95-8RESOLUTION NO. 95 -8
A RESOLUTION PROVIDING FOR THE SALE OF NOT TO EXCEED
$12,500,000 IMPROVEMENT REVENUE BONDS; FIXING REDEMPTION
PROVISIONS AND SERIES DESIGNATION FOR THE BONDS;
SPECIFYING THE RESERVE REQUIREMENT FOR EACH SERIES OF
BONDS; DETERMINING THE FINANCIAL TEST FOR ISSUING
ADDITIONAL PARITY OBLIGATIONS; SETTING FORTH THE FORM OF
THE NOTICE OF BOND SALE AND SUMMARY NOTICE OF BOND SALE
RELATING TO THE SALE OF SUCH BONDS; DIRECTING PUBLICATION
OF THE SUMMARY NOTICE OF SALE RELATING TO SUCH BONDS;
PROVIDING FOR THE OPENING OF BIDS RELATING TO THE SALE OF
THE BONDS; SETTING FORTH THE OFFICIAL NOTICE OF SALE AND
BID FORMS; APPROVING THE FORM OF A PRELIMINARY OFFICIAL
STATEMENT; AUTHORIZING THE SELECTION OF A REGISTRAR AND
PAYING AGENT; AUTHORIZING THE SELECTION OF A PROVIDER OF
MUNICIPAL BOND INSURANCE; PROVIDING CERTAIN OTHER MATTERS
IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on August 18, 1994, the City Commission of the City
of Clearwater, Florida (the "City" or the "Issuer ") enacted
Ordinance No. 5659 -94 (the "Ordinance ") to provide for the issuance
of not to exceed $12,500,000 City of Clearwater, Florida,
Improvement Revenue Bonds, Series 1994 (Municipal Services /Public
Safety and Police Complex Project) (the "Bonds ") payable from the
City's Public Service Tax; and
WHEREAS, it is in the best interest of the City to provide for
the public sale of not to exceed $12,500,000 of such Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, as follows:
SECTION 1. SERIES DESIGNATION. The series designation for
the initial series of Bonds is hereby determined to be Series 1995
(and hereinafter the Bonds are referred to as the "Series 1995
Bonds ") , and all references to the Series 1994 Bonds shall mean the
Series 1995 Bonds.
SECTION 2. PUBLIC SALE. There are hereby authorized to be
sold pursuant to a public sale not to exceed $12,500,000 City of
Clearwater, Florida, Improvement Revenue bonds, Series 1995
(Municipal Services /Public Safety and Police Complex Project).
SECTION 3. PROVISIONS FOR REDEMPTION. The Series 1995 Bonds
maturing on February 1, 2004 and thereafter are subject to redemp-
tion at the option of the City prior to maturity on or after
February 1, 2003, in whole at any time, or in part on any interest
payment date, in such manner as shall be determined by the City at
the redemption prices expressed as a percentage of the principal
�X
amount of the Series 1995 Bonds to be redeemed as set forth below,
together with accrued interest to the date fixed for redemption.
Redemption Price
Redemption Period (Percentage of Par)
February 1, 2003 through January 31, 2004 1020
February 1, 2004 through January 31, 2005 101
February 1, 2005 and thereafter 100
SECTION 4. DETERMINATION OF RESERVE REQUIREMENT. As provided
in the definition of "Reserve Requirement" in Section 1 of the
Ordinance, the Issuer hereby determines that the Reserve
Requirement for each series of Bonds issued thereunder shall equal
the lesser of (i) the Maximum Bond Service Requirement of that
series of the Bonds, (ii) 125% of the average annual Bond Service
Requirement of that series of the Bonds, or (iii) 10% of the net
proceeds of that series of the Bonds.
SECTION 5. DETERMINATION OF FINANCIAL TEST FOR ISSUING
ADDITIONAL PARITY OBLIGATIONS. Pursuant to Section 16 (0) (2) of the
Ordinance, the Issuer could determine by resolution adopted prior
to the issuance of the Series 1995 Bonds a financial test for any
Additional Parity Obligations higher than that set forth therein.
