04/26/1978
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CITY COMMISSION MEETING
April 26, 1978
The City Commission of the city of Clearwater met in
special session at the City Hall, Wednesday, April 26, 1978,
at 11:30 a.m., with the following members present:
Charles F. LeCher
Karleen F. DeBlaker
Karen Martin
William Nunamaker
Richard E. Tenney
Mayor/Commissioner
Vice-Mayor/Commissioner
conunissioner
conunissioner
conunissioner
Also present were:
Anthony Shoemaker
*Thomas A. Bustin
City Manager
City Attorney
*Mr. Bustin arrived at 12:30 p.m.
The Mayor called the meeting to order. The invocation
was given by the City Manager and the Pledge of Allegiance was
led by Commissioner Nunamaker.
The City Manager read into the record Notice of Special
Meeting dated April 25, 1978. A Waiver of Notice of Meeting
was presented to the Clerk. The purpose of this special meet-
ing is to consider the actions of the City Commission relative
to closing the sale of the utility Revenue Bonds, Series 1978,
and the related Special Obligation Bonds.
The City Manager reported the attorneys were delayed in
St. Petersburg.
The new reglations of the Internal Revenue Service related
to invested sinking funds will be published in the near future.
The changes in the regulations will probably prohibit the use of
invested sinking funds, which is the method used for refunding
and refinancing our Utility Revenue Bond Issue and a saving to
the City of approximately $3,500,000 over a period of 25 years.
As the regulations could be published Friday, April 28 1978
and the City has completed its negotiations to such an'extenf
the Underwriters and Bond Counsel recommend an earlier closin~
date than originally scheduled. .
Commissioner DeBlaker moved to continue the meeting to
12:30 p.m. Commissioner Nunamaker seconded the motion and
stated for ~he record, unless Borne other factors were presented
to t~e Comm1ssion he was in favor of executing the advanced
c1os1ng and,he woul~ be unable to return for the continuance.
Motion carr1ed unan1mously.
Commission reconvened at 12:35 p
was absent. .m.
Commissioner Nunamaker
The Mayor called the meeting to order and turned it. over
to the, City Attorney.
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The City Attorney presented to the commission two resolu-
tions and an ordinance that, if passed and adopted today, will
allow the City to proceed to a temporary closing. The tempo-
rary bonds that are issued will be exchanged for definitive
bonds on May 4, 1978. Basically, the earlier closing will
secure the savings projected for this bond issue.
Dan Livermore, Bond Counsel, reviewed the resolutiono
and ordinance.
The City Manager read into the record letter from E. F.
Hutton & Company, the City's Financial Consultants, dated
April 25, 1978, recommending the City close this bond issue
early.
First and Second Readings, Emergency Ordinance #1783 - Amend-
ing Ordinance #1761, authorizing the refunding of $24,637,000
of presently outstanding utility Revenue Certificates of the
city providing for the issuance of not exceeding $28,000,000
utility Revenue Bonds, Series 1978, to be applied to refund
the principal and interest to the presently outstanding ob1i-
~gations to provide for the use of moneys in the revenue fund
as applied to subordinated debt of the issuei to require ap-
proval of the City Commission for deposits into the Renewal
and Relacement Fund and to renumber existing paragraphs~ and
declaring an emergency.
The City Attorney presented Emergency Ordinance #1783 for
first reading. Commissioner Martin moved that Emergency Ordi-
nance #1783 be read and considered by title only on the first
reading by the unanimous consent of the Commission. Motion
was seconded by Commissioner Tenney. Upon roll call the vote
was:
"Ayes":
"Nays":
Absent:
DeBlaker, Martin, Tenney and LeCher.
None.
Nunamaker.
The ordinance was read by title only. Commissioner
DeBlaker moved that Emergency Ordinance #1783 be passed on its
first reading. Motion was seconded by commissioner Tenney.
Upon roll call the vote was:
"Ayes":
"Nays":
Absent:
DeBlaker, Martin, Tenney and LeCher.
None.
Nunamaker.
The City Attorney presented Emergency Ordinance #1783 for
second reading and stated he would read by title only unless
there was a request to read in its entirety. The ordinance was
read by title only. Commissioner Martin moved to pass and
adopt Emergency Ordinance #1783 on second and final reading
and to authorize the appropriate officials to execute same.
Commissioner Tenney seconded the motion. Upon roll call the
vote was:
"Ayes":
"Nays":
Absent:
DeBlaker, Martin, Tenney and LeCher.
None.
Nunamaker.
Resolution #78-53 - Amending Resolution #78-36 relating to
the' sale of utility Revenue Bonds, Series 1978 and Special
Obligation Bonds, Series 1978Ai authorizing the issuance of
. . 'temporary bonds pending delivery of definitive bondsi authoriz-
'. ",., . :',ing t~e execution and delivery of. an agreement re cancellation
'S;.,.:." ..,' .' --.' of :bond~~sale, and a' letter amendment to a Securities Purchase
D/:';';~:~\~:<<,.~~" ,,~reenient betweeim the City and Community Bank of pinel1asi
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~ir'~~;,"i.')'"::,,, ",.,~:',~b:8nefit,. of' .the' holders of the refunded' certificates to be
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transferred to corresponding appropriate funds and accounts
for the benefit of the holders of the refunding bonds.
The City Attorney presented Resolution 17a-53. Commis-
sioner DeBlaker moved to pass and adopt Resolution '7a-53'and
to authorize the appropriate officials to execute same. 'Com-
missioner Tenney seconded the motion. Upon roll call the vote
was:
"Ayes":
"Nays":
Absent:
DeBlaker, Martin, Tenney and LeCher.
None.
Nunamaker.
Resolution #78-54 - Providing for Redemption of certain of ,
the Outstanding utility Revenue Certificates, Series of 1969.
Commissioner Martin moved to pass and adopt Resolution
#78-54 and to authorize the appropriate officials to execute
same. Commissioner Tenney seconded the motion. Upon roll
call the vote was:
"Ayes":
"Nays":
Absent:
DeBlaker, Martin, Tenney and LeCher.
None.
Nunamaker.
Commissioner DeBlaker moved to authorize the appropriate
officials to execute all necessary documents associated with
the temporary closing of the utility Revenue Bonds, Series
1978 and related Special Obligation Bonds, Series 1978A, on
April 27, 1978. commissioner Martin seconded the motion which
carried unanimously.
The meeting adjourned at
1:10 p.m.
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