Fort Walton Beach Resolution — 85-09-DRB-Acme M&S — reading text

City of Fort Walton Beach HOME OF THE cY~ g~ 85- 9 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDUCEMENT AGREEMENT PURSUANT TO WHICH THE CITY OF FORT WALTON BEACH WILL AGREE IN PRINCIPAL TO ISSUE ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE A CERTAIN PROJECT." WHEREAS, the City of Fort Walton Beach, Florida ( the " City") has been informed by Mr. William D. Jenkins, as an individual and Acme Moving and Storage, Inc., its or their successors or assigns ( the Company"), that the Company is presently considering certain construction of new commercial facilities located at 627 Anchor Industrial Park in the City of Fort Walton Beach, which will make a significant contribution to the economic growth of the City, will provide gainful employment and will serve a public purpose of advancing the economic prosperity and general welfare of the State of Florida and its people, and WHEREAS, the Company has inquired whether the City would agree to issue its industrial development revenue bonds to provide the funds necessary to finance the proposed construction of new commercial facilities, as authorized under the laws of the State of Florida pursuant to which the City was created and is existing, and WHEREAS, the City considers the proposed construction of new commercial facilities in Industrial Park in the City to be in the best interest of the citizens of the City and has determined that installation of such proposed facilities and issuance of the industrial development revenue bonds of the City pursuant to Part 11 of Chapter 159, Florida Statutes, to finance the cost thereof will be in the public interest and in furtherance of the public purposes for which the City was created and is existing; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF FORT WALTON BEACH, FLORIDA AS FOLLOWS: 1. the City That execute and deliver to the Company a letter substantially in the form presented to this meeting and attached hereto as Exhibit " A" for the purpose of stating the general terms whereby the City would issue its industrial development revenue bonds in order to provide funds to finance the costs of acquisition, construction, installation and equipping of the proposed construction of facilities at 627 Anchor Industrial Park in the City ( which expansion would consist of the construction, installation and equipping of facilities as more fully described in such letter. 2. That such letter shall be executed by the Mayor of the City and delivered to the Company, and upon receipt by the City of a copy of such letter with the acceptance thereof by the Company indicated thereon, such fully executed copy of such letter shall be entered in the permanent records of the City. 3. That this Resolution shall become effective immediately upon its passage by the City Council and the execution thereof by the Mayor and the City Clerk. A copy of this Resolution and the exhibit hereto shall be recorded in the records of the issuer.  2- ADOPTED: mtlA~ /~/ 17~5 MAYOR:~ ATTEST: CI8~~ The Form and legal sufficiency of the foregoing has been reviewed and approved by the City Attorney. JAMES E. MOORE C TTORNEY ~ DI8P08lTION f  o o CITY OF FORT WALTON BEACH, FLORIDA March 11, 1985 Mr. William D. Jenkins Acme Moving and Storage, Inc. 627 Anchor Industrial Park Ft. Walton Beach, Florida 32548 RE: Proposed Financing of Renovation and Expansion of Certain Existing Commercial Retail Facilities by City of Fort Walton Beach, Florida for Luther C. Jenkins, Lorena B. Jenkins, William D. Jenkins and James C. Jenkins, as Individuals and/ or the Company, and/ or a Partnership to be formed by Luther C. Jenkins,. Lorena B. Jenkins, William D. Jenkins and James C. Jenkins, including Acme Moving and storage, Inc. ( the " Company herein). Gentlemen: City of Fort Walton Beach, Florida ( the " City"), a body politic and corporate and a political subdivision of the State of Florida, has been informed by William D. Jenkins, as an individual ( the " Individuals and/ or the Company"), that the Individuals and/ or the Company are considering certain renovation and expansion of certain existing facilities in the City. The term " Project" as it is hereinafter used means the land, buildings, machinery, equipment and related property which is generally described in Schedule 1 to this letter) which is to be acquired and installed with the proceeds from the sale of the bonds to be issued by the City, as hereinafter described. It is anticipated that the acquisition, installation and equipping of the Project will require expenditures not in excess of $ 900, 000. You have advised us that the completion of the Project will result in a substantial increase of employment in the City. Based upon information supplied