HomeMy WebLinkAboutR-85-0630ESOLVION NO, -630
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ISSUE A REQUEST FOR PROPOSALS FOR UNDERWRITING
SERVICES, TOSELECT UNDERWRITERS FROM THOSE
RESPONDING TO PROPOSAL, AND TO ENTER INTO
NEGOTIATIONS WITH THE CHOSEN UNDERWRITERS TO
REFINANCE THE GOVERNMENT CENTER PARKING GARAGE
REVENUE BONDS, SERIES 1981s THROUGH ISSUANCE AND
SALE OF ADVANCED REFUNDING BONDS.
WHEREAS, the City of Miami sold $1094009000 of Parking
Revenue Bonds (Additionally secured by Non Ad Valorem Revenues)
Series 1981, of February 11, 19820 at an interest rate of
13.163%; and
WHEREAS, the City Commission adopted resolution 83-502 in
June, 1983 authorizing the City Manager to enter into
negotiations with underwriters to refinance such Parking Garage
Revenue Bonds, which was unfeasible at the time with no further
action taken; and
WHEREAS, the municipal bond market has experienced a large
decrease in interest rates since April, 1985; and
WHEREAS, it will now be financially beneficial to refinance
the above bonds as an advanced refunding issue;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to issue
a request for proposals for bond underwriting services, to select
underwriters from those responding to proposal, and to enter into
negotiations with chosen underwriters to refinance the Government
Center Parking Garage Revenue Bonds, Series 1981, through
issuance and sale of advanced refunding bonds.
PASSED AND ADOPTED this 13th day of June , 1985.
ATTEST;
RAL G. ONGIE, CITY C{_ K
Maurice A. Ferre
MAURICE A. FERRE
M A Y O R
'Y COMMISSION
MEETING OF
JUN 13 1985
REsoLuiw,, .1,85-630
otEM :KKS
PREPARED AND APPROVED byl
ROBERT F. CLARK
CHIEF bEPUTY CITY ATTORNEY
PoRM AND CORRECTNESS.,
DLK-LM fit UUU%x
CITY ATTORNEY
85-630