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Home My Public Portal About2016-06 Authorizing the issuance of sewer improvement revenue bonds of the VKBORDINANCE NO. 2016-6 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $3,500,000 oF sEwER IMPROVEMENT REVENUE BONDS OF TIIE VILLAGE OF KEY BISCAYNEO FLORIDA FOR THE PURPOSE OF PREPAYING AND REFINANCING A STATE REVOLVING FUND LOAN; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE \üITH FINANCIAL INSTITUTIONS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS' on June 23,2009,the Village of Key Biscayne, Florida (the "Village") entered into a Clean Water State Revolving Fund Loan Agreement (WWS50050), as amended by Amendment I to Loan Agreement WW850050, with the Florida Water Pollution Control Financing Corporation in a total amount of $5,215,500 (the'ol-oan") for the financing of a sanitary sewer construction proj ect; and WHEREAS, in order to take advantage of the current prevailing low interest rates and thereby achieve debt service savings, the Village Council (the '¡Council") desires to authorize the issuance of not exceeding $3,500,000 of bonds (the "Bonds") for the purpose of prepaying and refinancing the Loan and paying costs of issuance of the Bonds; and \MHEREAS, the Council desires that the Bonds be secured by a covenant to budget and appropriate Non-Ad Valorem Revenues of the Village, as further specified by subsequent resolution of the Council. NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section L. 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 is hereby authorized to be issued the Bonds, in an aggregate principal amount not to exceed $3,500,000, in one or more series, for the pu{pose of prepaying and refinancing the Loan and paying costs of issuance of the Bonds. The Bonds shall be designated "Village of Key Biscayne, Florida Sewer Improvement Revenue Bonds, Series 2016," 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 1, 2030 and shall bear interest from their dated date at arate 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 Bond Resolution may be adopted, and the Bonds may be issued, at arry time after the effective date of this Ordinance. Section 3. The Village Manager, the Village Finance Director, the Village Attomey, Bond Counsel to the Village and the Financial Advisor for the Village are each hereby authorized to negotiate with banks or other financial institutions for the purchase of the Bonds and with respect to the terms of the Bonds. The Village Manager is hereby authorized to accept the commitment from the institution offering, in his opinion, after consultation with the Financial Advisor, the best terms for the purchase of the Bonds, and to enter into an agreement locking in the interest rate as soon as possible. The final terms of the Bonds, as so agreed to by the Village Manager, 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 4. This Ordinance will become effective immediately upon adoption on second reading. PASSED AND ADOPTED on first reading this 26th day of April ,2016. PASSED AND ADOPTED on second reading this 26th day of May ,2016. ln MAY PENA LIND A H. ALVAREZ,MMC, VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY VILLAGE ATTORNEY T 2 MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Hol¡days M¡ami, Miami-Dade County, Florida STATE OF FLORIDA COUNTY OF MIAMI-DADE: Before the undersigned author¡ty personally appeared OCTELMA V. FERBEYRE, who on oath says that he or she is the VICE PRESIDENT, Legal Notices of the M¡am¡ Da¡ly Business Review ilkla Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Miami-Dade County, Flor¡da; that the attached copy of advertisement, being a Legal Advert¡sement of Notice in the matter of VILLAGE OF KEY BISCAYNË , ORDINANCE - MAY 24,2016 in the XXXX Court, was published in said newspaper in the issues of o511212016 Aff¡ant further says that the said Miami Daily Business Review is a newspaper published at Miami, in said Miam¡-Dade County, Florida and that the said newspaper has heretofore been cont¡nuously publ¡shed in said Miami-Dade County, Florida each day (except Saturdây, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in sajd Miami-Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advert¡sement; and aff¡ant further says that he or she has ne¡ther pa¡d nor prom¡sed any person, flrm or corporation any d¡scount, rebate, commission or refund for the securing this advertisement for publication in Sworn to and subscribed before me this 12 day oî Y, A,D. (sEAL) OCTELMA V. FERBEYRE personally known to me YILI.AGE OF KEY BISCAY]IE OFFIGE OF TIIE YILLAGE CTERK PUBLIC ]{OTIGE Notice is hereby'given lhat the following ordinance will be considered on Second Reading by the Village Council of the Village of Key Biscayne at a Meeting to be held on Tuesday, May 24,2016 at 7:00 p.m., in the Council Chamber, located at 560 Crandon Boulevard, Key Biscayne, Florida: AN ORDINANCE OF IHE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $5i625,000 OF CAPITAL IMPROVEMENT REVENUE BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORTDA FOR THE PURPOSE OF pREpAytNc AND REFINANCING ASTATE REVOLVING FUND LOAN AND REIMBURSING THE VILLAGE FOR EXPENE'ITURES MADE IN CONNECTION WITH LANO ACQUISITION FOR A VILLAGE PARK; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE WTH FINANCIAL INSTITI¡TIONS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. The proposed Ordinance may be inspected by the public at tho Ofiice of the Village Clerk. lnterested parties may appear at the Public Hearing and be hêard with respect to the proposed Ordinance. Any person wishing to address the Village Council on any.item at this Public Hearing is asked to register with the Village Clerk prior to that item be¡ng heard. ln accordance with theAmericans With Disabilities Act of 1990, all persons who are disabted and who need special accommodations to participate in this proceeding þecause of that disability should contact the Office of the Village Clerk, 88 West Mclntyre Street, Suite 220, Key Biscayne, Florida 33149, telephone number (305) 365-5506, not later than two business days prior to such proceeding. Should any person desire to appeal any decision of the Village Council with respect to any matter to be considered at this meet¡ng, that person shall insure that a verbatim record of the proceedings is made including all testimony and evidence upon which any appeal may be based (F.S. 286.01 05). Comments of any interested party relat¡ve to this matter may be submitted in writing and or presented in person at the public hearing. b 5/12 Conchita H. Alvarez, MMC Village Clerk" 16-136/00001 12280M ..¿:¡Ï''q., t:r#d. RHONDA M PELTIER ftlY COf,,rì,ttSStON # FF231402 FXPTRES May 17 2019rlü/ì 39î,C-;Eù.