HomeMy WebLinkAboutcocc_ordinance_no_39-2021_20211019ORDINANCE NO. 39-2021
AN ORDINANCE OF THE CITY OF CAPE CANAVERAL, BREVARD COUNTY,
FLORIDA; ADOPTED IN FURTHERANCE OF THE REQUIREMENT SET FORTH IN -
SECTION 2.12(5), CAPE CANAVERAL CHARTER; AUTHORIZING THE ISSUANCE
OF NOT EXCEEDING $1,200,000 CAPITAL IMPROVEMENT REVENUE NOTE,
SERIES 2021, OF THE CITY TO FINANCE THE COST OF THE PURCHASE OF THE
PROMENADE AND RELATED CAPITAL IMPROVEMENTS AND COST OF
ISSUANCE; PROVIDING FOR THE SERIES 2021 NOTE TO BE SECURED BY THE
CITY'S PUBLIC SERVICE TAX, HALF -CENT SALES TAX, GUARANTEED
ENTITLEMENT, COMMUNICATIONS SERVICES TAX AND CERTAIN FRANCHISE
FEES; AUTHORIZING THE CITY'S FINANCING TEAM TO PROCEED TO DEVELOP
THE NECESSARY DOCUMENTS; PROVIDING FOR THE REPEAL OF PRIOR
INCONSISTENT ORDINANCES AND RESOLUTIONS OR PARTS OF PRIOR
INCONSISTENT ORDINANCES AND RESOLUTIONS IN CONFLICT HEREWITH,
SEVERABILITY AND AN EFFECTIVE DATE.
BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL, BREVARD
COUNTY, FLORIDA, as follows:
SECTION 1. Authority for this Ordinance. This Ordinance is enacted pursuant to the
provisions of Chapter 166, Part II, Florida Statutes, Section 2.12(5) of the City Charter, City of Cape
Canaveral, Florida (the "City") and other applicable provisions of law (the "Act").
SECTION 2. Findings. It is hereby ascertained, determined and declared that:
(A) The City (i) pursuant to Section 166.231, Florida Statutes and certain ordinances,
levies a tax on the purchase of certain utility services provided within the jurisdictional limits of
the City (the "Public Service Tax"); (ii) pursuant to the provisions of Chapter 218, Part VI, Florida
Statutes, receives a distribution from the Local Government Half -Cent Sales Tax Clearing Trust
Fund (the "Half -Cent Sales Tax"); (iii) in accordance with the provisions of Chapter 218, Part II,
Florida Statutes, receives funds from the Revenue Sharing Trust Fund for Municipalities, a portion
of which distribution is the "guaranteed entitlement" as defined in Section 218.21, Florida Statutes
(the "Guaranteed Entitlement"); (iv) pursuant to the authorization set forth in Chapter 202, Florida
Statutes, the City receives the Communications Services Tax (the "Communications Services Tax")
and (v) receives fees as a result of granting various entities permission to provide within the City
electric and directly electric -related services and a natural gas distribution system (collectively, the
"Franchise Fees"). Such Public Service Tax, Half -Cent Sales Tax, Guaranteed Entitlement,
Communications Services Tax and Franchise Fees are not now pledged in any manner other than
to the City's existing Series 2014 Capital Improvement Note, the Series 2017 Capital Improvement
Note, and this proposed Capital Improvement Revenue Note, Series 2021.
(B) The City is without currently available funds to pay for all of the costs of acquiring
the Promenade and related capital improvements (the "Project"), and therefore proposes to pay
a portion of such costs thereof from the proceeds of its not exceeding $1,200,000 Capital
Improvement Revenue Note, Series 2021 (the "Series 2021 Note") to be issued by the City.
