Resolution 032-1989
RESOLUTION NO.
032-1989
A RESOLUTION FIXING THE ADDITIONAL SERIES DESIGNATION,
DENOMINATIONS, DATE, MATURITY SCHEDULE, INTEREST RATES,
INTEREST PAYMENT DATES, REDEMPTION PROVISIONS AND BOND
REGISTRAR AND PAYING AGENT FOR $2,265,000 IMPROVEMENT
REVENUE BONDS, SERIES 1988B, OF MONROE COUNTY, FLORIDA;
AWARDING THE BONDS AT NEGOTIATED SALE TO THE PURCHASER;
APPROVING THE FORM AND DISSEMINATION OF THE OFFICIAL
STATEMENT FOR THE BONDS; CANCELLING AUTHORIZATION FOR THE
ISSUANCE OF THE BALANCE OF THE BONDS; AUTHORIZING ALL
OTHER NECESSARY ACTION IN CONNECTION WITH THE ISSUANCE OF
THE BONDS; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
SECTION 1.
AUTHORITY FOR RESOLUTION.
This resolution is
adopted pursuant to Sections 215.84 and 218.385, Florida Statutes,
and other applicable provisions of law.
SECTION 2.
FINDINGS.
It is hereby ascertained, determined
and declared that:
A. A resolution (the "Resolution") of the Board of County
Commissioners (the "Governing Body") of Monroe County, Florida (the
"Issuer"), duly adopted on November 22, 1988, authorized the issuance
of not exceeding $7,500,000 Improvement Revenue Bonds, Series 1988
(the "Bonds"), $5,000,000 of which were issued December 14, 1988, as
Series 1988A Bonds and $2,265,000 of which will be issued in February
1989 as Series 1988B Bonds (the "Series 1988B Bonds"), to provide for
the acquisition and construction of certain capital projects in the
area of the Issuer.
B. Prior to adoption of this resolution, significant changes
have occurred in the municipal bond market regarding interest rates
on long term municipal bonds, which are favorable to the Issuer.
c. Based upon all available information and advice from the
staff of the Issuer, the Governing Body has determined that it is in
the best interest of the Issuer to respond to these favorable market
conditions without undue delay.
D. There is insufficient time to respond to these favorable
market conditions by offering the Series 1988B Bonds for public sale.
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E. The complex character of the issuance of the Series 1988B
Bonds requires lengthy and detailed structuring which could be
unreasonably restricted by the lack of flexibility at public sale.
F. A negotiated sale of these Series 1988B Bonds will result
in the most favorable bond financing plan and is in the best interest
of the Issuer.
G. There has been filed with the Issuer, prior to adoption of
this resolution, the disclosure statement required by Section
218.385(4), Florida Statutes.
H. The Issuer has received, or will receive prior to the
issuance of the Series 1988B Bonds, a commitment (the "Commitment")
for municipal bond insurance from Financial Guaranty Insurance
Company, New York, New York (the "Insurer") and, therefore, expects
to receive from Standard & Poor's Corporation, New York, New York, or
Moody's Investors Service, New York, New York, prior to issuance of
the Series 1988B Bonds, a bond rating in one of its 3 highest
classifications.
I. William R. Hough & Co., North Palm Beach, Florida (the
"Purchaser"), has by written proposal, offered to purchase $2,265,000
aggregate principal amount of the Series 1988B Bonds at the price of
$2,231,591.25, plus accrued interest to the date of delivery, at the
interest rates set forth below.
J. It is necessary and desirable at this time to fix the
additional series designation, denominations, date, maturity schedule,
interest rates, interest payment dates, redemption provisions and bond
registrar and paying agent for the Series 1988B Bonds; to award the
Series 1988B Bonds at negotiated sale to the Purchaser; to approve the
form and dissemination of the official statement for the Series 1988B
Bonds; to cancel authorization for the issuance of the balance of the
Bonds; and to authorize all other necessary action in connection with
the issuance of the Series 1988B Bonds.
SECTION 3. REMAINING FISCAL DETAILS FOR BONDS. The additional
series designation, denominations, date, maturity schedule, interest
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rates, interest payment dates and redemption provisions for the Series
1988B Bonds shall be as set forth below.
