HomeMy WebLinkAboutMemo SRTO:
FROM:
Second Reading Ordinance
MIAMI PARKING AUTHORITY
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
of the City Commission of the
City of Miami
r; /
Arthur Noriega /I
Chief Executive Off''
Miami Parking Author' y
SR.5
DATE: August 25, 2009
SUBJECT: Department of Off -
Street Parking
Series 2009 Parking
Refunding Bonds
It is respectfully recommended that the City Commission
enact the attached proposed Ordinance authorizing issuance
of not to exceed $70,000,000 in aggregate principal amount
of City of Miami, Florida Parking System Revenue and
Revenue Refunding Bonds, Series 2009 to be issued in Tax -
Exempt and Taxable series. The Bonds are being issued for
the purpose of refunding the City's outstanding Tax -Exempt
Variable Rate Parking System Revenue Refunding Bonds, Tax -
Exempt and Taxable Series 2008, terminating the related
Swap agreement and financing certain capital improvements,
including completion of the G1 parking garage.
The Ordinance delegates to the Director of the Parking
Authority determination of certain matters and detail
concerning the Bonds, including negotiating and obtaining
a municipal bond insurance policy and/or a debt service
reserve, or surety for the Bonds. The Ordinance also
authorizes the negotiated sale of the Bonds.
The attached proposed Ordinance has been prepared by bond
counsel to authorize the issuance of these Bonds.
We respectfully request your approval of this proposed
Ordinance at your meeting scheduled for September 10,
2009.
Enclosure
cc: Marta Gomez -Chen
Maria Chiaro
Angela Smith