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(B) This Ordinance is enacted pursuant to the provisions of thc Charter of the City of
<br />Sunny Isles Beach, Florida, as amcnded and supplemented, the Florida Constitution, Chapter
<br />166, Florida Statutes, as amended and supplemented, and other applicable provisions oflaw.
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<br />(C) The rcfunding and redemption of the Prior Loan are in the best interest of the City
<br />and will serve a valid municipal purpose.
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<br />(D) The Commission hereby designates the Bond as a "qualified tax-exempt obligation"
<br />within the meaning of Section 265(b) of the Internal Revenue Code of 1986, as amended.
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<br />(E) The Commission hereby finds and determines that, in light of present market
<br />conditions, the aforementioned Commitment of the Bank, the nature of the Bond, and the nature
<br />of the security afforded to the owner of the Bond, it is in the best interest of the City to sell the
<br />Bond to the Bank on a negotiated basis pursuant to the terms and provisions of this Resolution,
<br />the Commitment and the Loan Agreement.
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<br />Section 3:
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<br />Capital Improvement Revenue Refunding Bond.
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<br />(A) In accordance with the provisions of the Charter of the City of Sunny Isles Beach,
<br />Florida and Chapter 166, Florida Statutes, the Commission authorizes the issuance of the Bond
<br />in an aggregate principal amount not to exceed $10,000,000, for the purposes of: (i) refinancing
<br />the Prior Loan; and (ii) paying costs of issuance of the Bond and ofrefunding the Prior Loan.
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<br />(B) The Bond shall be designated "City of Sunny Isles Beach, Florida Capital
<br />Improvement Revenue Refunding Bond, Series 2012", shall be dated such date, shall be stated to
<br />mature not later than November I, 2022, shall bear interest from their dated date at a rate of
<br />interest per annum of 2.00%, subject to adjustment as set forth in the form of Bond attached as
<br />Exhibit A to the Loan Agreement (so long as on the date of issuance and delivery of the Bond
<br />such rate does not exceed the maximum rate then permitted by law), shall be subject to
<br />redemption at the option of the City at such times and prices, and shall have such other details,
<br />all as set forth or established pursuant to the Commitment and the Loan Agreement.
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<br />(C) The Bond shall not be or constitute an indebtedness of the City within the
<br />meaning of any constitutional, statutory or other limitation of indebtedness, but shall be secured
<br />solely by and payable from the limited sources specified in the Loan Agreement. No owner of
<br />the Bond shall ever have the right to compel the exercise of the ad valorem taxing power of the
<br />City, or taxation in any form of any real property therein, to pay the principal of or the interest on
<br />the bond.
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<br />Section 4: Approval of Loan Agrccmcnt and Authorizations. The Loan
<br />Agreement, in substantially the form attached hereto as Exhibit B, is hereby approved. The
<br />Mayor, the Vice Mayor, the City Manager, the Assistant City Manager - Finance, the City
<br />Attorney, the City Clerk and any other proper official or officer of the City, are each hereby
<br />authorized and directed to execute and deliver any and all documents and instruments, including
<br />without limitation the Loan Agreement and the Bond, and to do and cause to be done any and all
<br />acts and things necessary or" proper for carrying out the transactions contemplated by this
<br />Ordinance, the Commitment, the Loan Agreement and for refunding the Prior Loan.
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<br />MIA 182.397,887vl 3-5-12
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