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Home My WebLink AboutR-80-02RESOLUTION NO. ~ A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $1,500,000 GENERAL OBLIGATION BONDS OF THE CITY OF SEBASTIAN, FLORIDA, TO FINANCE THE COST OF CONSTRUCTING A MUNICIPAL GOLF COURSE AND RELATED IMPROVEMENTS IN THE CITY; PROVIDING FOR AND CALLING A BOND REFERENDUM TO BE HELD ON THE QUESTION OF THE ISSUANCE OF SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, FLORIDA: SECTION 1. AUTHORITY OF THIS RESOLUTION. This mesolu- tion is adopted pursuant to Ch. 166, Fla. Stat. (1979), Ch. 100, Fla. Stat. (1979), and other applicable provisions of law. SECTION 2. AUTHORIZATION OF BONDS. Subject and pur- suant to the provisions hereof, general obligation bonds of the City of Sebastian, Florida (hereinafter called "City"), are auth- orized to be issued in the aggregate principal amount of not exceeding $1,500,000 to finance the cost of the construction of a municipal golf course and related improvements as more par- ticularly described in Section 3 hereof. The money received from the issuance of such general obligation bonds will be used for such purposes and for the benefit of the City and its inhabi- tants. The general obligation bonds shall be payable from the net revenues to be derived from the operation of such golf course and related improvements and, to the extent such revenues are insufficler~t therefor, from ad valorem taxes levied without limit as to rate or amount on all t. axable property in the City. None of such bonds shall be issued for a longer term than thirty years from their date of issuance, and such bonds shall bear interest at sUch rate or rates not exceeding the maximum rate permitted by law at the date of issuance of the bonds. SECTION 3. BOND REFERENDUM. A bond referendum of the qualified electors residing in the City is hereby called to be held on March 11, 1980, to determine whether or not the issuance of such general obligation bonds in an aggregate principal amount of not exceeding $1,500,000 shall be approved by such qualified -1~ electors to finance the cost of the construction of a municipal golf course within the City, including a club house, pro shop and all other purposes incidental or appurtenant thereto. All qualified electors residing in the City shall be entitled and permitted to vote in such bond referendum. The polls will be open at the voting places from seven o'clock A.M. until seven o'clock P.M. on the same day. SECTION 4. PLACES OF VOTING, INSPECTORS, CLERKS. The places of voting shall be the same as in other municipal elec- tions and the inspectors and clerks for the polling places for the bond referendu~ shall be the same persons as for the general elections to be held on the same day. SECTION 5. OFFICIAL BALLOT. Voting machines shall be used at such bond referendum and the form of ballot to be used shall be in substantially the following form: OFFICIAL BALLOT CITY OF SEBASTIAN, FLORIDA BOND REFERENDUM - MARCH 11, 1980 Shall the City of Sebastian, Florida, issue not exceeding $1,500,000 aggregate principal amount of its general obligation bonds; bearing interest at not exceeding the maximum legal rate of in- terest at the time of issuance of the bonds; maturing not later than 30 years from the date of issuance thereof; payable from the net rev- enues to be derived from the golf course and related improvements to be constructed from the proceeds of the sale of the bonds and, to the extent such revenues are insufficient therefor, from ad valorem taxes levied on all taxable property in the City without limit as to rate or amount; for the purpose of financing the construction of a City golf course and related improvements as more specifically described and provided in Resolution No. /~-~d-~ of the City adopted on %~ ~ 3~ , 19807 O- Instructions to Voters: If you.are in favor of the is- suance of the bonds, pull down the lever over the words "FOR BONDS". If you are not in favor of the issuance of the bonds, pull down the lever over the words "AGAINST BONDS". SECTION 6. ABSENTEE VOTING. Paper ballots shall be -2- used at such referendum for absentee voting. The form of ballot to be used in the referendum for absentee voters shall be in substantially the form provided in Section 5 above. SECTION 7. PRINTING OF BALLOTS. The City Clerk is authorized and directed to have printed a sufficient number of the aforesaid ballots for use of absentee electors qualified to cast such ballots in such bond referendum, and shall also have 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 such bond referendum, for use at the voting places; and further is authorized and directed to make appropriate arrange- ments for the use of voting machines at the polling places spe- cified herein and to have printed on plain white paper and deli- vered in accordance with law, the official ballots for use in such bond referendum. SECTION 8. REFERENDUM PROCEDURE. The bond referendum shall be held and conducted in the manner prescribed by law for holding municipal elections in the City. The inspectors and clerks at each polling place shall prepare and file returns of such bond referendum and shall deliver the same to the City Council. Such returns shall show the number of qualified elec- tors who voted at such bond referendum on the proposition and ~ the number of votes cast respectively for and against approval of the proposition. The returns shall, as soon as practicable, be canvassed by the City Council. SECTION 9. REFERENDUM RESULTS. If a majority of the votes cast at such bond referendum in respect to the proposition shall be "yes" votes or "For Bonds", such proposition shall be approved; and then the bonds, the issuance of which shall be thereby approved, shall be issued as hereafter provided by sub- sequent resolution of the City. SECTION 10. NOTICE OF BOND REFERENDUM. As required by law, at least thirty days' notice of the bond referendum shall be provided. This resolution shall be published in full as part of -3- the notice of such bond referendum, together with an appropriate notice in substantially the form attached hereto as Exhibit "A", in the ~//,(,/~-~.~~~.~ a newspaper published and of general circulation in the City, at least twice, once in the fifth week and once in the third week prior to the week in which the bond referendum is to be held. SECTION 11. SEVE~BILITY. In the event that any word, phrase, clause, sentence or paragraph hereof shall be held inva- lid by any court of competent jurisdiction, such holding shall not affect any other word, clause, phrase, sentence or paragraph hereof. SECTION 12. REPEALING CLAUSE. All resolutions in conflict or inconsistent herewith are hereby repealed insofar as there is conflict or inconsistency. SECTION 13. EFFECTIVE DATE. This resolution shall take effect immediately upon its adoption. ATTEST: Ci%y Clerk ~at Flood, Jr., Mayor I HEREBY CERTIFY that the foregoing Resolution was passed by the City Council of the City of Sebastian, Florida, on the ~ 1980. day of City Clerk (S E A L) -4- EXHIBIT "A" NOTICE OF BOND REFERENDUM IN THE CITY OF SEBASTIAN, FLORIDA, ON MARCH 11, 1980. NOTICE IS HEREBY GIVEN THAT A BOND REFERENDUM will be held on March 11, 1980, in the City of Sebastian, Florida, for the purpose of determining whether or not general obligation bonds of the City shall be issued in the aggregate principal amount of not exceeding $1,500,000, bearing interest, payable semiannually, at such rate or rates not exceeding the legal rate as shall be determined at the time of issuance thereof, maturing over a period not to exceed 30 years from the date of issuance of the bonds, for the purpose of financing the construction of a municipal golf course and related improvements, all as more spe- cifically described and provided in Resolution No. ~9_~.~ of the City Council adopted on ~~3 , 1980. The places of voting in the bond referendum shall be those same places of voting as for the municipal election held in the City. The polls will be open at the voting places on the date Of the bond referendum from 7:00 A.M. until 7:00 P.M. on the same day, all as provided in Resolution No.~-~_~_of the City Council adopted on~.~.~ ~ , 1980, and published in full below as part of t s notice. All qualified electors residing within the City shall be entitled, qualified and permitted to vote at such referendum. CITY OF SEBASTIAN, FLORIDA (SEAL) Attest: C~ty Clerk -5-