City of Gainesville - File #: 140477.

• File #: 140477.
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 10/30/2014
• In control: City Manager
• On agenda: 11/20/2014
• Final action: 11/20/2014
• Title: Bond Resolution related to the City of Gainesville’s Capital Improvement Revenue Bonds, Series 2014 (B) A RESOLUTION OF THE CITY OF GAINESVILLE, FLORIDA, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $17,100,000 IN AN AGGREGATE PRINCIPAL AMOUNT OF CITY OF GAINESVILLE, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2014 FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTING, REFURBISHING, RENOVATING AND EQUIPPING OF VARIOUS CAPITAL PROJECTS IN THE CITY OF GAINESVILLE AS MORE PARTICULARLY DESCRIBED HEREIN AND PAYING OTHER COSTS NECESSARY OR INCIDENTAL THERETO; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM LEGALLY AVAILABLE NON-AD VALOREM REVENUES OF THE CITY WHICH ARE BUDGETED AND APPROPRIATED BY THE CITY ON AN ANNUAL BASIS AND DEPOSITED INTO THE DEBT SERVICE FUND CREATED HEREUNDER FOR SUCH BONDS; PROVIDING FOR THE RIGHTS AND REMEDIES OF THE HOLDERS THEREOF, AND MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING AN EFFECTIVE DATE; AND PROVIDING CE...

Date	Ver.	Action By	Action	Result
11/20/2014	1	City Commission	Adopted (Resolution) and Approved the Recommendation	Pass

Title
Bond Resolution related to the City of Gainesville’s Capital Improvement Revenue Bonds, Series 2014 (B)

A RESOLUTION OF THE CITY OF GAINESVILLE, FLORIDA, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $17,100,000 IN AN AGGREGATE PRINCIPAL AMOUNT OF CITY OF GAINESVILLE, FLORIDA CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2014 FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTING, REFURBISHING, RENOVATING AND EQUIPPING OF VARIOUS CAPITAL PROJECTS IN THE CITY OF GAINESVILLE AS MORE PARTICULARLY DESCRIBED HEREIN AND PAYING OTHER COSTS NECESSARY OR INCIDENTAL THERETO; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM LEGALLY AVAILABLE NON-AD VALOREM REVENUES OF THE CITY WHICH ARE BUDGETED AND APPROPRIATED BY THE CITY ON AN ANNUAL BASIS AND DEPOSITED INTO THE DEBT SERVICE FUND CREATED HEREUNDER FOR SUCH BONDS; PROVIDING FOR THE RIGHTS AND REMEDIES OF THE HOLDERS THEREOF, AND MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING AN EFFECTIVE DATE; AND PROVIDING CERTAIN OTHER DETAILS.

Explanation
During last summer’s FY15 budget hearings the City Commission approved the issuance of debt to fund approximately $13.1M in various capital improvement projects. This resolution authorizes the issuance of the Capital Improvement Revenue Bonds, Series 2014 to fund these projects. Also included in this bond issue is $2.1M to fund the remediation of the Old Airport Landfill. The City Commission approved borrowing to fund this project in FY13 as part of the FY13-FY17 Capital Improvement Plan. Staff has been negotiating with Alachua County as well as selecting and negotiating with a vendor to perform the remediation work, and is at this point ready to move forward with this project.

The debt is payable from a covenant to budget and appropriate legally available Non-Ad Valorem revenues of the City. The Bonds shall not be a general indebtedness or pledge of the full faith and credit of the City, but shall be payable from budgeted and appropriated ...