Ordinance 2011-375 - Laserfiche WebLink

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(B) 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 of law. (C) The undertaking and financing of the Project and the refunding and redemption of the Prior Loan are in the best interest of the City and will serve a valid municipal purpose. (D) The Commission hereby designates the Bond as a "qualified tax-exempt obligation" within the meaning of Section 265(b) of the Internal Revenue Code of 1986, as amended. (E) The Commission hereby finds and determines that, in light of present market conditions, the aforementioned Commitment of the Bank, the nature of the Bond, and the nature of the security afforded to the owner of the Bond, it is in the best interest of the City to sell the Bond to the Bank on a negotiated basis pursuant to the terms and provisions of this Resolution, the Commitment and the Loan Agreement. Section 3: Capital Improvement Revenue and Revenue Refundinf! Bond. (A) In accordance with the provisions of the Charter of the City of Sunny Isles Beach, Florida and Chapter 166, Florida Statutes, the Commission authorizes the issuance of the Bond in an aggregate principal amount not to exceed $10,000,000, for the purposes of: (i) financing a portion of the costs of the Project; (ii) refinancing the Prior Loan; and (iii) paying costs of issuance of the Bond and of refunding the Prior Loan. (B) The Bond shall be designated "City of Sunny Isles Beach, Florida Capital Improvement Revenue and Revenue Refunding Bond, Series 2011", shall be dated such date, shall be stated to mature not later than November 1, 2026, shall bear interest from their dated date at the rate of interest per annum identified as Option A in the Commitment and set forth in the Loan Agreement (so long as on the date of issuance and delivery of the Bond such rate does not exceed the maximum rate then permitted by law), shall be subject to redemption at the option of the City at such times and prices, and shall have such other details, all as set forth or established pursuant to the Commitment and the Loan Agreement. (C) The Bond shall not be or constitute an indebtedness of the City within the meaning of any constitutional, statutory or other limitation of indebtedness, but shall be secured solely by and payable from the limited sources specified in the Loan Agreement. No owner of the Bond shall ever have the right to compel the exercise of the ad valorem taxing power of the City, or taxation in any form of any real property therein, to pay the principal of or the interest on the bond. Section 4: Approval of Loan Af!reement and Authorizations. The Loan Agreement, in substantially the form attached hereto as Exhibit B, is hereby approved. The Mayor, the Vice Mayor, the City Manager, the Assistant City Manager - Finance, the City Attorney, the City Clerk and any other proper official or officer of the City, are each hereby authorized and directed to execute and deliver any and all documents and instruments, including without limitation the Loan Agreement and the Bond, and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Ordinance, the Commitment, the Loan Agreement and for refunding the Prior Loan. 2