Ordinance 93-1164o ANCL NO. -1169
WHEAL , tiro rceeas dec. _ rn .cot rates, coupled
a rth the e ,at of ry'. alty prov,i Sinn hav® matle
!i adva n't far Lhe. City of ~ongwoetl to consider the
raft nancin9 their two bond obligations; and
S, the proposal. pres entetl to thu City by SunBank i..s
tha most adv. genus and immediate ecti.an must be 1:aksn in order
to guarantee lour r~ intern.. t'. proposed by BunBenk;
W, HI be iL ordained by the City Comnii.,eron oS
the C1 Cy of Lorr9r. 3t the City `OIN01061un determines
drat the snbj act me r rs ordinance is en emergency and iou..L
be adopted imniediataly without Cho formal]. tres of two readings and
an advertisement, there: rs hereby adopted xe follower
SECPION ].: That Ordinance No. ]]2 mnd Ordirianve No. ] ¢re
hereby amended t provide for c'etlnancix'rg o£ Lhm bonds rn
accordance vrith the Eized ]:nte re st Hate as proposed by Sr~nBank in
their letter dot®d November 4, 1999, hereto attached.
SEC'P ION 2. Canfli~~:Lm. In11 ordrne vc es o: pertc thereof rn
conflict herew=_th, be and the game, .reby cep®aled.
ELC1'ZON 3: Severability. S. uld nny section, pere9r.'aph,
clause, senten , i , o.rd, or pro~~ision o. this ordinance be
declared rnvali.d by a court of _ jrcisd i.otion, ouch
aarraron nnall not affaat tha gal. ia;. o re ainange as a whom
or any part thereof, not so declared to be inv. id.
6ECTxoN 4: Cf£¢ctive date. 'Phis Ordirrai shall take effect
November 1 , 1)93.
PH PLD C. `99~.
---1 _ o£ the
rrney
~~
November A, 1993
Mr. B. Dmticl McNutt
Director of Finance
City of Longwood
155 West Warren Avenue
Longwood, FL 32'!50
Re: $3,1X10,000Waru & Sewer Rcvcnue Honds -Series 1986
$1,000,000 Limited Revenue Bonds ~ Series 1986
Dear Dan:
To follow up wish a r disc regazding in es for the ning ~e of Ne
referentai Eovtls, Sun bank, N.A. will agree to eliminate the ourrevt inter rt ate floor (5.939)
and ceiling (10.454) assocured with Ne Variable Rata and offer Ne City the following interest
etc options:
Variable Aare: Floating at 65.09 of San Hank, Ine.'s prime ate (as of 11/03/93,
arieblc rare rs 3.904 ); the ate would be effeodvees of 08/2'1/93
for the Water & Sewer Hovels and as of 09/23/93 for the Limited
Revenue }bnds. or
Ftixrd Aare: 150 BP over SunHaNc's 3-year Cost of Funtls (as of I t/03/93, etc
= 4.29%); a will be confvmed vo sooner na" 72 hours C~om
dare of convuscon. If Ne fixed ate is selmted, We new fixed rate
would be retroactive b OB/2"//93 for Ne Wa[er & Sewer Hontls
and 09/23/93 for the Limited Revenue Hands (lire date of
conversion from the old fixed ate).
* Rates quoted assuming a Bank Qaalifed Vansaction.
The terms of the Bonds will remain semi-annual interes[ with annual principal reduc ns equal
to [he amount stipWared in the applicable legal documents. Please lcl me know of youncodecision
by Friday, Novembu l2, as the referenced interest rate options will expire on that dale. if you
hav any ques r requve additional informaeion regarding the proposed inroresr rates, Phase
call ma at 23'1-5?39.
SfncQQercly,
~U~~
D. Brent Wilder
Ass rant Vice President
Institutional & Dovemmental Banking
a sum~us ~inu~ urtm