Resolution 171-1993
.'
RESOLUTION NO.
171
-1993
A RESOLUTION FIXING CERTAIN OF THE
REMAINING FISCAL DETAILS FOR THE
REFUNDING REVENUE BONDS, SERIES 1993, OF
MONROE COUNTY, FLORIDA; AUTHORIZING THE
PUBLIC SALE OF SUCH BONDS AND APPROVING
THE NOTICES OF SALE AND BID FORMS IN
CONNEcrION THEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. AUTHORITY FOR RESOLUTION. This resolution
is adopted pursuant to Sections 215.84 and 218.385, Florida
statutes, and other applicable provisions of law.
SEcrION 2 . FINDINGS.
determined and declared that:
It is hereby ascertained,
A. A resolution of the Board of county Commissioners of
Monroe county, Florida, (the "Governing Body") the governing body
of Monroe County, Florida (the "Issuer") duly adopted on April
15, 1993, authorized the issuance of not exceeding $7,500,000
Refunding Revenue Bonds, Series 1993, of the Issuer (the "Bonds")
to provide for the advance refunding of certain outstanding
obligations of the Issuer.
B. The Governing Body deems it necessary and desirable
at this time to fix certain of the remaining fiscal details for
the Bonds and to offer the Bonds for public sale.
SEcrION 3. CERTAIN FISCAL DETAILS FOR BONDS. The date,
semiannual interest payment dates, proposed maturity schedule and
optional redemption provisions for the Bonds shall be as provid~d
in the form of official notice of sale set forth below in ~tiQP
4. The final maturity schedule, amount of term Bonds, the amount
of Bonds to be sold and delivered and any remaining~iscal
details for the Bonds shall be specified in the resolution-of tli!3
Governing Body awarding the Bonds to the successful, bidder i;::;
)
SEcrION 4. NOTICES OF SALE AND BID FORM; PUBLI~TIOij.
The Bonds shall be offered at public sale on or abouti-:,t-1ay :5,
1993. publication by the County Administrator of the Issuer, ~r
bond counsel to the Issuer on behalf of the County Administrator,
of the summary notice of sale in substantially the form below, in
The Bond Buyer, a financial newspaper published and/or of general
circulation in the Borough of Manhattan, City and State of New
York, not less than 10 days prior to the sale date, is hereby
authorized. The official notice of sale and bid form shall be in
substantially the following form:
OFFICIAL
NOTICE OF SALE
$1,215,000*
MONROE COUNTY, FLORIDA
REFUNDING REVENUE BONDS, SERIES 1993
Sealed proposals will be received by Monroe County,
Florida (the "Issuer"), at the office of the Clerk of the Circuit
Court, 500 Whitehead Street, Key West, Florida, 33040, until
10:30 a.m. eastern time on May 5, 1993, for the purchase of all
$7,275,000* Refunding Revenue Bonds, Series 1993, of Monroe
County, Florida (the "Bonds"). Award of the Bonds to the
successful bidder will be made on the same day.
FORM, MATURITY AND PAYMENT OF BONDS
The Bonds shall be issued in fully-registered form in
the denomination of $5,000 each or integral multiples thereof;
shall be dated May 1, 1993; shall bear interest payable on
December 1, 1993, and semiannually thereafter on June 1 and
December 1 of each year until maturity; and shall mature on
December 1 in the years and amounts* as follows:
Year Amount Year Amount
1993 $170,000 2001 $460,000
1994 355,000 2002 480,000
1995 360,000 2003 505,000
1996 375,000 2004 530,000
1997 390,000 2005 555,000
1998 405,000 2006 580,000
1999 420,000 2007 610,000
2000 440,000 2008 640,000
ADJUSTMENT OF PRINCIPAL AMOUNT
If, after final computation of the bids, the Issuer
determines in its sole discretion that the funds necessary to
accomplish the refunding program, described below, is either more
or less than the proceeds of the sale of all Bonds, the Issuer
reserves the right either to increase or decrease each maturity
amount of the Bonds, and correspondingly adjust the Bond issue
size, all calculations to be rounded to the nearest $5,000.
