HomeMy WebLinkAboutR-93-0288J-93-304 -
4/27/93
RESOLUTION NO.
93- 288
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
TAKE THE NECESSARY AND APPROPRIATE ACTIONS TO
EFFECT THE TOTAL OR PARTIAL REFUNDING OF THE
OUTSTANDING PORTION OF THE CITY'S $100000,000
GENERAL OBLIGATION BONDS, DATED AUGUST 1,
1987, THE $18,400,000 GENERAL OBLIGATION
BONDS, DATED NOVEMBER 1, 1988, AND THE
$10,000,000 GENERAL OBLIGATION BONDS, SERIES
1991, DATED JULY 1, 1991; AUTHORIZING THE
CITY MANAGER TO PREPARE THE DOCUMENTATION
NECESSARY FOR THE ISSUANCE OF THE CITY'S
GENERAL OBLIGATION REFUNDING BONDS, SERIES
1993, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $30,000,0000; AUTHORIZING THE CITY
ATTORNEY TO SEEK COMPETITIVE BIDS FOR BOND
COUNSEL SERVICES; FURTHER APPOINTING
UNDERWRITERS AS DESIGNATED HEREIN.
WHEREAS, The City of Miami issued the $10,000,000 City of
Miami, Florida, General Obligations Bonds, dated August 1, 1987;
the $18,400,000 General Obligation Bonds, dated November 1, 1988,
and the $10,000,000 General Obligation Bonds, Series 1991, dated
July 1, 1991; and
WHEREAS, current interest rate levels are much lower than
s
those in effect when such bonds were issued; and
WHEREAS, refunding of the issues specified hereinabove are
expected to produce significant debt service savings; and
WHEREAS, certain underwriting firms were selected and
appointed to provide said underwriting services pursuant to
Resolution No. 91-885, adopted December 5, 1991;
MEETWG CIF
MAY 13 1993
&eo;ut= rim
93- 288
NOW, TH kEFOPt, 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 is hereby authorized to take
the necessary and appropriate actions to effect the total or
partial refunding of the outstanding portion of the City's
$10,000,000 General Obligation Bonds, dated August 1, 1987; the
$18,400,000 General Obligation Bonds, dated November 1, 1988, and
the $10,000,000 General Obligation Bonds, Series 1991, dated July
1, 1991, and to prepare the documentation necessary for the
issuance of the City's General Obligation Refunding Bonds, Series
1993, in an aggregate principal amount not to exceed $30,000.000.
Section 3. The underwriters selected and appointed in Group
B. pursuant to Resolution No. 91-885, adopted December 5, 1991,
composed by the firms of The First Boston Corporation, First
Equity Corp. of Florida, Artemis Capital Group, Inc., Pryor, '
9
i
McClendon, Counts & Co., Inc., and Samuel A. Ramirez & Co., Inc.,
are hereby appointed as underwriters for the issuance of the
' General Obligations Refunding Bonds, Series 1993.
Section 4. The City Attorney is hereby authorized to seek
((' competitive bids for bond counsel services for this transaction.
Section 5. This Resolution shall become effective =
immediately upon its adoption.
93- 28.8
-2-
ATTE
MA HIRAI, CITY CLERK
PREPARED AND APPROVED BY
RAFAEL 0. DIAZ
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. QU Jo , II
CITY ATTO
;r
-3-
CITY OF MIAMI, FLORIDA V! ' ' r --F 3
INTER -OFFICE MEMORANDUM :icy ;'�1t ��Q+.'; _Tp T10611
AN 10: 21
TO honorable Mayor and Members DATE M�
of the City Commission
Aa4l--j
FROM ' Cesar H. Odio
City Manager
SUBJECT Issuance of Bonds
Refund outstanding
General obligation
REFERENCES
ENCLOSURES:
to
Bonds
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the City Manager to take the
necessary and appropriate actions to effect the total or partial
refunding of the outstanding portion of the City's $10,000,000
Genera]. obligation Bonds, dated August 1, 1987, the $18,400,000
General Obligation Bonds, dated November 1, 1988, and the
$10,000,000 General Obligation Bonds, Series 19910 dated July 1,
1991; authorizing the City Manager to prepare the documentation
necessary for the issuance of the City's General Obligation
Refunding Bonds, Series 1993, in an aggregate principal amount
not to exceed $30,000,0000; authorizing the City Attorney to seek
competitive bids for bond counsel services; further appointing
Underwriters as designated herein.
The City issued General Obligation Bonds in the amounts of $10
million in 1987, $18.4 million in 1988, and $10 million in 1991,
with interest rates ranging between 4.75% and 7.7%. It is
estimated that refunding these bonds would save in excess of $1
million.over the life of the bonds, based on the current interest
rates ranging between 2.75 and 5.9%, depending on the maturity of
the bonds. The new bonds will not extend the life of the
original bonds.
The final size of the issue, not exceeding $30 million, will
depend on the structure at the time of sale that will produce the
largest debt service savings to the City.
The City Commission by resolution 91-885 of December 1991,
appointed a rotating list of underwriting teams. The attached
resolution appoints the team composed by the firms of The First
Boston Corporation, First Equity Corp. of Florida, Artemis
Capital Group, Inc., Pryor, McClendon, Counts & Co., Inc., and
Samuel A. Ramirez & Co., Inc. designated as Group 8 by such
resolution.
The attached resolution also authorizes the City Attorney to seek
competitive bids for bond counsel services for this transaction.
It is expected that a final resolution approving details related 4
to this bond sale will be presented to the City Commission., in
93- 288