Ordinance 86-772AN ORDINANCE O HE CITY COMMISSION OF HE CITY OF
LONGWOOD, FLORIDA, AUTHORIZING THE CITYTOF LONGWOOD TO
LIMITED REVENUE BONDS I AGGREGATE P
AMOUNT OF $1,000,000.00 WHICH DONDSTARE TO BE PURCHASEDPBY
SUN e TIONAL ASSOCIATION A PROCEEDS OF WHICH
HONDSAAAE TO BE USED TO CONSTRUCT ANOEEQUIP
HEADQUARTERS FACILITY ON CITY PROPERTY; PROVIDINGLFOR T
PLEDGE OF THE CITY'S UTILITIES SERVICE TA AS SECURITY FOR
THE BONDS; PROVIDING FOA CONFLICTS, SEPARABILITY AND
EFFECTIVE GATE.
WHEREAS, the City of Longwood, Elotida, has an immediate
need to construct an approximately 9,559 square foot police
headquarters facility on city ptopeety; and
WHEREAS, [he construction of said Facility has previously
WHERGS, Sun Bank, National Association has negotiated
wtth the City and agreed to purchase up to $1,000,000.00
aggregate principal amount of the City's limited revenue bonds,
repayable over a twelve X12) year period, together wieh interest
seven (~) years and theceaf ter at a variable rate per annum equal
to 658 of the prime rate announced by Sun Banks, Inc., provided
that while the bonds bear interest a[ the variable rate said rate
with the proceeds of such bonds [o be used for the aforesaid
construction of improvements and which bonds are CD be secured by
a lien on the City's Utility Services Tax, and
WHEREAS, Section 3.10 of the City's charter requires an
Ordinance authorizing [he borrowing of money;
NOW, THEREFOR, sE IT ENACTED BY THE CITY COMMISSION OF'
THE CITY OF LONGWODD, FLORIDA, AS FOLLOWS:
SECTION 1: The Ctty Commission of the City of Longwood
hereby declares that the improvements hereinbefore mentioned are
an vmmediate need to protect the public health, safety and
welfare of the residents of the Cicy and will serve a valid
public purpose. The City Commission further declares that it
would not be in the best interest of the City [o delay the
required improvements. ~
SECTZON 2: The City Commission hereby makes a
Bete[mina Lion that it is in the best interest Of the Ci[y, and to
avoid further delay, that [he aforesaid bonds be issued and sold
on a negotiated basis to Sun Bank, National Association be
accepted a[ this time.
SECTION 3: The City Commission hereby authorizes the
Mayor to execute any and all documents on behalf o£ the City
deemed necessary and proper in order to vssue and sell the bonds,
including, but not limited to, a pledge of ail or a portion of
the City's Utility Service Tax as security for the repayment of
the said bonds, [he te[ms and conditions of such documents and
pledge to be as provided in a resolution of [he City Commission
to be approved prior Co issuance of the bonds.
SECTION 4: All ordinances or parts of ordinances in
conflict herewith are hereby cancelled, annulled, and of no
fuithe[ force and effect.
SECTION 5: If any section o[ potion of a section of this
Ordinance proves to be invalid, unlawful, or unconst it utvonal, it
shall not be held Co invalidate or impair the validity, force or
effect of any ocher section of this Ordinance.
TION 6: This Ordinance snall become effective _
immediately upon its passage and adoption. /
FIRST READING: ~F / 9 f:0
SECOND READING: / ® / 9 ~~
PASSED AND ADOPTED TH S / ~`A DAY O£` A.D. 1986
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