90-21 v i �
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RESOLUTION NO. 90-21
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF ATLANTIC BEACH, FLORIDA, PROVIDING FOR
THE REDEMPTION OF CERTAIN OUTSTANDING
OBLIGATIONS OF THE CITY; AND PROVIDING AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
ATLANTIC BEACH, FLORIDA:
SECTION 1 . It is hereby found, ascertained and
determined that:
A. The City of Atlantic Beach, Florida (the "City" ) , by
Ordinance No. , duly enacted on December 10 , 1990 , as
supplemented (herein collectively called the "Bond Ordinance" )
authorized and sold the City' s Water and Sewer Refunding Revenue
Bonds, Series 1990 (the "1990 Bonds" ) for the purpose of
refunding all of the City ' s outstanding (a) Oak Harbor Water and
Sewer District Revenue Bonds, dated February 28 , 1989 (the "Oak
Harbor Bonds" ) , (b) Buccaneer Water and Sewer District Revenue
Bonds , dated June 3 , 1985 (the "Buccaneer Bonds" ) and (c) a loan
from the State of Florida (the "State Loan" ) for the purpose of
financing certain wastewater treatment facilities pursuant to a
certain loan agreement among the City and the State of Florida
Department of Environmental Regulation and the Division of Bond
Finance of the State of Florida Department of General Services,
dated as of May 29 , 1985 (hereinafter sometimes collectively
referred to as the "Refunded Bonds" ) .
B. The City has hereby determined that it is in the
best interest and of substantial benefit to the City to call the
Refunded Bonds on their respective first available call dates or
in the case of the State Loan, to make advance payment in full
under the loan.
SECTION 2 . The Refunded Bonds are hereby irrevocably
called for redemption prior to maturity on the dates, in the
amounts , and subject to the redemption premiums , together with
accrued interest on the principal portion thereof to such dates ,
as set forth on the Notices of Redemption attached hereto as
Exhibits "B" and "C" , respectively . In the case of the State
Loan, the City hereby irrevocably provides for advance payments
under the loan on the date, in the amount and subject to the
premium, together with accrued interest on the principal portion
thereof to such date as is set forth in the Notice of Advance
Payment attached hereto as Exhibit "A. " No further interest will
accrue on the Refunded Bonds after the date of redemption or
advance payment, as the case may be, set forth in such Notices,
respectively.
SECTION 3 . The Notice of Advance Payment and the
Notices of Redemption for the Refunded Bonds shall be in
substantially the forms attached hereto as Exhibits "A" , "B" and
"C" , respectively.
SECTION 4 . Barnett Banks Trust Company, N.A. ,
Jacksonville, Florida (the "Escrow Holder" ) , is hereby
irrevocably instructed and directed :
03460/ATL16002/AD7
A. To call the Oak Harbor Bonds and the Buccaneer Bonds
for redemption by publishing in the name of the City and at the
times required the aforesaid Notices of Redemption in a financial
newspaper or journal published in the borough of Manhattan, City
and State of New York;
B. To file the aforesaid Notices of Redemption with the
paying agent for the Refunded Bonds and to mail such Notices of
Redemption, postage prepaid , to all registered owners of the
Refunded Bonds to be redeemed , at their addresses as they appear
on the registration book maintained for such purposes .
C. To deliver the Notice of Advance Payment to the
Division of Bond Finance of the State of Florida Department of
General Services and to Citibank, N.A. at the times required in
the aforesaid Notice of Advance Payment.
SECTION 5 . The paying agents for the Refunded Bonds are
hereby authorized and directed to pay, upon the surrender
thereof, all Refunded Bonds as duly called for redemption and
thereafter to deliver to the City all Refunded Bonds so paid for
disposition.
SECTION 6 . This resolution shall take effect
immediately upon its adoption.
03460/ATL16002/AD7
Adopted this 13th day of December, 1990 .
CITY OF ATLANTIC BEACH,
FLORIDA
Mayor
City Manager
ATTEST:
BY:
City Clerk
Approved as to Form, Sufficiency
and Correctness :
City Attorney
03460/ATL16002/AD7
Exhibit A
NOTICE OF ADVANCE PAYMENTS
LOAN AGREEMENT BETWEEN THE
CITY OF ATLANTIC BEACH, FLORIDA
AND THE
STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL REGULATION
AND THE
DIVISION OF BOND FINANCE OF THE STATE OF FLORIDA
DEPARTMENT OF GENERAL SERVICES
Dated May 29 , 1985
Relating to the following Bonds :
STATE OF FLORIDA
FULL FAITH AND CREDIT POLLUTION CONTROL BONDS, SERIES Q
Division of Bond Finance of the Department of General Service
Dated January 1 , 1985
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Atlantic Beach, Florida that all of its obligations outstanding
under the above-referenced Loan Agreement (the "Loan" ) will be
paid in advance on June 28 , 1995, and such payment shall be in an
amount sufficient to pay the principal of, redemption premium and
interest on all of the outstanding State of Florida, Division of
Bond Finance of the Department of General Services Full Faith and
Credit Pollution Control Bonds, Series Q, dated January 1 , 1985 ,
which mature on July 1 , 1996 , and thereafter, and are redeemable
at any time on or after July 1 , 1995 , at the option of the
Division of Bond Finance, at the redemption price of 102% of the
principal amount of each Bond to be redeemed, together with the
interest accrued thereon to July 1 , 1995, the date fixed for
redemption.
