Resolution 372-1994
RESOLUTION NO. 372-1994
A RESOLUTION APPROVING, PURSUANT TO THE
REQUIREMENTS OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, BUT SUBJECT
TO CERTAIN STATE LAW FINDINGS, THE ISSUANCE BY
MONROE COUNTY, FLORIDA, OF ITS INDUSTRIAL
DEVELOPMENT REVENUE BONDS (NORTH KEY LARGO
UTILITY CORP. PROJECT), SERIES 1994, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT EXCEE~NG
$3,400,000, FOR THE PURPOSE OF FINANCING ;ALli-:'
OR PART OF THE COST OF ACQUISITION OF ~HJ~ii:
WASTEWATER TREATMENT PLANT OF OCEAN RE~
CLUB, INC., AND THE CONSTRUCTION OF :1{N
EXPANSION TO THAT PLANT; AUTHORIz:!NG
APPLICATION FOR STATE BOND VOLUME :tAP
ALLOCATION FOR SUCH BONDS; AND PROVIDING< AN
EFFECTIVE DATE.
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BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
COUNTY, FLORIDA:
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OF MONROE
SECTION 1. RECITALS. It is hereby found, ascertained,
determined and declared that:
A. North Key Largo Utility Corp. (the "Borrower") has
requested Monroe County, Florida (the "County"), to issue its
Industrial Development Revenue Bonds (North Key Largo Utility Corp.
Project), Series 1994 (the "Bonds"), in an aggregate principal
amount of not exceeding $3,100,000, to finance all or a part of the
cost of acquiring the wastewater treatment plant owned by Ocean
Reef Club, Inc., and constructing certain plant improvements to
replace, refurbish and expand components of that plant
(collectively, the "Project").
B. On August 16, 1994, the Board of County Commissioners of
the County (the "Board") adopted a resolution approving the
issuance of the Bonds, in an aggregate principal amount of not
exceeding $3,100,000, subject to certain conditions and further
findings (the" Inducement Resolution"), for the purpose of inducing
the Borrower to begin work on the Project. Since that time the
Borrower has considered the capitalization of a reserve account for
the Bonds and has revised its estimates for certain Project costs,
thereby increasing the estimated Bond issuance size to $3,400,000.
C. Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), requires public approval of the Bonds, after
a duly noticed public hearing (the "TEFRA Approval"), as part of
the requirements for interest on the Bonds to be tax exempt.
Furthermore, Section 146 of the Code requires that the Bonds be
approved by, and included within, the State of Florida private
activity bond issuance limit for the applicable calendar year (the
"Volume Cap Allocation"), as an additional requirement for interest
03247/MON59012/R-TEFRA-2
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on the Bonds to be tax exempt. However, Section 159.805, Florida
Statutes (1993), which contains the procedures for obtaining a
Volume Cap Allocation, requires evidence of the TEFRA Approval
before commencement of the Volume Cap Allocation procedure.
D. Immediately prior to adoption of this resolution and after
reasonable public notice, a hearing was held by the Board during
which members of the public were afforded reasonable opportunity to
be heard on all matters pertaining to the location and nature of
the proposed Project and to the issuance of the Bonds.
E. It is necessary and desirable and in the best interest of
the County that the Board grant TEFRA Approval for the Bonds,
subject to satisfaction of the conditions specified in the
Inducement Resolution, in order that a Volume Cap Allocation may be
received from the State of Florida for the Bonds.
SECTION 2. APPROVAL OF ISSUANCE OF BONDS. The issuance of
the Bonds, in an aggregate principal amount of not exceeding
$3,400,000, is hereby approved, subject to further authorization by
the Board after satisfaction of those conditions specified by the
Inducement Resolution.
SECTION 3. VOLUME CAP ALLOCATION APPLICATION. The Mayor of
the Board is hereby authorized and directed to make application to
the State of Florida Division of Bond Finance for Volume Cap
Allocation, by executing an appropriate notice of intent to issue
the Bonds, and to take such further action as is necessary to
secure Volume Cap Allocation for the Bonds.
SECTION 4. REPEALING CLAUSE. All resolutions or parts
thereof in conflict herewith, to the extent of such conflict, are
hereby superseded and repealed.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect
immediately upon its passage.
03247/MON59012/R-TEFRA-2 2
PASSED AND ADOPTED this 22nd day of November, 1994.
( SEAL)
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ATTEST: nANNY L. KoUIAGE, er
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Clerk of he C' cuit ourt, ex
officio Clerk of the Board of
County Commissioners
Approved as to form and correctness:
By:
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Randy Ludacer, County Attorney
03247/MONS9012/R-TEFRA-2
MONROE COUNTY, FLORIDA
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