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

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SECTION 4. AUTHORIZATION OF BOND. The issuance by the City of its not to exceed $8,000,000 Utility System Revenue Bond, Series 2019 (herein the "Series 2019 Bond") for the purpose of financing the Series 2019 Project (defined as the City's meter replacement program and certain other capital costs relating to the System) and paying the costs of issuance related thereto; to be dated, to bear interest at a rate or rates not exceeding the maximum legal rate per annum, to be payable, to mature, to be subject to redemption and to have such series designations and other characteristics as shall be provided by subsequent resolution or resolutions of the Commission (each a "Supplemental Resolution") prior to their delivery; and to be secured by a prior lien upon and pledge of the Pledged Funds, on a parity with the lien thereon in favor of the holders of the outstanding 2011 Note, is hereby authorized. The Commission may adopt a specific bond resolution (including any necessary resolutions supplemental to the bond resolution) supplemental to this ordinance, setting forth the maturities (or a mechanism for determining such maturities on or prior to the sale of the Series 2019 Bond) and the fiscal details and other covenants and provisions necessary for the marketing, sale and issuance of the Series 2019 Bond. In addition, the bond resolution may authorize various interest rate modes and appropriate agreements for such modes, and may establish special accounts and include provisions for the sole benefit of the holders of the Series 2019 Bond, as circumstances dictate, in order to fully protect the rights of the holders of the Series 2019 Bond. In the case of any inconsistency between the provisions of the Original Resolution and such bond resolution provisions for the Series 2019 Bond, the provisions of the bond resolution shall control. SECTION 5. TAXING POWER NOT PLEDGED. The Series 2019 Bond, when delivered by the City pursuant to the terms of the specific bond resolution and any resolution supplemental thereto as contemplated hereby shall not constitute a general obligation or indebtedness of, or a pledge of the faith, credit or taxing power of, the City or the State of Florida or any agency or political subdivision thereof, but is a limited, special obligation of the City, the principal of, premium, if any, and interest on which are payable from the Pledged Funds under the Original Resolution. Neither the City nor the State of Florida, or any agency or political subdivision thereof, will be obligated (i) to exercise its ad valorem taxing power or any other taxing power in any form on any real or personal property to pay the principal of, premium, if any, or interest on the Series 2019 Bond, or other costs incident thereto, or (ii) to pay the same from any funds of the City except from the Pledged Funds in the manner provided in the Original Resolution and the Supplemental Resolution. The Series 2019 Bond does not constitute a lien upon any other property of or in the City. SECTION 6. GENERAL AUTHORITY. The Mayor, City Manager and Finance Director of the City, or any of them and such other officers and employees of the City as may be designated by the Mayor are hereby authorized, pending adoption of the Supplemental Resolution, to do all things and to take any and all actions on behalf of the City, without further action by the Commission, to provide for the issuance of the Series 2019 Bond; to furnish disclosures, representations, certifications and confirmations concerning the City; and to execute and deliver any bank commitments regarding the Series 2019 Bond, and all other documents and instruments deemed appropriate by any of such officers, the approval of the City and all corporate power and authority for such actions to be conclusively evidenced by the execution and delivery thereof by any of such officers.