Resolution 140-1983 a , V
RESOLUTION NO. 140-1983
A RESOLUTION FIXING THE DATE, MATURITY
SCHEDULE, INTEREST RATES, INTEREST PAYMENT
MONTHS, REDEMPTION PROVISIONS, PAYING AGENT
AND ESCROW HOLDER FOR THE REFUNDING IMPROVE-
MENT REVENUE BONDS, SERIES 1983, OF MONROE
COUNTY, FLORIDA; AWARDING THE BONDS AT
NEGOTIATED SALE TO THE PURCHASER; AUTH-
ORIZING THE PREPARATION OF THE OFFICIAL
STATEMENT FOR THE BONDS; CANCELLING AUTH-
ORIZATION 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 (hereinafter called
"Issuer" ) , duly adopted on May 17, 1983, authorized the issuance
of not exceeding $2, 750, 000 Refunding Improvement Revenue Bonds,
Series 1983 (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 unsufficient 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
the most favorable bond financing plan and is in the best
interest of the Issuer; and
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WHEREAS, there has been filed with the Issuer, prior to
adoption of this resolution, the disclosure statement required by
Section 218. 385(6) , Florida Statutes; and
WHEREAS, the Issuer expects to receive prior to the
delivery of the Bonds, a commitment for municipal bond insurance
from American Municipal Bond Assurance Corporation and/or
Municipal Bond Insurance Association (hereinafter called
"Insurer" ) and, therefore, expects to receive from Standard &
Poor' s 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. , North Palm Beach,
Florida (hereinafter called "Purchaser" ) , has, by written
proposal, offered to purchase $2, 155, 000 aggregate principal
amount of the Bonds at the price of 97. 674536% of the aggregate
principal amount of the Bonds sold, 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,
interest rates, interest payment months, redemption provisions,
paying agent and escrow holder for the Bonds ; to award the Bonds
at negotiated sale to the Purchaser; to authorize the preparation
of the official statement for the Bonds ; and to cancel authoriza-
tion for the issuance of the balance of the Bonds; now,
therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. REMAINING FISCAL DETAILS FOR BONDS. The
date, maturity schedule, interest rates, interest payment months
and redemption provisions for the Bonds shall be as set forth
below.
The Bonds shall be dated June 1, 1983, and bear interest
payable on January 1, 1984, and semiannually thereafter on July 1.
and January 1 of each year.
The Bonds shall bear interest at the rates per annum and
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mature serially in numerical order on July 1 in the years and
amounts as follows:
INTEREST INTEREST
YEAR AMOUNT RATE YEAR AMOUNT RATE
1984 $25, 000 7. 40% 1998 $ 65, 000 8. 60%
1985 25, 000 7. 40 1999 70, 000 8. 70
1986 25, 000 7. 40 2000 75, 000 8. 80
1987 25, 000 7. 40 2001 80, 000 8. 90
1988 30, 000 7. 40 2002 90, 000 9.00
1989 30, 000 7. 40 2003 95, 000 9. 05
1990 30, 000 7. 40 2004 105, 000 9. 10
1991 35, 000 7. 60 2005 115, 000 9. 125
1992 40, 000 7. 80 2006 125, 000 9. 15
1993 45, 000 8. 00 2007 135, 000 9. 15
1994 45, 000 8. 20 2008 150, 000 9. 20
1995 50, 000 8. 30 2009 165, 000 9. 20
1996 55, 000 8. 40 2010 175, 000 9. 25
1997 60, 000 8. 50 2011 190, 000 9. 25
The Bonds maturing in the years 1984 to 1993, both
inclusive, are not subject to redemption prior to their respec-
tive stated dates of maturity. The Bonds maturing in the year
1994 and thereafter shall, at the option of the Issuer, be
redeemable in whole at any time on or after July 1, 1993, or in
part, in inverse numerical order, on July 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 par value of the Bonds to be so redeemed, if redeemed during
the following years:
Years Premium
1993 to 1994 2 1/2%
1995 to 1996 2
1997 to 1998 1 1/2
1999 to 2000 1
2001 and thereafter, but prior 1/2 -
to maturity
SECTION 2. PAYING AGENT AND ESCROW HOLDER. The paying
agent for the Bonds and escrow holder under the Escrow Deposit
Agreement described in the Resolution shall be Florida National
Bank of Miami, Miami, Florida.
SECTION 3. AWARD OF BONDS. $2, 155, 000 aggregate prin-
cipal amount of the Bonds are hereby awarded and sold to the
Purchaser at the price of 97. 674536% of the aggregate principal
amount thereof, plus accrued interest to the date of delivery,
bearing interest as stated above, and upon the remaining terms
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and conditions of the purchase proposal.
SECTION 4. STATEMENT 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 5. OFFICIAL STATEMENT. 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, and
execute the official statement for the Bonds without further
authorization from this Governing Body.
SECTION 6. CANCELLATION OF BALANCE OF BONDS. The
authorization for the issuance of the $595, 000 balance of the
Bonds is hereby cancelled and rescinded.
SECTION 7. NECESSARY ACTION. The proper officers of
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 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 8. 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 special meeting of the Board held
on May 17, 1983.
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(SEAL)
MONIt.OE COUNTY, FLORIDA
041
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Attest: s' 's alv � rv1 e
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Ci,'man, $oard of County
'3E is-iioners
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Clerk, B ar Of oun y
Commissioners
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