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CASSI',LBI•,RRY CITY COMMISSION <br />Minutes of July 25, 2011- Regular Meeting <br />Page 9 of 18 <br />MOTION: Commissioner Hufford moved to approve Resolution 11-2282 as presented. <br />Motion was seconded by Vice Mayor Miller. Motion carried unanimously by <br />voice vote 5 - 0. <br />MOTION: Commissioner Hufford moved to approve Budget Amendment #11-047. <br />Motion was seconded by Commissioner Solomon. Motion carried unanimously <br />by voice vote 5 - 0. <br />B. Resolution 11-2287 -Negotiated Sale of Sales Tax Revenue Bond, Series 201 lA and <br />Sales Tax Refundin>; Bond, Series 2011B and Related Budget Amendment #11-048 <br />The City Clerk read Resohrtion 11-2287 by title as follows: <br />"A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, AMENDING AND <br />SUPPLEMENTING RESOLUTION N0.95-910 ADOPTED ON.IiTNE 5,1995; AUTHORIZING THE <br />ISSUANCE AND SALE OF THE CITY'S SALES TAX REVENUE BOND, SERIES 2011A IN A <br />PRINCIPAL AMOUNT NOT TO EXCEED $6,150,000; AUTHORIZING THE ISSUANCE AND <br />SALE OF THE CITY'S SALES TAX REFUNDING REVENUE BOND SERIES 2011B IN A <br />PRINCIPAL AMOUNT NOT TO EXCEED $3,100,000; MAKING CERTAIN COVENANTS AND <br />AGREEMENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF THE SERIES 2011 <br />BONDS; AUTHORIZING A NEGOTIATED SALE OF SAID SERIES 2011 BONDS TO SUNTRUST <br />BANK; DESIGNATING THE SERIES 2011 BONDS AS QUALIFIED TAX-EXEMPT <br />OBLIGATIONS PURSUANT TO SECTION 265(B)(3) OF THE INTERNAL REVENUE CODE ; <br />DELEGATING CERTAIN AUTHORITY TO THE MAYOR FOR THE AUTHORIZATION, <br />EXECUTION AND DELIVERY OF ANCILLARY DOCUMENTS RELATED TO THE ISSUANCE <br />AND SALE OF THE SERIES 2011 BONDS, AND THE APPROVAL OF CERTAIN OF THE TERMS <br />AND DETAILS OF SAID SERIES 2011 BONDS; APPOINTING THE CITY AS PAYING AGENT <br />AND BOND REGISTRAR FOR SAID SERIES 2011 BONDS AND PROVIDING AN EFFECTIVE <br />DATE." <br />Staff Presentation: Ml•. Randy Newlon, Finance Director, stated Resolution 11-2287 provides for <br />authorization to negotiate the sale OF Sales Tax Revenue Bond, Series 2011A, and Sales Tax Refunding Bond, <br />Series 2011B. Approval of related Budget Amendment #11-048 is also requested. Resolution 02-1383 <br />authorized the issuance of Sales Tax Revenue Refunding Note, Series 2002A to refmance debt associated with <br />the construction of the Police Station. It was in the principle amount of $2,671,500 with an interest rate of <br />3.90% to mature in 2016. It was issued with a companion note, Sales Tax Revenue Note, Series 2002B for the <br />purpose of construction of the new Fire Station 21. It was in the principle amount of $3,000,000 with an <br />interest rate of 4.00% to mature in 2018. The notes were issued by SunTrust Bank and both include pre- <br />paymentpenalty provisions. Both notes were considered good candidates to refinance at a lower interest rate. <br />Favorable interest rates currently exist in the market. The slow economy promotes competitive bidding for <br />public works projects. It would benefit the City to advance fluid and accelerate necessary transpol•tation <br />projects and to refinance existing debt at a lower interest rate to save finance charges. The City's financial <br />advisor, Dunlap and Associates, has estimated that an interest rate of 2.65% may be possible on a sales tax <br />