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HomeMy WebLinkAboutR-96-0221J-96-248 3/20/96 RESOLUTION NO. � 2`� A RESOLUTION, WITH ATTACHMENTS, AUTHORIZING, EMPOWERING AND DIRECTING THE CITY MANAGER AND HIS DESIGNEES, CITY ATTORNEY, CITY CLERK AND ANY AUTHORIZED OFFICIALS TO TAKE SUCH ACTIONS AND PREPARE SUCH DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AS SHALL BE NECESSARY AND APPROPRIATE TO PROVIDE FOR THE COMPLETE DEFEASANCE OF THE CITY'S SPECIAL OBLIGATION REFUNDING BONDS, SERIES 1990, AS REQUIRED PURSUANT TO RESOLUTION NO. 90-324, IN CONNECTION WITH THE SALE TO METROPOLITAN DADE COUNTY OF AN OFF-STREET PARKING FACILITY LOCATED IN THE DOWNTOWN GOVERNMENT CENTER; AUTHORIZING THE DEPOSIT OF THE NET SALE PROCEEDS, AND THE DEPOSIT AND EXPENDITURE OF ADDITIONAL MONEYS, IN THE TOTAL AMOUNT OF APPROXIMATELY $11,200,000.00, FOR SAID DEFEASANCE; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, under the authority granted by the Constitution and the laws of the State of Florida, including Chapter 166, Florida Statutes, the City of Miami, Florida (the "City") , is authorized'A to issue revenue bonds payable from revenues derived from capital facilities to be financed from sources other than ad valorem taxes on real or tangible personal property and that do not pledge the property, credit, or general tax revenue of the City; and WHEREAS, on July 9, 1981, the Commission of the City of Miami (the "City Commission") duly adopted Ordinance No. 9291, and amended said Ordinance, pursuant to Ordinance No. 9370, arracwMENr($I coNra0ueD CITY COMMISSION MEETING OF MAR 2 6 1996 Resolution No. 96'_ .221 adopted January 28, 1982 (collectively the "Initial Bond Ordinance"), authorizing the issuance of revenue bonds for the I purpose of acquiring and constructing an off-street parking facility in the Downtown Government Center in the City (the "Facility"); and WHEREAS, pursuant to the Initial Bond Ordinance, the City has heretofore issued $10,400,000.00 aggregate principal amount of Parking Revenue Bonds (additionally secured by Non -Ad Valorem Revenues), Series 1981 (the "Series 1981 Bonds"); and WHEREAS, on July 8, 1985, the City Commission duly adopted Ordinance No. 10014 (the 111985 Bond Ordinance") authorizing the i issuance of revenue bonds for the purpose of providing funds, I together with any other available funds (a) to provide for the payments at their maturities or on selected redemption dates of the Series 1981 Bonds, and (b) to pay the cost of issuance of such revenue bonds; and WHEREAS, pursuant to the 1985 Bond Ordinance, the City has heretofore issued $13,720,000.00 aggregate principal amount of Special Obligation Bonds, Series 1985 (the "Series 1985 Bonds"); and WHEREAS, on March 8, 1990, the City Commission duly adopted Resolution No. 90-200, and on April 26, 1990, adopted Resolution No. 90-324 which amended Resolution No. 90-200 (collectively the 111990 Bond Ordinance"), authorizing the issuance of revenue bonds for the purpose of providing funds, together with any other available funds, (a) to provide for the payments at their i maturities or on selected redemption dates of the Series 1985 - 2 - 96 - 221 k, bonds, and (b) to pay the cost of issuance of such revenue bonds; and WHEREAS, pursuant to the 1990 Bond Ordinance, the City has heretofore issued $12,386,657.60 aggregate principal amount of Special Obligation Refunding Bonds, Series 1990 (the "Series 1990 Bonds"), of which $3,225,000.00 aggregate principal amount of current interest serial bonds, $5,065,000.00 aggregate principal amount of current interest term bonds, and $1,291,657.60 aggregate original principal amount of capital appreciation bonds are outstanding (collectively the Outstanding Obligations"); and WHEREAS, on September 14, 1995, the City Commission duly adopted Resolution No. 95-636, authorizing the City Manager to negotiate and execute an agreement, in a form acceptable to the City Attorney and in substantially the terms set forth in a memorandum attached to said Resolution, between the City and Metropolitan Dade County (the "County") for the sale of the Facility to the County (the "Agreement"); and WHEREAS, the City Manager has negotiated the Agreement in the form attached hereto and made a part hereof as Exhibit "Arr; and WHEREAS, pursuant to the 1990 Bond Ordinance, the City must provide for the complete defeasance of the Series 1990 Bonds as a condition precedent to any sale of the Facility; and WHEREAS, the City Commission