Fort Walton Beach Resolution — 07-26-Defeasing 2005 Bond/Fairgrounds — reading text

342815 TT4 200, 000 342815 WY9 2011 1, 035, 000 3. 250 342815 TUl 205, 000 342815 WZ6 2012 1, 080,000 3.375 342815 TV9 215, 000 342815 XAO 2013 1, 110,000 3. 400 342815 TW7 220, 000 342815 XB8 2014 970, 000 3.500 342815 TX5 230, 000 342815 XC6 2015 1, 000, 000 3. 625 342815 TY3 235, 000 342815 XD4 Legally available moneys of the City will be deposited in irrevocable escrow in an escrow deposit trust fund ( the " Defeased Bonds Escrow Account") established with the Trustee ( the " Escrow Holder"), pursuant to an Escrow Deposit Agreement dated as of November 27, 2007, by and between the Florida Municipal Loan Council ( the Issuer"), the City of Fort Walton Beach, Florida and the Escrow Holder ( the " Escrow Deposit Agreement"). Moneys deposited in the Defeased Bonds Escrow Account will be applied to purchase United States Treasury Securities - State and Local Government Series ( the " Governmental Obligations") to be placed in the Defeased Bonds Escrow Account, or will be held therein as uninvested cash. Schedule C- l  The Florida Municipal Loan Council Revenue Bonds, Series 2005D maturing October 1, 2008 through and including October 1, 2015 with principal payments due each October 1st and semiannual interest payments due on April 1 and October 1st until the maturity date of the bonds, which have not been defeased shall remain outstanding, and the CUSIP numbers applicable to such Bonds have changed. The remaining Florida Municipal Loan Council Revenue Refunding Bonds, Series 2005D which have not been defeased shall remain outstanding and are set forth below: Non- Defeased Original Bonds Due Interest Original Principal New Principal October 1) Amount Rate CUSIP No. Amount CUSIP No. 2008 $ 950, 000 3.250% 342815 TR8 $ 760, 000 342815 XE2 2009 975, 000 3. 250 342815 TS6 780, 000 342815 XF9 2010 1, 010, 000 3. 100 342815 TT4 810, 000 342815 XG7 2011 1, 035, 000 3. 250 342815 TUl 830, 000 342815 XH5 2012 1, 080, 000 3.375 342815 TV9 865, 000 342815 XJ1 2013 1, 110, 000 3.400 342815 TW7 890, 000 342815 XK8 2014 970, 000 3.500 342815 TX5 740,000 342815 XL6 2015 1, 000, 000 3. 625 342815 TY3 765, 000 342815 XM4 Dated: November 27, 2007 Deutsche Bank Trust Company Americas, as Trustee Contact: with any questions. Schedule C-2  Municipal Secondary Market Disclosure Information Cover Sheet ELECTRONIC SUBMISSION This cover sheet should be sent with all submissions made to the Municipal Securities Rulemaking Board, Nationally Recognized Municipal Securities Information and any applicable State Information Depository, whether the filing is voluntary or made pursuant to Repositories, Securities and Exchange Commission rule 15c2- 12 or any analogous state statute. nnnsir.htm for list of current NRMSIRs and Sills Ov/ info/ municinal/ See www.sec. l! IF THIS FlllNG RElATES TO A SINGLE BOND ISSUE: Provide name of bond issue exacdy as it appears on the cover of the Official SL1.tement please include name of state where issuer is located): Florida Municipal Loan Council Revenue Bonds, Series 2005D Provide nine-digit CUSIP' numbers if available, to which the information relates: See attached page IF THIS FlllNG RElATES TO ALL SECURITIES ISSUED BY THE ISSUER OR ALL SECURITIES OF A SPECIFIC CREDIT OR ISSUED UNDER A SINGLE INDENTURE: Issuer' s Name ( please include name of state where Issuer is located): Odler Obligated Person' s Name (if any): Exactly as it appears on the Official Statement Cover) Provide six-digit CUSIP' number( s), if available, of Issuer: Contact CUSIP' s Municipal Disclosure Assistance Line at 212.438. 6518 for assistance with obtainimr the proper CUSIP nwnbers). TYPE OF FlllNG: IKI Electronic (number of pages attached) 3 ( includine: Information Cover Sheet) D Paper ( number of pages attached) _ If information is also available on the Intemet, give URL:  ( heck all that apply) WHAT TYPE OF INFORMATION ARE YOU PROVIDING? C A. 0 Annual Fmanciallnfonnation and Operating Data pursuant to Rule lSc2-12 Financial information and operating data should not be filed with the MSRB,) Fiscal Period Covered: B. 0 Audited Financial Statements or CAFR pursuant to Rule lSc2-12 Fiscal Period Covered: C. [[ I Notice of a Material Event pursuant to Rule lSc2-12 ( Check as appropriate) 1. 