Loading...
98-R-07RESOLUTION NO. 98-R-07 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDGEWATER, FLORIDA, CHANGING THE DEFINITION OF THE "1995 PROJECT" AS CONTAINED IN RESOLUTION NO. 95-R-09 OF THE CITY COUNCIL TO INCLUDE CERTAIN OTHER CAPITAL IMPROVEMENTS; REPEALING ALL RESOLUTIONS IN CONFLICT HEREWITH AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, the City Council has ascertained and determined that it is in the best interests of the City to amend the definition of the "1995 Project" as contained in Resolution No. 95-R-09, to include certain other improvements payable from the remaining proceeds. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Edgewater, Florida: Section 1. Authority for this Resolution. This Resolution is adopted pursuant to the provisions of Chapter 166, Florida Statutes, Section 1.01 of the City Charter of the City of Edgewater, Ordinance No. 91-0-1 of the City, and other applicable provisions of law (collectively, the "Act') and Section 6.06 of Resolution No. 94-R-14, adopted on August 15, 1994 (the "Master Resolution', as amended and supplemented, particularly as supplemented by Resolution No. 95-R- 09, adopted on July 17, 1995, as amended (the "Series Resolution" and collectively with the the Master Resolution, the "Resolution'), and is amendatory of the Series Resolution. Section 2. Definitions. Unless otherwise defined, the capitalized terms used in this Resolution shall have the meanings set forth in the Resolution. Section 3. Findings. It is hereby found, determined and declared by the City Council of the City of Edgewater, Florida (the "City'), that: A. The City has previously issued its Capital Improvement Bonds, Series 1995B (Florida (Resolution/98-R-07) Shores Improvement Area)(the "1995B Bonds"), for the purpose, among others, of paying 1995 Project Costs with respect to the 1995 Project, as more particularly described in the Series Resolution. B. The original 1995 Project is completed and due to cost savings and unanticipated investment earnings there are proceeds of the 1995B Bonds remaining. C. The 1995 Project included certain paving improvements within the Florida Shores Improvement Area, a portion of costs of which was assessed against benefitted properties (the "Assessed Project") and the balance of costs of which were paid by the City. D. The total cost of the paving portion of the Project was $10,881,470.00. After the payment of all costs of the assessed Project, the total amount assessed to benefitted properties is less than two-thirds of the actual total costs, taking into account an allocable portion of the unanticipated investment earnings. The total amount assessed was $7,067,424.00 or 64.95% of the total cost of the Project. E. The amounts borrowed, the collections of prepayments on the assessments and interest earned during construction totaled $11,467,910.00. The remaining proceeds available after payment of all Project costs equals $586,440.00. F. The remaining proceeds of the 1995B Bonds may therefore be allocated to the City's share of the 1995 Project and resulting debt service burden. G. The City desires to use the remaining proceeds of the 1995B Bonds on other capital improvements within the City, and the City acknowledges that it will be fully responsible for the debt service on the 1995B Bonds allocable to such capital projects. H. The Resolution permits amendments to be made to the Resolution with the consent (RewlutioN98-R-07) 2 of the holders of the Series 1995B Bonds. I. City staff has recommended that the Resolution be amended to expand the 1995 Project to include the improvements described on Exhibit "A" hereto. J. Squire, Sanders & Dempsey, L.L.P., as Bond Counsel to the City, has reviewed the staff proposal and has advised staff that approval and implementation of their recommendation will not adversely affect the treatment of the interest on the 1995 Bonds under the Internal Revenue Code of 1986, and the regulations thereunder. K. It is hereby found to be necessary and desirable and in the best interests of the City and its citizens that additions to the 1995 Project be made in accordance with staffs recommendation. L. First Union National Bank, as the sole owner of the outstanding 1995 Bonds has consented to the amendment to the definition of the 1995 Project or will consent prior to the use of any Series 1995B Bonds proceeds for additional projects. Section 4. 1995 Project Revised. The definition of "1995 Project' is hereby amended to read as follows: "1995 Project" means the (1) acquisition and construction of certain paving and drainage improvements within Florida Shores Improvement Area, in accordance with the plans and specifications of the Consulting Engineers, to be filed with the City, (2) the construction of the Roberts Road/30th Street Project, (3) the construction of the Fire Station in Florida Shores, and (4) the construction of a gymnasium and related facilities and other capital improvements approved by the Council. (Resolution/98-R-07) 3 Section 5. Effect on Series Resolution. To the extent in conflict herewith, this Resolution shall be deemed to be amendatory to the Series Resolution, the intent being that surplus proceeds of the 1995 Bonds be spent as expeditiously as possible for the purposes set forth in this Resolution and the Series Resolution. Section 6. All resolutions or parts of resolution in conflict herewith be and the same are hereby repealed. Section 7. This resolution shall take effect upon adoption. After motion by Councilman Gornto and second by Councilman Hammond, the vote on this resolution is as follows: Mayor Randy G. Allman AYE Councilman Jim Gornto AYE Councilman Myron F. Hammond AYE Councilman Gary W. Roberts AYE Councilwoman Judy Lichter AYE (Resolunon/98-R-07) 4 7 PASSED AND DULY ADOPTED this loth day of September, 1998. ATTEST: rA 4sqworth�Susan"J': City Clerk (ResolutiontN-R-07) CITY COUNCIL OF THE C=// R /R.Ady G. Allman Mayor APPROVED FOR FORM AND CORRECTNESS: /y4L C&A� Nikki Clayt City Attorney EXHIBIT "A" DESCRIPTION OF ADDITIONAL PROJECTS 1) Roberts Road/30th Street Project 2) Fire Station, Florida Shores 3) Gymnasium Project (Resolutlon/98-R-07)