Loading...
HomeMy Public PortalAboutRES 84/07 (A)RESOLUTION NO. 84 -7 A RESOLUTION AWARDING $1,540,000 GENERAL OBLIGATION BONDS OF THE TOWN OF GULF STREAM, FLORIDA; FIXING THE DATE, DENOMINATION, MATURITY, INTEREST RATES, INTEREST PAYMENT DATES, AND REDEMPTION PROVISIONS WITH RESPECT TO SUCH BONDS; AUTHORIZING OTHER ACTION IN CONNECTION WITH THE DELIVERY OF SUCH BONDS; DESIGNATING A PAYING AGENT AND REGISTRAR; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Town of Gulf Stream, Florida (the "Issuer "), has previously authorized the issuance of $1,727,500 General Obligation Bonds of the Issuer; and WHEREAS, the Issuer hereby finds that only $1,540,000 of such Bonds will be needed to finance the projects which were approved and that the relatively small size of the financing requires 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 $1,540,000 principal amount of such Bonds (the "Bonds ") at private, negotiated sale; and WHEREAS, the Issuer has received a Contract to Purchase (the "Purchase Contract ") from William R. Hough & Co. (hereinafter called the "Underwriter "), the acceptance of which has been determined to be in its best interest; and WHEREAS, the Issuer desires to authorize use of the Preliminary Official Statement and final Official Statement and the taking of all other necessary action in connection with the delivery of the Bonds; now, therefore, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF SECTION 1. AWARD OF BONDS. The Issuer hereby finds, determines and declares that the relatively small size of the issue requires that the bond issue be negotiated at private sale rather than offered by competitive bid at public sale in order 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 Purchase Contract of the Underwriter is hereby authorized pursuant to Section 218.385, Florida Statutes. The offer in the form of the Purchase Contract, attached hereto as Exhibit "A" 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 Underwriter at the purchase price and upon the terms and conditions set forth in the Purchase Contract. The Issuer acknow- ledges receipt of the information required by Section 218.385, Florida Statutes, in connection with negotiated sale of bonds. A copy of the Underwriter's letter containing the required information is attached to the Purchase Contract as Exhibit "B ". LKL- 05/23/84 -221A -1568 -1- Rev.06/06/84 SECTION 2. DESCRIPTION OF BONDS. The Bonds shall be issued in fully- registered form, shall be dated, shall be in such denominations, shall mature on such dates in the years and amounts and shall bear interest, payable on such dates, at the rates of interest all as set forth in the Official Statement hereinafter referred to in Section 4 hereof. SECTION 3. REDEMPTION PROVISIONS. The Bonds shall be subject to redemption prior to maturity upon the terms and in the manner provided in the Official Statement described in Section 4 hereof (the "Official Statement "). SECTION 4. APPROVAL OF OFFICIAL STATEMENT FOR BONDS. The use of the final Official Statement relating to the Bonds, with such revisions as shall be approved by the Mayor, such approval to be evidenced by his execution thereof, is hereby authorized and approved in connection with the marketing of the Bonds, and the proper officers of the Issuer are hereby authorized to execute the final Official Statement and to deliver same to the Underwriters. The use of the Preliminary Official Statement dated May 30, 1984, and attached to the Purchase Contract as Exhibit A, by the Underwriters is hereby ratified. SECTION 5. EXECUTION OF PURCHASE CONTRACT AND AUTHORI- ZATION OF ALL OTHER NECESSARY ACTION. The proper officers of the Issuer are hereby authorized and directed to execute and deliver the Purchase Contract and to execute the Bonds when prepared and deliver the same to the Underwriters upon payment of the purchase price pursuant to the conditions stated in the Purchase Contract. The Mayor, Town Clerk and Attorney for the Issuer, and Bond Counsel for the Issuer are each designated agents of the Issuer in connection with the issuance and delivery of the Bonds, and are authorized and empowered, collectively or individually, to take all action and steps to execute and deliver any and all instruments, documents or contracts on behalf of the Issuer which are necessary or desirable in connection with the execution and delivery of the Bonds and which are not inconsistent with the terms and provisions of this resolution and other actions relating to the Bonds heretofore taken by the Issuer. SECTION 6. DESIGNATION OF PAYING AGENT AND REGISTRAR. is hereby designated and approved as paying agent and registrar for the Bonds. SECTION 7. EFFECTIVE DATE. This resolution shall take effect immed- iately upon its adoption. LK L-06 /06 /84 -2 21 A -156 8 -2- PASSED AND ADOPTED ATTEST: TOWN CLERK this day of , 1984. /),/ /'e/n \-MYOR -3- Lw- 7S6 UTING —TIE TOWN SION OF THE TOWN OF GULF STREAM, FLORIDA