately available Federal Rees�en e Funds b Dollars ($ ), g interest at the following rates per annum: Reoffering Reoffering Year Principal* Interest Price or Year Principal* Interest Price or (April l Amount Rate Yield (April Amount Rate Yield 2009** $2,615,000 O $3,095,000 2010** 2,700,000 2015** 3,205,000 2011** 2,795,000 2016** 3,325,000 2012** 2,890,000 2017** 3,445,000 2013** 2,990,000 2018** 3,580,000 * Preliminary, subject to change. * * May be combined into up to three (3) term bonds. See "STRUCTURE" herein. Any two to four consecutive maturities of the Bonds bearing interest at the same rate may be combined into up to three (3) term bonds with mandatory sinking fund installments equal to the amounts and years specified in the Official Notice of Sale combined to form a term bond. The principal installments for the Bonds indicated on the previous page shall be applied for the mandatory retirement of Term Bonds maturing in the years and amounts and bearing interest as follows: $ Term Bonds maturing on April 1, at % per annum to yield % per annum $ Term Bonds maturing on April 1, at _ % per annum to yield % per annum $ Term Bonds maturing on April 1, __at % per annum to yield % per annum $ Term Bonds maturing on April 1, _ at _ % per annum to yield % per annum D/onroe Co++ety, FG+ririn lufrastrncrure Snles Snrtrzr Bevenae Bnerls, Series 2007 - Official A'otice of Sale Page 16 GOOD FAITH DEPOSIT In accordance with the attached Official Notice of Sale, we are the authorized principal of a Financial Surety Bond in the amount of Three Hundred Ten Thousand and No/100 Dollars ($310,000.00) with respect to this bid as described in the attached Official Notice of Sale. MISCELLANEOUS This proposal is not subject to any conditions not expressly stated herein or in the attached Official Notice of Sale. Receipt and review of the Preliminary Official Statement relating to the Bonds is hereby acknowledged. The names of the underwriters or member of the account or joint bidding account, if any, who are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto. TRUTH IN BONDING STATEMENT Prior to an award, the successful bidder must complete, sign and deliver with this Official Confirmation of Bid Form the Truth in Bonding Statement which is attached to the Official Notice of Sale as Exhibit A. The County reserves the right to assist the bidder in correcting any inconsistencies or inaccuracies set forth in such Truth in Bonding Statement. The County may waive any inconsistencies or inaccuracies relating to such Statements and any such waived inconsistencies or inaccuracies shall not adversely affect the bid. Furthermore, pursuant to Section 218.386, Florida Statutes, the names, addresses and estimated amounts of compensation of any person who has entered into an understanding with the underwriters or, to the managing underwriter's knowledge, the County, or both, for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the County and managing underwriter or who exercises or attempts to exercise any influence to effect any transaction in the purchase of the Bonds are set forth below in the space provided. If no information is provided below, the County shall presume no compensation was or will be paid. Jlonroe Coruetj, Florida Infrastructure Sales Surtax Bereime Bonds, Series 2007- Offrcia[D'miee of Sale Page 17 Senior Manager: Authorized Signature: Printed Name: Address City State Zip Code Telephone Number Facsimile Number ALonroe County, Florida Ixfrasty-ndure Sales Surtax Revenue Bonds, Series 2007 - Official Notice of Sale Page 18 EXHIBIT C FORM OF PRELIMINARY OFFICIAL STATEMENT PRELIMINARY OFFICIAL STATEMENT DATED 2007 NEW ISSUE - BOOK ENTRY ONLY In the opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel, interest on the Series 2007 Bonds (as hereinafter defined) is, under existing statutes, regulations, rulings and court decisions: (a) excludable from gross income far federal income tax purposes except as otherwise described herein under the caption "TAX EXEMPTION" and W not an item of tax preference for purposes of the federal alternative nrinirmnu tax imposed on individuals and corporations. Such interest, however, will be includable in the calculation of a corporation's alternative rninimtun taxable income and may be subject to other federal incorne tax- consequences described herein under the caption "TAX EXEMPTION.," Also, see "TAX EXEMPTION" herein for a discussion of Bond Counsel's opinion, including a discussion of the corporate alternative minimum tax. $30,640,000* MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2007 Dated: Date of Delivery Due: April 1 in each year as shown on the inside cover Monroe County, Florida (the "County") is issuing its Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") as fully registered bonds, which initially will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). Individual purchases will be made in book entry form only in denominations of $5,000 and any integral multiple thereof. Purchasers of the Series 2007 Bonds (the 'Beneficial Owners') will not receive physical delivery of the Series 2007 Bonds. Transfer of ownership in the Series 2007 Bonds will be effected by DTC's book -entry system as described herein. As long as Cede & Co. is the registered owner as nominee of DTC, principal and interest payments will be made directly to such registered owner which will in turn remit such payments to the Participants (as defined herein) for subsequent disbursement to the Beneficial Owners. Interest on the Series 2007 Bonds is payable semi-amivally on April 1 and October 1 of each year commencing April 1, 2008. Principal of the Series 2007 Bonds is payable, when due, to the registered owners upon presentation and surrender at the designated corporate office of U.S. Bank National Association, Fort Lauderdale, Florida. All payments of principal of and interest on the Series 2007 Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. On parity with the County's Outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds"), which are currently outstanding in the principal amount of $16,830,000, the payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) all amounts received by the County from the Discretionary Sales Surtax Clearing Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes (the "Infrastructure Sales Surtax Revenues") and (ii) until applied in accordance with the provisions of Resolution No. 077-2003 adopted by the Board on (25009I00 l I0019GG37 _D U Cv3} February 19, 2003, as amended and supplemented by Resolution No. _-2007 adopted by the Board on 2007 (collectively, the 'Resolution"), all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the 'Pledged Funds"). The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance policy premium and the reserve account insurance policy premium. THE SERIES 2007 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE COUNTY AS 'BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE COUNTY, PAYABLE SOLELY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2007 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OR THE USE OF AD VALOREM TAX REVENUES TO PAY SUCH SERIES 2007 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2007 BOND FROM ANY MONEYS OF THE COUNTY EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. The Series 2007 Bonds are not subject to optional redemption prior to maturity. Certain of the Series 2007 Bonds may be subject to mandatory redemption as provided herein. Payment of principal of and interest on the Series 2007 Bonds when due will be insured by a municipal bond insurance policy to be issued by (the "Insurer") simultaneously with the delivery of the Series 2007 Bonds. [INSERT LOGO] This cover page contains certain information for quick reference only. It is not, and is not intended to be, a summary of this issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment decision. The Series 2007 Bonds are offered when, as and if issued, subject to the approving legal opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel. Certain legal matters will be passed upon for the County by Suzanne A. Hutton, Esq., Courtly Attorney, and Bryant Miller Olive P.A., Tanpa, Florida, Disclosure Counsel. Public Financial Management, [tic., Fort Myers, Florida is Financial Advisor to the County in regard to the 125009/001/0019C6,17.DO(v3) issuance of [lie Series 2007 Bonds. The Series 2007 Bonds in definitive form are expected to be available for delivery in New York, New York througli the facilities of DTC on or about December 14, 2007 Electronic bids for the Series 2007 Bonds will be received as described in the Official Notice of Sale. Dated: 2007 "Preliminary, subject to change (26009/001/0019663 7 DOCO: $30,640,00V. MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2007 AMOUNTS, MATURITIES, INTEREST RATES, YIELDS AND INITIAL CUSIP NUMBERS $ * Serial Bonds Maturity Interest Amount* (Al2rill Rate $2,615,000 2009 2,700,000 2010 2,795,000 2011 2,890,000 2012 2,990,000 2013 3,095,000 2014 3,205,000 2015 3,325,000 2016 3,445,000 2017 3,580,000 2018 Yield Initial Cusip Number * Preliminary, subject to change Bidder may designate these maturities to be part of up to 3 Term Bonds rather than Serial Bonds as described more particularly in the Official Notice of Sale under the caption "STRUCTURE." (26009I001 I00196637.DOCOI RED HERRING LANGUAGE: This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Series 2007 Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of such jurisdiction. The County has deemed this Preliminary Official Statement "final," except for certain permitted omissions, within the contemplation of Rule 15c2- 12 promulgated by the Securities and Exchange Commission. {25009/001100 t9663S.DUl'v:31 MONROE COUNTY, FLORIDA The Historic Gato Cigar Factory 1100 Simonton Street Key West, Florida 33040 MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS [Mario Di Gennaro, Mayor] [Dixie Spehar, Mayor Pro-Tem] Charles "Sonny" McCoy George Nugent Sylvia Murphy CLERK OF THE CIRCUIT COURT OF MONROE COUNTY, FLORIDA AND EX OFFICIO CLERK OF THE BOARD OF COUNTY COMMISSIONERS Danny L. Kolhage COUNTY ADMINISTRATOR Thomas J. Willi COUNTY ATTORNEY Suzanne A. Hutton, Esq. BUDGET MANAGER Tina Boan BOND COUNSEL Nabors, Giblin & Nickerson, P.A. Tampa, Florida FINANCIAL ADVISOR Public Financial Management, Inc. Fort Myers, Florida DISCLOSURE COUNSEL Bryant Miller Olive P.A. Tampa, Florida 1250091001/0019663, Do Cv3l No dealer, broker, salesman or other person has been authorized by the County to give any information or to make any representations in connection with the Series 2007 Bonds other than as contained in this Official Statement, and, if given or made, such information or representations must not be relied upon as having been authorized by the County. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2007 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the County, The Depository Trust Company, the Insurer, and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation by the County with respect to any information provided by others. The underwriters listed on the cover page hereof (the "Underwriters") have reviewed the information in this Official Statement in accordance with and as part of their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. The information and expressions of opinion stated herein are subject to change, and neither the delivery of this Official Statement nor any sale made hereunder shall create, under any circumstances, any implication that there has been no change in the matters described herein since the date hereof. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2007 BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. All summaries herein of documents and agreements are qualified in their entirety by reference to such documents and agreements, and all summaries herein of the Series 2007 Bonds are qualified in their entirety by reference to the form thereof included in the aforesaid documents and agreements. NO REGISTRATION STATEMENT RELATING TO THE SERIES 2007 BONDS HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION') OR WITH ANY STATE SECURITIES COMMISSION. IN MAKING ANY INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF THE COUNTY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE SERIES 2007 BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE A CONTRACT BETWEEN THE COUNTY OR THE UNDERWRITERS AND ANY ONE OR MORE OF THE OWNERS OF THE SERIES 2007 BONDS. t25009I001/00196637.D0('v3) TABLE OF CONTENTS Contents Paee INTRODUCTION.......................................................................................................................................................1 General........................................................................................................................................................... I MonroeCounty.............................................................................................................................................I Authority for and Purpose of Issuance.....................................................................................................2 Securityfor the Bonds..................................................................................................................................2 MunicipalBond Insurance ...................................................................................................................I......2 Description of the Series 2007 Bonds.........................................................................................................2 TaxExemption..............................................................................................................................................3 ContinuingDisclosure.................................................................................................................................3 OtherInformation........................................................................................................................................3 AUTHORITY FOR AND PURPOSE OF ISSUANCE.............................................................................................3 DESCRIPTION OF THE SERIES 2007 BONDS.......................................................................................................4 General...........................................................................................................................................................4 Book -Entry Only System.............................................................................................................................4 NoOptional Redemption............................................................................................................................6 MandatoryRedemption..............................................................................................................................7 Selection of Series 2007 Bonds to be Redeemed.......................................................................................7 Noticeof Redemption..................................................................................................................................7 Interchangeability, Negotiability and Transfer........................................................................................8 Bonds Mutilated, Destroyed, Stolen or Lost.............................................................................................9 SECURITYFOR THE BONDS..................................................................................................................................9 General...........................................................................................................................................................9 Other Obligations Payable From Infrastructure Sales Surtax Revenues............................................10 Fundsand Accounts..................................................................................................................................11 ConstructionFund.....................................................................................................................................12 ReserveAccount.........................................................................................................................................12 Disposition of Infrastructure Sales Surtax Revenues............................................................................13 AdditionalBonds........................................................................................................................................15 SubordinatedIndebtedness......................................................................................................................17 Accession of Subordinated Indebtedness To Parity Status with the Bonds.......................................17 Booksand Records.....................................................................................................................................17 Receipt of Infrastructure Sales Surtax Revenues....................................................................................17 No Impairment; Limitation on Maturity of Bonds................................................................................18 Investments.................................................................................................................................................18 SeparateAccounts......................................................................................................................................18 Amendment of Resolution without Consent of Bondholders; Control by Credit Facility Provider in Case of Event of Default......................................................19 INFRASTRUCTURE SALES SURTAX REVENUES............................................................................................19 General.........................................................................................................................................................19 LocalActions and Linritations..................................................................................................................21 Distribution.................................................................................................................................................22 HistoricalDistribution Factors.................................................................................................................24 HistoricalCollections.................................................................................................................................25 MUNICIPALBOND INSURANCE.......................................................................................................................26 [25009/001/00196637. DOCv31 RESERVE ACCOUNT INSURANCE POLICIES..................................................................................................26 ESTIMATEDSOURCES AND USES OF FUNDS................................................................................................28 DEBTSERVICE SCHEDULE..................................................................................................................................29 INVESTMENTPOLICY...........................................................................................................................................30 LEGALMATTERS....................................................................................................................................................32 LITIGATION.............................................................................................................................................................33 DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS...........................................................33 TAXEXEMPTION....................................................................................................................................................33 Opinionof Bond Counsel..........................................................................................................................33 InternalRevenue Code of 1986.................................................................................................................34 CollateralTax Consequences....................................................................................................................34 OtherTax Matters.......................................................................................................................................34 Tax Treatment of Original Issue Discount..............................................................................................35 TaxTreatment of Bond Premium.............................................................................................................35 RATINGS...................................................................................................................................................................35 FINANCIALADVISOR...........................................................................................................................................36 INDEPENDENTACCOUNTANTS.......................................................................................................................36 UNDERWRITING....................................................................................................................................................36 CONTINGENTFEES...............................................................................................................................................37 ENFORCEABILITYOF REMEDIES.......................................................................................................................37 CONTINUINGDISCLOSURE................................................................................................................................37 ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT................................................................38 AUTHORIZATION OF OFFICIAL STATEMENT...............................................................................................39 APPENDIX A: General Information Concerning the County APPENDIX B: General Purpose Audited Financial Statements of the County APPENDIX C: Composite of the Resolution APPENDIX D: Specimen Bond Insurance Policy APPENDIX E: Form of Bond Counsel Opinion APPENDIX F: Form of Continuing Disclosure Certificate t2e0091001/00196637.Docv31 ii OFFICIAL STATEMENT relating to $30,640,000"' MONROE COUNTY, FLORIDA Infrastructure Sales Surtax Revenue Bonds, Series 2007 INTRODUCTION General This Official Statement, including the cover page, inside cover page and the appendices hereto, is furnished with respect to the sale of $ » aggregate principal amount of Infrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") issued by Monroe County, Florida (the "County"). This introduction is not, and is not intended to be, a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page, inside cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Series 2007 Bonds is made only by means of this Official Statement and is subject in all respects to the information contained herein. For a complete description of the terms and conditions of the Series 2007 Bonds, reference is made to "APPENDIX C—Composite of the Resolution" attached hereto. Unless otherwise indicated, capitalized terms used in this Official Statement shall have the same meaning established in "APPENDIX C—Composite of the Resolution" attached hereto. Monroe County Monroe County, Florida, was constitutionally formed in 1823. It is comprised primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas. The Florida Keys separate the Atlantic Ocean on the south and the east from the Gulf of Mexico on the north and west, and extend approximately 100 miles south from the United States mainland. The County seat, the City of Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 miles southwest of Miami and 66 nautical miles north of the Tropic of Cancer. According to the United States Census, in 2000, the County's population was 79,589. The estimated 2006 population of the County was 80,510 according to the University of Florida Bureau of Economic and Business Research. Within the County, there are five municipalities: the Cities of Key West, Layton, Marathon and Key Colony Beach and the Villages of Islamorada. See "APPENDIX A - General Information Concerning the County" attached hereto. " Preliminary, subject to change. 125009/001/001966"'7.Dc_i(MI Authority for and Purpose of Issuance The Series 2007 Bonds are being issued under the authority of and in full compliance with Chapter 125, Florida Statutes, Chapter 212, Florida Statutes, the Monroe County Code, Ordinance No. 013-1989 enacted by the Board of County Commissioners of the County (the "Board") on May 23, 1989 and Ordinance No. 01-2000 enacted by the Board on January 19, 2000, as each Ordinance may be amended and supplemented (collectively, the "Infrastructure Sales Surtax Ordinance"), and other applicable provisions of law (collectively, the "Act"), and pursuant to Resolution No. 077-2003 adopted by the Board on February 19, 2003, as amended and supplemented by Resolution No. _-2007 adopted by the Board on , 2007 (collectively, the "Resolution"). The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip various capital improvements as more fully described herein, and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. Security for the Bonds On parity with the County's Outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 (the "Series 2003 Bonds") which are currently outstanding in the principal amount of $16,830,000, The payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) all amounts received by the County from the Discretionary Sales Surtax Clearing Trust Fund referred to in Section 212.054(4)(B), Florida Statutes, including but not limited to, the proceeds of the one cent local government infrastructure sales surtax levied pursuant to Section 212.055(2), Florida Statutes, and the proceeds of the tax levied pursuant to Section 202.19(5), Florida Statutes (the "Infrastructure Sales Surtax Revenues"), and (ii) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in certain funds and accounts established pursuant to the Resolution (collectively, the "Pledged Funds"). Municipal Bond Insurance The scheduled payments of principal and interest on the Series 2007 Bonds when due will be insured by a municipal bond insurance policy to be issued by (the "Insurer") simultaneously with the delivery of the Series 2007 Bonds. See "APPENDIX D -- Specimen Bond Insurance Policy" attached hereto. Description of the Series 2007 Bonds Denominations. The Series 2007 Bonds will be issued in denominations of $5,000 or any integral multiple thereof. Redemption. The Series 2007 Bonds are not subject to optional redemption prior to maturity. Certain of the Series 2007 Bonds may be subject to mandatory redemption prior to their stated dates of maturity as described herein. Registration and Transfers. Transfer of ownership in the Series 2007 Bonds will be effected by The Depository Trust Company ("DTC") book -entry system as described herein. As long as Cede & Co. is 125009/001/00196637.DOC,,31 the registered owner as nominee of DTC, principal and interest payments will be made directly to such registered owner which will in turn rennit such payments to the Participants (as hereinafter defined) for subsequent disbursement to the Beneficial Owners (as hereinafter defined). hnterest on the Series 2007 Bonds is payable semi-annually on April 1 and October 1 of each year commencing April 1, 2008. Tax Exemption The approving legal opinion of Nabors, Giblin & Nickerson, P.A., Bond Counsel, will include an opinion to the effect that, under existing statutes, regulations, rulings and court decisions, assunung continuing compliance by the County with certain covenants set forth in the Resolution and with the Internal Revenue Code of 1986, as amended, interest on the Series 2007 Bonds is (a) excludable from gross income for federal income tax purposes, and (b) not an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations; however, interest on the Series 2007 Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on certain corporations. See "TAX EXEMPTION' herein. Continuing Disclosure The County has agreed and undertaken, for the benefit of Series 2007 Bondholders, to provide certain financial information and operating data relating to the County, the Pledged Funds and the Series 2007 Bonds pursuant to Rule 15c2-12 of the Securities and Exchange Commission. See "CONTINUING DISCLOSURE" herein. Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change. Copies of the Resolution and other documents and information are available, upon request and upon payment to the County of a charge for copying, mailing and handling, from the County Administrator, The Historic Gato Cigar Factory, 1100 Simonton Street, Key West, Florida 33040. For a complete description of the terms and conditions of the Series 2007 Bonds, reference is made to the Resolution, a composite of which is included in "APPENDIX C — Composite of the Resolution' attached hereto. The description of the Resolution, the Series 2007 Bonds and information from reports contained herein do not purport to be comprehensive or definitive. AUTHORITY FOR AND PURPOSE OF ISSUANCE The Series 2007 Bonds are being issued under the authority of and in full compliance with the Act, and under and pursuant to the terns and provisions of the Resolution. The Series 2007 Bonds are being issued to provide funds to (i) acquire, construct and equip and/or renovate various capital improvements, including without limitation, all or a portion of the following: acquisition, construction and equipping of a new fire station/EMS facility on Stock Island; acquisition, construction and equipping of a new fire station on Big Pine Key; acquisition, construction and equipping of a new fire station on Conch Key; acquisition, construction and equipping of a public J25009/001/00196637.DOCv31 3 works compound at Rockland; renovations at the courthouse; acquisition of fire/EMS vehicles; capital improvements at Big Pine Park; and pursuant to the terms of the Resolution, the County will deposit a sufficient amount of the proceeds of the Series 2007 Bonds to the 2007 Project Account in order to satisfy all of its remaining reimbursement obligations under the hereinafter defined KLWTD Interlocal Agreement (collectively, the "2007 Project"), and (ii) pay costs associated with the issuance of the Series 2007 Bonds, including the municipal bond insurance premium and the reserve account insurance policy premium. DESCRIPTION OF THE SERIES 2007 BONDS General The Series 2007 Bonds shall be dated the date of their delivery, shall be numbered consecutively from R-1 upward, and shall be issued in the denominations of $5,000 or integral multiples thereof. The Series 2007 Bonds will mature on the dates and will bear interest at the rates set forth on the inside cover page of this Official Statement. Interest on the Series 2007 Bonds shall be payable semi-annually on April 1 and October 1 in each year commencing April 1, 2008 and is payable by check or draft of U.S. Bank National Association, Fort Lauderdale, Florida, as initial registrar and paying agent (the "Registrar" and the "Paying Agent"), made payable to and mailed to the registered owners, as shown on the Bond registration books at the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding each Interest Date or, at the request of a holder of Series 2007 Bonds, by bank wire transfer to the account of such registered holder. Principal of the Series 2007 Bonds is payable, when due, to the registered owners upon presentation, when due, at the designated corporate trust office of the Paying Agent. While in book -entry only form, such payments will be made only to Cede & Co. as described below. Book -Entry Only System THE FOLLOWING INFORMATION CONCERNING DTC AND DTC'S BOOK -ENTRY ONLY SYSTEM HAS BEEN OBTAINED FROM SOURCES THAT THE COUNTY BELIEVES TO BE RELIABLE, BUT THE COUNTY TAKES NO RESPONSIBILITY FOR THE ACCURACY THEREOF. DTC will act as securities depository for the Series 2007 Bonds. The Series 2007 Bonds will be registered in the name of Cede & Co. (DTC's partnership nominee). Purchases of beneficial ownership interests in the Series 2007 Bonds will be made in book -entry only form, in the denominations herembefore described. Purchasers of beneficial ownership interests in the Series 2007 Bonds ("Beneficial Owners") will not receive bond certificates representing their ownership interests in the Series 2007 Bonds, except in the event that use of the book -entry only system for the Series 2007 Bonds is discontinued. One fully registered certificate will be issued for each maturity of the Series 2007 Bonds, and deposited with DTC. SO LONG AS CEDE & CO. IS THE REGISTERED OWNER OF THE SERIES 2007 BONDS AS NOMINEE OF DTC, REFERENCES IN THIS OFFICIAL STATEMENT TO THE SERIES 2007 BONDHOLDERS OR REGISTERED OWNERS OF THE SERIES 2007 BONDS SHALL MEAN CEDE & CO. AND SHALL NOT MEAN THE BENEFICIAL OWNERS OF THE SERIES 2007 BONDS. THE DESCRIPTION WHICH FOLLOWS OF THE PROCEDURES AND RECORD KEEPING WITH RESPECT t25009/001/00196637.DOCOf TO BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2007 BONDS, PAYMENT OF INTEREST AND PRINCIPAL ON THE SERIES 2007 BONDS TO DIRECT PARTICIPANTS (AS HEREINAFTER DEFINED) OR BENEFICIAL OWNERS OF THE SERIES 2007 BONDS, CONFIRMATION AND TRANSFER OF BENEFICIAL OWNERSHIP INTERESTS IN THE SERIES 2007 BONDS, AND OTHER RELATED TRANSACTIONS BY AND BETWEEN DTC, THE DIRECT PARTICIPANTS AND BENEFICIAL OWNERS OF THE SERIES 2007 BONDS IS BASED SOLELY ON INFORMATION FURNISHED BY DTC. ACCORDINGLY, THE COUNTY NEITHER MAKES NOR CAN MAKE ANY REPRESENTATIONS CONCERNING THESE MATTERS. DTC, the world's largest depository, is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 2.2 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants (the 'Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of securities transactions, in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust Companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust and Clearing Corporation ('DTCC"). DTCC, in turn is owned by a number of Direct Participants of DTC and Members of the National Securities Clearing Corporation, Fixed Income Clearing Corporation, and Emerging Markets Clearing Corporation, as well as by the New York Stock Exchange, Inc., the American Stock Exchange LLC and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers, dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (the "Indirect Participants"). DTC has Standard & Poor's Ratings Services highest rating: AAA. The DTC rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and w%vhv.dtc.org. Purchases of Series 2007 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for such Series 2007 Bonds on DTC's records. The ownership interest of each actual purchaser of each Series 2007 Bond (the "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2007 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their beneficial interests in the Series 2007 Bonds, except in the event that use of the book -entry system for the Series 2007 Bonds is discontinued. To facilitate subsequent transfers, all Series 2007 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of Series 2007 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial {25009/U01/00196637.D0Cv3j 5 ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2007 Bonds. DTC's records reflect only the identity of the Direct Participants to whose accounts such Series 2007 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping an account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements made among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Redemption notices will be sent to DTC If less than all of a maturity of the Series 2007 Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such bonds, as the case may be, to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nouunee) will consent or vote with respect to the Series 2007 Bonds unless authorized by a Direct Participant in accordance with DTC's procedures. Under its usual procedures, DTC mails an Onmibus Proxy to the County as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Series 2007 Bonds are credited on the record date (identified in a listing attached to the Onmibus Proxy). Principal and interest payments on the Series 2007 Bonds will be made to DTC. DTC's practice is to credit Direct Participants' accounts, upon DTC's receipt of funds and corresponding detail information from the County or the Registrar on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Direct or Indirect Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Direct or Indirect Participants and not of DTC, the Registrar or the County, subject to any statutory and regulatory requirements as may be in effect from time to time. Payment of principal and interest to DTC is the responsibility of the County and/or the Paying Agent for the Series 2007 Bonds. Disbursement of such payments to Direct Participants is the responsibility of DTC, and disbursement of such payments to the Beneficial Owners is the responsibility of the Direct and Indirect Participants. DTC may discontinue providing its services as securities depository with respect to the Series 2007 Bonds at any time by giving reasonable notice to the County. Under such circumstances, in the event that a successor securities depository is not obtained, certificates are required to be printed and delivered. The County may decide to discontinue use of the system of book -entry transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered. No Optional Redemption The Series 2007 Bonds are not subject to optional redemption prior to maturity. 125009/001/0019663-DOCv3l Mandatory Redemption The Series 2007 Bonds maturing on April 1, __ , are subject to mandatory sinking fund redemption, prior to maturity in part, by lot on April 1, and on each April 1 thereafter, at a redemption price equal to the principal amount of such Series 2007 Bonds or portions thereof to be redeemed, plus interest accrued thereon to the date of redemption, on April 1 in the following years and in the following amounts: Year Amount *Maturity. Selection of Series 2007 Bonds to be Redeemed The Series 2007 Bonds shall be redeemed only in the principal amount of $5,000 each and integral multiples thereof. The County shall, at least forty-five (45) days prior to the redemption date (unless a shorter time period is satisfactory to the Registrar, but in no event less than thirty-five (35) days) notify the Registrar of such redemption date and of the principal amount of Series 2007 Bonds to be redeemed. For purposes of any redemption of less than all of the Outstanding Series 2007 Bonds of a single maturity, the particular Series 2007 Bonds or portions of Series 2007 Bonds to be redeemed shall be selected not more than forty-five (45) days and not less than thirty-five (35) days prior to the redemption date by the Registrar from the Outstanding Series 2007 Bonds of the maturity or maturities designated by the County or by such method as the Registrar shall deem fair and appropriate and which may provide for the selection for redemption of Series 2007 Bonds or portions of Series 2007 Bonds in principal amounts of $5,000 and integral multiples thereof. If less than all of the Outstanding Series 2007 Bonds of a single maturity are to be redeemed, the Registrar shall promptly notify the County and Paying Agent (if the Registrar is not the Paying Agent for such Series 2007 Bonds) in writing of the Series 2007 Bonds or portions of Series 2007 Bonds selected for redemption and, in the case of any Series 2007 Bond selected for partial redemption, the principal amount thereof to be redeemed. Notice of Redemption Notice of redemption, which shall specify the Series 2007 Bond or Series 2007 Bonds (or portions thereof) to be redeemed and the date and place for redemption, shall be given by the Registrar on behalf of the County, and (A) shall be filed with the Paying Agent, and (B) shall be mailed first class, postage prepaid, at least thirty (30) days prior to the redemption date to all Holders of Series 2007 Bonds to be redeemed at their addresses as they appear on the registration books kept by the Registrar as of the date of mailing of such notice. Failure to mail notice to the Holders of the Series 2007 Bonds to be redeemed, or any defect therein, shall not affect the proceedings for redemption of Series 2007 Bonds as to which no such failure or defect has occurred. Each notice of redemption shall state: (1) the CUSIP numbers of all Series 2007 Bonds being redeemed, (2) the original issue date of such Series 2007 Bonds, (3) the maturity date and rate of interest borne by each Series 2007 Bond being redeemed, (4) the redemption date, (5) the Redemption Price, (6) t25009/001/00196637.DOG. 3t the date on which such notice is mailed, (7) if less than all Outstanding Series 2007 Bonds are to be redeemed, the certificate number (and, in the case of a partial redemption of any Series 2007 Bond, the principal amount) of each Series 2007 Bond to be redeemed, (8) that on such redemption date there shall become due and payable upon each Series 2007 Bond to be redeemed the Redemption Price thereof, or the Redemption Price of the specified portions of the principal thereof in the case of Series 2007 Bonds to be redeemed in part only, together with interest accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to accrue and be payable, (9) that the Series 2007 Bonds to be redeemed, whether as a whole or in part, are to be surrendered for payment of the Redemption Price at the designated office of the Paying Agent at an address specified, and (10) unless sufficient funds have been set aside by the County for such purpose prior to the mailing of the notice of redemption, that such redemption is conditioned upon the deposit of sufficient funds for such purpose on or prior to the date set for redemption; and provided, further, that such notice and the redemption set forth therein may be subject to the satisfaction of one or more additional conditions set forth therein. Interchangeability, Negotiability and Transfer So long as the Series 2007 Bands are registered in the name of DTC or its nominee, the following paragraphs relating to transfer and exchange of Series 2007 Bonds do not apply to the Series 2007 Bonds. Series 2007 Bonds, upon surrender thereof at the office of the Registrar with a written instrument of transfer satisfactory to the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing, may, at the option of the Holder thereof, be exchanged for an equal aggregate principal amount of registered Series 2007 Bonds of the same maturity of any other authorized denominations. The Series 2007 Bonds issued under the Resolution shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code of the State of Florida, subject to the provisions for registration and transfer contained in the Resolution and in the Series 2007 Bonds. So long as any of the Series 2007 Bonds shall remain Outstanding, the County shall maintain and keep, at the office of the Registrar, books for the registration and transfer of the Series 2007 Bonds. The transfer of any Series 2007 Bond shall be registered only upon the books of the County, at the office of the Registrar, under such reasonable regulations as the County may prescribe, by the Holder thereof in person or by his attorney duly authorized in writing upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed and guaranteed by the Holder or his duly authorized attorney. Upon the registration or transfer of any such Series 2007 Bond, the County shall issue, and cause to be authenticated, in the name of the transferee a new Series 2007 Bond or Series 2007 Bonds of the same aggregate principal amount and maturity as the surrendered Series 2007 Bond. The County, the Registrar and any Paying Agent or fiduciary of the County may deem and treat the Person in whose name any Outstanding Series 2007 Bond shall be registered upon the books of the County as the absolute owner of such Series 2007 Bond, whether such Series 2007 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal and interest on such Series 2007 Bond and for all other purposes, and all such payments so made to any such Holder or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Series 2007 Bond to the extent of the sum or stuns so paid and neither the County nor the Registrar nor any Paying Agent nor other fiduciary of the County, shall be affected by any notice to the contrary. t25009/001/OO196637.D0Cv3t In all cases in which the privilege of exchanging Series 2007 Bonds or the transfer of Series 2007 Bonds shall be registered, the County will execute and the Registrar shall authenticate and deliver such Series 2007 Bonds in accordance with the provisions of the Resolution. Execution of Series 2007 Bonds by the Mayor and Clerk for purposes of exchanging, replacing or registering the transfer of Series 2007 Bonds may occur at the time of the original delivery of the Series 2007 Bonds. All Series 2007 Bonds surrendered in any such exchanges or registration of transfer will be held by the Registrar for safekeeping until directed by the County to be cancelled by the Registrar. For every such exchange or registration of transfer, the County or the Registrar may make a charge sufficient to reimburse it for any tax, fee, expense or other governmental charge required to be paid with respect to such exchange or registration of transfer. The County and the Registrar shall not be obligated to make any such exchange or transfer of the Series 2007 Bonds during the period commencing on the fifteenth day of the month immediately preceding an Interest Date on the Series 2007 Bonds and ending on such Interest Date, or in the case of any proposed redemption of the Series 2007 Bonds, then, for the Series 2007 Bonds subject to redemption during the 15 days next preceding the date of the first mailing of notice of such redemption and continuing until such redemption date. Bonds Mutilated, Destroyed, Stolen or Lost So long as the Series 2007 Bonds are registered in the name of DTC or its nominee, the following paragraphs relating to mutilated, destroyed, stolen or lost Series 2007 Bonds do not apply to the Series 2007 Bonds. In case any Series 2007 Bond shall become mutilated, or be destroyed, stolen or lost, the County may, in its discretion, issue and deliver, and the Registrar shall authenticate, a new Series 2007 Bond of like tenor as the Series 2007 Bond so mutilated destroyed, stolen or lost, in exchange and substitution for such mutilated Series 2007 Bond upon surrender and cancellation of such mutilated Series 2007 Bond or in lieu of and substitution for the Series 2007 Bond destroyed, stolen or lost, and upon the Holder furnishing the County and the Registrar proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the County or the Registrar may prescribe and paying such expenses as the County and the Registrar may incur. All Series 2007 Bonds so surrendered or otherwise substituted shall be cancelled by the Registrar. If any of the Series 2007 Bonds shall have matured or be about to mature, instead of issuing a substitute Series 2007 Bond, the County may pay the same or cause the Series 2007 Bond to be paid, upon being indemnified as aforesaid, and if such Series 2007 Bonds be lost, stolen or destroyed, without surrender thereof. Any such duplicate Series 2007 Bonds issued pursuant to the Resolution shall constitute original contractual obligations on the part of the County whether or not the lost, stolen or destroyed Series 2007 Bond be at any time found by anyone, and such duplicate Series 2007 Bond shall be entitled to equal and proportionate benefits and rights provided under the Resolution to the same extent as all other Series 2007 Bonds issued hereunder. SECURITY FOR THE BONDS General On a parity with the Series 2003 Bonds, the payment of the principal of, redemption premium, if any, and interest on the Series 2007 Bonds shall be secured forthwith equally and ratably by a pledge of and lien upon (i) the Infrastructure Sales Surtax Revenues, and (it) until applied in accordance with the 125009/00 t /001966 ;7. DOC, I 9 provisions of the Resolution, all moneys, including investments thereof, in funds and accounts established pursuant to the Resolution except (A) for the Unrestricted Revenue Account and the Rebate Fund (as such funds are established pursuant to the Resolution), and (B) any moneys set aside in a particular subaccount of the Reserve Account if such moneys shall be pledged solely for the payments of a different Series of Bonds for which it was established in accordance with the provisions of the Resolution (collectively, the 'Pledged Funds"). In addition, the County has irrevocably pledged and granted a lien upon the Pledged Funds to the payment of any amounts owing to the Insurer in accordance with the provisions of the Resolution; provided, however, such pledge and lien shall be junior and subordinate in all respects to the pledge and lien upon such Pledged Funds granted by the Resolution to the Bondholders. THE SERIES 2007 BONDS SHALL NOT BE OR CONSTITUTE GENERAL OBLIGATIONS OR INDEBTEDNESS OF THE COUNTY AS 'BONDS" WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION, BUT SHALL BE SPECIAL OBLIGATIONS OF THE COUNTY, PAYABLE SOLELY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE PLEDGED FUNDS, WITH AND TO THE EXTENT SET FORTH IN THE RESOLUTION. NO HOLDER OF ANY SERIES 2007 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OR THE USE OF AD VALOREM TAX REVENUES TO PAY SUCH SERIES 2007 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2007 BOND FROM ANY MONEYS OF THE COUNTY EXCEPT FROM THE PLEDGED FUNDS IN THE MANNER PROVIDED IN THE RESOLUTION. Other Obligations Payable From Infrastructure Sales Surtax Revenues The Florida Legislature has identified the Florida Keys as an area of critical state concern and in need of adequate wastewater treatment to protect the environment and the health, safety and welfare of the landowners and inhabitants of the Florida Keys within the County. Rule 28-20.110, Florida Administrative Code (the 'Rule") became effective on September 27, 2005 through the Department of Community Affairs rulemaking process. The Rule is a comprehensive effort to replace septic tanks in the Florida Keys with centralized wastewater systems, and the County has certain financial responsibilities in this regard. In particular, pursuant to the Rule, the County is required to provide $40 million in financing secured by Infrastructure Sales Surtax Revenues for wastewater facilities. As of the date of the issuance of the Series 2007 Bonds and in order to comply with the requirements of the Rule, the County has entered into two interlocal agreements with both the Florida Keys Aqueduct Authority (the "FKAA") and The Key Largo Wastewater Treatment District (the "KLWTD") which were intended to comply with the requirements of the Rule. The County and the FKAA executed the Interlocal Agreement Monroe County and Florida Keys Aqueduct Authority Wastewater Systems dated September 6, 2005, as amended by the First Amendment to Interlocal Agreement of Cooperation in Wastewater System Development dated September 19, 2007 (collectively, the "FKAA Interlocal Agreement"). Pursuant to the requirements of the FKAA Interlocal Agreement, the County has a total financial obligation of $31.8 million, which includes $20 million of the $40 million obligation set forth in the Rule plus $11.8 million which is in addition to financial obligations set forth in the Rule. Previously, the County paid $11 million to the FKAA and is obligated to satisfy the balance of $20.8 million from any legally available sources of the County. 125009/001/00196637.DOC-31 10 The County and the KLWTD executed the First Amended and Restated Interlocal Agreement dated July 20, 2005 (the "KLWTD Interlocal Agreement"). Pursuant to the KLWTD Interlocal Agreement, the County has a total reimbursement obligation of $20 mullion, which includes the $20 million balance of the $40 million obligation set forth in the Rule. Under such Agreement, the County has agreed to issue Infrastructure Sales Surtax Bonds, the proceeds of which will be used to make such reimbursements. Previously, the County paid $9 mullion to the KLWTD and intends to fund the $11 million balance from proceeds of the Series 2007 Bonds. These proceeds are to be used to make the remaining reimbursements over time pursuant to the KLWTD Interlocal Agreement. It is unclear whether the County's reimbursement obligation under the KLWTD Interlocal Agreement rises to the level of having created a lien on Infrastructure Sales Surtax Revenues, and if so, whether such lien would be prior to, on parity with, or junior and subordinate to the lien created in favor of the holders of the Bonds. Pursuant to the Resolution, the County has covenanted to use a sufficient amount of the proceeds of the Series 2007 Bonds (i.e., an amount equal to the $11 million balance referred to above) as a source of funds to satisfy its remaining reimbursement obligations under the KLWTD Interlocal Agreement. The County further covenanted not to amend the Resolution in any manner which would result in there being an insufficient amount of proceeds of the Series 2007 Bonds on deposit in the 2007 Project Account to satisfy the County's remaining reimbursement obligations under the KLWTD Interlocal Agreement. In the event the County does not so utilize such proceeds, the County may be required to issue Additional Bonds pursuant to the Resolution (or Subordinate Indebtedness pursuant to the Resolution) which are secured by Infrastructure Sales Surtax Revenues to satisfy its obligations under the KLWTD Interlocal Agreement. Upon payment of the $20.5 mullion balance to FKAA and the $11 million balance to KLWTD, the County's obligations under the Rule, the FKAA Interlocal Agreement and KLWTD Interlocal Agreement will be satisfied. It is unclear at this time when such payments will be made as timing depends upon certain conditions which are required to be individually satisfied by FKAA and KLWTD. Funds and Accounts The County covenanted and agreed in the Resolution to establish the following funds and accounts to be known as the "Construction Fund," the "Revenue Fund," the "Debt Service Fund," and the "Rebate Fund." The County shall maintain in the Revenue Fund two accounts: the "Restricted Revenue Account" and the "Unrestricted Revenue Account." The County shall maintain in the Debt Service Fund four accounts: the "Interest Account," the "Principal Account," the "Bond Amortization Account," and the "Reserve Account." The County shall maintain in the Construction Fund an account for each Project. Subject to the provision described below and in the Resolution relating to restrictions in the Act regarding the application of Infrastructure Sales Surtax Revenues, moneys in the aforementioned funds and accounts, other than the Rebate Fund and the Unrestricted Revenue Account, until applied in accordance with the provisions of the Resolution, shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further security of such Holders. The County may at any time and from time to time appoint one or more depositories to hold, for the benefit of the Bondholders, any one or more of the funds, accounts and subaccounts established by the Resolution. Such depository or depositories shall perform at the direction of the County the duties of the County in depositing, transferring and disbursing moneys to and from each of such funds and accounts as set forth in the Resolution and all records of such depository in performing such duties shall be open at all reasonable times to inspection by the County and its agent and employees. Any such depository shall be a batik or trust company duty authorized to exercise corporate trust powers and (25009/001/00196637.DOCO) 11 subject to examination by federal or state authority, of good standing, and be qualified under applicable State law as a depository. Construction Fund The County shall establish within the Construction Fund a separate account for each Project (including the 2007 Project), the Costs of which are to be paid in whole or in part out of the Construction Fund. The County covenants that the acquisition, construction and equipping of each Project will be completed without delay and in accordance with sound engineering practices. The County shall only make disbursements or payments from the applicable account of the Construction Fund to pay Costs of the Project for which such account was established, except as provided below with respect to any surplus proceeds in a particular account. The County shall keep records of such disbursements and payments and shall retain all such records for six (6) years from the dates of such records. Notwithstanding any of the other provisions of the Resolution, to the extent that other moneys are not available therefor, amounts in an account of the Construction Fund shall be applied to the payment of principal and interest on the Series of Bonds for which such account was established or to reimburse a Credit Facility Provider for the payment of such principal and interest. The date of completion of acquisition, construction and equipping of a Project shall be filed by the Clerk with the County. Promptly after the date of the completion of a Project, and after paying or making provisions for the payment of all unpaid items of the Costs of such Project, the County shall deposit in the following order of priority any balance of moneys remaining in the Construction Fund in (A) any other account established in the Construction Fund for which the Clerk certifies that there are insufficient moneys to pay the Costs of the Project for which such account was established, (B) the Reserve Account to the extent of any deficiency therein and (C) such other fund or account established under the Resolution as shall be determined by the County, provided the County has received an opinion of Bond Counsel to the effect that such transfer shall not adversely affect the exclusion, if any, of interest on the Bonds (other than Taxable Bonds) from gross income for purposes of federal income taxation. Reserve Account Pursuant to the Resolution, upon delivery of the Series 2007 Bonds, the County shall deposit to the Reserve Account a debt service reserve surety bond issued by (the "2007 Reserve Account Insurance Policy"). The 2007 Reserve Account Insurance Policy is being deposited along with a debt service reserve surety bond previously issued by [MBIA Insurance Corporation] simultaneously with the issuance of the Series 2003 Bonds (the "2003 Reserve Account Insurance Policy"). See 'RESERVE ACCOUNT INSURANCE POLICIES" herein. [See "MUNICIPAL BOND INSURANCE" herein for information about the Insurer.] The amount of such 2007 Reserve Account Insurance Policy is equal to $ which, together with the amount of the 2003 Reserve Account Insurance Policy ($1,965,600), equals the Reserve Account Requirement. The Reserve Account may be used to secure Additional Bonds issued pursuant to the Resolution. Alternatively, the County reserves the right to establish separate subaccounts for any Series of Additional Bonds for the purpose of securing such Series only. 125009/001/0019663;.ruC-3t 12 Disposition of Infrastructure Sales Surtax Revenues (A) The County shall promptly deposit upon receipt from the State all of the Infrastructure Sales Surtax Revenues into the Restricted Revenue