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8D AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, <br /> AUTHORIZING THE ISSUANCE OF A REVENUE BOND, GOVERNMENT CENTER <br /> SERIES, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A MAXIMUM <br /> AUTHORIZED PRINCIPAL AMOUNT OF S23,300,000 FOR THE PURPOSES OF <br /> FINANCING ALL OR A PORTION OF THE COSTS OF ACQUISITION, <br /> CONSTRUCTION AND EQUIPPING OF THE SUNNY ISLES BEACH GOVERNMENT <br /> CENTER AND AN ADJACENT PARKING GARAGE 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 THE INITIAL <br /> ADVANCE UNDER SUCH BOND AS A "QUALIFIED TAX-EXEMPT OBLIGATION" <br /> WITHIN THE MEANING OF SECTION 265(B)(3) OF THE INTERNAL REVENUE <br /> CODE OF 1986, AS AMENDED; AUTHORIZING THE PROPER OFFICERS OF THE <br /> CITY TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN <br /> CONNECTION WITH THE ISSUANCE OF SUCH BOND; AND PROVIDING FOR AN <br /> EFFECTIVE DATE. <br /> [City Clerk's note: See agenda item 4 above,when a vote was taken to withdraw this item <br /> from the agenda; see also new add-on item 7-C.] <br /> 8E AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES <br /> BEACH, FLORIDA, APPROVING THE TERMS OF A LINE OF CREDIT WITH <br /> EAGLE NATIONAL BANK IN THE AMOUNT OF ONE MILLION ($1,000,000) <br /> DOLLARS,HERETO AS EXHIBIT"A,"TO FACILITATE THE CONSTRUCTION OF A <br /> STORM WATER DRAINAGE SYSTEM FOR THE CITY; AUTHORIZING THE CITY <br /> MANAGER TO DRAW DOWN ON A LINE OF CREDIT IF NECESSARY;PROVIDING <br /> FOR A REPEALER; PROVIDING FOR SEVER--ABILITY; PROVIDING FOR AN <br /> EFFECTIVE DATE. <br /> ACTION: City Clerk Brown-Morilla read the title of the proposed ordinance and announced <br /> the item was a public hearing. City Manager Neustadt gave his report. <br /> Public Speakers: Kathleen Kennedy <br /> Commissioner Iglesias explained about the details of the work that may be required to deal <br /> with storm water runoff. Vice Mayor Morrow asked if the City was prepared to handle the <br /> project and the Manager said yes. <br /> Summary Minutes of the December 9, 1999, Regular City Commission Meeting - Page 9 of 14 <br />