HomeMy WebLinkAboutR-82-1023J-82-24
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RESOLUTION NO. S2--1020(d3
A RESOLUTION AUTHORTZING THE CITY ;MANAGER TO
EXECUTE A PROFESSIONAL, SERVICES AGREE�IF.NT,
SUBJECT TO THE CITY ATTORNEY", APPROVAL AS
TO FOV1 AND CORRECTNESS, h'I"I'H GOVFRNMEINT
FINANCE RESEARCH CENTEIR, AN AFFILIATE OF
THE MUNICIPAL PINANC1f\L OFFICERS ASSOCIATION
(i`iFOA) IN AN A',-10 'NT NOT TO EXCEED S'�2 , 500 FOR
CONSULTANT SI.IZVICI:S TO REVIS}: ECONWITC AND DEMO-
GRAPHIC DATA, ANALYZE AND EVALUATE EC:ONO?1TC AND
DE1'-tOG1`,AP111 C DATA, AND RED' I EW TI11: OFFICTAL STATE-
MENT WHICH IS USED IN THE ISSUANCE AND SALE OF
CITY BONDS TO INSURE ('01"1PLTANCE WITH ?IFOA DIS-
CLOSURE GUIDELINES.
WHEREAS, purchasers of City of Miami bonds rely upon
economic and demographic data presented in the offcal state-
ment; and
WHEREAS, the economic and demographic data pertaining
to the City of AJiami is constantly changing; and
WHEREAS, the economic and demographic data contained in
the official statement of the City should be city specific
data verified I)v :in independent authority; and
1,'HF.REAS, it is necessary that the Citv comply with the
guidelines for financial disclosure promulgated by the Muni-
cipal Financial officers Association (MFOA); and
WHEREAS, it is necessary to evaluate the impact of chang-
ing economic data on the City's revenues, expenditures and
financial condition; and
WHEREAS, performance of all of the above objectives will
be conducive to protecting and possibly even enhancing the
City's bond credit rating;
NOW, THEREFORE, Bli IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIA^11, FLORIDA:
Section 1. The City *tanager is hereby authorized to
execute a professional. services agreement, subject to the
City Attorney's approval as to form and correctness, with
Government Finance Research Center, an affiliate of the
Municipal. Financial Officers Association (MFOA), in an
amount not to exceed $42,500, to provide consultant ser-
vices to revise economic and demographic data, and revisp
the official. statement which is used in the issuance an
CJ Y COMMISSION
MEETING OF
11�5.
•
•
sale of City bonds to insure compliance with �iFOA dis-
closure guidelines, with funds therefor hereby allocated
from the General Obligation Debt Service Fund.
PASSED AND ADOPTED this 4 day of
November ! 1982,
MAURICE A. FERRE
M A Y O R
82-1029
1loward V, Gary,
City Manager
Randolph B. Rosencrantz,
Assistant City Manager
BACKGROUND:
October 5, 1982
Resolution to enter into a
contract with MFOA
IT IS RECOMMENDED T11AT `I'II1; CITY COMMISSIO`•1
AUTHORIZE TILE CITY MANAGER TO ENTER INTO A
CONTRACT ttiITli GOVERNL ME'NT FINANCE RESEARCH
ASSOCIATES, AN AFFILIATF; OF THE t•iCNICIPAL
FINANCE OFFICERS FOP THE PURPOSE OF PPO-
VIDING ECO'i(:MIC AND Dhmnci-A. PIiIC DA�:� TO
BE INCLUDED IN TIII-. CITY' S FUTURE OFFICIAL
ST,�TE,lENTS NOT TO ENCI'I:D $42, 500.
The ?luni_cipal- Finance Officers Association (I�IFOA) is a national
assoCit:Itlon which is recoc!'l zed as the aLlthU?'lt'.' In 1-OCal QO�Tern-
ment finance. The mi'O,l establisliec;i guidelines for of ferinc_I_ securities
(1�OI1dS� which 1� 11211�'erSa11 ac�cel:ted b,.'• the ITiarl:�'.t._ They have
establiFheJ, a RC Larch Centel- %.;ilich Conduct-, stu(,-,cs for 1--cal
�urisC:lcI,-ion`s cic al incj t:itil finai:ctal I1)"t-.t01-S. UilcltY this agYeeilLllt,
I.1I' O.'� �•: i. l 1 c, . , :� i � t t-'.. � C i � - .
pl-ut=:;.lratic-n O` rC'`d1Sed CCC)::OI`'I1_C aI1C. dCTO�irah.11.0
�)T"C- elltat:lOJi :"O?' yOUT' o) 1Cial Staterc,nt which is goared
t0 C lt:'.'-SI%'.'Chic
b. With an analv,ji:, an.-, evaluation of econor,Iic and den.orraphic
data as thc•,. imp.ict the Cit,,'s revenues, expenditures, and
f inallcinl condition.
C. V.itl1 a cor;1l:>lcte revise-.- of the City's Official Statement
for cor;I;li.a:l::e and ccnforrlance %.,i.th the :iF0. disclosure
guidelines.
There are a nul:,Ibc— of reasons that the City should employ 'IFOA:
1. Purcll:.,scrs of City of miand bonds rely upon economic and
demo(;r,,I)hi.c data presente(I in the Official Statement.
2. This d11ta as it rolates to the City is con:-tantly chanr,ing.
3. I:co11ol:Iic and c1er,Iac ral�hic data contained in tho Of ficial
StatomeI1t shoultl Le City-speclfic verified by an acce:)ted.,
independent authorit,!. _ �'
r
TO Howard V. Gary, October 5; 1982
City Manager
4, The Official Statement for the City is enhanced by fully
complyincj with the disclosure guidelines promulgated by
MFOA .
5. The data compiled, formatted and documented under this
ac;reer�ent %.rill be cf si_'ni`icant value' to the Department
Of Econom.Lc D,i,✓elopl," llt 1n CiOCLii'.c ltln� the ecoi;oT"1C V1t.illtY'
of the City.
6. The financial ca�;acity evaluation will be most helpful to
the Cit;- in planning, priortizinr, and programming future
growth of. the Cit%.
7. The financial caraci.t,• evaluation will he most helpful to
the BuO: et O{flCC in assesslnc the i :fact Or chancres in
OuI"
8. C-n-m,,,.1r-'ti.cn C,,'7 will bo Of si,:ilrlcant value in
pr.otectinci, arl` perhaps enhancing, the Cit% s hone: rat_ngs.
It is r. c cc�:n:;: I;iic=ci that t.!lc C,.i.t .' Comrli ssi�n aut}ior_i zc the Cit,. ilanager
to 011t�,r Lllt_o (lIl iI ;:cc�;,1,,nt- w1li.c}; ::ill csscntial.l, em, racc t:hc:' program
idc'nt Pied in t-.hc, attach-.d lE_2ttc.r from John i:. ],oterson, Director of
I'�C'search cer" C'I" to i%ssistant Cit%- Manager, Randolph
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