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R:ES'OLUT` ION
No. 77 .. 123
A RESOLUTION AWARDING $6,060,000 UTILITIES
TAX.AND BRIDGE REVENUE BONDS, SERIES 1977;
$3,290,000 UTILIT4S TAX BONDS, SERIES 1977;
$2,120,000 SPECIAL-OBLIGATION BONDS, SERIES
1977A; AND $1,375,000 SPECIAL OBLIGATIONS BONDS,
SERIES 1977E OF THE CITY OF CLEARWATER, FLORIDA
TO WILLIAM R. HOUGH S CO., AS REPRESENTATIVE OF
THE UNDERWRITERS; FIXING THE DATE, MATURITIES,
INTEREST RATES AND REDEMPTION PROVISIONS WITH
RESPECT TO SUCH BONDS; DESIGNATING THE PAYING
AGENT,.AND ESCROW HOLDER IN CONNECTION WITH THE
ISSUANCE OF SUCH BONDS; AUTHORIZING USE OF OFFICIAL
STATEMENTS IN CONNECTION WITH DISTRIBUTION OF SUCH
BONDS AND OTHER ACTION IN CONNECTION WITH ISSUANCE
AND DELIVERY OF SUCH BONDS; APPROVING AND AUTHORIZ-
ING EXECUTION OF SECURITIES OPTION AND PURCHASE
AGREEMENTS FOR PURCHASE OF UNITED STATES TREASURY
OBLIGATIONS; CANCELLING AUTHORIZATION FOR UNSOLD
BONDS;.PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Clearwater, Florida (hereinafter
J
called "City") has previously adopted ordinances authorizing issuance
of not exceeding $6,990,000 Utilities Tax and Bridge Revenue Bonds,
Series 1977 (the "Bridge Bonds"); not exceeding $3,815,000 Utilities
Tax Bonds, Series 1977 (the "Utilities Tax Bonds"); not exceeding
$2,700,000 Special Obligation Bonds, Series 1977A (the "1977A Bonds")
and $1,885,000 Special Obligation Bonds, Series 1977B (the "1977B
Bonds") (collectively the "Bonds"); of the City; and
WHEREAS, the City finds that it is desirable to sell such
Bonds at private, negotiated sale; and
WHEREAS, the City has received from William R. Hough & Co.
a Contract of Purchase for the Bonds, the acceptance of which the
City determines to be in the best interest of the City; now therefore
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1. The offer in the form of Contract of Purchase
attached hereto as Exhibit "A" (the "Purchase Contract") relating to
the purchase of the Bonds, is hereby accepted and the aggregate
principal amount of $6,060,000 of Bridge Bonds, $3,290,000 of
Utilities Tax Bonds, $2,120,000 Series 1977A Bonds and $1,375,000 of
Series 1977E Bonds, are hereby awarded to William R. Hough & Co., at
the purchase price and upon the terms and conditions set forth in
the- Purchase Contract.
Reso. 077-123,
4 r's;; J'e 'ir
NOV 23 1977
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t ..?,rt ?£?, y j ,?:,.: ;?: •,?"•?;' L ,.1..'?xi,,,:'?? 'rt .'.p:;?sr.t ,,, FF, t??,,..
??,?rsf;?^:2SaYrs•":,< M1 •J.tiF.?•.. %'t°.;;: tG "'?',"i°"!.1 -? rj '.; . t ? ?,4.`•? ?•5- rt. ?. ?. pi?_;t.;;'r?, r,s "Z.?Y? ?.r,u.
??i .+„1^` _:l.f?,4. ?? . •1ti ::i' sFc,? . ? 1' ?, (,?': .i?• \'1 F:r :. r wy. }:: •3 n?.-; .
if ;;.: y?? R9•.i?r qr`..: Q. .;\: 'YIRE• '? .S•S F,., '•C.•.. `:.tt:F..;
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K..d:'v?l;..st`j ??'i-:e?,` ',1?,'{?i',.%.?tr .,r. ?? •." ;,. •. y,-:.,?:;_?.,.'F,£.?...
SECTION 2. The Bonds, in the aggregate amounts set
??ifi•fil{'rte },?`i` •••
yk?...
forth in section 1, shall each be dated June 1, 1977, shall mature
in the years and amounts, and shall bear interest payable at the rates
and times as set forth on the schedules attached hereto as
Exhibit B.