Furthermore, the Issuer reserves the right to adjust maturity
amounts to achieve level debt service for the entire issue,
without changing the Bond issue size.
* subject to adjustment as provided herein
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3247/MON59010/ABO
In the event of any such adjustment, no rebidding or
recalculation of the bids submitted will be required or
permitted. If necessary, the total purchase price of the Bonds
will be increased or decreased in direct proportion to the ratio
that the adjustment bears to the aggregate principal amount of
Bonds specified herein; and the Bonds of each maturity, as
adjusted, will bear interest at the same rate and must have the
same initial reoffering yields as specified by the successful
bidder immediately after award of the Bonds to it. However, the
award will be made to the bidder whose bid produces the lowest
true interest cost, calculated as specified below, solely on the
basis of the Bonds offered, without taking into account any
adjustment in the amount of Bonds pursuant to this paragraph.
TERM BONDS OPTION
Bidders may designate the principal amounts of the Bonds
set forth in the above schedule, for any 2 or more consecutive
years, as a single term maturity which will mature in the latest
of the years designated, and will have a stated maturity amount
equal to the sum of the annual principal amounts designated as a
part of such term maturity. Not exceeding 2 term maturities may
be designated in such manner, but only one term maturity may be
subject to mandatory redemption in any year. Upon such
designation the Bonds of such term maturity shall be subject to
mandatory redemption in part by lot on December 1, in the
principal amounts which would otherwise have matured in such
designated years, at the price of par plus accrued interest to
the redemption date, without premium.
OPTIONAL REDEMPTION PROVISIONS
The Bonds or portions thereof maturing in the years 1993
to 2001, both inclusive, are not subject to redemption prior to
their respective stated dates of maturity, at the option of the
Issuer. The Bonds or portions thereof maturing in the year 2002
and thereafter shall, at the option of the Issuer, be redeemable
other than by operation of the Bond Amortization Account, in
whole at any time on or after December 1, 2001, or in part, in
such manner determined by the Issuer, on December 1, 2001, or on
the first day of any month thereafter, at a price of par and
accrued interest, plus the premiums specified below, expressed as
percentages of the principal amount of the Bonds or portions
thereof to be so redeemed, if redeemed during the following
periods:
Redemption period
(both dates inclusive)
December 1, 2001, to November 30, 2002
December 1, 2002, to November 30, 2003
December 1, 2003, and thereafter
Premium
2%
1
o
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l~47/MON59010/ABO
BANK QUALIFICATION
The Bonds are "qualified tax-exempt obligations" for
purposes of Section 265(b)3(B) of the Internal Revenue Code of
1986, as amended (the "Code").
PURPOSE
The Bonds are being issued for the purpose of financing
the cost of advance refunding the outstanding Improvement Revenue
Bonds, Series 1988A and 1988B, of the Issuer.
SECURITY
The Bonds will be special obligations of the Issuer,
payable solely from and secured by a prior lien upon and a pledge
of the "guaranteed entitlement" and "second guaranteed
entitlement" portions of the revenue sharing trust funds of the
State of Florida, as defined in and as distributable to the
Issuer pursuant to Chapter 218, Part II, Florida Statutes
(collectively, the "Guaranteed Entitlement Funds"), sufficient to
pay the principal, redemption premium, if applicable, and
interest on the Bonds; the enforceability of which will be
subject to (a) bankruptcy laws and other laws affecting
creditors' rights and (b) the exercise of judicial discretion.
MUNICIPAL BOND INSURANCE OPTION
The Issuer has requested a commitment for the issuance
of a policy of municipal bond insurance by Financial Guaranty
Insurance Company ("FGIC"), New York, New York, unconditionally
and irrevocably guaranteeing payment of principal of and interest
on the Bonds; however, the responsibility for payment of the
premium for such policy shall rest with the Issuer. Reference to
such policy shall appear on the Bonds.
