The URL can be used to link to this page

Home My Public Portal About1997-09 Authorizing the extension of the maturity date of its stormwater utility revenue bond series 1995ORDINANCE NO. 97- 9 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AUTHORIZING THE EXTENSION OF THE MATURITY DATE OF ITS STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES, SERIES 1995; AMENDING ORDINANCE NO. 95-3, TO CLARIFY THAT THE MATURITY DATE LIMITATIONS ON THE BOND ANTICIPATION NOTES ISSUED PURSUANT THERETO DO NOT APPLY TO ANY EXTENSIONS OR RENEWALS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on March 28, 1995, the Village Council (the "Council") of the Village of Key Biscayne, Florida (the "Village") adopted Ordinance No. 95-3 (the "Ordinance") authorizing the issuance of $7,200,000 Village of Key Biscayne, Florida, Stormwater Utility Revenue Bond Anticipation Notes, Series 1995 (the "Notes"), and on April 11, 1995, the Council adopted Resolution No. 95-11 setting forth the details of the Notes (the "Note Resolution"); and WHEREAS, on April 17, 1995, the Village issued the Notes, and the Notes were purchased by Key Biscayne Bank and Trust Company, now known as SunTrust Bank, Miami, N.A., and First Union National Bank of Florida (collectively, the "Bank"); and WHEREAS, the Notes mature on April 1, 1997 and the Bank, as the sole holder of the Notes, has agreed to extend the term of the Notes an additional 364 days at an interest rate equal to seventy- eight percent (78%) or less of the one year U.S. Treasury Note rate as of the redelivery date of the amended Notes; and WHEREAS, the Ordinance states that the Notes shall mature not later than three (3) years from their date of issuance, and the Council desires to clarify that such maturity limitation not be deemed to apply to any extensions or renewals of the Notes; and WHEREAS, the Council hereby determines it to be in the best interests of the Village to extend the term of the Notes, and in furtherance thereof, to amend the Ordinance to clarify that extending the original maturity of the Notes for more than one year will not conflict with the Ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA: SECTION 1. AUTHORIZATION TO EXTEND NOTES. The Council hereby determines it to be in the best interests of the Village to extend the term of the Notes an additional 364 days. The details of such extension shall be determined by this Council by supplemental resolution (which may be an amendment to the Note Resolution). SECTION 2. AMENDMENT OF ORDINANCE. In order to clarify that the three (3) year limitation on the maturity of the Notes was not intended to apply to any renewals or extensions of the Notes, there is hereby added to the end of Section 1 of the Ordinance the following: MIA:49507:1 The three (3) year limitation on the maturity date of the Notes referenced in the preceding paragraph shall apply only to the term of the Notes as originally issued. Any renewals or extensions of the Notes may be for a term not in excess of that authorized under Florida law and as otherwise determined by the Council by supplemental resolution. SECTION 3. OTHER TERMS. All provisions of the Ordinance, other than those specifically amended hereby, shall remain the same. SECTION 4. AUTHORITY OF OFFICERS. The Mayor, the Vice Mayor, the Village Manager, the Village Clerk, the Finance Director and any other proper official of the Village, are and each of them is hereby authorized and directed to execute and deliver any and all documents and instruments (including amended forms of Notes) and to do and cause to be done any and all acts and things necessary or proper for carrying out the actions contemplated by this Resolution. SECTION 5. EFFECTIVE DATE. This Ordinance will become effective immediately upon adoption on second reading. PASSED AND ADOPTED on first reading this 25th day of February, 1997. PASSED AND ADOPTED on second reading this 11th day of March, 1997. MA i 1 R JOHN F. FESTA Attest: CONCHITA H. ALVAREZ, VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY RIC ARD J. WEISS, VILLAGE ATTORNEY MIA:49507:1 2 MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Sookle Williams, who on oath says that she is the Vice President of Legal Advertising of the Miami Daily Business Review f/kla Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of VILLAGE OF KEY BISCAYNE MEETING MARCH 11, 1997 AN ORDINANCE AUTHORIZING THE EXTENSION OF THE MATURITY DATE OF ITS STORMWATER UTILITY REVENUE BOND, ETC. In the XXXXX was published in said newspaper in the issues of Feb 27, 1997 Court, Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami In said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mall matter at the post office in said Dade County, Florida, for a period of one ar next receding the first publication of the attached copy • f adve sement; and affiant further says that she has nest - r pal . or promised any person, firm or corporation any , isco t, rebate, commission or refund for the purpose of s - u g this advertisement for publication in the said er. 27 day of • G� • Sworn to and subscribed before me t February � , A.D. 19 (SEAL) Sookie Williams personally k •\1Pay P4/ OFFICIAL. Ni3TARY SEAL • tf ,/ CHE;IYL 11 i:`;IS-: APR t 0 commit&io;,:^ NUML Ea ► Q CC5453 .4 -11. ciO MY COMMISSION EXPIRES OF gP APR. 12,2000 VILLAGE OF KEY BISCAYNE OFFICE OF THE VILLAGE CLERK PUBLIC NOTICE Notice is hereby given that the following ordinance will be consid- ered on Second Reading by the Key Biscayne Village Council at a meeting to be held on Tuesday, March 11, 1997, at 7:00 p.m., in the Council Chamber, located at 85 West McIntyre Street, Second Floor, Key Biscayne, Florida: AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA; AUTHORIZING THE EXTENSION OF THE MATURITY DATE OF ITS STORMWATER UTILITY REVENUE BOND ANTICIPATION NOTES, SERIES 1995; AMENDING ORDINANCE NO. 95.3, TO CLARIFY THAT THE MATURITY DATE LIMITATIONS ON THE BOND ANTICIPATION NOTES ISSUED PURSUANT THERETO DO NOT APPLY TO ANY EXTENSIONS OR RENEWALS; AND PROVIDING FOR AN EFFECTIVE DATE. Interested parties are invited to appear and be heard. A copy of the opposed ordinance may be obtained at Village Hall, Office of the Vil- lage Clerk, 91 West McIntyre Street, Suite 201, Key Biscayne, Florida 33149. Interested parties may appear at the Pubfic Hearing and be heard with respect to the proposed ordinance. 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, 91 West McIntyre Street, Suite 201, 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). - 2/27 Conchita H. Alvarez Village Clerk 97-4-022798M