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HomeMy WebLinkAboutCC 1980-06-30 Minutesi MIp,MI ETY OV �{ of 96 . 'N�%uK�•�t1t�T � co.. June 3011, 1980 o f MEETING ►'�Et.D �N OF .l HE CITY HA aL PREPARED � THE �FF�GE 01T a�PH � �p1E G►T`f G'ERK 6 i 11E M ND, 1 2 3 4 5 6 7 8 9 10 11 12 13 lux a49SWMrE &IDA (SPECIAL) IUCT June 30, 1980 tSDMIM1. 1 PAGE No AUTHORIZE EXECUTION OF FIRST SUPPLEMENTAL TO LEASE AGREEMENT FOR DEVELOPMENT WITH MIAMI CENTER ASSOCIATES LTD. R-80-500 1-3 CONFIRM AND RATIFY EXECUTION OF LEASE AGREEMENT WITH DADE SAVINGS AND LOAN ASSOCIATION R-80-501 4 CONFIRM AND RATIFY EXECUTION OF TURNKEY CONTRACT DESIGN AND DEVELOPMENT OF PARKING GARAGE R-80-502 5-6 CONFIRM AND RATIFY NEGOTIATED SALE OF PARKING GARAGE REVENUE BONDS R-80-503 6-9 DISCUSSION ITEM: RECRUITMENT OF BLACK POLICE OFFICERS FROM CITIES THAT ARE LAYING OFF POLICE OFFICERS, ALSO: REQUESTING REPORT ON 22 WEEK TRAINING SESSION, ETC. DISCUSSION 10-11 AUTHORIZE ISSUANCE OF $60,000.00 CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS AND EXECUTION OF TRUST INDENTURE AND DESIGNATION OF TRUSTEE THEREUNDER R-80-504 11-16 AUTHORIZE, EXECUTE AND DELIVERY OF FINAL OFFICIAL STATEMENT PARKING GARAGE REVENUE BONDS R-80-505 17-19 APPROVE PURCHASE CONTRACT SUBMITTED BY SMITH, BARNEY, HARRIS UPHAM, AND COMPANY, INC. FOR ITSELF AND OTHER UNDERWRITERS AND AWARDING BONDS TO SUCH UNDERWRITERS; DIRECT AUTHENTICATION AND DELIVERY OF BONDS R-80-506 18-21 EMERGENCY ORDINANCE: AMEND 9019 BY INCREASING APPROPRIATION FOR CITY OF MIAMI UNIVERSITY OF MIAMI/ JAMES L. KNIGHT INTERNATIONAL CENTER ENTERPRISES FUND IN THE AMOUNT OF $1,059,071 FOR PURPOSE OF MAKING DEPOSIT IN CONSTRUCTION/PARKING BONDS ORD. 9124 21-23 AUTHORIZE AND DIRECT MANAGERS AND OTHER OFFICERS OF THE CITY TO COOPERATE WITH THE TRUSTEES, DEPOSITORY UNDERWRITERS, BOND COUNSEL, LESSEES, ETC.. UNDER LEASE AGREEMENTS WITH THE CITY-CONVENTION/PARKING BONDS R-80-507 23-24 AUTHORIZE CITY MANAGER TO PROVIDE FOR SELECTION OF TRUSTEE UNDER TRUST INDENTURE BY RECEIVING BIDS FROM BANKING INSTITUTIONS R-80-508 24-25 URGE METRO DADE COMMISSION TO DEFER ACTION ON PROPOSED ORDINANCE SUPERSEDING MUNICIPAL ORDINANCES PERTAINING TO REGULATION OF PASSENGER MOTOR CARRIERS, ETC. R-80-509 26-27 DISCUSSION ITEM: REQUEST SELECTION OF ATTORNEY TO ACT AS SPECIAL COUNSEL CONCERNING UPLAND AREAS DISCUSSION 27-28 MINUTES OF SPECIAL MEETING OF THE CITY COMMISSION OF MIAMI, FLORIDA On the 30th ?ay of June, 1960, the City Commission of Miami, Florida, met at its regular meeting place in said City in Special Session to consider business of public iTport. The meeting was called to order by Mayor Maurice A. Ferre with the . following members of the Commission present: Commissioner J. L. Plummer, Jr. Commissioner (Rev.) Theodore R. ,3ibson Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre ABSENT: Commissioner Joe Carollo ALSO PRESENT: Joseph R. Grassie, City Manager R. L. Fesmocn, Assistant City Manager George F. Knox, City Attorney Matty Hirai, Assistant. City Clerk An invc-caci,)n was delivered by Reverend Theodore R. Gibson, who then led those present in a pledge of allegiance to the flag. 1. AUTHORIZE EXFCUTIQN OF FIRST SUPPLEMENTAL TO LEASC AGREEMENT FOR DEVELOPMENT WITH MIXII CENTER ASSOCIATES, LTD. Mayor Ferre: All right, good afternoon, ladies and gentlN.men. This is a special Commission meeting for the purposes of discussing various outstanding matters on the Conference/Convention Center. And we have a whole series of things. Mr. Manager, tell us how many bonds you've sold today. Mr. Grassie: Mr. Mayor and members of the City Commission, I would like, if I could, to set the stage for today's meeting and talk about what we're going to ask by way of decisions from the City Commission, and then tell you a little bit about the progress of the bond issue. Mayor Ferre: All right. Mr. Grassie: You had in your initial agenda's distributed to you, ten items. Mayor Ferre: Ten items. Mr. Grassie: We are going to ask you to act on only four of those items at this time, and those are items three, four, five and six. All of those are resolutions. The reason that we are not asking you to act on the other items is that we are going to inconvenience you and impose on your time, if we can, asking you to defer this meeting until either six or seven o'clock, depending on Father Gibson's schedule. Seven o'clock, if possible. And at that time, we're going to ask you bo act on the rest of the items. The reason for this dealt', is that you know the underwriters have asked the City for two weeks in which to sell the bonds. As our schedule has worked out, we are allowing them five days. Now they ist 01 JUN -1gn r r, Mr. Grassie (continued): are they making a valiant effort to get us a good sale on sixty million dollars worth of bonds but we really are giving them very little time. In (_onsequence, they have wanted to use all of today, all of Monday and see what progress they can make in the market to�'ay. At .Last reading, they had orders, not sales, but orders for more than forty-five million dollars worth of bonds. What they are doing today is they are slightly increasing the coupon, or the interest rate on our issue and are hoping to get enough sales accomplished today so that they can come in this evening and guarantee to purchase the whole issue from you. r1ow it is because of that that we are going to ask you for this delay, this postponement of the meeting until later on this evening. so if we coi:ld, unless you have some question about the scenario. What we would like to do then is to proceed with the resolutions which Mr. Joe Guandolo of Brown -wood has brought down from New York today. Mayor Ferre: All right. Is this the series of resolutions we have before us at this time? Mr. Grassie: That is correct. Mayor Ferre: A11 right th,:!, in item number one, the approving and the authorizing the issuance of the sixty million principle amount, that's the one we're going to hold back? Mr. Grassie: Yes. Mayor Ferre: And item number two which is a resolution of approving the official statement for the Convention Center/Parking Garage, revenue bonds, we're holding that one back. Mr. Grassie: That is correct, until this evening. Mayor Ferre: Okay. Now we're on item number three. Is that correct? Mr. Grassie: Yes, and that one we want to ask you to approve. Mayor Ferre: This is a resolution approving the authorizing and execution, and delivery of the first supplement of the lease and agreement for development. Who prepared this particular instrument? Mr. Grassie: This was prepared back and forth between counsel for the... that is the supplement itself., I'm not speaking to the resolution. Mayor Ferre: I'm talking about item number three which is before us at this time. Mr. Grassie: The resolution was prepared by Mr. Guandolo. The supplement to which it refers was prepared, with modifications, between the City Attorney, attorney for the developer, and reviewed, of course, at every stage by Mr. Guandolo's office. Mayor Ferre: Mr. Guandolo, would you step forward and identifv youself, for the record. Mr. Joseph Guandolo: My name is Joseph Guandolo. I'm a partner .in the law firm of Brown,Wood,Ivey,Mitchell, and Petty. Mayor Ferre: All right, Mr. Guandolo, item number three which was in our original packet received last week, dated 60680, First Supplement to Lease and Agreement for Development. And my question to you is, are there any substantial or major differences between this document before us that we're voting on today, and the document received in our packet last week. Mr. Guandolo: No, there are no material differences between the two documents. 02 0 • Mayor Ferre: All right, are there any questions of Mr. Guandolo with regards to item number three and the resolution before us, at this time? Okay, is tl,cc.� w motion? Mr. Lacasa: :.Is chic• been reviewed by the City Attorney? Mayor Ferre: I assume that both the Manager and the City Attorney are conversant with your work product, and approve? Mr. Grassie: That is correct in my case, Mr. Mayor. Mayor Ferre: Mr. Knox': Mr. Knox: Yes, sir, the City Attorney is conversant with Mr. Guandolo's work product ,ind approves. Mayor Ferre: Are there further questions? Mr. Lacasa: Move. Xayor Ferre: Vjvci 1-oatimissioner Lacasa. Father Gibson: .;econd. Mayor Ferre: Second by Commissioner Gibson. Is there further discussion on item three? All right, call the roll. The following resolution was introduced by Commissioner Lacasa, who moved its adoption: RESOLUTION NO. 80-500 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION AND UELIVERY OF THE FIRST SUPPLEMENT TO THE LEASE AND AGREEMENT I'OR DLVELUPMENT Were follows body of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconueI by Commis:;icner Gibson, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Vice -Mayor Armando Lacasa Commissioner J. L. Plummer, Jr. Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo 03 J UN 3 p Ig� r 2. CONFIRM AND RATIFY EXECUTION OF LEASE AGREEMENT WITH DADE SAVINGS AND LOAN ASSOCIATION Mayor Ferre: All right, we're now on item number four, Mr. Grassie. Mr. Grassie: The resolution in front of you, Mr. Mayor would confirm the lease agreement between the City and Dade Savings which is the same agreement that you have had opportunity to see in the past. The same one that was distributed to you. Mayor Ferre: Mr. Guandolo, have you been involved in this work product too? Mr. Guandolo: Yes, I have. Mayor Ferre: And this meets with your concurrence and there are no major changes or surprises between these two documents? Mr. Guandolo: It meets with my concurrence, Mr. Mayor, and there are no major changes between these two documents. Mayor Ferre: Mr. Knox, does this meet with your concurrence? Mr. Knox: Yes, sir. Mayor Ferre: dr. Grassie? Mr. Grassie: Yes, sir. Mayor Ferre: All right are there any questions on item, on the resolution approving, confirming and ratifying the lease agreement executed and delivered between the City and Dade Savings and Loan Association that's before us. All right, is there a motion? Mr. Lacasa: Move. Mayor Ferre: Moved by Lacasa. Father Gibson: Second. Mayor Ferre: Second by Gibson. Further discussion? Call the roll. The following resolution was introduced by Commissioner Lacasa, who moved its adoption: RESOLUTION NO. 80-501 RESOLUTION APPROVING, CONFIRMING AND RATIFYING THE LEASE AGREEMENT EXECUTED AND DELIVERED BETW,EN THE CITY AND DADE SAVINGS AND LOAN ASSOCIATION (Hurt, follows body of resolution, omitted here and on the in the Office of the City Clerk). Upon being seconded by Commissioner Gibson, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: Commissioner J. L. Plummer, Jr. (CONTINUED ON NEXT PAGE) ABSENT: Commissioner Joe Carollo 3. CONFIRM AND RATIFY EXECUTION OF TURNKEY CONTRACT DESIGN AND DEVELOPMENT c7F =A.KING GARAGE Mayor Ferre: All right, w•�'re now on item number five which is a resolution confirming and ratifying the execution and �(-Iivery of the Turnkey Contract for design and devPl,-�pmcnt of the parking garage. Now again my question to you is, to you Mr. Guandolo, were you involved in the preparation of this resolution? Mr. Guandolo: Y._ . ' was, vr. Mayor. Mayor Fer►er All right, are there any substantial changes between this and the farmer discussion that we had and the statement that was before us .0 the packet received dated May the 20th, 1980, entitled Turnkey Design and Development Contract By and Between the City of !Miami, Florida, and Miami Center Associates, A Florida Corporation? Mr. Guandolo: Mr. Mayor, since the execution of this particular contract n May 20, the City and Miami Center Associates, Inc, have signed a letter which adds to the contract certain engineering requirements which are in accord with the contract between the.City and Dade Savings respecting the lease of the air space over the parking garage. Mayor Ferre: 3o that's an improvement for us? Mr. Guandolo: it is an improvement. Mayor Ferre: Are there any ether changes? Mr. Guandolo: "lone to ►r.y knowledge. Mayor Ferre: Does the City Attorney concur with Mr. Guandolo's opinion? Mr. Knox: Yes, sir. Mayor Ferre: Does the City Manager concur ? Mr. rrassie: Yes, I recommend it. Mayor Ferre: Okay. Are there any questions on item number five? All right, is there a motion? Mr. Lacasa: Move. Mayer Ferre: hk►ved by Lacasa, seconded by Gibson. Further discussion �n tile item? Call the roll. The followinq resolution was introduced by Commissioner Lacasa, who moved its adoption: 05 ! �;v ,1 3 01980 PESOLUTION No. 90-502 F'ESr:LUTION APPROVING, CONFIRMING AND RATIFYING THE TURNKEY DESIGN AND DEVELOPMENT CONTRACT FOR THE PARKING GARAGE EXECUTED AND DELIVERED BETWEEN THE CITY AND MIAMI CENTER ASSOCIATES, INC. (Here follows body of resolution, omitted here and on file in the office of the City Clerk). Upon being seconded by Commissioner Gibson, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Vice. -Mayor Armando Lacasa Commissioner J. L. Plummer, Jr. Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo 4. CONFIRM AND RATIFY NEGOTIATED SALE OF PARKING GARAGE REVENUE BONDS Mayor Ferre: All right, now we're on item number six which is a resolution confirming and ratifying previous decisions to sell sixty million dollars worth of Convention Center and Parking Garage revenue bonds by a negotiated sale. Now Mr. Guandolo, were you involved in the preparation of this document? Mr. Guandolo: Yes, I was. Mayor Ferre: Now in our packet dated, the one we received last week, on item number six there was no exhibit for item six. So this is a brand... Mr. Grassie: The resolution is the only exhibit, Mr. Mayor, the one that you received today. Mayor Ferre: But what I'm saying is that this was not received by me or by anybody else. Mr. Grassie: That's correct. Mayor Ferre: This one, I think, we really should take a few minutes to Look at. Mr. Guandolo: May I... Mayor Ferre: Ga ahead. Mr. Guandolo: ...suggest what the purpose of this particular resolution is. There has been a statute enacted in Florida which provides generally, for public sale of bonds and private sale of bonds under certain conditions. In our view, that statute is not applicable to the sale of these particular bonds because the Commission has on several ocassions approved the sale of these bonds by negotiation. You entered into a contract with Smith Barney which obligated Smith Barney to prepare a financial plan and come in with a proposal for the purchase of bonds at private sale. You C6 0 ' '8J Mr. Guandolo (continued): have adopted two different resolutions which endor3e:; the principle of private sale. So that based on action taken by the Commission prior to the date of effect of this particular law, it is ou. conclusion that the law is not applicable. However, we have prepared a resolution to record the fact that the City has taken this action and therefore, reaching the conclusion that this new law doesn't apply. But we have included in this resolution the type of findings and 3eterminations that are required under this particular law in order to permit private sale of bonds so that the effect of this is that even if the law should have applied, these determinations would have permitt-d the City to sell the bonds at private sale. Mr. Plummer: When was that enacted by the Legislature? Mr. Guandolo: It was just signed by the Governor on June 12th. Mr. Plummer: Which becomes in sffective law when? Mr. Knox: July. Mr. Guandolo: I con't know. It's either June the 12th or June 20th. That hasn't hcen established. Kr. Plummer: Mr. YJ,ox. :Sr. Knox: Ye_;, ::iL. ^rdinarily, unloss there was something in the bill to the contrary, it would have become effective upon his signing it into law. In any event, it would be effective on July 1st. Mr. Plummer: So in other words, we are, for all practical effect, we are operating under the law even though we are not complying with the law. Mr. Knox: That's correct. Mr. Guandolo: No. Ar. Grassie: No, that is not the case. Mr. Knox: No, sit, not .hat we are_• not complying... Mr. Guandolo: Not for this particular bond issue. You are not subject to the law. You are subject to that with respect to future bond issues, but not this particular one. Mr. Plummer: Mr. Guandolo, there must be some question in your rind or we wouldn't be voting on this resolution. Mr. Guandolo: There's no question in my mind. All I want to make, point on the record that the City has taken this action. Mayor Ferre: Sure. This is just, what, prudent procedure. Is t'-it what you would call it? Mr. Guandolo: Just a precaution. Mr. Plummer: Well you're speaking only in cases as it applies to this particular bond issue. Not in any other bond issue before the Commission. Mr. Guandolo: That's right. Mr. Plummer: For the record, that vote in principle, in the past was not unanimous. Mayor Ferre: That's obvious. Mr. Plummer: I just want it for the record. Mayor Ferre: It's on the record. Okay. Further discussion on item, ,!'