Ordinance 2010-348 - 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 oflaw (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 Project and the financing thereof in the manner hereinafter set forth. (b) That it is necessary and essential to fund the Project for the health and safety of the residents of the City and that the Project will be in the best economic interest ofthe City. (c) That the Project will serve a valid municipal purpose. (d) That the cost of the 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 bond counsel to the City and counsel to the Bank and such other expenses as may be necessary or incidental to the Project and the issuance of the 2010 Bond herein authorized. (e) That pursuant to the Stormwater Utility Ordinance (as such term is defined below), the City has been charging a fee for stormwater services as more particularly described in Section 1.3 hereof (herein, the "Stormwater Utility Fee"). (t) That the proceeds of the Stormwater Utility Fee are not pledged or encumbered, in whole or in part, in any manner or for any purpose, except to secure the City's Stormwater Utility Revenue Bond, Series 2002, originally outstanding in the principal amount of $3,000,000 (herein, the "2002 Bond"). (g) That the 2010 Bond shall be secured by a pledge of and lien on the Stormwater Utility Fee, on a parity with the pledge of and lien on the Stormwater Utility Fee that secures the 2002 Bond, and by a covenant of 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. (h) That the ad valorem taxing power of the City shall never be necessary or authorized to pay the principal of and interest on the 2010 Bond, and the 2010 Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. Auth. the Issuance of a Stormwater Utility Rev. Bond 3 Series 2010 $3,500,000 MIA 181,312,776v4 7-8-10