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ORDINANCE NO. 98-39 AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF A UTILITIES TAX REVENUE BOND, SERIES 1998, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A PRINCIPAL AMOUNT NOT TO EXCEED 54,900,000 FOR THE PURPOSES OF FINANCING ALL OR A PORTION OF THE COSTS OF ACQUISmON OF CERTAIN REAL PROPERTY AND lMPROVEMENTS THEREON LOCATED AT 17425 AND 17451 COLLINS AVENUE IN THE CITY FOR USE AS AN OCEANFRONT PARK AND OF PAYING CERTAIN COSTS RELATED THERETO; DETERMINING THE NEED FOR A NEGOTIATED SALE OF SUCH BOND TO SUNTRUST BANK, MIAMI, N.A.; PROVIDING FOR THE TERMS AND PAYMENT OF SUCH BOND AND FOR THE RIGHTS, REMEDIES AND SECURITY OF THE OWNERS THEREOF; MAKING CERTAIN COVENANTS RELATING TO THE ISSUANCE OF SUCH BOND; DESIGNATING SUCH BOND AS A "QUALIFIED TAX- EXEMPT OBLIGATION" WITHJ.N THE MEANING OF SECfiON 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AUTHORIZING THE PROPER OFFICERS OF THE CITY TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF SUCH BOND; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission of the City of Sunny Isles Beach, Florida (the "City Commission"), by previously adopting Resolution Nos. 98-39 and 98-46, has previously approved the purchase by the City of Sunny Isles Beach, Florida (the "City") of the oceanfront property, and improvements thereon, located at 17425 and 17451 Collins Avenue iri the City (the "Park Property") for future development and use as a municipal park; and WHEREAS, the City Commission hereby determines that it would be in the best economic interest of the City to finance the costs of acquisition of the Park Property and all incidental and necessary costs relating thereto (collectively, the "1998 Project"); and WHEREAS, pursuant to the terms and provisions of this Ordinance, the City intends to issue a single obligation to be known as "City of Sunny Isles Beach, Florida Utilities Tax Revenue Bond, Series 1998" (herein, the "1998 Bond") in a principal amount not to exceed $4,900,000 to finance the costs of the 1998 Project including the costs of issuing such 1998 Bond; and WHEREAS, the 1998 Bond shall be secured by a pledge of and lien on the proceeds of the Utilities Tax (as such term is defined below); and WHEREAS, City staff has previously solicited bids from qualified lending institutions to provide a term loan as the vehicle by which the 1998 Bond is to be issued and the 1998 Project is to be financed; and WHEREAS, City staffhas determined and the City Commission hereby concurs that SunTrust Bank, Miami, N.A, a national banking association with its designated office in Miami Beach, Florida (herein, the "Bank"), has provided the lowest responsive, responsible bid to the City; and WHEREAS, the City Commission hereby determines that, in light of present market conditions, the aforementioned bid provided by the Bank, the nature of the 1998 Bond of the security