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i -
RESOLUTION
No, 78 - 36
A RESOLUTION FIXING THE DATES, MATURITIES,
MANDATORY SINKING FUND INSTALLMENTS, INTEREST
RATES AND REDEMPTION PROVISIONS FOR $24,790,000
UTILITY REVENUE BONDS, SERIES 1978; FIXING THE
DATE, MATURITIES AND INTEREST RATES FOR
$20,385,000'SPECIAL OBLIGATIONS BONDS, SERIES
1978A; CANCELLING $3,710,000 PRINCIPAL AMOUNT OF
SAID 1978 BONDS AND $3,615,000 PRINCIPAL AMOUNT
OF SAID 1978A BONDS; APPROVING A CONTRACT OF
PURCHASE AND AWARDING SAID 1978 AND 1978A BONDS;
AUTHORIZING USE OF PRELIMINARY OFFICIAL STATE-
MENTS FOR SAID 1978 BONDS AND 1978A BONDS.
WHEREAS, the City Commission has heretofore, by ordinance
No. 1761 and Ordinance No. 1760 adopted on February 21, 1978,
authorized the issuance of $28,000,000 Utility Revenue Bonds,
Series 1978 (the "1978 Bonds") and $24,000,000 Special Obligation
Bonds, Series 1978A (the "1978A Bonds"); and
WHEREAS, the City Commission deems it in the best interests
of the City that $24,790,000 principal amount of said 1978 Bonds and
$20,385,000 principal amount of said 1978A Bonds be sold at this
time; and
WHEREAS, it is necessary to fix the date, maturities,
Sinking Fund installments, interest rates and redemption provisions
for said 1978 Bonds and the date, maturities and interest rates for
said 1978A Bonds; and
WHEREAS, it is necessary to cancel certain principal
amounts of said 1978 and 1978A Bonds; and
WHEREAS, William R. Hough & Co. and The Pierce, Wulbern
Murphey corporation (hereinafter called "Purchasers"). have offered
to purchase said 1978 Bonds at the price of $24,356,175.00 plus
accrued interest from December 1, 1977 to the date of delivery
thereof, bearing interest as hereinafter stated, and to purchase
said 1978A Bonds at the price of $20,079,225 plus accrued interest
from February -1, 1978 to the date of delivery thereof, bearing
interest as hereinafter stated; and
WHEREAS, the.City Commission deems it in the best financial
interest of the City that said 1978 Bonds and 1978A Bonds be sold at
p' .may 'rS yy R C.i4 C•ei1? ?I ii;, {l ''i; C:, ::t :1
.i .
. `4!+K +i.w•?tr ly}+? r.?.?r .f. rt4?lt? .L. ?"` l? ?"y;?'.a^'[5??`, , .,4 i" , '?" . '
+ ' . ? ?• ?'V{''. BEY 454:
private sale as above recited at the purchase prices above statedt
now, therefore,,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SEC'T'ION 1. $24,790,000 principal amount of the $28,000,000
Utility Revenue Bonds, Series 1978, dated December 1, 1977 are here-
by authorized to be issued.
SECTION 2(a). The 1978 Bonds shall bear interest
(payable semiannually on June 1 and December 1) at such rates per
annum and shall mature on December 1 in the years and amounts as
follows:
INTEREST INTEREST
YEAR AMOUNT RATE YEAR AMOUNT RATE
1993 $1,230,000 5.60% 1996 $ 1,450,000 5.90%
1994 1,295,000 5.70% 2004 7,985,000 6.10%
1995 1,370,000 5.80% 2007 11,460,000 6.10%
(b). The Series 1978 Bonds maturing in the years 2004
and 2007 are designated as the term obligations of said Series 1978
Bands,
(c). Mandatory Sinking Fund installments for the Series
1978 term obligations maturing in the year 2004 shall be deposited
in a 2004 Term Bonds Sinking Fund Account, which is hereby created
and established in the Sinking Fund in the Bond Service Account, and
shall be due on December 1 in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1997 $1,535,000 2001 $750,000
1998 1,630,000 2002 700,000
1999 1,330,000 2003 745,000
2000 710,000 2004 585,000
Moneys held for the credit of the 2004 Term Bonds Sinking
Fund Account shall be applied to the retirement of the 2004 Term
Bonds as follows:
-2-
,I'Aaso.: 78- 36 3/31/78
. 117
KII
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,i?`„?'Sy;;v.,:rtt?:??, (:,.. •' : ; .. ,<:• ,y;:,i^;,; ?µt, ?.? a. G?' '???:r. i'aa?yy:"? <t?•` ts:st. r ?
