Fort Walton Beach Resolution — 77-43-Issuance of Revenue Bonds-Burton Mfg — reading text

RESOLUTION NO. T7I~- #3? RESOLUTION AUTHORIZING THE ISSUANCE OF REVENUE BONDS (1978 ISSUE) PURSUANT TO CHAPTER 159, FLORIDA STATUTES; AUTHORIZING THE APPROPRIATE OFFICIALS TO WORK WITH BOND APPROVING COUNSEL; AUTHORIZING THE EXPENDITURE OF FUNDS PRIOR TO THE SALE OF SAID BONDS SUBJECT TO REIMBURSE- MENT UPON SALE; PROVIDING FOR REIMBURSEMENT OF SPECIFIED COSTS FROM THE BOND PROCEEDS; PROVIDING THAT SAID BONDS SHALL BE PAYABLE SOLELY FROM REVENUES OF THE PROJECT AND THAT NEITHER THE TAXING POWER NOR THE FAITH AND CREDIT OF THE ISSUER, CITY OF FORT WALTON BEACH OR THE STATE OF FLORIDA SHALL EVER BE PLEDGED TO REPAY SAID BONDS OR ANY INTEREST THEREON. Manufacturing Company, WHEREAS, Burton,/Inc. (hereinafter referred to as the "Company"), has informed the City Commissioners of Ft. Walton Beach, Florida (hereinafter referred to as the "City"), of the Company's desire to equip a capital project with machinery, equip- ment and related fixtures for use in an industrial plant for the manufacture of golf bags and other leather and vinyl products in Ft. Walton Beach, Florida (hereinafter referred to as the "Project"); and WHEREAS, the Company has requested the City to exercise its powers to issue Revenue Bonds through the City Commission's Authority pursuant to Chapter 159, Part II, Florida Statutes (hereinafter referred to as the "Bonds"), for the purpose of financing the Project; and WHEREAS, both the Congress of the United States and the Legislature of the State of Florida have found that the issuance of such Bonds are in the public interest and have enacted legislation which authorizes the issuance of Bonds for such purpose; and WHEREAS, the development of this Project and similar projects are designed to promote the industrial economy of the State of Florida and to improve living conditions and otherwise contribute to the welfare of the State and the City and are therefore projects which serve the public interest; NOW, THEREFORE, BE IT RESOLVED by the City Commission of Ft. Walton Beach, Florida, that: 1. The City will adopt such resolutions and other documents as, in the opinion of bond counsel and counsel for the City, may be necessary for the authorization, issuance and sale of the Bonds. 2. The firm of Bryant, Franson, Miller, Olive, Brant and Ryan, as bond approving counsel for the issuance of the Bonds, is authorized to prepare the necessary resolutions, trust indentures and other documents necessary or incidental to the issuance and sale of the Bonds, and the City Attorney, City Clerk and other appropriate City officials are authorized to work with Bryant, Franson, Miller, Olive, Brant and Ryan in the development of the necessary documents. Bond approving counsel is hereby authorized to apply for such rulings from the Internal Revenue Service in respect to the Bonds as may appear to be necessary, and the appropriate officials are hereby authorized to execute such documents as may be necessary in connection therewith. The Company may select its architects, engineers, accountants and other professional experts necessary for the financing, acquisition and construction of the Project. The City shall not be obligated for the payment of the fees or expenses of Bryant, Franson, Miller, Olive, Brant and Ryan or of its own counsel or other experts authorized herein, provided that upon sale of the Bonds the Company and the City shall be reimbursed for their expenditures made for such purposes as provided by Chapter 159, Florida Statutes. 3. There may be included as "cost of the project" all reasonable costs incurred by the Company and the City as defined by Chapter 159, Florida Statutes. 4. It is contemplated that the Bonds will be issued under the provisions of Chapter 159, Part II, Florida Statutes, and other applicable laws. The issuance of the Bonds and the construction of the Project will be done in compliance with such acts. All such Bond resolutions, trust indentures and other Bond documents shall contain an express provision that the Bonds shall be payable solely at, ‘enue weet from the revenues derived from the use, operation, leasing or sale of the completed Project and neither the taxing power nor the faith and credit of the City or the State of Florida or any political subdivision of the State of Florida shall ever be pledged to the repayment of the Bonds or the interest thereon. 5. The City and the Company will promptly do all things and take all steps necessary for the issuance and sale of the Bonds and for the construction of the Project. 6. The Bonds will be issued in such amounts, upon such terms and conditions, at such interest rates and mature at such times as may hereafter be agreed upon by the Company and the City. ADOPTED this (3% day of Ldeesmhew , 1977. CITY OF FORT WALTON BEAGH, FLORIDA 2 CAL. bh ns City Clerk Reviewed and approved by the City Attorney which will be legal when enacted by the City Council of the City of Fort Walton Beach, FL WALTER J. SMITH City Attorney To _ _ - >?