HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 0 (1' Q p S
Date: 10/12/2006 nfjRequesting Department: Finance
Commission Meeting Date: 1002661 16 no #§tlie Impacted: NIA
Type: ® Resolution ❑ Ordinance D Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Refunding Portion of the Taxable Pension Bonds Series 1995
Purpose of Item:
It is respecfully recommended that the City Commission adopt the attached resolution authorizing the
issuance of not to exceed $35,000,000 in aggregrate principal amount of the City of Miami, Florida
Non -Ad Valorem Variable Rate Refunding Revenue Bonds, Taxable Pension Series 2006, The Series
2006 Bonds are being issued for the purpose of refunding a portion of the City's oustanding Non -Ad
Valorem Revenue Bonds Taxable Pension Series 1995. The resolution also approves the form of
necessary bond documents to complete the transaction and 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 liquidity facility for the Series 2006 Bonds.
Background Information:
See Attached.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
ISIGN ANP DATE)
CIP Budget
If using or receiving capital funds
Grants
Purchasi
Chief
Risk Managemeryt
Dept. Director
0 ip City Manager
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Agenda Item Summary Form Attachment
Background Information:
On October 24, 2004, the City Commission approved Resolution R-04-0697 authorizing
the execution of a Swaption Agreement with Morgan Stanley in which the City would
receive $225,000 per year commencing December 1, 2005 through December 1, 2025 in
return for granting Morgan Stanley the option to serve as underwriter and remaketing
agent on refunding variable rate bonds (with certain parameters set as to total savings and
costs) should they exercise the option.