03/13/1978_ �� _ I
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CITY COMMTSSxON MEETxNG
March 13, 1978
The City Cornmis�ion af �he C�ty of Cleaxwatez meti in
epecial sesaion a� the Citiy Hal�, Monday, March 13, 1975, aC
1:45 p.m „ w�.�h �he foZlowing membere presen�:
Gabriel Cazaxes
Kaxleen F. DeBlalrex
Kaxen Martin
Richard E. Tenney
Absent:
William Nunamaker
Also pr�sent were:
An�hony Shoemakex
Thomas A. Bustin
Frank Daniels
Mayoz f Commis�3.aner
Vice-Mayax/Commi.asionez
Commissioner
Commissioner '
Commis�ioner
C3.ty Manager
Ci.ty A�torney
Police Chief
The Mayor called the mee�ing �o order and the City Mana-
ger reaci in�a the record �he Notice af Special Meeting dated
March 30, i978, and a Waiver of No'tice r�f Meeting was presen�ed
to the C1�rk.
Th� purpose of �he meeting was to approve an amendment to
�he Securities Opt3.on and Purchase Agzeement in conjunction
with �he refunda.ng af the U�ilities Serv�.ce Tax and Bridge
F.evenu� Bonds, �o adjust the guaran�eed yield �o the aurrent
max3ce� condi�i.ons.
The City Manager repox�ed a change in the bonc3 marke�. which
was favorable to the City. The Bond Underwrite�s were con�acted
�o renegotiate on �he Op�ion Agreement so �ha� the City W�uia
recea�ve a }se�ter purchase price.
�"eff Bu�1er, Assa.s�ant City Manager, repor�ed th� savings
from t;he rsFunding dane 1.as� fa�1 were �.he resu3.t af good in-
ves�men;ta mac�e in tli� sinking fund �o zepay the rsew bonds that
weace sa�.d. �he gua.ranteed yie3.d �hat the C:�ty wi1.Z be maka.ng on
the investxnen�s in the sinking �und was 7.6�. The pu�chase pric�
o£ the Gaveznm�r�t Bands �he Ca.ty wiZ1 be buy�.ng over the next �en
years has drfl�pe,d and the yxeld has increased to 6.25$. Barnett
Ban)c has agreed �o renegotia�e wi�h �he City and the amencLnent
provi�des tha� �he Bank puarchase the �ntire amount of tYee �u�ure
purchases tha� the Ci�y wia.i make �rom �he Bank at the current
market condi�ions within 5 days o� approva]. of the am�ndment.
Th� estimated addit�.onal savings �o �he Ci.ty will be approx�.snate3.y
$295,40Q.
Cornrnission�r Martin maved �o approve an amendmen� �o the Barnett Bank
Secu�c�.ties Opti.on and Purchase Agreement in c�njuncta,vn wi.�h
the xe�und�.ng of �h� U�ili�ies S�rvice Tax and Bridge Revenue
Bands, for,the purpoae of adjusting th� guaran�eed yield to the
current marke� cor�ditions (esti.mated �o be a reduced p�ice f�om
�"� ,: �07-7/B to �esn than �.Q1) , sub3ect �o the approval o� the Ci.�y� s
•#�., ,-,` :,l , Bond Couns�l, and that the app:ropriate of£�.ciaZs exeaute same.
,.,,,. •� Com�n�.�sionar De�Iaker seconded the motion which carried unanimaus-
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