Resolution 94-740R£.SOLUT20N N0. 94-J4o
RESOLUTION OF THE CITY OF LONGW000, FLOAI
VLNG AUTHORITY TO APPROVE LOAN DOCUMENTS
DECREASED RATES FROM BANK, NATIO
ASSOCFATION, IN CONNECTION wI TN WATER/SE
xES 1956, D
50ANK QUALIFIED GN FOR N ORPOSES EOOF OWSECTION
265~bi(3)(B) OF HE INTERNAL REVENUE CODE, AND
GIVING AUTHORITYTTO ADOPT FINAL LOAN DOCUMENTS
ENCE SUCN
INTEREST RA ACCOROANCB WITH ORDINANCE
N0. 93-1165 TEPROVIDING FOR EFFECTING DATE.
WHEAHAS, the recent decline in interest rates, coupled with
the elimination o£ the prepayment penalty provision have made it
advantageous for Che City o£ Longwood t approve the refinancing of
their two bond obligations and in accordance with Ordinance No. 93-
1165; and
WHEREAS, the City Commission deems it necessary to give the
Mayor the authority to approve the final loan documents rn
connection with the $3,000,000 Water/Sewer Bonds - Series 1986,
$1,000,000 Limited Revenue Honds - Series 1986, and for the City
Commission to designate such borrowings as "bank qualified" for
purposes of section 265~6)(3)(R) of the Internal Revenue Code;
SECTION 1: That the substantially final loan documents
prepared by sunHank, concerning the subject loan are hereby
approved.
Resolution No. 94-'140/Page 2
TION 2: That the 53,000,000 Water/Sewer Bonds and the
$1,OOpE000 Limited Revenue Bonds and subject loans a e hereby
designated "bank qualified" for purposes of section
265(b((3)(B~ of Internal Revenue Code. ~
N 3: That to c the refinancing of said
loan a approved by Ordinance N ~93e 1165, the mayor is hereby
authorized t all loan documents on behalf of the
ity, including but n t limited t the final (1) Amended and
onds 2 t
eea~n a mm~eno ~ ana xs one eal eana
rP.icieation, i3~nrloriaa Diviaio ofn eonee ein nce Forma a~a
uch other doc ents, certificates, opinrons, and other items
as the Mayor and City Clerk deem fit.
PASSED AND ADOPTED THIS 3'`~Y OF Yl jl ),_a.~. .. 1994.
`~./,w,.
eaul Lovesttand, Nayor
~ra~l'~-u~Y~ '~
City Clerk
Approved as to form and legality for the u and Hance of the
City of Longwood, Florida, only.
Rr~in