Ordinance 2001-139 - Laserfiche WebLink

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ORDINANCE 2001- 13q AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE NEGOTIATION OF A LOAN IN AN AGGREGATE AMOUNT NOT TO EXCEED ELEVEN MILLION DOLLARS ($11,000,000) FROM THE FLORIDA MUNICIPAL LOAN COUNCIL; APPROVING THE REFUNDING OF CERTAIN OUTSTANDING OBLIGATIONS; APPROVING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH THE FLORIDA MUNICIPAL LOAN COUNCIL ATTACHED HERETO AS EXHIBIT "A"; APPROVING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT ATTACHED HERETO AS EXHIBIT "B"; APPROVING THE EXECUTION AND DELIVERY OF A DISCLOSURE AGREEMENT ATTACHED HERETO AS EXHIBIT "C"; PROVIDING FOR THE PAYMENT OF ISSUANCE COSTS; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE MAKING OF SUCH LOAN; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THE LOAN AGREEMENT AND PROVIDING AN EFFECTIVE DATE. WHEREAS, participating governmental units (the "Members") have created the Florida Municipal Loan Council (the "Council") pursuant to a certain Interlocal Agreement and pursuant to Chapter 163, Part I, Florida Statutes, for the purpose of issuing its bonds to make loans to participating governmental units for qualified projects; and WHEREAS, the City of Sunny Isles Beach, Florida (the "Borrower"), a municipal corporation, is duly created and existing pursuant to the Constitution and laws of the State of Florida (the "State"); and WHEREAS, the Borrower finds and declares that there is a substantial need for the refinancing ofprojects permitted by Florida Statutes and the State Constitution; and WHEREAS, the Borrower possesses the ability to refinance such existing debt on its own, but has determined that a pooled financing program involving a limited number of local governmental units which regularly undertake projects requiring significant debt financing within the State of Florida would provide for low cost refinancing of such debt through economies of scale, administrative support and access to expertise in accessing the capital markets; and WHEREAS, it is anticipated that the benefits of a pooled financing by the Borrower with a limited number of governmental units through the Florida Municipal Loan Council may be obtained through promises to repay loans under the program and supported by a general covenant to budget and appropriate for such purpose, by a specific pledge of taxes or revenues or by a general obligation; and Legislation - Attny: Ordinance Authorizing Negotiation of Loan Not to Exceed $11,000,000.