88-24 v VOL 63 rGO302
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RESOLUTION NO. 88-24 OFFICIAL F.ECORDS
A RESOLUTION AUTHORIZING THE EXECUTION OF AN -t--
AMENDMENT TO A PARTICIPATION AGREEMENT AND
AUTHORIZING THEREBY THE RETURN OF CERTAIN
MONEY PREVIOUSLY EXPENDED FOR CERTAIN
APPLICATION FEES AND BORROWING PREMIUMS ;
CONSENTING TO THE EXECUTION OF A SECOND
SUPPLEMENTAL TRUST INDENTURE; APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A
CERTIFICATE OF PUBLIC AGENCY , A FIRST
AMENDMENT TO INTERLOCAL AGREEMENT ; AND
AUTHORIZING ALL NECESSARY OR DESIRABLE ACTION
IN CONNECTION THEREWITH.
WHEREAS, the City of Atlantic Beach, entered into the
Interlocal Agreement with other participating municipalities and j
counties in the State of Florida on August 26, 1986 authorizing
membership in the First Municipal Loan Council ;
WHEREAS, the City of Atlantic Beach, entered into the
Participation Agreement on August 25 , 1986 with the First
Municipal Loan Council (the "Council " ) to finance certain
qualifying public projects; and
WHEREAS , the Trustees has notified the council that an
amount greater than the initial Program ' s issuance costs (non-
asset bonds) has been generated through the accrued assets of the
Program; and
WHEREAS , the Council and the Trustee have indicated to
the City Commission their desire to make such changes to the
Program as determined to be in the best interest of its members
including a change in the bank issuing the letter of credit
backing the Program Bonds; and �.
WHEREAS, the Council will authorize, with the consent
of the Banks, the Trustee, and Bond counsel , that the two percent
(2%) premium charged to Participating Public Agencies for their171-2
prorata share of the initial Program ' s issuance costs be waived(
retroactively to the date of participation of each Public Agency
and that any previously paid application fees also be waived as
further specified in Exhibit A hereto:
NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF
ATLANTIC BEACH, FLORIDA, AS FOLLOWS :
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SECTION 1 . ^' 1-'MP��
The City Commission? fia -deteemined that
the Participation Agreement previously entered into (the
"Participation Agreement") by and between the City of Atlantic
Beach (the "Public Agency" ) and the First Municipal Loan council
(the "Council " ) should be amended in order to delete all
provisions pertaining to the charge of a 2% premium equal to 2%
of the principal amount of the sum borrowed under the
Participation Agreement.
SECTION 2 . The Public Agency authorizes the Council
and Trustee to effectuate such changes as may be necessary in
order to reduce the outstanding principal balance of the Public
Agency in accordance with the Amendment to the Participation
Agreement to revise the Principal Amortization Schedule and to
implement the Alternate Credit Facility.
SECTION 3 . The terms of the Amendment to the
Participation Agreement , attached as Exhibit A to this
Resolution, are in the best interest of the Public Agency and are
hereby approved and ratified. All capitalized terms used herein
and not otherwise defined shall be assigned the meaning ascribed
to such terms in the Participation Agrement, and the Indenture as
amended.
SECTION 4 . The terms of the First Amendment to
Interlocal Agreement Creating the Florida League of Cities ' First
Municipal Loan Program, attached as Exhibit D to this Resolution,
are in the best interest of the Public Agency and are hereby
approved and ratified.
SECTION 5. The terms of the Second Supplemental
Trust Indenture, attached as Exhibit B to this Resolution, are in
the best interest of the Public Agency and the execution and
delivery thereof is hereby consented to.
SECTION 6 . The execution and delivery of the
Certificate of Public Agency, attached as Exhibit C to this
Resolution , the Amendment to Participation Agreement, and the
First Amendment to Interlocal Agreement is hereby approved and
ratified with such changes, alterations and corrections thereto
as may be approved by the persons authorized to execute such
documents pursuant to Section 7 hereof , such approval to be
presumed by their execution thereof. all capitalized terms used
herein and not otherwise defined shall be assigned the meaning
ascribed to such terms in the Certificate of Public Agency, as
amended.
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SECTION 7 . The Public Agency hereby designates ,
confirms and ratifies the following persons to execute and
deliver, to witness (or attest) , respectively, the Amendment to
the Participation Agreement, Second Supplemental Trust Indenture,
the Certificate of Public Agency , the First Amendment to the
Interlocal Agreement Creating the Florida League of Cities ' First
Municipal Loan Council , and any related documents necessary or
convenient to the consummation of the transactions contemplated
by such documents:
W. I . Gulliford, Mayor
Claude L. Mullis, City Attorney
Maureen King , City Clerk
SECTION 8 . The Public Agency continues to be
authorized and directed to fulfill all obligations under the
terms of the Participation Agreement , as amended, including,
without limitation, any and all exhibits attached thereto, and
made a part thereof.
SECTION 9 . The Public Agency hereby authorizes its
counsel , Claude L. Mullis, Esquire, to deliver an opinion with
respect to the transactions contemplated hereby in the form
attached hereto as Exhibit E .
SECTION 10. If any Section of this Resolution is
held invalid, the remainder of this Resolution shall not be
affected thereby.
SECTION 11. This Resolution shall take effect
immediately.
AUTHENTICATED this 2 :th day o ' November, 1988 .
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W. . Gu ifor• , ill •r
Approved as to form and Maureen King, City Cler
content:
t
laude L. Mullis ,
City Attorney ' c�rti '° t ?; `a`a a;1.?•# ;';';;
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VOLEf63 PGO307
Exhibit A-1
Pursuant to Resolution No. 88-24 of the City Commission of the City
of Atlantic Beach, Florida, dated November 28 , 1988 , and attached
hereto, Resolution 88-24 , the undersigned William I . Gulliford, Jr.
and Claude L. Mullis, the Mayor and City Attorney, respectively, of
the City of Atlantic Beach, Florida, do hereby execute this signature
page on behalf of the City of Altantic Beach and authorized the at-
tachment of the same to that certain First Amendatory Interlocal
Agreement by and among the City of Atlantic Beach and certain other
duly constituted Florida municipalities and counties (collectively
the "Public Agencies") pursuant to which the Public Agencies as par-
ties thereto have amended the Interlocal Agreement.
The Board of Directors is hereby authorized in accordance with the
provisions of the resolution and the First Amendatory Interlocal
Agreement to attach this signature page as a part of Exhibit A to the
First Amendatory Interlocal Agreement as evidence of the execution of
said First Amendatory Interlocal Agreement by the City of Atlantic
Beach and the agreement of the City of Atlantic Beach to be bound by
all of the terms thereof.
IN WITNESS WHEREOF, the undersigned have set their hand and im-
pressed hereon the official seal of the City of Atlantic Beach this
28th day of November 1988 .
CITY OF ATLANTIC BEACH
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" ' I di PA l'I-1-', .-
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TESTI f"
- --<---(-&--- ---rilcs"—e,--: i i1
Claude L. Mullis, City Attorney William I . Gullies
11111,11,
Mayor
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9I 28 7
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Chin i, .11 ` ( ,1ill FLA:
HENRY W COOK
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