Loading...
HomeMy WebLinkAboutResolution 495 Refunding Revenue Bonds .' ", e e RESOLUTION NO. ~95 A RESOLUTION AUTHORIZING THE NEGOTIATED SALE OF $3,785,000 CITY OF WINTER SPRINGS, FLORIDA IMPROVEMENT REFUNDING REVENUE BONDS, SERIES 1985; AWARDING THE SALE THEREOF TO SOUTHEASTERN MUNICIPAL BONDS, INC. SUBJECT TO THE TERMS AND CONDITIONS OF A PURCHASE CON- TRACT; AUTHORIZING MUNICIPAL BOND INSURANCE ON SAID BONDS; APPOINTING A PAYING AGENT AND REGISTRAR; APPOINTING AN ESCROW HOLDER; AUTHO- RIZING PREPARATION OF A FINAL OFFICIAL STATE- MENT IN CONNECTION WITH THE ISSUANCE OF BONDS; CANCELING CERTAIN AUTHORIZED BUT UNISSUED OBLIGATIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of winter Springs, Florida (the "Issuer") has by Resolution No. 494, adopted on May 17, 1985, as amended and supplemented (the "Resolution"), authorized the issuance of not to exceed $3,785,000 City of winter Springs, Florida Improvement Refunding Revenue Bonds, Series 1985 (the "Bonds"), to refund certain outstanding obligations of the Issuer authorized pursuant to a resolution of the Issuer adopted February 27, 1979, as amended, particularly as amended and supplemented by a resolution of the City adopted May 8, 1984 (the "Refunded Bonds"); and WHEREAS, the Issuer has received an offer from Southeastern Municipal Bonds, Inc. to purchase $3,785,000 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 Paying Agent and Reg istrar and to appo int an Escrow Holder in connection with the issuance of the Bonds and to cancel certain authorized but unissued and unsold obligations of the Issuer; and -' e e WHEREAS, the Issuer has been provided all applicable disclo- sure information required by Section 218.385, Florida Statutes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA AS FOLLOWS: SECTION 1. Due to the relatively small size of the issue, the volatile nature of the market for municipal tax exempt revenue obligations, the critical importance of the timing in the sale of the Bonds and due to the willingness of Southeastern Municipal Bonds, Inc. to purchase $3,785,000 in aggregate principal amount of Ci ty of winter Spring s, Florida Improvement Refund ing Revenue Bonds, Series 1985, at interest costs favorable to the Issuer, it is hereby determined that it is in the best interest of the public and the Issuer to sell the Bonds at a negotiated sale, and such sale to Southeastern Municipal Bonds, Inc. is hereby authorized and approved. SECTION 2. The Bonds are hereby sold to Southeastern Municipal Bonds, Inc. upon the terms and conditions set forth in the Purchase Contract attached hereto as Exhibit "A" and incorpo- rated herein by reference. The Mayor, the City Clerk and the City Manager are hereby authorized to execute such Purchase Contract in substantially the form attached as Exhibit "A", with such addi tional 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. 2 e e SECTION 3. The Bonds shall be dated and shall bear interest payable at certain times and shall mature in the years and be sub- ject to redemption as provided in the Purchase Contract attached hereto as Exhibit "A" and incorporated herein by reference. SECTION 4. The Bonds shall be issued under and secured by the Resolution and shall be executed and delivered by the Mayor and City Clerk of the Issuer in substantially the form set forth in the Resolution, 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. Sun Bank, National Association, shall serve as Paying Agent and Registrar for the Bonds. SECTION 6. Sun Bank, National Association, shall serve as Escrow Holder pursuant to the Escrow Deposit Agreement, the form of which was approved pursuant to the Resolution. The Mayor, the City Clerk and the Ci ty Manager are authorized to execute such Escrow Deposit Agreement with such changes, insertions and omissions as shall be approved by such officers, such execution to be conclusive evidence of any such approval. SECTION 7. Insurance to irrevocably guarantee to the holder of any Bond the full and complete payment of principal and interest on behalf of the Issuer is hereby authorized to be pur- chased and payment for such insurance is hereby authorized from the proceeds of the Bonds. A statement of insurance is hereby 3 e e authorized to be printed on or attached to the Bonds for the bene- fit and information of the holders of the Bonds. SECTION 8. The remaining authorized but unissued Refunded Bonds in the amount of $395,000 are hereby canceled and shall not be sold or delivered. SECTION 9. The Mayor and the City Manager are authorized to work with representatives of Southeastern Municipal Bonds, Inc. to prepare an official statement for use in the marketing of the Bonds. Before any such Bonds shall be delivered, the Issuer shall have adopted a resolution approving the form of authorizing the use of and approving the execution of a final official statement. SECTION 10. All prior resolutions of the City inconsistent with the provisions of this resolution are hereby modified, supplemented and amended to conform with the provisions herein contained and except as otherwise modified, supplemented and amended hereby shall remain in full force and effect. SECTION 11. The Mayor, the Ci ty Clerk, the Ci ty 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 Purchase Contract or any other document referred to above as a prerequisite or precondition to the issuance of the Bonds and any such representation made therein shall be deemed to be made on behalf of the Ci ty. All action taken to date by the officers of the City in furtherance of the issuance of the Bonds is hereby approved, confirmed and ratified. 4 .. SECTION 12. upon its adoption. e e This resolution shall take effect immediately Adopted this /7~ day of (SEAL) Attest: ~-:~ City {erk APPROVED AS TO FORM AND LEGAL SUFFICIENCY 5 .vJ~