Resolution 097-19656
RESOLUTION NO. 97=1965
RESOLUTION CONSENTING TO THE PLEDGE OF EIGHTY
PER CENT.(80/) SURPLUS GASOLINE TAX FUNDS
ACCRUING TO THE STATE ROAD DEPARTMENT FOR USE
IN MONROE COUNTY, FLORIDA, FOR RENTAL PAYMENTS
'UNDER LEASE -PURCHASE AGREEMENT FOR MONROE COUNTY.
ROAD AND.BRIDGE PROJECT TO BE CONSTRUCTED BY
FLORIDA DEVELOPMENT COMMISSION
WHEREAS, Florida Development Commission (hereinafter
referred to as "Commission"') is now undertaking the construction
of a road and bridge project to be known as "Monroe County Road
and Bridge Project" (hereinafter referred to as "Project") in
Monroe County as provided in a resolution adopted by the Commission
under date of September 16, 1965; and
WHEREAS, the construction of said Project will be of
great benefit to the inhabitants of Monroe County, and all of said
Project will be located in Monroe County; and
WHEREAS, the Commission and the State Road Department of
Florida have entered into or will hereafter enter into a Lease -
Purchase Agreement for the Project in the manner provided by law,
and in order to finance the cost of the construction of the Project
by the issuance of revenue bonds by the Commission, it is necessary
for rental payments under said Lease -Purchase Agreement to be made
from the eighty per cent (80%) surplus gasoline tax funds accruing
to the Department for use in Monroe County under Section 16 of
Article IX of the Constitution of the State of Florida; and
WHEREAS, the pledge of the said eighty per cent (80%)
surplus gasoline tax funds is deemed advisable in the best interest
of the County of Monroe and its inhabitants, and the construction
of said Project and the pledge of said surplus -gasoline tax funds
were agreed to by the Board of County Commissioners in a resolution
adopted on the 5th day of July, 1965;
NOW THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Monroe County, Florida:
Section 1. That the County of Monroe, Florida, hereby
agrees and consents that the eighty per cent (80%) surplus gasoline
tax funds accruing to the Department for use in Monroe County
under Section 16, Article IX of the Constitution of Florida, be
used for rental payments to be made by the Department under a Lease -
Purchase Agreement for said Project executed, or to be executed,
between the Department and the Commission in substantially the form
of Lease -Purchase Agreement annexed hereto and made a part hereof.
Section 2. That the County of Monroe hereby consents and
agrees to the pledge of said Monroe County gasoline tax funds to
the payment of $7,900,000 of Florida Development Commission, Monroe
County Road and Bridge Revenue Bonds to be issued by the Commission
in the manner and according to the terms contained in said Lease -
Purchase Agreement, a copy of which is annexed hereto and made a
part hereof; and further agrees that such pledge shall commence
upon the date of said bonds and shall continue in full force and
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effect until all of said $7,900,000 bonds, including any refundings
thereof, and all interest thereon have been paid and discharged.
Section 3. That the pledge of said Monroe County gasoline
tax funds made by said Lease -Purchase Agreement and this resolution
shall be deemed to have been made for the benefit of the holders
from time to time of said $7,900,000 of bonds to be issued by the
Commission, and shall be enforceable in any court of competent
jurisdiction against Monroe County, the State Road'Department', the
Florida Development Commission, the State Board of Administration,
or any other agency of the State or Monroe County having any duties
concerning the collection, administration and disbursement of said
Monroe County gasoline tax funds by any holder of such bonds or the
coupons appertaining thereto.
Section 4. That the County of Monroe does hereby expressly
ratify, approve, and confirm each and every provision of said Lease -
Purchase Agreement, a copy of which is annexed hereto and made a
part hereof, including the pledge of Monroe County gasoline tax funds;
the rights, duties, and obligations of Monroe County; and all other
terms and provisions of said Lease -Purchase Agreement®
Section 5. That the Chairman of this Board and the Clerk
thereof be and they are hereby authorized and directed to execute
on said Lease -Purchase Agreement, after the same has been duly
executed between the State Road Department of Florida and the
Florida Development Commission, an appropriate legend to the effect
that the County of Monroe had consented to the pledge of said
Monroe County gasoline tax funds as provided therein and to attest
such legend under the corporate seal of the County.
Section 6. That all resolutions or parts of resolutions
heretofore adopted pertaining to the subject matter of this
resolution, to the extent that they are inconsistent with this
resolution, but only to the extent of such inconsistency, be and
the same are hereby repealed, revoked, and rescinded.
Section 7® This resolution shall take effect immediately.
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