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Home My WebLink AboutR-93-0384j-93-3 77 6/4/93 RESOLUTION NO. — A RESOLUTION, WITH ATTACHMENT, AUTHORIZING THE FLORIDA LEAGUE OF CITIES' FIRST MUNICIPAL LOAN PROGRAM TO CAPTURE EXCESS EARNINGS FROM ITS LOANS TO THE CITY OF MIAMI UNDER THE 1985 BONDS SERIES FOR THE PURPOSE OF FUNDING RESERVATION FEES, CREDIT ENHANCEMENT FEES AND CLOSING COSTS ASSOCIATED WITH LOANS FROM ITS NEW FIXED FATE POOLED PROGRAM; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE A PARTICIPATION RESERVATION FEE AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, RESERVING $20,000,000 FOR THE CITY OF MIAMI TO FINANCE OR REFINANCE CAPITAL PROTECTS AS MAY BE AUTHORIZED BY THE CITY COMMISSION. WHEREAS, the Florida League of Cities' First Municipal Loan Program (the "Loan Program") was created for the purpose of providing cities with loans under advantageous terms; and WHEREAS, the City of Miami is one of the local governments participating in the Loan Program; and WHEREAS, the Loan Program is developing a new Fixed Rate Pooled Program that is expected to be advantageous to its members by providing funds for capital purposes at attractive rates; and WHEREAS, the reservations fees, credit enhancement fees and closing costs associated with loans from its new Fixed Rate Pooled Program may be absorbed by its members from excess earnings; crff COMMISSION [ATTACHMENT (S) FETING OF C � T IRE JUN7911193 Resolution Na __ 93- 384 0 U NOW, THEREFORE. BE TT RESOLVED BY THE COMMI STON OF THE' G;TTY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby incorporated by .reference thereto and adopted herein as if fully set forth in this Section. Section 2. The Florida League of Cities' First Municipal Loan Program is hereby authorized to capture excess earnings from its loans to the City of Miami under the 1985 Bonds Series for the purpose of funding reservation fees, credit enhancement fees and closing costs associated with loans from its new Fixed Rate Pooled Program. Section 3. The City Manager is hereby authorized to execute a Participation Reservation Fee Agreement, in substantially the attached form, reserving $20,000,000 for the City of Miami to finance or refinance capital projects as may be authorized by the City Commission. Section 4. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 29th day of June 1993. X.AVIER L. %SUARE2r, MAYOR MATTY HIRAI CITY CLERK -2- 93- 384 M PREPARED AND APPROVED BY: 1-,-' RAFAEL 0. DIAZ DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: A. QUT/At J TTI CITY ATTOR24 ROD:csk:M3053 —3— 93- 384 Ll WHEDULT7, A 17I-MAN%> 5t_'RVFY SUMMARY FIRST MUNICIPAL LOAN COUNCIL FIXED RATE POOLED FINANCING PRO(;RAM Public Agency: City of `tiami , Florida Participation Reservation Loan Amount:: 20 , 000, 900 Participation Reservation Fee Amount: 10, 000 (Based on 0.0005 x Total Reservation Amount): Project Description: Please indicate a dollar amount based on the following categories: (Complete attached pages as required.) I. New Capital Projects Description [Anticipated purchase or construction of the project after September 30, 1993]: $ 20,000,000 II. Reimbursement of Capital Projects [Reimbursement for costs of the acquisition or construction of projects authorized pursuant to current federal regulations on reimbursements (Internal Revenue Service under Treasury Regulation Section 1.103-18, as amended)]: III. Current Refunding of Debt Outstanding [Any existing debt, including the variable rate debt of the Loan Council must be refunded within 90 days of the date of issua.