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

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(f) The Series 2021 Bond to be issued under this 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 its financial advisor, has recommended Sterling National Bank (the "Purchaser") 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. (h) The principal of and interest on the Series 2021 Bond shall be payable from and secured solely by the legally available Non -Ad Valorem Revenues. Neither the City, nor the State of Florida or any political subdivision thereof or governmental authority or body therein, shall ever be required to levy ad valorem taxes to pay the principal of and interest on the Series 2021 Bond or any amounts due on the Series 2021 Bond, and the Series 2021 Bond shall not constitute a lien upon the Series 2021 Project, or upon any properties owned by or situated within the City except as provided herein with respect to the legally available Non -Ad Valorem Revenues. 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 Resolution (including the Bond Ordinance) shall be deemed to be and shall constitute a contract between the City and such Owner. The covenants and agreements herein set forth to be performed by the City shall be for the benefit, prnteptinn and 3P.i�rity of the legal Owners of the Series 2021 Bond. 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 Owner. A copy of the City's annual audit of its financial statements and report shall be furnished to the Owner 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 Owner 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 Owner may reasonably request. SECTION 6. AUTHORIZATION OF THE SERIES 2021 BOND AND SERIES 2021 PROJECT. Subject and pursuant to the provisions of this Resolution, an obligation of the City to be known as the "City of Casselberry, Florida Capital Improvement Revenue Bond, Series 2021 " is hereby authorized to be issued under and secured by the Bond Ordinance and this Resolution, in the principal amount of $10,000,000 for the purpose of providing funds to pay the costs of the Series 2021 Project and to pay the costs of issuing the Series 2021 Bond. The Series 2021 Bond shall be substantially in the form set forth herein and is hereby approved, with such changes therein as shall be approved by any of the authorized officers executing the same, with such execution to constitute conclusive evidence of such officer's approval and the City's approval of any changes therein from the form set forth herein. 5