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HomeMy WebLinkAbout1989-133Cl INDIAN RIVER COUNTY, FLORIDA RESOLUTION NO. 89- 133 A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 89-54 OF INDIAN RIVER COUNTY, FLORIDA, ENTITLED: "RESOLUTION N0. 89-54 RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,560,000 AGGREGATE PRINCIPAL AMOUNT OF SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1989, OF INDIAN RIVER COUNTY, FLORIDA, THE NET PROCEEDS OF WHICH WILL BE USED TO MAKE A DEPOSIT INTO THE IMPACT FEE TRUST FUND OF THE COUNTY FOR APPLICATION TO PAY FOR THE EXPANSION FOR THE SEWAGE DISPOSAL SYSTEM (V THE COUNTY, INCLUDING WITHOUT LIMITATION THE ACQUISITION AND CONSTRUCTION OF A PHYSICALLY INDEPENDENT SEWER SYSTEM TO BE KNOW AS THE "NORTH COUNTY WASTEWATER SYSTEM"; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS AND PLEDGING FOR THE PAYMENT THEREOF THE PROCEED OF CERTAIN SPECIAL ASSESSMENTS IN LIEU OF IMPACT FEES LEVIED BY THE COUNTY, OR LEVIED BY OTHER PUBLIC BODIES AND PAYABLE TO THE COUNTY PURSUANT TO AN INTERGOVERNMENTAL AGREEMENT, IN EACH CASE IMPOSED AGAINST PROPERTY THE OWNERS OF WHICH HAVE CONSENTED THERETO AND, AT THE OPTION OF THE COUNTY, FROM OTHER LEGALLY NON AD VALOREM TAX FUNDS; AND PROVIDING AN EFFECTIVE DATE." BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. Authority for Resolution This resolution is adopted pursuant to Ordinance No. 86-68 of the County, applicable provisions of Article VIII, Section 1, Florida Constitution (1968), Chapter 125, Florida Statutes (1988), as amended, and other applicable provisions of law. that:SECTION 2. Findings, It is hereby ascertained, determined and declared A. The Board of County Commissioners (the "Board") of Indian River County, Florida (the "County"), oci June 6, 1989, duly adopted Resolution 89-54 (which resolution, together with all amendments and supplements thereto heretofore adopted, is hereinafter called the "Bond r Resolution") authorizing the issuance of a series of bonds to be designated as the "Special Assessment Revenue Bonds, Series 198911, the net proceeds of which are to be used to make a deposit into the Impact Fee Trust Fund for the Expansion of the Indian River County Sewerage System established under Section 24-38(f) of the Code of Laws and Ordinances of this County. B. To provide further the terms of the bonds to be issued pursuant to the Bond Resolution and for the security thereof, it is necessary to amend and supplement the Bond Resolution as set forth below. SECTION 3. Amending and Su vnlementinR the Definitions in the Bond Resolution, Section 2 of the Bond Resolution is hereby amended and supplemented as follows: A. The definition of the phrase "Assessments" contained in subsection B is hereby amended to read as follows: " 'Assessments' shall mean the special assessments in lieu of impact fees levied upon property, with the consent of the property owners, pursuant to Ordinance No. 86.88, Resolution No. 87-142, Resolution No. 89-12 and Resolution No. 89-20 of the County and Ordinance No. 0-87-01, Resolution No. R-87-85, Resolution No. R- 89-07 and Resolution No. R-89-12 of the City, pursuant to and in accordance with the terms and provisions of the Intergovernmental Agreement. The term 'Assessments' shall not include the Supplemental Assessments.,, B. The definition of "Fiscal Year" contained in subsection J is hereby amended to read as follows: "J. 'Fiscal Year' shall mean the period beginning with and including October 1st of each year and ending with and including the next September 30th; provided, however, that any principal or interest due on the Bonds on October 1 of any Fiscal Year shall be treated as if due on September 30 of the preceding Fiscal Year.,, C. The definition of "North County Wastewater System" contained in subsection M is hereby amended to read as follows: " 'North County Wastewater System' shall mean the physically independent sewer system to be acquired and constructed in the northern portion of the County, - 2 - including portions of the City of Sebastian, the costs of which, in part, are to be paid from fiends in the Impact Fee Trust Fund." D. The definition of the phrase "Pledged Funds" contained in subsection 0 is hereby amended to read as follows: 11 'Fledged Funds' shall mean (1) the Revenues, (2) the Supplemental Revenues, but only to the extent provided herein, (3) the funds and accounts and the earnings thereon pledged in connection with the Bonds by this Resolution, and (4) such other funds and accounts of the County and earnings thereon as the Board, by subsequent resolution, may pledge specifically in connection with the Bonds." E. The definition of the term "Revenues" contained in subsection S is hereby amended to read as follows: 11 'Reve.,ues' shall mean (1) the Assessments, (2) the Interest, prepayment charges and penalties received by the County in connection with the Assessments, and (3) any other non -ad valorem receipts and revenues of the County as the Board, by subsequent resolution, may pledge specifically in connection with the Bonds." F. Subsection U, the definition of the phrase "User Letters of Credit", shall be deleted. G. The following new subsections shall be added to Section 2 of the Bond Resolution: "U. 'Late Payments' shall mean payments of installments of Assessments and interest on Assessments received by the County after the fifteenth (15th) day of August following the date upon which such installments were due and payable, and the penalties collected in connection therewith. "V, 'Prepayments' shall mean payments of the outstanding balance of Assessments made, either at the option of the obligor or pursuant to a declaration of acceleration of the amount clue by the County or the City, as appropriate, prior to the date upon which such Assessments would have been payable, and the interest and prepayment charges imposed and received by the County in connection therewith. 