Loading...
HomeMy WebLinkAboutCC 1985-07-09 MinutesCITY OF MIAIVii OF MEETING HELD ON ULr 9, 19�5 .PREPARED BY THE OFFICE OF THE CITY CLERK CITY HALL RALPH G.. ONGIE CITY CLERK INDEX MINUTES OF REGULAR MEETING CITY COMMISSION OF MIAMI, FLORIDA July 9, 1985 ITEM SUBJECT LEGISLATION PAGE NO. NO. 1 DISCUSSION OF RESOLUTION TO ALLOW DISCUSSION 1-4 CONSTRUCTION OF BAYSIDE AND BAYFRONT 7/9/85 PARK REDEVELOPMENT TO ENABLE ROUSE COMPANY TO CONSIDER OFFER OF ECONOM- IC PARTICIPATION IN D.R.I. PROCESS (See label 3). 2 PROCLAIM WEEK OF JULY 7, 1985 AS PRESENTED 4 "MISS UNIVERSE WEEK". 7/9/85 3 CONTINUATION OF RESOLUTION TO ALLOW M 85-696 4-9 CONSTRUCTION OF BAYSIDE AND BAYFRONT 7/9/85 PARK REDEVELOPMENT TO ENABLE ROUSE COMPANY TO CONSIDER OFFER OF ECONOM- IC PARTICIPATION IN D.R.I. PROCESS. 4 AUTHORIZE ISSUANCE OF $13,800,000 IN 10014 10-20 NEW BONDS IN ORDER TO REFINANCE AT 7/9/85 LOWER RATE. 5 RESOLUTION AUTHORIZING NOTICE OF R 85-697 20-21 INTENTION TO CALL OUTSTANDING 7/9/85 $10,345,000 PARKING FACILITIES REVENUE BONDS. 6 APPROVE PRELIMINARY OFFICIAL STATE- R 85-698 21-23 MENT RELATING TO THE SERIES 1985 7/9/85 BONDS. 7 URGE ZONING BOARD TO CONSIDER A M 85-699 - 23-25 SPECIAL MEETING FOR BILLBOARD APPLI- 7/9/85 i t CATIONS. On the 9th day of July, 1985, the City Commission of Miami, Florida, met at its regular meeting place in the City Hall, 3500 Pan American Drive, Miami, Florida in special session to consider business of public import, namely, the refinancing of the Parking Revenue Bonds. The meeting was called to order at 2:39 O'Clock P.M. by Mayor Maurice A. Ferre with the following members of the Commission found to be present: Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Vice -Mayor Joe Carollo . ABSENT: Commissioner Demetrio Perez, Jr. Mayor Maurice A. Ferre ALSO PRESENT: Sergio Pereira, City Manager Lucia Allen Dougherty, City Attorney Ralph G. Ongie, City Clerk An invocation was delivered by Commissioner Plummer who then led those present in a pledge of allegiance to the flag. ------------------------------------------------------------------------- 1 DISCUSSION OF RESOLUTION TO ALLOW CONSTRUCTION OF BAYSIDE AND BAYFRONT PARK REDEVELOPMENT TO ENABLE ROUSE COMPANY TO CONSIDER OFFER OF ECONOMIC PARTICIPATION IN D.R.I. PROCESS (See label 3) ----------------------------------------------------------------- Mr. Carollo: We are going to start with item 4, because we need a fourth vote for item 1, 2 and 3. So while we wait, and hopefully Commissioner Perez will arrive, we'll deal with item 4. Mr. Gilchrist, can you briefly explain to the Commission what item 4 is about. Mr. Gilchrist: The Department of Community Affairs of the State of Florida reviewed the Bayside Project and Bayfront Park Redevelopment Project as a result of our application for a $6,000,000 UDAG grant. They determined that by their interpretation, they considered those two projects aggregated to be a Development of Regional Impact. In order to proceed with the construction of Bayside and the construction of Bayfront Park Redevelopment Project, we would have been held up for as much as a year while going through the application for development approval. We negotiated since December last year with the department, an agreement which they call a developers agreement, which allows you to proceed with construction while going through an environmental review. In exchange we agreed to do something that was our intention to do anyway and that is to do a D.R.I. for the entire downtown area. The state law allows a downtown development authority to make application as a developer for the entire are encompassed within their definition of downtown. So s1 1 ,July 9, 1985 they will proceed to do this application for development approval while we are allowed to proceed with the construction of the project. This agreement was negotiated over a long period of time and involved the Rouse Company, the Downtown Development Authority, the City of Miami, and the state has jointly signed the legislature in the last session changed the law regarding the rules of these kinds of projects and the D.R.I. and in order to meet that... I'm sorry, let me back off... the law took effect on July Ist of this year. We had the agreement in our hand the Thursday prior to the Monday, July the first, signed by the Department of Community Affairs. We went to the Manager and asked him to execute it in order to grandfather in the agreement prior to the legislative change. We are here today asking you to ratify and confirm the Manager's execution of that agreement. Mr. Plummer: Can I see the copy of the agreement between the City and Rouse? Mr. Gilchrist: Do you mean the lease agreement? Mr. Plummer: No, I'm talking about the agreement as it relates to the D.R.I. Mr. Carollo: It should be in the package, Commissioner Plummer. Mr. Pereira: Yes. Mr. Gilchrist: The Rouse Company is the signator to this agreement primarily because the local Regional Planning Council, the South Florida Regional Planning Council used this medium to impose Bayside certain environmental concerns. The Rouse Company agreed in Exhibit F of the agreement you will see there is a long listing of conditions, which the Rouse as a signator to this agreement agreed to comply within the signing of this agreement. Mr. Dawkins: What prevented the City from applying for the right to do this rather than have a Downtown Development Authority apply. Why couldn't we apply as the City of Miami? Mr. Gilchrist: Commissioner, we attempted to do that. The state law says that a Downtown Development Authority has the legal right to do that. They denied that the City had the right to replace the Downtown Development Authority. Mr. Dawkins: What happens in the event that this Commission dissolves the D.D.A. and puts it under the Off -Street Parking, which all of that go under the Manager. What happens then? Mr. Gilchrist: I would think that it could pass on to its assigned.... Mr. Dawkins: Madam City Attorney, I don't need any thoughts now. I need some facts, Madam City Attorney, in the event that this Commission decides to combine the D.D.A. and the Off -Street Parking and place that in the office of the Manager, legally what is the consequence? Mrs. Dougherty: The successor entity would have the responsibility, Mr. Commissioner. Mr, Dawkins: Mr. Pereira: Mr, Dawkins: City Manager, Mr. Plummer: her, t sl Which would be the City of Miami, Yes. No, no, no, Mr. Plummer, I appreciate you and Mr. but we pay a lawyer for legal advice. She gave you the answer. 2 I was just agreeing with July 9, 1985 a Mr. Dawkins: No, you are agreeing in one sense and she is agreeing in a maybe. She is saying the successor. Mr. Plummer: That's us, the City. Mrs. Dougherty: Whoever you make the successor, if it'sthe City, then the D.D.A. would be the City. Mr. Dawkins: But if it is the county, it would be the county, Mrs. Dougherty: That's right. Mr. Plummer: ,John, let me ask you a few questions. First of all, how much is Rouse paying towards the cost of the D.R.I.? Mr. Gilchrist: Sir, they're not doing the D.R.I. at all. Mr. Plummer: They can't move without it. They're the developers? How much are they paying towards the cost of the D.R.I.? Mr. Gilchrist: They're not raying towards the cost. Mr. Plummer: They are not paying for it. Why aren't they? Mr. Gilchrist: We didn't ask them to do that. Mr. Plummer: Well, you should ask them. How much is it costing the City? Mr. Gilchrist: I believe the contract came before the Commission for an outside services. I'm not sure of the number. But it's three to four hundred thousand dollars. Mr. Plummer: They're a portion of it, right? Mr. Gilchrist: Yes, the same as any other development would be in downtown. Mr. Plummer: But they're the developer of Bayside. The developers are the Rouse Company. And you're telling me they are not paying anything for a D.R.I. even though they are the developers and not the City. Mr. Gilchrist: Yes, sir, I'm telling you that. I might... may I add to it, though? Mr. Plummer: I hear you. You told me all I needed to know. Mr. Carollo: