93-24 v RESOLUTION NO. 93-24
A RESOLUTION OF THE CITY OF ATLANTIC BEACH
APPROVING THE ISSUANCE OF A $10 , 000 , 000 NOTE
TO REFINANCE EXISTING WATER AND SEWER BONDS,
TO PAY COSTS OF CONSTRUCTION OF WATER AND
SEWER SYSTEM IMPROVEMENTS AND TO PAY COSTS OF
ISSUANCE; APPROVING WATER AND SEWER SYSTEM
IMPROVEMENTS; MAKING A DETERMINATION THAT THE
NOTE ISSUANCE IS IN THE PUBLIC INTEREST; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS , the City 'Of Atlantic Beach proposes to make certain
improvements to its water and sewer utility system, including the
City' s Oak Harbor Water and Sewer System and Buccaneer Water and
Sewer System; and
WHEREAS, the City has received from Barnett Bank of
Jacksonville, N.A. (The "Bank") a Commitment Letter (the
"Commitment Letter") to provide financing for the improvements to
the City' s water and sewer utility system and to refinance
certain existing bond obligations of the City in respect of its
water and sewer utility system, specifically the Oak Harbor Water
and Sewer System Bonds , the Buccaneer Water and Sewer System
Bonds and the State Pollution Control Bonds , Series "Q" ; and
WHEREAS, the City has made careful study of the public
interest in making such water and sewer system improvements and
in securing financing from the Bank pursuant to the terms of the
Commitment Letter.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF ATLANTIC BEACH, FLORIDA AS FOLLOWS:
Section 1 . The City hereby finds and determines that the
improvements to its water and sewer utility system described on
Exhibit A hereto (the "Improvements") is in the public interest.
The City has considered, among other things , in making such
determination, the following:
(a) the age and condition of the City' s existing water and
sewer utility system facility;
(b) the existing and future demands upon the City' s water
and sewer utility system;
(c) the ability of the City to provide and maintain high
quality and cost-effective utility service; and
(d) the projected revenues and operating expenses of the
City' s water and sewer utility system and the costs of
the Improvements.
Section 2 . The City hereby finds and determines that the
financing (the "Financing" ) described in the Commitment Letter,
in substantially the form attached hereto as Exhibit B is in the
public interest. The City has considered, among other things , in
making such determination, the following:
(a) the interest rates and covenants applicable to the
existing Oak Harbor Bonds, State Water Pollution
Control Bonds and Buccaneer Bonds to be refunded by the
Bank financing;
(b) the interest cost savings on the existing bonds , the
cost of issuance and other costs of redemption;
(c) proposals from other financial institutions in respect
of the Financing to be provided under the Commitment
Letter; and
(d) the City' s ability to repay such Financing at the times
and in the manner provided in the Commitment Letter.
Section 3 . The City deems it necessary and advisable for
the public health, safety and welfare of its citizens to acquire,
construct and install the water and sewer utility system
Improvements and to obtain the Financing, and hereby approves and
accepts the terms and conditions of the Commitment Letter and
authorizes the Mayor and the City Manager to execute the
Commitment Letter and deliver it to the Bank on behalf of the
City, and further authorizes such officers and the City Attorney
and the City' s Special Counsel to negotiate the final financing
documents in respect thereof.
Section 4 . This Resolution shall become effective
immediately upon its adoption.
ADOPTED by the City Commission of At Beach, Flor 'da,
this 14th day of June 1993 .
I
L A I, N..4411
William I . Gul ifor: llr..
ATTEST: Mayor M
Maure n King, Ci Cl-' k
Approved as to Form and Correctness:
/./.. .,. . 'Re. .
" an C. 4 'sen, Esquire
City At t ney