06-1648 Extension to Maturity Date of Sales Tax Revenue Note, Series 2004

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RESOLUTION NO. o/' --16tH! A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA AUTHORIZING AN ELEVEN-MONTH EXTENSION OF THE MATURITY DATE OF THE CITY'S $3,000,000 SALES TAX REVENUE NOTE, SERIES 2004; PROVIDING FOR THE EXECUTION OF A REPLACEMENT NOTE; PROVIDING FOR CERTAIN OTHER MATTERS AND PROVIDING AN EFFECTNE DATE. RECITALS WHEREAS, on February 24, 2004, the City Commission (the "Commission") of the City of Casselberry, Florida (the "Issuer") issued its $3,000,000 Sales Tax Revenue Note, Series 2004 (the "Series 2004 Note") pursuant to Resolution Nos. 95-910 and 04-1477 (collectively, the "Resolution") which was purchased by SunTrust Bank (the "Note Purchaser"); WHEREAS, the Series 2004 Note is originally scheduled to mature on February 1, 2006 but the Issuer has requested and the Note Purchaser has agreed to the extension of the maturity date to January 1,2007; and WHEREAS, such deferral of the scheduled payment falls within the safe-harbor period set forth in Section 1.I001-3(e)(3)(ii) of the Regulations under the Internal Revenue Code of 1986, as amended (the "Code") and accordingly does not constitute a significant modification under the Code which would cause a reissuance of the Series 2004 Note; NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA AS FOLLOWS: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Supplemental Resolution is adopted pursuant to the provisions of Chapter 166, Part II, Florida Statutes and other applicable provisions oflaw. SECTION 2. EXTENSION OF MATURITY DATE; AUTHORIZATION OF REPLACEMENT NOTE. The maturity of the Series 2004 Note is hereby extended to January I, 2007. The Issuer hereby authorizes the execution and delivery of a replacement Series 2004 Note in the form attached hereto as Exhibit "A" and the Mayor is hereby authorized to execute and deliver the revised Series 2004 Note in exchange for the original Series 2004 Note held by the Note Purchaser. SECTION 3. GENERAL AUTHORITY. The Mayor, the City Manager, the City Clerk, the City Attorney, the Finance Director of the Issuer, and the other officers, attorneys and other agents or employees ofthe Issuer are hereby authorized to do all acts and things required of them by this Resolution or the Resolution, or desirable or consistent with the requirements hereof or of the Resolution, and any ancillary documents required in connection with issuance of the modified Series 2004 Note for the full punctual and complete performance of all the terms, covenants and agreements contained in the Series 2004 Note, the Resolution and any ancillary