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RESOLUTION NO. 8 0- 5 03
RESOLUTION CONFIRMING AND RATIFYING PRE-
VIOUS DECISIONS TO SELL $60,000,000 CONVEN-
TION CENTER AND PARKING GARAGE REVENUE BONDS
BY A NEGOTIATED SALE.
WHEREAS, the Commission (the "Commission") of The City
of Miami, Florida (the "City") has determined to issue
Convention Center and Parking Garage Revenue Bonds of the
City in the principal amount of $60,000,000 (the "Bonds")
for the purpose of paying the cost for completing the
Convention Center and the construction of the Parking Garage
and a connecting walkway, including machinery, equipment,
fixtures, furniture, improved and unimproved land, landscap-
ing and other facilities appurtenant or incidental thereto
(collectively, the "Convention Center -Garage"); and
WHEREAS, the City, as authorized by Resolutions Nes. 79-157 and
79-W adopted by the Commission on March 8and Jul23)979,rosaectively, has
entered into a contract designated "Investment Banking
Agreement", dated October 24, 1979, with Smith Barney,
Harris Upham & Co., Incorporated, as Managing Banker,
providing for certain financial services by the Managing
Banker, such as the preparation of a financial plan for the
Convention Center -Garage and market and other studies and
presenting to the City a purchase contract for the purchase
of the Bonds by a negotiated sale; and
WHEREAS, the Commission at its regular meeting on June
6, 1980 adopted Resolution No.83-414 providing for the pri-
vate sale of the $60,000,000 Convention Center and Parking
Garage Revenue Bonds of the City; and
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DEX
CITY COMMISSION
MEETING OF
JUN.), 0 1960
A
W
WHEREAS, the City under the lawn and constitution
of the State of Florida, including particularly the Muni-
cipal Home Rule Powers Act (Chapter 166, Fla. St. Ann., as
amended) and the Charter of the City (Chapter 10847, Special
Laws of Florida, 1925, as amended), in force when said
resolutions were adopted, was then and is now authorized to
sell the Bonds at such price or prices and at public or
private sale, as may be determined by the Commission; and
WHEREAS, the Commission, at the time of the adoption of
said resolutions, considered the desirability and advantages
to the City of selling such Bonds at private sale and has
recognized that (i) the marketing of the Bonds entails an
educational process of informing securities dealers and
prospective investors about the Convention Center -Garage and
the attributes of the Bonds, (ii) the Bonds are substantial
in amount and are revenue bonds secured under a fairly
complicated Trust Indenture to finance a complex project
involving large investments by both the City and private
developers, (iii) the Bonds lack any precedent of previous
marketing experience, (iv) a sale of the Bonds through
competitive bidding is impracticable in that underwriters
will not be afforded the assurance and incentive for market-
ing the Bonds at a reasonable interest cost; and (v) large
issues of revenue bonds lacking previous sales are generally
sold by private sale;
NOW, THEREFORE, BE IT RESOLVED By The Commission Of The
City Of Miami, Florida:
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80-503
Section 1. The Commission, having heretofore adopted
the Resolutions mentioned above and having considered the
information and data presented to it with respect to the
advantages and disadvantages of selling the Bonds at private
sale, hereby confirms and ratifies the adoption of said
resolutions approving the private sale of the Bonds, having
found and determined that the private sale of the Convention
Center and Parking Garage Revenue Bonds:
(a) affords securities dealers and prospective inves-
tors sufficient time to become informed respecting
the attributes of the Bonds, including the secur-
ity thereof;
(b) provides a sufficient incentive to securities
dealers to commit their money and efforts early in
the marketing process to test the market accepta-
bility of such Bonds, following an educational pro-
cess respecting the Bonds, and enables underwriters
to enlist the support of dealers and investors and
to ascertain buying interest prior to making a
definitive underwriting commitment, it being
understood that dealers and investors would be
more likely to devote time and money respecting
the Bonds in the earlier stages of the marketing
process when assured that the Bonds have been
committed to the underwriters involved; and
(c) facilitates securing the most advantageous in-
terest cost for the City.
Section 2. This resolution shall be in full force and
effect immediately upon its adoption.
3.
80-503
PASSED AND ADOPTED this 30 day of June, 1980.
(Official Seal)
ATTEST:
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$PHG . ONG I E
CITY CLERK
PREPARED AND APPROVED BY:
(-4010 V, G m,
ASSISTANT-CIT ATTORNEY
APPROVED AS TO.FORM AND
LiG VD r . nivvn ► v &%. \
ITY ATTORNEY
hWIRZCE A. FZIZRR
MAURICE A. FERRE
M A Y 0 R
CTNESS:
4.
80-503
STATE OF FLORIDA )
COUNTY OF DADE
CITY OF MIAMI )
1, RALPH G. ONGIE, Clerk of the City of Miami, Florida,
and keeper of the records thereof, do hereby certify that
the attached and foregoing pages numbered 1 through 4,
inclusive, contain a true and correct copy of a resolution
adopted by the Commission of said City at a meeting held on
the 30th day of June, 1980.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO.
IN WITNESS WHEREOF, I hereunto set my hand and impress
the official seal of the City of Miami, Florida, this
day of , 1980.
RALPH G. ONGIE
CITY CLERK
MIAMI, FLORIDA 1
(Official Seal) By
Deputy City Clerk
80-503