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<br />ORDINANCE NO. 2009- 323 <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA AUTHORIZING <br />A LOAN IN THE PRINCIPAL AMOUNT OF $20,000,000 IN <br />ORDER TO FINANCE THE COST OF CAPITAL <br />EXPENDITURES TO BE MADE BY THE CITY; <br />APPROVING THE FORM OF AND AUTHORIZING THE <br />EXECUTION BY THE MAYOR OR VICE MAYOR OF A <br />PROMISSORY NOTE AND A LOAN AGREEMENT IN <br />SUBST ANTIALL Y THE SAME FORM A TT ACHED HERETO <br />AS EXHIBIT "A" WITH BANK OF AMERICA, N.A.; <br />PROVIDING FOR SEVERABILITY; PROVIDING FOR <br />REPEALER; PROVIDING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Sunny Isles Beach (the City"), a municipal corporation, is duly <br />created and existing pursuant to the Constitution and Laws of the State of Florida; and <br /> <br />WHEREAS, the City Commission of the City (the "City Commission") finds and <br />determines that there is a substantial need for the financing of certain capital projects to be <br />owned by the City (the "Projects") permitted by Florida Statutes and State Constitution; and <br /> <br />WHEREAS, the City Commission finds and determines that it is in the best interest of <br />the City that the City borrow the funds to undertake such capital projects; and <br /> <br />WHEREAS, this Ordinance is enacted pursuant to the Constitution and Laws of the State <br />of Florida. <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISISON OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Incorporation of Recitals. The foregoing recitals are hereby ratified and <br />confirmed as being true and correct and are hereby made a specific part by this Ordinance upon <br />enactment hereof. <br /> <br />Section 2. Definitions. Words and phrases used in capitalized form in this Ordinance and <br />not otherwise defined herein shall have the meanings ascribed hereto in the Loan Agreement <br />(hereinafter defined) and, in addition, the following words and phrases shall have the following <br />meanings when used herein: <br /> <br />"Authorized Signatory" means anyone of the Mayor, Vice-Mayor or City Manager of the <br /> <br />City. <br /> <br />"Loan Amount" means $20,000,000.00. <br /> <br />"Projects" shall have the meaning ascribed to it in the recitals to this Ordinance. <br />