1985-12 Water/Sewer Revenue BondsRESOLUTION #85-12
A RESOLUTION OF THE CITY OF OKEECHOBEE, FLORIDA,
FIXING THE DATE, INTEREST RATE, PAYMENT PROVISIONS,
MATURITY AND REDEMPTION PROVISIONS OF THE CITYS
WATER AND SEWER REVENUE BONDS, SERIES 1983B TO BE SOLD
TO FARMERS HOME ADMINISTRATION, U.S. DEPARTMENT OF
AGRICULTURE; DESIGNATING THE BOND REGISTRAR FOR THE
BONDS; AUTHORIZING ALL OTHER NECESSARY ACTION; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Okeechobee, Florida (the "ISsuer")
duly enacted Ordinance No. 487 on June 6, 1983 (the "Bond Ordinance"), providing for the
issuance of not exceeding $3,212,900 aggregate principal amount of the Issuer's Water and
Sewer Revenue Bonds, Series 1983 (the 111983 Bonds"); and
WHEREAS, the Issuer issued $1,000,000 principal amount of the Bonds to
finance the refunding of the Issuers outstanding Water and Sewer Revenue Bonds, dated
July 1, 1958 (the 111983A Bonds"); and
WHEREAS, the Issuer desires to issue the balance of the 1983 Bonds to pay the
maturing principal and interest on the Issuer's $2,212,900 Water and Sewer Revenue Bonds
Anticipation Notes, Series 1983 (the "Notes") which mature on October 1, 1985, and to
designate such Bonds "Series 1983B" (the "Series 1983B Bonds"); and
WHEREAS, the Issuer desires to supplement the Bond Ordinance by fixing the
date, interest rate, payment provisions, maturity and redemption provisions for the 1983B
Bonds and by confirming certain covenants set forth therein; and
WHEREAS, the Issuer also desires to designate the Bond Registrar for the
1983B Bonds; and
WHEREAS, the Issuer hereby awards the sale of the 1983B Bonds to the United
States of America, acting through the Farmers Home Administration, U.S. Department of
Agriculture ("FmHA") pursuant to the terms of the Bond Ordinance as supplemented
herein, and the Issuer has determined that it is in the best interest of the Issuer and the
public which it serves to sell the 1983E Bonds to FmHA upon the terms hereinafter set
forth; NOW THEREFORE,
FLORIDA:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE,
SECTION 1. FIXING THE DATE, INTEREST RATE, PAYMENT
PROVISIONS AND MATURITY OF 1983B BONDS. The 1983B Bonds shall be designated
the "Water and Sewer Revenue Bonds, Series 1983B," of the Issuer, shall be issued as two
fully registered bonds, dated September 26, 1985, and numbered R-1 and R-2,
• respectively. Bond R-1 shall be issued in the principal amount of $1,000,000; shall bear
LKL-09/23/85-899A-2296 -1-
interest from its date of authentication and delivery at the rate of nine and seventy-five
hundreths percent (9.75%) per annum until paid; and shall mature in installments on such
• dates and in such amounts as are set forth in Bond Schedule R-1 attached hereto and made
a part hereof. Bond R-2 shall be issued in the principal amount of $1,212,900; shall bear
interest from its date of authentication and delivery at the rate of nine and one hundred
twenty-five thousandths percent (9.125%) per annum until paid; and shall mature in
installments on such dates and in such amounts as are set forth in Bond Schedule R-2
attached hereto and made a part hereof. Interest shall be payable on the 1983B Bonds on
September 1, 1986, and annually thereafter on the first day of September of each year,
with the final payment of interest due September 1, 2025.
SECTION 2. FIRING THE MANNER AND DATES OF REDEMPTION OF
1983B BONDS, The 1983B Bonds maturing on or before September 1, 1992, are not
subject to redemption prior to their respective stated dates of maturity. 1983B Bonds
maturing September 1, 1993, and thereafter shall, at the option of the Issuer, be
redeemable in whole or in part, in inverse numerical and maturity order, on September 1,
1992, or on any interest payment date thereafter at the price of par plus accrued interest,
plus the following premiums, expressed as percentages of the par value of the Bonds so
redeemed, if redeemed in the following years:
4% if redeemed on September 1, 1992;
3% if redeemed on September 1, 1993, or thereafter,
to and including September 1, 1996;
2% if redeemed on September 1, 1997, or thereafter,
to and including September 1, 2000;
1% if redeemed on September 1, 2001, or thereafter,
to and including September 1, 2004;
Without premium, if redeemed on September 1, 2005, or
thereafter, but prior to maturity.
