Ordinance 2011-375 - Laserfiche WebLink

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ORDINANCE NO. 2011-~5 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $10,000,000 OF CAPITAL IMPROVEMENT REVENUE AND REVENUE REFUNDING BONDS OF THE CITY OF SUNNY ISLES BEACH, FLORIDA; APPROVING A LOAN AGREEMENT IN RESPECT OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF THE LOAN AGREEMENT IN SUBSTANTIALLY THE SAME FORM ATTACHED HERETO AS EXHIBIT "B"; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEALER; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission (the "Commission") of the City of Sunny Isles Beach, Florida (the "City") desires to authorize the issuance of not exceeding $10,000,000 in principal amount of its Capital Improvement Revenue and Revenue Refunding Bond, Series 2011 (the "Bond") for the purposes of: (i) financing a portion of the costs of development of City parklands, municipal garage and improvements to existing parks (the "Project"); (ii) refinancing a loan made by the Florida Municipal Loan Council from proceeds of its Revenue Bonds, Series 2001-A (the "Prior Loan"), outstanding in the principal amount of $7,575,000 as of November 1, 2011, the proceeds of which were applied to finance the construction of the Sunny Isle Beach Government Center, and to acquire land for and construct Samson Park and Gwen Margolis Park; and (iii) paying costs of issuance of the Bond and of refunding the Prior Loan; and WHEREAS, after seeking, receiving and reviewing competitive proposals for the purchase of the Bond, and acting under a delegation of authority from the Commission, the Assistant City Manager - Finance accepted the Commitment dated October 6,2011 (the "Commitment") of Sun Trust Bank (the "Bank") to purchase the Bond, subject to the terms and conditions set forth in the Commitment, a copy of which is attached hereto as Exhibit A; and WHEREAS, the Commission desires to approve the form, and authorize the execution and delivery, of a Loan Agreement (the "Loan Agreement") between the City and the Bank, which specifies, among other things and subject to certain limitations, that repayment of the Bond: (i) shall be supported by a covenant by the City to budget and appropriate non-ad valorem revenues in amounts sufficient to pay the principal of and interest on the Bond as the same shall become due and payable; and (ii) shall be secured further by a pledge and assignment in favor of Bank, as owner of the Bond, of the City's gross collections of the Half-Cent Sales Tax (as defined in the Loan Agreement); NOW, THEREFORE, BE IT ORDAINED 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 Ordinance upon adoption hereof. Section 2: Desif!nations. Findinf!s and Determinations. (A) Capitalized terms used, but not defined in this Ordinance, are used with the meanings ascribed to them in the foregoing recitals. MIA 182, 189, 552v5 11-4-11 MIA 182, 189, 552v5 11-4-11