Sir, anything in the contract that we previously had with Rouse that would keep them from not having to pay anything towards the D.R.I.? Mr. Gilchrist: There is nothing that would restrict that, sir, no, sir. Mr. Plummer: But there is nothing in there that says that they don't have to pay. Mr. Gilchrist: There is nothing that says they don't have to pay• Mr. Plummer: I find in here penalties. These are penalties paid to whom? Mr. Gilchrist: The penalties result in... there are three steps to this. One is that the State Department of Community Affairs wanted some way of holding the Downtown Development Authority responsible to perform within a year.... sl 3 July 9, 1985 0 Mr. Plummer: Commissioner Carollo, I noticed that the people that will receive... if you want to stop this, we can get back to it. Mr: Carollo- Why don't we stop this re;il briefly, we were almost finished, I think, anyway. Mr. Plummer: No, I have one more question, but we can stop it. THIS ITEM WAS TEMPORARILY DEFERRED. --------------------------------------------------- _--- 2 PROCLAMATION OF JULY 7, 1985 WEEK AS MISS UNIVERSE WEEK -------------------------------------------------------------- Presentation was made to Mr. George Honchar and Mr. Monty Trainer proclaiming the week of July 7, 1985 as Miss Universe Week. ----------------------------------------------------------------- 3 CONTINUATION OF RESOLUTION TO ALLOW CONSTRUCTION OF BAYSIDE AND k3AYFRONT PARK REDEVELOPMENT TO ENABLE ROUSE COMPANY TO CONSIDER OFFER OF ECONOMIC PARTICIPATION IN D.R.I. PROCESS ----------------------------------------------------------------- Mr. Carollo: We're back to item 4. Mr. Plummer: Getting back to the penalties, I see they're assessed against the City and the D.D.A., but who is the recipient of the penalties? Mr. Gilchrist: The State of Florida. May I add something to an earlier question you asked, because Madam City .Attorney reminded me the lease agreement with the Rouse Company has a condition precedent that the D.R.I. has to be accomplished and that it is the City's responsibility in that lease agreement. Mr. Plummer: Well, accomplishing it is one thing; haying for it is another. Next question, as we all know, there are certain provisions or mandates put it by the cabinet with D.R.I.s including absolute turn -down. If Rouse starts to proceed with construction and in fact for some reason the D.R.I. is denied, Commissioner Carollo's little friend from Sun Island comes over and starts raising holy hell and the whole thing is denied. Mr. Carollo: Excuse me, sir, that's Star Island. Mr. Plummer: I said Sun Island. Mr. Carollo: You got the first one right, little. Mr. Plummer: What I'm really saying to you, John, is what provision is built in here to protect the City? Let's say that for whatever reason the D.R.I. is either modified, mandated, or denied. Then Rouse can come back to the City and say, "Hey, we're going to hold you responsible." Now is Rouse willing to go and proceed along the line in good faith with the City and say, "Hey, look, boys, we understand this is a process and we understand if in fact it does get down to the nitty-gritty and something happens, we understand," or are they going to say, "Hey, boys, we got $130 million involved, and you didn't do what you were supposed to do and we're looking for $10,000 damages a day." Is someone from Rouse here? Mr. Gilchrist: Yes, Debbie Mulinski, from Traurig's office is here representing the Rouse Company. I would like to answer part sl 4 July 9, 1985 of this because... just to clarify what those time -frames mean. The deadline for application, not for the accomplis}lment of the development order, but making an application, is one year from the date of signing of this. That's :in application for a D.R.I. for all of downtown, of which Baysi,le is only.... Mr. Plummer: Yes, but i.ri t_h-rt period of :i year, is we all hope and expect, they're going to accoml>lish i hell. of ;i Lot in that year. That even complicates it a little further, John, because then they have started where people coul.d find som,2thirig wrong with. What happens if they c:om<� 1):.i(-k during that D.R.I. and say, "Hey look, we want th�rt building ovF2r titer,_ 1 hunc.Ired feet back, you got it too close to the water." Where is the City? Mr. Gilchrist: I thin; we have to yet our attorney to answer, but my point wis tit -at we rare not_ icc.omplishirrg a development order. We're making an application for one. Mr. Plummer: Ilrr(l you dive one ye�-ir to make the application. In one year RouSc. is yoing to be doing a lot of work. I'm saying that if the cabiriet mandates during t11at time, after the thing is submitted and they say, "No Rocis(� Company, we don't Like wIlat you did. We warit you to change it." Is the Rouse Company prepared to make that change ;It their own expense? Mr. Gilchrist: Debbie wi 1.1 have to answer for that, by the way, though.... Mr. Plummer: I don't think the City should be liable. The safeguard is that they don't get to start construction until the D.R.I. is approved. Mr. Gilchrist: This agreement incorporates their proposed plans for the project and says they must build it according to those plans. Mr. Plummer: That's our mandate. Mr. Gilchrist: No, no, this is state's mandate. Mr. Plummer: That's a state mandate. Mr. Gilchrist: That's included in this agreement. Mr. Plummer: All I'm saying is if something goes wrong, I want something from Rouse that says "City, it wasn't your fault. We're not going to hold you responsible." I think that is only fair. Ms. Debbie Mulinski: For the record, my name is Debbie Mulinski. I'm an attorney with offices at 1401 Brickell Avenue representing the Rouse Company. Commissioner Plummer, we appreciate your concerns and we had essentially the same concerns that Commissioner Plummer is raising right now. In order to assure that we could construct the Specialty Center during your application period as well as in the long shot, the project could even be... the downtown D.R.I. could be denied, that we would be able to continuously operate and maintain our center. We believe that paragraph 4 of the agreement gives us those assurances. The burden upon the Bayside Group is to develop substantially in accordance with the site plan that is an attachment to this agreement. As long as we do that, we can construct, we can operate, in fact I believe that language here is that the department would riot enjoin, modify or otherwise prevent construction or operation. Mr. Plummer: The department is us. Ms. Mulinski: Affairs. The department is the Department of Community sl 5 July 9, 1985 n Mr* Plummer.: in Tallahassee, Ms, Mulinski: Yes, sit, Mt. Plummer: Have they signed off oil this? Ms, Mulinski: Yes. Mr. Plummer.: Debbie, you got your check book? Ms, Mulinski: No, sir. Mr. Plummer: I think it's only fair that the Rouse should have some obligation as far as cost is concerned, Ms. Mulinski: I believe that question was resolved in connection with the lease agreement. Mr. Plummer: It says we shall secure the permit. It doesn't say we shall pay for them. Ms. Mulinski: I was not involved in the lease agreement negotiations or drafting. I would have to defer at this time to Mr. Gilchrist and his Mayor. Mr. Plummer: To defer we shall. Mr. Carollo: Debbie, let me say what I think is what Commissioner Plummer is trying to say on behalf of all of us that are here, that Rouse better cough up their share of the monies for those permits. Mr. Plummer: Of the D.R.I. in particular. Mr. Carollo: Of course. Ms. Mulinski: I'm really not authorized to respond to that. Let me just add one point, though. We have, as part of the negotiations of this agreement, we worked very closely with the Regional Planning Council and have agreed in anticipation of the types of conditions that they will impose upon us, we have gone through our own mini D.R.I. review with the Regional Planning Council. Mr. Plummer: That was to your advantage. Ms. Mulinski: I believe to the City's also. Mr. Dawkins: I think you've heard from two. I'll let you hear from three and