Account. The moneys in the Restricted Revenue Account shall be deposited or credited on or before the 25th day of each month, commencing in the month immediately following delivery of any of the Bonds to the purchasers thereof, or such later date as provided in the Resolution, in the following manner and in the following order of priority: (1) Interest Account The County shall deposit or credit to the Interest Account the sum which, together with the balance in said Account, shall equal the interest on all of the Outstanding Bonds accrued and unpaid and to accrue to the end of the then current calendar month (assuming that a year consists of twelve (12) equal calendar months of thirty (30) days each). Moneys in the Interest Account shall be applied by the County for deposit with the Paying Agent to pay the interest on the Bonds on or prior to the date the same shall become due, whether by maturity, redemption or otherwise. The County shall adjust the amount of the deposit to the Interest Account not later than a month immediately preceding any Interest Date so as to provide sufficient moneys in the Interest Account to pay the interest on the Bonds coming due on such Interest Date. No further deposit need be made to the Interest Account when the moneys therein are equal to the interest conung due on the Outstanding Bonds on the next succeeding Interest Date. (2) Principal Account. Commencing in the month which is one year prior to the first principal due date (or if the first principal due date is less than one year from the date of issuance of the Bonds, the month immediately following the issuance of the Bonds), the County shall next deposit into the Principal Account the sum which, together with the balance in said Account, shall equal the principal amount on the Outstanding Bonds due and unpaid and that portion of the principal next due which would have accrued on such Bonds during the then current calendar month if such principal amounts were deemed to accrue monthly (assuming that a year consists of twelve (12) equal calendar months having thirty (30) days each) in equal amounts from the next preceding principal payment due date, or, if there is no such preceding payment due date from a date one year preceding the due date of such principal amount. Moneys in the Principal Account shall be applied by the County for deposit with the Paying Agent to pay the principal of the Bonds on or prior to the date the same shall mature, and for no other purpose. The County shall adjust the amount of the deposit to the Principal Account not later than the month immediately preceding any principal payment date so as to provide sufficient moneys in the Principal Account to pay the principal on the Bonds becoming due on such principal payment date. No further deposit need be made to the Principal Account when the moneys therein are equal to the principal coning due on the Outstanding Bonds on the next succeeding principal payment date. (3) Bond Amortization Account. Commencing in the month which is one year prior to any Amortization Installment due date, there shall be deposited or a•edited to the Bond Amortization Account an amount which, together with the balance in said Account, shall equal the Amortization Installments of all Bonds Outstanding due and unpaid and that portion of the Amortization Installment next due which would have accrued on said Bonds during the then current calendar month if such Amortization Installment were deemed to accrue daily (assuming that a year consists of twelve (12) months of thirty (30) days each), in equal amounts from the next preceding Amortization Installment due date, or if there is no such preceding Amortization (25009/001/00996637.DUC,,31 13 Installment due date, from a date one year preceding the due date of such Amortization Installment. Moneys in the Bond Amortization Account shall be used to purchase or redeem Term Bonds in the manner provided in the Resolution or in a Supplemental Resolution, and for no other purpose. The County shall adjust the amount of the deposit into the Bond Amortization Account not later than the month immediately preceding any date for payment of an Amortization Installment so as to provide sufficient moneys in the Bond Amortization Account to pay the Amortization hnstallments on the Bonds coming due on such date. No further deposit need be made to the Bond Amortization Account when the moneys therein are equal to the Amortization Installments coning due on the Outstanding Bonds on the next succeeding Amortization Installment due date. Payments to the Bond Amortization Account shall be on a parity with payments to the Principal Account. Amounts accumulated in the Bond Amortization Account with respect to any Amortization Installment (together with amounts accumulated in the Interest Account with respect to interest, if any, on the Term Bonds for which such Amortization Installment was established) may be applied by the County, on or prior to the sixtieth (60th) day preceding the due date of such Amortization Installment, (a) to the purchase of Term Bonds of the Series and maturity for which such Amortization Installment was established at a price not exceeding par plus accrued interest, or (b) to the redemption at the applicable Redemption Prices of such Term Bonds, if then redeemable by their terms at a price not exceeding par plus accrued interest. The applicable Redemption Price (or principal amount of maturing Term Bonds) of any Term Bonds so purchased or redeemed shall be deemed to constitute part of the Bond Amortization Account until such Amortization Installment date, for the purposes of calculating the amount of such Account. As soon as practicable after the sixtieth (60th) day preceding the due date of any such Amortization Installment, the County shall proceed to call for redemption on such due date, by causing notice to be given as provided in the Resolution, Term Bonds of the Series and maturity for which such Amortization Installment was established (except in the ease of Term Bonds maturing on an Amortization Installment date) in such amount as shall be necessary to complete the retirement of the unsatisfied balance of such Amortization Installment. The County shall pay out of the Bond Amortization Account and the Interest Account to the appropriate Paying Agents, on or before the day preceding such redemption date (or maturity date), the amount required for the redemption (or for the payment of such Tenn Bonds then maturing), and such amount shall be applied by such Paying Agents to such redemption (or payment). All expenses in connection with the purchase or redemption of Term Bonds shall be paid by the County from the Restricted Revenue Fund. (4) Reserve Account. There shall be deposited to the Reserve Account an amount which shall not be less than one twelfth (1/12) of the amount which would enable the County to restore the funds on deposit in the Reserve Account to an amount equal to the Reserve Account Requirement applicable thereto in one (1) year from the date of any deficiency caused by decreased market value of the investments on deposit therein or withdrawal therefrom. On or prior to each principal payment date and Interest Date for the Bonds, moneys in the Reserve Account shall be applied by the County to the payment of the principal of or Redemption Price, if applicable, and interest on the Bonds to the extent moneys in the Interest Account, the Principal Account and the Bond Amortization Account shall be insufficient for such purpose. Whenever there shall be surplus moneys in the Reserve Account by reason of (i) investment income, shall be deposited in the Interest Account, and (it) a decrease in the Reserve Account Requirement, such surplus moneys shall be deposited by the Comity into the Unrestricted Revenue Account subject t25009/001/00196637.D0Cx 31 14 to receiving an opinion of Bond Counsel that such application will not have an adverse effect on the tax-exempt status of the Bonds, and otherwise to the Debt Service Fund. Whenever the amount of cash or securities in the Reserve Account, together with the other amounts in the Debt Service Fund, are sufficient to fully pay all Outstanding Bonds in accordance with their terms (including principal or applicable Redemption Price and interest thereon), the funds on deposit in the Reserve Account may be transferred to the other Accounts of the Debt Service Fund for the payment of the Bonds. Upon the issuance of any Series of Bonds under the terms, limitations and conditions as herein provided, the County shall, on the date of delivery of such Series of Bonds, fund the Reserve Account in an amount at least equal to the Reserve Account Requirement, if so required. Such required amount may be paid in full or in part from the proceeds of such Series of Bonds. (5) Unrestricted Revenue Account. The balance of any moneys after the deposits required by Sections (A)(1) through (A)(4) above may be transferred, at the discretion of the County, to the Unrestricted Revenue Account or any other appropriate fund and account of the County and may be used for any lawful purpose including, without limitation, the early redemption of Bonds. In the event moneys on deposit in the Interest Account and the Principal Account on the third day prior to an Interest Date are not sufficient to pay the principal of and interest on the Bonds corning due on such Interest Date, the County shall transfer moneys from the Unrestricted Revenue Account, if any, to the appropriate Account of the Debt Service Fund to provide for such payment. Any moneys remaining in the Unrestricted Revenue Account on each Interest Date may be used for any lawful purpose. (B) The County, in its discretion, may use moneys in the Principal Account, the Bond Amortization Account and the Interest Account to purchase or redeem Outstanding Bonds corning due on the next principal payment date, provided such purchase does not adversely affect the County's ability to pay the principal or interest coming due on such principal payment date on the Bonds not so purchased. (C) At least two business days prior to the date established for payment of any principal of or interest on the Bonds, the County shall withdraw from the appropriate Account of the Debt Service Fund sufficient moneys to pay such principal or interest and deposit such moneys with the Paying Agent. Such deposits with the Paying Agent shall be made in moneys available to make payments of the principal of and interest on the Bonds as the sarne becomes due. Additional Bonds No Additional Bonds, payable on a parity with the Bonds then Outstanding pursuant to the Resolution, shall be issued except upon the conditions and in the manner provided in the Resolution. The County may issue one or more Series of Additional Bonds for any one or more of the following purposes: financing or refinancing the Costs of a Project, or the completion thereof, or refunding any or all Outstanding Bonds or of any Subordinated Indebtedness of the County. No such Additional Bonds shall be issued unless (1) no Event of Default (as specified in the Resolution) shall have occurred and be continuing thereunder and (2) the following conditions are complied with: 125009/001/00196c,37 DOC, 31 15 (A) Except as otherwise provided in Section (D) below, there shall have been obtained and filed with the County a statement of the Clerk or his/her designee: (1) stating that he or she has examined the books and records of the County relating to the Infrastructure Sales Surtax Revenues which have been received by the County for deposit to the Restricted Revenue Account; (2) setting forth the amount of such Infrastructure Sales Surtax Revenues during any twelve (12) consecutive months designated by the County within the twenty-four (24) months inunedfately preceding the date of delivery of such Additional Bonds with respect to which such statement is made; and (3) stating that the amount of such Infrastructure Sales Surtax Revenues received during the aforementioned 12-month period equals at least 1.30 times the Maximum Annual Debt Service on the Prior Bonds and all Bonds then Outstanding and such Additional Bonds with respect to which such statement is made. Such report may be partially based upon a certification of certain matters related to the calculation of the Maximum Annual Debt Service by the County's financial advisor. (B) For the purpose of determining the Maximum Annual Debt Service under Section (A) above and for determining the Reserve Account Requirement for any Variable Rate Bonds, the interest rate on any Variable Rate Bonds then proposed to be issued and on any Outstanding Variable Rate Bonds then Outstanding shall be deemed to be the lesser of (1) the interest rate for 20-year revenue bonds published by The Bond Buyerno more than two weeks prior to the sale of the Variable Rate Bonds, or (2) the Maximum Interest Rate. (C) Additional Bonds shall be deemed to have been issued pursuant to the Resolution the same as the Outstanding Bonds, and all of the other covenants and other provisions of the Resolution (except as to details of such Additional Bonds inconsistent therewith) shall be for the equal benefit, protection and security of the Holders of all Bonds issued pursuant to the Resolution. Except as provided in the Resolution, all Bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lien on the Pledged Funds and their sources and security for payment therefrom without preference of any Bonds over any other; provided, however, that the County shall include a provision in any Supplemental Resolution authorizing the issuance of Variable Rate Additional Bonds pursuant to the Additional Bonds test that in the event the principal thereof is accelerated due to such Bonds being held by the Credit Facility Provider, the lien of any accelerated debt due and owing such Credit Facility Provider on the Pledged Funds shall be subordinate in all respects to the pledge of the Pledged Funds created by the Resolution. (D) In the event any Additional Bonds are issued for the purpose of refunding any Bonds then Outstanding, the conditions of the Additional Bonds test shall not apply, provided that the issuance of such Additional Bonds shall result in a reduction of aggregate debt service. The conditions of Section (A) above shall apply to Additional Bonds issued to refund Subordinated Indebtedness and to Additional Bonds issued for refunding purposes which cannot meet the conditions of this paragraph. (E) In the event the Act is amended to provide for additional Infrastructure Sales Surtax Revenues to be distributed to the County, the County may, by Supplemental Resolution, extend the pledge of the Infrastructure Sales Surtax Revenues created pursuant to the terms of the Resolution to include such additional Infrastructure Sales Surtax Revenues and may then for the purpose of determining whether there are sufficient Infrastructure Sales Surtax Revenues to f2s009/001N0196637.Docv3} 16 meet the coverage tests specified in (A) above, assume that such additional Infrastructure Sales Surtax Revenues were in effect during the applicable twelve (12) consecutive month period. Pursuant to the Resolution, the County may issue Additional Bonds on parity with the Series 2003 Bonds and the Series 2007 Bonds. See "SECURITY FOR THE BONDS - Additional Bonds" herein for a description on the requirements which must be met for the issuance of Additional Bonds. The Series 2007 Bonds are being issued as Additional Bonds under the Resolution. Subordinated Indebtedness The County will not issue any obligation, other than Additional Bonds, except under the conditions and in the manner provided in the Resolution and described above under "—Additional Bonds", payable from the Pledged Funds or voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien thereon in favor of the Bonds and the interest thereon. The County may at any time or from time to time issue evidences of indebtedness payable in whole or in part out of the Pledged Funds and which may be secured by a pledge of the Pledged Funds; provided, however, that such pledge shall be, and shall be expressed to be, subordinated in all respects to the pledge of the Pledged Funds created by the Resolution and shall not be subject to acceleration prior to maturity. The County shall have the tight to covenant with the holders from time to time of any Subordinated Indebtedness to add to the conditions, limitations and restrictions under which any Additional Bonds may be issued pursuant to the Resolution. The County agrees to pay promptly any Subordinated Indebtedness as the same shall become due. Accession of Subordinated Indebtedness To Parity Status with the Bonds The County may provide for the accession of Subordinated Indebtedness to the status of complete parity with the Bonds, if (A) the County shall meet all the requirements imposed upon the issuance of Additional Bonds by the Resolution, assuming, for purposes of said requirements, that such Subordinated Indebtedness shall be Additional Bonds and (B) the Reserve Account, upon such accession, shall contain an amount equal to the Reserve Account Requirement in accordance with the Resolution. If the aforementioned conditions are satisfied, the Subordinated Indebtedness shall be deemed to have been issued pursuant to the Resolution the same as the Outstanding Bonds, and such Subordinated Indebtedness shall be considered Bonds for all purposes provided in the Resolution. Books and Records The County will keep books and records of the receipt of the Infrastructure Sales Surtax Revenues in accordance with generally accepted accounting principles, and any Credit Facility Provider or Holder or Holders of at least $1,000,000 aggregate principal amount of Bonds shall have the right at all reasonable times to inspect the records, accounts and data of the County relating thereto. Receipt of Infrastructure Sales Surtax Revenues The County covenants to do all things necessary or required on its part by the Act or otherwise to maintain the levy and receipt of the Infrastructure Sales Surtax Revenues. The County shall exercise all legally available remedies to enforce such levy, collection and receipt now or hereafter available remedies to enforce such levy, collection and receipt now or hereafter available under law. The County will not 125009/001/0019663, DOC,31 17 take any action, including amending or supplementing the Infrastructure Sales Surtax Ordinance, or enter into any agreement that shall result in reducing the level of Infrastructure Sales Surtax Revenues received by the County from that level prevailing at the time the County takes such action or enters into such agreement. No Impairment; Limitation on Maturity of Bonds The pledging of the Pledged Funds in the manner provided herein shall not be subject to repeal, modification or impairment by any subsequent ordinance, resolution, agreement or other proceedings of the County. The County shall not (1) permit the Infrastructure Sales Surtax Ordinance to be terminated or expire while any Bonds remain Outstanding or (2) issue any Bonds maturing after the stated expiration date of the one cent local government infrastructure sales surtax authorized by the Infrastructure Sales Surtax Ordinance, as the same may be extended in accordance with the Act. Investments Moneys on deposit in the Construction Fund, the Restricted Revenue Account and the Debt Service Fund shall be continuously secured in the manner by which the deposit of public funds are authorized to be secured by the laws of the State. Moneys on deposit in the Construction Fund, the Restricted Revenue Account and the Debt Service Fund, other than the Reserve Account, may be invested and reinvested in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such Fund or Account. "Authorized Investments" has the meaning ascribed thereto in "APPENDIX C - Composite of the Resolution" attached hereto. Moneys on deposit in the Reserve Account may be invested and reinvested in Authorized Investments which shall mature no later than ten (10) years from the date of investment. All investments shall be valued at market at least semi-annually. Any and all income received by the County from the investment of moneys in the Construction Fund, the Interest Account, the Principal Account, the Bond Amortization Account, the Restricted Revenue Account and the Reserve Account (to the extent such income and the other amounts in the Reserve Account does not exceed the Reserve Account Requirement) shall be retained in such respective Fund or Account. Any and all income received by the County from the investment of moneys in the Reserve Account (only to the extent such income and other amounts in the Reserve Account exceeds the Reserve Account Requirement) shall be deposited in the Interest Account. Nothing contained in the Resolution shall prevent any Authorized Investments acquired as investments of or security for funds held under the Resolution from being issued or held in book -entry form on the books of the Department of the Treasury of the United States. Separate Accounts The moneys required to be accounted for in each of the funds, accounts and subaccounts established in the Resolution may be deposited in a single, non-exclusive bank account, and funds allocated to the various funds, accounts and subaccounts established in the Resolution may be invested in a common investment pool, provided that adequate accounting records are maintained to reflect and control the restricted allocation of the moneys on deposit therein and such investments for the various proposes of such funds, accounts and subaccounts as provided in the Resolution. 125009/001/00196637.DOC, 31 18 The designation and establishment of the various funds, accounts and subaccounts in and by the Resolution shall not be construed to require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues for certain purposes and to establish certain priorities for application of such revenues as provided in the Resolution. Amendment of Resolution without Consent of Bondholders; Control by Credit Facility Provider in Case of Event of Default For purposes of amending the Resolution, when Bondholder consent is required pursuant to the Resolution, a Credit Facility Provider of a Series of Bonds shall be considered the Holder thereof, provided such Series of Bonds, at the time of the adoption of the amendment, shall be rated by the rating agencies which shall have rated the Bonds no lower than the initial ratings assigned thereto by such rating agencies. The consent of the Holders of Bonds shall not be required if the Credit Facility Provider shall consent to the amendment as provided by the Resolution. Such right of amendment, however, does not apply to any amendment to the Resolution regarding the County's covenants with respect to the exclusion of interest on the Bonds from gross income for purposes of federal income taxation. Upon filing with the Clerk of evidence of such consent of a Credit Facility Provider, the County may adopt such Supplemental Resolution. After the adoption by the County of such Supplemental Resolution, notice thereof shall be mailed in the same manner as notice of an amendment under the Resolution. To the extent the Insurers make any payment of principal of or interest on Series 2003 Bonds and Series 2007 Bonds in accordance with their respective Bond Insurance Policies, such Insurers shall become subrogated to the rights of the recipients of such payments in accordance with the terms of such Bond Insurance Policies. Upon the occurrence and continuance of an Event of Default, a Credit Facility Provider of a Series of Bonds, if such Credit Facility Provider shall not be in payment default under its Bond Insurance Policy, shall be deemed to be the sole owner of such Bonds for purposes of (A) directing and controlling the enforcement of all rights and remedies with respect to such Series of Bonds, including any waiver of an Event of Default and removal of any trustee, and (B) exercising any voting right or privilege or giving any consent or direction or taking any other action that the Holders of such Bonds are entitled to take pursuant to the Resolution. No provision expressly recognizing or granting rights in or to a Credit Facility Provider shall be modified without the consent of such Credit Facility Provider. A Credit Facility Provider's rights under this provision is suspended during any period in which such Credit Facility Provider is in default in its payment obligations under its Bond Insurance Policy (except to the extent of amounts previously paid by such Credit Facility Provider and due and owing to such Credit Facility Provider) and is of no force or effect if its Bond Insurance Policy is no longer in effect or if the Credit Facility Provider asserts that its Bond Insurance Policy is not in effect or if the Credit Facility Provider waives such tights in writing. INFRASTRUCTURE SALES SURTAX REVENUES General Pursuant to Chapter 212, Florida Statutes, as amended, the State of Florida is currently authorized to levy and collect a tax on sales, use and other transactions, including a sales tax of six percent (6%) on, among other things, the sales price of each item or article of tangible personal property (25009/001/O0196637.DOC,31 19 sold at retail in the State, subject to certain exceptions and dealer allowances as set forth in Chapter 212, Florida Statutes. Pursuant to Chapter 212, Florida Statutes, counties are authorized to levy a local discretionary sales surtax of an additional one-half percent ('h%) or one percent (1%) pursuant to an ordinance enacted by a majority of the members of the Board of County Commissioners and approved by referendum. Chapter 212, Florida Statutes, provides that the levy on such surtax may be extended upon approval of a majority of the electors of the Comity voting in a referendum on the discretionary sales surtax. Generally, the proceeds of the discretionary sales surtax may only be expended to finance, plan and construct "infrastructure" which is defined as any fixed capital expenditure or fixed capital costs associated with the construction, reconstruction or improvement of public facilities which have a life expectancy of five or more years and any land acquisition, land improvement, design and engineering costs related thereto. Because the County has been designated as an area of critical state concern, it is qualified to use only up to 10 percent of the surtax proceeds for any public purpose other than for infrastructure purposes. Pursuant to Section 212.055(2)(e), Florida Statutes, as amended, counties receiving discretionary sales surtax proceeds may pledge such proceeds for the purpose of servicing new bond indebtedness incurred pursuant to law. Effective October 1, 2001, the structure for the imposition of taxes on telecommunications and other communications services was completely changed by Chapter 202, Florida Statute (the "CST Law"). The CST Law rescinded or modified various taxes imposed upon certain telephone and other telecommunications and communications services (including the discretionary sales surtax on certain long distance services) and replaced the revenues from such taxes with revenues from a new state tax and a local option tax imposed on communications services (the "Local Option Communications Services Tax"). "Communications services" under the CST Law includes the transmission of voice, data, audio, video or any other information or signals, including cable services, by or through any medium or method currently in existence or in the future devised regardless of the protocol used for such transnssion or conveyance. Communication services do not include "information services" (as defined in the CST Law to include electronic publishing, web hosting services and end user 900 number services, among other things), the installation or maintenance of wiring or equipment on a customer's premises, the sale or rental of tangible personal property, the sale of advertising, bad check and late payment charges, billing and collection services and internet access electronic mail service and related on line services. Exempted from the Local Option Communications Services Tax are certain sales of communications services to the federal government, or any instrumentality or agency thereof, the state or any county, municipality or political subdivision of the state, and religious institutions, educational organizations and certain other charitable organizations. The Florida Department of Revenue ("FDOR") has the responsibility to administer, collect, and enforce the discretionary sales surtax. Pursuant to Section 212.054(4)(b), Florida Statutes, the proceeds of the County's discretionary sales surtax collections (including the Replacement Local Option Communications Services Tax) are transferred to the Discretionary Sales Surtax Clearing Trust Fund. A separate account in the trust fund is established for each county imposing such a surtax. FDOR is authorized to deduct 3% of the total revenue generated for all counties levying a surtax for administrative costs. The amount deducted for administrative costs is required to be used only for those costs solely and directly attributable to the surtax. The total administrative costs are prorated among those counties (25009/001/00196(137. DOC, 3) 20 levying the surtax on the basis of the amount collected for a particular county to the total amount collected for all counties. However, FDOR is currently not deducting any amount of revenue for administering these taxes, even though the authorization currently exists to do so. FDOR is required to submit annually, no later than March 1st, a report detailing the expenses and amounts deducted for administrative costs to the President of the State Senate, the Speaker of the State House of Representatives, and the governing board of each county levying the surtax. The Local Option Communications Services Tax