HomeMy WebLinkAboutR-86-0741eT`88`814
9/11/88
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RESOLUTION NO.
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A RESOLUTION AUTHORIZING THE CITY MANAGER TO
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EXECUTE A
REIMBURSEMENT AGREEMENT, IN A FORM
ACCEPTABLE
TO THE CITY ATTORNEY, BETWEEN THE
CITY AND
THE MIAMI SPORTS AND R7HIBITION
AUTHORITY,
INCORPORATING IN SAID AGREEMENT
T M 8 AND
CONDITIONS SUBSTANTIALLY AS SET
FORTH IN THE ATTACHMENT HERETO.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
executed a reimbursement agreement, in a form acceptable to the
City Attorney, between the City and the Miami Sports and
Exhibition Authority, incorporating in said agreement terms and
conditions substantially as set forth in the attachment hereto.
PASSED AND ADOPTED this 11th day of_SEPTEMBER 1986.
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XAVIER L. tglMiZ
MAYOR
A S
MA HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
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ROBERT F. CLARK
CHIRP DEPUTY CITY ATTORNEY
AND CORRECTNESS:
CITY ATTORNEY
RFC/rr/M218
inrr C4D IISSItT`�
MEETING OP
SEP 11 1986
:SOMON No
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QRYt�ttuauu m AGREMIENT_ Tnn
1, Parties: The Miami Sports and Exhibition Authority
(hereinafter "Authority"), and the City of Miami
(hereinafter "City").
a, Mgt: Maximum ten (10) years, otherwise self-
_,.
amortizing.
(a) The City will provide a bondable revenue
souroe, not to exoeed $350,000, adequate to
meet required ooverage ratios to break esorow
on the Ten (10) Million Dollar Subordinate
Obligation Note.
(b) The Authority pledges to reimburse the City,
with interest, from the operating expense
portion of the Authority's next fisoal year
budget, any and all funds required from the
City as a result of its pledge.
(o) The Authority oovenants not to enter into any
contractual obligation beyond the present
fisoal year without the City Commission's
prior written approval.
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