HomeMy WebLinkAboutR-95-0306J-95-350
4/13/95
RESOLUTION NO. 9 5 r 306
A RESOLUTION, WITH ATTACHMENTS, AUTHORIZING
THE NEGOTIATION OF A LOAN IN AN AGGREGATE
AMOUNT NOT TO EXCEED $3,500,000 FROM THE
SUNSHINE STATE GOVERNMENTAL FINANCING
COMMISSION; APPROVING THE EXECUTION AND
DELIVERY OF A LOAN AGREEMENT, PROVIDING
CERTAIN OTHER MATTERS IN CONNECTION WITH THE
MAKING OF SUCH LOAN; AND PROVIDING FOR AN
EFFECTIVE DATE.
I
WHEREAS, the City of Miami, Florida (the "Borrower"),
together with other participating counties and cities (the
"Members"), have created the Sunshine State Governmental
Financing Commission (the "Commission") pursuant to a certain
Interlocal Agreement and Chapter 163, Part I, Florida Statutes,
for the purpose of issuing its Bonds to make loans to
participating members for qualified projects; and
WHEREAS, the Commission has issued its $300,000,000 Sunshine
State Governmental Financing Commission Revenue Bonds,
Series 1986, and is seeking to make loans (the "Loans") to
members of the Commission; and
WHEREAS, it is hereby determined that a need exists to
borrow funds to finance, refinance or receive reimbursement for
the cost of the acquisition, construction and/or equipping of the
qualifying project set forth on Exhibit "A", attached to the
hereinafter described Loan Agreement (the "Project"); and
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CITY COMUSSION
MEETUIG OF
-t MAY a 1 1995
Resolution No,
95- 306
WHEREAS, the Project consists of golf course improvements;
and
WHEREAS, it is determined to be in the best interest of the
Borrower to borrow funds from the Commission to finance,
refinance, or receive reimbursement for the cost of the
acquisition, construction and/or equipping of the Project;
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 Mayor and the City Clerk are hereby
authorized and directed to execute and deliver a Loan Agreement,
in substantially the form attached hereto as Exhibit 'A', to be
entered into by and between the Borrower and the Commission with
such changes, insertions and omissions as may be approved by the
Mayor and the City Clerk, the execution thereof being conclusive
evidence of such approval.
Section 3. The amount of the Loan of the Borrower
evidenced by the Loan Agreement shall not exceed $3,500,000.
Such Loan shall be made at a discount which shall include a
portion of costs of insurance previously incurred by the
Commission and shall bear interest and shall be repayable
according to the terms and conditions set forth in the Loan
BSN018MOC 2 9 5 - 306
Agreement authorized pursuant to Section 2 hereof with such
changes, insertions and omissions as may be approved by the Mayor
and the city Clerk. Such Loan shall not bear a rate of interest
in excess of the maximum rate permitted by law.
Section 4. The Mayor and the City Clerk or any other
appropriate officers of the Borrower are hereby authorized) and
directed to execute any and all certifications or other
instruments or documents required by this Resolution, the Loan
Agreement or any other document required by the Commission as a
prerequisite or precondition to making the Loan, all in a form
acceptable to the City Attorney, and any such representation made
therein shall be deemed to be made on behalf of the Borrower.
All action taken to date by the officers of the Borrower in
furtherance of the issuance of the Bonds and making of the Loan
is hereby approved, confirmed and ratified.
Section 5. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 1st day of May , 1995.
W.-I
c. 4y -
S PHEN P. cLAQk, MAYOR
CITY CLERK
' 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.
BS:WOI8.DOC 3 9 5- 306
PREPARED AND REVIEWED BY:
RAFAEL 0. DIAZ
DEPUTY CITY ATTORNEY.,
APPROVED AS TO FORM AND CORRECTNESS:
95- 306
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EXHIBIT A
USE OF LOAN PROCEEDS
DIVISION I
DESCRIPTION OF PROJECT TO BE ACQUIRED OR CONSTRUCTED
Description of Items
Melreese Golf Course Renovation
Computer Equipment
Allocated Amount
$3,100,000
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CITY OF MIAMI. FLORIDA
INTER-OFFIC9 MEMORANDUM
TO ; HOnorable Mayon and Memberfl
of the City Co=ission
I I {UM
Carl#
Cit
OATS : APR 18 1995 RLE
SUBJECT :
REFERENCES
04LOSURSO -
Agenda Item for City
CvmmS,assion Meeting
it is respectfully recommended that the attached resolution be
approved authorizing the negotiation of a loan in an aggregate
amount not to exceed $3,500#000 from the Sunshine Skate
Guva4isuiesi6al Financing ComminvLon; approving than execution and
dolivexy of a loan agreement; providing certain other mat.terr, in
connection with the making of such loan; and providing an
effective date.
The City of mianj has participated i,n the f i nnnci ng program of
the Sunshine State Clovernmental Financing Co11tIMiG6i0n since 1987
This program provides very attrrraative terms. Its variable rate
interest loans are currently below 5%. The Sunshine State
Goverroaental Financing Cuumilaa vivii le;aued i'Le original bondr, under
the ina regulations in offset prior to the 1996 IRS tax reforms,
which are more f 1 gas i hl as than the new IRS regulations.
Bond Counsel has opined that the funds being borrowed under this
resolution can be used for private purpose projects such as the
proposed golf courage istyruvemeaLs under a management contract.
It iar hereby rarammendedl that the attached resolution be approved
authorizing a loan in an amount not is exceed $3,500,000.
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