Resolution 1995-394
JUL 1 8 1995
aZSOLOTIOB .0. 95-394
RESOLUTION AMENDING AND SUPPLEMENTING A
RESr,LUTION ENTITLED: "RESOLUTION PROVIDING FOR
CONSTRUCTION, RECONSTRUCTION AND ACQUISITION
OF ROADS AND RELATED FACILITIES AND THE
RESURFACING OF ROADS IN COLLIER COUNTY,
FLOHIDA; AUTHORIZING THE ISSUANCE OF NOT
EXc:m>ING $6,000,000 IMPROVEMENT REVEllUE BONOS
TO ~'INANCE THE COST THEREOF; AND PROVID1NG FOR
THE PAYKEN'l' OF THE PRINCIPAL OF AND INTEREST
ON WCH BONOS FROM THE SEVENTH CENT GAS TAX
ALL,JCATED TO COLLIER COUNTY, FLORIDA, PURSUANT
TO '..AW, AND THE NINTH CENT GAS TAX IMPOSED BY
THE COUNTY; " APPROVING, CONFIRMIN~; AND
RATIFYING CERTAIN ACTIONS TAKEN BY THE COUNTY
AD~ ~NISTRATOR AS \tJTHORIZED TO BE TAXEN
PUR~~UANT TO A PRIOR RESOLUTION OF THE BdARD OF
COUNTY COMMISSIONE1\3 IN CONNECTION Wl TH THE
ISS crANCE AND SALE BY THE COUNTY I IF ITS
$5, "'0, 000 COLLI EJ' COUNTY, FLORIO} ROAD
IMFROVEKENT REFUND:'NG REVENUE BONOS, SERIES
1995; AMENDING THE AFOREMENTIONED RES:>LUTION
IN CERTAIN RESPEe;, S IN ORDER TO OE rAIN A
KUlfICIPAL BOND IJ HURANCE POLICY FO ~t SUCH
SERIES 1995 BONDS; .~ PROVIDING AN EFi"ECTIVE
DATE.
BE IT USOLVED BY '1'BZ BOARD OJ' COUNTY COMHIS,~IONERS OP COLLIER
COOll'.rY, FLORIDA I
8E~IOB 1.
that:
FIWIBas, It ia hereby tound and determined
(A) On .rune 10, 1980, t' i8 Board ot County Commissioners (the
"Board") ot Collier Count~, Florida (the .County") adopted
Resolution No. 80-114, the title to which is stated in the title of
this supplemental resolution, as amended and supplemented by
Resolution No. 80-173 adopted by the Board on Slptember 3, 1980,
Resolution No. 86-225 adopted by the Board on No\ ,'~mber 20, 1986 and
the Delegation Resolution described in Sect.ion l(B) herein
(collectively, the "Resolut ion"), tor the ptlrposes described
therein.
(8) On ~\'une 20, 1995, t.' ,8 Board adopted Rea '.lution No. 95-372
(the "Del89ati.on ReSOlution") which, among other bings, authorized
the issuance ot not exceed!, 1 $6,000,000 Colli.~ County, Florida
Road I.provement Refunding Rt"/enue Bonds, Series 1995 (the "Series
1995 Bonds"), amended certain provisions ot tl',e Resolution and
del89ated certain authority to the County Admilistrator for the
execution and delivery ot a Purchase Contract wjth respect to the
aOOl( oeo PAI'.~ 60
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JUl 1 8 1995
Series 1995 Bonda and the approval ot the terms ot such Series 1995
Bonds.
(C) Pursuant to the term. ot the Delegation Resolution, the
County Administrator has .xecuted and delivered on behalf ot the
County a Purchase Contract, dated July 13, 1995 (the "Purchase
Contract"), ';,rovic1inq for the sale of the Series 1995 Bonds and has
deterained the term. of such Series 1995 Bonds in accordance with
the Deleqation Resolution.
(D) Pursuant to the terms ot the Delegation Resolution, the
County AdJainistrator has received a commitment (the "Insurance
Commitaent-) from Financial security Assurance Inc., a New York
stock insura.nce company ("Financial Security" or the "Insurer") to
i.sue its aunicipal bond insurance policy quaranteeing the
scheduled payment of principal ot and interest on the Series 1995
Bonds (the ~Municipal Bond I~surance POlicy").
eE) The County desir'ls to contirm thl t the terms and
provisions for the Series 1'~95 Bonds as determ .ned by the County
Administrate, ~ Ilnd as set to~.th in the Purchase Contract and upon
which the S',.rie. 1995 Bond. were sold are wit: '.in the parameters
provided in the Delegation R,~.olution, and upon such contirmation,
the County rtesires to appr~'e, confirm and rat .ty the actions of
the County l~inistrator, irH:luc1ing his execut! f)n and del i very of
the Purchase Contract, and ~,~thorize and approve the issuance of
the Series 1995 Bonds upon the terms set forth in such Purchase
Contract.
(F) The Insurance Commitment requires cel'''':ain a~endments to
the Resolution and the Board hereby determines t~at it is necessary
and desirabl__ to so amend tt.} Resolution.
(G). Section 16 ot th, Resolution author.L zes adoption of a
supplemental resolution wh:ch amends the Re~olution with the
consent of the holders of 6'-2/3' or more in aggregate principal
amount of ou'~:standing Oblig ,tions (as defined in the Resolution)
which are atfected by such alllendments.
(H) The holders ot the Series 1995 BOT is represent over
66-2/3' in aggregate principal amount ot Obligat ons outstanding at
the time the amendments provided in this supplnmental resolution
take etfect. The holders ot the Series 1995 Bo1.~s shall be deemed
to have consented to such arendments.
8ZCTIOH 2. DEJ'IlIIT; )JiS. When used in t',i. resolution, the
teras detinet! in the Resoll ':ion shall have th: meanings therein
stated, except a. such defin ~ions shall be here:nafter amended and
defined.
8ECTION 3. AO'1'BOJlITY I'OR HIS RESOLOTIC 9. This resolution
is adopted pl rsuant to the provisions ot the Ac":.
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8EC1'IOJr 4. UnOVAL, C01IJ'IRJCATIOB AJfD RATIJ'ICATIOH OF
ACTIO.. OJ' ~ COOVTY ADXI.ISTRATOR. All of the actions of the
County Administrator relating to the determination ot the terms of
the Series 1995 Bonds are hereby approved, confirmed and ratified.
