HomeMy WebLinkAboutR-97-0671J-97-688
9/19/97
RESOLUTION NO. 9 611
A RESOLUTION AMENDING THE ESCROW AGREEMENT
AMONG THE CITY OF MIAMI, THE FIRST UNION NATIONAL
BANK OF FLORIDA, AND THE OVERSIGHT BOARD, ACTING
THROUGH THE FISCAL SUFFICIENCY ADVISORY BOARD,
PURSUANT TO RESOLUTION NO. 97-130, ADOPTED
FEBRUARY 27, 1997; AUTHORIZING THE CITY MANAGER
TO EXECUTE THE HEREIN AMENDMENTS TO THE ESCROW
AGREEMENT CONTINGENT UPON APPROVAL BY THE
FINANCIAL OVERSIGHT BOARD AND THE CITY ATTORNEY.
WHEREAS, pursuant to the Intergovernmental Cooperation Agreement with the
State of Florida, dated December 23, 1996, the City was required to establish an escrow
account with an escrow agent; and
WHEREAS, such escrow agent will hold the City's debt service monies in escrow to
provide for the payment of the City's bonded debt; and
WHEREAS, the Financial Oversight Board and the City have selected First Union
National Bank as such escrow agent; and
WHEREAS, an Escrow Agreement (the "Agreement") among the City of Miami, the
First Union National Bank of Florida, and the Oversight Board, acting through the Fiscal
Sufficienty Advisory Board, was adopted February 27, 1997, pursuant to Resolution No.
97-130; and
WHEREAS, the City wishes to amend said Agreement to provide more efficient
operational procedures ;
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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 thereto and incorporated herein as if fully set forth in this
Section.
Section 2. Section 2 of the Agreement entitled "Definitions" is hereby amended
by adding a new definition for Required Deposit as specified below':
""Required Deposit" shall mean the amount listed as a monthly
deposit in exhibits 3 and 4 of this Agreement_."
Section 3. Section 4.1 .2 of the Agreement is hereby amended in the following
particulars*"
"4.1.2 With respect to the General Obligation Bonds, the City has
agreed that
be dspositQ4 the Required Deposit into the GO Holding Account shall be
made by the City each calendar month no later than the last business day of
the month.
Section 4. The Agreement is hereby amended by adding a new Section 4.1.4 as
specified below:''/
"4.1.4 The City shall submit to the Oversight Board a revised
Exhibit 4 annually at least thirty (30) calendar days prior to the beginning of
the fiscal year (October 1). The Oversight Board prior to September 30 shall
review the revised Exhibit 4 annually. Said revised Exhibit 4 shall set forth
the General Obligation Debt Service of the City for that fiscal year and shall
establish the Required Deposit amounts monthly for that fiscal year."
' Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The
remaining provisions are now in effect and remain unchanged.
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Section 5. Section 4.2.1 of the Agreement is hereby amended in the following
particulars:''—/
"4.2.1 The City has agreed to deposit the Required Deposit
Rawaw ies by the fifteenth of each calendar month into the RB Holding
Account.
Each time the City makes a
the Required Deposit into the RB Holding Account, the
City shall send Escrow Agent and FSAB a notice in the form of Exhibit 8
attached hereto. Each deposit into the RB Holding Account shall be
thereafter transferred by the Escrow Agent into the applicable Debt Service
Account set up for the individual Revenue Bonds as provided in the notice
received from the City with respect to such deposit."
Section 6. The Agreement is hereby amended by adding a new Section 4.2.4 as
specified below:L/
"4.2.4 The City shall submit to the Oversight Board a revised
Exhibit 3 annually at least thirty (30) calendar days prior to the beginning of
the fiscal year (October 1). The Oversight Board prior to September 30 shall
review the revised Exhibit 3 annually: Said revised Exhibit 3 shall set forth
the Special Obligation Debt Service of the City for that fiscal year and shall
establish the Required Deposit amounts monthly for that fiscal year."
Section 6. The City Manager is hereby authorized to execute the herein
amendments to the Escrow Agreement, contingent upon the approval of the Financial
Oversight Board and the City Attorney.
Section 7. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this 23rd day of September, 1997.
JOE CARO , MAYOR
TEST•
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WALTER J. F E AN .CITY CLERK
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PREPARED AND APPROVED BY:
RAFAEL 0. DIAZ
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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A! WWI JO S III
CITY ATTORNEY
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