CC Minutes 12/11/2006 - Laserfiche WebLink

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City Commission Meeting December 11, 2006 Page 4 DELEGATING CERTAIN AUTHORITY TO THE MAYOR THE AUTHORIZATION, EXECUTION AND DELIVERY OF ANCILLARY DOCUMENTS RELATED TO THE ISSUANCE AND SALE OF THE SERIES 2007 NOTE, AND THE APPROVAL OF CERTAIN OF THE TERMS AND DETAILS OF SAID SERIES 2007 NOTE; AND (vi) APPOINTING THE CITY AS PAYING AGENT AND BOND REGISTRAR FOR SAID SERIES 2007 NOTE; AND PROVIDING AN EFFECTNE DATE." Staff Presentation: Resolution 06-1737 authorizes the refinancing of the $3,000,000 SunTrust Sales Tax Revenue Note Series 2006 issues on February 13,2006, which extended the 2004 Sales Tax Revenue note. This note was for the purchase of the City Center property from Casselberry Investment Properties, which was purchased in 2004. The loan was a two-year interest only note with a rate of 1.85%, which was tax exempt. The new Sales Tax Revenue Refunding Note Series 2007 will be for $3,005,000 with an interest rate of5.59% for a twenty-three (23) month period due on November 12, 2008. The annual debt service will be $167,980 per year with a total interest cost of$32 1,961. The interest rate increased because the City lost its tax exempt status because the property was to be developed and not used for public purposes (i.e. Community Civic Center). The City has incurred a total cost of $3,441, 180 for the purchase of the City Center property. Staff Recommendation: Approval of Resolution 06-1737 as submitted. Audience In nut: Mr. John Casselberry, 700 S. Lost Lake Lane, Casselberry, Florida, stated that a three- year note instead of a two-year may be more practical given the time that wi II be needed for the development process. MOTION: Moved by Commissioner Susan Doerner to approve Resolution 06-1737, SunTrust Refinancing Note Series 2007, as presented. Motion was seconded by Commissioner Colleen S. Hufford. Commissioner Jon Miller stated that a correction should be made on the Signature Certificate page indicating expiration of Mayor's term of Office to November 2008 instead of November 2004. Mr. Dreier stated that the correction would be made before the documents are executed. AMENDED MOTION: Motion was amended to include the correction as noted by Commissioner Miller changing term of office for mayor to November 2008 on the Signature Certificate Page. Motion and Amendment carried on a 5 - 0 vote. B. Resolution 06-1738 - Agreement with Murphy Pipeline Contractors for Potable Water Main Replacement on Triplet Lake Drive and Melody Lane ($58,000) The City Clerk read Resolution 06- I 738 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY,FLORIDA,AUTHORlZING THE EXECUTION OF A PROPOSAL FOR POTABLE WATER MAIN PIPE