Resolution 198RESOLUTION NO. 1,98
WHEREAS, the City o£ Longwood, Flblidd, . political
subdivision of the State of Florida, hereafter sometimes
refereed to as Applicant, wishes t0 make application to the
Division of Bond Finance of the State of Florida and the State
of Florida Department of Pollution Control for a Local
Oovereunental g y oan from the State of Florida under the
provisions of Section 14, Article VII, of the Constitution
of Florida and Chapter ]0-2]0, Laws of Florida, £or the purpose
of n Viding funds for the acquisition and cons txuction by
Applicant Of certain eligible facilities for the control and
abatement of pollution, hereafter sometimes referred t0 as the
Project; and
WHEREAS, neither the Applicant nor the State of
Florida or its agencies has sufficient funds to finance the
cons tr uc tron of the Project except in the manner contemplated
by this resolution; and
WHEREAS, this resolution is adopted for the purpose
of makidq application t0 the Division of Bond Finance and the
Department Of Pollution Control for the purpose of obtaining
such a loan;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF LONGWOOD, FLORIDA, AS FOLLOWS:
Section 1: The Division of Bond Finance is requested
to issue and sell state bonds p scant to the provisions o£
Section 14, Article VII of the Florida Constitution and Chapter
Laws of Florida, for the purpose of, among other things
furnishing funds t0 the applicant for a 1.Oca1 governmental
agency loan 10 provide part of the cost Of constracti l the
project. Such bonds shall be payable both as to principal and
interest from the pledged Revenues from the project and such
Other revenues as may be pledged as hereafter specified,
p vided that the Division of Bond Finance and the Department
of Pollution Control shall have authority to determine the
....t of b—ft t, be issued and the d—, t-1, matuxitves
—y 1— —,T—d by the applicant i
Th. total estimated -- of the j— t. be —,--d by
--t ib -!Z241-
!:-. Applicant —h that the amou
of the local governmental It— may be increased by an
.—ht sufficient t, provide from proceeds of the St— —d
lb —hi, d— d—ng co ns truc tvon of the project, for the
applicant's P—p—ti—l- -- of the —, of the bond issue
Section 5: Applicant has available and will pledge
revenues to meet the requirements of the Constitution and
enabling
Section 6: Appli—t will apply and use any E.bd.
received in --t— with the bj— either from the State
.f Florida, it. .9—i— or the United St— of —ill for
the P— for .—h they are Furnished and will render such
accountings of such funds as may be required by the State Of
Florida or the United States.
Section ]: Adequate engineering studies for the
project relating to construe tion and feasibility have been made
and such studies indicate that the project can be constructed
and completed from grants to be received from the United States
and the proceeds to be received from the local governmental
agency loan.
n 8: Applicant agrees to pledge the excess
revenues of the completed project as security for repayment
o£ the 1oca1 go eremiental agency loan. Said excess revenue
being that classified as excess after meeting the obligation of
the proposed series of bonds to be issued by the City necessary
for funding the project in addition to the state bonds.
Applicant further agrees that it wf11 at all times maintain
rates and charges for the project or its use sufficient tD
provide pledged revenues as defined i.n the Constitution and
enablf nq lig lotion equal to at least 1 1/3 times the:
req annual debt service uirements for applicant's share Of the
state bond issue and will submit annual. financial reports
substantiating such to the appropriate state agency or agencies.
If estimated revenues from the project are not sufficient to
meet the foregoing requirements for debt service applicant
will pledge sufficient revenues ley ally available from other
sources acceptable to the state t0 comply with such debt
service requirements.
n 9: Applicant will promptly and without
further request comply with and furnish all the information
required by the Division of Bond Finance GUIDELINES FOR NAEING
APPLICATION FOR POLLUTION CONTROL AND ABATEMENT FACILITIES FUNDS.
n 1U; Applicant will promptly do all things
required of it to obtain a supplementary grant from the United
States in an amount sufficient to c mplete construction Of the
resolution which, in the judgment of the Divrsron of Bond
Frnanc e, the Department of Pollution Control and the applicant
may be necessary to carry out th q eral purposes and intent
o£ this resolution substantially in accordance herewith sha11
not regv ire additional resolutions or approval on the part of
this Board.
Pursuant to Section 215.65, Florida
Statutes, the fees charged to and all expenses paid for and
on behalf of such bonds shall be paid and reimbursed to the
bond fee trust find Of the Division of Bond Finance from the
proceeds of the sale of the bonds if such bonds are sold, or
It, any xea son the bonds are not sold.
n 16: That the following officers of applicant,
namely: Kenneth H. Brown, S Mayor, and Onnie R. Shomate,
City, -
be and they are hereby authorized and directed to
execute a local agency loan agreement between [he Division of
Bond Finance, the Department of Pollution Control, and the
applicant.
Section 1]: This resolution shall take effect
immedia rely upon its passage and adoption.
PASSED AND ADOPTED this 25tbday of May
A.D. 1972.
�T' c ty,C u 1 of
lC% ood, Florida
CITY CLBR%
orida
h, itl.4,
�1Ty SEER%
I hereby certify that Resolution A 1.98 was passed by the Longwood
City Council. signed by the MayeF & Cellncil Chairman on the 2$th.
day of May 1.9i2
Dnnie R. Shome.te- Longwood City Clerk