HomeMy WebLinkAboutResolution 882 Purchase Surety Bond
RESOLUTION NO. 882
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA
AUTHORIZING CERTAIN OFFICIALS OF THE CITY OF WINTER
SPRINGS, FLORIDA TO TAKE ALL ACTIONS REQUIRED IN
CONNECTION WITH THE PURCHASE OF A SURETY BOND FROM
AMBAC ASSURANCE CORPORATION FOR DEPOSIT TO THE
SUBACCOUNT IN THE RESERVE ACCOUNT SECURING THE CITY'S
IMPROVEMENT REFUNDING REVENUE BONDS, SERIES 1993; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, The City of Winter Springs, Florida (the "City") did on May 24, 1993 issue
its $9,365,000 Improvement Refunding Revenue Bonds, Series 1993 (the "Bonds"); and
WHEREAS, the City in connection with the issuance of the Bonds created a Subaccount
in the Reserve Account for the benefit of the holders of the Bonds which Subaccount was at the
time of delivery of the Bonds and has at all times subsequent to such delivery been funded with
cash and permitted investments; and
WHEREAS, the City and its representatives have had discussions with Arnbac Assurance
Corporation ("Arnbac") regarding the deposit of a surety bond issued by Arnbac to the
Subaccount of the Reserve Account created for the benefit of the holders of the Bonds in
substitution of all of the cash and investments on deposit therein; and
WHEREAS, in accordance with the provisions of the City resolutions authorizing the
issuance of the Bonds, the consent of Arnbac to such substitution has been obtained and is
attached hereto; and
WHEREAS, the City now desires to authorize certain officials of the City to take all
action necessary to achieve such substitution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA, as follows:
SECTION 1. The Mayor, the City Clerk, the City Manager and the Finance Director of
the City (collectively the "City Officers"), Carlton, Fields, Ward, Emmanuel, Smith & Cutler,
P.A. as Bond Counsel to the City, Kruppenbacher & Associates, Counsel to the City, and First
Southwest Company, the City's Financial Advisor, are hereby authorized and directed to take all
actions necessary or desirable, including but not limited to, the execution and delivery of a
commitment, in connection with the purchase of such surety bond from Arnbac for deposit to the
Subaccount of the Reserve Account in substitution of all of the cash and investments then on
deposit in such subaccount.
ORL#508652.02
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CONSENT OF AMBAC ASSURANCE CORPORATION
The undersigned duly authorized officer of Ambac Assurance Corporation (Ambac") as
tho Bond Insurer for all of the Outstanding City of Winter Springs, Florida Improvement
Refunding Revenue Bonds) Series 1993 (the "1993 Bonds") hereby consents to all of the
provisions of the attached resolution. The undersigned) on behalf of Ambac hereby
acknowledges that it is not in default under its insurance policy insuring the payment of
scheduled debt service on the 1993 Bonds and that such insurance policy will remain in full force
and effect.
AMBAC ASSURANCE CORPORATION
Title Vice President and
Assistant General Counsel
Dated June 11, 19099
ORL#S089l1.01
SECTION 2. The amounts to be released from such subaccount in the Reserve Account
shall be used to pay costs of the 1999 Project as defined in the resolutions of the City authorizing
the issuance of the City's Improvement Refunding Revenue Bonds, Series 1999.
SECTION 3. Approval of Prior Actions. All actions taken to date by the members of
the City Commission and the officers, agents, and employees of the City in furtherance of the
purchase of such surety bond are hereby approved, confirmed and ratified.
SECTION 4. Inconsistent Resolutions and Motions. 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 so modified,
supplemented and amended hereby, shall remain in full force and effect.
SECTION 5. Effective Date. This Resolution shall become effective immediately upon
its adoption.
ADOPTED this 14th day of June, 1999.
CITY OF WINTER SPRINGS, FLORIDA
By:
Mayor
[SEAL]
ATTEST:
By: City Clerk
Approved as to form and legal sufficiency:
City Attorney
ORL#508652.02
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