95-48r
W
RESOLUTION NO. 95 -48
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, PROVIDING FOR THE
DEFEASANCE AND REDEMPTION OF CERTAIN OF THE
OUTSTANDING CITY OF CLEARWATER, FLORIDA,
PUBLIC SERVICE TAX AND BRIDGE REVENUE BONDS,
SERIES 1985; PROVIDING FOR THE MAILING OF THE
NOTICE OF REDEMPTION; PROVIDING CERTAIN OTHER
MATTERS IN CONNECTION THEREWITH; AND
ESTABLISHING AN EFFECTIVE DATE.
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WHEREAS, the State of Florida (the "State ") has determined to j
replace that certain bridge across Clearwater Pass between !
Clearwater Beach and Sand Key in Pinellas County, Florida (the
"Bridge ") by demolishing the Bridge and constructing in replacement
thereof a new bridge, and upon demolition of the Bridge, the toll
revenues from the Bridge shall cease; and
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WHEREAS, the Bridge was financed, in part, through the
issuance by the City of Clearwater, Florida (the "City ") of its
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$7,155,000 Public Service Tax and Bridge Revenue Bonds, Series 1985
(the "Bonds "), secured by a pledge of the toll revenues from the
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Bridge and certain Public Service Tax receipts of the City; and
WHEREAS, the Bonds are subject to optional redemption as of
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December 1, 1995; and
WHEREAS, the City has on deposit in various funds and account,
funds sufficient to redeem at least that portion of the Bonds which
financed the Bridge; and
WHEREAS, the City has determined to call a portion of the
Bonds for optional redemption and to direct First Union National.
Bank of Florida, Jacksonville, Florida, successor to Florida
National Bank, St. Petersburg, Florida, the Paying Agent for the
Bonds (the "Paying Agent "), to mail notice of such redemption to
all registered holders of the Bonds as required by Ordinance No..
3932 -85, as supplemented, securing the Bonds (the "Bond
Ordinance ");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, AS FOLLOWS:
SECTION 1. The Finance Director of the City is hereby
authorized and directed to call for optional redemption pursuant to
the Bond Ordinance that portion of the Bonds then outstanding and
scheduled to mature after December 1, 1995 for which the City then
has on deposit adequate and sufficient funds to redeem (the
"Redeemed Bonds ") on such date as is permitted by the Bond
Ordinance and as selected by the City's Finance Director and
Financial Advisor (the "Call Date ") , are hereby irrevocably called
for redemption on the Call Date, at the redemption price set forth
in Resolution No. 85 -66 of the City. Prior to the Call Date, the
City's Finance Director is hereby authorized to deposit funds of
the City to be used to redeem the Bonds (as determined in section
2 hereof) with the Paying Agent prior to the Call Date pursuant to
an escrow deposit agreement or other arrangement satisfactory to
the City's Finance Director, the City Attorney and the City's Bond
Counsel.
SECTION 2. in determining the amount of Bonds to be redeemed,
the Finance Director shall use the funds available therefor on
deposit in (a) the Bridge Operating and Revenue Fund and the Bond
Fund (exclusive of the Reserve Account therein) created by the Bond.
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Ordinance, (b) the Reserve Account in the Bond Fund to the extent
such funds are in excess of the Maximum Bond Service Requirement
immediately following the redemption of the Bonds as authorized
hereby, and (c) the Parking Revenue Fund created by the City to
track the revenues of the parking facilities financed with the
proceeds of the Bonds. In making the calculation authorized by
this Section 2, the Finance Director may take into account any
deposits to any of the funds and accounts listed above which the
Finance Director reasonably believes will. be available to redeem
Bonds on the Call Date, regardless of whether such funds are
actually on deposit in such funds and accounts as of the date of
such determination.
SECTION 3. The Finance Director is hereby directed to provide
notice of such redemption to the Paying Agent at least thirty (30)
days before the Call Date.
SECTION 4. The Paying Agent is hereby authorized and directed
to mail., postage prepaid, not more than thirty (30) days and not
less than fifteen (15) days prior to the Call Date a redemption
notice to the registered owners thereof at their addresses as shown
on the registration books maintained by the Paying Agent for the
Bonds, which notice shall be in substantially the form attached
hereto as Exhibit A.
SECTION 5. This resolution may be amended, repealed or
supplemented by the City provided such action is adopted not later
than forty -five (45) days prior to the Call Date; otherwise this
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resolution shall be irrepealable and the direction given to the
Finance Director and the Paying Agent shall be irrevocable.
SECTION &. All capitalized undefined terms used herein shall
have the meanings set forth in the Bond ordinance.
SECTION 7. This resolution shall become effective immediately
upon its adoption.
Passed and adopted by the City Commission of the City of
Clearwater, Florida, this 1st day of June , 1995.
,&464,A�
Rita Garvey
Mayor - Commissioner
Attest:
0, , ,�- 2 � . J "_^w�
Cy i hia E. Goudeau
Cit I Clerk
Approved as to form
and legal sufficiency:
40-,L /, L
Pamela K. Akin
City Attorney
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EXHIBIT A
NOTICE OF REDEMPTION
CITY OF CLEARWATER, FLORIDA
PUBLIC SERVICE TAX AND BRIDGE
REVENUE BONDS, SERIES 1985
NOTICE IS HEREBY GIVEN that the outstanding City of
Clearwater, Florida, Public Service Tax and Bridge Revenue Bonds,
Series 1985, listed hereinbelow, have been irrevocably called for
redemption on , 199_, at the principal amount thereof,
plus a premium of percent (_ %) of the principal amount
thereof.
MATURITY DATE PRINCIPAL CUSIP
OF BONDS AMOUNT NUMBER
Payment of the principal amount of said Bonds, with premium,
will be made on or after the redemption date of 199_,
upon the presentation of said Bonds at the office of
, Florida,
as Paying Agent for said Bonds. Interest on said Bonds accruing to
or prior to said redemption date will be paid in the usual manner.
Interest on said Bonds will cease to accrue from and after said
redemption date.
Dated this day of , 199_.
First Union National Bank of Florida,
as Paying Agent
By