10/23/1985 - Laserfiche WebLink

Home Browse Search

DOT 2 31995 Box 62 nu 471 connection with the marketing of such bonds; authorizing other actions in connection with the delivery of such bonds; designating the paying agent and bond registrar for such bonds; naming an escrow holder and authorizing execution of an escrow deposit agreement; providing an effective date." Attorney Vitunac advised that the Resolution contains two exhibits which were not passed out because they are voluminous; copies are available. Director Barton referred to the EscrowL_Deposit Agreement being with North Carolina National Bank through their Tampa office, a Florida institution. He advised that proposals were put out to eleven banks throughout Florida for an up -front, one- time fee to handle escrow of the whole bond issue and its payoff as it came due, but the North Carolina bank was the lowest fee. The old bonds go to the year 2010. They are not to the call date; so, it is necessary to deposit money with an escrow agent to defease the bonds. Mr. Lang clarified that the 1981 bonds will be called on their first call date, 1991, and this North Carolina bank will be handling the bonds for whatever period of time it takes to pay them off. He then asked Mr. Diamond to present the Board with a copy of the purchase agreement and a good faith check. Mr. Diamond presented the agreement and check in the amount of $95,965.43, explaining that the check is not to be cashed unless they do not perform according to the purchase contract. ON MOTION by Commissioner Scurlock, SECONDED by Commis- sioner Bird, the Board unanimously adopted Resolution 85-126, authorizing the execution of a bond purchase agreement for the sale and award of $9,855,000 refunding and improvement revenue bonds, Series 1985, as described by Attorney Vitunac. 22