19-1526 Calling for Bond Referendum Election March 17, 2020

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ORDINANCE 19-1526 AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, ORDERING AND CALLING FOR A BOND REFERENDUM ELECTION TO BE HELD ON MARCH 17, 2020 IN THE CITY OF CASSELBERRY, FLORIDA, TO DETERMINE IF THE QUALIFIED ELECTORS RESIDING IN THE CITY APPROVE THE CITY'S ISSUANCE OF GENERAL OBLIGATION BONDS WHICH SHALL MATURE NOT LATER THAN TWENTY (20) YEARS FROM THEIR DATE OF ISSUANCE IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $24,000,000.00, PAYABLE FROM AD VALOREM TAXES, LEVIED IN AMOUNTS SUFFICIENT TO PAY DEBT SERVICE ON SUCH BONDS, ON ALL TAXABLE PROPERTY WITHIN THE CITY, TO RENOVATE, IMPROVE, AND CONSTRUCT PARKS AND RECREATION FACILITIES, INCLUDING RENOVATION, EXPANSION AND REPLACEMENT OF BUILDINGS, ATHLETIC VENUES, AND OTHER PARK IMPROVEMENTS; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. NOW THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION 1. FINDINGS. The City Commission of the City of Casselberry, Florida (the "City") hereby finds and determines that: (a) It is necessary, desirable and in the best interests of the City to renovate, improve, and construct parks and recreation facilities, including the renovation, expansion and replacement of buildings, athletic venues, and other park improvements (as generally described in Exhibit A and more particularly described in the plans and specifications on file with the City, referred to as the "Project"), in order to promote, improve, maintain and protect the health, safety and welfare of the residents of the City. (b) The most efficient and fair method of financing costs of the Project is through the issuance of general obligation bonds (the "Bonds") maturing not later than twenty (20) years from their date of issuance, and secured by and payable from ad valorem taxes levied in amounts sufficient to pay debt service on such Bonds on all taxable property within the City (the "Ad Valorem Taxes"). (c) In accordance with the Constitution of the State of Florida, whether such Bonds should be issued to finance costs of the Project must be submitted to the qualified electors of the City.