has determined that it is in the best interests of the City to sell the facility to the County and to provide sufficient funds for the complete defeasance of the Series 1990 Bonds by depositing in escrow the net sale - 3 - 96- 221 kl- proceeds from the Facility and such additional funds as may be necessary and appropriate for such defeasance and to take such other action as may be necessary and appropriate in connection with the selection and compensation of the escrow agent, verification auditor, and bond counsel required to accomplish said defeasance; 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. The City Manager and his designees, City f Attorney, City Clerk and any other authorized officials are hereby authorized,1/ empowered, and directed to take such actions and prepare such documents, in a form acceptable to the City Attorney, as shall be necessary and appropriate to provide for the complete defeasance of the Outstanding Obligations in accordance with the terms and conditions of the 1990 Bond Ordinance, including the following: (i) the selection and compensation of the escrow agent, verification auditor, and bond 1/ The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. - 4 - 96- 221 counsel, (ii) the execution and delivery of an escrow deposit agreement, (iii) the transfer or deposit of the net sale proceeds from the Facility, and of the bond service account and reserve account moneys held under the 1990 Bond Ordinance, into escrow for the purpose of funding such defeasance, and (iv) the transfer or deposit into such escrow and the expenditure of additional moneys of the City for the purpose of funding such defeasance and funding costs related thereto in the total amount of approximately $11,200,000.00. Section 3. if any section, paragraph, clause or provision of this Resolution shall be held invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect Iany remaining provisions of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein. Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 26th day of March 1996. STE HEN P. CLARK, MAYOR ATTEST: WALTER J _FOtMAN CITY CLER - 5 - 96- 221 k, PREPARED AND REVIEWED BY: OWN RAM EZ-S IJAf ASS STANT CIT AT RNEY I APPROVED AS TO FORM AND CORRECTNESS: i A. QU JO ES, III CITY ATTO EY/ W695:ORS:BSS - 6 - JG~ 221 04i6biyu W: A Q 003 EXHIBIT A This Contract for Salo and Purchase entered into as of the,_....,day of_,___�„� by and between CITY OF NIL4MI, a municipal corporation of the State of Florida, hereinafter referred to as "SELLER," and DADE COUNTY, FLORIDA, a political subdivision of the State of Florida, hereinafter referred to as "BUYER," WITNESSETH.- THAT, for and in consideration of the mutual covenants contained herein, BUYER and SELLER agree as follows: 1. REALTY. SELLER agrees to sell to BUYER that certain real property known as the City of Miami Municipal Parking Garage No. S, comprising approximately 1.684 acres of land as legally described in Exhibit A, attached hereto and made a part hereof, together with all tenements, hereditaments, privileges, servitudes, rights -of -reverter, and other rights appurtenant to such land, together with all of SELLER's interests in and to all buildings, machines, equipment, fixnues, trade fixtures, and other improvements thereon, specifically excepting all personal property owned by the Department of Off -Street Parking listed in Exhibit B attached hereto; all fill and topsoil thereon; all oil, gas, and mineral rights possessed by SELLER; and all rights, title, and interest of SELLER in and to any and all streets, roads, highways, easements, drainage rights, or rights -of -way, appurtenant to the real property; and all rights, title, and interest of SELLER in and to any and all covenants, restrictions, agreements, and riparian rights benefiting the real property (all of the foregoing -hereinafter referred to as the "Property"). 2. PURCHASE PRICE. BUYER agrees to pay to SELLER at closing a purchase price of Nine Million Five Hundred Thousand Dollars and no/100 (S9,500,000.00) by Dade County check. 3. INTEREST CONVEYED. SELLER warrants that it holds fee simple title to the Property, free and clear of any and all encumbrances including, but not limited to, any bonds which have been pledged or are encumbering the Property; and agrees to convey good, marketable, and insurable fee simple title by Special Warranty Deed. SELLER agrees to provide at closing an executed special warranty deed in favor of BUYER, substantially in the form attached hereto as Exhibit C. 4. AD VALOREM TAXES. Ad valorem taxes for the year 1995 and prior years, if any, shall be paid by SELLER. 