3 - i SECTION 5* Amendments and S i e ents to Section 15 of the Bond Resolution. Section 15 of the Bond Resolution shall be amended and supplemented as follows: A. Subsection A shall be amended and supplemented to read as follows: "A, REVENUE FUND AND SUPPLEMENTAL REVENUE FUND, The County shall create, establish and maintain two special funds, one of which is hereby created, established, and designated the "Indian River County Special Assessment Revenue Bonds, Series 1989, Revenue Fund" (the "Revenue Fund"), and the other of which is hereby created, established, and designated the "Indian River County Special Assessment Revenue Bonds, Series 1989, Supplemental Revenue Fund" (the "Supplemental Revenue Fund")." B. A new sentence shall be added to Subsection B immediately following the first sentence thereof, such new sentence to read as follows: "Prior to making application of the funds in the Revenue Fund as provided in the following sentence of this Subsection B, the County (a) shall transfer from the Revenue Fund and deposit in the Bond Redemption Account (hereinafter created) all Prepayments then in the Revenue Fund, and (b) shall transfer from the Revenue Fund and deposit in the Impact Fee Trust Fund the Late Payments then in the Revenue Fund, but only to the extent that Supplemental Revenues previously transferred from the Supplemental Revenue Fund to the Sinking Fund, the Bond Amortization Account or the Reserve Account (all hereinafter created) exceed the amount of Late Payments previously transferred from the Revenue Fund to the Impact Fee Trust Fund." C. Clause (1) of Subsection B shall be amended to read as follows: 11 (1) First, the County shall deposit in a fund to be known as the "North County Assessment Bond Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, such sum as will be sufficient, together with amounts to be transferred to the Sinking Fund from the Bond Redemption Account pursuant to subelause (4)(a) below, to pay the interest as the same shall become due and payable on the Bonds on the next - 5 - i proceeds of the Bonds; in the event that the Revenues on deposit in the Revenue Fund are insufficient for such purposes, the County shall transfer money to the Reserve Account from the following funds in the indicated order of priority: First, the Supplemental Revenue Fund and, second, the Bond Redemption Account." F. Clause (4) of Subsection B shall be amended to read as follows: 11 (4) Fourth, the balance shall be deposited into an account within the Sinking Fund to be known as the "Bond Redemption Account", which is hereby created. Money in the Bond Redemption Account shall be used (a) to make annual transfers to the Sinking Fund and, if appropriate, the Bond Amortization Account therein, in a amount equal to the sum of (i) the principal on Bonds payable in such year to the extent that such principal is attributable to installments of Assessments that would have been due if Prepayments had not been made and (ii) an appropriate portion of the prepayment charges with respect to such Prepayments, all as determined by the County, (b) when and to the extent practicable, to redeem Bonds subject to optional redemption or to purchase Bonds at a price not to exceed the current redemption price thereof and (c) to remedy any deficiency in the Sinking Fund, including the Bond Amortization Account and the Reserve Account, as provided herein." C. Subsection D shall be amended to read as follows: "D. CONSTRUCTION OF PROJECT, The County shall proceed with due diligence to, and will take all lawful manner of action necessary or desirable to, acquire, construct and complete the North County Wastewater System, applying funds in the Impact Fee Trust Fund to payment of the costs thereof." H. Subsection E shall be amended to read as follows: "E. ENFORCEMENT OF PAYMENT OF ASSESSMENTS. The County will receive, collect and enforce the payment of the Assessments and Supplemental Assessments imposed by the County, and the interest, prepayment charges and penalties in connection therewith, in the manner 7 prescribed by this Resolution and all other resolutions, ordinances or laws thereunto appertaining; and will pay and deposit the proceeds of such Assessments and Supplemental Assessments, and the interest, prepayment charges and penalties In connection therewith, and the proceeds of the Assessments and Supplemental Assessments imposed and collected by the City and transferred over pursuant to the Intergovernmental Agreement, as received, into the Revenue Fund or the Supplemental Revenue Fund, as appropriate. If any Assessment or Supplemental Assessment shall be either in whole or In part annulled, vacated, or set aside by the Judgment of any court, or if the County or the City shall determine that any such Assessment or Supplemental Assessment is so Irregular or defective that it cannot be collected or enforced, or if the County or the City shall have omitted to make such Assessment or Supplemental Assessment when it might have done so, the County covenants t,"t it shall, and shall cause the City to, take all necessary and appropriate steps to cause a new Assessment or Supplemental Assessment to be made against the property to which such Assessment or Supplemental Assessment appertained." I. Subsection F shall be amended to read as follows: "F. ENFORCEMENT OF INTERGOVERNMENTAL AGREEMENT. The County shall enforce, the Intergovernmental Agreement and direct the City to take such action as the County deems necessary or desirable to complete, the Project and accomplish