100785-Special Session206
MINUTES
City Commission, Sanford, Florida
October 7,
19 85
The City Commission of the City of Sanford, Florida, met in Special Session in
the City Manager's Conference Room in the City Hall in the City of Sanford, Florida, at 4:30
o'clock P. M. on October 7, 1985.
Present:
Absent:
Mayor-Commissioner Bettye D. Smith
Commissioner Milton E. Smith
Commissioner David T. Farr
Commissioner Bob Thomas
City Attorney William L. Colbert
City Manager Frank A. Faison
City Clerk H. N. Tamm, Jr.
Commissioner John Y. Mercer
value.
The meeting was called to order by the Chairman.
The CitY Attorney presented a resolution providing for the issuance of not
exceeding $25,000,000 water and sewer revenue bonds and reported that this was the first
step in the legal process to validate the bond issue, and further, that this instrument
looks to the future with options for imaginative financing.
Keith Denton, M. G. Lewis & Co., Inc., Financial Advisors, stated that the
Commission was no~ making a decision to sell the bonds at this time, but anticipated that
the sale would take place by December 31, 1985.
Persons appearing to also support the adoption of the resolution were as follows:
Jim Kirkland, William R. Hough & Co., Investment Bankers
Gary Akers, Southeastern Municipal Bonds, Inc., Investment Bankers
Richard Deas appeared to request information .about the wastewater treatment
facilities.
On motion of Commissioner Farr, seconded by Commissioner Smith and carried,
Resolution No. 1423 was adopted. Said resolution entitled as follows:
RESOLUTION NO. 1423
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SANFORD, FLORIDA AUTHORIZING THE REFUNDING OF CER-
TAIN PRESENTLY OUTSTANDING OBLIGATIONS OF THE CITY
OF SANFORD, FLORIDA; AUTHORIZING THE CONSTRUCTION
AND ACQUISITION OF ADDITIONS, EXTENSIONS AND
IMPROVEMENTS TO THE WATER AND SEWER SYSTEMS OF THE
CITY; PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING
$25,000,000 WATER AND SEWER REVENUE BONDS OF THE
CITY TO BE APPLIED TO REFUND THE PRINCIPAL,
INTEREST, AND REDEMPTION PREMIUMS, IF ANY, IN
RESPECT TO SUCH PRESENTLY OUTSTANDING OBLIGATIONS
AND TO CONSTRUCT AND ACQUIRE CERTAIN ADDITIONS,
EXTENSIONS AND IMPROVEMENTS TO THE WATER AND SEWER
SYSTEMS OF THE CITY; PROVIDING FOR THE PAYMENT OF
THE BONDS FROM THE NEW REVENUES OF SUCH SYSTEMS AND
FROM CERTAIN OTHER LEGALLY AVAILABLE FUNDS;
AUTHORIZING THE ISSUANCE OF SUCH BONDS IN VARIOUS
SERIES; MAKING OTHER COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE
DATE.
The City Attorney reported that two appraisals had been received on property to be
used for spray spreading of effluent from the wastewater treatment plant and had been
submitted to the Florida Department of Environmental Regulations for review, and the next
step would be to authorize staff to begin negotiations for an option contract.
Commissioner Smith moved to authorize the City Attorney and City Manager to
negotiate an option contract as set forth by the City Attorney not to exceed the appraised
Seconded by Commissioner Thomas and carried.
There being no further business, the meeting was adjourned.
ATTEST: O R