Resolution 255-1985
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RESOLUTION NO. 255-1985
A RESOLUTION APPROVING THE ISSUANCE BY MONROE
COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY OF
ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES A (BOS KEY WEST II, INC. PROJECT), IN
AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO
EXCEED $10,000.000 FOR THE PURPOSE OF
FINANCING ALL OR A PORTION OF THE COST OF A
PROJECT FOR THE ACQUISITION, CONSTRUCTION AND
INSTALLATION OF A COMMERCIAL PROJECT IN AN
ENTERPRISE ZONE TO BE LOCATED IN THE CITY OF
KEY WEST, MONROE COUNTY, FLORIDA, PROVIDING
FOR FILING OF A NOTICE OF INTENT TO ISSUE
BONDS AND REQUEST FOR WRITTEN CONFIRMATION,
UNDER THE FLORIDA PRIVATE ACTIVITY BOND
ALLOCATION ACT, CHAPTER 85-282, LAWS OF
FLORIDA, FOR AN ALLOCATION FOR THE BONDS FOR
CALENDAR YEAR 1985 IN THE AMOUNT OF
$10,000,000; PROVIDING FOR AN ASSIGNMENT OF
SUCH ALLOCATION TO SAID AUTHORITY; ALL
PURSUANT TO PARTS II AND III, CHAPTER 159,
FLORIDA STATUTES, AS AMENDED.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
Section 1.
Recitals. It is hereby found, ascertained,
determined and declared that:
A. Monroe County Industrial Development Authority (the
"issuer") is a public body corporate and politic duly created and
existing as a local governmental body and duly constituted as a
public instrumentality for the purposes of industrial
development, under and by virtue of Chapter 159, Part III,
Florida Statutes, as amended, and is duly authorized and
empowered by such act and by Chapter 159, Part II, Florida
Statutes, as amended (collectively, the "Act"), to provide for
the issuance of and to issue and sell its industrial development
revenue bonds for the purpose of financing all or any part of the
"cost" of any "project," including any "connnercial project in an
enterprise zone" (as such terms are defined in the Act) a "public
lodging or restaurant facility" (within the meaning of the Act),
in order to enhance and expand the agriculture, tourism, urban
development, historic preservation, and health care industries,
among others, enhance other economic activity in the State of
Florida (the "State") by attracting manufacturing development,
business enterprise management and other activities conducive to
economic promotion, promote and foster the economic growth and
development of Monroe County, Florida (the "County") and the
State, increase purchasing power and opportunities for gainful
employment, advance and improve the economic prosperity of the
State and its inhabitants, foster the industrial and business
development of the County, improve living conditions and health
care, promote the preservation of historic structures, the
rehabilitation of enterprise zones, pollution control and the
advancement of education, science and research, and otherwise
provide for and contribute to the health, safety and welfare of
the people of the State.
B. Bos Key West II, Inc., a Florida corporation (the
"Borrower"), has submitted to the Board of County Commissioners a
copy of the Borrower's application to the Issuer (the "Borrower
Application"), a Resolution of the Issuer adopted July 18, 1985
(the llBond Resolutionll), authorizing the issuance by the Issuer
of its Monroe County Industrial Development Authority Industrial
Development Revenue Bonds, Series A (Bos Key West II, Inc.
Project), in the aggregate principal amount of not to exceed
$10,000,000 (the "Bonds") in order to finance all or a part of
the cost of issuance of the Bonds and of a capital project for the
acquisition, construction and installation of a commercial
project in an enterprise zone within the meaning of Section
159.27(19), Florida Statutes, as amended, to wit, a 66-unit
public lodging and restaurant facility and related facilities,
equipment, furnishings and appurtenances within the meaning of
Section 159.27 (12), Florida Statutes, as amended (the "Proj ect") ,
to be located in the City of Key West, Florida, within an
enterprise zone created by said City, on a site bounded by Front
Street, Simonton Street and Key West Harbor, immediately
southwest of the Galleon Resort, the Galleon Resort being located
at 917 Front Street, consisting of approximately 75,060 square
feet of land, three buildings (building no. 1, four stories,
28,730 square feet; building no. 2, four stories, 28,500 square
feet; building no. 3, one story, approximately 5,000 square
feet), parking garage and related facilities, equipment,
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furnishing and appurtenances, to be owned and operated by Bos Key
West II, Inc., a Florida corporation and to be managed by the
Management Company, all as more fully described in the Borrower
Application and the Bond Resolution.
C. The Bond Resolution shows that the Bond Resolution was
adopted by the Issuer after a public hearing, such public hearing
having been duly conducted by the Issuer upon reasonable public
notice, and at such hearing 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.
D. By the Bond Resolution, the Issuer has recommended and
requested that the Board of County Commissioners approve the
issuance of the Bonds, in order to satisfy the requirements of
Section 103(k) of the Internal Revenue Code of 1954, as amended
(the "Code"), and the Treasury Department Regulations under the
Code (together with the Regulations promulgated under such Code,
whether proposed, temporary or final), and the requirements of
Section 159.47(1)(f) and 125.01(1)(z), Florida Statutes, and has
requested that the Board of County Commissioners authorize filing
for an allocation for the Bonds and authorize assignment of such
allocation to the Issuer, pursuant to the Private Activity Bond
Allocation Act, Chapter 85-282, Laws of Florida (the "Allocation
Act"), in order to satisfy the requirements of Section 103(n) of
the Code, to such end that the interest on the Bonds will be
exempt from federal income taxation under applicable provisions
of Section 103 of the Code.
E. The Bond Resolution shows that the Issuer has acted in
accordance with all requirements of law and has made appropriate
provisions for the Bonds to be issued and sold and for the
proceeds of the bonds to be used in accordance with all
applicable requirements of law, and that the Project will serve
significant public purposes as provided in the Act.
F. The purposes of the Act will be effectively served, and
it is necessary and desirable and in the best interest of the
County that, the issuance of the Bonds filing for an allocation
for the Bonds and assignment of such allocation to the Issuer be
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approved by the Board of County Commissioners.
Section 2.
Approval of Issuance of Bonds. The issuance
of the Bonds as contemplated by the Bond Resolution be and is
hereby approved.
Section 3.
Filing for Allocation; Assignment. The
execution and filing of a Notice of Intent to Issue Bonds and
Request for Written Confirmation, for an allocation for the bonds
in the amount of $10,000,000 for calendar year 1985 pursuant to
Section 103(n) of the Code and the Allocation Act, and the
assignment of such allocation to the Issuer, are hereby approved
and the Chairman of the Board of County Commissioners is hereby
authorized and directed, upon receipt of a written request signed
by the Borrower and approved in writing by the Chairman of the
Issuer, to execute and file or deliver such documents or
instruments as may be necessary or advisable in order to
accomplish the foregoing.
Section 4.
Repealing Clause. All resolutions or orders
and part 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.
PASSED AND ADOPTED this
6th day of
September
1985.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
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MAYOR/CHAIRMAN
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
AS TO FORM
SUFFICIENCY.
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BY
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