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<br />ORDINANCE NO. 99- 'l~
<br />
<br />AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA,
<br />AUTHORIZING THE ISSUANCE OF A UTllJTIES TAX REVENUE BOND,
<br />SERIES 1999B, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A
<br />PRINCIPAL AMOUNT NOT TO EXCEED $1,400,000 FOR THE PURPOSES
<br />OF FINANCING ALL OR A PORTION OF THE COSTS OF ACQUISmON
<br />OF CERTAIN REAL PROPERTY IDENTDlED AS BLOCK 8, LOTS 1, 2 ,3,
<br />7, 8, 9, 10, 11, SUNNY ISLES SHORES, SEe. B, PB 65-47, LOCATED AT
<br />NORTH BAY ROAD AND 178TH DRIVE IN THE CITY FOR USE AS A
<br />PARK AND RECREATION AREA AND OF PAYING CERTAIN COSTS
<br />RELATED THERETO; DETERMINING THE NEED FOR A NEGOTIATED
<br />SALE OF SUCH BOND TO SUNTRUST BANK, MIAMI, N.A.; PROVIDING
<br />FOR THE TERMS AND PAYMENT OF SUCH BOND AND FOR THE
<br />RIGHTS, REMEDIES AND SECURITY OF THE OWNERS THEREOF;
<br />MAKING CERTAIN COVENANTS RELATING TO THE ISSUANCE OF
<br />SUCH BOND; DESIGNATING SUCH BOND AS A "QUALIFIED TAX-
<br />EXEMPT OBUGATION" WITHIN THE MEANING OF SECTION 265(b)(3)
<br />OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
<br />AUTHORIZING THE PROPER OFFICERS OF THE CITY TO DO ALL
<br />OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN
<br />CONNECTION WITH THE ISSUANCE OF SUCH BOND; AND
<br />PROVIDING FOR AN EFFECTIVE DATE.
<br />
<br />WHEREAS, the City Commission of the City of Sunny Isles Beach, Florida (the IICity
<br />Commissionll), by adopting Resolution No. 98-78, has previously approved the purchase by the City of
<br />Sunny Isles Beach (the "City") of the property described as Block 8, Lots 1,2,3, 7, 8, 9, 10, 11, Sunny
<br />Isles Shores, Section B, Plat Book 65 at Page 47 located at North Bay Road and 178th Drive in the
<br />City (the "Park Property") for use as a municipal park; and
<br />
<br />WHEREAS, the City Commission hereby determines that it would be in the best economic
<br />interest of the City to finance the costs of acquisition of the Park Property and all incidental and
<br />necessary costs relating thereto (collectively, the II 1999B Project II); and
<br />
<br />WHEREAS, pursuant to the terms and provisions of this Ordinance, the City intends to issue
<br />a single obligation to be known as IICity of Sunny Isles Beach, Florida Utilities Tax Revenue Bond,
<br />Series 1999BII (herein, the 111999B Bondll) in a principal amount not to exceed $1,400,000 to finance
<br />the costs of the 1999B Project including the costs of issuing such 1999B Bond; and
<br />
<br />WHEREAS, the 1999B Bond shall be secured by a pledge of and lien on the proceeds of the
<br />Utilities Tax (as such term is defined below) on a parity with the City's outstanding Utilities Tax
<br />Revenue Bond, Series 1998 and the City's outstanding Utilities Tax Revenue Bond, Series 1999; and
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