HomeMy WebLinkAboutResolution 899 Revenue Bonds/TLBD
RESOLUTION NUMBER 899
A RESOLUTION OF THE CITY OF WINTER SPRINGS.
FLORIDA SUPPLEMENTING CITY RESOLUTION NO. 896
BY COVENANTING TO BUDGET AND APPROPRIATE
CERTAIN LEGALLY AVAILABLE NON~AD VALOREM.
FUNDS TO PAY DEBT SERVICE ON THE CITY'S SPECIAL
ASSBSSMENT REVENUE BOND ANTICIPATION NOTES,
SERIES 1999 (TUSCAWlLLA LIGHTING AND
BEAUTIFICATION DISTRICT) TO THE EXTENT SPECIAL
ASSESSMENTS ARE INSUFFICIENT TO DO SO;
AurHORlZING TIlE EXECUfION AND DELNERY OF ALL
DOCUMENTS AND CERTIFlCATES AS ARE REQUIRED IN
CONNECTION WITH THE ISSUANCE AND DELAY OF
THE NOTES; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Winter Springs, Florida (the "Issuer" or the "City"), has by
Resolution No. 896 and Resolution No. 897 adopted on September 27, 1999. authorized the
issuance of aJ,ld awarded the sale to Bank of America. N.A.. dIbIa NationsBank. N,A, (the
.'Purchaser'') the City's Special Assessment Revenue Bond Antioipation Notes, Series 1999
(Tuscawilla Lighting and Beautification District) (the Notes'') for the purpose of paying Costs
of the Project (as defined. in said Resolution No. 896)and
WHEREAS, subsequent to the adoption of Resolutions No. 896 and 897 litigation has
been filed against the City challenging among other. matters certain l:l.ctiollS of the City in
connection with the City's imposition of the Assessments (as defined in Resolution No. 896);
and
WHEREAS, as a result of such litigation the Purchaser has requested that Resolution
No. 896 be supplemented as hereafter provided and the City has determined that to so
supplement Resolution No. 896 is in the best interest of the City and its citizens.
BE IT RESOL YED BY THE CITY COMMISSION OF THE CITY OF WINTER
SPRINGS, FLORIDA:
Section 1. COVENANT TO BUDGET AND APPROPRlA TE. Resolution No. 896
is hereby supplemented by adding thereto l:l. section 1900 to read. as follows: The City covenants
and agrees to appropriate in its annual budget, by amendment, if necessary, from Non-Ad
Valorem Funds (as defmed in said Resolution No. 896) amounts sufficient to (1) pay principal
of. Redemption Price (as defined in said Resolution No. 896), if any. and interest on the Notes
when due, (2) pay aU fees and expenses of the Paying Agent and the Registrar and (3) pay all
other required deposits as provided herein but only to the extent that Pledged Revenues are
insufficient to make such payments. Such covenant and agreement on the part of the City to
buq.get and appropriate such &mounts of Non-Ad Valorem Funds shall be cumulative to the
extent not paid and shall continue until such Non-Ad Valorem Funds or other legally available
funds in amounts sufficient to make all such required payments shall have been budgeted,
appropriated and actually paid. . Notwithstanding the foregOing covenant of the City, the City
ORUS130S2.01
does not covenant to maintain any services or programs, now provided or maintained by the
City, which generate Non-Ad Valorem Funds.
Such covenant to budget and appropriate does not create any Hen upon or pledge of such
Non-Ad Valorem Funds, nor does it preclude the City from pledging in the future its Non-Ad
Valorem Funds. nor does it require the City to levy and collect any particular Non-Ad Valorem
FundsJ nor does it give the Noteholders a prior claim on the Non-Ad Valorem Funds as opposed
to claims of general creditors of the City. Such covenant to appropriate Non~Ad Valorem Funds
is subject in aU respects to the payment of obligations secured by a pledge of such Non-Ad
Valorem funds heretofore or hereafter entered into (including the payment of debt service on
bonds and other debt instrUments). However, the covenant to budget aud appmpriato for the
purposes and in the manner stated herein shall have the effect of making available for the
payment of the Notes in the manner described herein Non-Ad Valorem Funds and placing on the
City a positive duty to appropriate and budget. by amendment, if necessary, amounts sufficient to
meet its obligations hereunder; subject. however, in all respect to the restrictions of Section
166.241(3}, Florida Statutes, which provides that the governing body of each municipality may
only Ola.ke a.ppropriations for each Fiscal Year whiC, in any one year, shall not exceed the
amount to be received from taxation or other revenues sources; and subject, further. to tho
payment of services and programs which are for essential public purposes affecting the health,
welfare and safety of the inhabitants of the City or which are legally mandated by applicable law.
The City agrees to deposit in the appropriate fund, solely from funds budgeted and
appropriated as described above, at least one business day prior to the date such payment is due,
the amount required to cure any insufficiency in such fund.
Section 2. AUTHORIZATION OF EXECUTION OF OTHER CERTIFICATES
AND OTHER INSTRUMENTS. The Mayor. the City Manager, the City Clerk and the Chis
Finance Director are hereby authorized and directed. either alone or jointly, under the official
seal of the City to execute and deliver certificates and documents of the City as the City
Attorney, counsel to the Purchaser or Bond Counsel shall roquire in connection with tho
issuance, sale and delivery of the Notes. and to execute and deliver such other instruments as
shall be necessary or desirable to perform the City's obligations under this Resolution and
Resolution No. 896 and to consummate the transactions contemplated hereby and thereby.
Section 3. RESOLlITION NO. 896 IN FULL FORCE AND EFFECT. Except as
hereby sup?lemented, Resolution No. 896 shall remain in full force and effect.
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Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 11th day of October. 1999.
CITY OF WINTER SPRINGS, FLORIDA
MAYOR
Attest:
CITY CLERK
Approved as to form and legal sufficiency:
CITY ATTORNEY
ORLH513052J)1
Mayor