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Home My WebLink About2001 06 11 Regular I Resolution 2001-15 Amends Resolution 2001-10 , '... -..l'."!'. COMMISSION AGENDA EMERGENCY ADD-ON ITEM I CONSENT INFORMATIONAL PUBLIC HEARING REGULAR XX .Tune 11, 2001 Meeting MGR~ IDEPTY'4-- A>--h' . lit. 0f17;Jtlon REQUEST: The City Manager is requesting the Commission to: . Adopt Resolution #2001-15 that an1ends Resolution #2001-10. . Authorize the City Manager subject to the provisions of said resolution to award the sale of the bonds to the Underwriter(s) if present value savings for the Series 1991 Bonds exceeds 10% and if present value savings for the Series 1992 Bonds exceeds 5%. PURPOSE: The purpose of this Agenda Item is to amend Resolution #2001-10 to reduce the savings threshold for refunding the Water and Sewer Revenue Bonds, Series 1992. CONSIDERATIONS: At the April 9, 2001 commission meeting the City Commission approved Resolution #2001-10 providing for refunding the Water and Sewer Revenue Bonds, Series 1991 at a savings rate of not less than 10% and Series 1992 at a savings rate of not less than 6%. Subsequent to that date, the economic outlook and interest rates have changed to the point that it is unlikely that the City will be able to obtain 6% savings at this time for the 1992 Bond Issue. The current savings rate for the 1991 issue is 11.2%. The current savings rate for the 1992 issue is 4.2%. A TT ACHMENTS: 1. Resolution No. 2001-15 'i RECOMMENDATION: Approval of Resolution No. 2001-15 and authorize the City Manager to award the sale of the bonds to the underwriters provided that the present value savings is not less than 10% of the 1991 issue and 5% for the 1992 issue.. COMMISSION ACTION: .' ~ RESOLUTION NO. 2001-l5 A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, AMENDING SECTION 36 OF RESOLUTION NO. 2001-10 RELATING TO THE LEVEL OF REQUIRED PRESENT VALUE SA VINGS TO EFFECT A REFUNDING OF THE CITY'S OUTSTANDING WATER AND WATER REFUNDING REVENUE BONDS, SERIES 1992 AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY OF WINTER SPRINGS, FLORIDA AS FOLLOWS: WHEREAS, the City of Winter Springs, Florida (the "Issuer" or the "City"), has by Resolution No. 2001-10 adopted on April 9, 2001, (the "Resolution"), authorized the issuance of its not exceeding $22,500,000 City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 2001A and Series 2001B individually the Series 200lA Bonds and the Series 2001B Bonds and collectively (the "Series 2001 Bonds"); and WHEREAS, the payment of debt service on the Series 200 I Bonds is to be insured by MBIA Insurance Corporation (the "Bond Insurer") (as defined in the Resolution); and WHEREAS, Section 23 of the Resolution provides that the Insurer, from time to time and at any time and without the consent or concurrence of any Holder of any Bonds, but with the Consent of the Bond Insurer, may adopt a resolution amendatory hereof or supplemental hereto, if the provisions of such supplemental resolution shall not adversely affect the rights of the Holders of the Bonds then Outstanding, for anyone or more of the following purposes; To make any changes or corrections in the Resolution as to which the Issuer shall have been advised by counsel that are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or omission or mistake or manifest error contained in the Resolution, or to insert in the Resolution such provisions clarifying matters or questions arising under the Resolution as are necessary or desirable; and WHEREAS, the Consent of the Insurer to the provisions ofthis Resolution is attached hereto; and WHEREAS, capi talized terms not otherwise defined herein shall have the meaning ascribed to them in the Resolution; and WHEREAS, the Issuer has been advised by its Bond Counsel that the changes or corrections in the Resolution as set forth below is required for clarifying matters or questions arising under the Resolution. Section I. Section 36 of the Resolution is hereby amended to read as follows: The complex character of the security for the Series 200 I Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility at public sale. Based upon all available information and advise from the staff ofthe Issuer, a negotiated sale ofthe Series 2001 Bonds to the Underwriters listed in the Bond Purchase Contract(s) (the "Bond Purchase Contract") attached to the Resolution will result in the most favorable Bond financing plan and is in the best interest of the Issuer. The City Manager of the Issuer is hereby authorized and directed to execute and deliver to the underwriters for the Series 2001 A Bonds such Bond Purchase Contract(s) provided that the present value savings to the Issuer OR400687;2 4' .. .