HomeMy WebLinkAboutResolution 502 Franchise Fee Fund
RESOLUTION
NUMBER 502
NO ADOPTION DATE.
APPROVED IN
JUNE 17, 1985
MEETING
RESOLUTION NO.502
A RESOLUTION AMENDING AND SUPPLEMENTING RESO-
LUTION NO. 251 OF THE CITY OF WINTER SPRINGS,
FLORIDA BY AMENDING SECTION 15 OF SAID RESOLU-
TION RELATING TO THE DISPOSITION OF MONEYS IN
THE ELECTRIC FRANCHISE FEE FUND CREATED PURSU-
ANT TO SAID RESOLUTION TO PROVIDE THAT SAID
MONEYS MAY BE RELEASED UPON THE COMPLIANCE OF
CERTAIN CONDITIONS; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, on February 27, 1979 the City of Winter Springs
Florida (the IICityll) adopted Resolution No. 251 (the IIResolution
authorizing the issuance of $600,000 Improvement Revenue Bonds,
Series 1979 (the "Bonds");
WHEREAS, said Bonds were issued by the City;
WHEREAS, the City is currently contemplating the issuance of
its $3,785,000 Improvement Refunding Revenue Bonds, Series 1985
(the "1985 Bonds") on a junior, inferior and subordinate basis to
the Bonds;
WHEREAS, amendment of the Resolution in the manner herein
provided will enhance the marketability of the 1985 Bonds and will
improve the security for the holders of the Bonds by expediting
payments into the Sinking Fund created for the benef it of the
holders of the Bonds;
WHEREAS, this amending resolution does not constitute a
material modification or amendment of the Resolution and the
operation of the amendment herein made shall not adversely affect
the holders of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA:
SECTION 1. Section 15 of the Resolution is hereby amended to
read as follows:
15. DISPOSITION OF MONEYS IN ELECTRIC FRANCHISE
FEES FUND. (a) All moneys on deposit in the Electric
Franchise Fee Fund shall be used, on or before the
fifteenth (15th) day of August in each year while any of
the Bonds shall remain outstanding and unpaid, for the
deposi t into the Sinking Fund of such amounts which,
together with the amounts theretofore deposited therein
from the Public Service Tax Fund, will equal the amount
of interest maturing and becoming due on all the Bonds
on the next succeeding October 1 and April 1 and the
amount of principal maturing on the Bonds on the next
succeeding April 1; and for the deposit into the Reserve
Account of the amount of any deficiency therein.
(b) Thereafter on the sixteenth (16th) day of
August in each year any funds remaining on deposit in
the Electric Franchise Fee Fund may be used by the City
for any lawful purpose.
(c) Notwithstanding the provisions of paragraphs
(a) and (b) of this Section, any funds on deposit in the
Franchise Fee Fund may be released and used by the City
for any lawful purpose prior to August 16 of each year
if (i) there is on deposit in with the Paying Agent an
irrevocable trust an amount sufficient to pay all
interest maturing on the Bonds on the next succeeding
October 1 and April 1 and the principal amount of Bonds
maturing on the next April ~ (ii) there is on deposit in
the Reserve Account an amount equal to the largest
amount of principal and interest which will mature and
come due on the Bonds in any subsequent fiscal year and
(iii) the Issuer shall not be in default pursuant to the
provisions of the Resolution.
(d) Upon the issuance of any Additional parity
Bonds under the terms, limitations and conditions as are
herein provided, the payments into the Sinking Fund from
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the Electric Franchise Fee Fund shall be increased in
such amounts as shall be necessary to make the payments
for the principal of, interest on and reserves for such
Additional Parity Bonds on the same basis as hereinabove
provided with respect to the Bonds initially issued
under this Resolution.
SECTION 2. This Resolution shall take effect immediately.
(SEAL)
CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA
MAYOR
ATTEST
MARY T. NORTON
City CLERK
Approved as to Form and
Legal Sufficiency:
City Attorney
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