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HomeMy WebLinkAboutResolution 609 Improveent Revenue Bonds AMENDED RESOLUTION NO. 609 A RESOLUTION AUTHORIZING THE ISSUANCE BY THE CITY OF WINTER SPRINGS, FLORIDA OF NOT EXCEED- ING $7,700,000 IMPROVEMENT REVENUE BONDS, SERIES 1989_TO FINANCE LAND ACQUISITION, REC- REATION AND CIVIC IMPROVEMENTS AND NECESSARY OFF-SITE IMPROVEMENTS AND COSTS ASSOCIATED WITH THE ISSUE AND THE PROJECT; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AUTHORIZING VALIDATION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Winter Springs, Florida (the "City") is a municipal corporation organized and existing under the laws of the State of Florida and is authorized pursuant to Florida law to issue "tax-exempt" debt to finance the undertaking of the project described herein; and WHEREAS, the City is undertaking the planning, design, acquisition, con- struction, equipping and improving of certain property to provide recreational facilities, including civic facilities for senior citizens and recreational facilities for all the citizens of the City and their invitees (the "Project"); and WHEREAS, the City plans to issue "tax-exempt" parity debt to finance all or a portion of the cost of such Project; and WHEREAS, if market conditions were to improve, the City will sell Refunding Bonds in lieu of parity debt; and WHEREAS, if the City sells parity bonds such additional bonds will be payable on a parity with and subject to the terms, limitations and conditions of the City's Improvement Revenue Bonds, Series 1979 (the "Series 1979 Bonds") and the City's Improvement Revenue Bonds, Series 1985 (the "Series 1985 Bonds"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA: SECTION 1. FINDINGS. It is hereby found and determined that it is necessary and desirable and in the interests of the health, safety and welfare of the citizens of the City that land be acquired and that municipal recreational facilities and a civic complex, along with off-site improvements, be financed and developed. SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the Constitution of the State of Florida; Chapter 166, Part II, Florida Statutes, as amended and supplemented, the Charter and Code of the City and other applicable provisions of law. SECTION 3. AUTHORIZATION OF SERIES 1989 BONDS. The issuance of tax- exempt debt to finance all or a portion of the costs of financing that Project described herein is hereby approved; such obligations to be known as "Improvement Revenue Bonds, Series 1989_" (the Series 1989 Bonds_") and to be issued, except as otherwise authorized herein, as parity bonds to the Series 1979 Bonds and Series 1985 Bonds. SECTION 4. DESCRIPTION OF SERIES 1989 BONDS. The Series 1989 Bonds shall be issued in fully registered form; shall be numbered; shall be integral denominations of $5,000 each or integral mu1ip1es thereof; shall bear interest at such rate or rates not exceeding the maximum rate allowed by Florida law, the actual rate or rates to be determined by subsequent resolution of the City prior to or upon sale of the Bonds and shall be entrusted to a Trustee to be appointed by subsequent resolution of the City prior to or upon sale of the Bonds. SECTION 5. DESCRIPTION OF PROJECT. The Project shall be recreation and civic facilities with off-site improvements to be designed, acquired, con- structed, improved and equipped in accordance with plans and specifications developed by the City. Such Project is estimated not to cost in excess of $4,500,000. SECTION 6. SIZE OF ISSUE AND ALLOWABLE USE OF PROCEEDS. The issue authorized herein shall be sized by subsequent resolution of the City prior to or at the time of the sale of the Bonds; however, such Issue shall not exceed $7,700,000. The proceeds of the Issue may be used to pay all or a portion of the cost of land acquisition, construction costs, interest costs, engineering costs, financing costs, legal costs, funding reasonable reserves, cost of plans, specifications and surveys, paying bond discounts, paying bond insurance premiums, if any, paying administrative expenses and such other expenses as may be necessary or incidental to the financing authorized by this Resolution, including the cost of any fixtures, equipment or property necessary or convenient for the construction and acquisition of the Project and necessary off-site improvements and placing same in operation. SECTION 7. VALIDATION. The attorneys for the City are hereby author- ized to proceed to obtain a judgment of validation, if they consider same to be necessary for the sale of the Bonds. SECTION 8. REFUNDING BONDS. The City, by subsequent Resolution prior to or at the time of closing, may authorize all or a portion of the Issue to be sold as Refunding Bonds so as to refund all or a portion of the Series 1979 Bonds 2 , ., .. ~ - e RESOLUTION NO. (,09 A RESOLUTION AUTHORIZING THE ISSUANCE BY THE CITY OF WINTER SPRINGS, FLORIDA OF NOT EXCEED- ING $7,'\0&,000 IMPROVEMENT REVENUE BONDS, SERIES 1989 TO FINANCE LAND ACQUISITION, RECREATION AND CIVIC IMPROVEMENTS AND NECESSARY OFF-SITE IMPROVEMENTS AND COSTS ASSOCIATED WITH THE ISSUE AND THE PROJECT: PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH: AUTHO- RIZING VALIDATION: AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Winter Springs, Florida (the "City") is a municipal corporation organized and existing