Ordinance 93-1165oRDiNANCE No. 93-1165
AN ORDINANCE OF THE CITY OF LONGWOOD, F A, AMENDING
RDINANCE N ]]2 and O ]]30RP
ANCING OF T ERDCITYC OF OL ATER/SEWER
REVENUE AND LIMITED REVENDE BONDS, IMPOSING CERTAIN TERMS
AND CONDITIONS RELATING THERETO, PROVIDING FOA CONFLICTS,
SEVERABILITY, AND EFFECTIVE DATE.
WHERE , the recent decline in rnterest rat , oupled
with the elimination of the prepayment penalty provision have made
it advantageous for the City o£ Longwood to consider the
refinancing of their two bontl obligations; and
WHEREAS, the proposal presented to the City by Suneank is
the most advantageous in oxtler to acquire a low rate of interest,
NOW, THEREFORE, be it ordained by the City Commission of
the city of Longwood, Florida, as follows:
SECTION 1: That Ordinance No. JJ2 and Ordinance No. >]3, are
hereby amended to provide for refinancing of the bonds rn
accordance with the Frxed Interest Rate as proposed by Su nHank in
their letter dated November 4, 1993, hereto attached.
SECTION 2: Conflicts. All ordinances or parts thereof in
conflict herewith, be and the same, are hereby repealed.
SECTION 3: Severability. Should any sectron, paragraph,
clause, senten , item, word, or provision of this Ordinance be
declared rnval id by a court of competent jurisdiction, such
decision shall not affect the validity of this Ordinance as a whole
or any part thereof, not so declared to be invalid.
SECTION 4: Effective date. This Ordinance shall take effect
:.mmediately upon adoption. ~~~~ ~~\ /~/~
FIRST READING: d1-`~L'.W V\' K)R71 -1'1.3
secDND aEADxxc~:}_kJRPS_m~aJ~`,,'~~~7 \993
PASSED AND ADOPTED THIE ~v DAY OF (~. (~11W 1, A. ., 1993
P 1 Lovestrand, Nayor
AT - /~
eraldine Zamb ty Clerk
Approved as to fora and legali y-fox~the u e and reliance of the
t s
Crty of Longwood, Florida; y.
L ry G~~
rc hard S. Taylor rm Crty Attorney
BanK
November 4, 1993
Mr. B. llaNa McNutt
Dirxtor of Finance
City cf Longwood
155 West Warren Avenue
IAngwood, FL 32250
Re: $3,000,000 Warer & Sewer Revenue Bontls -Series 1986
$1,000,000 Limited Revenue Bonds -Series 1986
Dear Dav:
To follow up with our discussions regartling in es for the remaining to of Ote
referenced Bonds, Sun Bank, N.A. will agree o elimmhmte Ne current interest mtc floor (5.939 )
and ceiling (10.45'6) associated wiN the Variable Rate and offer [he City the (allowing interest
rate options:
Y ruble Rare: Floating at bS.O% of Sun Hank, Inc.'s prime rate (as of t t/03/93,
enable mte = 3.909); the ratewovld be effective as of 08/22/93
foe dte Warer & SewU Bonds antl as of 09/23/93 far the Limired
Revenue Bonds. ar
Ford Rdre~ 150 BP over SuveaNc's }yoar Cost of Funds (es of 1(103193, rate
= 4.299); m will be confirmed no sooner Nan 22 hours from
dam of w If the fixM mta Is selected, the new fixed care
would be retroactive to 08/22/93 for Ne Water & Sewer Bonds
avd 09/23/93 for the limited Revenue Bends (the date of
convUSton from the old fixed rnte).
* Rates quoted assuming a Sank Qualifed transaction.
The Terms of the Bonds will remain semi-annual interest with annual principal reducpons equal
to Ne amount stipulated in the applicable legal dtxunnenec. Pltzxe IU me know of your tlecision
by Friday, November 12, as the referenced interest rare optio will expire n [hat date. If you
hav any ques rrequire addiponal information regarding the proposed interest m[es, please
calleme at 23"1-5239.
Sincerely,
~~
D. Brent Wilder
Aaeiamnr viee ere:taent
tvstitutional & Govemmenml Banking