Ordinance 99-78 - Laserfiche WebLink

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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 and pursuant to Section 3.8 of City Ordinance No. 99-72 (the "1999 Bond Ordinance", and together with the 1998 Bond Ordinance, collectively, the "Prior Bond Ordinance") under which the City's outstanding Utilities Tax Revenue Bond, Series 1999 was issued, the Bank (as defined in the Prior Bond Ordinance) has given its prior written consent to the City to issue the 1999B Bond as a Parity Obligation (as defined in the Prior 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 1999B Bond is to be issued and the 1999B Project is to be financed; and WHEREAS, City staffhas detennined 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 detennines that, in light of present market conditions, the aforementioned bid provided by the Bank, the nature of the 1999B Bond, the nature of the security afforded to the holder of the 1999B Bond, and other factors described herein, it will be in the best interest of the City to sell the 1999B 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 1999, and the City Commission hereby designates the 1999B 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: 2