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HomeMy WebLinkAboutResolution No. 2019-28Rdc �e , C CITY OF CLERMONT �,,,,, RESOLUTION N0.2019-28R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA, ADOPTING THE FINAL BUDGET FOR FISCAL YEAR 2019-2020; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Clermont, Florida on September 19, 2019 held a public hearing as required by Florida Statute 200.065; and WHEREAS, the City of Clermont, Lake County, Florida, set forth the appropriations and revenue estimates for the Budget for Fiscal Year 2019-2020 in the amount of $148, 302, 884. NOW, THEREFORE, BE IT RESOLVED, by the City of Clermont, Lake County, Florida that: 1. The Fiscal Year 2019-2020 Final Budget be adopted. 2. This Resolution will take effect immediately upon its adoption. CLE CITY OFCLERMONT RESOLUTION NO.2019-28R DONE AND RESOLVED by the City Council of the City of Clermont, Lake County Florida, this 19th day of September, 2019. ATTEST: Tracy Ackroyd F owe, City Clerk EXXIRRA BUDGETSUMMARY CRY OF CLERM T, FLORIDA FESM YEAR 2019�2020 MXlagserr$SDOp ClAS51fICATIOX ANK1 Gebrel Fund S9Bd" RMYw flalll DeLE $erNb WM CNRUI 91 {aq{ Nq{ Fntygye {YMa bbmal5ervke Wnd TOTAI WDGET E r AEYaIwem TawO 145281000 331,A3 OIMrTares 5.63>.038 3.M9.533 13,862,A3 Ik¢nsea&eemliD 3A29,00 yNS,SW - - 9.N6,651 InterBwernmental Revenues e,TA23J - 3.30I.0.tl 9.175.300 91"512N COaBes {D�Xrvkc 2,112,N3 4IM - 950,000 365,JSp Fines &Wrtertures 101,W0 - 18.5A,W] 20,686,683 MisrelUneous 1,215,6N IKM 7,000 J0p,00p 1122.50) 0,966,876 101,W0 7,600,524 InterfudlTransfers ESTIMATED REVENUES —I— Is. 3,N0j63 1,350,000 23.966.376 4.9156.106 72330,155 XONNON�if:e Bglndid Reserves 8.21S,071 5026A37 1A3 J33 ,5.51 SI NM -REVENUES 9,215.0)1 5,026,83I 1]73133 175N NO al W&319 1J93 B99 .5 ] TOTAL REVENUES&RESERVE$ NQ, $12 ]]&.M3 NbN]95 $rkssd W $65 $5 M $ 3p 9N IXPENNTUREE General Gwernmenl VuNk Wes, I,699,09 153,9A 2~68 )B'JO I,M98DD 12,259,39C 19.]68.36] y IMI` _ R reponstion 3.1115,745 1,513,137 22.1J9,a65 EmromirEmironment NomI 31UM SB"'m - 4.39&882 CuhureMerreaabn 3,111.696 383.9M 6j61p)1 RrysRal Environment 923,53E 3y0W - 6,981.000 39,SSJ,1N _ 6 InteduMTrauters S18,K) 2,615096 33,495 FVEXOTWRES 33,MI,KS ],136A66 ' '8 ldr ISBSBAb 2,931,155 32A9L559 sl,SM,BW 5,>f8018 91,939pM REEEi VoU End, Reserves RESERVES 1.215.0)1 S OI2AS] 18D5ell 6A16N0 32,270,975 1AU 9L6,61D M3 M B6 .363]% TOTAL EX9ENDITUEES& RESERVES Np — .1'] 3 54,624,29S $ISI$dsW $65 $6,)6&))5 $1i8,30l8 •METEMATryF, ADOVTED,ANO/OR IMLBYMMskRf ON RIE WTMFO{FICFOFTNf ABOVE MFMpNEDTAXMOAUTRORISYASAN CR W $30,000,000 UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF CLERMONT MASTER PLAN CAPITAL PROJECTS REVENUE NOTE SERIES 2017 Dated Date: June 19, 2017 Interest Rate: 2.63%, Maturity Date: December 1, 2032 subject to adjustment as provided herein KNOW ALL MEN BY THESE PRESENTS that the City of Clermont (the "City"), a municipal corporation created and existing pursuant to the Constitution and the laws of the State of Florida, for value received, promises to pay from the sources hereinafter provided, to the order of Pinnacle Public Finance, Inc., or registered assigns (hereinafter, the "Owner"), the principal sum of THIRTY MILLION DOLLARS ($30,000,000.00), on the Maturity Date set forth above, except to the extent earlier prepaid, upon presentation and surrender hereof to the City, and to pay interest on the outstanding principal balance hereof at the "Interest Rate" described above and herein, calculated on a 30/360-day basis, on each June 1 and December 1, commencing on December 1, 2017, provided, however, that such Interest Rate shall in no event exceed the maximum interest rate permitted by applicable law. Upon the occurrence of an Event of Taxability (defined below) resulting from an act or omission of the City and following a Determination of Taxability (defined below), this Note or the affected portions thereof will bear interest at a rate of interest per annum from the date of the Event of Taxability (defined below) relating thereto equal to 4.05% per arum (the "Taxable Rate"). "Determination of Taxability" means (i) receipt by the City of a final judgment by a court of competent jurisdiction or a final official action of the Internal Revenue Service determining that an Event of Taxability has occurred, (ii) receipt by the City and the Owner of an unqualified