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HomeMy WebLinkAboutResolution 2001-15 Refunding Revenue Bonds RESOLUTION NO, 2001-( 5 A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, AMENDING SECTION 36 OF RESOLUTION NO, 2001-10 RELATING TO THE LEVEL OF REQUIRED PRESENT V ALUE SA VINGS TO EFFECT A REFUNDING OF THE CITY'S OUTSTANDING WATER AND WATER REFUNDING REVENUE BONDS, SERIES 1992 AND PROVIDING AN EFFECTIVE DATE, BE IT RESOLVED BY THE CITY OF WINTER SPRINGS, FLORIDA AS FOLLOWS: WHEREAS, the City of Winter Springs, Florida (the "Issuer" or the "City"), has by Resolution No, 2001-10 adopted on April 9, 2001, (the "Resolution"), authorized the issuance of its not exceeding $22,500,000 City of Winter Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 2001 A and Series 200 IB individually the Series 200lA Bonds and the Series 200lB Bonds and collectively (the "Series 200 I Bonds"); and WHEREAS, the payment of debt service on the Series 200 I Bonds is to be insured by MBIA Insurance Corporation (the "Bond Insurer") (as defined in the Resolution); and \VHEREAS, Section 23 ofthe Resolution provides that the Insurer, from time to time and at any time and without the consent or concurrence of any Holder of any Bonds, but with the Consent of the Bond Insurer, may adopt a resolution amendatory hereof or supplemental hereto, if the provisions of such supplemental resolution shall not adversely affect the rights of the Holders of the Bonds then Outstanding, for anyone or more of the following purposes; To make any changes or corrections in the Resolution as to which the Issuer shall have been advised by counsel that are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or omission or mistake or manifest error contained in the Resolution, or to insert in the Resolution such provisions clarifying matters or questions arising under the Resolution as are necessary or desirable; and \VHEREAS, the Consent of the Insurer to the provisions of this Resolution is attached hereto; and \VHEREAS, capi talized terms not otherwise defined herein shall have the meaning ascribed to them in the Resolution; and WHEREAS, the Issuer has been advised by its Bond Counsel that the changes or corrections in the Resolution as set forth below is required for clarifying matters or questions arising under the Resolution, Section I, Section 36 of the Resolution is hereby amended to read as follows: The complex character of the security for the Series 200 I Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility at public sale, Based upon all available information and advise from the staff of the Issuer, a negotiated sale of the Series 200 I Bonds to the Underwriters listed in the Bond Purchase Contract(s) (the "Bond Purchase Contract") attached to the Resolution will result in the most favorable Bond financing plan and is in the best interest of the Issuer. The City Manager of the Issuer is hereby authorized and directed to execute and deliver to the underwriters for the Series 200 I A Bonds such Bond Purchase Contracl(s) provided that the present value savings to the Issuer OR4006R7;2 resulting from the refunding of the Series 1991 Refunded Bonds is not less than ten percent (10%) of the outstanding principal amount of such Series 1991 Refunded Bonds and that the final maturity of such Series 200 I A Bonds is not later than October, 2021, The City Manger of the Issuer is hereby authorized to execute and deliver to the underwriters of the Series 200 I B Bonds which provides for the refunding of the Series 1992 Refunded Bonds provided that the present value savings to the Issuer resulting from the refunding of such Series 1992 Refunded Bonds is not less than five percent (5%) of the outstanding principal amount of such Series 1992 Refunded Bonds and that the maturity of such Series 200 I B Bonds is not later than October 1, 2021. Compliance with the provisions of the prior sentence shall be conclusively determined upon receipt by the City Manager of a letter of Public Financial Management, lnc" financial advisor to the Issuer that such provisions have been complied with. The Bond Purchase Contract(s) shall be in substantially the form attached to the Resolution with such changes thereto as may be approved in accordance with the above paragraph, The negotiated sale of the Series 200 I Bonds to the Underwriter is hereby approved, The City Manager is hereby authorized to execute the Bond Purchase Contract(s) on behalf of the Issuer, upon satisfaction of the above conditions, SECTION 2. INCONSISTENT RESOLUTIONS, All prior resolutions ofthe Issuer inconsistent with the revisions of this Resolution are hereby modified, supplemented and amended to conform with the provisions herein contained, SECTION 3, EFFECTIVE DATE, This Resolution shall become effeC'tive immediately upon its adoption, ADOPTED this 11th day of June, 200 I CITY OF WINTER SPRINGS, FLORIDA Paul P. Partyka, Mayor ATTEST: City Clerk Approved as to form: City Attorney