Resolution 117-1981RESOLUTION NO. 117-1981
RESOLUTION AUTHORIZING THE CHAIRMAN OF THE
MONROE COUNTY MUNICIPAL SERVICE DISTRICT
AND ITS MANAGER TO EXECUTE THE ATTACHED PRE-
LIMINARY OFFICIAL STATEMENT AND THE FINAL
OFFICIAL STATEMENT AND ANY OTHER DOCUMENTS
NECESSARY TO COMPLETE THE SALE OF THE BOND
ISSUE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDAI as follows:
That the Chairman of the Board of County Commissioners of
Monroe County, Florida, acting as the Chairman of the Monroe County
Municipal Service District and its Manager are hereby authorized
to execute the attached Preliminary Official Statement and the
Final Official Statement and any other documents necessary to
complete the sale of the bond issue.
Passed and adopted by the Board of County Commissioners of
Monroe County, Florida, at a regular meeting of said Board held
on the 7th day of April, A.D. 1981.
(Seal)
Attest:
C erk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By G/V
Mayor Chairman
APPROVED AS W FORM
AND 41" S&AFICIENCY
YRE; .RY OFF ICLkL STA CE1[E'NT D.kq E[) N[:\RCH , 19
In • e pinina , ,�nd Counsel, the �0,,rF ,t on the Bonds is, ruder existing laius, regulations and judicial der, lions, exe,r pl trorn a" Federal
ncunre tax, ro and the-Bocds .end li+e income thereon :r-,. <xempf frorn taxation, under the laws of the Slate of Florida, exempt -, to
estate rrre., and taxes ; mposed by Chnpter 220. Flonnu Statutes, on interest, income or profits on deh,' Aligatir;., ou-P .hy
corporations.
NFW ISSUE
Ratings:
$850005000
MONROE COUNTY MUNICIPAL SERVICE DISTRICT
MONROE COUNTY, FLORIDA
IMPROVEMENT BONDS
SERIES 1980
Dated: April 1, 1y81 Due: October 1, as shown below
Principal arid,semi-annual interest (April 1 and October 1, first payment October 1, 1981) will be payable at
, Paying Agent. The Bonds will be issued as coupon bonds in denomination of $5,000 each, and may
be gistered, at cie option of the holder, as to principal only, or as to both principal and interest. The Bonds maturing in the years
1992 and thereafter are subject to redemption prior to maturity, in whole or in part, on or after October 1, 1991 as rnur�_ fully
described herein. ' -
The Bonds are -being issued under the proxrisions of a resolution adopted by the Board of County Commissioners of `ionroe
Cowzy, Florida on August 26, 1980, as amended and supplemented, for the purpose of financing the cost acquisition and
construction of additions, extensions and improvements to the solid waste disposal facilities of the :Monroe County, til«nicipal
Service District (the "District"), :Monroe County, Florida, and to pay principal and interest on certain Notes is:�u.d in anticipation
of the issuance of the Bonds.
;'he Bon,ls are payable solely from and secured by a prior hen upon and pledge of special assessments levier' ,:inually against
residential property within the District for the availability and furnishing of solid waste disposal services, payments ~--eived
from franchisee ;o'id waste collectors with respect to commercial property within the District and certain other non ad . iorem
funds and incorne received by the District, as more particularly described herein. Neither the Bonds nor cu ;pons constitute
general obligations of the District and no Bondholder shall ever have the right to compel the exercise of the ad val6rer, Lxing
power of the District.
32,630,000* Serial Bonds
Interest
Yield or
Year
Amount* Rate
Price Year
Amount*
1982
$ 40,000
199.2
$120,000
1W
45,000
163
130,000
i984
.50,000
1994
145,000
1985
55,000
1995
160,000
:986
65,000
1996
175,000
1987
70,000
1997
195,000
1988
80,000
1998
215,000
1989
85,000
1999
240,000
1990
95,000
2000
265,000
1991
.-105,000
2001
=95,000
• $5,370,000*
% Term Bonds due October 1, 2011
— Price
(Plus Accrued Interest)
clo
Interest Yield • r
Rate Pr:
The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to the unqualified approval of l ality
of the Bonds by Freeman, Richardson, Watson, Kelly & Livermore, P.A., Jacksonville, Florida, Bond Counsel to the Ih rict,
and other conditions. Certain other legal matters will be passed on for the County by :Michael H. Cates, Esquire, County
Attorney for 'Monroe County, Florida. The Bonds in definitive form are expected to be delivered to the Underwriter's New
York, New York on or about
April , 1981
*Estimated, subject to change
MO ROE COUNTY, FLORIDA
MUNICIPAL SERVICE DISTRICT
Board of the District
George E. Dolezal, Mayor
Jerry Hernandez, Mayor Pro Tent
Curt Blair
Wilhelmina Harvey
Ken Sorensen
Ralph.W. White, Clerk
Charles P. Aguero, Manager
:Michael H. Cates, Attorney
Consulting Engineer
el
.I. Vincent Protheroe
Gainesville, Florida
Bond Counsel
Freeman, Richardson, Watson. Kelly & Livermore, P.A.
Jacksonville Florida
C
SUMMARY
(Subject in all respects to more complete information
contained in this Official Statement)
j General. ,The Monroe -'County Municipal Seri -ice District w-as formed for the purpose of providing
garbage, trash, waste collection and disposal within the District, the populated area of which include-s the
Florida Keys except the City of Key West. The governing body of the District is the Board of County
Commibsioners of Monroe County. Population was estimated at 30,286 in 1979.
The Project. The proceeds of the Bonds will be used to pay 44,000,000 Notes of the District issued in
anticipation of the bonds, to find a debt service reserve account equal to the maximum annual debt
service requirements and to pay other costs associated with a waste disposal project. The project
includes 8 solid waste incinerators at 3 sites and will supplant the existing system of solid waste landfills.
i Collection of solid waste is accomplished by operators franchised by the District.
Security. The Bonds will be secured by a lien on (i) assessments levied annually against residential
properties specially benefited by the project, (ii) payments received from franchisee solid waste collec-
tors with respect to commercial property, (iii) all other non ad valorem funds received by the District with
respect to,furnishing services of the District's solid waste facilities and (iv) any income derived from the
investment of certain funds.
Table of Historical (unaudited) and Projected Revenues and Expenses
(000s omitted)
Fiscal Yeats Ended September :30th
Historical_ _ _ _ Pro
jecte-d(1)
1978 1979_ 1980 _ _ 1981 1982 1933
Pledged Funds ---- — - -- ----- - ---- _..
Waste Fee Collections $ 942 31,059 S1,2"30 $1,662 $1,720 31,744
Interest Income and Other 118 194 -__ 248 100 100 _ _ 100
Total Pledged Funds $1,060 $1,253 51,478 31,762 51,820 $1,cR44
Operating and Maintenance
Expenses(2)
Less Ad Valorem, Taxes
Cost of Operation and
Maintenance(3)
Net Pledged Funds(3)
Estimated Debt Service
Requirements(4)'
Times Coverage
$1,185
31,493
$1,6.19
$1,882
S2,414
:32,448
1,187
1,326
524
1 628
- 1, ,97
- 1 940
167
31,115 __
i; _ 254
8 5 1 i
3 508
_$1,062 .�,'1 6 _ $ 363 1,508 5131)3 - 1 3:36
Funded $ 900 $ 901
1.45x 1.48x
(1) Projected by M. Vincent Protheroe, P.E., Consulting Engineer
(2) Excluding depreciation.
(3) As defined in the resolution authorizing the Bonds.
(4) Interest estimated C 10 :Y4%; maximum annual debt service estimated to be $905,825.
No dealer, broker, salesman or other person has bt=en authorized to make any representations, other
than a., -.:ontained in the Official Statement, and if given or made, such other information or represents -
dons must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation
of an offer to buv not.-sh-all there be any sale of the Bonds by any person in any jurisdiction in which it is
unlawful for such person:to make such offer, solicitation or sale. The information contained in this Official
Statement has been obtained from public documents, records and other sources considered to be reliable
and, while not guaranteed as to completeness or accuracy, is believed to be correct. Any statements in
this Official Statement involving estimates, assumptions and matters of opinion, whether or not so
i expressly stated, are intended as such and not as representations of fact, and the District expressly
makes no representation that such estimates, assumptions and opinions will be realized or fulfilled. Any
I information, estimates, assumptions and matters of opinion contained in this Official Statement are
subject to change without notice, and neither the delivery of this Official Statement, nor any sale made
hereunder, shall under any circumstances, create any implication that there has been no change in the
affairs of the District since the date hereof.
IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS
MAY OVER -ALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAIN-
TAIN THE MAR9ET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH
MIGAT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF
COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
Table of Contents
Page
Summary...............................................................
Table of Contents .........
Introduction...................................................................................................................
TheAct.........................................................................................................................
TheBonds......................................................................................................................
RedemptionProvisions.....................................................................................................
Purpose.........................................................................................................................
Security.. * ........ I
Estimated Debt Service Amortization Schedule.....................................................................
Historical Revenues and E.penses......................................................................................
Projected Revenues, Expenses and Debt Service Coverage .....................................................
The District and Its Facilities............................................................................................
Ratesand Charges.:.........................................................................................................
Project Costs and Construction .........................
Summary of Certain Provisions of the Resolution..................................................................
General Information ........................
Underwriting .........................
Validation.............,..............:.........................................................................................
Legality...
TaxExemption...............................................................................................................
Litigation
I Bond Ratings .......................................
f Authorization of and Certification Concerning Official Statement ..............................................
IMiscellaneous..................................................................................................................
Appendix A Feasibility Study of Consulting Engineer
Appendix B — Balance Sheet (Unaudited) Monroe County Municipal Service District
Appendix C — Authorizing Resolution
Appendix D — Form of Legal Opinion
0FFIC1-1L ST.1TE "L'NT
58,000,000
IVIONROE COUNTY MUNICIPAL SERVICE DISTRICT
MONROE COUNTY, FLORIDA
IMPROVEMENT BONDS
SERIES 1980
INTRODUCTION
The purpose of this Official Statement, including the cover page, summary and appendices, is to
provide information concerning the sale by the :Monroe County Municipal Service District, Monroe
County, Florida (the "District") of $8,000,000 aggregate principal amount of the District's Improvement
Bonds, Series 1980.
Bonds are being issued pursuant to Resolution No. 215-1980 of the Board of County Commissioners
of Monroe County; Florida (the "Board"), the governing body of the Monroe Municipal Service District,
adopted on August 26, 1980 as amended by Resolution 260-1980 adopted on October 6, 1980 and as
supplemented by a resolution adopted by the Board on , authorizing the sale of the
Bonds and fixing the details thereof (herein collectively the "Resolution"). The Resolution was adopted
pursuant to and in full compliance with the Constitution and Statutes of the State of Florida, including
particularly Chapter 125, Florida Statutes, Chapter 8, Articles I, 11 and III of the Monroe County Code
and other applicable provisions of law.
Resolution 215-1980, as amended and supplemented, is reproduced herein as Appendix C. Capital-
ized terms used but not defined herein have the same meaning as in the Resolution unless the context -
would clearly indicate otherwise.
The Bonds were validated by a judgment of the Circuit Court of the Sixteenth Judicial Circuit in and
for Monroe County on October 14, 1980, and the period during which an appeal may be taken therefrom
has expired.
THE ACT
The District is a special district organized and existing tinder and by virtue of Chapter 125, Florida
Statutes, Chapter 8, Articles I, 11 and III of the Monroe County Code, and other applicable provisions of
law (the "Act").
The Act provides that all unincorporated lands in the County and the municipality of Key Colony
Beach (estimate(tpopulation 1,100) shall be incorporated into a public corporation known as the Monroe
County Municipal Service District for the purpose of providing garbage, trash, waste collection and
disposal within the territorial limits of such area. However, any or all of the incorporated municipalities in
the County may, by interlocal agreement elect to participate in the District. Layton (estimated
population 400) is the only municipality with whom the District has such an interlocal agreement.
��1. po_al within the territorial limits of such area. How r!, . any or all ofthe incorporated municipalities in
the Cot.nty may, by interlocal agreement, elect to participate in the District. Layton (estimated
population 400) is the only municipality with whom the District has such an interlocal agreement.
The governing bo0y of the District is the Board of County Commissioners of Monroe County and the
Clerk of the.BAard is ex-6fficio clerk, auditor, recorder and custodian of the District funds.
The Act provides that the District be a separate and distinct political entity from the Board of
County Commissioners, and all revenues of the District, as well as all assets and liabilities shall be
separate and distinct from the general revenues of the County, and the District's revenues shall be
carried as a supplement to the County general funds and the surpluses of the District's revenues shall be
carried over in the District's budget from fiscal year to fiscal year.
The Board, constituted under the Act as the governing body of the District, has all the powers of a
body corporate, including the powers to contract; to sue and be sued; to acquire, purchase, hold, lease and
convey real estate and personal property; to borrow money, and to generally exercise the powers of a
public authority organized and existing for the purpose of waste, garbage, trash collection and disposal
within the territorial limits of the District. In order to carry out its function, the District is empowered to
levy ad valorem taxes to pay the cost of operation and maintenance and to levy special assessments on
residential and icommerciAl property for the availability of waste collection, transfer and disposal service.
Such ad valorem taxeg and special assessments are described in more detail hereinafter under "THE
DISTRICT AND ITS FACILITIES" and "RATES AND CHARGES".
No other political body has the authority to collect solid waste in the District. In the Resolution, the
District covenants that except as provided in the Act, it will not grant, renew, cause or consent to or allow
any granting of any franchise or permit for the furnishing of services similar to those of the Facilities of
the District within it boundaries.
THE BONDS
The Bonds will be issued in coupon form in the denomination of 35,000 each, registrable as to
principal only, or as to both principal and interest. The Bonds will be dated April 1, 1981 and will be
'payable at . The Bonds will bear interest
from their date at rates and mature in the amounts and on the dates as set forth on the cover page of this
Official Statement. The Bonds will represent the total outstanding and authorized indebtedness of the
District.
REDEMPTION PROVISIONS
Optional Redemption. The Bonds maturing on October 1, 1992, and thereafter maybe redeemed prior
to their respective maturity dates, at the option of .the District, from any moneys available therefor,
either in whole on October 1, 1991, or any (late thereafter, or in part on October 1, 1991 or any interest
payment date thereafter (and if in part, in inverse order of maturity and by lot within a maturity) at the
redemption prices shown below, expressed as percentages of their principal amount, plus accrued
interest to the redemption date, if redeemed at the following times:
Redemption Dates (Both Dates Inclusive) 0
October 1, 1991, through December 31, 1992
January 1, 1993, through December 31, 1994
January 1, 1995, through December 31, 1996
January 1, 1997, through December 31, 1998
January 1, 1999, through December 31, 2000
January 1, 2001, and thereafter
2
onal Redemption Prices
1021/a%
102
10 V/z
101
1001/z
100
Sinking Fund Redemption. In each of the Bond Y ending October 1st set forth below, the District
is required to deposit the amounts of Amortization Installments indicated to a Bond Amortization Fund
for application to the retirement of Term Bonds due October 1, 2011 either (i) by purchase at not more
than 100% of the principal amount thereof (plus accrued interest) prior to the nest succeeding October
1st, or (ii) redemption by lot, at 100% of the principal amount thereof (plus accrued interest) on such nest
succeeding 3ctober 1st.
Bond Years
amount of
Bond Years
amount of
Ending
Amortization
Ending
Amortization
October 1st
Installment*
October 1st
Installment*
2002
&325,000
2007
$540,000
2003
360,000
2008
600,000
2004
400,000
2009
665,000
2005
440,000
2010
735,000
2006
490,000
2011
815,000
Notification. Notice of redemption shall be published at least once, 30 clays prior to the redemption date
in a financial journal published in the Borough of Manhattan, New York, New York, shall be filed with the
Payinggent and shall be mailed, postage prepaid, to all registered owners of the Bonds.
PURPOSE
The Bonds are being issued to finance a portion of the cost of a Project, which is constituted of
acquisition and construction of 8 solid waste incinerators at 3 sites, together with all appurtenances
necessary or incidental thereto and to pay principal and interest on : 4,000,000 Improvement Bonds,
Series 1980, Anticipation Notes (the "Notes") which mature May 15, 1981. The proceeds of the Notes
were used to pay the remaining part of the cost of the Project.
SECURITY
Source of Payment. The payment of principal and interest on the Bonds is secured, equally and
ratably, by an irrevocable lien on Pledged Funds, prior and superior to all other liens and encumbrances
on such Pledged Funds, and the District has irrevocably pledged such Pledged Funds to the payment of
the principal and interest on the Bonds, for reserves therefor and for all required payments.
The term Pledged Funds is defined in the Resolution to mean: (i) Assessments (special assessments
levied annually against residential property specially benefited by the Project and the furnishing of solid
waste collection services, including the interest on such assessments), Gi) payments received from
franchisee solid waste collectors with respect to commercial property in the District, (iii) all other non ad
valorem funds received by the District with respect to furnishing services of the solid waste facilities
owned and operated by the District (the "Facilities") and (iv) any income derived from the investment of
fiends and aecount�—established-by the Resolution; excluding any state or federal funds received from time
to time by the Distract.
Neither the Bonds nor coupons shall constitute general obligations or indebtedness of the District as
"bonds" within the meaning of the Constitution of Florida, but shall be payable solely from and secured by
a prior lien upon and a pledge of the Pledged Funds. No Bondholder shall ever have the right to compel
the exercise of the ad valorem taxing power of the District or taxation in any form of any real or personal
property in the District to pay the Bonds or the interest thereon.
*Estimated, subject to change
Reserve account. From the Bond proceeds, the District shall deposit into a. Reserve Account in the
Sinking Fund an amount equal. to the Maximum Bond Service Requirement.
If, at any time, there shall be on deposit in the Reserve Account less than the Maximum.Bond
Service Requirement then, to the extent necessary to maintain .the Reserve Account, there shall be
deposited therein in each Bond Year, after providing for the payments required for the current Bond
Service Requirement, from moneys remaining in the Revenue Fund, an amount equal to 20% of the
difference between the Maximum Bond Service Requirement and the amount currently on deposit in the
Reserve Account after the most recent withdrawal therefi•om.•
Money in the Reserve Account. shall be used only for the purpose of the payment of maturing
principal of or interest on the Bonds or maturing Amortization'Installments when the other ritoney in the
Sinking Fund is insufficient therefor, and for no other purpose.
Assessment Ordinance. The District shall annually adopt an assessment ordinance as required by the.
Act, and thereby will determine, fix, levy and collect such Assessments as will always provide revenues
in each year sufficient to pay 100% of the Maximum Bond Service Requirement on the Bonds and on all
outstanding AdditionaloParity Obligations, plus 100% of all reserve or other payments, including the Cost
of Operation and Maintenance and deposits for renewals and replacements of the Facilities.
The Cost of Operation and Maintenance is defined in the Resolution to mean the ctuz•ent expenses of
operation, maintenance and repair of the Facilities, as calculated in accordance with generally accepted
accounting practice, -including payments made by the District to franchisee solid waste collectors, but
shall not include any reserves for renewal and replacements, extraordinary repairs or any allowance for
depreciation. Such current expenses shall be reduced by the amount of ad valorem taxes, if any, levied
and collected within the District for such purposes.
