HomeMy Public PortalAbout2008-05 Authorizing the Issuance of $5,000,000 of Water and Sewer Revenue NotesORDINANCE NO. 2008-5
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $5,000,000 OF WATER AND SEWER REVENUE
NOTES OF THE VILLAGE OF KEY BISCAYNE, FLORIDA;
PROVIDING FOR A SUPPLEMENTAL RESOLUTION
SETTING FORTH THE DETAILS OF SAID NOTES; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Village Council (the "Council") of the Village of Key Biscayne, Florida
(the "Village") desires to authorize the issuance of not exceeding $5,000,000 of notes for the purpose
of financing a portion of the costs of water and sewer system improvements within the Village,
financing architectural, engineering, environmental, legal and other planning costs related thereto,
and paying costs of issuance of the notes; and
WHEREAS, the Council desires that the notes be secured by legally available 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 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 Water
and Sewer Revenue Notes (the "Notes") of the Village, in an aggregate principal amount not to
exceed $5,000,000, in one or more series, for the purpose of financing a portion of the costs of water
and sewer system improvements within the Village, financing architectural, engineering,
environmental, legal and other planning costs related thereto, and paying costs of issuance of the
Notes. The Notes shall be designated "Village of Key Biscayne, Florida Water and Sewer Revenue
Notes" (with appropriate series designation), 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 one (1) year 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 Notes, 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 Notes may be issued,
at any time after the effective date of this Ordinance.
Section 2. 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 Notes and with respect to the terms of the Notes. 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 Notes.
Section 3. This Ordinance will become effective immediately upon adoption on second
reading.
PASSED AND ADOPTED on first reading this 10th day of June , 2008.
PASSED AND ADOPTED on second reading this 8th day of July , 2008.
MAYOR ROBERT L. VERNON
CONCHITA H. ALVAREZ, CMC, VILLAGE CLERK
APPROVED AS`'TOFORM AND LEGAL SUFFICIENCY:
VILLAGE A O