! r,� ;) 41980 1L.t r Mayor Ferre (continued): resolution number six? Again, for the record, Mr. Guandolo, this has your recommendation for the reasons stated? Mr. Guandolo: Yes, it has my recommendation. Mayor Ferre: Mr. Knox, does this have your concurrence? Mr. Knox: Yes, sir. Mayor Ferre: Mr. Grassie, are you recommending that we do this? Mr. Grassie: I recommend that the City Commission take this action, yes Mr. Mayor. Mayor Ferre: is there a motion... Mr. Plummer: Question. Mayor Ferre: Question, go ahead. Mr. Plummer: Is tti roper to •acre on this now or at six o'clock? This says ratifyirg the negotiated sale. It hasn't been done and completed yet. Mr. Guandolo: No, it doesn't ratify that at this point. '•;r. Plummer: That's what I'm reading from. Mr. Guandolo: This is in anticipation of your getting a bid for the private sale of bonds. Mayor Ferre: Yeah, but Plummer's question is a practical one and that is, can we actually move on this before you sold... Mr. Guandolo: Yes, because this is fixing the policy that you're going to pursue. Mayor Ferre: I see, okay. Is there a motion? Mr. Lacasa: Move. Mayor Ferre: All right, moved by Lacasa. Is there a second? Father Gibson: Second. Mayor Ferre: Second by Gibson. Is there further discussion? Call the roll. The following resolution was introduced by Commissioner Lacasa, who moved its adoption: RESOLUTION NO. 80-503 RESOLUTION CONFIRMING AND RATIFYING PREVIOUS DECISIONS TO SELL $60,000,000 CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS BY A NEGOTIATED SALE (here follows body of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconded by Commissioner Gibson, the resolution was passed and adopted by the following vote: d8 J J PJ ist 301980 AYES: NOES: ABSENT: Vice -Mayor Armando Lacasa Commissioner (Rev.) Theodore R. Gibson May(-r 'daurice A. Ferre FOLLOWING ROLL CALL: Commissioner J. L. Plummer, Jr. Commissioner Joe Carollo Mayor Ferre: Take up item seven which is approving... Mr. Plummer: No, all r,f the rest ()f that stays for tonight. Mayor Ferre: I ree. This is for tonight. Do we have nine and ten now? Mr. Plummer: We have it but it's not ready. Mr. Grassie: NO, sir. what we would like to du is hold everything else on the agen;in -:ntil seven o'clock this evening, if that is satisfactory to you. Mayor Ferre: Okay. So let me review. We need to have one, three, two? Mr. Plummer- One, two, seven, eight, nine and ten tonight. Mr. Grassie: Now tonight we will com))ine items nine and ten into one item but it will cover the same ground. Mayor Ferre: That's the letter that goes with item five. Which is additional protection. okay, is there anything else to come up before this Commission? Mr. Grassie: Only the ratification of the adjournment of the meeting until seven o'clock. Mayor Ferre: Until what time? Mr. Grassie: Seven o'clock if that is possible for Father Gibson. Mayor Ferre: Better make it six. Mr. Grassie: Can we get him to agree to six thirty? The only Mason I say that Father, is that we have people coming in from New York, the weather in New York is so bad, and I just don't know if I can depend on the flight. Father Gibson: I can tell you that better. I was a victim. Lets make it six thirty because I promised them faithfully that I'd be there. Mayor Ferre: All right, we will then not adjourn, not recess this meeting until six thirty. Mr. Plummer: Before you recess, Mr. Mayor. r would hope that this evening, when this matter comes back before us, Mr. Grassie, that someone is going to be prepared to answer the question that at eight and one half, give or take, percent, I want for the record at that time, number one, what cash is going to have to be up front; and number two, where that cash is coming from. Mr. Grassie: We will have all of that specified for you, Commissioner. J U N 3 01980 ist W 5. DISCUSSION ITEM: RECRUITMENT OF BLACK POLICE OFFICERS FROM CITIES THAT ARE LAYING OFF POLICE OFFICERS ALSO: REQUESTING REPORT ON 22 WEEK TRAINING SESSION, ETC. Mayor Ferre: Mr. Grassie, I took a newspaper story in to you last week when I came back from Washington, I guess it was the New York Times, about the laying off of policemen in other parts of the country. I just go off a plane from Washington. Mayor squelches plan to lay off two hundred and four police. Now the quickest and best way for you to get minority policemen, especially black policemen that are trained and qualified. And I would through a very good screening process and all the other stuff that you need, but there's an awful lot of good black cops available in places where they're being laid off. And perhaps we might be able to get some of those policemen. And that might be one of the quickest ways in which you can take the mand.ite of this Commission of go up another two hundred and whatt-ior it is, and to start getting... Mr. Plummer: Mr. Mayor... Mayor Ferre: Let me finish J.L. I would only do this for minority, and principally, let me say black. We seem to have a ... we don't seem to have any kind of a problem getting white kids, including Latins, in Miami. Where we seem to have a problem is in getting black policemen. And I think that if we can get trained personnel. Now I would limit it just to blacks but certainly since we have this eighty percent goal of getting eighty percent minorities, I would go out and get some of these minorities if you can. That's not to say that we shouldn't give preference to a Miami applicant. I think all Miami applicants, all Dade County applicants, and from there Broward, and so on should have preference. But if we can get a good trained policemen, and this is one way J. L., one we can get more policemen -ight away; and two, we can get away from just having sixty black p,-)licemen in Miami. I'd like to see if we can move that up and end up, you know, right away with one hundred and some odd -black policemen. Mr. Plummer: Mr. Mayor, number one, that's going to facilitate your motion of the last meeting which set the boundaries, as I recall, for Palm Beach South. Number two, it's interesting to note, as I walked in here today proposed on the front page of the paper, that the City of New York's Police Department is proposing to go on strike tonight. The most consequential thing that I think must be remembered, Mr. Mayor, and it's unfortunate, that if we hired policemen from anywhere else in the United States, still they must go through twenty two weeks of training here in Miami... Mayor Ferre: Is that a fact? Mr. Plummer: ...before they can be put on the street. yes, s" . Mayor Ferre: Is that a fact. Mr. Plummer: it's unfortunate. Minimum Standards Council. Mayor Ferre: We can't get cops from New York, or Washington, or Chicago that are already trained? Mr. Plummer: It is my understanding that we cannot. Mayor Ferre: Mr. Manager, would you have the Cheif make a full report to the Commission on this idea on the July loth meeting? Mr. Plummer: Well Mr. Mayor, I've also... ist 10 J u N 3 01980 0 0 Mr. Grassie: It would be the Director of Human Resources who would be knowledgable about this. But certainly we can get a report for you. One of the things we're doing is checking with the Justice Department to see whether this is legally possible for us, but we can get you a report, yes. Mayor Ferre: Hey look, I'm rc-t sayiiY; where to get_ them from and I'm telling you any of these cols are going to come down from New York or Washington or what have you. But. I'm :,ayinq, you want to get black cops and you want to do it quick, h-re's a way to do it. Mr. Plummer: Mr. Mayor, I leave asked the Manager to remind him, Armando, that it is the request of this Commission that on July the loth, that we. had requested that Human Resources and the Department of Police both come back before this Commission to yell us wi,at they have been doing in the way of rect,:itin17, what they are doing today, and what they are going to do to hire these men ro that we m,:et that goal that the Commission has set, that the last day of 81 there will be no less than eight hundred and fourteen sworn police officers and fifty additional civilians. I'm just putting that on the record to remind. Mayor Ferre: An. Zgain, the eighty percent minority portion of it. Mr. Plummer: I have no problems with that. Mayor Ferre: See you at six -thirty. WHEREUPON the City Commission recessed at 2:25 P.M. and reconve-,ed at 6:36 P.M., with the following