three out of five is a majority. If Rouse Company does not pick up the cost, some of the cost of this D.R.I., it would not be applied for. It's just that simple. Come right on, Mr. Brooke. Mr. Ron Brooke: I have a responsibility. My name is Ron Brooke for the record, it's Barber, Shevin, Chapel and Halbrowner. I was hired by the City as a special counsel to assist in moving this agreement through D.C.A. Mr. Dawkins: You should have been protecting our interest and saw that we didn't come up to this. Mr. Ron Brooke: I was not charged with the responsibility of negotiating with Rouse as to what they should or shouldn't pay. I must tell you that, a) under this agreement, whether or not you do that... I assume we're going to go forward with the plan on this, signed an agreement, the problem that you have is Rouse is going to build their project no matter what unless you tie something additional in there. The problem is they're going to, sl 6 July 9, 1985 for example Commissioner Plummer, if the D.R.I. is turned down, you're still going to have a Rouse Project and it's going to be there. You nay riot have :3n amphitheater. You may have an amphitheater with a chain - link fence around it under the agreement, but.... Mr. Dawkins: Ron, you say we Inay not have a what? Mr. Brooke: YOU may not have a park. Mr. Dawkins: So that means we may not have no Noguchi Park?' Mr, Pereira: It's not .Angtichi, it's tloguchi. Mr. Plummer: Get out the latiteriis. Mr. Carollo: Plummer, no ethnic jokes. Mr. Gilchrist: I would like to say something to you also, because the normal procedure in doing an overall downtown D.R.I.... Mr. Dawkins: The only thing, Mr. Manager.... Mr. Gilchrist: I really need to make this point, I'd like it to be heard, yes, sir. Mr. Dawkins: Let me say this to the Manager. Mr. Manager, the only thing we are concerned about here is we have four or white elephants. The biggest one is the Hyatt Hotel. How much do we subsidize the Hyatt each year? Mr. Pereira: About $4.2 million. Mr. Dawkins: $4.2 million we subsidize the Hyatt, so all the three of us are saying here to you that we don't intend to subsidize nothing else for the City of Miami. Mr. Plummer: No, not the hotel, riot just the hotel. Mr. Pereira: Oh no, not the hotel. Mr. Carollo: Guess where the gentleman that used to push this is working at now? Mr. Plummer: Joe, let me get something correct on the record, because the Manager has made a statement that's not correct. Commissioner Dawkins, your question is what do we subsidize the hotel. His answer $4.2 speaks to the whole center. Mr. Pereira: The whole center; not just the hotel. Mr. Plummer: Not just the hotel, because I can see the headlines tomorrow. It's bad enough! Mr. Pereira: I assumed he was referring to the total convention center. Mr. Dawkins: City of Miami, which is known as the Knight Center. Mr. Plummer: Sergio, before you came here, Joe's little friend from Sun Island came here and had a ]land in really putting together that package for the hotel so there would be no problems. God help us if we ever have help like that again! Mr. Pereira: Who is his little friend? Mr. Carollo: Well, you know, he likes to get his hand in things, Mr. Plummer; John, I'm going to save you a lot of problems, sl 7 July 91 1985 Mt, rilchristi Let me s,ziy this one thing. Mr. Plummer: You want to take Loss or you w, to take a deferment? You want to keep tal_king, you'll get a loss. You want to shut up, yoi_t get a def.e'rrnetit. `1r. Vice -Mayor► I suggest at this time that we give the Roust? Company some time to think abort how they would like to hr,ve their D. R. I . ind that we come back Mon(lay, if they're ready to sperik c)n Monday 'And I ' l l be glad to meet on Monday if necessary- Und�rst.,nd w}l,.it we'.-7e doing here. The D.R.I. has .ttrea(ly bee�rl signe,i- We rir.e here to ratify unless we deny, then they have? to st,,r.t r.he aj)pli.(-,tjoll all over again. Mr. Carollo: Let's understand togethE-2r, Comm.issiOner, but I don't know if maybe 1N1onday is giving them sufficient time or not. Mr. Plummer: Thursday is fine with me. Mr. Carollo: Maybe we can have it included in Thursday's regular Commission agenda. Mr. Gilchrist: I was going to recommend a method to do that. Mr. Plummer: All right, sir. You got a better method than mine? Mr. Gilchrist: No, I just want to suggest that normally, under the D.R.I. downtown process and there have been two others clone in this sL.ate already, one in Tampa and .Jacksunvi LLe. The cost of that is chargers off to frzture dev,3101311,ents -Is ail impact fee. I think it would be reasonable to consider .in impart fee to the Rouse Company, based on that amortization. Mr. Plummer: John, give me a reasonable portion of what you think the Bayside area of the total D.R.I. Is it 5%? Is it l%? Mr. Gilchrist: I can't answer that for you. Mr. Plummer: Let' 's say that it's 1% and they're going to offer the City $3,000 as their portion. I think that's fair. Mr. Carollo: But J.L., you can't base it on the total land mass. You have to base it on the total bulk. Mr. Plummer: on their part. Mr. Gilchrist: charging that. Mr. Carollo: Joe, I think there needs to be a good faith effort That's all I'm saying. I will try to calculate a reasonable basis for Not on land area, on bulk. Mr. Gilchrist: No, economic impact. Mr. Plummer: Fine, I'm not unreasonable, but I'm not going to take a total kick. My motion is that this matter be deferred until the next Commission meeting, which is on the 18th, and at such time that hopefully Rouse will come back with some favorable impressions and that we will proceed further at that time. Mr. Dawkins: Second the motion. Mr. Carollo: There is a motion for deferment. There is a second. Hearing no further questions, can you call the roll, Mr. Clerk. s1 8 ,3u1y 9; 1985 The following motion was introduced by Commissioner Plummer, who moved its adoption: (MOTION NO. 85-696 A mo,r [oN ro DEFER CONS I UE"RATION OF THE: APPROVAL OF AN EXECUTED DEVELOPER'S AGREE MEN`I' FOR DOWNTOWN AREA WHICH WOULD HAVE PERMITTED CONSTRUCTION 01' BAYSIDE AND 13AYFRO14T PARK RF.I)EVE:LOPME:NT PROJECTS TO PROCEED CONCURRENTLY WITH THE SUBMISSION OF AN APPLICATION F1JR DEVELOPMENT :1PPROV.AI., FOR THE DOWNTOWN AREA IN ORDER TC> I;NA131,E 'I'EEE ROUSE CuhlPA141' TO CON S i DER A!J )E'E'ER JF ECONOMIC PARTICIPATION ON THEIR PAR[' I THE D.R.I. PROCESS; FURTHER DIRECTING THE CITY MANAGER TO PLACE THIS MATTER ON THE JULY 18, 1985 AGENDA FOR RECONSIDERATION. Upon being seconded by Commissioner Dawkins, the motion was passed and adopted by the following vote - AYES: Commissioner :Miller J. Dawkins Commissioner J. L. Plummer, Jr. Vice -Mayor Joe Carollo NOES: None. ABSENT: Commissioner Demetrio Perez, Jr. Mayor Maurice A. Ferre Mr. Plummer: Mr. Gilchrist, one thing further. I want you before the next Commission to come back. One area does concern me and I'd like you to have something in writing from Rouse. If in fact something happens down the road that is not the fault of the City through no negligence of ours, that something happens, delays or changes or alters that they're not going to hold this City responsible. We're going down that spirit or road of cooperation together. I would like to see something from Rouse on their part that says, "City..." hey, if the City's negligent, we pay; I think that's only fair. But that if something happens down the road, this City is totally not responsible that they will not hold this City responsible. I think it is only fitting that I as a Commissioner demand that from them- O.K.?