SECTION 3. The Bonds shall be redeemable as follows:
Bridge Bonds:
"The Bonds are redeemable prior to their stated dates of maturity,
at the option of the City, in whole or in part, in inverse order
of maturities and by lot within maturities if less than a full
maturity, on December 1, 1987, or an any interest payment date
thereafter, at parr plus accrued interest to the date of redemp-
tion, plus a premium equal to 1/4 of 1% of the par value thereof
for each six-months period, or fraction thereof, between the
date fixed for redemption and the stated date of maturity;
provided, however, that such premium shall not exceed 2% of
the par value thereof. The Bonds maturing on December 1,
2000 to June 1, 2005, inclusive, are additionally redeemable
prior to their stated dates of maturity, at the option of the
City, as a whole or in part but by lot if less than all, and
without requirement for redeeming the Bonds of any other maturity,
on dune 1, 2000, or on any date thereafter, at par plus accrued
interest to the date of redemption and without premium."
Utilities Tax Bonds:
"The Bonds are redeemable prior to their stated dates of maturity,
at the option of the City, in whole or in part, in inverse'
order of maturities and by lot within maturities if less than
a full maturity, on December 1, 1987, or on any interest payment
date thereafter, at par plus accrued interest to the date of
redemption, plus a premium equal to 1/4 of 1% of the par value
thereof for each six-months period, or fraction thereof, between
the date fixed for redemption and the stated date of maturity;
provided, however, that such premium shall not exceed 21 of
the par value thereof. The Bonds maturing on June 1, 2005,
are additionally redeemable, prior to maturity, at the option
of the City, as a whale or in part but by lot if less than all,
and without requirement for redeeming the Bonds of any other
maturity, on June 1, 2000, or on any date thereafter, at par
plus accrued interest to the date of redemption and without
premium."
The 1977A Bonds and the 1977E Bonds shall not he redeemable prior to n
their stated dates of maturity.
SECTION 4. THE EXCHANGE NATIONAL BANK OF TAMPA, Tampa, `
Florida is hereby named as paying agent in connection with issuance
of the Bonds. The Paying Agent is hereby named as Escrow Holder in
connection-with the execution and delivery of the Escrow'Deposit
i
Agreement (Bridge Revenue) and the Escrow Deposit Agreement (Utili-
ties Tax), each such Escrow Deposit Agreement attached as an exhibit
-2-
Read: 07,7-123
NOV 23
PIN
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?,:' tx ., r r '. .'<?a •.? c:.;.,.; r .e;'s'.T' i,.•si'S .
- '.?ri-' °.M: .:i. '.K ?', `S ? >r1 •e. r" `r` 'r i .M r;:•, tiFi ? I ?.'? r,n ",;??:';,• ?ys?; ?., .
y :" ` ??r '? •?1S?w1r ? ?!D$'?.f?if?a.t ..,t7 ?i?5?c7',?c`w?•aft°'r.i????'tC?3Ft•E?f?uL56kk? ? tw
i+ r
to ordinance No. 1701 (the "Bridge Bonds Ordinance") and ordinance .:'r' :+kf
Na. 17Q3 (the Utilities Tax .Bonds Ordinance) both enacted by the
City Commission of the City on September 15, 1977, authorizing ^£::T
'idG am• ? • ?t;
FpYy j,-`,'J issuance of, respectively, the Bridge Bonds and Utilities Tax Bonds,
?' r fat s',4 1,'.'i1'if.,'C?t•..?.1 ..? 9
L"k
and the proper officers of the City are authorized and directed to t...,?K•?:`?_?
w5 enter into the Escrow Deposit Agreements with the Escrow Holder. 4Gf,?,R
SECTION 5. In order to effect the refunding program
contemplated by the issuance of the Bonds the Escrow Holder is
;P? authorized and directed to invest the proceeds of the sale of the
,fgs,x Bonds, under and pursuant to the respective Escrow Deposit Agreements i:Y=2
to be entered into between the City and such Bank as provided by
the Bride Bonds Ordinance and the Utilities Tax Bonds Ordinance
-i as amended and supplemented, by purchase of the securities to be
designated in writing by the Mayor-Commissioner on or prior to the
date of delivery of the Bonds; provided, however, that such securities
w;
y shall consist only of direct obligations of the United States of
America and shall be sufficient in rate of interest and principal
amount to accomplish the purposes of the refunding and the require-
ments of the Escrow Deposit Agreements.
