HomeMy WebLinkAboutResolution 257 Improvement Revenue Bonds
RESOLUTION NO. 257
A RESOLUTION AMENDING A RESOLUTION ENTITLED:
"RESOLUTION AUTHORIZING AND PROVIDING FOR THE
ISSUANCE OF $600,000 IMPROVEMENT REVENUE
BONDS, SERIES 1979, OF THE CITY OF WINTER
SPRINGS FOR THE PURPOSE OF FINANCING THE COST
OF THE CONSTRUCTION AND ACQUISITION OF
MUNICIPAL IMPROVEMENTS IN SAID CITY; PROVIDING
FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS,
AND PLEDGING THE PUBLIC SERVICE TAX AND
FRANCHISE FEES TO THE PAYMENT THEREOF,"
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WINTER
SPRINGS, FLORIDA:
SECTION 1. Subsection (C) of Section 20 of Resolution
No. 251, adopted on February 27, 1979 and referred to by title in
the title hereof, be and the same is hereby amended to read as
follows:
"20. APPLICATION OF BOND PROCEEDS ...
(C) The balance of the proceeds of sale of the Bonds
shall be deposited by the City in a special fund in a bank or
trust company and designated the "Construction Fund", and shall
only be used for and applied by the City solely to the payment of
the cost of the Municipal Improvements, as provided in this
Resolution, and for no other purpose. If for any reason the
moneys in said Construction Fund, or any part thereof, are not
necessary for, or are not applied to the purposes provided in
this Resolution, then such unapplied proceeds may be used by the
City, upon certification by the consulting engineers that the
Municipal Improvements have been completed and that such surplus
proceeds are not needed for the payment of the cost thereof, to
pay the cost of other paving and drainage improvements or, in the
discretion of the City, may be deposited into the Sinking Fund,
held therein and used solely for the purposes of said Fund.
The holders of the Bonds shall have no responsibility
for the use of, nor have any lien upon, such moneys, but shall
have a lien only upon the Excise Taxes, as herein provided. Such
proceeds of sale of the Bonds, pending their use in the manner in
this Resolution provided, may be temporarily invested by the City
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in direct obligations of the United States of America or in bank
Certificates of Deposit maturing not later than the dates upon
which such moneys will be needed. The income from such invest-
ments shall remain in said Construction Fund."
SECTION 2. The remaining provisions of Resolution No.
251 shall remain in full force and effect and are hereby ratified
and confirmed.
SECTION 3. This amendatory resolution shall take effect
immediately upon its passage.
PASSED AND ADOPl'ED this10th day of April, 1979.
CITY OF WINTER SPRINGS, FLORIDA
By: Troy J. Piland, Mayor
ATTEST:
Mary T. Norton, City Clerk
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