HomeMy Public PortalAbout1995-04 Bond Anticipation Notes, Stormwater Utility System revenue from non-ad valorem taxesRESOLUTION NO. 95-4
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AUTHORIZING AS SECURITY FOR THE
VILLAGE'S STORMWATER UTILITY REVENUE BOND
ANTICIPATION NOTES A COVENANT TO BUDGET AND
APPROPRIATE FROM LEGALLY AVAILABLE NON -AD
VALOREM REVENUES; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Village Council (the "Council") of the Village of
Key Biscayne, Florida (the "Village") is contemplating the issuance
of Stormwater Utility Revenue Bond Anticipation Notes ("Notes") to
finance expansions and improvements to its Stormwater Utility
System; and
WHEREAS, the authorization to issue such Notes and the terms
of such Notes will be determined and set forth in a subsequent
ordinance and resolution of the Council; and
WHEREAS, in order to allow the Village Manager and the
Village's Financial Advisor to begin preliminary discussions with
financial institutions for the prospective purchase of such Notes,
it is necessary at this time for the Council to express its
intentions as to the security for such Notes; and
WHEREAS, the Stormwater Utility Fees alone will not, at this
time, provide sufficient security for such Notes; and
WHEREAS, the Village Manager and the Village's Financial
Advisor have determined that the best way to secure the Notes is by
a covenant of the Village to annually budget and appropriate from
legally available None -Ad Valorem Revenues of the Village;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA:
Section 1. It is the intention of the Council to secure the
Notes by a covenant to budget and appropriate in its annual budget,
from legally available Non -Ad Valorem Revenues of the Village,
amounts sufficient to satisfy the annual debt service requirements
of the Notes and all other payments that may be required pursuant
to such Notes (such as any required reserves). Such covenant will
be more fully set forth in a subsequent ordinance or resolution of
the Village.
Section 2. This resolution shall take effect immediately upon
its passage and adoption.
PASSED AND ADOPTED this 28th day of February , 1995.
(3-..3.e47L
R JOHN F. FESTA
GUIDO H. INGUANZO, JR., VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
R�WEISS, VILLAGE ATTORNEY
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