HomeMy Public PortalAbout2008-25 Amendments to Bonds Series 2005RESOLUTION NO. 2008-25
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AMENDING RESOLUTION NO. 2005-24
ADOPTED ON JUNE 14, 2005, IN CONNECTION WITH THE
ISSUANCE OF THE VILLAGE OF KEY BISCAYNE
TRANSPORTATION TAX REVENUE BONDS, SERIES 2005;
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 July 15, 2005, the Village issued its $3,500,000 Village of Key Biscayne,
Florida Transportation Tax Revenue Bonds, Series 2005 (the "Bonds") pursuant to Resolution No.
2005-24, adopted by the Village Council (the "Council") on June 14, 2005 (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 October 1, 2006, pursuant to a schedule to be
provided on June 30, 2006 by SunTrust Bank (the "Bank"), as the sole Owner of the Bonds; and
WHEREAS, 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 July 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.
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2
VILLAGE ATTORNEY
PASSED AND ADOPTED this 10th day of June, 2008.
/g -
MAYOR ROBERT L. VERNON
ATTEST:
aAc/4w
CONCHITA H. ALVAREZ, CMC, VILLAGE CLE
APPROVED AS TO LEGAL FORM AND SUFFICIE
3
AMENDMENT TO BONDS
$3,500,000
VILLAGE OF KEY BISCAYNE
TRANSPORTATION TAX REVENUE BONDS
SERIES 2005
The Bonds attached hereto (the "Bonds") were issued on July 15, 2005 by the Village of Key
Biscayne, Florida (the "Village"). The Village, by authority granted in Resolution No. 2008- .-5 (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 July 1, 2008 (each a "Scheduled Due Date"). The final payment of
principal shall be due and payable on July 1, 2025.
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, Florida or a facsimile thereof to be affixed hereto or imprinted or
reproduced hereon, all as of the /. 'day of June, 2008.
VILLAGE OF Y YNE, FLORIDA
SUNTRUST BANK, as s
herein.
Village Clerk
nds, hereby consents to the amendment contained
SUNTRUST BAN
By: ( \
D le Joseph. V D le Jose h, vi: P, esident
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{M1716776_1}
Schedule I
Modified Schedule
Quarterly Debt Service Requirement
No.
Payment
Date
Beginning
Balance
Interest
Principal
Ending
Balance
1
7/1/2008
3,500,000.00
35,787.50
47,733.89
3,452,266.11
2
10/1/2008
3,452,266.11
35,299.42
48,221.97
3,404,044.14
3
1/1/2009
3,404,044.14
34,806.35
48,715.04
3,355,329.10
4
4/1/2009
3, 355, 329.10
34, 308.24
49, 213.15
3,306,115.95
5
7/1/2009
3,306,115.95
33,805.04
49,716.35
3,256,399.60
6
10/1/2009
3,256,399.60
33,296.69
50,224.70
3,206,174.90
7
1/1/2010
3,206,174.90
32, 783.14
50, 738.25
3,155,436.65
8
4/1/2010
3,155,436.65
32,264.34
51,257.05
3,104,179.60
9
7/1/2010
3,104,179.60
31, 740.24
51, 781.15
3, 052, 398.45
10
10/1/2010
3,052,398.45
31,210.77
52,310.61
3,000,087.84
11
1/1/2011
3,000,087.84
30,675.90
52,845.49
2,947,242.35
12
4/1/2011
2,947,242.35
30,135.55
53,385.83
2,893,856.52
13
7/1/2011
2,893,856.52
29,589.68
53,931.70
2,839,924.82
14
10/1/2011
2,839,924.82
29,038.23
54,483.12
2,785,441.70
15
1/1/2012
2,785,441.70
28,481.14
37,983.41
2,747,458.29
16
4/1/2012
2,747,458.29
28,092.76
38,371.79
2,709,086.51
