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Resolution 128-1981 RESOLUTION NO. 128_1981 RESOLUTION AUTHORIZING THE CHAIRMAN OF THE BOARD OF THE MONROE COUNTY MUNICIPAL SERVICE DISTRICT TO EXECUTE APPLICATION FOR MUNICIPAL BOND GUARANTY INSURANCE AND AUTHORIZING PAYMENT OF PREMIUM FOR SAID INSURANCE POLICY IN THE AMOUNT OF $250,000.00. BE IT RESOLVED BY THE BOARD OF THE MONROE COUNTY MUNICIPAL SERVICE DISTRICT as follows: 1. That the Chairamn of the Board of the Monroe County Municipal Service is hereby authorized to execute Application for Municipal Bond Guaranty Insurance for the $8,000,000 M6nroe County Municipal Service District, Monroe County, Florida, Improvement Bonds, Series 1980. 2. That said Board hereby authorizes payment of the premlum for said Municipal Bond Guaranty Insurance Policy in the amount of $250,000.00, upon sale of Bond and Receipt of proceeds. Passed and adopted by the Board of the Monroe County Municipal Service District at a regular meeting of said Board held on the 21st day of April, A.D. 1981. BOARD OF THE MONROE COUNTY MUNICIPAL SERVICE DISTRICT / /'; J J / / ! i \ By./ (/ / ,(, :,./\ Cita i rman ! " /" ~ v (Seal) ) I Attest: ..'- ') APPROVED AS 10 FORM AND~ SIIFFl(;/I!Jff1r. BY '> ~~p A~0Nir6 ,../ " ; '~~rn8fu 0; Municipal Iss~ers Service Corporation, . -" Box 788 " ",,' 34 South Broadwa1; Oo' . '.:" White Plail1si,NY-)fJ60i? " (914) 946-4242 . April 14, 1981 .... .. .1 '.., Manasi,tg .Crncra/ Parlner, Municipa//ssuer!' Sat'ice Company , Ms. Cindy Traylor Syndicate Administrator William R. Hough & C(>mpany 924 Florida Fede~al Building P. O. Drawer 1051 St..Petersburg,F~orida 33731 '. $8,000,000 ,Monroe County Municipal Service District, , "Monroe County, Florida' Improvement Bonds, Series 1980 RE: ..' Dear y~. Traylor: Enclosed please find MEIA's Application and Commitment issued on the ab(>ve captioned bonds. We would appreciate your forwarding these to the Monr(>e COUThty Municipal Service District for their signature and prompt return of this Application to our (>ffices. The Commitment, how- ever., should be retained for their files. We would also request at this time, six copies of the final official statements when they are printed. ,; Thaqk y(>u, Ms. Traylor, for your cooperation concerning this matter. It.you have any questions, please contact our offices. .:-# Cordially, . " .e. .. .' .. /(0./L41 !b.JQ.,'-41.u;:j Karen Devanney G; /kd~ eRc:J:-O$ures .' c~~ Richard i. Weill, Esq. Mr. Char~~s T. Aguero - Monroe County Municipal Service District Daniel 'U.: Livermore, Jr."Esq. - Freeman, Richardson, Watson, etal. Municipal Bond Insurance Association Members: The .-f:tna Casualty and Surety Company Fireman's Fund Insurance Company The Travelers Indemnity Company .-f:tna Insurance Company The Continental Insurance Company M"nasing A!-,cnl. M/...nin'pullssuers 5l'~'i(f Co--npany ,f '. . , ~-: \n~ -;Jf[ m c()r~'r 'liENT FOR . ~\JI.J~LW MUfIJICIPJU BOND GUARANTY INSURANCE ("UNICIPAL BOND INSURANCE ASSOCIATION 34 Sowth Broadway, Box 788, White PI,ains, N.Y. 10602 . . . MUNICIPAL ISSUERS SERVICE COMPANY General Manager . " Based On", 'lPt' approved application, dated' April 9, 1981 , for " tvIiJ.Dj,c~afB~nd Guaranty Insurance (the-"Appji~al!p[1"), the insurance companie~,comp.fis- ing the Muni'cipai Bond Insurance Association ("MBIA"), each of which participates and is liable hereunder severally and not jointly in the following respective percentages (The .LEtna Casualty and Surety Company - 33%, Fireman's Fund Insurance Company _ 30%, The Trav~lers ~r)demn'ity C9mpany - 1 &%, .LEtna Insurance Company - 12%, The Continental Insurance Company ~'.10%), at the time $8', OOO~, 000 Honrpe County Hunicipal Service District. H~nroe County, Florid&, Improvement Bonds, Series ]980 (the."Bonds'.) are awarded and sold to William R. Hough & Company a~reeJo ISS:J'f~ policy guaranteeing the payment of principal of and interest on the Bonds, when due, sLibject to the following conditions: 1, ~t the itnle~of delivery of and payment for the Bonds an insurance premiwm for the MBIA poUcy in' the amount of $ 2.5.D...OOO will be paid by Monroe Count~ Hunicipal Service Distrirt) Flnrin~ 2. The Bonds will receive the unqualified approving opinion of Bond Counsel, 3, There will have been no material adverse change in !'he Bonds or the Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the issuance of the Bonds or in the final official statifment or other similar document, including the financial statements included therein, 4, There will have been no material adverse change in any other information submitted to MBIA as a part of the Application or subsequently submitted to be a p-art of the Application toMB/A. 5, No event shall have occurred which would allow any underwriter or any other pur- chaser of the Bonds not to be required to purchase the Bonds at the closing. 