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f iq?l`f'-,r .}?5?? i? F.rT i.?. ?? i,t l' t - iu,.A'i',,ra• ,'ei?`:t.yr• •,?'?r?":., .'?;?:
?'t .:`%;"x.`a.?t?j yi•r,?,:a?f'. .?ei,'.;-, ... 'ti- F??;,°:.,i;:: ,•,';
r.e ,4.i ;,?t?.'f17.. ..."f, .ar:= .. .=f.??.• -._.. ..s ? ?? '?`, t}e'??t..",
( (i-.7 D
0
;I' M The City may endeavor to purchase 2004 Term Bonds
s'. then outstanding, at the most advantageous price obtainable with
reasonable diligence, such price not to exceed the principal of such
L: ?3
fL,- 2004 Term Bonds. The City shall pay the interest accrued on such
F,
,i 2004 Term Bonds to the date of delivery thereof from the Bond
Service Account and the purchase price (excluding accrued interest)
from the 2004 Term Bonds Sinking Fund Account, but no such purchase
shall be made by the City within the period of forty-Five (45)
days immediately preceding any interest payment date on which such
2004 Term Bonds are subject to call for redemption except from
moneys in excess of the amounts set aside or deposited for the
redemption of 2004 Term Bonds.
. (ii) The City shall call for redemption by lot on Decem-
ber 1 in each year in which 2004 Term Bonds are subject to redemption
from moneys in the 2004 Term Bonds Sinking Fund Account such amount
of 2004 Term Bonds then subject to redemption as will exhaust the
moneys then held in the 2004 Term Bonds Sinking Fund Account as
nearly as may be practicable. Prior to calling 2004 Term Bonds for
redemption the City shall withdraw from the Bond Service Account and
from the 2004 Term Bonds Sinking Fund Account and set aside in
separate accounts for deposit with the Paying Agents the respective
amounts required for paying the interest on and principal of the
2004 Term Bonds so called for redemption.
(d). Mandatory Sinking Fund installments for the Series
1978 term obligations maturing in the year 2007 shall be deposited
in a 2007 Term Bonds Sinking Fund Account, which is hereby created
and established in the Sinking Fund in the Bond Service Account.
The City covenants to deposit in such 2007 Term Bonds Sinking Fund
Account equal mcnth y amounts so that the cumulative sum on deposit
in said 2007 Term Bonds Sinking Fund Account on each interest pay-
ment date shall be sufficient to purchase, and the City further
covenants to purchase, by the dates indicated, the cumulative princi-
pal amount of direct or guaranteed obligations of the United States
of America (the "Federal Securities").listed below:
-3-
-,Reno. J78-36
23y'":J4.?S.°zt?•1•l?`i i+r.?,i'i,?_• .r•j... ::y,.• .. t 'i
3/31/78
f?
`3??';;???,a"F•,"S"x;?',N''?r`!t"•q.=?`.'•h:':"?Fp. r.h.,,?y,`?t+yr?"N.??"x 'Y?SS•'.'.???.?/'f`?w??.1•+p.'??}:ask
,i; _..?*'.'..?_,Crc,..... .,t'.._---?i:.' .,.,:k,.:..r_ ..,......?tSa?°..i_•L r.??.is.E.d?_._ I•.as^.'tL.'Q'?..:.a@ssti
l Y?..?1 ri+! 1 w S -
Required Principal Amount
Date and Year of Federal Securities
June 1, 1978 $ 800,000
December 1, 1978 1,010,000
June 1, 1979 1,225,000
December 1, 1979 1,450,000
June 1, 1980 1,680,000
December 1, 1980 1,925,000
June 1, 1981 2,175,000
December 1981 2,435,000
June 1, 1982 2,700,000
December 1, 1982 2,980,000
June 1, 1983 ' 3,270,000
December 1, 1983 3,575,000
June 1, 1984 3,885,000
December 1, 1984 4,210,000
June 1, 1985 4,550,000
December 1, 1905 4,895,000
June 1, 1986 5,260,000
December 1, 1986 5,635,000
June 1, 1987 6,025,000
December 1, 1987 6,430,000
June 1, 1988 ' 6,855,000
December 1, 1988 7,290,000
June 1, 1989 7,745,000
December 1, 1989 8,220,000
June 1, 1990 81710,000
December 1, 1990 '9,220,000
June 1, 1991 9,750,000
December 1, 1991 10,300,000
June 1, 1992 10,870,000
December 1, 1992 11,460,000
The amount in such 2007 Term Bonds Sinking Fund Account on
each of the above dates shall be in the cumulative sum stated above
less the principal amount of any 2007 Term Bonds retired in advance
of maturity (such amount on December 1, 1992 being hereinafter re-
ferred to as the "required amount").