1996 ad valorem taxes and/or special assessments, if any, shall be prorated through the day of closing. 1W9W 1.3SSd$9NIN 'd 1d Wd2a : 9© 96. cc 96- 21 k"-. 02/26/96 15-.14 NM Draft 02/21/96 Parking Garage TITLE INSURANCE. BUYER may, at BUYER's expense and no later than fourteen (14) days prior to closing, obtain a title insurance commitment; said commitment shall show a good, marketable, and insurable title to the Property vested in SELLER. BUYER may at BUYER's expense obtain an owner's title insurance policy (ALTA Form "B") from a title insurance company licensed by the State of Florida in the amount of the purchase price. Said policy shall insure title to the property for the period between closing and recording of the Special Warranty Deed. In connection herewith, SELLER agrees to provide and pay the cost of recording of all affidavits and other documents as required bythe BUYER, No later than ten (10) business days prior to closing BUYER shall notify SELLER in writing of any title defects. If the title commitment shows title to the Property to be unmarketable and uninsurable as provided herein, SELLER sha11 have sixty (60) days from receipt of written notice from BUYER to cure the designated defect(s). SELLER hereby agrees to use reasonable diligence to cute said defects, including the institution of necessary lawsuits. If SELLER is unable, after reasonable diligence, to make the title good, marketable, and insurable, then this Contract shall be rendered null and void and both BUYER and SELLER shall be released of all obligations hereunder, except that BUYER may waive any defects and proceed with closing at BUYER's option. SELLER shall pay all reasonable recording fees for corrective instruments required hereunder. Should the estimated cost to cure all title defects exceed a sum which is equal to one percent (M) of the purchase price as stated is Paragraph 2, SELLER may elect to terminate this contract and neither party s ve any further obligations under this Contract. 5. PROPERTY CONDITION - INSPECTIONS. From the Effective Date until February 29, 1996 (the "Inspection Period"), Buyer shall have the right, upon 24 hours prior notice to SELLER, to enter upon the Property at any time to perform such tests and studies, including environmental investigation and testing, on the Property as BUYER shall consider appropriate to evaluate the condition of the Property. At any time during the Inspection Period BUYER shall have the absolute right to terminate and cancel the Agreement, by giving written notice thereof to SELLER prior to the expiration of the Inspection Period, whereupon the parties shall be relieved of all responsibility hereunder. BUYER understands and agrees that SELLER makes no representation whatsoever with regard to the condition of the Properry. Without limiting tho generality of the foregoing, BUYER acknowledges and agrees that SELLER has not made, will not, and does not make any warranties or representations of any kind with respect to any environmental matters nor the condition of Property. BUYER further acknowledges that it has been given adequate opportunity to make such legal, factual, and physical inspections, investigations, and inquiries with rospect to the Property as it deems necessary, desirable, or appropriate and, in purchasing the Property, it is relying exclusively on the results of such investigations. 6 INDEMNITY. BUYER agrees to (i) immediately pay or cause to be removed any liens filed Saint the Property as a result of any inspection performed by or ou behalf of BUYER, pursuant to Paragraph 6 (the "Inspections"); (H) immediately repair and restore the Property to its condition existing immediately prior to the conduct of BUYER's Inspections; and (iii) subject to the provisions and limitations of Sec. 768.28, F.S. (1993), indemnify, defend, and hold SELLER harmless from and against all claims for damage to or loss of property, personal injury, or death arising out of performance of the Inspections. This Paragraph Ois herein referred to as the "Inspection Indemnity." Notwithstanding anything contained in this Agreement, The terms and provisions of this Inspection Indemnity shall survive any termination of this agreement. ET/E'd -2. lwow 13SSMHI44U10 wcee:90 96, ee EIA 95- 221 k-- of easements not shown by the public records from the owner's title policy. If the survey shows any encroachment on the Property or that any improvements on the Property encroach on the land of others, the same shall be regarded as a title defect, SELLER's obligation to cure such title defect shall be subject to the time and monetary limitations set forth in Paragraph 5 above. SELLER's liability to cure any encroachment shall not exceed one percent (1%) of the purchase price referenced in Paragraph 2 herein. 9. TENANCIES. SELLER warrants and represents that to the best of its knowledge no person is living on or occupying the Property, that there is no tenant in possession of the Property, and that, with the exception of the Management Agreement with. the Department of Off -Street Parking, attached hereto as Exhibit D, and the use of the garage by the City of Miami's Police Department for the storage of impounded vehicles, there are no other leases or agreements and understandings, written or unwritten, which affect the possession, use, or occupancy of the Property. SELLER shall use its best efforts to terminate the Management Agreement and provide proof at closing of such termination. Should SELLER be unable to terminate the Management Agreement by the date of closing, then the Closing Date shall be extended for a period not to exceed thirty (30) days to allow additional time to SELLER to terminate said Management Agreement. If the Management Agreement is not terminated by the extended Closing Date, then BUYER shall have the right to terminate this Contract, whereupon the parties shall be relieved of all ftirrher obligations hereunder, or proceed to closing, SELLER and BUYER agree to enter into an agreement, within sixty (60) days following the date of closing, to continue the storage of impounded vehicles by SELLER on the Property on substantially the terms specified in Exhibit E. 10. LIENS. Certified municipal and county liens, if any, shall be paid in full at or before closing by SELLER. If a pending lien has been filed against the Property which has not been certified as of the date of closing, and the work and improvements for which the lien was filed have been completed prior to the closing, despite the fact that the pending lien has not been certified, such lien shall be paid by SELLER. 11. CLOSING. The closing of this transaction shall be completed March 4, 1996, unless otherwise extended, as mutually agreed upon by both BUYER and SELLER or as otherwise provided herein. The precise time and place of closing shall be set by BUYER. 12. TIME, BUYER and SELLER mutually agree to fully and timely execute such papers as deemed necessary by BUYER's and SELLER's attorneys to complete the conveyance in accordance with the terms of this Contract. Time is of the essence for this Contract. All obligations are subject to acts of Ood or Nature or any other occurrence which is beyond the control of SELLER or BUYER. 13, EXPENSES. BUYER shall be responsible for recording fees on the Special Warranty Deed and the payment of surtax, if any. SELLER shall be responsible for paying State Documentary Stamps on the Deed, if any. 14. PRORATIONS. Any expenses for real estate taxes and utilities including, but not limited to, telephone, electricity; gas, water, sewer, and waste collection; if any, shall be prorated to date of closing. 15. LOSS. All risk of loss to the Property shall be bome by SELLER until tfaasW at rtf1ea &lam .3- 1 Eti�o d 1w9W 13SSWS51JINNti 1d WdbO:90 96. -22 93J 96- 221 k. — 02/26/96 15!16 26. EFFECTIVE DATE. The ! i fffective Date of this Agreement shall be the date on which it and the "Other Agreements," as the tern is defined in Paragraph 27 below, have been executed by both parties, following approval by tb: Dade County Board of County Commissioners and the City Commission of the City of Miami. 27. CONDITIONS TO CLOSING. The Closing and rae performance of the parties' obligations with respect thereto are conditioned upo i the simultaneous cl using of this Agreement with the execution of the following agreements between BUYER and SELLE14 dated of even date herewith (the "Other Agrc==ts'): a. Lease Agreement from SELLER to BUYER fo•- the City of Miami's City Administration Building, located at 275 N W. Third Street, Miami, Florida; and b. Lease Agreement from BUYER to SELLER for the vacant land located at the southern portion of Block 88N situatcd at approximately thonorrhwest comer of N.W. Second Avenue and N.W. Third Street and commonly referred to as "the Dustbowl" property. ETi9'd BLANK