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CASSELBERRY CITY COMMISSION Minutes of July 22, 2019 — Regular Meeting Page 11 of 20 WITHIN THE CITY; PLEDGING CERTAIN SPECIAL ASSESSMENT PROCEEDS TO SECURE THE PAYMENT OF THE PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, AND INTEREST ON THE BOND; PROVIDING A SUPPLEMENTAL COVENANT TO BUDGET AND APPROPRIATE LAWFULLY AVAILABLE NON-AD VALOREM REVENUES OF THE CITY SUFFICIENT TO PAY THE PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, AND INTEREST ON THE BOND; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BOND; AND PROVIDING SEVERABILITY AND AN EFFECTIVE DATE." Staff Presentation: City Manager Randy Newlon stated that Ordinance 19-1517 provides for the City to authorize the issuance of not to exceed $1,800,000 in aggregate principal amount of Taxable Sausalito Wall Special Assessment Revenue Bond, Series 2019. Discussion: Upon review of the City Charter and on the recommendation of the City Attorney, it has been determined that the most appropriate method of pursuing a debt issuance is through the City Commission approval of an ordinance authorizing the City to issue debt in an amount not to exceed $1,800,000 for the principal purpose of constructing the Sausalito Shores Subdivision wall, pledging certain proceeds of the special assessments to secure the payment of the principal of, redemption premium and, if any, interest on the bonds. In additional a supplemental covenant to budget and appropriate non-ad valorem revenues sufficient to pay the principal of, redemption premium, if any, and interest on the bonds is included in the ordinance. Budget Impact: There is no impact to the City Budget. Recommendation: The City Manager and the Finance Director recommended approval of Ordinance 19- 1517 on first reading, providing authorization for the City to issue Taxable Sausalito Wall Special Assessment Revenue Bond, Series 2019 in an amount not to exceed $1,800,000. Audience Participation: No one came forward to address Ordinance 19-1517. MOTION: Commissioner Busch moved to approve Ordinance 19-1517 on first reading, as presented. Motion was seconded by Vice Mayor Aramendia. Motion carried unanimously by voice vote 5-0. B. Ordinance 19-1518 — Amending the Official Zoning Designation for Properties Located Near the Northwest Corner of E. Altamonte Drive and S. U.S. Highway 17-92 (ZB 19-05) The City Clerk read Ordinance 19-1518 by title, as follows: "AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, TO AMEND THE CITY OF CASSELBERRY OFFICIAL ZONING MAP AS ESTABLISHED IN CHAPTER II, ARTICLE IV, SECTION 2-4.3, UNIFIED LAND DEVELOPMENT REGULATIONS OF THE CITY OF CASSELBERRY, FLORIDA, AS AMENDED AND SUPPLEMENTED; AMENDING THE ZONING CLASSIFICATION FROM CG (COMMERCIAL GENERAL) TO PMX-HIGH (PLANNED MIXED-USE: HIGH RISE) FOR APPROXIMATELY 6.891 ACRES GENERALLY LOCATED ON THE NORTHWEST CORNER OF EAST ALTAMONTE DRIVE AND SOUTH