Item C38BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: April
15,
2009
Division: County Administrator
Bulk Item: Yes
X
No
Department: Office of Management & Budget
Staff Contact Person/Phone #: Tina Boan-4472
AGENDA ITEM WORDING:
Approval of a Resolution amending Resolution 424-2007 adopted on November 14, 2007; providing
for changes to the Series 2007 Project; and providing an effective date.
ITEM BACKGROUND:
At the March 18th, 2009 meeting the Board directed staff to reallocate funding from the Public Works
Facility to the Cudj oe-Regional Wastewater Project in order to move forward with wastewater projects
in Monroe County.
PREVIOUS RELEVANT BOCC ACTION:
Approval of Resolution 424-2007
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: $3.7 million BUDGETED: Yes x No
COST TO COUNTY: SOURCE OF FUNDS: 2007 Revenue Bond
REVENUE PRODUCING: Yes No X AMOUNT PER MONTH Year
APPROVED BY: County Atty X OMB/Purchasing X Risk Management N/A
DOCUMENTATION:
DISPOSITION:
Revised 11/06
Included X Not Required
AGENDA ITEM #
RESOLUTION NO.
RESOLUTION AMENDING RESOLUTION NO. 424-
2007 ADOPTED ON, NOVEMBER 14, 2007;
PROVIDING FOR CHANGES TO THE SERIES 2007
PROJECT; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. FINDINGS. It is hereby found and determined that:
(A) On February 13, 2003 the Board of County Commissioners (the
"Board") of Monroe County, Florida (the "Issuer") adopted Resolution No. 77-2003 (as
amended and supplemented, the "Bond Resolution"), which, among other things,
authorized the issuance of Infrastructure Sales Surtax Revenue Bonds from time to time
for the principal purpose of financing or refinancing the acquisition, construction and
equipping of various capital improvement projects.
(B) On, November 14, 2007, the Board adopted Resolution No. 424-2007, (the
"Supplemental Bond Resolution"), which, among other things, supplemented the Bond
Resolution and authorized the issuance of Monroe County, Florida Infrastructure Sales
Surtax Revenue Bonds, Series 2007 (the "Series 2007 Bonds") for the purpose of
financing the acquisition, construction and equipping of various additional capital
improvement projects.
(C) Pursuant to the Bond Resolution, the Issuer issued the Series 2007 Bonds
on December 14, 2007, in the aggregate principal amount of $29,415,000, for the
principal purpose of financing the acquisition, construction and equipping of various
capital improvements described in the Supplemental Bond Resolution (collectively, the
"Series 2007 Project").
(D) The Issuer has other capital improvement needs that must be acquired,
constructed and equipped which were not included within the Series 2007 Project.
(E) It is in the best interests of the Issuer to amend the Supplemental Bond
Resolution to allow proceeds of the Series 2007 Bonds to be used to pay the costs of such
capital improvements.
SECTION 2. DEFINITIONS. When used in this Supplemental
Resolution, the terms defined in the Bond Resolution shall have the meanings therein
stated.
SECTION 3. AUTHORITY FOR THIS SUPPLEMENTAL
RESOLUTION. This Supplemental Resolution is adopted pursuant to the provisions of
the Act and the Bond Resolution.
SECTION 4. AMENDMENT TO THE SUPPLEMENTAL
BOND RESOLUTION. Exhibit A to Resolution No.424-2007, setting forth the
Series 2007 Project is hereby amended in its entirety as set forth in the attachment
hereto, designated as AMENDED EXHIBIT A.
The foregoing amendment to the Supplemental Bond Resolution is being
made in accordance with Sections 7.01(G) and (1) of the Bond Resolution and
accordingly, neither the consent of the Bondholders nor the Insurers is required or
being sought.
SECTION 5. GENERAL AUTHORITY. The members of the Board, the
Clerk, the County Administrator and the 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 or desirable or consistent with the requirements hereof
for the full punctual and complete performance of all the terms, covenants and
agreements contained herein and each member, employee, attorney and officer of the
Issuer or the Board, the Clerk, and the County Administrator is hereby authorized and
directed to do and cause to be done any and all acts and things necessary or proper for
carrying out the transactions contemplated hereunder.
SECTION 6. 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 7. 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.
SECTION 8. EFFECTIVE DATE. This Supplemental Resolution shall
become effective immediately upon its adoption.
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ADOPTED at a regular meeting of the Board of County Commissioners on the
15th day of April, 2009
(SEAL)
ATTEST:
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
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Mayor
AMENDED 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, design, construction and equipping of a new wastewater treatment
plant and collection system for Cudjoe Regional Wastewater System
• 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
key
• capital improvements at Big Pine Park
• pursuant to the terms of the Resolution, the County will deposit a sufficient
amount of 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
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