748-17 Supplemental Resolution Infrastructure Sales Surtax Revenue Bond (City Hall Project), Series 2017

Browse Search

(B) In consideration of the purchase and acceptance of the Series 2017 Bond authorized to be issued hereunder by those who shall be the Holder thereof from time to time, this Resolution shall constitute a contract between the Issuer and the Holder. Section 4. Authorization of the Series 2017 Bond. Subject and pursuant to the provisions of this Resolution, an obligation of the Issuer to be known as the City of Zephyrhills, Florida Infrastructure Sales Surtax Revenue Bond (City Hall Project), Series 2017 (the "Series 2017 Bond") is hereby authorized to be issued under and secured by the Master Resolution and this Resolution, in the principal amount of $7,471,000, for the purpose of financing and/or reimbursing all or a portion of the Costs of the Initial Project and paying certain costs of issuance incurred with respect to the Series 2017 Bond. Because of the characteristics of the Series 2017 Bond, prevailing market conditions, and additional savings to be realized from an expeditious sale of the Series 2017 Bond, it is in the best interest of the Issuer to accept the offer of the Original Purchaser to purchase the Series 2017 Bond at a private negotiated sale. Prior to the issuance of the Series 2017 Bond, the Issuer shall receive from the Original Purchaser a Purchaser's Certificate, the substantially final form of which is attached hereto as Exhibit B and the Disclosure Letter containing the information required by Section 218.385, Florida Statutes, the substantially final form of which is attached hereto as Exhibit C. Section 5. Description of the Series 2017 Bond. The Series 2017 Bond shall be issued as a Term Bond with a final maturity of the Maturity Date, to be dated the date of the execution and delivery, which shall be a date agreed upon by the Issuer and the Original Purchaser, and shall have such other terms and provisions, including a fixed interest rate (subject to adjustment as described in the Series 2017 Bond) not exceeding the maximum interest rate permitted by the Act, Amortization Installments and interest payment terms, and a redemption provision as stated in the form of the Series 2017 Bond attached hereto as Exhibit A, provided, however, the Series 2017 Bond shall not be issued unless the initial fixed interest rate is equal to 2.344%. Interest on the Series 2017 Bond shall be calculated on the basis of a 360 day year consisting of twelve 30 day months. The Series 2017 Bond is to be in substantially the form set forth on Exhibit A attached hereto, together with such non-material changes as shall be approved by the Mayor, such approval to be conclusively evidenced by the execution thereof by the Mayor. The Series 2017 Bond shall be executed on behalf of the Issuer with the manual or facsimile signature of the Mayor and the President of the City Council and the official seal of the Issuer shall be imprinted thereon, and attested with the manual or facsimile signature of the Clerk. In case any one or more of the officers who shall have signed or sealed the Series 2017 Bond or whose facsimile signature shall appear thereon shall cease to be such officer of the Issuer before the Series 2017 Bond so signed and sealed has been actually sold and delivered, the Series 2017 Bond may nevertheless be sold and delivered as herein provided and may be issued as if the person who signed or sealed the Series 2017 Bond had not ceased to hold such office. The Issuer may adopt and use for such purposes the facsimile signatures of any such persons who shall have held such offices at any time after the date of the adoption of this Resolution, notwithstanding that either or both shall have ceased to hold such office at the time the Series 2017 Bond shall be actually sold and delivered. Section 6. Registration and Exchange of Series 2017 Bond; Persons Treated as Holder. The Series 2017 Bond is initially registered to the Original Purchaser. So long as the Series 2017 Bond shall remain unpaid, the Registrar will keep books for the registration and transfer of the Series 2017 Bond. The Series 2017 Bond shall be transferable only upon such registration books and only in Authorized Denominations. The Person in whose name a Series 2017 Bond shall be registered shall be deemed and regarded as the absolute holder thereof for all purposes, and payment of principal and interest on the Series 2017 Bond shall be made only to or upon the written order of the Holder without presentment. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Series 2017 Bond to the extent of the sum or sums so paid. Section 7. Payment of Principal and Interest; Limited Obligation. The Issuer promises that it will promptly pay the principal of and interest on the Series 2017 Bond at the place, on 2