INTEREST RATES, BIDDING DETAILS AND AWARD
Bidders shall specify rates of interest in multiples of
1/8 or 1/20 of 1% per annum, with the same single interest rate
for anyone maturity. No bid based upon the use of split or
supplemental interest payments, or a 0% rate of interest, or
offering a difference greater than 4% between the highest and
lowest rate of interest will be considered. The interest rate
specified for any maturity shall not be less than the rate
specified for any earlier maturity.
No bid for less than all of the Bonds offered (subject
to adjustment by the Issuer as permitted herein) or for less than
98% of the par value thereof, plus accrued interest, will be
considered. Determination of the successful bidder and award of
the Bonds will be made to the bidder whose bid offers the lowest
true interest cost to the Issuer, such lowest true interest cost
to be determined by doubling the semiannual interest rate
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3247/KON59010/ABO
(compounded semiannually) necessary to discount the debt service
payments on the Bonds from the payment dates to May 1, 1993, and
to the price bid. If 2 or more bids offer the same true interest
cost, the Bonds will be awarded to the bidder on the bid selected
by lot among those bids bearing the same true interest cost.
Each bid submitted must be unconditional, except as
specified in this Official Notice of Sale, on a form furnished by
the Issuer and in a sealed envelope addressed to the Governing
Body and marked "Bid for $7,275,000 Monroe County, Florida,
Refunding Revenue Bonds, Series 1993," and, except as provided
below, must be accompanied by a certified or bank cashier's or
bank treasurer's check in the amount of $140,000, drawn upon an
incorporated bank or trust company to the order of the Issuer as
a good faith deposit to guarantee performance of the bid. No
interest will be paid on the amount of any check so received.
The checks of the unsuccessful bidders will be returned promptly
to their authorized representatives (or by mail to those
unsuccessful bidders whose authorized representatives are not
present) upon award of the Bonds. The check of the successful
bidder will be deposited by the Issuer in an interest-bearing
account and be retained and applied towards the purchase price of
the Bonds pending full performance by the successful bidder, or
will be forfeited to the Issuer and applied as full liquidated
damages upon failure of the successful bidder to take up and pay
for the Bonds. In any event interest earned on such deposit
shall inure to the benefit of the Issuer. In lieu of providing a
good faith check with the bid, a bidder may submit to the
financial advisor of the Issuer prior to the bid opening, a
financial surety bond (the "Surety Bond") of Capital Guaranty
Insurance Company, San Francisco, California, unconditionally and
irrevocably guaranteeing payment of the $140,000 good faith
deposit by the successful bidder. If the Bonds are awarded to a
bidder utilizing the Surety Bond, then the successful bidder is
required to submit its good faith deposit by cashier's check (or
wire transfer as instructed by the financial advisor to the
IsSuer) not later than p.m., eastern time, on the next
business day following the award. If such deposit is not
received by that time, the Issuer shall make a claim under the
Surety Bond to satisfy the good faith deposit requirement. Any
good faith amounts paid by or on behalf of a bidder utilizing the
Surety Bond program, will be deposited and retained by the Issuer
as specified above for bidders submitting good faith checks with
their bids. Interest earned on such deposit shall inure to the
benefit of the Issuer. If the Bonds are not delivered to the
successful bidder within 30 calendar days from the date of sale,
without fault upon the part of the successful bidder, such
successful bidder shall not thereafter be obligated to take
delivery of and pay for the Bonds, and the good faith deposit
amount will be promptly paid to the successful bidder.
The Issuer reserves the right to reject any and all
bids, to waive any irregularity or informality in any bid, to
take any action adjourning or postponing the sale of the Bonds or
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3247/KON59010/ABO
to take any other action the Governing Body may deem to be in the
best interest of the Issuer.