- before the next Commission meeting. You're representing me? Ms. Mulinski: When you say hold you responsible for it, I'm not sure I understand for what. Mr. Plummer: Debbie, if for some reason down the road the State Cabinet or for some reason you get held up, because of the D.R.I.... Ms. Mulinski: Fine. Mr. Plummer: ....and it is no fault of this City, I want just a short statement from you, you the Rouse Company, that you're not going to hold us or sue us for any delays or things of that nature where we were not responsible for them. Ms. Mulinski: I don't believe we will have any problem giving you that, but I'll confirm it. Mr. Ron Brooke: COMMENTS NOT ENTERED INTO THE PUBLIC RECORD. Mr. Plummer: Ron, God rest his soul, Father Gibson said, "Black and white don't lie. Get it in writing." i S1 9 July '9, 1985 - - - - - - - - - - - - - - -- -- 4 Eh1ERGENCY URD AUTHORIZING ISSUANCE OF $13.8 MILLION IN NEW BONDS 1N ORDER TO REFINANCE' A'I' LOWER RATE --------------------------------------------------------------- Mr. Dawkins: Mr. Vice Mayor, while we're waiting, can I get some information from the Manager on item 1? Mr. Carollo: Go ahead, Commissioner. Mr. Dawkins: Mr. M,inriger, in your memorandum, sale of advanced refund bonds, on the last page you s.3y "William R. Hough and Company, as the selected managing underwriter, was designated as co -manager with the firm of Daniels ;ind Bell" right? Mr. Pereira: That's right. Mr. Dawkins: Further on you go on to say, "This is the first time that a black investment banking firm has served as co- manager for a City of Miami bond sale." Correct? Mr. Pereira: Correct. Mr. Dawkins: What does "Additional members of the underwriting syndicate include Pryor, Govan and Counts, a black investment banking firm, and Southwestern Capital Markets, an Hispanic firm." What does this mean? Mr. Pereira: I had trouble listening to your last part of the question. I had conversation here going on my right. I'd appreciate.... Mr. Dawkins: I know that you are Cuban and I'm Black, and that we do have a cultural difference, but I'll go through it again and if you.... Mr. Plummer: Would you like a Gringo to mediate for you? Mr. Pereira: I heard the first part and then, you know, I had conversation here and I couldn't listen to what you were going on. Mr. Plummer: The cigar smoke was in his ear. Mr. Dawkins: I understand clearly about Hough and Bell. I understand that clearly. What does "additional members of the underwriting syndicate" mean? And then you name them. What does that mean? Mr. Pereira: When a sale is done, you have a co -manager, you have basically underwriters that will take the lead as co - managers of the issuance. Then you have a syndicate of other investment banking firms, which distribute the bonds. They get the bonds and they sell them and obviously they make a profit out of the net. We work very diligently in order to get participation also of a Hispanic firm as part of the syndicate. Mr. Dawkins: That's my question to you, what will be the monetary split of this contract? I'd like to know what percentage of it Hough is going to get and then if Bell has to split his percentage with the other people, because that is the minority firm, or if Bell is going to get something, what is... I mean, tell me what the split is here or what we're doing. ---------------------------------------------------------------- NOTE FOR THE RECORD: Commissioner Demetrio Perez entered the meeting at 0 July 94 1985 MR - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Mr. Pereira: Let me ask Assistant f�taniger, Randy Rosehcraratz, to read the split for you, Randy. Mr. Rosencrantz: Commissioner Dawkins, in the sale of bonds, there are several ways that underwriters get reimbursed for it. Basiceilly, most underwriters get reimbursed as a certain fee per bond, per each bond that they sell.. In this particular issue, since Daniels and Bell -.ire co- menagers of the issue, they've assumed responsibility f:)r about 30% of 1-he issue and will get about 30% of the management fee associated with this particular issue. Mr. Dawkins: All right, then what will. Pryor, Govan and Counts, and what will the Hispanic firm and Sotithwestorn Capital IM;irkets get? Mr. Rosencrantz: The other firms that you've listed there will be paid based upon the number of bonds that they are actually able to place. By being in that selected group they have an advantage over other underwriters because they get first shot at the particular bonds. Mr. Dawkins: That won't work with me. I don't know about the rest of the Commission, but that's not going to apply with me. You just tole me... what I interpret from what you're saying is, Hough will get 70% and Bell will get 30%. Now, in the event that we feel benevolent and we happen to throw a crumb to Pryor, Govan, and Counts, or we throw a crumb to Southwest Capital Market, then they will participate to the tune of the crumbs that we threw them. Mr. Rosencrantz: Let me explain what the process is, Commissioner Dawkins, because it doesn't work out quite that way. The process is that we will receive a check from William R. Hough and Company to pay us for the bonds. The City gets paid for that. Where the co -bond -managers come in and the other underwriters come in is in the actual selling of those bonds, after the City has been paid for them. The way this particular deal is structured, it does give the advantage to Daniels and Bell in terms of being the co -manager of it. It gives advantage to the other two minority firms because they have first preference on bonds that are going to be available in the market to sell. The other factor that you have to consider it's required for participation in this sale as with any other sale a certain amount of capital. The firm has to have a certain amount of capital in order to participate in the bond sale because the City requires the money up front when the bonds are sold, so some of the firms that are listed or some of the firms that may be available to sell bonds simply cannot participate because they don't have the capital to do it, and them is rD way that we can structure the bonds to provide that capital tc them in order to accommodate and for greater participation. Had either one of the two firms that you mentioned particularly had a greater amount of capital and would have indicated a willingness to put that capital into this issue, perhaps the situation could have been different. Mr. Dawkins: question to the Manager, Mr. Manager, why would you submit names to me telling me that these people are available to participate in the venture when they don't have the capital. Mr. Pereira: They're participating. Mr. Dawkins. No, they are not participating, Mr. Manager. �€ they don't have the money.... Mr. Pereira; You have two different situations here. s1 ll July 94 1985 M L . Dawkins: Maybe now I'll nerd an interpreter, but go ahead. 4r. Pereira: The senior investment banker, who is involved in the dec11. .and commits himself to the purchase of the bonds must have the capital to make that i)nc.e the ,lwrlr 3 is dune, must have the vai Lab1.r? cap1 t�i 1. to cp111" i ll yin 3 ;),l'y' ` ilt? i, l ty 1 llm�_'dlr3telyt tIien tl1F_'y Lurn aroutld ,ltid th"y �3LStr111i_lt4, ;Iri•3 th"}' 1>lac e those bond.; with the customers. T lalr.'s wily we're ,,,iyiI1(j that In Order r to be a senior man,at_aer, yol-t rillst lI-IV(? thrit ;itld _)t apitrjl. What we have done is we have Lticlipjt.!11 li;,3 i f ir111 ana tht' rest of t11t? syndi ca t_t? th<.lt w i L 1 be (et t i ng bowls lnd p lacing them With customers We 111VF' otllt'r f 1r111S thrl 0t-11t-rW1Se COUld not come_ i, (I 111d b,? 