HomeMy WebLinkAboutO-10941J-91-93 0
1-9-92
10941
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF PARKING
SYSTEM REVENUE BONDS, SERIES 1992, OF THE CITY OF
MIAMI UNDER ORDINANCE NO. 10115 ENACTED ON JUNE 26,
1986, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $7,500,000, IN ONE OR MORE SERIES, FOR THE
PURPOSE OF REFUNDING THE CITY'S SUBORDINATED
PARKING SYSTEM REVENUE BONDS, SERIES 1986 AND
SERIES 1990, AND THE CITY'S OBLIGATIONS UNDER A
PARTICIPATION AGREEMENT WITH THE FIRST MUNICIPAL
LOAN COUNCIL; PROVIDING FOR THE PAYMENT OF THE
PRINCIPAL OF AND THE INTEREST ON SUCH BONDS FROM
NET REVENUES DERIVED BY THE DEPARTMENT FROM ITS
PARKING SYSTEM AND CERTAIN INVESTMENT INCOME;
AUTHORIZING THE SALE OF SUCH BONDS ON A NEGOTIATED
BASIS; AUTHORIZING CERTAIN OFFICIALS OF THE CITY
TO EXECUTE ANY DOCUMENTS REQUIRED IN CONNECTION
HEREWITH; AUTHORIZING CERTAIN OFFICIALS AND
EMPLOYEES OF THE CITY TO TAKE ALL ACTIONS REQUIRED
IN CONNECTION WITH THE ISSUANCE OF SAID BONDS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, The City of Miami, Florida (the "City") is
authorized pursuant to the Constitution and the laws of the
State of Florida, including particularly Chapter 166, Florida
Statutes, and its Charter, to issue its revenue bonds to
acquire land for parking purposes and to erect and construct
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parking facilities on land owned by or leased by the City or
the Department of Offstreet Parking of the City (the
"Department"); and
WHEREAS, the City Commission of the City (the "City
Commission") on June 26, 1986, duly passed and enacted
Ordinance No. 10115 (the "General Ordinance"); and
WHEREAS, pursuant to the General Ordinance, the City
previously issued its $16,275,000 Parking System Revenue
Bonds, Series 1986 (the "Senior Bonds"), of which $14,440,000
in principal amount is presently outstanding; and
WHEREAS, Section 209 of the General Ordinance provides
that the City may issue Additional Bonds secured by the
General Ordinance for the purpose of financing the cost of
Additional System Facilities, as such term is defined in the
General Ordinance, subject to the conditions set forth in
said Section 209; and
WHEREAS, Section 718 of the General Ordinance provides
that the City may issue Subordinated Debt, as such term is
defined in the General Ordinance ("Subordinated Debt"),
subject to the conditions set forth in said Section 718, and
the principal of, and the redemption premium, if any, and
interest on such Subordinated Debt may be payable from the
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proceeds of Additional Bonds to the extent such Subordinated
Debt was issued for a purpose for which Additional Bonds may
be issued under the General Ordinance; and
WHEREAS, pursuant to Ordinance No. 10186 (the 111986
Subordinated Debt Ordinance") enacted by the City Commission
on December 11, 1986, the City issued its $2,000,000
Subordinated Parking System Bonds, Series 1986 (the 111986
Subordinated Bonds"), which constitute Subordinated Debt un-
der the General Ordinance and of which $2,000,000 in princi-
pal amount presently remain outstanding; and
WHEREAS, in connection with the 1986 Subordinated Bonds
the Department entered into a Repayment Agreement (the
"Repayment Agreement") and a Pledge Agreement (the "Pledge
Agreement"), each dated as of December 30, 1986, with Sun
Bank/Miami, National Association, in order to induce Sun
Bank/Miami, National Association, to issue a letter of credit
securing the 1986 Subordinated Bonds, which Repayment
Agreement and Pledge Agreement constitute Subordinated Debt
under the General Ordinance; and
WHEREAS, pursuant to Resolution No. 89-461, adopted by
the City on May 11, 1989, and Ordinance No. 10632, enacted
on September 14, 1989, the City entered into a Participation
Agreement dated August 28, 1989 (the "Participation
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Agreement") with the First Municipal Loan Council (the
"Council"), whereby the City borrowed $1,065,000 from the
Council (the "Council Loan"), which borrowing constitutes
Subordinated Debt under the General Ordinance; and
WHEREAS, pursuant to Ordinance No. 10722 of the City,
enacted on April 12, 1990 (the 111990 Ordinance"), the City
issued its $3,000,000 Subordinated Parking System Revenue
Bonds, Series 1990 (the 111990 Subordinated Bonds"), to refund
the City's Subordinated Parking System Revenue Bonds, Series
1988 and Second 1988 Series, and the 1990 Subordinated Bonds
constitute Subordinated Debt under the General Ordinance; and
WHEREAS, the 1986 Subordinated Bonds automatically
convert from a fixed rate to a floating rate on December 29,
1991, and the 1990 Subordinated Bonds and the Council Loan
bear interest at a floating rate; and
WHEREAS, the City desires to refund the 1986
Subordinated Bonds, the 1990 Subordinated Bonds and the
Council Loan with fixed rate bonds in order to lock in
favorable interest rates in the current market; and
WHEREAS, the conditions precedent to the issuance by the
City of Additional Bonds pursuant to Section 209 of the
General Ordinance to refund the 1986 Subordinated Bonds, the
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10941
1990 Subordinated Bonds and the Council Loan have been or
will be complied with; and
WHEREAS, the Commission has determined to provide for
the issuance of Parking System Revenue Bonds of the City in
one or more series in an aggregate principal amount not to
exceed SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS
($7,500,000) and designated Parking System Revenue Bonds,
Series 1992 (the "Series 1992 Bonds"), for the purpose of
providing funds to refund the 1986 Subordinated Bonds, the
1990 Subordinated Bonds and the Council Loan (collectively,
the "Refunded Bonds"), such Series 1992 Bonds to be secured
under the General Ordinance by the Net Revenues of the
Parking System, together with investment income on certain
funds created under the General Ordinance, on a parity with
the Senior Bonds; and
WHEREAS, the City desires to sell the Series 1992 Bonds
on a negotiated basis;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
SECTION 1. Authority. This Ordinance is enacted pursuant
to the Charter of the City, but only to the extent not
inconsistent with and not repealed by the provisions of
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Section 166.021, Florida Statutes; Chapter 166, Florida
Statutes; the Constitution of the State of Florida; the
General Ordinance; and other applicable provisions of law.
SECTION 2. Definitions. All terms used herein in
capitalized form and not otherwise defined herein shall have
the same meanings as set forth in the General Ordinance.
(Words defined in the preamble or "whereas" clauses of this
Ordinance shall have the meanings ascribed to them therein,
which definitions are herein incorporated by reference
thereto.)
In addition, the following terms shall have the meanings
set forth below:
"Code" shall mean the Internal Revenue Code of 1986, as
amended, and any applicable regulations thereunder.
"Council Loan" means the loan received by the City from
the First Municipal Loan Council, currently outstanding in
the principal amount of $1,065,000.
"Escrow Agent" means the bank or trust company
designated as the Escrow Agent under the Escrow Deposit
Agreement.
C.
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"Escrow Deposit Agreement" shall mean the Escrow Deposit
Agreement by and between the City and the Escrow Agent, the
form of which shall be authorized and approved by ordinance
or resolution of the City enacted or adopted prior to the
issuance of the Series 1992 Bonds, pursuant to which a
portion of the proceeds of the Series 1992 Bonds shall be
held, invested, and applied by the Escrow Agent as provided
in this Ordinance and the Escrow Deposit Agreement.
"Refunded Bonds" shall mean collectively the Council
Loan, the 1990 Subordinated Bonds and the 1986 Subordinated
Bonds.
"Registrar" shall mean the City or any trust company or
bank with trust powers appointed from time to time by
subsequent ordinance or resolution of the City to serve under
this Ordinance.
111986 Subordinated Bonds" shall mean The City of Miami
Subordinated Parking System Bonds, Series 1986, currently
outstanding in the principal amount of $2,000,000.
111990 Subordinated Bonds" shall mean The City of Miami
Subordinated Parking System Refunding Revenue Bonds, Series
1990, currently outstanding in the principal amount of
$3,000,000.
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"Series 1992 Bonds" shall mean The City of Miami Parking
System Revenue Bonds, Series 1992, authorized under this
Ordinance and the General Ordinance in a principal amount not
to exceed $7,500,000.
SECTION 3. Rules of Construction. Words of the
masculine gender shall be deemed and construed to include
correlative words of the feminine and neuter genders. Unless
the context shall otherwise indicate, words importing
singular number shall include the plural number in each case
and vice versa. The word "person" shall include firms,
corporations and other entities, including governments or
governmental bodies. When used in connection with the
amounts on deposit in or to be deposited in any Fund or
Account created hereunder or under the General Ordinance, the
word "money" shall include Investment Obligations.
SECTION 4. Findings and Determinations. The City
Commission has found and determined and does hereby declare
as follows:
A. The City is authorized under the Constitution and
the laws of the State of Florida to issue bonds for various
purposes, including the refunding of the Refunded Bonds and
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the refunding of the Refunded Bonds constitutes a valid and
proper public purpose.
B. The City has the authority under the General
Ordinance to issue Additional Bonds payable on a parity with
the Bonds outstanding thereunder from the Net Revenues.
C. It is necessary and in the best financial interests
of the City and the citizens and taxpayers thereof that the
City issue the Series 1992 Bonds in order to refund the
Refunded Bonds.
D. The Refunded Bonds were issued to finance the cost
of Additional System Facilities.
E. The Series 1992 Bonds shall constitute Additional
Bonds within the meaning and contemplation of the General
Ordinance and will be payable from the Net Revenues on a
parity with the Senior Bonds that remain outstanding and any
Additional Bonds which may be issued in the future.
F. Because of the characteristics of the Series 1992
Bonds, prevailing and anticipated market conditions and
savings to be realized from an expeditious sale of the
Series 1992 Bonds, and taking into account the advice of the
Department's financial advisor, Kidder, Peabody & Co.
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10941
Incorporated, it is in the best interest of the City to sell
the Series 1992 Bonds at a negotiated sale with the
underwriters to be selected by the Department or by a private
placement, or in part at a negotiated sale and in part by
private placement.
G. The estimated Net Revenues are expected to be
sufficient to timely pay debt service on the Series 1992
Bonds and all other Bonds outstanding under the General
ordinance.
H. The Net Revenues are not pledged or encumbered in
any manner except to pay the principal of and interest on the
Bonds and the other payments required in the General
Ordinance.
I. The City is not in default in performing any of the
covenants and obligations assumed by it under the General
Ordinance and all payments required thereunder to have been
made into the accounts and funds established therein have
been made to the full extent required.
SECTION 5. This Ordinance to Constitute Contract. Upon
and in consideration of the purchase and acceptance of the
Series 1992 Bonds authorized to be issued hereunder by those
who shall hold the same from time to time, this Ordinance,
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10941
together with the General Ordinance, shall be deemed to be
and shall constitute a contract between the City and such
Bondholders. The covenants and agreements set forth herein
and in the General Ordinance to be performed by the City
shall be for the equal and proportionate benefit, protection
and security of the Bondholders of any and all of the Series
1992 Bonds and the Bondholders of all other Bonds outstanding
under the General Ordinance, all of which shall be of equal
rank and without preference, priority or distinction over any
other thereof, except as expressly provided therein and
herein. All of the covenants in the General Ordinance shall
apply to the Series 1992 Bonds.
SECTION 6. Authorization of Refunding. The refunding of
the Refunded Bonds in accordance with the terms hereof and of
the Escrow Deposit Agreement is hereby approved and
authorized.
SECTION 7. Authorization of Issuance and Sale of Series
1992 Bonds. Subject to and pursuant to the provisions of the
General Ordinance, the Series 1992 Bonds are hereby
authorized to be issued in one or more series in an aggregate
principal amount not to exceed $7,500,000 and to be sold at a
negotiated sale with the underwriters to be selected by the
Department. Not -withstanding anything to the contrary,
however, the Series 1992 Bonds shall not be sold, issued and
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delivered until the conditions specified in Section 209 of
the General Ordinance have been met.
SECTION 8. Terms and Form of Series 1992 Bonds. Before
the Series 1992 Bonds are issued, the City Commission shall
adopt a resolution fixing the amount and the details of the
Series 1992 Bonds. The Series 1992 Bonds shall be dated,
shall have such Interest Payment Dates, shall be stated to
mature (subject to any rights of prior redemption) on such
date in such year or years, shall have such Paying Agents,
shall bear interest and shall have such Sinking Fund
Requirements and redemption provisions, all as are then
permitted by law and as are provided in such resolution. The
Series 1992 Bonds shall be executed in substantially the form
set forth in Section 203 of the General Ordinance, with such
changes as may be necessary or appropriate to conform to the
provisions of such resolution.
SECTION 9. Application of Series 1992 Bonds Proceeds.
To the extent not otherwise provided by the City by
resolution or ordinance adopted or enacted or by certificate
of the Mayor or Vice Mayor delivered at or prior to the
issuance and delivery of the Series 1992 Bonds, the proceeds
from the sale of the Series 1992 Bonds, including accrued
interest, shall be applied by the City as follows:
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1094
(1) Accrued interest, if any, shall be
deposited in the Interest Account and used for and
applied to the payment of interest next coming due
on the Series 1992 Bonds.
(2) An amount which, together with investment
earnings thereon, is sufficient to pay the
principal of and interest and redemption premiums,
if any, on the Refunded Bonds when due in
accordance with the schedules to be attached to the
Escrow Deposit Agreement shall be transferred to
the Escrow Agent for deposit into the Escrow
Deposit Trust Fund created and established
pursuant to the Escrow Deposit Agreement and shall
be used and applied pursuant to and in the manner
described in the Escrow Deposit Agreement to pay
principal and interest on the Refunded Bonds and to
pay any and all premiums and costs with respect
thereto.
(3) An amount equal to the costs of issuance
of the Series 1992 Bonds shall be deposited in the
Cost of Issuance Fund (as defined below) and used
to pay when due the expenses of issuing the Series
1992 Bonds, including, but not limited to,
financial advisory, accounting and legal fees,
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Parking Consultant fees, rating agency fees,
printing costs, bond insurance premiums, initial
Trust, Paying Agent and Escrow Agent fees, and
expenses related to the foregoing and any other
miscellaneous expenses of issuing the Series 1992
Bonds.
(4) An amount which, when added to the amount
then on deposit in the Reserve Account, shall be
equal to the Reserve Requirement on all Bonds shall
be deposited in the Reserve Account or, in lieu
thereof, to the extent provided by subsequent
ordinance or resolution of the City enacted or
adopted prior to the issuance of the Series 1992
Bonds, an amount equal to the cost of a bond
insurance policy, letter of credit or a combination
thereof complying with the requirements of Section
507 of the General Ordinance, shall be set aside by
the City and applied to pay the provider of such
bond insurance policy or letter of credit.
SECTION 10. Compliance with Tax Requirements. The City,
hereby covenants and agrees, for the benefit of the
Bondholders from time to time of the Series 1992 Bonds, to
comply with the requirements applicable to it contained in
Section 103 and Part IV of Subchapter B of Chapter 1 of the
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Code, or any successor provisions to the extent necessary to
preserve the exclusion of interest on the Series 1992 Bonds
from gross income for federal income tax purposes.
Specifically, without intending to limit in any way the
generality of the foregoing, the City covenants and agrees:
(1) to set aside sufficient monies from the
Net Revenues or other legally available funds of
the City in the Rebate Fund (as defined below) to
timely pay the Rebate Amount (as defined below) to
the United States of America;
(2) to pay to the United States of America
from any legally available funds, at the times
required pursuant to Section 148(f) of the Code,
the excess of the amount earned on all nonpurpose
investments (as defined in Section 148(f)(6) of the
Code) over the amount which would have been earned
if such non -purpose investments were invested at a
rate equal to the yield on the Series 1992 Bonds,
plus any income attributable to such excess (the
"Rebate Amount");
(3) to maintain and retain all records per-
taining to and to be responsible for making or
causing to be made all determinations and calcula-
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10941
tions of the Rebate Amount and required payments of
the Rebate Amount as shall be necessary to comply
with the Code;
(4) to refrain from using proceeds from the
Series 1992 Bonds in a manner that would cause the
Series 1992 Bonds or any of them, to be classified
as private activity bonds under Section 141(a) of
the Code; and
(5) to refrain from taking any action that
would cause the Series 1992 Bonds, or any of them,
to become arbitrage bonds under Section 103(b) and
Section 148 of the Code.
The City understands that the foregoing covenants impose
continuing obligations on the City to comply with the
requirements of Section 103 and Part IV of Subchapter B of
Chapter 1 of the Code so long as such requirements are
applicable.
SECTION 11. Authorizations. The Mayor, the Vice Mayor,
the City Manager, any Assistant City Manager, the Clerk, any
Deputy Clerk, the City Attorney and their designees are each
designated as agents of the City in connection with the sale,
issuance and delivery of the Series 1992 Bonds and are
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10941
authorized and empowered, collectively or individually, to
take all actions and steps and to execute all instruments,
documents and contracts on behalf of the City that are
necessary or desirable in connection with the sale,
execution, issuance and delivery of the Series 1992 Bonds and
which are not inconsistent with the terms and provisions of
this Ordinance and the General Ordinance. Such officers and
those so designated are hereby charged with the
responsibility for the issuance of the Series 1992 Bonds.
SECTION 12. Municipal Bond Insurance. The City Manager
or any Assistant City Manager is authorized to arrange for
municipal bond insurance insuring the Series 1992 Bonds or
the portion of the Reserve Requirement relating to the Series
1992 Bonds, to pay the premium or premiums with respect
thereto, and to take all actions and to execute such
documents as may be required in connection therewith.
Notwithstanding anything herein or in the General
Ordinance to the contrary, in the event that the City
arranges for municipal bond insurance insuring the Series
1992 Bonds or the portion of the Reserve Requirement relating
to the Series 1992 Bonds, any special provisions relating to
the Series 1992 Bonds which are required by the municipal
bond insurer shall be set forth in a resolution or ordinance
of the City adopted or enacted prior to the issuance of the
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Series 1992 Bonds and shall be treated as if included
herein.
SECTION 13. Oualification for the Depository Trust
Company. If determined by the City Manager or any Assistant
City Manager to be necessary or desirable, the City Manager
and the Assistant City Manager are hereby authorized to take
such actions as may be necessary from time to time to qualify
the Series 1992 Bonds for deposit with The Depository Trust
Company of New York ("DTC"), including but not limited to,
providing for wire transfers of interest and principal
payments with respect to the Series 1992 Bonds, utilization
of electronic book entry data received from DTC in place of
actual delivery of Series 1992 Bonds and provisions of any
notices with respect to Series 1992 Bonds registered by DTC
by overnight delivery, courier service, telegram, telecopy or
other similar means of communication.
SECTION 14. Creation of Cost of Issuance Fund. The
City shall establish with the Trustee a special fund
designated "The City of Miami Parking System Revenue Bonds,
Series 1992 Cost of Issuance Fund" (herein called the "Cost
of Issuance Fund"). Moneys on deposit in the Cost of
Issuance Fund shall be used to pay costs of issuing the
Series 1992 Bonds and shall be disbursed by the Trustee upon
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receipt of requisitions signed by the Finance Director of the
Department.
SECTION 15. Creation of Rebate Fund. The City shall
establish with the Trustee a special fund designated "The
City of Miami Parking System Revenue Bonds, Series 1992
Rebate Fund" (herein called the "Rebate Fund"). The moneys
deposited and held in the Rebate Fund shall not be subject to
the lien of this Ordinance or the General Ordinance or to any
claim by any Bondholder and shall not be applied to the
payment of the principal, premium, if any, or interest on the
Series 1992 Bonds. The City covenants and agrees that, on an
annual basis and upon the final maturity of the Series 1992
Bonds, it shall make or have made all necessary
determinations and calculations of the Rebate Amount and will
deposit or cause the Trustee to deposit into the Rebate Fund
from Net Revenues, or from other legally available funds of
the City, the amount necessary to increase the amount in the
Rebate Fund to the Rebate Amount. The City shall use the
amount in the Rebate Fund only for the payment of the Rebate
Amount to the United States. Funds on deposit in the Rebate
Fund in excess of the Rebate Amount, however, may be
withdrawn and paid over to the City.
SECTION 16. Amendment to Section 503 of the General
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Ordinance. Paragraphs (a), (b) and (c) of Section 503 of the
General Ordinance are hereby amended to read as follows:
"(a) with the Trustee to the credit of the Interest
Account an amount thereof which, together with any other
funds provided by the Department for such purpose, is equal
to one -sixth (1/6th) of the interest to become due and
payable within the next ensuing six (6) months on all Bonds
then Outstanding;
(b) with the Trustee to the credit of the
Principal Account an amount thereof which, together with any
other funds provided by the Department for such purpose, is
equal to one -twelfth (1/12th) of the principal to become due
and payable within the next ensuing twelve (12) months on all
Serial Bonds then Outstanding;
(c) with the Trustee to the credit of the Sinking
Fund Account an amount thereof which, together with any other
funds provided by the Department for such purpose, is equal
to one -twelfth (1/12th) of the Sinking Fund Requirement to
become due and payable with the next ensuing twelve (12)
months on all Term Bonds then outstanding."
SECTION 17. Effect on General Ordinance. Except as
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10941
supplemented and amended hereby, all provisions of the
General Ordinance remain in full force and effect.
SECTION 18. Severability. If any one or more of the
covenants, agreements or provisions of this Ordinance should
be held contrary to any express provision of law or contrary
to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements
or provisions shall be null and void and shall be deemed
separate from the remaining covenants, agreements or
provisions of this Ordinance or of the Series 1992 Bonds
issued hereunder.
SECTION 19. Effective Date. This Ordinance shall become
effective thirty (30) days after final reading and adoption thereof.
PASSED ON FIRST READING BY TITLE ONLY this 5th day of December, 1991.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY this
9th day of January , 1992.
ATTES .
MATTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
f
RAFAEL 0. DIAZ
DEPUTY CITY ATTORNEY
XAVIER L./SLUREZ,
APPROVED AS TO FORM AND CORRECTNESS:
a. C -, 4z'j" W 14 Z� 0 f. 0 (z
A7QUINRIJO/NEY, III
CITY ATTOR 10
9 4 1
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MIp"T PARKING AUTH. F-564 T-946 P-002 DEC 19 '91
TO: Honorable Mayor and Members
of the City Commission
DATE: December 17, 1991
FROM: SOBnCT: Parking System Revenue Bonds,
Executive Director Series 1991
Miami Parking System
At the City Commission meeting of December Sth, 1991, the Commission
approved the issuance of Parking System Revenue Bonds in the amount not to
exceed $7,500,000. The second reading for this bond ordinance is
scheduled for the January 9th, 1992 City Commission meeting. I would like
to bring to the attention of the City Commission that there has been one
minor change to the bond ordinance from the first to the second reading.
Due to the actual issuance date of the bonds being in calendar year 1992,
the name of the bonds aLre being changed from Parking System Revenue Bonds,
Series 1991 to Parking System Revenue Bonds, Series 1992. The City
Attorneys have advised me that this change should be brought to the
attention of the City Commissioners prior to the second reading, scheduled
for January 9th.
If you should have any questions on this or any other matter, please
contact me at your earliest convenience.
HJM:ns:hm121791/3
cc: City Manager
City Attorney
Holland & Knight
Kidder, Peabody & Co.
kiarold J. Manasa
*.,
10941
q -1
TO
FROM
Honorable Mayor and Members
of the City Commission
Clark Cook
Executive Director
Miami Parking System
0
DATE: November 15, 1991
SUBJECT: Parking System Revenue Bonds,
Series 1991. Agenda Item for
the City Commission Meeting of
December 5, 1991
In order to lock -in the current favorable interest rates, the Off -Street
Parking Board has authorized the refunding of certain variable and
short-term bonds.
In that connection, the Department of Off -Street Parking is requesting the
Commission's approval at the December 5, 1991 meeting, of an ordinance as
follows:
"An ordinance authorizing the issuance of Parking System Revenue Bonds
of the City of Miami under ordinance no. 10115 enacted on
June 26, 1986, in an aggregate principal amount not to exceed
$7,500,000, in one or more series, for the purpose of refunding the
City's subordinated Parking System Revenue Bonds, Series 1986 and
Series 1990, and the City's obligations under a participation
agreement with the First Municipal Loan Council; providing for the
payment of the principal of and the interest on such bonds from net
revenues derived by the Department from its Parking System and certain
investment income; authorizing the sale of such bonds on a negotiated
basis; authorizing certain officials of the City to execute any
documents required in connection herewith; authorizing certain
officials and employees of the City to take all actions required in
connection with the issuance of said bonds; and providing an effective
date."
HJM:ns:hm111591/4
10941
F -1
MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookie VAlliams, who on oath says that she is the Vice
President of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
In the matter of
CITY OF MIAMI
ORDINANCE NO. 10941
RE: AUTHORIZING THE ISSUANCE OF
PARKING SYSTEM REVENUE BONDS, etc.
X X X
Inthe ......................................... Court,
was published In said newspaper in the Issues of
February 3, 1992
Afflant further says that the said Miami Review is a
newspaper published at Miami in said Dade County, Florida,
and that the said newspaper has, heretofore been continuously
published in said Dade County, Florida, each day (except
Saturday, Sunday and Legal Holidays) and has been entered as
second class mall matter at the post office in Miami In said
Dads )ful
ty, Florida, for a period of one year next preceding
theblica11 n of the attached wpy of advertisement and
afllher says that ehe has neither paid nor promised any
psor corporation any discount,rebate, commission
or orthepurposeofecuring this advertisement for
pu I In the aid newspaper. a
(T. CXLf
"OFFICIAL NOTARY SEAL"
OCTELMA V. FERBEYRE
MY COMM. EXP. 7/9/94
CITY OF MANI, FL"WA
LAGAL WtICE
All hiterested persons will take notice that on the 9th day ;of
January, 1992, the City Commission of Miami, Florida, adopted
the following titled ordinances:
ORDINANCE NO.10939
AN ORDINANCE AMENDING SECTION'2-422 OF THE 64�w.
OF THE CITY OF MIAMI, PLORIDA, AS AMENDED, 'CON6e*'"
ING THE INTERNATIONAL TRADE BOARD, BY .MODIFYWG
THE QUORUM REQUf61EMENT AND THE NUMBER OFY07
REQUIRED FOR BOARD ACTION; CONTAINING A REPEALE
PROVISION AND SEVERABILITY'CLAUSE.
ORDINANCE NO. I"
AN ORDINANCE AMENDING CHAPTER 54.OF THE CODE OF
THE CITY OF_ MIAMI. FLORIDA, AS AMENDED, ENTITLED
"STREET AND SIDEWALKS" BY AMENDING SECTION 54.104
ENTITLED *'NONSTANDARD STREET WIDTHS" BY MODIFYING
THE WIDTH OF A CERTAIN STREET; ESTABLISHMIG AN
EFFECTIVE.DATE; AND CONTAINING A R-EPEALEA
PROVISION, SEVERABILITY CLAUSE. '
ORDNIANCE NQ. iQi41
AN -ORDINANCE ' HORI I. UANCE_OF PARKING,
SYSTEM REVENUE BONDS, SERIES 1992. OF THE CITY, OF
MIAMf UNDER ORDINANCE NO. 10115,E NACTED ON JUNE
26,: 1986, IN AN AGGREGATE, PRINCIPAL AMOUNT` -NOT TO
EXCEED 97,50b000, tN ONE OR MORE SERIES, FOR THE
PURPOSE OF REFUNDING THE CITY'S'SUBORDINATED-_
PARKING SYSTEM REVENUE BONDS, SEPAES IM AND
SERIES "1990, AND THE. CITY'S OBLIGATIONS t*DER A
PARTICIPATtQfll AGREEMENT, WITH THE FIRST WHICIPAL.
LOAN COUNCIL; PROVIDING FOR T14E PAYMENT OF THE
PRtfaCIPAL OF AND THE FNTEREST ON SUCH BONDS FROM -
NET_ REVENUES DEtUVED BY THE DEPARTMENT FROM. ITS
PA (�NfGSYSTEM AND CERTAIN,ItIVESTMENT INC0h,*,,
AtRFt k i(21NG THE SALE OF St1CII.B0N0S.ON A NEOGTIATEB
BASIS; AUTFICfR12ING CEATA1N,QFFICIALS OF Tiji CITY_ TO
EXECtiTE ANY DOGt1M9NTS•REOUMEO IN CONNECTION ,
HEfiEWITH AUTMQR112 NG CER't,AtN OFFtCfA.LS AND
EMPLOYEES OF THE'CITY TO TAKE ALL ACTIONS REQUIRED
IN CONIiECTION VV014 T.H£ ISSUANCE OF SAID BONDS; AND
PROVIDIIJli AN EFFECTIVE DATE.
04DINANC *0.10942
AN ORDINANCE ESTABLISHING "A NEW SPECIAL REVENUE
FUND ENTITLED-1 "OFFICE OF INTEfIGOV£RNMENTAL-'LIAI-
SON (FY'91)" AND APQROPRIATING FUNDS FOR OPERATION
OF SAID PROGRAM Il¢;THE AMOUNT OF $60,000 FROM THE
SOUTH FLQRtDA Ef1APWYMENT,ANOT> AMM CONSORTF
UM; CONTAINING A :REPEALER `PROVISION AND A SEVER -
ABILITY CLI(USE.
Said ordinances may,'"'inspected by the public at the Office of
the City Clerk,,3800 P&WAmerican Drive, Miami, Florida; Monday
through Friday, excluding holidays, between the hours of 8:00
a.m. and 5:00 p:m.
OF
t
tow)
ter MATTY HIRAI
CITY CLERK
MIAMI, FL.ORIDA
2!3 92.4-020305M