HomeMy WebLinkAboutR-82-03040
RESOLUTION NO. 8 2- 3 0 4
A RESOLUTION AMENDING SECTION 3 OF RESOLUTION
NO. 81-1020, WHICH PROVIDES FOR THE ISSUANCE
OF NOT EXCEEDING $21,000,000 PRINCIPAL AMOUNT
OF FIRE FIGHTING, FIRE PREVENTION AND RESCUE
FACILITIES BONDS OF THE CITY OF MIAMI, FLORIDA,
TO REVISE THE MATURITIES OF SUCH BONDS TO CON-
FORM TO THE VOTERS' APPROVAL OF SUCH BONDS IN
THE NOVEMBER 3, 1981 BOND ELECTION AUTHORIZED
BY ORDINANCE NO. 9295.
BE IT RESOLVED by the Commission of The City of Miami,
Florida:
Section 1. Section 3 of Resolution No. 81-1020 en-
titled
"A RESOLUTION PROVIDING FOR THE ISSUANCE OF
NOT EXCEEDING $21,000,000 FIRE FIGHTING, FIRE
PREVENTION AND RESCUE FACILITIES BONDS OF THE
CITY OF MIAMI, FLORIDA"
, adopted by the Commission of The City of Miami on December
10, 1981 is hereby amended, in conformity with the bond prop-
osition, as approved by the voters in the bond election held
November 3, 1981, authorized pursuant to Ordinance No. 9295,
adopted by said Commission on the 23rd day of July, 1981, by
revising Section 3 of said Resolution No. 81-1020 by striking
(i) the table of maturities of the bonds in the first
paragraph of said Section 3 and (ii) the words and punctua-
tion in such paragraph reading "in the years and in the
principal amounts, respectively, as follows:" and substitu-
ting therefor the words "in annual installments three (3) to
twenty (20) years, inclusive, after the date of the respec-
tive bonds."
Section 2. With the exception of the revision author-
ized by this Resolution, Resolution No. 81-1020 is hereby
ratified and approved and shall remain in force as initially
adopted.
1.
CITY COMMISSION '
MEETING OF
APR 1 1932
answa 0,8.2 .' 3 0
82-304
L
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Section 3. This Resolution shall be in full force and
effect immediately upon its passage.
PASSED AND ADOPTED this 1st day of April 1982.
Maurice A. Ferre
MAURICE A. FERRE
M A Y O R
AT
LPH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
1
ASSISTANT CITY ATTORNEY
APPROVED AS TO FO D CORRECTNESS:
UNUZ k'. KNUX ;
CITY ATTORNEY
2.
I
82-304
STATE OF FLORIDA
)
COU14TY OF DADE
CITY OF IMIAMI )
I, RALPH G. ONGIE, Clerk of The City of Miami, Florida,
do hereby certify that the attached and foregoing pages num-
bered 1 and 2, inclusive, contain a true and correct copy of
Resolution No. passed and adopted by the City Commis-
sion of Miami, Florida, at a meeting held on the day of
March, 1982.
WITNESS my hand and the official seal of The City of
Miami, Florida, this day of 1982.
RALPH G. ONGIE
CITY CLERK
CITY OF MIAMI, FLORIDA
(OFFICIAL SEAL)
#"82-304
151
r
Howard V. Gary
Ci ty 'tanager
"°" Carlos E. Garcia
Director of Finance
March 17, 1982
Agenda Item
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It is recommended that the attached Resolution
and Ordinance be passed by the City Commission,
amending Section 3 or Resolution No. 81-1020,
and amending Section 1, or Ordinance No. 9296.
Said Resolution and Ordinance authorizes the
issuance of $21,000,000 principal amount of fire
fighting, fire prevention and rescue facilities
bonds of the City of Miami, Florida
The City Commission adopted Resolution No. 81-1020 on December 10, 1981, and
Ordinance No. 9296, on July 23, 1981, authorizing the issuance of $21,000,000
principal amount of fire fighting, fire prevention and rescue facilities bonds
of the City of Miami, Florida. It is recommended that Section 3, of the Reso-
lution, and Section 1, of the Ordinance, be amended by eliminating at this time,
a fixed maturity schedule.
At the time when bonds will be sold, the City Commission will then approve
a maturity schedule within the terms approved by the voters in the election of
November 3, 1981. At that time, the City Manager will recommend a maturity
schedule tailored to the specific conditions existing in the bond market at the
time. For instance, at times such as the present when interest rates are very
high, it would be snore advantageous to the City to have a bond maturity schedule
with larger maturities for the bonds to be redeemed in the earlier years.
Such a proposal will reduce total interest rates by shortening the average life
of the bonds, and would make the bonds more attractive to investors.
&$2-304