File #: 13-4654    Version: 1 Name: Approving a Resolution to Authorize the City of Key West to Accept a $19,963,753 Bank Loan from Regions Capital Advantage, Inc. in Order to Re-Finance the Series 2003 Sewer Bonds.
Type: Resolution Status: Passed
File created: 8/8/2013 In control: City Commission
On agenda: 8/20/2013 Final action: 8/20/2013
Title: Supplementing Ordinance No. 03-15 as amended and supplemented by an Ordinance enacted on the date hereof, which authorized the issuance of the City's Sewer System refunding Revenue Bond, Series 2013 in a principal amount not to exceed $20,000,000.00 to refund all or a portion of certain outstanding sewer system debt of the City and paying costs of issuance related thereto; Pledging a Parity Lien on the net revenues of the sewer system for the payment of such bond; Appointing a Bond Registrar Paying Agent and Escrow Agent; Approving the form of an Escrow Deposit Agreement; Authorizing the private negotiated sale of such bond pursuant to the terms and conditions described herein and in the commitment; Providing certain other matters in connection therewith.
Sponsors: Bob Vitas
Attachments: 1. Resolution, 2. Executive Summary, 3. Loan Recommendation Memo, 4. Exhibit A - Lender Commitment, 5. Exhibit B - Form of 2013 Bond, 6. Exhibit C - Form of Lender's Certificate, 7. Exhibit D - Form of Disclosure Letter, 8. Exhibit E - Form of Escrow Deposit Agreement, 9. Public Financial Management, Inc. presentation, 10. Debt Service Schedule, 11. Request for Proposals (RFP) for Sewer Loan, 12. Bank Loan Proposal Summary Matrix
Title
Supplementing Ordinance No. 03-15 as amended and supplemented by an Ordinance enacted on the date hereof, which authorized the issuance of the City's Sewer System refunding Revenue Bond, Series 2013 in a principal amount not to exceed $20,000,000.00 to refund all or a portion of certain outstanding sewer system debt of the City and paying costs of issuance related thereto; Pledging a Parity Lien on the net revenues of the sewer system for the payment of such bond; Appointing a Bond Registrar Paying Agent and Escrow Agent; Approving the form of an Escrow Deposit Agreement; Authorizing the private negotiated sale of such bond pursuant to the terms and conditions described herein and in the commitment; Providing certain other matters in connection therewith.