HomeMy WebLinkAboutR-1993-163 •
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RESOLUTION NO. 163 -93
A RESOLUTION OF THE CITY OF DANIA,
FLORIDA SUPPLEMENTING RESOLUTION
NO. 110-93 AUTHORIZING A DRAW OF
FUNDS; AUTHORIZING THE APPROPRIATE
CITY OFFICIALS TO EXECUTE AND
DELIVER ALL DOCUMENTS NECESSARY
TO EFFECT SUCH DRAW; AND PROVIDING
FOR AN EFFECTIVE DATE.
,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA,
FLORIDA, THAT:
Section 1. Findings.
(a) The City Commission adopted Resolution No. 84-92 on June 9, 1992,
pursuant to which it authorized the negotiated sale and issuance of its $750,000
principal amount Sales Tax Revenue Bonds (the "Bonds") to Sun Bank/South Florida, !
National Association (the "Bank") to provide funds to purchase, install, construct and
prosecute to final completion certain improvements to the City's Fishing Pier and other
capital improvements and to pay cost of issuance associated with the issuance of the
Bonds, and providing for a pledge of the City's half-cent sales tax revenues to the
payment of the Bonds and interest thereon, among other things, and
(b) The City Commission adopted Resolution No. 110-93 on July 13, 1993
requesting and the Bank has agreed, subject to certain conditions as set forth in
Exhibit "A" attached to Resolution 110-93, to extend the Draw Termination Date to and
! including October 1, 1993.
(c) The City has drawn $145,000 pursuant to and in the manner set forth in
Resolution No. 84-92 as amended and supplemented by Resolution 110-93 for the tt
purpose of paying the costs of certain planning and engineering fees related to
improvements to the City's Pier project.
(d) The City has not issued any tax-exempt obligations during the calendar
year 1993, and (taking the Bonds into account) does not expect to issue during the
calendar year 1993 tax exempt obligations having principal amounts collectively in
excess of$10,000,000; and therefore, the Bonds are eligible to be designated as
"qualified tax-exempt obligations", as defined in Section 265(b)(3) of the Internal
Revenue Code of 1986, as amended (the "Code").
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(e) All terms, covenants and conditions set forth in Resolution No. 84-92 and
supplemented by Resolution No. 110-93, to the extent not inconsistent herewith are
reaffirmed.
Section 2. Authorization of Draw.
The appropriate City officials are hereby authorized to take all necessary action
to draw $605,000 pursuant to and in the manner set forth in Resolution No. 84-92 as
amended and supplemented by Resolution 110-93, for the purpose of purchasing
capital items as set forth in the General Fund Budget for the fiscal year 1993-1994.
Section 3. Public Meeting Compliance
It is hereby found and determined that all official acts by the City Commission
concerning and relating to the adoption of this Resolution and all prior resolutions
affecting the City's ability to issue the Bond were taken in an open meeting of the City
Commission and that all deliberations of the City Commission or any of its committees `t
that resulted in such official acts were in meetings open to the public in compliance with
i all legal requirements, including Section 286.011, Florida Statutes. `'
ISection 4. Authorization of Necessary Actions.
The appropriate City officials are hereby authorized to execute such documents and take all actions as are necessary to effect the foregoing. k
Section 5. Effective Date.
This resolution shall be in force and take effect October 1, 1993.
PASSED and ADOPTED on this 28th day of September 1993
i
ATTEST:
L,
v
City Clerk-Auditor Mayor-Commissioner
Approved as to form and Correctness
By; ,
Frank C. Adler, City Attorney
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