Resolution 199-1993
RESOLUTION NO.
199- 1993
RESOLUTION ACCEPTING BID AND AWARDING
$7,230,000 REFUNDING REVENUE BONDS, SERIES
1993, OF MONROE COUNTY, FLORIDA, TO THE
SUCCESSFUL BIDDER; APPROVING THE PRELIMINARY
OFFICIAL STATEMENT FOR THE BONDS; CANCELLING
AUTHORIZATION FOR THE ISSUANCE OF THE BAL~CE
OF THE BONDS; FIXING THE BOND REGIST~R~
PAYING AGENT AND ESCROW HOLDER WITH RESPEC$~~
THE BONDS; AND PROVIDING AN EFFECTIVE DATE&;~:~:.r
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BE IT RESOLVED BY
MONROE COUNTY, FLORIDA:
BOARD OF COUNTY
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SECTION 1. AUTHORITY FOR RESOLUTION. This res~ution
is adopted pursuant to Sections 215.84 and 218.385, Florida
Statutes, and other applicable provisions of law.
SECTION 2. FINDINGS.
determined and declared that:
It is hereby ascertained,
A. The Board of County Commissioners of Monroe County,
Florida (the "Governing Body"), the governing body of Monroe
County, Florida (the "Issuer"), met on May 5, 1993, to consider
all bids submitted for the Refunding Revenue Bonds, Series 1993
(the "Bonds"), of the Issuer. A tabulation or copies of such
bids are attached hereto as an exhibit.
B. After due consideration it appears that the bid of
William R. Hough & Co. (the "Purchaser"), in the amount of
$7,l03,638.40 (adjusted as specified in the Office Notice of Sale
for the Bonds), the "Bid Price," and accrued interest for the
Bonds, bearing interest as hereinafter stated and specifying the
issuance of a municipal bond insurance policy by Financial
Guaranty Insurance Company (the "Insurer"), is the best bid
received and should be accepted, subject to adjustment as
described below.
C. The Issuer has received a commitment (the
"Commitment") for municipal bond insurance from the Insurer and,
therefore, expects to receive from Standard & Poor's Corporation,
New York, New York, or Moody's Investors Service, New York, New
York, prior to issuance of the Bonds, a bond rating in one of its
3 highest classifications.
D. It is necessary and desirable to approve the
Preliminary Official Statement for the Bonds; recalculate the
Bond issue size, maturity schedule and purchase price for the
Bonds, based upon the final refunding escrow calculations; and
fix the bond registrar, paying agent and escrow holder with
respect to the Bonds.
SECTION 3. AWARD OF BONDS. After consideration of the
final refunding escrow calculations, and the recommendations of
the financial advisor to the Issuer concerning adjustments to the
Bond issue size, maturity schedule and purchase price for the
Bonds, the Bonds, in the aggregate principal amount of
$7,230,000, are hereby awarded and sold to the Purchaser at the
Bid Price and accrued interest for the Bonds, bearing interest as
follows:
Interest Interest
Year Amount Rate Year Amount Rate
1993 $170,000 2.60% 2001 $455,000 4.70%
1994 350,000 2.60 2002 475,000 4.80
1995 360,000 3.30 2003 500,000 5.00
1996 375,000 3.60 2004 525,000 5.00
1997 385,000 4.00 2005 550,000 5.00
1998 400,000 4.10 2006 580,000 5.00
1999 420,000 4.30 2007 610,000 5.00
2000 435,000 4.50 2008 640,000 5.00
SECTION 4. EXECUTION AND DELIVERY OF BONDS. The proper
officers of the Issuer are hereby authorized and directed to
execute the Bonds when prepared and to deliver the same to the
Purchaser upon payment of the Bid Price pursuant to the
conditions stated in the Official Notice of Sale, without further
authority from this Governing Body.
SECTION 5. RETURN OF GOOD FAITH CHECKS. The proper
officer of the Issuer is hereby authorized and directed to return
forthwith any good faith checks of the unsuccessful bidders.
SECTION 6. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT.
The form and dissemination of the Preliminary Official Statement
("deemed final" (except for permitted omissions) as of its date
for purposes of SEC Rule 15C2-12(b)(1)) with respect to and in
connection with the marketing of the Bonds are hereby approved.
The proper officers and/or employees of the Issuer are hereby
directed to cause the final Official Statement for the Bonds to
be prepared in substantially the form of the Preliminary Official
Statement, with such changes and additions as may be suggested
from time to time by the proper officers and/or employees of the
Issuer.
SECTION 7. CANCELLATION OF BALANCE OF BONDS. The
authorization for the issuance of the unsold balance of the Bonds
is hereby cancelled and rescinded.
SECTION 8. BOND REGISTRAR, PAYING AGENT AND ESCROW
HOLDER. The bond registrar, paying agent and escrow holder with
respect to the Bonds shall be NationsBank of Florida, N.A., Fort
Lauderdale, Florida.
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3247/MON59010/AB7
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SECTION 9. STATEMENT OF INSURANCE. There shall be
printed on the back of each Bond a statement to the effect that
payment of the principal of and interest on the Bonds is insured
by the Insurer, and the proper officer of the Issuer is
authorized and directed to pay the premium for such insurance
upon the delivery of the Bonds.
SECTION 10. RESOLUTION CHANGES REQUIRED BY COMMITMENT.
Prior to the issuance of the Bonds, the Governing Body shall
amend the resolution authorizing the issuance of the Bonds as
necessary to conform to the conditions set forth in the
Commitment which have been approved in the manner specified by
Section 11 below.
SECTION 11. NECESSARY ACTION. The proper officers of
the Issuer are hereby designated agents of the Issuer in
connection with the issuance of the Bonds, and are authorized and
empowered, individually or collectively, to take all action and
steps and to execute and deliver any and all instruments,
documents or contracts on behalf of the Issuer which are
necessary and desirable in connection with the execution and
delivery of the Bonds and which are not inconsistent with this
resolution and any other action relating to the Bonds.
SECTION l2. 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 l3. EFFECTIVE DATE. This resolution shall take
effect immediately upon its passage.
Passed and adopted by
of Monroe County, Florida, at
May 5, 1993.
the Board of county Commissioners
a regular meeting of the Board on
(SEAL)
MONROE COUNTY, FLORIDA
By tfi. c;.J? {i;.fJ
ATTEST:
y.tAYOR PRO TEM
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Clerk, Board County
Commissioners
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Date
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3247/MON59010/AB7
$7,275,000* Monroe County Refunding Revenue Bonds, Series 1993
COMPETITIVE BID TABULATION
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Bidder
1 Wm. R. Hough & Co.
2 Prudential Sec.
3 Lehman Brothers
4 Merrill Lynch
5 PaineWebber
6 A. G. Edwards
7 Bear Stearns
*Before resizing
Bid Price
$7,148,003.35
$7,171,036.00
$7,152,595.10
$7,215,437.30
$7,181,465.85
$7,181,536.60
$7,149,847.70
A:\1-2-3\BIDLIST
TIC%
4.999176%
5.021439%
5.027883%
5.030125%
5.030130%
5.088423%
5.103295%
Insurer
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC
FGIC