Accordingly, the Issuer hereby determines that the certification of
the City Finance Director to be given at the time of issuance of
the Additional Parity Obligations should reflect that the Public
Service Tax pledged for payment of any Outstanding Bonds, the Prior
Bonds and the Additional Parity Obligations proposed to be issued,
received by the Issuer during any twelve (12) months out of the
eighteen (18) months immediately preceding the date on which the
Additional Parity Obligations are issued shall have been equal to
not less than 1.35 times the Maximum Bond service Requirement on
the outstanding Bonds, the Prior Bonds and the proposed Additional
Parity Obligations during any Fiscal Year in which the Additional
Parity Obligations to be issued will be Outstanding. For purposes
hereof, any funds or revenues of the Issuer used to pay debt
service on the Prior Bonds shall be considered Public Service Tax
pledged for the payment thereof.
SECTION 6. SALE OF SERIES 1995 BONDS. The Finance Director
is hereby directed to publish the Summary Notice of Sale of the
Series 1995 Bonds in the Tampa Tribune and in The Bond Buyer, such
publications to be on such date as shall be deemed by the Finance
Director to be in the best interest of the Issuer and such
publications to be not less than ten (10) days prior to the date of
sale; and to publish such Notice in such other newspapers on such
dates as may be deemed appropriate by the Finance Director.
Proposals for purchase of the Series 1995 Bonds will be
received at the office of the Finance Director of the City, 112
South Osceola Avenue, 3rd Floor, Clearwater, Florida 34616, from
1� �- I
the time that the Notice of Bond
and time selected by the Finance
of the Summary Notice of Sale.
Sale is published until such date
Director prior to the publication
SECTION 7. APPROVAL OF FORMS. The Notice of Bond Sale and
Summary Notice of Salu of the series 1995 Bonds and the Official
Bid Form to be submitted for purchase of the Series 1995 Bonds
shall be in substantially the forms annexed hereto, as Exhibits A,
B and C, respectively, together with such changes as shall be
deemed necessary or desirable by the Finance Director, incorporated
herein by reference.
SECTION 8. PRELIMINARY OFFICIAL STATEMENT. The Mayor -
Commissioner and Finance Director are authorized and directed to
cause a Preliminary Official Statement to be prepared in
substantially the form attached hereto as Exhibit D, with such
changes, insertions and omissions as shall be approved by the
Mayor - Commissioner and Finance Director, containing a copy of the
attached Notice of Bond Sale and Official Bid Form and to furnish
a copy of such Preliminary Official Statement to interested
bidders. The Mayor - Commissioner and Finance Director are
authorized to deem final the Preliminary Official Statement
prepared pursuant to this Section for purposes of Rule 15c2 -12 (the
"Rule ") of the Securities and Exchange Commission. Upon the award
of the Series 1995 Bonds to the successful bidder, the City shall
also make available a reasonable number of copies of the official
Statement to such bidder, who may mail such Official Statements to
prospective purchasers at the bidder's expense.
SECTION 9. REGISTRAR AND PAYING AGENT. First Union National
Bank of Florida, Jacksonville, Florida, is hereby appointed as
Registrar and Paying Agent for the Series 1995 Bonds.
SECTION 10. MUNICIPAL BOND INSURANCE. The Mayor - Commissioner
and the Finance Director are hereby authorized to select a bond
insurer to provide insurance to insure the scheduled payment of
principal and interest on the Series 1995 Bonds on behalf of the
Issuer or, in the alternative, allow each bidder to select whether
the Series 1995 Bonds are to be insured by such bond insurer.
SECTION 11. AWP RD OF BID. The Finance Director is hereby
authorized to accept the bids for the Series 1995 Bonds, and the
Issuer will award said Series 1995 Bonds on its determination of
the best bid submitted in accordance with the terms of the Notice
of Bond Sale provided for herein or may reject all bids. Such
award shall be final.
SECTION 12. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
i
Passed and adopted by the City Commission of the City of
Clearwater, Florida, this 19th day of January , 1995. S
ii
Rita Garvey
Mayor - Commissioner
Attest:
Cynt 'a E. Goudeau
City lark
Approved as to form
and legal sufficiency:
4
i
Pamela K. in
City Attorney
i
3
f
i
1
iE
S
f
t
4
EXHIBIT A
FORM OF OFFICIAL NOTICE OF BOND SALE
OFFICIAL NOTICE OF BOND SALE
$11,570,000*
CITY OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
Sealed proposals will be received by the City of Clearwater, Florida (the "City") at the offices of the
Finance Director of the City, 112 South Osceola Avenue, Third Floor, Clearwater, Florida 34616 by
(Eastern Standard Time) on ,1995 for the purchase of the City of Clearwater, Florida, Improvement
Revenue Bonds, Series 1995 (the "Series 1995 Bonds "). Each proposal, together with the good faith deposit
described below, should be enclosed in a sealed envelope marked "Proposal for $11,570,000* City of Clearwater,
Florida, Improvement Revenue Bonds, Series 1995; Do Not Open Until (Eastern Standard Time),
1995 ", or such similar legend which appropriately identifies the contents thereof.