The Series 1988B Bonds shall be designated "Series 1988B"
Bonds; shall be issued in the denomination of $5,000 each or any
integral multiple thereof; shall be dated December 1, 1988; and shall
bear interest payable on June 1, 1989, and semiannually thereafter on
December 1 and June 1 of each year.
The Series 1988B Bonds shall be issued as serial bonds, shall
bear interest at the rates per annum and shall mature on December 1
in the years and amounts as follows:
Interest Interest
Year Amount Rate Year Amount Rate
1989 $185,000 5.90% 1994 $250,000 6.50%
1990 195,000 6.10 1995 265,000 6.60
1991 205,000 6.20 1996 280,000 6.70
1992 220,000 6.30 1997 300,000 6.80
1993 235,000 6.40 1998 130,000 6.90
The Series 1988B Bonds or portions thereof maturing in the
years 1989 to 1996, both inclusive, are not subject to redemption
prior to their respective stated dates of maturity, at the option of
the Issuer. The Series 1988B Bonds or portions thereof maturing in
the year 1997 and thereafter shall, at the option of the Issuer, be
redeemable other than by operation of the Bond Amortization Account,
in whole at any time on or after December 1, 1996, or in part, in such
manner determined by the Issuer, on December 1, 1996, or on any
interest payment date thereafter, at a price of par and accrued
interest, plus the premiums specified below, expressed as percentages
of the principal amount of the Series 1988B Bonds or portions thereof
to be so redeemed, if redeemed during the following periods:
Redemption Period
(both dates inclusive)
Premium
December 1, 1996, to November 30, 1997
December 1, 1997, and thereafter
2.0%
1.5
SECTION 4.
BOND REGISTRAR AND PAYING AGENT.
The bond
registrar and paying agent for the Series 1988B Bonds shall be
Midlantic National Bank and Trust CO./Florida, Fort Lauderdale,
Florida.
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SECTION 5.
AWARD OF BONDS.
Series 1988B Bonds in the
aggregate principal amount of $2,265,000 are hereby awarded and sold
to the Purchaser at the price of $2,231,591.25, plus accrued interest
to the date of delivery, bearing interest as stated above, and upon
the remaining terms and conditions of the purchase proposal.
SECTION 6. STATEMENT OF INSURANCE. There shall be printed on
the back of each Series 1988B Bond a statement to the effect that
payment of the principal of and interest on the Series 1988B Bonds is
insured by the Insurer, and the proper officer of the Issuer is
authorized and directed to pay the premium for such insurance upon the
delivery of the Series 1988B Bonds.
SECTION 7. OFFICIAL STATEMENT. The form and dissemination of
the preliminary official statement with respect to and in connection
with the marketing of the Series 1988B Bonds are hereby approved. The
proper officers or agents of the Governing Body or of the Issuer are
hereby authorized and directed to prepare, or cause to be prepared,
the final official statement for the Series 1988B Bonds in
substantially the form of the preliminary official statement, with
such changes and additions as may be requested from time to time by
the officers or agents of the Issuer, without further authorization
from this Governing Body.
SECTION 8. CANCELLATION OF BALANCE OF BONDS. The
authorization for issuance of the unsold balance of the Bonds is
hereby cancelled and rescinded.
SECTION 9. NECESSARY ACTION. The proper officers of the
Issuer are hereby designated agents of the Issuer in connection with
the issuance of the Series 1988B Bonds, and are authorized and
empowered, individually or collectively, to take all action and steps
and to execute and deliver any and all instruments, documents or
contracts on behalf of the Issuer which are required by the Resolution
and/or are necessary and desirable in connection with the execution
and delivery of the Series 1988B Bonds, and which are not inconsistent
with this resolution and any other action relating to the Series 1988B
Bonds.
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SECTION 10. EFFECTIVE DATE. This resolution shall take effect
immediately upon its adoption.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of the Board on January
17, 1989.
MONROE COUNTY, FLORIDA
(SEAL)
ATTEST DANNY L. KOLHAGE, Clerk
By
//lI~~J
Mayor, Board of County
Commissioners
~
Clerk, Boar of
Commissioners
AP)'RqVED AS TO I'OIIM
AND Itr~~ ~;F~
Sy )" ~
Attorney's 0Ifit:e
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