HomeMy WebLinkAboutR-86-0175J-86-144
186 -1 7!i
RESOLUTION NO.
A RESOLUTION AMENDING SECTION 39 OF RESOLUTION NO.
80-773, WHICH PROVIDES FOR THE ISSUANCE OF
$45,0000000 PRINCIPAL AMOUNT OF S;ANITTARY SEWER 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 BOND E BY ELECTION
VOTERS BY THE. OCTOBER 79 1980,
AUTHORIZED BY ORDINANCE NO. 9130.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
entitled:
Section 1. Section 3 of Resolution No. 80-773
"A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$45,000,000, SANITARY SEWER SYSTEM BONDS OF
THE CITY OF MIAMI, FLORIDA"
adopted by the Commission of the City of Miami, Florida as
approved by the voters in the bond election held October 7, 1980,
authorized pursuant to Ordinance No. 9130, adopted by said
Commission on the 10th day of July, 19809 is hereby amended by
revising Section 3 of such Resolution No. 80-773 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. 80-773 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.
NBVMr r `
PASSED AND ADOPTED on
MARCH_ , 1986.
ATT T:
i
MATTY HIRAI,
CITY CLERK
PREPARED AND APPROVED BY:
-6, fic)
F. RK, hi
DEPUTY CITY ATTORNEY
this the 18th day of
XAVIER L. SUAREZ
M A Y 0 R
APPROVED AS TO FORM AND
CORRECTNESS:
LUCIA A. DOUGHhh'11 ,
CITY ATTORNEY
86-0175
CITY OF MIA MI, FLOR
IDA 45
INTER -OFFICE MEMORANDUM
Tot Honorable Mayor and Members
DATE: January 29, 1986 FILE:
r of the City Commission SUBJECT; Agenda Item
i
\'A
` REFERENCES:
FROM!
Cesar H. Odio
City Manager ENCLOSURES:
It is recommended that the attached resolution
amending Section 3, of Resolution No. 80-7739
which authorizes the issuance Sewerf Bond$45s 0of the
principal amount of Sanitary
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
• 1 bond election
n� the voters by the October 7, 980 be adopted.
authorized by Ordinance No. 9130, P
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 theCitto y
theCity.
the repayment in a manner
that is most advantageous
Currently there are only two bond authorizations that contain this
restriction; the Sanitary Sewer System Bonds, and Street and
Highway Improvement Bonds, which are also recommended for
amendment as a companion item. The adoption of this Resolution
and the companion items
will
in give
orderthe
toCity
obt inmaximum
the lowestloverall
in
scheduling debt repayment
cost to the City.
This Resolution is applicable to above cited General Obligation
Bonds only.
cc: Law Department
86-1'7:J