Tab 7 Certificate as to Specimen BondCERTIFICATE AS TO SPECIMEN BOND
I, Lindsey Ballard, the undersigned Deputy Clerk of the Circuit Court and Ex-
Officio Deputy Clerk to the Board of County Commissioners of Monroe County, Florida
(the "County "), DO HEREBY CERTIFY that attached hereto as Exhibit A is a specimen
of the $31,885,000 Monroe County, Florida Infrastructure Sales Surtax Improvement and
Refunding Revenue Bond, Series 2014, dated as of October 21, 2014, in fully registered
form, which specimen is identical in all respects, except as to signatures, with said Bond
this day delivered for the account of the initial purchaser thereof.
IN WITNESS WHEREOF, I have hereunto set my hand as of this 21st day of
October, 2014.
Deputy Clerk of the
Circuit Court of Monroe
County and Ex- Officio Deputy Clerk to the
Board of County Commissioners
No. R -1 $31,885,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA
MONROE COUNTY, FLORIDA
INFRASTRUCTURE SALES SURTAX IMPROVEMENT
AND REFUNDING REVENUE BOND, SERIES 2014 '
r
Inter Rate
2.36%
Registered Holder:
Maturity D ate
April 1, 2024
Pinnacle Public Finance, Inc.
Date of Oripinal..Issue
October 21, 2014
Principal Amount: THIRTY -ONE MILLION EIGHT HUNDRED EIGHTY -
FIVE THOUSAND AND 001100 DOLLARS
KNOW ALL MEN BY THESE PREStNTSI t .at Monroe County, Florida, a
political subdivision of the State of Florida (the "Issuer"), for value received, hereby
promises to pay, solely from the Pledged,Funds hereinafter described, to the Registered
Holder identified above, or registered assigns 'as hereinafter provided, on the Maturity
Date identified above, the Principal, Amount identified above and to pay interest on such
Principal Amount from the Date. of Original Issue identified above or from the most
recent interest payment date to which interest has been paid at the Interest Rate identified
above on April 1 and October 1' of each year commencing April 1, 2015 until such
Principal Amount shall hive been paid. The Interest Rate is subject to adjustment as
provided in Sections IS and'1 -14. of the hereinafter defined Resolution. The repayment
schedule is attached liereto as Schedule I.
This Bond=:shall be payable as to principal and interest by draft, check or bank wire
transfer, at llie= option of the Registered Holder, or in such other manner as is agreed to
between the Issuer and the Registered Holder in whose name this Bond shall be
registered on the registration books maintained by the Issuer as of the close of business
on the fifteenth day (whether or not a business day) of the calendar month next preceding
an interest payment date; provided, that the Registered Holder shall only be required to
present this Bond to the Issuer for the final payment of the principal of this
Bond or shall otherwise provide evidence that this Bond has been cancelled. Principal of
and interest on this Bond shall be payable in any coin or currency of the United States of
America, which at the time of payment, are legal tender for the payment of public and
private debts.
i This Bond is issued for the principal purpose of providing moneys for (a) the
acquisition, construction and equipping of various capital improvements within the
Issuer, (b) refunding, on a current basis, all of the Issuer's outstanding Infrastructure Sales
Surtax Revenue Bonds, Series 2003, and (c) paying certain costs and expenses in
connection with the issuance of the Bond (all as more particularly described in the
hereinafter defined Resolution), under the authority of and in full compliance with the
Constitution and laws of the State of Florida, particularly Chapter 125, Florida Statutes
Chapter 212, Florida Statutes, the Monroe County Code, the Infrastructure Safes Surtax
Ordinance (as such terms are defined in the hereinafter defined Resolution), and other
applicable provisions of law (collectively, the "Act"), and Resolution
,No� 077 2003 of
the Issuer adopted by the Board of County Commissioners (the "Board") of , the Issuer on
February 19, 2003, as amended and supplemented, particularly as: .supplem(;iit6d by a
resolution adopted by the Board on October 15, 2014 (collectivel ivel the "Resolution"), and
is subject to all the terms and conditions of the Resolution.
This Bond and the interest hereon are payable from and secured by a pledge of and
lien upon (1) the Infrastructure Sales Surtax Revenues (as defined In the Resolution) and
(2) until applied in accordance with the provisions of the I Resolution, all moneys,
including investments thereof, in certain of the liinds and accounts established by the
Resolution, all in the manner and to the extent described, in the Resolution (collectively,
the "Pledged Funds"). The pledge of anl--lien on the -Pledged Funds is on parity in all
respects with the pledge thereof and lien thereon granted with respect to the Issuer's
outstanding Monroe County, Florida.'Infrastructur6" Sales Surtax Revenue Bonds, Series
2007 and the Monroe County, Florida " Infrastructure Sales Surtax Master Revenue Bond
(PNC Bank Line of Credit), Seriesp.20 14 being issued on the date hereof.
