ORDINANCE 763ORDINANCE NO. 20-72-763
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
NOT EXCEEDING $5,000,000 CITY OF SOUTH
MIAMI INDUSTRIAL DEVELOPMENT REVENUE BONDS
(FUCHS BAKING CO.. ISSUE`) PURSUANT TO
CHAPTER 159, PART II, FLORIDA STATUTES;
AUTHORIZING THE APPROPRIATE CITY OFFICIALS
TO WORK WITH BOND APPROVING COUNSEL;
AUTHORIZING THE EXPENDITURE OF FUNDS PRIOR
TO THE SALE OF SAID BONDS SUBJECT TO
REIMBURSEMENT UPON SALE; PROVIDING FOR
REIMBURSEMENT OF SPECIFIED COSTS FROM THE
BOND PROCEEDS; PROVIDING THAT SAID 'BONDS
SHALL BE PAYABLE SOLELY FROM REVENUES OF
THE PROJECT AND THAT NEITHER THE TAXING
POWER NOR THE FAITH AND CREDIT OF THE CITY
OF SOUTH MIAMI,DADE COUNT, OR THE STATE OF
FLORIDA SHALL EVER BE PLEDGED TO REPAY SAID
BONDS OR ANY INTEREST THEREON; PROVIDING
OTHER TERMS AND CONDITIONS PRIOR TO
ISSUANCE OF SAID BONDS.
WHEREAS, Fuchs Baking Co., a Florida corporation,
(hereinafter referred to as the "Company"), has informed the
City Council of the City Of South ,Miami, (hereinafter referred
to as the "Council"), of the Company's desire to acquire,
construct and equip a capital project, including machinery,
equipment and related facilities for use as a manufacturing or
industrial facility for the production and distribution of bakery
Products in. Dade county, Florida, (hereinafter referred to as
the ,Project").- and
WHEPEAS, the Company has requested the Council to
exercise ,ita powers to issue Industrial Developmftt Revenue
bonde0 (hereinafter teferrdd to ag the wRonda"), for the purpose
of f1hancing the pr€ je and
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State of Florida and to improve living conditions and ,otherwise
contribute to the welfare of the State and are therefore projects
which serve the public interest; and
WHEREAS, the development of this Project will release
land in the downtown business area of South Miami from present
industrial use and make the ,same available for uses more
compatible with suburban business uses;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF SOUTH MIAMI, FLORIDA
Section 1. Upon the request of the Company, the
Council will adopt such Bond resolutions and other documents as,
in the opinion of bond counsel for the Company and counsel for
the Council, may be necessary for the authorization, issuance
and sale of not exceeding $5,000,000 of the Bonds.
Section 2. The Company is authorized to proceed
with the development and construction of the Project prior to
the sale of the Bonds. Upon receipt of the proceeds of the sale
of the Bonds, the Company will be reimbursed for expenditures made
by it in connection with the Project to the extent authorized by
Chapter 159, part .Ii, Florida Statutes, to the same degree as
if such expenditures 'paid been made directly by the Council.
Section _3. The law .furs Of Shtitts & Bowen and such
other attorneys as may be designti4ed by SBnttn & Bowen are
+authdrized to prepare the necessary non! r@aolutidris, trust
inddfitutes and other doe tints fidedngaev or teeidental to the
igs-daac�y{� me u�peq and sll@ OftheV&,.dAe# tn& Mir. .: irdNe —46re` city
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Service in respect to the Bonds as may appear to be necessary,
and the appropriate city officials are hereby authorized to execute
such documents as may be necessary in connection therewith.
The Company may select its architects, engineers, accountants,
investment bankers and other professional experts necessary for
the financing and construction of the Project. The Council shall
not be obligated for the payment of the fees or expenses of
Shutts & Bowen, or of any other experts authorized herein,
provided that upon the sale of the Bonds the Company shall, .be
reimbursed for its expenditures made for such purposes as
provided by Chapter 159, Part II, Florida Statutes.
Section 4. It shall be the responsibility of the
Company to find a buyer for the Bonds but the Council agrees to
cooperate with the Company in its efforts to do so.
Section 5. There may be included as "cost of the
project" all reasonable costs incurred by the Company and the
Council as defined by Chapter 159, Part. II, Florida Statutes.
Section 6. It is contemplated that the Bonds will
be issued under the provisions of Chapter 159, Part II, Florida
Statutes; Section 103(c)(6)(n) of the Internal Revenue Code of
1954, as amended, and other applicable laws. 'The issuance of
the Bonds and the construction of the Project will be donne in
compliance with such acts. All such Bond resolutions, trust
indenturea, and other bona documents shall Contain an express
PtOVision that the Bonds shall be payable solely frcm the
revenutea derived froth the use, operation, leasing or tale of
the corpl.eted Project, and neither the taxing poker nor they faith
and credit of the City Of South Miati., Bade. CisUACY# Plori da, or
the vtata of plcri. a, cr any political aubdmiglem of the State
eiPldflda atal,.t 106r be pledged to the repaint @f the ftrj@
M "A Iit tfteft ftbeft o
Section 7. The Council and the Company will
promptly do all things and take all steps necessary for the
issuance ;and sale of the Bonds and for the construction of the
Project.
Section 8. The Bonds will be issued in such
amounts, upon such terms and conditions, at such interest rates
and mature at such times as may hereafter be agreed upon by the
Company and the Council..
Section 9. Notwithstanding .anything to the
contrary contained in this ordinance, the Council shall not
be obligated to proceed with the issuance of the Industrial
Development Revenue Bonds as provided for herein, and/or for
any costs or expenses, unless and until:.
1. A written agreement has been signed between the
City of South Miami and the Company fully detailing the terms
and conditions of the issuance of the said Industrial
Development Revenue Bonds and other matters relating thereto,
and
2. The City approves and adopts the bond resolutions
and all other necessary documents.
PASSED and ADOPTED this 7th aay of November, 1972.
AtteCity C1@rk
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APPROVED
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/ Mayor
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