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CASSELBERRY CITY COMMISSION Minutes of February 8, 2021 — Regular Meeting Page 9 of 15 "AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $24,000,000 GENERAL OBLIGATION BONDS IN ORDER TO FINANCE THE RENOVATION, IMPROVEMENT AND CONSTRUCTION OF VARIOUS CAPITAL IMPROVEMENTS, INCLUDING BUT NOT LIMITED TO, THE PARKS AND RECREATION IMPROVEMENTS AND FACILITIES MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING AUTHORIZATION FOR THIS ORDINANCE; PROVIDING FINDINGS; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM THE PROCEEDS OF AD VALOREM TAXES LEVIED WITHIN THE CITY; AND PROVIDING FOR SEVERABILITY, CONFLICTS, AND AN EFFECTIVE DATE." Staff Presentation: City Manager Randy Newlon explained that Ordinance 21-1549 provides for the City to authorize the issuance of the Capital Improvement General Obligation Bond, in one or more series, in order to finance the renovation, improvement and construction of various capital improvements, including but not limited to, the parks and recreation improvements and facilities in the principal amount not to exceed $24,000,000 as approved by the voters of Casselberry in a bond referendum in March of 2020. He added that the process was now underway and some of the planning had begun, but this ordinance would authorize the City to solicit for debt offerings from lenders for the City Commission to consider. The ordinance provides for the City to solicit from the lenders and borrow the debt in series or multiple increments, not all at once, and Mr. Newlon envisions bringing the first series at an amount of $6 million to the City Commission for approval soon, with the remaining $18 million to follow over the next two years. Mr. Newlon reiterated that Ordinance 21-1549 did not actually cause the City to incur any debt, but simply authorized staff to solicit for and bring opportunities to borrow to the City Commission for consideration in order to pursue the goals of improving the parks as authorized by the voters. Budget Impact: Before the debt is authorized, 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 March 8, 2021. Budget impact will be recognized at that time. Recommendation: The City Manager and the Finance Director recommended approval of Ordinance 21- 1549 on first reading. Audience Participation: No one came forward to address Ordinance 21-1549. MOTION: Commissioner Meadows moved to approve Ordinance 21-1549 on first reading, as presented. Motion was seconded by Vice Mayor Busch. Motion carried unanimously by voice vote 5-0. C. Ordinance 21-1550 — Amending the Official Zoning Designation for the Property Located at 198 SR 436 (ZB 20-04) The City Clerk read Ordinance 21-1550 by title, as follows: "AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, TO AMEND THE CITY OF CASSELBERRY OFFICIAL ZONING MAP AS ESTABLISHED IN CHAPTER II, ARTICLE IV, SECTION 2-4.3, UNIFIED LAND DEVELOPMENT REGULATIONS OF THE CITY OF CASSELBERRY, FLORIDA, AS AMENDED AND SUPPLEMENTED; AMENDING THE