IT IS EXPRESSLY AGREED BY THE REGISTER-ED HOLDER OF THIS
BOND THAT THE FULL FAITH AND CREDIT OF THE ISSUER, THE STATE OF
FLORIDA, OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF, ARE
NOT PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
THIS BOND AND THAT SUCH HOLDER SHALL NEVER HAVE THE RIGHT TO
REQUIRE PR COMPEL THE EXERCISE OF ANY TAXING POWER OF THE
ISSUER, THE STATE OF FLORIDA, OR ANY POLITICAL SUBDIVISION OR
AGENCY THEREOF, TO TIC; PAYMENT OF SUCH PRINCIPAL AND INTEREST.
THIS BOND AT1D THE OBLIGATION EVIDENCED HEREBY SHALL NOT
CONSTITUTE A LIEN UPON ANY PROPERTY OF THE ISSUER, BUT SHALL
CONSTITUTE A LIEN ONLY ON, AND SHALL BE PAYABLE SOLELY FROM,
THE PLEDGED FUNDS TO THE EXTENT PROVIDED IN THE RESOLUTION.
The Registered Holder's right, title and interest in and to this Bond and any
amounts payable by the Issuer hereunder may be assigned and reassigned in whole or in
part to one or more assignees or subassignees by the Registered Holder, without the
necessity of obtaining the consent of the Issuer; provided, that any such assignment,
2
transfer or conveyance shall be made only to (i) an affiliate of the Registered Holder or
(ii) a bank, insurance company or similar financial institution, provided that such entity is
purchasing this Bond for its own account with no present intention to resell or distribute
this Bond, subject to each investor's right at any time to dispose of this Bond as it
determines to be in its best interests. Unless to an affiliate controlling, controlled by or
under common control with the Registered Holder, no assignment, transfer or
conveyance permitted by this provision shall be effective until the Issuer shall have
received a written notice of assignment that discloses the name and address of each such
assignee. Nothing contained in this ara a h shall be interpreted `
p p � � reted to prohibit the
Registered Holder from selling participations in this Bond to any invegorsr meeting the
conditions set forth in this paragraph.
Notwithstanding an y provision contained in the immediately preceding paragraph,
there shall never be more than three (3) Registered Holders of/this Bond at any one time
and, to the extent there are two (2) or more Registered Holders of this Herod at any time,
such Holders shall engage a paying agent and registrar that is reasonably acceptable to
the Issuer, the duties of which shall include, but not be limited to, invoicing the Issuer for
scheduled payments on this Bond, receiving payments from the Issuer, distributing
payments to the Registered Holders and maintaining registration books with respect to
this Bond and the Registered Holders thereof, The Registered Holders of this Bond shall
pay all costs and expenses of such paying agent and registrar and the Issuer shall have no
liability, economic or otherwise, with respect thereto.
Prior to April 1, 2019, this Bond shall not be subject to optional redemption. On
and after April 1, 2019, this Bond may be redeemed, at the option of the Issuer, from any
moneys legally available therefor upon notice as provided herein, in whole but not in
part, on any date by paying to the Registered Holder the principal amount of this Bond to
be redeemed, together with the unpaid interest accrued thereon to the date of such
prepayment, without a�premum o penalty.
Any redemption of this Bond shall be made on such payment date as shall be
specified by the Issuer to a written notice provided to the Registered Holder not less than
thirty (30) days prior thereto by first class mail. Notice having been given as aforesaid,
the outstanding principal of this Bond shall become due and payable on the date of
redemption stated M such notice, together with the interest accreted and unpaid to the date
of redemption on the principal arnount then being paid. If on the date of redemption .
moneys for the payment of the principal amount to be redeemed on this :Bond, together
with the accrued interest to the date of redemption on such principal amount, shall have
been paid to the Registered Holder as above provided, then from and after the date of
redemption, interest on such redeemed principal amount of this Bond shall cease to
accrue. If said money shall not have been so paid on the date of redemption, such
principal amount of this Bond shall continue to bear interest until payment thereof at the
Interest Rate.
