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CASSELBERRY CITY COMMISSION Minutes of October 26, 2020 — Regular Meeting Page 8 of 11 The City Clerk read Ordinance 20-1540 by title, as follows: "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." Notice of Public Hearing: The Notice of Public Hearing relative to Ordinance 20-1540 was advertised in the Orlando Sentinel on Thursday, October 15, 2020. Staff Presentation: City Manager Randy Newlon stated that Ordinance 20-1540 provides for the City to authorize the issuance of City of Casselberry, Florida Capital Improvement Revenue Bond, Series 2020, in an amount not to exceed $16,000,000 to finance the construction and equipping of the City's Public Works facility. The actual authorization for issuance of the bond will be done by resolution at a later time; this Ordinance merely authorizes the City Commission to do that. In response to questions from the City Commission, Mr. Newlon advised that the City was on track to consider issuance of the bond at the next regular City Commission meeting on November 16`i' and the rate would be locked in at that time. He added that there was a non-binding offer for a 25 -year bond with a 15 -year rate lock at 2.06% which he and staff favored, and a simultaneous offer for a 10 -year rate lock at 1.69%; however, staff would most likely be ut'. ldat at theecomrrendrng the 2.06°'� fiG heCyCGiiiSSiGn GiNovember i6He aiSG confirmed rotrt end of the rate lock period there would be a rate adjustment to whatever market rates were at the time, but it would not be a balloon balance due at that time. He also noted there would also be opportunities for the City to re -finance under certain circumstances. Budget Impact: Before debt is authorized, the City Commission will be asked for its approval by resolution. If approved, debt is expected to be issued at the City Commission meeting scheduled for November 16, 2020. Budget impact will be recognized at that time. Recommendation: The City Manager and the Finance Director recommended adoption of Ordinance 20- 1540. Public Hearing: Mayor Henson stated this was a public hearing to hear and consider comments and questions regarding Ordinance 20-1540. Mayor Henson opened the floor for public participation. No one came forward to address Ordinance 20-1540. Mayor Henson closed the public hearing relative to Ordinance 20-1540. MOTION: Commissioner Busch moved to adopt Ordinance 20-1540 on second and final reading, as presented. Motion was seconded by Vice Mayor Hufford. Motion carried unanimously by voice vote 5-0.