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HomeMy WebLinkAboutR-85-66A RESOLUTION AMENDING RESOLUTION R-85-44 RE- LATING TO $2,005,000 CITY OF SEBASTIAN, FLORIDA GOLF COURSE REVENUE BONDS, SERIES 1985 TO MODIFY SECTIONS 8.01, 8.07 AND 8.10 THEREOF TO PERMIT THE RESERVE ACCOUNT, CREATED BY RESOLUTION R-85-44, TO BE HELD BY THE CITY RATHER THAN REQUIRING IT TO BE HELD BY AN AUTHORIZED DEPOSITORY; AND PROVIDING FOR SEV- ERABILiTY, CONFLICTS AND AN EFFECTIVE DATE. THAT: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, FLORIDA SECTION 1. ~uthority for This Resolution. This Resolution is enact- ed pursuant to (a) Chapter 166, Florida Statutes, (b) the City Charter (the "City Charter") of the City of Sebastian, Florida, being Chapter 16683, Laws of Florida, Acts of 1933, as amended and supplemented and (c) Article VIII, Section 2, Florida Constitution. SECTION 2. Definition. The term "Resolution R-85-44" as used herein means Resolution R-85-44 duly adopted by the City Council of the City of Sebastian, Florida, on August 7, 1985 and entitled: "A RESOLUTION AUTHORIZING THE iSSUANCE OF NOT EXCEEDING $2,025,000 GOLF COURSE REVENUE BONDS OF THE CITY OF SEBASTIAN, FLORIDA, TO PROVIDE FUNDS FOR THE PAYMENT OF $1,600,000 OUTSTAND- ING PRINCIPAL AMOUNT OF GOLF COURSE REVENUE BONO ANTICIPATION NOTES DUE MARCH 1, 1986, AND FOR THE CONSTRUCTION OF MUNICIPAL GOLF COURSE FACILITIES; A~[HORIZING THE ISSUANCE OF FUNDING BONDS, ADDITIONAL PARITY BONDS AND BOND ANTICIPATION NOTES; PROVIDING FOR THE RIGHTS OF'THE HOLDERS OF THE BONDS, REFUNDING BONDS, ADDITIONAL PARITY BONDS AND NOTES; PROVIDING FOR THE PAYMENT THEREOF FROM CERTAIN OF THE CITY'S GOLF COURSE REVENUES, PUBLIC SERVICE TAXES AND ELECTRIC FRANCHISE FEES; PLEDGING THE GOLF COURSE REVENUES, PUBLIC SERVICE TAXES AND ELECTRIC FRANCHISE FEES AS SECURITY FOR THE BONDS, REFUNDING BONDS, ADDI- TIONAL PARITY BONDS AND NOTES; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING SEVEKABILITY, CON- FLICTS AND EFFECTIVE DATE." SECTION 3. (a) ly read as follows: Findings. Sections 8.01, 8.07 and 8.10 of Resolution R-85-44 present- SECTION 8.01. Creation of Funds and Accounts. There is hereby created and established by the Issuer a special fund to be called the "Golf Course Revenue Bond Trust Fund" (the "Trust Fund") and the following accounts therein to be known as: the "Construction Account," the "General Revenue Ac- count," the "Debt Service Account," the "Operation and Maintenance Account," the "Operation and Main- tenance Reserve Subaccount," the "Reserve Account," the "Renewal and Replacement Account," the "Bond Payment Account," and the "Designated Revenue Ac- count" with a "Public Service Taxes Subaccount" and "Electric Franchise Fees Subaccount" therein. The Trust Fund and all accounts therein shall consti- tute trust funds for the purposes herein provided. The Reser've Account shall be held by an Authorized Depository as trustee, the Bond Payment Account shall be held by one or more Paying Agents or es- crow agents and all other accounts shall be held by the Director of Finance (or an Authorized Depos- itory designated by the Director of Finance), in each case who shall act as trustee of such funds in such account for the purposes hereof. The Trust Fund and accounts therein shall be subject to a first lien and charge in favor of the Holders of the Bonds, and a second lien in favor of the Hold- ers of the Notes and shall at all times be kept and used only as herein provided. The Issuer shall designate an Authorized Depository which shall, pursuant to a written agreement executed and effec- tive as of the delivery of the first Series of Bonds issued hereunder, agree to hold all funds deposited to the credit of the Reserve Account hereunder in trust for the sole and exclusive bene- fit of the Holders of the Bonds in accordance with the provisions of this Resolution. SECTION 8.07. The Reserve Account. Funds on de- posit in the Reserve Account shall be held by an Authorized Depositary, as trustee, and may be used only for the purpose of making payments to Paying Agents for the payment of Bond Service Charges to the extent that amounts in the Debt Service Account held for the payment of Bond Service Charges shall be insufficient for such purpose except as herein provided. Ail income from the investment of moneys on deposit in the Reserve Account shall be deposi- ted in the General Revenue Account immediately upon receipt. If funds on deposit in the Reserve Ac- count exceed, ia the aggregate, the Maximum Bond Service Requirement for the Bonds, such excess funds shall be deposited into one or more accounts in the Trust Fund or in an escrow account for the payment of Bonds. If on account of the payment or redemption of Bonds the Maximum Debt Service Re- quirement will be reduced resulting in the amounts on deposit in the Reserve Account exceeding the Maximum Annual Debt Service Requirement, such ex- cema may be used by the Issuer to pay or redeem such Bonds. SECTION 8.10. Accounts Held by Issuer. All ac- counts created hereby, other than the Bond Payment Account and Reserve Account, shall be held by the Issuer. The cash required to be accounted for in the accounts held by the issuer, may be deposited in a single bank account, and funds allocated to those accounts may be invested in a com~n invest- ment pool, provided that adequate accounting rec- ords are maintained to reflect and control the restricted application of the cash and investments on deposit therein for the various purposes of such accounts as herein provided. The designation and establishment of the various accounts to be held by the Issuer in and by this Resolution shall