HomeMy WebLinkAboutR-86-0174J-86-145
RESOLUTION NO. 86 - 1 7 4
A RESOLUTION AMENDING SECTION 39 OF RESOLUTION NO.
80-774, WHICH PROVIDES FOR THE ISSUANCE OF
$309000,000 PRINCIPAL AMOUNT OF STREET AND HIGHWAY
IMPROVEMENT BONDS OF THE CITY OF MIAMI, FLORIDA, BY
STRIKING THE TABLE OF MATURITIES AND RELATED
LANGUAGE WHILE RETAINING THE OVERALL MATURITY OF
THREE ( 3 ) TO TWENTY ( 20 ) YEARS, INCLUSIVE, OF SUCH
BONDS AS APPROVED BY THE VOTERS BY THE OCTOBER 7,
1980, BOND ELECTION AUTHORIZED BY ORDINANCE NO.
9131.
,
MIAMI, FLORIDA:
entitled:
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
Section 1. Section 3 of Resolution No. 80-774
"A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$30,000000, STREETS AND HIGHWAY IMPROVEMENT
BONDS OF THE CITY OF MIAMI, FLORInA"
adopted by the Commission of the City of Miami, Floriein nn
October 30, 1980, as approved by the voters in the bond election
held October 7, 1980, authorized pursuant to Ordinance No. 9131,
adopted by said Commission on the 10th day of July, 1980, is
hereby amended by revising Section 3, of such Resolution No. 80-
774, by striking the table of maturities of the bonds in the
first paragraph of said Section 3, by striking words and
punctuation in such paragraph reading "and shall mature as
follows:" and substituting therefor the words "and shall mature
in annual installments three (3) to twenty (20) years, inclusive,
after the date of the respective bonds."
Section 2. With the exception of the revision
authorized by this Resolution, Resolution No. 80-774 is hereby
ratified and approved and shall otherwise remain in force as
initially adopted.
Section 3. This Resolution shall be in full force
and effect immediately upon its passage.
WEEMG or
MAR 16 04
r_
PASSED AND ADOPTED on this the 18th day of
MARCH 1986.
ATTES
MA TY HIRAI,
CITY CLERK
PkEPARED AND APPROVED BY:
•
ROBER F. RK, Chief
DEPUTY CI Y ATTORNEY
XAVIER L. SUAREZ
M A Y O R
APPROVED AS TO FORM AND
CORRECTNESS:
LUCIA A. DOUGHERTY,
CITY ATTORNEY
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANCUM
FILE:
Honorable Mayor and Members January 29, 1986
of the City Commission SU*JtCT:
Agenda Item
FROM: FERINCISt
Cesar H. Odio ::CLOSURES:
City Manager
It is recommended that the attached resolution
amending Section 3, of Resolution no. 80-7749
which authorizes the issuance of $30P000t000
principal amount of Street and Highway
Improvement Bonds of the City of Miami, Florida,
by striking the table of maturities and related
language while retaining the overall maturity of
three (3) to twenty (20) years, inclusive, of
such bonds as approved by the voters by the
October 7, 1980, bond election authorized by
Ordinance No. 9131, be adopted.
The attached Resolution amends the original Resolution by
eliminating the schedule of maturities that was included. The
schedule mandated the amount of the principal to be repaid each
year regardless Of the market conditions. The removal of the
schedule will allow the City to schedule the repayment in a manner
that is most advantageous to the City.
Currently there are only two bond author#zationa that contain this
YRY
restriction; the Street and Highway Improvement Bond3,and Sanitary
Sewer System Bonds, which are also recommended for amendment as a
companion item. The adoption of this Resolution and the companion
items Will give the City maximum flexibility in scheduling debt
repayment in order to obtain the lowest overall cost to the City.
This Resolution is applicable to above cited General Obligation
N
Bonds only.
cc: Law Department
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