Allot such terms ot the Series 1995 Bonds, which are included in
the Purchase Contract attached hereto as Exhibit A, meet the
conditions and fall within the parUleters established by the
Delegation Resolution and are hereby apprnvlld, contirmed and
ratified. The true interest cost of the Series 1995 Bonds is
5.14539' anCi the present value savings of the refunding is 9.2632%,
both of wh~ch are within the atorementioned parameters. The
.election of Financial Security as insurer of the Series 1995 Bonds
i. hereby al.proved and ratitied. The County acknowledges that the
County Admi'nistrator has received from Financial Security the
Insurance C:01IIJnitment which complies with th.} requirements of
Section 6 of the Delegation Resolution. The County further
acknowledga that allot thr conditions contained in Section 6 of
the Delegat;,.on Resolution h,.ve been satisfied.
8ECl'IOll 5. UnOVAt., COUIR.K1TIOH JUI) RATIPICATION OF
Pt7RClIASB C('>lTR.ACT. The e-:ecution and deliv,ry by the County
AdJllinistratur of the Purcha.e Contract attachef hereto as Exhibit
A, providing for the sale of the Series 1995 Bon;(s to Merrill Lynch
, Co. (the "Underwriter") lit a purChase price of $5,706,088.10,
plus accrue~j interest, and ~pon the te~s set fcrth therein, which
terms meet the conditions se.t torth in Section 6 of the Delegation
ReSOlution, is hereby confirmed, approved and ratified. In
connection with the sale ot the Series 1995 Bonds, the County
ackn~wledgas that the County Administrator hat received from the
Underwriter a disclosure statement, inClUding ~ truth-in-bonding
statement, dated the date '-'f the Purchase CO;'jtract, which said
statement complies with Sec':.ion 218.385, Florida Statutes. Such
statements are part ot the ;.1rchase Contract.
SECTION ,. PROVISI,I!lS RELATIKa TO Ht7NI(,.IPAL BOND INSURANCE
POLICY. The following provsions relating to the Municipal Bond
Insurance PO,l.icy shall appl.' to the Series 1995 Bonds so long as
Financial Security has met its payment obligations under the
Municipal Bond Insurance Policy and any Series 1995 Bonds shall
remain outstanding under the Resolution:
(A) The County shall provide Financial Security with the
tollowinq information:
Ci' the CountY'f annual audited ti dancial statements
within 180 d,sys atter the lose ot each of t ',8 County's Fiscal
Years or as Boon as the sa '! becOJDes availabll: and the County's
tinal annual budget within' J days atter the a}:<proval thereof;
(ii) upon delivery of the County's annual audited
tinancial st~tements, a certificate ot an author~zed County officer
stating that to the best of such individual's ).,10wledge following
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J U l 1 8 1995
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reasonable inquiry, no Event of Default (as defined in the
Resolution as amended hereby) has occurred, or it an Event of
Default baa occurred, specityinq the nature thereot and, if the
County has a right to cure pursuant to the Resolution, stating in
reasonable detail the steps, it any, being taken by the County to
cure such ~'ent of Detault;
(ii:.i.) the official statement or other d:lscloaure document,
it any, pr.:pared in connection with the issuance of additional
indebtednean of the County secured by Gas Taxes, whether or not
such indebtedness is on a pnrity with the Series 1995 Bonds, within
30 days ot ',' he issuance thereot;
(i\') notice ot any draw upon, or defic Leney due to market
tluctuation in, the Reserve Account within two business days after
knowledge ~;ereof other thar (a) withdrawals of amounts in excess
ot the JDaXi"um annual debt service for the Ob ligations, and (b)
withdrawals in connection w~th a refunding of !ny Obligations;
C.) notice of ar', tailure of the '::>unty to make any
required de)osit into the SJ lking Fund within t\O business days of
the County':' knowledge the.:"eof; notice of an.' other Events of
Detault known to the COUT:y within tive bu':iness days after
knowledge ~1ereot;
(vi) prior notice at the advance refunding or redemption,
other than mandatory sinking fund redemption, of any of the Series
1995 Bonds, including the principal amount, m!~urities and CUSIP
numbers thereOf;
(vii) notice ot the resignation or ren>val ot the Paying
Agent or Registrar and the aI )ointment Of, and ac' ::eptance of duties
by, any successor thereto; , 'td
(viii) a full orig nal transcript of all proceedings
relating to t.he execution 01 any amendment to the Resolution;
(ix) all reports, notices and correspondence to be
delivered pursuant to the Resolution; and
(x) such additional information as ,"' inancial Security
from time to time may reasonlbly request.
CB) Allot the abo! intormation an any additional
inforaation 0',: notices requ~. "ed to be given to ,~'inancial Security
shall be givlln to Financia: Security ai.;. the lollowing address:
Financial Security Assurancf Inc., 350 Park Avelue, New York, New
York 10022-6022, Attention:~ana9ing Director - Surveillance. In
each case in which notice or ~ther communication ~efers to an Event
of Default or with respect to which failure on the part of
Financial Sec1irity to respond shall be deemed to '~onstitute consent
or acceptance, then a copy of such notice or other communication
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J U l 1 8 1995
shall also be .ent to the attention of General Counsel of Financial
Security and shall be marked to indicate "URGENT MATERIAL
ENCLOSED. "
(C) Ho moditication or amendment to the Resolution may be
aade pursuant to Section 16 of the Resolution without the prior
written COn:;;ont of Financial Security. Copies ot any modification
or aJlendJaerr: to the Resolution shall be sent tu Standard , Poor's
Ratings Gr~.,p and Moody'S Investors Service at least 15 days prior
to the etf.,~ive date thereat.
(0) A\l claims upon the Municipal Bond Insurance Policy and
payment. by and to Financial Security shall be made in accordance
with the to\lowing provisions:
(i) If, on the third business day prior to the related
interest pl yment date or ,.rincipal payment ~ate (the "Payment
Dater.) thern is not on depos it in the Sinl:ing Fu''1d after making all
transfers and deposits re~.uired under the : :esolution, moneys
sufficient ';~O pay the prine' pal of and interes1 in respect of the
Series 1995 Bonds due on sue: . Payment Date, the :ounty shall notify
the Paying Agent who shal. promptly give nctice to Financial
Security and to its designat~d agent, if any (th'. "Insurer's Fiscal
Agent"), by telephone or tel';copy of the amount .It such deficiency,
and the allocation ot such deticieney between ihe amount required
to pay interest in respect of the Series 1995 Bonds and the amount
required to pay principal of the Series 1995 Bonds, confirmed in
writing to Financial Security and the Insurer's Fiscal Agent by
12:00 noon, New York City time, on such busine:.s day. If, on the
second lr.Jsiness day prior to the related Pc yment Date, there
continues to be a deticienc( in the amount av~ilable to pay the
principal of and interest il~ respect of the Se:: ies 1995 Bonds due
on such Payment Date, the C, Jnty shall so noti:'.{ the Paying Agent
who shall promptly make a cJdm under the Municlpal Bond Insurance
Policy and give notice to "inancial Security and the Insurer's
Fiscal Agent:; (if any) 1>) telephone of th~ amount of such
deficitlncy, and the alloca ,:.ion of such deticiency between the
amount re'l\1il'ed to pay interest in respect. of the Series 1995 Bonds
and the amount required to pay principal of the Series 1995 Bonds,
contirmed in writing to Financial Security and t :e Insurer's Fiscal
Agent by 12:00 noon, New York City time, on sl;;h second business
day.
