HomeMy Public PortalAbout2020-05 Authorizing the issuance of not exceeding $11,300,000 of Capital Improvement Revenue Refunding Bonds of the VKBORDINANCE NO.2O2O.O5
AN ORDINANCE OF Tm YILLAGE OF KEy BISCAYNE,
FLORIDA AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $11,300,000 OF' CAPITAL IMPROVEMENT
REVENTJE REFTJIYDING BOI{DS OF THE VILLAGE OF
KEY BISCAYNE, FLORTDA, FOR Tm, PURPOSE OF
REF'ITIYDING SEVERAL SERIES OF OUTSTANDING
BONDS IN ORDER TO ACHIEVE DEBT SERVICE
SAVINGS; PROVIDING FOR A SUPPLEMENTAL
RESOLUTION SETTING FORTH TITE DETAILS OF SAID
BONDS; AUTHORIZING TIIE VILLA.GE MANAGER TO
NEGOTIATE WITH BA}IKS FOR PURCHASE OF TIIE
BONDS; Ai\D PROVIDING AI.{ EFFECTM DATE.
WHEREAS, the Village of Key Biscalme, Florida (the "Village") has previously issued
the following series of bonds, which are currently outstanding:
(a) $1,865,000 Capital Improvement and Land Acquisition Revenue Refunding Bonds, Series
2011, issued on August 1,2011 (the *20LI Bonds"), for the purpose of refunding the
Village's $2,800,000 Capital Improvement and Land Acquisition Revenue Bonds, Series
2004 (the *2004 Bonds'), which 2004 Bonds were issued for the purpose of reimbursing
the project fund for costs of acquiring land located at 530 Crandon Boulevard for Village
purposes and financing a ponion of the costs of site improvements for the Village's
community center (the "2004 Project');
(b) $7,130,000 Capital Improvement Revenue Refunding Bonds, Series 20118, issued on
August L,20Il (the'20l lB Bonds"), forthepurpose ofrefunding the Village's $9,987,551
Capital Improvement Revenue Bonds, Series 2002 (the*2002 Bonds"), whish 2002 Bonds
were issued for the purpose of financing a portion of the costs of consfuction and
equipping of a community center, including a parking garuge and swimming pool (the
"2002 Project");
(c) $5,575,000 School Improvement Revenue Bonds, Series z}lz,issued on October 24,2012
and reissued for tax purposes on May 15, 2017 (the *2012 Bonds"), for the purpose of
providing a portion of the financing of a permanent secondary educational facility and
recreational fields for Village residents located at the MAST Academy Campus as well as
necessary renovations of the Key Biscayne K-8 Center (the'2012 Project");
(d) $4,575,000 School Improvement Revenue Bonds, Series 2014, issued on July 17 ,2014 (the
*20L4 Bonds'), for the pu{pose of providing an additional portion of the financing for the
2012 Project; and
(e) $3,490,000 Sewer Improvement Revenue Bonds, Series 2016, issued on June 29,2016
(the "2016 Bonds" and together with the 2011 Bonds, the 20118 Bonds, the 2012 Bonds
and the 2014 Bonds, the '?rior Bonds"), for the purpose prepaying and refinancing a loan
from the Florida Water Pollution Control Financing Corporation made in 2009 to finance
a sanitary sewer consbuction project (the "2009 Projecf' and together with the 2002
Projecq the 2004 Project and the 2012 Projecg the'?rior Project");
WIIEREAS, in order to take advantage of the current prevailing low interest rates and
thereby achieve debt service savings, the Village Council (the "Council") of the Village desires
to authorize the issuance of not exceeding $l1,300,000 of bonds for the purpose of refunding all
or some the Prior Bonds and paying costs of issuance of the bonds; and
WIIEREAS, the Council desires that the bonds be secured in the same manner as the Prior
Bonds by a covenant to budget and appropriate Non-Ad Valorem Revenues of the Village, all as
furttrer specified by subsequent resolution of the Council.
NOW, THEREF'ORE, BE IT ORDAINED By TIIE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS F'OLLOWS:
Section 1. Each of the above-stated recitals is hereby adopted and confirmed.
Section 2. In accordance with the provisions of the Charter of the Village of Key
Biscayne, Florida and Chapter 166, Florida Statutes, there are hereby authorized to be issued
Capital Improvement Revenue Refunding Bonds (the "Bonds") of the Village, in an aggr:egate
principal amount not to exceed $11,300,000, in one or more series, for the purpose of refunding
all or some of the Prior Bonds and paying costs of issuance of the Bonds. The Bonds shall be
designated "Village of Key Biscayne, Florida Capital Improvement Revenue Refunding Bonds,
Series 2020", or such other designation as may be approved by supplemental resolution, shall be
dated such date, shall be in such denominations, shall be stated to mature no later than October l,
2032 and shall bear interest from their dated date atarzite or rates not exceeding the maximum rate
permitted by law at the time of issuance of the Bonds, shall be subject to redemption at the option
of the Village at such times and prices, and shall have such other details, all as shall hereafter be
determined by the Council by supplemental resolution (the "Bond Resolution"). The supplemental
resolution may be adopted, and the Bonds may be issued, at any time after the effective date of
this Ordinance.
Section 2. The Village Manager or Acting Village Manager, as applicable, the Village
Finance Director and the Financial Advisor for the Village are each hereby authorized to negotiate
with banks or other financial instinrtions for the purchase of the Bonds and with respect to the
terms of the Bonds. The Village Manager or Acting Village Manager, as applicable, is hereby
authorized to accept the commitnent from the institution offering, in her/his opinion, after
consultation with the Financial Advisor and the Finance Director, the best terms for the purchase
of the Bonds. The Village Manager or Acting Village Manager, as applicable, is hereby authorized
to determine, after consultation with the Financial Advisor and the Finance Director, whether all
or only certain series of the Prior Bonds shall be refunded based on the debt service savings
available on each series of Prior Bonds after receiving the tenns from the prospective purchasers
of the Bonds. The final terms of the Bonds, as so agreed to by the Village Manager or Acting
Village Manager, as applicable, shall be set forth, and presented to Council, in the Bond
Resolution. The Village Attorney and Bond Counsel to the Village are hereby authorized to draft
documents and to do all other things necessary to accomplish the issuance and sale of the Bonds.
Section 3. This Ordinance will become effective immediately upon adoption on second
2
reading
ATTEST:
PASSED AND ADOPTED on first reading this 27th day of Octobe\2020.
PASSED AND ADOPTED on second reading this 17th day of November, 2020.
MICHAEL W. DAVEY, MAYOR
J KOCH
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SI.JFFICIENCY:
B \r*;,
VILLAGE ATTORNEY
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