SECTION 6. The principal of the Bridge Bonds maturing in
the years 1988 through and including 2004 shall, be payable from the
Principal Account as defined and established in the Bridge Bonds
Ordinance. The principal of the Bridge Bonds maturing on June 1,
2005 shall be payable from the Sinking Fund Account, as defined
and established in the Bridge Bonds Ordinance. The principal of
the Utilities Tax Bonds maturing in the years 1988 through and
i( including 1990 shall be payable from the Principal Account as defined %f''•?'
and established in the Utilities Tax Bonds ordinance and the grin-
cipal of the Utilities Tax Bonds maturing on June 1, 2005 shall be ., y1
payable from the sinking Fund Account as defined and established in
y ? R
the Utilities Tax Bonds Ordinance. The cumulative amounts required} i?
1 5 '
to be on deposit in the above-described Sinking Fund Accounts on each b
interest payment date for the Bridge Bonds and the Utilities Tax
J•
Bonds,' respectively, shall be not less than the amounts on each such
'date net forth on the schedules attached hereto as Exhibit C.
Rimed: 877123
t 'v ry`•?r'li,a? •t,.-z +',;?:s,- .. '?'s n...• :i .'.F:"?„+ri': ,t ;]t3,Jy;?.,,,
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I
)? I, I `Str SECTION 7. The use of the Official Statements relating
4J
C v.
to the Bonds, in the forms attached to the Contract of Purchase, with
such revisions as shall hereafter be approved by the Mayor-Commis-
sioner of the City, such approval to be evidenced by his execution
thereof, is hereby authorized in connection with distribution of the
Bonds.
SECTION 8. The proper officers of the City be and they
,..:,?a,?.;•"'b;,,'< are hereby authorized and directed to execute and deliver the Purchase
Contract, and to execute the Bonds when prepared and deliver same to,
the purchasers upon payment of the respective purchase prices pursuant
to the conditions stated in the Purchase Contract without further
authority from the City. The Mayor-Commissioner, City Manager, City
Clerk and City Attorney are each designated agents of the City in
connection with the issuance and delivery of the Bonds and are
authorized and empowered, collectively or individually, to take all
action and steps and to execute and deliver any and all instruments,
documents or contracts on behalf of the City which are necessary or
desirable in connection with the execution and delivery of the Bonds
which are not inconsistent with the terms and provisions of this
resolution and other action relating to the Bonds heretofore taken
by the City.
SECTION 9. The forms of Securities Option and Purchase
Agreements for the purchase of United States Treasuzy Bonds, in the
forms attached as Exhibit B to the Purchase Contract,, to be entered
into between the City and Barnett Bank of Clearwater, N. A., and
Barnett Bank of Murray Hill, N. A., respectively, are hereby approved
and the City Manager, Mayor--Commissioner, City Clerk and City Attorney
be and they are hereby authorized and directed to execute and deliver
same, with such modifications as the City Manager and Mayor-Commissioner
shall approve at the time of execution thereof, such modifications
to be evidenced by their execution thereof.
SECTION 10. The remaining balances of $930,000 principal amount
of Bridge Bonds, $525,000 principal amount of Utilities Tax Bonds,
Reso. '17.7-123
NOV 23 19?7
•
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' ;' ? " •?M t ,fib.. { {': ??.?rf" ' 1•k.i; '?,?'r ?sy'e'i=7 ?;?. r`?' t ? i ?'
,?,•"•;e - .,,.• ..i??:;s?•??. ?F'.i ;,';,` Yy,.' ,}?jYytiS??? 1 ? ??• ` ,: +a?j;,}c?':i?;,r; ?•" '?:k; y
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la
$580000 principal amount of Series 1977A Bonds and $510,000 principal
amount of Series 1977E Bonds; authorized but unsold. and unissued,
are hereby cancelled and shall-not be sold o issued.
