83-96
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RESOLUTION NO. a 3 - 96
A RBSOLU110N AWARDING $2,525,000 INDUSTRIAL DEVELOP-
MENT MORTGAGE REVENUE BONDS, SERIES 1983 (FHA
INSURED MORTGAGB LOAN.. DREW VILLAGE NURSING HOME
PROJBCT), OF THB CITY OF CLEARWATBR, FLORIDA; AVTHo-
RJZING EXECUTION AND DBLIVERY OF A BOND PURCHASE
AGREBMBNT POR SUCH BONDS; PJXING THE DATE, DENOMI-
NATIONS, MATURITJES, INTEREST RATES, INTEREST PAYMBNT
DATES, AND REDEMPTION PROVlSIONS WITH RESPECT TO
SUCH BONDS; CANCELLING UNSOLD BONDS; AOTHORIZING
USE OF OFFICiAL STATEMENTS IN CONNBCTlON WITH THE
MARKETING OF SUCH BONDS AND -OTHER AC110N AND AP-
PROVING PORMS OF BUILDING LOAN AGREBMENT, FHA
MORTGAGE NOTE AND MORTGAGE IN CONNECTION WITH
TIlE DELIVERY OF SOCH BONDS; AND PROVIDING AN EFFEC-
TIVE DATE.
WHEREAS, the City of Clearwater, Florida (the "IssueI'll), has previously
authorized the Issuance or $2,52S,OCO Industrial Development Mortgage Revenue Bonds,
Series 1983 (FHA Insured Mortgage Loan - Drew VllIage Nursing Home Project) of the
Issueriand
WHEREAS, the Issuer hereby Clnds that the timing, size and complexity of the
financing and the present volatfIity of the municipal bond market require that its terms be
negotiated at private sale rather than offered by competitive bid at pUblic sale in order to
..
assure the most favorable terms In the bond market and, therefore, has determIned to sell
$2,525,000 principal amount or s~ch Bonds (the "Bonds'l) at private, negotiated sale; and
WHEREAS, the lssuer has received a Bond Purchase Agreement (the llBond
Purchase Agre .nent") from Newman and Associates, Inc., M.G. Lewis &. Co., Inc. and
Meuse, Rinker &. Chapman Incorporated, as Underwriters (hereinafter collectively called
"Underwriter"), the acceptance of which the Issuer determines to be In its best interestj
and
WHERBAS, the Issuer desires to approve and authorize use of the Orficial
Statement In connection with the marketing of the Bonds and to approve and authorize
the taking of all other necessary action In connection with the delivery of the Bonds; now,
therefore,
BE rr RESOLVED BY THE CITY COMMISSION OF THE CITY OF
CLBARWATER, FLORIDA:
SECTION 1. AWARD OF BONDS. The Issuer hereby findS, determines and
declares that the timing and size of the issue and complexity of financing plan for the
Bonds, and current rapidly changing bond market conditions require that the bond issue be
negotiated at private sale rather than offered by competitive bid at public sale in order to
LKL 9/7/83 #208A
-1-
Res. 83-96
~i.vY\'V'~ Vv,. j 4 ~.2
9-15-83,
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assure the necessary nexlblUty to change the maturities, redemption features and lntr:rest
rates necessary to obtain the most favorable terms In the bond market. The negotiated
sale of the principal amount of Bonds stated in the title of this resolution and In the Bond
Purchase Agreement to the Underwriter Is hereby authorized pursuant to Section 218.385,
Florida Statutes. The offer In the form of the Bond Purchase Agreement, attached hereto
as Exhibit "N' and made a part hereof, relating to the purchase of the Bonds Is hereby
accepted and such principal amount of Bonds are hereby awarded and sold to the
Underwritcr at the purchase price and upon the terms and conditions set forth In the Bond
Purchase Agreement. The Issuer acknowledges receipt or the information required by
Section 218.385, Florida Statutes, in connection with negotiated sale oC bonds. A copy of
the Underwriter's letter containing the required Information is attached hereto as Exhibit
"B".
SBCTION 2. DESCRlPTION OF BONDS. The Bonds shall be issued In such
form, shall be dated, shall be in such denominations, shall be numbered, shall mature in
such years and amounts and shall bear interest payable at such rates and on such dates,
and shall be subject to redemption, all upon the terms and In the manner provided In the
Official Statement described in Section 4 hereof (the "Official Statement").
SBCTlON 3. APPROV AL OF OFFICIAL STATEMENT FOR BONDS. 'The use
of the final Official Statement relating to the Bonds, In the form attached to the Bond
Purchase Agreement as Exhibit U, and made a part hereof, with such revisions as are
consistent with the Bond Purchase Agreement and as shall hereafter be approved by the
Mayor-CommissIoner and City Manager of the Issuer, such approval to be evidenced by
their execution thereof, Is hereby authorized and approved in connection with marketing
ot the Bonds, and the proper ortieers of the Issuer are hereby authorized to execute the
tlnal Orticlal Statement and to deliver same to the Underwriter.
SBCTION 4. EXECUTION OF BOND PURCHASB AGREBMENT AND
AUTHORlZA'l10N OF ALL OTHER NECESSARY ACTION. The proper ofticers of the
Issuer are hereby authorized and directed to execute and deliver the Bond Purchase
Agreement and to execute the Bonds when prepared and deliver the same to the
Underwriter upon payment of the purchase price pursuant to the conditions stated In the
Bond Purchase Agreement. The Mayor-Commissioner, City Clerk, City Manager, and City
Attorney for the Issuer are each designated agents ot the Issuer in connection with the
issuance and delivery ot the, Bonds, and are authorized and empowered, collectively or
individUally, to take all action and steps to execute and deliver any and all instruments,
LKL 9/7/83 1#208A
-2-
,Res ~ 83-96
9-15-83
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