Resolution 260-1990
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RESOLUTION NO.
260-1990
RESOLUTION ACCEPTING BID AND AWARDING
$12;500,000 SALES TAX BOND ANTICIPATION NOTES,
SERIES 1990, OF MONROE COUNTY, FLORIDA, TO THE
SUCCESSFUL BIDDER; APPROVING THE PRELIMINARY
OFFICIAL STATEMENT FOR THE NOTES; FIXING THE
REG~TRAR AND PAYING AGENT FOR THE NOTES; AND
PRO~DING AN EFFECTIVE DATE.
,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS, OF
MONROE COUNTY, FLORIDA:
SECTION 1. AUTHORITY FOR RESOLUTION. This resolution
is adopted pursuant to Sections 215.431 and 215.84, Florida
Statutes, and other applicable provisions of law.
SECTION 2.
FINDINGS.
It is hereby ascertained,
determined and declared that:
A. The Board of County Commissioners (the "Governing
Body") of Monroe County, Florida (the "Issuer"), met on May 2,
1990, at 2:30 p.m., EDT, to consider all bids submitted for the
$12,500,000 Sales Tax Bond Anticipation Notes, Series 1990 (the
"NoteS"), of the Issuer.
B. The following bids were submitted:
Bidder
True Interest Cost/Rate
William R. Hough & Co. and
Merrill Lynch Capital Markets
Chemical Securities, Inc.
Shearson Lehman Hutton Inc.
Erlich Bober & Co. Inc.
Morgan Stanley & Co. Incorporated
Prudential-Bache Securities Inc.
J. P. Morgan Securities Inc.
6.57698909%
6.67832644
6.90229036
6.87344338
6.80180455
6.97406757
6.99756002
C. The Issuer expects to receive from Standard & Poor's
Corporation, New York, New York, and Moody's Investors Service,
New York, New York, prior to issuance of the Notes, note ratings
in one of their 3 highest classifications.
D. After due consideration it appears that the bid of
William R. Hough & Co. and Merrill Lynch Capital Markets (the
"Purchaser"), in the amount of $12,475,000.00 and accrued
interest for the Notes, bearing interest as hereinafter stated,
is the best bid received and should be accepted.
E. It is necessary and desirable to
Preliminary Official Statement for the Notes
registrar and paying agent therefor.
SECTION 3. SALE OF NOTES. Selection of the May 2,
1990, sale date for the Notes, by the County Administrator, is
hereby ratified and confirmed. The Notes are hereby awarded and
sold to the Purchaser at a price of $12,475,000.00 and accrued
interest for the Notes, bearing interest at the rate of 6.65% per
approve the
and fix the
annum.
SECTION 4. EXECUTION AND DELIVERY OF NOTES. The proper
officers of the Issuer are hereby authorized and directed to
execute the Notes when prepared and to deliver the same to the
Purchaser upon payment of the purchase price pursuant to the
conditions stated in the Official Notice of Sale, without further
authority from this Governing Body.
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3247/MON59003/AC3/043090
SECTION 5. RETURN OF GOOD FAITH CHECKS. The proper
officer of the Issuer is hereby authorized and directed to return
forthwith the good faith checks of the unsuccessful bidders.
SECTION 6. APPROVAL OF PRELIMINARY OFFICIAL STATEMENT.
The form and dissemination of the Preliminary Official Statement
("deemed final" (except for permitted omissions) as of its date
for purposes of SEC Rule 15c2-12(b)(1)) with respect to and in
connection with the marketing of the Notes are hereby ratified
and approved. The proper officers and/or employees of the Issuer
are hereby directed to cause the final Official Statement for the
Notes to be prepared in substantially the form of the Preliminary
Official Statement, with such changes and additions as may be
suggested from time to time by the proper officers and/or
employees of the Issuer.
SECTION 7. REGISTRAR AND PAYING AGENT. The registrar
and paying agent for the Notes shall be First Florida Bank, N.A.,
Tampa, Florida.
SECTION 8. NECESSARY ACTION. The proper officers of
the Issuer are hereby designated agents of the Issuer in
connection with the issuance of the Notes, and are authorized and
empowered, individually or collectively, to take all action and
steps and to execute and deliver any and all instruments,
documents or contracts on behalf of the Issuer which are
necessary and desirable in connection with the execution and
delivery of the Notes and which are not inconsistent with this
resolution and any other action relating to the Notes. The chief
financial officer of the Issuerl or his designee, is further
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3Z47!MON59003!AC3!043090
. .
authorized to make or effect any election, selectionl choice,
consent, approval or waiver on behalf of the Issuer with respect
to the Notes as the Issuer is permitted or required to make or
give under the federal income tax laws, for the purpose of
assuring, enhancing or protecting favorable tax treatment or
characterization of the Notes or interest thereon or assisting
compliance with requirements for that purpose, reducing the
burden or expense of such compliance, reducing the rebate amount
or payments of penalties thereon, or making payments in lieu
thereof, or obviating such amounts or payments, as determined by
such officer, or his designee.
Any action of such officer, or
his designee, in that regard shall be in writing and signed by
the officer, or his designee.
SECTION 9. REPEALING CLAUSE.
All resolutions or parts
thereof of the Governing Body in conflict with the provisions
contained in this resolution are, to the extent of such conflict,
hereby superseded and repealed.
SECTION 10. EFFECTIVE DATE. This resolution shall take
effect immediately upon its adoption.
Passed and adopted by the Board of County Commissioners
of Monroe County, Florida, at a special meeting of the Board on
May 2, 1990.
(SEAL)
ATTEST :DANNY L. KOLHAGE, Clerk
MONROE 59~NTY, FLORIDA -
BY ~c;/c;....~
Mayor, Board of County
Commissioners
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3247/MON59003/AC3/043090