90-19 v . - .,
RESOLUTION NO. 90- 19
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF ATLANTIC BEACH, FLORIDA, AUTHORIZING
THE CITY MANAGER OF THE CITY TO ASSIST IN THE
PREPARATION OF THE PRELIMINARY AND FINAL
OFFICIAL STATEMENTS IN ORDER TO COMPLY WITH
RULE 15c2-12 UNDER THE SECURITIES EXCHANGE ACT
OF 1934 AND TO SUBMIT AN INITIAL SUBSCRIPTION
TO THE FEDERAL RESERVE BANK FOR ESCROW FUND
SECURITIES, IN CONNECTION WITH THE WATER AND
SEWER REFUNDING REVENUE BONDS, SERIES 1990 ,
PROPOSED TO BE ISSUED ON OR ABOUT DECEMBER 20 ,
1990 ; AND 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 (the "Act" ) , 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" ) ,
has heretofore, by action taken by the City Commission on October
22 , 1990 , found it necessary and desirable to refund certain
obligations of the City by the proposed issuance of Water and
Sewer Refunding Revenue Bonds, Series 1990 (the "Bonds" ) .
B. It is necessary and in the best interests of the
City that the City Manager of the City assist in the preparation
of the Preliminary and Final Official Statements in connection
with the offering and sale of such Bonds .
C. In order to enable the City' s Underwriters for the
Bonds to comply with Rule 15c2-12 under the Securities Exchange
Act of 1934, as amended (the "Rule" ) , in connection with the
offering and sale of the Bonds, it is necessary that the
Preliminary Official Statement be "deemed final" (except for
permitted omissions ) in accordance with SEC Rule 15c2-12 .
SECTION 3 . PRELIMINARY OFFICIAL STATEMENT. The City
Manager of the City is hereby authorized and directed to assist
in the preparation of a preliminary official statement for the
Bonds and the distribution thereof. Any preliminary official
statement distributed on behalf of the City to prospective
bidders for the Bonds shall be sufficient to be, and shall be,
"deemed final" (except for permitted omissions ) in accordance
with SEC Rule 15c2-12 . The City Manager and the Mayor of the
gh . .
City are each hereby authorized to determine and to certify or
otherwise represent when such preliminary official statement
shall be "deemed final" by the City as of its date (except for
permitted omissions ) , in accordance with such Rule.
SECTION 4 . ESCROW SECURITIES SUBSCRIPTION. In order to
facilitate the issuance of the Bonds during the 1990 calendar
year, the City Manager is hereby authorized to submit an initial
subscription for certain United States Treasury Certificates of
Indebtedness , Notes or Bonds, State and Local Government Series ,
in order to timely fund an escrow fund pursuant to the refunding
plan to be implemented by the issuance of the Bonds . In the
event that the Bonds are not issued the City Manager is hereby
authorized to cancel said subscription.
SECTION 5 . INTENT OF RESOLUTION. This resolution is
intended to authorize the City Manager to take such steps as he
deems necessary in connection with the preparation and
distribution of the preliminary official statement; provided,
however, this resolution shall not be deemed in any way to
obligate the City to authorize, sell or deliver the Bonds .
SECTION 6 . EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this ,,� ' day of November, 1990 , at a
regular meeting duly called and hel,-,T
(SEAL) CITY OF . LANTIC B: .CH FLOR DA
Attest: By Amid 10:0211
Ma or/Presi•in•%I
By c)2(Ca u ,n
City Clerk 0 City Manager
Approved as to form, sufficiency
and correctness :
ity Attor
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3460/ATL16002/AAO