Such Assessments shall not be reduced so as to be insufficient to provide revenues for such purposes,
provided, however, that the Assessments shall be levied against the benefited property in proportion to
the special and positive benefits to be received from the acquisition and construction of the Project and
fiu-nishing of solid waste disposal services to the residents of the District, and shall never exceed in the
aggregate the amount by which such property is determined to be benefited.
i
Additional Bonds. Additional Parity Obligations, payable on a parity from the Pledged Funds with the
Bonds, may be issued for the construction and acquisition of additions, extensions and improvements to
the Facilities or for refunding purposes, upon the following conditions, among others:
(1) There shall have been obtained a certificate of an independent certified public accountant stating
that the Net Pledged Funds (Pledged Funds after deduction of the Cost of Operation and Maintenance)
for the immediately preceding fiscal year was at least 1.20 times the Maximum Bond Service Require-
ment on all Bonds, and all Parity Obligations, if any, then outstanding and on the Additional Parity
Obligations with respect to which such certificate is made.
(2) If desirable;'fhe Net Pledged Funds for such fiscal year may be adjusted by the Consulting
Engineers to reflect changes made in the rates of the Assessments during such fiscal year and the period
from the end of such fiscal year to the date of sale of the proposed obligations, as if such changes were in
effect for the entire fiscal year.
(3) The District shall not be in default in performing any of the covenants and obligations assumed
under the Resolution.
4
ESTIMATED DEBT SERVICE 11IORTIZATIOti SCHEDULE
S8.0ooj)00
`IONROE COUNTY MUNICIPAL SERVICE DISTRICT
•
MONROE COU' TY, FLORIDA
IMPROVEMENT BONDS
SERIES 1980
Years
Ending
October 1st
Principal(l)
Interest(2)
Total
1981
= 0 -
Funded
1982
40,000
860,000
$ 900,000
.1983
45,000
855,700
900,700
1984
50,000
80-0,863
900,863
1985
55,000
845,487
900,487
1986'
65,000
839,575
904,575
1987
70,000
832,588
902,588
1988
.80,000
825,062
905,062
• 1989
' 85,000
816,463
901,463
1990
95,000
807,325
902,325
1991
105,000
797,112
902,112
1992
120,000
785,825
905,825
1993
130,000
772,925
902,925
1994
145,000
758,900
903,950
1995
160,000
713,363
903,363
1996
175,000
726,162
901,162
1997
195,000
707,350
902,350
1998
215.000
686,388
901,388
1999
240,000
663,275
903,275
2000
265,000
637,475
902,475
2001
295,000
608,987
903,987
2002
325,000
577,275
902 277
2003
3+,0,000
54'?,3.8
902,338
2004
400.000
50:3, 63 7
903,637
2005
440,000
460,638
900,638
2006
490,000
413,:337
903, 337
- 2007
540,000
360,663
900,663
2008
600,000
302,612
902,612
2009
665,000
2:33,113
903,113
2010
735,000
lti6,6`?5
901,625
2011
- 815,000 - ---
-87,61 ... -
S8,000,000
519,073,725
:i;27,073;725
(1) Includes Amortization Installments for Term Bonds
(2) Interest estimated at 103/4%
5
MONROE
COUNTY MUNICIPAL SERVICE DISTRICT, FLORIDA
HISTORICAL REVENUES AND EXPENSES
(Unaudited)
--------- ---- I_iscal_Years
1:11ded September
aU
.
Pledged Fun<ls �
1977
---
1978
1979
1980
--
Waste Fee Collections
Intergovernmental Revenues
5,795
941,969
Interest Income
30.1,M111
7,612
413,U(i0
iJt 51
,
•17, 7 73
Other
50,J_'(►
1-1'',77;i
— ----
-----
1,395
4�61
Total
$392,767
$1,1160; 732
�- — — —
$1, 177,1;.,2
a
Operating and Alainte►iance Expen,es(1)
Personal Service;
Supplie, and 111aintena►►ce
$211,-164
$221,03; )
Contractural Services
101,619
356,797
119,305
1-3G,L11
260,501
General and Administrative
75,017
688,51-1
15r;,_'5S)
955,834
915,15h
---
172,107
Total
$7-14,897
$1, ItS5,117
$1,-19;3,805
Less Ad valorem Tax Collection,
573,938
1,15(i,775
1,326,:312
524,030
--
Cu,t of Operatiuw► and Maiutenance(2)
$170,959
$ (1,65h)
� 1G7,-19;i
-------
_
Net fledged h'wuls
$.,., 1,
�1,UI;._',;39U
_-- ----
—tiUh
(1) )✓xcludillg depreciation
(2) As defined in the Resolution
MOVROE COUNTY
}IUNICIPAL
SER`"ICE DISTRICT (FLORIDA)
IMPROVEMENT
BONDS, SERIES 1980
I Estimated Revenues,
Expenses and Debt Service Coverage (000s omitted)
(Revenues..and Expenses Derived from the Feasibility Study Prepared by the Consulting., Engineer)
I
i
i
Fiscal Years Ended September 30
.
1981
1982 -1983 1984
1985
1986
Assessment Income(1)
$1,432
$1,433 $1,453 . $1,492
$1,503
$1,538
Payments from Franchisees with respect to
Commercial Account Collections(2)
230
287 291 295
298
302
Other Revenues(3)
100
100 100 100
100
r 100
Total Pledged Funds
$1,762
$1,820 $1,844 .31,887
$1,901
$1,940
Salaries and Administrative
$ 183
$ 192 $ 202 $ 212
$ 22'2
$ 234
Comfnissions and Fees to Tax Assessor.
and Tax Collector
100
100 110 110
120
120
Payments to Franchisees with respect to
j Residential Account Collections
1,011
„ 1,043 1,057 1,086
1,093
1,120
Operation and Maintenance of 3 Incirferators
45
961 961 961
961
961
Operation and Maintenance of Landfills
543
118 118 118
118
118
i Total
_
$1,882
$2,414 $2,448 $2,487
$2,514
$2,553
"Less Property Ta_Ces(4)
1.628
1,897 1,940 1,965
1,998
2,025
i
Cost of Operation and Maintenance
`
as defined in the Bond Resolution
$ 254
$ 517 $ 508 $ 522
$ 516
$ 528
Net Pledged Funds
$L-508
$1,303 $1,336 $1,365
$1,385
$1,412
Estimated Annual Debt Service(5)
Funded
$ 900 S 901 $ 901
$ 900
$ 905 -
;
Deposit to Renewal & Replacement Fund(6)
Balance(7)
Times Coverage of Estimated Maximum
i Annual Debt Service ($905,825) by Total
I Pledgee: Funds
Times Coverage of Estimated Current
Debt Service by Net Pledged Funds(S)
100
31,408
403
$ 435
$ 464
$ 485
$ 507
2.01x
2.04x
2.08x
2.10x
2.14x
1.45x
1.48x
1.51x
1.54x
1.56x
(1) Monthly rates are assumed to continue at the present rate of 56.50 per month. The Resolution requires that Assessments must be levied in an amount
sufficient to pay Debt Service. the Cost.of Operation and Maintenance and Renewal and Replacement Fund deposits.
(2) Based upon. increase in commercial charge from 6% of Franchisee Collections to 24% on 111/81.
(3) Interest income and miscellaneous;excluding payments from other governments.
(4) Results ofmillageleviesof-.62-larid1.422in1980and1981,respeetively;assumes mills thereafter. A total of $1,546,000in taxes was collected through
February 28, 1981.
(5) Level payments of principal and interest over 30 years at an assumed interest rate of ll}+/,%.
(6) Assumes the Fund «ill be funded at the maximum required amount in the first year and that any capital expenditures would be made from the balance
shown on the next line.
(71 Balances of the magnitude shown are estimated to result from the present level of rates and certain assumed tax levies, either or both of which may be
reduced.
(8) The Resolution requires that prior to the issuance of Additional Parity Obligations, a certificate must be obtained stating that Net Pledged Revenues
for the preceding Fiscal Year, adjusted to reflect changes in the rate of the Assessments, were 120% of Maximum Bond Service Requirement on all
Bonds to be outstanding after the issuance of the Additional Parity Obligations.
7
j THE DISTRICT aNO ITS FACILITIES
History. The Monroe County Municipal Service District was established by County Ordinance in 1975
for the purpose of providing garbage, trash, waste collection and disposal in the unincorporated area of
the County. Prior to formation of the District solid waste disposal had been accomplished by private
contractors.avho._suppli2d collection services as..well as operating private landfills.
Initially the District entered into franchise agreements under which the only payments to the
District were tipping fees paid to the District for solid waste disposal. In 1977, the District entered into 6
franchise agreements with private concerns (the "Collectors") for the collection of garbage and trash in all
its unincorporated areas. The franchise agreements provide for the Collectors to be compensated for
service to residential customers by payments from the District to the Collectors and for service to
commercial accounts by charges tp such accounts by the Collectors. The charges are based on a schedule
established by the Board. In turn, the Collectors pay the District a percentage of gross revenues
received from' commercial accounts.
The Collectors transmit solid waste to either one of two landfills or a transfer station, all operated by
the District. The landfills under current operation are not expected to last for more than 24 to 36 months.
Additional land suitable for landfrlling is difficult to obtain and develop clue to resistance by residents and
regulatory agencies and since subsoil in the District is largely limestone.
The District has financed its landfill operation and payments to Collectors by a combination of annual
assessments to residences, payments by Collectors with respect to commercial accounts and ad valorem
taxes within the District.
The number of residential customers served during the past 3 years has been as follows:
1981* 1980 19t9 1978
18,343 17,436 16,948 15,225
*As of January 31, 1981
Administration. The Board employs as its Manager, Mr. Charles P. Aguero, who has served in that
capacity since its inception. Prior to that time he served successively as Public Service Director. Finance
Director and City Manager of the City of Key. West, Florida.
Proposed Facilities. The Project being financed from the proceeds of the Bonds includes 8 incinerators
at 3 sites together with ancillary equipment and site improvements. The 2 existing landfills will be
retained for noncombustibles. The District is presently preparing to open a third landfill operation and
phase out its transfer station in prospect of establishment of its.3 incinerator sites.
Each of the incinerators will -have a capacity of 37.5 tons per day and, according to projections
contained in the Feasibility Study of the Consulting Engineer included herein as Appendix A, they will be
sufficient to serve the District's customers until the year 2000 with the addition of one additional
incinerator unit, which may be required within the'next two years.
Construction Costs
Construction cost estimates, based upon the construction contract with R. W. Taylor Steel Co.,
including site preparation and ancillary facilities, are as follows:
Long Key Site
Key Largo Site
Cudjoe Key Site
(Middle Keys
(Upper Keys
(Lower Keys
Service Area)
_ Service area) _
Service Area) _ Total
$2,311,204(1)
82,023,450(2)
$1,674,535(3) $6,009,189
(1) Includes 3 incinerators; site developed to accommodate 4 units
(.2) Includes 3 incinerators
(3) Includes 2 incinerators
0
PROJECT COSTS -,,o CONSTRUCTION
The District entered into a contract with R.W Taylor Steel Co., Ogden, Utah (the "Contractor")
early in 1980 to construct the three incinerators described above.. Foundation work has been completed at
all three sites. Work is approximately 90% complete at Key Largo, 75% complete at Long Key and 33%
complete ati Cddjoe Key. All three incinerators -have been delivered to Key Largo and testing is expected
to begin at that facility about June 15, 1981.
Construction costs are estimated at $6,009,000 based on the District's contract with the Contractor.
The contract obligates the Contractor to obtain construction and generating permits from the Florida
Department of Environmental Regulation. The construction permits have been issued and operating
permits will be applied for at completion of the Project. The construction contract is backed by a 100%
performance bond. Completion of all three units is scheduled for September 15, 1981.
Estimated sources and application of funds, including proceeds of both the Bonds and Notes is as
follows:
Sources:
Note Proceeds ,
Less Discount
Accrued Interest on Notes
Bond Proceeds
Less Estimated Bond Discount C, 21/,-,%
Accrued Interest on Bonds
Earnings on Funded Interest (1)
Earnings on Construction Funds (1)
Total Sources
Application
Payment of Principal of Notes
Payment of Interest of Notes
Payment of Construction Cost by Note Proceeds
Payment of Balance of Construction Cost by
Bond Proceeds
Construction Contingency (Approximately 2.751Ic)
Capitalized Interest on Bonds — 6 months @ 10:%45'0
Capitalized Debt Service Reserve Fund
(one years debt service)
Note Issuance Expense
Bond Issuance Expense
Municipal Bond Insurance
Total Application
(1) Interest earnings estimated•@ 14%
10
$4,000,000
28,160
$ 3,971,840
21,933
$8,000,000
200,000
7,800,000
—0-
55,000
60,000
$11,908,773
4,000,000 +
172,333
3,956,540
2,052,460
167,140
430,000
91i5' 000
15,300
50,000
160,000
$11,908,773
0
SUMMARY OF CERTA.N PRO) I.;, i',S OF ThE RESOLL-TION
In addition to the covenants summarized.uncle r "SECURITY" certain covenants and provisions
)ntained in the Resolution are summarized below. For more -complete information reference should be
made to the Resolution which is reproduced herein as Appendix C.
Definitions
A. "Act" shall mean, collectively, Ch. 125, Fla. Stat. (1979); Chapter 8, Articles I, II and III of the
Monroe County Code; and other applicable provisions of law.
B. "Additional Parity Obligations" shall mean additional obligations issued in compliance with the
.erms, conditions and limitations contained in the Resolution, and which shall have an equal lien on the
Pledged Funds and rank equally in all respects with the Bonds initially issued under the Resemlution.
C. "Amortization Installment" with respect to any Term Bonds of a series, shall mean an amount so
designated which is established for the Term Bonds of such series, provided that (i) each such installment
shall be deemed to be due on such interest or principal maturity date of each applicable year as is fixed by
subsequent resolution of the Issuer and shall be a multiple of $5,000, and (ii) the aggregate of such
nstallments for such set'ies shall equal the aggregate principal amount of Term Bonds of such series
delivered on original issuance. .
D. "Assessments" shall mean special assessments levied annually against residential property
within the area of the Issuer specially benefited by the acquisition and construction of the Project and the
''urnishing of solid waste collection services within the area of the Issuer, including the interest on such
special assessments. `
E. "Board" shall mean the Board of County Commissioners of Monroe County, Florida, the
governing body of the Issuer.
F. `Bond Service Requirement" for any Bond Year, as applied to the Bonds of any series, shall mean:
the sum of.
(1) The amount required to pay the interest becoming clue on the Bonds of such seizes during such
Bond Year, except to the extent that such interest shall have been provided by payments into the Sinking
Fund out of Bond proceeds for a specified period of time.
(2) The amount required to pay the principal of Serial Bonds of such series maturing in such Bond
Year.
(3) The Amortization Installment for the Term Bonds of such series for such Bond Year. In
computing the Bond Service Requirement for any Bond Year for Bonds of any series, the Issuer shall
:assume that an amount of the Term Bonds of such series equal to the amortization Installment for the
Term Bonds of such series for such Bond Year will be retired by purchase or redemption in such Bond
Year or that a p ymenz .of such amount of Terra Bonds at maturity will be fully provided for in such Bond
iYear. When determining the amount of principal of and interest on the Bonds which mature in any year,
for purposes of the Resolution, an amount of Term Bonds equal to the amortization Installments, if any,
applicable to Term Bonds in such year shall be deemed to mature in such year.
G. "Bond Year" shall mean the annual period ending on a Bond principal maturity date.
11
H. "Consulting Engineers" _hall mean such (lualified and recognized independent consulting engi-
neers, having favorable repute or skill and experience with respect to the acts and duties to be provided
to the Issuer, as employed or retained by the Issuer to perform the acts and carry out the duties provided
in the Resolution.':
I. "Copt of Operation and Maintenance"of the Facilities shall mean the current experres, paid or
accrued, of operation, maintenance and repair of the Facilities, as calculated in accordance with generally
accepted accounting practice, including payments made by the Issuer to franchisee solid waste collectors,
but shall'not include any reserves for renewals and replacements, extraordinary repairs or any allowance
for depreciation. Such current expenses shall be reduced by the amount of ad valorem taxes, if any, levied
and collected within the District for such purposes.
J. "Facilities" shall mean the solid waste disposal facilities owned and operated by the ;S suer for the
disposal of solid waste within the area of the Issuer.
iK. "Federal Securities" shall mean direct obligations of the United States of America and obliga-
tions, the principal of and interest on which are fully guaranteed by the United States of America, none of
which permit redemption prior to maturity at the option of the obligor.
L. "Fiscal Year" shall mean the period 'corrimencing on October 1 of each year and ending on the
succeeding September 30.
M. "Holder of Bonds" or "Bondholders" or any similar term shall mean any person who shall be the
bearer or owner of any outstanding Bonds registered to bearer or not registered, or the registered owner
of any such Bonds which shall at the time be registered otherithan to bearer.
N. "Instrument" shall mean the Resolution.
0. "Issuer" shall mean the Monroe County Municipal Service District, Monroe County, Florida.
P. "Maximum Bond Service Requirement" shall mean, as of any particular date of calculation, the
greatest amount of aggregate Bond Service Requirements for the then current or any future Bond Year.
Q. "Net Pledged Funds" shall mean the Pledged Funds, as defined below, after deduction of the
Cost of Operation and Maintenance, defined above.
R. "Pledged Funds" shall mean, collectively, the Assessments; any payments received from
franchisee sold waste collectors with respect to commercial property within the area of the Issuer; all
other non ad valorem funds received by the Issuer with respect to the furnishing of the services of the
Facilities to the residents of the Issuer, excluding any state and federal funds received from time to time
by the Issuer; and any income derived from the investment of funds and accounts created and established
by the Resolution.
S. "Project" shall mean the -additions., extensions and improvements to the Facilities, constituting
the solid waste disposal incinerators to,. be acquired and constructed with the proceeds from the sale of the
Bonds, together wdth all appurtenances necessary or incidental thereto.
i
T. "Serial Bonds" shall mean the Bonds of a series which shall be stated to mature in annual
installments.
U. "Term Bonds" shall mean the Bonds of a series, all of which shall be stated to mature on one date
and which shall be subject to retirement by operation of the Bond Amortization Fund.
I
12
Disposition of Pledged Funds. All Pledged Funcls ,�h.:, deposited in a Revenue Fund and disposed of
annually in the following manner and order of priority.
(1) such sums as'shall be sufficient to meet the payments of principal of and interest on the Bonds
:,ecoming due during:the, current Bond Year shall be deposited in the Sinking Fund.
(2) The District shall next deposit into a Bond :amortization Fund, on a parity with the deposits "set
forth in (1) above, a sum sufficient to meet the amount of Amortization Installments for Term Bonds
which shall become due during the current Bond Year.
(3) The District shall nest apply money in the Revenue Fund to maintain a Reserve Account in the
Sinking Fund in a sum equal to the :Maximum Bond Service Requirement on the Bonds in the manner
heretofore set forth under "SECURITY — Reserve Account".
(4) Upon the issuance of any. Additional Parity Obligations, the payments into the Sinking Fund
and, if Term Bonds are issued, into the Bond Amortization Fund shall be increased in such amounts as
shall be necessary to make payments for the principal, interest, reserves and Amortization Installments,
if any, for the Additional Parity Obligations.
(5) Revenues shall Best be used for deposit in an Operation and Maintenance Fund sums necessary
for the Cost of Operation and Maintenance for the current Fiscal Year.
(6) Money in the Revenue Fund shall next be used to make current debt service payments for
obligations of the District issued to finance improvements to the Facilities, which are subordinate to the
lien of the holders of the Bonds and Additional Parity Obligations on the Pledged Funds.
d
(7) The District shall next deposit money in the Revenue Fund to a Renewal and Replacement Fund
an amount equal to 6% of the Pledged Funds collected the previous Fiscal Year, until there shall be on
deposit therein the sum of $100,000 or such larger amount as may be recommended by the Consulting
Engineer. The money therein shall be used only for paying the cost of extensions, enlargements or
additions to, or the replacement of depreciable capital assets of the Facilities and emergency repairs
thereto. Such money on deposit therein shall also be used to implement the Reserve Account in order to
prevent a default in the payment of debt service on the Bonds.
(8) The balance of any money remaining in the Revenue Fund shall be used for the purchase or
redemption of Bonds, for making capital improvements to the Facilities, or for any other lawful purpose.
Operation and `Iaintenance. The District ;will maintain the Facilities in good condition and %kill operate
the same in an efficient and economical manner.
Annual Budget. The District shall annually prepare and adopt a detailed budget of the estimated
expenditures for operation and maintenance of the Facilities during the nest succeeding Fiscal Year. No
expenditure in excess of the budgeted amount shall be made without recommendation by the officer in
charge of the Facilities, or shall be made until the Board shall have approved such recommendation. No
increase in espenditih-es in exces's df 10% of the amount provided for in the budget shall be made without
the certification of the Consulting Engineer that such increased expenditures are essential to the
operation of the Facilities.
Books and Records. The District shall keep books and records of the Pledged Funds which shall be kept
separate and apart from all other books and records of the District.
Annual audit. The District shall within 180 clays after the close of its Fiscal Year cause the books and
records relating to the Pledged Funds to be audited by a recognized independent firm of certified public
accountants, and shall make generally available the report of such audits to any holders of the Bonds.
13
No Mortgage or Sale of the Facilities. The District «ill not :ell, lease, mortgage or otherwise encumber
Facilities except as provided in the Resolution, which requires certain determinations depending upon
the amount of aasets•to be disposed of. In order to dispose of property in excess of 10% of the value of the
fixed assets of the Facilities the officer in charge of the Facilities and the Consulting Engineer shall make
a finding in wn,ing fhaeit is in the best interest of the Facilites that such property be disposed of and they
shall furtlfe"r'find-that the estimated Assessments to be levied by the District in the -a Fi cal Years
immediately succeeding the disposition of such property will be not less than the amount required by the
Resolution as summarized heretofore under "SECURITY — Assessment Ordinance".
Insurance. The District will carry adequate fire and windstorm insurance on all buildings and structures
of the Facilities which are subject to loss through fire or windstorm, will carry adequate public liablility
insurance, and will otherwise carry .insurance of all kinds and in the amounts normally carried in the
operation of similar facilities in Florida, except public liability insurance for which the District may be a
self insurer in accordance with the laws of Florida. All money received for losses under `Any of such
insurance, except public liability, is pledged as security for the Bonds, until and unless such proceeds are
used to repair the property damaged or replace the property destroyed as soon as practicable.
Enforcement of Collections. The District will diligently receive, enforce and collect the Pledged Funds
and will take action for; the enforcement -and collection of the Assessments as shall become delinquent to
the full extent permitted by law.
Remedies. Any holder of Bonds may either at law or in equity, by suit, action, mandamus or other
proceedings in any court of competent jurisdiction, protect and enforce any and all rights, including the
right to appoint a receiver, existing under the laws of the State of Florida, or granted or contained in the
Resolution.
Consulting Engineers. The District will annually retain an independent Consulting Engineer having a
favorable reputation for skill and experience for the design, construction and operation of facilities of
comparable size and character as the Facilities. The District shall, at least every 2 years, cause to be
prepared by the Consulting Engineers, a report with respect to the management of the Facilities, the
Assessments for services of the Facilities, the proper maintenance of the Facilities and the necessity for
capital improvements and recommendations therefor.
i
Manager of Facilities. The District in operating the Facilities will employ a manager of demonstrated
ability.
Use of Facilities. The District will, to the full extent permitted by law, require persons within the limits
of the District who can use the services of the Facilities, to utilize such services immediately upon
availability and to.cease the use of all other similar services.
Modification or Amendment. No material modification or amendment of the Resolution may be made
without the consent of the holders of at least two thirds of the principal amount of Bonds then
outstanding, provided, however, that no modification or amendment shall permit a change of maturity of
the Bonds, or a reduction in the rate of interest on or principal amount of the Bonds, or affect the
unconditional promise of the District to pay principal and interest on the Bonds, as the same shall come
due, from the Pledged Funds, or reduce the percentage of the holders of the Bonds required to consent to
i
any material modification or amendment, without the consent of the holders of all of the Bonds.
iDefeasance. If the District shall have paid, or shall have made provision for payment of, the principal,
interest and redemption premiums, if any, with respect to the Bonds, then the pledge of and lien on the
Pledged Funds in favor of the holders of the Bonds shall be no longer in effect. For the purposes of the
defeasance described in the preceding sentence, deposit of sufficient cash and/or principal and interest on
Federal Securities or bank certificates of deposit fully secured as to principal and interest by Federal
14
Securities (or deposit of and other securities or incestmeuts which may- be authorized by law from time to
time and sufficient under such lags to effect such defeasance) in irre�-ocable trust with a banking
iinstitution or trust cpmpany, for the sole benefit of the Bondholders, to make timely payment of the
principal, interest and redemption premiums, if any, on the outstanding Bonds, shall be considered
i "provision for payment"
15
N
11
GENERAL INFORMATION
The area to.be.served by the Project is the populated area of N'lonroe County, except Key West,
which consists oPa chain of low lying islands known as the Florida Keys stretching south of Dade County
from Car�-$ound to'Key West, a distance of approximately 112 miles. The Florida Keys are. known as a
water oriented resort area for not only densely populated southeast Florida, immediately to the north,
but for visitors from throughout the U.S. and abroad. Population of the District is estimated as follows:
April 1, 1979
April 1, 1970 (Estimated by Bureau of Economic and
(U.S. Census) Business Research, University of Florida)
,
22,801 30,286 ,
Assessed Valuations, Tat Levys and Tax Collections
Municipal Service District
Amount of
Total
Taxable '
amount
Taxes
Tax
Assessed
Assessed
Millaae
of Taxes
Collected
Years
Valuation
Valuation
Levied
Levied (Plus Discounts
1980-81
$1,144,732,926
1.422
$1,627,810
In Process
1979-80
$1,109,672;573
$. 879,711,727
0.62;
S 548,940
$ 546,875
1978-79
$1,032,731,498
$ 836,722,255
1.626
$1;360,510
$1,351,731
1977-78
$ 783,588,990
$ 612,904,020
2.0
S1:225,808
$1,183,546
1976-77
$ 747,003,825.
$ 590,031,235
1.0
$ 590,031
S 585,430
Monroe County
Current
% of
Total
Taxable
Taxes
Current
Tax
Assessed
Assessed
Taxes
Collected
Taxes
Years
Valuation
Valuation
Levied
(Plus Discounts)
Collected
1980-81
$2,228,927,518
$1,603,376,740
S
In Process
In Process
1979-80
$1,665,357,900
$1,156,005,250
519.479,444
519,452,093
99.7
1978-79
$1,572,525,474
$1,096,849,475
520,194,481
520,115,659
99.61%
1977-78
•$1,177,810,594
$ 795,000,690
516,465,010
$16,299,041
98.99%
1976-77
$1,134,013,635
S 765,516,025
-S14,627,060
514,532,280
99.35 %
1975-76
$1,iO3,069,036
$ 735,968,687
814,341,379
-S14,275,718
99.54%
16
El
Monroe Municipal Service District
Net Debt Statement
,March 31, 1981
General lion -Self Self -
Obligation Supporting Supporting
Overlapping Debt Bonds Revenue Bonds Revenue Bonds
B d fC C L' dT
oar o ounty ommiso oners smite ar
Bonds (5 mills) Certificates of Indebtedness
I Dtd.9/1/65
i Bridge Revenue Bonds Dtd. 9/1/67
($1,690,000 less $137,083 in Reserve
Account)
Board of Public Instruction
' Certificates of Indebtedness Dtd. 6I1/66
($890,000 less $235,725 in Reserve
i Account) y
Florida Keys Aqueduct Authority
91/4 Water Revenue & Refunding Bond
Anticipation Motes, Series A-1 and B
i
Dtd. 10/1/80
Total Overlapping Debt
l Direct Debt
:Monroe County Municipal Service District
Monroe County, Florida Improvement
Bonds, Series 1980 (This Issue)
Total Direct Debt
Total Direct Debt and Overlapping Debt
$875,000
$ 654,275
$875,000 , $ 654,275
—0—
$875,000
17
S8,000,000
$8, 6,34, 275
$ 1,552,917
62,740,000
$64,292,917
�a
'a
;s
I
M
Cash
Investments
Taxes Receivable, Delinquent
Accounts Receivable
Due from Other Funds
Due from. Other Governments
Total.Assets
M
Monroe C nr-ntti
General Revenue Fund Balance Sheet
Assets
Fiscal Years Ended
Septemiv,--:30, 1980
September 30,1979
$3,712,234
l.i�ib>.�iUfl
— 0 -
-.—
65
76
1,184
952
74, j70
iA13
238,018
S4. 728
$4, 005, 971
Liabilities, Reserves and Fund Balance
Vouchers Payable
Contracts .Payable
2.?_000
Due to Other Fudds
: •108
Due to Other Governments
__7t30
Deposits in Escrow
'•3.031
Revenues Collected in Advance
- �—
Other Current Liabilities
Total Liabilities
Reserve for Encumbrances
Fund Balance
'total Liabilities, Reserves and
Fund Balance
S4.?;:2 -28
:Monroe Coxnty
General Revem:e Fund
Analysis of Changes in Fund Balance
Fiscal Ye
Septeml 30, 1980
Fund Balance — Beginning of Period 3
Add: Excess of Revenues over .
i Expenditures
Revenues
Expenditures
Reserve for* Encumbrance from
Previous Fiscal Years Cancelled
Total Balance and Additions
Deduct: Reserve for Encumbrances at
End of Period
Fund Balance — End of Period
38,848,429
7,970,945
$ 156,332
—0
99,000
10,362
22,441
9,625
2,399
300,659
29,249
3,676,063
$4,005,971
Ended
September 30,1979
$2,740,542
877,484
87,286
$3,705,312
29,249
.$3,676,063
13
UNDERW"BITING
The Series 1980 Bonds are to be purchased by an underwriting group (the" U nderwriters") headed
by William R. Hough & Co. The Underwriters have jointly and severally agreed, subject to certain
customary conditions to closing, to purchase the Bonds at air aggregate discount of from the
initial public offering -prices set forth on the cover page of this Official Statement. The Underwriter will
be obligated to purchase all of the Bonds if any of the Bonds are purchased. The Bonds may be offered and
sold to certain dealers (including Underwriters) at prices lower than those public offering pi°ices, and
those public offering prices may be changed from time to time by the Underwriters.
VALIDATION
The Bonds were validated by judgment of the Circuit Court of the Sixteenth Judicial Circuit of
Florida, in and for Monroe County, rendered on October 14, 1980 and the time for taking%,an appeal
therefrom has expired.
LEGALITY
Legal -matters incident to the validity of the Bonds, including their authorization, issuance and sale
by the County are subject to the approval of Freeman, Richardson, Watson, Kelly & Livermore, P.A.,
Jacksonville, Florida, whose approving opinion will be furnished, without charge, to the purchasers of
the Bonds at the time of their delivery.
TAX EXEMPTION
In the opinion of Bond Counsel, the interest on the Bonds is exempt from all present Federal income
taxation, and the Bonds and the income thereon are exempt from taxation under Florida law-, except as to
estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt
obligations owned by corporations.
LITIGATION
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds
or questioning or affecting the validity of the Bonds or the proceedings and authority under which they
are to be issued. Neither the creation, organization or existence of the District, nor the title of the present
members of the Board or other officers of the District to their respective offices is being contested. There
is no litigation pending or to the knowledge of District officials threatened which, if it were decided
against the District, would have a materially adverse effect upon the financial affairs of the District.
BOND RATINGS
As noted on the cover page of this Official Statement, �'Ioody's Investors Service, Inc. and Standard
& Poor's Corporation have given the Bonds the ratings shown thereon. Such ratings reflect only the
respective views of such organizations and an explanation of the significance of such ratings may be
obtained from the rating agency furnishing the same. There is no assurance that such ratings will
continue for any given period of time or that they will not be revised or withdrawn entirely by either or
both of such rating agencies, if in the judgment of either or both circumstances so warrant. Any
downward revision or withdrawal of such ratings, or either of them, may have an adverse effect on the
market price of the Bonds.
19
AUTHORIZATION OF AND CERTIFICATION
CONCERNING OFFICIAL STATEMENT
Concurrently «'ith the delivery of the Bonds, the Chairman of the Board and the District Manager
will furnish their cei-titicate to the effect that, to the best of their knowledge, the Official Statement, as of
its (late and -as of the date of delivery of the Bonds, does not contain an untrue statement of a material fact
and does not omit to state a material fact which should be included therein for the purpose for which the
Official Statement is to be used, or which is necessary to make the statements contained therein, in the
light of the circumstances in which they were made, not misleading.
MISCELLANEOUS
The references, excerpts and summaries of all documents referred to herein do not purport to be
complete statements of the pro�isions of such documents, and reference is directed to all such documents
for full and complete statements of all matters of fact relating to the Bonds, the security for the payment
of the Bonds and -the rights and obligations of the holders thereof.
The execution and delivery of this Official Statement by its Chairman and its `Tanager have been
duly authorized by thc+ Board of the 'Monroe County Municipal Service District.
1NIONROE COUNTY MUNICIPAL
SERVICE DISTRICT
B
Chairman
Manager
20
Rates and Charges. The Board annually levies an assessment against all improved residential properties
within the District. The.assessments constitute a lien upon the property assessed of the same extent as
the lien for generai county taxes and are collectible by the county tax collector in the same mariner and at
the same tirne-as county"ad valorem taxes are collected.
The District covenants to levy and collect such assessments as will always provide revenues in each
year sufficient to pay 100% of maximum annual debt service plus 100% of all reserve or other payments
including the cost of Operation and Maintenance (defined in the resolution to mean operating expenses
reduced by ad valorem taxes levied by the District for operating the facilities of the District).
The Board also establishes service fees for commercial accounts which vary according to the number
of cans and pickups per week. The District receives a percentage of such senice fees from the Nanchised
collectors.
Collectors. There are currently six private collectors franchised by the District to serve specific areas.
They are compensated by monthly payments of $4.00 to $5.00 per residential customer paid by the
District (included in its Cost of Operatiop and Maintenance). The collectors bill commercial accounts
directly and pay a porti$n of the amount received (currently 24%) to the District.
Additional Bonds. Additional Parity Obligations may be issued provided, among other conditions, the
Net Pledged Funds.(Pledged Funds after deduction of the cost of Operation and Maintenance) for the
immediately preceding fiscal year was at least 1.20 times the maximum annual principal and interest on
all parity obligations to be outstanding. Net Pledged Funds may be adjusted to reflect changes made in
the rate of assessments during the fiscal year. `
i
APPEtiDIX A - FEASIBILITY STL DY OF CONSULTING, ENGINEER
i
i
i -
i
A-1
SUPPLEMENT AND SUMMARY
OF
FEASIBILITY STUDY
PROPOSED INCINERATION 'FACILITIES
MONROE COUNTY MUNICIPAL SERVICE DISTRICT r
MONROE COUNTY, FLORIDA
MARCH 1981
PREPARED FOR MUNICIPAL SERVICE DISTRICT BOARD
BOARD MEMBERS: George E. Dolezal, Chairman
Curtis A. Blair
Wilhemina Harvey
Gerald Hernandez, Jr.
Ken Sorensen
DISTRICT MANAGER: Charles P. Aguero
PREPARED BY
M. VINCENT PROTHEROE, P.E.
CONSULTING ENGINEER
123 N.W. 23RD STREET
GAINESVILLE, FLORIDA 32607
340 /81 0.
SUPPLEMENT AND SUMMARY
0c',
FEASIBILITY STUDY
PROPOSED INCINERATION FACILITIES
MUNICIPAL SERVICE DISTRICT
MONROE COUNTY, FLORIDA
1. INTRODUCTION - Reference is -made .to the "Feasibility Study,
Proposed Incineration Facilities, Monroe County Municipal
Service District," dated October 1980. This report was used
as the basis for the validation hearings and preliminary
prospectus information for the proposed $8,000,000 bond
issue.
Some months have elapsed since the issuance of that
report, during which time the Municipal Service District has
issued bond anticipation notes in the amount of $4,000,000 so
that construction could proceed. It is currently estimated
that the three incinerator sites will be operational on or
about 15 September 1981. Several other factors have changed'
or been resolved since the October report which have
significantly affected the revenue factors presented therein.
These includes
a. Increase in the number of residential customers for solid
waste service in the Municipal Service District area.
b. Upward revision of the assessable property tax roll for
Monroe County..
c. App4oval of increased homestead exemption figures for
.residential owners by amendment of the Florida Constitution.
d. Non -issuance of bonds in 1980 and subsequent closing of
County books, converting Fiscal Year 1980 from a projec-
tion to a historical reoord.
S-1
0
2.
3•
e. Elapsed. time between October 1980 and present, making
some figures in the October report out-of-date.
f• Interest rates for borrowings, including governmental
tax-free bonds have continued to increase.
On this basis, the County's Underwriters, William R.
:Hough and Company, have requested this Supplement and
Summary to provide•a more current picture of the bond issue's
f
feasibility.
RESIDENTIAL CUSTORS - The latest count of residential cus-
tomers (property owners assessed for solid waste service) is
18,343 W of January 31, 1981. This exceeds the number
projected for Fiscal Year 1982 in the October report. -
Consequently, Table D-1*has been revised to reflect the
Population/customer projection using the latest count as a
base historical figure. Revised Table D-1 is presented in
the Appendix. Since this resulted in an increase of customers
for each of the Fiscal Years 1981-1986, special assessment
revenues are projected -to increase also.' They are based on
$6.50 per month or $78.00 annually for each account.
