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

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"Record Date" shall mean the 15th day of the month immediately preceding any interest payment date for the Series 2021 Bond. "Resolution" means this Resolution supplementing the Bond Ordinance pursuant to which the Series 2021 Bond is authorized to be issued, including any supplemental resolution(s). "Series 2021 Bond" or "Series 2021 Bonds" means the $10,000,000 City of Casselberry, Florida Capital Improvement Revenue Bond, Series 2021 authorized by Section 6 hereof. "Series 2021 Project" means the design, acquisition, construction and equipping of a new police station complex 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. "State" means the State of Florida. "Taxable Period" shall mean 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" shall mean the interest rate per annum that shall provide the Owner with the same after-tax yield that the Owner would have otherwise received had the Event of Taxability not occurred, taking into account the increased taxable income of the Owner as a result of such Event of Taxability. The Owner 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. (b) The City desires to design, acquire, construct and equip a new police station complex and related capital improvements (the "Series 2021 Project"). (c) In order to finance the Series 2021 Project, it is necessary and desirable to provide for the issuance of a capital improvement revenue bond (the "Series 2021 Bond"). (d) The capital improvement revenue bond to be issued to finance the Series 2021 Project will be secured by a covenant to budget and appropriate certain legally available Non -Ad Valorem revenues of the City as set forth herein. (e) Debt service on the Series 2021 Bond will be paid from legally available Non -Ad Valorem Revenues budgeted and appropriated in accordance with this Resolution. The Non -Ad Valorem Revenues are expected to be sufficient to pay the principal and interest on the Series 2021 Bond, as the same become due. 0