RESOLUTION 86-02 CRA FOR BONDS PURCHASE AGREEMENT
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RESOLUTION NO. 86- 2 (CRA)
A RESOLUTION AWARDING $ 1,660,000 TAX INCREMENT
AND LEASE REVENUE BONDS, SERIES 1986, OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
CLEARWATER, FLORIDA; AUTHORIZING EXECUTION AND
DELIVERY OF A BOND PURCHASE AGREEMENT FOR SUCH
BONDS; FIXING THE DATE, DENOMINATIONS, MATURITIES,
INTEREST RATES, INTEREST PAYMENT DATES, AND
REDEMPTION PROVISIONS WITH RESPECT TO SUCH BONDS;
AUTHORIZING OTHER ACTION IN CONNECTION WITH THE
DELIVERY OF SUCH BONDS; DESIGNATING A PAYING AGENT
AND REGISTRAR; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Community Redevelopment Agency of the City of Clearwater,
Florida (the "Issuer"), has by Resolution No. 86-1, duly enacted on February 20, 1986,
previously authorized the issuance of not exceeding $2,500,000 Tax Increment and Lease
Revenue Bonds, Series 1986 of the Issuer; and
WHEREAS, the Issuer hereby finds that the timing, size and complexity of the
financing and the present volatility of the municipal bond market require that its terms be
negotiated at private sale rather than offered by competitive bid at public sale in order to
assure the most favorable terms in the bond market and, therefore, has determined to sell
such Bonds (the "Bonds") at private, negotiated sale; and
WHEREAS, the Issuer has received a Bond Purchase Agreement (the "Bond
Purchase Agreement") from William R. Hough &: Co., as Underwriter (hereinafter called
"Underwriter"), the acceptance of which the Issuer determines to be in its best interest;
and
WHEREAS, the Issuer desires to approve and authorize the taking of all other
necessary action in connection with the delivery of the Bonds; now therefore,
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, FLORIDA, as follows:
Section 1.
Award of Bonds. The Issuer hereby finds, determines and
declares that the timing and size of the issue and complexity of the financing plan for the
Bonds, and current rapidly changing bond market conditions require that the bond issue be
negotiated at private sale rather than offered by competitive bid at public sale in order to
assure the necessary flexibility to change the maturities, redemption features and interest
rates necessary to obtain the most favorable terms in the bond market. The negotiated
sale of the principal amount of Bonds stated in the title of this resolution and in the Bond
Purchase Agreement of the Underwriter is hereby authorized pursuant to Section 218.385,
Florida Statutes. The offer in the form of the Bond Purchase Agreement, attached hereto
LKL-08/0 5/8 6-8 40A-2 223
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CRA Res. 86-2
8/7/86
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as Exhibit "A" and made a part hereof, relating to the purchase of the Bonds is hereby
accepted and such principal amount of Bonds are hereby awarded and sold to the
Underwriter at the purchase price and upon the terms and conditions set forth in the Bond
Purchase Agreement. The Issuer acknowledges receipt of the information required by
Section 218.385, Florida Statutes, in connection with negotiated sale of bonds. A copy of
the Underwriter's letter containing the required information is attached to the Bond
Purchase Agreement as Exhibit "B".
Section 2. Description of Bonds. The Bonds shall be issued in fully
registered form, shall be dated, shall be in the denomination of $5,000 each or any
integral multiple thereof and numbered consecutively from one upward, shall mature on
such dates in the years and amounts set forth as part of Exhibit A to the Bond Purchase
Agreement and shall bear interest, payable on such dates and at the rates of interest set
forth on Exhibit A to the Bond Purchase Agreement.
Section 3. Redemption Provisions. The Bonds shall be subject to
optional and mandatory redemption prior to maturity upon the terms and in the manner
set forth on Exhibit A to the Bond Purchase Agreement.
Section 4. Execution of Bond Purchase Agreement and Authorization of
all Other Necessary Action. The proper officers of the Issuer are hereby authorized and
directed to execute and deliver the Bond Purchase Agreement and to execute the Bonds
when prepared and deliver the same to the Underwriter upon payment of the purchase
price pursuant to the conditions stated in the Bond Purchase Agreement. The Chairman,
Clerk, Executive Director and Attorney for the Issuer are each designated agents of the
Issuer in connection with the issuance and delivery of the Bonds, and are authorized and
empowered, collectively or individually, to take all action and steps to execute and
deliver any and all instrum ents, documents or contracts on behalf of the Issuer which are
necessary or desirable in connection with the execution and delivery of the Bonds and
which are not inconsistent with the terms and provisions of this resolution and other
actions relating to the Bonds heretofore taken by the Issuer.
Section 5. Designation of Paying Agent and Registrar. Florida National
Bank, St. Petersburg, Florida, is hereby designated and approved as paying agent and
registrar for the Bonds.
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Section 6.
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Effective Date. This resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED this 7th day of
Attest:
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L KL-08/04/8 6-840 A-2223
August
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