Form of Series 1995 Bonds
The Series 1995 Bonds will be issued in fully registered form, without coupons, and in denominations
of $5,000 or any integral multiples thereof. Principal of and any redemption premium on the Series 1995 Bonds
shall be paid to the registered owners at the principal corporate trust office of First Union National Bank of
Florida, Jacksonville, Florida (the "Paying Agent" and "Registrar "), upon presentment and surrender of the Series
1995 Bonds. Interest on the Series 1995 Bonds shall be paid to the registered owners as shown on the
registration books maintained by the Registrar, by check or draft mailed to each such owner's address as shown
on the registration books maintained by the Registrar as of the fifteenth (15th) day of the calendar month
preceding such interest payment date. Interest will be payable each February 1 and August 1, commencing
August 1, 1995. Interest will be calculated on the basis of a 360 -day year of twelve 30 -day months.
Maturity Schedule
The Series 1995 Bonds will mature on February 1 of the following ,years in the following principal
amounts:
*Preliminary, subject to change.
Principal
Principal
Maturi
Amount *
Maturity
Amount
1996
$150,000
2011
$340,000
1997
155,00
201.2
365,000
1998
165,000
2013
385,00
1999
175,000
2014
410,000
2000
180,000
201.5
440,000
2001
190,(')00
2016
4,65,000
2002
205,000
2017
495,000
2003
215,000
201.8
530,000
2004
225,000
2019
565,00
2005
240,000
2020
60,00
2006
255,000
2021
640,00
207
270,000
2022
680,00
2008
285,000
2023
725,00
209
305,00
2024
770,00
2010
320,000
2025
825,000
*Preliminary, subject to change.
IM
Redemption Provisions
The Series 1995 Bonds maturing on or after February 1, 2004 are subject to redemption at the option
of the City prior to maturity on or after February 1, 2003, in whole at any time, or in part on any interest
payment date, in such manner as shall be determined by the City at the redemption prices expressed as a
percentage of the principal amount of the Series 1995 Bonds to be redeemed, as set forth below, together with
accrued interest to the date fixed for redemption.
Redemption Period Redemption Price
February 1, 2003 through January 31, 2004 102%
February 1, 2004 through January 31, 2005 101
February 1, 2005 and thereafter 100
Adiustment of Principal Amount
After final computation of the bids, to achieve desired debt service levels, the City reserves the right
either to increase or decrease any Principal Amount of the Series 1995 Bonds (or any Amortization Installment
in the case of a Term Bond) shown on the schedule of Principal Amounts set forth above (the "Maturity
Schedule"), by an amount not to exceed five percent (5 %) of the stated amount of each such Principal Amount
on the Maturity Schedule and correspondingly adjust the issue size, all calculations to be rounded to the nearest
$5,000.
In the event of any such adjustment, no rebidding or recalculation of the bid submitted will be required
or permitted. If necessary, the total purchase price of the Series 1995 Bonds will be increased or decreased in
direct proportion to the ratio that the adjustment bears to the aggregate principal amount of the Series 1995
Bonds specified herein; and the Series 1995 Bonds of each maturity, as adjusted, will bear interest at the same
rate and must have the same initial reoffering yields as specified in the bid of the Successful Bidder. However,
the award will be made to the bidder whose bid produces the lowest true interest cost, calculated as specified
below, solely on the basis of the Series 1995 Bonds offered pursuant to the Bid Maturity Schedule, without taking
into account any adjustment in the amount of Series 1995 Bonds set forth in the Bid Maturity Schedule.
Designation of Term Bonds
Bidders may specify that the annual Principal Amounts of the Series 1995 Bonds coming due in any two
or more consecutive years may be combined to form one or more maturities of Term Bonds scheduled to mature
in the last of such years with the preceding annual Principal Amounts for such years constituting mandatory
Amortization installments to be selected by lot and redeemed at a price of par plus accrued interest, without
premium, in accordance with the Ordinance.
