HomeMy WebLinkAboutReso 99-184
RESOLUTION NO. 99--fi
A RESOLUTION OF THE CITY OF SUNNY ISLES BEACH,
FLORIDA, ACCEPTING THE COMMITMENT OF SUNTRUST
BANK, MIAMI, NATIONAL ASSOCIATION TO PURCHASE THE
CITY'S BOND ANTICIPATION NOTE, GOVERNMENT CENTER
SERIES, IN A PRINCIPAL AMOUNT OF $5,000,000 FOR THE
PURPOSES OF FINANCING ON A TEMPORARY BASIS ALL OR A
PORTION OF THE COSTS OF ACQUISITION, CONSTRUCTION
AND EQIDPPING OF THE SUNNY ISLES BEACH GOVERNMENT
CENTER AND AN ADJACENT PARKING GARAGE AND OF
PAYING CERTAIN COSTS RELATED THERETO;
ESTABLISIDNG THE INTEREST RATE FOR SUCH BOND
ANTICIPATION NOTE; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City Commission (the "City Commission") of the City of Sunny
Isles Beach (the "City") has on this date enacted an Ordinance authorizing the City to issue
an obligation to be known as "City of Sunny Isles Beach, Florida Bond Anticipation Note,
Government Center Series" (herein, the "Bond Anticipation Note") in a principal amount of
$5,000,000 to finance on a temporary basis the costs of the proposed Sunny Isles Beach
Government Center and an adjacent parking garage and all incidental and necessary costs
relating thereto (collectively, the "Project"); and
WHEREAS, in the Ordinance, the City Commission found that SunTrust Bank,
Miami, National Association, a national banking association with its designated office in
Miami, Florida (herein, the "Bank"), provided the most favorable proposal to the City for
the purchase of the Bond Anticipation Note, a copy of which proposal has been presented at
this meeting (the "Commitment");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is
adopted pursuant to the provisions of the Charter of the City of Sunny Isles Beach, Florida,
as amended and supplemented, the Florida Constitution, Chapter 166, Florida Statutes, as
amended and supplemented, Chapter 215.431, Florida Statutes, as amended and
supplemented, and other applicable provisions of law (collectively, the "Act").
SECTION 2. ACCEPTANCE OF COMMITMENT. The City hereby accepts
the Commitment of the Bank for the purchase of the Bond Anticipation Note and
establishing certain terms of the Bond Anticipation Note. Specifically, but not in limitation
of the foregoing, the interest rate on the Bond Anticipation Note shall be as set forth in the
Commitment.
SECTION 3. REPEALER. All resolutions and orders, or parts thereof, in
conflict herewith are, to the extent of such conflict, hereby repealed, and this Resolution
shall take effect upon its passage in the manner provided by law.
SECTION 4.
the date of its adoption.
The foregoing Resolution was offered by ~~ ~~
who moved for its adoption. The motion was seconded by
~____\~~I and upon being put to vote, the votes were as follows:
EFFECTIVE DATE. This Resolution shall be effective on
Mayor David Samson
Vice Mayor Connie Morrow
Commissioner Lila Kaufman
Commissioner Daniel Iglesias
Commissioner Irving Turetsky
(yes) ~
(yes)~
(yes) (/
(yes) --V
(yes) V
(no)_
(no)_
(no)_
(no)_
(no)_
PASSED AND ADOPTED this 20th day of Decem
,-
. Attest: .. .
;,
~~~"-
. 'chard Brown~Morilla, City Clerk
APPROVED AS TO FORM AND LEGAL
SUFFICIENCY
~--~
ammeisser, City Attorney
MIAMIIGILES.KLEINB/I JOI183/nUOI LDOC/12/20/99
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