not be construed to require the establishment of any com- pletely independent, self-balancing accounts as such term is commonly defined and used in govern- mental accounting, but rather is intended solely to constitute an earmarking of certain moneys and investments of the Issuer for certain purposes and to establish certain priorities for the application of such moneys and investments as herein provided. (b) It is desirable to amend Section 8.10 of Resolution R-85-44 as provided in Section 4 hereof in order that the City may be permitted to hold the Reserve Account created by Resolution R-85-44 rather than requiring it to be held by an Authorized Depository, as Trustee. - 2 - SECTION 4. Amendment. Sections 8.01, 8.07 and 8.10 of Resolution R- 85-44 are hereby amended in their entirety to read as follows: SECTION 8.01. Creation of Funds and Accounts. There is hereby created and established by the issuer a special fund to be called the "Golf Course Revenue Bond T~uat Fund" (the "Trust Fund") and the following accounts therein to be known as: the "Construction Account," the "General Revenue Account," the "Debt Service Account," the 'Operation and Maintenance Account," the "Operation and Maintenance Reserve Buhaccount," the "Reserve Account," the '*Renewal and Replacement Account," the "Bond Payment Account,*' and the "Designated Revenue Account" with a "Public Service Taxes 8ubaccount°' and "Electric Franchise Fees Subaccount" therein. The Trust Fund and all accounts therein shall constitute trust funds for the purposes herein provided. The Bond Payment Account shall be held by one or more Paying Agents or escrow agents and all other accounts shall be held by the Issuer (or an Authorized Depository desig- nated by the Issuer), in each case who shall act as trustee of such funds in such account for the purposes hereof. The Trust Fund and accounts therein shall be subject to a first lien and charge in favor of the Hold- ers of the Bonds, and a second lien in favor of the Holders of the Notes and shall at all times be kept and used only as herein provided. SECTION 8.07. The Reserve Account. Funds on deposit in the Reserve Account shall be held by the Issuer, as trustee hereunder, and may be used only for the purpose of making payments to Paying Agents for the payment of Bond Service Charges to the extent that amounts in the Debt Service Account held for the payment of Bond Ser- vice Charges shall be insufficient for such purpose except as'herein provided. Ail income from the invest- ment of moneys on deposit in the Reserve Account shall be deposited in the General Revenue Account i~mediately upon receipt. If funds on deposit in the Reserve Ac- count exceed, in the aggregate, the Maximum Bond Service Requirement for the Bonds, such excess funds shall be deposited into one or more accounts in the Trust Fund or in an escrow accouDt for the payment of Bonds. if on account of the payment or redemption of Bonds the Maxi- mum Debt Service Requirement will be reduced resulting in the amounts on deposit in the Reserve Account exceed- ing the Maximum ~nual Debt Service Requirement, such excess may be used 'by the Issuer to pay or redeem such Bonds. SECTION 8.10. Accounts Held by Issuer. Ail accounts created hereby, other than the Bond Payment Account which shall he held by the Paying Agent, shall be held by the Issuer as Trustee hereunder. Amounts held in the Trust Fund held by the Issuer must be separately ac- counted for, but may be deposited in a single bank ac- count and may be invested in a common investment pool, provided that adequate accounting records are maintained to reflect and control the restricted application of the cash and investments on deposit therein for the various purposes of such accounts as herein provided. The des- ignation and establishment of the various accounts to be held by the Issuer in and by this Resolution shall not be construed to require the establishment of any com- pletely independent, self-balancing accounts as such term is commonly defined and used in governmental ac- counting, b~t rather is intended solely to constitute an earmarking of certain moneys and investments of the Issuer for certain purposes and to establish certain -3- priorities for the application of such moneys and in- vestments as herein provided. SECTION 5. ~everabllity. In case any section or provision of this Resolution, or any covenant, agreement, stipulation, obligation, act or ac- tion, or part thereof, made, assumed, entered into or taken under this Resolu- tion, or any application thereof, is held to be illegal or invalid for any reason, or is inoperable at any time, that illegality, invalidity or inopera- bility shall not affect the remalader thereof or any other section or provi- sion of this Resolution all of which shall be construed and enforced at the time as if the illegal, invalid or inoperable portion were not contained therein. Any illegality, invalidity or lnoperability shall not affect any legal, valid and operable section, provision, covenant, agreement, stipula- tion, obligation, act, action, part or application, all of which shall be deemed to be effective, operative, made, assumed, entered into or taken in the manner and to the full extent permitted hy law from time to time, SECTION 6. Conflicts. All ordinances and resolutions or parts thereof in conflict herewith to the extent of such conflict, hereby superseded and repealed. SECTION 7. Effective Date. This Resolution shall become effective immediately upon its passage and adoption. PASSED AND ADOPTED by the City Council of the City of Sebastian, Florida, this 16th day of October, 1985. CITY OF SE,BASTIAN,-y -4-