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Home My WebLink AboutR-90-0351;.. ,J,-90-403 5/11/90 RESOLUTION NO. 9 0— 351 A RESOLUTION, WITH ATTACHMENT, AUTHORIZING THE EXECUTION OF AN AMENDMENT, IN SUBSTANTIALLY THE ATTACHED FORM, TO THE INTERLOCAL, AGREEMENT, DATED NOVEMBER 11, 1985, AS AMENDED, WHICH CREATED THE SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Chapter 163, Part I, Florida Statutes, as amended (the "Interlocal Act"), certain municipalities and counties in the State have executed an Interlocal Agreement (the "Agreement"), dated November 11, 1985, creating the Sunshine State Governmental Financing Commission (the "Commission"); and WHEREAS, it is necessary and desirable to make certain amendments to the Interlocal Agreement in order to ensure the continued successful operation of the Commission; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the 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 an Amendment, in substantially the attached form, to the Interlocal Agreementi/ which created the Sunshine State governmental Financing Commission. Section 3. This Resolution shall become effective immediately upon .its adoption. 1� The herein authorization is further subject to compliance with all. requirements that may be imposed by the City Attorney as prescribed by applicable City Charter_ and Code provisions. ATTACHMENTS i CONTAINED CITY COMMISSION MEETING OF MAY 24 199, 90- RESOLMON ha. 3511 La PASSED AND ADOPTED this 24th day of May 1.990. f XAVIER L. SUAREZ MAY CITY CLERK PREPARW AND-,APP,ROVEr0 o DRO VI LA` MLLO iiIEF ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: tJ-09LITY ATTO Y AV:bss:M1506 -2- 90- 351 AMENDMENT TO INTERLOCAL AGREE14ENT Pursuant to the provisions of Section 163.sI, Florida Statutes, the Intergovernmental cooperation Act, the, Cities slid Counties executing this Amendment to lnterlocal Agreement the "Governmental units"), agree that the Interlocal Agreement, dated as of November 11, 1985, he amended and supplemented, ntered into by and among each of the Governmental Units (the "Interlocal Agreement/t) , and initially between the City of Taltaha66ee and the City of orlando' creating the sunshine State Governmental Financing Commission (the "Commission") is hereby further amended to read as follows: SECTION i. The definition of "Bonds" in Article I of the rnterlocal Agreement is hereby amended to read as foiloWs: "Bonds" shall mean the' Bonds issued by the Commission pursuant to Section 4.01 or this Agreement the proceeds from the sale of which shall be deposited anA disbursed to the 'Governmental units and other municipalities and counties in the State (regardless of whether such munlvipalities and counties become members of the Commission) pursuant to the terms of the indenture, the Loan Agreements and other Program Documents. SECTION 2. The definition of "Governmental Units" in Article I of the Interlocal Agreement is hereby amended to read as follows: "Governmental Units', shall mean any City ox, County, or any combination thereof, participating in% the Program. Notwithstanding this definition of "Governmental Units," cities and counties in this State may participate in the Program and borrow proceeds of the Bonds, regardless of whether such Governmental units became members of the Commission. 90- �351 i 3£CTION 3. Section 2.02 of thO interlocal Acjr®eitt' rnt is hereby amended to read as fellows: l pgp't�0n_ x . 02. ��ose. The purpose of thie Commission is to enable a limited number of participating Governmental Units and other municipalities and counties iA this State (regardless of whether they become members of the commission) , who regularly undertake pzojeots requiring sign�.ficant deist financing with similar substantial credit worthlt}ear. and high investment grade ratings by nationally recog2ized rioting agencies, to benefit from the economies of scale associated with large scale financings which may otherwise be unrealized if separate financings were undertaken, to assist the Governmental Units and other municipalities and counties in this State (regardless of whether they become members of the Commission) in developing and structuring financial programs and activities such as the Program, which will provide essential services and functions at lower costs to inhabitants and to undertake such other purposes as permitted by law, including but not necessarily limited to one or more pooled investment programs (pension or other) and