96-06 v RESOLUTION NO. 96-6
A RESOLUTION AUTHORIZING THE CITY MANAGER OF THE CITY OF
ATLANTIC BEACH, FLORIDA, TO ACCEPT A BOND INSURANCE AND
RESERVE ACCOUNT SURETY BOND COMMITMENT: PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF ATLANTIC
BEACH, FLORIDA.
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to the provisions of Chapter 166, Part II, Florida Statutes, and other applicable
provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined, and declared as follows:
A. The City of Atlantic Beach, Florida (the "City"), contemplates the issuance of
utilities system revenue bonds to be designated "Utilities System Revenue Bonds, Series 1996"
(the "1996 Bonds") to finance costs of the acquisition and construction of additions, extensions
and improvements to its water and sewer system and its stormwater utility system (the "1996
Project").
B. The Financial Advisor has advised the City that it is in the City's best financial
interest to purchase a policy of municipal bond insurance and a debt service reserve account
surety bond in connection with the issuance of the 1996 Bonds.
C. Based upon the commitment from Municipal Bond Investors Assurance Corporation
(the "Bond Insurer") dated February 15, 1996, the City expects to receive from Standard &
Poors Ratings Services, New York, New York, and Moody's Investors Service, New York,
New York, prior to issuance of the 1996 Bonds, bond ratings of "AAA" and "Aaa",
respectively.
SECTION 3. AUTHORIZATION TO ACCEPT COMMITMENT FOR ISSUANCE OF
MUNICIPAL BOND INSURANCE AND DEBT SERVICE RESERVE ACCOUNT SURETY
BOND FOR THE 1996 BONDS. The City Manager is hereby authorized to accept, on behalf
of the City, a commitment for the issuance of a policy of municipal bond insurance and a debt
service reserve account surety bond in connection with the 1996 Bonds.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
3248/ATL I6.003/R-MBIA-RESO-I 2-20 1996/19 15pm
PASSED AND ADOPTED by the City Commission of the City of Atlantic Beach,
Florida at a regular meeting duly called and held this 26th day of February, 1996.
CITY OF ATLANTIC BEACH, FLORIDA
Approved as to form, sufficiency and
correctness:
(Igr'ity Attor ayor
ATTEST:
i2ULLQ4J
City lerk
3248/ATL 16.003/R-MBIA-R ESO-I 2-21-1996/17 06pm