(ii) The Paying Ar'nt shall establish a separate special
pUrpose trust account tor tb benefit of holder. of the Series 1995
Bonds referrttd to herein as ha "Policy Payment; Account" and Over
which the Pa~ing Agent shall have exclusive control and sole right
of withdrawal. The Paying Agent shall recei" '. any amount paid
under the Municipal Bond Ins'tlrance Policy in truf>t on behalf of the
Series 1995 Bondholders and shall deposit any am(lunt paid under the
Municipal Bond Insurance Policy in the Policy Pa{lDents Account and
distribute 8\1 ch amount only for purposes of makir'g the payments for
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which a claim vas made. Such amounts shall be disbursed by the
Paying Agent to holders of the Series 1995 Bonds in the same
manner as principal and interest payments are to be made with
respect to the Series 1995 Bonda under the sections of the
Resolution regarding payment ot the Series 1995 Bonds. It shall
not be necessary tor such payments to be made by checks or wire
transfers s':parate troa the check or wire transfer used to pay debt
service witl, other fund. available to make SUCll payments. However,
the amount c t any payment of principal of or intjrest in respect of
the Series j995 Bonds to be paid trom the Policy Payments Account
shall be noLed as provided in Section 6(0) (iv) below. Funds held
in the Poli~ Payments Account shall not be invested by the Paying
Agent and a,y not be applied to satisfy any costs, expenses or
liabilities of the Paying Agent.
In the event the Series 1995 Bonds are subject to mandatory
sinking t~. redemption, UpCD receipt of the mcneys due, affected
Series 1995 Bondholders shall surr.nder their F~nds to the Paying
Agent who shall authenticate and deliver to such Series 1995
Bondholder. new Series 1 'J95 Bond or Bonds in an aggregate
principal al :jur.t equal to the unredeemed portion ot the Series 1995
Bond surrer.:2ered, and UpOJ, maturity or othl'r advancement of
maturity and receipt of the moneys due, Serie:- 1995 Bondholders
shall surre~~er their Seri'4 1995 Bonds for (~ncellation. The
Paying Agent, shall designate ~ny portion of paym~nt of principal on
Series 1995 Bonds paid by Fi~ancial Security, whether by virtue of
.andatory sinking tund redemption, maturity or other advancement of
~turity, on its books as a reduction in the principal amount of
Series 1995 Bonds registered to the then ClJ.fTent Series 1995
Bondholder and shall issue a replacetlent Sel tes 1995 Bonn to
Financial Security, reqisterld in the name ot Pinancial Security
Assurance Inc., in a prine ',pal amount equal to the amount of
principal so paid (without "..gard to authoriz,d denominations);
provided that the Paying J crent's failure to so designate any
payment or issue any replactment Series 1995 ~ond shall have no
stfect on the amount of prine pal or interest payable by the County
on any Serier.7, 1995 Bond or the subrogation rights ot Financial
Security.
(iii) Any tunds remaining in the POlic; Payments Account
tollowing a Payment Date shall promptly be rem:; tted to Financial
Security.
(iv) The Paying Ag~ ~t shall keep a com:.lete and accurate
record of all '!unds deposi tee' by Financial Securj'"-y into the Pol icy
Payments Acco'.lnt and the al )cation of such fu Ids to payment of
interest on arid principal pa: I in respect ot any Series 1995 Bond.
Financial Security shall hav. the right to inspe~t such records at
reasonable times upon on. bus..ness day's prior not',ice to the Paying
Agent.
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(v) Subject to and conditioned upon payment of any
interest or principal with respect to the Series 1995 Bonds by or
on behalt o! Financial security, each Series 1995 Bondholder, by
its purchas'l ot Series 1995 Bonds, hereby assiqns to Financial
Security, but only to the extent ot payments made by Financial
Security with respect to such Series 1995 Bonds, all rights to the
payment ot inter.st or principal on the Suries 1995 Bonds,
includinq, \'ithout limitation, any amount. due to the Series 1995
Bondholders in respect ot .ecuritie. law viola~ion. arising from
the otter an5 sale ot the Series 1995 Bonds, which are then due for
payment. Financial Security may exercise any option, vote, right,
power or th,. like with respect to Series 1995 Bonds to the extent
it has made a principal payment pursuant to the Municipal Bond
Insurance Pc.licy. The toregoing assignment is in addition to, and
not in limitttion of, rights ot subrogation otherwise available to
Financial S~curity in respect ot such payments. The Paying Agent
shall take Juch action and deliver such inst~ents as may be
reasonably requested or ':-equir&.d by Finan, dal Securi ty to
effectuate the purpose or p%,visions of this Se:tion 6(0) (v).
(v~ ) The Paying Alent shall promptll notify Financial
Security ot either of the 'ollowing as to wh '~ch it has actual
kncrtiledge: (a) the commencem"nt of any proceedin'r by or against the
County comm,:.nced under the ,Tnited States BanJt1'Jptcy Code or any
other applicable bankn~,tcy , insolvency , receivership,
rehabilitation or similar law (an "Insolvency Proceeding") and
(b) t.'1e making ot any clain in connection wlth any Insolvency
Proceeding ..eking the avoidance as a preferential transfer (a
.Preference Claim") of any payment of principal 'f, or interest in
respect of, ~ha Series 1995 Bonds.
Each holder, by if 1 purchase ot Seri~s 1995 Bonds, and
the Paying Agent hereby agr' ,'s that Financial S\I~curity may at any
time during the continuation )f an Insolvency Pre ,.:eeding direct all
matters relating to such Insl lvency Proceeding, inClUding, without
limitation, (e) all matters 'elating to any Preference Claim, (b)
the direction ot any appeal of any order relating to any Preference
Claim and (c) the posting ot any surety, supersedoas or performance
bond pending any 8uch appeal. In addition, and <'ithout limitation
ot the foregoing, Financial Security shall be,ubrogated to the
rights of the Paying Agent and each holder ot SetOies 1995 Bonds in
any Insolvency Proceeding t~ the extent it is sJbroqated pursuant
to the Municipal Bond InJurance POlicy, i:cluding, without
liJaitation, any rights ot I lY party to an ad~ ersary proceeding
action with l'.spect to any \ )urt order issued n connection with
any such Insolvency Proceed! g.
