HomeMy WebLinkAboutR-08-0345City of Miami
Legislation
Resolution: R-08-0345
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00621 Final Action Date: 6/12/2008
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE NEGOTIATION OF A LOAN, IN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED TWENTY-SEVEN MILLION, FIVE HUNDRED
THOUSAND DOLLARS ($27,500,000) (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; APPROVING, AUTHORIZING AND
DIRECTING THE CITY MANAGER TO EXECUTE AND DELIVER A LOAN
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM AS EXHIBIT A
HERETO, WITH SUCH CHANGES, INSERTIONS, AND OMISSIONS, AS MAY BE
APPROVED BY THE CITY MANAGER AFTER CONSULTATION WITH THE CITY
ATTORNEY; AND AUTHORIZING THE CITY MANAGER AND ALL OTHER
NECESSARY CITY OFFICIALS TO EXECUTE AND DELIVER, AFTER
CONSULTATION WITH THE CITY ATTORNEY, ALL OTHER DOCUMENTS,
INSTRUMENTS, AND CERTIFICATES IN CONNECTION WITH THE LOAN FOR
THE PROJECTS; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION
WITH THE MAKING OF THE LOAN; 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, and is seeking
to make 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 the Borrower in an aggregate principal amount not to exceed
Twenty -Seven Million, Five Hundred Thousand Dollars ($27,500,000) (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 Composite Exhibit Al attached to the hereinafter described Loan
Agreement (the "Projects"); and
WHEREAS, the Projects consist of various capital improvements; and
City of Miami
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File Number: 08-00621 Enactment Number: R-08-0345
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 Twenty -Seven Million, Five Hundred Thousand Dollars
($27,500,000) 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;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI, FLORIDA THAT:
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 (the "City Commission") authorizes the negotiation of
and borrowing of and approves the Loan in the aggregate principal amount of not to exceed
Twenty -Seven Million, Five Hundred Thousand Dollars ($27,500,000) from the Sunshine State
Governmental Financing Commission (the "Commission") for the purposes of financing, refinancing,
or receiving reimbursement for the costs of acquisition, construction, and/or equipping of the Projects
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 as Exhibit A hereto, 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 Twenty -Seven Million, Five Hundred Thousand Dollars ($27,500,000). 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, after consultation with the City Attorney.
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 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 and all other necessary City Officials of the Borrower are hereby
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authorized {1} and directed to execute and deliver, after consultation with the City Attorney, 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 officers City officials of the
Borrower in furtherance of the making of the Loan is hereby approved, confirmed and ratified.
Section 8. 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 9. 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 the applicable
City Charter and City Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10)
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.
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