REAL ESTATE PROPERTY TAX ROLL - Several changes have affected
the value of this tax roll. The AmPntiman+ +„ +I,- '01,...: a_
Constitution passed in the November election establishes a
$15,000 homestead exemption for Calendar Year 1980, $20,000
for 1981 and $25., 000 .for 1982.
At the same time, County property p y appraisers have been.
under heavy pressure by the State of Florida to raise property
appraisals to achieve the 100% of just value mandated by
state law. The net result of these factors was a substantial
*Original table contained in October 1980 Report
S-2
increase is property tax roll subject to milla: -, rnr the
Municipal Service District over that presented in the October
report. Table D-2* was revised to reflect these changes and
is. presented in the Appendix.
4. PRIN..CIRLE "AND INTEREST PAYMENTS'- The latest estimate of the
maximum principle and interest payment expected for the
$8,000,000 bond issue (furnished by William R. Hough and
Company) is $905,000; Phis is an increase of $55,000 annually
above the $850,000 payment presented by the October •report.
5. OTHER COSTS/REVENUES - A County audit of the entire Monroe
County financial picture was recently completed for the
Fiscal Yedr ending in 1980, In spite of requests made by
the Municipal Service District, the auditors did not present
audited figures for many of the financial cataguries signifi-
cant to the Municipal Service Distr`ict's operation. The
audit and other sources of amounts budgeted and spent have
been examined and provide a reasonable check on the actual or
estimated figures presented in the October report. Other
costs and revenues presented by that report have, therefore,
been accepted as sufficiently close for comparison purposes.
In future years it is hoped that the auditors can be
instructed in sufficient time and, if necessary, their audit
fee can be supplemented to provide information more useful
to the Municipal Service District.
6. REVENLLS'VS. EXPENSES - The net result of the changes and
other factors discussed above have been incorporated into
Table A, which is presented herewith. An examinE.tion
of Table A clearly demonstrates that the proposed project
*Original table contained in October ly 0 Report
S-3
TABLE A*
Proposed $8,000,000 Improvement Bonds, Series 1981
Monroe County Municipal Service District
Monroe County, Florida
L000) Omitted From $ Figures
rnr A T l7T,A nLIn cT;IDMP APVP �nmx
1980
1981,
1 1 � V L1 L y 1J
1 2
{ 11 L U +•
1983
1 8
1 8
- -
1986
Assessment Income A K
Payments from Fran-chipees for .
Commercial Accounts 'B
Other Revenues C
230
100
4 3 3
287
100
291
100
1,492
2
100
1 0
100
1
TOTAL PLEDGED FUNDS
1 62
1 820
1.844
1,887
1._2 01
1. 40
183
192
2.12
2
t
Salaries and Administration D
a
Commissions and Fees
100
100
110
110
120
120
Payments to Franchisees
Residential Accounts E
r-+
a
1,011
1 04
1 0
1 086
1 0 3
1 120
0 & M - 3 Incinerators F
O
45
961
61
961
961
961
543
1_18'
118
118
118
118
0 & M - landfill Operations
at Incinerators G
E'
CO
1,882
2,414
2,448
2,487
2,514
2,553
TOTAL
~
Less Proceeds from Property
Tax H
x
�-
1,628
1.897
1,940
1,965
11998
2,025
Cost of 0 & M as per Bond
Resolution K
254
517
508
522
516
528
Net Pledged Funds
1,508
1,303
1,336
1,365
1.385
1,412
Annual Debt Service I K
FUNDED
0
0
90
05
9(
Deposit to Renewal and
Replacement Fund J
100
0
0
0
0
S�
BALANCE
19408
398
431
460
480
417
*This table is a revision of Table E-1 contained in the October 1980 Report
t
WOW --
t
No es
P
TABLE A
(continued)
osed 8 000 000
IT rovement
Monroe Bonds Series
Count Municipal
Sery
Mun t onroe Co ice District
Florida
(A) Source;
Table
(B) SourCe: Table D-3*#Revised)*
(D) SourCe: Table D-4**
(E)
urce: Table C-9**
Source; Table
(F) SourCe: TablesC-4C-10**
(G) Source: ► C-5 and
(Hj Based � Table C-7** C-6*
on 1.422
(I) Maximum Principle 198ou 1.62 mills for 1
William R. and lnterestrce: Table D_2 982
(J) Maximum Hough and Co. Pro osed. (Revised)*
balance requiredP Source:
by bond resolution ifor renewal
is anticipated $100,000. Fundeadinellacement
would be needed that little or
time for this fund no additional deposit
(K) Bond r 90,000 deposit until deposit
esolut.io is shown, 1986, at which
or exceed 100 ono fequires assessment
bond resolutio annual debt Se income to equal
meant fund. IceFollowingetable it piesnewai and replace-
(000, per
Presents this Ce-
comparison;
(000's Omitted)
Fiscal —&R Plus
Year Debt
Se -mice 0 & Assessment
1981 100. In--�_ Sur Ius
1982
1983 905 �57 1,432
1984 905 508 1433 1,078
1985 905 522 1:453 11
.1986 905 , 995 516 1►492 6
528 1.503 8
*See Appendix
**See October 1980 Report
1,438 2
15
0
is feasible, cased on current assessment levels an
minor increase (14%) in mill,�e for operation of the
.Municipal Service District. The proposed millage of
1.62 mi l-ls;is well below (23.4%) the 2.0 mill cap formerly
in Force in the District.*While this cap has been removed
by District Board action, the revenues derived from the
property tax should by sufficient without exceeding that
level.
7. CONSTRUCTION CONTINGENCY - While a 10% construction 'contin-
gency is considered standard for proposed projects, this
project has been under construction for some time. A major
factor in many contingenby budgets is the encountering of
unknown foundation conditions, a factor which has been
eliminated by the construction activity already. It is,
therefore, our opinion that a reasonable allowance for con-
tingency in these special circumstances would be in the
2.0-2.5% range. According to the latest estimates, the
Contractor, R. W. Taylor Steel Company, should complete all
three installations on or about 15 September 1981. This
will result in the placement in operation of the following
facilities:
Long Key - Three (3) 3.75 Ton Per Day Incinerators
Key Largo - Three (3) 3.75 Ton Per Day Incinerators
Cu4oe Key -.Two (2) 3.75 Ton Per Day Incinerators
8. CONCLUSIONS AND RECOrOIENDATIONS - Based upon a review of the
October report in light of the factors discussed above, and
an analysis of the revenues vs. expenses projected for this
project as presented in Table A, we have reached the
following conclusions:
S-4
a. =The project proposed is financially sound and Weable.
.b. The.facilities proposed, as outlined in paragraph 7, will
serve the long-range solid waste disposal needs of
Monf•oo County.
c. Interim financing arranged by the Municipal Service
District has been very beneficial in permitting .the Con-
tractor to proceed while the proposed bond issue was
being arranged.
To implement this program further, we recommend the
following actions be taken by the Monroe County Board of
County Commissioners•,.sitting as the Municipal Service
District Board of Directors:
a. Approve and accept this Supplement and Summary Feasi-
bility Study. ,
b. Proceed as rapidly as possible with sale of the pro-
posed $8,000,000 bond issue.
c. Plan to set the Municipal Service District millage at
1.62 mills for the Fiscal Year ending in 1982, and for
subsequent years.
d. Obtain a permit for the operation of a sanitary landfill
at Key largo, which will be needed to supplement the pro-
posed incineration facility at that site.
e. Upon completion of construction, start-up.and testing,
operate and maintain the following incineration facilities:
(1)' Long Key Incineration Facility consisting of three (3)
37.5 Ton Per Day Incinerators and Sanitary landfill
(existing).
S-5
(2) Key Largo Incineration Facility consisting, three
(3) 37.5 Ton Per Day Incinerators and Sanitary Land-
fill (proposed).
(3)* C.pdjoe Key Incineration Facility consisting of two
(2) 37.5 Ton Per"Day Incinerators and Sanitary.
Landfill (existing).
S-6
C
.APPENDIX
REVISED TABLES DTl AND D-2*
in
*Original tables appear in October 1980 Report
I
ROV I E J
lA3TF D-l*
Year
1978
1979
1980
1981
1982
1983
1984
1985 . • .
1986
Srecial Assessments - Solid Waste Service
Residential Oustomers
Historical and Projected
Monroe County Ylunicioal Service District
Monroe County, Florida
Number
Residential Customers
• A
15,225
16,948
17,332
18,343
18,370 (D)
18,627
• 19,129
19,263
19,717
Special Assessment
Revenue
$10040 850 . ( B )
1:118,568. (B)
1,351,896. (c)
1,431,754.
1,432,860.
1,452,906.
1,492,062.
1,502,514.
1,537,926.
Notes: (A) Historical and projected.
(B) $5.50/resid. customer/month.
(C) All figures 1980 and after based on $6.50/resid.
customer/month. Rate changed 1/l/81.
(D) All figures for 1982 and after projected.
*Original table appears in October 1980 Report
REV I S E D
TABLE D-2*
-Real Property Value.. and Tax Revenue
Ad Valorem ,vIiProperty
Historical and Projected
Monroe County Municipal Service District
Monroe County, Florida
Fiscal
Y ar
Ad Valorem Actual Projected Revenue
Propert-v Tax Roll Revenue 1. 2
(E )
Mi1181
(Millage ) C
2.0 r+'slls
' )
1978
$ 612;904,020.(A) $1,225,808.(2.000)
1979
836,722,255•(A) 1,360,510.(1.626)
1980
879.711,727.(A) 548,940.(0.624)
-
1981
1.,144,73?,926•(A) 1,627,810.(1.422)
1982
1983
1,171,061,783.(B) - $1,897,120.
1►197,410.,673.(3)
$2,342,124.
1994
- 1,939,805.
1,213,216,494.(B) - 1,965,410.
2,394,821.
2,426,433.
1985
1936
1,233,234,566.(B) - 1.997,840.
1,250,006,557•(B)
2,466,469.
- 20025,011.
2,500.013.
Notes:
(A) Historical.
(B) Projected, using constant value per person
ratio applied to population projection, a
conservative technique.
+
(C) Proposed future millage of 1.62 mills.
(D) Former millage cap, removed by official
action of County Commission.
(E) Fiscal Year ending September 30 of year noted.
*Original table appears in October 1980 Report
APPENDIX B —
iBALa, CE SHEET ( LN AUDITED)1tiI0YRUE 4'OUtiTYtiUYICIPAL SERVICE DISTRICT
If UNfCIPAL SERVICE TAX DISTRICT
j BALANCE SHEET
I SEPTEtiIBER.30, 1980
ASSETS
iCurrent Assets
Cash
Investments
Special Assessments Receivable
Less: Estimated L'ncollectible
Special Assessments 165'128
Due From Other Funds (165,128)
Due From Other Governments
Total Current Assets
iFixed Assets
Land
Less: Allowance for Depletion
1 Buildings
$1 r1,100
� i Less: Allowance for Depreciation
(77,31-1)
8, 445
y3' ebb
Improvements Other Than Buildings
j Less: Allowance
2,,956)
489
� for Depreciation
j Equipment
57, 059
( 20,477)
Less: Allowance for Depreciation
�
ss3,u�6
36 08�
I Construction in Pro
Progress
( 274, 226)
----
388,830
I Total Fixed Assets
1,357,328
Total Assets
I
i
LIABILITIES
Current Liabilities
Vouchers Payal?le
Contracts Payable .
Contract Retainages Payable
Accrued Wages Payable
116, 7
88,61
Accrued Deductions & Matching
118,736
Due to Other Funds
2,330
Other Current Liabilities
724
Contributions From Other Funds
279 10
Retained Earnings
Total Liabilities, Contributions
and
Retained Earnings
�..
B-1
b 782,841
500,000
—0-
207
86
$1,292,334
-31,882,01-
327,498
27,460
2,819,391 —
33,1— 74-- 349
i
APPENDIX C - AUTHORIZING RESOLUTION
I
I
C-I
hrJ{F. -6 '!:i4 :''•- ^I!J!JS OF IM7 1:XCE--JIS;,
S_.rXi - T..1•J.' i:Y:. --:'+=:, r )1<.:ADE U;:'7:"-1
FIr,A'• - -- ' �J rC' '; 01: R!:: G"4:-FL'C:7a: OF
L9' ?nz B£-RCVD..^- - - _ ^LID b'A;R.
CEP: r.I'::- c':. C"!,I?�'-ID'I iYSY!ls:..^,;
hl:t ,,__.0 l,!. E:,T DATE.
EtT7 F=-':':-': " BA?:: OF C;C:;:I'! CO3:.::S1J!.TiiS OF Lm.?,E COCm, FLO-aIDA,
th Fcr•,ra'. bat? :. .tn-lvrr.,r Goon1•:r:rSxl Se rsdce DSe:rjet:
' S::T-'g :` -,P. 7Lis r I.—.• la 1s adopted --
rs. ;it-r'•;; Ctzer Z. 1_ Isle. I, I1 and :11, of the Woroe
Wade: e..^_ c:h•.: lCaL:E prat,! _w:r of law. '
:3
7::- :J!L:. Uri[-s ;rr. c::•xr, othe:r.l ne revul:-er, the tart_:
:.•:t L. twit . _::c r-r al: ;cro£P: r :his 1-trurmn: Iry I.- -.-ar loft.
her r, r.rrifird-c•1..rd; 1-:r- - ` £int-Aar n:=ter ,hall L<1u3P tx plure: r� •L:•er
L. e4'_:, raL< and -._-: L!:sr. e-. WcrdF iacrt!r.E pera chat; Delude f!rac a.^d mrpn-
r5t ie::.
A. "Ac.' .nil ma.n, cIllectivel;:, Ch. 125. Fla. Stet. (;M; Chapter E, Ar-
:1C;e• and M of thr I!o r County Code: did other applicable prot-feimr of law.
eAdd!:Sora1 prr!t; Otliretimc^ rhal] swan Addl.fool obl!Eetio:,s issued
L. c -•_lane, alth ihi t it Sonr. end 2irl;atloos cen"Iti.d he-L. end Which
c era e : - th,. -- • Funds sac r,L-[t eq-11 • Ln e:1 reo;._ett With
_. _- I, ny
� i dr. of < P_
_..:. - - - ___ for :h, - ••ions: Of ej.t
- -•:!rc� _ ,<deeoecru OP du,. c-
-., _ _ _ •'� ('-ee:h-~ _ Cer r le 1'.sub_ _
- RrrrP-
e_.••,�•if egf7r. pr1 c!pal ... ..
F
sprC L_1 ass_,.: - r Crf eel a_stay fi.Ins: rcr5-
�rx cthc ].r:ur --. lo ffitr br the
- - - d the rut.:!cIra ac.` _S dnWaste rc::ec: lot. s ^vf ccr
1._.._.. ...nuere< c. _.._ud::,r '-S^ !m etas: es n_,-. , 41 asse.-ve.to
"�(•""' - - Bnart o, v_ y Com!s.ionere of W -oe C.—:,
r..d ._ __ for e, and Yea^. ns sp-.__e. to :he Bond.
tzritt, .tt•__ __._. c.. of:
7:1n-T•_- - .-eel ti^ Tz.:- _ .ever. bee ,-[r da_ - the boadl of
.::_ _ .: sz:::. .`.--. '[a:. creep: _ en—tt-hs: curhi.r-'resi
,h,-.n.._. [£,d out of bond p-eee._ _o- a
- _: d tc pay Q, ^:'s:lpa: of Ser!sl E.:,dr If etch
!n svr B." ,cl.
,. t-r rt!_..:..: ,.a:irrn•. Tern bonds If rue!. erirr for
sL: r.:>, -•In 1,-!;-1 tit _ :rc_ -J,il F .1—n: fore Y .4-d YP.r for
bent: [ ., r:tr. it, r,s.`J,'.a -:=. of tn[ "er. En If
rr:!zta o�. :rreMlrtT.i: a:r thf ;em {c•.nxof Fuel. Perier
fc.___ ._ - . _.- 1: »:!re: b': ._tie; c. rede- -.!Tn L. s d Yet,
;,I. •n_. - - - be 1L•ay4p:-ri drt forw1,
yea-r r."r =. ihr arc,-., _,ejp,;•of a d interert en t!
-f- •- r purr_,..,. o `cL L;e:ru-rent. e _ 'of i
•:hP ATJ r._� ,r'r--. aL:P':yc:. if a:y. .;r?'icable tcnles vn_: L-1
L•_r . ( -._ ,..t__ the ,torsi perlo•: end!nr, or. a hod prlac:p-
S- 1 _ s:al; meat. sorh c-lifiec and xCoga!:,ed i -
cc:r-_: :'_•„ eorl: - E f.... able --If Or 6k1:1 6. _ erperleri-
-rc;Fct to be pr_t=dP ti th- Isruer, as e_pioyed or
. .__.,.- ie:?P OCtf• a•[. -Cot -.he dU:fef hCTPL p!o9l dad.
r, _ _ me SFtln anu _ _ 'Fec!]S:iev she:: man the
F.
-Fsi,t f orPrt:So: ..P:[encf• anC rrpa.r of the
1i:fP:, a:fcllcLa�d 1 ^rdante ;t FPner[_,'�;.'eceepced eacec^.t L•:E prne:ict.
:vnrIsru�
Er In I-nA_2L- col id Wn f cT:lPetarL. F•-:
cln1: r.r• :::::ud �er r._ r ter rener_t:. a ^:ece,w :-_. rztrecrtSnP repi
er
err•: ¢_-uw._•[crf fC: ermnae! shtil be reduced by the -
If at -1
.Ltr:, _f,any. leviedLL^m rc__ertEd Within th( Dietrlrt for
"Fee l:!::_:• [:•a:: a•en LM r_l1d arts, disposal feci:l:ie caned an:
oµcetr'_ !, :era ]star f^r ,E:u: o.f a..., we d,h!n the n. _e of the IFsuer.
of A-:r tn3 ror� i,-,:drrrL Inc f;*a c rI d!Y,nl ere si r--lxla chfatr Rllyet States
ter, r. i,P C•nited f•.kT••rita, nnnr ofa-h!,!t.T• 1; rede. —inn friar t.- .
fF:Pe - :. - : Wart sn tl:r I cos _ !ng or. , Pe CO-ber 1 or
+- oror RrvrL=]ar -e Rhsll mean any
r..._ - w r - _ a-.-inr 5:ndc rfr!Ttexd tan bearer
:r ..T - - r ! - �r . ucC,bondr Wh1e!. ahs:1 et the IIe,,
.. P: this .,:cr�3ut ion.
.. lrru ...-_ _-_,. t!,f tl::.r- ., M_.._:!pa; SerYicr
shmts:1 , er o-,' rsr f c:ar -Icul
dt:k ( a. .•_•'. [:.! :. roe-• a+aunt. If s: rrPre:c :n.•[d'ery Sic[ Aeouimntnir f r
.. t!r :-._-_.. ... -.. fl'-_-ef B,.e Year.
rtr-:. m I:edrrt FLL-.de, es defined below, after
_-..T.. cf th, t._.. -
A.
f•J: •reedy run-
t-.• -I r. -.. .rF. _
a
-]- - _ ... .. ,..._-_... YI _.._-... ..... -. f fro-... .._ .. •
�. •i-.. IrrV -11,-; rena t.,r add: IIo^,r., a •[d irpr ;•rn:aer::; tC tlr �.
ce::c' --inr :hP no11d aced, dlr;-r Lr Lf t.^rn tt h<
Vt Cted •:O- :ha pro- t the sale of It* bcnte, together With L:. ;,[ Pr.-Le:a�.
