15-1428 Infrastructure Sales Surtax Revenue Bonds

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ORDINANCE 15 -1428 AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $9,894,000 IN AGGREGATE PRINCIPAL AMOUNT OF INFRASTRUCTURE SALES SURTAX REVENUE BONDS FOR THE PRINCIPAL PURPOSES OF ACQUIRING, CONSTRUCTING AND EQUIPPING VARIOUS CAPITAL IMPROVEMENTS WITHIN THE CITY; PLEDGING CERTAIN PROCEEDS OF THE INFRASTRUCTURE SALES SURTAX TO SECURE THE PAYMENT OF THE PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, AND INTEREST ON THE BONDS; PROVIDING A SUPPLEMENTAL COVENANT TO BUDGET AND APPROPRIATE LAWFULLY AVAILABLE NON -AD VALOREM REVENUES OF THE CITY SUFFICIENT TO PAY PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, AND INTEREST ON THE BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; AND PROVIDING SEVERABILITY AND AN EFFECTIVE DATE. NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION 1. DEFINITIONS. When used in this Ordinance, the following terms shall have the following meanings, unless some other meaning is plainly intended: "Bonds" shall mean the City of Casselberry, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2015 issued by the City pursuant to this Ordinance and the Resolution. "City" shall mean the City of Casselberry, Florida, a municipal corporation established by the State of Florida. "Commission" shall mean the City Commission of the City of Casselberry, Florida. "Infrastructure Sales Surtax Revenues" shall mean all infrastructure sales surtax revenues received by the City pursuant to Section 212.055(2), Florida Statutes and the Interlocal Agreement. "Interlocal Agreement" shall mean that certain interlocal agreement among the City, Seminole County, Florida, the School Board of Seminole County, and the other signatory municipalities pertaining to the shared distribution and use of the one cent local government infrastructure surtax. "Non -Ad Valorem Revenues" shall mean all revenues of the City derived from any source whatsoever other than ad valorem taxation on real or personal property, which are legally available to make the payments required by this Ordinance and the Resolution, but only after provision has been made by the City for the payment of all essential or legally mandated services.