members of the Commission found to be present: Commissioner J. L. Plummer, Jr. Commissioner (Rev.) Theodore R. Gibson Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre ABSENT: Commissioner Joe Carollo 6. AUT!iORIZE ISSI;ANCE OF $C,0,000,000 CON%LNTICN CENTER ANC FARKING GARAGE REVENUE .lCID 1-YXCUTI011 Or TRUST INDENTURE AND DESIGNATION CP TRUSTEE THEREUNDER Mayor Ferre: We are now reconvening the previous session that was adjourned summarily at three o'clock. And we're now on item number one. Mr. Manager, tell us the good news. Mr. Grassie: I wish I could tell you that it was all good news, Mayor, but apparently the heavens aren't with us today. Our underwriters have been trying since twelve to get on an airplane to come down here and some of them are still delayed. However, we are going to move forward with the agenda. We have one extra item which we're going to gall item eleven. But we are tjoing to start with item one and we will talk about each one of these as we yo forward. The first thing that we'd like to do is get authorization for the sixty million dollars of bond issues. This is a reconfirmation of an action that you have taken before. I believe that you have had distributed to you a copy of the resolution as prepared by bond counsel. Mayor Ferre: All right, the resolution is entitled as follows: "A resolution authorizing the issuance of sixty million dollars of Convention Center and Parking Garage Revenue Bonds to pay with other funds available it ist J U N 3 01980 r r Mayor Ferre (continued): Therefore, the cost of the Convention Center/Garage authorizing the execution and deliver of a trust indenture authorizing the designation of the trustee and depository under such trust indenture, and fixing the interest dates, maturity dates, and other provisions of such a bond." Who prepared this instrument? Mr. Grassie: Mr. Guandolo prepared this also, Mr. Mayor. Mayor Ferre: Mr. Guandolo, would you step forward please, sir. Your name for the record, who you are. Mr. Joseph Guandolo: My name is Joseph Guandolo. I'm a partner in the law firm of Brown, Wood, Ivey, Mitchell, and Petty, New York City. Mayor Ferre: Mr. Guandolo, did you prepare this resolution that's here before us at this timd?- Mr. Guandolo: Yes, Mr. Mayor, I did. Mayor Ferre: Are there any surprises or is there anything different contained in this resolution, other than those things that have been previously discussed, other than the specific designation? Does this stipulate the interest rate and maturity and all that? It has all the information that came out of the red herring? Mr. Guandolo: Generally. Thisis consistent with the documentation that has been previously presented. There is one item in this resolution which has not been filled in, and that is the designation of the trustee. The designation of the trustee will be coverd under item eleven which is a resolution being prepared for the purposes of selecting a trustee. Mayor Ferre: Would that be, would the selection be made after the trust indenture is delivered? Mr. Guandolo: No. It will be made before the trust indenture is executed so that it will provide for the insertion... Mayor Ferre: So it becomes a part of. Mr. Guandolo: That's right. Mr. Plummer: Who chooses the trustee? Mayor Ferre: I would imagine that... Mr. Guandolo: That will be covered under the resolution... Mayor Ferre: You haven't answered the question. Who will actually do the choosing of the trustee? Mr. Guandolo: It will be the City Manager who chooses under the guidelines included in the resolution. Mayor Ferre: Well obviously the City Manager, with concurrence of the City Commission. Mr. Guandolo: Well if you have a meeting within the time... Mr. Plummer: well let me tell you the reason, it's not for my sake as much as what it is for Father's. And Father is the one who would want a local trustee. Mr. Guandolo: He will be a local trustee. Mr. Plummer: Well you say that, but I don't know that. Mr. Guarlolo: No, no. It's in the resolution. The requirement is that it be a banking institution in Miami that is authorized to administer trust. 12 J U N 3 019M Mr. Plummer: Now I have a big problem. Mayor Ferre: Plummer, I'm used to your no votes. So, I mean, you vote no and, you k-w w that's fine. I don't mean to be disrespectful to you. Mr. Plummer : 1.1ayuL , .t. a(juid ;- :,:m like to me, may I ask the question as to why the trustee is not chosen before hand? Mayor Ferrer Because I would imagine... Mr. Grassie: Yes, I think we need to give... Mayor Ferre: ...like any document of sixty million dollars, that that's something that needs to be negotiated, and very carefully negotiated, I would imagine. Mr. Guandolo: The Leason i,. has not bee n .selected now is because we learned at about five o'clock this evening, local harks were pretty much closed, from Smith Barney, that they had not been able to interest banks in purchase of some of these Conv-�ntiun Center and Parking Garage Revenue Bonds. And it was intended to select the trustee based upon the amount of bonds the trust.e,� ;t)uld... Mayor Ferre: Look, I just want to tell you into the record, I don't care if it's Flagship, Barnett, or Southeast of tim-buck-two. If they buy five million dollars worth of bonds and nobody else buys it, that's whose going to be the trustee. It's just that, I mean, this is obviously an instrument to :!Il bonds. Now I don't have any objections if you want to stipulate that the Manager should let the Commissioners know, and if there is any objections, I will stipulate that I will call a special Commission meeting if you're not satisfied with who the Manager has chosen as a trustee. I don't think we want to put ourselves in a position of doing the choosing of a trustee without having a disclosure of the full information as to who else is buying the bonds. Mr. Grassie: Mr. Mayor, 1 think that some members of the City Commission may have some: concern about this and maybe we should interrupt discussion of number one and try and cover some of your questions on this item. First, I think that it needs to be made clear that the City Manager has no particular interest in choosing the trustee. Second, the process that we have been going throuqh is one of having the bond underwriter attempt to get offers to purchase from the local banks. And they have been doing this since they have had the bonds out on the market. For whatever the reason, they have not had any interest from a :Miami t,dnk. '.ow that means that we don't have any successful auction tecause no bank has entered that process. Mayor Ferre: And furthermore, Mr. Grassie, let me put further into the record, that if a bank in Atlanta, Georgia, okay, like the C and S is a little bit more aggressive than these local ranks around here who go around complaining and whining all the time but never have any aggressiveness and who sit around waiting for things to fall in their lap and when they don't fall in their lap, they complain about other banks coming in from the outside and getting the outside advantage, and that that's anf,air and all this kind of stuff. As far as I'm concerned, I don't care if the bank is in Seattle, Washington. If it becomes an instrument of our sellinq these bonds, and we can get a better deal, I don't care where the trustee is. I would hope that we can get a Miami bank, we'll get a Broward bank, and if we don't get one in Droward, we'll get one in Atlanta, Georgia, or chit -ago, or New York. The only thing that I would like, Mr. brassie, if we could stipulate here, and I don't think we need a formal motion, but if you would just stipulate, that you would give twenty-four hours notice to members of the Commission in both in a telephone call, and in writing, delivered to each Commissioner's Office, as to why, who you have chosen as a trustee, why you've chosen the trustee before you finalize, and if you have any objections of any kind, I will call within that time a special Commission meeting. Mr. Plummer: If any one Commissioner? 