.Pessary ar Snre ldehtul theret(..
T.. 4r!al icndr' etoll rear: 4e lvmir, of fi PCrSes wv.lch -ha;; be stated to
store L a"i
V. "7er•: bet• 1; -ts:; -.tr. BF,- C ,
rrit., a ; of Whie!. ehe sll bs:. tad
to -` -e o err Cute end-h!c:. £ha11 Mtcaret!an retb-- epe-tim of the bond
A ortiratim F_'..
.SE!-IDI: 3. FIh. 71:J=. it SF h--by _srt.Ioa!, deterrl_. t a:- d-lsred that:
A. ?'h: Issue raw ems, operate:. e.-! =I,: inr the Faci11tiee end derleer i
Adxa to leried and c___Prte; for th. ser-r.'e- of the Faeflftle
'1. tderlev, L .! c _ -4and rt-C.. thiT e FTC; cal, n1I . ecrordeute
With ter •,:as. er:'_y-a - Sficu:!�:: nw ont::c c- 1 i-A on. f'i W..- the [�•: ." of
.,suer. The erimv'd t.e_ is ;tie l7cJP_. IE. xC•.0.:. t`!S
C. TM- car; or the F_r ,Pet Gtm'_: be de ed :o Lr-iude 11,,5E :t°_ms speeifled
.. i< Fiedped Fund, a.e not }: edFPd or P::�L"tiered it. a-, vet. '-
E. 7nt prLi 1w or end 1-ere": on the bondL and P1I requ!rec Fining A's d,
rese:•ve end cithre perLPL:e rink tr peyah]r nal E:y !'Wee :he nedEed T : en. ar here. pro- .....
tided- Tne Iesucr eta:; never Le req;:fred tc let ad valot•cc •sees ar. IL,S property aithfn
itc corporate xrr!tcrl• to pay the pr1:.C!pfi; of Pnd interest m the Acndr or to tmke arp-
cf th- required e!nkLr, r-em. rese--rr or bU_ pa?_rt,.
F. :nr Rsecr ,r _= ,; __: ]r•rfet a ,£ tt:E tanrf':P.'. riy Ln pr:,;.e-:iOL (.
^ be .<1.-r--fret. vrr see _Csf ::o:, s:,c Ca.:e:ractir. t1
C, :IW Fro,fe^t C._ the form_, :rfCf Fc:[, RrL,: d1 Tp,ca: 6errl e,_:, `. -..he :..£V...
, er::s:, _ :':air, F-t' r _ ef�r. c:,'. -.6 o,,_r ene
F:n.,, c;� issuer
ri-
e _c pa;, arr rr; o.'r` zst. ,d!rp:•c - _act to tLP. rerf-
ee- L ,e leevsr aa.. :he eC-, or T '-.r-th- -__[- if.
c. hW B_n_-.-
_ Ip• OF PAD.'E.. n _-- Ss he rrby rwthorilyd the arruiai clot.
en,_ mnstrucao�, ef the
_. F.ti�:: L•. c c,. .Sc:, o •.h..
cceptc e£th:ri and df;.e ax.
• :iot iScE. ::.it Inrt:J.-.:n: a t,c-�dte- J• a-rd G`a;f - - 1 :Cie fi :::T,CE
b.sat;. toa Iss:rr art h 11:drrL.�:n: a .d orxcr,e:.:_ ! set .' c t,<
pert.orise' by the :. - : I- r^- the : bref:t. nr :e: ;!_:. e.�rer,:rlty for-.,-
S
s!ct. -!debt of e::y ue the 5 dr E-ui! _ _ - .' o rhlrh
- be c, eq-' Ta.•IGaa ,ere::e. fPr :,•. ore c:s:_h.c: ;, -f e.- .e bcn:_s f
or m::-n]nrfct[•C , Wine-itt_:•�o-. eYn�i as ciT'rLC:': F,1^:-SCE: :-._Y... 9^d 1c.
C. A:74:7:1'17. C= 3"': -
Sex_'. o`_:y'.Ee:Sa,c c` :tr r u be
oe-'Sae : ar. IN
Band csrE hlre: v. be SrLu_ -.e L�,-rr� = r=.:_;i Of
: no: cceed!nrS::.:tl: ,Y•:. aor
1 fitet tr aubP.•: ---F'7a'[ _ • .rate _ tf L cs: a be i
^Vert•:, - the i _ e. t P•' _ {LwF - L(.e`
ter tht: tl dE:P ^' fssue:,anfsi[_: t,<'nWaa .,- era •n. ._.
it. denc-l.- ',jO%�cf S:.O:L: P__ _ in-.e-21 - .. - - -
Se:v� at sue', -
'Por-
--5- deaw of the bo ;ic:ae^.,_aa - _ "- bu
e:r,:e_v_:•Ft yea r f .o t-!T Thlr•. a .bs;-. I- fifes by resTluhicr.C, the IFFVer tdn^nr,:.(•,
_, Lit. G_.r _. [tTe BC:[_„
web bond[ nh[.11 br !..ued in Oe,_ rn fcr' eltx'i b- peyP-,;. •it!:•rPr.U••tt :.rT hr:h
principa: and Ir,tr : e bfrl or ba•,kr :c be-!r-:uP. 11 date :-" by In, ]rr. prior • :he NI Ire-.- c.' r - � :c,�b:e Sr. law^uLr:•+ ._, o
AsrSee: end st:e'_? last L_t=ter• f -P
;
Teener of tte.• e;.-,, cri,e.-e.^.:,L-.te+-r.: cau+•:u. c. :tPy seek rn _,rP[r- j
c•''C'I01: E• E7iCi. Or A.S_ C?XV;L The bond. - . be ez •u:"c 1. the
ner9 of it Is— Ly •-nf Mitt—: of the B^ ,'i S - - r::•h - of ItMBgL ,
CO. c itr rez. Pe fatrlr_ e the,r_f ah,:'- hC `L thI, o rO_. dU,�P: 1
the ':.'r: fse£Sr- Prr!,nne:ur.: of :he',s:ram=e... .._ - „- Y . -•"Lie: o
d re, on the 5: d-. 'Sir_ le .. elf-:t:u-• i,i
We M — 'su s ri?ad.• -. sae• e_ ^'firer ,_ a rnP :'.L-< - .fga.,eer on. a_�'
BTndr -`h_21- c ears c be h Cffi^er--rcr-
- . do:±'rk•r,: a au-
,.a:o-
ef•_']Peo_. therf shenet4r tr:ass bere _c rufficfer.t fc. _ _ -our;. the r -._ae
if , m_ u:.
-•C _ _ f
- e t:l suet. settee- Ar;- Boncn - s'_[ and a Cie jj
betif of the IGrr.: ?;:£u�t rer Gcn - or !
. th- :LL;i tL.- of the c •::Son eat: v df
.h.- m, e prep,,lee e.th the'; suer. PItho=h at -.he cts c p:ien of th__
y I.-.ecr: eu.L per-ne -7 -1 kav- held such c-.__e or my nn: Ie ref Men so euthcrlted.
^euuxn. ._eCJrd a th- 9cnds `all h eat❑eL:Sec icd a!_. the fscr'r_;e
si�-a :urea of ant. r:Pt_- L:elrra-sent C - LhP F.trd- ire rP: itatSr.-cer-
"Ses:e on the `• _. __ M ,toted a-!LL r f.T.L-Lie sir,-.. :he Ch.!rtx:: of
i'r. icu-t. The I .-c .ad,-" AI4 s. far m,ct- -a.-s t. potrrro-er thfe�±r..::e r!fr:ature: o
a- persons am M.,: hoy- rust eirffcer- Pc stet :i.. or. cr a ter I- date of to,
lea i
of 12tir Lnrtruxr.:. nr:w!:hrandl r; Lb.L: t:w;'-a.-_( va s:ei• efflcere a. the
ah.i_ be a .L: tP _
SE' 0` I. hEM-1Ab::.M A:::' 1S-RA-';!K- the •,•• 1s-JPd her [ender sha': be
have L:: ao` the gval!:Scs c-.d. !LC:dar•:.r of ner:ije le 1 r,r ntseu cer L.( leas
Of ax S:a;e If Fin- !s. Fad _ . s e-1lrr h•:Cer. Sr"ncc";::rr •e : - !m': ;h<
11.nr e;;•:ate L^^.L-::•1,ere •-a ::I 1w contlur h'r:? d t L: h d'In.,. s rbcnds
It— be a- MVP L _Stier. n - F ' •hcges'' a d L^-4d.r:c a.-net=:Setif S:-L^tau-_rate -der the
_ews of the S.fi.r Or T_cr:3t-Or Fi
^r• BPn:T r•. M r - ;ereC. a :t: F tr.;dr-, a:. to :•-!.ee iloi a 4
ha 1r_n: _pL: tPrer:, :•th<E- ^ Jeri. r hurt. .het -
'r' tl< - r;
suet
rt::ec >_ - Deal c - - -A`' -
_ _ :
x1a:^F!'rCr-:L.� . tf:_--or__pt.,r!-rr1,s..L:Mt_ : fli.^' - _ikr rL�9.:_Ct..: •:-r- _ _ cr
a_•_
- E 1.
tran',_ --_TerEr t?Pn'`
- rthe ofhc`dsthe ac2
teSa_•,_r
eoolraf:C
afier
tirw1w -r!riP-d eSr rrrn=Pe
Cba i!:fe:E1rE;a .. ncr>'!e : v`c' th' .r let, sh"
t•x::ln_e tc per: I: de=_
__ _ - OF . _ fond
�:rr.
'.' d: !v r r _ _ _ - :Pohl,:• - ;-- -
i
1
W,
kr! _
::-rzcccc [
sf�!,{Purr,;-. :r:^r.!�rrce.^r o.' !-, ^7, OX,
R > of,tA± _ v de :e-:n inf. :rv.t suer, I -ye H°rt, Dirt ear .
thfart, W. U,C !tree Sc ':O 7m:t r necrnoen., U glut rr ,�-^•. r,. C°'•'"t s!,, s sryT mSeer Or Bonds or other In
f:nCl ivcrd shy:I, by rrstlutrIn du:Y,e tie 1-:rw operation terented pertfee. -
nfe°r arch Nt:rer, end au:hOr:tc• suet Bala. lee se Ee no 'nrr.o:,d corcw :1. u,a O.r NO
darter ;^ tear didpa.7tlrm, or tie. rill m: Ere:,:, rn-NC°FACILITIC. EzceF:•as msY be proridr• ..
•
•" �tr e,:u.-: to Dr recef re: froe
ue prsDer:Y si:aa ><• 4-. sum!. sale. ]ease ec ether
ezpansltr, of n.:. franc uee, consent W, or ellor tM Eten11 ` Sn the A[:, it- Issuer
orL•t, hlse or Pereft W a^y 3ernon,:exfPtre1. ztermlm or
ru'teTtellty rhatseever,
G!.
f1zeE ecee:s crrarer; of SIO^.� r' DLL- rut :. .t''c[':lot, Y
°`-•:tier. ezecac
.for the fwnlsry,
Fec I! ties W or within the Do L of eerr'•1ePs or rEency
cr ].e of the ,
afr!er. chi 7 ^•- ec[Ord!:¢ t:•.'t?.,f m:t 'hr ua o.
: r,aelr
rFa
aSz:iler to-•
unCarSes of the lsnuer. 'those of the
,q, a.-utua- udl:
G f!nCL^.;.ne^rr!;y rr•..
L•tL e. y-• of 'h. SI1 :f ec • Hu_:
F• Ifs:l13CE OF 07}1Fr; UBLIJA:
:y
�'�~_r °Oils_
'DIM :.lot -r nC ]o:rfr nP: Penh-. usrrt.•o ri
. :t.recr, and LrE-.f:nrrrs s:si:
thc Mc::.:t.=rest ^ r•..!:a`_:e '' Lhe
^Fec!•!;1•l
bv:ions. eZeC;.t under the
ICK`. 71m Issuer Yll n>; 16rur
Funds _ em -ons and 1r: Lhe t�rutrr eel': other oDl1-
:!' the r:e2C a _
SH L•t
z7ill SY Pagelcri er., duls
hat C.u[1: p-;cr:;: tie C:sr
aPieedted r'ol U•n:nrilY rree4� or cau•,C W Dr ere e.'• d herein, 1Crntle froe the
s 1 - "' enru=trance
ad., m, e; sad of,•
ant oft '•^+•>er and
..r Ca•,s•1tL^.C. E oncur L•: U:r end the Bo..0
•tE!necrt, fi d r. of
or�il; ere hers v debt, lace.. PledGP,
11e:. a-• the iimda and the,
--led he ' terec. U,ereon. TrS,mrl e-,a or heir - m
, such rfric
u:hoe±Le a c:.
r. ProPe,tY. aa_'e. i LP
Ftrf tY r1 tL the
by Ur Is ', !.•: eddI- :c the deed Fungi �
or c:lrer C!a-
'
Efltio:i^. prorlCrd for in auDeec:ion 0 t.:l�neL t,erefn euthorized Otl.rr ebllEe:l o•tE
°r
er. ezpresL Farley
a' sole o: o:?y.; Etc
ihr mlue pnrf:for. c.^ U:e Property'
the
sta resent Sher JW'able f
such fE4tions are d yunior c
L•m Ftorda, 1>p such ohl ram'-'•'r ._edEM Furrls. hall mteL
rein
t
fi and essru [f the Ffl:!]!L'cH a Or a stir !;: cmeLs of lOt e^
aLLC:: ertd opP: s:L-,r ccO-C:nr
utinrir „-.!or I'd su5crd•^. to !r, eI! re
I'leCEM }laid,. ac •-u _!rn on e1C 6euree end sPP[ts ie
rPP:rt cht^i De :he mast re:,-; lo-
tier er--the Gottyul:•:U• L.,ess Lhe r!f!rer
ce cwltY rtr pc,-s:: -toe Bnrt
F_yL-.ecrr s.ic•.
i cage
erred em, and :S,r}. `' eke L--. r,_tinE Lr .,+dL-t Eheretr�ie Fec!1!-
ue further lrnE F Do:•r
/
C. iS;y1X1E OF )MIT -AL PARITY
;Yetle
ssu[i for :r r. _�. t:tPt :hr - re-
c a the er ...-Led red Rseesc-..e;:te a 7,P lerf ei by
iCP:
0911GATIeL. AGd::l onal
on a pnri t}' fro¢ the Pled Parity OD11
Sssuac after the F.^C Fu°ds ri tfi 'the Ro;,ds.
:.-I=BCq,lLr.^:Dr lvnT; thf Fe: L]::1 Cs du: !
^ dicpesi:f 5 FSaca] True
hC-e:� eu.ho-1 eed. be
B1 tI- Cf. add!L10LH6 4ztanalonren$LLd6, herein eLLLiw:1 LPG. fe:
r: ° !ZmeGle rely^yrf
... riulrrd p• t ti• 7'r=T'::r aUce a •E
s•sttfl::: to SuDwe:io:. -
t'Ip Coast
.roses, SL ructlm endr,equi-
°tCupon the conditions the Factor ter
ProveaOne,
1 o^JtL7e .ass U , th•. at>ruct re-
.. --duly ndopte+ aF^rnttve end concur a f+c:i c:. e.•:d tte guard
uo or for rr11md1r:E pn.-
and J: the ce:ufer hereL. Drotlded:
shel] by
.. t:'tElnae: s,'nnd•s.Rali is f•r e h o.^ tn•, offl c.r anC the Doneul tLy-,
su:h: rr ze such r :e o. eL er C!LPesitlm
-
c L•,decendc-tt eer�•t1tiedll iw re Decn obtalneG anE .
files rfv.
o- the pr-Pcr:Y,
A,1vth1;;L 3r.:h!a wb6rrtlo:. i? ec .he
ens,:
- ! public eecotm rant tna 7nsoer a
.. S) stat!'g the` the books and of sul table czperlence enC Cert!rIcate:of
•• P' of 'r 1eG�ed Funds he Issuer re Sbillty: '- "
eHirl ct tht• Bnnrd rn au::.O iL remi ar notr:Lns:endinL, nm 1rE
of
ofin,
-'m p:eper '' c>"''!uL'r eve a
_ r•eiit .
.have bre.�reeudl tedfM
the tau of him for the h,, to the o ecsi and re_
sale of the el
ether d1t,-critler
a pm-: of Lbr Fe:f• t
render Q _ c„ of er,;
-. eta:L•:r s: t ifs e:� .y to:
•Fie proposed ohl tEatSms; ;ea; 1>mediate:
dLN_ Fw,dn rece!re0 by il� Issuer (11) ae:tinE fort; ins
ihr ci :be Issuer
e Arses_�;,:r rr]: tint lv c` U:e,:asu.r
. CS:Posfdo.. ^:i=:telltad
7•j''
emmt oflHepe
Pith respect to rhich Buct certlrlcate r the'sudite1 P_ referee! k (1)
e:C co:lert
y eeyr:ss:Y a.fec•✓4 !: ree::r.0
I of eu>7, sale
•r: above
7wstant Lo (rf) aMve, equal et least i.,2J
stetlal teat Ute het Pa Cred
-, eIl FtOodd,
or
-
t±a•s in flints
end s'_l Addf:f �ez1a>u= Fto•,G SeYce ..
ACGltfoas7 O1 a: Ear"y Obne_!>ns, nequl-scsnt
F:bceedr d
st.al] b p Bret 1: ° rs•e[ Pete f_; -:e er
-1'?' c`
Par!:Y Oblf Sf erv, then
fetie- .1,1"
rl th ree,•met to oast •tdin:'-and m ttx
:h. Frnew] >.:^-
s:a::!'nc x-,Gr n::e iT:-aces:• .._ ... _!:�,;L!:!>-. tr ppper:
- :: re-:.�..
a vch eer.if: Ca:r :s Pete.
(l: I! decf ratie,
:;rr: a: _::er�:te_c*•LM+rt 'e rc:irrx:: t:'•o:r
ds.__._ -.' the c.^^+re: ., che:ja O. the isr.••: _. the B>erdru:oL t!,r
the Fe: Fl edzed Statr f
` ="^ Jm 1tL eUCr vim-
of such ro. ° 'srai eB,v M
_ _
s n^_.1 tis•.Pd
fines'er W ihrnfl onle�.
Ur? f•.rs] veer end :h� period
r9:ec
I. INSfR4N_i. - 7sLu•r
the
or o;ltcr a of the propo eblf thf end
rharpe; of Lhe AHseas�ntz �n"re.:
r
c.. sl_ D:!,.:L-'tL= eti sir..•• ;c.:. [r _-_ ca
:-r e;? r:nert>rs !av:.-ar.0
e_-e Prier: +r Ue •=Pit -
, `nse In the
durinr such fiscal re.. en
a1 =
'anEes Pere ttr,Cetfe�t the a _a d in. Pr':c3 f,- the
yGd"cUa+=.
