HomeMy WebLinkAboutR-90-0705w
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RESOLUTION NO.
A RESOLUTION SETTING A PUBLIC HEARING BY THE
CITY COMMISSION OF THE CITY OF MIAMI
CONCERNING THE PROPOSAL BY THE UNDERWRITING
FIRM OF STEPHENS, INC. TO ASSIST THE URBAN
LEAGUE OF GREATER MIAMI WITH THE ISSUANCE OF
CITY OF MIAMI TAXABLE BONDS FOR THE PURPOSE
OF FINANCING PROGRAMS TO FIGHT DRUG RELATED
PROBLEMS WITHIN THE CITY.
WHEREAS, the Urban 'League of Greater Miami, Inc. has
referred to the City of Miami a proposal from the underwriting
firm of Stephens, Inc. with the purpose of having the City of
Miami issue taxable bonds to finance programs to .fight drug
related problems within the City of Miami; and
WHEREAS, the City of Miami would not have any obligation to +q
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pay principal and/or interest for the life of the bonds; yi
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CITY OF MIAMI. FLORIDA
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INTER -OFFICE MEMORANDUM
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-, gonorable Mayor
and
Members DAM:TO
of the City Commission AUG
281990
SUWECT
Discussion Item
c..
The ability to sell taxable Donau a� to��a i4YYA.
marll:et will require bond holders to', forego signif iT.
amounts of interest* possible interested'plsrties cou;g baE
foundations, large financial organizations willing to makes a
contribution to the community'nthrQp
and other philai6?
institutions. Finding such pr0spaat.ive boA buyerthe
s "in
Miami area or other parts of the country would ;; be th+�_ most
difficult aspect of this transaction.
Obtaining an opinion from the City Attorney and boaV coluassl
the "public purpose" of the bond issuance undvra to
c► Flo Skatuteo, including successful aomplati+cns' Q
Val
identifying if required.
identifying specific programs to be implemented by 'tho ci��
to 40hieve goads of the "Operation P • O. P •"
eelegtion of bond underwriters for the transac�ti n*
City o
axe 'nee'bt `requesting thellami.as.oa input es weir
= approval to continue efforts to 4000M.Xi
p�e�.�Iai�Y
_ � finane�.ei transact�,on• .�,
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