under the laws of the State of Florida and is authorized pursuant to Florida law to issue "tax-exempt" debt to finance the undertaking of the project described herein; and WHEREAS, the City is undertaking the planning, design, acquisition, construction, equipping and improving of certain property to provide recreational facilities, including civic facilities for senior citizens and recreational facilities for all the citizens of the City and their invitees (the "Project"); and WHEREAS, the City plans to issue "tax-exempt" parity debt to finance all or a portion of the cost of such Project; and WHEREAS, if market conditions were to improve, the City will sell Refunding Bonds in lieu of parity debt; and WHEREAS, if the City sells parity bonds such additional bonds will be payable on a parity with and subject to the terms, limita- tions and conditions of the City's Improvement Revenue Bonds, Series 1979 (the "Series 1979 Bonds") and the City's Improvement Revenue Bonds, Series 1985 (the "Series 1985 Bonds"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA: SECTION 1. FINDINGS. It is hereby found and determined that it is necessary and desirable and in the interests of the health, safety and welfare of the citizens of the City that land be acquired and that municipal recreational facilities and a civic complex, along with off-site improvements, be financed and develop- ed. ,~ e e SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the Constitution of the State of Florida; Chapter 166, Part II, Florida Statutes, as amended and sup- plemented, the Charter and Code of the City and other applicable provisions of law. SECTION 3. AUTHORIZATION OF SERIES 1989 BONDS. The issuance of tax-exempt debt to finance all or a portion of the costs of financing that Project described herein is hereby ap- proved; such obligations to be known as "Improvement Revenue Bonds, Series 1989_" (the "Series 1989_ Bonds") and to be issued, except as otherwise authorized herein, as parity bonds to the Series 1979 Bonds and Series 1985 Bonds. SECTION 4. DESCRIPTION OF SERIES 1989 BONDS. The Series 1989 Bonds shall be issued in fully registered form; shall be numbered; shall be integral denominations of $5,000 each or integral multiples thereof; shall bear interest at such rate or rates not exceeding the maximum rate allowed by Florida law, the actual rate or rates to be determined by subsequent resolution of the City prior to or upon sale of the Bonds and shall be entrusted to a Trustee to be appointed .by subsequent resolution of the City prior to or upon sale of the Bonds. SECTION 5. DESCRIPTION OF PROJECT. The Project shall be recreation and civic facilities with off-site improvements to be designed, acquired, constructed, improved and equipped in accor- dance with plans and specifications developed by the City. Such Project is estimated not to cost in excess of $4,500,000. SECTION 6. SIZE OF ISSUE AND ALLOWABLE USE OF PROCEEDS. The Issue authorized herein shall be sized by subsequent resolution of the City prior to or at the time of the sale of the Bonds; 7. however, such Issue shall not exceed $7;\00,000. The proceeds of the Issue may be used to pay all or a portion of the cost of land acquisition, construction costs, interest costs, engineering costs, financing costs, legal costs, funding reasonable reserves, cost of plans, specifications and surveys, paying bond discounts, paying bond insurance premiums, if any, paying administrative expenses and 2 r"~"".T'~ ,;.,,~,"T',~J>;:'~t'B"';~:i'. .. -- e ~ . such other expenses as may be necessary or incidental to the financing authorized by this Resolution, including the cost of any fixtures, equipment or property necessary or convenient for the construction and acquisition of the Project and necessary off-site improvements and placing same in operation. SECTION 7. The attorneys for the City are VALIDATION. hereby authorized to proceed to obtain a judgment of validation, if they consider same to be necessary for the sale of the Bonds. SECTION 8. The City, by subsequent REFUNDING BONDS. Resolution prior to or at the time of closing, may authorize all or a portion of the Issue to be sold as Refunding Bonds so as to refund all or a portion of the Series 1979 Bonds and the Series 1985 Bonds. SECTION 9. The Resolution shall con- OFFICIAL ACTION. stitute a Bond Resolution or some other similar action of the City within the meaning of the Internal Revenue Code of 1986. SECTION 10. CONFLICTS. All resolutions and parts thereof in conflict with this Resolution to the extent of such conflicts. are hereby superceded and repealed. SECTION 11. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. ADOPTED. this , 19 day of Mayor (SEAL) Attest: City Clerk Approved as to form and correctness: L1280102 01/05/89 3 and the Series 1985 Bonds. SECTION 9. OFFICIAL ACTION. The Resolution shall constitute a Bond Resolution or some other similar action of the City within the meaning of the Internal Revenue Code of 1986. SECTION 10. CONFLICTS. All resolutions and parts thereof in conflict with this Resolution to the extent of such conflicts are hereby superceded and repealed. SECTION 11. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. ADOPTED this 9th day of January, 1989. LEANNE M. GROVE MAYOR (SEAL) Attest: MARY T. NORTON City Clerk APPROVED AS TO FORM AND CORRECTNESS City Attorney L1280102 01/05/89 3