HomeMy WebLinkAboutSummary FormJUN-06-2007 10:03 From:CITY MANAGER
AGENDA ITEM SUMMARY FORM
FILE 1D: 07-()Q 7
RE.6
Date; 5/25/2007 Requesting Department; Finance
Commission Meeting Date: 6/14/2007 District Impacted: N/A
Type: ® Resolution Ordinance ❑ Emergency Ordinance Discussion Item
0 Other
Subject: Refunding 'united Ad Valorem Tax boajds , Series 2002, and Issuance of the Balpee ofthc
Limited Ad Valorem Tax Bonds,
Purpose of Item:
It is respeefully recommended that the City Commission adopt the attached resolution authorizing the
issuance of not to exceed (i) $115,652,000 in aggregrate principal amount of the City of Miami,
Florida Limited Ad Valorem Refunding Bonds, Series 2007A, The Series 2007A are being, issued
Ihr the purpose of refunding a portion of the City's Oustanding Limited Ad Valorem Tax Bonds,
Series 2002, and(ii) $101,813,500 in aggregate principal amount of the City of Miami,
FloridaLimited Ad Valorem Tax Bonds, Series 2007B. Continued See Attached,
Background Information:
The resolution sets the parameters under which the City Manager may execute bond purchase
agreements for the transactions. Those parameters relate to the size of the issuance. Attached to the
resolution are Bond purchase agreements, Paying Agent and Registrar Agreements, Preliminary
Official Statement, Continuing Disclosure Agreements and the Escrow Deposit Agreement, All of
these documents have been drafted by or reviewed by our Bond Counsel, Squire, Sanders & Dempsey
I,.I,.P. The City's Finance Committee also approved the negotiated sale of the bonds.
Budgcammet. Analvsis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Aecounl No:
Special Revenue Account No:
CIP Project No:
N() is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capitol Cost:
Maintenance Cost:
Total Fiscal Impact:
Find I Approvals
(SIGN AND DATE).
CIP Budget
If usink or roccivintt coital funds
Grants Risk Manageme
Purehasin Dept. Directo tea.
Chief ; 2 #'7 City Manager r
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JUN-06-2007 10:03 From:CITY MRNAGER
Continued
(Homeland Defense/Neighborhood Capital Improvement Projects) ("Series
2007B Bonds"), to pay for the costs of acquisition, Construction and
Equipping of certain Homeland Defense/Neighborhood Capital
Improvements/Capital Projects/Infrastructure Improvement within the City.
This resolution delegates the City Manager the determination of certain
matters and details concerning the Series 2007A and 2007B bonds,
including negotiating and obtaining municipal bond insurances policy and
debt service reserve surety for the bonds. The resolution also authorized the
negotiated sale of the bonds.