Dasis of Award
Proposals must be unconditional and only for all the Series 1995 Bonds. The purchase price bid for the
Series 1995 Bonds may include a discount (including underwriters' discount and original issue discount, but
excluding any municipal bond insurance premium) not to exceed two percent (2 %) of the principal amount of
the Series 1995 Bonds and shall specify how much of the discount is original issue discount. No more than one
(1) Proposal from any bidder will be considered. The City reserves the right to determine the Successful Bidder
(as defined below), to reject any or all bids and to waive any irregularity or informality in any bid.
The Series 1995 Bonds will be awarded to the bidder (herein referred to as the "Successful Bidder ")
offering such interest rate or rates and purchase price which will produce the lowest true interest cost to the City
over the life of the Series 1995 Bonds, True int,rest cost for the Series 19995 Bonds (expressed as an annual
vs--r
interest rate) will be that annual interest rate being twice that factor of discount rate, compounded semiannually,
which when applied against each semiannual debt service payment (interest, or principal and interest, as due)
for the Series 1995 Bonds will equate the sum of such discounted semiannual payments to the bid price (inclusive
of accrued interest). Such semiannual debt service payments begin on August 1, 1995. The true interest cost
shall be calculated from the closing date of the Series 1995 Bonds ( , 1995) and shall be based upon
the principal amounts of each serial maturity set forth in this Notice of Bond Sale and the bid price set forth in
each Proposal for the Series 1995 Bonds submitted in accordance with the Notice of Bond Sale. If the bidder
elects to have the Series 1995 Bonds insured, the bid price will be reduced by the cost of the bond insurance
premium solely for the purpose of calculating the true interest cost. The City of Clearwater will pay the bond
insurance premium, if the successful bidder has elected to have the Series 1995 Bonds insured. In case of a tie,
the City may select the Successful Bidder by lot. It is requested that each Proposal for the Series 1995 Bonds
be accompanied by a computation of such true interest cost to the City under the term of the Proposal for
Bonds, but such computation is not to be considered as part of the Proposal for Bonds.
Interest Rates Permitted
The Series 1995 Bonds shall bear interest expressed in multiples of one - eighth (1/8) or one - twentieth
(1/20) of one percent. No interest rate specified for any maturity may be lower than any interest rate specified
for an earlier maturity. There shall not be a difference greater than four hundred basis points (400 b.p.) between
the lowest interest rate and highest interest rate. Should an interest rate be specified which results in annual
interest payments not being equally divisible between the semiannual payments in cents, the first semiannual
payment will be reduced to the next lower cent and the second semiannual payment will be raised to the next
higher cent.
It shall not be necessary that all Series 1995 Bonds bear the same rate of interest, provided that all
Series 1995 Bonds maturing on the same date shall bear the same rate of interest. A rate of interest based upon
the use of split or supplemental interest payments or a zero rate of interest will not be considered.
Paying Anent and Registrar
The Paying Agent and Registrar for the Series 1995 Bonds is First Union National Bank of Florida,
Jacksonville, Florida.
Securi
Principal of and interest on the Series 1995 Bonds to be issued pursuant to Ordinance No. 5659 -94 and
all required sinking fund, reserve and other payments shall be payable solely from the City's Public Service Tax
revenues, together with the earnings on the funds and accounts held pursuant to the Ordinance thereon derived
from the investment thereof in the Funds and Accounts established in the Ordinance (other than the Rebate
Fund) (collectively, the "Pledged Funds ") and as more fully described in the Preliminary Official Statement. The
lien of the Series 1995 Bonds upon the Public Service Tax revenues is junior and subordinate to the lien thereon
for the City's outstanding $7,155,000 Public Service Tax and Bridge Revenue Bonds, Series 1985.
The Series 1995 Bonds shall not constitute an indebtedness, liability, general or moral obligation, or a
pledge of the faith, credit or taxing power of the City, the State of Florida, or any political subdivision thereof,
within the meaning of any constitutional, statutory or charter provisions. Neither the State of Florida, nor any
political subdivision thereof, nor the City shall be obligated (1) to levy ad valorem taxes on any property to pay
the principal of the Series 1995 Bonds, the interest thereon, or other costs incidental thereto or (2) to pay the
same from any other funds of the City except from the Pledged Funds, in the manner provided in the Ordinance.
