91-32 (2)RESOLUTION NO. 91 -32
A RESOLUTION PROVIDING FOR THE REDEMPTION OF
CERTAIN OF THE OUTSTANDING CITY OF CLEARWATER,
FLORIDA, GAS SYSTEM REVENUE BONDS, SERIES
1983; PROVIDING FOR PUBLICATION AND MAILING OF
THE NOTICE OF REDEMPTION; PROVIDING FOR
CERTAIN OTHER MATTERS IN CONNECTION THEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Clearwater, Florida (the "City"), has
heretofore determined to proceed with the sale and issuance of Gas
System Revenue Bonds, Series 1991 (the "Series 1991 Bonds ") for
the purpose of providing funds to finance the refunding of the
City's outstanding Gas System Revenue Bonds, Series 1983 (the.
"Refunded Bonds "); and
WHEREAS, the City has determined to call the Refunded Bonds
maturing on and after September 1, 1995, for redemption on
September 1, 1994 (the "Call Date ") , and to direct the paying agent
for the Refunded Bonds (the "Paying Agent ") , to publish a notice
of such redemption an& to take such further action, including the
mailing of such notice to all registered holders of the Refunded
Bonds, as may be required by the resolution securing the Refunded
Bonds (the "Refunded Bonds Resolution "), and to mail such notice
to any other holders of Refunded Bonds whose address is on file .
with the Paying Agent;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA:
SECTION 1. The Refunded Bonds then outstanding scheduled to
mature on or after September 1, 1995, are hereby irrevocably called
for redemption on September 1, 1994, at the price of 102% of the
principal amount of the Refunded Bonds to be redeemed.
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SECTION 2. The Paying Agent is hereby authorized and directed
to publish at least thirty (30) days prior to the Call Date for the
Refunded Bonds in a newspaper published in New York, New York, a
notice in substantially the form attached hereto as Exhibit "A."
The Paying Agent is also hereby authorized and directed to provide
written notice of such redemption to the registered owners of such
Refunded Bonds and to any other Bondholder whose name and address
are on file with the Paying Agent, not more than thirty (30) days
and not less than fifteen (15) days prior to the Call Date.
SECTION 3. The Paying Agent is also hereby authorized and
directed to publish within thirty days of the delivery of the
Series 1991 Bonds notice of the defeasance of the Refunded Bonds.
Such notice shall be in substantially the form attached hereto as
Exhibit 11B.11
SECTION 4. This resolution shall be repealed by the City if
the Bonds are not delivered and paid for within ninety (90) days
of the adoption of this resolution, otherwise this resolution shall
be irrepealable and the direction given to the Paying Agent shall
be irrevocable. Notwithstanding the foregoing, this resolution may
be amended by the City prior to thy: issuance of the Bonds.
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SECTION 5. This resolution shall take effect immediately upon
its adoption.
Passed and adopted by the City Commission of the City of
Clearwater, Florida, this 15th day Fus g SEAL, By: —
c �
Mayor
ATTEST:
Z. AD.,
Ci Clerk
Approved as to form and
correctness:
City Attorne
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EXHIBIT A
t.
NOTICE OF ADVANCE REFUNDING
i
CITY OF CLEARWATER, FLORIDA
GAS SYSTEM REVENUE BONDS
SERIES 1983 i
NOTICE IS HEREBY GIVEN that all outstanding City of
Clearwater, Florida, Gas System Revenue Bonds, Series 1983,
maturing on or after September 1, 1995, have been irrevocably
called for redemption on September 1, 1994, at the principal amount
thereof, plus a premium of two percent (2a) of the principal amount
thereof.
Payment of the principal amount of said Bonds, with premium,
will be made on or after said redemption date of September 1, 1994,
upon presentation of said Bonds at the principal corporate trust
office of First Union National Bank of Florida, St. Petersburg,
Florida (formerly Florida National Bank), 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
u Bonds will cease to accrue from and after said redemption date.
?t DATED this day of , 1994.
FIRST UNION NATIONAL BANK OF FLORIDA
As Paying Agent
By
t
t
Y
EXHIBIT B
NOTICE OF DEFEASANCE
CITY OF CLEARWATER, FLORIDA
GAS SYSTEM REVENUE BONDS
SERIES 1983
NOTICE IS HEREBY GIVEN for and on behalf of the City of
Clearwater, Florida, that the City of Clearwater, Florida, Gas
System Revenue Bonds, Series 1983, maturing on or after September
1, 1995, have been advance refunded by depositing in irrevocable
escrow cash and obligations of the United States of America
sufficient to pay the principal and interest on the Bonds maturing
prior to September 1, 1995, to pay principal and interest on the
Bonds maturing on or after September 1, 1995, and to pay a
redemption premium of 2% on the Bonds maturing on or after
September 1, 1995, which are being redeemed on September 1, 1994.
Such Bonds shall no longer be entitled to any security or
benefit under the resolution authorizing their issuance, other than
the right to receive payment from said moneys.
DATED this day of
1991.
FIRST UNION NATIONAL BANK OF FLORIDA
As Paying Agent
By