Laserfiche WebLink
<br />ORDINANCE NO. 2002-J5~ <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF <br />A STORMW A TER UTILITY REVENUE BOND, SERIES 2002, OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA IN A PRINCIPAL AMOUNT <br />OF $3,000,000 FOR T~S~NANCING ALL OR A <br />PORTION OF THE COS~R~ROVEMENTS TO THE <br />GOLDEN SHORES STORMWATER UTILITY SYSTEM AND PAYING <br />CERTAIN COSTS RELATED THERETO; DETERMINING THE NEED <br />FOR A NEGOTIATED SALE OF SUCH BOND TO SUNTRUST BANK; <br />PROVIDING FOR THE TERMS AND PAYMENT OF SUCH BOND AND <br />FOR THE RIGHTS, REl\tEDJES AND SECURITY OF THE OWNERS <br />THEREOF; MAKING CERTAIN COVENANTS RELATING TO THE <br />ISSUANCE OF SUCH BOND; DESIGNA TING SUCH BOND AS A <br />"QUALIFIED TAX-EXEMPT OBLIGATION" WITHIN THE MEANING <br />OF SECTION 265(b )(3) OF THE INTERNAL REVENUE CODE OF 1986, <br />AS AMENDED; AUTHORIZING THE PROPER OFFICERS OF THE <br />CITY TO DO ALL OTHER TmNGS DEEMED NECESSARY OR <br />ADVISABLE IN CONNECTION WITH THE ISSUANCE OF SUCH <br />BOND; AND PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Commission of the City of Sunny Isles Beach (the "City <br />Commission") in accordance with Section 24-61.2 of the Code of Miami-Dade County exempted <br />itself from Miami-Dade County's county-wide stormwater utility system and has done so in <br />accordance with Resolution No. 99-144; and <br /> <br />WHEREAS, the City Commission pursuant to Ordinance No. 99-77, created a city-wide <br />stormwater utility system (the "Stormwater Utility System"); and <br /> <br />WHEREAS, the City Commission hereby determines that it would be in the best <br />economic interest of the City of Sunny Isles Beach (the "City") to finance the costs of certain <br />improvements to the Stormwater Utility System (the "2002 Project"); and <br /> <br />WHEREAS, pursuant to the terms and provisions of this Ordinance, the City intends to <br />issue a single obligation to be known as "City of Sunny Isles Beach, Florida Stormwater Utility <br />Revenue Bond, Series 2002" (herein, the "2002 Bond") in a principal amount of $3,000,000 to <br />finance the costs of the 2002 Project including the costs of issuing such 2002 Bond; and <br /> <br />WHEREAS, the 2002 Bond shall be secured by a pledge of and lien on the Stormwater <br />Utility Fee charged by the City (as such term is defined below); and <br /> <br />WHEREAS, City staff has previously solicited bids from qualified lending institutions to <br />provide a term loan as the vehicle by which the 2002 Bond is to be issued and the 2002 Project is <br />to be financed; and <br /> <br />1 <br /> <br />02002- $3 Million Bond Golden Shores Stormwater Utility <br />