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Home My Public Portal About1998-09 Authorizing the Issuance of not exceeding $7,200,000 of Stormwater Utility Revenue BondsORDINANCE NO. 98-9 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,200,000 OF STORMWATER UTILITY REVENUE BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AND PROVIDING FOR 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"), for the purpose of expanding and improving the Stormwater Utility System within the Village (the "Project") and paying costs of issuance of 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; 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, on March 10, 1998, the Council adopted Ordinance No. 98-2 and Resolution No. 98-6 authorization and setting forth the terms of a further extension of the Notes for an additional 364 days; and WHEREAS, the Notes mature on March 30, 1999; and WHEREAS, the Village Council (the "Council") of the Village of Key Biscayne, Florida (the "Village") desires to authorize the issuance of not exceeding $7,200,000 Stormwater Utility Revenue Bonds (the "Bonds") for the purpose of providing funds, together with other available funds of the Village, to pay the principal of the Notes, fund a debt service reserve fund, if necessary, and pay costs of issuance of the Bonds, all in order to provide permanent financing for the Project; and WHEREAS, the Council desires that the Bonds be secured primarily by Stormwater Utility Fees as defined in Ordinance No. 93-11 adopted by the Village on June 22, 1993 (as amended by Ordinance No. 93-11-A) and secondarily by a covenant to budget and appropriate from legally available Non -Ad Valorem Revenues of the Village as defined in the Note Resolution, all 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 1. 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 Stormwater Utility Revenue Bonds of the Village, in an aggregate principal amount not to exceed $7,200,000, in one or more series, for the purpose of providing funds, together with other available funds of the Village, to pay the principal of the Notes, fund a debt service reserve fund, if necessary, and pay costs of issuance of the Bonds, all in order to provide permanent financing for the Project. The Bonds shall be designated "Village of Key Biscayne, Florida Stormwater Utility Revenue Bonds, Series ", 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 in such year or years not later than thirty (30) years from their date of issuance, 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 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 Manger is 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 Attorney, Bond Counsel and the Financial Advisor 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 reading. PASSED AND ADOPTED on first reading this 13th day of October , 1998. PASSED AND ADOPTED on second reading this 27th day of October , 1998. Li 3-:,,, , CONCHITA H. ALVAREZ, VILLAGE CLE APPROVED AS TO FORM AND LEGAL SUFFI RICHARD J. WEISS, VILLAGE ATTORNEY 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 Sookie Williams, who on oath says that she is the Vice President of Legal Advertising of the Miami Daily Business Review flkla 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 ORDINANCE AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $7,200,000 OF STORMWATER UTILITY REVENUE BONDS in the XXXXX Court, 13?r"aft'InsITIns paper in the issues of 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 mail matter at the post office In Miami in said Dade County, Florida, for a period of next preceding the first publication of the attached ertisement; and afflant further says that she has d nor promised any person, firm or corporation nt, rebate, commission or refund for the purpose ng this a . vertisement for publication in the said per. one ye cop nel an of ne fa er p disc ecu 16 day of Sw6Ttc1 2r scribed before me tjflA U , A.D. 19 yy A; (. (SEAL) Sookie Williams personally known to me. VILLAGE OF KEY BISCAYNE PUBLIC NOTICE Notice is hereby given that the adoption of the following ordinance will be considered on Second Reading by the Key Biscayne Village Council at a meeting to be held on Tuesday, October 27, 1998, 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 ISSUANCE OF NOT EX- CEEDING $7,200,000 OF STORMWATER UTILITY RE- VENUE BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA PROVIDING FOR -A SUPPLEMENTAL RE- SOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AND PROVIDING FOR AN EFFECTIVE DATE. Interested parties are invited to -appear and be heard. A copy of the proposed 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 Public 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). Conchita H. Alvarez Village Clerk 10/16 98-4-101606M 1 O\Ppy pie OFFICIAL NOTARY SEAL c CHERYL H MARMER 1 C% COMMISSION NUMBER R7 O; r‘..- APR. CC545384 MY COMMISSION EXPIRES 2,2000