HomeMy WebLinkAboutExhibit 11FBI-1JF76 c..-1F_RNArVk)i=7. h,G.
June 18, 2007
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Sunshine State Governmental Financing Commission
Attention: Richard C. Dowdy, Program Administrator
Post Office Box 15468
Tallahassee, FL 32317-5468
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Re: Reservation Request for Secondary Loan Funds
in the Series 1986 Revenue Bond Program
As one of the original borrowers in the Series 1986 Revenue Bond Program, we have
been advised of the availability of approximately $5.8 million in the secondary loan fund.
Accordingly, the City of Miami requests a loan reservation not to exceed $6 million for
capital projects in connection with the projects listed on Exhibit 1.
We understand that the funding for the secondary loan is subject to availability and the
prior approvals of the Commission's board of directors and credit and liquidity
enhancement providers. Additionally, we acknowledge the following conditions for
secondary loans: (1) proceeds are subject to pre-1986 tax laws for private -use and tax-
exempt eligibility, (2) the final maturity of a secondary loan shall not exceed July 2016,
(3) borrowed proceeds are eligible for a new 3-year temporary arbitrage period (3 years
from the date of the last principaI repayment prior to any secondary borrowing), and (4)
at such time as the requested loan amount is available, a reservation fee of 0.05% is
required if the approved secondary Ioan is not closed within 120 days of the date the
lendable proceeds become available.
We look forward to the board of directors' consideration of this request and should you
require additional information, please do not hesitate to contact me.
Sincerely,
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Assistant City Manager/CFO