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Home My WebLink AboutR-81-0494RESOLUTION NO, 81 - "1 A RESOLUTION OF INTI?N'r TO ISSUE CITY OF `ITAMT NtRINA REVENUE BONDS (DINNER KEY 'MARINA PROJECT) IN AN AMOUNT NOT EXCEEDING $8, 000, 000, PURSUANT 1.0 CHAPTER 166, FLORIDA STATUTES, FURTHER APPROV- ING THE CITY ATTORNEY' S NEGOTIATING FOR Till: PRO- FESSTONAL SERVICES OF THE FIRM OF BRYANT, MILLER AND OLIVE TO ACT AS BOND COUNSEL FOR THE ISSUANCE OF THE HEREIN BONDS, SUBJECT TO THE APPROVAL OF THE CITY COMMISSION PRIOR TO THE I:\ECUTTON OF AN EMPLOYMENT AGREEMENT; FURTHER AUTHORIZING APPRO- PRIATE OFFICIALS TO WORK lr'ITH SUCII BOND COUNSEL; FURTHER APPROVING 'riiE: EXPENDITURE OF FUNDS PRIOR TO THE SALE OF BONDS; PROVIDING SAID BONDS SHALL 1) BE PAYABLE FROM REVENUES OF THE PRO,IL•'CT AND CERTAIN OTHER NON AD VALOREM TAX REVENUE, FUNDS OF T111: CITY; PROVIDT-NG NEITHER Till', TAXING POWER NOR THE FAITH AND CREDIT OF I'll]: CITY OF ?ITAMT , 'rill: STATE OF FLORIDA OR ANY OTHER POLITTCAL SUBDTVI- _ SION TIIE.REOF SHALT, EVER BE REQUIRED FOR TILE PAY- MENT THEREOF; AND PROVIDING AN EFFl:C1'IVE DATE. WHEREAS, the Cit of Miami now owns and operates a marina at Dinner Key; and l.'HEREAS, the City of :Miami has deckled that it is in the public interest to make structural improvements, modifications, expansions and engla1-guments of the facil.itius to provide for approximately 550 wet slips and 200 moorings, plus functionally related and subordinated facilities (the "I'rojvct"); and WHEREAS, the City of :Miami has entered into an agreement with Biscayne Recreation Development Corporation ("ievelopment Corpora- tion"), 3400 Pan American Drive, Miami, Florida 33133, dated Decem- ber. 1.7, 1980,-for the construction, operation and management of the facility; and WHEREAS, Development Corporation i.s required by the agreement to expend certain sums for the development, permitting and other similar costs; and , WHEREAS, it is in the interest of the Project for the Citv of Miami at this time to make an expression of its intent to issue its revenue bonds to finance the facility, indicating the secuity thereof and appointing bond counsel and authorizing officials to work with bond counsel to commence the finance proceedings; and h'HEREAS, the firm of Bryant, Miller and Olive is involved as the City's bond counSul on the Watson Island Project, including the marina portion tliereof, and it is in the best interest o.f the `t COMMISSION ►:i�: E7(iG OF 4 9 "�IlMMN... ,•.M�.wwr��Y��YM�r i r. Citv of Miami in terms of coordination and consistency among similar projects for the firm to serve as bond counsel on this project; N01J, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF T}EE CITY 017 INITAMI, FLORIDA: Section 1. It is the intent of the City of Miami to adopt such resolutions and other documents as, in the opinion of the City Attorney and bond counsel named herein, may be necessary for the further authorization, issuance and sale of City of Miami Revenue. Bonds ("Dinner Rey Marina project") not to exceed $8,000,000, to finance the acquisition, construction and equipping of the ~farina Project at Dinner. Ivey. Section 2. The Citv Attorney is hereby authorized to negotiate for the professional. services of the firm of Bryant, ?li11er and Olive, 700 Barnett Bank Building, Tallahassee, 1'l0ricla 32301, to act ns bond counsel for the issuance of the Bonds, subject to the :lpprova.l of the CE.ty Commission prior to the execution of an emp1oYment agreement with said firm; such fee for services to be paid from the revenues derived from the sale of the herein Bonds. 'file City Attorney is hereby authorized to prcpare the necessary resolutions and other documents necessary or incidental to the issuance of tiler sale of such Bonds; and the City Attorney, City Clerk, the City's Financial Consultant and the Biscayne Recreation Corporation and other appropriate City officials are hereby authorized to assist Bryant, Miller and Olive in the development of the necessary documents. The said Biscavne Recreation Development Corrporation, at its expense, may select its architects, engineers, accountants and other professional experts, as is provided under the terms of an existing agreement with the Citv, and in conformance with Florida Statutes, necessary for the acquisi- tion, construction and equipping of the herein project and may pro - coed with tie Project; however, the City sha11 not be obligated for the planning, acquisition, construction and equipping of the herein Project or the fees or expenses of Bryant, Miller and ()live or other experts aUthori.zed herein except as provided for under the terms of an existing agreement between Biscayne Recreation Develop- ment Corporation and the City of Miami dated December 17, 1980. 81-494 a 0 Section 3. It is hereby contemplated thit t the Bonds will be issued under the provisions of Chapter 166, IIori.da Statutes, and other applicable laws. The issuance of the Bonds and tlae 1)lan- ping, acquisition, construction and e(Iuipp ing of Lhe. here. in Project will be done in comi).liance with Such laws. A]1 such bond resolu- tions, and otlie r Bond document~ shall. contain an express provision that the Bonds shall be payable solely from the revenues derived from the use, operation and rental of the completed Project and to the extent necessary and required from Other non ad valorem tax revenues of the City as shall he (Ictet•mine(1 1) s111)sec111e11t retinlu- t ion of the City, and neither the taxing; Dower nor the faith and credit of the City of Niami Or the State Of Floridrt ill- ane other political subdivision of the State of florid:► shall ever be pledged for the repayment of the Bonds nr the interest thereon. Section 4. The City trill promptly do rill things rind take all steps necessary for the issuance and sale Of the Bonds and Biscayne Recreation 1)uv(2lc)ptit ent Corporation will do alI things and take all steps necessary for Lite planning, acquisition, construction and equipping of the herein Project. Section 5. The Bonds will be issued in such exact amount, upon such terms and conditions, at such interest mates and mature at such times as may hereinafter be determined by the City Commission. Fur- thers, said Bonds will only be issued after a feasibility study has been done indicating tlae financial feasibility of such issuance, and after said issuance has been approved by the City's financial Consultant. Section 6. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED this 8th dray of ATTEST: RALPG . c I I: ---- -- --- -- — -- --- CITYC,LERK -3- June , 1981. IIAURICE A. FER_RE 4k OK PREPARED AND APPROVIED BY: ROBERT F. CLARK ASSISTANT CITY ATTORNEY APIeVED AS TO FOI(fiT AT4T)---C 1ZRECTNESS: GEORGA F. KNOX, JR.�- �1 ----- CITY TOlZNEY -4- Q To: City ;lianager Howard R. Cary - .June 4, 1981 Attn: Mr. Jack E:ads, Cormmi.ssion Mecting Assistant City Manger Jule 8, 1981 FROM; Mayor Maurice A. Ferro Please place the following Item ("IZe5oltlti.011 0£ Intent to issue Cite of `Miami Marina Revenue Bonds - Dinner hey" \Larina Project - in an amount not to exceed $8,000,000.0011) on the Agenda for the City of Miami Connnission meeting to be held on June 8, 1981.