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Home My WebLink AboutR-85-0697Y ro F( , 80 RESOLUTION NO. A RESOLUTION IRREVOCABL'i CALLING $9,295,000 AGGREGATE PRINCIPAL AMOUNT OF THE PARSING FACILITIES REVENUE BONDS (ADDITIONALLY SECURED BY NON AD VALOREM REVENUES) SERIES 1981, DATED MARCH 1, 1982, WHICH MATURE ON AUGUST 1, 1994 THROUGH AUGUST 1, 2005, INCLUSIVE, AND AUGUST 1, 2008, INCLUSIVE, FOR REDEMPTION ON AUGUST 1, 1992, AND DIRECTING THE ESCROW A::ENT PURSUANT TO THE ORDINACE NO. 9291, ADOPTED BY THE CITY COMMISSION OF THE CITY IN JULY 8, 1981, AS AMENDED, WHICH AUTHORIZED THE ISSUANCE OF SAID BONDS, TO PUBLISH NCTICE OF SUCH REDEMPTION AND TO TAKE SUCH FURTHER ACT:01: AS MAY BE REQUIRED BY THE ESCROW DEPOS:T AGREEMENT BY AND BETWEEN THE CITY A14D BARNETT BANKS TRUST COMPANY, N.A. , JACKSONVILLE* , F LOR1DA . AS ESCROW AGENT AND BY THE ORDINANCES AND RESC:,`.'TIOI.S AUTHORIZI2:G SAID PARKING FACILITIES REVEIv'UE WHEREAS, The City of Miami, Florida (the "City") has here- tofore determined to proceed with the sale and issuance of not exceeding $ 13,720,000 Special Obligation Bonds, Series 1985, of the City (the "Series 1985 Bonds"), in part for the purpose of providing funds, together with other available funds of the City, for redeemingthe City's Parking Facilities Revenue Bonds (Add-- tionally Secured by Non Ad Valorem, Revenues) Series 198„ dated March 1, 1982, which mature on August 1, 1994 through August 1, 2005, inclusive, and August 1, 2008 (the "Refunded Bonds") on their earliest redemption .date of August 1, 1992; and W-r. r.EAS, the City has determined to call the Refunded Bonds as specified above for redemption on August 1, 1992 and to direct the escrow agent (the "Escrow Agent"), named in the Escrow Deposit 2 Agreement (as defined in a resolution adopted by the City Commission of the City on July 9, 1965) to publish notice of such redemption and to take such further action as may be required by the ordinances and the resolutions authorizing the Refunded Bonds (the "Refunded Bond Ordinances"); now, therefore, s t CITY CJ1\4.P111-I' "Dri I { $E IT RESOLVED Bpi THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Refunded Bonds then outstanding scheduled to mature on August 1, 1994 through August 1, 2005, inclusive, and August 1, 2008 are hereby irrevocably called for redemption on their earliest redemption date of August 1, 1992, at the principal amount of the Refunded Bonds to be redeemed, together with the interest accrued thereon to August 1, 1992, plus a preir.ium of 30% of such principal amount. Section 2. The Escrow Agent is hereby authorized and directed to (a) publish at least once, not less than thirty (3C) days before August 1, 1992, in The hliamni Review and Daily Record, a daily newspaper of general circulation pu:lished in the City of Mlamni, Fl,.rida, and once in The bond Euyer, a financial journal published in the E�rough of Fanhattan, City and State of New York, (b) file the voice hereinafter described with the Paying Agents and Fiscal Itgents (as defined in the Refunded Bono Ordinances and (c) mail, postage prepaid, to all registered owners of the Refunded Bonds tc be redeemed at their addresses as they appear on the re :strat_cn books of the City as malntalned by the Bond Registrar (as defined in the Refunded Ecn3 Ordnance) a notice in substar.t.ally the following form: Notice of Redemption The City of f•:iami, Florida Parking Facilities Revenue Bonds (Additionally Secured by Non Ad Valorem Revenues) Series 1981 Dated March 1, 1982 Matur ng on August 1, 1994 through August 1, 2005, inclusive, and August 1, 2008, 85-~697 { I f NOTICE 18 HEREE'i Gl%'*tM that Parking Facilities Revenue Bonds (Additionally Secured By Non Ad Valorem Revenues) Series 1981, dated March 1, 1982, of the City of Miami, Florida, then outstanding and scheduled to mature on August 1, 1994 through August 1, 2005, inclusive, and on August 1, 2008 redeemable on August 1, 1992, at the option of The City of Miami at the principal amount thereof, together with the interest accrued thereon to the date fired for such redemption, plus a premium of three per centum (3°;) of such principal amount, have been irrevocably called for redemption on August 1, 1992. Payment of the principal amount of said bonds plus a premium of three per centum (3%) of such principal amount will be made on or after said rede:..ption date of August 1, 1992 