HomeMy WebLinkAbout1999 04 26 Regular Item E
COMMISSION AGENDA
ITEM E
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR XX
April 26, 1999
Meeting
MGR ~\AI WOEPT
Authorization
REQUEST: The City Manager requests the City Commission approve Resolution No. 878
authorizing the City Manager to take certain steps, required by Securities and Exchange
Commission rules, to comply with the City's preliminary official statement regarding the
proposed issuance by the City of an Improvement Refunding Revenue Bonds, Series 1999 in a
sum not to exceed $8,500,000.
PURPOSE: The approval of Resolution No. 878 authorizing the City Manager to deem final
within the meaning of Securities and Exchange Commission rule 15c2-l2, the City's preliminary
official statement for the proposed issuance by the City of its not to exceed $8,500,000
Improvement Refunding Revenue Bonds, Series 1999.
CONSIDERATIONS:
A. At the January 11, 1999 commission meeting the City Commission approved
Agenda item "B" approving the Series 1999 Bond issue.
B. The Resolution is the initial step in the process required for issuance of bonds.
C. Indentify and authorizes Hanifen, Imhoff, Inc and Gardnyr Michael Capital, Inc.
as underwriters in connection with Bond issue.
ATTACHMENTS:
1. Resolution No. 878.
RECOMMENDATION:
Approval of Resolution No. 878
RESOLUTION NO. 878
A RESOLUTION OF THE CITY OF WINTER SPRINGS,
FLORIDA AUTHORIZING THE CITY MANAGER OR CITY
FINANCE DIRECTOR TO DEEM FINAL WITHIN THE
MEANING OF SECURITIES AND EXCHANGE COMMISSION
RULE 15c2-12 THE CITY'S PRELIMINARY OFFICIAL
STATEMENT PREPARED IN CONNECTION WITH THE
PROPOSED ISSUANCE BY THE CITY OF ITS NOT
EXCEEDlNG $8,500,000 IMPROVEMENT REFlThTIlNG
REVENUE BONDS, SERIES 1999; AND PROVIDING AN
EFFECTIVE DATE:
WHEREAS, the City of Winter Springs, Florida (the "Issuer") is proposing to issue its
not exceeding $8,500,000 Improvement Refunding Revenue Bonds, Series 1999 (the "Bonds")
to refund certain outstanding debt of the City and to acquire and construct certain capital
improvements withiI:1 the City limits and;
WHEREAS, the Issuer has selected Hanifen, Imhoff Inc. and Gardnyr Michael Capital
Inc. to serve as underwriters (collectively the "Underwriters") in connection with the Bond issue;
and
\VHEREAS, in connection with the issuance of the Bonds, the Preliminary Official
Statement (the current form of such document being attached hereto as an exhibit) will be used
by the Underwriters in the marketing of the Bonds; and
\\'HEREAS, Securities and Exchange Commission Rule 15c2-12 (the "Rule"),
particularly subsection (b) thereof requires that prior to the time underwriters offer for sale in an
offering municipal securities such as the Bonds that they shall have obtained and reviewed an
offering document that the issuer of such municipal securities deems final as of its date except
for the omission of no more than the following information: the offering prices, interest rates,
selling compensation, aggregate principal amount, principal amount per maturity, delivery dates
and ratings and other terms of securities depending on such matters.
AND NOW THEREFORE, it is resolved by the City Commission of the City of Winter
Springs, Florida as follows:
Section 1: The Issuer is hereby authorized to distribute a Preliminary Official Statement
for the Bonds. Prior to such distribution, the City Manager or the Finance Director are hereby
authorized to deem such Preliminary Official Statement relating to the Bonds "final" within the
meaning of the Rule, except for the "permitted omissions" as defined therein.
Section 2: The provisions of this Resolution shall take effect immediately upon its
passage.
(WI ,f'>I\"I\<r. (\1
Adopted this 26th day of April, 1999.
City Commission
City inter Springs, Florida
Mayor
ATTEST:
~~~k~
ity Clerk
Approved as to form and legal sufficiency:
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City Attorney ~ .. J?~4 eyij/. 7h!hY\;
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CITY OF WINTER SPRINGS, FLORIDA
CAPIT AL IlVIPROVEMENT REVENUE REFUNDING BONDS,
SERIES 1999
Updated Fin.ancing Schedule as of April2J, 1999
\Q)\R\~\r1
MARCH AXRIL MaY
S 1\1 T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 1
7 8 9 10 11 12 13 4 S 6 7 II 9 10 2 ;I 4 5 6 7 8
J4 J5 16 17 18 19 20 11 12 13 14 15 16 17 9 10 11 12 13 14 15
21 22 23 24- 25 26 27 18 19 20 21 22 23 24 16 17 18 19 20 21 22
21\ 29 30 31 25 26 27 28 29 30 23 24 25 26 27 28 29
30 31
Date Event Responsibility.
March 17 Distribute 1st Draft of Preliminary Official Statement (POS) DC
March 25 Comments due on POS and Bond Resolution WG
April 14 Distribute 20<1 Draft of POS and Bond Resolution BClDC
April 20 Submit Packages to Insurers and Rating Agencies FA,S
April 23 Select Verification Agent, Printer FA, lB, S
April 26 Adopt Resolution Authorizing Distribution of POS (6:30 p.m.) CC
May 03 Receive Insurance Commitments and Credit Opinions; FA,S
Additional Bonds Test Certificates
May 05 Distribute 3,,1 Draft of PQS DC
May 10 Print and Mail POS DC, U, FA
May 17-19 Pricing (tentative) U,FA,S
May 18-19 Award Sale of Bonds, Special Meeting (tentative), CC
Adopt Resolution
May 26 Pre-Closing (time to be set by Bond Counsel) WG
May 27 Closing (telephonic) WG
BCfDC -
CC
FA
S
U
WG
Bond CounselfDisclosurc Counsel
City Commission
Financial Advisor
Staff
Underwriter
Working. Group