HomeMy Public PortalAbout2008-24 Amendments to Bonds Series 2004RESOLUTION NO. 2008-24
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AMENDING RESOLUTION NO. 2004-42
ADOPTED ON OCTOBER 12, 2004, IN CONNECTION WITH
THE ISSUANCE OF THE VILLAGE OF KEY BISCAYNE
LAND ACQUISITION AND CAPITAL IMPROVEMENT
REVENUE BONDS, SERIES 2004; APPROVING AND
AUTHORIZING THE MAYOR AND VILLAGE CLERK TO
EXECUTE AND DELIVER THE AMENDMENT TO BONDS;
APPROVING AND AUTHORIZING THE EXECUTION AND
DELIVERY OF CERTAIN OTHER DOCUMENTS REQUIRED
IN CONNECTION WITH THE FOREGOING; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on October 18, 2004, the Village issued its $2,800,000 Village of Key
Biscayne, Florida Land Acquisition and Capital Improvement Revenue Bonds, Series 2004 (the
"Bonds") pursuant to Resolution No. 2004-42, adopted by the Village Council (the "Council") on
October 12, 2004 (the "Authorizing Resolution"); and
WHEREAS, Section 2(c)(i) of the Authorizing Resolution and the terms of the Bonds
provide that the principal of the Bonds is subject to mandatory prepayment in quarterly installments
on each Scheduled Due Date, commencing on August 1, 2005, pursuant to a schedule to be provided
on April 30, 2005 by SunTrust Bank (the "Bank"), as the sole Owner of the Bonds; and
WHEREAS, the Bank overlooked providing such a schedule was not provided to the Village
on such date and as a result thereof, the Village has not made any principal payments on the Bonds;
and
WHEREAS, the Bank has requested that Section 2(c)(i) of the Authorizing Resolution and
the Bonds be amended to provide that (i) the schedule of principal and interest payments due on each
Scheduled Due Date be replaced in its entirety with the schedule of principal and interest payments
set forth in Schedule I (the "Modified Schedule"), attached hereto; and, (ii) the term "Scheduled Due
Date" defined in Section 2(c)(i) be amended to mean the date each payment of principal is due under
the Modified Schedule.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA:
SECTION 1. AMENDMENT OF AUTHORIZING RESOLUTION. Section 2(c)(i) of the
Authorizing Resolution is hereby amended to provide that the Scheduled Due Dates shall commence
on August 1, 2008 and the amount due on each Scheduled Due Date shall be as provided in the
Modified Schedule.
SECTION 2. AMENDMENT OF BONDS. The Bonds shall be modified to conform to the
changes set forth in Section 1. The Council hereby approves the Amendment to Bonds in
substantially the form attached hereto as Exhibit "A" ("Amendment to Bonds"), subject to such
changes, insertions and omissions and such filling of blanks therein as may be approved and made
in such form of Amendment to Bonds by the officers of the Village executing the same, in a manner
consistent with the provisions of this Resolution, such execution to be conclusive evidence of such
approval.
SECTION 3. EXECUTION OF AMENDMENT TO BONDS. The Mayor or the Vice
Mayor and the Village Clerk are hereby authorized to execute and deliver the Amendment to Bonds,
and such officers and the Village Manager and Finance Director and any other proper official of the
Village are and each of them is hereby authorized and directed to execute and deliver any and all
documents and instruments and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transaction contemplated by this Resolution and the other documents
identified herein.
SECTION 4. SEVERABILITY. In case any one or more of the provisions of this
Resolution or the Amendment to Bonds approved hereunder shall for any reason be held to be illegal
or invalid, such illegality or invalidity shall not affect any other provision of this Resolution or the
Amendment to Bonds, but this Resolution and the Amendment to Bonds shall be construed and
enforced as if such illegal or invalid provision had not been contained therein. The Amendment to
Bonds is approved and this Resolution is adopted with the intent that the laws of the State shall
govern their construction.
