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<br />. <br /> <br />" <br /> <br />. <br /> <br />ORDINANCE NO. 2010-3Y.3 <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA AUTHORIZING <br />THE ISSUANCE OF NOT EXCEEDING $15,000,000 OF <br />CAPITAL IMPROVEMENT REVENUE BONDS OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA; PROVIDING <br />FOR A SUPPLEMENTAL RESOLUTION AND A LOAN <br />AGREEMENT SETTING FORTH THE DETAILS OF SAID <br />BONDS; PROVIDING FOR SEVERABILITY; PROVIDING <br />FOR REPEALER; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, the City Commission (the "Commission") of the City of Sunny Isles Beach, <br />Florida (the "City") desires to authorize the issuance of not exceeding $15,000,000 of bonds for the <br />purpose of financing a portion of the costs of development of City property for City parks to be <br />located on Collins A venue and Sunny Isles Boulevard, financing architectural, engineering, <br />environmental, legal and other planning costs related thereto, and paying costs of issuance of the <br />bonds; and <br /> <br />. <br /> <br />WHEREAS, the Commission desires that the bonds be secured by legally available non-ad <br />valorem revenues of the City, as further specified by subsequent resolution of the Commission <br />incorporating the terms of a loan agreement with the purchaser of the bonds. <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />I. <br /> <br />Section 1. Incorporation of Recitals. The foregoing recitals are hereby ratified and <br />confirmed as being true and correct and are hereby made a specific part of this Ordinance upon <br />adoption hereof. <br /> <br />. <br /> <br />Section 2. Capital Improvement Revenue Bonds. In accordance with the provisions of <br />the Charter of the City of Sunny Isles Beach, Florida and Chapter 166, Florida Statutes, there are <br />hereby authorized to be issued Capital Improvement Revenue Bonds (the "Bonds") of the City, in an <br />aggregate principal amount not to exceed $15,000,000, in one or more series, for the purpose of <br />financing a portion of the costs of development of City property for City parks to be located on <br />Collins Avenue and Sunny Isles Boulevard, financing architectural, engineering, environmental, <br />legal and other planning costs related thereto, and paying costs of issuance of the Bonds. The Bonds <br />shall be designated "City of Sunny Isles Beach, Florida Capital Improvement Revenue Bonds" (with <br />appropriate series designation), or such other designation as may be approved by supplemental <br />resolution, shall be dated such date, shall be in such denominations, shall be stated to mature in such <br />year or years not later than sixteen (16) years from their date of issuance, shall bear interest from <br />their dated date at a rate or rates not exceeding the maximum rate permitted by law at the time of <br />issuance of the Bonds, shall be subject to redemption at the option of the City at such times and <br />prices, and shall have such other details, all as shall hereafter be determined by the Commission by <br />subsequent resolution of the Commission incorporating the terms of a loan agreement with the <br /> <br />Auth. $15M of Capital Improve. Rev. Bonds <br /> <br />.. <br /> <br />. <br />I <br /> <br />.\ <br /> <br />I <br />Ie <br /> <br />I <br />