HomeMy Public PortalAbout1998-06 Stormwater Utility Revenue Bond Anticipation Notes Maturity ExtensionRESOLUTION NO. 98-6
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, on March 11, 1997, the Council adopted Ordinance No. 97-9 and Resolution
No. 97-11 authorizing and setting forth the terms of an extension of the Notes for an additional 364
days (the "1997 Note Extension"); and
WHEREAS, Resolution No. 97-11 amended Resolution 95-11 to provide for the 1997 Note
Extension; and
WHEREAS, the Notes mature on March 31, 1998 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
eighty percent (80%) 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 the date hereof, 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 AS FOLLOWS:
Section 1. AMENDMENT OF RESOLUTION. The Note Resolution, as amended by
Resolution No. 97-11, is hereby amended as follows:
(a) The second (2nd) 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-seven percent (77%) 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 Acting 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 10th day of March, 1998.
CONCHITA H. ALVAREZ, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
RICHARD J. WEISS, VILLAGE ATTORNEY