19-1517 Authorizing Issuance of $1,643,579 Sausalito Wall Special Assessment Revenue Bond, Series 2019

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"Pledged Revenues" means the Wall Special Assessments and, to the extent that Wall Special Assessments are insufficient to pay amounts due under the Bond, the Non -Ad Valorem Revenues. "Resolution" shall mean the resolution adopted by the Commission that authorizes the issuance of the Bond and sets forth the terms and provisions with respect to the Bond, as it may be further amended or supplemented from time to time. "Series 2019 Project" shall mean the capital improvement approved by the Commission to be financed or refinanced with proceeds of the Bond for the Sausalito Subdivision wall, 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. "Wall Special Assessment Revenues" shall mean all special assessment revenues received by the City pursuant to Ordinance No. 09-1301 and Resolutions 19-3107 and 19-3112, the Initial and Final Resolutions for the Sausalito Assessment Area. 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 Revenues to pay the principal of, premium, if any, and interest on the Bond. (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 Bond as provided herein and in the Resolution. (d) The City has a capital improvement need and requirement in the form of the Series 2019 Project which needs to be constructed 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 Bond and all other payments provided for herein and in the Resolution, will be paid solely from the Pledged Revenues in accordance with the terms hereof and of the Resolution and in the manner provided herein and in the Resolution; the Bond 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 Bond, or to make any other payments provided for in the Resolution, and the Bond shall not constitute a lien upon any other property whatsoever of or in the City. Ordinance 19-1517 Page 2