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HomeMy WebLinkAboutResolution 372 Interlocal Agreement RESOLUTION NUMBER 372 NO ADOPTION DATE. APPROVED IN DECEMBER 22, 1981 MEETING RESOLUTION NO. 372 A RESOLUTION AMENDING THE INTERLOCAL AGREE- MENT DATED AS OF SEPTEMBER 10, 1981, BETWEEN THE CITY AND SOUTH SEMINOLE AND NORTH ORANGE COUNTY WASTEWATER TRANSMISSION AUTHORITY AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Winter Springs (the "City") has entered into an Interlocal Agreement dated as of September 10, 1981, with the South Seminole and North Orange County Wastewater Transmission Authority (the "Authority"); and WHEREAS, the Authority has advised the City that the Author- i ty plans to issue $7,000,000 South Seminole and North Orange County Wastewater Transmission Authority Sewer Revenue Bond Anti- cipation Notes, Series 1981 (the "Notes"), in anticipation of the issuance of not to exceed $8,000,000 South Seminole and North Orange County Wastewater Transmission Authority Sewer Revenue Bonds, Series 1981 (the "Bonds"); and WHEREAS, in order to more fully secure the repayment of the Notes the Authori ty has requested amendment of the Interlocal Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF WINTER SPRINGS, FLORIDA, AS FOLLOWS: SECTION 1. The form of Amendment to Interlocal Agreement attached hereto as Exhibit "A" is hereby approved, and the appro- priate officials of the City are hereby authorized to execute such Amendment. SECTION 2" Except as amended by this Resolution the Inter- local Agreement shall remain in full force and effect. SECTION 3. This Resolution shall take effect immediately. THE CITY OF WINTER SPRINGS, FLORIDA Troy J. Piland ATTEST: Jan L. Braddock AMENDMENT TO INTERLOCAL AGREEMENT BETWEEN SOUTH SEMINOLE AND NORTH ORANGE COUNTY WASTEWATER TRANSMISSION AUTHORITY AND CITY OF WINTER SPRINGS, FLORIDA Dated September 10, 1981 EXHIBIT "A" AMENDMENT TO INTERLOCAL AGREEMENT This AMENDMENT is made and entered into as of the_____day of _______________, 1981, amending that certain Interlocal Agree- ment (the "Interlocal Agreement), dated as of September 10, 1981, between SOUTH SEMINOLE AND NORTH ORANGE COUNTY WASTEWATER TRANS- MISSION AUTHORITY (the "Authority") and the CITY OF WINTER SPRINGS (the "Customer"): WITNESSETH : That this Amendment has been authorized by the parties to the Interlocal Agreement referred to above and the City of Orlando, Florida, prior to the execution of this Amendment by either of the parties; and That this Amendment will be attached to the Interlocal Agreement and become a part thereof as though originally incorporated therein; NOW, THEREFORE, the Interlocal Agreement is hereby amended as follows: SECTION 1. The definition of "Authority Bonds" 1n Section 1 of the Interlocal Agreement executed by the Authority and the Customer is hereby amended to read as follows: "Authority Bonds" means bonds issued or to be issued by the Authority to finance the con- struction of the System, which term shall include bond anticipation notes. SECTION 2. Section 8 of the Interlocal Agreement executed by the Authority and the Customer is hereby amended to read in its entirety as follows: SECTION 8. This Agreement is entered into pursuant to and is designed to accomplish the purposes of Chapter 78-617, Laws of Florida, which Statute, as it now exists, is deemed to be a part of this contract and, to the extent of any conflict, shall control over the terms of this contract. Any sale of Authority Bonds whicn is negotiated shall comply with Chapter 218, Part III, Florida Statutes, and all amendments thereto. A contemplated negot iated sale of Authority Bonds shall require prior written notice to all Customers of the Authority and approval of the terms and conditions of such negotiated sale by a majority vote of all the members of the Board. Bids on contracts for the acquisition, construction and equipping of the System re- ceived by the Authority subsequent to December 1, 1981, shall not be accepted without the written consent of all Customers of the Authority if the total of the bids previously rece i ved and such additional bids would require an expenditure for the acquisition, construction and equipping of the System in excess of the amount funded by the Authority in the issuance of its $7,000,000 principal amount of Sewer Revenue Bond Anticipation Notes, Series 1981 (the "1981 Notes"). Nothing herein shall be construed to limit the authorized principal amount of the 1981 Bonds as hereinafter defined. The Authority shall, ninety (90) days prior to the sale of its authorized Sewer Revenue Bonds, Series 1981 (the "1981 Bonds") authorized in the principal amount of $8,000,000 or the sale of renewal anticipation notes (the "renewal notes") to be issued for the redemption of the 1981 Notes, notify each Customer in writing of such anticipated sale date; whereupon, each Customer may, at its absolute discretion, pay all or any part of its proportionate share, as determined by provisions of the next sentence, of the prin- cipal amount of the outstanding 1981 Notes in order to reduce the principal amount of the authorized 1981 Bonds or renewal notes which must be issued to refund the 1981 Notes. The Customer's proportionate share of the princi- pal amount of the 1981 Notes shall be the amount determined by multiplying such princi- pal amount of 1981 Notes by the Customer's share of Committed System Capacity as set forth in Section 5.1(1) of the Agreement. In the event the Customer pays to the Author i ty all of its proportionate share of the princi- pal of the 1981 Notes, the Customer shall no longer have an obligation under the Agree- ment to pay Fee Components 3a, b, c and Fee Component 4a. In the event the Customer pays only a part of its proportionate share of the principal of the 1981 Notes, the Customer's obligation to pay the Fee Components referred to in the preceding sentence shall be reduced by the rat io of the amount paid compared to the amount which represents the Customer's total obligation for principal payment. For example, if the Customer's percentage of committed System Capacity is twenty percent (20%), the Customer's principal obligation on the 1981 Notes is $1,400,000 and if $700,000 or fifty percent (50%) of such amount is paid to the Authority as principal payment, the Customer's obligation for Fee Components 3 a, band c and Fee Component 4a shall be reduced by 50%. 2 Thirty (30) days in advance of the anti- c ipated sale date of either the 1981 Bonds or Renewal Notes, the Customer shall give the Authority written notice of Customer's intention to make payment of part or all of Customer's proportionate share of the Authority's outstanding indebtedness. The Customer shall make all payments to the Authority in immediately available funds which shall be received by the Authority no later than fourteen (14) days prior to the date of the delivery to the original purchasers (the "Closing") of either the 1981 Bonds or Renewal Notes, whichever is to be issued, which Clos- ing date shall be given to the Customer in wri t ing. Such payment by the Customer to the Authori ty shall be deposited in an interest- bearing escrow account for the benefit of the Authority and all interest accrued on escrowed funds until closing an delivery of the revenue bonds or the renewal notes shall accrue to the benefit of the depositing Customer. I n the event that th is Agreement should become null and void or without effect for any reason, then all prior agreements between the Customer and Orlando shall remain in full force and effect. SECTION 3. Except as herein provided by this Amendment, the Interlocal Agreement shall remain in full force and effect. SOUTH SEMINOLE AND NORTH ORANGE COUNTY WASTEWATER TRANSMISSION AUTHORITY (SEAL) By Chairman ATTEST: Secretary CITY OF WINTER SPRINGS, FLORIDA Troy J. Piland (SEAL) ATTEST: Jan L. Braddock . 3