`C •:•: :�••o:Ch •,-[ cr r:rnar.., tr.`•7a-."b
arm
for c tfreftis�alo• Pt•=n,twE oTL•� :!cis, es .r ntteL
year,
Pert, ::'.err!sr rc^- - c�::-; sCeeuau -
car _>C i^^. ...: ! ---. ce et a.: _• -_! -_ _:_.:r
• - hr.apera:!m of °•tc L_Ly<
'
.
(r) Ficl, reoolution
"r:'1
r:_Iw ^- _ e. - ..-`_..-r ea�w.Ls :vnalyT
li,:•!or t:hefllEcur-icy-tin Pr,^•Sett :: = r-1 ?a. eY>�:
Lhe lam,
reUu Sher aL' of :1w
nu:teo-!xlre the Sseumce o! eCdf:Sing:
tic:mi Par!• . °over+e.^.ts 1ter.Sn �'':.-Ee:i_.
o^ Lh• _ pU:-
o^ tnf la__. ::L :1 '^ ru>rf dL. A:i' such I-, .' GCLrrdG^._r rt:j:
OD, conk±MC row 'ror!tr
.) _iEs :l inn. be epPlleaUle to each Addf-
LT�II Gfl-•'n
i °r Aa m>cr re:''yfd rrieE !cr the Len^_.'St
> p; ;;'}L l:eti!_•: r• fc: lossae
(1) The Issuer .
. are- fli or rch Sbe
t5e 3.zi!•air.:!- u:d •_ 3, -^. herrD;: pi r'Eed b3• :nr
�.:: rsr ru::: -s'ver
stu.a not be !n default Jr.swenrr
otligstime esattmhd herefBtder, .rtd Perfo:rdnL
Pf•-,r•.,:c e:f a Hetrf:S ror
- sue: prxePdf a+ r sY C, use' tr rt:rC; :hf :Csr
Lpnc:l
all t?tC ro
the ecc.= and funds, Bs pk�ntr herein. re•ed "•�•=:LH and
aV or
-re:_•'_eed Proride2 hereintder, hese lrae.•t
cr dfl>nEa for
t Property dr::;-;.rrcear !:. tY ref•e!:'nr -.._ F
ar • `cmert.
s1:a'_3 here n. , 1nW
DPen adr to •aria.
[..,n ar ^
ea.le, eft'- or replt.-
the 14:.;
r i'1 ;'7;g. ;- Cc •_.
and eO:iact •the F1eE- C...,IL'i 7�N: , -, ! ,.
:rtd::; =sue- r!:i '
^. HANAGr_c. Or Fe CIL7TIPs. 'he Ier
a ¢aneger of devons:reteC .ter• In opere:!nE tnc ,••
b117tr,
r- _!rer:_p recei rc�enfO:ce
c:l:r_rne:t '� ,zkr a_istapE, frtSr:tf nano
e:t! noilr: tie: O.^ i;c •-rrC=r'•!'r'
2er-•L•es r� -spl. x
Rra..6ce; r . :5e
be Led c: su•� Ortx er rsC beco.+ -
°r
apart :Wert `d DY �nr; _ r::- �_=uen: t::ye
S• Ug OF PAC:LI: Zr.r. The Issuer
ree'1rr Pe:aLnc
A:: Pie curt
L''":ate. eccye;,P rrcO:3r rj t. r _
or hereL p'<ride, u, 'fN_OLy ehaIj ar eci:ected. be Held Jr.irus:
s ih:rt the rul:
:• s W U:111xe ud. scrvlces��s of the Issuer si,_ ran eZ'•"= Petted b]• lay,
°t'e the
tc be
-- app11PG
ot:e,- SmeCSst.elr nrrs!ces of the FecLf-
ufnn erflilaD111ty
weer~ e::G me Nods .Sails:
c. :>�-rN::•T-f- Lrc•E:4Il•t-_l.
shalt 4 :f the Oz:ter
to :nee n.:,: W ceeef :he oar ,.r all
ex�7cc- furolcheG by :ae Fe
OPl�quer,; ! cf a^.:
Board Ca:: reeOP•d t:••r,- y' er r--•: Aeeca•' fc: un: c� ^ce: er lent eesessed
'• a isr`°`
SiVT'.'iN 16. c.11:3eL.
lrlmte scie •F. OF 8.'If. -be Bonds eLa]]
at such
o.^flce of i:r Clerl: ° °• Rt day.. then the
Dfl!E lsseati+-+n: •^ o- ,
Ute T�'• "e or 'Ia•
'of Ar.eessxL:
�2,:
a•e Dn issu°G end
Price or price6 can6lstent B •Ci,i et Pn Llfe or
,'nrlramenis .°f that rl tit the
1'.
L ter sue': tc=
suLi wsa:E Aseeasr..•r:. Lhe B rr_: •Pelt r:LV-n _
A6sesr.:=: oE-G!¢heEec:era•
rf®ent as the Issuer shflil itereafsroipid�crs of the Act end the
e:mSrte
tc to !: crrh sl: Lnd, :h. e:.:irf tr.:�'d Dr�•tCe of r. ur oau
✓.+ Dr fc:eclotrd L•: �c!
tn- resaivtion.
�L�IOK 1T.
o lODIFICATIOK C4
f this Instrument
:treht':
o.^� sf_:r cs+fne: my °- - OL: Ln;uen: ^•-.prtZ.
gr.^eP or,•real esLat t.: or ,:b,_!,. ?.'Ler prrvide'_ D-IG; for the •r-C ,
or of • • N> ceter±e2 coGit7 eatlm or a.t.:t.Ssx3t:
arli'' ordinance or resalu:f on azends
`c. °r'r ix cede rSthout th= tcr:� 1r<•reor
i^xsctiY f11aC flnE e.• Pmy,d,d by tar. osure
Prosecvie E, then e.•t: B:»t±ho'_dr If eu:?: foreclosure oe
ecifot in Lye
or suppleaPnsal
eEEre�.a :r pr!.nc!pel erowt o.^ Lhe nHen: Sn *:Stint of tM ltolde:r
sd!^fefl:lm Bonae i�a
arnP not
or ire ]sruer farc.^rye _: T'rosecuw eve'. lOreclosure
Paid bo:td� and intez ^=udP-
then 00:6L4lOfn `m-` or core St.
or neendanL .
L• F•'9s'ided, I,o•ever, that ro
'4t` -n the
L!on 1m Lhe rate or intere6:fsthePeritreoor
cr al: Osts
Aryenv • t' e7d d!s.-:bu:�d as All t¢,.•trY reh:•Led Lh^ret;: sDa!1 taridL-r or ts,-
shore be d^^,.os!:e..
rnttr_tp c.' sus: znd•• ore :•r±uc_
iO the
ertrt the tstemd�:!n^., er.: of the
t] Drorl et-n
pros-1d^�, 7hP 1n the
erc:ucc, •;. 1h.-rirh to a r-ssvc- ,her cow -rants, et 1te
r Bcndhol der requerunF
each n:rtunl
•yr Fit as . °f the Issuer to �•'°-- etl3Eatioc, o
•BpP ham] coat due froe ��r1�" of end SZ'I•Pree;
t]e Inlders
itrb Uu `s.__, [il tee
_
audit c a' a '-!st 'c.' tl' deli-.••ue:; = afVe' '-•,'r due date o
•^ the Revenue Ln'_nnstr.
o_ the Pied' m
^ iimd Eed FuY-, °r r'r'duec the percenwe
Deno-, e the ° required to emeent
'�ut•the
Fu.;d -
-}' a err S19M +�:_!c LcreLSer rtth rut annual^
to o
ceasen. in rr!tin of the 1 m,:erSel mod3ficatSm or ^+••
E raider 1 r
Bsle for FO:.FCLC5FS 0! 1SSLr3^:- LTn" --.=':
_
or tnlders all such i
Q: 18. Bond...
:Ire nonpBSze:.: o^ wr "•`. -t flri: PrePP.^-S s`.�; De ortereG for
^
eJ rc .,areexn:, and n- ,e see c-
aqutl :O
DEfilSAN(,'E. lf. et a.1 tL-e. :M
-h Prorlsi o;: for r
t1en' msdr P0.'mant Issuer chrII hove
!r
, bI P pe-;Ons cDs1I pu_^ciaae the
rnrtr ). the proper:; s'tei! the- snow: due on the As.eass:es: (::i Pita:,
slaw:
of, _,
td,' a
ati:• ri tt. res:wr;. to the :hC �1,1-r:pal. SrftereL: nn2 Pee_ tf on
Mnd6, the:., and Se that ^�
F2ed@ec Fls:cr
insenet
a:u W the Dtietre due o:. the RssEssLrn:-f �,E tsar O! Lnr Ir.L•_ _
r- for an
Lhe Iss -: s.:hl/ rece:t•f p:L
!n to tOr Or tbf ere>t, the PS°mjtt�' f
Poser r thc� iclde .s of the Bonds ebLll he x 1pi-I- of ..d lien on the .
PrecrdinE rertence,
_
f1t 0- -•^. itt co:pers:e n.r.•. ! -p`-• 1:^Pees: and coLtH ), enE
Lire fuiders of t!r :�;td;. Ilm
: t,c 'z tt,e p:orcr:y 'the
deposit of sufficient cns5 mG/cr�r r•fect, For put-
m FMeral _Cwttles or Rant certificates
Interest "; in, fe t,'!mare
Isnucr sht fcr bear_
aril. s -_:.:^ape-tp, and d. here :he pO..,^ enC _ lee-
Lhs ResY_ve 'p r!t of the art
of de c
CS Fetlera: Securities posit fttl: sK.. et t
>:r. or t[ princlpei wd
syy De eu:h>rited by (or deposit of an, Other
Ftid. P: xrr_c of or
NOt Iecrr;iita :,- ds e1' su:.*, le°se or sale L-,W
e: hrreL.
sae .
aGr froe tier to :Star u:lties : InreHLsrntn trsuch .
a defeasa:trc) Sn SrrevxaL1e eS^ficien:
Far•!tled, :h: Issuer cha:l•ceuceTi : :: Lhr -•: L^f- tf �:: .^orK:oru
desSE:.s:e2 are„ is
fade.
trust ,e= .. W effect such
HOle bane.^St of the 8dn a ban_I., InstltutSm
-1' be =ld^_os,
Or the Mlders c.^ the hsnr.,ttl-;ro^fce therecf a be en:le2 Wry
Proposed Wile Of any let c lenr ttrot 3,; d,:r
'tract
o.-sue reuse
on to make tlmel ' t °gta•p•, for .he
preml u>t<. ST aty, Y IDFmer: e.' the.
for outst°nG1nf Snt.eres:
-: F: rr r. • ore Seat ac mui •eE '•,. 7^:_r W the
sttal: tten ncti cr :heree^ - - .. rorecl o1rT Ty to. assuer, It
regU1reC sUc.^. reP:ese.•t•.etires.
B>nds, s5e11 b„Priteipal, eM _
psrmsnt.' NOLDL•ti nary,. hall bc. deeof•d to requln the Ie cl-lde�-
ou:rsnd!rtC BmdL for Pete
W _ss:ter aFrePs Lnet SL
P-toe ceaswet puarSdeC •r lee 1'cr
DY St ar t:vstee for
>- I-,�r•1°r to tart ltv m!1 s4Y of ifx
--'l�t10 n luaytsf ovr, Pwctar:t W
r to
the ss:e of
therefor JOcdM tars r:LhL Property eec;ired
�� E e-t%r the•
by the t0derr• pf
6::y aPP7.'ceDle opttortae
W rzceise ar P
Sapfl.r the di�ret!on or the Issue" date
J' such o tic:, for -
of rite oLLslfnPd recC3p: ne :he request
nOt less^
'.^.crt"d!nF fvnos. -%% or Lhe
earl
Y rode tfon. �K •dte•.t r
•• ef'fraiz :e prSn[!py �ml
t!
is 'ARSITAAGE.. N>
H. Fir?.`: ,. x.,' 1f^.'_der of - d, or e. v
esued wider the
u r)
FleduFe FfLtds fr5f ch, Sf reesmaD y s rill De cede of the proceeds of the '
°ctCs or
f•x:d ca i ezpec red on :he dec.e fesuancP
Ltte °.me W M "erDltreEe
pat=s'an Went.^, cr e.,• t. a °O•''cns rtet., ohmvLo,
r•�4- either s: lee or Sn -ttr:ee ot!rC or the Mi..rrs
Dr,
it
Code or 19.,< n f the fonds.
binds^ rri thL•t Lhe me 8°inF N rite Inir, nol
e_-e outstanGlnE6rinli,ecd Tt1P Is et
.' eur1 Bends.
3 eet!o... ®nde=;:s I. otM:
court or ca-y+rser.: ,furta'f ^tic.:, ••;
the Ft
'•"'
all tines Revenue
LP1Y with the requireeeme oettDr 13ty+s e:t•+ !rttereHt tluerem E
cue lode of 195[,
r1ri; - rt a C ,^..�ceedL-y-r s;�y
entcr•.r e.^y e:.G al'
t5e eppoL-:an; er a mrclrer, - r-f-'•:s, !-=and-'rtg
_,di, Z;
gated tnerPf¢tde••, 65 °ceded. and e.•� rand end Vic) of LLe L•ttern -
PP11caDle
C�
ezir.; tctdar .he I— or it. Stare of
Eral::4d 'it'-•.'•vd here L--., and V
el] duties requl-ed Sn •Or m4' c..^Dine
rulC. an d reEu:s:fons Pr'o=u1-
Ie hen by a,d ca- _ the
IHHuv o: try en officer :herecf. Drys, epP:SeaDlr sty :vtar W DP Pr-ear+d N••y �e ._
"Z76 jti: 20. CALIDAT7Q: ALFTHOR2'£^. The
eutbo::zed
eLt>rneY for the .Issuer is Dernpt•
and CS Peered to L•t6tituu e 1tn-•oe OoUnlY, Florid.,
h. C?UM_7NG itiGIh-S. The 2.euer r!ll
faosultlnp L•tecr ^n •,F
for the -lid of eueF..:-sings I. � Circuit Cou^t fOr
-Y^.k
or enEL nrerinj; f'r• ;• !n, n
retain at Sndexnd nt
z'. an•tce ..^c t5r tleslr. censtructlon e::d oc for
re yoraT'-fac!1!
cSxr cad
S.rC'ION Zl. REPEAL OF.2HfXN5 ISIII Ih^TRLTm,�
ice's thrrer! Ir.
c grid _'ce
rf,.. _IL -I
s.^ester as the !a +-r6 tSa: o rc :•�:r
tart atria c!i!:Ses. per Lhe P
err!:::
A'_3
conflict bererfth are hereby :e oMi _,a and resolu:l ins
Peal G to the
,-•i..•.";: c• r.:;:.•;%ershe 1sHuc: a>a�-
c;:- •. a^rer.Snf aK eco.•uc!cal
Fec a::}es e l •- coneect!ra e^.d a^"
even: a.. such cmfllet.
&'-1 f 22,
r P-t o'•t•ret1e:. c
repo Cerra_::s^If 'ih the ' - t5e
'
upon Its edoptior..��7T'. 7ttis shall
Insinment becora•
feE. I'he Issue e:6 etc rera.ale enC
rrth relation horevcr,
CffKL1re 1 m:udir.:eIp
a^' Cd1 :10 a;
tr 6lecf l'!c enElrtPeri•
em,•rr:1oL r1LD the Sy,is=. nC a-.d Ope-a:l:n�
p:ah:ens Pierre 1n
sin, in
Isaver [.1f.::, a, lee:t even' 2 Yeats, CBLLef tr tin
-net L,E �rrrre a. n sv
opt-; su_•�Yp ri th rerc :: ,'trope-e. the C.
ties, she. 6-t!]cf nap f the Aaseesser.se ter 'o the r£nn7ecen: of the Fae!'S-
ma`_rtu::ame
o^ the ,^rot.E O s Price- c Lhe Fsc±li:lee end re:•':r>rnds:Sc:f
`'' Fac!_Itfrs • IrroVar
'
_
fe!ltt : r • e e-^ Su _.^. a n •r- rc c.p.
^e
_ ;c `erfcr..rr- •'
cnki.0 a .f. __ y'-rey's5a:] n
...z:p a: tit
. or sun-�. ;.-tterM:..r _-nor t
.:!f
me.-,t. Of Sr' ! .y,..r •' w'•`'�- _: �: En.-i-cri P In
swrep errs:_ ! - ..._ .. •:: ^3 r± Pu'-: :,ercc•_.;aLLc, •-�?- r26FLSLe-
rfi?r
. ;: .:. O. r. ... if'm•larW.r anC ChRi:,l,r fCl,L•C^ lest rri `r Or
to the Snmp t:m of
.
,
-
and attached coupons, if arL , or in lieu oS and otstitution for the Bond and e:tncbed
This bond and the coupons appertaininf tblretc are and have aL' the qunlltle.�
•
- coupons, if ate, destroyed, stolen or lost, and upon the folder furnis4inr -be Iseir
and incidents of a negotiable lmstroteent under the laws of. the State of Florida.
pxmf or Lit omershl4p tferesf and na:isfacton, Snaei Sty and soap:yiIT r!•, coal,
,
_
•
. Other rensomiDle -golatdonr -1 s� ditic- as the Issuer my p-ii-Ibe and Paying
This, bond eSy be regiaured or to prinoip-1 -arl;' or n6 to both principal and
"
ouch !zte-3aer ab t- Incur ta- Incur. All Bonds and ...poor - 61L Rudered &hall be
�irligre6t in accordance will: the pNCielall6 endorsed hlre0:•..
•
ec-rcPi:� '^ :nc Clerlo: tL• hoard. If an of the Bonds or touporc anal. have as-
'
•
ttaad or :.a adout to nature, t: st lsd of.1scuin6 a substitute Bond or coupon; the Issuer
IN jrMMS. iG: -Bor, lbnroe County Wmici,a'_ Service District beg issued t%,. -
-
.my pay the, sane, upon beSzp, dnde&•rified as aforesaid, " if such Bold or coupon be
-bond and has caused :he same to be signed by the Chaise:, of the hoard of County Oct,- _
' Joe-,. stolen or destroyed, wltrxsr. ecrZvnder thereof.
tessio-rs of ]bnroe Ginty, Florida, and attested and a tersigaed tr. the Clerk of such
-
heir foecirdlP alga:rouse, and the corp.a seal of the
Reseal. eltbe-- mn-Ily or with t-'
•
fay such duplicatv'Ba-.ids and eooxae issued pursuant to this motion�shAll.•.
District ore Secslmlle tnernf :a b affixed, Smpre..ad: ioprinrd,-11thorreph -
,
-
aetltute ar1m 531, sdGS:i O:u:,� contractue. otligatiaw - the pare of the Issuer
n
r•duced bean, and tee Interest coupons here-c nt-:I d to be with the fee-
pre
wbelher or rot the log., stolen o> destroyed bcnd's or coy; m be a: sr�r tin found tq
.simile sigua:ures of such offlrers, all as of the first day of , 1980.
egrsc, pad such duplicate Band. and -.pan. a1e:1 be entltled - e,que'_ and proper-
-_-
tionote benefits and rights ae to "lien on end aotvca and security for pratme'. free the
Mr.3E' COUNTY MUNICIPAL-SStVICE - -
•
- rondo, as bcreinsfter pledged• to the same ertent ea.ell other Bonds wad coupons !¢sued-
- DISTR:C7
- -
hereunder.