opinion of a nationally recognized bond counsel firm selected by the Owner to the effect that the interest on this Note has become includable in the gross income of the Owner, or (iii) at such time as the City and the Owner have mutually agreed that an Event of Taxability has occurred (the date of the Determination of Taxability, the "Taxable Date"). "Event of Taxability" means the circumstance of any interest paid or payable with respect to this Note being includable or becoming includable in the gross income of the Owner for federal income tax purposes. In addition to the payments of interest on this Note at the Taxable Rate on and after the Taxable Date, the City hereby agrees to pay to the Owner, within 30 days of the occurrence of a Determination of Taxability, (A) an amount equal to the difference between (x) the amount of interest actually paid on this Note during the Prior Taxable Period and (y) the amount of interest that would have been paid on this Note during the Prior Taxable Period had this Note bome interest at the Taxable Rate plus (B) an amount equal to all penalties, fines, interest and additions to tax (including all federal, state and local taxes imposed on the interest on this Note due and through the Taxable Date) that are imposed on the interest on this Note or the Owner as a result of the loss of the exclusion. "Prior Taxable Period' means, with respect to 4832-2734-0874.3 this Note, the period which elapses from the earliest date on which the interest on this Note is includable in the gross income of the holder thereof (which may be as early as the Dated Date) to the Taxable Date. In the event any principal of or interest on this Note is not paid when due and payable, this Note shall bear interest at the Default Rate. "Default Rate" means the rate per annum equal to the lesser of (i) 6.00% or, if an Event of Taxability resulting from an act or omission of the City has occurred, 7.00%, or (ii) the maximum rate of interest permitted by law, in either case, from the date any principal of or interest on this Note has not been paid when due and payable until such principal or interest has been paid. All payments by the City pursuant to this Note shall apply first to accrued interest, then to other charges due the Owner, and the balance thereof shall apply to principal. Unless earlier prepaid, the principal amount of this Note shall be prepaid pursuant to mandatory sinking fund prepayments, without prior notice to the Owner, in the following Amortization Amounts on the following dates: Dates Amortization Amounts 12/01/2018 $1,657,000 12/O112019 1,701,000 12/01/2020 1,746,000 12/O1/2021 1,791,000 12/O1/2022 1,839,000 12/O1/2023 1,887,000 12/01/2024 1,937,000 12/01/2025 1,987,000 12/O1/2026 2,040,000 12/O1/2027 2,093,000 12/01/2028 2,148,000 12/O1/2029 2,205,000 12/O1/2030 2,263,000 12/O1/2031 2,322,000 12/01/2032* 2,384,000 *Maturity A final payment in the amount of the remaining principal balance, together with all accrued and unpaid interest hereon, shall be due and payable in full on the Maturity Date. Except as provided in the next succeeding paragraph, this Note may not be prepaid and redeemed at the option of the City prior to December 1, 2022. On and after December 1, 2022, the City may prepay and redeem this Note in whole but not in part at any time upon five Business Days' prior written notice to the Owner at a redemption price equal to the principal amount of this Note to be prepaid, plus accrued interest thereon to the prepayment date. Such prepayment notice shall specify the amount of the prepayment which is to be made. 4832-273 874.3 On and prior to June 19, 2019, the City shall have one-time extraordinary prepayment option and may prepay and redeem this Note in part, in a principal amount not to exceed $3 million, at any time upon five Business Days' prior written notice to the Owner at a redemption price equal to the principal amount of this Note to be prepaid, plus accrued interest thereon to the prepayment date. Such prepayment notice shall specify the prepaid amount of prepayment which is to be made. Notwithstanding anything herein or in the Resolution to the contrary, the Owner shall not be required to (i) surrender or cancel this Note until it has received all amounts owing and due thereunder and under the Resolution, or (ii) surrender this Note for prepayment or principal