111 1 lienl0r Ina ag('r. i111_ WI I.1 11;1V1' tC) w•llt an,3 I)uy these bonds ont- in the open mR lrkC!L rat -her than to have �i preft,rence for us, SO is in opportunity for the firms to have first shot at those bonds. Mr. Dawk ins : What percerit,-1ge of the total bonds wi 11 be earmarked for the other 13lack firm and the Hispanic Eirm? Mr. Pereira: Let me ask Michael GefErarcl, our financial .advisor, to address th.3t for a minute. Mr. Michael Geffrard: Mr. Commissioner, my name is Michael Geffrard. I'm representi.rig the Eirm of James J. Lowrey and Company. We're financial advisors to the City. We have been financial advis:ors on a number of different issues. If I could just perhaps spea1, very briefly about the way in which underwriting syndicates 1r12 pi -It together. Mr. Dawkins: Hold it, let me cut YOU short. See, we're on a special meeting. I don't want a dissertation on why and how it was dons' . All 1 need to know is how can these two f i rips participate? That's all I need. If you can tell me that, sir, that's all I need. Mr. Geffrard: I'll tell you that. The co -manager, Daniels and Bell, had a commitment to purchase certain number of bonds. The members of the syndicate in the first tier, which included Pryor, Govan, and Counts and Southwest Securities.... Mr. Dawkins: Wait a minute. What tier is Bell on? Mr. Geffrard: Mr. Dawkins: Mr. Geffrard: Mr. Dawkins: second tier. They are managers on the very top tier. They're on the top tier with Hough. That's right. They're on the top tier. Now we talk about a Mr. Geffrard: All right, now, that is comprised of the managers, W'lliam R Hou h and Daniels and Bell. Now on the first tier of 1 g the syndicate, we have Southwest Securities and Pryor, Govan, and Counts, who made commitments to the City to purchase up to $250,000 in bonds. That was the extent of the capital they had available to commit to this deal. So that's what was done. So they received fall commitment from the City to sell bonds to the extent of their capital, the capital they had available, to participate in this deal. So they got everything that they could possibly handle is what I'm trying to say to you. Mr, Dawkins: So the two of them between them will share and they will sell $250,000 of these bonds. Mr, Geffrard: Apiece, Mr, Dawkins: Apiece, so they will see a half a million, sl 12 July 9, 1985 -) Mr r7effrard4 That is what they are permit tee L, (30. Mr. Dawkins: So therefore, they row f r (Din participated in this, they will grow. Mr. GQf frf-,rd: That's r i gh t - having Mr. Uaw'kins: Thank you, sir. neat is all L was trying to get6 Thank you, thank you, Mr. Manayer. Mr. Carollo: Any further :juestions from the members of the Comini ss ion? Commissioner Perez, we deferred item 4 and we still have to do 1, 2, and 3. We're still on I. Mr. Perez: A1)01_1t t - 11t2 1)()11,1 issue,I wo,1 Ici I jl,t3 to ask a few questions Lt.) the adinini.3Lr,itiori- irst, Nlr. "lan,-iger, I sent you a inemo Yesterday. First I rec,,'ivf31 1- - on Friday as all the other members of the i,ommissiorl oIi Friday about t' ): 0o o'clock. I have the answer to the inemo. I (Ion't E,,jiow if the other members of the Commission llIve copy of the mo-lat-D that you a(ldressed to me. Do they have ally cc-)PY? Mr. Pereira: We tried to get the memo to You. We received your memorandum yesterday at 5:15 .in(-] we tried to address each of the issues that you asked to.... Mr. Perez: Yes, but the other members of the Commission have a copy of tht-e memo that YOU Sent Me today at 12:13? 1 think that is proper, you know. Mr. Plummer: The standard policy is when one receives, we all receive. Mr. Pereira: We will give you copy of it. We were trying to meet your request. Mr. Perez: I would like the other members of the Commission have the opportunity to share the answers to the questions that I make. Do you have any copy available? Mr. Pereira: We'll get them for you. Mr. Perez: On your memo, I think that you tried to explain that we have a possible savings of a million hundred thousand dollars. Mr. Pereira: one million one hundred thousand dollars, yes sir. Mr. Perez: That is the savings that you project? Mr. Pereira: That's right. Mr. Perez: In the memo that I received today and in the different answers that you gave me, you said that we have cost additions of $208,000. Mr. Pereira: That's right. Mr. Perez: You have a 3% premium. Mr. Pereira: in order to retire the bonds, we pay a 3% premium, This is just like a pre -payment if you have a loan on a bank and you go to pre -pay the loan and they charge you a dollar, there is a pre -payment clause in here. Mr. Perez; That is the 3% or the 10.37 Mr. Pereira; 3%, yes. Mr, Perez; That means about three hundred ten, three fifty, 151 13 July 9, 1985 YYesj whatever the calculation is. Mas o menos. The expense as per contract of purchase is $339#618. I f you're adil ing up, yes, O.K. Mr. Perez: That m(�ans that if you ia(3<l the two hundred eight plus the three hun(lre:3 ten plus the three I<<.indred thirty nine, you have total expense of $857,908. That's right? Mr. Pereira: That's right. Go ahead, yes. Mr. Per,_•z: If you subtract from what you call the possible savings.... Mr. Pereira: Go ahead. Mr. Perez: You are not in the position to clarify? Are you in the position to clarify this issue? Mr. Pereira: Yes, sir. You know, the cost of the... you know, all of the cost th.zjt you hive enumerated there.... Mr. Carollo: Commissioner, can you repeat the question again? I didn't understand it. The question you were asking; I got lost. Can you repeat it again? Mr. Perez: That I want a clarification. Mr. Carollo: On what question? Mr. Pereira: The million two savings, Commissioner, is after all of these expenses that you have enumerated. We calculated all of this in our refunding. The million one savings to the City is after all of these expenses have been calculated. Mr. Perez: After all these expenses? Mr. Pereira: Yes, sir. You are looking at an award, a refunding bonds that were on the market at 13.6% and we're getting them now at 8.9 so there is substantial savings on the percentage of interest that we're paying. Consequently, that's why you realize you know, this amount of savings over the period of time. The expenses are calculated into the refunding and the $1.1 million savings after all of these expenses have been calculated. , Mr. Perez: That's what I want to clarify for the record. Mr. Dawkins: Let me piggy -back on what you said. Mr. Perez: You said that we have savings of a million hundred thousand dollars after we deduct all the expense. Mr. Pereira: Exactly. Mr. Perez: It's impossible to deduct the expense from the million ten, no? Mr. Pereira: No, you cannot deduct them. They are included already with the inclusion of the expenses. You realize a savings of $1.1 million. Mr. Perez: O.K., I would like to clarify that for the record, because in accordance with what I understood, I think that the expense was to be deducted from the one point one. But that's not true, O.K. That's my question. Now, about the minority participation, the ordinance that this Commission approved a long time ago, we mentioned that we have 50% was the spirit of the sl 14 ,July 9, 1985 i memo, no? To have the Blacks and Latins participation, but we are supposed to have also local participation. Do we have any kind of local participation in this issue? ti]r: Pereir-r: In terms of. local, 10 yo1_1 mearl the City of Miami"? William R. hough is i Florida firrn and we lh,avc> their. underwriting counsel is Local, it's Fine Jacobson. We don't have any Local... the only loc:►l. firm investment b-in':iriy firm that we have is, well, it cj,::�pericjs whit_ yc_�u (-otisider Local. If yo,.l h,Iv,� the big, national f i rrns they have .ln O f. LCke herF2. 1 f you w_int_ to consider them local, yoi.i consider them Lc�c�cl. I don't t.l-ririk any of these firms ar.e local in the sense t)I,:'t they're: from i•liaini, but certainly WiLIiam R. iiouyil is the le,kdi rig firm in the State of Florida in terms of doing municipal finar►ciriy. _ Mr. Perez: P �rsoni-illy I understand Locally business from the area of the City of Miami. In this case, we don't have anyone. No? Mr. Pereira: No, that's if you want to consider, no, these firms are not from the City of Miami. Mr. Perez: Mrs. City Attorney, that means that we are in any violation of the rule or the ordinance or it doesn't have any inconvenience? Mrs. Dougherty: No, sir, Mr. Commissioner, that is a goal that we have in mind, but it is not a violation. Mr. Perez: It is not a violation. About the daily newspapers, according with the definition that you have for daily newspapers, you only include the English newspaper. Why we don't have opportunity to give participation to the Spanish daily newspapers. Mr. Pereira: Newspapers in what issue, in what sense? Mr. Perez: Newspapers according with the definition that we have here, I think it's in page I-3, you said what is daily newspapers, it only mentions English newspapers. Mr. Pereira: We