Investments on deposit in said 2007 Term Bonds Sinking
Fund Account shall mature on or prior to December 1, 2007 and shall
be valued at their face value so that sufficient funds will be
available to pay the principal of the maturing 2007 Term Bonds.
The Federal Securities so purchased shall be used and
applied solely for the payment of principal of the 2007 Term Bonds
either by purchase or redemption at not greater than the par value
thereof or payment at their stated maturity. The income on all
investments in such 2007 Term Bonds Sinking Fund Account shall re-
main in such account and shall be used for-the purposes thereof
unless and until the required amount is on deposit therein, and
thereafter shall be deposited into the Bond Service'Account for
payment of maturing principal of and interest on the 1978 Bonds.
-4-
.Res6...#78"
-36
E 3/31/78
? :??3s???9?b'';?;?ry?• :???'`?"; :y;''ti;;1,i,;;,?' ?;? ^'?: , :??.;t:`'..-,' rr' . . .':' ..-' .. '.1.,: , ,`it;s't' :?..F$:',a
4:;'
;,4 -iw.
SECTION 3. The redemption provisions for the Series
1978 Borids shall read as follows:
"The Bonds are redeemable prior to their respective
maturi.ty'dates, at the option of the City as a whole or in part
in inverse order*of maturity and by lot within a maturity on
December 1, 1988, or on any interest payment date thereafter, at
par and accrued interest to the date of maturity, plus a premium
of 1/4 of 18 for each year or portion thereof between such redemption
date and the stated date of maturity, such premium not to exceed
2-1/28. In addition to the foregoing, the City may at its option,
redeem the Bonds maturing in the year 2007 prior to maturity, by
lot if less than all and without requirement for redeeming Bonds of
any other maturity, on December 1, 2002, or on any date thereafter
at par and accrued interest to the date of redemption and without
premium.
SECTION 4(a). $20,385,000 principal amount of the
$24,000,000 Special Obligation Bonds, Series 1978A are hereby
authorized to be issued.
(b). Said Series 1978A Bonds shall be dated February 1,
1978, shall bear interest (payable semiannually on February 1 and
August 1) at such rates per annum and shall mature on February 1 and
August 1 in the years and amounts as follows:
i ?
t
i 1 r 3
y Reao:: X78=36' ',
.IONS" . f ?'(?: •: s` t
3/31/78
r'"?t}j.+t?i'[ ?? v, -f1• ..x•k r'' •. ?? .!. r
fY{e?Z.. r`,;r.i R?? J.'Li;i..,as.?, i;: V:,?,> •,? ?i?r',? `•. ..
??J.? r.i!ry?J:?'?F?ft?-^,?i?,?i,`i'`??r.;r['6?4•???; .F',...
k
. •... s..C• .'. ._"fret ?a . a.