imposed by the CST Law pursuant to Section 202.19(5), Florida Statutes as a replacement for the discretionary sales surtax on certain communication services (the 'Replacement Local Option Communications Services Tax") is levied in the County at a rate of 0.5% on the sale price of communications services and is included in the Infrastructure Sales Surtax Revenues which are pledged to the Series 2003 Bonds and the Series 2007 Bonds. The Replacement Local Option Communications Services Taxes collected under the CST Law are deposited along with the discretionary sales surtax into the Discretionary Sales Surtax Clearing Trust Fund and is then distributed by FDOR to the County as part of the discretionary sales surtax, with no distinction made as to the portion of the distribution constituting Replacement Discretionary Communications Services Tax. Except for the Replacement Local Option Commuunications Services Tax received by the County pursuant to Section 202.19(5), Florida Statutes, no other revenues received by the County pursuant to the CST Law are pledged to the Series 2003 Bonds and the Series 2007 Bonds. Therefore, the Infrastructure Sales Surtax Revenues do not include the Local Option Communication Services Tax or taxes levied pursuant to Section 202.12, Florida Statutes. For purposes of the immediately preceding sentence, "Local Option Communications Services Tax" means any corrununications services taxes levied pursuant to Chapter 202, Florida Statutes (other than the Replacement Local Option Communication Services Tax levied pursuant to Section 202.19(5), Florida Statutes), which are distributed to the County from the Local Communications Services Tax Trust Fund. Section 212.055(2)(d)1., Florida Statutes, expressly states that neither the proceeds from the discretionary sales surtax nor the interest accrued thereon shall be used for operational expenses of any infrastructure. Because the County has been designated as an area of critical state concern, it is qualified to use only up to 10 percent of the surtax proceeds for any public purpose other than for infrastructure purposes. Further restrictions prohibit counties from using the discretionary sales surtax to replace or supplant user fees or to reduce ad valorem taxes. The surtax applies to all transactions in the County that are subject to the State sales tax imposed on sales, use, rentals, admissions, and other transactions under Chapter 212, Florida Statutes. The surtax does not apply to the sales amount of tangible personal property greater than $5,000 or to long distance telephone service. Pursuant to Section 212.15, Florida Statutes, vendors are required to remit sales tax receipts (including proceeds of any discretionary sales surtax) by the twentieth (20th) day of the month irrunediately following the month of collection. No statute prescribes a deadline for remitting surtax proceeds from FDOR to the local governing bodies. However, according to the accounting division of FDOR, FDOR consistently remits the surtax proceeds to such local governing bodies by the end of the month immediately following receipt by FDOR. Local Actions and Limitations Pursuant to Ordinance No. 013-1989 enacted by the Board on May 23, 1989 and pursuant to a successful vote of the electors of the County held on August 8, 1989, the County was authorized to levy a f 25009/001/0019663^.DOCv31 21 local one -percent discretionary sales surtax for a period from November 1, 1989, and continuing through September 30, 2004 for the purposes of funding the following categories of infrastructure: recreational facilities, courthouses, parking, offices, roads, bridges, airport improvements, libraries, piers, auditoriums, riprap/seawalls, storm sewers, solid waste facilities, jails and police/fire facilities. On January 19, 2000, the Board enacted Ordinance No. 01-2000, calling a referendum for March 14, 2000, to consider whether to extend the levy of the local one -percent discretionary sales surtax through December 31, 2018 for B1e purposes of funding the following categories of infrastructure all of which have a life expectancy in excess of five years: wastewater facilities, recreation and conservation lands, marinas, courthouses, parking, offices, roads, bridges, airports, libraries, piers, auditoriums, riprap/seawalls, solid waste, jails, police/fire facilities, land acquisition, and storm water. In addition to the capital infrastructure projects described in the previous sentence, the funds so collected during the extension period, and interest accrued thereto, may also be expended on any public purpose, including maintenance of recreation and conservation lands, but only if: (1) the debt service obligation for the year is met; and (2) the County's comprehensive plan has been determined to be incompliance with Chapter 163, Part II, Florida Statutes. The referendum was approved by the electors of the County. Pursuant to the hrfrastructure Sales Surtax Ordinance described above in this paragraph, the County may use the proceeds of the infrastructure sales surtax for the purpose of servicing new bond indebtedness incurred pursuant to general law. In addition to the one percent (1%) local government infrastructure sales surtax described above, there is also levied and collected within the County for the benefit of the Monroe County, Florida School District a one-half percent (ch%) sales surtax on, among other things, the sales price of each item or article of tangible personal property sold at retail in the County. The levy of such sales surtax will expire on December 31, 2016. The revenue derived from this surtax is not a revenue of the County or pledged to repay the Bonds. Distribution The discretionary sales surtax is distributed by the FDOR among the County and the Cities of Layton, Key Colony Beach, Key West and Marathon and the Villages of Islamorada as provided by the Florida Legislative Committee on Intergovernmental Relations. Florida law provides that, unless otherwise specified in an interlocal agreement, the distribution of the proceeds will be on the same basis as distribution of the so-called "Half -Cent Sales Tax" proceeds distributions under Section 218.62, Florida Statutes. The Infrastructure Sales Surtax Ordinance provides that the discretionary sales surtax be distributed pursuant to such statute. Such "Half -Cent Sales Tax" collected within a County and distributed to participating local government units is distributed among such county and municipalities therein in accordance with the formula detailed in Section 218.62, Florida Statutes, and shown below (the "Distribution Factor") and such Distribution Factor governs the distribution of the Infrastructure Sales Surtax collected within Monroe County among the County and the municipalities therein: t25009/001/00196637.DOCr31 22 County's Share Unincorporated 2/3 of the (expressed as a County + incorporated percentage) = population County population total 2/3 of the county + incorporated population County population Each Municipality's municipality population Share (expressed as = total 2/3 of the a percentage) county + incorporated population County population "Population" means the latest official State of Florida estimate of population certified prior to the beginning of the local government fiscal year. Should any unincorporated area of a county become incorporated as a municipality, the share received by the participating local governments would be adjusted accordingly. The share of the discretionary sales surtax that is to be distributed to the County will be affected by changes in the relative populations of the unincorporated and incorporated areas within the County. Such relative populations are subject to change through normal increases and decreases of population within the existing unincorporated and incorporated areas of the County and are also subject to change by annexation of previously unincorporated areas of the County by municipalities within the County. Such annexations would not only increase the population of the incorporated areas but also would, in equal amount, decrease the population of the unincorporated area. The Villages of Islamorada and the City of Marathon were incorporated in the County in the fiscal years ended September 30, 1998 and 2000, respectively. However, regardless of the incorporations that may be approved by voters of the County in the future, pursuant to the above formula the County will receive a minimum of 40% of the discretionary sales surtax even if the entire County is incorporated. The total amount of discretionary sales surtax collected within the County and distributed to the County is subject to increase or decrease due to increases or decreases in the dollar volume of taxable sales within the County, which, in turn, is subject to among other things, (i) legislative changes which may include or exclude from taxation sales of particular goods or services, and (ii) changes in the dollar volume of purchases in the County, which is affected by changes in population and economic conditions. The potential for increased use of electronic commerce and other internet-related sales activity could have a material adverse impact upon the amount of Infrastructure Sales Surtax Revenues collected by the County. [Remainder of page intentionally left blank] t25009/001i0019ee37.00Cv 3; 23 Historical Distribution Factors The following table sets forth historical population distribution factors of the infrastructure sales surtax to the County (unincorporated) and the incorporated areas therein for the last ten years. HISTORICAL POPULATION DISTRIBUTION FACTORS FOR INCORPORATED AND UNINCORPORATED MONROE COUNTY Fiscal Year Ended Unincorporated Incorporated September 30 Monroe County Monroe County 2007 59.78% 40.22% 2006 59.77 40.23 2005 59.84 40.16 2004 59.91 40.09 2003 59.90 40.10 2002 59.88 40.12 2001 59.76 40.24 2000(1) 66.84 33.16 1999 66.95 33.05 1998(1) 70.90 29.10 The population distribution factors for these fiscal years changed from the previous fiscal year due, in part, to the incorporation of the Villages of Islammada in fiscal year ended September 30, 1998 and the City of Marathon in fiscal year ended September 30, 2000. Source: Florida Department of Revenue [Remainder of page intentionally left blank] t25009/001/uo196637.DOC, 31 24 Historical Collections The following table sets forth the historical collections of the Infrastructure Sales Surtax Revenues by the County (and does not include any local government infrastructure sales surtax distributed to municipalities located in the Comity.) MONROE COUNTY, FLORIDA HISTORICAL INFRASTRUCTURE SALES SURTAX REVENUES(')(2) Infrastructure Year Ended Sales Surtax Percentage September 30 Revenues(')(') Chanee 2007 $15,088,819 (0.7)% 2006 15,201,005 2.2 2005 14,875,923 (3.2) 2004 15,365,641 19.3 2003 12,884,890 1.9 2002 12,645,370 (0.6) 2001 12,719,997 2.7 2000 12,387,681 (4.7) 1999 12,996,907 (1.7) 1998 13,217,392 10.1 1997 12,009,003 -- (1) Monroe County, Florida Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2006, for fiscal years ended September 30, 1997 through and including 2006. (2) The Information Sales Surtax Revenues for the fiscal year ended September 30, 2007 is projected and unaudited. [Remainder of page intentionally left blank] t25009/001/0019663'.DOC91 25 MONROE COUNTY, FLORIDA PRO FORMA DEBT SERVICE COVERAGE ON THE SERIES 2007 BONDS Fiscal Year Ended September 30 2003 2004 2005 2006 2007 Infrastructure Sales Surtax Revenues $12,884,890 $15,365,641 $14,875,923 $15,201,005 $15,088,8190) Maximum Annual Debt Service on the Series 2003 Bonds and the Series 2007 Bonds(2)(3) $5,702,642 $5,702,642 $5,702,642 $5,702,642 $5,702,642 Pro Forma Debt Service Coveragef3) 2.26x 2.69x 2.61x 2.67x 2.65x (1) The Information Sales Surtax Revenues for the fiscal year ended September 30, 2007 is projected and unaudited. (2) Calculated on the basis of a year ended September 30. (3) Based on actual debt service on the Series 2003 Bonds and debt service estimated by the Financial Advisor on the Series 2007 Bonds based on current market conditions and an estimated principal amount of $30,640,000, a true interest cost rate of approximately 4.25% on the Series 2007 Bonds and a final maturity of April 1, 2018. MUNICIPAL BOND INSURANCE The following information under this heading has been furnished by (the "Insurer") for use in this Official Statement. Reference is made to "APPENDIX D - Specimen Bond Insurance Policy" for a specimen of the Insurer's municipal bond insurance policy (the 'Bond Insurance Policy"). [TO COME] THE INFORMATION RELATING TO THE INSURER CONTAINED ABOVE HAS BEEN FURNISHED BY THE INSURER. NO REPRESENTATION IS MADE BY THE COUNTY OR THE UNDERWRITERS AS TO THE ACCURACY OR ADEQUACY OF SUCH INFORMATION OR THAT THERE HAS NOT BEEN ANY MATERIAL ADVERSE CHANGE IN SUCH INFORMATION SUBSEQUENT TO THE DATE OF SUCH INFORMATION. NEITHER THE COUNTY NOR THE UNDERWRITERS HAS MADE ANY INVESTIGATION INTO THE FINANCIAL CONDITION OF THE INSURER, AND NO REPRESENTATION IS MADE AS TO THE ABILITY OF THE INSURER TO MEET ITS OBLIGATIONS UNDER THE BOND INSURANCE POLICY. RESERVE ACCOUNT INSURANCE POLICIES [The Reserve Account Requirement for the Bonds will be funded by the 2003 Reserve Account Insurance Policy previously issued in the amount of $1,965,600 (with an expiration date of April 1, {25009/001/00196637.DOCOt 26 2018) by MBIA Insurance Corporation and the 2007 Reserve Account Insurance Policy to be issued in the amount of $ (with an expiration date of April 1, 2018) by the Insurer to secure the Bonds. The 2003 Reserve Account Insurance Policy and the 2007 Reserve Account Insurance Policy are hereinafter referred to as the 'Reserve Account Insurance Policies." The Reserve Account Insurance Policies" will provide that upon notice from the Paying Agent to the Insurer to the effect that insufficient amounts are on deposit in the Principal Account, Interest Account or Bond Amortization Account to pay the principal of (at maturity or pursuant to mandatory redemption requirements) and interest on the Bonds, the Insurer will promptly deposit with the Paying Agent an amount sufficient to pay the principal of and interest on the Bonds or the available amount of the Reserve Account Insurance Policies, whichever is less. Upon the later of: (i) three (3) days after receipt by the Insurer of a Demand for Payment in the form attached to the Reserve Account Insurance Policies, duly executed by the Paying Agent; or (ii) the payment date of the Bonds as specified in the Demand for Payment presented by the Paying Agent to the Insurer, the Insurer will make a deposit of funds in an account with State Street Bank and Trust Company, N.A., in New York, New York, or its successor, sufficient for the payment to the Paying Agent, of amounts which are then due to the Paying Agent (as specified in the Demand for Payment) subject to the Surety Bond Coverage. Such reimbursement shall be made only after all required deposits to the Interest Account, the Principal Account and the Bond Amortization Account have been made. The available amount of the Reserve Account Insurance Policies is the initial face amount of the Reserve Account Insurance Policies less the amount of any previous deposits by the Insurer with the Paying Agent which have not been reimbursed by the County. In conjunction with the issuance of the Series 2007 Bonds, the County and the Insurer will enter into a Financial Guaranty Agreement (the "Agreement"). Pursuant to the Agreement, the County is required to reimburse the Insurer, within one year of any deposit, the amount of such deposit made by the Insurer with the Paying Agent under the 2007 Reserve Account Insurance Policy. Under the terms of the Agreement, the County is required to reimburse the Insurer, with interest, until the face amount of the 2007 Reserve Account Insurance Policy is reinstated, before any deposit of Infrastructure Sales Surtax Revenues is made to the Unrestricted Revenue Account. The Reserve Account Insurance Policies will be held by the Paying Agent in the Reserve Account and is provided as an alternative to the County depositing funds into the Reserve Account and the premium for the 2007 Reserve Account Insurance Policy will be fully paid by the County at the time of delivery of the Series 2007 Bonds.] [Remainder of page intentionally left blank] i25009i001i00196637.noa-3; 27 ESTIMATED SOURCES AND USES OF FUNDS The table that follows summarizes the estimated sources and uses of funds to be derived from the sale of the Series 2007 Bonds: SOURCES: Principal Amount of Series 2007 Bonds Less: Net Original Issue Discount/Premium TOTALSOURCES USES: Deposit to 2007 Project Account in Construction Fund Costs of Issuance(') TOTAL USES Includes Bond Insurance Policy premium, Reserve Account Insurance Policy premium, Underwriters' discount, financial advisor fees, legal fees and miscellaneous Costs of issuance. [Remainder of page intentionally left blank] 125009/001/00196639.DOCc 3) 28 Series 2003 Year Ending Bonds April 1 Debt Service 2008 $1,821,830.00 2009 1,837,070.00 2010 1,851,732.50 2011 1,861,682.50 2012 1,876,670.00 2013 1,887,540.00 2014 1,904,865.00 2015 1,918,165.00 2016 1,932,300.00 2017 1,952,800.00 2018 1,965,600.00 TOTAL $20,810,255.00 DEBT SERVICE SCHEDULE Series 2007 Bonds Total Principal Interest Debt Service Debt Service [Remainder of page intentionally left blank] t23009/001/00196637.Lx C,-31 29 INVESTMENT POLICY All investment activity of the County's pooled cash, not otherwise classified as restricted assets requiring separate investing is currently governed by an investment policy prepared by the Clerk and adopted by the Board on March 19, 2003 (Resolution No. 114-03). Such investments are limited to: A. The Florida Local Govermnent Surplus Funds Trust Fund ("SBA") A maximum of 100% of available funds may be invested in The Florida Local Government Surplus Funds Trust Fund. B. United States Govermnent Securities Negotiable direct obligations, or obligations the principal and interest of which are unconditionally guaranteed by the United States Government. A maximum of 100% of available funds may be invested in United States Government Securities with the exception of Treasury Strips, which are limited to 10% of available funds. The maximum length to maturity of any direct investment in the United States Government Securities is five (5) years from the date of purchase. C. United States Government Agencies Bonds, debentures, notes, callables and fixed rate mortgage -backed securities issued or guaranteed by United States Government Agencies, provided such obligations are backed by the full faith and credit of the United States. A maximum of 50% of available funds may be invested in United States Government Agencies. A maximum of 10% of available funds may be invested in any individual United States Government Agencies. The maximum length to maturity for an investment in any United States Government Agency security is five (5) years from the date of purchase. D. Federal Instrumentalities (United States Government -sponsored agencies) Senior obligations, which include bonds, debentures, notes, callables and fixed rate mortgage -backed securities issued or guaranteed by United States government - sponsored agencies (Federal Instrumentalities). These are limited to the following: Federal Farm Credit Bank (FFCB) Federal Home Loan Bank or its County banks (FHLB) 125009/001/00196637.DOC, 31 30 Federal National Mortgage Association (FNMA) Federal Home Loan Mortgage Corporation (Freddie -Macs) including Federal - Home Loan Mortgage Corporation participation certificates A maximum of 80% of available funds may be invested in Federal Instrumentalities. A maximum of 30% of available funds may be invested in any one issuer and a maximum of 25% of available funds may be invested in callable securities. The maximum length to maturity for an investment in any Federal Instrumentality security is five (5) years from the date of purchase. E. Interest -bearing Time Deposit or Saving Accounts Nonnegotiable interest -bearing time certificates of deposit or savings accounts in financial institutions organized under the laws of this state and/or in national financial institutions organized under the laws of the United States and doing business and situated in the State of Florida, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes. Additionally, the financial institution shall not be listed with any recognized credit watch information service. A maximum of 10% of available funds may be invested in nonnegotiable interest -bearing time certificates of deposit. A maximum of 10% of available funds may be deposited with any one issuer. The maximum maturity on any certificate shall be no greater than one (1) year from the date of purchase. F. Registered Investment Companies (Money Market Mutual Funds) Shares in open-end and no -loan Money Market Mutual Funds provided such funds are registered under the Federal Investment Company Act of 1940 and operate in accordance with 17 C.F.R. 270.2a-7, which stipulates that money market funds must have an average weighted maturity of 90 days or less. In addition, the share value of the money market funds must equal to $1.00. A maximum of 20% of available funds may be invested in money market mutual funds. A maximum of 10% of available funds may be invested with any one money market fund. The money market mutual funds shall be rated AAAm or AAAm-G or better by Standard & Poor's, or the equivalent by another nationally recognized rating agency. A thorough review of any money market mutual fund is required prior to investing, and on a continual basis. There shall be a questionnaire developed by the investment advisor I25009/001/00196637.D0Cv3) 31 that shall contain a list of questions that cover the major aspects of any investment pool/fund. G. Intergovernmental Investment Pool Intergovernmental Investment Pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. A maximum of 10% of available funds may be invested in intergovernmental investment Pools. A thorough review of any investment pool/fund is required prior to investing, and on a continual basis. There shall be a questionnaire developed by the Investment Advisor that shall contain a list of questions that cover the major aspects of any investment pool/fund. Investment Officials or Investment Advisor may not invest in investment products that include the use of derivatives or reserve purchase agreements and securities lending transactions are not permitted by the investment policy. A "derivative" is defined as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or index or asset values. Investments not listed in the investment policy are prohibited. The Board may further modify the aforementioned investment policy from time to time. For information relating to the investment of funds and accounts created pursuant to the Resolution, please see "APPENDIX C — Composite of the Resolution' attached hereto. LEGAL MATTERS Certain legal matters in connection with the issuance of the Series 2007 Bonds are subject to an approving legal opinion of Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Bond Counsel, whose approving opinion (a form of which is attached hereto as "APPENDIX E--Form of Bond Counsel Opinion") will be available at the time of delivery of the Series 2007 Bonds. Certain legal matters will be passed on for the County by Suzanne A. Hutton, Esq., County Attorney, and Bryant Miller Olive P.A., Tampa, Florida, Disclosure Counsel. Bond Counsel has not been engaged to, nor has it undertaken to, review (1) the accuracy, completeness or sufficiency of this Official Statement or any other offering material relating to the Series 2007 Bonds; provided, however, that Bond Counsel will render an opinion to the Underwriters of the Series 2007 Bonds (upon which opinion only the Underwriters may rely) relating to the fairness of the presentation of certain statements contained herein under the heading "TAX EXEMPTION' and certain statements which summarize provisions of the Resolution, the Series 2007 Bonds and federal tax law, and (2) the compliance with any federal or state law with regard to the sale or distribution of the Series 2007 Bonds. (25009/001/00196637DOC% 3) 32 LITIGATION [There is no pending or, to the knowledge of the County, any threatened litigation against the County of any nature whatsoever which in any way questions or affects the validity of the Series 2007 Bonds, or any proceedings or transactions relating to their issuance, sale, execution, or delivery, or the adoption of the Resolution, or the pledge of the Pledged Funds. Neither the creation, organization or existence, nor the title of the present members of the Board, or other officers of the County is being contested. The County experiences claims, litigation, and various legal proceedings which individually are not expected to have a material adverse effect on the operations or financial condition of the County, but may, in the aggregate, have a material impact thereon. In the opinion of the County Attorney, however, the County will either successfully defend such actions or otherwise resolve such matters without any material adverse consequences on the financial condition of the County.] DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS Pursuant to Section 517.051, Florida Statutes, as amended, no person may directly or indirectly offer or sell securities of the County except by an offering circular containing full and fair disclosure of all defaults as to principal or interest on its obligations since December 31, 1975, as provided by rule of the Florida Department of Banking and Finance (the "Department"). Pursuant to Rule 3E-400.003, Florida Administrative Code, the Department has required the disclosure of the amounts and types of defaults, any legal proceedings resulting from such defaults, whether a trustee or receiver has been appointed over the assets of the County, and certain additional financial information, unless the County believes in good faith that such information would not be considered material by a reasonable investor. The County is not and has not been in default on any bond issued since December 31, 1975 that would be considered material by a reasonable investor. TAX EXEMPTION Opinion of Bond Counsel In the opinion of Bond Counsel, the form of which is included as "APPENDIX E--Form of Bond Counsel Opinion" attached hereto, the interest on the Series 2007 Bonds is excludable from gross income and is not a specific item of tax preference for federal income tax purposes under existing statutes, regulations, rulings and court decisions. However, interest on the Series 2007 Bonds is taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax imposed on corporations pursuant to the Internal Revenue Code of 1986, as amended (the "Codetax Failure by the County to comply subsequently to the issuance of the Series 2007 Bonds with certain requirements of the Code, regarding the use, expenditure and investment of Series Bo Bonds proceeds and the timely payment of certain investment earnings to the Treasury of the United States, may cause interest on the Series 2007 Bonds to become includable in gross income for federal income tax purposes retroactive to their date of issuance. The County has covenanted in the Resolution to comply with all Provisions of [lie Code necessary to, among other things, maintain the exclusion from gross income of interest on the Series 2007 Bonds for purposes of federal income taxation. In rendering its opinion, Bond Counsel has assumed continuing compliance with such covenants. t25009/001/o0196637.L10cr31 33 Internal Revenue Code of 1986 The Code contains a number of provisions that apply to the Series 2007 Bonds, including, among other, things, restrictions relating to the use or investment of the proceeds of the Series 2007 Bonds and the payment of certain arbitrage earnings in excess of the "yield" on the Series 2007 Bonds to the Treasury of the United States. Noncompliance with such provisions may result in interest on the Series 2007 Bonds being included in gross income for federal income tax purposes retroactive to their date of issuance. Collateral Tax Consequences Except as described above, Bond Counsel will express no opinion regarding the federal income tax consequences resulting from the ownership of, receipt or accrual of interest on, or disposition of, the Series 2007 Bonds. Prospective purchasers of Series 2007 Bonds should be aware that the ownership of Series 2007 Bonds may result in other collateral federal tax consequences. For example, ownership of the Series 2007 Bonds may result in collateral tax consequences to various types of corporations relating to (1) denial of interest deduction to purchase or carry such Series 2007 Bonds, (2) the branch profits tax, and (3) the inclusion of interest on the Series 2007 Bonds in passive income for certain Subchapter S corporations. In addition, the interest on the Series 2007 Bonds may be included in gross income by recipients of certain Social Security and Railroad Retirement benefits. PURCHASE, OWNERSHIP, SALE OR DISPOSITION OF THE SERIES 2007 BONDS AND THE RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX CONSEQUENCES FOR CERTAIN INDIVIDUAL AND CORPORATE BONDHOLDERS, INCLUDING, BUT NOT LIMITED TO, THE CONSEQUENCES DESCRIBED ABOVE. PROSPECTIVE BONDHOLDERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN THAT REGARD. Other Tax Matters Interest on the Series 2007 Bonds may be subject to state or local income taxation under applicable state or local laws in other jurisdictions. Purchasers of the Series 2007 Bonds should consult their own tax advisors as to the income tax status of interest on the Series 2007 Bonds in their particular state or local jurisdictions. During recent years, legislative proposals have been introduced in Congress, and in some cases enacted, that altered certain federal tax consequences resulting from the ownership of obligations that are similar to the Series 2007 Bonds. In some cases, these proposals have contained provisions that altered these consequences on a retroactive basis. Stich alterations of federal tax consequences may have affected the market value of obligations similar to the Series 2007 Bonds. Front time to time, legislative proposals are pending which could have an effect on both the federal tax consequences resulting front ownership of the Series 2007 Bonds and their market value. No assurance can be given that additional legislative proposals will not be introduced or enacted that would or might apply to, or have an adverse effect upon, the Series 2007 Bonds. 