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CASSELBERRY CITY COMMISSION Minutes of August 24, 2015 — Regular Meeting Page 9 of 20 "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 PROVDING SEVERABILITY AND AN EFFECTIVE DATE." Notice of Public Hearing: The Notice of Public Hearing for Ordinance 15 -1428 was published in the Orlando Sentinel on Thursday, August 13, 2015, Staff Presentation: Finance Director Rebecca Bowman gave a brief overview of Ordinance 15 -1428, stating that the infrastructure surtax had been voted on through referendum and approved by the citizens of Seminole County in 2014 and Seminole County had started collecting the revenues for the surtax in January of 2015. She added that the City of Casselberry had started receiving revenues from the surtax in March of 2015, and Ordinance 15 -1428 was an overriding ordinance giving the City Commission the authority to issue bonds pledging that infrastructure revenue stream in the amount not to exceed $9,894,000. She reiterated that should the Commission choose to issue revenue bonds utilizing this revenue source, this ordinance would put that authority in place for the City Commission. Budget Impact: There is no impact to the City's budget. Recommendation: The City Manager and the Finance Director recommended adoption of Ordinance 15- 1428. Public Hearing: Mayor Glancy opened the public hearing relative to Ordinance 15 -1428. The following individual came forward: 1. Mr. John Casselberry, 700 South Lost Lake Lane, voiced some concerns about money being spent for projects before the revenues from the taxes are received. He also suggested that the City should coordinate expenditures of the surtax revenues with Seminole County, but again stated his opinion that the City should not extend itself too far. No one else came forward. Mayor Glancy closed the public hearing relative to Ordinance 15 -1428. MOTION: Vice Mayor Solomon moved to adopt Ordinance 15 -1428 on second and final reading, as presented. Motion was seconded by Commissioner Hufford. Motion carried unanimously by voice vote 5 -0. B. Resolution 15-2768 — Vacation and Abandonment of Portions of Triplet Lake Drive and Municipal Way Right -of -Way and Retain a Temporary Public Access Easement