~ '.... resulting from the refunding of the Series 1991 Refunded Bonds is not less than ten percent (l0%) of the outstanding principal amount of such Series 1991 Refunded Bonds and that the final maturity of such Series 2001 A Bonds is not later than October, 2021. The City Manger of the Issuer is hereby authorized to execute and deliver to the underwriters ofthe Series 200 1B Bonds which provides for the refunding ofthe Series 1992 Refunded Bonds provided that the present value savings to the Issuer resulting from the refunding of such Series 1992 Refunded Bonds is not less than five percent (5%) of the outstanding principal amount of such Series 1992 Refunded Bonds and that the maturity of such Series 200lB Bonds is not later than October I, 2021. Compliance with the provisions of the prior sentence shall be conclusively determined upon receipt by the City Manager of a letter of Public Financial Management, Inc., financial advisor to the Issuer that such provisions have been complied with. The Bond Purchase Contract(s) shall be in substantially the form attached to the Resolution with such changes thereto as may be approved in accordance with the above paragraph. The negotiated sale of the Series 2001 Bonds to the Underwriter is hereby approved. The City Manager is hereby authorized to execute the Bond Purchase Contract(s) on behalf of the Issuer, upon satisfaction of the above conditions. SECTION 2. INCONSISTENT RESOLUTIONS. All prior resolutions of the Issuer inconsistent with the revisions of this Resolution are hereby modified, supplemented and amended to conform with the provisions herein contained. SECTION 3. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. ADOPTED this 11th day of June, 2001 CITY OF WINTER SPRINGS, FLORIDA Paul P. Partyka, Mayor ATTEST: City Clerk Approved as to form: City Attorney OR400687;2 .. ... -r RESOLUTION NO. 2001-( 5 ,A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, AMENDING SECTION 36 OF RESOLUTION NO. 2001-10 RELATfNG TO THE LEVEL OF REQUIRED PRESENT VALUE SA VINGS TO EFFECT A REFUNDfNG OF THE CITY'S OUTSTANDING WATER AND WATER REFUNDING REVENUE BONDS, SERIES 1992 AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY OF WINTER SPRINGS, FLORIDA AS FOLLOWS: WHEREAS, tlie City of Winter Springs, Florida (the "Issuer" orthe "City"), has by Resolution No. 200 I-I 0 adopted on April 9, 200 I, (the "Resolution"), authorized the issuance of its not exceedi.ng $22,500,000 City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 2001 A and Series 200 I B individually the Series 200 I A Bonds and the Series 200 I B Bonds and collectively (the "Series 2001 Bonds"); and WHEREAS, the payment of debt service on the Series 200 I Bonds is to be insured by MBIA Insurance Corporation (the "Bond Insurer") (as defined in the Resolution); and WHEREAS, Section 23 of the Resolution provides that the Insurer, from time to time and at any time and without the consent or concurrence of any Holder of any Bonds, but with the Consent of the Bond Insurer, may adopt a resolution amendatory hereof or supplemental hereto, if the provisions of such supplemental resolution shall not adversely affect the rights of the Holders of tht; Bonds then Outstanding, for anyone or more of the following purposes; To make any changes or corrections in the Resolution as to which the Issuer shall have been advised by counsel that are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or omission or mistake or manifest error contained in the Resolution, or to insert in the Resolution such provisions clarifying matters or questions arising under the Resolution as are necessary or desirable; and WHEREAS, the Consent of the Insurer to the provisions of this Resolution is attached hereto; and \VHEREAS, capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Resolution; and \VHEREAS, the Issuer has been advised by its Bond Counsel that the changes or corrections in the Resolution as set forth below is required for clarifying matters or questions arising under the Resolution. Section I. Section 36 of the Resolution is hereby amended to read as follows: The complex character of the security for the Series 2001 Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility at public sale. Based upon all avai fable information and advise from the staff of the Issuer, a negotiated sale of the Series 2001 Bonds to the Underwriters listed in the Bond Purchase Contracl(s) (the "Bond Purchase Contract") attached to the Resolution will result in the most favorable Bond financing plan and is in the best interest of the Issuer. The City Manager of the Issuer is hereby authorized and directed to execute and deliver to the underwriters for the Series 200 I A Bonds such Bond Purchase Contract(s) provided that the present value savings to the Issuer OR400GX7;2 " OSUO!lIPUO:l ::>i\oqe ::>ljl]O uO!pe]S!leS uodn 'J::>lls51 :Jlp JO Jlelj::>q uo (S)peJ1uOJ :Jselp.md pu08 ::>ljl :Jlll:l::>X:J 01 p:JZ!JOljlne ^q:JJ:Jl( S! 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