Resolution 460A-1996
REs.nLUTl'ON NO, 460A-1996
A RESOLUTION AMENDING RESOLUTION NO, 206-1990
OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, ENTITLED:
"A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
AUTHORIZING THE ACQUISITION AND CONSTRUCTION
OF ADDITIONAL CRIMINAL JUSTICE FACILITIES IN
MONROE COUNTY, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $40,000,000 SALES
TAX REVENUE BONDS, SERIES 1991, OF THE COUNTY
TO FINANCE THE COST THEREOF; PROVIDING FOR THE
PAYMENT OF SUCH BONDS FROM THE PORTION OF THE
ONE CENT LOCAL GOVERNMENT INFRASTRUCTURE
SURTAX PROCEEDS DISTRIBUTABLE TO THE COUNTY;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE,"
DULY ADOPTED ON MARCH 27, 1990, AS AMENDED, BY
MAKING CHANGES NECESSARY FOR ISSUANCE OF A
MUNICIPAL BOND DEBT SERVICE RESERVE INSURANCE
POLICY FOR THE BONDS; AND PROVIDING AN
EFFECTIVE DATE,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
SECTION 1, AUTHORITY FOR THIS RESOLUTION. Thj;s resollJ.tion is
adopted pursuant to Section 212,055(2), Florida St~u~es, ~d o~er
applicable provisions of law, ~.:~
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SECTION 2, FINDINGS, It is hereby ascertai.ned, d!terr8ned
and declared that:.' ~
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A, The Board of County Commissioners of.. Monr~ COI~ty,
Florida (the "Governing Body" and "County," respectivelY)Q on ~rch
27, 1990, duly adopted Resolution No, 206-1990 entitled?,~)
"A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
AUTHORIZING THE ACQUISITION AND CONSTRUCTION
OF ADDITIONAL CRIMINAL JUSTICE FACILITIES IN
MONROE COUNTY, FLORIDA; PROVIDING FOR THE
ISSUANCE OF NOT EXCEEDING $40,000,000 SALES
TAX REVENUE BONDS, SERIES 1991, OF THE COUNTY
TO FINANCE THE COST THEREOF; PROVIDING FOR THE
PAYMENT OF SUCH BONDS FROM THE PORTION OF THE
ONE CENT LOCAL GOVERNMENT INFRASTRUCTURE
3247/MON59006/R-AMEND-RES
1
SURTAX PROCEEDS DISTRIBUTABLE TO THE COUNTY;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE,"
and subsequently amended the same (collectively, the "Resolution) ,
B, On July 19, 1996, the County received from MBIA Insurance
Corporation, Armonk, New York ("MBIA") , a Commitment (the
"Commitment") to Issue a Debt Service Reserve Surety Bond (the
"Surety Bond") for the Bonds, Thereafter bond counsel to the
County negotiated changes to the Commitment for the benefit of the
County, which resulted in the issuance by MBIA of a revised
Commitment, dated August 29, 1996,
C, It is necessary and desirable to amend the Resolution by
making changes necessary for issuance of the Surety Bond, and
authorize the execution of all documents in connection therewith,
SECTION 3, AMENDMENTS TO RESOLUTION,
amended in the following manner,
The Resolution is
A, The first paragraph of Section 2,09 of the Resolution is
hereby amended to read as follows:
"SECTION 2,09 PROVISIONS FOR REDEMPTION, The Bonds or any
portions thereof shall be subject to mandatory and/or optional
redemption prior to their respective stated dates of maturity, at
such times and in such manner as shall be determined by subsequent
resolution of the Board adopted on or prior to the sale thereof;
however, the Board shall not exercise any provision for optional
redemption of Bonds unless all amounts owed to the insurers under
this Resolution and any reimbursement agreements, with respect to
all bond reserve insurance policies, have been paid in full,"
B, Subsections 4. 02D and F of the Resolution are hereby
amended to read as follows:
"D. RESERVE ACCOUNT, Pledged Funds shall then be applied by
the Issuer to maintain in the Reserve Account a sum equal to the
Reserve Account Requirement, Except as provided below, such sum
shall initially be deposited therein from the proceeds of the sale
of the Bonds, Any withdrawals from the Reserve Account shall be
restored from the first available Pledged Funds after making the
payments required above, Such replenishment amounts shall first be
used for reimbursement of any drawings under any bond reserve
insurance policies, as described below, and then to replenish any
cash withdrawn from the Reserve Account, No further payments shall
be required to be made into the Reserve Account when there has been
deposited therein and as long as there shall remain on deposit
therein a sum equal to the Reserve Account Requirement. The
Authorized Investments on deposit in the Reserve Account shall be
valued annually on the last day of the Fiscal Year in accordance
3247/MONS9006/R-AMEND-RES
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with generally accepted accounting practice,
