Ordinance 99-78 - Laserfiche WebLink

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ARTICLE I STATUTORY AUTHORITY; FINDINGS AND DEFINITIONS SECTION 1.1 AUTHORITY FOR THIS ORDINANCE. This Ordinance is enacted pursuant to the provisions of the Charter of the City of Sunny Isles Beach, Florida, as amended and supplemented, the Florida Constitution, Chapter 166, Florida Statutes, as amended and supplemented, and other applicable provisions of law (collectively, the "Act"). SECTION 1.2 FINDINGS. The findings and detenninations set forth in the recitals to this Ordinance are hereby adopted and confirmed as though fully set forth herein. Further, it is hereby ascertained, detennined and declared: (a) That the City hereby authorizes the 1999B Project and the financing thereof in the manner hereinafter set forth. (b) That it is necessary and essential to acquire the 1999B Project for the health and safety of the residents of the City and in order to promote recreation in the City and that the 1999B Project will be in the best economic interest of the City. ( c) That the 1999B Project will serve a valid municipal purpose. (d) That the cost of the 1999B 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 1999B Project and the issuance of the 1999B 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 and the City's outstanding Utilities Tax Revenue Bond, Series 1999. (g) That the principal of and interest on the 1999B 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 City's outstanding Utilities Tax Revenue Bond, Series 1999; and the ad valorem taxing power of the City will never be necessary or authorized to pay the principal of and interest on the 1999B Bond, and the 1999B Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. 3