(vii) The County, t., the extent permittlld by law, hereby
agr.es to payor reimburse Financial Security an~' and all charges,
tees, costs and expenses which Financial Security may reasonably
payor incur in connection with (a) any accoun ~:s established to
tacilitate pai~ents under the Municipal Bond In~rance POlicy, (b)
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J U I 1 8 1995
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the administration, enforcement, defense or preservation ot any
right. in respect of the Resolution or the Purchase Contract, (c)
the pursuit ot any remedies under the Resolution or the Purchase
Contract or otherwise attorded by law or equity, (d) any amendment,
waiver or other action with respect to, or related to, the
Resolution or the Purchase Contract whether or not executed or
completed, (e) the violation by the County of any law, rule or
requlation, or any judgment, order or decre. llpplicable to it or
(f) any l>..tigation or other dispute in cc~nnection with the
Re.olution or the Purchase Contract or the transactions
contemplate! thereby, other than amounts resulting from the tailure
ot Financial Security to honor its obligations under the Municipal
Bond Insurince Policy; costs and expenses shall include a
reaaonable dllocation ot compensation and overhead attributable to
tille ot 81IIp..oyee. ot Financial Security apent a~)lely in connection
with actioT#s described in this Section 6 CD) (vii) . Financial
Security rr. serves the rigt.t to charge a relllsonable fee as a
condition tu executing any anend.ent, waiver or .::onsent proposed in
respect ot the Resolution 01' the J:lurchase Conti 'act.
Cvii.~, The County aJ' all pay to Financia', Security interest
on any and all amounts as are paid under 1 he Municipal Bond
Insurance Joliey and as aru otherwiae due to ~inancial Security
tr01l the da\';.e paid by Finan,'ial Security until payment thereof in
tull at tho Late Payment .kate. "Late paymer t Rate" means the
lesser ot (e, the greater of (1) the per annum rate of interest,
publicly announced from time to time by Chemical Bank at its
principal ottice in Hew York, New York, as it prime or base lending
rate ("Prime Rate") (any change in auch Prime &'te to be effective
on the date auch change is announced by Chemical Bank) plus 3\, and
(2) the then applicable hi9h~st rate of interest on the Series 1995
Bonds, and (JJ) the maximum r, te permissible und';r applicable usury
or similar laws limiting if :erest rates. The Late Payment Rate
shall be computed on the bas. s of the actual num~r ot days elapsed
over a year or 360 days. :'n the event Chemit.:al Bank ceases to
announce its Prime Rate pub] ,cly, Price Rate shall be the publicly
announced prl.me or base le .ding rate ot such national bank as
Financial Sec~rity shall spe~ity.
(ix) Payments required to be made to ~inancial Security
shall be payable solely trom the Gas Taxes. 'l,.-.e obligations set
torth in Sections 6(0) (vii) and (viii) abC-Ie shall survive
discharge or termination ~t the Resolution and the Purchase
Contract.
(x) Financial S, mrity shall be entitled to pay
principal or interest on th.. Series 1995 Bonds that shall become
Due tor Payment but shall be :Jnpaid by reason of Nonpayment by the
County (as such terms are d~;'ined in the Municipal Bond Insurance
Policy), whether or not Financial Security has received a Notice
(as detined in the Municipal Bond Insurance Pol..cy) of Nonpayment
or a claim up,n the Municipal Bond Insurance Po:,icy.
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(E) Notwi thstanding any provisions of Section 14 ot the
Delegation Resolution to the contrary, notice of optional
redemption ~lt the Series 1995 Bonds shall only be sent if the
County detezmines it shall have sutficient funds available to pay
the applicable redemption price ot and interest on the Series 1995
Bonds called tor redemption on the redemption date.
(F) Financial Security shall have the riqht to advance any
payment r8q\:.ired to be made by the County in order to avoid an
Event of De faul t under the Resolution and the Paying Agent or
County shall be required to accept such advance. The County shall
be required to reimburse the Insurer for any such advance in
accordance lIlth the Municipal Bond Insurance Policy. To the extent
Financial Se,:urity makes any payment of principa.'. of or interest on
Bonds in accordance with the Municipal Bond Insurance Policy,
Financial Sf curity shall be(~01De subrogated to the rights of the
recipients t,f such payments in accordance with the terms of the
Municipal Bond Insurance j')olicy. Upon th. occurrence and
continuance ot an Event ot C.lfault, Financial S tcurity, if not in
payment defa\lt under the Mur lcipal Bond Insuranc e POlicy, shall be
deemed to be the sole owner >f the Series 1995 'Ionds tor purposes
ot exercisir,q any voting rig.'lt or privilege or ;riving any consent
or directior or taking any ,lther action that 1 '1e holders of the
Series 1995 Bonds are enti t:'.ld to taka pursuant to Section 13 (D)
ot the Resolution. Any Ser:ies 1995 Bondholder's direction or
institution ot remedies upon the occurrence of an Event ot Default
shall be subjoct to the prior written consent of Financial Security
and Financial Security shall have the right to clrect all reme6ies
upon an Event of Detault. Financial Security f'nd its designated
aqent shall provided with access to inspe~t and copy the
registration books ot the C:unty upon an Event ot Default which
requires Financial Security :0 make payments urjer the Municipal
Bond Insurance Policy. Fir lncial Security'S ,'ights under this
Section 6 (F) shall be suspenc, .ld during any perio<i in which it is in
default in Its payment ob'igations under the Municipal Bond
Insurance Pol :lcy (except to ,he extent of amounts previously paid
by FinancJalSecurity and due and owin,; to it) and shall be of no
torce or etfect if the Municipal Bond Insurance Policy is no longer
in effect or it Financial Security aSs4rts that ts Municipal Bond
Insurance Policy is not in effect or if Financi.~l Security waives
such rights in writing. The rights granted to rinancial Security
under this Section 6(F) are cTanted in considerltion ot Financial
Securi ty issuing its Kunicipl'" Bond Insurance Pol ley. Any exercise
ot such contractual rights ':JY Financial Secullty is merely an
exercise ot F,\.nancial Securi y's contractual ril, nts and shall not
be construed ur deemed to be '.aken tor the benet, t or on behalf of
any holders of the Series 19~ I Bonds nor does suth action evidence
Financial Security'S position as to whether any he.lder's consent is
required in addition to the consent of Firancial Security.
