R-82-412i
1~
N0. 412
A•RESOLUTION FIXING THE INTEREST RATE FOR
$1.700,000 WATER AND SEWER REVENUE BONDS,
SERIFS 1980, OF THE CITY OF CLE{~ONT, FLORIDA
AND AUTHORIZING A NEGOTIATED SALE OF SUCH
BONDS TO THE UNITED STATES GOVERNMENT.
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WHEREAS, on July 22, 1980, the City Council of the City
of Clermont, Florida (the "Issuer"), adopted Resolution No. 351
authorizing the issuance of not exceeding $1,700,000 principal
amount of Water anti Sewer Revenue Bonds, Series 1980 (the
°'Bonds") to finance a part of the coat of acquiring, erecting and
constructing extensions and improvements to the combined munici-
pal water and sewer system of the Issuer; and
WHEREAS, the Issuer has entered into a loan agreement
with the United States of America, acting through the Farmers
Home Administration, U.S. Department of Agriculture (the
"Government"), whereby the Government has agreed to purchase the
Bonds at the price of par and bearing interest at the~rate of 5~
per annum, if the Issuer shall be unable to market the Bands in
the private sector, and the current Government policy recognizes
that the Issuer would be unable to market the Bonds in the
private sector; and the City Council of the Issuer does hereby
determine that a negotiated sale of the Bonds to the Government
is in the best interest of the citizens and inhabitants of the
Issuer, it being entirely unlikely that the Issuer would receive
any bid for the Bonds as favorable to the Issuer as the
Government's terms of par and interest at 5$ per annum, in view
of prevailing interest rates and other market conditions at this
time, and it is in the best interest of the Issuer that it avoid
the expense and delay of advertising the same for public sale;
naw, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CLERMONT, FLORIDA, as follows:
SECTION 1. The Bonds are hereby sold and awarded to the
Government at the price'of par and bearing interest at the rate
of 5$ per annum.
SECTION 2. This resolution shall take effect im-
mediately upon its passage.
DONE AND RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLERMUNT, LAKE COUNTY,
FLORIDA, THIS 21st DAY OF September ~ 1982,
CITY OF CLERMONT
ATTEST:
.M.• Hoskinson~ Mayor
C Y CLERK
~ •
~ CERTIFICATE
I, Julie M. Brandt,. City Clerk for the City of Clermont,
Florida do hereby certify that the attached is a true and
correct copy of:
Resolution No. 412
A Resolution fixing the interest rate for $1,700,000
Water and Revenue Bonds, Series 1980, of the City of
Clermont, Florida and authorizing a negotiated sale
of such bonds to,the United States Government.
as passed and adopted by the City Council of the City of
Clermont, Florida on the 21st day of September, 1982 and
as contained in the records of the City of Clermont.
WITNESSETH my hand and the official seal of the City of
Clermont, Lake County, Florida, this 21st day of Septem-
ber, 1982.
C.~.-~
Juli M. Brandt, City Clerk
City of Clermont, Florida
SEAL OF THE CITY OF~CLERMONT: