HomeMy WebLinkAboutcover memo -1CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM :
Honorable Ma and Members
the City ommission
Arriola
Manager
DATE :
SUBJECT:
REFERENCES:
ENCLOSURES:
RE.2
NOV , 4 in
Issuance of $4,500,000
General Obligation Refunding
Bonds, Series 2003B
FILE :
Administrative Recommendation:
It is respectfully recommended that the City Commission adopt the attached resolution
authorizing the issuance of not to exceed $4,500,000 in aggregate principal of General Obligation
Bonds, Series 2003B. (The "Series 2003B Bonds"). The Series 2003B Bonds are being issued for
the purpose of (i) refunding portion of the City's General Obligation Refunding Bonds, Series
1992 that will produce a saving of approximately $500,000 and (ii) paying certain costs and
expenses incurred in connection with the issuance of the Series 2003B Bonds, including the
premium for municipal bond insurance policy. The resolution delegates to the City Manager the
determination of certain matters and details concerning the bonds, including negotiating and
obtaining a municipal bond insurance policy and a debt service reserve surety for the bonds.
These bonds will be sold competitively.
Backuround:
Attached to the resolution are: the Registrar and Paying Agent Agreement, the Preliminary
Official Statement and the Continuing Disclosure Agreement applicable to the refunding. All of
these documents have been drafted by or reviewed by our Bond Counsel, Hogan and Hartson and
Disclosure Counsel, Akerman Senterfitt.
The sale of the Series 2003B, as proposed, will meet the City Finance Committee's stated criteria
with regard to these bond refundings annual debt service requirements for the refunded bonds.
The City's Finance Committee also approved the sale of the refunding bonds.
JA/LH/SS/mm