upon the presentation of said bonds, accompanied by all coupons maturing after said redem.ption date, at the option of the holder at the office of Chemical Bank, New York, New York., as Paying Agent or at Barnett Banks Trust Company, N.A., Miami, Florida as co -Paying Agent and Fiscal Agent. Interest on said bonds accruing to or prior to said redemption date will be paid in the usual manner. Interest on said bc-ds will cease to accrue from and after said redemption date. 1 Barnett Banks Trust Company, N.A. as Escrow Agent By { { In the event that either The Miami Review and Daily Record or The Bond Buyer is no longer available for publication at the time E required for the above -mentioned notice, the Escrow Agent, on advice of the City Attorney of the City of Miami, shall select 4n 7* a IL n alternate newspaper or financial -iourna]- hattind the necessary` qualifications under the Ordinances. Section 3. This resolution shall he repealed by the City Onmmission of the City if the Series 1985 Bonds are not delivered 4- 85-697 of the City Commission SUBJECT A ender Item - Government Center Parking Garage Advance Refunding Bonds FOOM Sergio Perel REFERENCES City Managera ENCLOSURES Sale of Advance Refunding Bonds Sergio Perei E5 City Commission Agenda City Manager July 9, 1985 r N��. On June 13, 1985, the City Commission authorized the administra- tion to proceed with a negotiated bond sale to refinance the City's parking garage. At the time the original revenue bonds were sold to finance this facility, interest rates were high (around 13%). Interest rates are now lower (around 9.5%), and the purpose of the advance refunding is to take advantage of the favorable interest rates currently available. This will result in an estimated $1.1 million cash savings over the life of this bond. In order to maximize the cash savings to City taxpayers, timely completion of this sale process is imperative. The savings available by completing the sale transaction prior to the loth of July is substantial. In order to meet this timetable, Commission approval of the bond sale, prior to July 10, 1985, is necessary. The significant amount of savings at risk , combined with the unique nature of advance refunding -type issues, makes the use of a negotiated sale most advantageous to the City. At present, it is estimated that over 98% of all advanced refunding -type issues are sold through the negotiated sale process. To insure the strongest negotiating position for the City, the RFP process was utilized. The Underwriter Selection Committee was comprised of Randolph B. Rosencrantz, Assistant City Manager; Carlos E. Garcia, Director of the Finance Department; Robert Carlton, Director of the Department of Off -Street Parking; Adrienne Macbeth, Special Assistant to the City Manager; and Annette de Lara, Supervisor of Economic Research, Finance Department. The selection committee reviewed and ranked proposals on the basis of the following criteria: 1. Proposed plan of refunding; 2. Firm's participation and sales performance in City of Miami securities in the past two years; Mayor and Commission =-2 d'uly 5i 19,85 3. Firm's experience in the issuance of insured advance refunding bonds, in Florida, in the past two years. 4. Firm's structure and capital base; 5. Staff with whom the City will work; 6. Compliance with the City's minority partic.i= pation requirement of 50%; and -7. Other qualifications not covered by the RFP., A total of nine proposals were received and reviewed. The rank- ing of the top three proposals were as follows: 1. William R. Hough and Company 2. Shearson Lehman 3. Bear Stearns William R. Hough and Company, as the selected managing underwrit- er, was designated as co -manager with the firm of Daniels and Bell, which is the largest and first black owned and managed investment banking firm in the country. This is the first time that a black investment banking firm has served as co -manager for a City of Miami bond sale. Additional members of the underwrit- ing syndicate include Pryor, Govan and Counts, a black investment banking firm, and Southwestern Capital Markets, an Hispanic firm. Southwestern Capital Markets will be the first Hispanic owned and managed firm to participate in a syndicate for City of Miami bonds. We very much appreciate the assistance and cooperation of each member of the City Commission which has made this a successful effort. t