13 J „N 3 01 ist 980 0A Mayor Ferre: What? Mr. Plummer: Any one Commissioner has an objection. Mayor Ferre: I accept that, Plummer. I will call a special Commission meeting if you have any valid reason that you're going to have to state into the record. I will not be your judge as to whether you have a valid reason. Mr. Plummer: That's fine. Mayor Ferre: When we meet, whoever has asked me to call the meeting, he'll have to justify why you called the meeting. Father Gibson: Mr. Mayor, I want to make my position clear. I want to make sure that every bank in Dade County, I want to make sure, and underline it, I want to make sure that every bank in Dade County is approached first. Mr. Grassie: Father, the, you know, I really haven't had a chance to finish my statement because of the interruptions we've had. But the process that I've started to tell you about was, when the underwriters were unable to get an order from any of the banks, what we have then done is, we, the City have gone to these same banks and instead of approaching the investment side of the bank, we have approached the trust side of the bank, the Trust Department of the banks and we now have at least three of the banks in town that are looking at it seriously and are considering the possibility of buying some bonds. Whereas they have already told the underwriter that they were not going to buy any bonds. What I'm saying to you is that we have revived their consideration of this question. And what we are keeping out there by way of bait, if you wish, is the possiblity of providing trustee services. Now, when you say every bank in Dade County, I have to tell you that at least two thirds of the banks in Dade County, I believe there are twenty-nine banks in Dade County, and almost two thirds of them do not have Trust Departments. In other words, they do not provide this service. Father Gibson: I have no problem with that. If they have that kind of service, I want to make sure they are given an opportunity. Mr. Grassie: We have already contacted the either twelve or thirteen banks in Dade County that do have a Trust Department. Father Gibson: All right, and let me make sure for the record. When that comes up, I want you to be able to tell me, we have called bank "A", "B", nC" , "D" , "Elt , IOF" , 'I/." . Mr. Grassie: We'll be able to do that. Father Gibson: And this is the response. Mayor Ferre: And furthermore, before you finalize anything that you give us twenty-four hours notice so that if any member of this Commission has any questions about it, and if there is another bank that is willing to purchase a larger amount, etc. etc., it will be an open thing. Mr. Grassie:Now if it would make the City Commission happier, I can suggest to you that we want to accomplish this process within two days. And if the City Commission would like to have a special meeting about this, I'd be happy to bring this result back to you and you can do it. Mayor Ferre: See, the problem with that is, Carollo is... Mr. Grassie: You can do it, you know, just in case you think that I'm particularly anxious to name the trustee, I'd be happy to have you do it. Mayor Ferre: Wait, wait, wait. Joe, nobody, lets get our thing straight. In the first place, being a trustee for this is no big deal. I mean, there's 14 if N 301980 6 0 Mayor Ferre (con'inued): no big thing. Nobody is going to ... lets put this in persFective. All this is# a trustee does is just the paperwork and gets paid f-r doinq papNr,,nrk. So it's no big thing for any bank. Btlt it's busine79, an(l therefore, 1,inks are anxious to get these things, those that have Trust Departments. Now what we need to do is use that as leverage for a bank to buy same of these bonds. I don't think there's any question about this, Mr. Grassie. All right, is there a motion on item one? Father Gib:cor, : '' )vr• . Mayor Ferre: All right, Gibson moves item one. Is. there a second with the stipulation on the conversation that's just gone on? Mr. Lacasa: Second. Mayor Ferre: Further discussion on item one? Call the roll, please. The following resolution was introduced by Commissioner Gibson, who moved its adoptin;,: R.ESOLUTICN NO. 80-504 A RESOLUTION AUTHORIZING THE ISSUANCE OF $60,000,000 CWYENTION CENTER AND PARKING GARAGE REVENUE BONDS TO PAY, WITH OTHER FUNDS AVAILABLE THEREFOR, THE COST OF THE. COINENTION CENTER -GARAGE, AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE; AUTHORIZING THE DESIGNATION OF THE. TR.USTFF. AND DEPOSITORY UNDER SUCH TRUST INDENTURE; AND FIXING THE INTEREST RATES, MATURITY DATES kND OTHER PROVISIONS OF SUCH BONDS (Here follows hody of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconded by Commissioner Lacasa, the resolution was passed and adopted by the following vote: AYES: r•mmi ssionur (Rev.) .1, .odore R. Gibson *Commissioner J. L. Plummer, Jr. Vice-1ayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo ON ROLL CALL: Mr. Plummer: I've got a question, Maurice. Mr. Manager, what of the bonds are sold? Actually sold? Mr. Grassie: You know, Commissioner, that the report frr%. the underwriters is current only through about mid -afternoon today. mr. Plummer: I can only ask for a report as to what you have. Mr. Grassie: The verbal information that we have on the telephone, is that they have approximately, and I say approximately because they're netting changes every mir-ite, they have approximately forty-five million dollars worth of bonds ordered. Now the distinction that I'm making for you is that members of the syndicate, and keep in mind that there are one hundred financial institutions that form part of this syndicate, members of the syndicate placed orders with the managing underwriter. Those orders are not the same as sales. The members of the syndicate then go out and sell to their clients. So we have about forty-five million dollars worth of orders. They have, the last estimation that I have heard, is approximately nine million dollars worth of sales. So that means that they are taking 15 .1 uN 3 0 �980 Mr. Grassie (continued): a Significant underwriting risk, because what they are telling you today is that they are going to guarantee to you that the whole issue is going to be sold. Mr. Plummer A* no more than eight point seven five? Mr. Grassie: The average... Mayor Ferre: Less than that. Mr. Grassier ...rate, and that's the next item that we're going to get into. Mr. Plummer: No, it's in this one. It's in item one. Mr. Grassie: But the determining figure is the one that appears in your official statement, which is what we're going to get into in just a minute. The average interest rate is going to be eight point five six. That's average. The net interest cost, which is the figure that includes the commission is eight point seven -seven -one -five -four -six, as I recall. Mr. Plummer: Well then this, we can't pass this item. On page seven, Mr. Grassie, item "B", it says that they shall bear interest at the rate of eight point seven -five per annum. ;•;r. Grassie: Well, the term bonds do bear an interest of eight point seven five per annum. In addition to that, and there are approximately forty-six million dollars of the total which are term bonds, in addition to that, you have thirteen point six million dollars, approximately, which are serial bonds. Now the serial bonds have shorter maturities than the term bonds. The term bonds are two thousand fifteen. The serial bonds... Mayor Ferre: The serial bonds will bring the average down under eight point seven five. Mr. Grassie: ...have interest rates which go as low as six and one half percent. And as the maturities get longer, in ot17 r words, as the period of years that you have to wait to cash it in gets farther away, the interest goes up. So that interest goes from six and one half percent all the way up to eight and one half percent on the serial bonds. When you average out, you .get the interest that I gave you as an average interest cost. mr. Plummer: So in other words, the term bonds will not exceed eight point seven five. Mr. Grassie: That is correct. Mayor Ferre: And the serial bonds vary depending on the year and that brings down the average. ist 16 %J1uN 301980 r� u E 7. AUTHORI?E, EXECt1TE AND DF'LI'JT.RY OF FINAL OFFICIAL STATEMENT PARKING GARAI-IE RF.Vi'NUL' SGNDS Mayor Ferre: All right, we're now on item number two which is a resolution approving the official statement for the Convention Center and Parking Garage Revenue Bonds. Mr. Guandolo, did you prepare this resolution? Mr. Guandolo: Yes, sir, Mr. Mayor, I did. Mayor Ferre: Is there anything in here that is different, Oh, I'm sorry. Excuse me. Into the record, Mr. Knox, did you concur with the resolution that we just pay Mr. Knox: Ytrs, sir. Mayor Ferre: Mr. Grassie, this has your recommendation? Mr. Grassie: !es, it has my recommendation, Mayor. Mayor Ferre: Okay. On item number two, Mr. Guandolo, you prepared this. Is