-ice of the bonds for the new fixed rate pooled loan program.] IV. Self -Funded Reserve Fund Financing (Insurance) Projects: [Indication of Interest Only, No Reservation Fee Required.] Contact Person: Carlos E. Garcia Telephone No.: (305) 579-6350 Fax No.: (305) 372-4656 Address (include both street address and post office box): 300 Biscayne Blvd. way — Suite 210 Miami, Florida 33131 Name and Address of Public Agency Counsel: P. 0. Box 330708, ?Miami, Florida 33133 A. Quinn Jones, Eso_. City Attorney k, 93- 384 SCi IEDU Lf- A - 1 DEMAND SURVEY DETAILED LISTING:, FIRST MUNICIPAL LOAN COUNCIL FIXED RATE POOLED FINANCING PROGRAM Please list below (numerically) all projects to be financed or refinanced (including eligible reimbursement projects) from the projected borrowings. Next to each project please state whether the projected borrowings will be utilized for for financing, refinancing or for recciving reimbursement for the cost of such project and the estimated date on which such expenditures are anticipated to be made. Project Number Project Description Storm Sewers City of Miami, rlorida [Name of Borrower] [Chief Financial Officer] rel Estimated/Anticipated Expenditure Dates 10 /01 /94 - 9/30/96 93- 384 SC�TTI.T)i.1L-E: A DEMA i`ID SUT� VEY - F'P ()tEC 1 ED/ESTIMATED DRAW SCF FEUT,?L,i" FIRST MUNICIPAL LOAN COUNCIL. FIk ED RATE POOLED FINANCING PRO(5I2AM PROJECTED/ESTIMATED DRAWS FOR ARTER ENDED TOTAL FOR ALL PTZO,IECT TYPES -0- September 30, 1993 - -0- December 31, 1993 March 31, 1994 ------- J une 30, 1994 - -- -0- September 30, 1994 - • December 31, 1994 2,500,000 March 31, 1995 2,500,000 June 30, 1995 2,5009000 September 30, 1995 2,500,000 December 31, 1995 2,500,000 March 31., 1996 2,500,000 June 30, 1996 2,500,000 September 30, 1996 City of Miami, rlorida [Name of Borrower] [Chief Financial Officer] 93- 384 D DFAIAIND Si_IR 1--'V - SF?('f I?i"lY TOP, 1,()AN FIRST iviUNJ(JPAI, LOAN COUNCIL FIXED RATE POOLED FINANCING PROGRAM Please list below the source or sources of revenues to be used to repay projected borrowings. If a certain source(s) will be utilized for a particular project or projects, please state the source and the project for which it will be pledged by referring to the number assigned such project in Scheduled A - 1. Stormwater Vees City of Miami, Florida [Name of Borrower] [Chief Financial Officer] S 93- 384 ; r.r . z ;n,;,n 9�Ji'Pil_f)FFIf�€�. M��1!OR/�F!f�ia%;i TC, Honorable iiayor and t1emberf_ r'`r`_ JUN "� �(j of the City Commission ci IR.IFr'T Agenda Item Ce d i o �ROPA CkP PFFERENCFS er ENCLOSURES ecommenda tign; It is recommended that the attached resolution, with attachment(s), be. approved authorizing the Florida League of Cities' First Municipal Loan Program to capture excess earnings from its loans to the City of Miami under the 1985 Bonds Series with the purpose of funding reservation fees, credit enhancement fees and closing costs associated with loans from its new Fixed Rate Pooled Program; and authorizing the City Manager to execute a Participation Reservation Fee Agreement, in substantially the attached form, reserving $20,000,000 for the City of Miami to finance or refinance capital projects as may be authorized by the. City Commission. L"WRIToliVill • The Florida League of Cities' First Municipal Loan Program (the "Loan Program") has provided loans to local government since 1985 at very attractive rates. The City of Miami is currently paying less than 3% for the $16,000,000 borrowed for various projects, including a portion of the orange Bowl renovations. As these loans are repaid, excess earnings on its available cash are credited to the participants, such as the City of Miami. At this time the Loan Program is planning to develop a new fixed rate pooled program which will be made available to its members. The attached resolution authorizer the Loan Program to capture excess earnings to fund the City's share of reservation fees, credit enhancement fees and closing costs associated with future loans from its new Fixed Rate Pooled Program. Once this new fixed rate pooled program is established the City will be able to borrow funds upon approval of the City Commission. a �3-- 384