Ordinance 99-86 - Laserfiche WebLink

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y SECTION 1.2 FINDINGS. The fmdings 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 Project and the financing thereof in the manner hereinafter set forth. (b) That it is necessary and essential to acquire the Project for the health, safety and welfare of the residents of the City and that the financing of the Project through the issuance of the Bond will be in the best economic interest of the City. (c) That the Project will serve a valid municipal purpose. (d) That the cost of the Project shall be deemed to include, but not be limited to, the cost of its acquisition, construction and equipping, the fees and expenses of counsel to the Bank and the Bondholder and such other expenses as may be necessary or incidental to the Project and the issuance of the Bond and the Bond Anticipation Note. (e) That the proceeds of the Bond Security are not pledged or encumbered, in whole or in part, in any manner or for any purpose, other than the prior and senior pledge of the Electric Utilities Tax (as herein defmed) for the payment of the City's outstanding Revenue Bonds, Series 1998, Series 1999 and Series 1999B. (f) That the principal of and interest on the Bond Anticipation Note and the Bond shall be secured solely by and paid from the Pledged Revenues (as herein defined), subject only to the prior and senior pledge of the Electric Utilities Tax for the payment of the City's outstanding Revenue Bonds, Series 1998, Series 1999 and Series 1999B; and the ad valorem taxing power of the City will never be necessary or authorized to pay the principal of and interest on the Bond Anticipation Note or the Bond, and the Bond Anticipation Note and the Bond issued pursuant to this Ordinance shall not constitute a lien upon any other property whatsoever of or in the City. SECTION 1.3 DEFINITIONS. In addition to terms defined elsewhere in this Ordinance, the following terms shall have the following meanings unless the context otherwise clearly requires: "Act" shall mean the Florida Constitution, Chapter 166, Florida Statutes, as amended and supplemented, Section 215.431, Florida Statutes, as amended and supplemented, the Charter of the City of Sunny Isles Beach, Florida, as amended and supplemented, and other applicable provisions of the law. "Authorized Investments" shall mean any of the following: (1) U.S. Obligations; 3