10-04
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RESOLUTION NO.1 0-04
A RESOLUTION AUTHORIZING AND DIRECTING THE
REDEMPTION OF $12,785,000 CITY OF CLEARWATER,
FLORIDA, IMPROVEMENT REVENUE BONDS, SERIES
2008; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on October 4, 2001, the City Council of the City of Clearwater,
Florida (the "City" or the "Issuer") enacted Ordinance No. 6873-01 (the "Bond
Ordinance") to provide for the issuance of Improvement Revenue Bonds, Series [to be
determined] payable from City's Public Service Tax (as defined in the Bond Ordinance);
and
WHEREAS, the City has presently outstanding $12,785,000 principal amount of
its $12,900,000 Improvement Revenue Bonds, Series 2008 (the "Series 2008 Bonds"),
the proceeds of which were intended to fund certain capital costs associated with a
beach walk revitalization project in the City's south beach area (the "Beach Walk
Project") and for the construction of approximately 140 boat slips and 2,500 feet of side
moorings in downtown Clearwater (the "Boat Slip Project", and together with the Beach
Walk Project, the "Series 2008 Project"); and
WHEREAS, the City has determined that it no longer intends on paying the cost
of the Boat Slip Project with proceeds of the Series 2008 Bonds; and
WHEREAS, the City has determined that it is in the best interest of the City to
redeem in full the Series 2008 Bonds; and
WHEREAS, the Series 2008 Bonds are currently subject to redemption in whole
on any Interest Payment Date, but the City has obtained the consent of Branch Banking
and Trust Company ("Bank"), the holder of all of the Series 2008 Bonds, to allow for a
redemption of all of the Series 2008 Bonds on March 30, 2010 with a redemption
premium of one percent (1%); and
WHEREAS, the City now desires to authorize and direct the redemption of
$12,785,000 principal amount of Series 2008 Bonds, being all of the Series 2008 Bonds
on March 30, 2010 (or such other date as may be acceptable to the City's Finance
Director and Bank), and to authorize the City's Finance director to take such other
actions in connection with the early redemption of all of the Series 2008 Bonds; now,
therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLEARWATER,
FLORIDA:
Section 1. This Resolution is adopted pursuant to the provisions of Article VIII,
Section 2 of the Constitution of the State of Florida, Chapter 166, Florida Statutes, the
Resolution 10-04
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Charter of the City of Clearwater, Florida, the Bond Ordinance, Resolution No. 08-17
adopted on August 7, 2008, and other applicable provisions of law.
Section 2. The early redemption of $12,785,000 in principal amount of the Series
2008 Bonds on March 30, 2010 (or such earlier date as may be acceptable to the Bank
and the City's Finance Director), at a redemption premium of one percent (1 %) is
hereby approved and authorized, the City's Finance Director is hereby authorized to
take such action as may be required to provide notice of such redemption to the Bank
and to effect such redemption. The redemption price shall be the sum of $12,785,000
plus the redemption premium of $127,850 plus interest accrued but unpaid to the date
of redemption.
Section 3. To the extent sufficient funds to pay the redemption price of the
Series 2008 Bonds are not on deposit in the Construction Fund and allocable to the
Series 2008 Project, the Finance director shall use funds on deposit in the City's
General Fund reserves.
Section 4. The Mayor, or in his absence the Vice Mayor, the City Manager, the
Finance Director, the City Attorney and the City Clerk or any other appropriate officers
of the Issuer are hereby authorized and directed to execute any and all certifications or
other instruments or documents required by this Resolution to effect the redemption of
the Series 2008 Bonds as herein authorized. All action taken to date by the officers of
the Issuer in furtherance of the issuance of the Series 2008 Bonds is hereby approved,
confirmed and ratified.
Section 5. This resolution shall become effective immediately upon its adoption.
Passed and adopted by the City Council of the City of Clearwater, Florida, this
4th day of March, 2010.
CITY OF CLEARWATER, FLORIDA
By:
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Frank V. Hibbard
Mayor
Approved as to form:
Attest:
JJJdAkin
City Attorney
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Resolution 10-04