21-3283 - Series 2021 Capital Improvement Bond - Police Station - Sterling National Bank

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RESOLUTION 21-3283 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA SUPPLEMENTING ORDINANCE 21-1562 ENACTED DECEMBER 13, 2021; AUTHORIZING THE ISSUANCE AND SALE OF THE CITY'S CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2021 IN A PRINCIPAL AMOUNT OF $10,000,000 IN ORDER TO FINANCE THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF A NEW POLICE STATION COMPLEX; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF THE SERIES 2021 BOND; AUTHORIZING A NEGOTIATED SALE OF SAID SERIES 2021 BOND TO STERLING NATIONAL BANK; DELEGATING CERTAIN AUTHORITY TO THE MAYOR; PROVIDING FOR CERTAIN TERMS OF THE SERIES 2021 BOND; AUTHORIZING THE EXECUTION AND DELIVERY OF THE SERIES 2021 BOND, SUCH SERIES 2021 BOND TO BE A LIMITED OBLIGATION OF THE CITY PAYABLE FROM A COVENANT TO BUDGET AND APPROPRIATE FROM LEGALLY AVAILABLE NON -AD VALOREM REVENUES AS PLEDGED HEREIN; PROVIDING FOR THE RIGHTS AND SECURITIES OF THE OWNER OF THE SERIES 2021 BOND; MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE PURCHASER OF THE SERIES 2021 BOND; APPOINTING THE CITY AS PAYING AGENT AND BOND REGISTRAR FOR SAID SERIES 2021 BOND; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA: SECTION 1. AUTHORIZATION. This Resolution is adopted pursuant to the provisions of Chapter 166, Part II, Florida Statutes, and Section 4.04(3) of the Charter of the City of Casselberry, Florida, Ordinance 21-1562, and other applicable provisions of law. SECTION 2. DEFINITIONS. Unless otherwise defined herein, capitalized terms shall have the meanings set forth below. "Act" means Chapter 166, Part II, Florida Statutes, Section 4.04(3) of the City Charter of the City of Casselberry, Florida, and other applicable provisions of law. "Bond Ordinance" means Ordinance 21-1562 enacted by the City on December 13, 2021, as supplemented by this Resolution.