HomeMy WebLinkAboutO-2012-026 Authorize Expenditure of Funds for Sales Tax Revenue Bond ORDINANCE NO. 2012-026
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING THE EXPENDITURE OF CITY FUNDS
EXCEEDING ONE MILLION DOLLARS ($1,000,000.00), TO REFUND THE
CITY'S EXISTING SALES TAX REVENUE BOND; PROVIDING FOR
SEVERABILITY; PROVIDING FOR CONFLICTS; FURTHER, PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, pursuant to Section 2, "Certain Expenditures" of Article 3, "Powers of the
City", the City Commission must, by ordinance, approve any expenditures of City funds that
exceed One Million Dollars ($1,000,000.00) after two (2) advertised public hearings of the
ordinance; and
WHEREAS, City Administration anticipates that refunding of the current Sales Tax
Revenue Bond with a new bank-qualified loan offering lower interest rates will save the City in
excess of$300,000.00 in present-value loan costs; and
WHEREAS, the issuance of a new bank-qualified loan will exceed the $1,000,000.00
monetary threshold;
NOW, THEREFORE,BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the proper City officials are authorized to expend more than One
Million Dollars ($1,000,000.00) in connection with the full and complete refunding of the
remaining outstanding balance of the existing Sales Tax Revenue Bond.
Section 2. That if any section, clause, sentence or phrase of this Ordinance is for any
reason held invalid or unconstitutional by a court of competent jurisdiction, the holding shall not
affect the validity of the remaining portions of this Ordinance.
Section 3. That all ordinances or parts of ordinances in conflict with the provisions of
this Ordinance, are repealed to the extent of such conflict.
Section 4. That this Ordinance shall take effect immediately at the time of its passage
and adoption.
PASSED on first reading on October 23, 2012.
PASSED AND ADOPTED on second reading on November 27, 2012.
ATTEST:
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LOUISE STILSON, CMC WALTER B. DUKE III
CITY CLERK MAYOR
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APPROVED AS TO F D CORRECTNESS:
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THOMAS BRO
CITY ATTORNEY
2 ORDINANCE#2012-026