HomeMy Public PortalAbout1998-02 Authorizing the Extension of the Maturity Date of Its Stormwater Utility Revenue Bond Series 1995ORDINANCE NO. 98-2
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;
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, on March 11, 1997, the Council adopted Ordinance No. 97-9 and Resolution
No. 97-11 authorizing and setting forth the terms of an extension of the Notes for an additional 364
days; and
WHEREAS, the Notes mature on March 31, 1998 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
eighty percent (80%) or less of the one year U.S. Treasury Note rate as of the redelivery date of the
amended Notes; and
WHEREAS, the Council hereby determines it to be in the best interests of the Village to
extend the term of the Notes.
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 for up to an additional 364
days and in an amount up to the entire $7,200,000 principal amount outstanding. The details of such
extension, the principal amount to be renewed and the extension term shall be determined by this
Council by supplemental resolution (which may be an amendment to the Note Resolution).
SECTION 2. OTHER TERMS. All provisions of the Ordinance, as amended by Ordinance
No. 97-9, shall remain the same.
SECTION 3. 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 Ordinance.
SECTION 4. EFFECTIVE DATE. This Ordinance will become effective immediately upon
adoption on second reading.
PASSED AND ADOPTED on first reading this 24th day of February, 1998.
PASSED AND ADOPTED on second reading this 10th day of March, 1998.
3- 0,74,__
AYOR JOHN F. FESTA
CONCHITA H. ALVAREZ, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
RICHARD J. WEISS, VILLAGE ATTORNEY