RESOLUTION 2025-16

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT AMENDING RESOLUTION 2024-25 TO DEFER BUDGETING AND PLACEMENT OF ASSESSMENTS ON THE TAX ROLL FOR ONE YEAR; EXTENDING THE MATURITY OF THE SERIES 2024 NOTE; AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, the University Park Recreation District ("District") is a local unit of special­ purpose government located in Manatee County, and established pursuant to Manatee County Ordinance 18-29, as amended ("Ordinance") for the purposes of constructing, installing, acquiring, operating and/or maintaining public infrastructure improvements; and

WHEREAS, the Board of Supervisors (the "Board") of the District hereby determines to undertake, to purchase, construct, reconstruct, renovate, enlarge or extend, equip, acquire, operate and/or maintain recreational facilities within the University Park Recreation District, described in Exhibit "A" and incorporated herein by referenced; and

WHEREAS, it is in the best interest of the District to purchase, construct, reconstruct, renovate, enlarge or extend, equip, acquire, operate and/or maintain recreational facilities by special assessments levied on benefitted lands within the University Park Recreation District (hereinafter, the "Assessments"); and

WHEREAS, the District is empowered by the Ordinance and Chapters 170, 197 and 418, Florida Statutes, to finance, fund, plan, operate and maintain the District and to impose, levy and collect the Assessments; and

WHEREAS, the Board has considered a bond up to a maximum of $20,600,000.00 ("Series 2024 Bond") for the enhancement, maintenance and repairs of the Improvements; and
WHEREAS, as part of the process of evaluating and finalizing the costs related to the enhancement, maintenance and repairs of the Improvements, the Board authorized preparation of an Engineer's Report to review the estimated construction costs_of the Improvements; and
WHEREAS, the Engineering firm of Kimley-Horn prepared the Engineer's Report; and;
WHEREAS, the Series 2024 Bonds were validated by the Twelfth Judicial Circuit Court on May 14, 2024 ("Bond Validation"); and
WH�REAS, said Bond Validation judgment has been appealed to the Florida Supreme Court; and
WHEREAS, the appeal of said Bond Validation judgement is still pending before the Florida Supreme Court, and
WHEREAS, pursuant to Resolution 2024-20 adopted June 27, 2024, the Board authorized and issued a Draw-Down Non-Ad Valorem Assessment Revenue Note, Series 2024 ("Series 2024 Note") in an amount not to exceed $5,000,000.00 maturing in two years to finance the completion of the Irrigation Improvements; and

WHEREAS, the Series 2024 Note will be secured by non-ad valorem assessments ("Note Assessments") if not redeemed prior to maturity from proceeds of the Series 2024 Bonds; and

WHEREAS, The Series 2024 Note was purchased by Regions Capital Advantage, Inc. ("Regions"); and

WHEREAS, pursuant to a term sheet dated June 27, 2025, Regions has offered to extend the maturity of the Series 2024 Note from August 12, 2026 to August 11, 2027; and

WHEREAS, Resolution 2024-25 was adopted in anticipation of a final judgment by the Florida Supreme Court being rendered; and
WHEREAS, the Board desires to accept the offer by Regions to extend the maturity of the Series 2024 Note, thereby deferring budgeting and placement of the Note Assessments on the tax roll for one year in anticipation of the Florida Supreme Court ruling on the appeal of the Bond Validation judgement; and
WHEREAS, upon adoption of this Resolution 2025-16, the Note Assessments shall be budgeted and placed on the tax roll by August 31, 2026, if the Series 2024 Bonds have not been validated prior to such date; and
WHEREAS, all terms of Resolution 2024-25 which are not amended by this Resolution 2025-16 are hereby ratified and reaffirmed and remain in full force and effect.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT:
The Whereas Clauses are hereby adopted as findings of fact.

Section 4 of Resolution 2024-25 is hereby amended to read in its entirety as follows:
The Final Assessments shall be levied on all lots and lands adjoining and contiguous and bounding and abutting such improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for; provided, however, any such Final Assessment shall not be collected pursuant to this Resolution if Series 2024 Bonds authorized pursuant to Resolution 2024-01 are validated in a court of competent jurisdiction and appeals of the bond validation have been completed on or before August 31, 2026.
All terms of Resolution 2024-25, which are not amended by this Resolution 2025-16, are hereby ratified and reaffirm and remain in full force and effect.

District officials, staff, consultants and counsel are hereby authorized and directed to take such steps as are necessary to amend the Series 2024 Note in order to extend the final maturity thereof to August 11, 2027, including, without limitation, the payment of fees and expenses of the transaction, which are subject to approval by the Chair prior to closing.

This Resolution shall become effective upon its passage and shall be recorded in the public records of Manatee County, Florida by the District Manager.

PASSED AND ADOPTED this�

"!
day of July, 2025.

ATTEST:	BOARD OF SUPERVISORS
UNIVERSITY PARK
RECREATION DISTRICT

�;L
Sebretafy/Assistantary

ACTIVE 713175288v2

5242943v1

EXHIBIT"A" DESCRIPTION OF THE DISTRICT

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MANATEE COUNTY, FLORIDA

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