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<br />ORDINANCE NO.: 2002- 1 i, ~ <br /> <br />AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, <br />AUTHORIZING THE NEGOTIATIONS OF A LOAN IN AN <br />AGGREGATE AMOUNT NOT TO EXCEED EIGHTEEN MILLION <br />FIVE HUNDRED THOUSAND DOLLARS ($18,500,000) FROM THE <br />FLORIDA MUNICIPAL LOAN COUNCIL; APPROVING THE <br />EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH THE <br />FLORIDA MUNICIPAL LOAN COUNCIL ATTACHED HERETO AS <br />EXHIBIT "B"; APPROVING THE EXECUTION AND DELIVERY OF A <br />DISCLOSURE AGREEMENT ATTACHED HERETO AS EXHIBIT "C"; <br />APPROVING THE EXECUTION AND DELIVERY OF A BOND <br />PURCHASE AGREEMENT ATTACHED HERETO AS EXHIBIT "D"; <br />PROVIDING FOR THE PAYMENT OF ISSUANCE COSTS; PROVIDING <br />CERTAIN OTHER MATTERS IN CONNECTION WITH THE MAKING <br />OF SUCH LOAN; PROVIDING THE CITY MANAGER WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE <br />THE LOAN AGREEMENT AND PROVIDING AN EFFECTIVE DATE. <br /> <br />WHEREAS, participating governmental units (the "Members") have created the Florida <br />Municipal Loan Council (the "Council") pursuant to a certain Interlocal Agreement and pursuant <br />to Chapter 163, Part 1, Florida Statutes, for the purpose of issuing its bonds to make loans to <br />participating government units for qualified projects; and <br /> <br />WHEREAS, the City of Sunny Isles Beach, Florida (the "Borrower"), a municipal <br />corporation, is duly created and existing pursuant to the Constitution and laws of the State of <br />Florida (the "State") and <br /> <br />WHEREAS, the Borrower finds and declares that there is a substantial need for the <br />financing or refinancing of qualifying projects permitted by Florida Statutes and he State <br />Constitution; and <br /> <br />WHEREAS, the Borrower possesses the ability to finance such projects on its own, but <br />has determined that a pooled financing program involving a limited number of local <br />governmental units which regularly undertake projects requiring significant debt financing <br />within the State of Florida would provide for low cost financing or refinancing of such projects <br />through economies of scale, administrative support and access to expertise in accessing the <br />capital markets; and <br /> <br />WHEREAS, it is anticipated that the benefits of a pooled financing by the Borrower with <br />a limited number of governmental units through the Florida Municipal Loan Council may be <br />obtained through promises to repay loans under the program and supported by a general <br />covenant to budget and appropriate for such purpose, by a specific pledge of taxes or revenues or <br />by a general obligation; and <br /> <br />Ordinance Authorizing Negotiation <br />of Loan not to Exceed $18,500,000. <br />9/20/02 -10:26 AM <br />A:/HO/Disk llA <br /> <br />1 <br />