there anythirn3 t_hat.'s different or that has rot been disclosed up until this time? Mr. Guandolo: No, sir. Mayor Ferre: Mr. Knox, does this have your concurrence? Mr. Knox: Yes, sir. Mayor Ferre: And it has your recommendation? Mr. Grassie: Yes, it does, sir. ,Mayor Ferre: Okay. Are there any questions? Father Gibson: All right, moved by Gibson. Is there a second? Mr. Lacasa: Second. Mayor Ferre: Second by Lacasa. Further discussion? Call the roll. The following resolution was introduced by Commissioner Gibson, who moved its adoption: RESOLUTION NO. 80-505 1ESOLUTION APPROVING THE OFFICIAL STATEMENT FOR THE CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS Olt -re follows body of resolution, omitted here and on file in tho Office of the City Clerk). Upun being seconded by Commissioner Lacasa, the resolution was passed and adopted by the following vote: ist 1'7 JiJ 30 j98U AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo B. APPROVE PURCHASE CONTRACT SUBMITTED BY SMITH BARNEY, HARRIS UPHAM, & COMPANY, INC. FOR ITSELF AND OTHER UNDERWRITERS AND AWARDING BONDS TO SUCH UNDERWRITER.S;DIRECT AUTHENTICATION AND DELIVERY OF BONDS Mayor Ferre: We'ra now on item seven. This is a purchase contract. Go ahead. Mr. Guandolo: Mr. Mayor, I think it's appropriate at this time, before we get to the resolution to have the purchase contract presented by the Smith Barney representative. Mayor Ferre: All right, is the representative of Smith Barney here? Would he step forward, please. All right, sir, your name for the record, who you represent. Mr. Willis Dobbs: My name is Willis Dobbs, I'm with Smith Barney, Harris and Upham Company in Atlanta. Mr. Grassie: Excuse me, I should say in defense of Mr. Dobbs, that he has been asked to come down from Atlanta on an emergency basis because Mr. Ernesto Pena, whom you know, and Mr. Paul Belika, who is the Senior Vice -President from New York, are on a plane right now trying to get down here but their plane was delayed four hours by weather in New York, and that is why Mr. Dobbs has been called in on an emergency basis. Mayor Ferre: Would you lift the microphone little bit, that's better. Mr. Dobbs: Gentlemen, as Mr. Grassie says, I'm here on behalf of Smith Barney to present to you the purchase contract for the sixty million dollar City of Miami Convention Center -Parking Garage Revenue Bond issue. I apologize for Mr. Belieka and Mr. Pena not being here on time but circumstances beyond their control prevented them from being here. I have with me Mr. Walter Breen from Mudge, Rose Guthrie and Alexander counsel to the underwriter who is going to help me field what questions you might have with regard to the purchase contract. Smith Barney has priced the bond issue, as you have discussed, with serial bonds from 1990 through 2001, with coupons of six and one half percent in 1990 to eight and three eighths percent in 20001 and then term bonds in 2015, with a coupon of eight and three quarters percent. The spread on the bond issue is thirty dollars and seventy-nine cents broken down as follows, management fee -five dollars, take -down or sales commission -eighteen dollars and sixty-five cents, underwriters risk compensation -one dollar and one half, and expen:;es of three dollars and sixty-four cents. We had hoped to do better on the pricing of the bond issue. We have been hurt by a pretty badly deteriorating bond market here the past week to ten days. We were also hurt by an approximate one hundred million dollar Pinellas County Solid Waste Boni issue, which -was competing with us in the market place at ttie same time. This issue was also approximately half, half of the bond issue was also insured by MBA Insurance, such as the one that we have on the Convention Center. Those bonds came into the market place a couple days after we began the offering, and the bond market had deteriorated by that time, and the bonds were offered at a little higher yield than we were offering on the Miami issue. i8 J U N 3 019nn Mayor Ferre: Yoi're going to have the attorney from Mudge -Rose make a statement: Mr. Dobbs. 1� ?!it. : was ;u.t goini to add that any type of questions that you might have, if you would direct them toward Mr. Breen, I would appreciate it. Mayor Ferre: Th's purchass� contract was prepared by your attorney? Mr. Dobbs: it -.-is prepared by Mudge -Kole, yes, sir. Mr. Walter Breen: My name is Walter Breen. I'm a partner with Mudge-Kose We are counsel to the underwriters. The purchase contract you have before you is a iraft. Thore is a ;:ew j.ur•_hAse contract that has been prepared over tl,e weckenc:. basically, it's suhitantially the same as you have before you. The changr­� that were made with your bond counsel were basically typographical chin7es and changes in relation to the form of opinions that the underwriter requested from Brown Wood. Basically, the changes that we do have in this purchase contract or the blank spaces that would be fii)t.,ci n, would be that the purchase price that the City would receive tot bonds would be fifty-eight million, one hundred and fifty-two thousand, six hundred dollars plus accrued interest on the bonds from Jaly 1, 1980. As you discussed previously, we would not designate the trustee tonight, since the underwriters have deemed it in their best interest, or the City's best interest, that they choose the underwriters. Als,), the purchase contract does require that the underwriters at the time of tl:e execution of it, give a good faith check in the amount of six hundred thousand dollars. Well all I can tell you is that check is on its way down mere. And it's in the possession of Mr. Ernesto Pena. Mayor Ferre: We'll accept your word. Mr. Breen: Otherwise, the changes in the purchase contract are basically not substantial. Mayor Ferre: All right. Mr. Guandolo, from the legal... Mr. Plummer: May I inquire of this gentleman or the other one? Mayor Ferre: Yes, sir. Mr. Plummer: I think it would be better if you're speaking for smith Barney. For the record, sir, you have, I assume, stipulated that you are underwriting the entire s.Lxty million dollar project. Mr. Dobbs: Yes, sir. That is the contract which we're giving you. Mr. Plummer: So it's up to you to sell the remaining fifteen million. Mr. Dobbs: That is correct. Mr. Plummer: And you understand that this Commission is reservi,:y unto itself the right to name the trustee. Mr. Dobbs: I di(in't know that but... Mc. Mummer: Y,)u have no problem with tnat? on the record. Mr. Dobbs: to , I have no problem with that. Mr. Plummer: You, Smith Barney. Mr. Dobbs: Right. Mayor Ferre: Mr. Guandolo, with regards to the resolution that's before us, did you have an opportunity to look at it for legal content? 19 ..010 ... „ 80 r r Mr. Guandolo: Yes, I prepared that. Mayor Ferre: And this, there are no dramatic changes of any kind and this meets witf. your approval? Mr. Guandolo: There are not. Mayor Ferre: Docs the City Attorney concur with his approval? Mr. Knox: Yes, sir. Mayor Ferre: Do you recommend this, Mr. Manager? Mr. r.rassie: I recommend the document, Mr. Mayor. Mayor Ferre: Further questions, Mr. Plummer. Mr. Plummer: Yes. Page four, section six, would you explain that to me Mr. Guandolo? Mr. Guandolo: T`e, those are the paying agents that have been designated by the City as paying agents for the City. Mr. Plummer: Trustee bank? :Lr. Guandolo: The City has taken bids on selection of paying agents, generally. They're under contract with the City. Mr. Plummer: Did we see, Mr. Grassie, a copy of those bids? Mr. Grassie: Yes. The City Commission authorized the process that was followed. Keep in mind, that this process was followed about two years ago. You authorized the process that was followed, you authorized the award of the depositary, payee agreement to the Pan American Bank, which happens to be the local bank that has that agreement for a three year period. I think that that period is up within about a year or a year and a half. I forget the date exactly. But it is a process that you approved and authorized. Mayor Ferre: Further questions. If not, is there a motion on item seven? Lather Gibson: ;love. Mayor Ferre: Moved by Gibson. Is there a second? Mr.Lacasa: Second. Mayor Ferre: Second by Lacasa. Further discussion on item seven? Call the roll. The following resolution was introduced by Commissioner ^';,son, who moved its adoption: RESOLUTION NO. 80-506 RESOLUTION AWARDING THE CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS, STATING THE PURCHASE PRICE AND OTHER TERMS THEREOF, DESIGNATING THE PRINCIPAL UNDERWRITER AND DIRECTING THE AUTHENTICATION AND DELIVURY OF SUCH BONDS (Here follows body of resolution, omitted here and on file in the Office of the City Clerk). 