Title
A RESOLUTION INCORPORATING BY REFERENCE AND ADOPTING, AND AUTHORIZING THE EXECUTION AND DELIVERY OF, AN AMENDMENT TO TWENTY-FIFTH SUPPLEMENTAL UTILITIES SYSTEM REVENUE BOND RESOLUTION, AMENDING THE CITY OF GAINESVILLE, FLORIDA'S TWENTY-FIFTH SUPPLEMENTAL UTILITIES SYSTEM REVENUE BOND RESOLUTION IN ORDER TO MAKE CERTAIN TECHNICAL CHANGES THERETO REQUESTED BY FITCH RATINGS; PROVIDING AN EFFECTIVE DATE.
Explanation
On June 21, 2012, the City Commission, among other things, adopted the Twenty-Fifth Supplemental Resolution in order to authorize the issuance of the 2012 Series B Bonds for the purpose of refunding certain outstanding Utilities System Revenue Bonds. The 2012 Series B Bonds were issued as variable rate demand obligations, initially in the Daily Mode, and are subject to mandatory and optional tender for purchase at certain times and under certain circumstances. In order to enhance the marketability of the 2012 Series B Bonds and thereby reduce the interest cost to the City of the 2012 Series B Bonds, it is desirable that the 2012 Series B Bonds have short-term ratings assigned by Moody's, S&P and Fitch.
During the course of its review of the papers for the 2012 Series B Bonds, Fitch requested that we make several technical amendments to the Twenty-Fifth Supplemental Resolution. Because of the timing of the meetings of the City Commission, we were not able to make those amendments prior to closing, but GRU staff agreed to bring the amendments to the City Commission as soon as reasonably practicable. The Amending Resolution amends the Twenty-Fifth Supplemental Resolution in the manner requested by Fitch.
Recommendation
The City Commission adopt the attached resolution (Authorizing Resolution), which incorporates by reference and adopts, and authorizes the execution and delivery of, a resolution (Amending Resolution) amending the Twenty-Fifth Supplemental Utilities System Revenue Bond Resolution adopted by the City on June 21, 2012 (T...
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