The Scrieg 1995 Bonds shall not constitute a lien upon any property of the City, but shall constitute a lien only
on the Pledged Funds in the manner provided in the Ordinance.
;/ S if
M
Pursuant to the Ordinance, the Series 1995 Bonds are being issued to finance the portion of the cost
of the Municipal Services/Public Safety and Police Complex (the "Project "), which consists of and is related to
the Police Headquarters, to make a deposit to the Reserve Fund for the Series 1995 Bonds (or alternatively, to
purchase a debt service reserve fund surety policy), and to pay the cost of issuance of the Series 1995 Bonds.
Issuance of Series 1995 Bonds
The Series 1995 Bonds will be issued and sold by the City of Clearwater, Florida, a municipal
corporation organized and existing under the laws of the State of Florida. The Series 1995 Bonds are being
issued pursuant to Ordinance No. 5659 -94 enacted August 18, 1994 (the "Ordinance ") by the City of Clearwater,
Florida, and pursuant to the provisions of Chapter 166, Florida Statutes, and other applicable provisions of law.
The Series 1995 Bonds were validated by judgment of the Circuit Court for Pinellas County, Florida, rendered
on the 6th day of October, 1994. The Final Judgment was appealed to the Florida Supreme Court on November
4, 1994, and the validation judgment was affirmed by the Court on January 9, 1995.
Municipal Bond Insurance Policy
A commitment to issue a municipal bond insurance policy guaranteeing payment of principal and interest
on the Series 1995 Bonds has been obtained from Municipal Bond Investors Assurance Corporation. Bidders,
at thew option, may elect to utilize this bond insurance commitment in their bid. Alternatively, bidders may rely
upon published ratings on the Series 1995 Bonds received from Moody's Investors Service and Standard & Poor's
Corporation of and , respectively. If bond insurance is used, the price bid for purchase of the Series
1995 Bonds, as set forth on the Official Bid Form, will be reduced by the amount of the bond insurance policy
premium, solely for the purpose of calculating the true interest cost rate of the bid. The City of Clearwater will
pay the insurance premium if the Successful Bidder has elected to have the Series 1995 Bonds insured.
Information regarding the bond insurance commitment, including the amount of the premium, may be obtained
from David Thornton of Raymond James & Associates, Inc., Financial Advisor to the City (813) 573 -8282.
Proposals
Proposals are desired on forms which will be furnished by the City, and envelopes, containing Proposals
should have endorsed thereon "Proposal for $11,570,000* City of Clearwater, Florida, Improvement Revenue
Bonds, Series 1995; Do Not Open Until (Eastern Standard Time), , 1995 ", or words of
equivalent import, and should be addressed to the City at the above address.
Each proposal must be accompanied by the sum of $ in the form of either (i) a Cashier's or
Certified Check drawn upon an incorporated bank or trust company, payable to the City of Clearwater, Florida,
as evidence of good faith, or (ii), a Financial Surety Bond from any insurance company licensed to issue such
a surety bond in the State of Florida and approved by the City (as of the date hereof only Capital Guaranty
Insurance Company has been so approved) and submitted to the City prior to the opening of the bids, identifying
each bidder whose deposit is guaranteed by the Financial Surety Bond, which shall evidence good faith on the
part of the bidder. If a check is delivered the check of the successful bidder may be cashed by the City and the
proceeds will be held as security for performance of the bid. If a Financial Surety Bond is provided by the
successful bidder the good faith deposit shall be delivered by wire transfer to the City by 3:00 p.m., Eastern
Standard Time, on the next business day. If the Successful Bidder shall fail to comply promptly with the terms
of its Proposal, the amount of such check will be forfeited to said payee as liquidated damages. The checks of
unsuccessful bidders will be returned to such bidders by registered mail at the addresses stated in their Proposals,
'Preliminary, subject to change.
or delivered to a representative of such bidder immediately after the award of the Series 1995 Bonds to the
Successful Bidder. The proceeds of the good faith check of the Successful Bidder will be applied to the payment
of the purchase price of the Series 1995 Bonds. Prior to the delivery of the Series 1995 Bonds, the City may cash
and invest the proceeds from the good faith check. No interest will be paid to any bidder upon any good faith
check.
Delivery and Payment
It is anticipated that the Series 1995 Bonds in fully registered form will be available for delivery on
, 1995 in New York, New York at The Depository Trust Company, or some other date and place
to be mutually agreed upon by the Successful Bidder and the City against the payment of the purchase price
therefor including accrued interest calculated on a 350 -day year basis, less the amount of the good faith check,
in immediately available Federal Reserve funds without cost to the City.