17
7/1/2012
2,709,086.51
27,700.41
38,764.14
2,670,322.37
18
10/1/2012
2,670,322.37
27,304.05
39,160.50
2,631,161.87
19
1/1/2013
2,631,161.87
26,903.63
39,560.92
2,591,600.95
20
4/1/2013
2,591,600.95
26,499.12
39,965.43
2,551,635.52
21
7/1/2013
2,551,635.52
26,090.47
40,374.07
2,511,261.45
22
10/1/2013
2,511,261.45
25,677.65
40,786.90
2,470,474.55
23
1/1/2014
2,470,474.55
25,260.60
41,203.95
2,429,270.61
24
4/1/2014
2,429,270.61
24,839.29
41,625.26
2,387,645.35
25
7/1/2014
2,387,645.35
24,413.67
42,050.87
2,345,594.48
26
10/1/2014
2,345,594.48
23,983.70
42,480.84
2,303,113.63
27
1/1/2015
2,303,113.63
23,549.34
42,915.21
2,260,198.42
28
4/1/2015
2,260,198.42
23,110.53
43,354.02
2,216,844.40
29
7/1/2015
2,216,844.40
22,667.23
43,797.31
2,173,047.09
30
10/1/2015
2,173,047.09
22,219.41
44,245.14
2,128,801.95
31
1/1/2016
2,128,801.95
21,767.00
44,697.55
2,084,104.40
32
4/1/2016
2,084,104.40
21,309.97
45,154.58
2,038,949.82
33
7/1/2016
2,038,949.82
20,848.26
45,616.29
1,993,333.54
34
10/1/2016
1,993,333.54
20,381.84
46,082.71
1,947,250.83
35
1/1/2017
1,947,250.83
19,910.64
46,553.91
1,900,696.92
36
4/1/2017
1,900,696.92
19,434.63
47,029.92
1,853,667.00
37
7/1/2017
1,853,667.00
18,953.75
47,510.80
1,806,156.20
38
10/1/2017
1,806,156.20
18,467.95
47,996.60
1,758,159.60
39
1/1/2018
1,758,159.60
17,977.18
48,487.37
1,709,672.23
40
4/1/2018
1,709,672.23
17,481.40
48,983.15
1,660,689.08
41
7/1/2018
1,660,689.08
16,980.55
49,484.00
1,611,205.08
42
10/1/2018
1,611,205.08
16,474.57
49,989.98
1,561,215.10
{M1716776_1}
43
44
45
1/1/2019
4/1/2019
7/1/2019
1,561,215.10
1,510,713.98
1,459,696.48
15,963.42
15,447.05
14,925.40
50,501.12
51,017.50
51, 539.15
1,510,713.98
1,459,696.48
1,408,157.33
46
47
48
10/1/2019
1/1/2020
4/1/2020
1,408,157.33
1,356,091.20
1,303,492.68
14,398.41
13,866.03
13,328.21
52,066.14
52,598.51
53,136.33
1,356,091.20
1,303,492.68
1,250,356.35
49
50
7/1/2020
10/1/2020
1, 250, 356.35
1,196,676.69
12, 784.89
12,236.02
53, 679.65
54,228.53
1,196, 676.69
1,142,448.16
51
1/1/2021
1,142, 448.16
11, 681.53
54, 783.01
1, 087, 665.15
52
4/1/2021
1,087,665.15
11,121.38
55,343.17
1,032,321.98
53
7/1/2021
1,032,321.98
10,555.49
55,909.06
976,412.92
54
10/1/2021
976,412.92
9,983.82
56,480.73
919,932.20
55
1/1/2022
919,932.20
9,406.31
57,058.24
862,873.96
56
4/1/2022
862, 873.96
8,822.89
57, 641.66
805, 232.30
57
7/1/2022
805,232.30
8,233.50
58,231.05
747,001.25
58
10/1/2022
747,001.25
7,638.09
58,826.46
688,174.79
59
1/1/2023
688,174.79
7,036.59
59,427.96
628, 746.83
60
4/1/2023
628,746.83
6,428.94
60,035.61
568,711.22
61
7/1/2023
568,711.22
5,815.07
60,649.48
508,061.74
62
10/1/2023
508,061.74
5,194.93
61,269.62
446,792.13
63
1/1/2024
446,792.13
4,568.45
61,896.10
384,896.03
64
4/1/2024
384,896.03
3,935.56
62,528.99
322,367.04
65
7/1/2024
322, 367.04
3,296.20
63,168.34
259,198.70
66
10/1/2024
259,198.70
2,650.31
63,814.24
195,384.46
67
1/1/2025
195, 384.46
1,997.81
64,466.74
130,917.72
68
4/1/2025
130, 917.72
1,338.63
65,125.91
65, 791.80
69
7/1/2025
65, 791.80
672.72
65, 791.80
0.00
3,500,000.0
{M1716776_1} 3
[ORIGINAL BONDS TO BE ATTACHED]
{M1716776_1} 4