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HomeMy WebLinkAboutR-08-0085City of Miami Legislation Resolution: R-08-0085 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 08-00089 Final Action Date: 2/14/2008 A RESOLUTION OF THE MIAMI CITY COMMISSION WITH ATTACHMENT(S), AUTHORIZING THE NEGOTIATION AND BORROWING OF AND APPROVING A LOAN, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000) (THE "LOAN"), FROM THE SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION, FOR THE PURPOSES OF FINANCING, REFINANCING, OR RECEIVING REIMBURSEMENT FOR THE COSTS OF THE ACQUISITION, CONSTRUCTION, AND/OR EQUIPPING OF THE PROJECTS AND FOR PAYING THE COSTS OF ISSUANCE RELATED TO THE LOAN 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 WITH THE LOAN FOR THE PROJECTS; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE MAKING OF THE LOAN; AUTHORIZING AND DIRECTING THE CITY MANAGER TO EXECUTE AND DELIVER AND APPROVING THE AMENDING AND RESTATING OF LOAN AGREEMENTS DATED AS OF SEPTEMBER 1, 1987, JANUARY 1, 1988, MAY 1, 1988, AND JUNE 30, 1995, RESPECTIVELY, ALL BETWEEN SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION AND THE CITY OF MIAMI, FLORIDA; 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 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 Three Hundred Million Dollars ($300,000,000) Sunshine State Governmental Financing Commission Revenue Bonds, Series 1986 (the "Bonds") 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 and the Commission to loan funds to Borrower in an amount not to exceed Fifteen Million Dollars City of Miami Page 1 of 3 File Id: 08-00089 (Version: 1) Printed On: 4/26/2017 File Number: 08-00089 Enactment Number: R-08-0085 ($15,000,000) (the "Loan") to finance, refinance, or receive reimbursements for the cost of the acquisition, construction, and/or equipping of the qualifying projects set forth on "Exhibit A-1," attached to the hereinafter described 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 WHEREAS, it is determined to be in the best interest of the Borrower to borrow funds in an aggregate principal amount not to exceed Fifteen Million Dollars ($15,000,000) from the Commission to finance, refinance, or receive reimbursement for the cost of the acquisition, construction, and/or equipping of the Projects and to pay for the costs of issuance related to the Loan; and WHEREAS, the Borrower previously executed four loan agreements with the Commission dated as of September 1, 1987, January 1, 1988, May 1, 1988 and June 30, 1995, respectively, and the Commission and the Borrower desire to amend and restate such loan agreements pursuant to the request of the Commission to conform with the Commission's current Form Loan Agreement for the Bonds program as set forth in substantially the attached form of Loan Agreement; 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 approves the Loan in the aggregate principal amount of not to exceed Fifteen Million Dollars ($15,000,000) (the "Loan") from the Sunshine State Governmental Finance Commission for the purposes of financing, refinancing, or receiving reimbursement for the costs of the acquisition, construction, and/or equipping of the Projects and the costs of issuance related to the Loan 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} and directed 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 Fifteen Million Dollars ($15,000,000). Such Loan shall be made at a discount which shall include a portion of costs of issuance 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. City of Miami Page 2 of 3 File Id: 08-00089 (Version: 1) Printed On: 4/26/2017 File Number: 08-00089 Enactment Number: R-08-0085 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 Loan 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 is hereby authorized{1} and directed to execute and deliver the amendment and restatement to the Loan Agreements dated as of September 1, 1987, January 1, 1988, May 1, 1988 and June 30, 1995, respectively, all to be entered into by and between the Commission and the Borrower in substantially the same form as the Form Loan Agreement for the Bonds and attached hereto as Exhibit A with such changes, insertions, additions and deletions as may be approved by such officers, with execution being conclusive evidence of any such approval. Section 8. The City Manager and all other necessary City officials of the Borrower are hereby authorized{1} 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 9. REPEALING CLAUSE. All resolutions or parts thereof of the Borrower in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. Section 10. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.{2} 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: 08-00089 (Version: 1) Printed On: 4/26/2017