81-105
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RESOLUTION NO. 81 - 105
A RESOLUTION SUPPLEMENTING ORDINANCE NO. 2556-81 ENTITLEDt
"AN ORDINANCE PROVIDING FOR THE ACQUISITION, CONSTRUCTION
AND EQUIPPING BY THE CITY OF CLEARWATER OF A PROJECT FOk A
NURSING HOME: PROVIDING FOR THE SALE OF SUCH PROJECT TO
BETHAMY GARDENS, LTD.I PROVIDING FOR THE IS~UANCE BY THE
CITY OF CLEARWATER OF UP TO $4,000,000 PRINCIPAL AMOUNT OF
ITS FIRST MORTGAGE NURSING HOME REVENUE BONDS TO PAY ALL
OR A PORTION OF THE COST OF SUCH PROJECT, PROVIDING FOR
THE RIGHTS OF THE HOLDERS OF SUCH BONDS, PROVIDING FOR
THE PAYMENT THEREOF, PROVIDING FOR A NEGOTIATED SALE OF
SUCH BONDS MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS
IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS, PROVIDING
FOR PROPER NOTICE OF PROPOSED ENACTMENT AND PROVIDING FOR
AN EFFECTIVE DATEJ" DESIGNATING A TRUSTEE UNDER THE INDEN-
TURE OF TRUST FOR SUCH BONDS, APPROVING THE FORM OF AND
AUTHORIZING A BOND PURCHASE AGREEMENT FOR THE NEGOTIATED
SALE OF SUCH BONDS, AWARDING SUCH BONDS TO THE PURCHASER
THEREOF: APPROVING, RATI~YING AND CONFIRMING THE DISTRIBU-
TION OF A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZ~NG
AN OFFICIAL STATEMENT RELATING TO SUCH BONDS.
WHEREAS, the City of Clearwater, Florida (the "Issuer"),
by Ordinance No. 2556-81 adopted by the Issuer's City Commission
on November 19, 1981 (the "Ordinance"), authorized the issuance
of up to $4,000,000 principal amount of the Issuer's revenue
bonds designated the "City of Clearwater First Mortgage Nursing
Home Revenue Bonds (Bethamy Gardens, Ltd. project), Series
1982" (the "Series 1982 Bonds"), for the purposes stated in
the Ordinance, and provided for certain other matters related
thereto,
WHEREAS, in Section 3M of the Ordinance the Issuer found
and determined that a negotiated sale of the Series 1982 Bonds
is required and necessary, and is in the best interest of the
Issuer, for the reasons stated therein, and by Section 9 of the
Ordinance the Issuer authorized and agreed to a negotiated sale
of the Series 1982 Bonds pursuant to a bond purchase agreement
to be approved by resolution of the Issuer, and
WHEREAS, Bethamy Gardens, Ltd. (the "Company") has sub-
mitted a form of bond purchase agreement (the "Bond Purchase
Agreement") providing for a negotiated sale of the Series 1982
Bonds by the Issuer to William G. Ceas & Company, of ROlling
Meadows, Illinois, as underwriter (the "purchaser"), to be
executed by the Purchaser, the Issuer and the Company, and the
Company has requested that the Issuer approve and authorize the
execution and delivery of the Bond Purchase Agreement and that
the Issuer award the Series 1982 Bonds to the purchaserJ
and
WHEREAS, the Purchaser has provided to the Issuer a
disclosure statement pursuant to Section 218.385 (6), Florida
Statutes, as amended; and
WHEREAS, the Company has submitted a copy of a preliminary
official statement dated December 1, 1981 (the "preliminary
Official Statement") relating to the Series 1982 BondS, and the
Company has requested that the Issuer approve, notify and
confirm the form and distribution of the preliminary Official
Statement and authorize an Official statement relating to the
Series 1962 Bondsl and
WHEREAS, th~ Company has requested and the Issuer desires
to designate a Trustee under the proposed Indenture of Trust,
Mortgage and Security Agreement pursuant to which the Series
1982 Bonds are to be issued.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF CLEARWATER, FLORIDA., IN SESSION DULY AND REGULARLY
ASSEMBLED, AS FOLLOWS:
Resolution 81-105
12/17/81
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BOND PURCHASE AGREEMENT
December
17,
1981
City of Clearwater,
city Hall
Clearwater, Florida
Florida
33518
Bethamy Gardens, Ltd.
c/o Richard T. Bennison,
703 Court Street
Clearwater, Florida
Esq.
