Resolution 342-1985
RESOLUTION NO.
342-1985
A RESOLUTION FIXING THE DATE, MATURITY
SCHEDULE, TERM BOND AMORTIZATION INSTALL-
MENTS, INTEREST RATES, INTEREST PAYMENT
DATES, REDEMPTION PROVISIONS, BOND
REGISTRAR AND PAYING AGENT, AND ESCRmv
HOLDER WITH RESPECT TO $9,211,773.50
REFUNDING IMPROVEMENT BONDS, SERIES 1985,
OF MONROE COUNTY MUNICIPAL SERVICE DISTRICT,
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; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, a resolution (hereinafter called "Resolution")
of the Board of County Commissioners (hereinafter called
"Governing Body") of Monroe County, Florida, governing body of
the Monroe County Municipal Service District (hereinafter called
"Issuer"), duly adopted on December 6, 1985, authorized the
issuance of not exceeding $10,000,000 Refunding Improvement
Bonds, Series 1985 (hereinafter called "Bonds"), to provide for
the advance refunding of certain outstanding obligations of the
Issuer; and
WHEREAS, prior to adoption of this resolution, signifi-
cant changes have occurred in the municipal bond market regarding
interest rates on long term municipal bonds, which are favorable
to the Issuer; and
WHEREAS, 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; and
WHEREAS, there is insufficient time to respond to these
favorable market conditions by offering the Bonds for public
sale; and
WHEREAS, the complex character of the issuance of the
Bonds requires lengthy and detailed structuring which could be
unreasonably restricted by the lack of flexibility at public
sale; and
WHEREAS, a negotiated sale of these Bonds will result in
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the most favorable bond financing plan and is in the best
interest of the Issuer; and
WHEREAS, there has been filed with the Issuer, prior to
adoption of this resolution, the disclosure statement required by
Section 218.385(4), Florida Statutes; and
WHEREAS, the Issuer expects to receive a commitment for
municipal bond insurance from Municipal Bond Insurance Association,
White Plains, New York (hereinafter called "Insurer"), and,
therefore, expects to receive from Standard & poorls Corporation,
New York, New York, prior to issuance of the Bonds, a bond rating
in one of its 3 highest classifications; and
WHEREAS, William R. Hough & Co., St. Petersburg, Florida
(hereinafter called "Purchaser") has, by written proposal,
offered to purchase $9,211,773.50 aggregate principal amount of
the Bonds at the price of $8,937,597.33, plus accrued interest to
the date of delivery, at the interest rates set forth below; and
WHEREAS, the Governing Body deems it necessary and
desirable at this time to fix the date, maturity schedule, term
bond amortization installments, interest rates, interest payment
dates, redemption provisions, bond registrar and paying agent,
and escrow holder with respect to the Bonds; to award the Bonds
at negotiated sale to the Purchaser; to approve the form and
dissemination of the official statement for the Bonds; and to
cancel authorization for the issuance of the balance of the
Bonds; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, the governing body of the Monroe County
Municipal Service District:
SECTION 1.
REMAINING FISCAL DETAILS FOR BONDS. The
date, maturity schedule, term bond amortization installments,
interest rates, interest payment dates and redemption provisions
for the Bonds shall be as set forth below.
The current interest paying Bonds shall be dated
December 1, 1985, and bear interest payable on April 1, 1986, and
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semiannually thereafter on October 1 and April 1 of each year.
The capital appreciation Bonds shall be dated as of the
date of their delivery.
$2,400,000 aggregate principal amount of the Bonds shall
be issued as current interest paying serial Bonds and shall bear
interest at the rates per annum and mature on October 1 in the
years and amounts as follows:
INTEREST INTEREST
YEAR M10UNT RATE YEAR AMOUNT RATE
1986 $430,000 5.25% 1990 $335,000 7.00%
1987 280,000 5.75 1991 355,000 7.20
1988 300,000 6.25 1992 385,000 7.40
1989 315,000 6.75
$4,160,000 aggregate maturity amount of the Bonds shall
be issued as capital appreciation serial Bonds and shall yield
interest to the maturity thereof at the rates per annum and
mature on October 1 in the years and amounts as follows:
YEAR AMOUNT YIELD YEAR AMOUNT YIELD
1993 $415,000 8.00% 1998 $415,000 8.90%
1994 415,000 8.20 1999 420,000 9.00
1995 415,000 8.40 2000 415,000 9.10
1996 415,000 8.60 2001 420,000 9.20
1997 415,000 8.80 2002 415,000 9.30
$1,355,000 aggregate principal amount of the Bonds shall
be issued as current interest paying term bonds and shall mature
on October 1, 2005, and bear interest at the rate of 9.00% per
annum. Amortization installments are hereby established for such
Bonds due October 1, 2005, and such Bonds due October 1, 2005, as
will be selected by lot, shall be deemed to be due on October 1
in the years and amounts as follows:
YEARS
AMOUNTS
2003
2004
2005
$415,000
450,000
490,000
Principal amounts of the Bonds or portions thereof
maturing October 1, 2005, to be selected by lot, which shall be
equal to the following mandatory amortization installments:
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YEARS
ArlOUNTS
2003
2004
2005
$415,000
450,000
490,000
shall be redeemed on October 1 in such years prior to their
maturity (except the installment maturing in the year 2005) by
operation of the Bond Amortization Fund, at the price of the
principal amount thereof plus accrued interest to the date of
prior redemption, or be purchased in the open market at a price
not to exceed such redemption price.