to us by the Individuals and/ of the Company and other information available to us, the City has determined that the acquisition and installation of the Project in the City as herein described is appropriate to the needs and circumstances of and will make a significant contribution to the economic growth of the City, will provide gainful employment and will serve a public purpose by advancing the economic prosperity and general welfare of the State of Florida and its people. Accordingly, in order to induce the Individuals and/ or the Company to locate the Project in the City, we hereby make the following proposals: 1. The City will issue its industrial development revenue bonds in a principal amount not exceed $ 900, 000. 00 or in to such greater amount as may be hereafter agreed upon by the City and the Individuals and/ or the  o o Company, for the purpose of financing the costs of acquisition and installation of the Project will be owned by the City and leased or sold to the Individuals and/ or the Company, unless the Partnership shall specify another form of ownership as hereinafter provided or unless the City and the applicants shall agree that the Project shall be owned in another manner. 2. The terms of said bonds ( principal maturities, interest rates, denominations, redemption provisions and other terms) will be as shall be agreed upon by the City and the Individuals and/ or the Company, within such limitations as are imposed by law. Said bonds will be issued and sold by the City to one or more institutional investors or to an underwriter regularly engaged in the business of underwriting industrial development bonds similar to such bonds, or otherwise if all securities laws are complied with as may be designated by the Individuals and/ or the Company, at such price and upon such terms as may be agreed upon by the Individuals and/ or the Company, the City and the purchaser or purchasers of such bonds. 3. The proceeds from issuance and sale of the bonds will be used by the City to acquire and install the Project for lease or sale to the Individuals and/ or the Company and to pay the costs and expenses incident thereto and of the issuance and delivery of the bonds, or in the alternative, will be loaned by the City to the Individuals and/ or the Company to finance the cost of acquisition and installation of the Project and to pay the foregoing incidental costs and expenses. On or prior to delivery of the bonds the Individuals and/ or the Company and the City will enter into a lease agreement, loan agreement or installment purchase agreement ( as the case may be) pursuant to which the Individuals and/ or the Company will unconditionally agree to make rental payments, loan payments or purchase payments ( as the case may be) sufficient to pay the principal, premium ( if any) and interest on the bonds as the same mature. The terms of such lease agreement shall provide that, upon payment of all of the principal, premium ( if any) and interest on the bonds, or upon provision for the payment thereof, and upon payment or provision for all other amounts required to be paid by the Individuals and/ or the Company thereunder, the Individuals and/ or the Company as lessee under said lease agreement and their successors and assigns shall have an option to purchase the Project from the City for a total consideration of One Hundred Dollars 100. 00). In the event of purchase by the Individuals and/ or the Company of the Project upon exercise of such an option to purchase the Project under any such lease agreement, the Project shall be conveyed by the City to the Individuals and/ or the Company or their successors and assigns subject to no exceptions or title defects other than those to which the Project was subject at the time of its acquisition by the City and those thereafter created by of with the consent of the Individuals and/ or the Company. 4. The City will enter into a Indenture with a trustee approved Trust by the Individuals and/ or the Company, which trustee shall be a banking institution having trust powers and authorized to act as trustee with respect the Project. to The Trust Indenture will pledge the revenues and receipts derived and to be derived by the City from sale or lease  o o of the Project, or from lending of the proceeds from sale of the bonds, to ~ heTrustee for the benefit of the bondholders. If requested by the Indlviduals and/ or the Company, the payment of principal, premium ( if any) and interest on the bonds shall be further secured by a mortgate, security agreement or other appropriate security instrument to the Trustee for the benefit of the bondholders, covering all or such part of the Project as may be requested by the Individuals and/ or the Company. 5. The Individuals and/ or the that, if