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HomeMy WebLinkAboutResolution 457 Revenue Bonds " - - RESOLUTION NO. 457 A RESOLUTION AUTHORI ZING THE NEGOTIATED SALE OF $ 5,035,000 CITY OF WINTER SPRINGS, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1984; AWARDING THE SALE THEREOF TO THE LEEDY CORPOR- ATION SUBJECT TO THE TERMS AND CONDITIONS OF A PURCHASE CONTRACT; AUTHORI ZING THE EXECUTION AND DISTRIBUTION OF AND APPROVING THE FORM OF A PRELIMINARY OFFICIAL STATEMENT AND FINAL OFFICIAL STATEMENT RELATING TO THE BONDS; AUTHORIZ ING MUNICIPAL BOND INSURANCE ON SAID BONDS; APPOINTING A TRUSTEE, PAYING AGENT AND REGISTRAR; CANCELLING AUTHORIZED BUT UNISSUED BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Winter Springs, Florida (the "Issuer") has by Resolution No. 435, adopted on November 22, 1983, as amended and supplemented (the "Resolution"), authorized the issu- ance of not to exceed $6,000,000 City of Winter Springs, Florida Water and Sewer Revenue Bonds, Series 1984 (the "Bonds"), to finance certain capital improvements; and WHEREAS, the Issuer has received an offer from The Leedy Cor- poration to purchase $ ~~..Q.QO.OO of the Bonds subject to the terms and conditions set forth in the Purchase Contract, a copy of which is attached hereto as Exhibit "A"; and WHEREAS, the Issuer now desires to sell its Bonds pursuant to the Purchase Contract and in furtherance thereof to appoint a Trustee, Paying Agent and Registrar; to authorize distribution of a Preliminary Official Statement and a final Official Statement in connection with the issuance of the Bonds and to cancel certain . authorized but unissued and unsold Bonds; and WHEREAS, the Issuer has been provided all applicable disclo- sure information required by Section 218.385, Florida Statutes, a copy of which is attached as an exhibit to the Purchase Contract; e e NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA AS FOLLOWS: SECTION 1. Due to the present instability in the market for municipal tax exempt revenue obligations and due to the willing- ness of The Leedy Corporation to purchase $ 5,035,000 in aggregate principal amount of City of Winter Springs, Florida Water and Sew- er Revenue Bonds, Series 1984, at net interest costs otherwise unavailable to the Issuer in the national market for tax exempt obligations, it is hereby determined that it is in the best inter- est of the public and the Issuer to sell the Bonds at a negotiated sale, and such sale to The Leedy Corporation is hereby authorized and approved. SECTION 2. The Bonds are hereby sold to The Leedy Corpora- t ion upon the terms and cond it ions set forth in the Purchase Contract attached hereto as Exhibit "A" and incorporated herein by reference. The Mayor and City Manager are hereby authorized to execute such Purchase Contract in substantially the form attached as Exhibit "A", with such additional changes, insertions and omissions therein as do not change the substance thereof and as may be approved by the said officers of the Issuer executing the same, such execution to be conclusive evidence of such approval. SECTION 3. The Bonds shall be dated and shall bear interest payable at certain times and shall mature in the years and be sub- j ect to redemption as provided in the Purchase Contract attached hereto as Exhibit "A" and incorporated herein by reference. 2 e e SECTION 4. The Bonds shall be issued under and secured by the Resolution and the Indenture of Trust authorized by the Reso- lution and shall be executed and delivered by the Mayor and City Clerk of the Issuer in substantially the form set forth in the Resolution and the Indenture, with such additional changes and insertions therein as conform to the provisions of the Purchase Contract, and such execution and delivery shall be conclusive evidence of the approval thereof by such officers. SECTION 5. Barnett Banks Trust Company, N.A., shall serve as Trustee, Paying Agent and Registrar for the Bonds. SECTION 6. The distribution by The Leedy Corporation of the preliminary Official Statement of the Issuer relating to the Bonds, attached hereto as Exhibit "B", is hereby approved, con- firmed and ratified. The distribution of a final Official State- ment is hereby approved, such final Official Statement to be in substantially the form of the preliminary Official Statement attached hereto as Exhibit "B", with such additional changes, insertions and omissions as do not change the substance thereof except in conformity with the Purchase Contract as may be made and approved by officers executing the same, such execution to be conclusive evidence of any such approval. The Mayor and the City Manager are hereby authorized to execute the Preliminary Official Statement and the final Official Statement. SECTION 7. Insurance to irrevocably guarantee to the holder of any Bond the full and complete payment of principal and 3 - e interest on behalf of the Issuer is hereby authorized to be purchased and payment for such insurance is hereby authorized from the proceeds of the Bonds. A statement of insurance is hereby authorized to be printed on or attached to the Bonds for the benefit and information of the holders of the Bonds. SECTION 8. The remaini ng authori zed but unissued Bonds in the amount of $ 965,000.00 are hereby cancelled and shall not be sold or delivered. SECTION 9. All prior resolutions of the City inconsistent with the provisions of this resolution are hereby modified, sup- plemented and amended to conform with the provisions herein con- tained and except as otherwise modified, supplemented and amended hereby shall remain in full force and effect. SECTION 10. The Mayor, the City Clerk, the City Manager or any other appropriate officers of the City are hereby authorized and directed to execute any and all certifications or other in- struments required by the Resolution, the Indenture, the Purchase Contract or any other document referred to above as a prerequisite or precondition to the issuance of the Bonds and any such repre- sentation made therein shall be deemed to be made on behalf of the City. All action taken to date by the officers of the City in furtherance of the issuance of the Bonds is hereby approved, con- firmed and ratified. 4 . e . SECTION 11. This resolution shall take effect immediately upon its adoption. Adopted this ~ day of (SEAL) Attest: AND LEGAL 5