SPACE -5- 1W%4 L3SSU'85WIWW0-Id Wd90s90 96, U S3.d 96- 221 k, 02/26/96 15!17 1z 008 IN ' /ITNESS WHEREOF, BUYER and SELLEF. hai ily executed this Contract as of the day and year ai wa written. (OFFICIA t EAL) ATTEST: HARVEY R1 -VIN. CLERK By: Deputy Clerk Approved as to Form and legal sufficiency: i I Assistant Counry Attorney (OFFICIAL SEAL) ATTEST: By: Waiter Foeman, City Clerk EtiL'd ]JADE COM Y, FLORIDA BY ITS BOAR) OF COUNTY COA I IISSIONERS By: Atmandc Vidal, P.E. County r iar, Iger (BUYER) CITY Of MIAMI, a Munici Sal Corporation of the State of Florida By: Cesar Odio City 14mager (SELLER) -6- .LW!)W AssunWi Wdld Wd9©0 9S 96. ZZ H3j 96- 221 02/26/96 15:17 la 009 Exhibit A Legal Description of Parcel: Lots 4, 5, 6► 7, B, 14, 15, 16 and 17 in Block 108 N Of A.L.XNOWLTONSIS MAP OF MIAMI, according to the plat thereof, as recorded in Plat Book "8", at Page 41, of the Public Records of Dade county, Florida. AND Those portions of lots 9, 10, 12 and 13 in Said Block 108 N, lying Easterly of the Easterly right-of-way line of the Miami Expressway (I-95/North-South'Expressway), as shown on sheet 9 of 21, of the, state of Florida, state Road Department Right -Of -Way Map thereof, recorded in Plat Book 83, at Page 21, of the Public Records of Dade County, Flo- ida. LESS AND EXCEPTING THEREFROM: CQMMENCE at the southeast corner of the aforementioned Lot 17, Block 108 N; thence run s B7°41'28" W, along the Southerly boundary line of said Block 108 N for 136.38 feet to the POINT OF BEGINNING.of the following described parcel of land; thence continue 8 87°41,,28" W, along the last described course, for 83.02 feet; thence N 21026/06/1 W, along 'ths Easterly right-of-way line of the aforesaid Miami Expressway, for 307.54 feet to a point on a curve, said point bears N 44604/22/1 W, From the radius point of the next described curve] thence Northeasterly, along a circular curve to the right, having a radius of 39,80 feet and a central angle of 4194810711, for an arc distance of 29.04 feet to a point of tangency; thence N 87043/45/1 E, along the Northerly boundary line of said block 108 N, for 39.05 feet to a point of cusp; thence Southewasterly, Southerly and Southeasterly, along a circular curve to the left, having a radius of 30.00 feet and a central angle of 10704019211, for an arc distance of 36.38 feet to a point of tangency; thence S 19057/0711 E, for 210.84 feet to a point of curvature; thence Southeasterly, Easterly and Northeasterly, along a circular curve to the Left, having a radius of 87.00 feet and a central Angle of 7202112511, for an arc distance of 109.87 feet to the POINT OF BEGINNING, containing 0.188 acres, more or less. All of the above lying and being in Section 37, Township 54 South, Range 41 East, City of Miami, Florida. . eS/9'd 96— 221 k._ 02i26i96 15:17 @I010 Exhibit B PERSONAL PROPERTY OWNED BY THE DEPARTMENT OF OFF-STREET PARKING ETi6'd _8. 1WN 13S_3'U44lNW!d ld Wd40 t90 96, 22 93.E 9G-- 221 4_ dL/'Lb/yb lb:ld lij 012 Exhibit D MANAGEMENT AGREEMENT WITH THE DEPARTMENT OF OFF-STREET PARKING 11- EIi2i'd lW9W 96, 22 63A 96- 221 0.226i96 15:18 Exhibit E AGREEMENT BETWEEN CITY OF MIANH AND DADE COUNTY FOR THE STORAGE OF IMPOUNDED VEHYCLES IN THE CITY OF MIAMI MUNICIPAL PARKING GARAGE NO. 5 ET/sT'd 1W9W 13SSW75NIWWW18 Wd80:90 96, ZZ 931 96- 221 Exhibit C SPECIAL WARRANTY DEED THIS DEED, made this _ day of , 1996, by and between CITY OF MIAMI, a municipal corporation of the State of Florida, party of the first part, whose address is and BADE COUNTY, FLORMA, a political subdivision of the State of Florida, party of the second part, whose address is 111 N.W. First Street, Miami, Florida 33128, WITNESSETH: THAT the said party of the first part, for and in consideration of the suns of Ten Dollars ($10.00) to it in hand paid by the party of the second part, reccipt whereof is hereby acknowledged, has granted, bargained, and sold to the said second party, its heirs and assigns forever, all the right, title, interest, claim, and demand which the said first party has in and to the following described land lying and being in Dade County, Florida, Lots 4, 51 6, 7, 8, 14, 16, 16 and 17 in Bleak 106 N of A.L.TMOWLTONSrs MAP OF MIAH1, accordinq to the plat thereof, as recorded in Plat Book "8`•, at Page 41, of the Public Record$ of Dade County, Florida. AND Those portions of lots 9, 3.0, 12 and 13 in said Block 108 H, lying Easterly of tha leaterly right -of -Way line of the Miami BXprQ9GWay (=-95tKorth-South'Expressway) , as