Resolution 88-623R¢soaomxoN Na. azI
RESOLOTION O e CITY CONNISSION OP T E CITY
OF LONGWOOD A PROVING A PROPOSED PLAN OP FINANC-
ING THP. CONT O ACQOISITION O E%ISTING W
ODOCTION, TRANSMISSION, STORAGE AN ISTRIROTION
PACILITI¢S ANp SLMeFAGE COLLECTION, T
DISPOSAL FACILITIES P INCORPORATION EINTO NA
r` SYST¢M AND CONSTPOCTION OF RAGE
SNZSSION AND COLLECTION PACILITI ES FOA¢ T
CITY OP LONGWOOD BY PLORZDA COMMONITY SERVIC¢S
COPP., A CORPONATSON NOT POP PROFIT ORGANIZED
¢ STATE OP F AGPEEING
10 ACCEPT A TITL¢ TD SOCN FACILITI¢S DYON
ISSOED P RSOANT TO
SOCBAPLANT PROV DZNG AN 6FPECTIVE DATE. O
R¢AS, the ity of the City of Longwood
([he 'Sponsor"~, advised Cby repeesentatives of the Florida
Community Services Coep. (the "COrpoeat ion"), th a[ the Corporation
Florida n t-for-pe of it corporation organized and a ing under and
pursuant t oche provisions of the laws of t e state ofy ~F locida for [he
purpose of providing w and s and facilities for the
City of Longwood and surrounding areas, andcc
WN¢REAS, orpoea[ion desires acquire
rst ing production, rage and distribution
Fac it itiesWat acquire rage n collection, and
disposal facilities; and t rage and
collection system located wick rn oche aC ityaofs Longwood t(rthe m'Project");
and
WE¢A¢AS, the Corporation duly u[horized borrow
ney for lawful orporate purposes and andt sell
bonds for m ney so borrowed and t etgage and pledge c s pcoperey
and the r [als and revenues [he ref eom in order eo secure the payment
of such bonds; and
ReAS, ordee Einan ce the r of acquisition and
and equipping of oche Project, the tcor poca[ion deems
advisable 1O ney and t Blur ida Community s
Corp. Utilities ro Sonds~ see ie slt 1988 (the Dods") andic
rt gage and pledge en ity for the bonds, the orpora tiones
the property compcris ing [he Project and the revenues to be
derived t£rom the operation thereof; and
the Dods shall be special ligat ions
orpora[ion¢paya ble of the rojecbe, red fbyth
c tgage o the roc pora[ion ~sVe roject a sig nmene
of r o be derived from yt ropeea[ionh [hereof, all a ssh all be
Trovid eduin oraan ce with [he Berms of a Indenture of and tg agerusd
bea e ted by and between n Corpo ra [ion a t e
companyt or ba nkinge having trust powers; and
cne proeeeas £rom the of cne onas shall
be used onlrEo rAEthe specific co rpoea[e par pose eof providing funds for
the financing of Che of the Project and the payment of
expenses of ing thecosonas, and the Corpor n has made
does end make any profit by of any rebus mess a
swh ich i may engage or by r eof e acquisition of t
roject and i subsequent operation, and ono part eo the n ings
of t e Corporation, if any, will [once to the benefit of anyepc iva[e
/' person, firm or corporation; and
the uthoeity and power of the orpora[ion
fed i aego~v erning body which i fed i the progress of such
and the general heal th nandewel Eare of t citizens and
inhabitants within the a of oper o£ the torpor n designated
"Toe Aeg Tonal Ut it itya system afo ~n the City of aLOngwood" ~tne
a5 ystem"); and
emp lates and pzovid es
anq emen tie whereby tall tof ns ~igh ant itle and of
Corporation i and t all the [real and personal property c ing
the Project shall the Sponsor upon c of o erbond s,
and the sponsor h sv dete em Toed and does h rebr £indma red determine that
uch Peojec and [ e plan of financinq the s n described c
the bestti of t e nealtn and welf ace of the es ponsor, and i
s proper andn appropri the sponsor declare
mopes to urn transact[ont neon the terms and rood tt tons heretn-
after set forth;
A¢AS, uch representatives of Corporation nave
I requested vthe Sponsor to Sndica [e co [ m o in this
respect z order induce [hem and the izhaq en neyss and o
professional advisors [o peoceed with such Project as ndr expenses
for and s financing; and the participa tuion of the
sponsoe ztM is rp lan of [financing Che Project and rcpt ante of
itle t ythe Project upon r of Che bonds will aqualify such
bonds a - empe governmentale obltigations foe the purposes of the
Internal R e Code o 1954, ended, which will salt
reduction of e[he i expe ns ess of m[he Corporation with erespec to t
financinq the Pcoj ec[reand the willingness of the Sponsor [o par[ic io
pate i the Project and a rcpt title t uch facilities upon r
of the bonds i important factor su red er c sideration by [such
representatiav es of then Corporation ado the is advisors in determining
the financing feasibility of tree proposed Project;
¢FOR¢, D8 IT REEOLV¢D BY TE¢ CITY CONNIBBION OP
TEE CITY OF LONGNOOD:
B¢CTION 1. APPROVAL O Tne r of bonds by
the Corpocat ion for the puepo ses de BONi bed i thesforegoing r ta15,
aggregate principal a sufficient to provide funds a ailable
for cons[ action of the Proj ecttof approximately $32,000,000 is hereby
~ approved;r provided, h t prior t the i of the e
the Corporation shall submit co the Sponsor for Ter appeoval the ofocm
~N ~. SATE. m„,
~aoneea un.a .2S `x aas oe isoo.
MMISSSON OE TAE
ro~ of SEA
L, O Clerk of [he Cicy C
o£ Cbe City of Gongwood~ DO HEREBY FY [hat the forego ing35is oa
and c copy of R solution .P~n 23 adopted by the City
m io re tthe same s duly d pted an passed at a Regular
r M e oEOthe oCOmmission o [he .2S"-~ day of,~~~~..G 9~8"
andtae the same appears in my office. ~
TNESS M4 d the H 1 f City Comm n of the
Cicy of l.oWywooa, nisHa9 ~ day oEe~_ to 988.
cler