HomeMy WebLinkAboutResolution 666 Refunding Revenue Bonds
RESOLUTION NO. 666
A RESOLUTION PROVIDING FOR THE EARLY REDEMP-
TION OF CERTAIN OF THE OUTSTANDING CITY OF
WINTER SPRINGS, FLORIDA, WATER AND SEWER
REFUNDING REVENUE BONDS, SERIES 1985; PROVID-
ING FOR PUBLICATION OF THE NOTICE OF REDEMP-
TION; PROVIDING FOR CERTAIN OTHER MATTERS IN
CONNECTION THEREWITH; AND PROVIDING AN EFFEC-
TIVE DATE.
WHEREAS, the City of Winter Springs, Florida (the "City"), has
heretofore determined to proceed with the sale and issuance of
$6,915,000 Water and Sewer Refunding Revenue Bonds, Series 1991
(the "Series 1991 Bonds") for certain purposes including the
providing of funds to (a) finance the refunding of the city's
outstanding Water and Sewer Refunding Revenue Bonds, Series 1985,
issued in the original principal amount of $5,615,000 (the
"Refunded Bonds"); and
WHEREAS, the City has determined to call the Refunded Bonds
maturing on and after October 1, 1993, for redemption on October 1,
1992, and to direct the paying agent for the Refunded Bonds (the
"Paying Agent"), to mail notice of such redemption to all Owners of
the Refunded Bonds to be redeemed and to take such further action,
as may be required by Resolution No. 491, adopted by the City on
May 17, 1985, as amended and supplemented and that certain Trust
Agreement dated June 1, 1985 by and between the city and Barnett
Banks Trust Company, N .A., securing the Refunded Bonds (collective-
ly the "Refunded Bonds Resolution");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA:
SECTION 1. The Refunded Bonds then outstanding scheduled
to mature on October 1, 1993 and thereafter are hereby irrevocably
called for redemption on October 1, 1992, at the price of 102% of
the principal amount plus accrued interest to the redemption date
of the Refunded Bonds to be redeemed.
SECTION 2. The Paying Agent is hereby authorized and
directed to publish within 30 days of the delivery of the Series
1991 Bonds, in a newspaper published in Seminole County and in a
financial newspaper published in the city and State of New York, a
notice in substantially the form attached hereto as Exhibit A. The
Paying Agent is also hereby authorized and directed to provide
written notice of such redemption to the registered owners of such
Refunded Bonds and to take such further action as may be required
by the Refunded Bonds Resolution in the manner and at the times
provided in the Refunded Bonds Resolution.
SECTION 3. This resolution shall be repealed by the City
if the Series 1991 Bonds are not delivered and paid for within
ninety (90) days of the adoption of this resolution; otherwise this
resolution shall be irrepealable and the direction given to the
Paying Agent shall be irrevocable.
SECTION 4. This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, this 29th day of April, 1991.
CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA
By: Mayor
(SEAL)
ATTEST:
Mary T. Norton
City Clerk
Approved as to form and
legal sufficiency:
City Attorney
EXHIBIT A
NOTICE OF ADVANCE REFUNDING
CITY OF WINTER SPRINGS, FLORIDA
WATER AND SEWER REFUNDING REVENUE BONDS, SERIES 1985
Notice is hereby given for and on behalf of the City of winter
Springs, Florida, that the City of winter Springs, Florida, Water
and Sewer Refunding Revenue Bonds, Series 1985 (the "Refunded
Bonds") have been advance refunded by depositing in irrevocable
escrow, cash and obligations of the united States of America
sufficient to pay the principal and interest on the Refunded Bonds
as the same shall mature and become due and payable and to pay the
principal and interest and a redemption premium of 2% on those
Refunded Bonds maturing October 1, 1993 and thereafter which have
been called for early redemption on October 1, 1992.
DATED this day of 1991.
BARNETT BANKS TRUST COMPANY, N.A.
By: