HomeMy WebLinkAboutItem #27 - First Reading Ordinance11/3/92
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ORDINANCE NO.
AN ORDINANCE, WITH ATTACHMENTS, AUTHORIZING
THE ISSUANCE OF PARKING SYSTEM REVENUE BONDS
OF THE CITY OF MIAMI, FLORIDA UNDER ORDINANCE
N0. 10115 ENACTED ON JUNE 26, 1986, IN AN
AGGREGATED PRINCIPAL AMOUNT NOT TO EXCEED
$20,000,000, IN ONE OA MORE SERIES, FOR THE
PURPOSE OF REFUNDING THE CITY'S $16,275,000
PARKING SYSTEM REVENUE BONDS SERIES 1986 AND
THE CITY'S $2,000,000 SUBORDINATED PARKING
SYSTEM REVENUE BONDS, SERIES 1986; PROVIDING
FOR THE PAYMENT OF THE PRINCIPAL AND THE
INTEREST ON SUCH BONDS FROM NET REVENUES
GERIVED BY THE DEPARTMENT OF OFFSTREET
PARKING OF THE CITY OF MIAMI, FLORIDA FROM
ITS PARKING SYSTEM AND CERTAIN INVESTMENT
INCOME; PROVIDING FOR THE ISSUANCE OF SAID
BONDS ON A PARITY WITH THE CITY'S PARKING
SYSTEM REVENUE BONDS, SERIES 1992A; AWARDING
THE SALE OF SAID BONDS ON A NEGOTIATED BASIS;
AUTHORIZING THE CITY MANAGER OR ASSISTANT
CITY MANAGER TO APPROVE FINAL PRINCIPAL
AMOUNTS, MATURITIES, INTEREST RATES,
REDEMPTION PROVISIONS, AND AMORTIZATION
REQUIREMENTS, IF ANY; APPROVING THE FORM OF
AND AUTHORIZING THE MODIFICATION AND
EXECUTION OF A BOND PURCHASE 'AGREEMENT
RELATING TO SAID BONDS; APPROVING THE FORM OF
A PRELIMINARY DRAFT PRELIMINARY OFFICIAL
STATEMENT PERTAINING TO SAID BONDS AND
AUTHORIZING THE APPROVAL AND DELIVERY OF A
FINAL OFFICIAL STATEMENT; APPROVING THE FORM
OF AND AUTHORIZING THE MODIFICATION AND
EXECUTION OF AN ESCROW DEPOSIT AGREEMENT AND
DESIGNATING AN ESCROW AGENT THEREUNDER;
DESIGNATING A BOND REGISTRAR, AUTHENTICATING
AGENT AND PAYING AGENT FOR SAID BONDS;
AUTHORIZING CERTAIN OFFICIALS OF THE CITY TO
EXECUTE ANY DOCUMENTS REQUIRED IN CONNECTION
THEREWITH; AUTHORIZING CERTAIN OFFICIALS AND
EMPLOYEES OF THE CITY TO TARE ANY ACTIONS
REQUIRED IN CONNECTION WITH THE ISSUANCE OF
SAiD BONDS AND THE REFUNDING OF BONDS TO BE
REFUNDED WITH THE PROCEEDS THEREOF; AND
PROVIDING AN EFFECTIVE DATE.
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WHEREAS, The City of Miami, Florida (The "City") is
authorized pursuant to the Constitution and the laws of the State
of Florida, including particular Chapter 166, Florida Statutes,
and its charter, to issue its revenue bonds to acquire Land for
parking purposes and to erect ,and construct parking facilities on