HomeMy WebLinkAboutResolution 2019-19 Central Winds Internal Note Forgiveness (2) RESOLUTION NUMBER 2019-1.9
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, FORGIVING THE REMAINING
PRINCIPAL BALANCE OF THE CENTRAL WINDS PARK INTERNAL
NOTE APPROVED PURSUANT TO RESOLUTION NUMBER 2016-21 IN
THE AM013NT OF APPROXIMATELY $860,000.00; COMMENCING IN
CITY FISCAL YEAR 2019/2020, DISCONTINUING THE LEVY OF THE
VOTER APPROVED LIMITED AD VALOREM TAX DEBT MILLAGE
OBLIGATION APPROVED BY THE REGISTERED VOTERS OF THE
CITY OF WINTER SPRINGS IN A BOND REFERENDUM ON
SEPTEMBER 4, 2001; PROVIDING FOR REPEAL OF PRIOR
INCONSISTENT RESOLUTIONS; SEVERABILITY; AND AN
EFFECTIVE DATE,
WHEREAS, on September 4, 2001, registered voters of the City of Winter Springs
authorized the issuance of limited ad valorem bonds in a principal amount not to exceed
$3,400,000.00, to bear interest at a rate not to exceed the maximum rate permitted by law, and by
levying an ad valorem tax not to exceed one-quarter of one mill (0.25) on all taxable property
within the City of Winter Springs to be used for purposes of repaying such bonds required to
acquire land and expand Central Wind Park and to construct soccer, football, baseball and other
recreational facilities on said land ("Pledged Funds"); and
WHEREAS, on February 27, 2002, following the approval of the issuance of its 2002
Bonds (as hereinafter defined) at a bond referendum election, the City of Winter Springs, Florida
(the "City") issued its Limited General Obligation Bonds, Series 2002 in the amount of
$3,400,000.00 (the "2002 Bonds"), and
WHEREAS, pursuant to City Resolution No. 2012-14, the City accepted the proposal of
Branch Banking and Trust Company to refund the 2002 Bonds and issued a note, dated May 18,
2012 (the "2012 Note") secured by the Pledged Funds; and
WHEREAS, pursuant to City Resolution No. 2016-21, the City utilized unrestricted
capital project reserves available to refund the 2012. Note on January 1, 2017 or soon thereafter,
provided the City's Capital Project Fund Reserve Account #305 is secured and repaid by the
Pledged Funds in accordance with the terms and conditions of said Resolution and the Limited
General Obligation Refunding Central Winds Park Internal Note, Series 2017 in an arnount not to
exceed $1,300,000.00 (the "Central Winds Park. Internal Note" or "Internal Note"); and
WHEREAS, the money utilized from the Capital Project Fund Reserve Account#305 to
refund the 2012 Note originated from excess general fund reserves transferred into the Capital
Project Fund Reserve Account#305 in Fiscal Year 2016; and
WHEREAS,the City currently has excess unrestricted general fund reserves in a sufficient
amount of approxirrrately$860,000.00 that would fiscally:justify and warrant the City Commission
City of Wintcr Springs,Florida
Resolution 2019-19
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forgiving the remaining principal balance of the Central Winds Park Internal Note without levying
any additional voter approved ad valorem millage authorized by referendum on September 4,
2001; and
WHEREAS, by f"orgiving the remaining principal balance of the Central Winds Park
Internal Note,the City call discontinue sooner than expected the voter approved limited ad valorem
tax millage obligation approved by the registered voters of the City of Winter Springs in a bond
referendum oil September 4, 2001; and
WHEREAS, the City Commission of the City of Winter Springs deems that. this
Resolution is in the best interest of the public health, safety, and welfare and of the citizens of
Winter Springs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA, AS FOLLOWS:
Section 1. Incorporation of Recitals. The foregoing recitals are deemed true and correct
and are hereby fully incorporated by this reference.
Section 2. Forgiveness of Internal General Obligation Loan. Effective at the
commencement of the next City fiscal year on October 1, 2019, the remaining principal balance
ofthe Central Winds Park Internal Note authorized by City Commission Resolution Number 2016-
21 is hereby deemed forgiven and cancelled. The City Manager and Finance Director shall
complete a final accounting of the Pledged Revenues received by the City and the Central Winds
Park Internal Note in accordance with applicable accounting requirements.
Section 3. Discontinuance of Voted Debt Millage Obligation. The City Commission
hereby expresses its intent to discontinue the levy of the voter approved limited ad valorem tax
debt millage obligation approved by the registered voters of the City of Winter Springs in a bond
referendum on September 4, 2001. The aforementioned limited ad valorem tax debt millage rate
shall not be levied in future fiscal years commencing with the upcoming 2019/2020 City fiscal
year. The City Manager and Finance Director are hereby directed to work with the Florida
Department of Revenue and Seminole County Tax Collector to effectuate the discontinuance in
accordance with this Section. In addition, the proposed City budget and millage rate resolutions
for the upcoming new fiscal year 2019/2020 shall not include and incorporate the aforementioned
discontinued limited ad valorem tax debt millage rate.
Section 4. Repeal of Prior Inconsistent Resolutions. All prior resolutions or pails of
resolutions in conflict herewith are hereby repealed to the extent of the conflict.
Section 5. Severability. If any section,subsection,sentence,clause,phrase,word,or portion
of this Resolution is for any reason held invalid or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such
holding shall not affect the validity of the remaining portion hereto.
Section 6. Effective Date. This Resolution shall become effective immediately upon
('my of Winter Springs,Florida
Resolution?019-1 c)
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adoption by the City Commission of the City of Winter Springs, Florida.
RESOLVED by the City Commission of the City of Winter Springs, Florida ill a regular
Commission meeting assembled on the 8th day of"July, 2019.
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ATTEST. mm.
Andrea ctrettzu Laaces, City Clerk
Approved as to legal form and sufficiency for
the City of Winter Springs only:
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Ant 'an'y A. Garganese, City Att ney
City of Winter Springs,Florida
Resolution 2014-14
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