Item K4
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BOARD OF COUNlY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: November 19.2003
Division: County AdministratorlW astewater Issue
Bulk Item: Yes No X DepartmentCOlmtv AdministratorlWastewater Issue
AGENDA ITEM WORDING:
APPROVAL TO ADVERTISE AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE COUNTY OF
MONROE NOT EXCEEDING $5,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF TAXABLE
WASTEWATER IMPROVEMENT ASSESSMENT BONDS (STOCK ISLAND AREA), SERIES 2004 IN
ORDER TO FINANCE THE ACQUISITION OF CERTAIN WASTEWATER TREATMENT CAPACITY
AND VARIOUS COSTS RELATING TO THE ACQUISITION AND CONSTRUCTION OF CERTAIN
WASTEWATER UTIT..ITY CAPITAL IMPROVEMENTS ON STOCK ISLAND, INCLUDING THE
REIMBURSEMENT OF CERTAIN EXPENDITURES PREVIOUSLY MADE BY THE COUNTY;
PLEDGING THE MONEYS RECEIVED BY THE COUNTY FROM CERTAIN SPECIAL ASSESSMENTS
UPON PROPERTY BENEFITED BY THE AFOREMENTIONED IMPROVEMENTS TO SECURE
PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS; COVENANTING TO BUDGET
AND APPROPRIATE LEGALLY AVAILABLE NON-AD VALOREM FUNDS TO PAY DEBT SERVICE
ON THE BONDS IN THE EVENT THE SPECIAL ASSESSMENTS ARE INADEQUATE FOR SUCH
PURPOSE; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS; AND PROVIDING
FOR AN EFFECTIVE DATE FOR THIS ORDINANCE
ITEM BACKGROUND:
In July of 2002, the Board of County COnmDssioners approved a Capacity Reservation and
Infrastructure Contract with KW Resort Utilities for $4,606,000. That amount was to purchase
wastewater capacity in the system and to allow KWRU to undertake the extension of the collection
system on south Stock Island. This Ordinance will authorize the issuance of debt for the purpose of
replacing infrastructure sales tax funds. The 100+ page Ordinance is being drafted and will be
forthcoming.
PREVIOUS RELEVANT BOCC ACTION:
As above.
CONTRACT/AGREEMENT CHANGES:
NIA
STAFF RECOMMENDATIONS:
Approval to advertise Ordinance for a public hearing to be held on December 17,2003 at 5:00 p.m at
the Marathon Government Center.
TOTAL COST:
$5.000.000 Maximum
BUDGETED: Yes
No X-
COST TO COUNTY: $5.000.000 Maximum
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes _ No _ AMOUNT PER MONTH_ Year
APPROVED BY: County Atty _ OM8/,p:,...~B~d Counsel X
DIVISION DIRECTOR APPROVAL: ~-~;;Jt;e;. ,~
James L. Roberts
DOCUMENTATION:
Included
To Follow
Not Required X
DISPOSITION:
AGENDA ITEM #U