HomeMy WebLinkAboutR-87-1020e
J-87-9991
10/29/87
RESOLUTION NO. 8 s -1.020
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI, FLORIDA AUTHORIZING THE
CITY MANAGER TO APPLY FOR A LOAN FROM THE
SUNSHINE STATE GOVERNMENTAL FINANCING
COMMISSION, A LIMITED INTERLOCAL
GOVERNMENTAL LOAN PROGRAM OR SOME OTHER
POOL FINANCING PROGRAM, IN AN AMOUNT NOT
TO EXCEED $10 MILLION DOLLARS TO REFINANCE
THE MIAMI SPORTS AND EXHIBITION
AUTHORITY'S SUBORDINATE OBLIGATION NOTE
SERIES 1985 WHICH HAS BEEN ALLOCATED TO
FUND IMPROVEMENTS AT THE CITY OF MIAMI/
UNIVERSITY OF MIAMI JAMES L. KNIGHT
INTERNATIONAL CENTER AND THE COCONUT GROVE
EXHIBITION CENTER.
WHEREAS, the Miami Sports and Exhibition Authority
hereinafter ("MSEA") has analyzed and determined that it is most
advantageous to refinance its $10 million Subordinate Obligation
Note Series 1985 through the Sunshine State Pool or some other
Pool in order to reduce the overall cost of borrowing to MSEA and
the City; and
WHEREAS, as an instrumentality of the City, the MSEA is
unable to participate directly in this loan program and is
requesting that the City make application on its behalf; and
WHEREAS, the proceeds of the refinancing have been
allocated by the City of Miami and the MSEA for improvements at
the City of Miami/University of Miami James L. Knight
International Center and the Coconut Grove Exhibition Center;
NOW THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
apply for a loan from the Sunshine State Governmental Financing
Commission or some other pool financing in an amount not to
exceed $10 million dollars on behalf of the Miami Sports and
Exhibition Authority to refinance the Miami Sports a --
CITY COMN SSION
MEETING OF
NOV 19 1987
Authority's Subordinate Obligation Note Series 1985 which has
been allocated to fund improvements at the City of
Miami/University of Miami James L. Knight International Center
and the Coconut Grove Exhibition Center.
PASSED AND ADOPTED this 19th day of November 1987.
ATTEST:
TTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK,
CHIEF DEPUTY
CITY ATTORNEY
APPROVED A,% TO FORM AND CORRECTNESS
ATTO
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VIER L . SUAREZ „MJ
-2- 8 7"1.020
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CITY OF MIAMI. FLORIDA
INTEROFFICE MEMORANDUM
TO. Cesar H. Odi.o
City Manager
FptoM: John A. Blaisdell ��D►j
Executive Director!
Miami Sports and Exhibition Authority
RECOMMENDATION:
DATE: October 30 r 1987 FILE:
SUBJECT: Sunshine State Governmental
Financing Commission.
REFERENCES:
ENCLOSURES:
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the City Manager to apply for a
loan from the Sunshine State Governmental Financing Commission or
some other pool financing in an amount not to exceed $10 Million
dollars. The Miami Sports and Exhibition Authority ("MSEA") has
determined the need to refinance it's $10 Million Subordinate
Obligation Note through the Sunshine State Pool in order to
reduce•the overall cost of borrowing to the MSEA and the City.
BACKGROUND:
The Sunshine State Governmental Financing Commission was created
in November 1985 through an interlocal agreement between the City
of Orlando and the City of Tallahassee. The Commission is
empowered to loan funds to a limited number of participating
governmental units which regularly issue debt and which have a
similarly substantial credit. worthiness and higher investment
grade ratings.
As an instrumentality of a governmental unit, MSEA is unable to
participate directly in the loan program. Therefore, the MSEA
is requesting that the City make application on its behalf.
This refinancing process will reduce total borrowing costs over
the remaining term of the debt. These proceeds have been
allocated by the City of Miami and the MSEA for improvements at
the City of Miami/University of Miami James L. Knight
International Center and the Coconut Grove Exhibition Center.
R7-1LU20
Page 2
Repayment of the loan by the MSEA will be primarily secured by
a.secondary pledge of the Convention Development Tax levied
pursuant to Section 212:057 Florida Statutes and a secondary
pledge of the Utility Service 'Tax on Water and Gas (previously
pledged to Sun Bank Miami by the City [Ordinance # 10189] in
connection with the Subordinate Obligation Note on December llth,
1986) or some other restructured pledge with the objective of
reducing the overall financial exposure to the City of Miami and
the MSEA.
CHO/cas/w29
Attachment
C2
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
To• Honorable Mayor and Members
of the City Camnissian
FROM: Cesar H. Odlo
City Manager
RECOMMENDATION:
DATE:
FILE:
SUBJECT: Sunshine State Governmental
Financing Camnissior
REFERENCES:
ENCLOSURES:
It is respectfully recommended that the City Commission adopt the
attached resolution authorizing the City Manager to apply for a
loan from the Sunshine State Governmental Financing Commission or
some other pool financing in an amount not to exceed $10 Million
dollars. The Miami Sports and Exhibition Authority ("MSEA") has
determined the need to refinance it's $10 Million Subordinate
Obligation Note through the Sunshine State Pool in order to
reduce the overall cost of borrowing to the MSEA and the City.
BACKGROUND:
The Sunshine State Governmental Financing Commission was created
in November 1985 through an interlocal agreement between the City
of Orlando and the City of Tallahassee. The Commission is
empowered to loan funds to a limited number of participating
governmental units which regularly issue debt and which have a
similarly substantial credit worthiness and higher investment
grade ratings.
As an instrumentality of a governmental unit, MSEA is unable to
participate directly in the loan program. Therefore, the MSEA
is requesting that. the City make application on its behalf.
This refinancing process will reduce total borrowing costs over
the remaining term of the debt. These proceeds have been
allocated by the City of- Miami and the MSEA for improvements at
the City of Miami/University of Miami James L. Knight
International Center and the Coconut Grove Exhibition Center.
3
W-14za
Page 2
Repayment of the loan by the MSEA will be primarily secured by
a secondary pledge of the Convention Development Tax levied
pursuant to Section 212.057 Florida Statutes and a secondary
pledge of the Utility Service Tax on Water and Gas (previously
pledged to Sun Bank Miami by the City [Ordinance # 10189] in
connection with the Subordinate Obligation Note on December llth,
1986) or some other restructured pledge with the objective of
reducing the overall financial exposure to the City of Miami and
the MSEA.
CHO/cas/w29
Attachment
y
87-10 .0