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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00971 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE NEGOTIATION AND BORROWING OF AND APPROVING A
LOAN, IN AN AMOUNT NOT TO EXCEED $6,600,000, FROM THE SUNSHINE
STATE GOVERNMENTAL FINANCING COMMISSION (THE "LOAN") FOR THE
PURPOSES OF FINANCING, REFINANCING, OR RECEIVING REIMBURSEMENT
FOR THE COSTS OF THE ACQUISITION, CONSTRUCTION, AND/OR
EQUIPPING OF THE PROJECTS AND APPROVING THE FINANCING OF THE
PROJECTS FROM THE PROCEEDS OF THE LOAN, INCLUDING
REIMBURSEMENT OF EXPENDITURES PREVIOUSLY MADE FOR SUCH
PURPOSES; AUTHORIZING AND DIRECTING THE CITY MANAGER TO
EXECUTE AND DELIVER A LOAN AGREEMENT, IN SUBSTANTIALLY THE
ATTACHED FORM WITH SUCH CHANGES, INSERTIONS, AND OMISSIONS AS
MAY BE APPROVED BY THE CITY MANAGER, AFTER CONSULTATION WITH
THE CITY ATTORNEY; AND AUTHORIZING AND DIRECTING THE CITY
MANAGER AND ALL OTHER NECESSARY CITY OFFICIALS TO EXECUTE AND
DELIVER ALL OTHER DOCUMENTS, INSTRUMENTS, AND CERTIFICATES IN
CONNECTION THEREWITH WITH THE LOAN FOR THE PROJECTS;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE MAKING
OF THE LOAN; AUTHORIZING ALL REQUIRED ACTIONS; APPROVING,
CONFIRMING, AND RATIFYING ALL OTHER ACTIONS TAKEN BY CITY
OFFICIALS TO DATE IN CONNECTION WITH OBTAINING THE LOAN; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Miami, Florida (the "Borrower"), together with other participating
counties and cities (the "Members") have created the Sunshine State Governmental Financing
Commission (the "Commission") pursuant to a certain Interlocal Agreement and Chapter 163, Part I,
Florida Statutes, for the purpose of issuing its bonds to make loans to participating Members for
qualified projects; and
WHEREAS, the Commission has issued its $300,000,000, Commission Revenue Bonds,
Series 1986 and is seeking to make loans (the "Loans") to Members; and
WHEREAS, it is hereby determined that a need exists for the Borrower to borrow funds in an
amount not to exceed $6,600,000 to finance, refinance, or receive reimbursements for the cost of the
acquisition, construction, and/or equipping of the qualifying projects as set forth in Exhibit "A," attached
to the hereinafter described form of Loan Agreement (the "Projects"); and
WHEREAS, the Projects consist of various capital improvements; and
WHEREAS, the Loan shall be secured by a covenant to budget and appropriate non -ad
valorem revenues of the Borrower; and
City of Miami Page 1 of 3 Printed On: 7/20/2007
File Number: 07-00971
WHEREAS, it is determined to be in the best interest of the Borrower to borrow funds in an
amount not to exceed $6,600,000 from the Commission to finance, refinance, or receive
reimbursement for the cost of the acquisition, construction, and/or equipping of the Projects;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The Miami City Commission authorizes the negotiation of and borrowing of, and the
approves a loan in the aggregate principal amount not to exceed $6,600,000 from the Sunshine State
Governmental Finance Commission (the "Loan"), for the purposes of financing, refinancing, or
receiving reimbursement for the costs of the acquisition, construction, and/or equipping of the Projects
and the Projects are approved for financing from the proceeds of the Loan, including reimbursement of
expenditures previously made for such purposes.
Section 3. The City Manager is authorized{1} to execute and deliver, a Loan Agreement, in
substantially the attached form, to be entered into by and between the Borrower and the Commission,
with such changes, insertions, and omissions as may be approved by the City Manager, after
consultation with the City Attorney, the execution thereof being conclusive evidence of such approval.
Section 4. The amount of the Loan of the Borrower evidenced by the Loan Agreement shall not
exceed $6,600,000. Such loan shall be made at a discount which shall include a portion of costs of
issuance previously incurred by the Commission and shall bear interest and shall be repayable
according to the terms and conditions set forth in the Loan Agreement authorized pursuant to Section
3 hereof with such changes, insertions, and omissions as may be approved by the City Manager.
Section 5. No such Loan Agreement shall be executed until the Borrower shall have received all
disclosure information, if any, required by Chapter 218, Florida Statutes.
Section 6. In accordance with the provisions of Section 218.385, Florida Statutes, the Borrower
hereby determines that a negotiated sale is in the best interest of the Borrower and hereby approves
the negotiation of the loans with the Commission. Negotiation of the Loan will allow the Borrower to
access markets not otherwise accessible to the Borrower at total costs and rates favorable to the
Borrower.
Section 7, The City Manager and all other City officials of the Borrower are hereby authorized and
directed to execute and deliver any and all certifications or other instruments or documents and to take
all other actions required by this Resolution, the Loan Agreement, or any other document required by
the Commission as a prerequisite or precondition to making the Loan, and any such representation
made therein shall be deemed to made on behalf of the Borrower. All action taken to date by the City
officials of the Borrower in furtherance of the making of the Loan is hereby approved, confirmed and
ratified.
Section 8. This Resolution shall take effect immediately upon its adoption and signature of the
Mayor.{2)
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File Number: 07-00971
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall
become effective immediately upon override of the veto by the City Commission.
City of Miami
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