92-47r 'I
No. 92-
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA APPROVING, FOLLOWING A PUBLIC
HEARING, THE ISSUANCE OF NOT TO EXCEED $6,450,000 CITY
OF CLEARWATER, FLORIDA MORTGAGE REVENUE REFUNDING BONDS
(FHA INSURED MORTGAGE LOAN - DREW GARDENS APARTMENTS
PROJECT) PURSUANT TO SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Clearwater, Florida (the "Governmental
Unit" and the "Issuer "), is a municipal corporation created and
existing under the laws of the State of Florida, and is authorized
pursuant to Chapter 166, Florida Statutes and Chapter 159, Part IV,
Florida Statues (collectively, the "Act "), to issue its revenue
bonds for the purpose of refunding its $6,450,000 Mortgage Revenue
-Bonds, Series 1983 (FHA Insured Mortgage Loan - Drew Gardens
Apartments Project)(the 111983 Bonds "), the proceeds of which were
used to finance the acquisition, construction and equipping of a
multifamily residential rental project located in the City (the
"Project ") in furtherance of the public purpose for which it was
created; and
WHEREAS, the Issuer has considered the 'application of Drew
Gardens Associates, Ltd. (herein the "Borrower "), a Florida limited
partnership corporation, requesting that the Issuer issue not to
exceed $6,450,000 of its revenue refunding bonds (the 111992 Bonds ")
# for the purpose of refunding the 1983 Bonds; and
i.
WHEREAS, the Issuer has adopted an Inducement Resolution in
3
s
regard to the refunding of the 1983 Bonds; and
WHEREAS, the City Commission of the Issuer on July ? , 1992
caused to be published in the ,y ,nii, t r 44iasswf _ - , a newspaper
j,;Z __r
nar --
::;
AMA
jr
of general circulation in the City of Clearwater, Florida, notice
of a public hearing to be on July 16, 1992, to consider the
requested approval of the 1992 Bonds and the location and nature
of the Project to be refinanced with the 1992 Bonds, a copy of said
notice, together with an Affidavit of Publication, being attached
hereto as Exhibit A; and
WHEREAS, the City Commission of the Issuer held a public
hearing with respect to the proposed financing of the Project for
the benefit of the Borrower; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986,
as amended (the "Code "), provides that the governmental unit on
behalf of which bonds similar to the Bonds are issued and has
jurisdiction over the area in which any facility financed with the
proceeds of such bonds is located shall approve the issuance of
such bonds; and
WHEREAS, the Project is located in the City of Clearwater,
Florida, and the City Commission of the City of Clearwater (the
"Governing Body ") constitutes the elected legislative body of the
Governmental Unit.
NOW, THEREFORE, BE IT RESOLVED by the Governing Body, and IT
IS HEREBY RESOLVED by the authority of the same as follows:
SECTION 1. The issuance of housing revenue refunding bonds
by the Issuer in the aggregate principal amount of not exceeding
$6,450,000 for the benefit of the Borrower is hereby approved to
the extent required by the Code.
SECTION 2. Such approval by the Governing Body does not
constitute an endorsement to a prospective purchaser of the 1992
1�7 r/7
F I
LIZ
Bonds of the creditworthiness of the Borrower or the Project, and
the Bonds shall not constitute an indebtedness or obligation of the
State of Florida or of any county, municipal corporation or poli-
tical subdivision thereof but the Bonds shall be limited obliga-
tions of the Issuer payable solely from the revenues derived from
the Borrower and pledged to the payment thereof and no owner of any
of the Bonds shall ever have the right to compel any exercise of
the taxing power of said State or of any county, municipal corpor-
ation or political subdivision thereof (including the Issuer), nor
to enforce the payment thereof against any property of said State
or of any such county, municipal corporation or political subdivi-
sion (including the Issuer).
SECTION 3. All acts and doing of the officers and Commis -
.sioners of the Governing Body which are in conformity with the
purposes and intent of this Resolution shall be, and the same
hereby are, in all respects approved and confirmed.
SECTION 4. This Resolution shall take effect immediately upon
its adoption.
