HomeMy WebLinkAboutCover MemoMIAMI PARKING AUTHORITY
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members DATE:February 10, 2006
Of the City of Miami Commission
FROM: Art Noriega 1 SUBJECT:Approval of
Executive D .re.to Emergency Supplemental
Miami Parking 1� thority Bond Ordinance
Miami Parking Authority's financial advisor and outside
bond counsel have recommended the attached ordinance be
passed by the Miami City Commission to proceed with our
bond ordinance. The purpose of the ordinance is to
supplement and amend the 2003 Bond Ordinance to, among
other things: (a) ratify the 2003 Ordinance and the
delegated actions taken to date by officials of the City
and the Department thereunder; (b) re -designate the
proposed Additional Bonds to be issued as "Variable Rate
Parking System Revenue Bonds of the City of Miami, Florida,
Series 2006"; (c) supplement and amend the 2003 Ordinance
to provide certain provisions required by Ambac Assurance
Corporation in order to obtain financial guaranty insurance
and thereby enhance the marketability of the proposed 2006
Bonds; and (d) supplement and amend the 2003 Ordinance to
provide certain provisions required by DEPFA BANK plc,
acting through its New York Branch, in order to obtain
liquidity support for the proposed 2006 Bonds.
In order to take advantage of existing marketing conditions
and promptly proceed to market Miami Parking Authority's
2006 bonds, we respectfully request your approval of this
Ordinance at your meeting scheduled for March 9, 2006.
Enclosures
cc: Marta Gomez -Chen
Maria Chiaro
Angela Smith