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Home My WebLink AboutR-89-0612Y � E J=89=597 7/5/89 RESOLUTION No. A RESOLUTION, WITH ATTACHMENT, AUTHORIZING THE EXECUTION OF AN AMENDMENT, IN SUBSTANTIALLY THE ATTACHED FORM, TO THE INTERLOCAL AGREEMENT WHICH CREATED THE SUNSHINE STATE GOVERNMENTAL FINANCING 10 COMMISSION, AND PROVIDING AN EFFECTIVE DATE. i 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") 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, said amendments enabling it to make a greater variety of financing measures available to member municipalities; -E NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY, Al OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to execute an Amendment, in substantially the attached form, to the Interlocal Agreement—� which created the Sunshine State Governmental FinancingCommission. Section 2. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 13th day of Jul , 1989. AT S XAVIER L. UAREZ, YOR MAV7Y HIRAI, CITY CLERK PREPARED AND APPROVED BY: APPROVED AS TO FORM AND CORRECTNESS: ROBERT F. CLARK JORGE F AZ ASSISTANT CITY ATTORNEY CITY AT 0 EYNAE w}, LEGISLATION/SPECIAL PROJECTS "4 DIVISION CHIEF min CITY Co tr• Mgt�i�°'C��' RFC/ebr/bss/M1094 1/ The herein authorization is further subject to��' ) comps iance with all requirements that may be RWWT10N imoosod by the City Attorney as prescribed by P�'1 RFIgjtK3 ' ,X7777 Y, aPk'�iaabls City Code provisions. s _ EXHIBIT "a" AMENDMENT TO INTERLOCAL AGREEMENT Pursuant to the provisions of. Section 163.n�1 Flo-rida Sty .�:es, the Inn-ergovernmental Cooperation not, the Cities and Couaties executing this Amendment to interlccal Agreement (the "Gc• er-=. ental Units"), agree that the Interlocal Acree.nent, dated as of November 1 1 , 1985, as amended and supplemented, entered into b, a:,d among each of the Governmental Units ( the "Interlocal Agree- . ent , and initially between the City of Tal'_ahassee a^c the City Iand o creating the Sunshine State Goverrnental Financing vc`a,r.i3sion (the "Commission") is hereby amended to read as follows: SECTION 1. Section 2.02 of the Interlocal Agreement is hereby amended to read as follows: Section 2.02. PurPose�. The purpose of the Commis- _ s:on is to ena le a m ted number of participating Goverrvnental Units, who regularly undertake Protects requiring significant debt financing with similar -'sub- stantial credit worthiness and high investment grade ratings by nationally recognized rating agencies, to benefit from the economies of scale associated with Large scale financings which may otherwise be unrealized separate financings were undertaken, to assist the Governmental Units in developing and structuring finan- cial programs and activities such as the Program, which :+ill provide essential services and functions at lower costs to inhabitants and to undertake such other pur- poses as permitted by law, including but not necessarily i.^:ited to one or more pooled investment programs ! pension or other) and one or more pooled insurance and/or -reinsurance programs developed for the benefit of _ the participants therein and furthermore including the issuance of bonds or other debt obligations the :.::ter est on which may or may not be excluded from gross '--come of the holders thereof for purposes of fed�oral Lncome taxation. _ 1w 1.0 89-61.2. Y {�F, '_ s r R Y",`+K ' .,.'r��"'.xr€tXt��.S..-4�i2'.'�: t .• i { r t Y y1 J �� +r, �et��N,i, ' f i NMI a^ — } AM' SECTION 2. Section 5.05 of the Interlocal Agreement (renum, �i bered herein as Section 5,06) is hereby amended to read as follows: Sectioh5..06. 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 subse- quent ratification by the governing body of each partic- ipating Governmental Unit. However, this Agreement may not be amended so as to M permit an Commission to inure to the benefit of an profits of the y private person or to permit the assets of the Commission to be distri- buted to other than the Members, or (ii) 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, if 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. SECTION 3. Except as expressly amended herein, the Inter - local Agreement shall read as originally adopted and shall remain in full force and effect. This Amendment to Interlocal Agreement may be executed in counterparts and shall take effect as provided by law. — IN WITNESS WHEREOF, this Amendment to Interlocal Agreement has been executed by and on behalf of the authorized officers and representatives of the Governmental Units. (SEAL) CITY OF TALLAHASSEE City TreasurerClerk By - Mayor = Approved as to form and legality this day of 1989 BY City Attorney —POLY 02� Amy rx� vi- _.__.___ � •S+�►�r 1ocm.l � NoV. I1� 19� 5 - ;t V* x c YJ3:nY:f .f:.l.. It .. _ .•, ,- .. . :..:k 'F kif fii�=,. w IS L) ATcouf 5 - ?41.�S At ounty 7-7- DA09 COUNTY By Mayo r Approved as to fort and legality this day ofg89 ounty Attorney CITY OF MIAMI, FLORIDA -A=19 INTER -OFFICE MEMORANDUM To: The Honorable Mayor and Members of the City Commission Cesar H. Odi FROM: C i ty Manager DATE : July 6, 1969 FILE SUEUFCT : Agenda Item for City Commission Meeting of July 13, 1989 REFERENCES: 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: The City joined the Sunshine State Governmental Financing Commission through an Interlocal Agreement These governmental les unitsa Counties that form the Commission. 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 Commission. The Financing Commission has plans to validate additional bonds, with _ a series being tax-exempt and another series being taxable, so -, that participants will have opportunity to borrow funds for a wide variety of projects. At this time, the participating governmental units need to adopt that attached resolution approving the form and authorizing execution of amendments to the Interlocal Agreement which will allow the Financing Commission to approve taxable bo,nds.if deemed necessary. T e City is not entering into any financial transact 'Ions or ommitments by the adoption of this Resolution,; _ t ) c: -it's 3 5