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Home My WebLink AboutOrdinance No. 03-2014 ORDINANCE NO. 03-2014 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 $5,500,000 CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2014, OF THE CITY TO FINANCE THE COST OF A CITY HALL, FIRE STATION, REFURBISHMENT OF A WASTEWATER TREATMENT PLANT AND RELATED CAPITAL IMPROVEMENTS; PROVIDING FOR THE SERIES 2014 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 NECESSARY DOCUMENTS; PROVIDING FOR THE REPEAL OF PRIOR INCONSISTENT ORDINANCES OR PARTS OF PRIOR INCONSISTENT ORDINANCES IN CONFLICT HEREWITH; PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING 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 {27526782;7} Page 1 of 5 City of Cape Canaveral, Florida Ordinance No. 03-2014 Page 2 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 Statues, 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. (B) The City is without currently available funds to pay for all of the costs of acquiring and constructing a City Hall and a Fire Station and related capital improvements and rebuilding the main wastewater treatment plant building and related improvements (the "Project"), and therefore proposes to pay a portion of such costs thereof from the proceeds of its not exceeding $5,500,000 Capital Improvement Revenue Note, Series 2014 (the "Series 2014 Note") to be issued by the City. (C) The principal of, premium, if any, and interest on the Series 2014 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 2014 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 {27526782;7} Page 2 of 5 City of Cape Canaveral, Florida Ordinance No. 03-2014 Page 3 to pay the principal of and interest on the Series 2014 Note or to make any other payments provided for herein or in the Resolution, and the Series 2014 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 2014 Note and investment of proceeds of the Series 2014 Note. SECTION 3. Authorization of Series 2014 Note and Acquisition and Construction of Project. The issuance by the City of its not exceeding $5,500,000 Capital Improvement Revenue Note, Series 2014 for the purpose of paying costs of acquiring and constructing the Project and the cost of issuance for the "Series 2014 Note" is hereby authorized. The Series 2014 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 consistent with the terms and conditions of this Ordinance. SECTION 4. Designation of Finance Team and Approval of Terms of Engagement. The Finance Team with respect to the Series 2014 Note shall consist of: Larson Consulting Services, LLC, as Financial Advisor to the City, Akerman LLP as Bond Counsel, Brown, Garganese, Weiss & D'Agresta, PA as City Attorney, the City Manager, the Finance {27526782;7} Page 3 of 5 City of Cape Canaveral, Florida Ordinance No. 03-2014 Page 4 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 Tern is hereby authorized to execute loan documents on behalf of the City. SECTION 5. Conflicting Prior Inconsistent Ordinances. All prior inconsistent ordinances or parts of prior inconsistent ordinances in conflict herewith are hereby repealed and all prior inconsistent ordinances or parts of prior inconsistent ordinances not in conflict herewith are hereby continued in full force and effect. 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 [Remainder of Page Intentionally Left Blank] {27526782;7} Page 4 of 5 City of Cape Canaveral, Florida Ordinance No. 03-2014 Page 5 SECTION 7. The provisions within this Ordinance shall take effect immediately upon the adoption date. ADOPTED by the City Council of the City of Cape Canaveral, Florida, this 18th day of February, 2014. CITY OF CAPE C AVERAL, FLORIDA t � Rocky Randels, Mayor or Buzz Petsos, Mayor Pro Tem ATTEST tt� Old /rl aicpeA6py% For Against Angela Apperson, City Clerk John Bond X (second) r� ,rt:,V, Bob Hoog X (motion) , ti. log g r Buzz Petsos X k S E`A / : Rocky Randels Absent • �rl si r►► /,y °`° -" `� Betty Walsh X First Reading: January 21, 2014 Legal Ad published: January 30, 2014 Second Reading: February 18, 2014 Approved as to legal form and sufficiency for the City of Cape Can veral only Anthony A. Garganese, City Attorney {27526782;7} Page 5 of 5