HomeMy WebLinkAbout1985 05 17 City Commission Special Minutes
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SPECIAL MEETING
CITY COMMISSION
CITY OF WINTER SPRINGS
MAY 17, 1985
The Special Meeting of the City Commission of the City of Winter Springs, Florida,
was called to order by Deputy Mayor William A. Jacobs, at 12:00 noon.
Roll Call:
Mayor John V. Torcaso, absent
Deputy Mayor William A. Jacobs, present
City Manager Richard Rozansky, absent
City Attorney Tom Lang, present
City Attorney Frank Kruppenbacher, present
Commissioners:
Jim Hartman, present
Arthur Hoffmann, present
Buck Adkins, present
Leanne Grove, present
Also present:
Finance Director Harry Martin
Gary Akers, Southeast Municipal Bonds
Awarding sale of water and sewer revenue refunding bonds Series 1985 and improvement
revenue refunding bonds Series 1985 and matters relating thereto:
Resolution No.49l, authorizing the issuance of not exceeding $5,615,000 Water and
Sewer Refunding Revenue Bonds, Series 1985, of the City of Winter Springs, Florida,
to be applied to refund the principal, interest and redemption premiums, if any,
in respect to certain presently outstanding obligations; pledging the net revenues
of the water and sewer system of the City for the payment of said bonds; making other
covenants and agreements in connection therewith; and providing an effective date.
Attorney Lang read Resolution 491 by title only.
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Motion was made by Commissioner Hartman, seconded by Commissioner Grove to adopt
Resolution No. 491 subject to the changes wherein we insert the $5,615,000 on the
pages indicated, (Pages 1, 6, 7 and 8) and the inserting of a new Section 0 in
Sec. 18 on Arbitrage Restriction. Discussion. Vote on the motion: Commissioner Grove,
aye; Commissioner Hartman, aye; Commissioner Hoffmann, aye; Commissioner Adkins, aye;
motion carried.
Attorney Lang said for the record that Bryant, Miller and Olive had to turn these
documents around in a hurry, so there may be some errors in their composition;
they are in their substantial form and we will make any corrections we have to as
they are found.
Attorney Lang also reported that at this point in time there is no indicated validation
that will occur. We are going to sell these without validation which only means that
the attorneys that are involved are taking the risk that there was no problem.
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Resolution No. 492, authorizing the negotiated sale of $5,615,000 City of Winter
Springs, Florida Water and Sewer Refunding Revenue Bonds, Series 1985; awarding the
sale thereof to Southeastern Municipal Bonds, Inc. subject to the terms and conditions
of a purchase contract; authorizing municipal bond insurance on said bonds; appointing
a paying agent and registrar; appointing an escrow holder; authorizing preparation of a
final official statement in connection with the issuance of bonds; and providing an
effective date.
Attorney Lang read Resolution No. 492 by title only.
Motion was made by Commissioner HOffmann, seconded by Commissioner Hartman to approve
Resolution No. 492 with the appropriate figures inserted, and which approves by in-
corporation the Bond Purchase Agreement with Southeastern Municipal Bonds. Discussion.
Vote on the motion: Commissioner Hartman, aye;Commissioner Hoffmann, aye; Commissioner
Adkins, aye; Commissioner Grove, aye; motion carried.
Special Meeting, City Commission, May 17, 1985
Page 2
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Motion was made by Commissioner Adkins, seconded by Commissioner Grove, to approve
in form the Escrow Deposit Agreement for purposes of circulating to whoever will
become the Escrow Agent. Discussion. Vote on the motion: Commissioner Hoffmann, aye;
Commissioner Adkins, aye; Commissioner Grove, aye; Commissioner Hartman, aye;motion
carried.
Resolution No. 493, providing for the redemption of certain of the outstanding
City of Winter Springs, Florida water and sewer revenue bonds, Series 1984, dated
September 1,1984; instructing the paying agent to pay principal and interest on the
refunded bonds; providing for publication of a Notice of Redemption; and providing
an effective date.
