Ordinance 99-86 - Laserfiche WebLink

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if WHEREAS, the Bond shall be secured by a pledge of and lien on the proceeds of the Bond Security (as such term is defined below) on the terms and subject to the conditions hereinafter set forth; and WHEREAS, City Staff has determined and the City Commission hereby concurs that it is necessary to raise a portion of the funds in 1999 necessary to undertake the Project and that it is not practicable to issue the Bond in 1999; and WHEREAS, City staff has received a proposal from SunTrust Bank, Miami, National Association (the "Bank"), to purchase a bond anticipation note to provide a vehicle to the City by which the City can raise the funds for the Project necessary to be raised in 1999; and WHEREAS, City staff has determined and the City Commission hereby concurs that it is in the best interests of the City to authorize in anticipation of the issuance of the Bond the issuance of a bond anticipation note (the "Bond Anticipation Note") in the principal amount of $5,000,000 and to authorize the sale of the Bond Anticipation to the Bank; and WHEREAS, the City Commission hereby determines that, in light of present market conditions, the aforementioned proposal provided by the Bank, the nature of the Bond Anticipation Note and the Bond, the nature of the security afforded to the holders of the Bond Anticipation Note and the Bond, and other factors described herein, it will be in the best interest of the City to sell the Bond Anticipation Note to the Bank on a negotiated basis pursuant to the terms and provisions of this Ordinance and to sell the Bond to a purchaser to be designated by subsequent proceedings of the City (the "Bondholder") on a negotiated basis pursuant to the terms and provisions of this Ordinance; and WHEREAS, the City Commission hereby determines that the amount to be advanced by the Bank to the City under the Bond Anticipation Note in calendar year 1999 shall not exceed $5,000,000 and 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 Bond Anticipation Note as a "qualified tax-exempt obligation" within the meaning of Section 265(b )(3) 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 TIDS 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, Section 215.431, Florida Statutes, as amended and supplemented, and other applicable provisions of law (collectively, the "Act"). 2