Reso 2010-1538 - Laserfiche WebLink

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RESOLUTION NO. 2010 - J 538 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF $15,000,000 CAPITAL IMPROVEMENT REVENUE BONDS OF THE CITY OF SUNNY ISLES BEACH, FLORIDA FOR THE PURPOSE OF FINANCING A PORTION OF THE COSTS OF DEVELOPMENT OF CITY PROPERTY FOR CITY PARKS; ACCEPTING THE COMMITMENT OF SUNTRUST BANK (THE "BANK") TO PROVIDE THE FINANCING; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH THE BANK; AWARDING THE SALE OF THE BONDS TO THE BANK; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING AN EFFECTIVE DATE. WHEREAS, on March 18,2010, the City Commission (the "Commission") of the City of Sunny Isles Beach, Florida (the "City") adopted Ordinance No. 2010-_ (the "Ordinance") authorizing the issuance of not exceeding $15,000,000 for the purpose of financing a portion ofthe costs of development of City property for City parks to be located on Collins Avenue and Sunny Isles Boulevard, financing architectural, engineering, environmental, legal and other planning costs related thereto, and paying costs of issuance of the Bonds (the "Project"); and WHEREAS, pursuant to the City Code, the City has solicited proposals for the financing of the Project; and WHEREAS, the Commission hereby determines it to be in the best interests of the City to proceed with a negotiated sale of the Bonds in accordance with the provisions of Section 218.385, Florida Statutes, and therefore to accept a commitment (the "Commitment") from SunTrust Bank (the "Bank"), which is attached as an Exhibit "A" to this Resolution, to purchase the Bonds in accordance with the additional findings set forth herein; and WHEREAS, the Commission desires to set forth the details of the Bonds and the other provisions of the financing in a Loan Agreement with the Bank, which shall be in substantially the form attached as Exhibit "B" to this Resolution (the "Loan Agreement"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recitals are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution upon adoption hereof. Section 2. Authorization of Bonds. In accordance with the provisions ofthe Ordinance, the Charter of the City, and Chapter 166, Florida Statutes, there is hereby authorized to be issued Capital Improvement Revenue Bonds (the "Bonds") of the City, in an aggregate principal amount of {MI884109_2}