SECTION 11. The motion adopted at a special session of
the City Commission held,on Tuesday, November 1, 1977, at 9;30 A.M.,
to,the extent that such motion is consistent witti'the provisions
of this resolution, is hereby ratified and confirmed.
SECTION 12. This resolution shall take effect immediately
upon its adoption.
pASSED AND ADOPTED this Z33r_d? stay of November, A. D. 1977.
Mavor- Commis ner
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SCHEDULE
CITY OF CLEARWATER, FLORIDA
$3,290,000 UTILITIES TAX BONDS, SERIES 1977, dated June
1, 1977,.numbered consecutively from one up-
ward, in the denomination of $5,000 each;
bearing interest from June 1, 1977 ipayabie
on June 1, 1978 and semi-annually thereafter
on December 1 and June 1 of each year) at'the
rates per annum and maturing on June 1 and
December 1 in each of the following years and
amounts:
INTEREST 'INTEREST
DATE AMOUNT RATE DATE AMOUNT RATE
June, 1988 $170,000 5.00% June, 1990 S 105,Op0 5.20%
Dec., 1988 170,000 5.00% Dec., 1990 110,000 5.201
June, 1989 175,000 5.10% June, 2005 2,380,000 ,5.80%
Dec., 1989 180,000 5.10%
$1,375,000 SPECIAL OBLIGATION BONDS, SERIES 19778,
dated June 1, 1977, numbered consecutively
from one upward, in the denomination of $5,000
each, bearing interest from June 11 1977
(payable on June 1, 1978 and semi-annually
thereafter on December 1 and June-1 of each
year) at the rates per annum and maturing on
June 1 and December 1 in each or the following
years and amounts:
INTEREST INTEREST
DATE
AMOUNT RATE DATE' AMOUNT ,
RATE
June,1978 $ 95,000 3.60% Dec.,1984 $ 55,000 4.40%
Dec.,1978 100,000 3.60% June,1985 45,000 4.50%
June,1979 95,000 3.80% Dec.,1985 45,000 4.50%
Dec.,1979 95,000 3.80% June,19.86 35,000 4.60%
June,1980 90,000 4.005 Dec.,1986 35,000 4.60%
Dec.,1980 85,000 4.00% June,1987 25,000 4.70%
June,1981 80,000 4.10% Dec.,1987 30,000 4.70%
Dec.,1981 80,000 4.10% June,1988 15,000 4.80%
June,1982 75,000 4.20% Dec.,1988 20,000 4.80$.
Dec.,1982 70,000 4.20% June,1989 10,000 4.90%
June,1983 65,000 4.30% Dec.,1989 .51000 4,901
Dec.,1983 60,000 4.308 June,1990 5,000 5.00%
June,1984 55,000 4.40% Dec.,1990 5,000 5.00%
5 _. Reao. 477-123
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R
EXHIBIT B
Page I of 2
NOU113 S17
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y 3'' } z >J.`irt'.! '?. i:s, 1' `o.r" i• ° •'t ..,`f ,Sf,• ,.: N.s.{,i:y'i" -'i• ?N ".+'''..
ei51«h. 4ti '.'lea ,{•? ?:'?: +? ii ? ?v 1 .?'*'`'f •',ti ?) 1 V .•',??' '} f •'.4, !„ 4?` '` .I.^?' i •+,?I IJI'?'1_.?' f•..t^I; ; ti
•Y` :`Y'U ij Y':^jy ...............?.? ',.1s:?.i1. %tra k'G ^?t6`.`?.' .:?t,, p?i??' :.r.?'.i L`. ?'-t- ??•k?,??'' ,1 ? ;
• SCHEDULE a
CITY OF CLEP?RWATER, FLORIDA
$6,060,000 UTILITIES TAX AND BRIDGE REVENUE BONDS, SERIES F,
1977, date d June 1, 1977, numbere d conse cutively
from'one u pward, in the d enominat ion of $5,000
each, bear ing interest fr om June 1, 1977 (payable i
on June 1, 1978 and semi.- annually therea fter on
December 1 and June 1 of each yea r) at t he rates
per annum and maturing on June 1 and Dec ember 1 y
in each of the fallowing years an d amoun ts: j
INTEREST INTEREST
DATE AMOUNT
T- RATE DATE A140UNT RATE w
June,
1968
$ 80,000
5.0'08
June,
1997
$ 240,000
5.658 U
Dec., 1988 90,000 5.008 Dec,, 1997 240,000 5.658
June, 1989 85,000 5.108 June, 1998. 240,000 5.70% ,
Dec., 1989 90,000 5.108 Dec., 1998 245,000 5.703
June, 1990 165,000 5.208 June, 1999 10,000 5.808
.Dec., 1990 165,000 5.208 Dec., 1999 10,000 5.808 s
June, 1991 245,000, 5.308 June, 2000 10,000 5.808
Dec., 1991 255,000 5.308 Dec., 2000 10,000 5.805
June, 1992 245,000 5.40% June, 2001 10,000 5.858
Dec., 1992 255,000 5.408 Dec., 2001 3.0,000 5.853
June, 1993 250,000 5.45% June, 2002 10,000 5.853`
Dec., 1993 250,000 5.458 Dec., 2002 10,000 5.858
June, 1994 250,000 5.50% June, 2003 10,000 5.858 -?