6. Prior io delivery df and payment for the Bonds, none of the information or documents submitted as a part of the Applic-ation to MBIA shall be determined to contain any untrue or misleading statement of a material fact or fail to state a material fact required to be stated therein or ne'cessary in order to ma~e the statements contained therein not misleading, 7 No maij?rial adverse change affecting any security for the Bonds prior to the time of deli,!ery of q~y. payment for the E?on~s shall have occurred, . 8,' Nothwith$t~nding anything to the contrary contained herein, this commitment will expi~e on ltie:earlier of (~ 90 days from the date hereof or (ii) on the date of delivery of an'd paYAlent for th~ Bonds and issuance of the policy hereunder, unless thiS commitment shall have been.extenqed.i.Fi writing by rv1BIA 9: Spec'jal conditions, Ml)NICIPAL BOND INSURANCE ASSOCIATION The .'Etnq Ca~uallY and Surety Company Fireman's Fuhd Insurance Company' The Travelers Indemnity Company ..Elna Insurance Company The Continental Insurance Company By MUNICIPAL ISSUERS SERVICE CORPORATION, as Managing General Partner of the General Manager .' '. -#;t{'2S;denl /r' ~l ,,/. AlIesl--.L,<~ch~ < - ,-~1 1 Spr"'r.--,t~,..\, . / "'" .,-, , . ~, " " " ~.. ~JJrnDffi APPUCJrnom FBR nfHlRHC[LJAl BOfJD GUARAmrV Er~SURAmCE . ' . .., e MUNICIPAL BOND INSU.R~J'4CE ASSOCIATION .' 34 South, !3rQ~st:rfXl~Sq.x 7.88, White Plains, N, Y. 1 O~02 (914) 946-4242.' ; R E: ,$8,000,000 Monroe Cou,9ty H~micipal Service ,Distritt, Honroe Cou~ty, Florida ;Improvement Bonds, Series 1980 MUNICIPAL ISSUERS SERVICE COMPANY , General Manager .- --. Application No.: Proposed Sale Date: Type of Sale: 81-04-2133 April 21, 1981 (Est.) Neg. - D. P. ;" The undersigneo ~ereby applies for Municipal Bond Guaranty Insurance to be issued by the Municipal Bond Insu'r~ance Association ("MBIA") covering the above referenced issue of municipal , bonds. It! support ofthjs:application, the applicant hereby provides the following information and d; cucnents'a-rid, ~gre:e~ to the terms set forth in this application, '. Applicant: Monroe County Hunicipal Service District , , Address: Wing 2B - Public~Service Building, Stock Island, Key West, FL 33040 F2rson to Contact: Hr;. Charles T. Aguero Manager Telephone No,: (305) 294-4641 Bond, Counsel: Freeman, Richardson, Watson, Kelly & Livermore, P.A. Address: _ li2 West Adams Street, Barnett Bank Building, Jacksonville, FL 32202 Person to Co~tact Daniel U. Livermore, Jr., Esq. Telephone No.: (904) 353-1264 , - Flnanc!al Consultant'and/or Underwriter:' , Wi.1Uam R. Hough & Company' .". .... Address: . ' .22~'F.lorida Federal'Building, P. 0: Drawer 1051, St. Pete~sbur~FL 33731 . - ." .'- Person to Contact Cindy Traylor . Synd.ica'te Administrator Telephone No, (813) 896-5641 ,Issuer (If other than applicant) ,t.,odress Person to Contact. Telephone No ~ '. r' PARTI GENERAL INFORMATION .. Maximum legal inte.r~s.t rate (Includinti discount). if any,: e. ~ Has a ratLog.~Uh.7' 'issue been applied for? Name of such rating service ...... . If received, what IS th~ rating? PART 1/ DOCUME'NTS RELATING TO SECURITIES Please ene'lose the most recently prepared drafts of the following documents in connection with this issuance of securities: i'f available. If such documents are not yet prepared, please forward them when prepared: (1) Resol:.Jtion; Bond.Ordinaf"lce or Trust Indenture and other official documents authonzing this issue, (2) Preliminary Of\.icial Statement or otP.ier similar document. (3) Notice 01 Sale. (4) Bid form, . (5) Any other matenal document related t6 the issuance. The applicant agrees io speCifically note any material chelnges In such documents being submitted. when made. PART //I ,!,CREDIT INFORMATION Please enclos,. [ne follOWing oocuments. If such documents are not available. please so indicate (1) Issuer's a,;;" !Ed finanCial statements for the past three years. (If,the application relates to a revenue issue, include LnanCI2.1 statements for the utility system,) (2) IssLer's bU::;;det for the current year and next year If available, (3) Engineering or feasibility studies (to be furnished for a revenue issue only), (4) Capital planning and economiC development studies (5) Offtcial Statement or other Similar document and notice of sale covering the Issuer's last saie of Similar secuntles, if any (6) Any other Information which would be helpful for an evaluation of the Issuer's credit Additional information may be required to complete a credit analYSIS, Any request for such information will be made by a separate letter PART IV AGREEMENTS OF APPLICANT The applicant agrees to provide all inform?tion necessary for an accurate credi! analysis by MBIA. After receipt of allj1ecessary information, MBIA will inform the applicant whether the Issue qualifies for insurance and the premium reqUired for the Insurance, Such inforr,latlon may also be published, , , ". All information glvei:1 I'n connection wlth'this- Application IS be11eved to be true and correct as of thiS date. . ' Dare April 21, 1981 Hunicipa1 Service D' tric.t...-LL ./ it ~ r / ,",-,' {1_/ Lt. L / ,.