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HomeMy WebLinkAbout1999 10 25 Regular Item E COMMISSION AGENDA ADD-ON ITEM E Consent Informational Pu blie Hearings Regular X ~ October 25. 1999 Meeting Mgr. / Dept. Authorization REQUEST: City Manager recommending adoption of Resolution Number 901 authorizing validation of the City of Winter Springs Special Assessment Revenue Bond Anticipation Notes, Series 1999. PURPOSE: The purpose of this agenda item is to acquire authority from the Commission to take actions needed to secure the Assessment Notes previously authorized by the Commission for the financing of improvements for the Tuscawilla Lighting and Beautification District. CONSIDERATIONS: On October 4, 1999, Eugene C. Lein and Thomas C. Lenzini filed a suit against the City, among other things, asking for the courts to enjoin the implementation of the Tuscawilla Lighting and Beautification District Advisory Committee. Although the complaints of the suit appear to be fully defensible by the City, the suit could cause a substantial delay in implementation of the District and cause an estimated $500,000.00 in cost increases for the Property Owners of the District. The City's Legal Counsel, after discussion with Counsel for NationsBank, the purchaser of the Notes, is recommending that the notes be validated by the courts. CITY OF WINTER SPRINGS REGULAR AGENDA. OCTOBER 25, 1999 ADD-ON REGULAR AGENDA ITEM "E" PAGE20F2 FUNDING: It is estimated that these two (2) strategies will cost approximately $5,000.00 payable from the assessment fund. RECOMMENDATION: It is recommended that the Commission adopt Resolution Number 901 authorizing the validation of the City's Special Assessment Revenue Bond Anticipation Notes Series 1999 (Tuscawilla Lighting and Beautification District). ATTACHMENTS: A. Resolution Number 901 COMMISSION ACTION: RESOLUTION NO. 901 A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA AUTHORlZfNG THE V ALIDA TION OF THE Cay's SPECIAL ASSESSMENT REVE~ BOl'-.TDS, SERIES 1999 (TUSCAWILLA LIGHTING AND BEAUTIFICATION DISTRICT) AND OF THE CITY'S SPECIAL ASSESSMENT REVENUE BOND ANTICIPATION NOTES, SERIES 1999 (TUSCA WILLA LIGHTING AND BEAUTIFICATION DISTRICT)~ AND PROVIDING A..N EFFECTIVE DATE. WHEREAS, the City of Winter Springs, Florida (the "Issuer" or the "City"), has by Resolution No. 895. Resolution No, 896 and Resolution No. 897 adopted on September 27, 1999, authorized the issuance of the City's Special Assessroent Revenue Bonds" Series 1999 (Tuscawilla. Lighting and Beautification District) (the "Bonds") and has authorized the issuance of and awarded the sale to Bank of America, N.A., d/b/a NationsBank, N.A. (the "Purchaser") of the City's Special Assessment Revenue Bond Anticipation Notes, Series 1999 (Tuscav,,'il1a Lighting and Beautification District) (the "~otes") for the purpose of paying Costs of the Project (as defined in said Resolution No.'s 895 and 896); and WHEREAS, subsequent to the adoption of Resolutions No, 895, 896, and 897 litigation has been filed against the City challenging among other matters certain actions of the City in cOllnection with the Bonds and Notes; and WHEREAS, as a result of such litigation the Purchaser has requested that the Bonds and Notes be Validated. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WNTER SPRlNGS, FLORIDA: Section 1. V ALlDATION OF BONDS AJ.'-JD NOTES, Counsel for the City is authot1zed and directed to prepare, file and pro!)ecute proceedings to valid2.te the Bonds a..'1d Notes in th~ manner prescribed by the laws of Florida, Such counsel is further authorized to delegate to Carlton, Fields, Ward, Emmanuel, Smith & Cutler, P.A., bond counsel for the City, such duties in connection with the validation proceedings as said counsel deems appropriate including, but not limited to, the ~ppearance by such counsel as co-counsel of record on behal f of the Ciry in the bond and note validation proceedings, Section 2, This Resolution shall take effect immediately upon its adoption. OItU1513)49,01 PASSED AND ADOPTED this 25th day of October, 1999, (SEAL) Attest: ~L-~~ City Clerk Approved as to fOID1 and legal sufficiency: ORUSl 3).\901 CITY OF WINTER SPRINGS, FLORlDA y~ Mayor ,-' "