SECTION 5. OPEN MEETING FINDINGS. It is hereby found and determined that all
official acts of the Village Council concerning and relating to the adoption of this Resolution and
all prior resolutions affecting the Village Council's ability to approve the amendment to the
Authorizing Resolution and the Amendment to Bonds were taken in an open meeting of the Village
Council and that all deliberations of the Village Council or any of its committees that resulted in
such official acts were in meetings open to the public, in compliance with all legal requirements,
including Section 286.011, Florida Statutes.
SECTION 6. CONFLICTS. All resolutions or orders and parts thereof in conflict herewith,
to the extent of such conflicts, are hereby superseded and repealed.
SECTION 7. EFFECTIVE DATE. This Resolution shall take effect immediately upon its
passage and adoption.
[Remainder of this page intentionally left blank]
PASSED AND ADOPTED this 10th day of June, 2008.
MAYOR ROBERT L. VERNON
ATTEST:
CONCHITA H. ALVAREZ, CMC, VILLAGE CLE
APPROVED AS TO LEGAL FORM AND SUFFICI
VILLAGE ATTORNEY
AMENDMENT TO BONDS
$2,800,000
VILLAGE OF KEY BISCAYNE
LAND ACQUISITION AND CAPITAL IMPROVEMENT REVENUE BONDS
SERIES 2004
The Bonds attached hereto (the "Bonds") was issued on October 18, 2004 by the Village of
Key Biscayne, Florida (the "Village"). The Village, by authority granted in Resolution No. 2008- at -I
(the "Amending Resolution"), adopted by the Village Council on June 10, 2008, approved this
Amendment. The Bonds are amended as follows:
1. Mandatory Prepayment. The tenth paragraph of the Bonds that begins with "The
principal of this Bond shall ..." is hereby deleted in its entirety and replaced as follows:
The principal of this Bond shall be subject to mandatory prepayment in quarterly
installments in the amounts and on the dates set froth in Schedule I, attached hereto,
commencing August 1, 2008 (each a "Scheduled Due Date"). The final payment of
principal shall be due and payable on November 1, 2022.
IN WITNESS WHEREOF, the Village of Key Biscayne, Florida has caused this Amendment
to be executed by the manual or facsimile signature of its Mayor and of its Village Clerk, and the Seal
of the Village of Key Biscayne, .Ijorida or a facsimile thereof to be affixed hereto or imprinted or
reproduced hereon, all as of the 13 day of June, 2008.
VILLAGE OF Y I C E, FLORIDA
APPROVAL OF OWNE
SUNTRUST BANK, as s
herein.
.a./41°
Village Clerk
ds, hereby consents to the amendment contained
SUNTRUST BANK
By:
Delle Joseph, ice President
{M1716773_1}
Schedule I
Modified Schedule
Quarterly Debt Service Requirement
No.
Payment
Date
Beginning
Balance
Interest
Principal
Ending
Balance
1
8/1/2008
2,800,000.00
26,810.00
69,928.98
2,730,071.02
2
11/1/2008
2,730,071.02
26,140.43
70,598.55
2,659,472.47
3
2/1/2009
2,659,472.47
25,464.45
71,274.53
2,588,197.94
4
5/1/2009
2,588,197.94
24, 782.00
71, 956.98
2, 516, 240.96
5
8/1/2009
2,516,240.96
24,093.01
72,645.97
2,443,594.99
6
11/1/2009
2,443,594.99
23,397.42
73,341.55
