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• <br /> 7- C. Add-On item [City Clerk's note: *a proposed Ordinance was handed-out and filed with <br /> the meeting records.) <br /> AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, <br /> AUTHORIZING THE ISSUANCE OF A UTILITIES TAX REVENUE BOND, SERIES <br /> 1998,OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A PRINCIPAL AMOUNT <br /> NOT TO EXCEED $4,900,000 FOR THE PURPOSES OF FINANCING ALL OR A <br /> PORTION OF THE COSTS OF ACQUISITION OF CERTAIN REAL PROPERTY AND <br /> IMPROVEMENTS THEREON LOCATED AT 17425 AND 17451 COLLINS AVENUE <br /> IN THE CITY FOR USE AS AN OCEANFRONT PARK AND OF PAYING CERTAIN <br /> COSTS RELATED THERETO; DETERMINING THE NEED FOR A NEGOTIATED <br /> SALE OF SUCH BOND TO SUNTRUST BANK, MIAMI, N.A.; PROVIDING FOR THE <br /> TERMS AND PAYMENT OF SUCH BOND AND FOR THE RIGHTS, REMEDIES AND <br /> SECURITY OF THE OWNERS THEREOF; MAKING CERTAIN COVENANTS <br /> RELATING TO THE ISSUANCE OF SUCH BOND; DESIGNATING SUCH BOND AS <br /> A"QUALIFIED TAX-EXEMPT OBLIGATION"WITHIN THE MEANING OF SECTION <br /> 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; <br /> AUTHORIZING THE PROPER OFFICERS OF THE CITY TO DO ALL OTHER <br /> THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION WITH THE <br /> ISSUANCE OF SUCH BOND; AND PROVIDING FOR AN EFFECTIVE DATE. <br /> ACTION: City Clerk Brown-Morilla read the title of the proposed ordinance, and City <br /> Finance Director Jack Neustadt explained that the ordinance was to authorize a loan <br /> from Suntrust Bank not to exceed 10 years, at 4.36% interest to finance the purchase <br /> the Beach Cove and Princess Beach properties.. <br /> Public Speakers: none <br /> Vice Mayor Turetsky moved and Commissioner Iglesias seconded a motion to <br /> approve the proposed ordinance on first reading. The motion was approved by <br /> a roll call vote of 4-0-1 in favor. Second reading, public hearing will be June 25, <br /> 1998. <br /> Vote: Commissioner Iglesias Yes <br /> Commissioner Kauffman absent <br /> Commissioner Morrow yes <br /> Vice-Mayor Turetsky yn <br /> Mayor Samson yes <br /> 8. ORDINANCES FOR SECOND READING ( PUBLIC HEARINGS) <br /> A. AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA AMENDING <br /> SECTION 21-28 (K) OF THE CODE OF MIAMI-DADE COUNTY RELATING TO THE <br /> PERMISSIBLE HOURS OF OPERATION OF POWER TOOLS, CONSTRUCTION <br /> EQUIPMENT AND LANDSCAPING EQUIPMENT; REPEALING CONFLICTING <br /> PROVISIONS; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION <br /> INTO THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. <br /> ACTION: City Clerk Brown-Morilla read the title of the proposed ordinance, and City <br /> Manager DiPietro introduced the item. <br /> Public Speakers: none <br /> Commissioner Morrow moved and Vice Mayor Turetsky seconded a motion to adopt <br /> Paee 8 of 15 - Summary Minutes of the June 11, 1998, City Commission Meeting <br />