21-3230 - Bond Issuance - Series 2021

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"Record Date" means the 15th day of the month immediately preceding any interest payment date for the Series 2021 Bond. "Series 2021 Bond" or "Series 2021 Bonds" means the $6,000,000 City of Casselberry, Florida General Obligation Bond, Series 2021 authorized by Section 6 hereof. "Series 2021 Project" means a portion of the Project which is comprised of the construction of various capital improvements, including but not limited to, the costs of the parks and recreation improvements and facilities and other capital costs, all as more particularly described in the plans and specifications on file with the City, as the same may be amended and supplemented from time to time. "Series 2021 Resolution" means this Series 2021 Resolution supplementing the Bond Resolution pursuant to which the Series 2021 Bond is authorized to be issued, including any supplemental resolution(s) and the Bond Ordinance. "State" means the State of Florida. "Taxable Period" means the period of time between (a) the date that interest on the Series 2021 Bond is deemed to be includable in the gross income of the owner thereof for federal income tax purposes as a result of an Event of Taxability, and (b) the date of the Event of Taxability and after which the Series 2021 Bond bears interest at the Taxable Rate. "Taxable Rate" means the interest rate per annum that shall provide the Purchaser with the same after-tax yield that the Purchaser would have otherwise received had the Event of Taxability not occurred, taking into account the increased taxable income of the Purchaser as a result of such Event of Taxability. The Purchaser shall provide the City with a written statement explaining the calculation of the Taxable Rate, which statement shall, in the absence of manifest error, be conclusive and binding on the City. SECTION 3. FINDINGS. The City Commission hereby finds and determines 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 construct various capital improvements, including but not limited to, the costs of the parks and recreation improvements and facilities as more particularly described on Exhibit A attached to the Bond Ordinance. (c) In order to finance the Series 2021 Project, it is necessary and desirable to provide for the issuance of the Series 2021 Bond. (d) The Series 2021 Bond to be issued to finance the Series 2021 Project will be secured by a pledge of the ad valorem taxing power of the City on all of the real property and improvements thereto subject to the City's ad valorem taxing power which are located from time to time within the municipal boundary of the City, without limitation as set forth herein.