Fort Walton Beach Resolution — 86-08-Approve Issuance of IDRB FW Ventures — reading text

City of Fort Walton Beach HOME OF THE Come Soovre Resolution _ 6-8 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA APPROVING THE ISSU- ANCE OF NOT TO EXCEED $4,000,000 CITY OF PORT WALTON BEACH, FLORIDA INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1986 (FT. WALTON BEACH VENTURES, LD. PROJECT) FOLLOWING A PUBLIC HEARING IN COMPLIANCE WITH CERTAIN PROVISIONS OF THE INTERNAL REVENUE CODE, AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Fort Walton Beach, Florida, is a munici- pal corporation created and existing under the laws of the State of Florida (the “Governmental Unit" and the “Issuer") and is authorized pursuant to Chapter 159, Part II, Florida Statutes (the “Act"), to issue its revenue bonds for the purpose of acquiring, constructing and installing any "Project" (as defined in the Act); and WHEREAS, the Issuer has considered the request of Ft. Walton Beach Ventures, Ttd, (the "Company") that the Issuer issue not to exceed $4,000,000 of its revenue bonds (the "Bonds") for the purpose of financing the cost of acquiring certain land and con- structing and equipping of a motel and restaurant facility consti- tuting a commercial project in an enterprise zone to be located at the northwest corner of Cedar Street and State Road 30 (U.S. Highway 98), Fort Walton Beach, Florida (the "Project"); ana WHEREAS, the Issuer has adopted an Inducement Resolution in regard to the financing of the Project; and WHEREAS, the City Council of the City of Fort Walton Beach, Florida, on January 24, 1986 caused to be published in the Playground Daily News, a newspaper of general circulation in the City of Fort Walton: Beach, Florida, notice of a public hearing to be held on February 11, 1986 to consider the requested approval of the Bonds and the location and nature of the Project to be financed with the Bonds, a copy of said notice, together with an Affidavit of Publication, being attached hereto as Exhibit A; and WHEREAS, the City Council of the City of Fort Walton Beach held a public hearing with respect to the proposed financing of the Project for the benefit of the Company; and WHEREAS, the Internal Revenue Code (the "Code"), provides that the governmental unit which will issue bonds similar to the Bonds and has jurisdiction over the area in which any facility financed with the proceeds of such bonds is located shall approve the issuance of such bonds; and WHEREAS, the Governmental Unit will be the Issuer of the Bonds, the Project is located in the City of Fort Walton Beach, Florida, and the City Council of the City of Fort Walton, (the "Governing Body") constitutes the elected legislative hody of the Governmental Unit. NOW, THEREFORE, BE IT RESOLVED by the Governing Body as follows: SECTION 1. The issuance of industrial development revenue bonds by the Issuer in the aggregate principal amount of not ex- ceeding $4,000,000 for the benefit of the Company is hereby approved to the extent required by the Code, as follows: (a) the Project to be financed with the proceeds of the Bonds consists of acquiring certain land and constructing and equipping of a motel and restaurant facility constituting a commercial project in an enterprise zone; (b) the Company is the owner, Operator or manager of the Project; and (c) the location of the Project will be the northwest corner of Cedar Street and State Road 30 (U.S. Highway 98), Fort Walton Beach, Florida. SECTION 2. Such approval by the Governing Body does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Company or the Project, and the Bonds shall not constitute an. indebtedness or obligation of the State of Florida or of any county, municipal corporation or polit- ical subdivision thereof but the Bonds shall be limited obliga- tions of the Issuer payable solely from the revenues derived from the Company and pledged to the payment thereof and no owner of any of the Bonds shall ever have the riqht to compel any exercise of the taxing power of said State or of any county, municipal corpor- ation or political subdivision thereof (including the Issuer), nor to enforce the payment thereof against any property of said State Or of any such county, municipal corporation or political subdivi- sion (including the Issuer). — SECTION 3. All acts and doing of the officers and members of the Governing Body, including the execution by the appropriate officer of the Governing Body of a Notice of Intent to Issue Bonds 3 and Request for Written Confirmation which are in conformity with the purposes. and intent of this Resolution shall be, and the same hereby are, in all respects approved and confirmed. SECTION 4, This Resolution shall take effect immediately upon its adoption. ADOPTED this 11th day of February, 1986. CITY OF FORT WALTON BEACH, FLORIDA (SEAL) By: yor City Clerk The form and legal sufficiency _ of the foregoing ha een reviewed and approved by the Ci Lone, CSI). 2 City Attorney Ca 4) Dai ly q AFreeciom Newspaper News Published Daily Fort Walton Beach, Florida State of Florida County of Okaloosa j Before the undersigned authorized personally appeared GINA MABRY »who on oath says that (s) he is ATT. BOOKKEEPER of the Playground Daily News, a daily newspaper published at Fort Walton Beach, in Okaloosa County, Florida; that the attached copy of advertisement, being a LEGAL NOTICE in the matter of inthe . Court, was published in said newspaper in the issues of JANUARY 24, 1986 Affiant further says that the said Playground Daily News i F published at Fort Walton Beach, in said Okaloosa County, Florida ‘and that the said newspaper has heretofore been continuously published in said Okaloosa County, Florida, each day, and has been entered as second class mail matter at the post office in Fort Walton Beach, in said Okaloosa County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that (s)he has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement ofoubleaion in the said newspaper. pane ew, oo Al Mb: a cL aL Sworn to and subscribed before me this 24th day of JANUARY \ AD.19-96 004 Wooton Vanan Vasneonti Notary Public, State of Fiorida at Large My Commission Expires Lh bit A Leg:190 NOTICE OF PUBLIC HEARING | ON ISSUANCE OF INDUSTRIAL DEVELOPMENT Notice is hereby given that a gublic hearing will be held sefore the City Council of the Tity of Fort Walton Beach, Florida, on February 11, 1986 at 7:00 P.M., of as soon - thereafter as such matter may be heard, in the City Council Chambers located at 107 Mir- acle Strip Parkway in Fort Walton Beach, Florida, in con- nection with the proposed is- -suance by the City of Fort Walten Beach (the “Issuer”) of its Industrial Development Revenue Bonds (Ft. Walton. Beach Ventures, Ltd. Project), Series 1986, in an aggregate principal amount not to ex- ceed $4,000,000.00 (the Bonds”). For proceeds from the sale of the Bonds will be used by the Issuer to finance the acquisition of certain land and the construction and equipping of a motel and res- taurant facility constituting a commercial project in an en- terprise zone, to be owned by Ft. Walton Beach Ventures, Lid., Georgia corporation, to be located at the northwest corner of Cedar Street and State Road 30 (U.S. Highway 98), Fort Walton Beach, Florida. All persons wishing to ex- press their views or to pre- sent evidence concerning such proposed revenue bonds issued will have the opportu- nity to do so at this hearing. Persons are advised that, if they decide to appeal any de- cision made at this meet- ing/hearing, they will need a record of the proceedings, ond, for such purpose, they may need to ensure that a verbatim record of the pro- ceedings is made, which rec- ord includes the testimony and evidence upon which the appeal is to be bosed. " CITY COUNCIL OF FORT WALTON BEACH, FLORIDA HELEN SPENCER CITY CLERK 190: Jan 24, 1986