11/01/1977
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There will be an approximate cost of $lj~OOO payable to Barnett
for the option. The bondl are currently ..lling at a premium
but will yield 7.60% to the City.
In the refunding program, $5,660,000 Clearwater, Florida,
Utility Tax and Bridge Revenue Bonda, Seriee of 1977, will be
iaaued to refund $4,950,000 of existing debt, and there is a
projected total future value 8avinge in the amount of
$444,967.87. . Various schedules included in the Contract of
Purchase relating to Debt Service and Saving. and Contribu-
tions to Invested Sinking Fund account were reviewed.
The principal features of the refunding program for
$3.290.000 Clearwater, Florida, Utilities Tax Bonds. Series
of 1911, vere also summarized. The issue will refund
$3,535,000 of existing debts and projected savings amount to
$989.064.72.
Each item of the Schedule of Expenses Payable from the
bond proceeds totaling $274.335.23 was individually discussed.
There will be two separate banking arrangements entered
into and the underwriters recommend the Exchange National
Bank of Tampa to be designated paying agent and to serve as
escrow bank in connection with the Escrow Deposit Agreements
and that Barnett Bank be designated to handle the Option
Agreements.
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Mr. Hawkins read into the record a recommended call
provision.
'I
The Acting City Manager requested a recess for review of
the proposal by the City's financial advisors. Commission
recessed at 11:15 a.m. and reconvened at 12:15 p.m.
Don Burke, representing Reynolds Securities Inc., and
Fischer, Johnson. Allen & Burke, Inc.. financial advisors to
the City. reviewed the proposal and recommended approval of
the Contract of Purchase.
Commissioner Frank moved that the City Commission accept
the proposal received from William R. Hough & Co.. on Novem-
ber 1, 1977. to purchase:
a. $6,060.000 City of Clearwater. Florida. Utility
Tax and Bridge Revenue Bonds, Series
of 1977;
b. $3.340.000 City of Clearwater. Florida. Utilities
Tax Bonds. Series of 1977;
c. $2,115.000 City of Clearwater. Florida, Special
Obligation Bonds, Series of 1977A; and
d. $1,335.000 City of Clearwater. Florida. Special
Obligation Bonds, Series of 1977B;
subject to the terms and conditions of the Contract of Pur-
chase" dated November 1. 1977, by and between the City of
Clearwater, Florida. and William R. Hough & Co., and that the
appropriate officials be authorized to execute S8me and to
take. all ~ppropriate steps related directly and indirectly to
the above proposal. Commissioner Nunamaker seconded the motion
"which carried unanimously.
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Co=ai..ionar Martin =oved th.t the City Co==illion auth-
ori.. the City Manager to notify official. of Barnatt Bank .
to .~.CUtl . supplyagreemlnt with a U.S. Treasury Bond .up-
plier for the purchase of approximately $3,700,000, agBre..t.
principal amount at 8.25% United States Trea.ury Bond. due
May IS, 2005, to be used for the City of Clearwater'l benefit;
that the appropriate officials be authorized to execute a
Securitie8 Option and Purchase Agreement in substantially the
form a8 presented to the City Commi8sion today by William R.
Hough & Co.; and that a payment of three-eighth8 of on.
percent of the aggregate principal a=ount (estimated to be
$13,875) is authorized to be paid to Barnett Bank as consid-
eration for the option agreement. Commissioner Frank seconded
the motion which carried unanimously.
The Acting City Manager reported confirming resolutions
will be presented to the Commission for consideration and
adoption at the November 17, 1977, meeting to fill in the
details of the 'ordinances that were left blank in conformance
with the schedules received today.
The Waiver of Notice of Special Meeting was presented
to the Clerk.
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The meeting adjourned at 1:10 p.m.
Attest:
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W AND OF NOTICE OF MEETlNO
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The UDdel'.i,Dlld City Commb.ionel'. of the City of. Clea~w.tel". Floria.
hereby waive notice of a special meeting of the Commi..lon to be b~d at'
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19
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