SE:TION 11. PiMSIONS FOR RFDl7MION. The Te_^= Roads ch.!! be mdemcb:e
.. by Opara:ix. of tie Bond Am -.I.tin Fund stop a: the option of the Issuer, ell Bonds
my be redeembie as provided b- subsequent recalutim of the Ieroer adopted prior to
the de:leery of the Fronds. Notice of such redergticn a`sll be publiahed at least Once,
min 33 day; Fa S.r to the redetfon date, Sn a financial bang. published in the Wr ugh
of lha`n:ter, City and Sate of Rea Iork, shell be filed with the pay--q agents. and
shall be =I!ad, postage pre,pald.'to all registered Owners of Bonds to be redeemed at
heir addresses or they appear an the registretiOn bookd. Interest shall cease to
•n accrue on any Bond day celled for prior redemption -:the redemptSae date,.0 payxent
•thereof-.lss been dole )rrocided. ,
=noN 12. FOP➢! OF Boar AND CIUPons. The ,text cf the bonds, the Lot.-. -
: vl:• r _ -�. E- raupone .and the cert!fl Bite or validation stall be in;substantilry the following farm-
-with such omiosions, Ime tioria and vrietlons as my be -as. . and desirable and
+-'euth:rl:ed a. pexaitted lq this Instruacet Or by wq aubeequ-nt ardlmpce ar resaluticc .
adopted prior u the Ssarance thereof,
"iR::ti S;::TS OF AI=' UU
s:. QF Fl r-14.
17NP-'E GJNITI' t
WNRCE CaO!.^.' lzariPAL SEF.I7CE LISTEIC
• _ • ISSF rwan'.- BOGrS, SERIES 19K
ERIN ALL 4VI '7 T._a`: PPLENTS, that Wvoe County Mnieipt. S•r-ice Idstrict.
Scotus county, F..ids i:erel--ri- called "District")• for value !;ed. he ety
Promises to pay to the hearer, a. 1< this bond be registered, to the registered holier
.: as herein. ,provided, on the V_r t day of _• f. .r the special f uads
bereinan- mentioned, the principal sux —
. •. IDLIAFS
- '.;-.and to pay solely fox such spatial_ funds, Interest theme from the date hereof at
the rate of per eaatum ( :) per moue un.i2 payien: of the
_ principal s, :. � c . temst to t_he m:wiiy �t DeinF payable ecSarnce_ly an the
first day o s.d tic first dey of in each year upor, the -esen-
utim and snir•e�er of ' • annexed coupons as�aavera_ly fall due. both pf ncipa:
- and Interest an this bond are ,livable in lawful dcuy of•ths Un!ted Sates of Amer Sea
at or, e: the option of
the ono aer, a.
_ :'hie Eond jp one of ---h-ired d.-a of bonds I. the ec. rCete WL,ipo'.
tk- OCC DO--, of like date, tenor, and effect. except e[ to
a®nt or no: exceeding
_ -n�r,'interest rat- and date ce mturit5, issued tc firsnce the coat or the sequi-
_tler. ar! coastroetj- nr eddd:in art-sinc e-.'. '_-:rr^ ca to the W_ war.re
ddsosal fseilit!ec of the District, porsuan: to the authority of and in iLl coo-
- pllance with. the Cone:itutim and Sta -ices of the State of Florida, Sreluding paY.Ie-
ulr:r Chu 1 F_a. Stti. (10 ), Chapter 6; Articles 1. ^ and M.-af the lbat'oe
Couc:y Cede, -ard osier a �'!mb'_e provisions of ls.. rid a resolutitr. dliy adopted
by the ?card of County C.=1-ioaers of Moneys C.-tY, Florid., the goveoning.b d., of
e he District, on the da: of 193S' (haminarter called "Resolutin"),'
'-rind Is suD)ect to all- i-:Oros arc co'ions of sucb ReeOlutioO.
This bond and ttv coupons appertaining thereto are Payable mlelo'froc ado
secured by a prldr ller.::prn seal pledfe oe the epecial nesessonts levied rurally '
:ngaintt m.1denti 1. property within the District e;rcle'_1y Dmefiud by the .egaisi-
_ Sion and .-s-r tim of the "Projr: and the nar:Is1•Sng of solid waste dispose. -
.-.services by the District. Includin5 interest an sach special ascesseeptc: are payments
••'Yaceeired from franchisee solid waste collectors with respect to eocnr_raial I:aperLy
wii. r the Dis:vi.. and ii= other non -ad valorec : cods received Dy the lHstria: w tb
' respect u the fumiabing of tht- solid waste di.pawl services to the residents of the ,
District, excluding any state an federal funds mcelved fma aim• to tine by the Dis-
trict; end certain lmestrxat !-OM; all In the ®nnar provided in the. Resolution.
(insert Rsdera1m Pn-islons )
Notice of such ma-7tSor shall be given in the ma,er required W the
_
nr_ : bond does constitute an indebtedness of the District with3.- the
:';-meaning ofz :: constitutional or
statutory provision or li_Statin, and 1t IF a,-
,- Vmesly ac-read by the bolder of :his bond and the coupnF spp-r. ir.'_ thereto that
such holder shell never have .hr right .0 an require or cannel the exercise of the ad
_ ysiorem taxing power of the L3s:rict. for the peyoent one the principal of and Interest.
., or. this hand or for the a1'c of any sinking Slated, reserve or other payments m-
quired In the Resolution. '
The District I-. the Resiptlon has covenanted and erred with the holders
_ f the Bonds of this Ssau, :- fey and collect such epac . onsets, nts e; will alwtive
pnorldc reve_•,uea in each year Furffklart to pay lr,, of the mIloun bond senriee re-
- qu±remeru:, ee defined in tbt Resolution, on the bndr of"this Issue. and on all other
_ "'obligations payable, on a parry therewith, plus 1001 of all reserve and other pyyeestr
- required Sr: ^oeh Resolu Son, Snc)udlry; tie cost Of operation and mintonerree of the
solid caste• disposal facilities to the extent.not paid five, ad -1crue tares levied
-end collectetl L. the District, and the deposits for reneils and repleeamentr of steam
fat_ities, sr:d that such spedlal asses�ents shall no. be reduced so - w h Snsuf-
.ficient tc 7_vide adeque:e revenues for.suc: jrr; ee; provided, hewevrr, the, such
_ Fpeclal asm-esoents scan: be levied against the benefited Property in propert!on to
tie speaiel and positive banefits to be received free the seq.i1 tion and canctructi-
. - of the P-.1act and the Stnrn!.h,-ug of -lid caste dlrpc.l services •s the residents
of the District, and shall nests exceed ir. the egeretrate the a-oun: b5 wt.icY, suit.
'property is detem!ned tc be teamrited. The Dia,r!et he, entered Into certain !4rtir
covensn:s 'Sth the holders of thza
e bands of this issue for the teof which reference
is made to the Resosolutian. '
:t IF hereby c2r:!f!ed and recited thfi, 91•1 acts, a-eitions. and thin Cs
required tc ex.s:, to lapp'r_r. and to be performed prrcedrt to and I-. the Sssuancq of
this bond, exist, have 1a7;aod and have been -, vrohsted. In -rU.r a:,d d- fore and.
tine as"mquired by the laws and Constitution of the State -of Florida epplieeble
thereto; that the issuance of tit Lmdr o. :his !scue-.does not delete a:C:.gd-tl:y-
iler-al or sututcry 13mita tic^ or provision: and 'hi, -tM issuane• of the bonds of
this issue has been approved •order the provisions cf'.C!,. Sa-9F, laws o.
rt. ., ooar- Of County Coextiaoicner.
of Wnrce, County, Florida, governing
bodyqr lbmoe Coisr.7 ltud.ipl Service,
District '
ATTESTED AND COUN-.MIGKM;
KY, Board o Only `
•; -
-si, - of Mxroe County, Foridn,''•' -
governing body of Ibn_-o_ County:
'•
t•.......
ilicrledpol'Serrlee District -
,FM OF -COUPON
On the 1st day of 19 ,srleec th, band to wide.`, '!;Is coupon is
-sttacb:d St sellable and shy`.` rem. r. dT alled for;p.rior radairtim end price suns
&zl: a,3e for :he Feya^.:t thereof, lb— Count- MA idilal 5-vi s District will pay to
the bearer a: or, et Cur. cp:ion of the
-'
b.,dr. :tw ape -lc: ^ s deFerSbed In
the bond to wn.cr, :his coupon 1. -tacnec, the saou-.: shown h _.r. - J,rr ] coney of the
United Sates of America. upar. presrntatlm and --ruder of this coupon. beinf 'Irte rt.
than due On Sis I.Mvetc:t Bond, Series 1980, dated 19EO. Nc.
1DNP,OE DOMM IFJNiCIFA'_ SERI'ICE
DLc:PSCT
.
Che ism.. m o rnn ,ty ia-a-
or Ltau••oa Ca.-: y. Florida, g.--Inr ':r
,
.. .body of !brace County Maicipal Service
- -
' .District - _
t
A" ''. ANC COUNTERSIGRED: .
C.e Borc or County Cogs-
- sI-- of !bores County, Florida,
governing bo{r of peace County - -
. ' faw,igipal se,•yira mat.rf et _ . ,. .
-VALIDATION CL'CIFICAIE -
This bond is one of a series of bonds which were velidste' and ecnfir4d D7
. iu:dg-neat of the Circuit Court for Warne County, Florida, rendered on the, daY..Of
. 1930.
.. of lb— County, Florida, .,charring
.. -seal or Waxoe.Comtyyurloftal Seryiee'^'"'; _
-District - -
.' OS•ISION FOR FD1ISiiiATTON
'This bond may be registered or. to principal only in the aerre of the hold" an -
=zT.ie books to be kept by the Clark of the Board ef'Cousty Coaissior m of Mxrce gouty',
Florida, es ReEistrrtn, Or such other Paglstrnr as m be hereafter duly appointed, such
-Yegls .atlon being ntrted bereon by such Registrar in the registration bient below, after -
-whlch - transfer s>"t. be valid ,glees ®de by written esaSgsent on the books b5 the
-registered holder or his attorney duly authorized and similarly toted in the registration ;
!.:black below, but it saw• be dSscherped fide ragistratfor. by'being tm..r nred to bearer,
a_her which It shell be transferelde by delivery. but it any he again reris•,erad or before.
'The registration or this bond as to principal -IS stall not restrain the negotiability of.. ..
.:the ccupooa by delivery, but the coupons may be surrendered to the Registrar and the -
iaterest mde payable only,tc the, rerlrtered bolder, IT. which event the Beglntrer Shall _
"note in the registration blank below that this bond Is registered as to Interest .as we'.i
as principal, and thereafter the interest will be remitted 'oy mil to the registered -
holder. TOis bond, when-, converted into a bond registered Be to both principal and `ntareat,
my be r rvrted Into a coupon band and drain converted Into a bond m ittered .s to both -
prSneipal and interest Ss bemirabove p, vlded. Upo:, recOnver6le•, of this bond, coupons
•representing the Interest to accrue u,•.on this band to its date of mtmrlty stall be attached
hereto by the Registrar, and the F.egistrer shall nnte in the registratin blank below
whetter this bond Is registered as to principal c•J7 Or payable to bearer -
WE OF .Di INS M FLUM MARK-- OF ..S70NA:URy_ Of
PFLISiRATICE REGIS.2'°T-: P.E,'ISTPATIC6 RE(:p."P_Lc.
SE. -ION 13. APP_ICA=T Or BMID PROCEEDS. Thr pr t-d- ixludinr ecerued
interest 4 pvax -, if any. vecel-d from the sale cf ry or e11 of the Bonds sha 1 'x
applied C;: the Issuer as follows:
A. The scarred inumct and, at the option or the Issuer, intemat to accrue
far up to one year after the date of ml!,ary cr .he Bonds, ahel'_-be deposited Sc for
Sinking Find herein created, and shall be used only. for the purpose of paving interest
bcomiug due on the ponds.
B., The lr shall deposit rote the Res.•rve At..-, in tips Sinking, Fund, an
sooner: equal to the llexiat- Bnnd'Srrcice Requimornt.
C. the Issue.=-dha.1 pert use the annoy W pay .11 costs ioed in come etioi.
r!th' the issuance of the'•innds:
- r
n �' _ .. !'
e t it xt .•,�' r
a
- ... .. • . . . . . .. .. , . >... _ .
" •.. .. ..-.. , -. ...> .,....
'
L. There is ::achy created and established the Inoia,estor Constnlativn
lased to finance the on of additions, .extensions end imprormcnts to the Fee311t1es,
kid (Ferrisefter called '0.-rr:n:^t!m Fund"), Sm,t w:f c1. shall be geld tie Ds1s,cE
which are Junior a A subordinate to the lien of the bolder. of the Boykin and.Mditlanal.:,; •x=`'
"f'
of t coney rest ite after makt run all the depor!Ls and payment. provided for I.
Parit7 Obligations on the Pledged Funds.
..
pnrig,mpi.: A. E and C abcva.
; •_ -
i;�.
.
'
(T) T!.-ar ebal-' nart apply and deposit the mnry In the Revenue Fund dnW
"R
wz
-
s•
- Ccrsc- ratdnn Fir:d:ahall;be kept separate and apart f o_ all other funds
andAccD---s of the 1tv—, cud the coney an deposit therein shallbe vlthdrew-.., used
a .peel.2 fund to be kw as the
rnM 3 and Plepl-cement Futd,• which fund 1s hereby
created and established. The Issuer shall deposit Into c=b Renee .l and -Be plac""'t Fund,
Wit'
=•.;;";�.'
"
and. ap;'_ied toy' ttK Issuer cruel- tc fire payment. o! Lhr cyst vt :he Prefact. _' fa;
an acount equal to 6: ewe the pledged Fxads collected for the previous Fiscal Year, until
;-- re.,- edcP'p,+s.,yevds or.-T•y part. thereof are not necessary for or are :oi aDDLied
there stall he or. deposit Sr. such Renewal and Pepleeesn:;Ford the sva, of 11DO,0D0 or each
tc the pram: of such. corn-, then the unnpplied proceed_ shall be deposited by Lha
!-per .-cater: reco---d.bz- the Consulting Earl ors and approved by the Issuer. :he
Is zee into the Renewal and B^placcennt Fund, h—L-,c.^ter created and established.
coney In the Renewa: and Replacement Fund shall be used only for the purposes of paving
All =c.^, proceeds ahel' be and constitute trust funds for such pcpoeep, and there Is
-he cost of extensions, erea.-groents or eddlti— to, - the replecesnt of depreciable '_
'
hereby' cm.ted a lien upon.. such coney until sc applied In favor of the holders of the
capitel assets of, the Facilities and emergency repairs thereto, and to provide sn-ade-
-
Fmde. •
quate reserve for de prec!saor, of alldepreciable. capital aureate except such assets befog
acquired .,der l... e-p .M.e financing S:qh coney On deposit therein shall also be
:
Aty finds on deposit in the Construction Fund which, in the opinion of the
used to implesnt the Reserve Account, If necessary, .n order to prevent a default in the
-
1-suer, a rot icoedisteI7 necessary for expenditure, as hemisahove p—rided, =
payzr_nt of the principal, 'Amortization Installsents and Interest on the Bdxde. The messy
_
be fnves•,.e:: '_. t*.e.sa.•nar -.:,prised for the irivesiv::: of cos,ty feud=., but such
on deposit in such Sind shall -be withdrew only upon theauthorisation of the .Board.
'
imeru -tot sh411 mataee not 'later the-, the dates on wrtl-ct ouch -funds will be needed
_
forvyext of Ltr. eoct 'of lac PreJecs. A1: Sscax dezSveL therefr .shall De de-
(F) ',he Dalanee of nap• ®nor xereSalnC in the Revenue Fund sites the above ze-
Posited I :M Revenue Fund.
quired paynente have been cede on a cumulative basis, shall be used by the Iesuer for.tM
-
purchase or redez;-Lim of Bands, for the eeking of capitalIeprovenerts.to the Fecili-
_
•, •= -
F:EC.^327•iG. Sl r'"....Ll:. 0?LIGA7I0RS OF IS-'J-rR. Neither the Bonds soy coupons
%lea or for any other iawill pu ]-
hall be or constitute general obliMU.ne Or indebtecsass of'the issuer as "bonds`
' Y.thin the zesr>if. o.^'the Cocctit.ution of Florida, but shall be payable solely froc
(q) 'f,',e Rav®ue-Find, the SSaking Fund, the5ona Amortizeticn'Flnd-:tDe.Re
;
-eai .adored by.' lies pledge Be n provided• No
up-r. and a ]ed of the fledged Ant. as he.-e1..
serve Account. the Operation and tiafnterance Fund, the 15j,ewsl crud Frpleceme:,t �flad nod
+!
holder or Solders of.e- Bads issued hereunder ter of eqy coupons appertaining theret.
- , :any other special fads herein established and created siren ewatitute 'trust Tunds Tor
�bell ever bave the right to coral tbo exerciae If the ad valorem taxing po,er of the
the purposes provided hereLn for such funds. All_such funda shell be continuously'
.' lsater' a.• taxation In w* fo-••m o, say real ar,pers 4 property therein to 'W —L
• _secured in the same caner... county.deposite are.'required to be secured ly?da laws of -
'
r r -
' 3sds or the ]ate -eat thereat..
the State.of Florida.
A. T—Z OF P:..EDM F-calms.- 'Tbe payren; Of the principal of and i teres2
7M designation anG ectabl Lslrsr.•t of the vario-us funds In and by this resolution
5.
•
or. the 13..e.r sht 1 be aecureri forthrith, equal).y end retehly, by w, irrevm_able lien
^a'_1-mt be construed to require the. ezabliniaant of any completely independent, self-
our 4he 7 aged F::n!.s. p- - d saperior to 11 cth.r liens cr enou_-trances on a ch
bolencinC. funds hs stet.^. tents is com-,aly defined and used Sn gove-• .tai eceo,ntIng, but
• -
Fledged Fun_-_., end the issuer does bemDy irmio 't'y pledre sucb Pledged Fundr to
'ratir-r Is !n:endel aoyelr to constitute an ear-rarking of certain revenues end 'as.e:s of
the PaYscnt of u,e princlpa: of and Interest on -be bond:., for the reserves therefor
Lbe :esue.- for cer:ak.. pe-poses and to establish certain priorities for application of
and for .1-1 ether rsquired pa"snts.
