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RESOLUTION
No. 78-?l1
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF ,
CLEARWATER DESIGNATING THE PAYING AGENT AND ESCROW
HOLDER IN CONNECTION WITH THE ISSUANCE OF THE 1978
UTILITY REVENUE BONDS AND THE 1978A SPECIAL OBLIGATION
BONDS AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission by Ordinance No, 1761 and
Ordinance No. 1760 adopted February 21, 1978, authorized the issuance of
$28,000, 000 Utility Revenue Bonds, Series 1978 (the "1978 Bonds") and
$24, 000, 000 Special Obligation Bonds, Series 1978A, (the 111978A Bonds"); and,
WHEREAS, pursuant to Resolution No. 78436, adopted March 31, 1978,
an. award of purchase of such Bonds was made; and,
WHEREAS, the Bond issue was validated and a judgment of validation
entered April 3, 1978; and,
WHEREAS, it is necessary to designate the paying agent and escrow
holder for such Bond issue;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA, IN SESSION DULY AND
REGULARLY ASSEMBLED, AS FOLLOWS":
Section 1. The Exchange National Bank of Tampa, Tampa, Florida,
is hereby named paying agent in connection with issuance of the Bonds.
Section 2. The Community Bank of Pinellas is Ikereby named as
escrow holder in connection with the execution and delivery of the Escrow
Deposit Agreement, and such Escrow Deposit Agreement is attached as, an
exhibit to Ordinance No. 1761 enacted by the City Commission of the City on
February 21, 1978, and the proper officers of the City are authorized and
directed to enter into the Escrow Deposit Agreement with the escrow holder.
Section 3. In order to effect the refunding program contemplated by
the issuance of the Bonds, the escrow holder io authorized and directed to invest
the proceeds of the sale of the Bonds, under and pursuant to the Escrow Deposit
Agreement to be entered into between the City and such Bank as provided by
Ordinance No. 1761 by purchase of the securities to be designated in writing
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4/6/78
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by the Mayor-Commissioner on or prior to the date of delivery of the Bonds;
provided, however, that such securities shall consist only of direct obligations
of the United States of America and shall be sufficient in rate of interest and
principal amount to accomplish the purposes of the refunding aid the requirements.
• r.
of the Encrow Deposit Agreement.
Section 4. This resolution shall take effect. immediately upon its
adoptio6.
PASSED AND ADOPTED THIS 6th day of April, A.D., 1978.
Attest,:, Vice -Mayor/ Con•umis si gner
Deputy City Clerk,
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