125009/001/00196637.DOC,3t 34 Tax Treatment of Original Issue Discount Bond Counsel is further of the opinion that the difference between the principal amount of the Series 2007 Bonds maturing on April 1, 20_ through April 1, 20_, inclusive and on April 1, 20 (collectively the "Discount Bonds") and the initial offering price to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of Underwriters or wholesalers) at which price a substantial amount of such Discount Bonds of the same maturity was sold constitutes original issue discount which is excludable from gross income for federal income tax purposes to the same extent as interest on the Series 2007 Bonds. Further, such original issue discount accrues actuarially on a constant interest rate basis over the term of each Discount Bond and the basis of each Discount Bond acquired at such initial offering price by an initial purchaser thereof will be increased by the amount of such accrued original issue discount. The accrual of original issue discount may be taken into account as an increase in the amount of tax-exempt income for purposes of determining various other tax consequences of owning the Discount Bonds, even though there will not be a corresponding cash payment. Owners of the Discount Bonds are advised that they should consult with their own advisors with respect to the state and local tax consequences of owning such Discount Bonds. Tax Treatment of Bond Premium The difference between the principal amount of the Series 2007 Bonds maturing on April 1, 20 through April 1, 20— inclusive (the 'Premium Bonds") and the initial offering price to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount of such Premium Bonds of the same maturity was sold constitutes to an initial purchaser amortizable bond premium which is not deductible from gross income for Federal income tax purposes. The amount of amortizable bond premium for a taxable year is determined actuarially on a constant interest rate basis over the term of each Premium Bond which term ends on the earlier of the maturity or optional call date for such Premium Bond which results in the lowest yield on such Bond to the purchaser thereof. For purposes of determining gain or loss on the sale or other disposition of a Prenuum Bond, an initial purchaser who acquires such obligation in the initial offering to the public at the initial offering price is required to decrease such purchaser's adjusted basis in such Premium Bond annually by the amount of amortizable bond premium for the taxable year. The amortization of bond premium may be taken into account as a reduction in the amount of tax-exempt income for purposes of determining various other tax consequences of owning such Premium Bonds. Owners of the Premium Bonds are advised that they should consult with their own advisors with respect to the state and local tax consequences of owning such Premium Bonds. RATINGS Moody's Investors Service ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch Ratings are expected to assign their municipal bond ratings of "Aaa," "AAA" and "AAA," respectively, to the Series 2007 Bonds with the understanding that upon delivery of the Series 2007 Bonds, the Bond Insurance Policy will be issued by the Insurer. In addition, Moody's, S&P's and Fitch have assigned underlying ratings of " and respectively, without giving any regard to such Bond Insurance Policy. The ratings reflect only the views of said rating agencies and an explanation of the ratings may be obtained only from said rating agencies. There is no assurance that such ratings will continue for any given period of time or that they will not be lowered or withdrawn entirely by the rating agencies, or any of them, if in their judgment, circumstances so warrant. A downward change in or 125009/001/00196637.DOCr3; 35 withdrawal of any of such ratings, may have an adverse effect on the market price of the Series 2007 Bonds. An explanation of the significance of the ratings can be received from the rating agencies, at the following addresses: Moody's Investors Service, 99 Church Street, New York, New York 10007-2796, Standard & Poor's Ratings Services, 25 Broadway, New York, New York 10004 and Fitch Ratings, One State Street Plaza, New York, New York 10004. FINANCIAL ADVISOR The County has retained Public Financial Management, Inc., Fort Myers, Florida, as Financial Advisor in connection with the County's financing plans and with respect to the authorization and issuance of the Series 2007 Bonds. The Financial Advisor is not obligated to undertake and has not undertaken to make an independent verification or to assume responsibility for the accuracy, completeness, or fairness of the information contained in the Official Statement. The Financial Advisor did not participate in the underwriting of the Series 2007 Bonds. The Financial Advisor may receive a fee for bidding investments for certain proceeds of the Series 2007 Bonds. INDEPENDENT ACCOUNTANTS The General Purpose Audited Financial Statements of the County for the fiscal year ending September 30, 2006, and report thereon of Green Marva PA, Inc., Key West, Florida (the "Independent Certified Public Accountants") are attached hereto as "APPENDIX B — General Purpose Audited Financial Statements of the County." Such statements speak only as of September 30, 2006. [The Independent Certified Public Accountants have consented to the use thereof herein and have performed various procedures relating to the provision of such consent.] The Series 2007 Bonds are payable solely from the Pledged Funds as described in the Resolution and herein and the Series 2007 Bonds are not otherwise secured by, or payable from, the general revenues of the County. The General Purpose Audited Financial Statements attached hereto as "APPENDIX B -- General Purpose Audited Financial Statements of the County" are presented for general information purposes only. The County covenanted and agreed in the Resolution to, immediately after the close of each Fiscal Year, cause the financial statements of the County to be properly audited by a recognized independent certified public accountant or recognized independent firm of certified public accountants, and shall require such accountants to complete their report on the annual financial statements in accordance with applicable law. The annual financial statement shall be prepared in conformity with generally accepted accounting principles consistently applied. UNDERWRITING The Series 2007 Bonds are being purchased by the underwriters shown on the cover of the Official Statement (the "Underwriters") at an aggregate purchase price of $ (which equals the principal amount of less net original issue discount of $ and Underwriters' discount of $ ). The Underwriters' obligations are subject to certain conditions precedent described in the Official Notice of Sale which was prepared by the County, and the Underwriters will be 125009/001/00196637.DOC,,31 36 obligated to purchase all of the Series 2007 Bonds if any Series 2007 Bonds are purchased. The Series 2007 Bonds may be offered and sold to certain dealers (including dealers depositing such Series 2007 Bonds into investment trusts) at prices lower than such public offering prices, and such public offering prices may be changed, from time to time, by the Underwriters. CONTINGENT FEES The County has retained Bond Counsel, the Financial Advisor and Disclosure Counsel with respect to the authorization, sale, execution and delivery of the Series 2007 Bonds. Payment of the fees of such professionals and an underwriting discount to the Underwriters are each contingent upon the issuance of the Series 2007 Bonds. ENFORCEABILITY OF REMEDIES The remedies available to the owners of the Series 2007 Bonds upon an event of default under the Resolution, the Bond Insurance Policy and the Reserve Account Insurance Policies are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including specifically the federal bankruptcy code, the remedies specified by the Resolution, the Series 2007 Bonds, the Bond Insurance Policy and the Reserve Account Insurance Policies may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2007 Bonds (including Bond Counsel's approving opinion) will be qualified, as to the enforceability of the remedies provided in the various legal instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before of after such delivery. See "APPENDIX C - Composite of the Resolution" attached hereto for a description of events of default and remedies. CONTINUING DISCLOSURE The County has covenanted for the benefit of the Series 2007 Bondholders to provide certain financial information and operating data relating to the County and the Series 2007 Bonds in each year, and to provide notices of the occurrence of certain enumerated material events. The County has agreed to file annual financial information and operating data and its audited financial statements with each nationally recognized municipal securities information repository then approved by the Securities and Exchange Comnmission (the "NRMSIRs"), as well as any state information depository that is established in the State (the "SID"). Currently, there are no such SIDS. The County has agreed to file notices of certain enumerated material events, when and if they occur, with the NRMSIRs or the Municipal Securities Rulemaking Board, and with the SIDS, if any. In lieu of filing annual financial information and operating data, audited financial statements and notices of certain material events with the NRMSIRs and the SID, if any, the County is permitted to file such information with a central post office designated by the Securities and Exchange Commission as a location that satisfies the Rule (as defined below) (such location a "CPO"). Filings to the Municipal Securities Rulemaking Board (the WSW') are not permitted to be made to a CPO in lieu of filing with the MSRB. The specific nature of the financial information, operating data, and of the type of events which trigger a disclosure obligation, and other details of the undertaking are described in "APPENDIX F - [25009/001/00196637.DOCr31 37 Form of Continuing Disclosure Certificate' attached hereto. The Continuing Disclosure Certificate shall be executed by the Comity prior to the issuance of the Series 2007 Bonds. These covenants have been made in order to assist the Underwriters in complying with the continuing disclosure requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission (the "Rule"). With respect to the Series 2007 Bonds, no party other than the County is obligated to provide, nor is expected to provide, any continuing disclosure information with respect to the Rule. [In the past 5 years, the County has not failed to comply with any prior agreements to provide continuing disclosure information pursuant to the Rule.] ACCURACY AND COMPLETENESS OF OFFICIAL STATEMENT The references, excerpts, and summaries of all documents, statutes, and information concerning the County and certain reports and statistical data referred to herein do not purport to be complete, comprehensive and definitive and each such summary and reference is qualified in its entirety by reference to each such document for full and complete statements of all matters of fact relating to the Series 2007 Bonds, the security for the payment of the Series 2007 Bonds and the rights and obligations of the owners thereof and to each such statute, report or instrument. Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. Neither this Official Statement nor any statement that may have been made verbally or in writing is to be construed as a contract with the owners of the Series 2007 Bonds. The appendices attached hereto are integral parts of this Official Statement and must be read in their entirety together with all foregoing statements. [Remainder of page intentionally left blank] 125009/001/1H)196637.DOC,,3) 38 AUTHORIZATION OF OFFICIAL STATEMENT The execution and delivery of this Official Statement has been duly authorized and approved by the County. At the time of delivery of the Series 2007 Bonds, the County will furnish a certificate to the effect that notl°dng has come to their attention which would lead it to believe that the Official Statement (other than information herein related to the Insurer, the Bond Insurance Policy, the Reserve Account Insurance Policies, DTC, the book -entry only system of registration and the information contained under the caption "Tax Exemption" as to which no opinion shall be expressed), as of its date and as of the date of delivery of the Series 2007 Bonds, contains an untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Official Statement is intended to be used, or which is necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. MONROE COUNTY, FLORIDA 0 La Mayor, Board of County Commissioners County Administrator 125009/001/0019663; .DOC, 31 39 APPENDIX A GENERAL INFORMATION CONCERNING THE COUNTY The following information concerning Monroe County, Florida (the "County'), is included only for the purposes of supplying general information regarding the primary community served by the County. The Series 2007 Bonds are payable solely fron the Pledged Funds described herein, and are not payable or secured by other properties of the County or any other political subdivision of the State of Florida. General Information Monroe County, Florida, was constitutionally formed in 1823. It is comprised primarily of the Florida Keys, which are a string of coral islands extending in a southwesterly arc from Biscayne Bay to the Dry Tortugas. The Florida Keys separate the Atlantic Ocean on the south and the east from the Gulf of Mexico on the north and west, and extend approximately 100 miles south from the United States mainland. The County seat, Key West, located on the southernmost of the Florida Keys, lies 98 miles north of Cuba, approximately 160 miles southwest of Miami and 66 nautical miles north of the Tropic of Cancer. The County has a mild, sub -tropical climate. The average annual temperature is 77.7 degrees, with an average temperature during the winter of 69.9 degrees and a summer average of 83.9 degrees. The highest temperature recorded was 95 degrees in 1957, and the lowest temperature recorded was 41 degrees in 1981. Precipitation (39-40 inches per year) is characterized by dry and wet seasons in June through October and December through March, respectively. History Initial European contact with the Florida Keys, then occupied by the Calusa Indians, occurred in 1513 with Ponce de Leon's exploration of the Straits of Florida. As a consequence of an Indian war in which the remains of the slain were left to the elements, the island was named Cayo Hueso, or Bone Key, which was later anglicized to Key West. In 1815, the Florida Keys were granted to Juan Pablo Salas by the Spanish governor of Florida. In 1821, Florida became a United States territory. Nevertheless, Salas sold the island to John Simonton of Mobile, Alabama, for $2,000. In 1823, Commodore David Porter established a United States naval base on the island. During the period immediately following, in excess of 120 vessels, many from the Bahamas, were employed in the wrecking business in direct competition with emigrants from New England. The City of Key West was incorporated in 1828. Federal legislation permitting salvaging of property from wrecked ships was the principal reason Key West grew by the 1890's to the wealthiest city, per capita, in the United States. In 1831, the first cigar factory was established in Key West, and by 1869, the City became the largest clear -Havana cigar manufacturing city in the United States. The strategic importance of Key West was demonstrated in 1823, when the West Indian Anti - Piracy Squadron established its base there Key West's connection with the military dates from this period, and its fortunes were thereafter linked to federal decisions concerning military presence in the Gulf of Mexico. t 25009/001 /00196637. DOCv3 } A-1 The economic importance of Key West was affected by the excellence of its harbor at the time of the completion of the Panama Canal, and its proximity to Cuba. In 1912, the Overseas Railway from Miami to Key West was completed. This constituted building a railroad 128 miles out to sea, spanning 29 islands of the Florida Keys, and connecting Key West and Havana, Cuba, by train -ferry with the rest of Florida. An estimated average of 3,000 men labored approximately seven years, at a total cost of approximately $50 million to complete the railroad that for the next 22 years would provide a round trip from Miami to Havana, including meals for $24. In 1938, the State of Florida completed a modern highway on the bed of the railroad tracks, permitting motorists to drive from Miami to Key West. That highway and its series of bridges have recently undergone renovation. In 1920, the first international air passenger service and the first international air mail routes for the United States were established between Key West and Havana, Cuba; and in 1927, the Key West airport was designated the first Airport of Entry in the United States. Pan American Airlines was established at Key West in 1927. In 1942, a fresh water pipeline from the mainland was opened. A new pipeline from the mainland, as well as new mainland water treatment facilities and pumping stations, were completed in 1982. Those facilities have substantially increased the quantity of water which can be delivered to the Keys. These facilities are currently administered by the Florida Keys Aqueduct Authority. In 1946, President Truman created the "Little White House" in Key West on the Naval Annex that bears his name. Recent development has resulted in substantial historic renovation and restoration and continuing growth of tourist activity. Government The County has a five -member Board of County Commissioners elected for staggered terms of four years. The Mayor (Chairman) and the Mayor Pro-Tem (Vice Chairman) are elected by the Board. The Board apportions and levies County taxes and controls the expenditure of all County funds, except for schools, which are controlled by The School Board of Monroe County (the "School Board"). The budget year of the County runs from October 1 to the following September 30. Operating revenue is raised mainly from ad valorem real and personal property taxes, with supplements from state and federal sources for county roads, welfare and health. The Board operates the county road system and has the power to establish, build, maintain, repair, protect and preserve these facilities. The County may issue bonds for all lawful purposes. The Board is responsible for various types of elections in the County. Other elected officials serving county -wide are a five -member School Board, a Superintendent of Schools, a Property Appraiser, a Tax Collector, a Supervisor of Elections, a Sheriff, and a Clerk of the Circuit Court who is also ex officio Clerk of the Board of County Commissioners. The Board appoints a County Administrator who serves at the pleasure of the Board. The Military The United States Naval Station at Key West (the 'Naval Station") was established in 1823 with the formation of the West Indian Anti -Piracy Squadron. Some construction began in 1823, and the permanent construction of the Naval Building began in 1856. In 1974, the Naval Station was disestablished, though military operations still exist within the City, including a medical facility, t25009/001/00196637.D0001 A-2 substantial barracks and military housing for Boca Chico Air Station and numerous federal agencies such as the United States Coast Guard and the Department of Agriculture. The present mission of the various U.S. Military and Coast Guard commands in the Key West area include both air and surface functions. The major military activities center around the Boca Chico Naval Air Station on Boca Chico Key (located inurediately to the east of Stock Island and Key West) and Truman Annex. Health Care There are three hospitals located throughout the County: Lower Keys Medical Center (167 beds), Fisherman's Hospital (58 Beds) and Mariner's Hospital (42 beds). Population From 1930 to 1970, the population of the County increased by 38,962 or 286%. From 1970 to 1980, the population increased by 20%; from 1980 to 1990, by 23%; and from 1990 to 2000, the population increased by 2%. Population Statistics Monroe County and State of Florida 1930-2000 Percentage State of Percentage Year Monroe County Changes Florida Changes 1930 13,624 -- 1,468,211 -- 1940 14,078 3% 1,897,414 29% 1950 29,957 113 2,771,305 46 1960 47,921 60 4,951,560 79 1970 52,586 10 6,791,418 37 1980 63,188 20 9,746,961 44 1990 78,024 23 12,938,071 33 2000 79,589 2 15,982,378 24 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. 125009/001/00196637.DOCx-31 A-3 The following tables show the population sununary for Monroe County for the years 2000 through 2006 and the Monroe County projected population by age for the years 2010 and 2030. Monroe County Population Summary 2000-2006 2000 2001 2002 2003 2004 2005 2006 Monroe County 79,589 80,588 81,140 80,537 81,236 82,413 80,510 Islamorada(l) 6,846 6,950 7,067 6,970 6,993 7,033 7,057 Key Colony Beach 788 799 815 822 836 852 857 Key West 25,478 25,735 25,853 25,811 26,215 26,534 25,319 Layton 186 186 188 194 195 204 206 Marathon(2) 10,255 10,407 10,445 10,341 10,391 10,626 10,605 Unincorporated 36,036 36,511 36,772 36,399 36,606 37,164 36,466 (1) Islamorada incorporated in the fiscal year ended September 30, 1998. (2) Marathon incorporated in the fiscal year ended September 30, 2000. Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Population Projections By Age Monroe County, Florida 2010 and 2030 Year Total Less than 18 18=64 65 and Over 2010 84,136 14,385 54,368 15,383 2030 89,789 15,192 45,676 28,921 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. [Remainder of page intentionally left blank] 125009/001/00196637.DOCv31 A-4 Monroe County Property Tax Levies and Collections For Last Ten Tax Years Percent of Tax Year Tax Levy Tax Collection Levy Collected 1997 $53,523,947 $51,917,045 97.0% 1998 56,473,845 54,723,468 96.9 1999 55,411,449 53,578,782 96.7 2000 56,096,471 54,023,766 96.3 2001 53,154,741 51,323,260 96.6 2002 56,741,898 54,763,033 96.5 2003 60,408,846 58,373,078 96.6 2004 64,432,039 62,154,285 96.5 2005 70,060,293 67,738,903 96.7 2006 77,461,997 74,778,245 96.5 Property tax levies, based on assessed values as of January 1st, become due and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in November, with the discount declining by one percent each month thereafter. Accordingly, taxes collected will never be one hundred percent of the tax levy. Taxes become delinquent on April 1st of each year and tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June 1st of each year. Property taxes receivable and a corresponding reserve for uncollectible property taxes are not included in the financial statements as there are no delinquent taxes as of September 30, 2006. Source: Monroe County, Florida Comprehensive Annual Financial Report for the fiscal year ended September 30, 2006. [Remainder of page intentionally left blank] 125009/001/00196637.DOCv3) A-5 Monroe County, Florida Assessed Value and Estimated Actual Value of Taxable Property For Last Ten Fiscal Years Real Property Fiscal Year Commercial Less: Tax Total Ended Residential Commercial Personal Exempt Total Taxable Direct September 30 Pro er Property Properly ProperProper1y Assessed Value Tax Rate 1997 N/A N/A N/A N/A $7,326,361,058 7.2919 1998 N/A N/A N/A N/A 7,855,025,891 7.1878 1999 N/A N/A N/A N/A 8,314,435,377 6.6586 2000 N/A N/A N/A N/A 9,075,159,549 6.1737 2001 N/A N/A N/A N/A 9,958,877,321 5.3325 2002 $9,707,330,204 $5,771,654,443 $685,978,755 $4,841,248,319 11,323,715,083 5.0060 2003 11,388,166,555 6,038,712,194 673,290,788 5,416,336,535 12,683,833,002 4.7584 2004 14,084,761,001 6,335,756,339 669,026,769 6,382,682,766 14,706,861,343 4.3811 2005 17,419,554,907 8,117,316,077 707,161,448 8,908,126,876 17,335,905,556 4.0413 2006 22,987,248,461 8,515,526,423 771,401,532 10,526,309,471 21,747,866,945 3.5619 Source: Monroe County, Florida Comprehensive Annual Financial Report for the year ended September 30, 2006. Assessed values used are net taxable values after deducting allowable statutory exemptions. Property is assessed as of January 1st and taxes based on those assessments are levied and become due on the following November 1st. Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the next succeeding calendar year. Estimated actual value for each tax year is equal to the assessed value. The ratio of total assessed to the total estimated actual value is 100% for each tax year. [Remainder of page intentionally left blanks 125009/001/00196637.DOCv3) A-6 Monroe County, Florida Aggregate Millage Rates For Last Ten Tax Years Tax Year Operating Debt Service 1997 7.2919 _0_ 1998 7.1878 _0_ 1999 6.6586 _0_ 2000 6.1737 _0_ 2001 5.3325 _0_ 2002 5.0060 -0_ 2003 4.7584 _0_ 2004 4.3811 _0_ 2005 4.0413 _0_ 2006 3.5619 -0_ County millage consists of the General Revenue Fund, the Fine and Forfeiture Fund, the Health Clinic and the General Purpose Fund. Property is assessed as of January 1st and the taxes based on those assessments are levied according to the tax rate in effect during that tax year and become due on November 1st. Therefore, assessments and tax levies applicable to a certain tax year are collected in the fiscal year ending during the following calendar year. Monroe County does not have outstanding debt funded by ad valorem taxes. Source: Monroe County, Florida Comprehensive Annual Financial Report for the fiscal year ended September 30, 2006. Property Tax Reform [TO COME] [Remainder of page intentionally left blank] t25009/001/00196637.DOC%,3j A-7 Monroe County, Florida Ten Largest Taxpayers Percentage of Total Taxable Taxpayer Assessed Value Assessed Value 1. Bell South/Southern Bell $73,458,624 0.34 % 2. Fla. Keys Electric Co -Op 72,406,440 0.33 3. Casa Marina Owner LLC 45,887,445 0.21 4. Windward Point LLC 43,709,650 0.20 5. Galleon Condo. Assoc. 