20-3157 Bond Resolution - Not to Exceed $24,000,000 Florida General Obligation Bonds

Home Browse Search

RESOLUTION 20-3157 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED AGGREGATE PRINCIPAL AMOUNT OF $24,000,000 CITY OF CASSELBERRY, FLORIDA GENERAL OBLIGATION BONDS, IN ONE OR MORE SERIES; DIRECTING THE APPLICATION OF THE PROCEEDS OF SUCH BONDS; AUTHORIZING OTHER REQUIRED ACTIONS; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA AS FOLLOWS: SECTION 1. AUTHORITY. This Resolution is adopted pursuant to the Constitution of the State of Florida, Chapter 166, Florida Statutes, other applicable provisions of law, the Charter of the City of Casselberry, Florida (the "Issuer"), as amended, City Ordinance 19-1526 adopted on November 18, 2019 (the "Referendum Resolution"), and a vote of the electors of the City of Casselberry, Florida on March 17, 2020. SECTION 2. FINDINGS. It is hereby found and determined: (A) The financing of the construction of various capital improvements, including but not limite.4 to, the cost of the parks and recreation improvements and facilities more particularly described in Exhibit A attached hereto (the "Project"), constitutes a capital project authorized by law for which bonds payable from ad valorem taxation could be issued pursuant to Article VII, Section 12 of the Constitution of the State of Florida so long as such bonds were approved by vote of the electors of the Issuer. (B) An election was held on March 17, 2020 to determine if the electors of the Issuer approved of the issuance of not exceeding in the aggregate $24,000,000 of general obligation bonds of the Issuer, bearing interest not exceeding maximum legal rates, maturing not later than 20 years from issuance, for the purpose of financing the construction of the Project, payable from the proceeds of Ad Valorem Taxes levied within the City of Casselberry (the 'Bond Referendum"). (C) Notice of said bond election was published in the Orlando Sentinel, a newspaper of general circulation in Seminole County, Florida. (D) The election was duly held and conducted by the Seminole County Supervisor of Elections and the results thereof have been certified by such Supervisor. At the election, approximately 67.93% of the electors voted in favor of the issuance of the Bonds.