the purposes of this Resolution, as amended." J. Subsection 0 shall be amended in its entirety to read as follows; 11G. DISPOSITION OF SUPPLEMENTAL REVENUES. All Supplemental Revenues received in each Fiscal Year by or on behalf of the County shall constitute trust funds and shall be deposited into the Supplemental Revenue Fund. Such money on deposit in the Supplemental Revenue Fund in each Fiscal Year shall be applied or transferred in the following manner and order of priority: 11 (1) First, to the Sinking Fund, such amounts as, from time to time, may be necessary to pay the interest on the Bonds becoming due and payable in such Fiscal Year and the principal of the Bonds maturing in such Fiscal Year, to the extent that the funds in the Sinking Fund are insufficient after the annual transfer provided for in Section 15B(4)(a) hereof shall have been made. 11 (2) Second, to the Bond Amortization Account, such sums as, from time to time, may be necessary to pay the principal on Term Bonds to be called for mandatory redemption in such Fiscal Year to the extent that the funds on deposit in the Bond Amortization Account are insufficient after the annual transfer provided for in Section 15B(4)(a) hereof shall have been made, " (3) Third, to the Reserve Account, such sum, if any, as may be required to be deposited therein to the extent that money in the Revenue Fund is insufficient. 11 (4) Fourth, to the Bond Redemption Account, a sum equal to the amount by which transfers pursuant to Section 15B(4)(c) hereof in all prior Fiscal Years exceed all prior transfers to the Bond Redemption Account pursuant to this Clause," " (5) Fifth, any funds remaining in the Supplemental Revenue Fund at the end of each Fiscal Year, shall be transferred by the County to the Impact Fee Trust Fund, if the same is then still in existence, and, if not, then transferred to the water and sewer enterprise fund of the County or used by the County for any lawful purpose." follows: K. Subsection H shall be amended in its entirety to read as "H. RECLAMATION OF RESERVATIONS. The County shall not reclaim any wastewater treatment plant and transmission capacity reservation which relates to any of the Assessments or Supplemental Assessments unless (1) the 9 to County immediately resells such reservation to a buyer whose credit worthiness, in the reasonable opinion of the County, is equal to or greater than that of the person from whom such reservation was reclaimed, taking into consideration the fair market value of the property subjected to the Assessment or Supplemental Assessment and any other collateral securing payment thereof or (2) the County immediately pays from legally available funds the outstanding amount of the Assessment or Supplemental Assessment with regard to such reservation, together with appropriate interest and/or prepayment charges." follows: L. Subsection I shall be amended in its entirety to read as 111. REMOVAL OF ASSESSMENT LIENS. The County shall not release or extinguish the lien of any Assessment or Supplemental Assessment upon any property, or any portion or portions thereof at the request of the property owner, except as provided in Resolution No. 87- 142 of the County. The County shall not release or extinguish the lien upon an entire property without the payment of the entire outstanding amount of the Assessments or Supplemental Assessments against the property together with appropriate interest acrd/or prepayment charges. The County shall not release or extinguish the lien upon a portion of a property without the payment of at least a pro -rata portion of the outstanding amount of the Assessment or Supplemental Assessment against the property, such portion to be based upon fair market value of the property as established by appraisals acceptable to the County, together with appropriate interest and/or prepayment charges. All money received in connection with the release or extinguishment of any Assessment or Supplemental Assessment lien shall be deposited in the Revenue Fund or the Supplemental Revenue bund, as appropriate." follows: M. Subsection J shall be amended in its entirety to read as "J. SUFFICIENT CAPACITY. The County shall use its best efforts to have available from time to time sufficient wastewater treatment capacity to service the property upon which an Assessment or a Supplemental Assessment 10 - El is imposed when desired and otherwise available to the extent of the reservations with respect thereto. follows: N. Subsection K shall be amended in its entirety to read as "K. NO ISSUANCE OF OTHER OBLIGATIONS PAYABLE FROM REVENUES OR SUPPLEMENTAL REVENUES, The County will not issue any other obligations payable from the Revenues or Supplemental Revenues nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge upon the Revenues or Supplemental Revenues." 0. The first sentence of Subsection L shall be amended to read as follows: "The County shall keep books and records of the collection of the Pledged Funds, including the Assessme,its, the Supplemental Assessments, the Revenues and the Supplemental Revenues, which such books and records shall be kept separate and apart from all other books and records of the County." SECTION 6 Severability of Invalid Provisions. If any one or more of the provisions contained herein shall be held contrary to the express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be null and void and shall be deemed severable from the remaining provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 7. Reoealinf Clause Any and all prior resolutions and other actions of the Board, or parts thereof, in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. SECTION 8. Effective Date This Resolution shall take effect immediately.