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CASSCLBERRY CITY COMMISSION Minutes of August 26, 2019 — Regular Meeting Page 10 of 20 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." Notice of Public Hearing: The Notice of Public Hearing relative to Ordinance 19-1517 was advertised in the Orlando Sentinel on Thursday, August 15, 2019. Staff Presentation: City Manager Randy Newlon stated that Ordinance 19-1517 provides for the City to authorize the issuance of not to exceed $1,643,579 in aggregate principal amount of Taxable Sausalito Wall Special Assessment Revenue Bond, Series 2019. Background: On June 10, 2019, the City Commission approved the City's pursuit for construction of the Sausalito Shores subdivision wall and the associated construction loan and special assessment. On July 22, 2019, the City Commission approved first reading of Ordinance 19-1517, issuance of not to exceed $1,800,000 in aggregate principal amount. This amount has been reduced on second reading to $1,643,579 in aggregate principal amount. 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 $1,643,579 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 addition, 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: The adoption of Ordinance 19-1517 providing authorization for the City to issue Taxable Sausalito Wall Special Assessment, Series 2019 Bond has no impact on the City Budget. Recommendation: The City Manager and the Finance Director recommended adoption of Ordinance 19- 1517. Public Hearing: Mayor Glancy stated this was a public hearing to hear and consider comments and questions regarding Ordinance 19-1517. Mayor Glancy opened the floor for public participation. The following individual came forward to address Ordinance 19-1517: Mr. Patrick Winkler, 104 Todd Drive, spoke in opposition of Ordinance 19-1517 and presented a letter setting forth his objections for inclusion in the record. City Attorney Reischmann clarified that this agenda item was not specifically about the bond issuance, but only to authorize the City Commission to issue the debt, and advised that one of the later agenda items, Item 1 l.C., Final Assessment Resolution for Sausalito Assessment Area, may be a more appropriate time for Mr. Winkler or anyone else in the audience to voice his or her objections to imposition of the assessment.