03-1462 Utility Bonds - Laserfiche WebLink

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WHEREAS, the Series 2003A Note is being issued to finance the costs of the Series 2003 Project (as defined herein) and the Series 2003B Note is being issued to currently refund the Series 2002 Note in order to achieve debt service savings; WHEREAS, due to the potential volatility of the market for tax-exempt obligations such as the Series 2003 Notes and the complexity of the transactions relating to such Series 2003 Notes, it is in the best interest of the Issuer to se!l the Series 2003 Notes by a negotiated sale, a!lowing the issuer to enter the market at the most advantageous time, rather than at a specified advertised date, thereby permitting the Issuer to obtain the best possible price and interest rate for the Series 2003 Notes; WHEREAS, the Issuer has received a favorable offer to purchase the Series 2003 Notes from Sun Trust Bank (the "Note Purchaser") for that entity's own account, all within the parameters set forth herein; WHEREAS, the covenants, pledges and conditions in the Resolution shall be applicable to the Series 2003 Notes herein authorized and said Series 2003 Notes shall be on a parity with and rank equally as to the lien on and source and security for payment from the Pledged Funds (as defined in the Resolution) and in all other respects with all Additional Bonds (as defined in the Resolution) hereafter issued pursuant to the Resolution, and shall constitute "Bonds" within the meaning of the Resolution; WHEREAS, the Resolution provides for the issuance of obligations such as the Series 2003 Notes and that such Series 2003 Notes shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by Supplemental Resolution adopted by the Issuer; and it is now appropriate that the Issuer set forth the parameters and mechanism to determine such terms and details; WHEREAS, it is not reasonably anticipated that more than $10,000,000 of tax-exempt obligations as described in Section 265(b )(3) ofthe Internal Revenue Code ofl986, as amended, will be issued by the Issuer in calendar year 2003. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA AS FOLLOWS: SECTION 1. DEFINITIONS. When used in this Supplemental Resolution, terms defined in the Authorizing Resolution shall have the meanings therein stated, except as such definitions shall be hereinafter amended and defined. SECTION 2. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is adopted pursuant to the provisions of the Act and Section 2.01 of the Authorizing Resolution. 2