Ordinance 98-39 - Laserfiche WebLink

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afforded to the holder of the 1998 Bond, and other factors described herein, it will be in the best interest of the City to sell the 1998 Bond to the Bank on a negotiated basis pursuant to the terms and provisions of this Ordinance; and WHEREAS, the City Commission hereby detennines that the City does not expect to issue more than $10,000,000 of its tax-exempt obligations in calendar year 1998, and the City Commission hereby designates the 1998 Bond as a "qualified tax-exempt obligation" within the meaning of Section 265(b) of the Code; ~ . NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: ARTICLE I STATUTORY AUTHORITY; FINDINGS AND DEFINITIONS SECTION 1.1 AUTHORITY FOR THIS ORDINANCE. This Ordinance is enacted pursuant to the provisions of the Charter of the City of Sunny Isles Beach, Florida, as amended and supplemented, the Florida Constitution, Chapter 166, Florida Statutes, as amended and supplemented, and other applicable provisions oflaw (collectively, the "Act"). SECTION 1.2 FINDINGS. The findings and detenninations set forth in the recitals to this Ordinance are hereby adopted and confirmed as though fully set forth herein. Further, it is hereby ascertained, detennined and declared: (a) That the City hereby authorizes the 1998 Project and the financing thereof in the manner hereinafter set forth. (b) That it is necessary and essential to acquire the 1998 Project for the health and safety of the residents of the City and in order to promote recreation in the City and that the 1998 Project will be in the best economic interest of the City. ( c) That the 1998 Project will serve a valid municipal purpose. (d) That the cost of the 1998 Project shall be deemed to include, but not be limited to the cost of acquisition of the Park Property, including easements and other interests therein, or any other property real or personal, necessary therefor; the fees and expenses of counsel to the Bank and such other expenses as may be necessary or incidental to the 1998 Project and the issuance of the 1998 Bond herein authorized, (e) That pursuant to the Utilities Tax Ordinance (as herein defined), the City has been levying a tax on the purchase of certain utilities services as more particularly described in Section 1.3 hereof (herein, the "Utilities Tax"). (f) That the proceeds of the Utilities Tax are not pledged or encumbered, in whole or in part, in any manner or for any purpose. ( e) That the principal of and interest on the 1998 Bond shall be secured solely by and paid from the Pledged Revenues (as herein defined); and the ad valorem taxing power of the City will never be necessary or authorized to pay the principal of and interest on the 1998 Bond, and the 1998 Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. 2