Financial Security shall be considered a third-pa~ty beneficiary to
the ResolutioJ I with respect to the Series 1995 E)nds.
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(G) Ho resignation or removal ot the Paying Aqent tor the
Series 1995 Bonds shall become ettective until a succeusor has been
appoint.ed ltnd has accepted t.he duties ot Paying Aqent for the
Series 1995 Bonds.
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(8) H;)tvithst.andinq any provisions ot Section 20 ot the
Resolution 1:0 the contrary, in the event ot an a.1vance refunding ot
the Series ~995 Bonds: '
(;..) The County shall cau.e to be delivered, on the
deposit datA and upon any reinvestment ot the deteasance amount, a
report ot al independent tira of nationally recoqnizad certified
public aCC01'ntants or such other accountant as nhall be acceptable
to Financia; Security ("Accountant") veritying the sufficiency of
the escrow established to pay the Series 1995 Bonds in full on the
JDaturity I r redemption dates, applicabJ e thereto (the
"Verificatit41") .
. (:, i) The escrow ~eposit agreement (WhiCh shall be
acceptable ;.n ton and sul.unce to Financi,L Security) shall
provide thai. no (a) substitt tion ot a defeasane '. obligation shall
.be peraitted except with arother defeasance 01'. ligation and upon
delivery ot, new Veriticatir fl and (b) reinvest. :nt ot a dofeasance
obligation shall be permit-ted except as cOLtemplated by the
original Verification or upon delivery of a new Veritication or
upon the written consent of Financial Security.
(iii) There shall be delivered an opi,~ion of nationally
recoqnize~ bond counsel to t.he eftect that the Series 1995 Bonds
which are to be refunded I re no longer outs'".anding under the
Re.olution.
(iv) Each Verific, .:ion and deteasanc( opinion shall be
acceptable in form and subst. ~c., and addressed, to the County and
Financial Se(mrity. The :erie. 1995 Bonds shall be deemed
outstanding ul.der the Resolu\ ion unless and until they are in fact
paid and r.etired or the above criteria is met. In the event a
forward purchase agreement will be employed in t~e retunding, such
agreement shall be subject to the approval of inancial Security
and shall be accompanied by such opinions of '*ounsel as may be
required by Financial Security. Financlal E !curity shall be
provided with final dratts ot the above-r.eferer::ed documentation
not less than five busines' days prior to th t funding of the
.scrow .
(1) Any amounts paid by Financial SecJrity under the
Municipal Bond Insurance Pc ,icy shall not be deemed paid for
purpose. ot the Resolution and shall remain outstanding and
continue to be due and owing until paid by the CO\', nty in accordance
with the Resol\1tion. The Resolution shall not be <lischarged. unless
&:11 amount. d1 e or to beccnDe due ~o Financial S,':curity have been
paid in full.
&O(]\O fJf}O p~r., F;9
,.
JUl 1 81995
,
8ZC'l'IOJI 7. AKDDKD"r OJ' 8ZCTI05 2 OP TlIZ RESOLUTION.
Section 2 f')t the Resolution is hereby amended to include new
subsections X, L, M and N to read as tollows:
K. "Authorized Investments" shall mean any of the fOllowing,
if and to '~e extent that the same are at the time legal for
investment \)t tunds of the County:
(1) (ll) Direct obligations (other than an obligation subject
to variation in principal repayment) ot the United states of
America ("U'lited states Treasury Obligations"), (b) obligations
fully and u"lcondi tionally quaranteed as to the timely payment of
principal I nd interest by the United State!: ot America, ec)
Obligations fully and unconditionally guaranteed as to timely
payment of principal and int~rest by any agency or instrumentality
ot the Unitl" States of Amer~,ca when such obliq2l';:ions are backed by
the full taith and credit 01, the U..,ites States ,f America, or (d)
evidences ct ownership ot proportionate in1erests in future
interest. ant principal payme I)ts on obligation df scribed above held
by a bank 01 trust company". custodian, under ihich the owner of
the invesuunt ia the real party in interest a::, has the right to
proceed dir",,:c'tly and indiv'dually against thl' obligor and the
underlying ~~overnment oblig~,;~ions are not avail'lble to any person
claiming through the custodian or to whom the custodian may be
obligated.
(2) Federal Housing Administration debent Ires.
(3) The listed obligations of government-uponsored agencies
which are D2t backed by the full taith and crliit of the United
states ot berica: participa:,ion certificates (."xcluding stripped
mortgage securities which ar'~ purchased at pric~s exceeding their
principal amounts) and senio . debt obligations or. the Federal Home
Loan Mortgage Corporation ("P- LMC"); consolidated system-wide bonds
and notes of 'the Farm Credit Banks; consolidated debt obligations
of the Federal Home Loan Banks ("FHL Banks"); senior debt
obligations and mortgage-backed securities (excluding stripped
mortgage securities which are purchased at pricts exceeding their
principal amounts) of the Federal National MOl":gage Association
("FNKAs"); senior debt obligations (excluding I~!curities that do
not have a fixed par value snd/or whose terms do not promise a
fixed dollar amount at matur~ty or call date) ot the StUdent Loan
Marketing Association (SLMA) debt Obligations of the FinanCing
Corporation (I'ICO); and debt obligations of the 1 esolution Funding
Corporation (HEFCORP).
(4) Unsecured certitic :tes of deposits, t.ime deposits or
bankers acceptances (in each case having maturJties of not more
than 30 days) ot any bank the obligations ot whit1, at the time of
purchase, are rated "A-l" or better by Standard , Poor's Ratings
Grcup.
!CI( reo ?J'~: 70
11
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JUl 1 8 1995
(5) Deposit. the aggregate amount ot which are tully insured
by the Federal Deposit Insurance Corporation, in banks which have
capital a~ surplus ot at least $5,000,000. '
(6) Coaaercial paper (having oriqinal maturities of not more
than 2'0 da~'.> rated, at the time ot purchase, "Prime-1" by Moody's
Investor. S')%'Vice and "A-1+" or ~tter by StandZt.rd , Poor' B Ratings
Croup.
('> M)ney market tunds rated at least "AAm" or "AAm-G" by
Standard , Poor'. Ratings Group.