If the sale of the Bonds is postponed, notice of such
postponement and revised sale date shall be communicated through
Munifacts News Service not less than 24 hours prior to the time
bids are to be received. Bidders not having access to such
service may, upon certification of such lack of access, send (by
mail, facsimile or other written method) to the financial advisor
for the Issuer, specified below, for delivery not later than 3
business days prior to the sale date specified above, a request
that the Issuer notify the bidder by overnight delivery service
or telecopier of the revised sale date. However, the Issuer will
not guarantee the delivery or receipt of such notice by overnight
delivery service, and the failure of delivery or receipt of such
notice will not be a basis for contesting the award of the Bonds.
CUSIP NUMBERS
CUSIP identification numbers and CUSIP Service Bureau
charges for assignment of the numbers will be the responsibility
of the purchaser, but any delay, error or omission with respect
thereto shall not constitute cause for a failure or refusal by
the purchaser thereto to accept delivery of and pay for the Bonds
in accordance with the terms of this Official Notice of Sale.
DELIVERY OF BONDS
The Issuer will pay the cost of preparing the Bonds.
Delivery of and payment for the Bonds will be made within 30
calendar days from the sale date in New York, New York, or such
other place mutually acceptable to the purchaser and the Issuer.
payment of the balance of the purchase price, plus accrued
interest, shall be made to the Issuer at the closing, in Federal
Reserve Funds of the united states of America.
The legal opinion of Squire, Sanders & Dempsey ("Bond
Counsel") will be furnished without charge to the purchaser at
the time of delivery. For a further discussion of the content of
that opinion, see the Preliminary Official Statement for the
Bonds.
There will also be furnished at the time of delivery of
the Bonds, a closing transcript as referenced in the legal
opinion of Bond Counsel, including a certificate or certificates
(which may be included in a consolidated closing certificate)
relating to the accuracy and completeness of the Official
Statement; and stating, among other things, that there is no
litigation or administrative action or proceeding pending or
threatened at the time of delivery of the Bonds, (a) to restrain
or enjoin or seeking to restrain or enjoin the issuance and
delivery of the Bonds or (b) affecting the validity of the Bonds,
and that the Official statement is a "final official statement"
for purposes of SEC Rule 15c2-12(b)(3) and (4).
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3247/MON59010/ABO
DISCLOSURE AND NOTIFICATION OBLIGATIONS OF PURCHASER
Prior to delivery of the Bonds to the purchaser, the
purchaser shall file with the Issuer a statement as described in
Section 218.38(1)(b)2, Florida statutes, containing the amount of
any fee, bonus or gratuity paid in connection with the Bonds by
the purchaser to any person not regularly employed by it. This
statement shall be filed with the Issuer even if no such fee,
bonus or gratuity has been paid by the purchaser, and such filing
shall be a condition precedent to the delivery of the Bonds by
the Issuer to the purchaser.
The purchaser, by submitting its bid, agrees to furnish
to the Issuer and Bond Counsel, a certificate verifying
information as to the bona fide initial offering prices of the
Bonds to the public and sales of the Bonds appropriate for
determination of the issue price of, and the yield on, the Bonds
under the Code, as and at the time requested by Bond Counsel.
In addition the purchaser shall furnish to the bond
registrar and/or the bond printer for the Bonds, as appropriate,
not less than 7 business days prior to the date of delivery of
the Bonds, a written list of the names and addresses of the
registered owners of the Bonds to appear on the faces of the
Bonds to be initially delivered, the authorized denominations of
the Bonds and any other pertinent information in order for the
bond registrar or the bond printer, as applicable, to complete
the Bonds for execution and delivery. If such information is not
received by that time, the Bonds will be issued and delivered to
the purchaser as a single Bond for each maturity registered in
the name of the purchaser, and any subsequent registration of
transfer to effect redelivery of the Bonds shall be the
responsibility of the purchaser.