Notwithstanding the foregoing and with the written consent of
the Bond Insurer (if the outstanding Bonds are then covered by a
Bond Insurance Policy), the Issuer shall not be required to fully
capitalize the Reserve Account on the date of issuance of the Bonds
from proceeds of the sale of the Bonds, if it provides on the date
of issuance of the Bonds, bond reserve insurance issued by a
reputable and recognized municipal bond insurer rated in the
highest rating category by both S&P and Moody's, and, if rated by
A,M, Best & Company, New York, New York ("A,M, Best"), in the
highest rating category by A,M, Best, in an amount equal to the
difference between the Reserve Account Requirement and the sum to
be deposited therein pursuant to the preceding paragraph,
At any time after the issuance of the Bonds, the Issuer may,
in its discretion, withdraw the amount of money on deposit in the
Reserve Account and substitute in its place, a bond reserve
insurance policy, in the face amount of such withdrawal, and use
the surplus money so withdrawn for any lawful purpose specified by
the Act,
Money in the Reserve Account shall be used only for the
purpose of the payment of maturing Amortization Installments or
principal of or interest on the Bonds when the other money
allocated to the Sinking Fund and Bond Amortization Account is
insufficient therefor, and for no other purpose, If and whenever
the money applied and allocated to the Reserve Account exceeds the
Reserve Account Requirement on all then outstanding Bonds, such
excess shall be withdrawn and deposited into the Sinking Fund, If
the Reserve Account is funded with a combination of cash and a bond
reserve insurance policy, as described above, any withdrawals shall
first be made from cash, and then from the bond reserve insurance
policy, If multiple bond reserve insurance policies have been
issued for the Reserve Account, any drawings under those policies
shall be on a pro rata basis,
In the event the Issuer determines to draw upon any bond
reserve insurance policy, it shall cause the paying agent for the
Bonds to (1) provide immediate notice of the same to the insurer,
and (2) deliver to such insurer at least 3 days prior to the date
on which funds are required, a demand for payment in the form and
manner specified by such insurer,
The paying agent for the Bonds shall be required to maintain
adequate records to ascertain the necessity for a claim or draw
upon any bond reserve insurance policy, and the amounts paid and
owing the insurer under the terms of any reimbursement agreement,
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3247/MONS9006/R-AMEND-RES
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F, BALANCE OF' P.EVENUES, Thereafter the balance of any
Pledged Funds remaining after the above required payments
(including deficiencies for prior payments) have been made shall
first be used to pay interest owed any insurer on amounts advanced
under a bond reserve insurance policy, and then may be used by the
Issuer for any lawful purpose specified by the Act,"
C, Section 5,06 of the Resolution is hereby amended to read
as follows:
.. ISSUANCE OF ADDITIONAL OBLIGATIONS, Except as provided
below, the Issuer hereby covenants and agrees not to incur any
other obligations or indebtedness payable from the same source as
the Bonds, unless such obligations contain an express statement
that such obligations are junior and subordinate in all respects to
the Bonds as to lien on and source and security for payment from
the Pledged Funds, Consequently, no Bonds payable from the Pledged
Funds prior to the Bonds shall be issued,
Furthermore, no additional obligations of the Issuer to be
secured by all or any portion of the Non-Ad Valorem Revenues
'Specific Lien Debt') or a covenant to budget and appropriate from
Non Ad-Valorem Revenues ('Budget Covenant Debt' and collectively
with Specific Lien Debt, "Non-Ad Valorem Debt') shall be issued
unless the following conditions are met:
(1) The average of the total Non-Ad Valorem Revenues in the
preceding 2 Fiscal Years must equal or exceed 2 times the maximum
annual debt service on all outstanding and proposed Non- Ad Valorem
Debt,
(2) The total Non-Ad Valorem Revenues for the preceding
Fiscal Year, less (a) the debt service on outstanding and proposed
Specific Lien Debt for the next Fiscal Year, and (b) the Non-Ad
Valorem Revenue Share of Essential Services Expenditures, must be
at least 1,1 times the maximum annual debt service on all
outstanding and proposed Budget Covenant Debt,
The term 'Non-Ad Valorem Revenue Share of Essential Services
