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<br />- <br /> <br />Summary Minutes: Regular City Commission Meeting <br /> <br />July 15,2010 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />5. SPECIAL PRESENT A TIONS <br /> <br />5A. Announcement/Presentation by Police Chief Fred Maas of Police Promotions. <br />Action: Police Chief Fred Maas announced the Police promotions and Mayor Edelcup and <br />City Manager Conner presented badges to the following: Corporal Caridad Vesco; Corporal <br />Ruben Zamora; Corporal Robert Ostrov and Diesel of the K-9 Unit; Sergeant Blake Royal; <br />and Lieutenant Mike Mulvey. <br /> <br />6. ZONING <br /> <br />None <br /> <br />7. ORDINANCES FOR FIRST READING <br /> <br />7 A. An Ordinance of the City of Sunny Isles Beach, Florida, Authorizing the Issuance of a <br />Stormwater Utility Revenue Bond, Series 2010, of the City of Sunny Isles Beach, Florida in a <br />Principal Amount of$3,500,000.00 for the Purposes of Financing All or a Portion of the <br />Costs of Certain Improvements to the Stormwater Utility System and Paying Certain <br />Costs Related Thereto; Determining the Need for a Negotiated Sale of Such Bond to <br />Branch Banking and Trust Company; Providing for the Terms and Payment of Such Bond <br />and for the Rights, Remedies and Security of the Owners Thereof; Making Certain <br />Covenants Relating to the Issuance of Such Bond; Designating Such Bond as a "Qualified <br />Tax-Exempt Obligation" within the Meaning of Section 265(b)(3) of the Internal Revenue <br />Code of 1986, as Amended; Authorizing the Proper Officers of the City to Do All Other <br />Things Deemed Necessary or Advisable in Connection with the Issuance of Such Bond; and <br />Providing for an Effective Date. <br /> <br />Action: City Clerk Hines read the title, and Assistant City Manager/Finance MinaI Shah <br />reported that this will assist in the payback of the borrowing from the Capital Projects Fund <br />for stormwater drainage improvements, as well as future drainage improvement projects. <br />The borrowing is for 15 years at an interest rate of 4.02%. <br /> <br />Public Speakers: None <br /> <br />Commissioner Goodman moved and Commissioner Scholl seconded a motion to approve <br />the proposed ordinance on first reading. The motion was approved by a roll call vote <br />of 5-0 in favor. Second reading, public hearing will be held at a Special City <br />Commission Meeting on Tuesday, July 27, 2010, at 12:00 p.m. <br />V ote: Commissioner Brezin ~ <br />Commissioner Goodman yes <br />Commissioner Scholl yes <br />Vice Mayor Thaler yes <br />Mayor Edelcup yes <br /> <br />2 <br />