HomeMy WebLinkAboutItem #26 - First Reading OrdinanceJ-86-503
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF PARKING SYSTEM
REVENUE BONDS OF THE CITY OF MIAMI, FLORIDA, INCLUDING
THE ISSUANCE OF AN INITIAL SERIES OF BONDS IN AN AGGRE-
GATE PRINCIPAL AMOUNT NOT EXCEEDING $18,000,000 FOR THE
PURPOSE OF PAYING AT THEIR RESPECTIVE MATURITIES OR
REDEEMING THE OUTSTANDING PARKING SYSTEM REVENUE BONDS
OF THE CITY ISSUED PURSUANT TO ORDINANCE NO. 9618,
ADOPTED ON MAY 31, 1983; PROVIDING FOR THE PAYMENT OF
SUCH BONDS AND THE INTEREST THEREON FROM NET REVENUES
DERIVED BY THE DEPARTMENT FROM ITS PARKING SYSTEM AND
CERTAIN INVESTMENT INCOME; AUTHORIZING OTHER CLASSES OF
INDEBTEDNESS TO BE SECURED AS HEREIN PROVIDED; SETTING
FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SUCH
BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE BATE.
WHEREAS, the City of Miami, Florida (the "City") is autho-
rized pursuant to the Constitution and laws of the State of
Florida, including particularly Chapter 166, Florida Statutes, to
issue parking system revenue bonds, t tana
such bonds and to
pledge to the payment thereof the re rived by the City
from its ownership and operatiorl of isng System (herein-
after defined); and
WHEREAS the City Comuffbo4 ll :::.,r "_-- "^_'_`y
Commission") on May 31, 1983 duly ssed pted Ordinance No.
9618 ( the " " 1983 Bond OrdirftncefN and
WHEREAS, the City h
eretofore issued pursuant to the
provisions of the 1983 B
d Ordinance its $13,860,000 Parking
System Revenue Bonds (Serie
83) (the "Refunded Bonds"); and
WHEREAS, the Cbmmissio
as determined and does hereby deter-
mine that it is necessary
in the best interests of the resi-
dents and inhabitants f
e City at this time to pay at their
_
respective turities
o• redeem at selected redemption dates
the Refunde Bonds i ding the interest to accrue to such
maturities n rede pt n
dates and any redemption premiums for
V
the purposes o (a) do ting an ordinance to replace the 1983 Bond
Ordinance th t .11 a ter
enable the financing of future capital
requirements f he epartment of Off -Street Parking, as such
requirements b d fined
from time to time pursuant to law, and
(b) effecting d t vice
savings; and
WHEREAS, the Commission ba-
issuance at this a of revenue
gate principa amo t of not ex
($18,000,U ) and designated Par]
1986) (the 'Series 1986 Bonds")
funds, toge er with any other
CITY COMMISSION
MEETING OF
JUN12
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