Reso 2010-1538-1 - Laserfiche WebLink

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I . - ADORNO &. Yoss A PROFESSIONAL ASSOCIATION 2525 PONCE DE LEON BOULEVARD, SUITE 400 MIAMI, FLORIDA 33 I 34-60 I 2 PHONE: (305) 460-1000, FAX: (305) 460-1422 WWW.ADORNO.COM . March 24, 2010 . The City Commission of the City of Sunny Isles Beach, Florida Sun Trust Bank Miami, Florida . Re: $15,000,000 City of Sunny Isles Beach, Florida Capital Improvement Revenue Bonds. Series 2010 Ladies and Gentlemen: . . We have acted as Bond Counsel in connection with the issuance by the City of Sunny Isles Beach, Florida (the "City") of its $15,000,000 Capital Improvement Revenue Bonds, Series 2010, initially issued and delivered on this date (the "Bonds") pursuant to the Constitution and laws of the State of Florida, including particularly Part II of Chapter 166, Florida Statutes, as amended, the Charter of the City and other applicable provisions of law (collectively, the "Act"), and Ordinance No. 20 10-343 and Resolution No. 2010-1538, both adopted by the City Commission of the City on March 18,2010 (collectively, the "Bond Ordinance"). . We have examined the Act, the Bond Ordinance, and such certified copies of the proceedings of the City and of such other documents as we have deemed necessary to render this opinion. As to the questions of fact material to our opinion, we have relied upon representations of the City contained in the Bond Ordinance and in the Loan Agreement, dated as of March 24, 2010 (the "Loan Agreement"), between the City and SunTrust Bank, and in the certified proceedings and other certifications of public officials furnished to us without undertaking to verify such representations by independent investigation. . Based on the foregoing, we are of the opinion that, under existing law: 1. The City is duly created and validly existing as a municipality under the Constitution and laws of the State of Florida, with the power to adopt the Bond Ordinance, to perform its obligations thereunder and to issue the Bonds. . 2. The Bond Ordinance has been duly adopted by the City and constitutes a valid and binding obligation of the City, enforceable in accordance with its terms. . 3. The Loan Agreement has been duly authorized, executed and delivered by the City and constitutes a valid and binding agreement of the City enforceable against the City in accordance with its terms. . 1 M 1886561_2}