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90-R-24RESOLUTION NO. 90-R-24 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDGE - WATER, FLORIDA, AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE CITY OF EDGEWATER, FLORIDA, TO FINANCE PART OF THE COST OF ITS UTILITY CAPITAL IMPROVEMENTS PROGRAM, CONSISTING OF WATER SYSTEM IMPROVEMENTS AND WASTEWATER TREATMENT FACILITIES BENEFITING UTILITY SYSTEM CUSTOMERS CITY-WIDE; PROVIDING FOR AND CALLING FOR A BOND REFERENDUM OF THE QUALIFIED ELECTORS RESIDING IN THE CITY TO BE HELD ON , ON THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR SUCH PURPOSE; PROVIDING FOR PROPER NOTICE OF SUCH REFERENDUM; REPEALING ALL RESOLUTIONS IN CONFLICT HEREWITH AND PROVIDING FOR AN EFFECTIVE DATE. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDGEWATER, FLORIDA: SECTION 1. Authority for this Resolution. This Resolu- tion is adopted pursuant to Chapter 166, Part II, Florida Stat- utes, Sections 100.201 through 100.351, Florida Statutes, and other applicable provisions of law (hereinafter collectively re- ferred to as the "Act"). SECTION 2. Authorization of Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds ("Bonds") of the City of Edgewater, Florida, are authorized to be issued in the aggregate principal amount of not exceeding Fifteen Million Dollars ($15,000,000), to finance part of the cost of its utility capital improvements program, consisting of water system improve- ments and wastewater treatment facilities benefiting utility sy- stem customers city-wide, a more particular description of which is on file in the office of the City Clerk of the City. The monies received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be secured by full faith, credit, and taxing power of the City. None of the Bonds shall be issued for a longer term than thirty (30) years from their date of issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal of and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the City prior to the sale of the Bonds. The Bonds shall be issued pursuant to authority granted un- REJECTED 3-19-90 C O der this Resolution and the Act, but only after approval at the bond referendum hereinafter called and subsequent enactment of an authorizing resolution by the City Council. SECTION 3. Bond Referendum. A bond referendum of the qualified electors residing in the City is hereby called to be held on . to determine whether or not the is- suance of the Bonds in an aggregate amount of not exceeding Fif- teen Million Dollars ($15,000,000) shall be approved by such qual- ified electors to finance the cost of such projects. All qualified electors residing in the City shall be entitl- ed and permitted to vote in the bond referendum. The places of voting and the inspectors and clerks for the bond referendum shall be designated as provided by the Supervisor of Elections of Volusia County, and by applicable State law. The polls will be open at the voting places from 7:00 o'clock A.M. until 7:00 o'clock P.M. on the same day. SECTION 9. Official Ballot. The form of ballot for vot- ing in the bond referendum shall be in substantially the follow- ing form: OFFICIAL BALLOT CITY OF EDGEWATER, FLORIDA BOND REFERENDUM FOR CITY-WIDE WATER AND WASTEWATER UTILITY CAPITAL IMPROVEMENTS , 1990 Shall the City of Edgewater, Florida, finance part of the cost of its utility capital imiprovement program, consisting of water system improvements and wastewater treatment facilities benefiting utility system customers city-wide by issuing not ex- ceeding $15,000,000 General Obligation Bonds (in lieu of revenue bonds), bearing interest not exceeding the maximum legal rate at time of sale, maturing within thirty years after issuance, secur- ed by the City's full faith, credit and taxing powers? For Bonds Against Bonds The voting system shall be so arranged that the voter may vote "For Bonds" or "Against Bonds" in the referendum. 2 SECTION 5. Absentee Voting. The form of ballot to be used in each referendum for absentee voters shall be in substan- tially the forms provided in Section 4 above. SECTION 6. Printing of Ballots. The City Clerk is author- ized and directed to cause to be printed on plain white paper a sufficient number of the aforesaid ballots for use of absentee electors entitled to cast such ballots in each referendum, and shall also cause to be printed sample ballots and deliver them to the Inspectors and Clerks on or before the date and time for the opening of the polls for bond referendum for the voting places at which the voting system is used; and further is authorized and directed to cause to be printed on plain white paper and deliver- ed in accordance with law the official ballots for use in such voting system, and to make all appropriate arrangements for the conducting of the bond referendum. SECTION 7. Referendum Procedure. The bond referendum shall be held and conducted in the manner prescribed by law for holding general elections, except as herein provided. The Inspec- tors and Clerks at each polling place and the Supervisor of Elec- tions shall canvass the vote and make due returns of same without delay to the City Clerk. Such returns shall show the number of qualified electors who voted at the bond referendum separately and the number of votes cast respectively for and against approv- al of the Bonds separately. The return of the Inspectors and Clerks shall, within twenty-four (24) hours after the close of the polls, be canvassed by the City Council, which shall declare and certify the results of the bond referendum. SECTION 8. Referendum Results. If a majority of the votes cast at the referendum shall be "For Bonds", the Bonds de- scribed in such referendum shall be approved, and then such Bonds, the issuance of which shall be thereby approved, shall be issued as shall be provided by the City Council. If less than a majority of the votes cast at the referendum shall be "For Bonds", the Bonds described in such referendum shall be defeated, and no General Obligation Bonds for the purposes described in such referendum shall be issued, but the defeat of the Bond Issue I shall not prevent the issuance of revenue bonds to finance any or all of such projects in the discretion of the City Council. SECTION 9. Notice of Bond Referendum. At least 30 days' notice of each bond referendum shall be published in a daily news- paper of general circulation in the City of Edgewater, at least twice, once in the fifth week and once in the third week prior to the week in which the referendum is held, in the form attached as Exhibit A and in the manner provided in Section 100.342, Florida Statutes. SECTION 10. That all resolutions or parts of resolutions in conflict herewith, be and the same are hereby repealed. SECTION 11. That this resolution shall take effect immedi- ately upon its adoption by the City Council of the City of Edge- water, Florida, and approval as provided by law. This Resolution was introduced and sponsored by and was read and passed by a vote of the City Coun- cil of the City of Edgewater, Florida, at a ing of said Council held on the 1990, and approved as provided by law. ROLL CALL VO' Councilman -Zone Four ATTEST: City Clerk meet - day of Authenticated this day of , 1990. Mayor This Resolution prepared by: City Attorney 4 EXHIBIT A NOTICE OF BOND REFERENDUM FOR CITY-WIDE WATER AND WASTEWATER SYSTEM CAPITAL IMPROVEMENTS CITY OF EDGEWATER, FLORIDA To be Held on , as Provided by a Resolution of the City Council of the City of Edgewater, Florida, adopted on March 19, 1990. Notice is hereby given that a special bond referendum will be held in the City of Edgewater, Florida, on The bond referendum will be held to determine the following question: Shall the City of Edgewater, Florida, finance part of the cost of its utility capital improvement program, consisting of water system improvements and wastewater treatment facilities benefiting utility system customers city-wide by issuing not exceeding $15,000,000 General Obligation Bonds (in lieu of revenue bonds), bearing interest not exceeding the maximum legal rate at time of sale, maturing within thirty years after issuance, secured by the City's full faith, credit and taxing powers? All qualified electors residing in the City shall be entitled to vote in the bond referendum. Susan Wadsworth City Clerk City of Edgewater, Florida