Attorney Lang read Resolution No. 493 by title only.
Motion was made by Commissioner Grove, seconded by Commissioner Adkins to approve
Resolution No. 493. Discussion. Vote on the motion: Commissioner Adkins, aye;
Commissioner Grove, aye; Commissioner Hartman, aye; Commissioner Hoffmann, aye;
motion carried.
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Resolution No. 494, authorizing the issuance of not exceeding $3,785,000 Improvement
refunding Revenue Bonds, Series 1985, of the City of Winter Springs, Florida to be
applied to refund the principal, interest and redemption premiums, if any, in respect
to certain presently outstanding obligations; providing that such bonds shall be
junior, inferior and subordinate in all respects to certain outstanding obliga-
tions; pledging excise taxes levied by the City for the payment of said bonds;
making other covenants and agreements in connection therewith; and providing an
effective date.
Attorney Lang read Resolution No. 494 by title only.
Motion was made by Commissioner Hoffmann, seconded by Commissioner Grove to approve
Resolution No. 494. Discussion. Vote on the motion: Commissioner Grove, aye;
Commissioner Hartman, aye; Commissioner Hoffmann, aye; Commissioner Adkins, aye;
motion carried.
Resolution No. 495, authorizing the negotiated sale of $3,785,000 City of Winter
Springs, Florida, Improvement Refunding Revenue Bonds, Series 1985; awarding the
sale thereof to Southeastern Municipal Bonds, Inc. subject to the terms and
conditions of a purchase contract; authorizing municipal bond insurance on said
bonds; appointing a paying agent and registrar; appointing an escrow holder;
authorizing preparation of a final official statement in connection with the
issuance of bonds; canceling certain authorized but unissued obligations; and
providing an effective date.
Attorney Lang read Resolution No. 495 by title only.
Motion was made by Commissioner Hartman to approve Resolution No. 495 which incorporates
by reference and approves by reference the purchase contract with Southeastern for a
refunding issue in the amount of $3,785,000.00. Seconded by Commissioner Adkins.
Discussion. Vote on the motion: Commissioner Hartman, aye; Commissioner Hoffmann,
aye; Commissioner Adkins, aye; Commissioner Grove, aye; motion carried.
Motion was made by Commissioner Grove approving in form the Escrow Deposit
Agreement that would be used for purposes of refunding the outstanding bonds in
conjunction with the refunding of the City Hall, Moss Road Bonds. Seconded by
Commissioner Adkins. Discussion. Vote on the motion: Commissioner Hoffmann, aye;
Commissioner Adkins, aye; Commissioner Grove, aye; Commissioner Hartman, aye; motion
carried.
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Special Meeting, City Commission, May 17, 1985
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Resolution No. 496, providing for the redemption of certain of the outstanding
City of Winter Springs, Florida Improvement Revenue Bonds, Series 1984, dated
May 1, 1984; instructing the paying agent to pay principal and interest on the
refunded bonds; providing for publication of a notice of redemption; and providing
an effective date.
Attorney Lang read Resolution No. 496 by title only.
Motion was made by Commissioner Adkins to approve Resolution No. 496 authorizing
the redemption of those bonds that are outstanding from the 1984 issue. Seconded
by Commissioner Grove. Discussion. Vote on the motion: Commissioner Adkins, aye;
Commissioner Grove, aye; Commissioner Hartman, aye; Commissioner Hoffmann, aye;
motion carried.
Motion was made by Commissioner Grove to amend Resolution No. 494 by inserting a new
Paragraph I entitled Arbitrage and renumbering every provision thereafter . Seconded
by Commissioner Adkins. Discussion. Vote on the motion: Commissioner Hoffmann, aye;
Commissioner Adkins, aye; Commissioner Grove, aye; Commissioner Hartman, aye;
motion carried.
Meeting was adjourned 12:50 p. m.
Respectfully submitted,
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Mary T. Norton,
City Clerk
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