HomeMy WebLinkAbout1997 07 14 Regular Item M
COMMISSION AGENDA
ITEM M
Consent
Informational
Public Hearings
Regular X
July 14. 1997
Regular Meeting
Mgr. 1 Dept.
Authorization
M. Resolution Number 823
, "
RESOLUTION NO. 823
A RESOLUTION OF THE CITY OF WINTER SPRINGS,
FLORIDA AWARDING THE SALE OF $575,000 CITY OF
WINTER SPRINGS SUBORDINATE IMPROVEMENT REVENUE
BONDS, SERIES 1997 TO FIRST UNION NATIONAL
BANK; APPOINTING A REGISTRAR AND PAYING AGENT;
. AUTHORIZING THE EXECUTION AND DELIVERY OF ALL
DOCUMENTS REQUIRED AS A PREREQUISITE OR
PRECONDITION TO ISSUANCE OF THE BONDS;
DESIGNATING THE BONDS AS BANK QUALIFIED; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of winter Springs,
Florida (the "Issuer") has pursuant to its resoiution adopted on
July 14, 1997 (the "ReSOlution") authorized the issuance of its
$575,000 Subordinate Improvement Revenue Bonds, Series 1997 (the
"Bonds"); to acquire and construct the 1997 Project (as defined in
the Resolution); and
WHEREAS, the Issuer now desires to approve the sale of its
Bonds in furtherance thereof to appoint a Registrar and Paying
Agent and to make certain other determinations concerning the
Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS:
SECTION 1. The sale of $575,000 City of winter Springs,
Florida Subordinate Improvement Revenue Bonds, Series 1997, to
First Union National Bank (the "Purchaser") upon the terms and
conditions set forth in their letter of July 9, 1997 and the other
dOClL'l1ents attached hereto as Exhibi t "A" and incorporated by
reference is hereby approved. The City Commission hereby finds
that a negotiated sale of the Bonds to the Purchaser is in the best
interests of the Issuer because of prevailing market conditions,
and because the nature of the security for the Bonds and the
sources of payment of debt service on the Bonds.
SECTION 2.
be dated their
interest at the
as set forth in
The Bonds shall be issued as one term bond, shall
date of delivery to the Purchaser, shall bear
rate and shall be subject to mandatory redemption
Exhibit "A" hereto..
SECTION 3. The Bonds shall be issued in substantially the
form attached hereto and shall be issued under and secured by the
Resolution. Execution and delivery of the Bonds by the authorized
officers of the Issuer shall be conclusive evidence of the approval
of the terms thereof by the Issuer.
SECTION 4. The Purchaser is hereby appointed to serve as
Registrar and Paying Agent for the Bonds.
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SECTION 5. 'Ilhe Mayor, the City Clerk, the City Manager, or
other appropriate officers of the Issuer are hereby authorized and
directed to execute any and all certifications or other instrum~nts
or documents as required by the Resolution, Exhibit "A" hereto,
this Resolution or any other document referred to above or below as
a prerequisite or precondition to the issuance of the Bonds and any
such representation made therein shall be deemed to be made on
behalf of the Issuer. All action taken to date by the officers of
the Issuer .in furtherance of the issuance of the Bonds is hereby
approved, confirmed and ratified.
SECTION 6. ']~he Issuer designates the Bonds as a "qualified
tax-exempt obligation" within the meaning of section 265(b) (3) of
the Internal Revenue Code of 1986, as amended (the "Code"). The
Issuer does not reasonably anticipate that the Issuer, any
subordinate entities of the Issuer, and issuers of debt that issue
"on behalf" of the Issuer, will during calendar year 1997 issue
more than $10,000,,000 of "tax-exempt" obligations, exclusive of
those obligations described in section 265 (b) (3) (C) (ii) of the
Code.
SECTION 7. This Resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED this 14th day of July, 1997.
CITY 0
By:
Its:
[SEAL]
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City C erk
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