0 Principal and interest payment delinquencies 6. 0 Adverse tax opinions or events affecting the tax- exempt status of the security 2, 0 Non-payment related defaults 7, 0 Modifications to the rights of security holders 3, 0 Unscheduled draws on debt service reseIVes 8, 0 Bond calls reflecting financial difficulties 9. ~ Defeasances 4, 0 Unscheduled draws on credit enhancements reflecting financial difficulties 5, 0 Substitution of credit or liquidity providers, or 10. 0 Release, substitution, or sale of property securing repayment their failure to perform securities 11, 0 Rating changes D. 0 Notice of Failure to Provide Annual Financiallnfonnation as Required E 0 Other Secondary Market Infonnation (Specify): I hereby represent that I am authorized by the issuer or obligor or its agent to distribute this infonnation publicly: Issuer Contact: Name: Teannie Garner Title Director of Financial Services Employer: Florida League of Cities, Program Administrator Address: 301 South Bronoug-h Street. Suite 300 City: Tallahassee State FL Zip Code 32302 Telephone: ( 850) 222-9684 Fax ( 850)222-3806 Email Address: igarner@flcities. com Issuer Web Site Address: www.f1cities. com Dissemination Agent Contact, if any: Name Title Employer Address City State Zip Code Telephone Fax Email Address Relationship to Issuer Obligor Contact, if any: Name Title Employer Address City: State Zip Code Telephone Fax Email Address: Obligor Web Site Address  ATTACHMENT NOTICE OF MATERIAL EVENTS DEFEASNANCE OF BONDS The Florida Municipal Loan Council Revenue Bonds, Series 2005D dated September 23, 2005 and maturing on October 1 of years 2008 through 2014, more particularly described below the " Defeased Bonds") have been defeased. The Defeased Bonds will be defeased to maturity. Defeased Original Bonds Due Principal Interest Original Principal October1) Amount Rate CUSIP No. Amount 2008 $ 950, 000 3. 250% 342815TR8 $ 190, 000 2009 975, 000 3. 250 342815TS6 195,000 2010 1, 010, 000 3. 100 342815TT4 200, 000 2011 1, 035,000 3. 250 342815TU1 205, 000 2012 1, 080,000 3.375 342815TV9 215, 000 2013 1, 110, 000 3.400 342815TW7 220, 000 2014 970, 000 3.500 342815TX5 230, 000 2015 1, 000,000 3. 625 342815TY3 235, 000 FLORIDA MUNICIPAL LOAN COUNCIL DEFEASANCE OF THE REVENUE BONDS, SERIES 2005D November 27, 2007 Florida Municipal Loan Council RBC Capital Markets 301 South Bronough Street, Suite 300 One Independent Drive, Suite 3204 Tallahassee, Florida 32301 Jacksonville, Florida 32202 City of Fort Walton Beach Bryant Miller 0 live P. A. 107 Miracle Strip Parkway Southwest 2 South Biscayne Boulevard, Suite 1480 Fort Walton Beach, Florida 32549 Miami, Florida 33131 Waters & Company, LLC Miller, Canfield, Paddock and Stone, P. L.C. 176 Peachtree Circle 250 West Cedar Street, Suite 500 Pensacola, Florida 32502 Birmingham, Alabama 35213 We have completed our engagement to verify the mathematical accuracy of (a) the computations to pay the debt relating to the adequacy of cash plus U.S. Treasury Securities to be held in escrow service requirements of the Revenue Bonds, Series 2005D ( only those bonds described in Exhibit B) herein referred to as the " Defeased Bonds) issued the Florida Municipal Loan Council ( herein by referred to as the " Council"), ( b) the computations relating to the yield on the 2005D Bonds ( as defined below), and ( c) the yield on the escrowed securities purchased to defease the Defeased of Bonds. Our verification was performed solely on the information contained in certain schedules referred to as the " Financial proposed transactions provided by Waters & Company, LLC (herein Advisor"). In the course of our engagement verify to