(8) ";;tate Obligations," which means: (a) direct general
Obligations ot any state ot the United states ot America or any
SUbdivision or agency thereot to which is pledged the tull faith
and credit at a state, the unsecured general ~bligation debt is
rated, at t1!e ti.e ot purcha;~;., ."A3" or better bl Moody'. Investors
Service ~ ~A" by Standard' Poor'. Ratings G]OUP, or better, or
any obligat.c..on tully and unl;..onditionally quare! teed by any state,
subdivision or agency whose .~n.ecured general 01: Ligation debt is so
rated, (b) direct general Short-term obligat ,.ons ot any state
agency or subdivision or agency thereot describ41! 1 in 8 Cal above and
rated "A-l+" by Standard' ....oor'. Ratings Gro\J) and "Prime-l" by
Moody'. Invnstors Service, or (c) special Revenul Bonds Cas defined
in the United States Bankruptcy Code) ot any state, state agency,
or Subdivision described in 8Ca) above and rated "AA" or better by
Standard 1& Poor's Ratings Group and "Aa" or better by Moody's
Investor. Service. .
(9) Pr~-r.funded munjcipal obligations rated "AAA" by
Standard , Poor'. Ratings {~roup and "Aaa" by Moody's Investors
Service .eeting the follov ng requirements: ,'a) the municipal
Obligations are (i) not subj"ct to rede~ption prior to maturity or
( ii) the trustee tor the , 2nicipal obligatio~j. has been given
irrevocable instructions cor :erning their call and redemption and
the issuer o! the municipa. obligations has covenanted not to
redeem such ~Junicipal Obligation other than as set forth in such
instructions; (b) the municipal obligations are secured by cash or
United states Treasury obligations which may t., applied only to
payment of thl! principal ot, interest and premiul; on such municipal
obligations; ec) the principal of and interest or- the United States
Treasury Obligations Cplus any cash in the -escrow) has been
verified by the report ot indtpendent certitied r~blic accountants
to be .utticient to pay in ull all principal )f, interest, and
pre.ium, it al',y, due and to t. COiDe due on the mun ~,cipal obligations
Cthe .Veritic:ation"); (d) .be cash or Unite, States Treasury
Obligation. ..rvinq as secur ty for the municipll obligations are
~eld by an escrow agent or trustee in trust for owners ot the
.unicipal obligations; Ce) no .ubstitution of a United States
Tr.easury Obliqation shall be permitted except with another United
states Treasul'y Obligation and upon delivery of a new Verification;
anc2 Ct) the (ash or United States Treasury Ob~,i9ations are not
800( r rn PA',: 71
,.
J U l f 8 1995
available to satisty any other claims, including those by or
against the trustee or .scrow agent.
(10) Rllpurchas. Aqr.~ent. with (a) any domestic bank the long
term debt ot which is rated "AA" or better by Standard and Poor's
Ratinqs Group and "Aa" by Moody'S Investors Service, (b) any
toreiqn ban:.: the long term debt of which is ratfld at least "AA" by
Standard anS Poor's Ratings Group and "Aa" by Moody'S Investors
Service, or (c) any broker-dealer with "retail customers" which
has, or the parent c02pany ot which has, long-term debt rated at
least -AA" by standard and Poor's Ratings Group and "Aa" by Moody's
Inye.tors S,'rvice, which broker-dealer talls under the jurisdiction
ot the SectU:itie. Investors Protection Corporation (SIPC)i (d) any
other entit~,. described above rated "A" or better and, acceptable to
the Insurer t provided that:
i, the market VI lue ot the collater,:ll is maintained at
levels and upon condi tJ ')ns as would be accl 'ptable to Standard
and Ponr'. Ratings GroLp and Moody'S Inve.tors service in'an
"A" ra' .ed structured t; nancing (with marke t value approach);
il. tailure
percent:.ag8 will
colla~ral;
iii. the County or a third party acting solely as agent
theretor (the "Holder ot the Collateral") has possession of
the collateral or the collateral has been transferred to the
Holder of the Collateral in accordance wit,'!1 applicable state
and fe",aral laws (othElr than by means .Jf entries on the
transfe~or's books);
to maintain
reqv \re the
the rec~isite collateral
county",.o liquidate the
iv. the repurchat I aqreement shall s~..ate and an opinion
of counsel shall be ren\ered that the Holde:' of the Collateral
has a perfected firs1 priority security interest in the
collateral, any subst .tuted collateral and all proceeds
thereot (in the case vt bearer securities, this means the
Holder of the Collateral is in possession);
v. the transteror represents that the collateral is
free and clear ot any third-party liens or claims;
vi. the repurchas! agreement is a "re}:urchase Agreement"
as defined in the Unit d states Bankruptc-' Code and, it the
provider' is a bank, "qualified finar. ':ial contract" as
defined in the Financj II Institutions Re, 'orm, Recovery and
Enforcement Act of 19 ~ ("FIRREA") and " hat such bank is
subject to FIRREA;
vii. there is or will be a written a'freement governing
every repurchase transaction;
&CDll:fJCO Pl~~ 72
""1'--1""" --.,."... R
JUt f 8 1995
viii. the County represents that it has no knowledge of
any fraud involved in the repurchase transaction;
ix. the County receives the opinion ot counsel (which
opinion shall be addressed to the County and Insurer) that
such repurchase agreement is legal, valid, binding and
entorcaable upon the provider in accordance with its terms;
x. the repurchase agreement shal1. provide that if
during its term:
.
(A) the provider'. rating by either standard and
i)Or's Ratings Group or Moody'. Investors Service talls
ttlow "A,A-" or 'Aa3, ' respectively, tbe provider must, at
t~le direction ot the County (who shall give such
direction it so directed by the Insurer), within 10 days
c ~ receipt ot t,uch direction, ei ':her (1) maintain
c~llateral at If vels ~nd of the type as shall be
reasonably accept::.ble to the Insurer, (2) repurchase all
c')llateral and t.;~inate the agreeme,",t, and
CB) the pr"vider's rating l.y either Moody's
Investors Service or Standard and POOl'. 's Ratings Group is
v.tthdrawn or suspt,!1ded or talls below "A" by Standard and
I'oor's Ratings Group or "A2" by Moody's Investors
Service, as appropriate, the provider must, at the
direction of the County (who shall give such direction if
so directed by the Insurer), within 10 days ot receipt of
such direction, repurchase all colla:.eral and terminate
th. agreement,
in either case with no penalty or premium to the County.
Notwithstanding the a1,)ve, it a repurcha-:e agreement has a
term of 270 days or less (with no evergreen provision),
collate~al levels nee( not be as specitied in i. above, so
long a~ such collater~l levels are 103' or better and the
provider is rated at least "M" and "Aa" by Standard and
Poor'. Ratings Group and by Moody'S 'nvestors Service,
respectively.
