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HomeMy WebLinkAboutO-1998-008 B ORDINANCE NO. 08-98 AN ORDINANCE OF THE CITY OF DANIA, FLORIDA CONCERNING THE SUBJECT OF PROMISSORY OBLIGATIONS; AMENDING THE CITY CODE SO AS TO INCREASE THE TOTAL AMOUNT OF GENERAL FUND PRINCIPAL OBLIGATIONS AND EXTENDING THE TERM OF PROMISSORY OBLIGATIONS; PROVIDING A SAVINGS CLAUSE; AND PROVIDING AN EFFECTIVE DATE THEREFOR. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA, THAT: SECTION 1: Sec. 2-12 of the Dania City Code is hereby amended to read as follows: Sec. 2-12. Issuance of short-term promissory obligations. The city commission by resolution may issue approve the issuance of promissory obligations with the following limitations: (a) Except as authorized in the next sentence, such promissory obligations must be repaid within a period not to exceed one hundred eighty (180) months from the date of-adoption-o"n authorizing-resolution the obligation is created (i.e., the note or bond is signed or dated). When such obligations are used to fund real property acquisitions improve or construct buildings or to fund other projects that the Commission determines are major capital improvements then such obligations must be repaid within a period not to exceed two hundred fob (240) months from the date the obligation is created. (b) The interest rate on the obligation shall not exceed one (1)per cent per annum above prime interest rate determined at the time of the authorizing resolution. (c) The total amount of general fund principal obligations outstanding at any onetime shall not exceed two-mil iondollarsM,000;00© 00) three million dollars ($3.000.000.00). (d) The security interest given, if any, shall be limited to general fund revenue other than ad valorem tax. ORDINANCE NO. 08-98 1 L -- i (e) The total amount of water fund principal obligations outstanding at any one time shall not exceed one million dollars ($1,000,000.00). (f) The total amount of sewerfund principal obligations outstanding at any one time shall not exceed one million dollars ($1,000,000.00). (g) Such promissory obligations shall be authorized by resolution of the city commission. (h) That in addition to the issuance of short term promissory obligations as authorized in subparagraphs (a) through (g) hereinabove, the city commission may issue long term revenue bonds in an amount not to exceed three million two hundred fifty-five thousand dollars ($3,255,000.00) with interest thereon not to exceed six(6)per cent per annum if such issue isfirst approved by a duly adopted resolution of the city commission. SECTION 2: Should any section, paragraph, sentence, clause, phrase or other part of this Ordinance be declared by a court of competent jurisdiction to be invalid, such decision shall not affect the validity of this Ordinance as a whole or any portion or part thereof,other than the part so declared to be invalid. SECTIONS: This Ordinance shall be in force and take effect immediately upon its final passage and adoption. PASSED and ADOPTED on First Reading on the 244 day of March 1998 PASSED and ADOPTED on Second and Final Reading on the 14 day of April 1998. MAYOR - COMMISSIONER ATTEST: f CITY CLERK-AUDITOR APPROVED AS TO FORM D CORRECTNESS n By: � " CITY A TOR EY b a wrFn.Esuuw;Dania