advertise on the newspapers according to the policy that the City has based on circulation. I don't know specifically what you want to refer to.... Mr. Carollo: Commissioner, can I try to save some time? If your intention is to vote against this, I would appreciate it if you let us know now and save some time. Since you well know, it requires a four -fifths vote to pass it. I don't want to be here another hour just to find out at the end that you are going to vote against it anyway. If that is the case, I would like to adjourn the meeting and bring it up again on the 18th. Mr. Perez: I think that my clear intention is to try to clarify some of the questions that each member of this Commission has the right to ask. After I have received the back-up for this meeting last Friday, after I have a memo that I make yesterday and I received the answer at 12:13, I think each member of this Commission has the right to clarify all the questions. I don't have any thing in mind in order to have anything against the project, but I think that the people of Miami, in this case, through my questions, deserve the opportunity to clarify some issues. Mr. Carollo: Commissioner, I hope that it's been clarified for the people of Miami. As to me, I frankly don't give a damn if we have a Seminole, an Alaskan, and a Chinese or whatever we have, as long as we get the best price available to the City. I think a savings in excess of a million dollars speaks really well for itself. Frankly, the minority participation that we have is sl 15 J41y 9, 1985 .. _. . ... really irrelevant as perceived locally, becanse the minorities from another part of tllF! country .as to the 131-ie-,k mitority and to the Hispanic. minority, is probably Mexican-AlTierican, which don't amount to even haLf of one percent of the Hispanic population of the City of Miami.. Mr. Perez: Tha"s your �t�tlCe;Ci1, but l have my own cotice4rn About. yr. lt-lan�iyer, WOUI(I �'(-)Ll e_'Xpi lilt Isle Will' +IO We 1viv%? the hurry that we have t(.) approve? this i.ssue� tc,(Jay? Mr. Pereira: eV3 I tee you ill my 1,1e21n,-)r,lnelum. Has the memo been pas-Sed ar,)urld? Yes, thank YOU. T}le reason that we are trying to maintain t:he July Loth deadline is `wo-f(:�le.i. One is going through the r.efundiny 1)roe_,es we helve, to comer into the market at a t i mf? wtler, we }l-iv,� l he2 1 1- of r w i ndc�w 1 I the rites ire at oleic lowest. It is impe?r3tive Ulat We flit that window, because_ m..lrket ch.:inges arld ilterest rates change- on a day to clay basis. In order for us '-0 mciximi.ze gains in this transaction it must be Completed before hugest Ist, because if we delay it, oil August the lst we must make lrlother interest payment: on the old bonds. Before t}lis tr,illslction yet-5 compl��tee3, wed need 20 days in Advance in order to buy S.L.G. securities to cover the eascrow requirements of the oLd boned issue. So if you b.icked off and you look at the 20 (lays and the de.ldL ine of August I.st, when we wi 11 have to make a payment of interest on t}e other bonds, it's in our best interest in order to save that_ pay,nent to i)e able to move on the issue today. T}iat's wily I ;iskeea on the 20t1l tilat we hold this speci•ll 'Rectiny. Mr. Perez: U.1�., but at the time that we made the projection for the bond issue, the interest was at 9.5, at that time. Mr. Pereira: No, we said it'll be somewhere about 9%. I believe the pricey in the interest we got was 8.971, which is much better and we are retiring bonds which are at 13.6. Mr. Perez: But I think that the interest today is about 8.8 and according to the statement that you make one statement and I think Mr. Rosencrantz also made a statement about a bright future for the interest that will be down in accordance with your prediction. ' Mr. Pereira: What I'm saying to you is that today we know that the interest is low. If I could predict where the ►market is going to be tomorrow, I'd be a few bucks richer. Mr. Plummer: We're not worried about you being richer. We're worried about the City being richer. You're going to buy cheap cigars regardless. Mr. Pereira: That's right. If we wait, we might get into a situation where the interest rate will go up and that will be disadvantageous for us. It would riot be advantageous. Plus we have the deadline of August lst, if we don't do this transaction then we're going to have to make another payment on the old bonds. Mr. Carollo: Commissioner, we have the lowest interest rates right now that we have had in five years. Tomorrow might be a different story. In essence, the bottom .line is that we are presently saving over a million dollars for the City of Miami over that 20 year period. If I may, I'd like to give the Chair to Commissioner Plummer and make a motion to approve the emergency ordinance, item number 1. Mr. Plummer: There is a motion made. Is there a second? Mr. Dawkins; Second for purposes of discussion. $1 1-rp JP1y 94 1985 'R Mr Plummer: Second for discussion. The Chair recognizes Commissioner Dawkins. Mr, Dawkins: Mr. Manager, it says that you have outstanding $10, 345, 000 ouLstrinding, is that correct? Mr. Pereira: Yes. Mr, Dawkins: And we're going to sell $13,800,000 bonds. Mr. Pereira: That's right. Mr. Dawkins: Mr. Rosencrantz, explain to me how we get from ten three four five to thirteen eight and what's going to happen to the money. Mr. Rosencrantz: Mr. Commissioner, the original $10.3 million that's outstanding, they have a provision in called a call provision. That provision says to the bond holders, when you buy this bony], you will be .able to hold it for at least ten years, eight years, wh,_itever that caLL provision djite is. The call provision on those earlier bonds comes to, 1 think, in 1991. Therefore, for us to refund those bonds, we have to put in escrow not only the principal amount of those bonds, but the interest those bond holders would e.irn on the bends between now and 1991. Mr. Plummer: Beyond 3; cost? Mr. Rosencr�Antz: No, you have to put the 3% in, plus whatever interest he would have approved from now until that particular period, because, as you know with bonds you are guaranteed a certain return at a certain date. There's no way that we can change that. In order to refund, the federal requirement says that you can refund, but you must put that money in an escrow account so that those bond holders when their date comes, the money is there to pay them. Even with doing that, we still save money by borrowing money to pay those bonds off. Mr. Plummer: But Mr. Rosencrantz, in this memo of the Manager it says that if we leave this bond issue as it is today, it will be a cost of thirty-three eight. If we remake the bonds today, out over the period of the life of the bonds, it will be thirty-two seven. Mr. Rosencrantz: The difference is.... Mr. Plummer: That is only a million one total. Mr. Rosencrantz: That's the net savings that we've talked about. Mr. Plummer: Oh, that's net. Mr. Rosencrantz: Yes. Mr. Pereira: Net savings. Mr. Plummer: Wait a minute. Is one figure net and the other gross? Mr. Rosencrantz: No, they're both net. Mr. Plummer: How can there be a net and a gross figure on the bonds that are already issued? That can't be, sir. That's got to be the 33.8 has got to be the gross of what it will cost to borrow that amount of money. Mr. Rosencrantz: That's right, I'm sorry. Mr. Plummer: One is the gross figure. The other is a net. What's in between is what Commissioner Perez is asking is a valid question. sl 17 July 9, 1985 Mr: Rosencrantz: The way the calculations is performed, the two Plumbers you are looking at are gross numbers, included in the second number in the refinancing number is alL the cost of doing this refinancing, the expenses that iommissioner Perez.... Mr. Plummer: Includitzg the esCrOW? Mr. Rosencrantz: In_ludln3 the es( --row, yes. Mr. Plummer: Where do we find that escrow account cost. delineated here... excuse me, I'm sorry, you are asking...