Payment of the advance payment, including the redemption
price, plus accrued interest on the principal amount thereof
through July 1 , 1995 will be made on June 28, 1995 by the
undersigned on behalf of the City. Interest on the above-
referenced Loan will cease to accrue from and after July 1 , 1995 .
DATED this day of , 1990 .
BY: BARNETT BANKS TRUST
COMPANY, N.A.
Jacksonville, Florida,
For and on behalf of the
City of Atlantic Beach,
Florida
03460/ATL16002/AD7
[The foregoing notice shall be delivered to the State of Florida
Department of General Services Division of Bond Finance upon the
funding of the Escrow Account. The foregoing notice shall also
be delivered to Citibank, N.A. . Further notice of the advance
payment shall be delivered to the State and Citibank, 60 days
prior to the redemption date for the State Bonds identified
above. ]
03460/ATL16002/AD7
Exhibit B
NOTICE OF REDEMPTION
CITY OF ATLANTIC BEACH, FLORIDA
OAK HARBOR WATER AND SEWER DISTRICT REVENUE BONDS
Dated February 28 , 1989
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Atlantic Beach, Florida, that all of its outstanding Oak Harbor
Water and Sewer District Revenue Bonds , dated February 28 , 1989 ,
which mature on December 1 , 1995 , and thereafter, at the option
of the City, at the redemption price of the principal amount of
each Bond to be redeemed , together with the interest accrued
thereon to the date fixed for redemption, will be redeemed on
March 1 , 1994 .
Payment of the redemption price, plus accrued interest
on the principal amount thereof, of such Bonds will be made on or
after such March 1 , 1994 , the redemption date, at the office of
Florida National Bank, Jacksonville, Florida, the paying agent
for the Bonds , upon surrender thereof. Interest on such Bonds
will cease to accrue from and after such redemption date.
DATED this day of , 1994 .
BY: BARNETT BANKS TRUST
COMPANY, N.A.
Jacksonville, Florida,
For and on behalf of the
City of Atlantic Beach,
Florida
[The foregoing notice is to be published at least once at least
thirty ( 30) days but not more than sixty (60 ) days prior to the
redemption date in a financial paper published in New York, New
York, and by mailing a copy of the redemption notice by first
class mail (postage prepaid) not more than thirty ( 30) days and
not less than fifteen (15) days prior to the date fixed for
redemption to the Registered Owners of such Bonds at the
addresses shown on the registration books of the registrar for
such Bonds]
03460/ATL16002/AD7
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Exhibit C
NOTICE OF REDEMPTION
CITY OF ATLANTIC BEACH, FLORIDA
BUCCANEER WATER AND SEWER DISTRICT REVENUE BONDS
Dated June 3 , 1985
NOTICE IS HEREBY GIVEN, for and on behalf of the City of
Atlantic Beach, Florida, that all of its outstanding Buccaneer
Water and Sewer District Revenue Bonds , dated June 3 , 1985 , which
mature on October 1 , 1994 , and thereafter, at the option of the
City, at the redemption price of the principal amount of each
Bond to be redeemed, together with the interest accrued thereon
to the date fixed for redemption, will be redeemed on May 15,
1994 .
Payment of the redemption price, plus accrued interest
on the principal amount thereof, of such Bonds will be made on or
after such May 15 , 1994 , the redemption date, at the office of
the City Clerk of the City of Atlantic Beach, Florida, the paying
agent for the Bonds, upon surrender thereof. Interest on such
Bonds will cease to accrue from and after such redemption date.
DATED this day of , 1994 .
BY: BARNETT BANKS TRUST
COMPANY, N.A.
Jacksonville, Florida,
For and on behalf of the
City of Atlantic Beach,
Florida
[The foregoing notice is to be mailed by first class mail
(postage prepaid) not more than thirty ( 30) days and not less
than fifteen (15) days prior to the date fixed for redemption to
the Registered Owners of such Bonds at the addresses shown on the
registration books of the registrar for such Bonds]
03460/ATL16002/AD7