HomeMy WebLinkAboutResolution 048-1993
RESOLUTION NO.
048
-l993
A RESOLUTION AMENDING A RESOLUTION 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
CONSTRUCTION OF IMPROVEMENTS TO THE CARD SOUND ROAD
AND BRIDGE FACILITIES IN MONROE COUNTY, FLORIDA;
PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING
$5,000,000 CARD SOUND ROAD AND BRIDGE IMPROVEMENT
REVENUE BONDS, SERIES 1993, OF THE COUNTY TO
FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT
OF SUCH BONDS FROM THE NET REVENUES AND OTHER FUNDS
DESCRIBED HEREIN; MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING
AN EFFECTIVE DATE."
DULY ADOPTED ON JANUARY 13, 1993, BY MAKI~ CERT~~
TECHNICAL CHANGES REGARDING MAINTENANCEP OF TI9E
FACILITIES, AND OTHER CHANGES NECESSARY~O ~TA~
MUNICIPAL BOND INSURANCE; AND PRO~Q3>l$ ~ [c-~
EFFECTIVE DATE. 0~ ~ ~ ~I
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BE IT RESOLVED BY THE BOARD OF COUNTY CO~~~IO&BRS~F
MONROE COUNTY, FLORIDA: ~ ~ ~ ~ 0
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SECTION 1 . AUTHORITY FOR THIS RESOLt1irI ofr. ~ Tli'is
resolution is adopted pursuant to Chapter l25, Flo!ida Statutes,
Ordinance No. 056-1988 of Monroe County, Florida, and other
applicable provisions of law.
SECTION 2. FINDINGS.
determined and declared that:
It is hereby ascertained,
A. The Board of County Commissioners of Monroe County,
Florida (the "Governing Body"), on January l3, 1993, duly adopted
a resolution entitled:
"A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA, AUTHORIZING THE
CONSTRUCTION OF IMPROVEMENTS TO THE CARD SOUND ROAD
AND BRIDGE FACILITIES IN MONROE COUNTY, FLORIDA;
PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING
$5,000,000 CARD SOUND ROAD AND BRIDGE IMPROVEMENT
REVENUE BONDS, SERIES 1993, OF THE COUNTY TO
FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT
OF SUCH BONDS FROM THE NET REVENUES AND OTHER FUNDS
DESCRIBED HEREIN; MAKING CERTAIN COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING
AN EFFECTIVE DATE."
.
(the "Resolution).
B. It is necessary
Resolution by making certain
maintenance of the Facilities (as
other changes necessary to obtain
and desirable to amend the
technical changes regarding
defined in the Resolution), and
municipal bond insurance.
SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is
amended in the following manner.
A. Section l.02R of the Resolution is hereby amended to
read as follows:
"R. 'Cost of
Facilities shall mean the
operation and maintenance
accordance with generally
shall not include expenses
reserve for renewals and
conditions, any allowance
Debt Service Requirement,
Operation and Maintenance' of the
current expenses, paid or accrued, of
of the Facilities as calculated in
accepted accounting principles, but
not annually recurring, such as any
replacements, extraordinary repairs or
for depreciation or amortization, any
or any payments in lieu of taxes."
B. Section 4.03L of the Resolution is hereby amended to
read as follows:
"L. BUSINESS INTERRUPTION RESERVE FUND. On the date of
issuance of the Bonds, the Issuer will deposit from the FY 1993
capital outlay Card Sound Bridge infrastructure appropriations,
into the Business Interruption Reserve Fund, an amount equal to
2.0 times the Maximum Debt Service Requirement. If in any
subsequent year, the Issuer obtains business interruption
insurance, as described and under the terms specified in Section
5.06 below, the amount on deposit in the Business Interruption
Reserve Fund shall be reduced to an amount equal to the Maximum
Debt Service Requirement, and the excess shall be deposited into
the Enterprise Reserve Fund. Thereafter, if the Issuer is unable
to renew or obtain such insurance in any year, the Issuer shall
deposit on a monthly basis from the Enterprise Reserve Fund or,
if necessary, from other Non Ad Valorem Revenues budgeted and
appropriated in accordance with Section 4.01B above, an amount
substantially equal to 1/l2th of the Maximum Debt Service
Requirement, in order that there shall be on deposit in the
Business Interruption Reserve Fund within 12 months from the date
of expiration of the most recent policy of such insurance, an
amount equal to 2.0 times the Maximum Debt Service Requirement;
subject to subsequent reductions and replenishments under the
same circumstances described in this paragraph L. Money on
deposit in the Business Interruption Reserve Fund 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 (including all accounts
therein) is insufficient therefor, and for no other purpose. If
the money on deposit in the Business Interruption Reserve Fund
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3Z47/MON59001/AEZ
exceeds the amount required by this paragraph L, such excess
shall be withdrawn and deposited into the Enterpr~se Reserve
Fund. Any withdrawals from the Business Interruption Reserve
Fund shall be restored from the Enterprise Reserve Fund as soon
as practicable."
SECTION 4. SEVERABILITY OF INVALID PROVISIONS. If any
one 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 5. 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.
SECTION 6. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
Passed and adopted by
of Monroe County, Florida, at
January 26, 1993.
the Board of County Commissioners
a special meeting of the Board on
(SEAL)
ATTEST: DANNX 1.. ~OLHAGE, Clerk
~
Mayor, Board of County
Commissioners
~c.~
Clerk, Board 0 oun y
Commissioners
3
3247/MON59001/AE2