Item P10
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: September 19.2001
Division:
County Attorney
Bulk Item: Yes X No Department: County Attorney
AGENDA ITEM WORDING:
Approval of a resolution approving the issuance by the Monroe County Industrial Development
Authority of its private activity revenue bonds in an amount not to exceed $7,900,000.
ITEM BACKGROUND:
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATIONS:
Approval.
TOTAL COST:
BUDGETED: Yes
No
COST TO COUNTY:
REVENUE PRODUCING: Yes
No
AMOUNTPERMONTH_ Year
APPROVED BY: County Atty --X.. OMB/Purchasing _ Risk Management _
DIVISION DIRECTOR APPROVAL:
cY01~ Jt,duC/(j f)d,
James Hendrick
DOCUMENTATION:
Included X
To Follow
Not Required
DISPOSITION:
AGENDA ITEM #~--P/D
Revised 2/27/01
RESOLUTION NO. -2001
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY, FLORIDA,
APPROVING THE ISSUANCE BY THE MONROE COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY OF ITS
PRIV A TE ACTIVITY REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$7,900,000, THE PROCEEDS FROM THE SALE OF WHICH
WILL BE USED TO PROVIDE THE NECESSARY FUNDS
TO THE AUTHORITY TO MAKE A LOAN TO NORTH KEY
LARGO UTILITY CORP. IN A PRINCIPAL AMOUNT
EQUAL TO THE PRINCIPAL AMOUNT OF SAID BONDS
FOR THE PRIMARY PURPOSES OF FINANCING THE
ACQUISITION, CONSTRUCTION, EQUIPPING,
EXPANSION AND IMPROVEMENTOF CERTAIN WATER
SUPPL Y, TREATMENT AND TRANSMISSION FACILITIES
AND CERTAIN OTHER RELA TED CAPITAL
IMPROVEMENTS.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1.
as follows:
FINDINGS. It is hereby ascertained, determined and declared
A. The Monroe County Industrial Development Authority (the "Authority") has
submitted to the Board ofCounty Commissioners of Monroe County, Florida (the "County"),
a copy of a resolution of the Authority ,adopted on the date hereof (the "Authority
Resolution"), granting its preliminary approval for the issuance by the Authority of its private
activity revenue bonds (the "Bonds"), in an initial aggregate principal amount not to exceed
$7,900,000, and a loan by the Authority to North Key Largo Utility Corp., a Florida not-for-
profit corporation (the "Corporation"), in a principal amount equal to the principal amount
of the Bonds for the primary purposes of financing certain costs of acquisition, construction,
equipping, expansion and improvement of certain water supply, treatment and transmission
facilities and certain other related capital improvements, as more particularly described in the
Authority Resolution (the "Project"). A copy of the Authority Resolution is attached hereto
as Exhibit A.
B. On the date hereof, the Authority held a public hearing, which public hearing
was duly conducted by the Authority on such date upon reasonable public notice, and at
which hearing members of the public were afforded reasonable opportunity to be heard on
all matters pertaining to the location and nature of the Project and to the issuance of the
Bonds.
C. Pursuant to the Authority Resolution, the Authority has requested the County
to approve the issuance of the Bonds in order to satisfy the requirements of Section l47(f)
of the Internal Revenue Code of 1986, as amended.
D. The purposes of Part II, III and VI of Chapter 159, Florida Statutes, will be
effectively served and it is desirable and in the best interests of the County that the issuance
of the Bonds and the use of the proceeds thereof to finance the costs of the Project be
approved by the Board of County Commissioners of the County (the "Board ").
SECTION 2. APPROV AL OF ISSUANCE OF BONDS, THE PROJECT.
The issuance of the Bonds and the use of the proceeds thereof to finance the costs of the
Project as contemplated by the Authority Resolution be and hereby are approved.
SECTION 3. LIMITED APPROVAL. The approval given herein shall not
be construed as an approval of any necessary rezoning applications or approval or
acquiescence to the alteration of existing zoning or land use nor approval for any other
regulatory permits relating to the Project and the Board shall not be construed by reason of
its adoption of this resolution to have waived any right of the Board or estopping the Board
from asserting any rights or responsibilities it may have in such regard. Further, the approval
by the Board of the issuance of the Bonds by the Authority shall not be construed to obligate
the County to incur any liability, pecuniary or otherwise, in connection with either the
issuance of the Bonds or the acquisition and construction of the Project, and the Authority
shall so provide in the financing documents setting forth the details of the Bonds. Finally,
the County shall not be construed by reason of its adoption of this resolution to (i) attest to
the Corporation's ability to repay the indebtedness represented by the Bonds or (ii) a
recommendation to prospective purchasers of the Bonds to purchase the same.
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SECTION 4.
immediately,
EFFECTIVE DATE. This Resolution shall take effect
PASSED AND ADOPTED by the Board of County Commissioners of Monroe
County, Florida, at a regular meeting of said Board held on the 19th day of September, 2001.
Mayor George Neugent
Commissioner Murray Nelson
Commissioner Dixie Spehar
Commissioner Charles McCoy
Commissioner Nora Williams
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor/Chairperson
Attest: DANNY L. KOLHAGE, Clerk
Deputy Clerk
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EXHIBIT A
AUTHORITY APPROVING RESOLUTION