Closing Documents
The City will furnish to the Successful Bidder upon delivery of the Series 1995 Bonds the following
closing documents in a form satisfactory to Bond Counsel. (1) signature and no- litigation certificate; (2) federal
tax certificate; (3) certificate regarding information in the Official Statement; and (4) seller's receipt as to
payment. A copy of the transcript of the proceedings authorizing the Series 1995 Bonds will be delivered to the
Successful Bidder of the Series 1995 Bonds upon request. Copies of the form of such closing papers and
certificates may be obtained from the City.
Information Statement
Section 218.38(1)(b)1, Florida Statutes, as amended, requires that the City file, within 120 days after
delivery of the Series 1995 Bonds, an information statement with the Division of Bond Finance of the State of
Florida (the "Division ") containing the following information: (a) the name and address of the managing
underwriter, if any, connected with the Series 1995 Bonds; (b) the name and address of any attorney or financial
consultant who advised the City with respect to the Series 1995 Bonds; and (c) any fee, bonus, or gratuity paid,
in connection with the bond issue, by an underwriter or financial consultant to any person not regularly employed
or engaged by such underwriter or consultant and (d) any other fee paid by the City with respect to the Series
1995 Bonds, including any fee paid to attorneys or financial consultants. The Successful Bidder will be required
to deliver to the City at or prior to the time of delivery of the Series 1995 Bonds, a statement signed by an
authorized officer containing the same information mentioned in (a) and (c) above. The Successful Bidder shall
also be required, at or prior to the delivery of the Series 1995 Bonds, to furnish the City with such information
concerning the initial prices at which a substantial amount of the Series 1995 Bonds of each maturity were sold
to the public as the City shall reasonably request.
Pursuant to Section 218.355(2) and (3) of the Florida Statutes, as amended, a truth -in- bonding statement
will be required from the Successful Bidder at closing substantially in the following form:
"The City of Clearwater, Florida is proposing to issue $11,570,000* original aggregate principal
amount of Improvement Revenue Bonds, Series 1995 for the purpose of (i) financing a portion
of the cost of the City's Municipal Services /Public Safety and Police Complex Project, (ii)
funding a reserve fund (or purchasing a debt service reserve fund surety policy), and (iii) paying
the costs of issuing the Series 1995 Bonds, all as further described in Ordinance No, 5659 -94
(the `Ordinance "). The final maturity date of the Series 1.995 Bonds is February 1, 2025, and
*Preliminary, subject to change.
5
;1/7r - de
the Series 1995 Bonds are expected to be repaid over a period of thirty (30) years, At a
forecasted average interest rate of �°f per annum, total interest paid over the life of the
Series 1995 Bonds will be $ . The source of repayment or security for this
proposal is the City's Pledged Funds, including the City's Public Service Tax and moneys and
investments held in the funds created under the Ordinance. Authorizing the Series 1995 Bonds
will result in $ not being available to finance other capital projects of the City.
This truth -in- bonding statement prepared pursuant to Section 218.385(2) and (3) of the Florida
Statutes, as amended, is for informational purposes only and shall not affect or control the
actual terms and conditions of the Series 1995 Bonds:'
Legal Opinion
The Successful Bidder will be furnished, without cost, the approving opinion of Bryant, Miller and Olive,
P.A., Tallahassee, Florida, to the effect that based on existing law, and assuming compliance by the City with
certain covenants and requirements of the Internal Revenue Code of 1986, as amended (the "Code "), regarding
use, expenditures, investment of proceeds and the timely payment of certain investment earnings to the United
States Treasury, the interest on the Series 1995 Bonds is not includable in the gross income of individuals,
however, interest on the Series 1995 Bonds will be included in the calculation of the alternative minimum tax
and environmental tax liabilities of corporations. The Code contains other provisions that could result in tax
consequences, upon which Bond Counsel renders no opinion, as a result of ownership of the Series 1995 Bonds
or the inclusion in certain computations (including, without limitation, those related to the corporate alternative
minimum tax and environmental tax) of interest that is excluded from gross income.
