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CASSELBERRY CITY COMMISSION Minutes of March 14, 2022 — Regular Meeting Page 7 of 12 relating to those matters, including whether additional regulations were needed and enforcement options, could be addressed at a future meeting. 9. RESOLUTIONS A. Resolution 22-3294 - Issuance of City of Casselberry General Obligation Bonds Series 2022A and Series 2022B, Execution of an Escrow Agreement Appointing Truist Bank as Escrow Agent and Related Budget Amendment #22-022 The City Clerk read Resolution 22-3294 by title, as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, SUPPLEMENTING RESOLUTION 20-3157; AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF CASSELBERRY, FLORIDA GENERAL OBLIGATION BOND, SERIES 2022A IN A PRINCIPAL AMOUNT OF $10,000,000 AND THE CITY OF CASSELBERRY, FLORIDA GENERAL OBLIGATION BOND, SERIES 2022B IN A PRINCIPAL AMOUNT OF $8,000,000 IN ORDER TO FINANCE VARIOUS CAPITAL IMPROVEMENTS, INCLUDING BUT NOT LIMITED TO, THE COST OF THE PARKS AND RECREATION IMPROVEMENTS AND FACILITIES; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF THE SERIES 2022 BONDS; AUTHORIZING A NEGOTIATED SALE OF SAID SERIES 2022 BONDS TO TRUIST COMMERCIAL EQUITY, INC.; DELEGATING CERTAIN AUTHORITY TO THE MAYOR; PROVIDING FOR CERTAIN TERMS OF THE SERIES 2022 BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF THE SERIES 2022 BONDS, SUCH SERIES 2022 BONDS TO BE LIMITED OBLIGATIONS OF THE CITY PAYABLE FROM AD VALOREM TAXES LEVIED BY THE CITY ON REAL PROPERTY AND IMPROVEMENTS THERETO SUBJECT TO THE CITY'S AD VALOREM TAXING POWER AS PLEDGED HEREIN; PROVIDING FOR THE RIGHTS AND SECURITIES OF THE OWNER OF THE SERIES 2022 BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE PURCHASER OF THE SERIES 2022 BONDS; AUTHORIZING AN ESCROW AGREEMENT AND APPOINTING TRUIST BANK AS ESCROW AGENT; APPOINTING THE CITY AS PAYING AGENT AND BOND REGISTRAR FOR SAID SERIES 2022 BONDS; AND PROVIDING AN EFFECTIVE DATE." Staff Presentation: Resolution 22-3294 provides for bond issuances identified as "City of Casselberry, Florida General Obligation Bond, Series 2022A in the aggregate principal amount of $10,000,000 and City of Casselberry, Florida General Obligation Bond, Series 2022B in the aggregate principal amount of $8,000,000 and approves execution of an escrow agreement with Truist Bank in the amount of $7,941,000. Budget Amendment #22-022 is provided to recognize the costs of issuance of both bonds in the amount of $120,000 and additional debt proceeds in the amount of $7,523,982. City Manager Randy Newlon advised that in March of 2020 the voters of Casselberry authorized the City to borrow $24,000,000 for the purpose of making improvements to six (6) parks and in 2021 the City had borrowed $6,000,000 of that amount at a rate of 2.01% for twenty (20) years. The opportunity has now presented itself to fully draw down the remainder of the authorized bond amount and Resolution 22-3294, if approved, will authorize collectively an additional $18,000,000 to be borrowed at a rate of 2.13% for twenty (20) years, which is a very good interest rate and which will allow the City to move forward with the parks improvements authorized by the