installment payments. A partial prepayment resulting from an extraordinary optional prepayment of this Note as described above shall be applied and credited to the unpaid Amortization Amounts specified above (including the Amortization Amount payable on the Maturity Date) payable pursuant to the mandatory sinking fund prepayments required hereunder on a pro rata basis treating each Amortization Amount as a maturity. In the event that the entire unpaid balance of the principal of this Note is to be prepaid, such prepayment shall be made upon presentation and surrender of this Note at the office of the Owner. If on the prepayment date moneys for the payment of the principal amount to be prepaid on this Note, together with interest to the prepayment date on such principal amount shall have been paid to the Owner as above provided and if notice of prepayment shall have been given to the Owner as above provided, then from and after the prepayment date interest on such principal amount of this Note shall cease to accrue. If said moneys shall not have been so paid on the prepayment date, such principal amount of this Note shall continue to bear interest until payment thereof at the rate or rates provided for herein. THIS NOTE DOES NOT CONSTITUTE A GENERAL INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER PROVISION OR LIMITATION, AND IT IS EXPRESSLY AGREED BY THE OWNER OF THIS NOTE THAT SUCH OWNER SHALL NEVER HAVE THE RIGHT TO REQUIRE OR COMPEL THE EXERCISE OF THE AD VALOREM TAXING POWER OF THE CITY OR TAXATION OF ANY REAL OR PERSONAL PROPERTY THEREIN OR THE USE OF AD VALOREM TAX REVENUES FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THIS NOTE OR THE MAKING OF ANY OTHER PAYMENTS PROVIDED FOR IN THE RESOLUTION. This Note is issued pursuant to Constitution of the State of Florida, Chapter 166, Part Q, Florida Statutes, the municipal charter of the City and other applicable provisions of law, and a resolution duly adopted by the City on June 13, 2017, as amended and supplemented from time to time (herein referred to as the "Resolution"), and is subject to all the terms and conditions of the Resolution. All terms, conditions and provisions of the Resolution including, without limitation, remedies in the Event of Default are by this reference thereto incorporated herein as a part of this Note. Payment of the Note is secured by a covenant to budget, appropriate and deposit Non -Ad Valorem Revenues of the City and a pledge of and lien upon the Pledged Revenues, in the manner and to the extent described in the Resolution. Terms used herein in 4832.2734-0874.3 capitalized form and not otherwise defined herein shall have the meanings ascribed thereto in the Resolution. This Note may be exchanged or transferred by the Owner hereof to any Permitted Lender but only upon the registration books maintained by the City and in the manner provided in the Resolution. The City to the extent permitted by law hereby waives presentment, demand, protest and notice of dishonor. No official, agent or employee of the City approving or executing this Note shall be liable personally on this Note or be subject to any personal liability or accountability by reason of the issuance of this Note. It is hereby certified, recited and declared that all acts, conditions and prerequisites required to exist, happen and be performed precedent to and in the execution, delivery and the issuance of this Note do exist, have happened and have been performed in due time, form and manner as required by law, and that the issuance of this Note is in full compliance with and does not exceed or violate any constitutional or statutory limitation. [Remainder of Page Intentionally Left Blank; Signature Page Follows] 4832-27340874.3 IN WITNESS WHEREOF, the City of Clermont, Florida, has issued this Note and has caused the same to be executed by its Mayor, attested by its City Clerk, approved as to form by its City Attorney, either manually or with their facsimile signatures, and the corporate seal of the City, or a facsimile thereof to be impressed, imprinted or otherwise reproduced hereon, all as of the dated date set forth above. "(OFFICIAL SEAL) ATTESTED AND sy: Tracy Ackroyd Howe, City Clerk CITY OF CLERMONT, FLORIDA Gail L. Ash, Nfayo� Approved a rm: E �e . Mantzaris, City Attorney [Signature Page to Master Plan Capital Projects Revenue Note]