Ordinance 2002-155 - Laserfiche WebLink

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WHEREAS, City staff has determined and the City Commission hereby concurs that SunTrust Bank, a Georgia banking corporation with its designated office in Miami, Florida (herein, the "Bank"), has provided the lowest responsive, responsible bid to the City; and WHEREAS, the City Commission hereby determines that, in light of present market conditions, the aforementioned bid provided by the Bank, the nature of the 2002 Bond, the nature of the security afforded to the holder of the 2002 Bond, and other factors described herein, it will be in the best interest of the City to sell the 2002 Bond to the Bank on a negotiated basis pursuant to the terms and provisions of this Ordinance; and WHEREAS, the City Commission hereby determines that the City does not expect to issue more than $10,000,000 of its tax-exempt obligations in calendar year 2002, and the City Commission hereby designates the 2002 Bond as a "qualified tax-exempt obligation" within the meaning of Section 265(b) of the Code; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: 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 determinations set forth in the recitals to this Ordinance are hereby adopted and confirmed as though fully set forth herein. Further, it is hereby ascertained, determined and declared: (a) That the City hereby authorizes the 2002 Project and the financing thereof in the manner hereinafter set forth. (b) That it is necessary and essential to acquire the 2002 Project for the health and safety of the residents of the City and that the 2002 Project will be in the best economic interest of the City. (c) That the 2002 Project will serve a valid municipal purpose. (d) That the cost of the 2002 Project shall be deemed to include, but not be limited to, the cost of certain improvements to the Stormwater Utility System, the fees and expenses of counsel to the Bank and such other expenses as may be necessary or incidental to the 2002 Project and the issuance of the 2002 Bond herein authorized. 2 02002- $3 Million Bond Golden Shores Stormwater Utility