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File #: 180449.    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 10/10/2018 In control: City Attorney
On agenda: 10/18/2018 Final action: 10/18/2018
Title: A Resolution of the City Commission of the City of Gainesville, Florida authorizing amendments to the interest rate formula of the loan evidenced by the Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project) Series 2017A and 2017B issued for the benefit of Oak Hammock at the University of Florida, Inc. a Florida not-for-profit corporation. (B) Resolution No. 180449 A Resolution of the City Commission of the City of Gainesville, Florida authorizing the execution of an amendment to the Financing Agreement originally entered into in connection with the issuance of the City of Gainesville, Florida Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project), Series 2017A (the "2017A Note") and the City of Gainesville, Florida Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project), Series 2017B (the "2017B Note"...
Attachments: 1. 180449_draft resolution_20181018.pdf, 2. 180449_Resolution_20181018.pdf
title
A Resolution of the City Commission of the City of Gainesville, Florida authorizing amendments to the interest rate formula of the loan evidenced by the Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project) Series 2017A and 2017B issued for the benefit of Oak Hammock at the University of Florida, Inc. a Florida not-for-profit corporation. (B)

Resolution No. 180449

A Resolution of the City Commission of the City of Gainesville, Florida authorizing the execution of an amendment to the Financing Agreement originally entered into in connection with the issuance of the City of Gainesville, Florida Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project), Series 2017A (the "2017A Note") and the City of Gainesville, Florida Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project), Series 2017B (the "2017B Note") for the purpose of providing funds to make a loan to Oak Hammock at the University of Florida, Inc. (the "Borrower") to provide funds to finance the cost of refinancing obligations of the borrower; authorizing certain officials of the City of Gainesville, Florida to take certain action in connection with the amendments; and providing an effective date.

explanation
The City previously served as the conduit issuer of the Continuing Care Retirement Community Revenue Refunding Notes Series 2017A and 2017B (the "Notes") issued for the benefit of Oak Hammock at the University of Florida, Inc. a Florida not-for-profit corporation. Due to a decrease in the marginal corporate tax rate that was effective January 1, 2018 the interest rate on the Notes increased. The lender, TD Bank, N.A., has agreed with the Borrower to modify the formula for the determination of the interest rate, that will cause the current interest rate of the loans to be reduced.

fiscal note
The Notes do no...

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