Date and Year
August 1, 1978'
February 1, 1979
August 1, 1979
February 1, 1980
August 1, 1980•
February 1, 1981
August 1, 1981
February 1, 1982
August 1, 1982
February 1, 1983
August 1, 1983
February 1, 1984
August 1, 1984
February 1, 1985
August 1, 1985
February 1, 1986
August 1, 1986
February 1, 1987
August 1, 1987
February 1, 1988
August 1, 1988
February 1, 1989
August 1, 1989
February 1, 1990
August 1, 1990
February 1, 1991
August 1, 1991
February 1, 1992
August 1, 1992
February 1, 1993
August 1, 1993
February 1, 1994
August 1, 1994
February 1, 1995
August 11 1995
February 1, 1996
August 1, 1996
February 1, 1997
August 1, 1997
February 1, 1998
August 1, 1998
February 1, 1999
August 1, 1999
February 1, 2000
August 1, 2000
February 1, 2001
August 1, 2001
February 1, 2002
August 1, 2002
February 1, 2003
August 1, 2003
February 1, 2004
August 1, 2004
Amount
$380,000
825,000
815,000
790,000
790,000
765,000
760,000
735,000
735,000
650,000
645,000
625,000
620,000
590,000
590,000
560,000
555,000
535,000
530,000
510,000
500,000
480,000
475,000
450,000
445,000
415,000
410,000
385,000
380,000
350,000
345,000
300,000
300,000
260,000
265,000
230,000
230,000
195,000
195,000
155,000
155,000
110,000
110,000
60,000
55,000
40,000
35,000
15,000
15,000
5,000
5,000
5,000
5,000
Interest Rate
3.758
3.90%
4.058
4.158
4.258
4.359
4.458
4.50%
4.558
4.608
4.60%
4.708
4.70%
4.758
4.758
4.80%
4.80%
4.85%
4.85%
4.90%
4.90%
4.95%
4.95%
5.00%
5.00%
5.10%
5.108
5.20%
5.20%
5.308
5.30%
5.408
5.40%
5.40%
5.408
5.508
5.50%
5.508
5.50%
5.50%
5.508
5.50%
5,508
5.50%
5.50%
5.50%
5.50%
5.50%
5.508
5.50%
5.508
5.508
5.508
SECTION 5. The authorization for $3,710,000 principal
amount of Utility Revenue Bonds, Series 1978, be and the same is
I
'1?' I 3r k r \r 4 ?' /,
vpt"4???tF???"?"j'?..??(lrwbl;?!i7???6.jv.?:??t- ..L'+=,3?` 'fl(??"!` .. -? rt•.S?gfri?:k??a#. .r ::'r :r Y.:>>r .Y .?' ' rl + .41'
3/31/78 . <'
• - .. 't' - .?e. .. - <'I'<?p : r: ..;Y?1":::L ?eL?Nfi: rFLr:t..??? ?Ci3'F
hereby cancelled and rescinded and the authorization for $3,615,000
principal amount of Special Obligation Bonds, Series 1978A, be and
the same is hereby cancelled and rescinded.
SECTION 6. Said Utility Revenue Bonds, Series 1978, be
and the same are hereby awarded and sold at private sale to the
Purchasers at the price of $24,356,175.00 and accrued interest from
December 1, 1977 to the date of delivery thereof, bearing interest
at the rates per annum set forth in Section 2 hereof.
SECTION 7. Said Special Obligation Bonds, Series 1978A,
be and the same are hereby awarded and sold at private sale to the
Purchasers at the price of $20,079,225 and accrued interest from
February 1, 1978 to the date of delivery thereof, bearing interest
at the rates set forth in Section 4 above.
SECTION 8. The distribution of the Preliminary Official
Statements, Draft of March 29, 1978, by the Purchasers is hereby
authorized and the proper officers of the City be and they are
hereby authorized to execute final Preliminary Official Statements
and final Official Statements and to deliver same to the Purchasers
for use by them in connection with the sale and distribution of the
1978 Bonds and the 1978A Bonds.
SECTION 9. The Contract of Purchase, dated March 31, 1978,
by and between the Purchasers and the city be and the same is hereby
approved and accepted and the Mayor and City Clerk are authorized on
behalf of the City to execute the acceptance thereof in the space
provided therefor on said Contract.
SECTION 10. The proper officers of the City be and they '
are hereby authorized and directed to execute said Bonds when pre--
pared, and to deliver same to said Purchasers upon payment of the
purchase price without: further authority from this City Commission.
-7-
' 1. 4
?.','T YE?f;,r..
3/31/78-
77 ?1.
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f ;
SECTION 11. Under Section 15C(2) of Ordinance No. 1761,
quthorizing the issuance of the 1978 Bonds, the City hereby elects
to retain tho funds deposited into the 2007 Term Bonds Sinking Fund
Account until the stated maturity date of the 2007 Term Bonds on
December 1, 2007, except as provided in Section 2(d) hereof.
SECTION 12. This resolution shall take effect immediately
upon its passage.
PASSED AND ADOPTED this 31st Day of March, A.D. 1978.
Attent: I
City Clerk '
Mayor-Commis ner
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