HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
t�E o0«�iC
TO : Honorable Mayor and DATE
Members of the City Commission
FROM:
/27
Joe Arriola
City Manager
SUBJECT:
OM '1 20.1
FILE :
Resolution authorizing Swapoption for
the outstanding City of Miami, Florida
Non -Ad Valorem Revenue Bonds
REFERENCES : Taxable Pension, Series 1995
ENCLOSURES:
Resolution with attachments
RECOMMENDATION:
It is recommended that the Miami City Commission adopt the attached Resolution authorizing an
Interest Swap Option with Morgan Stanley Capital Services Inc. as the Swap counterparty.
BACKGROUND:
The City of Miami, Florida previously issued its outstanding $62,135,000 Non -Ad Valorem Revenue
Bonds Taxable Pension, Series 1995 on December 19, 1995 (the "Bonds"). Pursuant to RFLI No.
03040132 the City received responses to a Request for Letters of Interest for Provision of Synthetic
Refunding Opportunities. Several responses were received and after evaluation of the proposals, the
committee ranked Morgan Stanley Capital Services Inc. number one. Approving this transaction
would result in a net present value savings of over $4,000,000 to be realized by the City. Such savings
would be received annually until the maturity of the Bonds.
The Finance Committee reviewed and approved Morgan Stanley Capital Services Inc.'s proposal.
SS/PCImm