15-1428 Infrastructure Sales Surtax Revenue Bonds

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"Ordinance" shall mean this Ordinance enacted by the Commission on the date hereof, as it may be amended and supplemented from time to time. "Pledged Funds" shall mean (1) the Infrastructure Sales Surtax Revenues, and (2) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in the funds and accounts established thereunder except (a) for the Unrestricted Revenue Account and the Rebate Fund and (b) any moneys set aside in a particular subaccount of the Reserve, Account if such moneys shall be pledged solely for the payment of a different Series of Bonds for which it was established in accordance with the provisions hereof. "Resolution" shall mean the resolution adopted by the Commission that authorizes the issuance of the Bonds and sets forth the terms and provisions with respect to the Bonds, as it may be further amended or supplemented from time to time. "Series 2015 Project" shall mean the capital improvements approved by the Commission to be financed or refinanced with proceeds of the Bonds, all as more particularly described in the plans and specifications on file with the City, as the same may be amended and supplemented from time to time. The words "herein," "hereunder," "hereby," "hereto," "hereof," and any similar terms shall refer to this Ordinance. Words importing the singular number include the plural number, and vice versa. SECTION 2. FINDINGS. The Commission hereby finds and determines that: (a) Pursuant to the Act, the City is authorized to pledge the Pledged Funds to pay the principal of, premium, if any, and interest on the Bonds. (b) It is necessary and desirable and in the best interests of the City to borrow moneys from time to time to finance and refinance capital improvements within the City. (c) For the purposes described above, the City is authorized hereunder to borrow money by issuing the Bonds as provided herein and in the Resolution. (d) The City has various capital improvement needs and requirements in the form of the Series 2015 Project which need to be acquired, constructed and equipped in order to maintain and protect the health, safety and welfare of the citizens of the City. (e) The principal of and interest on the Bonds and all other payments provided for herein and in the Resolution, will be paid solely from the Pledged Funds in accordance with the terms hereof and of the Resolution and in the manner provided herein and in the Resolution; the Bonds issued under the Resolution shall not constitute a general obligation, or a pledge of the faith, credit or taxing power of the City, the State of Florida, or any political subdivision thereof, within the meaning of any constitutional or statutory provisions and neither the State of Florida, nor any political subdivision thereof, and the ad valorem taxing power of the City will never be necessary or authorized to pay the principal of and interest on the Bonds, or to make any other