Notice of such redemption shall be given in the manner required by the Bond
Ordinance. Notwithstanding the foregoing, so long as any Bond shall be held by FmHA,
such Bond shall be redeemable prior to maturity on any interest payment date in inverse
order of scheduled maturity payments at the price of par plus accrued interest without
penalty or premium.
SECTION 3. DESIGNATION OF BOND REGISTRAR FOR 1983B
BONDS. The Issuer does hereby designate the City Clerk of the Issuer to serve as Bond
LK L-09 /20 /85-899 A-2296 -2-
Registrar for the 1983B Bonds pursuant to, and under the terms and conditions of, the
Bond Ordinance.
• SECTION 4. AWARD OF BONDS. The City hereby finds, determines and
declares that the recent volatility in the municipal bond market is presently so great that
a competitive public sale on a date which must be fixed well in advance for the receipt of
bids would prove extremely costly should such date occur during an upswing in the market.
Therefore, the flexibility to choose to award or not to award the bonds on a day to day
basis is needed to assure the best interest rate obtainable for the bonds which can only be
accomplished by sale on a negotiated basis. Furthermore, the interest rate offered by the
United States Government, acting through the Farmers Home Administration, United
States Department of Agriculture ("FmHA") is not available in the public market.
Pursuant to the Ordinance, the negotiated sale of $2,212,900 principal amount of Series
1983B Bonds to FmHA is hereby authorized. FmHA's offer to purchase the Series 1983B
Bonds is hereby accepted and $2,212,900 aggregate principal amount of Series 1983B
Bonds are hereby awarded and sold to FmHA at the purchase price of par.
SECTION 5. EXECUTION OF 1983B BONDS AND AUTHORIZATION OF
ALL OTHER NECESSARY ACTION. The proper officers of the Issuer are hereby
authorized and directed to execute and deliver this Resolution and to execute the 1983B
Bonds when prepared and deliver the same to the FmHA upon payment of the purchase
price. The Mayor or Vice Mayor, the City Administrator and the City Clerk of the Issuer,
David M. Conlon, Esq., acting as special counsel for the Issuer, and Livermore Klein be
Lott, P.A., Bond Counsel for the Issuer, are each designated agents of the Issuer in
connection with the issuance and delivery of the 1983B 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 1983B Bonds
and which are not inconsistent with the terms and provisions of this Resolution, the Bond
Ordinance and other actions relating to the 1983B Bonds heretofore taken by the Issuer.
David M. Conlon, Esq., is specifically authorized to execute and deliver on behalf of the
Issuer such opinions and certifications as to title, rights of way, litigation and all other
matters in connection with the 1983B Bonds as shall be deemed necessary or appropriate
by Bond Counsel or by FmHA.
SECTION 6. SEVERABILITY OF INVALID PROVISIONS If any one or
more of the covenants, agreements or provisions of this Resolution or of the 1983B Bonds
•
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should be held contrary to any express provision of law or contrary to the policy of
express law, though not expressly prohibited, or against public policy, or shall for any
• reason whatsoever be held invalid, then such covenants, agreements or provisions shall be
null and void and shall be deemed separate from the remaining covenants, agreements or
provisions of this Resolution and of the 1983B Bonds.
SECTION 7. CONFLICTS REPEALED. All resolutions or parts theOeof in
conflict with the provisions of this Resolution are, to the extent of such conflict, hereby
superseded and repealed.
SECTION 8. EXECUTION OF FARMERS HOME ADMINISTRATION
FORMS. The Mayor is hereby authorized to execute the necessary papers relative to
filing this application, including Farmers Home Administration Forms 400-1, Equal
Opportunity Agreement; 400-4, Assurance Agreement and 1942-31, Water and Sewer
Grant Agreement.
LKL-09/23/85-899A-2296 -4-
SECTION 9. EFFECTIVE DATE. This Resolution shall take effect im-
mediately upon its adoption.
• Passed and adopted this 17th day of September, 1985, A.D.
