ITEM 33
Final Agenda Item #
rN \
33
Clearwater City Commission
Agenda Cover Memorandum
Worksession Item #:
Meeti ng Date: 1 0/18/01
SUBJECl/RECOMMENDA liON:
Adopt Resolution 01-39 appointing Financial Security Assurance as Municipal Bond Insurer for the
Improvement Revenue Refunding Bonds, Series 2001, and supplementing Ordinance 6876-01 to adjust
the additional bonds test from 120% to 135%,
~ and that the appropriate officials be authorized to execute same.
SUMMARY:
. Improvement Revenue Refunding Bonds, Series 2001, in an amount not to exceed $12 million will be used
to refinance the outstanding portion of the Series 1985 Public Service Tax and Bridge Revenue Bonds and
the outstanding portion of the Series 1995 Improvement Revenue Bonds at a present value savings of
approximately 4% of the outstanding par value of the bonds. The bonds will not be refunded if adequate
savings as well as other requirements are not going to be realized.
. Ordinance 6876-01 was enacted on October 4, 2001 providing for the issuance of Improvement Revenue
Bonds. This ordinance established the additional bonds test to be 120%.
. Resolution 01-36 was adopted on October 4, 2001 to provide for the sale of not to exceed $12 million
Improvement Revenue Bonds, Series 2001. This resolution provided for the solicitation of offers for bond
Insurance.
. The current resolution under consideration (Resolution 01-39) appoints Financial Security Assurance (FSA)
as the Municipal Bond Insurer for these bonds and supplements ordinance 6876-01 to adjust the additional
bonds test from 120% to 135% (as required by FSA).
. The complete resolution is available in the City Clerk Department.
Reviewed by: n ,A
Legal --!..KCf:-
Budget NfA
Purchasing NfA
Risk Mgmt
Info Srvc
NfA
Originating Dept: M. Simmons Costs
Finance vm ~~ Total
User Dept.
Current FY
Funding Source:
CI
OP
Other
Other
fA
Attachments
Resolution 01-39
o None
A ro riation Code:
Rev. 2/98