+ Mr. Dawkins: Go ahead, J.L. I see Mr. Plummer: You show and de t ineate the 20s3, 000. You refer to the 3s at approximately, as I recall, 300,000. The reissuance you've given a figure for th,it, but I don't find in this memo the cost fiictor for that escrow. Look, I'm hapPy with the savitngs of a half a mill. ion do11.3rs, but I just think that we have to h..lve all the correct information to know exactly. Mr. Manager, may I make a statement to you? it's nice to be friend_Ly with the press, but this is whit happens when the press gets the information before we do. Keep th�it in mind in the future. You Might have less problems. Mr. Pereira: When did this get on the press? Mr. Plummer: I'll explain it to you. Mr. Dawkins: Don't be upset, Sergio, it didn't start with you. The manager before you had the same problem. Mr. Carol lo: And the one, b(::fore that. Mr. Rosencrantz: Mr. Plummer, I think I can answer your question. In the official statement, of which you have a copy, the numbers are detailed out specifically as to how the money will be applied. We will need to put into the escrow account $13,006,901.25. That's the amount that we have put into the escrow account to cover those bonds that are outstanding. Mr. Plummer: So you're saying that is 'lot a cost factor. It is a calculated factor that is in the gross amount of the recent bonds. The memo is not that clear, test me.... Mr. Perez: Mr. Rosencrantz, the total amount is $13 million. We have a three million difference 13,8, no? But that's three million difference. We have an expense of $850,000. How do you distribute the other difference of about two million something? Mr. Rosencrantz: If I could ask you, Commissioner, to look at your stack of data that we provided to you to the document that looks like this. It's called the official statement. If you look down through the stack of documents until you get to this particular document. Mr. Plummer: Mr. Rosencrantz, the simple answer sir, first number is gross, the second one is net. Unfortunately, the memo doesn't spell it out that clearly. Mr. Rosencrantz: If you look at that particular document, Commissioner Perez, and if you look o'1 page 7, it gives you a complete breakdown of all of the sources of money and all the money coming in to this transaction and then below that it gives all the money going out. I think if you look at that, you can pretty well answer your question. Mr, Plummer: S1 Is there any further discussion on the motion? M July 94 1985 4R 1 have none: Commissioner_ Dawkins, any further discussion? Call the question. Mr.. Plummer.: Commissioner Perez, do you have any further question? Retired City Clerk, wotild you call the roll, please? Reed the ordinance. Mrs. Dougherty: I'd like to mako a notation for tile record that section ten has been .amended to insert that the ordinannce cannot be amended wi tiiout concurrence (roin M.13. I .A. , which is the insurance company that insures the bonds. Mr. Plummer.: Is that a substantial change or is that a minor charnye? Mrs. Dougherty: It's a minor change. Mr. Plummer: Thank you for the the motion clear and understood? roll. AN ORDINANCE ENTITLED - record. Read the ordinance. Is No further discussion, call the AN EMERGENCY ORDINANCE AMENDING AND RESTATING ORDINANCE NO. 9291 ADOPTED BY THE COMMISSION OF THE CI'rY OF MIAMI ON JULY 8, 198L AS AMENDED AUTHORIZING; THE ISSUANCE OF NOT EXCEEDING j13, 720, 000 AGGREGATE PRINCIPAL AMOUNT SPECIAL ORLIGATIor1 30NDS 0c. THE CITY OF MIAMI, FLORIDA, FOR rHL PURPOSE OF PAYING AT THEIR RLsPL.,c,rl`JF, MATURvrLES OR REDEEMING THE OUT S'PANI)1NG PARKING RE' VL•,NUE L30NDS (ADDITIONALLY SECURED 3Y NON hr) VALOREM REVENUES) SERIES 1981 ON THE, CITY, ISSUED PURSUANT To ORDINANCE NO. 9291, AS AMENDED, AND PAYING THE COST )F ISSUANCE OF SAID BONDS; PROVIDING FOR THE PAYMENT OF SUCH BONDS AND TIIE INTEREST THEREON FROM THE NET REVENUES OF THE OFF-STREET PARKING FACILITY FINANCED FROM THE; PROCEEDS OF THE SERIES 1981 BONDS AND CERTAIN DESIGNATED NON AD VALJREM REVENUE SOURCES OF THE CITY; DESCRIBING THE TERMS, SECURITY AND OTHER PROVISIONS OF THE BONDS; SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF THE BONDS; AND PROVIDING CERTAIN OTHER DETAILS RELATING TO THE ISSUANCE OF SUCH BONDS, INCLUDING THEIR SALE THROUGli NEGOTIATION; PROVIDING SEVERABILITY; DECLARING THE ORDINANCE AN EMERGENCY MEASURE; AND DISPENSING WITH THE READING OF THE ORDINANCE ON TWO SEPARATE DAYS. Was introduced by Commissioner Carollo and seconded by Commissioner Dawkins, foi adoption as an emergency measure and dispensing with the requirement of reading same on two separate days, which was agreed to by the following vote- AYES: Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Commissioner Demetrio Perez, Jr. Vice -Mayor Joe Carollo NOES; None. ABSENT: Mayor Maurice A. F,erre sl 19 3u1y 91 1985 MIR Whereupon the Commission on motion of Commissioner Carollo and seconded by Commissioner Dawkins, adopted said ordinance by the following vote - AYES: Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Commissioner Demetrio Perez, Jr. Vice -Mayor Joe Carollo DOES: None. ABSENT: Mayor Maurice A. Ferre SAID ORDINANCE WAS DESIGNATED ORDINANCE NO. 10014: The City Attorney read the ordinance into the public record and announced that copies were available to the members of the City Commission and to the public. TAPE 3 -------------------------------------------------------------- 5 IRREVOCABLY CALLING $9,295,000 AGGREGATE PRINCIPAL AMOUNT OF THE PARKING FACILITIES REVENUE BONDS. Mr. Carollo: Item 2, is there any questions. It's companion to item 1. Mr. Plummer: I'll move it. Mr. Perez: Second. Mr. Carollo: It's been moved and seconded. Hearing no further discussion... it's a companion to item 1. Call the roll, Mr. Clerk. The following resolution was introducedby Commissioner Plummer, who moved its adoption: RESOLUTION NO. 85-697 A RESOLUTION IRREVOCABLY CALLING $9,295,000 AGGREGATE PRINCIPAL AMOUNT OF THE PARKING FACILITIES REVENUE BONDS (ADDITIONALLY SECURED BY NON AD VALOREM REVENUES) SERIES 1981, DATED MARCH 1, 1982, WHICH MATURE ON AUGUST 1, 1993 THROUGH AUGUST 1, 2005, INCLUSIVE, AND AUGUST 1, 2008, INCLUSIVE, FOR REDEMPTION ON AUGUST 1, 1992, AND DIRECTING THE ESCROW AGENT PURSUANT TO THE ORDINANCE 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 NOTICE OF SUCH REDEMPTION AND TO TAKE SUCH FURTHER ACTION AS MAY BE REQUIRED BY THE ESCROW DEPOSIT AGREEMENT BY AND BETWEEN THE CITY AND BARNETT BANKS TRUST CO., N.A., JACKSONVILLE, FLORIDA, AS ESCROW AGENT AND BY THE ORDINANCES AND RESOLUTIONS AUTHORIZING SAID PARKING FACILITIES REVENUE BONDS. (Here follows body of resolution, omitted here and on file in the Office of the City Clerk.) Upon being seconded by Commissioner Perez, w4s passed and adopted by the following vote - the resolpB-` , my 9, 1985 AYES Commissioner Demetrio Perez, Jr. Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Vice -Mayor Joe Carollo NOES,. None. ABSENT! Mayor. Maurice A. Ferro -------------- 6 RESOLUTION APPROVING PRELIMINARY OFFICIAL STATEMENT RELATING TO THE SERIES 1985 BONDS Mr. Carollo: Item 3, coinpinlon to items 1 and 2. Mr. Plummer: Move it. Mr. Perez: Second. _ Mr. Carollo: Moved and seconded. No further discussion? Call the roll. The following resolution was introduced by Commissioner Plummer, who moved its adol)tion: RESOLUTION NO. 85-698 A RESOLU'ION PROVIDING FOR THE ISSUANCE OF AND FIXING AND DETERMINING 'PHE DATE, PRINCIPAL AMOUNT, MATURI'PiLs, INTEREST RATFS AND REDEMPTION PROVISIONS OF SPECIAL OBLIGATION BONDS SERIES 1985, JN THE C111Y OF MIAMI, FLORIDA, AUTHORIZED IN THE AGGf2EGi�Tf. PRINCIPAL AMOUNT OF 1JOT EXCEEDING $13,720,000 PURSUANT TO ORDINANCE NO. 10014, DULY ENACTED BY THE CITY COMMISSION OF 'PHE CITY OF MIAMI ON JULY 9, 1985, PROVIDING FOR THE DETERMINATION OF AMORTIZATION RLQUIREMENTS OF ANY TERM BONDS; DESIGNATING THE BOND REGISTRAR, PAYING AGENT, ESCROW AGENT AND FISCAL AGENT FOR THE SERIES 1985 BONDS; DETERMINING THE NEED FOR A NEGOTIATED SALE OF SAID BONDS; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A BOND PURCHASE CONTRACT FOR SAID BONDS; AWARDING THE SERIES 1985 BONDS; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOS1,r AGREEMENT Bh"I'W1�EN THE CITY AND THE ESCROW AGENT, PROVIDING FOR THE DISPOSITION AND TRANSFER OF THE MONEYS AND SECURITIES ON DEPOSIT IN THE FUNDS AND ACCOUNTS ESTABLISHED FOR THE OUTSTANDING BONDS; APPROVING AND RATIFYING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT RELATING To THE SERIES 1985 BONDS; AUTHORIZING THE EXECUTION, DELIVERY AND DISTRIBUTION OF A FINAL OFFICIAL s,rATEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF CLOSING DOCUMENTS; AND PROVIDING AN EFFECTIVE DATE. (Here follows body of resolution, omitted here and on file in the Office of the City Clerk.) Upon being seconded by Commissioner Perez, the resolution Was passed and adopted by the following vote- si 21 July ,9, 1985 20 Commissioner Demetrio Perez, Jr. Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Vice -Mayor Joe Carollo None. Mayor Maurice A. Ferre DURING ROLL CALL: Mr. 5a'wkins: Under discussion, these bonds will be secured with what, Mr. Manager? The utility service tax? Mr. Pereira: Water and gas utility service tax. Mr. Dawkins: How much was taxed out of this fund during the interim when we were in between managers to fund social programs? Mr. Pereira: I believe the figure is $115,000. Mr. Dawkins: $150,000. Mr. Pereira: Fifteen, fifteen. Mr. Dawkins: A hundred and fifteen? Mr. Pereira: Yes. Mr. Dawkins: Mr. Rosencri_ntz, when this would happen, I'm one of the ones who sit up here ,and told you that we shouldn't be doing that. Now, you're here i_e l l ing me that those same funds that we dipped in to and took $115, 000 out of are supposed to guarantee this bond issue. I would hope that this administration and this Commission would see fit riot to dwell into this fund, which the bond holders look pit as security for our bonding to take money out for social programs. I vote yes. 7 URGING ZONING BOARD TO CONSIDER A SPECIAL MEETING FOR BILLBOARD APPLICATIONS Mr. Carollo: Mr. Knox, if you would come up here, please. Mr. Knox requested that he would like to address the Commission. Mr. George Knox: Thank you very much, Mr. Vice Mayor. Mr. Plummer: Excuse me, if what you are going to address the Commission takes action, the Vice Mayor will have to close the first meeting and.... Mr. Carollo: We'll do that, I just wanted him to inform you all what he wanted to discuss. The Commission can make up its mind if they want to hear him or not. Mr. Knox: Thank you, for the record, my name is George Knox. I'm an attorney with offices at 4770 Biscayne Boulevard. I'm here to request that the Commission direct the chairman to conduct a meeting of the Zoning Hoard for the purpose of considering and reviewing the applications that it will have received pertaining to outdoor advertising. The Code does provide that the Zoning Board serves to accomplish the objectives and directives of the City Commission. I'm here to ask the Commission to adopt a motion which would direct the chairperson to schedule a meeting during the first week in August for the specific purpose of considering these applications. S1 ?2 July gf 1985 Mn Plummer: Excuse me, George, you are- wolf aware that no b -irtis meet during the month ref August. Mr. Knox: There is a provision in the code that tiie Chairman can call a meeting it aray time. Tile re is no regularly scheduled meeting during the month of Au�4ust. Mr. Plummer: Wli;it would be, so thrtt there wo,11-d be no deviation, what would be wrong with the chairman calling <a meeting in the late July? Mr. Knox: Well, there is .a problem with notice. There has to be a ten day published notice prior to the time that_ they conduct these public he.irings. They meet ,)n the L5th of July, and of course thcar,-3 is no time for that. The next- meeting would not therefore be until. September unless a special meetiny is called for the purpose of c_orasideririt3 t}iese �11)plicitions. it n-Ay be well to have diem proceed in that manner so that they would exclusively (3eal with th:asF, outdoor advertising applications and not have that interfere with their regular icic.ncica:�. Mr. Plummer: I still. don't sect why thQy couLdnIt hold it, say the 30th of July rind sti 1 L have the ten day riot -ice. Mrs. Dougherty: They could. Mr. Plummer: George, I just got a problem. I would hate for anybody to tell me ;is a Commissioner that I got to meet in August because that's when I set aside for my own time. I don't see a thing wrong with say, you schedule a meeting or ask a motion to be directed that on July 30th; them is still ten days' notice. Mr. Knox: If the staff is satisfied that the meeting could be properly noticed, I'm certain that would riot be a problem. Mr. Plummer: I just don't think its right to .isk them to deviate. Mr. Carollo: Will there be enough time to call a meeting on the 30th or 31st? Mrs. Dougherty: All that is required is ten days notice for the items to be on the agenda before the 31st. — Mr. Carollo: 5o there will be sufficient time the 30th or 31st. Mr. Perez: Did you contact the chairman of the Zoning Board? Mr. Knox: Well, we've been in informal contact with the chairman and he appears disposed to calling a meeting if that is the will of the Commission. Mr. Plummer: George, let me tell you exactly where I am. I would not be opposed to voting for a motion urging the chairman of the Zoning Board to call a meeting before the end of July for the purpose of whit you .isked. I have no problem with that. But if you go into August, I think that's unreasonable. Mr. Knox: Very well, and would you please also insure that the staff.... Mr. Plummer: I didn't say I was making the motion. I said I'd Vote for that. Mr. Knox: requirements appropriate. Mr, Plummer: And would you please insure that the notice would be satisfied, should... that they be That's their responsibility, not ours, 23 July 9, 1985 Mr, Carollo: Let me adjourn the special Commission meeting that we just head and I guess the appropriate way of c.3oing, Madam City Attorney, purpose to now call. a SI)ecia}. Commission meeting for the put:pose of disc!.lssing tile request m,lcle here to US. Correct? Yes, sir, Mr. vice Mliyo r. idrS. Douy}lart.y: Mr. Carollo: Now, based on the request that Mr. }:nox has made of this Commission, is there: a mat ion from this Commission of instructing the City of Mirxmi Zoning Board to hold a special zoning meeting for the purpose of discussing the billboard applications orl the List week of ,July. Mr. Plummer: No later than. Mr. Carollo: It would }hive to be in the last week of July, J.L., t}le ten days. Mr. Plummer.: 1985. Mr. Dawkins: So move. Mr. Carollo: Of course 1985. Mr. Perez: Second. Mr. Carollo: There is a motion. There is a second. Would you call the roll, Mr. Clerk. The following motion was introduced by Commissioner Dawkins,' who moved its adoption: MOTION NO. 85-699 A MOTION OF THE CITY CORMISSION URGING THE CHAIR PERSON OF THE ZONING BOARD TO CONSIDER THE CALLING OF A SPECIAL MEETING NO LATER THAN THE END OF JULY, 1985 FOR THE PURPOSE OF CONSIDERING PENDING kpPLICATIONS CONCERNING OUTDOOR ADVERTISING (BILLBOARDS). Upon being seconded by Commissioner Perez, the motion was passed and adopted by the following vote - AYES: Commissioner Demetrio Perez, Jr. Commissioner Miller J. Dawkins Commissioner J. L. Plummer, Jr. Vice -Mayor Joe Carollo NOES: None. ABSENT: Mayor Maurice A. Ferre Mr. Knox: Thank you so much. 24 July 9, 1985 THEME BEING NO FURTHER BUSINESS TO COME BEFORE. THE CITY COMMISSION, THE MEETING WAS ADJOURNED AT 3:49 P.M. Maurice A. Ferre M A Y O R ATTEST ITEM NOa DOCUMVIT MEETING DATE N X DE -- RETR I D/AL CO�ISSION IDENTIFICATION ACTION AND CODE NO. CAIALING $'), 29-3 AUGRFGr1`I E 11PINC1- PAI, AMOUNT 01" THE, PARKING FACILITIES R1;VI..NU1. 13UNDS (SERIES 1981, DATFID MARCH 1, 1982, MATUPE ON 8/ 1/ 1994 THROUGH 8/ l/2005, 1NCL,U- SIVv, AND 8/l/2008, INCLUSIVE, FOR RE- pI�,MIITION ON 8/1/1992; ITC.... PROVIDE I.OR THE ISSUE OF AND FIX AND DETER- PRINCIPALMIN1 T{{E DATE, AMOUNT, MATURITIES, INTERESTRATES AND REDEMPTION PROVISIONS OF' Sl)FCIAL OBLIGATION BONDS SERIES 1985 01. CITY OF MIAMI, FLORIDA? AUTHORIZE IN THE AGGREGATE PRINCIPAL AMOUNT OF $13, 7.?CI,U( % ETC........