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<br />RESOLUTION NO. 08-1925 <br /> <br />A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, <br />AUTHORIZING THE BORROWING OF MONEY FOR THE <br />PURPOSE OF REFINANCING THE CITY'S LAND ACQUISITION <br />NOTE, SERIES 2005 WHICH WAS ORIGINALLY ISSUED TO <br />FINANCE THE COSTS OF ACQUISITION OF CERTAIN <br />PROPERTY WITHIN THE CITY; AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A LOAN AGREEMENT; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />PROMISSORY NOTE TO EVIDENCE THE CITY'S OBLIGATION <br />UNDER THE LOAN AGREEMENT, SUCH NOTE TO BE A <br />LIMITED OBLIGATION OF THE CITY PAYABLE FROM <br />LEGALLY AVAILABLE NON-AD VALOREM REVENUES AS <br />PLEDGED HEREIN; PROVIDING FOR THE RIGHTS AND <br />SECURITIES OF THE OWNER OF THE NOTE; MAKING <br />CERTAIN COVENANTS AND AGREEMENTS FOR THE <br />BENEFIT OF THE OWNER OF THE NOTE; AND PROVIDING <br />FOR AN EFFECTIVE DATE. <br /> <br />IT IS HEREBY RESOLVED BY THE CITY OF CASSELBERRY, FLORIDA AS <br />FOLLOWS: <br /> <br />SECTION 1. AUTHORIZATION. This Resolution is adopted pursuantto the provisions <br />of Chapter 166, Part II, Florida Statutes and other applicable provisions oflaw (the "Act"). <br /> <br />SECTION 2. FINDINGS. The City Commission (the "Commission") of the City of <br />Casselberry, Florida (the "City") hereby finds and determines that: <br /> <br />(a) The City is a duly constituted and validly existing municipality within the State of <br />Florida with requisite home rule powers derived from the Constitution and Laws of the State of <br />Florida; and <br /> <br />(b) The City purchased the real property more particularly described in Exhibit "A" <br />attached hereto (the "Project") with the proceeds of its Land Acquisition Note, Series 2005 (the <br />"2005 Note"); and <br /> <br />(c) The 2005 Note matures on September 13,2008 and the Commission has determined <br />that it in the best interest of City to enter into a loan agreement with Hancock Bank of Florida (the <br />"Bank") and to issue a note secured by all revenues of the City derived from any source whatsoever <br />other than ad valorem taxation on real or personal property, which are legally available to make the <br />payments required by this Resolution, but only after provision has been made by the City for the <br />payment of all essential or legally mandated services ("Non-Ad Valorem Revenues") to repay the <br />2005 Note; and <br />