On&Shfiempmmonllgord ORDINANCE NO. 08-98 i'77r98 I I - , S U N — S E N T I N E L PUBLISHED DAILY FORT LAUDERDALE, BROW.ARD COUNTY, FLORIDA NOTICE O HEARING BEFORE COP 30CA BATON, PALM BEACH COUNTY, FLORIDA SION CITY YgOF DANIG MIAMI, DADE COUNTY, FLORIDA FOL- LOWING OFTHE PROPOSED ORDINANCE: NOTICE IS HEREBY GIV- STATE OF FLORIDA EN that the City Cdmmis- lien of the City of Dania, " COUNTY OF BROWARD/PALM BEACH/DAD_c Florida,on April 14, 1998.at 5EFORE THE DERSIG E AUTHORITY PERSONALLY APPEARED a:30 PM orrasthe matter soon as the mailer may be heard, will conduct a public �� hearing in the Cily Commis- % .w. .. . .. ... 'rH0 CN OATH SAYS THAT sionroomofthooaniacity- Hall, 100 West Dania Beach HE/• • IS A DULY AUTHORIZED REPRESENT A7IVE OF THE Boulevard,Dania,Florida to consider the Proposed C.L SSIFIED DEPARTMENT OF THE SUN—SENTINEL, DAILY adoption of the following 'AN NEWSPAPER PUBLISHED IN 3ROWAPD/PALM, BEACH/ DADE COLNTY, Ordinance entitled. ORDINANCE entitled.OF AF FLORIDA THAT THE ATTACHED COPY OF ADVERTISEMENT, EEi NG A THE FLORIDA CONCERNING THE SUBJECT OF PROM- ISSORY OBLIGATIONS: AMENDING THE CITY NOTICE CODE SO AS TO IN- CREASE THE TOTAL AMOUNT OF GENERAL IN THE- "FATTER OF FUND PRINCIPALONDIN T AND TENDING THEHE T TERM O F - SORY OBLIGATIONS;NS;PA PRO- PROMISSORY OBLIGATION VImNc A SAVINGS CLAUSE: AND PROVIDING AN EFFECTIVE DATE IN THE CIRCUIT COURT, WAS PUBLISHED IN SAID NEWSPAPER IN THEREFOR.' A copy of this proposed G•dinance is on file In lhn THE ISSUES OF , once of the aty Clerk. City [ , 0 4/01, i X •C 2 Hall, 100 West Dania Beach Boulevard Danis, Florida and may be Inspected by AFFIANT FURTHER SAYS THAT THE SAID SUN—SENTINEL IS A the public during normal working hours PUBLISHED IN SAID BROWARD/PALM E . NEWSPAPER EACH /DADE Interested parties may appear at the aforesaid C',UNTY, FLORIDA, AND THAT THE SAID NEWSPAPER HAS hERETOFORF heading and be heard with respect to the proposed. N CONTINUOUSLY PUBLISHED IN SAID 3ROWARD/PALM EEACH/Dillto Aepp�eBonnyh decddecisien COUNTY, FLORIDA, EACH DAY , AND HAS BEEN ENTERED A SECOND madegytheCityCommis- Sion w In respect to any CLASS MATTER AT THE POST OFFICE IN FORT LAUDER DAL E, IN SAIImetter considered at this BROWARD COUNTY, FLORIDA, FOR A PERIOD OF ONE YEAR NEXT hearing will need a record ofthe proceedings and for Ch to PRECEDING THE FIRST PUBLICATION OF THE ATTACHED CCPY OF seSureuthalsa rverbatoimgd a- ADVERTISEMENT: AND AffIANT FURTHER SAYS THAT HE/SHE HAS Made,rd l the whiichf0racornd : is NEITHER PAID NOR PROMISED ANY PERSONt FIRM OR CORFORATICN eludes the testimony and evidence upon which the ANY DISCOUNT, REBATE, COMMISSION CR REFUND FOR THE PURPCSEapheaaecordabe imsen the CF SECURING THIS ADVERTISEMENT FOR PUBLICATION IN SAID American wlrh sneedlnabaesiss tance to participate in any NEWSPAPER. of the proceedings should ' contact Mane Jabalee. City Clerk, 100 Well Dania Beach Boulevard, Dania, .�f// . .. . - .. . . .