PASSED AND ADOPTED by the City Commission of the City of
Clearwater, Florida, this 16th day of July, 1992.
(SEAL) CITY OF CL WATER, FLORIDA
ATTEST' --
Mayor
ivy; Clerk
APPROVED AS TO FORAM AND
CORRECTIq '5:
city torn
f -2,V
EXHIBIT A
— • _ i .—.— .-- CITY OF CLEARWATER
NOTICE OF
PUBLIC HEARING
THE TAMPA T1RII#lUN1; The OW a aoowat�Flloridaa
Published Dailv (ma lswwihasBeenreRee
nL to Beira its Mortgage m" t Reve-
Tampa, Hillsborough County, Florida nance m °tee tf'�oroww�irvg COP d
or9lecr.
State of Florida Drew Gardens Retirement
l ss. Carnnnmlty Prol-t- The qty
Count of Hillsborough In.�o1er• Im Issaed Its
Y g saAS0,00a tAwtoaoe R`wwsm
Bends, series 14e7 (Oran Ga`
dens Aoartmmt PrOl0d) (the
°1407 Bonds"). The praaeeae
Before the undersigned authority personally appeared iueina ce7ttm tca�tr I Bonds were
R. Putney, who on oath says that he is Accounting Manager of The Tampa stnxtlon and ea+wdrw Of a
Tribune, a daily newspaper published at Tampa in Hillsborough County, Flori- zutl+v}6f W- ted .11 v rental
da; that the attached co of advertisement being a 5onsist qs of iso rr, Florida,
PY �' consisting u5 of d residential
tlol
=it, a a rreikemw'i com-
............................................................................................ ............................... =itv and adult congregate
LEGAL NOTICE PINELLAS can tacmty. The pralecf Is
..............................................................................I................................... ............................... currently c4mated by Drew
Ga•dem Assoclate% Ltd- a
Florida limited parttrmrshtp.
inthe matter of ....................................................................................... ............................... The proceeds of the proposed
CITY OF CLEARWATER
Hands, to tft other
.............. ......................... ............................... whe pined
funds and 1 ed tri the
.................... ............................... °Werat r °ream asedd to
rxhard the 19078aiOS and wl
was published in said newspaper in the issues of be nt no in .a osItlClpd
.............................. ............................... amount not In .4 or M.
a arientiv MAStawaw prllyd-
o' ................................ ....................:7.V.?�Y... .r.... x.9.9 2............................. ............................... w61 er losssla* edlInn*4 Bar
? a- data) --or! Of 44 '130A00.
W° A iant further says that the said The Tama Tribune is a newspaper ublished at " ,
v.X A ff f Y F P the each ld 0 PIL mat
2 m the qM wla hold a PUBLIC
w y m W Tampa, in said Hillsborough County, Florida, and that the said newspaper has here- HEARING e on the t crated one
m;&v tofore been continuously published in said Hillsborough County, Florida, each day t�ndi moat the 1
a a and has been entered as second class mail matter at the post office in Tama in said �7rtj1SS1st street. Ce's 112 S.
P fJ , Tampa, Osceola street. Ckvwf 6:00
o Hillsborough County, Florida, for a period of one year next preceding the first pub- p. at on wnlutch met arvw,
lication of the attached copy of advertisement; and affiant further says that he has me It siaarc�e a iM
neither paid nor promised any person, firm, or corporation any discount, rebate, com- such bondsarwDrakat
refund purpose f 8 f P aw who aeaode to
mission or re and or the ur ose o securing this advertisement or publication in the derision mode by
the qty with respect to env
4u 'Y said newspaper. manercozUklGredatttsrneet
ma or hearing WIN need a nr;
prran may need to �en5":
that a verbatim record at the
........ ... ..................... ............................... praceedln9s Is made. hx xI'
.. .............
irtq me tastlmanV and wl -.
Sworn to and subscribed before me, this. lA4 day ` Lpon wt IUp 1M "aooeal
.......... ...... {s to bs teased.
JULY A.D17992 - r� c�n+mlaEGouCle"Cnc
of ....................................... �...................... atvof 'earw aver.
(SEAL)
-j� P.o. Box nu
c7arrwater, FWrlao av42