HomeMy WebLinkAboutR-86-0552J-86-594 RESOLUTION NO. 5G--552,
A RESOLUTION PROVIDING FOR THE REDEMPTION OF
CERTAIN OF THE OUTSTANDING CITY OF MIAMI,
FLORIDA PARKING SYSTEM REVENUE BONDS, SERIES
1983; INSTRUCTING THE PAYING AGENT TO PAY
PRINCIPAL, INTEREST AND REDEMPTION PREMIUMS, IF
ANY, ON SUCH BONDS; PROVIDING FOR PUBLICATION
OF THE NOTICE OF REDEMPTION; PROVIDING FOR
CERTAIN OTHER MATTERS IN CONNECTION THEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, The City of Miami, Florida (the "City") has hereto-
fore determined to proceed with the sale and issuance of not
exceeding $16,000000 Parking System Revenue Bonds, Series 1986,
of the City (the "Bonds") for the purpose of providing funds,
together with other available funds of the City, for paying at
their maturities or earlier redemption the City's outstanding
Parking System Revenue Bonds, Series 1983, currently outstanding
in the aggregate principal amount of $13,545,000 dated November 1,
1983, which mature on October 1, 1986 to October 1, 2009,
inclusive (the "Refunded Bonds"), and to pay certain costs of
issuance of the Bonds; and
WHEREAS, the City has determined to call the Refunded Bonds
maturing on and after October 1, 1994 for redemption on October 1,
1993 and to direct the trustee (the "Trustee"), (as defined in an
ordinance authorizing the Refunded Bonds) to publish notice of
such redemption and to take such further action including the
filing of the notice of redemption with the paying agent for the
Refunded Bonds and the mailing of such notice to all registered
holders of the Refunded Bonds as may be required by the ordinances
and the resolutions authorizing the Refunded Bonds (the "1983
Ordinances"); now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
SECTION 1. The Refunded Bonds then outstanding scheduled to
mature on October 1, 1994 through October 1, 2009, inclusive, are
hereby irrevocably called for redemption on their earliest redemp-
tion date of October 1, 1993, at the principal amount of the
Refunded Bonds to be redeemed, together with the interest accrued
thereon to October 1, 1993, and without premium.
CITY COMMSSION
MEETING OF
JUL 10 1986
(RESOLUTION ,0867552:
SECTION 2. The Trustee is hereby authorized and directed to
publish at least once, not less than thirty (30) days before
October 1, 1993, in The Miami Review and Daily Record, a Daily
Newspaper of general circulation published in the City of Miami,
Florida, and once in The Bond Buyer, a financial journal published
in the Borough of Manhattan, City and State of New York, a notice
in substantially the following form:
"Notice of Redemption
The City of Miami, Florida
Parking System Revenue Bonds, Series 1983
Dated as of November 1, 1983
Maturing on October 1, 1994 to October 1, 2009, inclusive
NOTICE IS HEREBY GIVEN that Parking System Revenue Bonds,
Series 1983, dated as of November 1, 1983, of The City of Miami,
Florida, then outstanding and scheduled to mature on October 1,
1994 to October 1, 2009, inclusive, redeemable on October 1, 1993
at the option of The City of Miami at the principal amount there-
of, together with the interest accrued thereon to the date fixed
for such redemption, and without premium, have been irrevocably
called for redemption on October 1, 1993.
Payment of the principal amount of said bonds, without pre-
mium, will be made on or after said redemption date of October 1,
1993 upon the presentation of said bonds, accompanied by all cou-
pons, if any, maturing after said redemption date at the principal
corporate trust office of Sun Bank, National Association, Orlando,
Florida, as Trustee. Interest on said bonds accruing to or prior
to said redemption date will be paid in the usual manner. Inter-
est on said bonds will cease to accrue from and after said redemp-
tion date.
2
Sun Bank, National Association
as Trustee
By "
86-552,
In the event that either The Miami Review and Daily Record or The
Bond Buyer is no longer available for publication at the times
r
required for the above -mentioned notice, the Trustee► on advice of
the City Attorney of the City of Miami, shall select an alternate
newspaper or financial journal having the necessary qualifications
under the 1983 Ordinances.
SECTION
3.
This
resolution
shall be
repealed
by
the
City
Commission of
the
City
if the Bonds
are not
delivered
and
paid
for
within ninety (90) days of the adoption of this resolution;
otherwise this resolution shall be irrepealable and the direction
given to the Trustee shall be irrevocable.
SECTION 4. This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED this loth day of July, 1986.
/Ve�s.u- ot.%e
Vvier L. Suarez
Mayor
AT
Mat y Hirai
City Clerk
PREPARED AND APPROVED BY:
G. Miriam Maer
Assistant City Attorney
APPROVED/ TO FORM AND
CORREOTN SS: )
Luc-ia" A. Doughert
City Attorney
3
SF--552.
TO% Honorable Mayor and Members of DATE: July 1, 1986
the City Commission
FROM: Roger M. Ca t SUBJECT: APPROVAL OF RESOLUTION AWARDING
Director SALE OF DEPARTMENT OF OFF-STREET
Department - e a .g PARKING ADVANCED REFUNDING BOND
ISSUE
During the June 12 and June 26, 1986 meetings, the City Commission approved a
new form of Trust Indenture for the Department of Off -Street Parking (Series
1986 Advanced Refunding) bond issue. The purpose of the refunding was to
reduce interest costs and to open new financing alternatives for public/
private partnerships and other innovative debt instruments.
Subsequent to the approval of the Trust Indenture it is necessary to approve
a Resolution calling for the redemption of the outstanding bonds. The
process for redemption is that the new money borrowed is placed in a special
account at a negotiated interest rate such that the annual interest plus a
portion of the principal is sufficient to pay the debt service or the old
bonds. This automatically makes the old bonds AAA rated and insures the
bondholders that they will be paid over the life of the old bond issue. This
assurance allows the old trust indenture to be "defeased" and the new trust
indenture to become the governing legal document for the Department Off -
Street Parking.
The purpose of the Resolution callin
to notify the current bondholders an
are to be refunded. City Commission
requirement of the Advanced Refunding
Att . 1
g for the refunding of the old bonds is
d Sunbank as Trustee that the old bonds
approval of this resolution, is a legal
process and is therefore recommended.
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