one or more pooled insurance anti/or reinsurance programs developed for the benefit of the participants therein and furthermore including the issuance of bonds or other debt obligations, the interest on which may or may not be excluded from gross income of the holders thereof for purposes of federal income taxation. SECTSON 4. section 5.05 of the Tnterlocal Agreement (renumbered herein as section 5.0e) is hereby amended to read as follows: erection 5.0a. Amendments, This Agreement may be amended in writing at any time by the concurrence of a three-quarters (3/4) vote of the Representatives present at a duly called meeting of the commission and subsequent ratification by the governing body of each participating Governmental Unit. However, this Agreement may not be amended so as to (1) permit any profits of the commission to inure to the benefit of any private person or to permit the assets of the commission to be distributed to other than the Members, or (il) permit the diversion or application of any of the money or other assets of the Commission for any purpose inconsistent with the �- provisions and the purposes hereof or to affect the tax-exempt ` status of the Bonds, it on the date of issuance of the Bonds, the interest thereon is excluded from gross income of the =- holders thereof for purposes of federal income taxation. z 90- 351 tQ E f f. rt v F F I iC F` SECTION 91. Except as expressly amended herein, the Interlocal Agreement shall read as originally adopted and shall remain in full force and etfe ct. This Amendment to Interlocai Agreement rely be executed in counterparts and shall take effect as provided by law. i IN WITNESS WHEREOF, this Amendment to Znterlor. 1 Agreement has been executed by and on behalf of the authorized ofricers and representatives of the Governmantal Units* (SEAL) CITY OF TA.LLAHASSEE, FLORIDA By a City Treasurer -Clerk Mayor Approved as to form and legality this _____„ day of 19•,._. 1 By city Attorney 3 go- 351 OP F F= 0 T (SEAL) CITY Or COPAL GABLES FLORIDA By City Clerk Mayor Approved as to' farm and legality this day of 19 By City Attorney I 4 90- 351 F--� ; F t 1 D C1 1-1 F F I C: E F C# S_? a (REAL) CITY Or VERO DEACN, MORIDA �, by City Clw-k Mayor Approved as to ' form and legality this — day of 19,_,_, By 5 0 • 844 351 I r5 971 F t I T, fa 0 F7 F- T C E: (SEAL) CITY or mxAmi, rLORrDA City clerk Mayor ApprOVOd an to form and legality this day of By City Attorney 6 90- 351 z r: F-:' - i a (SEAL) CITY OF TAKEIJ%ND, MORY A City Clerk f Mayor Approved as to; forim and legality this day of By. i ' City Attorney •1 x 1 7 f 90- 351 - - - ----- --- ' f - (SEAL) I PALM BEACH COUNTY, FLO FDA County Clerk Chairman t Approved as to form and legnlity this day of a 18! 1 BY = County Attorney i - 90- 351 I (SEAL) 1 DADE COUNTY, FLORrDA 77 County �ierk Z45yor =— i 1 Approved as to form and legallty this clay or i BY Attorney 90 - 351 ►1 ..Fa e ( _ ( (SEAL) _— FOLK COUNTY, FLORIDA - County Clerk Chairman — 1 —_ Approved as toll form and legality this dray of 19.,,,, I -- t By County Attorney 10 = f 90- 351 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM CA=27 Honorable Mayor and Members TO of City Commission GATE : MAY 1 61990 FILE SUBJECT : Agenda item for City Aa-_� Commission meeting of FROM : Cesar H. Odio REFERENCES City Manager ENCLOSURES: RECOMMENDATION: It is respectfully recommended that attached resolution approving the form of and authorizing the execution of amendments to an Interlocal Agreement creating the Sunshine State Governmental Financing Commission; providing certain other matters in connection therewith; and providing an effective date, be adopted. BACKGROUND: -=i The City joined the Sunshine State Governmental Financing Commission through an Interlocal Agreement with the Cities and - Counties that form the Commission. These governmental units, cities of Coral Gables, Lakeland, Miami, Orlando, Tallahassee and Vero Beach, and the counties of Dade, Palm Beach and Polk, have = taken advantage of low interest loans from the Committee. -" At this time, the participating governmental units need to adopt the attached resolution approving the form and authorizing the execution of amendments to the Interlocal Agreement which will allow the Commission to authorize the making of loans to cities and counties who are not members of the Commission The City is not entering into any financial transactions or commitments by the adoption of this resolution. 90� 351