Ordinance 99-72 - Laserfiche WebLink

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(b) That it is necessary and essential to acquire the 1999 Project for the health and safety of the residents of the City and in order to promote recreation in the City and that the 1999 Project will be in the best economic interest of the City. (c) That the 1999 Project will serve a valid municipal purpose. (d) That the cost of the 1999 Project shall be deemed to include, but not be limited to the cost of acquisition of the Park Property, including easements and other interests therein, or any other property real or personal, necessary therefor; the fees and expenses of counsel to the Bank and such other expenses as may be necessary or incidental to the 1999 Project and the issuance of the 1999 Bond herein authorized. (e) That pursuant to the Utilities Tax Ordinance (as herein defined), the City has been levying a tax on the purchase of certain utilities services as more particularly described in Section 1.3 hereof (herein, the "Utilities Tax"). (f) That the proceeds of the Utilities Tax are not pledged or encumbered, in whole or in part, in any manner or for any purpose, other than the payment of the City's Outstanding Utilities Tax Revenue Bond, Series 1998. (e) That the principal of and interest on the 1999 Bond shall be secured solely by and paid from the Pledged Revenues (as herein defined) on a parity as to the Pledged Revenues with the City's Outstanding Utilities Tax Revenue Bond, Series 1998; and the ad valorem taxing power of the City will never be necessary or authorized to pay the principal of and interest on the 1999 Bond, and the 1999 Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. SECTION 1.3 DEFINITIONS. In addition to terms defined elsewhere in this Ordinance, the following terms shall have the following meanings unless the context otherwise clearly reqUITes: (a) "Act" shall mean the Florida Constitution, Chapter 166, Florida Statutes, as amended and supplemented, the Charter of the City of Sunny Isles Beach, Florida, as amended and supplemented, and other applicable provisions of the law. (b) "Authorized Investments" shall mean any of the following: (1) U.S. Obligations; (2) bonds, debentures, notes or other evidences of indebtedness payable in cash issued by anyone or a combination of any of the following federal agencies: Fanner's Home Administration (or its successor), Federal Housing Administration, Maritime Administration, Public Housing Authority, Government National Mortgage Association; (3) the following investments fully insured by the Federal Deposit Insurance Corporation ("FDIC") (i) certificates of deposit, (ii) savings account, (iii) deposit accounts, 3