Resolution 347-1991
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RESOLUTION NO.
347-1991
A RESOLUTION FIXING THE DATE, MATURITY
SCHEDULE, INTEREST RATES, INTEREST PAYMENT
DATES, REDEMPTION PROVISIONS AND BOND
REGISTRAR AND PAYING AGENT FOR $42,415,000
SALES TAX REVENUE BONDS, SERIES 1991, OF
MONROE COUNTY, FLORIDA; AWARDING THE BONDS AT
NEGOTIATED SALE TO THE PURCHASER; APPROVING
THE FORM AND DISSEMINATION OF THE OFFICIAL
STATEMENT FOR THE BONDS; CANCELLING
AUTHORIZATION FOR THE ISSUANCE OF THE BALANCE
OF THE BONDS; AUTHORIZING ALL OTHER NECESSARY
ACTION IN CONNECTION WITH THE ISSUANCE OF THE
BONDS; 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.
SECTION 2. FINDINGS.
determined and declared that:
It is hereby ascertained,
A. A resolution (the "Resolution") of the Board of
County Commissioners (the "Governing Body") of Monroe County,
Florida (the "Issuer"), duly adopted on March 27, 1991, as
amended, authorized the issuance of not exceeding $43,500,000
Sales Tax Revenue Bonds, Series 1991 (the "Bonds"), to provide
for the acquisition and construction of certain capital projects
in the area of the Issuer.
B. Prior to
changes have occurred
interest rates on long
to the Issuer.
adoption of this resolution, significant
in the municipal bond market regarding
term municipal bonds, which are favorable
C. Based upon all available information and advice from
the staff of the Issuer, the Governing Body has determined that
it is in the best interest of the Issuer to respond to these
favorable market conditions without undue delay.
D. There is insufficient time to
favorable market conditions by offering the
sale.
respond to these
Bonds for public
E. The complex
requires lengthy and
unreasonably restricted
sale.
character
detailed
by the
of the issuance of the Bonds
structuring which could be
lack of flexibility at public
F. A negotiated sale of these Bonds will result in the
most favorable bond financing plan and is in the best interest of
the Issuer.
G. There has been filed with the Issuer, prior to
adoption of this resolution, the disclosure statement required by
Section 218.385(4), Florida Statutes.
H. The Issuer has received a commitment (the
"Commitment") for municipal bond insurance from Municipal Bond
Investors Assurance Corporation (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.
I. William R. Hough & Co., Smith Barney, Harris Upham &
Co. Incorporated, Lehman Brothers, Merrill Lynch & Co. and
Prudential Securities Incorporated (collectively, the
"Purchaser"), have by written proposal, offered to purchase
$42,415,000 aggregate principal amount of the Bonds at the price
of $42,066,032,10 (the "Purchase Price"), plus accrued interest
to the date of delivery, at the interest rates set forth below.
J. It is necessary and desirable at this time to fix
the date, maturity schedule, interest rates, interest payment
dates, redemption provisions and bond registrar and paying agent
for the Bonds; to award the Bonds at negotiated sale to the
Purchaser; to approve the form and dissemination of the official
statement for the Bonds; to cancel authorization for the issuance
of the balance of the Bonds; and to authorize all other necessary
action in connection with the issuance of the Bonds.
SECTION 3. REMAINING FISCAL DETAILS FOR BONDS. The
date, maturity schedule, interest rates, interest payment dates
and redemption provisions for the Bonds shall be as set forth
below.
The Bonds shall be dated October 1, 1991, and bear
interest payable on April 1, 1992, and semiannually thereafter on
October 1 and April 1 of each year.
Bonds in the aggregate principal amount of $42,415,000
shall be issued as serial bonds, shall bear interest at the rates
per annum and shall mature on April 1 in the years and amounts as
follows:
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3247/MON59006/AA6
Interest Interest
Year Amount Rate Year Amount Rate
1992 $1,135,000 4.50% 1999 $3,450,000 5.70%
1993 2,540,000 4.75 2000 3,650,000 5.80
1994 2,665,000 5.00 2001 3,860,000 5.90
1995 2,795,000 5.20 2002 4,085,000 6.00
1996 2,940,000 5.30 2003 4,330,000 6.10
1997 3,100,000 5.50 2004 4,595,000 6.20
1998 3,270,000 5.60
The Bonds or portions thereof maturing in the years 1992
to 1998, 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 1999
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 April 1, 1998; or in part, in such
manner determined by the Issuer, on April 1, 1998, or on any
interest payment date 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) Premium
April 1, 1998, to March 31, 1999 2%
April 1, 1999, to March 31, 2000 1
April 1, 2000, and thereafter 0
SECTION 4. BOND REGISTRAR AND PAYING AGENT. The bond
registrar and paying agent for the Bonds shall be First Florida
Bank, N.A., Tampa, Florida.
SECTION 5. AWARD OF BONDS. Bonds in the aggregate
principal amount of $42,415,000 are hereby awarded and sold to
the Purchaser at the Purchase Price, plus accrued interest to the
date of delivery, bearing interest as stated above, and upon the
remaining terms and conditions of the purchase proposal.
SECTION 6. 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.
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3Z47/MON59006/AA6
SECTION 7. RESOLUTION CHANGES REQUIRED BY COMMITMENT.
Prior to the issuance of the Bonds, the Governing Body shall
amend the Resolution as necessary to conform to the conditions
set forth in the Commitment which have been approved in the
manner specified by Section 10 below.
SECTION 8. 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)(I)) with respect to and in
connection with the marketing of the Bonds are hereby approved.
The proper officers or agents of the Governing Body or of the
Issuer are hereby authorized and directed to prepare, or cause to
be prepared, the final official statement for the Bonds in
substantially the form of the preliminary official statement,
with such changes and additions as may be requested from time to
time by the officers or agents of the Issuer, without further
authorization from this Governing Body.
SECTION 9. CANCELLATION OF BALANCE OF BONDS. The
authorization for issuance of the unsold balance of the Bonds is
hereby cancelled and rescinded.
SECTION 10. 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 required
by the Resolution and/or 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. The chief financial officer of the
Issuer, or his designee, is further authorized to make or effect
any election, selection, choice, consent, approval or waiver on
behalf of the Issuer with respect to the Bonds as the Issuer is
permitted or required to make or give under the federal income
tax laws, for the purpose of assuring, enhancing or protecting
favorable tax treatment or characterization of the Bonds or
interest thereon or assisting compliance with requirements for
that purpose, reducing the burden or expense of such compliance,
reducing the rebate amount or payments of penalties thereon, or
making payments in lieu thereof, or obviating such amounts or
payments, as determined by such officer, or his designee. Any
action of such officer, or his designee, in that regard shall be
in writing and signed by the officer, or his designee.
SECTION 11. 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 12. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
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3247/MON5g006/AA6
Adopted this October 8, 1991.
(SEAL)
ATTEST: DANNX I.. ~OWAGEJ ~lerk
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3247/MON59008/AA6
MONROE COUNTY, FLORIDA
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By I"
Mayor, Board of County
Commissioners
~fg~D_~S TO FORM
By gLXFFICIENCY.
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