HomeMy WebLinkAboutO-11696J-98-956
9/8/98
ORDINANCE NO. 11696
AN EMERGENCY ORDINANCE RESTRICTING FUNDS FOR
BOND DEFEASANCE AND APPROPRIATING SUCH FUNDS
IN THE AMOUNT OF $3,133,317 FOR THE SOLE
PURPOSE OF PURCHASING U.S. TREASURY
SECURITIES TO BE HELD UNTIL THE REFINANCING
OF THE DEPARTMENT OF OFF-STREET PARKING BONDS
OCCURS, AS CONTEMPLATED PURSUANT TO ORDINANCE
N0: 11692; CONTAINING A REPEALER PROVISION, A
SEVERABILITY CLAUSE, AND- PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Department of Off -Street Parking (°DOSP")
intends to refinance its outstanding bonds in the amount set
forth in Ordinance No. 11692, adopted by the City Commission on
August 14, 1998; and
WHEREAS, the Oversight Board has requested that enough funds
be made available for the defeasance of the DOSP bonds as a
safeguard in the event the refinancing of the DOSP bonds does not
occur; and
WHEREAS, $11,591,881 is to be held in escrow for said
purpose; and
WHEREAS, the balance of the defeasance amount equivalent to
approximately $3,133,317 is to be restricted for the sole purpose
of purchasing U.S. Treasury securities to be held until the
refinancing of the Department of Off -Street Parking bonds occurs;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
11696
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OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Ordinance are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. Funds, in the amount of $3,133,317, are
hereby restricted for bond defeasance, and such funds are hereby
appropriated for the sole purpose of purchasing U.S. Treasury
Securities to be held until the refinancing of the Department of
Off -Street Parking bonds occurs, as contemplated pursuant to
Ordinance No. 11692.
Section 4. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this Ordinance are hereby repealed.
Section 5. If any section, part of section, paragraph,
clause, phrase or word of this Ordinance is declared invalid, the
remaining provisions of this Ordinance shall not be affected.
Section 6.. This Ordinance is hereby declared to be an
emergency measure on the grounds of urgent public need for the
preservation of peace, health, safety, and property of the City
of Miami, and upon the further grounds of the necessity to make
the required and necessary payments to its employees and
officers, payment of its debts, necessary and required purchases
of goods and supplies and to generally carry on the functions and
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11696
duties of municipal affairs.
Section. 7. The requirement of reading this Ordinance on
two separate days is hereby dispensed with by an affirmative vote
of not less than four -fifths of the members of the Commission.
Section 8. This Ordinance shall become effective
immediately upon its adoption and signature of the Mayor.11
PASSED AND ADOPTED BY TITLE ONLY this Ath day of
�`i�'•iT�'ii1• - • •
ATTEST:
JOE CAROLLO, MAYOR
In accordance with Miami Code Sec. 2.36, since the Mayor did not indicate approval of
this legislation by signing it in the designated place provided, said legislation now
becomes effective with the elapse of ten (10) days f m the date of Commission action
regarding same, without the Mayor exCA
r F man, City Clerk
WALTER J. FOEMAN
CITY CLERK
APPROV AS 0 AND CORRECTNES 40
A J R LARELhD
IT TTORNEY
SS:W611
If the mayor does not sign this Ordinance, it shall become effective at
the end of ten calendar days from the date it was passed and adopted.
If the mayor vetoes this Ordinance, it shall become effective
immediately upon override of the veto by the City Commission.
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11696
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MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookle Williams, who on oath says that she Is the Vice
President of Legal Advertising of the Miami Daily Business
Review Okla Miami Review, a daily (except Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Dade
County, Florida; that the attached copy of advertisement,
being a Legal Advertisement of Notice in the matter of
CITY OF MIAMI
ORDINANCE NO. 11696
XXXXX
In the ......................................... Court,
wpg gublisTto In a I r jriipaper in the Issues of
Afflant further says that the said Miami Daily Business
Review Is a newspaper published at Miami In said Dade
County, Florida, and that the said newspaper has heretofore
been continuously published In said Dade County, Florida,
each day (except Saturday, Sunday and Legal Holidays) and
has been entered as second class mail matter at the post
office In Miami in said Dade County, Florida, for a period of
one ye t preceding the first publication of the attached
copy f adv rtlsement; and afflant further says that she has
neat r pal nor promised any person, firm or corporation
any is .ou I.
rebate, commission or refund for the purpose
of curl this dvertlsement for publication In the said
ne pe r.
18 e Swgtotand mbbeTrlbed before me VA
i
..... day of ......................... A.D. 19......
...tl•..'.l% �''..............
(SEAL) P RY P& OFFICIAL NOTARY SEAL
CHERYL H MARMER
Sookle Williams per As i 0 me -COMMISSION NUMBER
CC545384
Tc OF FLOMY A MISSION 20PI S
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CITY OF MIAMI; FLORIDA '. „
LEGAL NOTICE 4
All -interested persons will.take notice that on the 8th day of Sep-
tember 1908 the City -: Commission of • Miami, Florida adopted the
following titled ordinances: -
ORDINANCE. NO. 11695
AN. -EMERGENCY ORDINANCE --AMENDING- ORDINANCE _
NO. -10021 ADOPTED JULY 18, - 1985, `AS AMENDED,-
'`•WHICH ESTABU5HE0=1NI71AL RESOURCES AND`INI7IAL ;
.,APPROPRIATIONS FOR THE LAW:!:.ENFORCEMENT,;. .
;: TRUST FUND, RECEIVED AND DEPOSITED PURSUANT
TO:ORDINANCE NO. 9257;:.ADOPTED 'APRIL 9, 1981;
THEREBY _ PROVIDING, FOR , AN INCREASE .1N- THE
AMOUNT OF $3,000,006.00,`-- AS: -A' RESULT OF
ADDITIONAL MONIES DEPOSITED AN�.-SAID: .FUND
RECEIVED FROM SUCCESSFUL' FORFEITURE ACTIONS;
CONTAINING A REPEALER- PROVISION AND- A
SEVERABILITY_CLAUSE 11s
ORDINANCE 1i6
o
AN:EMERGENCY ORDINANCE:R CTING FUNDS FOR w
:..,'BOND DEFEASANCE AND`-.; APPROPRIATING •SUCH
FUNDS': IN THE °AMOUNT'OF $3,133 317 FOR. THE `SOLE
PURPOSE .,OF= .- PURCHASING U.S-..:-; ;TREASURY ' i
= SECURITIES TO'BE HELD -UNTIL THE>REFINANCINGiOF.:•.
THE>DEPARTMENT OF`TOFF=STREET:;,PARKING'$ONDS:i,. ` I
OCCURS;`,: AS CONTEMPLATED,, PURSUANT TO'; ORDI-..
h--NANCE' in!NO' ° -11692 "` CONTAINING = A ^ 'REPEAL•ER.ri
-PROVISION;_A SEVERABILITY CLAUSE 'AND PROVIDING',. ;
FOR'AN EFFECTIVE DATE I
Said ordinances may be ins
pected•by the.public at the;Office okthe
City Clerk; 3500 Pan American Drive,, Miami,, Florida; Monday through
It Friday excluding holidays between the.hours of 8 a:m. and 5 p m. - . i
WALTER J. FOEMAN
► CITY CLERK
(#5152) I
4964-091864M I