04/04/1983
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Qooomplished and the reoommendation is to approve a resolution approving
the form of and authorizing a Bond Purohase Agreement for negotiated sale
of suoh bonds; awarding suoh bonda to the purohaser thereof; approving
the distribution of a Preliminary Offioial Statement and authorizing an
offioial statement relating to suoh bonds; and to approve the form of the
requisite Indanture of Trust, Mortgage and Seourity Agreement and the
Agreement of Sale and Seourity Agreement.
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The above desoribed doouments are essentially oonsistent with the
material previously provided to the City Commission with the exoeption
of Rabbi Hibler who is no longer involved. John MoCoy is legal oounsel
to the Company, William King is Bond Counecl; Alexander Grant and Company
oontinue as the feasibility oons111tant; American Munioipal Seourities will
be the underwriter; and Miohael Kelly will represent American Munioipal
Seourities Previously the oompany was expeoted to raise $1,000.000 in
equity through the Offering of limited partnership interest to investors.
This is not contemplated now and instead the base amount of the bonds has
been increased to $4,000,000. This is the amount initially approved by
the City Commission and validated by the Cirouit Court.
The preliminary feasibility study assumed that interest rate of 14i%
substantially lower than the original 16%. The underwriter antioipates
the range will be in the 111-14}J. Initially the debt service reserve fund
will be funded in an amount suffioient to meet the prinoipal and interest
l~quirements for six months. Interost earnings on all trustee held funds
will be oredited to the debt servioe reserve fund until the balanoe in
the fund is sufficient to meet a full years debt service on the bonds.
In order to prOVide working oapital, the oompany may furnish either
cash, a letter of credit o~ bank line of oredit. The company has agreed
to guarantee the bonds throughout the construction period. Aocordingly
the five year partnership has been eliminated.
Mayor Kelly and Commissioner Berfield expressed concerns
City's liability and the faot this was a for-profit project.
involvement relates to the bond3 being tax free.
about the
The City's
Salu Devnani stated that kosher faoilities will be available on a
first-come, first-serve basis and the first years interest will be placed
in escrow.
The City Manager reported there is a need for a nursing home and the
public seotor has not oome forward to do the project. The City will have
no direot liability. The bonds have been validated and a certificate of
need aooomplished. The company has spent considerable money up to this
point.
Parking Revenue Bonds - P.A.C.T. Parking.
Joe McFate reported these bonds will pay for the parking lot, drive
way, and landsoaping at the Performing Arts Center Theater. There will
be no meters or attendants at the parking lot. The cost of parking will
be included in the ticket price. The bonds have been validated, the Bond
Counsel has approved the bond doouments, the paying agent and registrar
have been approved.
Property Transaotions to Purohase Land in Hlllsbourough County.
The proposal inoludes the purchase of 414 aores plus of land in
Hillsbourough County for *1.773,000. Additional land is required for the
City sludge disposal program as it continues to inorease. Land presently
owned by the City 1s rapidly reaohing a point of design capaoity with
respeot to actual pounds of solids and nutrients being applied based upon
acceptable standards.
The City ourrently owns 4111 aores and will eventially own 1,000 acres.
2.
April 4 t 1983
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Advertising may b~ oontined to the downtown area.
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Meeting adJo~rned at 5:38 p.m.,
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