HomeMy WebLinkAboutR-80-0292RESOLUTION NO. S O- 2 9 2
A RESOLUTION PROVIDING FOR THE ISSUANCE
OF AND FIXING CERTAIN DETAILS CONCERN-
ING $8,725,000 PARKING FACILITIES REVENUE
BONDS (SERIES 1980) OF THE CITY OF MIAMI,
FLORIDA, AUTHORIZED BY AM ORDINANCE AU-
THORIZING THE ISSUANCE OF NOT EXCEEDING
$8,725,000 OF SAID BONDS, yERETOFORC
ADOPTED BY THE CONtlISSION OF THE CITY OF
MIAMI, FLORIDA.
WHEREAS, the City of Miami, Florida (the "City") has
determined to proceed at this time with the sale and is-
suance of $8,725,000 Parking Facilities Revenue Bonds (Se-
ries 1980) of the City (the "Series 1980 Bonds") authorized
by Ordinance No. 9060 passed and adopted by the Commission
of the City (the "Commission") on January 24, 1980, as
amended by Ordinance No. 9092) , passed and adopted by the
Commission on April 10, 1980 (said Ordinance No. 9060 as
amended being herein called the "Ordinance"), such amount
being required for the purpose of paying the cost of the
Parkinq Proiects (as defined in the Ordinance); and
WHEREAS, the Commission has further determined that
certain other details of the Series 1980 Bonds shall he as
hereinafter set forth; now, therefore,
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The Series 1980 Bonds shall be issued in
the principal amount of $8,725,000 and shall be dated April
1, 1980 and shall bear interest payable on October 1, 1980
and semi-annually thereafter on the 1st days of April and
October.
"KC11j'ArEN"T lip �t
CITY COMMISSION
MEETING OF
APRII J ,49m
ANVAft .............
Section 2. The Series 1980 Bonds shall be Serial Bonds
(as defined in the Ordinance) maturing in annual installments
on October 1 in the following years and in the following amounts
and bearing interest at the rates set forth below:
INTEREST
INTEREST
OCTOBER 1
AMOUNT
RATE
OCTOBER 1
AMOUNT
RATE
1985..... $
45,000
11%
1998...... $
135,000
11.4%
1986.....
50,000
11
1999......
150,000
11.6
1987.....
55,000
11
2000......
160,000
11.6
1988.....
60,000
ll'
2001......
170,000
11.7
1989.....
65,000
ll�
2002......
415,000
11.7
1990.....
75,000
ll�
2003......
705,000
11.75
1991.....
80,000
10
2004......
775,000
11.80
1992.....
85,000
10.2
2005......
850,000
11.90
1993.....
95,000
10.4
2006......
930,000
11.90
1994.....
105,000
10.6
2007......
1,020,000
11.90
1995.....
115,000
10.8
2008......
1,115,000
11.90
1996.....
120,000
11.0
2009......
1,220,000
11.90
1997..... 130,000 11.2
Section 3. The Series 1980 Bonds shall be subject to
redemption at the option of the City, prior to maturity
either as a whole on any date not earlier that October 1,
1990 or in part, by lot, on any interest payment date, not
earlier than October 1, 1990 at the following redemption
prices (expressed as percentages of the principal amount
being redeemed) plus accrued interest to the redemption
date:
Redemption Period
(Both
Dates
Inclusive)
Redemption Price
October
1,
1990
to September
30,
1991.......
102�%
October
1,
1991
to September
30,
1994.......
102
October
1,
1994
to September
30,
1996.......
101�
October
1,
1996
to September
30,
1998.......
101
October
1,
1998
to September
30,
2000.......
100�
October
1,
2000
and thereafter ..............
100
Section 4. This Resolution shall be in full force and
effect immediately upon its passage.
-2-
80-`'J
or
PASSED AND ADOPTED this loth day of April, 1980.
Maurice A. Ferre
MAURICE A. FERRE
M A Y 0 R
ATTEST:
4
RALP G. ONGIE'
CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
�. GEORGE F. KNOX, JR.
CITY ATTORNEY
80-292