02-1381 Authorizing Issuance of Utility Revenue Bonds

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RESOLUTION NO. 02-1381 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA AUTHORIZING THE ISSUANCE OF THE CITY OF CASSELBERRY, FLORIDA UTILITY REVENUE BONDS TO FINANCE THE COST OF ACQUIRING CERTAIN UTILITY FACILITIES, MAKING IMPROVEMENTS TO THE UTILITY SYSTEM AND TO FINANCE THE COST OF REFUNDING CERTAIN OUTSTANDING OBLIGATIONS OF THE CITY RELATED TO SUCH UTILITY SYSTEM, AND CERTAIN COSTS ASSOCIATED THEREWITH; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SAID BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SAID BONDS FROM THE PLEDGED FUNDS; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS; PROVIDING FOR SEVERABILITY; PROVIDING FOR THE REPEAL OF RESOLUTION NO. 94-795, AS AMENDED AND SUPPLEMENTED UPON THE DEFEASANCE OF THE REFUNDED BONDS AND PROVIDING FOR AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA: ARTICLE I GENERAL SECTION 1.01. DEFINITIONS. When used in this Resolution, the following terms shall have the following meanings, unless the context clearly otherwise requires: "Accreted Value" shall mean, as of any date of computation with respect to any Capital Appreciation Bond, an amount equal to the principal amount of such Capital Appreciation Bond (the principal amount at its initial offering) plus the interest accrued on such Capital Appreciation Bond from the date of delivery to the original purchasers thereof to the Interest Date next preceding the date of computation or the date of computation if an Interest Date, such interest to accrue at a rate not exceeding the legal rate, compounded semiannually, plus, with respect to matters related to the payment of the Capital Appreciation Bonds prior to maturity thereof, if such date of computation shall not be an Interest Date, a portion of the difference between the Accreted Value as of the immediately preceding Interest Date and the Accreted Value as of the immediately succeeding Interest Date, calculated based on the assumption that Accreted Value accrues during any semi-annual period in equal daily amounts on the basis of a 360-day year.