20 SUN 301 980 Upon beinu ,f cor:ded by Cc)mmissioner Lacasa, the resolution was passed and adopted by the following vote: AYES: Commissioner IR, v.) Theodore R. ';ibson Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: ('ommissionei J. L. Plummer, Jr. ABSENT: Commissioner Joe Carolly ON ROLL CALL: *Mr. Plummer. (In this it,:m I vote no for the r,.ason that. I was opposed, and still opposed to a ne3otiated type of contract for the sale of the bonds. I think that we possibly could have done better had we gone to the competitive bidding. 9. E:IERGENCY Ok1 NANCE: AMEND 9019 BY INCREASING APPROPRIATION FOR CITY OF MIAMI UNIVERSITY OF MIAMI/JAMES L. KNIGHT INTERNATIONAL -ENTER ENTERPRISE FUND IN THE AMOUNT OF $1,059,071 FOR PURPOSE CF %AKING DEPOSIT IN CONSTRUCTION/PARKING BONDS Mayor Ferre: Take up item eight which is an ordinance amending Section 1, by increasing the appropriation of the City on the James L. Knight Center Enterprise Fund in the amount of one million fifty-nine zero seventy-one. I, for one, want to state into the record, Mr. Grassie, that I'm very pleasantly surprised that that's all the money we're going to have to come up with. And fist to explain what this means in terms of what the City is accomplishing here and I hope that this doesn't do the underwriters ,any harm in the selling of this, but what we've done in effect, is we've come up with, we've taken five million dollars of City money and we've 2arlayed that by using the funds of Metropolitan Dade County and the State of Florida, and the Federal governmt..nt, the private sector, up to a one hundred and eighty-five million dollar project. I don't know, I cannot think of any other project in Miami, and I doubt if in the State of Florida, and I would really g4cst_ion very much if any where in the Nation, where a local government has taken five million dollars and used that as a lever to leverage up to a one hundred and eighty-five million dollar project. I think, at one time, it was my opinion that this City was going to have to come up with another five or ten million dollars. And the fact that we're only coming up with another one million zero fifty-nine zero seventy one is a wonderment to me. I'm just totally amazed. And I'm, I couldn't be happier and I certainly think that this speaks well for all of you that have been working so diligently and so long in this project. Is there a motion on this ordinance. Father Gibson: Move. Mayor Ferre: Move.. Mr. Plummer: Mr. Mayor, my... Mayor Ferre: Hold on, J. L. There's a motion, moved by Father Gibson. Is there a second? Mr. Lacasa: Second. Mayor Ferre: Second by Lacasa. All right. Mr. Plummer: My ordinance is not filled in, Mr. Mayor. Mayor Ferre: What? 21 JLN301980 r 11i Mr. Plummer: My ordinance is not filled in. Mayor Ferre: All right. For the purposes of complying with the law, why don't you read the ordinance and then I'll ask you for any questions. Would you rear. t;ie ordinance. (AT THIS TIME, THE %ITY ATTOP.NLY PIAD THE ORDINANCE BY TITLE IN TO THE PUBLIC RECORD). Mayor Ferre: All right. Now wi!at we need to know here... Mr. Plummer: All right, here he's... Mayor Ferre: J. L., we need to vote on this by the way, because this is an emergency ordinance. Mr. Plummer: Maurice, fill in if you want. I'll give you the figures here to fill in. Mayor Ferre: Go ahead. Mr. Plummer: T}.e herein appropriation of one million fifty nine thousand zero seventy--_)ne, and the same figure appears in the bottom. One million zero five nine zero seven one. 71a;,or Ferre: Is that the same figure in the title? Mr. Plummer: Yeah. But it's not filled in there that's the problem. Mayor Ferre: Okiv. Any further questions, J. L.? Mr. Plummer: No. Mayor Ferre: rather any questions? Armando? Okay, call the roll. This i.s on an emergency basis. A!1 ORDINANCE FN"r11TLr1)- AN ORDINANCE AMENDICIG SECTION 1 OF ORDINANCE NO. 9019, ADOPTED `IOVEMBER S, ! 979, THE CAPITAL IMPROVEMENT APPROPRIATIONS ORDINANCE FOR THE FISCAL YEAR ENDING SEPTLM.HER 30, 1980, AS AMENDED; BY INCREASING THE APPROPRIATION FOR THE CITY OF MIAMI/UNIVERSITY OF MIAMI JAMES L. K"dIGHT INTERNATIONAL CENTER PROJECT, IN THE JAMES L. KNIGHT CONVENTION CENTER ENTERPRISE FUND, IN THE AMOUNT OF $1,059,071 BY TRANSFERRING FUNDS FROM FLORIDA POWER AND LIGHT FRANCHISE EARNINGS IN THE SAME AMOUNT FOR THE PURPOSE OF MAKING A DEPOSIT IN THE CONSTRUCTION ACCOUNT AS REQUIRED BY THE PRELIMINARY OFFICIAL STATEMENT FOR THE ISSUE OF $60 MILLION IN CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE; AND DISPENSING WITH THE REQUIREMENT OF READING SAME ON TWO SEPARATE DAYS BY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF THE COMMISSION Was intruduced by Commissioner Gibson ind seconded by Commissioner 1_acrasa for adohti�)n pursuant to Section 4, Paragraph (f) of the City Charter dispensinq with the requirement of reading same on two separate days by a vote of not less than four -fifths of the members of the Commission: AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo J U N 30 WW 00 - U WhereuFon the Commission on motion of Commissioner Gibson and seconded by rorrrissinner adopted said Ordinance by the following vote: AYES: Commissioner (aev.) Theodore R. (;ibson Commissioner J. L. Plummer, Jr. ':ice -Mayor Armando Laeasa Mayor Maurice A. Ferre NOES: None ABSENT: 'ommissioner Joe Carollo ABSTAINING: None SAID ORDINANCE WAS DESIGNATED ORDINANCE NO. 9124 The City Attorneyread the ordinance into the public record and announced that cut, es were available to the members of the City Commission and copies were available to the public. EVEN THOUGH THE CITY COMMISSION DISCUSSED THE ABOVE INSTRUMENT ON AN EMERGENCY BASIS, THE ORDlir'ANCE, AS KEAT- BY THE CITY ATTORNEY, REFLECTS PASSAGE ON FIRST AND SECOND READING. 10. AUTHORIZE AND CIRLCT MANAGERS AND OTHER OFFICERS OF THE CITY TO COOPERATE WITH THE TRUSTEE, DLPOSITORY, UNDERWRITERS, BOND COUNSEL, LESSEES, ETC., UNDER LEASE AGREEMENTS WITH THE CITY - Mayor Ferre: Tak�L up, ,line and ten are one and the same, aren't they? Mr. Grassie: Nine and ten have been combined into one ro.solution, yes, sir. Mayor Ferre: This i5 a resolution authorizing ar.1 directing the Manager and other officers of the City to cooperate and work with the trustee, the depository, the underwriters, bond counsel, the leasee under lease agreements with the City, and other parties in connection with the issuance and delivery of a sixty million dollar Convention Center and Parking Garage Revenue Bonds, the construction of the Convention Center, the Parking Garage, and other facilities and other matters relating to the financing and construction of such facilities. Mr. Guandolo, would you briefly tell the Commission why this particular legal instrument is necessar . Mr. Guandolo: In a complicated financinq of this nature, given time Limitations and the necessity frequently to move rapidly, and given all the details that ar.a involved, it is frequently customary in bond matters of this it,iture, to authorize city officers to coolerate with the various parties involved in financing to facilitate the accomplishment of the objectives. Mayor Ferre: Did you prepare this instrument? Mr. Guandolo: Yes, I did. Mayor Ferre: Does the City Attorney concur ? Mr. Knox: Yes, sir. Mayor Ferre: The Manager recommends that we adopt it? 23 Juv 3 0 t98o r r Mr. Grassie: I recommend it, Mr. Mayor. Mayor Ferre: All right, is there a motion? Father Gibson: move. Mr. Lacasa: Move:. Mayor Ferre: Moved by Gibson, seconded by Lacasa. Further discussion? Call the roll. The following resolution was introduced by Commissioner Gibson, who moved its adoption: RESOLUTION NO. 80-507 RESOLUTION AUTHJkIZING AND DIRECTING THAT THE CITY MANAGER AND OTHER OFFICERS OF THE CITY COOPERATE AND WORK WITH THE TRUSTEE, THE DEPOSITORY, THE UNDERWRITERS, BOND COUNSEL, THE LESSEES UNDER LEASE AGREEMENTS WITH THL CITY AND OTHER PARTIES IN CONNEC-TON WITH THE ISSUANCE AND DELIVERY OF THE $i)O,600,000 CONVENTION CENTER AND PARKING GARAGE REVENUE BONDS, THE CONSTRUCTION OF THE CONVENTION CENTER, THE PARKING GARAGE AND OTHER FACILITIES AND OTHER MATTERS RELATING TO THE FINANCING AND CONSTRUCTION OF SUCH FACILITIES (Here follows