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HomeMy WebLinkAboutR-07-0448City of Miami Legislation Resolution: R-07-0448 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 07-00971 Final Action Date: 8/1/2007 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 File Id: 07-00971 (Version: 11 Printed On: 4/7/2017 File Number: 07-00971 Enactment Number: R-07-0448 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} City of Miami Page 2 of 3 File Id: 07-00971 (Version: 11 Printed On: 4/7/2017 File Number: 07-00971 Enactment Number: R-07-0448 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 Page 3 of 3 File Id: 07-00971 (Version: 1) Printed On: 4/7/2017