33516
Re:
$3,570,000 City of Clearwater, Florida
First Mortgage Nursing Home Revenue Bonds
(Bethamy Gardens, Ltd.) Series 1982
Gentlemen:
The Underwriter hereby proposes to purchase all of
the Bonds from the City and to make a public offering of the
Bonds, subject to the following provisions:
have
meaning
Section 1.
the fOllowing meanings in
is plainly intended:
Definitions. The following terms shall
this Agreement unless another
(a)
Statutes,
"Act" means Part II of Chapter 159, Florida
as amended;
(b) "Agreement"
among the Underwriter,
means this Bond Purchase Agreement
the City and the Owner;
(c) "Bond Counsel" means Mahoney Hadlow & Adams,
Professional Association, Jacksonville, Florida;
(d) "Bonds" means $3,570rOOO aggregate principal
amount of City of Clearwater, Florida First Mortgage
Nursing Horne Revenue Bonds (Bethamy Gardens, Ltd.
project) Series 1982, issued under and secured as
provided in the Indenture, and having the maturities and
interest rates, and subject to mandatory redemption and
payment, as set forth below:
.L
.
.~<.... '.~ :~ :.>. :.;. J' -!w .
, i ' .
. Q
1 ' "
I . l
Due
June 1
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
2011
,\
- ".....':"'ff'~.:I~,'~""'....t~~' ~~.,.. :
i>-';:;:'p :'1', ~.~~f.~ < :'c, I.. '\~ '. .~~'.(4P"".~ \, J~.. ~.,', .... ~ ~~~. ~ ;(~-~.~. '.
',.t.. t..."....;..(~( "'\.,0 ....::..,.. ~<I::'.~ ':~,,'" '/;..~~\lt;\:-"'.~' j
o
Maturities and Interest Rates
Amounts Interest Rates
$ 15,000 11. 50%
15,000 12.00
15,000 12.50
20,000 13.00 , ,
20,000 13.50
25,000 14.00
25,000 14.50
30,000 15.00
35,000 15.00
40,000 15.00
3,330,000 16.00
Mandatory Redemption and Payment Dates and
Amounts for $3,330,000 Term Bonds due
June 1, 2011
JU~U Amounts
1995 $ 45,000
1996 55,000
1997 65,000
1998 70,000
1999 85,000
2000 100,000
2001 115,000
2002 130,000
2003 150,000
2004 175,000
2005 205,000
2006 240,000
2007 275,000
2008 320,000
2009 370,000
2010 430,000
2011 500,000
(e) "City" means the city of Clearwater, Florida, a
municipality and a public body corporate and politic
organized and existing under the laws of the state of
Florida;
(f)
transaction at which the
and
this Agreement;
"Closing'~ refers to the
are delivered'by the City to the Underwriter,
by the Underwriter, pursuant to
Bonds
paid for
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.'~~~~fr...~i'~''':~'''r<:'t~''-t?.4,-<;.,...r~~'i),~;'''<''''~'('' . .all.", t' ~ ." '. .~'. ~.~ '~'~r:""J~f"~~'>.~',/'r~(''''I''f.t""~\~..",,..,4'~ :~.","'~;~li\;.",,"'Ml'l,....\,\\...\~~it
~f#q~:~,:~;~,~~~:;~~~).~r~~~:\: !~:~:';~~\~,~ ~ ,\:<~,~:.{/:j ::: ~'{"!,:~:;~':~ "i~:':; .~t \ :",; ";'\ :'; +":::~: : :{; . }\~l~;~S&t:J'~ ~/:i:~.X~~{~~':;t~i:~:~"~~;:~};?f~7f4~\~~:~1$~
:':pr.i["~"\''''''''''',,~p'fn'''--''''' "\"j':""""-" .,'"."; ..,........ "",-.,'" .,..'", """"'r"'''.'I''':'!1..",.>i~1,>1~~M~ [(ix
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~'j'.;~t::'1i":I.."1",,"\lr.t~~.'\'~ ....~t:...'~..,,~'.',~,... ". '. ...~\..~.'" ll"" ,I",.., .. /"'".... . ".~"""J\ .f ..,~..., .~'I~~'''' .1.... i.1t\...,\r.:;', "'.'l".o;<li.\:j.'..
