title
INDUSTRIAL DEVELOPMENT REVENUE BOND SERIES 2009 - HEAT PIPE TECHNOLOGY (B)
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF GAINESVILLE, FLORIDA AUTHORIZING THE ISSUANCE OF THE CITY OF GAINESVILLE, FLORIDA INDUSTRIAL DEVELOPMENT REVENUE BOND, SERIES 2009 (HEAT PIPE TECHNOLOGY , INC. PROJECT) IN THE PRINCIPAL AMOUNT OF NOT EXCEEDING $1,225,000 (THE "2009 BOND") FOR THE PURPOSE OF PROVIDING FUNDS TO MAKE A LOAN TO HEAT-PIPE TECHNOLOGY, INC. (THE "BORROWER") TO PROVIDE FUNDS TO FINANCE THE COST OF REFINANCING OBLIGATIONS OF THE BORROWER RELATED TO THE CITY OF GAINESVILLE, FLORIDA INDUSTRIAL DEVELOPMENT BONDS (HEAT-PIPE TECHNOLOGY, INC. PROJECT), SERIES 1998; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT, A BOND PURCHASE AGREEMENT, AN ASSIGNMENT OF LOAN AGREEMENT, MORTGAGE, PROMISSORY NOTE AND OTHER COLLATERAL, THE 2009 BOND AND THE TAX REGULATORY AGREEMENT AND APPROVING THE FORM OF A MORTGAGE, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT; AWARDING THE SALE OF THE 2009 BOND BY A NEGOTIATED SALE; AUTHORIZING CERTAIN OFFICIALS OF THE CITY OF GAINESVILLE, FLORIDA TO TAKE CERTAIN ACTION IN CONNECTION WITH THE ISSUANCE OF THE 2009 BOND; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE BOND; AND PROVIDING AN EFFECTIVE DATE.
recommendation
The City Commission adopt the proposed Resolution.
explanation
This Resolution approves the issuance of Industrial Development Revenue Bond, Series 2009 (Heat-Pipe Technology, Inc. Project) (the "2009 Bond"), in an principal amount of not exceeding $1,225,000, for the purpose of making a loan of funds to Heat-Pipe Technology, Inc. (the "Borrower") in order to refinance certain obligations of the Borrower and thereby currently refund the City's Industrial Development Revenue Bonds (Heat-Pipe Technology, Inc. Project), Series 1998. The 2009 Bond shall not constitute a debt, liability of obligation of the City of Gainesville, Florida or the State of Florida or...
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