03/31/1978-----.. , .1 �
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CTTY COMMI55zON ME�TING
March 31, 1978
The Ci�ty Commissi.on of the City of C�earwater met in
gpecial sesaion a� �he City Hall, Friday, March 31, 1978, at..
1:30 p.m., with the �ol�.owing members preaen�:
Gabri�l Cazar�s
Karleen F. DeBlaker
Karen Martin
William Nunamaker
Richaa�d E . Tenney
Alao presen� were:
Jeffrey Butler
Thomas A. Bustin
Ceci1. Henderson
Fxank pan�.e�s
Mayor/Cammissioner
Vice--Mayor/Comm�.ssi.oner
Commiasioner
Commissioner
Commissianer
Acting Ci�y Manag�r
City A��arney
Assistant City Engineer
Po�.ice Chief
The Mayar ca].7.ed the meeti.ng to order. The invooation
was g�.ven by Fxank Dan�.eJ.s . The P1.edge of Allegiance was led
hy tihe Mayor.
Letter dated March 29, 1978, No�a.ce a� Spea�.ai Meet3ng,
was r�ad into the record and a Waiver of No�ic� of M�eting
was presented to the C1.exk.
The Acting City Manager reported the purpose o� the mee�-
ing was ta eonsider �he purchase proposal ��om Wi.].la.am R.
�Hough & Co., re Utilities Revenue Bond Seri�s 1978 (�o refund
all outstanding util,ities xevenue certi�icatesy and to provide
$625�OOQ o� new financing for constaruction of water/sewer im-
pxovemen�s. He reviewed the Commission's ac�ions tv date a.n
appo�.nting a refunding team and the following representati.ves
were present: John Kranfeld, of E. F. Hutton; W�lliam Hough,
rPpresent3.ng hi.s company; Bruce Sampson, of Pierce, Wulbern,
Murphey Garpazation; and 37an Livermoxe as Sond Counsel.
Wi.iliam Haugh made the presen�a�ion for the Underwx3.tezs
and s�ated the re�unding wil.l be af aI.1 the City's Utili�y
Revenue $onds and wiZ1. be accamp3.ished by the "Full Cash de--
Eeasance" method i.n combina�ion wa.th ar� "Invested Sinking Fund."
The Bond Program includes $24,790,000 new Uti.l.ity Revenue
Bands of which $23,950,D00 are required for accamplishing ttie Re-
funding and$8�40,000 �or new utili�y cons�ruc�ion. �n addition,
$20,3B5,U00 of Special Obiigation Sonds will be marke��d and
will be payable from U.S. Treasury Bond �ncome genera�ed fram
the Esc�ow Account.
The Invested Si.nk3.ng Fund Supply Agreement will be placed
with the Communi�y Bank o� Pinellas for the purchase ot 7--7/S$
U.S.� Traasury Sonds at 98.375$ over a 15-year period for the
C�.ty'.
•:. . The net savings over the life of the issues is projected
.�. to be $ 3, 6].6, 080 . Shou].d the . Ll. S. Treasury redeem or ca�.1 the
� �� bonds in 20Q2 the sav�.ngs would 3�e reduced.to $2�599,000.
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.�� ', .� A Con�xact of Purchase wi�h Suppl.emental Schedu3es was �
;�,.�. � dis�ributed and reviewed. Commisaion questioned the Alioca�ion .
� of Estimated Expenses (Schedule 15) and discugsed the savings
;..; s�':. :''.; ;.� �o be generated by the refunding. �
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�� The Acting City Manager reaarninended �aking��he saving� of
approxima�el.y $�.00,000 each year ir►stead of a lump sum at the
� Fronti end. The psaposal by Wil,�.iam R. Hot�gh & Co. r�ss�me8 the
' annual savings. •
�
;, John Kronfeld read 3.nto the recazd lettar o� Maxch 31,
1978, re Econamic Fe�tsi.bil3ty Report an the Advan�e Refunding
o� �he City's $24,637,000 OuCs�and�.ng Bonds and reported preeent
market conditians are hazardoue but he felt tha� �he fees were'
E xeasonab�.e and comparable.
Dan Livermore, Hond Counael, reparted the Contract of
Purchase had heen rev�.awed a�ong w�.th the computer schedulea'
and i� 3.n legai tarm with �ypical con�3tians, and a closing date
of May 10, ].978. A13. the estimated expen�es o� $511,730 as
l�.sted in ScheduJ.e 15, wi�.l be pa�.d ou� of the Bond proceeds.
Digaussion ensued on �he es�imated expenses.
�he Ac�ing City Manager racommended Resolutions �78-36
and #76-37 be adop�ec3 and the p�oposal. be accepted as submitted.
Reso�u�ion #78-36, a resolution fixing the da�eg, ma�uri- ,
ties, mandatory Sinking Fund ins�al�men�s, interes� rates and
redempti4n provisions £or $24,790,000 Util.ity Revenue Bands,
S�ries 1978: fixing the date, matur��ie� and interest rates for
$20, 385, 000 Special Ob�.iga��.ans Bonds, Serie� 1978A; aancel].�.ng
$3,710,000 principal. amoun� of sa�.d 1978 Bonds and �3,615,000
�principal amount of said 1978A Bonds; approving a contract oF
purchase and awarding said 1978 and 1978A Bonds; authorizing
�he use af preliminary official sta�emen�s for said 1.978 Bonds
anc3 1,978A Bands. (Wm. Haugh and the Pierce Wu].buxn Muxphy Carp,)�
Co�nmissioner DeBlaker moved to pass and adop� Resolu�a.on
#78-3G and.to authorize the appropriate oEficiais to �xeaute
same. Commissionez Nunamaker seconded the mo�ion. Upan ro1.1
aa3.1 �h� vo�e was :
"Ayes": Cazares, DeBZake�, Mart�.n, Nunamaker and
Tenney.
n N�yB s' : None .
Resolution #�78-37 -- A resolution au�horiza.ng �xecution
o� S�cura.ti,es Purchase Ag�eement Eor the City's 2007 �erm Bonds
Sinking Fund Account relati.ng ta the City's iltility Revenue
Band�, Series 1978. (Commun3ty �ank o� Pine�.Zas}.
Commissioner Nunamaker moved to pass and adopt Resoluti.on
#78-37 and ta authorize �he appropriate officials to execute
same. Commissioner AeBlaker seconded the ma�ion. Upon ro1.l
aa11 �he vote was;
"Ayes": Cazares, DeBZa3ter, Martin, Nunamakez and
� Tenney.
"Nays": None.
D�.scussion ensued on the appoint�ent of a Pay�.ng Agent
�and Eecr�w Holcier. Consensus was to consider at a�uture date
and evaluate the �ses.
.' Bob 03.ive, �� the Underwritera, pres�nted a gooc� faith
check in the a�t�ouat af $112,937.50 to the Mayor as security
;��. �az the performance by �he Underwritexs oE a.ts obligation ta
," �, accept dalivery of and pay far tha Sands as praviousiy provided,
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' ;,:� .�� The meeting adjourned at 3:45 p.m.
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