92-31RESOLUTION NO. 92 -31
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA AUTHORIZING THE CITY TO PROCEED WITH
THE ANALYSIS AND REVIEW OF AN ISSUE OF
REFUNDING BONDS FOR THE PURPOSE OF REFUNDING
ALL OR A PORTION OF OUTSTANDING PRINCIPAL
AMOUNT OF THE CITY'S $6,450,000 MORTGAGE
REVENUE BONDS, SERIES 1983 (DREW GARDENS
APARTMENTS PROJECT); AUTHORIZING THE CITY'S
BOND COUNSEL, FINANCIAL ADVISOR AND STAFF TO
PREPARE THE NECESSARY DOCUMENTS REQUIRED FOR
SUCH FINANCING IN ACCORDANCE WITH THE POLICIES
OF THE CITY AND PROVIDING AN EFFECTIV2 DATE.
WHEREAS, the City of Clearwater, Florida (the "City ") issued
its $6,450,000 Mortgage Revenue Bonds, Series 1983 (FHA Insured
Mortgage Loan - Drew Gardens Apartments Project)(the 111983 Bonds ")
for the purpose of loaning the proceeds thereof to Drew Gardens
Associates, Ltd., a Florida limited partnership (the "Owner ") to
finance the acquisition and construction of a multi - family housing
project to be located in Clearwater, Florida; and
WHEREAS, the Owner, by and through its general partner, has
filed an application with the City to refund the 1983 Bonds with
a new series of bonds (the 111992 Bonds ") to be issued by the City
at substantially lower interest rates; and
WHEREAS, the City, in accordance with its policies and
procedures, has requested its Bond Counsel and Financial Advisor
to preliminarily review this refunding proposal in order to
determine that such refunding can be accomplished within current
state and federal law and whether such refunding is financially
feasible; and
WHEREAS, the City has received preliminary assurance from its
Bond Counsel and Financial Advisor that such refunding can be
accomplished within current state and federal law and that such
refunding can be financially feasible and beneficial to the
project; and
WHEREAS, the City has determined that the City will have no
financial risk or liability in issuing the 1992 Bonds as no City
revenues are pledged therefor, and that the requisite public
purpose exists for the City to proceed with the issuance of the
1992 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA, as follows:
SECTION 1. The staff of the City is hereby authorized and
directed to proceed with the review of the 1992 Bond issue at the
request of the Owner, and to prepare for review by the City the
requisite Ordinance, resolutions and documents to be used in the
issuance of the 1992 Bonds.
SECTION 2. The City's Bond Counsel, Bryant, Miller and Olive,
P•A• is hereby authorized and directed to prepare the requisite
financing documents for use by the City in the issuance of the 1992
Bonds.
SECTION 3. The City's
Associates, Inc. is Y Financial Advis°r, Raymond James
the City,s staff �ais hereb i
authorized nd a directed to Work k with
Bond issue and the financial feasibility thereof, pr °posed 1992
SECTION g. This Resolution shall take effect immediately upon
its adoption.
Clear PASSED AND ADOPTED by the City Commission of the City of
1992• , Florida at a meeting held on the 16th day of April,
(SEAL)
ATTEST:
a6ot—CitY k
Approved as to form & correctness:
City At Orney
2
CITY COMMISSION OF THE CITY OF
CLEARWATER/ PLO IDA
By:
M yor