HomeMy WebLinkAboutR-80-0436RESOLUTION NO. 8 O- 13 6
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO CONTRACT WITH MUNICIPAL BOND INSURANCE
ASSOCIATION (MBIA) FOR THE PURPOSE OF
PROVIDING MUNICIPAL BOND INSURANCE FOR THE
$60,000,000 CITY OF MIAMI/UNIVERSITY OF MIAMI
JAMES L. KNIGHT INTERNATIONAL CENTER PARKING
GARAGE REVENUE BONDS WITH THE FEE THEREFOR
TO BE PAID FROM BOND PROCEEDS.
WHEREAS, the City of Miami is preparing to sell $60,000,000
in revenue bonds for the City of Miami/University of Miami
James L. Knight International Center; and
WHEREAS, providing municipal bond insurance guarantees the
City a high bond rating; and
WHEREAS, the high bond rating will offer the City the advan-
tage of a lower interest rate on the bonds; and
WHEREAS, the existence of insurance makes the bonds more
salable;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
enter into a commitment with the Municipal Bond Insurance
Association (MBIA) for the purchase of municipal bond insur-
ance on the $60,000,000 bond issue.
Section 2. The fee for said insurance is to be paid from
bond proceeds and shall be .91% of the total debt service,
which debt service will be determined after the interest rate
of the bonds is established.
PASSED AND ADOPTED this 19 day of June, 1980.
MAURICE A. FERRE
M A Y O R
ATTEST:
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PREPARED AND APPROVED BY:
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ASSISTANT CITY ATTORN
APPROVED S TO --FORM AND CORRECTNESS:
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