Official Statemen
The Preliminary Official Statement, copies of which may be obtained as described below, is in a form
"deemed final" by the City for purposes of SEC Rule 15c2- 12(b)(1) (except for certain permitted omissions as
described in such rule) but is subject to revision, amendment and completion in a final Official Statement. Upon
the sale of the Series 1995 Bonds, the City will publish a final Official Statement in substantially the same form
as the Preliminary Official Statement. Copies of the final Official Statement will be provided, at the City's
expense, on a timely basis in such quantities as may be necessary for the Successful Bidder's regulatory
compliance.
CUSIP Number
It is anticipated that CUSIP identification numbers will be printed on the Series 1995 Bonds, but neither
the failure to print such number on any Series 1995 Bonds nor any error with respect thereto shall constitute
cause for failure or refusal by the Successful Bidder to accept delivery of and pay for the Series 1995 Bonds in
accordance with its agreement to purchase the Series 1995 Bonds. All expenses in relation to the printing of
CUSIP numbers on the Series 1995 Bonds shall be paid for by the City; provided, however, that the CUSIP
Service Bureau charge for the assignment of said number shall be the responsibility of and shall be paid for by
the Successful Bidder.
Conies of Documents
Copies of the Preliminary Official Statement,;' W Official Notice of Bond Sale and the Official Bid Form
and further information which may be desired, may'bi; 'obtained from the City's Financial Advisor, Raymond
James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone (813) 573 -8282.
f
{
Amendment and Notices
Amendments hereto and notices, if any, pertaining to this offering shall be made by the Munifacts News
Service. t
f
CITY OF CLEARWATER, FLORIDA
Isl Rita J an
Mayor- Commissioner
t
i(
l
's
t
i
c
i
■
7
EXHIBIT B
FORM OF SUMMARY NOTICE OF SALE
%S�
\
qq4
I
SUMMARY NOTICE OF
SALE
7
f
$11,570,000*
CITY OF CLEARWATER, FLORIDA
Improvement Revenue
Bonds
Series 1995
;
s`
I
Sealed bids
f
will be received by the Finance Director of the
City of Clearwater, Florida, at the office of the Finance Director,
112 South Osceola Avenue, 3rd Floor, Clearwater, Florida 34616,
subject to the provisions of the Official Notice of
Bond Sale.
Sale Date:
, 1995
i
;
I
Time:
, E.S.T.
Bonds Dated:
February 1, 1995
Maturities:
Payable February 1 in the years
and amounts as
-follows:
Due
Principal
Due
f
i
Principal
..(February 1)
Amount* (February 1)
Amount*
i
1996
$150,000
2011
$340,000
1997
155,000
2012
365,000
1998
165,000
2013
385,000
1999
175,000
2014
410,000
2000
180,000
2015
440,000
2001
190,000
2016
465,000
2002
205,000
2017
495,000
2003
215,000
2018
530,000
2004
225,000
2019
565,000
2005
240,000
2020
600,000
2006
255,000
2021
640,000
2007
270,000
2022
680,000
® 2008
285,000
2023
725,000
2009
305,000
2024
770,000
2010
320,000
2025
825,000
Interest
Payment Dates:
Payable February 1
and August
1, commencing
August 1, 1995.
Legal Opinion:
Bryant, Miller and
Olive, P.A.,
Tallahassee, Florida
*Preliminary, subject to change,
For copies of the Official Notice of Bond Sale, the Preliminary
Official Statement of the City of Clearwater, Florida, and official
Proposal Form, please contact the Financial Advisor, Raymond James
& Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida
33716, telephone (813) 573 - 8282.
�/S 4
PROPOSAL FOR
$11,570,000*
iCITY OF CLEARWATER, FLORIDA
IMPROVEMENT REVENUE BONDS, SERIES 1995
Finance Director
City Hall
112 South Osceola Avenue, 3rd Floor
Clearwater, Florida 34616 !
Ladies and Gentlemen:
i
For the City of Clearwater, Florida, Improvement Revenue Bonds, Series 1995 (the "Series 1995 Bonds "), s
dated February 1, 1995 and maturing on February 1, 1996 through February 1, 2025, in the principal amount of
$11,570,000 *, described in the Official Notice of Bond Sale, which is hereby made a part of this Proposal, we will
pay you in immediately available federal reserve funds
Dollars($ ),plus
accrued interest to the date of delivery of the Series 1995 Bonds. This bid price may include an underwriter's
discount and an original issue discount, the total of which do not exceed 2% of the principal amount of the Series
1995 Bonds.
i
i
We do or do not _ wish to have the Series 1995 Bonds insured. We understand that the Series
_
1995 Bonds will be insured by Municipal Bond Investors Assurance Corporation if the election to purchase
insurance is made, and the bond insurance premium will be paid by the City of Clearwater..