- •. w -. Florida 39004, t to l 4a �1'S/'Y hour1. eri Gor 10 at least 4b • (SiG TURE Of AF INNT) ' no/a/ MarielJabal"the eating. City Clerk April 1, 1M S ORN TO AND SUBSCRIBED BEFORE ME THIS 01 DAY OF APRIL A.D. 9P •�(i w w "Z/'.iC� PLC-i�-�(_ yq„ • .. .. . . ( SI:NATO Y• PUBLIU BAR3Af.A STRtCKIAND NOtc'Y PUOIIC-SIofO of F,Aldo My Comm:::ion Exphc 'T,:7C0 Cori Sl cn tl CZ -:I_7 Ji "+AME• OF NOTARY TYPED, PRINiEJI. OR• STAMPED) CE'RSONALLY KNOWN �// OR PRODUCED IDENTIFICATION . . .. . . . . . . . . . . . .. ' I l P i S S U N — S E N T I N E L PUBLISHED DAILY FORT LAUDERDALE, BROWARD COUNTY. FLORIDA 30CA BATON, PALM BEACH COUNTY, FLORIDA MIAMI, DADE COUNTY, FLORIDA STATE OF FLORIDA COUNTY OF BROWARD/PALM BEACH/DADE BEFORE THE,LLyDER0 AUTHORITY PERSONALLY APPEARED /// .. ... WHO ON OATH SAYS THAT HE/' IS•A DULY AUTHORIZED REPRESENTATIVE OF THE SSIfIED DEPARTMENT OF THE SUN-SENTINEL, DAILY NEWSPAPER PUBLISHED IN BROWAPD/PALM BEACH/DADE COUNTY, FLORIDA THAT THE ATTACHED COPY OF ADVERTISEMENT, EEING A NOTICE IN THE MATTER OF PROMISSORY OBLIGATION IN THE CIRCUIT COURT, WAS PUBLISHED IN SAID NEWSPAPER IN THE ISSUES OF C , 04/01, 1 X ?IC20060 AFFIANT FURTHER SAYS THAT THE SAID SUN-SENTINEL IS A NEWSPAPEP PUBLISHED IN SAID BROWARD/PALM EE.ACH/DADE r"U,NTY, FLORIDA, AND THAT THE SAID NEWSPAPER HAS hERETOFCRE N CONTINUOUSLY PUBLISHED IN SAID 9ROWARD/PALM EEACH/CADS COUNTY. FLORIDA, EACH DAY, AND HAS 3EEN ENTERED AS SECOND CLASS MATTER AT THE POST OFFICE IN FORT LAUDERDALE, IN SAID dROWARD COUNTY, FLORIDA, FOR A PERIOD OF ONE YEAR NEXT PRECEDING THE FIRST PUBLICATION OF THE ATTACHED CCPY OF ADVERTISEMENT: AND AFFIANT FURTHER SAYS THAT HE/SHE HAS NEITHER PAID NOR PROMISED ANY PERSON, FIRM OR CORFORATICN ANY DISCOUNT, REBATE, COMMISSION OR REFUND FOR THE PURPCSE OF SECURING THIS ADVERTISEMENT FOR PUdLICATION IN SAID NEWSPAPER. .. . .. . ... . . . . . ... . .. . . •(SIG•�UREAANT) S OY RN TO AND SUBSCRIBED PEFORE ME THIS 01 DAY OF APRIL A.D. 9E (SI ;NarU PUBLIC) 3nRBARA STRICKIAND Nofcry Pub!Ic-State of F:o'1'' My Cocros;Jw Explra P.c 2-1,;.__C0 Conrrtt9on n CC>�:�-7 NAME• OF•NOTARY TYPED, PRINTF OR STAMPED) / ` PERSONALLY KNOWN . . . . . . .. .. OR PRODUCED IDENTIFICATION . . .. . . . . . . .. . . . . BRINKLEY, MCNERNEY, MORGAN, SOLODION A TATUbI, LLP ATTORNEYS AT LAW SUITE 1900 NEW RIVER CENTER 200 EAST LAS OLAS BOULEVARD W. MICHAEL BRINKLEY PORT r.AQDRRDALE, FLORIDA :1:3:101-2200 KENNETH E. KEECHL DONALD J. LUNNY, JR. TELEPHONE (954)522 2200 MICHAEL J. MCNERNEY♦ PHILIP J. MORGAN + FACSIMILE(954)522-9123 HARRIS K. SOLOMON ema11. lawfirmabnnkleymcnerneycom. ROBERTA G. STANLEY ++ THOMAS R. TATUM MAILING ADDRESS: CHRISTOPHER M. TRAPANI POST OFFICE BOX 522 STEPHEN L. ZIEGLER FDIi'C LAr111H.ROALE, FISNIIDA N:1:102-On22 THOMAS J. ANSBRO MICHAEL BRINKLEY.JR. JOHN R. TATUM DAVID F. HANLEY I1926-19951 KENNETH J. JOYCE Amy R. REECK SHERRY D. MCMILLAN DAVID M. SCHW EIGER (OF COUNSEL) JONATHAN M. STREISFELD M JOHN A. WALKER arch 27, 1998 SEAN L. WILSON +BOARD CERTIFIED BUSINESS LITIGATION LAWYER ♦BOARD CERTIFIED REAL ESTATE LAWYER NBOARD CERTIFIED MARITAL AND FAMILY LAWYER MS MARIE JABALEE a FINANCE DIRECTOR/CITY CLERK VIA FACSIMILE CITY OF DANIA 921-2604 100 W DANIA BEACH BLVD DANIA FL 33004 RE: Revised Short Term Promissory Obligation Ordinance Dear Ms. Jabalee: Enclosed, as you requested in your March 24, 1998 facsimile, please find a revised Short Term Promissory Obligation Ordinance for second reading. Please advise me when this transaction has finally closed so that I may notify the Division of Bond Finance and complete the final forms the Division requires. Very truly yours, 6 Donald J. unny, Jr. Assistant City Attorney DJLJR/jg l Enclosure j