R-71-178• ~
RESOLUTIONS N °_ 2 5 7
RESOLUTION N0. 178
RESOLUTION AWARDING THE $1,700,000 WATER AND SEWER REVENUE BONDS
OF THE CITY OF CLERMONT, FLORIDA: NAMING A PAYING AGENT: AND
SETTING FORTH THE PROVISIONS OF REDEMPTION OF THE BONDS
WHEREAS, the City Council of the City of Clermont, Lake County,
Florida, by Resolution adopted January 12, 1971, authorized the
issuance of $1,700,000 Water and Sewer Revenue Bonds of said City,
dated November 1, 1970; and,
WHEREAS, Leedy, Wheeler & Alleman, Inc., in accordance with
an agreement entered into with the City on March 28, 1966, has offered
to purchase such bonds at a price of $1,632,000 plus accrued interest,
for bonds bearing interest at the rate of 6 1/2% per annum for bonds
maturing 1975 to 1984, both inclusive; 6 3/4% per annum for bonds
maturing 1985 to 1994, both inclusive; and 7% per annum for bonds maturing
1995 to 2003, both inclusive; and
WHEREAS, the City Council has determined it is in the best
interest of the city that such bonds be sold at a private sale on
March 26, 1971 to Leedy, Wheeler & Alleman, Inc., at the price and
on the terms as above stated;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CLERMON~, LAKE COUNTY, FLORIDA, that:
SECTION 1. The $1,700,000 Water and Sewer Revenue Bonds of
the City of Clermont, Lake County, Florida, dated November 1, 1970,
be and the same are sold at private sale on March 26, 1971 to Leedy,
Wheeler & Alleman, Inc., at a price of $1,632,000 and accrued interest,
for bonds bearing interest at the rate of 6 1/2% per annum for bonds
maturing 1975 to 1984, both inclusive; 6 3/4% per annum for bonds
maturing 1985 to 1994, both inclusive; and 7% per annum for bonds
maturing 1995 to 2003, both inclusive.
SECTION 2. Such Water and Sewer Revenue Bonds and the interest
thereon shall be payable at Citizens National Bank of Orlando, Orlando,
Florida.
SECTION 3. The bonds maturing 1975 through 1984, inclusive,
are not redeemable prior to their respective stated dates of maturity.
The bonds maturing in the years 1985 through 2003, inclusive, are
redeemable prior to their respective stated dates of maturity, at the
option of the City, in whole or in part, in inverse numerical order
if less than all, on May 1, 1985, or on any interest payment date there-
after, at par plus accrued interest to the date of redemption, plus
a premium of three per centum (3%) of the par value of each bond called
for prior redemption.
SECTION 4. This resolution shall take effect immediately upon
its adoption.
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ADOPTED by the City Council of the City of Clermont, Lake County, Florida,
at a Special Meeting held on March 26, 1971.
r
Do ores W. Carro City C erk
City of Clermont, Lake County,
Florida