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Date: 02/18/2009
AGENDA ITEM SUMMARY FORM
FILE ID: c�1-oWon
Requesting Department: Finance
Commission Meeting Date: 03/12/2009 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Issuance of $51,055,000 Limited Ad Valorem Tax Bonds — Series 2009
Purpose of Item:
Law Department
Matter ID No.
It is respectfully recommended that the City Commission adopt the attached resolution authorizing the
issuance of not to exceed $51,055,000 in aggregate principal amount of the City of Miami, Florida
Limited Ad Valorem Bonds, Series 2009. The Series 2009 are being issued for the purpose of paying
for the costs of acquisition, construction, and equipping of certain Homeland Defense/Neighborhood
Capital Improvements/Capital Projects/Infrastructure Improvements within the City. This resolution
delegates the City Manager the determination of certain matters and details concerning the Series
2009 bonds, including but not limited to negotiating and obtaining a municipal bond insurance policy
for the bonds. The resolution also authorizes the negotiated sale of the bonds
Background Information:
The resolution sets the parameters under which the City Manager may execute a bond purchase
agreement for the transaction. Those parameters relate to the size of the issuance. Attached to the
resolution are a Bond Purchase Agreement, a Paying Agent and Registrar Agreement, a Preliminary
Official Statement, and a Continuing Disclosure Agreement. All of these documents have been
drafted by or reviewed by our Bond Counsel, Foley & Lardner, LLP., and our Disclosure Counsel,
KnoxSeaton. The City's Finance Committee also approved the negotiated sale of these bonds.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Purchasing
Chief
U VJ --P4
Final Approvals
(SIGN AND DATE)
Budget
Risk ManageIn
Dept. Direct:
City Manager