TRUTH-IN-BONDING STATEMENT
Each bidder is required to complete the truth-in-bonding
paragraph set forth on the Official Bid Form stating the amount
of the total interest to be paid over the life of the Bonds.
Florida law requires the following additional statement to be
included in this Official Notice of Sale:
The source of repayment or security for the Bonds is the
Guaranteed Entitlement Funds, as defined above in this Official
Notice of Sale. Authorizing this debt will not result in any
adverse change in the amount of money available to finance other
services of the Issuer each year to and including the year 2008.
OFFICIAL STATEMENT
The Issuer shall furnish at its expense within 7
business days after the Bonds have been awarded to the purchaser,
a sufficient number of copies of the final Official Statement,
which, in the judgment of the financial advisor to the Issuer,
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3247/MON59010/ABO
will permit the purchaser to comply with applicable SEe and MSRB
rules.
ADDITIONAL INFORMATION
Copies of the Preliminary Official statement "deemed
final" (except for permitted omissions) by the Issuer in
accordance with SEC Rule 15c2-12 and the Official Bid Form (if
not printed on the back or as an attachment to this Official
Notice of Sale) may be obtained from Ms. Lavon Wisher, Public
Financial Management, Inc., financial advisor to the Issuer, at
5900 Enterprise Parkway, Fort Myers, Florida, 33905, (813) 693-
7117.
MONROE COUNTY, FLORIDA
Thomas W. Brown, County Administrator
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3247/KON59010/ABO
OFFICIAL
BID FORM
$7,275,000*
MONROE COUNTY, FLORIDA
REFUNDING REVENUE BONDS, SERIES 1993
Board of County Commissioners
Monroe County, Florida
May 5, 1993
Ladies and Gentlemen:
subject to the provlslons and in accordance with the
terms of the attached Official Notice of Sale, which is hereby
made a part of this bid, we (jointly and severally if more than
one underwriter is named below) agree to purchase and offer to
pay
Dollars ($ )*
plus accrued interest on the Bonds from May 1, 1993, to the date
of delivery, for all the $7,275,000* par value Refunding Revenue
Bonds, Series 1993 (the "Bonds"), of Monroe County, Florida (the
"Issuer"), described in such Official Notice of Sale, maturing on
December 1 in the following years and amounts*, and bearing
interest at the following rates per annum:
Year
Amount
Interest
Rate
Public
Reoffering
Price
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
$170,000
355,000
360,000
375,000
390,000
405,000
420,000
440,000
460,000
480,000
505,000
530,000
555,000
580,000
610,000
640,000
%
%
The Bonds maturing in
into a term maturity for the
bonds desired)
the
year
years
shall be combined
(complete only if term
* subject to adjustment as provided in the
Official Notice of Sale
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3247/HON59010/ABO
The Bonds maturing in
into a term maturity for the
bonds desired)
the
year
years
shall be combined
(complete only if term
At the time of delivery of the Bonds, the Issuer shall
furnish to us, free of charge, the legal opinion of Squire,
Sanders & Dempsey, together with the usual closing transcript.
In accordance with the Official Notice of Sale, (check
one of the following:) we enclose herewith a certified or
bank cashier's or bank treasurer's check payable to the order of
the Issuer in the amount of $140,000, which check is to be
applied in accordance with the provisions of the Official Notice
of Sale. we are an authorized principal of the Surety Bond
as described in the Official Notice of Sale.
Receipt of the preliminary Official Statement for the
Bonds ("deemed final" (except permitted omissions) by the Issuer
in accordance with SEe Rule 15c2-12) is hereby acknowledged.
Additionally, for purposes of Section 218.385(2) and
(3), Florida Statutes, we submit the following truth-in-bonding
statement with respect to the Bonds:
The Issuer is proposing to issue $7,275,000 of the
above Bonds for the purpose of advance refunding certain
outstanding obligations of the Issuer, as more particularly
described in the Official Notice of Sale. This debt is expected
to be repaid over a period of 12 years. At the interest rates
stated above, total interest paid over the life of the Bonds
will be $
The names of the underwriters or members of the account
that are associated for the purpose of this proposal are either
listed below or on a separate attached sheet.
By:
Signature(s) of bidder(s) or of authorized officer or agent
Title of signer or authorized
officer or agent
Telephone Number
(NOTE: For information purposes only
and not a part of the hid)
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3247/MON59010/ABO
True interest cost rate**
%
(to 6 decimal places)
The above-referenced good faith
check in the amount of $140,000
has been returned and receipt
thereof is duly acknowledged.
By
Title:
(No alterations are to be made in
this bid except those additions
specified above)
** Computed in accordance with
Official Notice of Sale.
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3247/KON59010/ABO
SUMMARY
NOTICE OF SALE
$7,275,000
MONROE COUNTY, FLORIDA
REFUNDING REVENUE BONDS, SERIES 1993
Sealed proposals will be received by Monroe county,
Florida, at the office of the county Administrator, 5100 College
Road, Public Service Building, wing II, Key west, Florida, 33040,
until 10:30 a.m. eastern time on May 5, 1993, for the purchase of
all but not less than all, at a price not less than 98% of par
and accrued interest, of $7,275,000 Refunding Revenue Bonds,
Series 1993, of Monroe County, Florida (the "Bonds" and "Issuer,"
respectively); issued in fully-registered form; dated May 1,
1993, with semiannual interest payable June 1 and December 1,
beginning December 1, 1993. The Bonds will be in the
denomination of $5,000 each or integral multiples thereof,
redeemable as provided in the Official Notice of Sale, and will
mature on December 1 in the years and amounts as follows:
Year Amount Year Amount
1993 $170,000 2001 $460,000
1994 355,000 2002 480,000
1995 360,000 2003 505,000
1996 375,000 2004 530,000
1997 390,000 2005 555,000
1998 405,000 2006 580,000
1999 420,000 2007 610,000
2000 440,000 2008 640,000
; provided, however, that the Issuer may adjust the total
aggregate principal amount of Bonds awarded (and correspondingly
adjust the purchase price bid), as necessary to accomplish the
refunding program or as otherwise specified in the Official
Notice of Sale. Award of the Bonds to the successful bidder will
be made on May 5, 1993.
Bidders may designate certain maturities as term Bonds
as specified in the Official Notice of Sale.
The Issuer shall furnish at its expense within 7
business days after the Bonds have been awarded to the successful
bidder, sufficient copies of the final Official Statement, which,
in the judgment of the financial advisor to the Issuer, will
permit the successful bidder to comply with applicable SEC and
MSRB rules.
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3247/MON59010/ABO
The successful bidder
opinion of Squire, Sanders &
Issuer.
will be
Dempsey
furnished the legal
at the expense of the
Copies of the Preliminary Official Statement "deemed
final" (except permitted omissions) by the Issuer in accordance
with SEC Rule 15c2-12, the Official Notice of Sale and the
Official Bid Form may be obtained from Ms. Lavon Wisher, Public
Financial Management, Inc., financial advisor to the Issuer, at
5900 Enterprise Parkway, Fort Myers, Florida, 33905, (813) 693-
7117.
MONROE COUNTY, FLORIDA
Thomas w. Brown; County Administrator
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3247/KON59010/ABO
SECTION 5. REPEALING CLAUSE. All resolutions or parts
thereof of the Governing Body in conflict with the provisions
contained in this resolution are, to the extent of such conflict,
hereby superseded and repealed.
SECTION 6. EFFECTIVE DATE.
effect immediately upon its passage.
This resolution shall take
Passed and adopted by
of Monroe County, Florida, at
April 15, 1993.
the Board of County Commissioners
a regular meeting of the Board on
By
Y, FLORIDA
MONROE
(SEAL)
~<-
r, oard of Coun y
issioners
ATTEST:
c~afl2,4:~
Commissioners
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3247/MON59010/ABO