body of resolution, omitted here and on file it. the .ffice of the City Clerk). Upon being seconded by Commissioner Lacasa, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo 11. AUTHORIZE CITY MANAGER TO PROVIDE FOR SELECTION OF TRUSTEE UNDER TRUST INDENTURE BY RECEIVING BIDS FROM BANKING INSTITUTIONS Mayor Ferre: We have one left which is a resolution authorizing the City Manager to provide for the selection of a trustee. Is that the one? Mr. Grassie: This is the one that we discussed with item number one, Mr. Mayor. Mayor Ferre: Under the trust indenture by receiving bids for such trusteeship from banking institutions in the City of Miami that are qualified to administer trusts. Let the record reflect that the Mayor has stated, that the Manager has stated that he will, before finaliziny any trust agreement, notify both in person and in writing, each member of the Commission of his selection and that any member of the Commission upon notification to me, through my office directly, or to Marie Petit, that I will call the following day,or that day within twenty-four hours, a special Commission meeting to deal with that particular subject if it's the wish of any member of this Commission. Now with that stipulation then, 24 �� 3 01980 Mayor Ferre (continued): is there a motion? Mr. Lacasa: Move. Mayor Ferre: Moved by Lacasa. Is there a second? Father Gibson: Second. Mayor Ferre: Second by Gibson. Is there further discussion? Call the roll. The following resolution was introduced by Commissioner Lacasa, who moved its adopticn: RESOLUTION NO. 80-508 A RESOLUTION AUTHORIZING THE CITY MANAGER TO PROVIDE FOR THE SLLECTION OP THE TRUSTEE, UNDER THE TRUST INDENTURE, BY RECEIVING BIDS FOR SUCH TRUSTEESHIP FROM BANKING IN_-TITUTIONS IN THE CITY OF MIAMI THAT ARE QUALIFIF:�'40 ADMINISTER TRUSTS (Here follows body of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconded by Commissioner Gibson, the resolution was passed and adopted by the fallowing vote: AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo ADJOURNMENT There being no further business to come before the City Commission, on motion duly made and seconded, the meeting was adjourned at 7:10 P.M. MAURICE A. FERRE Mayor ATTEST: RALPH G. ONGIE City Clerk MATTY HIRAI Assistant City Clerk rrI1 %O V WW MINUTES OF SPECIAL MEETING OF THE CITY COMMISSION OF MIAMI, FLORIDA On the 30th day of June, 1980, the City Commission of Miami, Florida, met at its regular meeting place in said City in Special Session to consider business of public import. The meeting was called to order by Mayor Maurice A. Ferre with the following members of the Commission present: Commissioner J. L. Plummer, Jr. Commissioner (Rev.) Theodore R. Gibson Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre ABSENT: Commissioner Joe Carollo ALSO PRESENT: Joseph R. Grassie, City Manager R. L. Fosmoen, Assistant City Manager George F. Knox, City Attorney Matty Hirai, Assistant City Clerk 12 URGF METRO DADE COM.^fISSION TO DEFER ACTION ON PROPOSED ORDINANCE SUPERSEDING MTJNICIPAL ORDINANCES PERTAINING TO REGULATION OF PASSENGER MOTfiR CAPRIERS, ETC. Mr. Knox: We have been advised that the Metropolitan Dade County Commission had its meeting, which is scheduled to be held tomorrow, will endeavor to adopt gn ordinance which will proport to regulate vehicles for hire on the streets and ways of the City of Miami, and unincorporated Dade County. You may recall that Metropolitan Dade County is under an injunction to rrohibit them from endeavoring to regulate taxi cabs within the municipalities. The State law which perserved the right to municipalities expired pursuant to the Sunset law, on July first, and we want to make sure that the City has some meaningful imput into the adoption of a new ordinance and we're simply asking Metropolitan Dade County to cooperate. Mayor Ferre: Do you have an ordinance before you. Is there a mo''in? Father Gibson: Move. Mr. Lacasa: Second. Mayor Ferre: Movod by Father Gibson, seconded by Lacasa. Read the ordinance. Mr. Knox: No, this is a resolution, Mr. Mayor. Mayer Ferre: Oh,this is a resolution. I'm sorry. This is a resolution urging the Dade County Commission to defer action on a proposed ordinance which is to supercede, rescind all municipal ordinances pertaining to the regulation of passenger motor carriers. Said deferral to last for ninety days or until such period of time as the City of Miami has had time to evaluate the consequence of the County ordinance and further requesting that a conference be held between representatives of the City and 26 JN30M ist Mayor Ferre (continued): the County prior to the passage of any County ordinance concerning the subject matter. Further discussion? Call the roll, please. The following resolution was introduced by Commissioner Gibson, who moved its adoption: RESOLUTION NO. 80-509 A RESOLUTION URGING THE DADE COUNTY COMMISSION TO DEFER ACTION ON A PROPOSED ORDINANCE WHICH IS TO SUPERCEDE AND RESCIND ALL MUNICIPAL ORDINANCES PERTAINING TO THE REGULATION OF PASSENGER MOTOR CARRIERS; SAID DEFERRAL TO LAST FOR NINETY (90) DAYS OR UNTIL SUCH PERIOD OF TIME AS THE CITY OF MIAMI HAS HAD TIME TO EVALUATE THE CONSEQUENCES OF THE COUNTY ORDINANCE AND FURTHER REQUESTING THAT A JOINT CONFERENCE BE HELD BETWEEN REPRESENTATIVES OF THE CITY AND THE COUNTY PRIOR TO THE PASSAGE OF ANY COUNTY ORDINANCE CONCERNING THE SUBJECT MATTER (Here follows body of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconded by Commissioner Lacasa, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo 13. DISCUSSION ITEM: REQUEST SELECTION OF ATTORNEY TO ACT AS SPECIAL COUNSEL CONCERNING UPLAND AREAS Mayor Ferre: Before we breakup, one last little item. It has nothing to do with this. But Mr. Manager, Metropolitan Dade County passed a resolution which will be in effect fairly soon about the upland area. I think we're going to need to test that in court. So I would like to ask, unless any member of the Commission has a different feeling, f-r Mr. Knox, with your assistance Mr. Grassie, to come back on the lUth with the selection of an attorney, or a law firm to handle this as special counsel, along with you Mr. Knox. You know, somebody that specalizes in that field. Mr. Plummer: Mr. Mayor, I would like a justification, from Mr. Knox of why he can't do it in house. If that justification is sufficient, in my estimation, then I would only, and only then, consider to go to outside. Mayor Ferre: Yeah, but the thing is that if he decides to get outside help, I wouldn't want to start the process on the loth. I would rather like to start the process now. Let him justify it. You know, and we may not agree with him and we may ask him to do it in-house. Okay? SUN 301100 ADJOURNMENT There being no further business to come before the City Commission, on motion duly wade and seconded, the meeting was adjourned at 7:15 P.M. MAURICE A. FERRE Mayor ATTEST: RALPH G. ONGIE City Clerk MATTY HIRAI Assistant City Clerk Mayor Ferre (continued): is there a motion? Mr. Lacasa: Move. Mayor Ferre: Moved by Lacasa. Is there a second? Father Gibson: Second. Mayor Ferre: Second by Gibson. Is there further discussion? Call the roll. The following resolution was introduced by Commissioner Lacasa, who moved its adoption: RESOLUTION NO. 80-508 A RESOLUTION AUTHORIZING THE CITY MANAGER TO PROVIDE FOR THE SLEECTION OF THE TRUSTEE, UNDER THE TRUST INDENTURE, BY RECEIVING BIDS FOR SUCH TRUSTEESHIP FROM BANKING INSTITUTIONS IN THE CITY OF MIAMI THAT ARE QUALIFIED '10 ADMINISTER TRUSTS (Here follows body of resolution, omitted here and on file in the Office of the City Clerk). Upon being seconded by Commissioner Gibson, the resolution was passed and adopted by the following vote: AYES: Commissioner (Rev.) Theodore R. Gibson Commissioner J. L. Plummer, Jr. Vice -Mayor Armando Lacasa Mayor Maurice A. Ferre NOES: None ABSENT: Commissioner Joe Carollo ADJOURNMENT There being no further business to come before the City Commission, on motion duly made and seconded, the meeting was adjourned at 7:10 P.M. MAURICE A. FERRE Mayor ATTEST: RALPH G. ONGIE City Clerk MATTY HIRAI Assistant City Clerk CITY OF NrAMI A DOCUMENT MmTINd COMM June 30, 1980 NDEX ��AaaauN MINAMYw6 ITEM NO D0 LMEf1T IDENTIFICATION .,..m. &"a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m-bm'11I17 R-80-501 R-80-502 R-80-503 R-80-504 R-80-505 R-80-506 R-80-507 R-80-508 R-80-509 0001 80-501 80-502 80-503 80-504 80-505 80-506 80-507 80-508 80-509