(10) Investment agreements with a domestic ,.)r foreign bank the
long-term debt ot which is r:\ted at least "M" b'~' Standard , Poor's
Ratings Group and "Aa" by Mo :1y's Investors Serv.ce; provided that,
~y the terms ot the investz nt agreement:
Ca) interest payments Ire to be made to tn. Paying Agent at
times and in amounts as nec. ssary to pay debt service (or, if the
investment agreement is fOl the construction f.und, construction
draws) on the Obligations;
14
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JUL 1 8 1995
(b) the invested tunds are available tor withdrawal without
p.nalty or premium, at any time upon not more than seven days'
prior notice (which notic. .ay be amended or withdrawn at any time
prior to the specifi.d withdrawal date); provided that the
Resolution .pecitically requires the County or the Paying Aqent to
give notice in accordance with the terms of the investment
agr....nt ., as to r.c.ive funds thereunder \-/ith no penalty or
prniwa pair!;
(c) tile inve.tment agreement shall state that it is the
unconditionul and general obliqation ot, and is not subordinated to
any oth.r ohligation ot, the provider thereot;
(d) a fixed quarant.ed rate ot interest is to be paid on
invested f~ds and all future deposits, if any, required to be made
to r.stor. the amount of sueh tunds to the level specified under
the Resolut .'. on;
ee) the County or the Paying Agent reeeiles the opinion of
dom.stic co,tnsel (which opi "lion shall be addrelsed to the County
and the Inl\lrer) that such investment agreemen'~ is legal, valid,
binding and enforceable upo 1 the provider in a .:cordance with its
terms and of. foreign counsel (it applicable) in torm and substance
acceptable, and addressed tr', the Insurer:
(f)
the inv~.t.JIlent agreement sh~ll provide that it during its
term
(i) the provider'. rating by eitheI Standard' Poor's
Ratings Group or Moody'. Investors Service I~all. below "AA" or
"Aa", r~spectively, the provider must, at the direction of the
County or the Paying Al'ant (who shall give such direction if
so directed by the Insu~er), within 10 day( of receipt of such
direction, either (A) I: :)llateralize the iJ:',estment agreement
by delivering or tran&rerrinq in accordance with applicable
state and federal laws :other than by mean5 of entries on the
provide~'s books) to tl . County, the Paying Agent or a third
party a~ting solely as agent therefor (the "HolCJer of the
Collateral") collateral free and clear ot any third-party
liens or claims the market value of wi .tch collateral is
aaintained at levels and upon such condi:ions as would be
acceptable to Standard , Poor'. Ratings \;roup and MOOdy's
Investors Service in a~ "A" rated struetur1ld financing (with
a market value approac' ); or (B) repay th! principal of and
accrued .~ut unpaid int.: :oest on the invest!, .ant, and
(ii) the provider I rating by either Standard' Poor's
Ratings Group or MOodl . Investors Servica is withdrawn or
suspended or talls be~ow "A" or "A2", respectively, the
provider must, at the direction of the Co\nty or the Paying
Agent (Yho shall give such direction it fi,,:) directed by the
Insurer1, within 10 days ot receipt of SUCi'& direction, repay
15
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JUL 1 8 IJ95
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the principal ot and accrued but unpaid interest on the
inv..t1Ient,
In eith.r cas. with no penalty or premium to the County or
Paying Aq.nt 1 and
(q) 1~e inv.stment agr....nt .hall stnt~ and an opinion ot
coun..l .~ll be rend.r.d that the Holder ot the Collateral has a
perfected ~ir.t pri~rity socurity interest in the collat.ral, any
aubatitu~t collat.ral and all proceeds ther.ot (in the case ot
bear.r ..curitie., this ..an. the Holder of the Collateral is in
po.....ion;, ;
(h) i.b. inve.tJa.nt aqr._.nt 1N.t. provid':J that it during its
tena
l i) the provid'.~ .hall detault in its payment
obliqations, the provi ,Sari. Obligations \J1der thll investment
aqreu ant .hall, at tb$t direction ot the (ounty or the paying
Aqent (who shall qive such direction if so directed by the
In.ur,r), be accel.ratld and amounts inverted and accrued but
unpaid interest ther."n .hall be repaicI to the County or
Payint' Agent, as apprc, ,riate, and
(ii) t~e provider .hall become insolvent, not pay its
debts a. they become du., be declared or petition to be
d.clared bankrupt, etc. ("event ot inSOlvency"), the
provider'. obliqations shall automaticall:' be accelerated and
a.ounts invested and accrued but unpaid in~ .rest thereon shall
be repr.id to the Count" or Paying Agent ag appropriate.
(11) Units of particil ltion in the Local Government Surplus
Funds Trust Fund .stablish'ld pursuant to Part, IV, Chapter 218,
Florida statutes, or any similar common tr..:ist tund which is
..tablished pursuant to Sta .e law as a legal depository of public
JJOneY8 .
(12) other inv.stments approved by the Insurer or Insurer. of
the obliqations, provided all outstanding Obliations are insured
aa to payment by such Insurer or Insurers.
L. "Insurer" .hall uean, with respect to any .eries of
Obligationa, such per.on a. shall be insuring ('r quaranteeing the
payaent ot principal ot and ntoreat on such sel .es of Obligations,
vh.n due. A,s to the Serie2 1995 Bonds, the d. tinition "Insurer"
.hall ..an J'inancial Secur ty Assurance Inc., a New York stock
insurance company.
M. "Municipal Bond In.urance Policy" shall mean the
llUnicipal bond new i.sue insurance policy or po"iciea issued by an
IMur.r quar'tnt.eing the payaaent of ~h. princi; .ll of and interest
on any porti...n ot .uch ..ries ot Obligations.
16
j'trn~... 7"
,
JUt 1 8 1995
,.
N. "Reaerve Account Insurance POlicy" shall mean an
insurance policy or surety bond deposited in the Reserve Account in
lieu ot or in partial substitution for cash on deposit therein
pursuant to Section 13(C) (2) (iv) hereof.
