Ordinance 99-72 - Laserfiche WebLink

Home Browse Search

WHEREAS, pursuant to Section 3.8 of City Ordinance No. 98-39, (the "1998 Bond Ordinance") under which the City's outstanding Utilities Tax Revenue Bond, Series 1998 was issued, the Bank (as defined in the 1998 Bond Ordinance) has give its prior written consent to the City to issue the 1999 Bond as a Parity Obligation (as defined in the 1998 Bond Ordinance); and WHEREAS, City staff has previously solicited bids from qualified lending institutions to provide a term loan as the vehicle by which the 1999 Bond is to be issued and the 1999 Project is to be financed; and WHEREAS, City staff has determined and the City Commission hereby concurs that SunTrust Bank, Miami, N.A., a national banking association with its designated office in Miami Beach, Florida (herein, the "Bank"), has provided the lowest responsive, responsible bid to the City; and WHEREAS, the City Commission hereby determines that, in light of present market conditions, the aforementioned bid provided by the Bank, the nature of the 1999 Bond, the nature of the security afforded to the holder of the 1999 Bond, and other factors described herein, it will be in the best interest of the City to sell the 1999 Bond to the Bank on a negotiated basis pursuant to the terms and provisions of this Ordinance; and WHEREAS, the City Commission hereby determines that the City does not expect to issue more than $10,000,000 of its tax-exempt obligations in calendar year 1999, and the City Commission hereby designates the 1999 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 determinations set forth in the recitals to this Ordinance are hereby adopted and confirmed as though fully set forth herein. Further, it is hereby ascertained, determined and declared: (a) That the City hereby authorizes the 1999 Project and the financing thereof in the manner hereinafter set forth. 2