Dec., 1994 250,000 5.508 Dec., 2003 10,000 5.85% '
June, 1995 240,000 5.558 June, 2004 10,000 5.858
Dec., 1995 250,000 5.55% Dec., 2004 13,000 5.858
June, 1996 240,000 5.603 June, 2005 1,315,000 5.808 ?
Dec., 1996 250,000 5.608
$2,120,000 SPECIAL OBLIGATION BONDS, SERIES 1977, dated
June 1, 1977, numbered consecutively
from one upward, in the denomination of $5,000
each, bearing interest from June 1, 1977 (paycble.
on June 1, 1978 and sem i-annually therea fter on
December 1 and June 1 o f each year) at the rates
per annum and maturing on June 1 and Dec ember 1
in each of the followin g years and amoun ts:
INTEREST INTEREST
DATE AMOUNT RATE DATE AMOUNT PATE
June,1978 $175,000 3.608 Dec.,1981 $150,000 4.108
Dec.,1978 165,000 3.608 June,1982 145,000 4.20%
June,1979 165,000 3.808 Dec.,1982 140,000 4.20:
Dec.,1979 165,000 3.808 June,1963 135,000 4.308
June,1980 160,000 4.00% Dec.,1983 140,000 4.30%
Dec.,1980 160,000 4.00% June,1984 135,000 4.408
June,1981 150,000• 4.10% Dec.,1984 135,000 4.408
?• 'Reap. '>¢77=123
EXHIBIT B
Page 2 of 2
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:Y,;t:: CI,1M(.TT,ATIVE SINKING Fi3ND AEPC}SITS
? ??
d? ? Datie Sri.dge IIonds Uti7.a.t3es Tax Bonds ?
,,;?;?'-
?~?'
?. 6/x/78 $ 55,000.OD ? $ 215,D00.04 ? •? ??'.
° ?' 12/1./?8 7.25,000.00 295,000.44 r`?
n• ? t ?. 6/3,/78 - 7.85, 000.00 380, DD0.00 •
1 7.2/1/79 245,000.00 ? 965,OOD.00 ?.
' 6/1/80 305,40D.00? ? X55,000.00 ,
?.,. •• x2/1,/80 ? ? 365,000.OD 6SO,OD0.00
,? 6/1/81 430,000.DO 7?10,OOR.00
1.2/1/81. 495,000.00 $40,000.00 '.
' 6/1./82 555, OOO. D0 990 , 4D0.4.0
12/1/82 ? 620,000.00 1,050,000.00 .
;• 6/1/83 685,000.00 '7.,1.60,000.40
12/1./83 750, OOO.OD ' 1, ?.75 , 400.00
'• ? 6/1./8A .820,000.00 1,395,000.04..
12/1./84 685,000.00 1., 520,QOO.Op ? ?,?`•
'?{??''p 6/1/85 955, 000.00 _ 3., 655 t 000.00
1 ? ].2/1/85 1,025,000.00 1,790,OD0..00 '
??x ? ? ? 6/7./86 1.,095,000.00 1x930,000.'00
?? ?? ?
v 12/1/86 7.,7.70,000.00 2,075,000.00., fs
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