HomeMy WebLinkAbout11-19-1981 Special MeetingSPECIAL MEETING MICROFILMED 4.15.85
CITY COUNCIL
NOVEMBER 19, 1981
A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF
CAPE CANAVERAL, FLORIDA WAS HELD ON NOVEMBER 19, 1981 AT CITY
HALL, 105 POLK AVENUE, CAPE CANAVERAL, FLORIDA.
THE MEETING WAS CALLED TO ORDER BY MAYOR J.L. MURPHY, JR.
AT 6:04 P.M.
THE ROLL WAS CALLED BY THE CITY CLERK. OFFICIALS PRESENT
WERE: MAYOR J.L. MURPHY, JR., COUNCIL MEMBERS J. CALVERT,
L.C. NICHOLAS AND W. RUTHERFORD; CITY ATTORNEY J. SCOTT, CITY
CLERK P.J. BEAULIEU.
ALSO PRESENT AT THIS MEETING WAS MITCHELL N. OWENS OF
HOUGH AND COMPANY, THE CITY'S FINANCIAL ADVISOR, AND STEVE
THAYER OF BRILEY, WILD AND ASSOCIATES, THE CITY'S ENGINEERING
FIRM.
ITEM 1. RE'S'OLUTION NG . ' '81 Tfi6 RE SEWER PLANT FINANCING
MAYOR MURPHY READ THE TITLE OF THE RESOLUTION AS FOLLOWS:
A RESOLUTION PROVIDING FOR THE ACQUISITION AND
CONSTRUCTION OF IMPROVEMENTS TO THE SANITARY SEWER
SYSTEM OF THE CITY OF CAPE CANAVERAL, FLORIDA;
AUTHORIZING THE ISSUANCE OF $2,500,000 SANITARY
SEWER REVENUE CERTIFICATES TO FINANCE THE COST
THEREOF ON A PARITY WITH THE OUTSTANDING PORTION OF
THE $1,350,000 SANITARY SEWER REVENUE CERTIFICATES
ISSUED BY THE CITY IN 1965; PROVIDING FOR THE
ISSUANCE OF $2,000,000 SANITARY SEWER REVENUE
CERTIFICATE ANTICIPATION NOTES IN ANTICIPATION OF
THE ISSUANCE OF SAID CERTIFICATES; PROVIDING FOR
THE RIGHTS OF THE HOLDERS OF SAID CERTIFICATES AND
NOTES; PLEDGING FOR THE PAYMENT THEREOF FROM THE
NET REVENUES OF THE SANITARY SEWER SYSTEM AND THE
PROCEEDS OF THE UTILITIES TAX AND FRANCHISE TAX;
MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNEC-
TION THEREWITH; AND PROVIDING FOR AN EFFECTIVE
DATE.
MAYOR MURPHY MOVED FOR ADOPTION. MR. NICHOLAS
SECONDED MOTION.
O
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MICROFILMED 4.15 -85
• AT THIS TIME MAYOR MURPHY READ ALOUD THE LETTER
DATED NOVEMBER 19, WHICH MR. OWENS HAD PRESENTED TO COUNCIL
ALONG WITH THE RESOLUTION. SUBJECT LETTER DEPICTED A REVISED
ESTIMATED SOURCE AND APPLICATION OF FUNDS. LETTER ATTACHED
TO THESE MINUTES FOR THE RECORD.
MR. OWENS INFORMED COUNCIL THAT FIRST BANKERS WOULD
BE WILLING TO SET THE CLOSING FOR THE MIDDLE OF DECEMBER. `
MR. THAYER INFORMED COUNCIL THAT THE FINAL IN —HOUSE
CORRECTIONS WERE BEING MADE AND BRILEY, WILD SHOULD BE READY
TO SUBMIT DOCUMENTS, DRAWINGS AND CONTRACT SPECIFICATIONS
TO THE DEPARTMENT OF ENVIRONMENTAL REGULATION FOR THE
CONSTRUCTION PERMIT WITHIN THE NEXT TWO WEEKS. MR. THAYER
ALSO NOTED THAT, ASSUMING NO MAJOR PROBLEMS, THEY SHOULD BE
ABLE TO ADVERTISE FOR THE BIDS IN THE BEGINNING OF JANUARY.
DISCUSSION FOLLOWED ON THE FINANCING OF THIS PROJECT.
VOTE ON THE MOTION ON THE FLOOR FOR ADOPTION WAS AS FOLLOWS:
IN FAVOR - MAYOR MURPHY, MR. NICHOLAS AND MR. RUTHERFORD;
OPPOSED -'MRS. CALVERT. NOTION CARRIED, RESOLUTION NO. 81 -76 �
ADOPTED.
THERE BEING NO FURTHER BUSINESS, MEETING ADJOURNED
AT 7:40 P.M.
APPROVED THIS DAY OF 19 1.
O '
s
CITY CLERK
t
r
CITY COUNCIL MINUTES "
OF 11/19/81
PAGE 2 OF 2 AND ATTACHED a�
HOUGH & COMPANY LETTER P
DATED 11/19/81
ty
l�l�lltam R. Hough & Co. DWARD R. WULBERN
1340 ATLANTIC BANK BUILDING VICE PRESIDENT
RESIDENT MANAGER
JACKSONVILLE. FLORIDA 32202
X904 • 355-8891 S. JACK LARKINS
VICE PRESIDENT
November 19, 1981
Mr. Johnson L. Murphy, Jr.
Mayor, City of Cape Canaveral
105 Polk Avenue
Cape Canaveral, Florida 32920
Dear Mayor Murphy:
MITCHELL N. OWENS
VICE PRESIDENT
DAVID A. HOWARD, JR.
VICE PRESIDENT
F.
As your Financial Advisor, William R. Hough & Co. has negotiated a
direct placement of $2,000,000 Sanitary Sewer Revenue Certificate Anticipa-
tion Notes with First Bankers Corporation for a rate of 10.5 %. The
following is a revised Estimated Source and Application of Funds:
Estimated Source and Application of Funds
Source of Funds- -
Note Proceeds $29000,000
Investment of Construction Funds (1) 100,000
$2,100,000
Use of Funds
Construction Cost (2) $1,580,000
Construction Contingency 1609000
Engineering 110,000
Funded Interest for 12 Months (3) 2105,000
Issuance Costs (4) . 40_3*1000
$2,100,000
(1) Based upon the Consulting Engineer's estimate of cash flow requirements;
interest estimated at 11.5 %.
(2) Estimate of Consulting Engineers at current costs.
(3) Estimated at 10.5 %.
(4) Fiscal - $20,000; Legal - $15,000; Expenses - $5,000"
Should you have any questions, please contact this office.
Sincerely,
WI I O GH CO.
ens
Vice- President
ATTACHMENT TO CITY COUNCIL
MI30 /cb MINUTES OF NOVEMBER 19, 1981
STATE. COUNTY AND MUNICIPAL BONDS