20-1540 Capital Improvement Revenue Bond Series 2020 - PW Compound

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ORDINANCE 20-1540 AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $16,000,000 CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2020 IN ORDER TO FINANCE THE CONSTRUCTION AND EQUIPPING OF THE CITY'S PUBLIC WORKS FACILITY AND OTHER CAPITAL COSTS; PROVIDING AUTHORIZATION FOR THIS ORDINANCE; PROVIDING FINDINGS; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM A COVENANT TO BUDGET AND APPROPRIATE NON-AD VALOREM REVENUES 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 and Section 4.04(3) of the Charter of the City of Casselberry, Florida (the "City"); and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: A. The City is a duly constituted and validly existing municipality within the State of Florida with requisite home rule powers derived from the Constitution and Laws of the State of Florida; and B. The City desires to renovate the City's Public Works Facility as more particularly described on Exhibit A attached hereto (the "Series 2020 Project"); and C. In order to finance the Series 2020 Project, it is necessary and desirable to provide for the issuance of a capital improvement revenue bond (the "Series 2020 Bond"); and D. The capital improvement revenue bond to be issued to finance the Series 2020 Project will be secured by a covenant to budget and appropriate certain legally available non-ad valorem revenues of the City as set forth herein and in a subsequent resolution or resolutions of the City (the "Non -Ad Valorem Revenues"). SECTION 3. AUTHORIZATION OF SERIES 2020 PROJECT. The City hereby authorizes the construction and equipping of the Series 2020 Project and the financing thereof with the proceeds of the Series 2020 Bond. SECTION 4. AUTHORIZATION OF SERIES 2020 BOND. The issuance by the City of its not exceeding $16,000,000 Capital Improvement Revenue Bond, Series 2020 (herein the "Series 2020 Bond") for the purpose of financing the Series 2020 Project 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