shown on ehsat 9 of.21, of the State of Florida, State Road Department Right -Of -way Hag thereof, recorded in Plat Boa! 93, at Page 21, of the public Reaerda of Dade County, Florida. LESS AND EXCEIPTING 7HERSFROMI COMMENCE at the southeast corner of the aforementioned Lot 17, block 108 H; thence run 6 87-4112811 W, alonq the Southerly boundary line of said Block lob N for 136.38 feet to the POINT OF 880I14NING. of the following described parcel of land; thence continue S 87•41,128', W, along the last described course, for 83,02 feet; thence N 21026/0611 w, along the 8aster3.y right-of-way line o: the aforesaid Mitzi Expressway, for 307.54 feet to a point an a curve, said point bears H 44"OV 2211 W, Iron the radius point of the next described curve; thence Northeasterly, along a circular curve to the right, hAving a -diu6 of 29.80 feet and 4 central angle of 41'ts,0714, f,-r to cis distanae of 29.04 feet to a point Of tangahcy; thence N 67643145" _, along the Northerly boundary line of said block toe N, for 39.06 feet to a point. of cu--p; thence Southaw48terly, Southerly and Soetheaster:y, along a circular curve to tha left, having a radius of 3o.00 feat and a central angle of 107.4015211, for an arc distance cf $6.38 feet to a point of tangency; thence S 19057107e a, for 210,84 Peet to a point of curvature; therioa 9outhe&sterly, Easterly and Northeastarly, along a circular curve to the left, having a radius of 27.00 fset and a central angle of 7202112E", for an eb•C distance of 109.07 feet to the POINT OF BEGINNING, containing 0..1.8E acres, more or less, All of the above lying and being in Section 37, Township 54 South, Range 41 East, City of Miami, tlorida. and the said party of the first part does hereby fully warrant the title to said land, and %%rill defend the same against the lawful claims of all persons claiming whomsoever. -9- ET/OT'd iI.1�W 13��t �`�f �itJfJh'1d Wd'L0:90 96, 22 633 Metropolitan Dade County I I I N.W. First Street, Suite 2460 Miami, FL 33128 9 6 _ 221. k, SENT SY:CITY OF MIAMI ; 3-21-36 ; 8:48AM ; CITY MANAGER'S OFF., CITY OF MIAMI, FLORIDA. INTER -OFFICE MEMORANDUM To ; The >i✓i rable Mayor and M of the City Commission C arr Odio FROM : Crty Manager W" 3055755152;* 2/ DATF : March ow, 1996 FIL. • SUBWECT : Spacial Oblipation Refunding Bot,ds REFERENOVA : ENCLDSUF458 It is respecdWly recommended that a resolution be passed authorizing, empowering and directing the City Manager and/or his designees to prepare such documents as ®hall be necessary and appropriate to provide for the complete defewanee of the City's Special Obligation Refunding Bonds, Series 1990, as required pussuaat to Resolution No. 90- 32A, in connection with th4p sale to•Metmpaolitan Dade County of an Off Street Parking Facility located in the Downtown Cmvernment Center and authorising the Deposit of the Net sale proceeds, and the deposit and expenditure of additional moneys, in the total amount of approximately $11,200,000.00 for said defenanoe, providing for sevmbility and an effective date, On July 9, 1981 and Ja nu", 28, 1982, the City Cormtniosion adopted Ordinances No. 9291 and No. 9370, respectively, which rare ocilectively known as the "Initial Bond Ordinance" authorizing the issuance of revenue bonds for the purpose of acquiring and constructing an off -•street parking facility is the Downtown Government Center. Pursuant to the Initial Bond Ordinance, and such subsequent Ordinatacos and Resolutions, (i.c. Ordinanoe No. 10014 on July 8, 1983; Rwoluti.on No, 90-0206 on March 8, 1990, and Resolution No. 90 -0324 amending Resolution 90-0200 on April 26, 1990) the City has heretofore issued $12,396,657.60 aggregate principal amount of Special Obligation RefUnding Bonds, of which $3,225,000 aggregate principal amount of current intermit serial bonds, $3,065,000,00 aggregate principal remount of current intowsr form bonds, and $1,291,657.60 aggragate original principal unount of capital appreciation bonds are outstanding (collertively the "Outstanding Obligations"); and pursuant to the 1990 Bond Ordinance, the City must provide for the complete defessance of the 1990 Re fundiog Bonds as a condition precedent to any sale of the Facility_ The City Commissioro has determined and does hereby determine that it is in the best interests; of the City to authorize (a) the deposit of the net sale proceeds from the Facility, (b) the deposit and expenditure of additional moneys in connection with such sale and defeaaa ace. : 6- 241 k -..