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<br />I <br /> <br />ORDINANCE NO. 99-~ <br /> <br />AN ORDINANCE OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, <br />AUTHORIZING THE ISSUANCE OF A REVENUE BOND, GOVERNMENT <br />CENTER SERIES, OF THE CITY OF SUNNY ISLES BEACH, FLORIDA IN A <br />MAXIMUM AUTHORIZED PRINCIPAL AMOUNT OF $23,300,000 FOR THE <br />PURPOSES OF FINANCING ALL OR A PORTION OF THE COSTS OF <br />ACQUISITION, CONSTRUCTION AND EQUIPPING OF THE SUNNY ISLES <br />BEACH GOVERNMENT CENTER AND AN ADJACENT PARKING GARAGE <br />AND OF PAYING CERTAIN COSTS RELATED THERETO; DETERMINING <br />THE NEED FOR A NEGOTIATED SALE OF SUCH BOND; PROVIDING FOR <br />THE TERMS AND PAYMENT OF SUCH BOND AND FOR THE RIGHTS, <br />REMEDIES AND SECURITY OF THE OWNERS THEREOF; AUTHORIZING <br />THE ISSUANCE OF A BOND ANTICIPATION NOTE IN THE MAXIMUM <br />PRINCIPAL AMOUNT OF $5,000,000 TO PROVIDE TEMPORARY <br />FINANCING IN ANTICIPATION OF THE ISSUANCE OF THE BOND AND <br />SETTING FORTH THE TERMS OF SUCH BOND ANTICIPATION NOTE; <br />AUTHORIZING THE NEGOTIATED SALE OF SUCH BOND ANTICIPATION <br />NOTE TO SUNTRUST BANK, MIAMI, NATIONAL ASSOCIATION; MAKING <br />CERTAIN COVENANTS RELATING TO THE ISSUANCE OF SUCH BOND <br />ANTICIPATION NOTE; DESIGNATING THE INITIAL ADVANCE UNDER <br />SUCH BOND ANTICIPATION NOTE AS A "QUALIFIED TAX-EXEMPT <br />OBLIGATION" WITHIN THE MEANING OF SECTION 265(b)(3) OF THE <br />INTERNAL REVENUE CODE OF 1986, AS AMENDED; AUTHORIZING THE <br />PROPER OFFICERS OF THE CITY TO DO ALL OTHER THINGS DEEMED <br />NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF <br />SUCH BOND AND BOND ANTICIPATION NOTE; AND PROVIDING FOR <br />AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Commission (the "City Commission") of the City of Sunny Isles <br />Beach (the "City") hereby determines that it would be in the best economic interest of the City to <br />finance the costs of acquisition of the proposed Sunny Isles Beach Government Center and an <br />adjacent parking garage and all incidental and necessary costs relating thereto (collectively, the <br />"Project"); and <br /> <br />WHEREAS, pursuant to the terms and provisions of this Ordinance, the City intends to <br />issue an obligation to be known as "City of Sunny Isles Beach, Florida Revenue Bond, Government <br />Center Series" (herein, the "Bond") in a maximum authorized principal amount of $23,300,000 to <br />fmance or refinance the costs of the Project including the costs of issuing such Bond and the Bond <br />Anticipation Note hereinafter mentioned; and <br />