86-63
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designated agents of the Issuer in connection with the Issuance and delivery of the Note.
and are authorized and empowered. collectively or indlvlduallYJ to take all action and
steps to execute and deliver any and all Instruments. documents or contracts on beha1f.of
the Issuer which are necessary or desirable in connectlo~ with the execution and delivery
of the Note and which are not In<!onslstent with the terms and provisions of . the
Ordinance, this resolution and other actions i'elatlng to the Note heretofore taken by the
Issuer.
Section 4.
Effective Dnto. This resolution shall take effect
Immediately upon Its adoption.
PASSRD AND ADOPTBD this 2nd day of
October
, 1986.
Attest:
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~s"n Bank of Tampa Bay
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September 22~ 1986
Mr. Steven M. poe
First VJ,ce President:
William R. Hough & Co.
Post Office Drawer 1051
St. Petersburg, Florida 33731
Dear Mr. Poe:
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In response to your letter dated September 3, 1986~ Sun Bank of
Tampa Bay (IfBank") is pleased to offer the City of Clearwater (IJCityll)
interim financing in the amount of $5,700,000.00 for the purpose of
making certain improvements to th~ City's water distribution system.
, This transactiou v:1.ll be iu the form of "Send Anticipation Notes (ItNocesll)
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which the Bank will purchase from the City. Other terms and conditions
are outlined below:
FUNDING DATE:
MATURITY:
INTEREST:
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Anticipated funding dace of October 8. 1986,
but no later than November 15, 1986.
Principal balance plus any and all accrued
interest due and payable six (6) months
from closing.
4.51% fixed (calculated on the basis of a
360 - day Yle8r and 30 day month) through
December 31, 1986. After that dace the
rate will converc to Sun Bank Price - 3/4%
floating (with Sun Bank Prime as che annual
intereBt rate announced by Sun Banks, Inc.
from time to time, as the prime rate). In-
terest will be payable at 12/31/86 and at
maturicy or redemption of Notes.
P.o. Box 3303 I Tampa, Florida 33601
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September 22. L986
Mr. Steven M. Poe
William R. Hough & Co.
Page Two
PREPAYMENT:
The Notes shall be subject to redemption prior to
maturity. at the option of the City. beginning
three (3) months from the funding date aud any day
thereafter at the principal amount outstanding (with-
out penalty) plus any and all accrued. interest to the
redemption date. In addition, City may prepay as out-
lined in the fOl,lowing paragraph. '
TAX RATE I
INTEREST RATE
mDEMNIFtCATION: In the event of a change in the tax, Tate pTior to the
delivery of the Notes, the Bank shall reserve the right
to adjust the interest rate or pricing so as to maintain
the same tax equivalent yield. Also. the City may have
the option to prepay without penalty at the time of the
interest rate adjustment after December 31, 1986 as des-
cribed above, should such date preceed the redemption
date of three (3) months or any day thereafter from the
funding date.
,LEGAL OPINION: The Notes shall be accompanied by and subject to an accept-
able unqualified opinion from Livermore. Klein & Lott. P.A..
Jacksouv11le. Florida. Bond 'Counsel as to the legality and
the tax-exempt ,status of'the ~ssuance.
COLLATERAL: The Notes shall be secured by a first lien on proceeds to
be received by the City from the sale of its Water and
Sewer Revenue Bonds., Series 1986. and by a,lien on Net
Water and Sewer Revenues of the City which will be junior'
and subordinate to the lien in favor of the holdero of the
City's Water and Sewer Revenue Bonds, Series 1984.
DOCUMENTS: All documents norma~ly associated with this type of trans-'
action will be required. ' In addition. this approval is
contingent upon the approval of all documents by Bank's
legal counsel. .
COST: The City shall be liable for all cost incurred by,.the City
including the fees from Bond Counsel. The Bank shali be
liable for fees incurTed by Bank.
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Septembe~ 22. 1986
M~. Steven H. Poe
William R. Hough &
Page three
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If the above approval 1s acceptable to you, as agent for the City of
Clearwater, Florida, please sign below where indicated and return the ori-
ginal to my attention. The duplicate is for your files.
Steve, Sun Bank of Tampa Bay appreciates this opportunity again to work
with you and the City of Cfearwater, and hopes that' you keep Sun Bank in mind
',I for. any additional financial needs in the future.
Sincerely,
iJ1\Ld",Q Q. G..-c.'rM:clL~
Michael B. Carmody
Corporate Banking Officer
HBc/ld
Accepted this,
day of
, 1986
By:
,1 cc.:
Daniel J. Dei~n
Joseph R. McFate, II
Thomas Morrison. ~squire
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