•
CITY OF OKEECHOBEE, FLORIDA
(SEAL)
(Y-9-M-1ral-lylor
(ATTEST)
App
32
LKL-09/23/85-899A-2296 -5-
0
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
I, Bonnie S. Thomas, CMC, City Clerk of the City of Okeechobee, Florida, do
hereby certify that the above and foregoing is a true and correct copy of a resolution as
1 11
the same was duly adopted and passed at a meeting of the City Council on the 17th day of
September, 1985, and as the same appears on record in my office.
IN WITNESS WHEREOF, I hereunto set my hand and official seal this"ay
of September, 1985.
(SEAL)
LK L-09/18/85-899 A-2296 -6-
BOND SCHEDULE S-1
DEBT SERVICE SCIOULE
TED DATE:
vi&09
GIRST INT, CVM►:
9/ 1/96
SE'TLE1w DATE:
9/26/0
ACHED INTEREST:
$0.00
0ER100
ORINCICAL
t 09/Ot/96
$0.00
2 09/01/87
s0.00
3 09/01/88
32,900.00
4 09/01/99
53,200.00
3 09/01190
53,100.00
6 09/01/9+
33,300.00
7 09/01/92
54,300.00
8 09/01/93
$4,700.00
9 09/01/94
11,t00.00
t0 09/01/99
$1,600.00
9t 09/01/96
$6,200.00
12 09/0t/97
561800.00
13 09/01/96
$7,400.00
14 09/01/49
38,100.00
11 09/Of/00
s8,900.00
t6 09/01/01
39100.00
17 09/01/02
s10,800.00
t8 09/01/03
$+1,800.00
1909/01/04
313,000.00
20 09/Ot/09
$14,20.00
21 09/01/06
$19,600.00
22 09/01/07
517,100.00
2309/01/00
$/8,900.00
24 09/Ot/09
$20,600.00
a 09/01/10
$22,600.00
26 09/001
$24,900.00
n 09/01/12
s27,300.00
a 09/01/13
130,000.00
29 09/01/14
$32,900.00
30 09/01/19
336,,00.00
31 09/Ot/t6
539,600.00
32 09/01/17
s43,900.00
33 09/01/18
547,700.00
34 09/01P t
312,400.00
39 09/Ot/20
317,!00.00
36 09/01/21
363,100.00
37 09/Ot/22
369,200.00
36 09/01/23
376,000,00
39 09/01/24
383,400,00
40 09/Ot/21
391,100.00
TOTAL
si,)C0,000.00
Currant apt@ :a
)9-16-149
Current tis:
*5:3
Dittfi;$: C: m,abt
BOND SCHEDULE 8-2
DEBT SERVICE SCHEDULE
• DATED DATE: 9/26/99
FIRST INT. O" r: 9/ 1/96
SETT!ENENr )AT;: 9/26/99
ACCRUED :NTERES': $0.00
SERI® -"RINCIPAL
1 09/01/96
30.00
2 09/01/97
30.00
3 09/01,96
34.200.00
3 09/01/99
34,300.00
7 09/01/90
371000.00
6 09/0t/99
33,400.00
7 09/01/92
/3,900.00
9 09/0t/93
36,400.00
9 09/01/94
x7,000.00
t0 09/01/99
x7.700,00
t4 09/01/96
39,300.00
12 09/0t/97
39,100.00
13 09/01/96
310.000.00
14 09/0t/99
310,900.00
1 09/01/00
311.400,00
t6 09/01/01
312,900.00
17 09/01/02
$1d,100.00
19 09/01/03
$13,400.00
19 09/0t/04
s1h,90O.00
2009/01/05
$19,400.00
21 09/0t/06
$20,000.00
22 09/0t/07
32t,900.00
23 09/01/08
123,800.00
24 09/01/09
$26,000.00
29 09/0t/10
$28,400.00
26 09/0t/tt
$3t,000.00
27 09/Ot/t2
333,900.00
3 09/01/13
336,900.00
29 09/01/14
340,300.00
30 09/01/19
$43,900.00
31 09/01/16
348,000.00
32 09/01/17
$12,300.00
33 09/01/18
sr,100.00
34 09/01/19
362,300.00
39 04/01/20
368.000.00
36 09/01/21
$74,200.00
7 09/0t/22
s9t,000.00
38 09/01/21
3x8,400.00
39 Mot 124
346.400.00
40 09/0t/25
31;71200.00
T-ITAI 31,21?.?00.00
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