$3,955,000 aggregate principal amount of the Bonds shall
be issued as current interest paying term bonds and shall mature
on October 1, 2011, and bear interest at the rate of 9.10% per
annum. Amortization installments are hereby established for such
Bonds due October 1, 2011, and such Bonds due October 1, 2011, as
will be selected by lot, shall be deemed to be due on October 1
in the years and amounts as follows:
YEARS
AMOUNTS
2006
2007
2008
2009
2010
2011
$530,000
575,000
625,000
680,000
740,000
805,000
Principal amounts of the Bonds or portions thereof
maturing October 1, 2011, to be selected by lot, which shall be
equal to the following mandatory amortization installments:
YEARS AMOUNTS
2006 $530,000
2007 575,000
2008 625,000
2009 680,000
2010 740,000
2011 805,000
shall be redeemed on October 1 in such years prior to their
maturity (except the installment maturing in the year 2011) by
operation of the Bond Amortization Fund, at the price of the
principal amount thereof plus accrued interest to the date of
prior redemption, or be purchased in the open market at a price
not to exceed such redemption price.
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The current interest paying Bonds or portions thereof
maturing in the year 1994 and thereafter shall, at the option of
the Issuer, be redeemable prior to their stated dates of maturity
other than by operation of the Bond Amortization Fund, in whole
at any time on or after October 1, 1993, or in part, in inverse
order of maturity and by lot within a single maturity, on October
1, 1993, or on any interest payment date thereafter, at a price
of par and accrued interest, plus the following premiums
expressed as percentages of the principal amount thereof, if
redeemed at the following times:
Redemption Period
(both dates inclusive) Redemption Premium
October 1, 1993, through September 30, 1994 2%
October 1 , 1994, through September 30, 1995 1 1/2
October 1, 1995, through September 30, 1996 1
October 1, 1996, through September 30, 1997 1/2
October 1 , 1997,'and thereafter 0
The capital appreciation Bonds or portions thereof
maturing in the year 1996 and thereafter shall, at the option of
the Issuer, be redeemable prior to their stated dates of
maturity, in whole at any time on or after October 1, 1995, or in
part, in inverse order of maturity and by lot within a sinqle
maturity, on October 1, 1995, or on any April 1 or October 1
thereafter, at a price of the accreted value thereof on the
applicable redemption date, plus the following premiums expressed
as percentages of the accreted value thereof on such redemption
date, if redeemed at the following times:
Redemption Period
(both dates inclusive) Redemption Premium
October 1, 1995, through September 30, 1996 5%
October 1, 1996, through September 30, 1997 4
October 1, 1997, through September 30, 1998 3
October 1, 1998, throug h September 30, 1999 2
October 1, 1999, through September 30, 2000 1
October 1, 2000, and thereafter 0
SECTION 2. BOND REGISTRAR AND PAYING AGENT. The bond
registrar and paying agent for the Bonds shall be Barnett Banks
Trust Company, N.A., Jacksonville, Florida.
SECTION 3. ESCROW HOLDER. The escrow holder under the
Escrow Deposit Agreement attached to the Resolution as Exhibit A,
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shall be Barnett Banks Trust Company, N.A., Jacksonville,
Florida.
SECTION 4. AWARD OF BONDS. $9,211,773.50 aggregate prin-
cipal amount of the Bonds are hereby awarded and sold to the
Purchaser at the price of $8,937,597.33, 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 5. STATE~iENT OF INSURANCE. There shall be
printed on the back of each Bond a statement to the effect that
the principal of and interest on the 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 Bonds.
SECTION-6. OFFICIAL STATEMENT. The form and dissemina-
tion of the preliminary Official Statement with respect to and in
connection with the marketing of the Bonds are hereby approved.
The proper officers and/or employees of the Issuer are hereby
directed to cause the final Official Statement for the Bonds to
be prepared in substantially the form of the preliminary Official
Statement, with such changes and additions as may be suggested
from time to time by the proper officers and/or employees of the
Issuer.
SECTION 7. CANCELLATION OF BALANCE OF BONDS. The
authorization for the issuance of the unsold balance of the Bonds
is hereby cancelled and rescinded.
SECTION 8. RESOLUTION CHANGES. The changes in the
Resolution that may be required by the Insurer in its municipal
bond insurance commitment as conditions precedent to the issuance
of the municipal bond insurance policy, as approved by the
Issuer, and such other changes as shall be necessary to facili-
tate the issuance of capital appreciation Bonds, shall be
included in a resolution to be adopted by the Governing Body
prior to the delivery of the Bonds, amending the Resolution.
SECTION 9. NECESSARY ACTION. The proper officers of
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the Issuer are hereby designated agents of the Issuer in connec-
tion with the issuance of the Bonds, and are authorized and
empowered, individually or collectively, to take all action and
steps and to execute and deliver any and all instruments, docu-
ments 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 Bonds, and which are not
inconsistent with this resolution and any other action relating
to the Bonds.
SECTION 10. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this 6th day of December, 1985.
(SEAL)
ATTEST: DANNY L. KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF ~lONROE COUNTY, FLORIDA
~~W
By
BY~~#~-rj)/'
Mayor Pro Tern
TO LEGAL FORM & CONTENT
the County At rney
By
.
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