42,086,530 0.19 6. Cheeca Holdings LLC 32,816,249 0.15 7. Tannex Development Corp. 32,349,480 0.15 8. Hawk's Cay Investors LTD 28,325,854 0.13 9. Pier House Joint Venture 27,176,268 0.12 10. KW Beach Suites LTD 22,000,000 0.10 $420,216,540 1.93% Source: Monroe County, Florida Comprehensive Annual Financial Report for the year ended September 30, 2006. Monroe County, Florida Ratio of Net General Bonded Debt To Assessed Value and Net Bonded Debt Per Capita Monroe County does not have any general bonded debt as of September 30, 2006. Monroe County, Florida Computation of Direct Underlying and Overlapping Debt September 30, 2006 Monroe County does not have any direct and overlapping governmental activities debt as of September 30, 2006. [Remainder of page intentionally left blankl 125009/001/00196637.D0001 A-8 �ro���M�N�Mzz w C �vo O C. �$�N0,8N=IIom ONi li] d' d' O N 00 M F N co 0; Q, M Cl) m to O g M � N C. N 4O In M p F y O ti I�I1 M N N N Nct� N �+ m r 5 V r � ? v m m v O � W M d; � m In N In O 4 GH w cJ dun F., �00000pop �, O y j 0 O F4 N% C Ri g v�.6rlotl O role ` W O C W K 16 m w Un p In po N N 00 eM N c�-i �Mi a r• v i � op � O V� ❑ v O o+ �n o+ N '� > G w O O O O G O 0 0 0 0 �' wr. O O O O O O O O O O O a 0 0 0 0 0 O 0 0 0 0 0 '. O Qom+ C� S O+ IG M O N M O (� N FC M m� O �D �--� t, C- Lr O O� 00 N G G v���SSS8SSS � Economy and Tourism International and domestic tourism remains an important economic factor in Monroe County. The tropical climate together with the recreational water activities makes the Florida Keys and Key West a major tourist area. Further evidence of the importance of the tourist industry is that of the top ten taxpayers in Monroe County, eight are hotels. Tourist tax revenues decreased in fiscal year ended September 30, 2006 by 2% from the prior fiscal year to $13,781,806. Lodging units in Monroe County are comprised of 186 hotels/inotels/resorts with 8,263 units, 56 bed and breakfast/guesthouse/inn facilities with 502 units, 87 seasonal rental/realtor rentals with 2,434 units and 21 campground/RV parks with 2,410 units for a total of 350 properties with 13,609 units. The occupancy rate for calendar year 2006 decreased by 3.5% over calendar year 2005. However, average daily room rate increased by 9.9% for the same period. The table below provides annual occupancy rates and annual average daily rates for the last five years. Monroe County, Florida Annual Occupancy Rates and Annual Average Daily Rates 2002 2003 2004 2005 2006 Occupancy Rate 68.0% 72.2% 71.2% 70.0% 66.5% Average Daily Rate $137.02 $141.61 $153.89 $164.24 $180.48 Source: Monroe County Tourist Development Council. [Remainder of page intentionally left blank] [25009/001/00196637.DOCv3l A-10 Monroe County, Florida Average Monthly Employment by Major Sector 2004 and 2005 Sector 2004 2005 Agriculture, forestry, fishing and hunting 108 100 Mining N/A N/A Utilities N/A 187 Construction 2,034 2,212 Manufacturing 305 285 Wholesale trade 493 520 Retail trade 5,475 5,466 Transportation and warehousing 799 775 Information 451 475 Finance and Insurance 1,178 1,220 Real estate and rental and leasing 1,008 1,083 Professional, scientific and technical services 1,069 1,056 Management companies and enterprises 86 102 Administration and support 1,491 1,317 Educational services 296 282 Health care and social assistance 2,331 2,213 Arts, entertainment and recreation 1,072 1,118 Accommodation and food services 10,688 10,041 Other 1,302 1,472 Unclassified 25 30 Total all industries 30,375 29,935 N/A Not available Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. [Remainder of page intentionally left blank] 125009/001/00196637.D0001 A-11 Employment Monroe County has consistently trailed the State in unemployment for each of the past ten years as shown in the table below. Employment Monroe County Labor Year Force Employment Unemployment 1996 44,401 43,355 1,046 1997 45,505 44,446 1,059 1998 45,979 44,769 1,210 1999 45,816 44,793 1,023 2000 44,604 43,705 899 2001 48,196 46,947 1,249 2002 47,908 46,560 1,348 2003 46,590 44,964 1,626 2004 45,662 44,142 1,520 2005 44,699 43,372 1,327 County State Unemployment Unemployment Rate Rate 2.4 4.5 2.3 4.8 2.6 4.3 2.2 3.9 2.0 3.6 2.6 4.8 2.8 5.5 3.5 5.3 3.3 4.8 3.0 3.8 N/A Not available Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Per Capita Personal Income Monroe County, Florida and United States (rounded to dollars) Year Monroe County State of Florida United States 1995 $26,821 $22,691 $23,076 1996 28,069 23,655 24,175 1997 29,668 24,502 25,334 1998 32,596 25,987 26,883 1999 33,419 26,894 27,939 2000 37,009 28,509 29,845 2001 37,159 29,273 30,574 2002 37,029 29,709 30,810 2003 37,966 30,128 31,484 2004 40,203 31,469 33,050 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. t25009/001 /00196637. DOCv31 A-12 Yearly Sales Comparison Monroe County, Florida (in millions) Gross Sales Percent Taxable Sales Taxable Sales Year Gross Sales Change Taxable Sales Percent Change as % of Gross 1996 $2,300.8 8.7% $1,500.9 2.9% 65.2% 1997 2,480.5 7.8 1,703.8 13.5 68.7 1998 2,589.2 4.4 1,794.2 5.3 69.3 1999 2,842.2 9.8 1,955.3 9.0 68.8 2000 3,011.4 6.0 2,074.5 6.1 68.9 2001 3,073.4 2.1 2,115.1 2.0 68.8 2002 3,102.5 0.9 2,120.3 0.2 68.3 2003 3,156.5 1.7 2,171.5 2.4 68.8 2004 3,364.3 6.6 2,299.3 5.9 68.3 2005 3,654.7 8.6 2,434.1 5.9 66.6 Source: Florida Statistical Abstract 2006, Bureau of Economic and Business Research, University of Florida. Education The County is served by The School Board of Monroe County. The School Board maintains 12 schools serving grades kindergarten through 12, with 636 Instructional staff members and 61 Administrative staff members. For the school year 2005-2006, the school system served 8,421 children. The County maintains a public library, which was the first public library established in south Florida. The library includes five facilities and houses a total of 201,469 books. [Remainder of page intentionally left blank] 125009/001/00196637.DOCv3) A-1-1 Risk Management The County is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976, 1984 and 1988, the County established the Worker's Compensation, Group Insurance and Risk Management Funds, respectively, as internal service funds to account for and finance its uninsured risks of loss. Under these programs, the Worker's Compensation provides $1,000,000 coverage per claim. The Group Insurance Fund provides self insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $100,000 self -insured retention, and building property damage is covered for the actual value of the building with a deductible between $100,000 and $250,000. Deductibles for windstorm and flood vary by location. The Board purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the County participate in the programs and make payments to the Worker's Compensation, Group Insurance and Risk Management Funds based on estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported at September 30, 2006 are based on the requirements of Govermnental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Worker's Group Risk Compensation Insurance Management Total Balance at September 30, 2004 $1,000,000 $3,307,897 $1,501,607 $5,809,504 Current year claims and changes in estimates 1,699,116 10,319,303 85,264 12,103,683 Claim payments 96( 6.864) (10,531,409) (85,264) (11,583,537) Balance at September 30, 2005 1,732,252 3,095,791 1,501,607 6,329,650 Current year claims and changes in estimates 2,033,326 10,308,270 294,353 12,635,949 Claim payments (1,903,711) (10,311,580) (294,353) (12,509,644) Balance at September 30, 2006 $1,861,867 $3,092,481 $1,501,607 $6,455,955 Florida Retirement System Substantially all full-time County employees are participants in the Florida Retirement System ("FRS"), a nnultiple-employer, cost -sharing public employees defined benefit retirement system administered by the Florida Department of Administration. As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, conununity college or participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost -of living adjustments, and death benefits to plan members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and Chapter 605, Florida Administrative Code. Amendments to the law can be made only by act of the Florida Legislature. t25009/001 /00196637.DOCv31 A-14 The FRS provides for vesting of benefits after 6 years of credited service. Normal retirement benefits are available to employees who retire at or after age 62 with 6 or more years of service. Early retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation and years -of -service credit where average compensation is computed as the average of an individual's five highest years of earrings. The Florida Division of Retirement issues a publicly available financial report that includes financial statements and required supplementary information for the FRS. The report may be obtained in writing to Florida Division of Retirement, 2639 Monroe Street, Building C, Tallahassee, Florida 32399-1560, or from the website www.frs.state.fLus. The FRS is noncontributory for members. Participating employer contributions are based upon state-wide rates established by the State of Florida. These rates are applied to employee salaries as follows: regular employees 9.85%, special risk employees 20.92%, special risk administrative support 12.55%, elected officials 16.53%, senior management 13.12% and DROP participants 10.91%. The County contributed to the plan an amount equal to 7.50% of covered payroll during the fiscal year ended September 30, 2006. The County's contributions made during the years ended September 30, 2006, 2005 and 2004 were $8,206,747, $6,866,565 and $6,170,058, respectively, equal to the required contribution requirements for each year. Therefore, the County does not have a pension asset or liability as determined in accordance with GASB Statement No. 27. Other Postemployment Benefit Plans [TO COME] 125009/001/00196637.D0001 A-15 APPENDIX B GENERAL PURPOSE AUDITED FINANCIAL STATEMENTS OF THE COUNTY (25009/001/00196637.Do (Mj APPENDIX C COMPOSITE OF THE RESOLUTION 135009I00110019GG37. DOCc j APPENDDC D SPECIMEN BOND INSURANCE POLICY 125009i001 ioo 196637.DoCx,a1 APPENDIX E FORM OF BOND COUNSEL OPINION (25009/001/00196637.DOOv°) APPENDIX F FORM OF CONTINUING DISCLOSURE CERTIFICATE 125oonioo iioo issss 7.DO('01 FORM OF CONTINUING DISCLOSURE CERTIFICATE CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by Monroe County, Florida (the "Issuer") in connection with the issuance of its $ hufrastructure Sales Surtax Revenue Bonds, Series 2007 (the "Bonds"). The Bonds are being issued pursuant to Resolution No. 077- 2003 adopted by the Board of County Commissioners of the Issuer (the "Board) on February 19, 2003, as amended and supplemented by Resolution No. _-2007 adopted by the Board on 2007 (collectively, the "Resolution'). SECTION 1. PURPOSE OF THE DISCLOSURE CERTIFICATE. This Disclosure Certificate is being executed and delivered by the Issuer for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriters in complying with the continuing disclosure requirements of Securities and Exchange Commission Rule 15c2-12. SECTION 2. DEFINITIONS. In addition to the definitions set forth in the Resolution which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. "Central Post Office" shall mean any central filing location described in Exhibit B hereto and any additional central filing location hereafter designated by the Securities and Exchange Commission as a location that satisfies the Rude. "Dissennation Agent" shall mean the Issuer, or any successor Dissemination Agent designated in writing by the Issuer and which has filed with the Issuer a written acceptance of such designation. "Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. "National Repository" shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. The National Repositories currently approved by the Securities and Exchange Commission are set forth in Exhibit B. "Participating Underwriters" shall mean the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Repository" shall mean each National Repository and each State Repository and shall include any other entity authorized and approved by the Securities and Exchange Commission to act as a central post office for purposes of complying with the Rule. 12 5009/001/00196635. DOCv41 1 "Rule" shall mean the continuing disclosure requirements of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "State" shall mean the State of Florida. "State Repository" shall mean any public or private repository or entity designated by the State as a state information depository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Certificate, there is no State Repository. SECTION 3. PROVISION OF ANNUAL REPORTS. (a) The Issuer shall, or shall cause the Dissemination Agent to, not later than each April 30th, commencing April 30, 2008 with respect to the report for the 2007 fiscal year, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted separately from the balance of the Annual Report and later than the date required above for the filing of the Annual Report if they are not available by that date provided, further, in such event unaudited financial statements are required to be delivered as part of the Annual Report in accordance with Section 4(a) below. If the Issuer's fiscal year changes, it shall give notice of such change in the same manner as for a Listed Event under Section 5(c). (b) Not later than fifteen (15) Business Days prior to the date set forth in (a) above, the Issuer shall provide the Annual Report to the Dissemination Agent (if other than the Issuer). If the Issuer is unable to provide to the Repositories an Annual Report by the date required in subsection (a), the Issuer shall send a notice to (i) each National Repository or the Municipal Securities Rulemaking Board and (ii) the State Repository, in substantially the form attached as Exhibit A. (c) The Dissemination Agent shall: (i) determine each year prior to the date for providing the Annual Report the name and address of each National Repository, the State Repository, if any; provided, however, if the filing is to be made through the Central Post Office pursuant to Section 6 below, the Dissemination Agent need only determine the name and address of the Central Post Office; and (ii) if the Dissemination Agent is other than the Issuer, file a report with the Issuer certifying that the Annual Report has been provided pursuant to this Disclosure Certificate, stating the date it was provided and listing all the Repositories, or the name of the Central Post Office in the event the filing is made through the Central Post Office, to which it was provided. SECTION 4. CONTENT OF ANNUAL REPORTS. The Issuer's Annual Report shall contain or include by reference the following: (a) the audited financial statements of the Issuer for the prior fiscal year, prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Acmunting Standards Board. If the Issuer's audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the Annual Report [25009/001/00196635.DOCa41 shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement dated 2007 (the "Official Statement"), and the audited financial statements shall be filed in the same manner as the Annual Report when they become available; and (b) updates to the following historical financial information and operating data presented in tabular form in the Official Statement entitled ""HISTORICAL POPULATION DISTRIBUTION FACTORS FOR INCORPORATED AND UNINCORPORATED MONROE COUNTY," "MONROE COUNTY, FLORIDA HISTORICAL INFRASTRUCTURE SALES SURTAX REVENUES" and "MONROE COUNTY, FLORIDA PRO FORMA DEBT SERVICE COVERAGE." The information provided under Section 4(b) may be included by specific reference to other documents, including official statements of debt issues of the Issuer or related public entities, which have been submitted to each of the Repositories, either directly or through the Central Post Office, or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The Issuer shall clearly identify each such other document so included by reference. SECTION 5. REPORTING OF SIGNIFICANT EVENTS. (a) Pursuant to the provisions of this Section 5, the Issuer shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material: 1. principal and interest payment delinquencies; 2. non-payment related defaults; 3. unscheduled draws on the debt service reserves reflecting financial difficulties; 4. unscheduled draws on credit enhancements reflecting financial difficulties; 5. substitution of credit or liquidity providers, or their failure to perform; 6. adverse tax opinions or events affecting the tax-exempt status of the Bonds; 7. modifications to rights of the holders of the Bonds; 8. Bond calls (other than scheduled mandatory redemption); 9. defeasances; 10. release, substitution, or sale of property securing repayment of the Bonds; 11. ratings changes; and 12. notice of any failure on the part of the Issuer to meet the requirements of Section 3 hereof. 125009/001/00196635.DOCv41 (b) Whenever the Issuer obtains knowledge of the occurrence of a Listed Event, the Issuer shall promptly determine if such event would be material under applicable federal securities laws; provided, however, that any event under clauses 4, 5, 6, 11 and 12 above shall always be deemed to be material. (c) If the Issuer determines that knowledge of the occurrence of a Listed Event would be material under applicable federal securities laws, the Issuer shall promptly file a notice of such occurrence with (i) each National Repository or the Municipal Securities Rulemaking Board, and (ii) the State Repository. SECTION 6. FILING THROUGH A CENTRAL POST OFFICE. Any filing made or notice provided by the Issuer in accordance with this Certificate to a Central Post Office by electronic or other means shall satisfy the requirements of this Certificate with respect to filings required to be made to all National Repositories and the State Repository, and the Issuer shall not be required to make separate filings with the National Repositories and the State Repositories, unless the Securities and Exchange Commission has withdrawn the interpretive advice in its letter to the MAC dated September 2, 2004. SECTION 7. TERMINATION OF REPORTING OBLIGATION. The Issuer's obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds or if the Rule is repealed or no longer in effect. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such ternnation in the same manner as for a Listed Event under Section 5(c). SECTION 8. DISSEMINATION AGENT. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Issuer pursuant to this Disclosure Certificate. The initial Dissemination Agent shall be the Issuer. SECTION 9. AMENDMENT; WAIVER. Notwithstanding any other provision of this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, provided that the following conditions are satisfied: (a) If the amendment or waiver relates to the provisions of Sections 3(a), 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the Issuer, or the type of business conducted; (b) The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) The amendment or waiver either (i) is approved by the holders or Beneficial Owners of the Bonds in the same mariner as provided in the Resolution for amendments to the Resolution with the consent of holders or Beneficial Owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or Beneficial Owners of the Bonds. 125009/001/00196635. DOCv41 4 In the event of any amendment or waiver of a provision of this Disclosure Certificate, the Issuer shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event under Section 5(c), and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. SECTION 10. ADDITIONAL INFORMATION. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. SECTION 11. DEFAULT. In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate, any holder or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer to comply with its obligations under this Disclosure Certificate; provided, however, the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer to comply with the provisions of this Disclosure Certificate shall be an action to compel performance. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution. SECTION 12. DUTIES, IMMUNITIES AND LIABILITIES OF DISSEMINATION AGENT. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The obligations of the Issuer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. [Remainder of page intentionally left blank] 125009/001/00196635.DOCv41 SECTION 13. BENEFICIARIES. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriters and holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Dated: 2007 MONROE COUNTY. FLORIDA WE Mayor, Board of County Commissioners 125009/001/00196635. D0Cv4l EXHIBIT A NOTICE OF FAILURE TO FILE ANNUAL REPORT Naive of Issuer: Monroe County, Florida Name of Bond Issue: Infrastructure Sales Surtax Revenue Bonds, Series 2007 Date of Issuance: 2007 NOTICE IS HEREBY GIVEN that the Issuer has not provided an Annual Report with respect to the above - named Bonds as required by Sections 3 and 4(b) of the Continuing Disclosure Certificate dated as of 2007. The Issuer anticipates that the Annual Report will be filed by Dated: MONROE COUNTY, FLORIDA 125009/001/00196635.DOCv41 A -I EXHIBIT B Any filing under this Certificate to any of the Repositories may be made solely by transmitting such filing to the Texas Municipal Advisory Council (the "MAC") as the "Central Post Office" as such term is defined in the Certificate and as provided at http://%vww.clisdosureusa.org unless the United States Securities and Exchange Commission has withdrawn the interpretive advice in its letter to the MAC dated September 7, 2004. Nationally Recognized Municipal Securities Information Repositories approved by the Securities and Exchange Commission: Bloomberg Municipal Repository 100 Business Park Drive Skillman, NJ 08558 Phone: (609) 279-3225 Fax: (609) 279-5962 httki://ww%v.bl()otiiberg.com/markets/rates/niuiii a ntacts.hhnl Email: Munis(mBloomberg.com DPC Data Inc. Interactive Data Pricing and Reference Data, Inc. Attn: NRMSIR 100 William Street, 15th Floor New York, NY 10038 Phone: (212) 771-6999 Fax: (212) 771-7390 httl2://www.interactivedata- rn d.com Email: NRMSIRcwinteractivedata.com Standard & Poor's Securities Evaluations, Inc. One Executive Drive 55 Water Street, 45th Floor Fort Lee, NJ 07024 New York, NY 10041 Phone: (201) 346-0701 Phone: (212) 438-4595 Fax: (201) 947-0107 Fax: (212) 438-3975 http://%vivw.MuniFILINGS•coni 11ttp://wwev.disclosuredirechiry.5tandardand oors Email: nrmsinrydpcdata.coni con1 Email: mausir repository(&sandp corn A list of names and addresses of all designated Nationally Recognized Municipal Securities Information Repositories as of any point in time is available by visiting the SEC's website at nv%v%v.sec-gov/infohnunicipal/nnnsir htm. 125009/001/001%635. DOCv4l B-1 EXHIBIT E FORM OF FINANCIAL GUARANTY AGREEMENT FINANCIAL GUARANTY AGREEMENT FINANCIAL GUARANTY AGREEMENT made as of (CLOSING DATE], by and between (ISSUER] (the "Issuer') and MBIA Insurance Corporation (the "Insurer"), organized under the laws of the state of New York. WITNESSETH: WHEREAS; the Issuer has or will issue the Obligations; and WHEREAS, pursuant to the terms of the Document the Issuer agrees to make certain payments on the Obligations; and WHEREAS, the Insurer will issue its Surety Bond, substantially in the form set forth in Annex A to this Agreement, guaranteeing certain payments by the Issuer subject to the terms and limitations of the Surety Bond; and WHEREAS, to induce the Insurer to issue the Surety Bond, the Issuer has agreed to pay the premium for the Surety Bond and to reimburse the Insurer for all payments made by the Insurer under the Suety Bond, all as more fully set forth in this Agreement; and WHEREAS, the Issuer understands that the Insurer expressly requires the delivery of this Agreement as part ofthe consideration for the execution by the Insurer of the Surety Bond; and NOW, THEREFORE, in consideration of the premises and of the agreements herein contained and of the execution of the Surety Bond, the Issuer and the Insurer agree as follows: ARTICLE I DEFINITIONS; SURETY BOND Section 1.01. Definitions. The terms which are capitalized herein shall have the meanings specified in Annex B hereto. Section 1.02. Suretv Bond. (a) The Insurer will issue the Surety Bond in accordance with and subject to the terms and conditions of the Commitment. (b) The maximum liability of the Insurer under the Surety Bond and the coverage and term thereof shall be subject to and limited by the terms and conditions of the Surety Bond. Section 1.03. Premium. In consideration of the Insurer agreeing to issue the Surety Bond hereunder, the Issuer hereby agrees to pay or cause to be paid the Premium set forth in Annex B hereto. The Premium on the Surety Bond is not refundable for anyreason. Section 1.04. Certain Other Expenses. The Issuer will pay all reasonable fees and disbursements of the Insurers special counsel related to any modification of this Agreement or the Surety Bond. ARTICLE II REIMBURSEMENT AND INDEMNIFICATION OBLIGATIONS OF ISSUER AND SECURITY THEREFOR Section 2.01. Reimbursement for Payments Under the Surety Bond and Expenses; Indemnification (a) The Issuer will reimburse the Insurer, within the Reimbursement Period, without demand or notice by tie Insurer to the Issuer or any other person, to the extent of each Surety Bond Payment with interest on each Surety Bond Payrnent from and including the date made to the date of the reimbursement at the lesser of the Reimbursement Rate or the maximum rate of interest permitted by then applicable law. (b) The Issuer also agrees to reimburse the Insurer immediately and unconditionally upon demand, to the extent permitted by state law, for all reasonable expenses incurred by the Usurer in connection with the Surety Bond ,aid the enforcement by the Insurer of the Issuers obligations under this Agreement, the Document, and any other document executed in connection with the issuance of the Obligations, together with interest on all such expenses from and including the date incurred to the date of payment at the rate set forth in subseetion (a) of this Section 2.01. (c) The Issuer agrees to indemnify the Insurer, to the extent permitted by state law, against any and all liability, claims, loss, costs, damages, fees of attorneys and other expenses which the Insurer may sustain or incur by reason of or in consequence of (i) the failure of the Issuer to perform or comply with the covenants or conditions of this Agreement or (ii) reliance by the Insurer upon representations made by the Issuer or (iii) a default by the Issuer under the tennis of the Document or any other documents executed in connection with the issuance of the Obligations. (d) The Issuer agrees that all amounts owing to the Insurer pursuant to Section 1.03 hereof and this Section 2.01 must be paid in full prior to any optional redemption or refunding of the Obligations. (e) All payments made to the Insurer under this Agreement shall be paid in lawful currency of the United States in immediately available funds at the Insuret's office at 113 14ing Street, Armonk, New York 10504, Attention: Accounting and Insured Portfolio Management Departments, or at such other place as shall be designated by the Insures-. Section 2.02. Allocation of Payments. The Insurer and the Issuer hereby agree that each payment received by the Insurer from or on behalf of the Issuer as a reimbursement to the Insurer- as required by Section 2.01 hereof shall be applied by the Insurer first, toward payment of any unpaid prcmiwn; second, toward repayment of the aggregate Surety Bond Payments made by the Insurer and not yet repaid, payment of which will reinstate all or a portion of the Surety Bond Coverage to the extent of such repayment (but not to exceed the Surety Bond Limit); and third, upon full reinstatement of the Surety Bond Coverage to the Surety Bond Limit, toward other amounts, including, without limitation, any interest payable with respect to any Surety Bond Payments then due to the Insurer. Section 2.03. Security for Payments; Instruments of Further Assurance. To the extent, but only to the extent, that the Doc unent, or any related indenture, trust agreement, ordinance, resolution, mortgage, security agreement or similar instrument, if any, pledges to the Owners or any trustee therefor, or grants a security interest or lien in or on any collateral, property, revenue or other payments ("Collateral and Revenues") in order to secure the Obligations or provide a source of payment for the Obligations, the Issuer hereby grants to the Insurer a security interest in or lien on, as the case may be, and pledges to the Insurer all such Collateral and Revenues as security for payment of all amounts due hereunder and under the Document or any other document executed in connection with the issuance of the Obligations, which security interest, lien and/or pledge created or granted under this Section 2-03 shall be subordinate only to the interests of the Owners and any trustee therefor in such Collateral and Revenues, except as otherwise provided. The Issue agrees that it will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all financing statements, if applicable, and all other further instruments as may be required by law or as shall reasonably be requested by the insure for the perfection of the security interest, if any, granted under this Section 2.03 and for the preservation and protection of all rights of the Insurer under this Section 2.03. Section 2.04. Unconditional Obligation. The obligations hereunder are absolute and unconditional and will be paid or performed strictly in accordance with this Agreement, subject to the limitations of the Document, irrespective of: (a) any lack of validity or enforceability of, or any amendment or other modification of, or waiver with respect to the Obligations, the Document or any other document executed in connection with the issuance of the Obligations; or (b) any exchange, release or nonperfection of any security interest in property securing the Obligations or this Agreement or any obligations hereunder; or (c) any eircumstvices that might otherwise constitute a defense available to, or discharge of, the Issuer with respect to the Obligations, the Document or any other document executed in connection with the issuance of the Obligations; or (d) whether or not such obligations are contingent or matured, disputed or undisputed, liquidated or unliquidated. Section 2.05. hrsure's Rights. The Issuer shall repay the Insurer to the extent of payments made and expanses inured by the Insurer in connection with the Obligations and this Agreement. The obligation of the Issuer to repay such amounts shall be subordinate only to the tights of the Owners to receive regularly scheduled principal and interest on the Obligations. Section 2.06. On -Going Information Obligations oflssuer. (a) Quarterlyeports. The Issuer will provide to the Insurer within 45 days of the close of each quarter interim financial statements coveting all f rid balances under the Docurent, a statement of operations (income statement), balance sheet and changes in fund balances. Tliese statements need not be audited by an independent certified public accountant, but if any audited statements are produced, they must be provided to the Insurer, (b) Annual Reports. The Issue- will provide to the Insurer annual 'financial statements audited by an independent certified public accountant within 90 days of the end of each 'fiscal year, (c) Access to Facilities. Books and Records. The Issuer will grant the Insurer reasonable access to the project financed by the Obligations and will make available to the Insurer, at reasonable times and upon reasonable notice all books and records relative to the project financed by the Obligations; and (d) Compliance Certificate. Oil an annual basis the Issuer will provide to the Insurer a certificate confirming compliance with all covenants and obligations hereunder and under the Revenue Agreement, the Document or any other docornent executed in connection with the issuance of the Obligations. ARTICLE III AMENDMENTS TO DOCUMENT So long as this Agreement is in effect, the Issuer agrees that it will not agree to amend the Document or any other document executed in connection with the issuance of the Obligations, without the prior written consent of the Insurer. ARTICLE IV EVENTS OF DEFAULT; REMEDIES Section 4.01. Events of Default. 