Expenditures' shall be determined by multiplying the total cost of
Essential Services for the preceding Fiscal Year by a fraction, the
numerator of which is the total Non-Ad Valorem Revenues for the
preceding Fiscal Year and the denominator of which is total
revenues for the preceding Fiscal Year,
The term 'Essential Services' shall include the total
expenditures by the Issuer for public safety and general
governmental purposes as reported in the annual audited financial
statements of the Issuer, or, if such audited financial statements
are unavailable, in other financial records of the Issuer,
Notwithstanding the foregoing the Issuer may issue obligations
for the purpose of refunding all or a portion of the outstanding
Bonds as long as the aggregate debt service with respect to such
3247!MON59006!R-AMEND-RES
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refunding obligations will be equal to or lower than the aggregate
debt service with respect to the Bonds refunded, the security for
payment of the refunding obligations is equal to or greater than
the security for payment of the refunded Bonds, and the final
maturity of the refunding obligations is not later than April 1,
2004,"
D. Section 6,05 of the Resolution is hereby amended to read
as follows:
"SECTION 6,05 DEFEASANCE, If, at any time, the Issuer shall
have paid, or shall have made provision for the payment of, the
principal, interest and redemption premiums, if any, with respect
to the Bonds, or any portion thereof, and all amounts owed to the
insurers under this Resolution and any reimbursement agreements
with respect to all bond reserve insurance policies have been paid
in full, then, and in that event, the pledge of and lien on the
applicable portion of the Pledged Funds in favor of the applicable
Bondholders shall be no longer in effect, For purposes of the
preceding sentence, deposit of sufficient cash and/or principal and
interest of Federal Securities in irrevocable trust with a banking
institution or trust company, for the sole benefit of the
applicable Bondholders, to make timely payment of the principal,
interest and redemption premiums, if any, on the outstanding Bonds,
shall be considered 'provision for payment,' II
SECTION 4, EXECUTION OF COMMITMENT, FINANCIAL GUARANTY
AGREEMENT, Execution of the revised Commitment by the proper
officer of the Board is hereby authorized or ratified and
confirmed, as applicable, The proper officer of the Board is
hereby authorized to execute the Financial Guaranty Agreement in
substantially the form attached to the revised Commitment, with
such changes as approved by bond counsel to the County.
SECTION 5, SEVERABILITY OF INVALID PROVISIONS, If anyone or
more of the provisions contained in this resolution 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 provisions shall be null and void and shall be deemed
separable from the remaining provisions, and shall in no way affect
the validity of any of the other provisions hereof,
SECTION 6, REPEALING CLAUSE, All resolutions or parts
thereof of the Governing Body in conflict with the provisions
contained in this resolution are, to the extent of such conflict,
hereby superseded and repealed,
3247/MON59006/R-AMEND-RES
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SECTION 7, EFFECTiVE DATE, This resolution shall take effect
immediately upon its adoption,
(SEAL)
ATTEST:
g':ff 'l~1!$,:,)
Commissioners
3247/MONS9006/R-AMEND-RES
by the Board of County Commissioners of
at a regular meeting of the Board on
By
Mayor, Bo d of County
Commissioners
6
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}Dannp I. J1o[bagt
BRANCH OFFICE
3117 OVERSEAS HIGHWAY
MARA mON, FLORIDA 33050
TEL. (305) 289-6027
FAX (305) 289-1745
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD SlREET
KEY WEST, FLORIDA 33040
TEL. (305) 292-3550
FAX (305) 295-3660
BRANCH OFFICE
88820 OVERSEAS HIGHWAY
PLANTAl10N KEY, PLORIDA 33070
TEL. (305) 852-7145
FAX (305) 852-71~
November 14, 1996
Judson Freeman, Jr., &q.
Squire, Sanders & Dempsey
One Enterprise Center, Suite 2100
225 Water Street
Jacksonville, Fl. 32202
Dear Mr. Freeman:
At the October 16, 1996 County Commission Meeting, the Board adopted
Resolution No. 460A-1996 amending Resolution No. 206-1990.
Enclosed please find a certified copy of the above Resolution for your handling.
H you have any questions regarding the above, please do not hesitate to contact this
office.
Sincerely,
Enclosure
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Ruth Ann Jantzen
Deputy Clerk
cc: County Administrator
County Attorney
Finance Director
Lavon Wisher