HomeMy Public PortalAbout1997-11 Bond Anticipation Notes maturity date extended, interest rate changedRESOLUTION NO. 97-11
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA, AMENDING RESOLUTION NO. 95-11, TO EXTEND
THE MATURITY DATE AND CHANGE THE INTEREST RATE
ON THE BOND ANTICIPATION NOTES ISSUED PURSUANT
THERETO; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on March 28, 1995, the Village Council (the "Council") of the Village of Key
Biscayne, Florida (the "Village") adopted Ordinance No. 95-3 authorizing the issuance of
$7,200,000 Village of Key Biscayne, Florida, Stormwater Utility Revenue Bond Anticipation Notes,
Series 1995 (the "Notes"), and on April 11, 1995, the Council adopted Resolution No. 95-11 setting
forth the details of the Notes (the "Note Resolution"); and
WHEREAS, on April 17, 1995, the Village issued the Notes, and the Notes were purchased
by Key Biscayne Bank and Trust Company, now known as SunTrust Bank, Miami, N.A., and First
Union National Bank of Florida (collectively, the "Bank"); and
WHEREAS, the Notes mature on April 1, 1997 and the Bank, as the sole holder of the Notes,
has agreed to extend the term of the Notes an additional 364 days at an interest rate equal to seventy-
eight percent (78%) or less of the one year U.S. Treasury Note rate as of the Redelivery Date
(defined below); and
WHEREAS, pursuant to an Ordinance passed and adopted on March 11, 1997, the Council
has authorized the extension of the term of the Notes; and •
WHEREAS, the Council hereby determines it to be in the best interests of the Village to
amend the Note Resolution and the Notes to extend the term of the Notes an additional 364 days and
change the interest rate as above indicated;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA:
SECTION 1. AMENDMENT OF RESOLUTION. The Note Resolution is hereby
amended as follows:
(a) The second sentence of the second (2nd) paragraph of Section 2 of the Note
Resolution is hereby amended to read as follows:
The Notes shall mature on the date which is 364 days following the date on
which the Notes are redelivered to the Bank pursuant to this amending Resolution
(such date of redelivery being hereafter referred to as the "Redelivery Date").
(b) There is hereby added immediately following the end of the third (3rd)
paragraph of Section 2 of the Note Resolution, the following:
Notwithstanding the foregoing, from and after the Redelivery Date, the
interest rate on the Notes shall be a per annum rate equal to seventy-eight percent
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(78%) or less of the one year U.S. Treasury Note rate as of the Redelivery Date. The
actual numerical rate determined on the Redelivery Date shall be set forth in the
amended Note.
(c) The corresponding provisions to those set forth in (a) and (b), which appear
in the Note form in Section 6 of the Resolution, are amended in the same manner.
SECTION 2. AMENDMENT OF NOTES. The Notes shall be amended to correspond with
the changes made in Section 1.
SECTION 3. OTHER TERMS. All provisions of the Note Resolution and the Notes,
other than those specifically amended hereby, shall remain the same.
SECTION 4. AUTHORITY OF OFFICERS. The Mayor, the Vice Mayor, the Village
Manager, the Village Clerk, the Finance Director and any other proper official of the Village, are and
each of them is hereby authorized and directed to execute and deliver any and all documents and
instruments (including amended forms of Notes) and to do and cause to be done any and all acts and
things necessary or proper for carrying out the actions contemplated by this Resolution.
SECTION 5. EFFECTIVE DATE. The provisions of this Resolution shall take effect upon
delivery of the amended Notes to the Bank and acceptance thereof by the Bank.
PASSED AND ADOPTED this 1 lth day of March, 1997.
Attest:
d?7,4A,, 44/Aro
CHITA H. ALVAREZ, VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY
RICHARD J. WEISS,
VILLAGE ATTORNEY
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