HomeMy WebLinkAboutItem #34 - First Reading Ordinance'1
182-'^n .I J
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
PARKING SYSTEM REVENUE BONDS OF THE CITY OF
MIAMI, FLORIDA, INCLUDING AN INITIAL SERIES
OF BONDS IN AN AGGREGATE PRINCIPAL AMOUNT
NOT EXCEEDING $16,000,000 FOR THE PURPOSE
OF PAYING AT THEIR RESPECTIVE MATURITIES
OR REDEEMING THE OUTSTANDING PARKING FA-
CILITIES REVENUE BONDS OF THE CITY ISSUED
PURSUANT TO ORDINANCE NO. 7414, ADOPTED ON
MARCH 14, 1966, AS AMENDED, AND ORDINANCE
NO. 9060, ADOPTED ON JANUARY 24, 1980, AS
AMENDED; PROVIDING FOR THE PAYMENT OF SUCH
BONDS AND THE INTEREST THEREON FROM NET
REVENUES DERIVED BY THE CITY FROM ITS PARK-
ING SYSTEM; AUTHORIZING OTHER CLASSES OF
INDEBTEDNESS TO BE SECURED AS HEREIN PRO-
VIDED; SETTING FORTH THE RIGHTS AND
REMEDIES OF THE HOLDERS OF SUCH BONDS;
AUTHORIZING THE VALIDATION OF SAID BONDS -
WHEREAS, the City of Miami, Florida (the "City",) is au-
thorized pursuant to the Constitution and Saws of�the State
of Florida, including particularly Chapter�.l64, Florida
Statutes, to issue parking system revenue tads, to refund
such bonds and to pledge to the payment thereof the revenues
derived by the City from its ownership andoperation of its
Parking System (hereinafter defihed);jand
WHEREAS, the Commission f toe City of Miami (the
"City Commission") on March 14,..1966 duly passed and adopted
Ordinance No. 7414, as amended' by Ordinance No. 7452 and
C:ainance No. 7517, duly passed and adopted on July 14. !So6
and FeDtu.:ry B, 1967 r spective�y (said Ordinance Nv. 7414,
as amended being i..:: e 1 oaf ter called the " ' ; oo Bond Ordinance") ;
and
WHEREAS, the City;has heretofore issued pursuant to
the provisions of,,,
the 1966 Bond Ordinance (a) $3,400,000
Parking F cilities Revvehue Refunding Bonds (Series A), (b)
$1,600,00 Parking Far lities Revenue Bonds (Series B), and
(c) $3,600,000 arkiog Facilities Revenue Bonds (Series C),
(collegtively s,id bonds presently outstanding being herein-
af ter .kal led the: ;"Outstanding 19
WHERS�S, 4e' Commission on CITY COMMISSION
and adopjed Ordinance No. 90601
9092, duly ;passed and adopted on MEETING OF
Ordinance No. 9060, as amended b
"1980 Bond Ordinance"); and MAY12
2nd READING .........................
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120 pages compares
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contains the F
the ordinance tax exempt financing summary
for all artment's current trust e. Therfollowing is a
language
provisions of the o e he proposed new indgeGtion;
and requirements the new ordinance by
of the provisions of