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<br />WHEREAS, City staff has previously solicited proposals from qualified lending <br />institutions to provide a term loan as the vehicle by which the 2010 Bond is to be issued and the <br />Project is to be financed; and <br /> <br />WHEREAS, City staff has determined and the City Commission hereby concurs that <br />Branch Banking and Trust Company (herein, the "Bank"), has provided the most responsive, <br />responsible bid to the City; and <br /> <br />WHEREAS, the City Commission hereby determines that, in light of present market <br />conditions, the aforementioned proposal provided by the Bank, the nature of the 2010 Bond, the <br />nature of the security afforded to the holder of the 2010 Bond, and other factors described herein, <br />it will be in the best interest of the City to sell the 2010 Bond to the Bank on a negotiated basis <br />pursuant to the terms and provisions of this Ordinance; and <br /> <br />WHEREAS, the City Commission hereby determines that the City does not expect to <br />issue more than $30,000,000 of its tax-exempt obligations in calendar year 2010, and the City <br />Commission hereby designates the 2010 Bond as a "qualified tax-exempt obligation" within the <br />meaning of Section 265(b) of the Code; <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Auth. the Issuance of a Stormwater Utility Rev. Bond 2 <br />Series 2010 $3,500,000 <br />MIA 181,312,776v4 7-8-10 <br />