'the following events shall constitute Events of Default hereunder: (a) The Issuer shall fail to pay to the Insurer when due any amount payable under Sections 1.03; or (b) The Issuer shall fail to pay to the Insurer any amount payable under Sections 1.04 and 2.01 hereof and such failure shall have continued for a period in excess of the Reimbursement Period; or (c) Any material representation or warranty made by the Issuer- under the Docuient or hereunder or any statement in the application for the Surety Bond or any report, certificate, financial statement, document or other instnunent provided in connection with the Commitment, the Surety Bond, the Obligations, or herewith shall have been materially false at the time when made; or (d) Except as otherwise provided m this Section 4.01, the Issuer- shall fail to perform any of its other obligations under the Document, or any other document executed in correction with the issuance of the Obligations, or hereunder, provided that such failure continues for more than 30 days after receipt by the Issuer of written notice of such failure to perform; or (e) "file Issuer shall (i) voluntarily commence any proceeding or file any petition seeking relief under the United States Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law, (ii) consent to the institution of or fail to controvert in a timely and appropriate manner, any such proceeding or the filing of any such petition, (in) apply for or consent to the appointment of a receiver, trustee, custodian, sequcstrator or similar official for such party or for a substantial pail of its property, (iv) file an answer admitting the material allegations of a pennon filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take action for the purpose of effecting any of the foregoing; or (0 An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Issuer. or of a substantial part of its property, wider the United States Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency or similar law or (ii) the appointment of a receiver, trustee, custodian, sequestrator or similar official for the Issuer or for a substantial part of its property; and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall continue unstayed and in effect for 30 days. Section 4.02. Remedies. If an Event of Default shill occur and be continuing. then the Insurer may take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due under this Agreement or to enforce performance of any obligation of the Issuer to the Insurer under the Document or any related instrument, and any obligation, agreement or covenant of the Issuer under this Agreement; provided, however-, that the Insurer may not take any action to direct or require acceleration or other early redemption of the Obligations or adversely affect the rights of the Owners. In addition, if an Event of Detault shall occur due to tine failure to pay to the Insurer the amounts due under Section 1.03 hereof, the Insurer shall have the right to cancel the Surety Bond in accordance with its terns. All rights and remedies of the Insurer under this Section 4.02 are cumulative and the exercise of any one remedy does not preclude the exercise ofone or more of the other available remedies. ARTICLE V SETTLEMENT The Insurer shall have the exclusive right to decide and determine whether any claim, liability, suit or judgment made or brought against the Insurer, the Issuer or any other party on the Surety Bond shall or shall not be paid, compromised, resisted, defended, tried or appealed, and the Insurers decision thereon, if made in good faith, shall be final and binding upon the Insurer, the Issuer and any other party on the Surety Bond. An itemized statement of payments made by the Insurer, certified by an officer ofthe Insurer, or the voucher or vouchers for such payments, shall be prima facie evidence of the liability of the Issuer, and if the Issuer Ws to immediately reimburse the Insurer upon the receipt of such statement of payments, interest shall be computed on such amount from the date of any payment made by the Insurer at the rate set forth in subsection (a) of Section 2.01 hereof. ARTICLE VI MISCELLANEOUS Section 6.01. Interest Computations. All computations of interest due hereunder shall be made on the basis of the actual number of days elapsed over a year of 360 days. Section 6.02. Exercise of Rights. No failure or delay on the part of the Insurer to exercise any right, power or privilege under this Agreement and no course of dealing between the Insurer and the Issuer or any other party shall operate as a waiver of any such right, power or privilege, nor shall any single or partial exercise of any such right, power- or privilege preclude any other or further exercise thereof or the exercise of any other tight, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which the Inswer would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or iiuther action in any circumstances without notice or demand. Section 6.03. Amendment and Waiver. Any provision of this Agreement maybe amended, waived, supplemented, discharged or terminated only with the prior written consent of the Issuer and the Insurer. The Issuer hereby agrees that upon the written request of the Paying Agent, the hrsurennay make or consent to issue any substitute for the Surety Bond to cure any ambiguity or formal defect or omission in the Surety Bond which does not materially change the terms of the Surety Bond nor adversely affect the rights of the Owners, and this Agreement shall apply to such substituted surety bond. The Insurer agrees to deliver to the Issuer and to the company or companies, if any, rating the Obligations, a copy of such substituted surety bond. Section 6.04. Successors and Assigns Descriptive Headings. (a) This Agreement shall bind, and the benefits thereof shall inure to, the Issuer and the Insurer and their respective successors and assigns; provided, that the Issuer may not transfer or assign any or all of its rights and obligations hereunder without the prior written consent of the hrsurer. (b) The descriptive heading of the various provisions of this Agreement are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. Section 6.05. Other Sureties. If the Insurer shall procure any other surety to reinsure the Surety Bond, this Agreement shall inure to the benefit of such other surety, its successors and assigns, so as to give to it a direct right of action against the Issuer to enforce this Agreement, and "the Insurer," wherever used herein, shall be decrned to include such reinsuring surety, as its respective interests may appear. Section 6.06. Signature on Bond. The Issuer's liability shall not be affected by its failure to sign the Surety Bond nor by any claim that other indemnity or security was to have been obtained nor by the release of any indemnity, nor the return or exchange of any collateral that may have been obtained. Section 6.07. Waiver. ,Ibe Issuer waives any defense that this Agreement was executed subsequent to the date of the Surety Bond, admitting and covenanting that such Surety Bond was executed pursuant to the Issuer's request and in reliance on the Issuer's promise to execute this Agreement. Section 6.08. Notices Requests, Demands. Except as otherwise expressly provided herein, all written notices, requests, demands or other communications to or upon the respective parties hereto shall be deemed to have been &+ ven or made when actually received, or in the case of telex or telecopier notice sent over a telex or a telecopier machine owned or operated by a party hereto, when sent, addressed as specified below or at such other address as any of the parties may hereafter specify in writing to the others: If to the Issuer: [ISSUER] [STREET ADDRESS] [CITY, STATE ZIP] Attention: [PERSON AT ISSUER] Ifto the Paying Agent: [PAYING AGENT] Attention: Corporate Trust Officer Ifto the Insurer: MBIA Insurance Corporation 113 King Street Armonk, New York 10504 Attention: Insured Portfolio Management Group Section 6.09. Survival of Representations and Warranties. All representations, warranties and obligations contained herein shall survive the execution and delivery of this Agreement and the Surety Bond. Section 6.10. Governing Law. This Agrecrnent and the rights and obligations of the parties under this Agreement shall be governed by and construed and interpreted in accordance with the laws of the State. Section 6.11. Counterparts. This Agreement may be executed in any number of copies and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument. Complete counterparts of this Agreement shall be lodged with the Issuer and the Insurer. Section 6.12, Severability. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 6.13. Survival of Obligations. Notwithstanding anything to the contrary contained in this Agreement, the obligation of the Issuer to pay all amounts due hereunder and the rights of the Insurer to pursue all remedies shall survive the expiation, termination or substitution of the Surety Bond and this Agreement. IN WITNESS WHEREOF, each of the patties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written. Attest: [ISSUER] By: Title: MBIA Insurance Corporation President Assistant Secretary ANNEX A DEBT SERVICE RESERVE SURETY BOND MBIA Insurance Corporation Armonk, New York 10504 Surety Bond No. [POLICY NO.] MBIA Insurance Corporation (the "Insurer"), in consideration of the payment of the premium and subject to the terms of this Surety Bond, hereby unconditionally and irrevocably guarantees the full and complete payments that are to be applied to payment of principal of and interest on the Obligations (as hereinafter defined) and that are required to be made by or on behalf of [NAME OF ISSUER] (the "Issuer") under the [TITLE OF THE DOCUMENT] (the "Document') to [NAME- OF PAYING AGENT ], (the "Paying Agent"). as such payments are due but shall not be so paid, in connection with the issuance by the Issuer of [TITLE, OF THE OBLIGATIONS] (the "Obligations"), provided, that the amount available hereunder for payment pursuant to any one Demand for Payment (as hereinafter defined) shall not exceed [a: FIXED COVERAGE [Dollar Amount of Coverage] or the debt service reserve fund requirement for the Obligations, whichever is less (the "Surety Bond Limit"): provided, further, that the amount available at any particular time to be paid to the Paying Agent under the terms hereof (the "Surety Bond Coverage") shall be reduced and may be reinstated from time to time as set forth herein.] or [b: VARIABLE COVERAGE the annual amount set forth for file applicable bond year on L.xhibn A attached hereto (the "Surety Bond Limit"); provided, further, that the amount available at any particular time to be paid to the Paying Agent under the terms hereof (the "Surety Bond Coverage") shall be reduced and may be reinstated from time to time as set forth herein.] 1. As used herein, the term "Owner" shall mean the registered oumer of any Obligation as indicated in the books maintained by the applicable paying agent, the Issuer or anv designee of the Issuer for such purpose. The term "Owner" shall not include the Issuer or any person or entity whose obligation or obligations by agreement constitute the underlying security or source of payment for the Obligations. 2. Upon the later of: (i) three (3) days after receipt by the Insurer of a demand for payment in the form attached hereto as Attachment I (the "Demand for Payment'), duly executed by the Paying Agent; or (it) the payment date of the Obligations as specified in the Demand for Payment presented by the Paying Agent to the Insurer, the Insurer will make a deposit of funds in an account with U.S. Bank Trust National Association, in New York.. New York, or its successor, sufficient for the payment to the Paying Agent, of amounts that are then due to the Paying Agent (as specified in the Demand for Payment) subject to the Surety Bond Coverage. 3. Demand for Payment hereunder may be made by prepaid telecopy, telex. TWX or telegram of the executed Demand for Payment c/o the Insurer. if a Demand for Payment made hereunder does not, in any instance. conform to the terms and conditions of this Surety Bond, the Insurer shall give notice to the Paying Agent, as promptly as reasonably practicable, that such Demand for Payment was not effected in accordance with the terms and conditions of this Surety Bond and briefly state the reason(s) therefor. Upon being notified that such Demand for Payment was not effected in accordance with this Surety Bond, the Paying Agent may attempt to correct any such nonconforming Demand for Payment if, and to the extent that, the Paying Agent is entitled and able to do so. 4. The amount payable by the Insurer under this Surety Bond pursuant to a particular Demand for Payment shall be limited to the Surety Bond Coverage. The Surety Bond Coverage shall be reduced automatically to the extent of each payment made by the Insurer hereunder and will be reinstated to the extent of each reimbursement of the Insurer pursuant to the provisions of Article 11 of the Financial Guaranty Agreement dated the date hereof between the Insurer and the [ISSUER OR OBLIGOR] (the "Financial Guaranty Agreement'): provided, [ANNUAL PREMIUM OPTION: (bat no premium is due and unpaid on this Surety Bond and] that in no event shall such reinstatement exceed the Surety Bond Limit. The Insurer will notify the Paying Agent, in writing within five (5) days of such reimbursement, that the Surety Bond Coverage has been reinstated to the extent of such reimbursement pursuant to the Financial Guaranty Agreement and such reinstatement shall be effective as of the date the Insurer gives such notice. The notice to the Paying Agent will be substantially in file form attached hereto as Attaelument 2. 5. Any service of process on the Insurer or notice to the Insurer may be made to the Insurer at its offices located at 113 King Street, Armonk, New York 10504 and such service of process shall be valid and binding. 6. The term of this Surety Bond shall expire [ANNUAL PREMIUM OPTION: ,unless cancelled pursuant to paragraph 9 hereof,] on the earlier of (i) [MATURITY DATE] (the maturity date of the Obligations being currently issued), or (it) the date on which the Issuer has made all payments required to be made on the Obligations pursuant to the Document. 7. The premium payable on this Surety Bond is not refundable for any reason, including the payment prior to maturity of the Obligations. S. (OPTIONAL FIRST SENTENCE: This Surety Bond shall be governed by and interpreted under the laws of the State of (STATE)]. Any suit hereunder in connection with any payment may be brought only by die Paying Agent within [1 or 3 years] after Ill a Demand for Payment. with respect to such payment, is made pursuant to the terms of this Surety Bond and the Insurer has failed to make such payment, or (if) payment would otherwise have been due hereunder but for the failure on (lie part of the Paying Agent in deliver to the Insurer a Demand for Payment pursuant to the terms of this Surety Bond, whichever is earlier. [NOS. 9 and I I are OPT]ONAL] 9. Subject to the terns of the Document, the Issuer shall have the right, upon 30 days prior written notice to the Insurer and the Paying Agent, to terminate this Surety Borld, In the event of a failure by the Issuer to pay the premium due on this Surety Bond pursuant to the terns of the Financial Guaranty Agreement, the Insurer shall have the right upon [No. of days] days prior written notice to the Issuer and the Paying Agent to cancel this Surety Bond. No Demand for Payment shall be made subsequent to such notice of cancellation unless payments are due but shall not have been so paid in connection with the Obligations. 10. There shall be no acceleration payment due under this Policy unless such acceleration is at the sole option ofthe Insurer. 11. This policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. In witness whereof, the Insurer has caused this Surety Bond to be executed in facsimile on its behalf by its duly authorized officers, this [DATE] day of [MONTH,YEAR]. LABIA INSURANCE CORPORATION President Assistant Secretary SB-DSRF-9-[STATE CODE] 4/95 EXIIIBIT A Surety Bond No. [POLICY NO.] Bond Year Maxintu Annual Ucbt Sm vice 20 to 20 20 to 20 20 to 20 DEMAND FOR PAYMENT Attachment I Surety Bond No. [POLICY NO.] .20 MBIA Insurance Corporation 113 King Street Armonk, New York 10504 Attention: President Reference is made to the Surety Bond No. fPOLICY NO.] (the "Surety Bond") issued by the M131A Insurance Corporation (the "Insurer"). The terns which are capitalized herein and not otherwise defined have the meanings specified in the Surety Bond unless the context otherwise requires. The Paying Agent hereby certifies that: (a) In accordance with the provision% of the Document (attached hereto as Exhibit A), payment is due to the Owners of the Obligations on (the 'Due Date") in an amount equal Rr $ (the "Amount Due"). (b) The [Debt Service Reserve Fund Requirement] for the Obligations is $ _ (c) The amounts legally available to the Paying Agent on the Due Date will be S less than the Amount Due (the "Deficiency"). (d) The Paying Agent has not heretofore made demand under the Surety Bond for the Amount Due or any portion thereof The Paying Agent hereby requests that payment of the Deficiency (subject to the Surety Bond Coverage) be made by the Insurer under the Surety Bond and directs that payment under the Surety Bond be made to the following account by batik wire transfer of federal or other immediately available funds in accordance with the terms of the Surety Bond: [Paying Agent's Account] [PAYING AGENT] By Its NOTICE- OF RE-INSTATFMEN"f [Paying+ Agent] [Address] Allachment 2 Surety Bond No. [POLICY NO.] ?0 Reference is made to the Surety Bond No. JPOL.ICY NO.] (tile "Sure", Bond") issued by the MBIA Insurance Corporation (the 'Insurer")_ The terms which are capitalized herein and not otherwise defined have the meanings specified in the Surety Bond unless the context otherwise requires. The Insurer hereby delivers notice that it is in receipt of payment front the Obligor pursuant to Article 11 of the Financial Guaranty Agreement and as of the date hereof the Surety Bond Coverage is $ MBIA Insurance Corporation President Attest: Assistant Secretary ANNEX B DEFINITIONS Forall purposes of this AD'ecinent and the SuretyBond, except as otherwise expressly provided herein or unless the context otherwise requires, all capitalized terms shall have the meaning as set out below, which shall be equally applicable to both the singular and plural forus of such terns. "Agreement" means this Financial Guaranty Agreement. "Closing Date" means [CLOSING DATE], 20 "Commitment" means the connnihnent to issue Municipal Bond Guaranty Insurance in the form attached hereto as Annex C. "Debt Service Payments" means those payments required to be made by or on behalf of the Issuer which will be applied to payment ofprincipal of and interest on the Obligations. "Demand for Payment" means the certificate submitted to the Insurer for payment under the Suety Bond substantially in the form attached to the Surety Bond as Attachment I. "Document" nncans [DOCUMENT]. "Event of Default" shall mean those events of default set forth in Section 4.01 of the Agreement. "Insurer" has the sari meaning as set forth in the first paragraph of this Agreement. "Issuer" means [ISSUER]. "Obligations" means [LEGAL 11TLE OF ISSUE]. "Owners" means the registered owner of any Obligation as indicated in the books maintained by the Paying Agent, the Issver or any designee of the Issuer for such purpose. "Paying Agent" means [PAYING AGENT]. "Prr nnum" means [PREMIUM} payable to the Insurer on or prior to the Closing Date. "Reimbursement Period" means, with respect to a particular Surety Bond Payment, the period commencing on the date of such Surety Bond Payment and ending on the earlier of the date of cancellation of the Surety Bond due to nonpayment of Premium when due or on the expiration of x following such Surety Bond Payment. "Reimbursement Rate" means Citibank's prime rate plus three (3) percent per annum, as of the date of such Suety Bond Payment, said "prince rate" being the rate of interest announced from time to time by Citibank, N.A., New York, New York, as its prime rate. The rate of interest shall be calculated on the basis of the actual number of days elapsed over a 360-day year. "State" means [STATE]. "Surety Bond" means that surety bond attached hereto as Annex A and issued by the Insurer guaranteeing, subject to the terns and limitations thereof, Debt Service Payrents required to be made by the Issuer under the Document. "Surety Bond Coverage" means the amount available at any particular time to be paid under the terms Of the Surety Bond, which amount shall never exceed the Surety Bond Limit. "Surety Bond Limit" means [SURETY BOND LIMIT]_ "Suety Bond Payment" means arm amount equal to the Debt Service Payment required to be made by the Issuer pursuant to the Document less (i) that portion of the Debt Service Payment paid by or on behalf of the Issuer, and (ii) other funds legally available for payment to the Owners, all as certified in a Demand for Paytncni. ANNEX C COMMITMENT [To be provided.) BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 14, 2007 - KL Division County Attorney Bulk Item: Yes No X Staff Contact Person: Susan Grimsley #3477 AGENDA ITEM WORDING: Approval to advertise a public hearing to consider approval of an ordinance deleting Sections 2-267 through 2-269, Monroe County Code, abolishing the Housing Finance Authority. ITEM BACKGROUND: The Housing Finance Authority was created by Ordinance 010-1979 and authorized to transact business via Resolution No. 205-1979 as required by F. S. 159.604(1) On 9/9/1993 the BOCC abolished the Housing Finance Authority via Resolution No. 354-1993 believing it was inactive and no longer necessary. In that a Resolution cannot abolish an agency created by ordinance, on 2/21/1995 via Resolution 059-1995, the Board reversed the action taken on 9/9/1993 and appointed HFA Board members pursuant to F.S. 159.600 to conclude existing business relating to Housing Revenue Bonds Series A dated 1980 and to alleviate a shortage of housing and capital for investment in housing in Monroe County. The Monroe County Housing Finance Authority has no further obligations under any bond issues and has been inactive for an extended period of time. The remaining funds are substantial but remain in an account with Bank of America under the Housing Authority's name but are being used merely to pay for required audits and expenses over this extended period. In that there is no current use for the services of the Housing Finance Authority and the funds are not being used for any productive or social purpose, the proposed Ordinance properly abolishes the Monroe County Housing Finance Authority and directs the remaining funds to be used by the Monroe County Housing Authority for special client needs for housing assistance. PREVIOUS RELEVANT BOCC ACTION: Ordinance No. 010-1979 Resolution No. 205-1979 required by F. S. 159.604(1) for FHA to transact business or exercise powers 9/8/1993 Resolution No. 354-1993 improperly abolishing HFA 2/21/1995 Resolution No. 059-1995 reversing Resolution No. 354-1993 1211312000 Resolution No. 52 7-2 000 $99, 000, 000 Lee County HFA Bonds and ILA w/Lee County 12/ 19/2001 Resolution No. 476-2001- $99, 000, 000 Lee County HFA Bonds and ILA w/Lee County 12/19/2001 Resolution No. 477-2001- $9, 350, 000.00 Monroe County HFA Bonds (Roosevelt Gardens Apartments Project) CONTRACT/AGREEMENT CHANGES: None. STAFF RECOMMENDATIONS: Approval. TOTAL COST: N/A COST TO COUNTY: N/A REVENUE PRODUCING: Yes No X BUDGETED: Yes N/A No _ SOURCE OF FUNDS: AMOUNT PER MONTH Year APPROVED BY: County Atty _ OMB/Purchasing Risk Management DOCUMENTATION: Included X Not Required DISPOSITION: AGENDA ITEM # BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: November 14, 2007 - KL Division County Attorney Bulk Item: Yes No X Staff Contact Person: Susan Grimslev #3477 AGENDA ITEM WORDING: Approval to advertise a public hearing to consider approval of an ordinance deleting Sections 2-267 through 2-269, Monroe County Code, abolishing the Housing Finance Authority. ITEM BACKGROUND: The Housing Finance Authority was created by Ordinance 010-1979 and authorized to transact business via Resolution No. 205-1979 as required by F.S. 159.604(1) On 9/9/1993 the BOCC abolished the Housing Finance Authority via Resolution No. 354-1993 believing it was inactive and no longer necessary. In that a Resolution cannot abolish an agency created by ordinance, on 2/21/1995 via Resolution 059-1995, the Board reversed the action taken on 9/9/1993 and appointed HFA Board members pursuant to F.S. 159.600 to conclude existing business relating to Housing Revenue Bonds Series A dated 1980 and to alleviate a shortage of housing and capital for investment in housing in Monroe County. The Monroe County Housing Finance Authority has no further obligations under any bond issues and has been inactive for an extended period of time. The remaining funds are substantial but remain in an account with Bank of America under the Housing Authority's name but are being used merely to pay for required audits and expenses over this extended period. In that there is no current use for the services of the Housing Finance Authority and the funds are not being used for any productive or social purpose, the proposed Ordinance properly abolishes the Monroe County Housing Finance Authority and directs the remaining funds to be used by the Monroe County Housing Authority for special client needs for housing assistance. PREVIOUS RELEVANT BOCC ACTION: Ordinance No. 010-1979 Resolution No. 205-1979 required by F.S. 159.604(1) for FHA to transact business or exercise powers 9/8/1993 Resolution No. 354-1993 — improperly abolishing HFA 2/21/ 1995 Resolution No. 059-1995 — reversing Resolution No. 354-1993 1211312000 Resolution No. 527-2000 —$99, 000, 000 Lee County HFA Bonds and ILA w/Lee County 12/19/2001 Resolution No. 476-2001- $99,000,000 Lee County HFA Bonds and ILA w/Lee County 12/19/2001 Resolution No. 477-2001- $9,350, 000. 00 Monroe County HFA Bonds (Roosevelt Gardens Apartments Project) CONTRACT/AGREEMENT CHANGES: None. STAFF RECOMMENDATIONS: Approval. TOTAL COST: N/A BUDGETED: Yes N/A No _ COST TO COUNTY: N/A SOURCE OF FUNDS: REVENUE PRODUCING: Yes _ No X AMOUNT PER MONTH_ Year _ APPROVED BY: County Atty9*e'OMB/Purchasimt — Risk Management DOCUMENTATION: Included X Not Required_ DISPOSITION: AGENDA ITEM #Y ORDINANCE NO. - 2007 AN ORDINANCE BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA DELETING SECTIONS 2-267 THROUGH 2-269 OF THE MONROE COUNTY CODE; ABOLISHING THE HOUSING FINANCE AUTHORITY; DIRECTING DISPOSITION OF REMAINING FUNDS; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEAL OF INCONSISTENT PROVISIONS; PROVIDING FOR INCLUSION IN THE MONROE COUNTY CODE; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority was created in 1979, abolished in 1993, and re-established by Ordinance No. 059-1995; and WHEREAS, the Housing Finance Authority has no further obligations under any bond issues and has been inactive since December 17, 2004; and WHEREAS, there are funds in the Monroe County Housing F' uth rity's name held by Bank of America in the amount of approximately $5 ,343.69 s of September 30, 2007 from monies left over from bond funds; and WHEREAS, these funds are being used each year to provide for an audit and other expenses as provided by law and are not being used for any productive or social purpose; and WHEREAS, the Board of County Commissioners has determined that there is no current use for the services of the Housing Finance Authority and desires to abolish the Housing Finance Authority and its Board and dispose of remaining funds; NOW, THEREFORE, BE IT ORDAINED BY THE MONROE COUNTY BOARD OF COUNTY COMMISSIONERS: Section 1. Sections 2-267 through 2-269 of the Monroe County Code are hereby repealed. Sectio 2. All remaining funds in the Bank of America Account are to be used by the Monroe County Housing Authority to pay outstanding obligations and to further Affordable Housing opportunities for the very low and low income residents of Monroe County. Section 3. If any section, subsection, sentence, clause or provision of this ordinance is held invalid, the remainder of this ordinance shall not be affected by such invalidity. Section 4. All ordinances or parts of ordinances in conflict with this ordinance are hereby repealed to the extent of said conflict. Page 1 of 2 Pages Section 4. All ordinances or parts of ordinances in conflict with this ordinance are hereby repealed to the extent of said conflict. Section 5. The provisions of this ordinance shall be included and incorporated in the Code of Ordinances of the County of Monroe, Florida, as an addition or amendment thereto. Section 6. This ordinance shall take effect immediately upon receipt of official notice from the Office of the Secretary of State of the State of Florida that this ordinance has been filed with said Office. PASSED AND ADOPTED by the Board of County Commissioners of Monroe County, Florida, at a regular meeting of said Board held on the day of Mayor Mario DiGenarro Mayor Pro Tern Dixie Spehar Commissioner Charles "Sonny" McCoy Commissioner George Neugent Commissioner Sylvia Murphy (SEAL) BOARD OF COUNTY COMMISSIONERS Attest: DANNY L.KOLHAGE, Clerk OF MONROE COUNTY, FLORIDA By By Deputy Clerk Mayor MONWECOUNTYATTORNEY ,. APPRWVED A I FORM Page 2 of 2 Pages Meeting Date: November 14, 2007 Division: County Attorney Bulk Item: Yes XX No Staff Contact Person: Cynthia L. Hall AGENDA ITEM WORDING: Approval of the Settlement Agreement with Charles D. Rothell and Timothy S. Langston in Code Enforcement Case CE06050154 ITEM BACKGROUND: On July 20, 2006 Messrs.Rothell and Langston were cited for violation of County Code 64(a)(c), Unsafe building. The case was brought before the Special Magistrate on December 15, 2006, at which time Messrs. Rothell and Langston were found in violation. The Special Magistrate set compliance for January 18, 2007, after which a fine would begin to run in the amount of $100.00 per day. Pursuant to the Settlement Agreement attached hereto this case been resolved at $1,391.85 which is equal to10% of the accrued fines and costs. PREVIOUS RELEVANT BOCC ACTION: None CONTRACT/AGREEMENT CHANGES: NIA STAFF RECOMMENDATIONS: Approval TOTAL COST: BUDGETED: Yes —No _ COST TO COUNTY: ,SOURCE OF FUNDS: REVENUE PRODUCING: Yes x No _ AMOUNT PER MONTH_YEAR $1,391.85 APPROVED BY: County AttyOMB/Purchasing Risk Management DOCUMENTATION: Included x Not Required DISPOSITION: AGENDA ITEM # v, �i 7 T7 I I- I q 7, -, T rim -1 4m 9 iz uk- 000t ROL 0 U 7C y Lo NEE. 42FFERiSQA %,JAAJER� REE D i i',i G 'N L E zCw- UNT-v, F-LOiRMA, ow TMAOTHY S. i-ANG5TOURA, CASE NO.