.such revenues and ..sate as herein provided. -
,� 10N 15. CO;rval.-S OF 7W IS.TTE. For. as I.-- a. ant' If the principal
F.b-'r sa depoc't ,L the Be— Fund, Zinklnv-, Fund (.wept -the Reserve Account
of ai L-.-e on Roy pf rs ands s.-all %• outste-LSsC end unpaid er until •here
there I,.), the Bond Amortineti... Fund cone the Cicestion and ipintertnee Fund may be In-
'
sb.:: have been act 'part L- tat• -ninki.0 Fun.?, herein created and established;• I_o- •
vested and retnvested Sr. the ncsane- —rided by law for the in tx snt If county funds,
clt_inc tee Reserve AeI.— there, , and I'. the 1,-.d Ai lizatim Fund, hem'_ crated
provided such inwattcnt. either cature or are reset.. ble et-mt less than par at the
end ecaahlished, a ant c:.enici-I to pay whet. due then en-lrt peindiM? of the bonds "
.or ion If the issuer, not later than, the date on whirch the msey on deposit therein .111 be
• -
mceinin[ -Paid. t.F-'.' •r ri.n'interest accrue; and U• eccrue thereon, t`e Issuer
needed- for the F'u.-poses of sueI funds. 11. m y in the Resewel and Repl.—nit And -y
raveoavta rith the hold_va of e:; and.a:1 bonds es fellows:
be irrested and reinvested in the mother provided by law for the .investment of county
-
fnls, provided such I.-. C_ :nt. r62uie,: e or mdeenxeble et not less than par at the '-
A. AEYT1ibi: F,R:D. :M entire Fledged Revenues shall upon receipt themcf
optior. of the issuer, not later than 5 ycere froO their dates. The- ®ney in the Reserve
-
'
be deposited s she 'Rev— Hin-v. d'• (hereL-efieriied 'Revenue Fund"). hemby cmated
Account be invested and reinvested in the earner provided by law for the Investment
to t'
�he esublLshei. SuthRIva.. Fund shall C Institute a trust fund for the purposed
of county Ends. peerided such investments ra:.e Or a-e radaenable at not less than par _
herein and shall be kept separety ann distinct from all other funds of the
et the option of the Issuer, prior U• the last nvtu.-Lty of the �Bunde. •All:ineoco on such
_
Issuer and used oyy-far the ptsinses rnd in the nsn.•vcr herein provided.
'inrestmenta shall be deposited into the hevema Fund.
_
-
B. DISP'C1710; OF F..F,"M FU?=. All Fuedgrd- Funds at ary time recalning
C. O,_•A?IC: AN, UUNTl:AIICE. The issuer will scintein the Facilities and ee-
dep-it 1n the Reveu- Fund shall be diepo.ed of es thy_ - received by the
parts thereof I, grad condition end will operate tx he sane, I. an efficient and a exci-
.•.Issuer„ccmeses:,- in i•v monthlw-S
Lccedietely foinf the dell— of the Bonds, only
er raking such expendit--for equi mnt and for renewals, repairs and replacements
in the fallori^.g canner and L^, the following order of pricrlcy:
as any be. proper for the econoaical, operation and m!nteraeoe thereof_-
. _
t l) Fry_ the —my U the Be— ft dun. the issuer shalt- firs: deposit
D. ANNUAL BUDir.. The Issuer shall annually prepare and adopt within the t!xte
-
Soto a se,zrete fund whsdh it .b • creeteG and design.;ed 'lot, t•ve:oot Fonds Slaking
i IIr-Its prided by law for the adoption of county bud);ets, a detalled budget of the es:i-
Fund' (bereinerter called 'S!.i Inn Fund'), cast: — as e;ll be sufficient to meet
'coted ezpenditurer for opera:for..and rainten-ce of the Facilities during such next stew -
thy. payment. of prirripel of arc interest In the !.ad- Oe 3..0 dew• dicup-root
ding th,c ot
O^^
ding Fie -a" lose. N:, expenditure for tka operation and nainteaanee of the Facilities ..
_
Bond Year. All such ,-a.- n -, as provided abole,SE:_ • lude en amunt eurflclent
� 'scull be mde in art Fiscal Year in excess of the arunt provided therefor in mcb budget �
'
- to par the fear end cherres of the a y!• agents. Fccn goy-h-.. rbal. be ad.iusted to
without a finding and recocmenddtion 1•y the duly autmrized officer in charge Jtereuf, or
_
...
the ezteat required tc Iov suet Interest becoking due, after eskL-T allow^..nee for the
.shall be nede until the governiz,& body of the Issuer shall have approved such findinr and
-
emuats of.eo-ey rich will bun Oeposited in the Sinkt-ng Fund out of proceeds frox the
-Lim. No suck, increased exp-lit:.-•as Is excess Of 10% of the amount p—ided
-
" sale of the Bond-, to pay interest .be...
therefor in ru-b budget rb.it in any event be made. except upon the further certification -
'
of -be Consulting F gL-eer that soon increased expenditures are, necessary -and essential
_
(2) From the xxnte•v on deposit Ln Lis Revenue Fund. t} Issuer shall next
to the co: tizuance in operation of the Facilities. Te losuer hall -11 copies of .-b -' ,
_
-deposit Sate the ^rind Axrtica:ion r - hem!= crested end established, one
annual budgets end all ordinances nd rsolu:ions authorizing increased expenditures for
-
-
-' Parity with the payrr_ntr required in. paragraph (i) above, if and to tore extent m-
e
-opera:ion:and ecintesce to eat holder of Bonds who shell file his address,with the
-quitd, a s..c sufficient to meet the eaount of the Acortizetio:, Instellaents for Term
issuer' and request It, writiK that copies at .L' sneh budgets eM ordinances'end resalu
.� b xuis which r....1 bS.-w doe and lgysble dap•-inC the current Bond Year. �
� tioes be furnished his:, and shall sake available s'.b budgets and eI ordinances and -reap-
_
_
lutivns authoriz'.nr Increased expenditures for operation and xceintenu nce of the Facillti e _
1
shoo the sale of any series of Term koads, the Issuer sl11, by resolution,
_at all reasonable tines to any bolder or-holdce of.bonde or.to.nmone, cting,for•and o
eateblisi. tins amounts e:.S naturi :lea of suck,my=� Atin: Inst.ilrxnts for each aeries,
If them shall be -.be, Term Fonds the Acortl-
- ., .
-. beD.lf Of sash holder or holders. - - _
_
.cad m-m one mturite' of within a series,
":.ati- L•ust.11 -:e for each =tueSty of the Te Bonds,
E. ASSFSSL0W' ORDTKO-E. The I. —hall nrnua ly adopt''' eseea—V'rdi a �••
_
-
- as xeculred by the Act, and thereby will determine, fix, levy and collect such. Assescoente
Money On de-ns!. in she bond Amrtization,Ftnd ehall-be used for -be open
as will always provide revenues in each year sufficient tO pay 100% of the Vaxlxxce Bond
'
':tnrkst pachnse or redemption, at the earliest practicable date, of Teri, Fonds.
Service Requirement on the bads and on all outstanding Additional .parity Obligetione, plus
-
-.
"
100: or all reserve or other ,-rytents,.includiac the Cost of Operation andYaintenenee
•"
Wary rev.ir'-r In the Revenue Anal- .1.11 nor: be applied Dy the Issuer
(reduced by the .count of ad ,I—. taxes, If env, levied and doll-t-d.withi" the area of
_
for ter• establishment and msi-ensh- of a Be.,— Account. in the Sinking Fund, which
the Issuer for su-b pun.• -Loses) and deposits for renewals and replacements of the Facilities, ;.--
..
Reserve Account Is hereby ereet.e; and establ isheE. i. a spa et least equal to and mf-
Such A-esssnte shall not be reduced so ae to be Insufficient"to }: ovlde:xremues for tech
•
'' ficien: to pay :be Max'as Bond Service Reeulrene^t on the Bonds. 11f, at ant time,
_
purposes; provided, however, that the Assessments shalt be levied against the benefited
there shall be on deposit I--. the Reserve Aceeu^.. less thah such fa.1— Bond Service
property In proportion to the special and positive benefits to be received from the nequisi-
Requirement 'Ilan• to the extent necessary .to rairts'^ the Reserve Account, them shall
tio-, and construction Of the Ac;ect and the furnishing.of solid waste dispoeal-aerrlcer to _
'
he deposited therein in escl, bond Year, after p or`_dinr for the pevsntr required id
the residents of the Issuer• and shall` never exceed In the aggregate the unt by which _
-
(1) anl.-(2) above, fro the ropey redairinr In the Revenue Fund, sn acort equal to
such p•oparty, la Bete-.L--d to be benefited.
20% of the difference bet—, the hiaziaua B_. d Ss.•rvice Requirement. and the e- tent cur--
-
ret'll, on deposit in the Reserve Accocit Smcediately after the cost mean-. withdrawal
F. BOOTS P i TtF_OP.Dr. Tun Issuer suhall also keep books and records of the
_
•
them. 'No fu:.'tb'er paysents shall be required to 9e zeds into such Reserve Account
Pledged Funds mien snail he kept eeQ•nse and npart'lrom all other "books, record. cad
_
_
es long as them sta'_1 remeSa on deposit therein a yin equal to the *lawn cord
accounts of the Issuer, and the holders of not less than 10% of the Bond. outstanding .ball '•
.-
Serriee Requirement.
have the right at all reasonable time to inspect all recondt,s sn . accountd'data of the
:
Issuer rel sting thereto.
--•i-::-,..
Mlney I. '-he Be— Acao,nt shall be used or-yafvr the purpose of the pay-
-
nent of storing princlW of o 41-,terest on the Bonds,, or coturing Axortlradon In-.
G. A•MUl A'JOTI. The Issuer .Deli e1s , at least Once a year, 'with'" 180 days
-
. -
stallmen;s, if art, when the ntlee money in the Sinking Fund Is insuftdclent therefor,
after the olor-e of its Fiscal Year, cause the hooks, records and accounts misting to the -
-
-
-and for other purpose.
Fledged Au,ds w be properly audited by a recogyised Independent TLrm of certified public
- .
eecaunt.ents, anG shall sake generally available the report of such audits to any harder or
,
_
4; Jpot, the iasmxe�Of atv Additional Shr:ty C:11gati-c under the terns.
holders of bends. Such audits shall contain the balance sleet, a schedule of Ixeuranc.- in
-
li-tations andconditions a are herein. pear'ded, theers paynts L-te the Sinking Fund
ezlate.oe, a .chedule of the collection .d epplfea:ion of all Fledged Funds, a schedule
(L-luiing the Reserve Accoc.t therein) and, if Ten bonds am issued, into. the bird
of reserves and Lnver:ments, and'a certificate by the auditors etstLtg sue default on the
-•
Atmriza'.I- Fled, 1.1.11 be increased in suchT_ s sha'2 be sec-- to make
par of the Issuer o covenant been L,^. has been dieclO d by mesa of the audit. The
r•::-'
the paneents f :be �.•-lncdpe/ -n interest andreserves for such Additional Parity
auditors selected sh.12 be chatu.ed at any tine by n written request signed by a maJc•:u',•
-
_
COligatSonr an', If Te Brads am issued, the Acort'z-ton Insttilcen's, on the same
of the holders of the Bonds Or their dully authorized representatives. A copy of such
-
.,
basis as h_•-•i,-sbove povide6 with respect to the BOnda Ln/:!a'Iy issued under this
annual audit shall mgulariv be furnished to arC.• holder of bonds who hall have requested
Inetr,_'t.
Sn writing thut a cep;• of such reports be F—Ihed h'm.
. '
The ls.ver shun':! not be req• ±red to vale of further into the
H. ' N^ WRTGACE OF. SALE OF TFP FACL.•Tfl I. The Issuer will not sell, lease,
Sinking A•nd (lr,c/udsg -.be R . . r Acco-udt the-ein) and the Bond Anorticat fan }und
enr,.gaga, pledge or otherwise --be, the Facilities, or any substantial part thereof,
,
wben the agrre,-ate amount of a --tee;: in both the SL-king Fund (inclvdinr. the Reserve
except ns Drreiru provided. ,
-
Account iha-eln) and the hoed Accrtirstion A-^.d a at least equa:.tin the Bond Ser•fre
.,,
Requires: t, plur the account of mde ytSm premla-, If aZ•, than due and thereafter
m fores^SnC p^visim notwithstanding, the Issuer shall have and hereby re -
to beeooe due an the Bandr then outstanding by operation of the Boind Amortization And.
serves the rlpnt to eel.. lease or otherv!.ns dispose of any Of the property cocprlsiry-. s
-
,
part of the Facilities which the Issuer shall_ herceftr. deterrim, in the canner provide-
r 'hevenuer .:,all nary. be used for deposit Into a•furci to be known as the'
us
hereinter , O be nn�longuseful or prtuN tsT•lr I. the operation of the Facilities.
- -
'Cperet, .. . d ipintrra to Fund,' wni et, Is hereby created and established, such cud.
Prior to art suck. sale, lease or other disposition of'such property. if the amount to be
as ere 'ere. , for the Cos; If the Cg•eratlon and ttL tens-•uce for th4 current Fiscal
mcclred therefor Is not -in a f 550.00]• the du y authorized officer in charge them -
Year in be-r— with .h- budget to be adopted as hereibafter provided,
of, sha'-: ueve a finding Tn writing dote -fining that suzh prcxrtr raprisinf a part of fie
F-cutler is "o longer necessary:, useful' Or Frofitahle In fire operation thereof.
(6) The I.e.— nextePp'--:: coney'in the Revenue Find to the pa:mant
If current dsM servSre. mna -1—le requimrents Of gIv cwliga:iolr of the Issuer
If the em.a tc be 'meeived fruo such sale. le,:sc or otter disposition of the
APPENDIX D - FORM OF LEGAL OPI\IOx
li
D-1
ir
PRLr.TIuT,NARY DRAFT Or .LEGAL OPINION
Jiyt'rr�crrt, .`Jll+i�irr.�.L��t�. llcr�.�n, � (.��1� t5�"--'''_/t�wrirtorf', •%: ,
JU:)SON Fq EEM<
'200 9Aq NETT BANS( 3�.ILDING
RAi W RICHA-7DSON.JR.
JACKSONVILLE, FLORIDA 32202
JOHN ' KELLY
DANIEL U. LIVERM._%RE,JR.
i904) 353-1264
A. GRAHAM ALLLN
-
RICH: PJ E. KLEIN
JOHN 6. MCWILLIAMS.El
JUDSON FREEMAN. JR.
Ap r i l
ROBERT O. FREEMAN
WILL �M D. BRINTON
RICHA,4D I. LOTT
'
Chairman
Board of County Commissioners
Monroe County, Florida
Dear Sir:
.TILES J• PATTERSON
(1885 - 1963)
FRANK L. WATSON
OF COUNSEL
1981
We have examined certified copies of the proceedings of
the Board of County Commissi-oners of Monroe County, Florida
(,ereinafter called "Board"), aoting as the governing body of
Monroe County Municipal Service District (hereinafter called
"District"); the validation proceedings in the Circuit Court,
Sixteenth Judicial Circuit, in and for Monroe County, Florida;
and other proofs submitted to us relative to the issuance and
sale of
$8,000, 000
MONROE COUNTY MUNICIPAL SERVICE DISTRICT
IMPROVEMENT BONDS, SERIES 1980
Dated April 1, 1981
$ 5, 000 each
Coupon Bonds, numbered consecutively from 1
upward, registrable as to principal only or as
to both principal and interest, bearing interest
at the rates per annum and maturing on October
1 as follows:
INTEREST
YEAR AMOUNT RATE
1982 $
1983 ,
1984
1985 ,
1986
1987
1988
1989
1990
1991
YEAR AMOUNT
1992 $
1993
1994
1995
1996
1997
1998
1999
2000
2001
2011
INTEREST
RATE
a
W. '
�hairm��r.
heard of County. Commissioners.
Monroe County,.'Florida
:',pril , i'381
Page Two._.
The Bonds bear interest from their date, payable semian-
nually on April 1 and October 1 of each year. Certain of the
Bonds are redeemable prior to their stated dates of maturity in
the manner and upon the terms and conditions stated in the .Bonds.
We have examined the executed Bond numbered 1. It
The Bonds are issued pursuant to the Constitution and
Statutes of the State of Florida, including Chapter 125, Florida
Statutes, Chapter 8, Articles I, II and III, of the Monroe County
Code, and other applicable provisions of law, and Resolution No.
215-1980.duly adopted by the Board, as amended and supplemented
(hereinafter cdllectively called "Resolution"), to finance the
cost of the acquisition and construction, of additions, extensions
and improvements to the solid waste disposal system of the
District (hereinafter called "Project").
The Bonds and the coupons appertaining thereto are
payable solely from and secured by a prior lien upon and a pledge
of the special assessments levied annually against residential
property within the District specially benefited by the acquisi-
tion and construction of the Project and the furnishing of solid
waste disposal services by the District, including interest on
such special assessments (hereinafter collectively called
"Assessments"); any payments received from franchisee solid waste
collectors with respect to commercial property within the
District; all other non ad valorem funds received by the District
with respect to the furnishing of solid waste disposal services
to the residents of the District, excluding any federal funds
received from time to time by the District; and certain invest-
ment income (such Assessments and other special funds hereinafter
collectively called "Pledged Funds"); all in the manner provided
in the Resolution.
The District in the Resolution has covenanted and agreed
with the holders of the Bonds ,to levy and collect the Assessments
as will always provide revenues in each year sufficient to pay
100% of the maximum bond service requirement, as defined in the
Resolution, on'the Bonds and on all other obligations payable on
a parity therewith, plus 100% of all reserve and other payments
required in such Resolution, including the cost of operation and
maintenance of the solid waste disposal facilities of the
District to the extent not paid from ad valorem taxes levied and
d
Chair.nan
?oard of County. Commissioners
Monroe County; Florida
April ...,, 1981 '
Page Three
collected in the District, and the deposits for renewals and
replacements of such facilities; and that the Assessments shall
not be reduced so as to be insufficient to provide adequate reve-
nues for .such purposes; provided, however, that the Assessments
shall be levied against the benefited property in proportion to
the special and positive benefits to be received from the
acquisition and construction of the Project and the furnishing of
solid waste disposal services to the residents of the District,
and shall never exceed in the aggregate the amount by which such
property .is det4rmined to be benefited.
The Bonds shall not constitute -an indebtedness of the
District within the meaning of any constitutional or statutory
provision or limitation, and the holders thereof shall never
have the right to require or compel the exercise of the ad
valorem taxing power of the District for the payment of the prin-
cipal of or interest on the Bonds.
The District has reserved the right to issue additional
obligations payable on a parity with the Bonds from the Pledged
Funds, upon the terms and conditions prescribed in the Resolution.
In our opinion: (1) the Bonds are valid and legally
binding .special obligations of the District payable solely from
the special funds above described; (2) the District is legally
obligated to collect, receive, hold and apply such special funds
in accordance with the provisions of the Resolution; (3) the
interest on the Bonds is exempt from federal income taxes under
existing statutes and court decisions; and (4) the Bonds and the
interest thereon are exempt from taxation under the laws of the
State of Florida, except estate taxes and taxes imposed by
Chapter 220, Florida Statutes, on interest, income or profits on
debt obligations owned by corporations.
Respectfully .submitted,