Title
A Resolution of the City Commission authorizing the issuance of not to exceed $32,000,000 in aggregate principal amount of Capital Improvement Revenue and Refunding Bonds, Series 2021B to finance the costs of the construction, reconstruction, and replacement of certain capital improvements, refunding the Refunded Obligations, and to pay associated costs of issuance; providing that such Series 2021B Bonds shall be a limited obligation of the issuer payable solely from non-ad valorem revenues budgeted and appropriated as provided herein; making certain provisions and delegating certain responsibilities with respect to the notice, bidding and sale of the Series 2021B Bonds to the Mayor and Finance Director; appointing a Financial Advisor, Paying Agent and Registrar for the Series 2021B Bonds; approving the forms of the Summary Notice Of Sale, and Official Notice Of Sale with respect to such Series 2021B Bonds; authorizing the preparation and use of a Preliminary Official Statement and authorizing the execution and delivery of a Final Official Statement, Paying Agent and Registrar Agreement and Continuing Disclosure Certificate; providing for compliance with certain continuing disclosure requirements; providing for the rights, securities and remedies for the holder of such Series 2021B Bonds; making certain covenants and agreements in connection therewith; and providing an effective date; and authorizing an amendment to the Fiscal Year 2020-2021 amended budget to recognize as revenue the proceeds from the Series 2021B Bonds and appropriating such funds to pay the cost of the Project and the Refunded Obligations.
Body
The City collects sanitary sewer fees to fund the annual maintenance and operating expenses of the sanitary sewer system, as well as the periodic capital improvement projects that involve the major repair/replacement of system components. The cost of certain capital project improvements cannot be covered by the normal sanitary sewer fee structure...
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