- GE005059156 Tile etad of 'I- un, I � I m 4 -0 IY Oonro- ICouniby and Obaies D. R"'CithoN a;IJ he-�jresL 'eby ct M"D a31 �VAYOH4 Im PJ fN I iVi 3:� t K 1 N t Aj� � Cie iu, ��U 1, i i faL 1.4 IV 71, Io r Ali ;4 V. mrga �,giveer-nem by me (Da", 0-1, !c "I"! n-,itm. CA 171 Cc, VV F, OU U�S OT IL 1!1%w u STROTHER C*Mrn# DD071M EVMB 10115/2011 FlD labR.0 oR@as@.* ...... ftNftrYAmn., Inc ...... �9.vm ........ MONROE COUNTY ATTORNEY A 'h ROV 0,AS TO F M YN TIHIIIA L. L, HA ASSISTANT QOUNTY, ATTORNEY Date 0 O rn cn .a a Tim. s Y ��,XVJGI V 11MV � 1101 W, 16111 U 011, U-1 F.1111,41,01-7, Meeting Date: November 14, 2007 - KL Bulk Item: Yes No X Division County Attorney Staff Contact Person: Bob Shillinger #3474� AGENDA ITEM WORDING: Approval of a resolution directing the Supervisor of Elections of Monroe County to place on the January 29, 2008 Presidential Preference Primary Election Ballot a referendum question concerning whether the School Board of Monroe County should be authorized to levy a .5 mill ad valorem tax. ITEM BACKGROUND: Requested by Monroe County School District Resolution No. 686 and as required pursuant to Florida Statutes. PREVIOUS RELEVANT BOCC ACTION: 11/18/2003 BOCC approved Resolution 520-2003 per MCSB Resolution No. 599. COLT CT/AG NT CHANGES: STAFF RECOMMENDATIONS: Approval. TOTAL, COST: N/A COST TO COUNTY: N/A BUDGETED: Yes No REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty OMB/Purchasing Risk Management DOCUMENTATION: Included X Not Required DISPOSITION: AGENDA ITEM # WHEREAS, pursuant to Section 1011.73(2) and (3), Florida Statutes, the School Board of Monroe County, Florida, in Resolution No. 686 adopted October 23, 2007, has requested that the Board of County Commissioners direct the Supervisor of Elections to place on the January 29, ZOOS Presidential Preference Primary Election Ballot a referendum question concerning whether the School Board of Monroe County should be authorized to levy a .5 mill ad valorem tax; Section 1: Pursuant to Sec. 1011.73(2)(3) and (4)(a)(b), Florida Statutes, the Supervisor of Elections of Monroe County, Florida is hereby directed to place on the ballot of the Presidential Preference Primary Ballot Election to be held January 29, 2008, the following proposition, in both English and Spanish, to be voted upon by the voters of Monroe County, Florida: IN THE MONROE COUNTY SCHOOL DISTRICT The district's existing ad valorem tax can be used for capital purposes ONLY. The district's intent is to provide for a shift to continue to enable the district to obtain additional funding for operations such as teachers and classrooms — by reducing millage for capital projects, and enacting the following for tax operations: Shall the district enact a yearly ad valorem tax of .50 mill, for four years beginning July 1, 2008, for operating purposes, thus keeping the millage at the current rate? YES NO Section 2: The Supervisor is further directed to require the School Board to obtain pre- clearance from the U. S. Department of Justice before placing the referendum on the January 29, 2008 ballot. Section 3 : The Clerk is hereby directed to send a certified copy of this resolution to Harry Sawyer, Supervisor of Elections, 530 Whitehead Street, #101, Key West, FL 33040. Passed and adopted by the Monroe County Board of Commissioners at a meeting held this 14th day of November, 2007. Mayor Di Gennaro Mayor Pro Tem Spehar Commissioner McCoy Commissioner Murphy Commissioner Neugent (Seal) ATTEST: DANNY L. KOLHAGE, CLERK LM Deputy Clerk 2 BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA to Mayor Mario Di Gennaro MONRO WSH1LL1-N-dER--,-'JR. NE �M7 8EkT GHWr A98TTAY1 CAUNTY ATTORNEY ®F THE FLORIDA KEYS, P.A. ATTORNEYS AT LAW ISLAMORADA PROFESSIONAL CENTER 81990 OVERSEAS HGWY., 3- FLOOR ISLAMORADA, FLORIDA 33036 TELEPHONE (305) 664-4675 FACSIMILE (305) 664-5414 WEB SITE: www.F1orida-Law.com November 6, 2007 R E C NOV o 7 001 Via Hand .Delivery MONROE CGUNTY ATTORNEY Bob Shillinger, Esq. c/o Cathy Peters, Esq. Monroe County Attorney's Office 502 Whitehead Street Key West, FL 33040 RE. Monroe County School Board % Mall Resolution Our File No. 305 l0849 Dear Mr. Shillinger: Enclosed, please find Resolution #686, adopted by the School Board of Monroe County, Florida on September 25, 2007, providing for the levying of/2 mill subsequent to further approval on January 29, 2008. In accordance with Florida Statute § 1011.73, it is mandated that the School Board direct the County Commissioners to call an election at which the electors within the school district may approve an ad valorem tax millage as authorized under § 1011.71. As such, please place this matter on the agenda for approval and directing the Supervisor of Elections, Harry Sawyer, to place the question on the referendum for consideration. For your convenience, I have included the following documents for your review: 1) Resolution #686; 2) Referendum (English and Spanish), and 3) Notice of Election (English and Spanish). It does not appear that "preclearance" is necessary under C.F.R. § 51.12, defining the scope of requirement for the procedure a change in voting rights. Nevertheless, to insure compliance and taking all necessary precautions, the foregoing items have been submitted to the Department of Justice for review. VERNIS& BOWLING OF MIIAMI, P.A. VERNIS & BOWLING OF BROWARD, P.A. VERNIS & BOWLING OF NORTH FL, P.A. VERNIS & BOWLING OF THE GULF COAST, P.A. VERNIS &. BOWLING OF N.W. FL, P.A. d YJA FLOAmA Fr. LAUDERDALK R4ORMA JACKSDTW1 LE, RGORMA CLEARWAMR, €TARIDA PEN'SACOLA, [T.VMA TEL. (305)145.30351 rAX:(305) M-12W TEL:(934) 52242991 FAX: (954) M-1302 TEL:(904)620-72431 FAX(904) 564.2321 TLL(727)44333771 FAX(727) 443-6M TEL,(M) 4335461 I FAX.(350) 432-0166 VERNIS& BOWLING OF PALM ABACK, P.A. VP_RNIS a BOWLING OF THE FL, KEYS, P.A VERNIS& BOWLING OF 5,W. FL. P.A. VEr(MS& BOWLING OF CENTRAL Fl, P.A. VERNIS& BOWLING OF ATLANFA. LLC NORTIi PALMDEACH,H.OMA KEY W7--.7r, IWMA FORTMYERS,FLORIDA DEARD, FLORM ATIANTJ4 MURCIA TL'€.:(56t)775.98231FAX.(561)773-M$ TEL. ("S) 2934070 1 FAX J305)293,4(M TFL(219) 334aM5 J FAX (239) 334-7102 TM(355)734aM J FAX(M) 734-3441 TM-(404) 846-2m1 l FAX(60i) W,2W2 VERNIS & BOWLING OF SOUTHERN AL, LLC VERNIS & BOWLING OF BMMWGHAK LLC MO F A(ABAMA BM124GI(AM, AIADAMA T1 .(",432-03371 FAX MI) 432-0244 Ta:(205)4454M 1 FAX.(205)44SI036 FWRIDA •ALARARLA-GEORGIA Bob Shillinger, Esq. November 6, 2007 Page 2 In closing, if there is any question or problems with the referendum or enclosed items as framed, please let me know as soon as possible so that I may address any concerns in advance of our impending deadlines. As always, we thank you for your time and assistance with this matter. Sincerely, Scott C. Blau School Board Legal Counsel SCB:nr Enclosure cc: Randy Acevedo, School Board Superintendent LAW OFFICES VERMS & BOWLING or, THE FLORIDA KEYS, P.A. WHEREAS, capital funding is adequate to meet the district's current needs, given the current and contemplated continuance of the ad valorem tax; WHEREAS, the Monroe County School District had operating budget shortfalls for teachers' salary increases, insurance, teacher benefits and classroom materials prior to the enactment of the increase in ad valorem taxes in 2004; WHEREAS, the state funding formula does not allow for the Monroe County public schools to have flexibility between operating funds and capital funds; WHEREAS, the School Board continues to need sufficient revenues to maintain and improve its high quality schools; WHEREAS, Although, Florida law provides for an increase in ad valorem taxes for four (4) years for operating purposes pursuant to voter referendum; and the district does have the flexibility to reduce ad valorem taxes to an amount equal to the ad valorem tax increase for operating expenditures; thereby creating a tax neutral shift after a successful referendum under 1011.71(6), Florida Statute. NOW, THERE' FORE, BE IT RESOLVED by the School Board of Monroe County, Florida, in a public meeting duly called and assembled: That pursuant to Section 1011.73(2), Florida Statues, the Board of County Commissioners' of Monroe County is hereby directed to call a special election for January 29, 2008, for the qualified electors of Monroe County School District to vote on an a valorem millage increase for operating expenses of the School district as authorized by Section 1011,71(6), Florida Statues. 2. The substance of the millage referendum and the ballot title shall read: The District's objective is to continue to make available a portion of the existing capital ad valorem tax levy for operations such as teachers, school nurses and classroom materials. The District intends to continue its reduced millage for capital projects, and continue to make available the equivalent amount for operations. Shall the District continue to enact a yearly ad valorem tax of .5 mill, for four years beginning July 1, 2008 for operating purposes? 2007. YES NO a I� l * ,y �b ADOPTED jt THE SCHOOL BOARD OF MONROE COUNTY, FLORIDA By: Chairman 4Ra4nd Attest: cevedo, Superintendent v1ROVEDING FLEXIBILITY FOR GREATER FUNDING FOR OPERATIONS LN THE MONROE COUNTY SCHOOL DISTRICT 0 The district's existing ad valorem tax can be used for capital purposes ONLY. The district's intent is to provide for a shift to continue to enable the district to obtain additional funding for operations such as teachers and classrooms — by reducing millage for capital projects, and enacting the following for tax operations: Shall the district enact a yearly ad valorem tax of .50 mill, for four years beginning July 1, 2008, for operating purposes, thus keeping the millage at the current rate? YES NO En estos momentos los impuestos de valor solamente tienen el proposito de ser usados pars capital. La intencian del distrito es proveer cambios pars continuar facilitando al distrito para obtener fondos adicionales para finalidades tales Como maestros y clases, reduciendo el amillaramiento para proyectos capitales y aprobar to siguiente para impuesto de operaciones: 4Debera el distrito aprobar un impuesto anual de .5 milesimas de dolar, por cuatro afios, comenzando el lro de Julio del 2008, Para funciones del distrito, de esa manera manteniendo el amillaramiento a is tasa coniente? Si No NOTICE OF SPECIAL SCHOOL. DISTRICT MILLAGE ELECTION FOR THE DISTRICT OF MONROE COUNTY, FLORIDA ON JANUAIBY 29, 2008 By the following referendum, the district's objective is to continue to enable the district to obtain additional funding for operations — such as teachers, school nurses, and classroom materials. The district intends to reduce millage for capital projects and make available an equivalent amount for operations. The following is the official ballot. PROVIDING FLEXIBILITY FOR GREATER FUNDING FOR OPERATIONS IN THE MONROE COUNTY SCHOOL DISTRICT The district's existing ad valorem tax can be used for capital purposes ONLY. The district's intent is to provide for a shift to continue to enable the district to obtain additional funding for operations such as teachers and classrooms — by reducing millage for capital projects, and enacting the following for tax operations: Shall the district enact a yearly ad valorem tax of .50 mill, for four years beginning July I, 2008, for operating purposes, thus keeping the millage at the current rate? YES NO This notice shall be published on and Mediante el referendo siguiente, el objetivo del distrito es continuer facilitando al distrito para obtener Tondos adicionales para gastos financieros tales como maestros, enfermera escolares y articulos para las aulas. La intencion del distrito es reducir el amillaramiento para las obras de capital y facer disponible una cantidad equivalente para funciones del distrito. La boleta siguiente es official. En estos momentos los impuestos de valor solamente tienen el proposito de ser usados para capital. La intencion del distrito es proveer cambios para continuar facilitando al distrito para obtener fondos adicionales para finalidades tales como maestros y clases, reduciendo el amillaramiento para proyectos capitales y aprobar to siguiente para impuesto de operaciones: 6Debera el distrito aprobar un impuesto anual de .S milesimas de dolar, por cuatro anos, comenzando el lro de Julio del 2008, para funciones del distrito, de esa manera manteniendo el amillaramiento a la tasa corriente? Si No Este aviso se publicara en y Chief, Voting Section Civil Rights Division Department of Justice 1800 G. Street N.W. Washington, D.C. 20006 t I' r ! 16 01 ;a; OF THE FLORIDA KEYS, P.A. ATTORNEYS AT LAW ISLAMORADA PROFESSIONAL CENTER 81990 OVERSEAS HGWY., 3"' FLOOR ISLAMORADA, FLORIDA 33036 TELEPHONE (305) 6644675 FACSIMILE (305) 664-5414 WEB SITE: «-%«v Florida-Lmv com November 6, 2007 Ill U7 Mul MONE W-ONTYATTORNF-Y Voting Section - NWB 950 Pennsylvania Avenue N.W. Washington, DC 20530 RE: Monroe County School Board % Mill Resolution Our Vale No. 305 10849 To Whom It May Concern: I am forwarding the enclosed Resolution which was duly passed by the School Board of Monroe County on September 25, 2007. This Resolution has been provided to the Board of County Commissioners for Monroe County, Florida, so that they may approve and direct the Supervisor of Elections of Monroe County to place the item on the ballot as a referendum for the election scheduled for January 29, 2008. Your office was previously provided with a similar resolution which received the attached approval letter dated October 30, 2003. The Resolution being provided with this correspondence is a continuation of the V:z mill tax. The referendum calls for the voters to decide whether the school district may continue to levy an additional V2 mill on property tax for operating while contemporaneously committing to reduce capital millage by the same amount. Monroe County and the Supervisor of Elections will use all currently existing polling places throughout the county for the referendum. The date of the election is January 29, 2008, which is a duly scheduled presidential preference election. It is anticipated that Monroe County will approve the attached Resolution and order the placement of the items on the ballot at the county's next regular scheduled meeting which is to take place on November 14, 2007. Based upon our prior discussions and the previously received approval, we do not believe that there will be a problem pre -clearing this for a county -wide referendum. Still, in an abundance of caution, we are forwarding it through your office for pre -clearance as we have done in the past. Should you have any additional questions or concerns regarding the foregoing, please do not hesitate to contact our office. Also, should you November 6, 2007 Page 2 need to contact our local Supervisor of Election, Harry Sawyer, his telephone number is 305-292-3416. Sincerely, Scott C. Black School Board Legal Counsel SCB:nr Enclosures 1) Resolution #686; 2) Referendum (English and Spanish); and 3) Notice of Election (English and Spanish). cc: Supervisor of Elections Bob Shillinger, Esq., County Attorney's Office Irvin Higgs, Property Appraiser v"" id-GY7Y.JJ ll'1. 1-3 LVJr Wr%v, VW 1 41 Yt.1 ' Civil Rights Divisiaft seem NM. ! 0� - NW- JflR;MSR:ALF:jdhtpar iDC ® Di1&6-012..3 20o3-3281 october 30, 2003 Dirk M. Smits, Esq. Monroe School District Attorney P.O. Box 1788 Key West, Florida 33041-1788 near Mr. Smits: This refers to the procedures for conducting the March 9, 2004, special referendum election for the Monroe County'tSchool District in Monroe county, Florida, subjj�Ctted to the attorney General pursuant to Sourisubmi�sioneono5���emb�rt5,A200342 u.S.C- 1973c. We received y The Attorney General does not interpose any objection to the specified change. However, we note that Section 5 expressly ue ofprovides that the fail aitiyationtto enjoin tGeneralhe Attorney object heenforcementofthees not bar subsequent g change. in addition, as authorized by Section 5, we reserve the right to reexamine thee�'ansobjectiandcomesnto ouroattention that would otherwise require the during the remainder of theinistration+ofySection 5sixtydareviewe(28 C.F.R. 51.41 Procedures for the and 51.43). Section 5 review is required for any voting change adopted as a result of the special election. sincerely, t. ►7oseph D . Rich Ief, Voting Section TOTAL P.02 VERNIS G OF THE FLORIDA KEYS, P.A. ATTORNEYS AT LAW ISLAMORADA PROFESSIONAL CENTER 81990 OVERSEAS HGWY., 3`d FLOOR ISLAMORADA, FLORIDA 33036 TELEPHONE (305) 664-4675 FACSIMILE (305) 664-5414 WEB SITE: www.Florida-LtNi,.com November 6, 2007 Via Hand delivery Irvin A. Higgs Monroe County Property Appraiser 500 Whitehead Street Key West, FL 33040 RE: Monroe County School Board % Mill Resolutions Our File No. 305-10849 Dear Mr. Higgs: RECEIVED �ACNROE COUNTY ATTORNEY Pursuant to a discussion today with our office, I am enclosing a copy of the Resolution which was passed by the School Board on September 25, 2007. As required, we are forwarding the Resolution to the Monroe County Board of County Commissioners to be placed upon their agenda for the upcoming meeting in November. Still, as we have done in the past, we wanted to make sure that you had a copy of the Resolution with the approved language for review prior to this matter being placed on the ballot as a referendum. Since this is a continuation of the V2 mill from 2004,1 understand the revenue will be collected this year as expected and will continue to be assessed beginning in 2008. Please contact our office and advise Dirk Smits or myself if there are any questions or concerns you may have with the Resolution and proposed language. I thank you in advance for your prompt response. Sincerely, i --"Seott C. Black School Board Legal Counsel SCB:nr Enclosure cc: Denise Enriquez, Monroe County Tax Collector Bob<Shillinger, County Attorney's;Office VERNIS & BOWLING OF MIAML P,A. VERNIS &. bOWLING OF BROWARD. P.A. VERNIS &BOWUNG OF NORTH FL, P.A. VERNIS & I)OWLING OFM E GULF COAST. PAMAM1. FLORIDA '{T. tATJDFR3AIR, FLORMA IACASONVTUF, FLORIDA VEtNiS &BOWLING OP N. WFT. P.A 7t,.(305)&95-klilFAX;(3o5)L12C0 951)Sa7-1291pAX_(9ys)522-]J02 CIIIFEUCODl)7 FAX f9m).ud-2= TEL C?M 443-33771 FAX(727) 4434a2s 'sM(M)433,W1/FAX jM)432-01c6 VERNLS & BOWLING OF PALM BEAM P,A. VERNIS & BOWLING OF THE FL, KEYS. P.A. VERNIS & 13OW11NO OF 5. W. FL, P.A. VERNIS & BOWLING OF CENTRAL FL, P.A- VERNIS & HOWLING OF ATLANTA, LLC NORTH PALM BEACFL FLORVA KEY WEST. FLORIDA FORT MYFRS. F(ARR]A OF1Ai1p, FLORIDA A]IATTTA, G£33RL=3A TF1.:(ssi)775-'1aafFA3(9E2 -i361}T15-1 TN7,(3n5)193-0670I FA7C: (3(s5)243�i51O TF,,(239) 334-3035/ FAX(239) 134.T= TEL(M)73-25051 FAX 11261734-344t Tn WA)941.2001 t FAX l404)&V,21Yi VERNIS & BOWLING OF SOUTHERN Al- LLC VERNIS & DOWUNG OF DM1,IINGHAK I,L,O MOBILE AIAIIAMA RIRASP RkKA[ARAtAA 'iFJ'.:(251)432-43371FAY(25))4324auTEt-(2b5)44S-1m6/FAX:(205)44Stom FLORIDA - ALABAMA - GEORGIA Statutes & Constitution :View Statutes :->2007->Ch1011->Section 73 : Online Sunshine Page 1 of 1 1011.73 District millage elections.-- (1) MILLAGE AUTHORIZED NOT TO EXCEED 2 YEARS. --The district school board, pursuant to resolution adopted at a regular meeting, shall direct the county commissioners to call an election at which the electors within the school districts may approve an ad valorem tax millage as authorized in s. 9, Art. V11 of the State Constitution. Such election may be held at any time, except that not more than one such election shall be Feld during any 12-month period. Any millage so authorized shall be levied for a period not in excess of 2 years or until changed by another millage election, whichever is the earlier. In the event any such election is invalidated by a court of competent jurisdiction, such invalidated election shall be considered not to have been held. (2) MILLAGE AUTHORIZED NOT TO EXCEED 4 YEARS. --The district school board, pursuant to resolution adopted at a regular meeting, shall direct the county commissioners to call an election at which the electors within the school district may approve an ad valorem tax millage as authorized under s. 1011.71 (7). Such election may be held at any time, except that not more than one such election shall be held during any 12-month period. Any millage so authorized shall be levied for a period not in excess of 4 years or until changed by another millage election, whichever is earlier. If any such election is invalidated by a court of competent jurisdiction, such invalidated election shall be considered not to have been held. (3) HOLDING ELECTIONS. --All school district millage elections shall be held and conducted in the manner prescribed by law for holding general elections, except as provided in this chapter. o (4) FORM OF BALLOT. -- (a) The district school board may propose a single millage or two millages, with one for operating expenses and another for a local capital improvement reserve fund. When two millage figures are proposed, each millage must be voted on separately. (b) The district school board shall provide the wording of the substance of the measure and the ballot title in the resolution calling for the election. The wording of the ballot must conform to the provisions of s. 101.161. (5) QUALIFICATION OF ELECTORS. --All qualified electors of the school district are entitled to vote in the election to set the school tax district millage levy. (6) RESULTS OF ELECTION. --When the district school board proposes one tax levy for operating expenses and another for the local capital improvement reserve fund, the results shall be considered separately. The tax levy shall be levied only in case a majority of the electors participating in the election vote in favor of the proposed special millage. (7) EXPENSES OF ELECTION. --The cost of the publication of the notice of the election and all expenses of the election in the school district shall be paid by the district school board. http: //www.leg. state. fl.us/Statutes/index. efin?App_mode=Display_Statute&Search_String... 11 /7/2007 Statutes & Constitution :View Statutes :->2007->Ch1411->Section 71 : Online Sunshine Page 1 of 3 1011.71 0istrict school tax.-- (1) If the district school tax is not provided in the General Appropriations Act or the substantive bill implementing the General Appropriations Act, each district school board desiring to participate in the state allocation of funds for current operation as prescribed by s. 1011.62(11) shall levy on the taxable value for school purposes of the district, exclusive of millage voted under the provisions of s. 9(b) or s. 12, Art. VI of the State Constitution, a millage rate not to exceed the amount certified by the commissioner as the minimum millage rate necessary to provide the district required local effort for the current year, pursuant to s. 1011.62(4)(a)1. In addition to the required local effort millage levy, each district school board may levy a nonvoted current operating discretionary millage. The Legislature shall prescribe annually in the appropriations act the maximum amount of millage a district may levy. (2) In addition to the maximum millage levy as provided in subsection (1), each school board may levy not more than 2 mills against the taxable value for school purposes for district schools, including charter schools at the discretion of the school board, to fund: (a) New construction and remodeling projects, as set forth in s. 1013.6..4(3)(b) and (6)(b) and included in the district's educational plant survey pursuant to S. 1013.31, without regard to prioritization, sites and site improvement or expansion to new sites, existing sites, auxiliary facilities, athletic facilities, or ancillary facilities. (b) Maintenance, renovation, and repair of existing school plants or of leased facilities to correct deficiencies pursuant to s. 1013.1.5(2). (c) The purchase, lease -purchase, or lease of school buses. (d) The purchase, lease -purchase, or lease of new and replacement equipment. (e) Payments for educational facilities and sites due under a lease -purchase agreement entered into by a district school board pursuant to s..1003...0.2(1)(f) or s. 1013.1.5(2), not exceeding, in the aggregate, an amount equal to three -fourths of the proceeds from the millage levied by a district school board pursuant to this subsection. (f) Payment of loans approved pursuant to ss. 1011.14 and 1011,15. (g) Payment of costs directly related to complying with state and federal environmental statutes, rules, and regulations governing school facilities. (h) Payment of costs of leasing relocatable educational facilities, of renting or leasing educational facilities and sites pursuant to s. 1013.15(2), or of renting or leasing buildings or space within existing buildings pursuant to s. 1013.15(4), (i) Payment of the cost of school buses when a school district contracts with a private entity to provide student transportation services if the district meets the requirements of this paragraph. http://www.leg.state.fl.us/Statuteslindex.efin?App_rnode=Display Statute&Search_String... 11/7/2007 Statutes & Constitution :View Statutes :->2007->Chl 011 ->Section 71 : Online Sunshine Page 2 of 1. The district's contract must require that the private entity purchase, lease -purchase, or lease, and operate and maintain, one or more school buses of a specific type and size that meet the requirements of s. 1006.25. 2. Each such school bus must be used for the daily transportation of public school students in the manner required by the school district. 3. Annual payment for each such school bus may not exceed 10 percent of the purchase price of the state pool bid. 4. The proposed expenditure of the funds for this purpose must have been included in the district school board's notice of proposed tax for school capital outlay as provided in s. 200.065(10). (j) Payment of the cost of the opening day collection for the library media center of a new school. (3) A school district that has met the reduction requirements regarding class size for the current year pursuant to s. 1.003.03, has received an unqualified opinion on its financial statements for the preceding 3 years, has no material weaknesses or instances of material noncompliance noted in an audit for the preceding 3 years, and certifies to the Commissioner of Education that all of the district's instructional space needs for the next 5 years can be met from capital outlay sources that the district reasonably expects to receive during the next 5 years from local revenues and from currently appropriated state facilities funding or from alternative scheduling or construction, leasing, rezoning, or technological methodologies that exhibit sound management may expend revenue generated by the millage levy authorized by subsection (2) to fund, in addition to expenditures authorized in paragraphs (2)(a)-(j), the following: (a) The purchase, lease -purchase, or lease of driver's education vehicles; motor vehicles used for the maintenance or operation of plants and equipment; security vehicles; or vehicles used in storing or distributing materials and equipment. (b) Payment of the cost of premiums for property and casualty insurance necessary to insure school district educational and ancillary plants. Operating revenues that are made available through the payment of property and casualty insurance premiums from revenues generated under this subsection may be expended only for nonrecurring operational expenditures of the school district. (4) Violations of the expenditure provisions in subsection (2) or subsection (3) shall result in an equal dollar reduction in the Florida Education Finance Program (FEFP) funds for the violating district in the fiscal year following the audit citation. (5) These taxes shall be certified, assessed, and collected as prescribed in s. 1011.04 and shall be expended as provided by law. (6) Nothing in s. 1011.62(4)(a)l. shall in any way be construed to increase the maximum school millage levies as provided for in subsection (1). http://www.leg.state.fl,us/Statutes/index.cfiu?App_znode=Display_Statute&Search String... 11/7/2007 Statutes & Constitution :View Statutes :W>2007->Ch1011->Section 71 : Online Sunshine Page 3 of 3 (7) In addition to the maximum millage levied under this section and the General Appropriations Act, a school district may levy, by local referendum or in a general election, additional millage for schoot operational purposes up to an amount that, when combined with nonvoted millage levied under this section, does not exceed the 10-mill limit established in s. 9(b), Art. VII of the State Constitution. Any such levy shall be for a maximum of 4 years and shall be counted as part of the 10-mill limit established in s. 9(b), Art. W of the State Constitution. Mittage elections conducted under the authority granted pursuant to this section are subject to s. 1011.73. Funds generated by such additional millage do not become a part of the calculation of the Florida Education Finance Program total potential funds in 7001- 2.002 or any subsequent year and must not be incorporated in the calculation of any hold -harmless or other component of the Florida Education Finance Program formula in any year. If an increase in required local effort, when added to existing millage levied under the 10-mill limit, would result in a combined millage in excess of the 10-mitt limit, any millage levied pursuant to this subsection shall be considered to be required local effort to the extent that the district millage would otherwise exceed the 10-mill limit. http://www.leg.state.fl.usIStatuteslindex.efrn?App_mode=Display_Statute&Search String... 11/7/2007