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FIRST INSERTION
ORDINANCE NO. 2013-03
AN ORDINANCE OF THE TOWN OF OAKLAND, FLORIDA, AUTHORIZING THE ISSUANCE OF REVENUE REFUNDING BONDS FOR THE PURPOSE OF REFUNDING ITS OUTSTANDING CHARTER SCHOOL REVENUE BONDS, SERIES 2002 AND ITS OUTSTANDING CHARTER SCHOOL REVENUE BONDS, SERIES 2003; PROVIDING FOR THE PAYMENT OF SUCH REVENUE REFUNDING BONDS FROM PLEDGED REVENUES AS PROVIDED IN A RESOLUTION ADOPTED ON EVEN DATE HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF THE TOWN OF OAKLAND, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is enacted pursuant to the Constitution and laws of the State of Florida, including particularly Chapter 166, Part II, as amended and supplemented, the municipal home rule charter of the Town of Oakland, Florida, and other applicable provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. On December 10, 2002, the Town of Oakland, Florida (the “Issuer”), issued its Charter School Revenue Bonds, Series 2002 (the “Series 2002 Bonds”), to finance the cost of the acquisition, construction and equipping of certain educational facilities by the Issuer. On November 5, 2003, the Issuer issued its Charter School Revenue Bonds, Series 2003 (the “Series 2003 Bonds,” and together with the Series 2002 Bonds, the “Refunded Bonds”), to finance the cost of the acquisition, construction and equipping of certain educational facilities by the Issuer.
B. The Series 2002 Bonds were issued pursuant to Ordinance 2002-27 in an aggregate principal amount of $8,125,000 of which $7,040,000 remains currently outstanding. The Series 2003 Bonds were issued pursuant to Ordinance 2003-14 in an aggregate principal amount of $455,000 of which $150,000 remains currently outstanding.
C. Based upon the advice of Gates Capital Corporation, New York, New York, the underwriter for the Refunded Bonds, it is financially advantageous to refund the outstanding Refunded Bonds. Such refunding of the Refunded Bonds will result in a savings with respect to the debt service that would otherwise be attributable to the Refunded Bonds.
D. The bonds to be issued to refund the Refunded Bonds will be secured by a pledge of certain net revenues of the Issuer directly attributable to its ownership and operation of the Oakland Avenue Charter School.
SECTION 3. AUTHORIZATION OF THE BONDS. The issuance by the Issuer of its not to exceed $8,245,000 Revenue Refunding Bonds, Series 2013 (the “Refunding Bonds”), for the purpose and secured as specified 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 by subsequent resolution of the Town Commission prior to their delivery; is hereby authorized. The Town Commission of the Issuer may adopt a specific bond resolution (including any resolutions supplemental to the bond resolution), supplemental to this ordinance, which sets forth the fiscal details of the Refunding Bonds and other covenants and provisions necessary for the issuance of the Refunding Bonds.
SECTION 4. REPEAL OF INCONSISTENT PROVISIONS. All ordinances, resolutions or parts thereof in conflict with this ordinance are hereby repealed to the extent of such conflict.
SECTION 5. EFFECTIVE DATE. This ordinance shall take effect immediately upon its final passage and adoption.
ENACTED after reading by title at a regular meeting of the Town Commission of the Town of Oakland, Florida, held in Town Hall, Oakland, Florida, on this 11th day of June, 2013.
May 30, 201313-03304W