.~,J:;d~r;~~!;{ri~~if:;;(".;ii:;:~i~,ii:;:i <;;;':;:'};:,:" ;'.'.?/:': ':,' ......... ...... -, '; . · ,j'.".;' ." ...! ,} ':';\';:,:.'. ';::\NJ\l':JXf)if!jtt@~l~;\~:
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>;q"~"\' ~-..' .' ',', ..,..,.. "" J,. . """ ' .., '" ,1< ."C:"''''''''I}t~l~~ ""'i'
~::i:(;;:~:.;, :~:' ;,;':~~.'~.';~~~,:~::?< ~ :';:> < <:';> ,:' : " '",,':, ' ',' , , " ' , .' ': :~ ,~:>,:/ :'?':,:..~~~~;I~'::\.?}~:{~~v~~j~'~
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"~~"I,J"!'.'ld, "',, ", ,'.. r!"'''v< ,-'
l;~l~J!~~~ii";fc:':: . '. " 0 ti~.gJ~ft*i
~~ "o.I,.!.t.:",~,t",1,..."~,,.,..,.., <,' Section 6. Representations of Owner. The Owner F''':';'' '-+"'\''''1-
"~"~~:i{@:g"2;::~;;;:r:" ,: 'I ~~~r~~e~~: ~~ t;h~f ug~~;~~gi t:~lih~;: a l~~i ~~~ Op~~~~e~:h lpre~~~ytlY rr~;~~;~g~~:!;;f~~(f
"1.,,,-~..~:-:,/(.. :; l~ It"l, ..{.,- . ., .1 " J I.'('n;!~ :)~~'~;i./"
~(~1~,f.:'d1'51~:;';'\:;;!~> "'1 organized and validly existing under the laws of the State of (":':~'!;::'Wjt~r.~!-
~;,~}~i~:t~t~/~i~'~~;~::~:~(~if ~~~; ig:~n (~~l~h:u~~~~iz;~ ~~P~~~;~d i~~~ t~~s g:~~;:;e~~r;~~r~he ~~;'~:t'iW~ ~~;R4
1\~\.t""''q,\" '.'C)".. . Sale Agreement, (c) the execution and delivery of this Agreement b'"iFc"., '
,);,~i~~;)1<:,.;:~';,~:;',;;~~, and the Sale Agreement, and compliance with the provisions ~~t~:~r
'J.f~~!'WKi;~7;~1{(~;: thereof under the circumstances contemplated herein and therein, ·
,'...,'q,>,,,, "'" do not and will not conflict with or constitute on the part of
~~1~~;f~t{.(; :~~t~:~:~i; ~~~:~~e~~ ~~o;~i~~nt~; g~n~~f:~;tc~~~~;d;h~rl;~;ted
,~~.t.:t;;'l'~?~'~'::I~J.:r',:, agreement or other instrument to which the Owner is a party, or
V'm,,,,,'.,'[P~i"r':~'~"'i;<;' any existing law, administrative regulation, court order or
, "~':J?lR@~!~~ ~~~:~~;d d:~fe~e~~i:r~~h P=~:i~:n:~d i:p~~~~:~;; f~~\~:e Owner has
't.'L't\Y>,'.., ,.', construction, equipping and financing of the Project, including,
'~~~:~[.K0 without limitation on the generality of the foregoing,
~~~~~*&~ ~~~t~~~~~~:~s o;r~~e~n~n~nb~~;d~~~eP~~m~i~~i~~lwiilwg~~hi~e~~fis
0l\;;i;;I'~,:i:, force and effect and without any modification or amendment
l1\h'{\:l,L1" thereto, except, in the case of the certificate of need, as
Jf;;?:<;?\,,~ described in Section 10 (i) hereof J (e) the statements and
~~~;~!~iY~~ information contained in the preliminary Official Statement are,
1"~?J,;{1t~}\4,~i~~;'~. and in the Final Official Statement will be, true and complete
~,,:o:W~:FV:";i~j;!;' in all material respects, and the preliminary Official Statement
, "~\i);,r;~!i, does not, and the Final Official Statement will not, contain any
}Ri~A untrue statement of a material fact or omit to state any
;~~S~ material fact necessary in order to make the statements made
t;-'i,~r:.;, therein, in the light of the circumstances under which they are
},,:,~~' made, not miSleading; and (f) the Preliminary Official Statement
~~~ does not, and the Final Official statement will not, omit any
\G7 information which might in any material respect adversely or
'~1 unfavorably affect the transactions contemplated by the Official
~i~ Statements.