8ZCTZO:' a. .a.KD'D.1ID'1' -:0 SZeTIOlf 13 (8) (') OJ' THE
.ZIOL~Io.. Section 13(8)(6) ot the Resolution is hereby amended
in ita enti~ety to read as tollows:
(6) ~'neys on deposit in the Sinking Fund, including the
Reserve Acc~t, shall be continuously .ecured in the manner by
which the d'.rposit of public tunds are authorized to be secured by
the laws of the State. Moneys on deposit ir~ the Sinking Fund
(excludinq the Reserve Account) shall be invested and reinvested by
the County in Authorized Investments, maturing not later than the
date. on vh;, ch such moneys,.. tll be needed tor tl.e purposes of such
tund or accllunt. Moneys on deposit. in the Reserve Account may be
invested or reinvested by ~;he County in Auth )rized Investments
which shall 'lave an average 1.qqregate weighted t lrJll to Jnaturity not
qreater tha.', five (5) years All investments 'Jhall be valued at
amortized rost; provided, l1owever, investmen1.. in the Reserve
Account sha:.l be valued at t he market value thE reot, exclusive ot
accrued int'.lrest. InvestJlu...,ts in the Reservl. Account shall be
valued by the County each y.ar and upon any dra~ upon the Reserve
Account. Notwithstanding any provisions of this Section 13(B) to
contrary, all deticiencies in the Reaerve Account must be made up
no later than twelve (12) months tram the da~e such deticiency
tirst occurred, whether such shorttall was cL1:Jsed by decreased
market value or withdrawal; provided, howe ',er, deficiencies
reSUlting from a decrease j \ market value of :nvestments in the
~eserve Account must be reCf lied only it the ma\'ket value ot such
investments is less than nil1ety-tive percent ('; 5'> of the amount
required to be on deposit the .'ein on the immec1iat oIly preceding date
of valuation.
8ECTIOlf .. AMENDHEN~ TO SECTION 13(C) (2) (iv) or THE
RESOLt7TI01;. Section 13 (C) (2) (iv) of the Resolution is hereby
amended in ita entirety to read as tollows:
(i v) In the discretion ot the Boal'l~, there may be
deposited into the Reserve Account trom the proceeds ot such
Additional Parity Obligations all or a portion "t such an amount
which, toqether with other 1 meys then on depor It in the Reserve
Account, shal', equal the qre., ':eat amount of prin: ipal and interest
bec01linq due and payable '1 any ensuinq Fit ::al Year on all
Obligations, all Additional Parity Obligatior.'J, it any, then
outstanding, and the Additiol al Parity Obligations proposed to be
issued.
Notwithst.anding the toregoinq provisions, .~,n lieu ot a cash
deposit into :he Reserve Account, and upon pro"ision ot written
notice to Moo'y's Investors S.rvice and Standard' Poor's Ratings
17
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,
JUl 1 8 1995
,
Group, the County aay cause to be deposited into the Reserve
Account a Reserve Account Insurance Policy tor the benefit of the
holders of the Obliqations in an a~ount equal to the ditterence
between th~ greatest amount ot principal and interest becoming due
and payable in any ensuing Fiscal Year on all outstanding
Obligationt: and the SWlS then on deposit in the Reserve Account, if'
any. Such .'teserve Account Insurance Policy shall be payable to the
applicable paying agent (upon the qivinq ot notice as required
thereunder) on any interest payment date on which a det iciency
exists wbil:h cannot be cured by funds in any other account or
subaccount beld pursuant to this Re.olution and available for such
purpose. If a disbursement Is Bade from a Res.rve Account
Insurance ~olicy provided pursuant to this par.aqraph, the County
shall ei tht. r reinstate the maximum limits of B'lch Reserve Account
Insurance Pt"licy imaediately followinq such disbursement or deposit
into the Rrserve Account fl018 the Gas Taxes, "s herein provided,
funds in th-:_ amount ot the d ~.bursement made uno er such instrument,
or a combination ot such al ternati ves. ti ,twi thstandinq the
toregoing, ~e County may nC-l: deposit any Resen I Account Insurance
Policy to t;\e Reserve Accoul",t without the prior written consent of
the Insure:. In additic n, to the extent modifications or
amendments to the Resoluti~n are required by the issuer of the
Reserve AccQunt Insurance Pl.-licy or the Insurex as a result ot the
use of such Reserye Account Insurance POlicy, tt a County shall make
such modifications or al2endments and, notWithstanding the
provisions ot Section 16 hereof, the consent of the holders ot the
Obligations shall not be required so long as the Insurer consents
to such aoditications or amendments.
8ZCTZOH 10. ADDZTIO~ OF ~ SECTION 24 TO THE RBSOLUTION.
The Resolutiun is hereby amer.ded to include a nt",' Section 24, which
uhall read as follows:
SECTION 24. EVENTS I.,~ DEFAULT. The foll.owing events shall
each constitute an "Event 0.' Detault":
(A) De~~ault shall be made in the payment ot the principal of,
amortization Installment, redemption premium or interest on any
Obligation when due. In determining whether a r~yment default has
occurred, no etfect shall be given to paY1,'mt made under a
aunicipal bond insurance policy.
(8) There shall occur the dissolution or liquidation of the
County, or the tiling by t e County of a vol.ntary petition in
bankruptcy, "r the commia ion by the Count ',' ot any act of
bankruptcy, ,r adjudicatio, ot the County a I a bankrupt, or
assiqroaent by the County t r the benefit ot .its creditors, or
appointment of a receiver ; or the County, or the entry by the
County into an agreement ot composition with its creditors, or the
approval by a court of competent juri.dicti,ln of a petition
applicable to the County in any proceeding for ~ts reorganization
instituted ur,1er the provisions ot the Federal 1:ankruptcy Act, as
'~~f r1r~ ~!O 77
,.
JUt 1 8 1995
amended, or under any similar act in any juriSdiction which may now
be in ettect or hereatter adopted.
(e) The County shall detault in tha due and punctual
performance of any other of tha covenants, conditions, agreements
and provisions contained in the Obl1qations or in this Resolution
on the part of the County to be performed, and such default shall
continue fo.r a period ot. 30 days after vritten notice ot such
detault sha:l have been received troa the Insurer or the holders ot
not less thin twenty-five percent (25') ot the agqregate principal
aaount of Obligations outstanding. Notwithstanding the toregoing,
the County t~hall not be deemed to be in detault hereunder it such
. detault can be cured within a reasonable period ot ti.e and it the
County in g)O(! faith institutes appropriate c.trative action and
diligently pursues such action until detault has been corrected.
8 ZC!'I 01'. 11. UJ'EC1'I\fB DATE. This Resol ution shall become
etteetive iSiDlediately upon jt~s ado)ltion; providf d moditications to
the Rasolut!.on shall take ef. teet simul taneousl:y with the issuance
ot the Seri,s 1995 Bonds.
PASSED AKD ADOPTED in leqular sension this 18th day ot July,
1995.
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BOARD OJ' COUJrrY COXKI88IOHDS OJ'
COLLIER COUBTY, FLORIDA
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County
Approved as t~ leqal torm
and sutficiency:
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County Attorn.
19
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