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ORDINANCE NO. 2010-~ AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF A STORMW A TER UTILITY REVENUE BOND, SERIES 2010, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A PRINCIPAL AMOUNT OF $3,500,000 FOR THE PURPOSES OF FINANCING ALL OR A PORTION OF THE COSTS OF CERT AIN IMPROVEMENTS TO THE STORMW A TER UTILITY SYSTEM AND PAYING CERTAIN COSTS RELATED THERETO; DETERMINING THE NEED FOR A NEGOTIATED SALE OF SUCH BOND TO BRANCH BANKING AND TRUST COMPANY; PROVIDING FOR THE TERMS AND PAYMENT OF SUCH BOND AND FOR THE RIGHTS, REMEDIES AND SECURITY OF THE OWNERS THEREOF; MAKING CERTAIN COVENANTS RELATING TO THE ISSUANCE OF SUCH BOND; DESIGNATING SUCH BOND AS A "QUALIFIED T AX- EXEMPT OBLIGATION" WITHIN THE MEANING OF SECTION 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AUTHORIZING THE PROPER OFFICERS OF THE CITY TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF SUCH BOND; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission of the City of Sunny Isles Beach (the "City Commission") in accordance with Section 24-61.2 of the Code of Miami-Dade County exempted itself from Miami-Dade County's county-wide stormwater utility system and has done so in accordance with its Resolution No. 99-144; and WHEREAS, the City Commission pursuant to Chapter 235 of the City Code, as amended, created a city-wide stormwater utility system (the "Stormwater Utility System"); and WHEREAS, the City Commission hereby determines that it would be in the best economic interest of the City of Sunny Isles Beach (the "City") to finance the costs of certain improvements to the Stormwater Utility System (the "Project"); and WHEREAS, pursuant to the terms and provisions of this Ordinance, the City intends to issue a single obligation to be known as "City of Sunny Isles Beach, Florida Stormwater Utility Revenue Bond, Series 2010" (herein, the "20 I 0 Bond") in a principal amount of $3,500,000 to finance the costs of the Project including the costs of issuing such 2010 Bond; and WHEREAS, the 2010 Bond shall be secured by a pledge of and lien on the Stormwater Utility Fee (as such term is defined below) charged by the City and by a covenant by the City to appropriate in its annual budget, by amendment, if necessary, from Non-Ad Valorem Revenues (as such term is defined below) lawfully available in each Fiscal Year (as such term is defined below), amounts sufficient to pay the principal of and interest due on the 2010 Bond in accordance with its terms during such Fiscal Year; and MIA 181,312,776v4 7-8-10