HomeMy WebLinkAboutR-98-0815J-98-886
8/19/98
AF!CC1T.T7'rT(1M Mr) 9 8 8 f,v
A RESOLUTION OF THE CITY OF MIAMI, FLORIDA,
AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION
NOTES OF THE CITY IN THE ORIGINAL AGGREGATE
PRINCIPAL AMOUNT OF $4,000,000 FOR THE
PURPOSE OF REFUNDING ALL OF THE CITY'S
OUTSTANDING PARKING SYSTEM REVENUE BONDS,
SERIES 1992A; AUTHORIZING THE ISSUANCE OF
PARKING REVENUE BONDS TO PROVIDE LONG-TERM
FINANCING FOR THE REFUNDING OF SAID SERIES
1992A BONDS; PROVIDING FOR THE PAYMENT OF THE
NOTES FROM THE PROCEEDS OF SUCH BONDS TO BE
ISSUED AFTER THE DATE OF THE NOTES AND, IF
SUCH BONDS ARE NOT TIMELY ISSUED, NON -AD
VALOREM REVENUES LEGALLY AVAILABLE THEREFOR;
PROVIDING FOR THE SALE OF THE NOTES TO
SUNTRUST BANK ON A NEGOTIATED BASIS;
APPROVING THE CONDITIONS OF SUCH SALE;
PROVIDING CERTAIN OTHER DETAILS WITH RESPECT
THERETO; DESIGNATING AN INITIAL REGISTRAR AND
PAYING AGENT; PROVIDING AN EFFECTIVE DATE;
AND MAKING CERTAIN OTHER COVENANTS AND
AGREEMENTS IN CONNECTION THEREWITH.
WHEREAS, the City Commission (the "Commission") of the City
of Miami, Florida (the "City") on the date hereof enacted an
Ordinance (the "Bond Ordinance")authorizing the City to issue its
Parking System Revenue Bonds in the original aggregate principal
amount not exceeding $14,500,000 (the 111998 Bonds") for the
purpose of refunding the City's outstanding Parking System
Revenue Bonds, Series 1992A (the 111992 Bonds") and financing the
acquisition, construction and installation of certain additions
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AUG 14 1998
98- 8�5
and improvements to the City's Parking System and;
WHEREAS, the Commission on the date hereof also enacted a
Resolution (the "Resolution") authorizing the issuance of the
1998 Bonds and other related matters; and
WHEREAS, as a mechanism for the refunding of the 1988 Bonds
in the manner set forth in the Bond Ordinance and in the
Resolution, the Commission now wishes to authorize the issuance
of Bond Anticipation Notes (the "Notes") of the City in the
original aggregate principal amount of $4,000,000; and
WHEREAS, the Commission further wishes to authorize the
repayment of the Notes from the proceeds of the 1998 Bonds and,
if the 1998 Bonds are not timely issued, to provide non ad
valorem sources of revenue to make such payment, which will be
identified in a final resolution (the "Final Resolution")
concerning the issuance of the Notes to be adopted by the
Commission prior to the issuance of the Notes; and
WHEREAS, the Commission wishes to approve the sale of the
Notes to SunTrust Bank on a negotiated basis and approve the
conditions of such sale, and
WHEREAS, the Commission shall approve, in the Final
Resolution, an Initial Registrar and Paying Agent and shall make
any other changes, additions and deletions necessary to give
proper legal effect to the issuance of the Notes;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
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thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The Commission hereby authorizes the City to
issue Parking System Revenue Bonds, in the original aggregate
principal amount not to exceed $14,500,000 for the purpose of
refunding the 1992 Bonds and financing the acquisition,
construction, and installation of certain conditions and
improvements to the City's Parking System.
Section 3. The Commission hereby authorizes the issuance
of Bond Anticipation Notes of the City in the original aggregate
principal amount of $4,000,000.
Section 4. The Commission hereby authorizes the
repayment of the Notes from the proceeds of the 1998 Bonds and,
if the 1998 Bonds are not timely issued, to provide non ad
valorem sources of revenue to make such payment, which will be
identified in the Final Resolution concerning the issuance of the
Notes to be adopted by the Commission prior to their issuance.
Section 5. The Commission hereby approves the sale of
the Notes to SunTrust Bank on a negotiated basis and the
conditions of such sale.
Section 6. The Commission shall further approve, in the
Final Resolution, an Initial Registrar and Paying Agent and shall
make any other changes, addition and deletions necessary to give
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proper legal effect to the issuance of the Notes.
Section 7. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor'/.
PASSED AND ADOPTED this 14th day of August 1 1998.
JOE CAROLLO, MAYOR
ATTEST:
WALTER J. FOEMAN
CITY CLERK
APPROVEPY'AS RM ORRECTNESSZ
E R I O
C A ORNEY
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Ih i 00fdAnce with Miami Code Sec. 2-M, since the Mayor did not Indicate approval of
this legislation by signing it in the Ignated place provided, said legislation now
becomes effective with the stapes ten (10) daysi�m the dal Commies action
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Cdy
1/ If the Mayor does not sign this Resolution, it shall become effective at
the end of ten calendar days from the date it was passed and adopted. If
the Mayor vetoes this Resolution, it shall become effective immediately
upon override of the veto by the City Commission.
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