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1984-02 Sewer Revenue BondsRESOLUTION NO. 84-2 A RESOLUTION AWARDING AN INSTALLMENT OF WATER AND SEWER REVENUE BONDS, SERIES 1993, IN THE AMOUNT OF $1,000,000, DESIGNATED "SERIES 1993A" OF THE CITY OF • OKEECHOBEE, FLORIDA; AUTHORIZING EXECUTION AND DELIVERY OF A PURCHASE CONTRACT FOR SUCH PURPOSE; FIXING THE MATURITIES, INTEREST RATES AND REDEMPTION PROVISIONS WITH RESPECT TO SUCH BONDS; AUTHORIZING USE OF OFFICIAL STATEMENTS IN CONNECTION WITH THE MARKETING OF SUCH BONDS AND OTHER ACTION IN CONNECTION WITH THE DELIVERY OF SUCH BONDS; DESIGNATING THE PAYING AGENT, ESCROW HOLDER AND REGISTRAR IN CONNECTION WITH THE BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Okeechobee, Florida, did on June 20, 1983, duly enact Ordinance No. 487, authorizing the issuance of $"3,212,9odWater and Sewer Revenue Bonds, Series 1983, of the City, as amended and supplemented (the "Ordinance"); and WHEREAS, the City hereby finds 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, so that 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; and WHEREAS, the City has received a Purchase Contract (the "Purchase Contract") for the purchase of $1,000,000 principal amount of the City's Water and Sewer Revenue Bonds, Series 1983, to be designated Series 1983A (the "Series 1983A Bonds"), from the Underwriters named therein (hereinafter called "Underwriters"), the acceptance of which the City determines to be in its best interest; and WHEREAS, the City desires to approve and ratify the Official Statements used in connection with the marketing of the Series 1983A Bonds; to designate the paying agent, escrow holder and registrar for the Series 1983A Bonds and to authorize the taking of all other necessary action in connection with the delivery of the Series 1983A Bonds; now, therefore, FLORIDA: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE, Section 1. 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. Pursuant to the Ordinance, the negotiated • sale of $1,000,000 principal amount of Series 1983A Bonds to the Underwriters is hereby authorized and the City has received the disclosure required by Section 218.385, Florida Statutes, and the City does not require any additional information from the Underwriters. 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 Series 1983A Bonds is hereby accepted and $1,000,000 aggregate principal amount of Series 1983A Bonds are hereby awarded and sold to the Underwriters at the purchase price and upon the terms and conditions set forth in the Purchase Contract. Section 2. DESCRIPTION OF SERIES 1983A BONDS. The Series 1983A Bonds shall be issued in fully registered form, shall be numbered consecutively from R-1 upward in the order of their maturities; shall be in such denominations; shall be dated; shall bear interest, payable semiannually on January 1 and on July 1 of each year, at such rates, and shall mature on the dates and in the amounts, as specified in the Purchase Contract attached hereto as Exhibit A. The Series 1983A Bonds shall bear interest from their date of original issue or, if authenticated after July 1, 1984, from the interest payment date next preceding their date of authentication, or from such earlier date to which interest has been paid. No Series 1983A Bond shall become valid for any purpose until the Certificate of Authentication thereon shall have been executed by the Registrar by the manual signature of one of its authorized officers. Section 3. REDEMPTION PROVLSIONS. The Series 1983A Bonds shall be redeemable upon the terms and provisions and in the manner provided in the Purchase Contract attached hereto as Exhibit A. Section 4. APPROVAL OF OFFICIAL STATEMENT FOR BONDS. The use of the preliminary Official Statement relating to the Series 1983A Bonds, in the form attached hereto as Exhibit 'B", and made a part hereof, with such revisions as shall hereafter be approved by the Mayor of the City, such approval to be evidenced by his execution thereof, is hereby authorized and approved in connection with marketing of the Series 1983A Bonds, and the proper officers of the City are further authorized to execute -2- the final Official Statement, revised to reflect the provisions of the Purchase Contract and to deliver same to the Underwriters. • Section 5. EXECUTION OF PURCHASE CONTRACT AND AUTHORIZATION OF ALL OTHER NECESSARY ACTION. The proper officers of the City are hereby authorized and directed to execute and deliver the Purchase Contract and to execute the Series 1983A 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, the City Administrator, the City Clerk, the City Attorney and the bond counsel for the City are each designated agents of the City in connection with the issuance and delivery of the Series 1983A 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 City which are necessary or desirable in connection with the execution and delivery of the Series 1983A Bonds and which are not inconsistent with the terms and provisions of this resolution and other actions relating to the Series 1983A Bonds heretofore taken by the City. Section 6. PAYING AGENT, REGISTRAR AND ESCROW HOLDER Barnett Banks Trust Company, N.A., Jacksonville, Florida, is hereby appointed Paying Agent, Registrar and Escrow Holder in connection with the Series 1983A Bonds. Section 7. DEPOSITS INTO THE SINKING FUND AND RESERVE ACCOUNT. Pursuant to Section 14 of the Ordinance, there shall be deposited into the Sinking Fund as capitalized interest the sum of $ 105,000 and into the Reserve Account the amount of $124,750.00 from the proceeds of the Series 1983A Bonds. Section 8. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. Introduced and adopted in regular session assembled this day of , 1984. ATTEST P.M., M'.v% -3-