HomeMy WebLinkAboutR-93-0582J-93-576
8/16/93
RESOLUTION N0. _`_'ei fe
A RESOLUTION, WITH ATTACHMENTS, AUTHORIZING
THE CITY MANAGER TO EXECUTE A FIRST AMENDMENT
TO A PARTICIPATION AGREEMENT, IN
SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE
CITY OF MIAMI AND 'CHE FIRST MUNICIPAL LOAN
COUNCIL, TO EVIDENCE THE TRANSFER OF CERTAIN
FUNDS PREVIOUSLY DESIGNATED AS LOANED TO THE
DEPARTMENT OF OFF-STREET PARKING TO BE
TRANSFERRED TO THE CITY OF MIAMI IN
CONJUNCTION WITH THE POOLED LOAN PROGRAM OF
THE FLORIDA LEAGUE OF CITIES' FIRST MUNICIPAL
LOAN PROGRAM AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Miami City Commission has previously
determined, pursuant to Resolution No. 89-153, the City of
Miami's desire to join the First Municipal Loan Council by
executing an Interlocal Agreement, as amended, in order to obtain
low cost funds to finance and refinance certain qualifying
i capital projects; and
WHEREAS, both the Department of Off -Street Parking of the
' City of Miami (the "Department") and the City of Miami have
previously entered into Participation Agreements with the First
f
Municipal Lean Council (the "Council") in order to reserve
$6,500,000 and $16,000,000 respectively
WHEREAS, the City Commission of the City of Miami, Florida
(the "Commission") has now been advised that the City of Miami
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has certain projects, including improvements to the City of Miami
Marina, known as Miamarina, which it desires to tax-exempt
finance with proceeds from the Council's Pooled Loan Program; and
WHEREAS, the Department is willing to transfer $5,434,611
from its reserved Pooled Loan Program monies to the City of Miami
for such projects rather than to continue to reserve those funds
for its parking projects; and
WHEREAS, the Council has, by resolution, approved the
increase in the loan amount to the City of Miami and the
execution of an amendment to the Participation Agreement; and
WHEREAS, the Sumitomo Bank, Ltd., New York Branch, has
approved the transfer of the funds from the Department to the
City of Miami; and
WHEREAS, under the 'terms of the amended Participation
Agreement, the Department shall no longer have pledged certain
revenues from the parking system to the repayment of this portion
of the loan, but rather the City will pledge to repay the loan
proceeds from the revenues pledged for such purpose under the
City of Miami's Participation Agreement dated June 15, 1989; and
WHEREAS, Foley & Lardner as bond counsel for the Council,
will provide an opinion that such an undertaking does not affect
the tax-exempt status of the Council's outstanding bonds; and
WHEREAS, the Commission is in agreement that the use of such
loan proceeds by the City for this Qualifying Capital project is
in the best interest of the citizens of this community;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
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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
execute a First Amendment to the Participation Agreement, in
substantially the form attached hereto as "Exhibit A", between
the City of Miami and the Council, with such changes, alterations
and corrections thereto which may be approved by the Mayor or
Vice Mayor, such approval to be conclusively established by the
execution thereof, with such Amendment to be attested to by the
City Clerk or an Assistant City Clerk.
Section 3. All resolutions or parts thereof in conflict
with the provisions hereof are, to the extent of such conflicts,
superseded and repealed.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 27th day of September 1993.
XAVIER SUAREZ, MAYOR
AT
MATTY HIRAI
CITY CLERK
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93- 582
PREPARED AND APPROVED BY:
RAFAEL O. bt-Af
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. Qtl&'IN0 III
CITY ATT, Y
ROD:osk: 3791
FIRST AMENDMENT TO
PARTICIPATION AGREEMENT
Dated as of August 1, 1993
By and Between
FIRST MUNICIPAL LOAN COUNCIL
and
THE CITY OF MIAMI, FLORIDA
REGARDING A LOAN IN THE ORIGINAL AGGREGATE
PRINCIPAL AMOUNT OF
$ 16,000,000
FIRST MUNICIPAL LOAN COUNCIL POOLED LOAN
PROGRAM REVENUE BONDS, SERIES 1985
(FLORIDA LEAGUE OF CITIES FIRST MUNICIPAL LOAN PROGRAM)
93- 582
Exhibit A
FI_RST_AKKENDMENT T0. PAR TIQI_PATION__AG_REEMENT__
This First Amendment to Participation Agreement, dated as of
August 1, 1993, and entered into between the First Municipal Loan
Council (the "Council"), an unincorporated governmental
association whose membership is limited to Florida municipalities
and counties created pursuant to an interlocal agreement by and
among certain duly constituted counties and municipalities in the
State of Florida and the City of Miami_, Florida, ("the Public
Agency"), a duly constituted municipality under the laws of the
State of Florida (the "State") and approved by the Sumitomo Bank,
Limited, New York Branch (the "Agent Bank").
