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Home My Public Portal About2011-04 Authorizing the issuance of not exceeding $7,000,000 of Capital Improvement Revenue Refunding BondsORDINANCE NO. 2011-4 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,000,000 OF CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE WITH BANKS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on October 31, 2000, the Village of Key Biscayne, Florida (the "Village") issued its $10,000,000 Capital Improvement Revenue Bonds, Series 2000 (the "Prior Bonds") for the purpose of providing a portion of the costs of construction of a fire station, police station, community center and Village administrative offices (the "Project"); 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") of the Village desires to authorize the issuance of not exceeding $7,000,000 of bonds for the purpose of refunding the Prior Bonds and paying costs of issuance of the bonds; and WHEREAS, 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 further specified by subsequent resolution of the Council; and WHEREAS, on May 17, 2011, the Village received proposals from financial institutions for the purchase of bonds to refund the Village's Stormwater Utility Revenue Bonds, and the Village desires to negotiate with the same banks for the purchase of the refunding bonds directly and without utilizing a new request for proposals for the following reasons: (i) the security for the Prior Bonds is similar to the security for the Stormwater Utility Revenue Bonds; (ii) the proposals were received close in time to the first reading of this Ordinance; and (iii) the ability to move quickly is critical to achieving maximum debt service savings; and WHEREAS, for the reasons stated above, the Council hereby determines that award of the bonds pursuant to competitive bids received through a request for proposals process is impracticable; NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. The foregoing Whereas clauses are hereby ratified and confirmed as being true, and the same are hereby made specific findings by the Council and a specific part of this Ordinance. 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 aggregate principal amount not to exceed $7,000,000, in one or more series, for the purpose of refunding 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 2011", 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 December 1, 2020 and shall bear interest from their dated date at a rate 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 3. The Village Manager, the Village Finance Director 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 24th day of May, 2011. PASSED AND ADOPTED on second reading this 14th day oJJune , 20tq RAN CONCHITA H. ALVAREZ, MMC, VILLAGE CLE APPROVED AS ! FORM AND LEGAL SUFFICIE VILLAGE A O' EY 2 R F H. CAPLAN VILLAGE _OF KEY BISCAYNE MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Miami -Dade County, Florida STATE OF FLORIDA COUNTY OF MIAMI-DADE: Before the undersigned authority personally appeared MARIA MESA, who on oath says that he or she is the LEGAL CLERK, Legal Notices of the Miami Daily Business Review f/'tv'a Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Miami -Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of VILLAGE OF KEY BISCAYNE MEETING FOR JUNE 14, 2011 in the XXXX Court, was published in said newspaper in the issues of 06/02/2011 Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami in said Miami -Dade County, Florida and that the said newspaper has heretofore been continuously published in said Miami -Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in said Miami -Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he or she has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securin for publication in the said ne scribed before me this 02 day of UNE , A.D 011 (SEAL) MARIA MESA personally known to me „,10 4 Notary Public State of Florida Veronica Perez •It eK My Commission D0819771 7'toF no4- Expires 09/03/2012 OFFICE OF THE VILLAGE CLERK PUBLIC NOTICE Notice is hereby given that the following ordinances will be considered on Second Reading by the Village Council of the Village of Key Biscayne at a meeting to be held on Tuesday, June 14, 2011 at 7:00 p.m., in the Council Chamber, located at 560 Crandon Boulevard, Key Biscayne, Florida: - AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE VILLAGE OF KEY BISCAYNE, FLORIDA BY AMENDING CHAPTER 23 "RETIREMENT," SECTION 23-57 "FIREFIGHTER DEFERRED RETIREMENT OPTION PROGRAM, (DROP)" TO ALLOW POLICE OFFICER MEMBERS OF THE PLAN TO PARTICIPATE IN DROP; PROVIDING FOR INCLUSION IN CODE; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $4,505,000 OF STORMWATER UTILITY pOgNUE REFUNDING BONDS OF THE VILLAGE OF KEY. BI&CAYNE, FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLUT ON SETTING FORTH THE DETAILS OF SAID BONDS; AND PROVIDING AN EFFECTIVE DATE. AN ORDINANCg.OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE-QF NOT EXCEEDING $7,000,000 OF CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS OF THE VILLAGE OF. KEY. BiSCAYNE, - FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLUTIQN SET`CING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER -TO NEGOTIATE WITH BANKS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. The proposed Ordinances maybe inspected. by the public at the Office of the Village Clerk. Interested parties may appear at the Public Hearing and be heard with respect to the proposed Ordinances. 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 being heard. In accordance with the Americans With Disabilities Act of 1990, all persons who are disabled and who need special accommodations to participate in this proceeding because of that disability should contact the Office of the Village Clerk, 88 West McIntyre 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 meeting, 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. 286.0105). Comments of any interested party relative to this matter may be submitted in writing and or presented in person at the public hearing. 6/2 Conchita H. Alvarez, MMC Village Clerk 11-4-73/1704957M