Said Series 1995 Bonds shall bear interest at the rates and shall be reoffered at prices or yields specified s
below.
Principal Interest Price Principal Interest Price t
Maturi Amount* Rate or Yield Maturitv Amount* Rae or Yield
1996 $150,000 2011 $340,000
1997 155,000 2012 365,000.
1998 165,000 2013 385,000 j
1999 175,000 2014 410,000
2000 180,000 2015 440,000
2001 190,000 2016 465,000
2002 205,000 2017 495,000
2003 215,000 2018 530,000
200.; 225,000 2019 565,000
2005 240,000 2020 600,000
2006 255,000 2021 640,000
2007 270,000 2022 680,000
2008 285,000 2023 725,000
2009 305,000 2024 770,000
2010 320,000 2025 825,000
"
Preliminary su 'cct to change as stated in Official Notice of Sale.
tir
Term Bonds Outlon. The interest rate or reoffering price or yield for any Term Bonds shall be
indicated in the table above only in the year of final maturity. The annual Principal Amounts so indicated shall
be applied for the mandatory retirement of one or more Term Bonds maturing in the years and amounts and
bearing interest as follows:.
$ Term Bonds maturing on February 1, at
% per annum to yield
% per annum.
$ Term Bonds maturing on February 1, at
% per annum to yield
% per annum.
$ Term Bonds maturing on February 1, at
% per annum to yield
% per annum.
$ Term Bonds maturing on February 1, at
% per annum to yield
% per annum.
$ Term Bonds maturing on February 1, at
% per annum to yield
% per annum.
[If additional space is needed to specify additional Term Bond maturities, please attach a separate sheet to this
proposal, setting forth such additional Term Bond maturities in the form set forth above.]
We will accept delivery of said Series 1995 Bonds through The Depository Trust Company, with the
closing occurring at the office of the Finance Director of the City of Clearwater, 112 South Osceola Avenue,
Clearwater, Florida 34616 on or about , 1995, unless another date or place shall be mutually agreed
upon, it being understood that the City shall furnish to us, free of charge at the time of delivery of said Series
1995 Bonds, the opinion of Bryant, Miller and Olive, P.A., Bond Counsel, Tallahassee, Florida, approving the
validity thereof.
In accordance with the Official Notice of Bond Sale, we enclose herewith either (i) a Cashier's or
Certified Check for $ payable to the order of the City of Clearwater, Florida, to be returned to the
undersigned upon the award of said Series 1995 Bonds provided this Proposal is not accepted, or (ii) provided
for a Financial Surety Bond in accordance with the Official Notice of Sale. The check is to be cashed and the
amount of the check retained by the City until the delivery of said Series 1995 Bonds and payment therefor, and
is to be applied to the payment of the Series 1995 Bonds or retained as and for liquidated damages in case of
the failure of the undersigned to make payment as agreed.
This proposal is not subject to any conditions not expressly stated herein or in the annexed Official
Notice of Bond Sale. Receipt of the Preliminary Official Statement relating to these Series 1995 Bonds is hereby
acknowledged. The names of the underwriters or members of the account or joint bidding accounts, if any, who
are associated for the purpose of this Proposal are listed either below or on a separate sheet attached hereto.
Name of Firm Address
By: City State Zip
Name:
Title-,
Telephone Number
The following is our computation made in accordance with the Official Notice of Bond Sale of the true
interest cost to the City of Clearwater, Florida, under terms of our Proposal for Series 1995 Bonds, which is for
informational purposes only and is subject to verification prior to award:
Par Amount $
Less Original Issue Discount $
Less Underwriters' Discount $
Plus Original Issue Premium $
Amount Bid Before Accrued Interest $
(This amount should match the price
bid on page 1)
Less Bond Insurance Premium (if applicable) $
Bid For Purposes of Calculating
True Interest Cost $
Accrued Interest $
True Interest Cost Rate (To , 1995 and
Inclusive of Insurance Premium costs and
accrued interest, if any) %
(No addition or alteration is to be made to this Official Bid Form, and it must be submitted with the
Official Notice of Bond Sale.)
By:
3
�Ir'r