4~ ...:":'=
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Section 7. Representations of Underwriter. The
Underwriter represents to the City ana the Owner that it is duly
authorized to enter into and perform this Agreement and that the
Bonds, if issued, will be offered and sold by the Underwriter in
accordance with all applicable state and Federal securities laws.
Section 8. Official StatementsJ pUblic Offering.
Contemporaneously with the execution ar.d delivery of this
Agreement, the City and the Owner shall deliver to the
Underwriter six copies of the Preliminary Official Statement,
with the signature block for the City therein executed on behalf
of the City by its Mayor-Commissioner, and with the approval
thereof by the Owner executed on its behalf by its general
partners. At Closing, the City and the Owner shall deliver to
\
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~:.:!'t.ti-~,~""""~'.:i!l' ;1~':";}.."('l,~,..I~~>~,:,..,~,+,j;:' ",:. ,'," ..' ~ .',,' ,H~' . "',~ :-{~:~, lj , ,~':. ,'''0:.; '.';:'~I~.3"~.j~"" ~~:~:.~!~ ~:.~,':.l~
"'J-,r~'l.i.\.;.'t:<"~'~1 i~ ".,d " ~.P~l,' t , .. \ ,',.t ~.. ~,... . '..". .,' ,. J. l' t. " "j.\"~"\~ '../p.o'< {.-!'I~:l" l~'JJ./'.,~""
. ,j!~!lj~~t;\\e(?'\'\:::,'~',::;';.\,:';h:." ...... "",:. ' ,,"':: .,' ~;i' : ,:::':L<'/;/J':";~;t!i;i4~}itm
'}X:f.j;''?':>,;~.-J+.-~<'" \'.. >. ii' ,~ ~ . 'J~ '" ..~ , ,'. :t~, . ,'n' ~ ". .: ,\i\I')"~'~" 'f'~''''
Q~4~!f,J[,;,',':;,~'L..L~'.~'~':'~~'~lr;~.L~.. . -..-. 'i.' ~. ,,---=,..- ,.c_:... ....~.',.~;?\\';:'.:~I,ll{{;,
)~~1~1~J~i'y;?:;,e'I' , the ~ers of the Owner, or in which an unfaVOr~le ~tIJ\i~
tt~l~~ ;!ii~~;e;.::F;c~.i\,,': ~~~~:~~~Io~~l~~~ t~~p~~ ~~~ ngy w~~t: :~;:~::~r. a~~:cin~~~tur. ~t~:~1~~ftf
~",~'I..e:.,.~\: ,\",^,' )" ,;..; )'>l',' ,~," , ':,' ,\ or the Sale Agreement, (v) to the best of his knowledge 'X:,j"I';~<, ,:;,'l,,:.t.
"~'F.ev,7'~;d~J~~;.j~:;';'i;::!;: :/,~;:::"'<',':, ",~,: after diligent inquiry and investigation, there is no ,~~i~(;)~ ;'~'{.;"~';:I
,~..t~M\7;-,,~r(,l:'.ff:'~i;'!;'!;<.''''~);,~',';'-''':''';,: :' litigation pending or threatened against the Owner or its %,!!;!\2~>,<t:7').
.Ir}!i'if:~''''''W i.""'" ,"< ,,.', dr' , " , ,'. , ,- '~q."h ,A'}' ~,i'
~~~~~; ~~~~1t'ki&.?~:{ir~1~:~):\\f~,~;;: l~~~i~~ s ~nj v i~v;~t r~:t~~~ ~ ~~e h~:n:~o~;e~~e c~;~~~ a~~~ i~~~~:1~1~ ~~}!:!~
lrh,I,A)"\'lr',~'Jr"I""": . '~~'.:: ',,"; '!,',""" all laws, ordinances and governmental rules and regulations xl,t.,;,;, r,i"!