9
Reference to the Resolution and any and all resolutions supplemental thereto and
modifications and amendments thereof and to the Act is made for a description of the
pledge and covenants securing this Bond, the nature, manner and extent of enforcement
of such pledge and covenants, and the rights, duties, iminunities and obligations of the
Issuer.
It is hereby certified and recited that all acts, conditions and things required to
exist, to happen and to be performed precedent to and in the issuance of this Bond, exist,
have happened and have been performed, in regular and due form and tune as required by
the laws and Constitution of the State of Florida applicable thereto, and that the issuance
of the Bonds does not violate any constitutional or statutory limitations dr provisions.'
Neither the members of the Board of the Issuer nor any- person exec'uting this
Bond shall be liable personally hereon or be subject to personal liability or
accountability by reason of the issuance hereof.
r
This Bond shall not be valid or become obligd'tory for arty purpose until the
certificate of authentication hereon shall have been signed: by the Registrar.
IN WITNESS 'WHEREOF, Monroe County, Florida has issued this Bond and
has caused the same to be executed by the manual signature of the Mayor of the Board of
County Commissioners and countersigned and attested by the manual signature of the
Deputy Clerk to such Board, and its official seal to be affixed or reproduced hereon, all as
of the Date of Original Issue.
MONROE COUNTY, FLORIDA
(SEAL�
a �a
{
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Boar oar Coun
� r Comm' 51CDn
A'rTESTED AND CO TERSIGNED:
Deputy Clerk of the Circuit Court and Ex- Officio
Deputy Clerk to the Board of County Commissioners
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
Coun Attorney's Office
11
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the Issue described in the within- mentioned
Resolution.
DATE OF AUTHENTICATION:
s
October I(� , 2 014
MONROE COUNTY, FI A, Red tray
0
Deputy Clerk of the Circui %Court and
Ex-Officio Deputy Clerk to the Board
of County Commissioners
f e F
W
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
Insert Social Security or Other Identifying Number of Assignee
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
as attorneys to register the transfer of the said Bond on the books, kept'for registration
thereof with full power of substitution in the premises.
Dated:
Signature guaranteed:
NOTICE: Signature(s) must be
guaranteed by an institution which is a
participant in the Securities Transfer
Agent Medallion Program (STAMP) or
similar program. -
y ,.
NOTICE: The signature to this
assignment must correspond with the
name of the Registered Holder as it
appears upon the face of the within Bond
in every particular, without alteration or
enlargement or any change whatever and
the Social Security or other identifying
number of such assignee must be
supplied.
f
d.
NOTICE: The signature to this
assignment must correspond with the
name of the Registered Holder as it
appears upon the face of the within Bond
in every particular, without alteration or
enlargement or any change whatever and
the Social Security or other identifying
number of such assignee must be
supplied.
The following abbreviations, when used in the inscription on the face of the within
Bond, shall be construed as though they were written out in full according to applicable
laws or regulations:
TEN COM -- as tenants in common
TEN ENT -- as tenants by the entireties
JT TEN -- as joint tenants with right of survivorship and not as tenants in co mon
UNIF TRANS MIN ACT --
(Cust.)
Custodian for
under Uniform Transfers to Minors Act of
(State)
Additional abbreviations may also be use o ; n ®t ifi list above.
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SCHEDULE I
Period Ending
04/01/2015
10/01/2015
04/01/2016
10/01/2016
04/01/2017
10/01/2017
04/01/2018
10/01/2018
04/01/2019
10/01/2019
04/01/2020
10/01/2020
04/01/2021
10/01/2021
04/01/2022
10/01/2022
04/01/2023
10/01/2023
04/01/2024
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Principal
$ 500,000
500,000
3,555,000
3,635,000
3,725,000
3,810,000
3,900,000
3,990,000
4,085,000
4,185;000
$31,885,00.0
R
Interest
$ 334,438.22
370,343.00
370,343.00
364,443.00
364,443.00
322,494.00
322,494.00
279,601.00
279,601.00
235,646.00,
235,646.00
190,688.00
190
144,668:00
144,668:0.0
. 97,586'00
97,586.00
49,3 83.00
49,383.00
$4,444,142.22
Debt Service
$ 834,438.22
370,343.00
870,343.00
364,443.00
3,919,A3
322,494:00
3;967,494.00;;
279,601.00
.44,PO4,601.00
235;646.00
4,045,646.00
190,688.00
4,090,688.00
144,668.00
4,134,668.00
97,586.00
4,182,586.00
49,383.00
4,234,3 83.00
$36,329,142.22
m