City of Cape Canaveral
Ordinance No. 39-2021
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(C) The principal of, premium, if any, and interest on the Series 2021 Note and all
required sinking fund, reserves and other payments will be payable solely from (i) the Public
Service Tax, the Half -Cent Sales Tax, the Guaranteed Entitlement, the Communications Services
Tax and the Franchise Fees and (ii) until applied in accordance with the provisions of a
supplemental resolution (the "Resolution") of the City adopted prior to the delivery of the Series
2021 Note, all moneys, including investments thereof, on deposit in or credited to certain funds
and accounts established under the Resolution (collectively with (i) above, the "Pledged
Revenues") and the City will never be required to levy ad valorem taxes on any property therein
to pay the principal of and interest on the Series 2021 Note or to make any other payments
provided for herein or in the Resolution, and the Series 2021 Note will not constitute a lien upon
any properties owned by the City or located within the boundaries of the City, but will be payable
solely from the Pledged Revenues in the manner provided in this Ordinance and in the Resolution
supplemental hereto.
(D) It is necessary and desirable to confirm the professionals who will continue to assist
the City in the proceedings necessary for the authorization, sale and issuance of the Series 2021
Note and investment of proceeds of the Series 2021 Note.
SECTION 3. Authorization of Series 2021 Note and Acquisition and Construction
of Project. The issuance by the City of its not exceeding $1,200,000 Capital Improvement
Revenue Note, Series 2021 for the purpose of paying costs of acquiring and constructing the
Project and the cost of issuance for the Series 2021 Note is hereby authorized. The Series 2021
Note shall be dated, shall bear interest at a rate or rates not exceeding the maximum legal rate
per annum, shall mature, shall be subject to redemption, shall be secured solely by a lien upon
and pledge of the Pledged Revenues and shall have such other characteristics as shall be provided
by the Resolution. Any Note(s) required by the lender shall be in form approved by the City
Manager in consultation with the Finance Team, as hereinafter defined, consistent with the terms
and conditions of this Ordinance and the Resolution.
SECTION 4. Designation of Finance Team and Approval of Terms of Engagement.
The Finance Team with respect to the Series 2021 Note shall consist of: Larson Consulting Services,
LLC, as Financial Advisor to the City, Bryant Miller Olive P.A. as Bond Counsel, Garganese,
Weiss,D'Agresta & Salzman, PA as City Attorney, the City Manager, the Finance Director and the
City Clerk (the "Finance Team"). Under the direction of the City Manager, the Finance Team is
hereby approved and shall take such action and execute such documents on behalf of the City,
deemed reasonably necessary to effectuate the loan closing authorized by this Ordinance. In
addition, to the extent required by the lending institution and deemed advisable by the Finance
Team, the Mayor or Mayor Pro Tem is hereby authorized to execute loan documents on behalf of
the City.
SECTION 5. Conflicting Prior Inconsistent Ordinances and Resolutions. All prior
inconsistent ordinances and resolutions or parts of prior inconsistent ordinances and resolutions
in conflict herewith are hereby repealed and all prior inconsistent ordinances and resolutions or
parts of prior inconsistent ordinances and resolutions not in conflict herewith are hereby
continued in full force and effect.
City of Cape Canaveral
Ordinance No. 39-2021
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SECTION 6. Severability. If any portion, clause, phrase, sentence or classification of
this Ordinance is held or declared to be either unconstitutional, invalid, inapplicable, inoperative
or void, then such declaration shall not be construed to affect other portions of this Ordinance; it
is hereby declared to be the express opinion of the City Council of the City of Cape Canaveral that
any such unconstitutional, invalid, inapplicable, inoperative or void portion or portions of this
Ordinance did not induce its passage, and that without the inclusion of any such portion or
portions of this Ordinance, the City Council would have enacted the valid constitutional portions
thereof.
SECTION 7. Effective Date. The provisions within this Ordinance shall take effect
immediately upon adoption by the City Council.
ADOPTED by the City Council of the City of Cape Canaveral, Florida this 19th day of
October, 2021.
Bob Hoog, Mayor
Mia Goforth, CMC,
City Clerk
ATTEST:
Name FOR AGAINST
Mike Brown Second
Bob Hoog x
Mickie Kellum x
Wes Morrison x
Angela Raymond Motion
First Reading: September 21, 2021 Mickie Kellum
Legal Ad Published: October 7, 2021
Second Reading: October 19, 2021 Wes Morrison
Approvedas to legal form and sufficiency
for the City of Cape Canaveral only by:
Athony A. Garganese, City Attorney
City of Cape Canaveral
Ordinance No. 39-2021
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SEAL
City of Cape Canaveral, Florida