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Ordinance 99-72
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Ordinance 99-72
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Last modified
7/20/2010 10:35:55 AM
Creation date
1/25/2006 4:40:52 PM
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CityClerk-Ordinances
Ordinance Number
99-72
Date (mm/dd/yyyy)
06/17/1999
Description
Utilities Tax Revenue Bond, Series 1999, $1 Million (Recreat
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<br />or (iv) depository receipts of a bank, savings and loan associations and mutual savings <br />bank; <br /> <br />(4) certificates of deposit, either in excess of FDIC insurance or without FDIC <br />insurance, properly secured at all times, by collateral security described in clause (a) and (b) <br />above or secured as required for a "qualified public depository" under the Florida Security <br />for Public Deposits Act, being Chapter 280, Florida Statutes, as amended, or any successor <br />statute. Such agreements are only acceptable with commercial banks, savings and loan <br />associations and mutual savings banks or other "qualified public depository"; <br /> <br />(5) commercial paper rated in one of the two highest rating categories by at least <br />two nationally recognized rating agencies or commercial paper backed by a letter of credit <br />or line of credit rated in one of the two highest rating categories; <br /> <br />(6) written repurchase agreements with any bank, savings institution or trust <br />company which is insured by the FDIC or with any broker dealer with retail customers <br />which falls under Securities Investors Protection Corporation protection, provided that such <br />repurchase agreements are fully secured by collateral security described in clause (1) above, <br />and provided further that (i) such collateral is held by the City or any agent acting solely for <br />the City during the term of such repurchase agreement, (ii) such collateral is not subject to <br />lien or claims of third parties, (iii) such collateral has a market value (determined at least <br />once every 14 days) at least equal to the amount inyested in the repurchase agreement, (iv) <br />the City has a perfected first security interest in the collateral, (v) the agreement shall be for <br />a term not longer than 270 days, and (vi) the failure to maintain such collateral at the level <br />required in (iii) above will require the City to liquidate the collateral; <br /> <br />(7) money market funds rated in the highest rating category of either Standard & <br />Poor's or Moody's Investors Service, or any successor thereto; <br /> <br />(8) investments in the Local Government Surplus Funds Trust Fund established <br />pursuant to Part N of Chapter 218, Florida Statutes, as amended, or any successor trust <br />fund established for the investment of surplus municipal funds; and <br /> <br />(9) any other investments permitted under Florida law and acceptable to the <br /> <br />Bank. <br /> <br />(c) "Bank" shall mean SunTrust Bank, Miami, N.A., the initial Bondholder. <br /> <br />(d) "Bond Counsel" shall mean any firm of nationally recognized bond counsel selected <br />by the City and acceptable to the Bank. <br /> <br />(e) "City" shall mean the City of Sunny Isles Beach, Florida, a municipal corporation in <br />the County of Miami-Dade, State of Florida, and its successors and assigns. <br /> <br />(f) "City Commission'''' shall mean the duly constituted governing body of the City. <br /> <br />4 <br />
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