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HomeMy WebLinkAboutR-95-0583RESOLUTION N0 9 A RESOLUTION AMENDING RESOLUTION NO. 90-871, ADOPTED NOVEMBER 8, 1990, OF THE CITY OF MIAMI, FLORIDA, THEREBY PROVIDING FOR AN INCREASE IN THE AMOUNT OF GUARANTEED ENTITLEMENT PLEDGED BY CITY AS SECURITY FOR COMMUNITY REDEVELOPMENT REVENUE BONDS, SERIES 1990; PROVIDING FOR AN EFFECTIVE DATE. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. DEFINITIONS. Except as otherwise defined herein, capitalized terms shall have the meanings given to them in Resolution No. 90-871, adopted November 8, 1990 by the Miami City Commission. Section 2. AUTHORITY. This Resolution is adopted pursuant to'the Act. Section 3. FINDINGS AND DETERMINATIONS. It is hereby ascertained, determined and declared that: A. Pursuant to Resolution No. 90-871, the City pledged Guaranteed Entitlement in the amount of $300,000 for each fiscal year, together with the Tax Increment Revenues and certain other funds, to the payment of and as security for the City's Community Redevelopment Revenue Bonds, Series 1990 (the 111990 Bonds"). CITY CONIMIvSION MEETING OF J U L 1 3 1995 Resolution No. 95- 583 B. As a result of a decrease in the amount of Tax Increment Revenues available to the City to pay the Debt Service Requirement on the 1990 Bonds, it is necessary and in the best interests of the City and its citizens for the City to increase the amount of Guaranteed Entitlement pledged to the payment of and as security for the 1990 Bonds to an amount for each fiscal year equal to one hundred twenty-five percent (125%) of the Bond Service Requirement on the 1990 Bonds for the next Bond year. C. It is hereby determined that the amendment to Resolution No. 90-871 provided herein is not adverse to the holders of the 1990 Bonds. D. It is hereby declared that the City recognizes that the holders of the 1990 Bonds will rely upon the amendment to Resolution No. 90-871 provided herein and that decisions with respect to the purchase, sale and holding of the 1990 Bonds will be based upon such amendment. Section 4. AMENDMENTS TO RESOLUTION NO. 90-871. A. Paragraph PP of Section 2 of Resolution No. 90-871 is hereby amended to read as follows: "Pledged Revenues" means the Tax Increment Revenues and Guaranteed Entitlement, which Guaranteed Entitlement shall be an amount for each fiscal year equal to one hundred twenty- five percent (125%) of the Bond Service Requirement on the Bonds for the next Bond Year, plus all funds held in trust by the Issuer hereunder for the benefit of the Bondholders (but expressly not including the Rebate Fund), and all earnings and investment income derived from the investment thereof." 2- 95- 583 B. The third sentence of Paragraph B of Section 17 of Resolution No. 90-871 is hereby amended to read as follows: "The lien of the 1990 Bonds on Guaranteed Entitlement, which Guaranteed Entitlement shall be an amount for each fiscal year equal to one hundred twenty-five percent (125%) of the Bond Service Requirement on the Bonds for the next Bond Year, is on a parity with the Issuer's $6,500,000 The City of Miami Guaranteed Entitlement Revenue Bonds, Series 1989 (the "Series 1989 Bonds") and any bonds hereafter issued on a parity therewith, but junior and subordinate to the Issuer's obligation to set aside $2,000,000 per fiscal year through the fiscal year ending December 31, 1995 to be used to repay a loan made to the Issuer by the First Municipal Loan Council (the "Council") pursuant to a Participation Agreement dated June 15, 1989, between the Issuer and the Council." C. Paragraph D of Section 17 of Resolution No. 90-871 is hereby amended to read as follows: "DISPOSITION OF GUARANTEED ENTITLEMENT. Commencing immediately following the issuance of the 1990 Bonds and continuing thereafter so long as Bonds shall be outstanding hereunder, by the Trustee's close of business on March 1 of each year (or if such March 1 is not a day on which the offices of the Trustee are open for business, on the next succeeding day on which the offices of the Trustee are open for business) the Issuer shall promptly transfer to the Trustee, for deposit to the Revenue Fund, Guaranteed Entitlement in the amount of: (i) if prior to 1996, $300,000 and (ii) if after 1995, one hundred twenty-five percent (125%) of the Bond Service Requirement on the Bonds for the next Bond Year." Section 5. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 13th day of July, 1995. STE EN P. CLARK, MAYOR ATTES r WALTER J . CITY CLERK PREPARED AND APPROVED BY: .-e RAFAEL 0. WZ DEPUTY C. ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: . , Q INN N III CITY, ATT O!ffp W245:csk:ROD -4- 95- 583