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ORDINANCE 21-1549 <br />AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, <br />AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $24,000,000 <br />GENERAL OBLIGATION BONDS IN ORDER TO FINANCE THE <br />RENOVATION, IMPROVEMENT AND CONSTRUCTION OF VARIOUS <br />CAPITAL IMPROVEMENTS, INCLUDING BUT NOT LIMITED TO, <br />THE PARKS AND RECREATION IMPROVEMENTS AND FACILITIES <br />MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING <br />AUTHORIZATION FOR THIS ORDINANCE; PROVIDING FINDINGS; <br />PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM THE <br />PROCEEDS OF AD VALOREM TAXES LEVIED WITHIN THE CITY; <br />AND PROVIDING FOR SEVERABILITY, CONFLICTS, AND AN <br />EFFECTIVE DATE. <br />NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE <br />CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: <br />SECTION 1. AUTHORITY. This ordinance is enacted pursuant to the provisions of <br />Chapter 166, Florida Statutes, Sections 100.201-100.351, Florida Statutes, the Charter of the City <br />of Casselberry, Florida (the "City"), and other applicable provisions of law. <br />SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: <br />A. The City is a duly constituted and validly existing municipality within the State of <br />Florida with requisite home rule powers derived from the Constitution and Laws of the State of <br />Florida; and <br />B. The financing of the construction of various capital improvements, including but <br />not limited to, the costs of the parks and recreation improvements and facilities more particularly <br />described in Exhibit A attached hereto (the "Project"), constitutes a capital project authorized by <br />law for which bonds payable from ad valorem taxation could be issued pursuant to Article VII, <br />Section 12 of the Constitution of the State of Florida (the "State") , so long as such bonds were <br />approved by vote of the electors of the City; and <br />C. An election was held on March 17, 2020 to determine if the electors of the City <br />approved of the issuance of not exceeding in the aggregate $24,000,000 of general obligation <br />bonds of the City, bearing interest not exceeding maximum legal rates, maturing not later than 20 <br />years from issuance, for the purpose of financing the renovation, improvement and construction <br />of the Project, payable from ad valorem taxes levied by the City on real property and improvements <br />thereto subject to the City's ad valorem taxing power ("Ad Valorem Taxes"); and <br />D. Notice of said election was published in the Orlando Sentinel, a newspaper of <br />general circulation in Seminole County, Florida; and <br />