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ORDINANCE NO. 99-72 AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF A UTILITIES TAX REVENUE BOND, SERIES 1999, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A PRINCIPAL AMOUNT NOT TO EXCEED $1,000,000 FOR THE PURPOSES OF FINANCING ALL OR A PORTION OF THE COSTS OF ACQUISITION OF CERTAIN REAL PROPERTY IDENTIFIED AS TRACT A OF THE PERU TOWERS SUBDIVISION AS RECORDED IN PLAT BOOK 99, PAGE 66 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY AND LOCATED ON NORTH BAY ROAD AND BETWEEN 181sT AND 182ND STREETS IN THE CITY FOR USE AS A PARK AND RECREATION AREA 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" WITHIN THE MEANING OF SECTION 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 No. 99-133, has previously approved the purchase by the City of Sunny Isles Beach, Florida (the "City") of the property, and improvements thereon, located on North Bay Road and between 181 st and 182nd Streets in the City (the "Park Property") for use as a municipal park and recreation area; 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 "1999 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 1999" (herein, the "1999 Bond") in a principal amount not to exceed $1,000,000 to finance the costs of the 1999 Project including the costs of issuing such 1999 Bond; and WHEREAS, the 1999 Bond shall be secured by a pledge of and lien on the proceeds of the Utilities Tax (as such term is defined below) on a parity with the City's outstanding Utilities Tax Revenue Bond, Series 1998; and