2,370,253.44
7
2/1/2010
2,370,253.44
22,695.18
74,043.80
2,296,209.64
8
5/1/2010
2,296,209.64
21,986.21
74,752.77
2,221,456.87
9
8/1/2010
2,221,456.87
21,270.45
75,469.23
2,145,987.64
10
11/1/2010
2,145,987.64
20,547.83
34,527.75
2,111,459.89
11
2/1/2011
2,111,459.89
20,217.23
34,858.36
2,076,601.53
12
5/1/2011
2,076,601.53
19,883.46
35,192.13
2,041,409.40
13
8/1/2011
2,041,409.40
19,546.50
35,529.09
2,005,880.31
14
11/1/2011
2,005,880.31
19,206.30
35,869.28
1,970,011.03
15
2/1/2012
1,970,011.03
18,862.86
36,212.73
1,933,798.30
16
5/1/2012
1,933,798.30
18,516.12
36,559.47
1,897,238.83
17
8/1/2012
1,897,238.83
18,166.06
36,909.52
1,860,329.31
18
11/1/2012
1,860, 329.31
17,812.65
37,262.93
1,823,066.38
19
2/1/2013
1,823,066.38
17,455.86
37,619.73
1,785,446.65
20
5/1/2013
1,785,446.65
17,095.65
37,979.93
1,747,466.72
21
8/1/2013
1,747,466.72
16, 731.99
38, 343.59
1,709,123.13
22
11/1/2013
1,709,123.13
16,364.85
38,710.73
1,670,412.39
23
2/1/2014
1,670,412.39
15,994.20
39,081.39
1,631,331.01
24
5/1/2014
1,631,331.01
15,619.99
39,455.59
1,591,875.42
25
8/1/2014
1,591,875.42
15,242.21
39,833.38
1,552,042.04
26
11/1/2014
1,552,042.04
14,860.80
40,214.78
1,511,827.25
27
2/1/2015
1,511,827.25
14,475.75
40,599.84
1,471,227.41
28
5/1/2015
1,471,227.41
14,087.00
40,988.58
1,430,238.83
29
8/1/2015
1,430,238.83
13,694.54
41,381.05
1,388,857.78
30
11/1/2015
1,388,857.78
13,298.31
41,777.27
1,347,080.51
31
2/1/2016
1,347, 080.51
12, 898.30
42,177.29
1, 304, 903.22
32
5/1/2016
1,304,903.22
12,494.45
42,581.14
1,262,322.08
33
8/1/2016
1,262,322.08
12,086.73
42,988.85
1,219,333.23
34
11/1/2016
1,219,333.23
11,675.12
43,400.47
1,175,932.76
35
2/1/2017
1,175,932.76
11,259.56
43,816.03
1,132,116.73
36
5/1/2017
1,132,116.73
10,840.02
44,235.57
1,087,881.16
37
8/1/2017
1,087,881.16
10,416.46
44,659.12
1,043,222.04
38
11/1/2017
1,043,222.04
9,988.85
45,086.73
998,135.30
39
2/1/2018
998,135.30
9,557.15
45, 518.44
952, 616.86
40
5/1/2018
952,616.86
9,121.31
45,954.28
906,662.58
41
8/1/2018
906,662.58
8,681.29
46,394.29
860,268.29
42
11/1/2018
860,268.29
8,237.07
46,838.52
813,429.78
43
2/1/2019
813,429.78
7,788.59
47,287.00
766,142.78
44
5/1/2019
766,142.78
7,335.82
47,739.77
718,403.01
45
8/1/2019
718,403.01
6,878.71
48,196.88
670,206.14
{M1716773_1}
46
47
48
11/1/2019
2/1/2020
5/1/2020
670,206.14
621,547.77
572,423.51
6,417.22
5,951.32
5,480.96
48,658.36
49,124.27
49,594.63
621,547.77
572,423.51
522,828.88
49
50
8/1/2020
11/1/2020
522,828.88
472, 759.38
5,006.09
4,526.67
50,069.50
50, 548.91
472,759.38
422,210.46
51
2/1/2021
422,210.46
4,042.67
51,032.92
371,177.54
52
5/1/2021
371,177.54
3,554.02
51, 521.56
319, 655.98
53
8/1/2021
319, 655.98
3,060.71
52, 014.88
267, 641.10
54
11/1/2021
267, 641.10
2,562.66
52, 512.92
215,128.18
55
2/1/2022
215,128.18
2,059.85
53, 015.73
162,112.45
56
5/1/2022
162,112.45
1,552.23
53, 523.36
108, 589.09
57
8/1/2022
108,589.09
1,039.74
54,035.85
54,553.24
58
11/1/2022
54,553.24
522.35
54,553.24
0.00
2,800,000.00
{M1716773_1} 3
[ORIGINAL BONDS TO BE ATTACHED]
{M1716773_1} 4