W I_T_N_E S S E_T H__
WHEREAS, pursuant to the authority of the Act, the Council
desires to amend that certain Participation Agreement dated June
15, 1989 pursuant to which a loan was made to the Public Agency
in an amount necessary to enable the Public Agency to finance,
refinance or provide reimbursement for the cost of acquiring,
equipping, constructing, renovating or remodeling the Project, as
defined in the Participation Agreement (all terms utilized herein
and not otherwise defined as defined in the Participation
Agreement);
93- �82
WHEREAS, the Public Agency now desires to draw down such an
amount from the loan from the Trustee :subject to the terms and
conditions of and for the purposes set forth in the Participation
Agreement for an additional project pursuant to an amendment to
Exhibit A to such Participation Agreement;
WHEREAS, the Department of Off -Street Parking of the City of
Miami (the "Department") has agreed to transfer $5,434,611
currently held by the Trustee for use by the Department pursuant
to the terms of a Participation Agreement dated as of August 28,
1989, over to the Public Agency;
NOW, THEREFORE, be it resolved by the undersigned parties
(i) that Exhibit A to the Participation Agreement be and is
hereby amended as attached hereto, and that the Trustee shall
honor any properly tendered Request for Disbursements with
respect to such amended Exhibit A, and (ii) that $5,434,611
currently used by the Trustee for the Department shall instead be
earmarked for the Public Agency and transferred to the City of
Miami subaccount and thereafter be governed pursuant to the terms
of the Participation Agreement, as amended hereby, and secured by
and repaid in accordance therewith.
IN WITNESS WHEREOF, the Council has caused this
Participation Agreement to be executed in its corporate name with
its corporate seal hereunto affixed and attested by its duly
authorized officers and the hubli_c Agency has caused this First
Amendment to Participation Agreement to be executed in its name
with its seal hereunto affixed and attached by its duly
authorized officers. All of the above occurred as of the date
first above written.
SEAL FIRST MUNICIPAL LOAN COUNCIL
By:
CHAIRMAN
ATTEST:
SECRETARY
SEAL CITY OF MIAMI, FLORIDA
i
By: - —
XAVIER L. SUAREZ, MAYOR
ATTEST:
{
By:
MATTY HIRAI
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS
j
By:
A. QUINN JONES, III
CITY ATTORNEY
APPROVED AND PREVIOUSLY DESIGNATED AS A GENERAL REVENUE - AA LOAN
THE SUMITOMO BANK, LIMITED
NEW YORK BRANCH
BY:
j Title:
j
93- 582
i
AMENDED EXHIBIT A
THE PROJECT
I. New Capital Projects
Description Date_ of-__C�?l .ometion Amount
Orange Bowl Renovation-Phase.-J..
To remodel the third, fifth 9/01/89 $ 2,080,000
and sixth press -box floors,
and to install new press -box
elevators.
I
Orange Bowl_ Renovation Phase J.I.
Improvements include new ticket 9/30/92 9,950,000
booths, washrooms, elevators
I access ramps, concession areas,
control screens, structure
repairs, fencing and paving
Alterations _t.o_ com ly__with-_--ADA r_eq_ui.rements 600,000
Total Orange Bowl renovations 12,630,000
Youth Center ConstructionPrgj!acL_ 3,000,000
I
Latin Quarter SpeciaZt_y_Center_ 1,000,000
Marina at Bayside__LMiamarina_) 4,806,000
Total 21 4 3 6 , 0U
i
& "Y OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To: Honorable Mayor and Members
of the City Commission
FROM
Ces dio
Cit nager
DATE . SEP 1 71993 FILE
SUBJECT City Commission Agenda
Item
REFERENCES:
ENCLOSURES:
13
It is respectfully recommended that the attached resolution be
adopted authorizing and improving the execution of an amendment
to a participation agreement in substantially the form attached
hereto to evidence the transfer of certain funds previously
designated as loaned to the Department of Off -Street Parking to
be transferred to the City of Miami in conjunction with the
pooled loan program of the Florida League of Cities' First
Municipal Loan Program and providing an effective date.
PFR
The City Commission adopted resolution 92-175 on March 12, 1992,
authorizing the City Manager to apply to the Florida League of
Cities for a $5 million loan for the purpose of reconstructing
the Miamarina at Bayside. These funds had been previously
designated by the Florida League of Cities to be loaned to the
City's Department of Off Street Parking. Off Street Parking has
determined that it has no immediate use for the loan, therefore,
has agreed to transfer to the City $5,434,611 held by the Trustee
for the Florida's First Municipal Loan Council.
These funds have very attractive terms, including a variable
interest rate mode which at this time is less than 3% annually.
The bonds that funded the pool program were issued prior to the
1986 tax reform act, therefore, the proceeds are exempted from
the 1986 restrictive regulations.
The City will not pay any debt service on these funds until they
are drawn from t:he Trustee, once appropriations and contracts are
approved by the City Commission.
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93- 582