19-1525 Authorizing Issuance of Utility System Revenue Bond Series 2019 for meter replacement (not to exceed $8,000,000)

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ORDINANCE 19-1525 AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $8,000,000 UTILITY SYSTEM REVENUE BOND, SERIES 2019 IN ORDER TO FINANCE THE CITY'S METER REPLACEMENT PROGRAM AND OTHER CAPITAL COSTS; PROVIDING AUTHORIZATION FOR THIS ORDINANCE; PROVIDING FINDINGS; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM THE NET REVENUES DERIVED FROM THE WATER AND SEWER SYSTEM OF THE CITY; AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION 1. AUTHORITY. This ordinance is enacted pursuant to the provisions of Chapter 166, Florida Statutes; Section 4.04(3) of the Charter of the City of Casselberry, Florida (the "City"); Section 6.02 of Resolution No. 02-1381 (the "Original Resolution") of the City Commission (the "Commission") of the City; and other applicable provisions of law. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Original Resolution. SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: A. On October 14, 2002, the City adopted the Original Resolution authorizing the issuance of the City's Utility System Revenue Bonds in one or more series. B. As of the date hereof, the City's Utility System Refunding Note, Series 2011 which is currently outstanding the aggregate principal amount of $779,363.30 and matures on October 1, 2020 (the "2011 Note") is the only obligation outstanding under the Original Resolution. C. In order to finance the City's meter replacement program and certain other capital costs relating to the System (the "Series 2019 Project"), it is necessary and desirable to provide for the issuance of bonds under the Original Resolution. D. The revenue bonds to be issued to finance the Series 2019 Project will be secured by a pledge of the net revenues of the City's water and sewer system in accordance with the Original Resolution. E. The City will be able to comply with the provisions of Section 6.02 of the Original Resolution prior to the issuance of the Series 2019 Bond, in order that it may be issued as an additional parity bond under the Original Resolution. SECTION 3. AUTHORIZATION OF SERIES 2019 PROJECT. The City hereby authorizes the acquisition, construction, purchase and installation of the Series 2019 Project and the financing thereof with the proceeds of the Series 2019 Bond.