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HomeMy WebLinkAboutR-92-0682J-92-724 10/15/92 RESOLUTION NO. 9 2 - 682 A RESOLUTION APPROVING THE APPOINTMENT OF THE LAW FIRMS OF FINE, JACOBSON, SCHWARTZ, NASH & BLOCK AND THE MINORITY FIRM OF MANUEL ALONSO-POCH TO PROVIDE BOND COUNSEL SERVICES FOR THE REFINANCING OF THE OFF-STREET PARKING DEPARTMENT'S 1986 SUBORDINATED DEBT OF $2,000,000 AND 1986 SENIOR DEBT OF $14,440,000, WITH FUNDS FOR SAID SERVICES, IN AN AMOUNT NOT TO EXCEED $10,000, PLUS EXPENSES OF $3,0001 BEING ALLOCATED FROM THE PROCEEDS OF SUCH REFINANCING. WHEREAS, the Department of Off -Street Parking of the City of Miami has determined that it would be in its best interests to refinance its outstanding 1986 subordinated debt currently amounting to $2,000,000 and its 1986 senior debt of $14,440,000; and WHEREAS, the Off -Street Parking Board has authorized the Department to accomplish such refinancing by adopting Resolution No. 92-861 and has authorized the Department to engage the firms of Fine, Jacobson, Schwartz, Nash & Block and the minority firm of Manuel Alonso-Poch to provide bond counsel services to the Department for purposes of such refinancing for a total cost not to exceed $10,000, plus expenses of $3,000; and WHEREAS, the Board's authorization, with the City Attorney's concurrence, is subject to the approval of the City Commission; CITY COMMISSION MEETING OF 0Cr 2 2 1992 Resolution fig. 92- 682 1 a. NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The appointment by the Board of the Department of Off -Street Parking, with the concurrence of the City Attorney, of the law firms of Fine, Jacobson, Schwartz, Nash & Block and the minority firm of Manuel Alonso-Poch to provide bond counsel services in connection with the refinancing of the Off -Street Parking Department's 1986 subordinated debt of $2,000,000 and 1986 senior debt of $14,440,000, is hereby approved , with funds for said services, in an amount not to exceed $10,000 plus expenses of $3,000, being hereby allocated from the proceeds of such refinancing. Section 2. This Resolution shall become effective immediately upon its adoption. /' PASSED AND ADOPTED this 22nd day of , cto r , 1992• ATA��, MATrffY HIRAI City Clerk PREPARED AND APPROVED BY: RAFAEL 0. DIAZ Deputy City Att ROD/pb/M3211 XAVIER L. UAREZ, APPROVED AS TO FORM AND CORRECTNESS: Ail QUINN J LDS; III - City Atto ey 13©5 M I AP11 PARKING AUTH. F-902 T0: Honorable Mayor and Members of the City Commission City of Miami FRAM: Clark Cook executive Director Miami Parking System nATF: October 1.4, 1992 SLt13�TBCT: Resolutioe to Appointment of Bond Counsel The Off -Street Parking Board has approvad the refinancing of certain long-term bonds in order to take advantage of the current low interest rates. in that connection, we are requesting, at the October 22, 1992 meeting, the Commissions approval of the appointment of the law firm of Rine Jacobson Schwartz Nash & Block and the minority firm of Manual Alono-Poch to provide bond counsel services to the Department. As a result of a bid process directed by the City Attorney, the above firms submitted the lowest qualified bid of $10,000 plus $3,000 of expenses. These fees will be paid from bond proceeds. The Bonds being refinanced are not General Obligations of the City of Miami, but are backed solely by the revenues of the Department of Off-street Parking. HJM:ns:hm101592/1 92- 681 y2- 682