21-1549 - Authorizing Issuance of Bond

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E. The election was duly held and conducted by the Seminole County Supervisor of Elections and the results thereof have been certified by such Supervisor. At the election, a majority of the electors voted in favor of the issuance of the Bonds; and F. Article VII, Section 12(a) of the Constitution of the State provides that upon approval by a vote of the electors, a municipality may issue bonds payable from ad valorem taxation to finance capital projects authorized by law; and G. The City deems it a paramount public purpose and deems it necessary, beneficial and in its best interest to provide for the financing of the Project; and H. On April 27, 2020, the City Commission adopted Resolution 20-3157 (the "Bond Resolution") providing for the issuance of not to exceed aggregate principal amount of $24,000,000 City of Casselberry, Florida General Obligation Bonds (the "Bonds"), in one or more series, in order to finance the renovation, improvement and construction of the Project, payable from Ad Valorem Taxes levied within the City and to provide for the validation of such bonds; and I. On July 10, 2020, the Bonds were validated in accordance with the final judgment issued by the Circuit Court of the Eighteenth Judicial Circuit in and for Seminole County, Florida; and J. Ad Valorem Taxes levied by the City in accordance with the Bond Resolution should be sufficient to pay all principal of and interest and redemption premium, if any, on the Bonds to be issued thereunder, as the same become due, and to make all required deposits of payments required by the Bond Resolution; and K. The City Commission has deemed it in the City's best interests to issue the Bonds in one or more series by supplemental resolutions. SECTION 3. AUTHORIZATION OF PROJECT. The City hereby authorizes the renovation, improvement and construction of the Project, payable from Ad Valorem Taxes levied within the City and the financing thereof with the proceeds of the Bonds. SECTION 4. AUTHORIZATION OF BONDS. The issuance by the City of its not exceeding $24,000,000 General Obligation Bonds, in one or more series, for the purpose of financing the Project and paying the costs of issuance related thereto; to be dated, to bear interest at a rate or rates not exceeding the maximum legal rate per annum, to be payable, to mature, to be subject to redemption and to have such series designations and other characteristics as shall be provided by subsequent resolution or resolutions of the Commission (each a "Supplemental Resolution") prior to their delivery; and to be payable from Ad Valorem Taxes levied within the City to the extent set forth herein and in the Supplemental Resolution, is hereby authorized. The Commission may adopt one or more Supplemental Resolutions setting forth the maturities (or a mechanism for determining such maturities on or prior to the sale of any series of Bond) and the fiscal details and other covenants and provisions necessary for the marketing, sale and issuance of such series of Bonds. In addition, the Supplemental Resolutions may authorize various interest rate modes and appropriate agreements for such modes, and may establish special accounts and W