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CASSELBERRY CITY COMMISSION Minutes of August 26, 2019 — Regular Meeting Page 14 of 20 MOTION: Commissioner Busch moved to approve Resolution 19-3112, as presented. Motion was seconded by Commissioner Hufford. Discussion: Brief discussion ensued regarding the fact that the City had not initiated discussions about reconstruction of the wall, but had been asked by the homeowners for assistance; had responded by agreeing to advance the funding and arrange for reconstruction of the wall, with reimbursement being made through imposition of an assessment; and that the majority of homeowners had agreed to imposition of the assessment as a solution for repayment of construction and loan costs to the City. Each of the Commissioners expressed appreciation to staff for their efforts in finding a solution and obtaining input from a consultant to try and minimize the financial impact to the residents of the subdivision, and also to those residents who had come to the meeting and expressed their opinions to the City Commission to assist them in making a decision on the issue. In response to questions from the City Commission, Mr. Bowley advised that his team had conducted a survey of the residents over a two-week period including going door- to-door and attending a homeowners' association meeting in order to access the greatest number of residents and had also provided mailers to those they had been unable to reach. Although he did not have the exact survey results with him, he stated that 50% of the residents were in favor of the wall, 30% did not respond to the survey, and 20% were opposed to the wall. Motion carried unanimously by voice vote 5-0. 12. OTHER ITEMS A. Resolution 19-3119 — Issuance of Taxable Sausalito Wall Special Assessment Revenue Bond, Series 2019 in the Aggregate Principal Amount of $1,643,579 and Related Budget Amendment # 19-043 The City Clerk read Resolution 19-3119 by title, as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, SUPPLEMENTING ORDINANCE 19-1517; AUTHORIZING THE ISSUANCE OF ITS TAXABLE SAUSALITO WALL SPECIAL ASSESSMENT REVENUE BOND, SERIES 2019 IN THE PRINCIPAL AMOUNT OF $1,643,579 TO FINANCE THE DESIGN, CONSTRUCTION AND INSTALLATION OF A SAFETY AND PRIVACY WALL BETWEEN THE SAUSALITO SHORES NEIGHBORHOOD AND RED BUG LAKE ROAD BENEFITTING CERTAIN PROPERTIES WITHIN THE CITY; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND TO EVIDENCE THE CITY'S OBLIGATION UNDER THE LOAN AGREEMENT, SUCH BOND TO BE A LIMITED OBLIGATION OF THE CITY PAYABLE FROM NON -AD VALOREM SPECIAL ASSESSMENTS AND A COVENANT TO BUDGET AND APPROPRIATE FROM LEGALLY AVAILABLE NON -AD VALOREM REVENUES AS PLEDGED HEREIN; PROVIDING FOR THE RIGHTS AND SECURITIES OF THE OWNER OF THE BOND; MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE PURCHASER OF THE BOND; AND PROVIDING FOR AN EFFECTIVE DATE."