HomeMy WebLinkAboutSummary FormDate: 6/11/2008
AGENDA ITEM SUMMARY FORMO
FILE ID: Oc6- CO? 2 p
FR.3
Requesting Department: Miami Parking Authority
Commission Meeting Date: 7/11/2008 District Impacted: N/A
Type: ❑ Resolution ® Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Refunding of the Parking System Revenue Bonds Series 2006
Purpose of Item:
It is respectfully recommended that the City Commission adopt the attached ordinance authorizing the
issuance of not to exceed $42,000,000 in aggregate principal amount of the City of Miami, Florida
Variable Rate Parking System Revenue Refunding Bonds, Series 2008, in one or more series and on a
Tax -Exempt or Taxable Timis. The Series 2008 bonds are being issued for the purpose of currently
refunding and redeeming all of the City's outstanding Tax -Exempt and Taxable Variable Rate Parking
System Revenue Bonds, Series 2006. The ordinance delegates the City Manager the determination of
certain matters and details concerning the bonds, including negotiating and obtaining a municipal
bond insurance policy and a debt service reserve surety for the bonds.
Background Information:
The ordinance sets the parameters under which the City Manger may execute a bond purchase
agreement for the transaction. Those parameters relate to the size of the issuance. Attached to the
ordinance are Bond indenture, Credit agreement,bond purchase agreement, Pteniliminary Official
Statement, Remarketing Agreement,and a Continuing Disclosure Agreement. All of these document
have been drafted by or reviewed by our bond Counsel, Squire, Sanders & Dempsey L.L.P.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasin Dept. Director
Chief City Manager
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