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Home My WebLink AboutR-10-0281Vop City of Miami Legislation < U R �O Resolution: R-10-0281 File Number: 10-00849 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 7/8/2010 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA, AMENDING RESOLUTION NO. 09-0509 ADOPTED ON OCTOBER 22, 2009, AS AMENDED, REGARDING THE ISSUANCE OF NOT TO EXCEED $120,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF MIAMI, FLORIDA SPECIAL OBLIGATION PARKING REVENUE BONDS, SERIES 2010 (MARLINS STADIUM PROJECT) (THE "BONDS") TO AMEND THE DELEGATION PARAMETERS FOR THE SALE AND ISSUANCE OF THE BONDS; MAKING CERTAIN FINDINGS AND DETERMINATIONS; AUTHORIZING ALL REQUIRED ACTIONS BY THE CITY MANAGER, THE CITY ATTORNEY, AND ALL OTHER NECESSARY CITY OFFICIALS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on October 22, 2009, the City of Miami, Florida (the "City") adopted Resolution No. 09-0509, as amended and supplemented (the "Original Resolution") authorizing the issuance of not to exceed $120,000,000 City of Miami, Florida Special Obligation Parking Revenue Bonds, Series 2010 (the "Bonds") to finance, among other things, the City's portion of the construction of the parking facilities for the new Florida Marlins Baseball Stadium and the cost of issuance associated therewith; and WHEREAS, due to the timing of the marketing and sale of the Bonds, the City desires to amend the delegation parameters to increase the not to exceed true interest costs; and WHEREAS, it is in the best interest of the City to make such changes given the current market conditions; NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: SECTION 1. Recitals and Findings. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated as if fully set forth in this Section. SECTION 2. Authority. This Resolution is adopted pursuant to the Constitution of the State of Florida (the "State"); Chapter 166, Florida Statutes as amended, Part VII of Chapter 159, Florida Statutes, as amended; the City Charter of the City of Miami, Florida; the Original Resolution; and other applicable provisions of law (collectively, the "Act"). SECTION 3. Amendment to the Original Resolution. A. Section 5.13 of the Original Resolution is hereby amended and restated as follows: SECTION 5.13. Delegated Awards; Authorization and Approval of Bond Purchase Agreement. Subject to full satisfaction of the conditions set forth in this City of Miand Page I of 3 File Id. 10-00849 (Version: 1) Printed On: 8/2/2017 File Number: 10-00849 Enactment Number: R-10-0281 Section, the City Commission of the City hereby authorizes a delegated negotiated sale of the Series 2010 Bonds to the Underwriters in accordance with the terms of the Bond Purchase Agreement in accordance with the provisions of this Section (including, without limitation, making the final determination concerning the structuring and marketing of the Series 2010 Bonds to obtain the most favorable rating and interest rate on the Series 2010 Bonds), and the execution and delivery of the Bond Purchase Agreement shall be deemed conclusive evidence of the full and complete satisfaction of the conditions set forth in this Section. Notwithstanding the foregoing, prior to execution of the Bond Purchase Agreement all of the following conditions shall have been satisfied: 1. Receipt by the City Manager of a written offer to purchase the Series 2010 Bonds by the Underwriters substantially in the form of the Bond Purchase Agreement, said offer to provide for, among other things: (a) the issuance of not exceeding $120,000,000 aggregate principal amount of Series 2010 Bonds; (b) (i) a purchase price of not less than ninety-nine percent (99%) (inclusive of underwriters' discount, but not inclusive of original issue discount and original issue premium; the original issue discount and original issue premium may be such as is necessary to market and sell the Series 2010 Bonds) of the original principal amount of the each series of Series 2010 Bonds, and (ii) the underwriters' discount shall not exceed 1 % of the par amount of the Series 2010 Bonds; (c) with respect to the Series 2010A Bonds (i) a true interest cost of not more than 5W 7.50% per annum and (ii) the final maturity of the Series 2010A Bonds being no later than July 1, 2040; and (d) with respect to the Series 2010B Bonds (i) a true interest cost of not more than 8-50 9.50% per annum and (ii) the final maturity of the Series 2010B Bonds being no later than July 1, 2040. 2. The Series 2010 Bonds shall be subject to such optional and mandatory redemption provisions as provided in the Bond Purchase Agreement; provided that the optional redemption premium shall not exceed 102%. The City Manager, in consultation with the Finance Director, Bond Counsel, and the Financial Advisor, is authorized to determine such redemption provisions as are most advantageous to the sale of the Series 2010 Bonds, all as provided in the Bond Purchase Agreement. 3. Receipt by the City Manager from the Underwriters of a disclosure statement and truth -in -bonding information complying with Section 218.385, Florida Statutes and substantially in the form attached to the Bond Purchase Agreement. Upon satisfaction of the conditions set forth in this Section, the City City of Miand Page 2 of 3 File Id. 10-00849 (Version: 1) Printed On: 8/2/2017 File Number: 10-00849 Enactment Number: R-10-0281 Commission hereby authorizes and directs the City Manager to determine the final provisions of the Bond Purchase Agreement, within the parameters for the Series 2010 Bonds set forth above in this Section 5.13. The execution and delivery of the Bond Purchase Agreement is hereby authorized and approved and the City Manager is hereby authorized to execute and the Clerk is hereby authorized to attest to, seal and deliver the Bond Purchase Agreement in substantially the form approved at this meeting and attached hereto as Exhibit "A", subject to such changes, insertions and omissions and such filling in of blanks therein as hereafter may be approved and made by the City Manager upon the advice of the City's Financial Advisor, the City Attorney and Bond Counsel. The execution, attestation and delivery of the Bond Purchase Agreement, as described herein, shall be conclusive evidence of the City's approval of any such determinations, changes, insertions, omissions or filling in of blanks. SECTION 4. Severability. If any one or more of the covenants, agreements or provisions of this Resolution should be held contrary to any express provision of law or contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed severed from the remaining covenants, agreements or provisions of this Resolution. SECTION 5. Repeal of Inconsistent Resolution. All resolutions or parts thereof in conflict herewith are to the extent of such conflict superseded and repealed. SECTION 6. Effective Date. This Resolution shall be effective immediately upon its adoption and signature by the Mayor.{1} Footnotes: (1) If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 3 File Id. 10-00849 (Version: 1) Panted On: 8/2/2017