HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
Matter ID No.
' L FILE ID: 7
Date: 06/15/2010 Requesting Department: City Manager's Office
Commission Meeting Date: 06/24/2010 District Impacted: N/A
Type: X Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject:
Purpose of Item:
Resolution amending and supplementing Resolution no R-09-0509 adopted October 22, 2009 to
provide for the issuance of $20,000,000 in Parking Revenue Bond Anticipation Notes.
I
Background Information:
In October of 2009 the City of Miami Commission authorized the City Manager to sell bonds in an
amount sufficient to meet the City's obligations under the agreement with the Florida Marlins and
Miami -Dade County to build a parking facility for the new Marlins Baseball Stadium. The City
continues to work on completing the bond sales transaction, however due to the timing constraints to
deliver the finished project, the City thought it would be prudent to obtain interim financing in an
amount of $20 million from the City's Senior Underwriting Bank Merrill Lynch, to continue
construction until the bond sell transaction is completed. This interim financing will be paid off from
the proceeds of the bond sell. The bond sell is expected to be completed by the beginning of August.
The interim financing is being offered at an interest rate of 4.00% and no upfront closing cost. See
attachments for further details.
BudLyet Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No.-
NO
o:NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Final Approvals
(SIGN AND DATE)
Budget
If using brreceiving capital funds
Grants Risk Management
Purcha ' 4 Dept. Director
Chief - City Manager f
Page 1 of 1