21-3230 - Bond Issuance - Series 2021

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(e) Debt service on the Series 2021 Bond will be paid from Ad Valorem Taxes in accordance with this Series 2021 Resolution. The Ad Valorem Taxes are expected to be sufficient to pay the principal and interest on the Series 2021 Bond, as the same become due. (f) The Series 2021 Bond to be issued under this Series 2021 Resolution does not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction and is not subject to the provisions of any other law or charter relating to the authorization, issuance, or sale of bonds. (g) The City has received responses to its request for proposals for the financing of the Series 2021 Project pursuant to which the City Manager, in conjunction with the City's financial advisor, has recommended JPMorgan Chase Bank, N.A., as the response containing the terms most favorable to the City. Due to the immediate need for funds, prevailing market conditions, and the nature of the contemplated financing, it is hereby determined that it is in the best interests of the public and the City to issue and sell the Series 2021 Bond to the Purchaser at a private negotiated sale. (h) The principal of and interest on the Series 2021 Bond shall be payable from and secured solely by the Ad Valorem Taxes. No recourse may be had against the general fund of the City or against any funds or assets of the City, excepting (i) the pledge of Ad Valorem Taxes, and (ii) the pledge of liens expressly provided for in the Debt Service Fund and Project Fund, and in the manner and as set forth herein and in the Bond Resolution. Neither the full faith and credit nor any other taxing power of the City is pledged for the payment of the Series 2021 Bond, or interest thereon, or for any obligation of the City in connection therewith. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Series 2021 Bond authorized to be issued hereunder by those who shall hold the same from time to time, this Series 2021 Resolution (including the Bond Ordinance and the Bond Resolution) shall be deemed to be and shall constitute a contract between the City and such Owners. The covenants and agreements herein set forth to be performed by the City shall be for the equal benefit, protection and security of the legal Owners of such Series 2021 Bond, all of which shall be of equal rank and without preference, priority or distinction of any of the Series 2021 Bond over any other thereof, except as expressly provided therein and herein. SECTION 5. APPROVAL OF THE SERIES 2021 BOND AND SALE OF THE SERIES 2021 BOND TO PURCHASER; COVENANTS. The City hereby approves the issuance of the Series 2021 Bond and sale of same to the Purchaser. A copy of the City's annual audit of its financial statements together with an opinion of an independent certified public accountant and report shall be furnished to the Purchaser by the City within 270 days of the end of each related fiscal year. A copy of the annual budget of the City for each fiscal year shall be provided to the Purchaser by the City within thirty (30) days of adoption and such other additional information, reports or schedules (financial or otherwise) shall be provided as the Purchaser may reasonably request. SECTION 6. AUTHORIZATION OF THE SERIES 2021 BOND AND SERIES 2021 PROJECT. Subject and pursuant to the provisions of this Series 2021 Resolution, an obligation of the City to be known as the "City of Casselberry, Florida General Obligation Bond, Series 2021" 0