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HomeMy WebLinkAboutSummary Formop 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