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HomeMy WebLinkAboutResolution_07-21_1/14/2021RESOLUTION NO.07-21 A RESOLUTION OF THE VILLAGE COUNCIL OF THE V4LL• AGE OF TEQUESTA, FLORIDA AUTHORIZING ISSUANCE OF A CAPITAL IMPROVEMENT REVENUE NOTE OF THE VILLAGE AND THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT IN THE AGGREGATE AMOUNT NOT TO EXCEED $7,000,000 TO FINANCE VARIOUS CAPITAL IMPROVEMENTS; ACCEPTING THE PROPOSAL OF LENDER; APPROVING THE FORM OF LOAN AGREEMENT AND NOTE; PROVIDING FOR THE PAYMENT OF SUCH NOTE FROM 4L THE NON -AD VALOREM FUNDS OF THE VILLAGE; PROVIDING FOR REPEAL OF INCONSISTENT PROVISIONS; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, the Village of Tequesta, Florida (the "Village") has a five-year capital improvement plan, as adopted from time to time (the "CIP"), which provides for the acquisition, construction, improvement and equipping of various public improvements, including but not limited to (i) construction of a new recreation center; (ii) street and sidewalk improvements; (iii) other miscellaneous public safety and public works improvements ; and (iv) other park and recreational improvements (collectively, the "CIP Improvements"); and ' ' WHEREAS, the Village Council hereby determines that it is necessary and appropriate for the. Village to undertake the implementation, acquisition, construction, improvement, equipping and repair of a portion of the CIP Improvements (the "Series 2021 Project"); and WHEREAS, the Village Council hereby declares and determines that the Series 2021 Project serves a valid paramount public and municipal purpose of the Village; and WHEREAS, the Village is authorized by Chapter 166, Florida Statutes, the Charter of the Village of Tequesta, as amended, and other applicable provisions of law (collectively, the "Act") to incur indebtedness of the Village for the purpose of financing the cost of the Series 2021 Project; and WHEREAS, the Village Council hereby finds it necessary and in the best interest of the Village to authorize the issuance of its Village of Tequesta, Florida Capital Improvement Revenue Note, Series 2021 (the "Series 2021 Note") for the purpose of providing funds, together with other available funds, to finance the cost of the Series 2021 Project and to pay the costs of issuance of the Serifs 2021 Note. NOW THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA: 52128311;4 Section 1: Ratification. That the foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution. Section 2: Authority for this Resolution. That this Resolution is enacted pursuant to the provisions of the Act. Section 3: Findings. That it is hereby ascertained, determined and declared that: (a) The Village requested proposals for the financing of the Series 2021 Project from ...banks and other financial institutions and has received the proposal from Sterling i National Bank (the "Lender") attached hereto as Exhibit A (the "Proposal"). (b) Due to the limited activity of the Village in the public financial markets and the timing of the issuance of the Series 2021 Note it would have been impracticable to engage in the competitive bidding process, and solicitation of bank proposals and negotiation with the proposing banks is the recommended method to. ensure the Village receives the best value, and Bond Counsel has advised the Village that similar loans in the municipal bond market are usually negotiated. (c) It is hereby determined to be in the best interest of the Village to accept the Proposal �* from the Lender and it is in the best interest of the Village that the Series 2021 Note be sold at a negotiated sale pursuant to the Proposal. (d) It is necessary and desirable to provide for the execution and delivery of a Loan Agreement with respect to the Series 2021 Note and the issuance of the Series 2021 Note of the Village to implement the financing of the Series 2021 Project. Amounts due under the Loan Agreement and the Series 2021 Note shall be payable from the legally available non -ad valorem revenues of the Village, and shall be. secured by the Village's covenant to budget and appropriate from legally available non -ad valorem funds each year monies sufficient to pay the principal and interest thereon and other amounts due thereunder. 'Section 4: Authorizing the Note. That the issuance by the Village of not exceeding $7,000,000 Capital Improvement Revenue Note, Series 2021 of the Village, for the purpose above; to be dated, to bear interest at a rate or rates not exceeding the maximum legal rate per annum, to be payable, to mature, to be subject to redemption and to have such other characteristics as shall be provided in the form of the loan agreement attached and in the Proposal and to be secured by the covenant of the Village to budget and appropriate from legally available non -ad valorem funds each year monies sufficient to pay the principal and interest on such Series 2021 Note and other amounts due thereunder, is hereby authorized. Section 5: Authorization to Accept Proposal. That the Village Manager is hereby authorized to accept the Proposal of the Lender. Section 6: Approval of Form of Loan Agreement and Note. That the forms of the Loan Agreement and Series 2021 Note attached thereto are hereby approved. The Village Manager, -2- 52128311;4 Village Clerk, and Village Attorney are hereby authorized to execute and deliver such instruments, with such additions, deletions, and other changes as may be necessitated by applicable law, this Resolution or the Proposal as the Village Manager and the Village Attorney may approve (such approval to be conclusively evidenced by the execution of such documents), and to take such other actions as shall be necessary to implement the issuance of the Series 2021 Note. Section 7: Conflicts. All resolutions or parts of resolutions in conflict with this Resolution are hereby repealed to the extent of such conflict. Section 8:_ Severability. That should any section or provision of this Resolution or any portion thereof, any paragraph, sentence, clause or word be declared by a court of competent jurisdiction to be invalid, such decision shall not affect the validity of the remainder hereof as a µ, whole or part hereof other than the part declared invalid. Section 9: Effective Date. That this Resolution shall become effective upon its adoptions. ADOPTED THIS I "\ DAY OF JANUARY, 2021. -3- 52128311;4 RESOLUTION Date 07-21 01-14,2021 Motion Council Member Frank D'Ambra Second Council Member Laurie Brandon FOR AGAINST ABSENT CONFLICT Mayor Abigail Brennan ❑x 0 Q Vice -Mayor Kyle Stone ® 0 ®x Council Member Laurie Brandon �x Council Member Frank D'Ambra 0 1:1 Council Member Bruce Prince ®x 1:1 0 The Mayor thereupon declared the Resolution duly passed and adopted. MAYOR OF TEQUESTA: PO °INCORP t. D_ ATTEST` °RATED:; Lori McWilliams, NIMC Village Clerk