Reso 2010-1538 - Laserfiche WebLink

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- - $15,000,000, for the purpose of financing costs of the Project. The Bonds shall be designated "City of Sunny Isles Beach, Florida Capital Improvement Revenue Bonds, Series 2010". The details ofthe Bonds and the other provisions of the financing shall be set forth in the Loan Agreement. Section 3. Approval of Loan Agreement. The Commission hereby approves the form and content of the Loan Agreement by and between the City and the Bank, presented at this meeting and attached hereto as Exhibit "B". The Mayor is hereby authorized to execute and deliver the Loan Agreement on behalf of the City, and the Clerk is authorized to place the City's seal thereon and attest thereto, in substantially the form presented at this meeting, with such changes, modifications, deletions and insertions as the Mayor, with the advice of the City Attorney, may deem necessary and appropriate. Such execution and delivery shall be conclusive evidence of the approval thereof by the City. Section 4. Authorization of Officers. The Mayor is hereby authorized to negotiate the final terms of the Bonds and the Loan Agreement, consistent with the terms of the Commitment, and to execute the Bonds, the Loan Agreement and related documents, and to do all other things necessary to accomplish the issuance and sale of the Bonds. The City Clerk is hereby authorized to attest the Mayor's signature. The City Clerk and the Assistant City Manager--Finance are each hereby authorized to execute such documents as are necessary to accomplish the issuance and sale of the Bonds. Section 5. Security for the Bonds. The Commission hereby authorizes that the Loan Agreement set forth a covenant to budget and appropriate legally available non-ad valorem revenues of the City in order to secure the payment of the Bonds. Section 6. Negotiated Sale of the Bonds. Based upon the uncertainty of the interest rate environment if sale ofthe Bonds is delayed, the City hereby determines the necessity for a negotiated sale of the Bonds. Prior to the final award of the Bonds to the Bank, the City will require that it be provided all applicable disclosure information required by Section 218.385, Florida Statutes. The negotiated sale of the Bonds to the Bank is hereby approved at a purchase price of par. Section 7. Severability. The provisions of this Resolution are declared to be severable and if any section, sentence, clause or phrase of this Resolution shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clause, and phrases of this Resolution but they shall remain in effect, it being the legislative intent that this Resolution shall stand notwithstanding the invalidity of any part. Section 8. Repealer. All resolutions or part of resolutions in conflict herewith be and the same are hereby repealed. Section 9. adoption. Effective Date. This Resolution shall take effect immediately upon its {MI884109_2} 2