'~,\fl1:~:l.l;;n'''i;;,;::,::-t~:'::'.:'::,::/!:;i,,'':,.,:,.. to which it is subJ'ect, (vii) the Owner has conveyed to the :.:\,;tt\% '!.c~
~li"\:P',.r;~""J' '.''',.',''~K' "':",. '.';' ,',' .. M\.,.,,:~_ '1'
fr~;' 'i!11i~~~~~0~~';~{!1:~~~~;\, ~~;~r i~:d e~~i~~e f~:l:i:~;:e;;~~~ ~~d t~:s r~~;n:~;~~:d i~~~'~""
i'(f. ~'~'.\~\k~'~i'h"~',: ownership to the City of all of the equipment then in ,'H:"-
b~ ."'i;)'.~~!~~-f.\l?JMt: existence described in the Sale Agreement, all subject to {:"~;.':ir;
~...t 1~J.\;,,~~,:.,o.t~.!:~")":"l'c~~';:' 1i it i t t b th th ~j
tt:'f ri:';;!;V';'(;2~:?;'~'/,:''',:;,\\f no ens, secut y n eres s or encum ances 0 er an '
N'\, >"\ff$:"('fr.'I1;r'::.~!..;':' Permitted Encumbances; (viii) the Sale Agreement creates a
\1>' ,,~ri:J'.;:k..:h:f~l;'~' good, valid and enforceable security interest of first
'J' ,0",,--,\.\1.1:4;;,;' ,......, ( pr ior ity i the 0 I R ipt { d f i d th i)
,t.; ~:\;;;'::~D';.:~~':;J~~:~,:' n wner s ece s as e ne ere n ,
';~'''i',:'F~;.;rt...: which has been perfected, subject to no encumbrances other
~~!~~~liJ\ ;:~~i:!~~i~~~~i~~c~~~a~~~~~V~~~}f~~et~:n~~n~~~u~~t6~~ed all
~M&'~~~: equipping and financing of the Project, inclUding, without
[J~~!j1B0K limitation on the generality of the foregoing, certificates
r,~1,4:~''';i{(.1'l;~'\)':~~' of need and building permits, all of which permi ts and
:.~~?bW'J~\).~~?i.{;::r:, apptovals are in full force and effect and have not been
'ry!t~:!':1'(';i ~.:l'~:
>>l~~qh~~~&j ~~d~;~~~ ~~ ~::g~~g~dei~e~~~tt~nt~~(~fs~e~;o~~e(~)r~~;icate
,"" l~ ,p .........~,~;x~: t. ~ ,t( ~
l';!~;:ii{!'" Project will be in compliance with all applicable laws,
\\~~~: ordinances and governmental rules and regUlations,
,~'::{~:;,{.d~;P,WfIt including, but not limited to, zoning and pollution control
t.<k:;.;1.{i,V;:,"::,D" laws, ordinances and regulations; and (xi) after diligent
~~~~~34~1 inquiry and investigation, nothing has come to his
l~~~~~~y attention which would lead him to believe that the Official
1:j:t'^'_':11;,,~,,:,~,,",. statemients contain any untriue1 sftatement of a miater 1al fact
(~~: or om t to state any mater a act necessary n order to
~~'~ make the statements made therein, in the light of the
;;pf~J; circumstances under which they are made, not misleading;
~
~,::
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if.
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(i) an opinion of Special Counsel to the Owner to
effect that (i) a certificate of need has been issued by
the State of Florida Department of Health & Rehabilitative
Services which authorizes and permits the construction,
equipping and financing of the Project by the Owner, at the
capital cost indicated in the Final Official Statement, on
the site which is described in the Sale Agreement, and (ii)
such certificate of need is in full force and effect and
has not been modified or amended except to extend the
effect date thereof to February 5, 1982, to increase the
capital cost of the Project and to approve change in the
site to the site referred to abovel
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(1) an appropriate certification of the City in form
and substance satisfactory to Bond Counsel, pursuant to the
requirements of Section l03(c) of the CodeJ
(m) written advice from the securities commissioners
of the States of Florida, Illinois and Minnesota to the
effect that the Bonds have been registered, or are exempt
from registration, for sale to individuals under the Blue
Sky laws of such states1
(n) an election by the City to have Section
l03(b) (6) (D) of the Code apply to the Bonds;
(0) a copy of the limited partnership agreement by
which the Owner was created, certified by the general
partners of the Owner;
(p) evidence that the Owner has received equity
contributions in the form of cash and/or irrevocable
letters of credit in the amounts required by the Sale
Agreement and indicated in the Final Official statement1
(q) a copy of the Feasibility Study manually signed
by the Feasibility Consultants and a letter of the
Feasibility Consultants dated the date of the Closing to
the effect that (i) they have read the references to the
Feasibility study in the sections of the Official
statements entitled "SUMMARY STATEMENT--Projected Debt
-14-
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