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RESOLUTION NO. 07-06
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUNSHINE STATE GOVERNMENTAL FINANCING
COMMISSION APPROVING THE FORM OF AND AUTHORIZING
THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT
WITH THE CITY OF MIAMI, FLORIDA; APPROVING THE
MAKING OF A LOAN TO SAID CITY IN AN AMOUNT NOT TO
EXCEED $34,100,000; AUTHORIZING THE OFFICERS OF THE
COMMISSION TO APPROVE CERTAIN CHANGES, INSERTIONS,
ADDITIO^S AND DELETIONS TO SUCH LOAN AGREEMENT;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on July 16,1986, the Sunshine State Governmental Financing Commission (the
"Commission") issued its $300,000,000 Sunshine State Governmental Financing Commission
Revenue Bonds, Series 1986 (the "Bonds") in order to make loans to cities and counties in the State
of Florida for the purpose of financing, refinancing or reimbursing the cost of qualified projects; and
WHEREAS, the City Commission of the City of Miami, Florida (the "Borrower") has
requested that the Commission approve the making of a loan to the Borrower in an amount not to
exceed $34,100,000 (subject to availability) from the Secondary Account created pursuant to Section
4.02 of the Second Amended and Restated Trust Indenture dated as of January 1, 2000, between the
Commission and Deutsche Bank Trust Company Americas (successor to Wachovia Bank, National
Association, successor by merger to First Union National Bank), as Trustee (the "Trustee"); and
WHEREAS, the making of such loan will assist in the development and maintenance of the
public welfare of the residents served by the State of Florida and the residents of Miami, Florida and
shall serve a public purpose by improving the health and living conditions, and providing adequate
governmental services, facilities and programs and will promote the most efficient and economic
development of such services, facilities and programs in the State.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION, as follows:
SECTION 1. The making of the supplemental loan to the Borrower in an amount not to
exceed $34,100,000 (subject to availability) for the purpose of financing capital projects within the
City of Miami, Florida of the Borrower and the execution and delivery of a Loan Agreement with
the Borrower is hereby approved. Such Loan Agreement shall be in substantially the form of the
Loan Agreement attached hereto as Exhibit "A" with such changes, insertions, additions and
deletions as may be approved by the officers of the Commission executing the same. The Chairman
or Vice Chairman and the Secretary -Treasurer are hereby authorized to execute such Loan
Agreement in substantially the form attached hereto as Exhibit "A", with such changes, insertions,
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additions and deletions as may be approved by such officers, with execution being conclusive
evidence of any such approval. In addition to the foregoing authorization, the Chairman and the
Secretary -Treasurer are hereby specifically authorized to complete Exhibit "A" to the Loan
Agreement to reflect the individual projects to be financed by the Borrower and are further
authorized to agree to a schedule of repayments to be set forth in Exhibit "D" to the Loan
Agreement, as may be acceptable to the Borrower and the Insurer securing the payment of principal
and interest on the Bonds.
SECTION 2. No Loan Agreement shall be executed and delivered unless and until the
Commission has received any and all documents required to be received by it pursuant to the terms
of such Loan Agreement.
SECTION 3. This Resolution shall take effect immediately.
PASSED AND ADOPTED by the Board of Directors of the Sunshine State Governmental
Financing Commission at a meeting held on this 6th day of July, 2007.
BOARD OF DIRECTORS OF THE SUNSHINE
STATE GOVERNMENTAL FINANCING
COMMISSION
ATTEST:
By:
Secretary -Treasurer Chairman
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