HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: d O i CI S
Date: 11/25/2008 Requesting Department: Finance
Commission Meeting Date: 12/11/2008 District Impacted: N/A
Type: ® Resolution n Ordinance n Emergency Ordinance n Discussion Item
RE.14
Subject: Issuance of not to exceed $40,000,000 of Fixed Rate Non -Ad Valorem Refunding Revenue
Bonds, Taxable Pension Series 2009
Purpose of Item:
It is respectfully recommended that the City Commission adopt the attached Resolution authorizing
issuance of not to exceed $40,000,000 in aggregate principal amount of City of Miami, Florida Non-
Ad Valorem Refunding Revenue Bonds, Taxable Pension Series 2009. The Bonds are being issued
for the purposes of refunding the City's outstanding Non -Ad Valorem Variable Rate Revenue Bonds,
Taxable Pension Series 2006 and terminating the related Swap Agreement. The Resolution delegates
to the City Manager determination of certain matters and details concerning the Bonds, including
negotiating and obtaining a municipal bond insurance policy and/or a debt service reserve, or surety
for the Bonds. The Resolution also authorizes the negotiated sale of the Bonds.
Background Information:
The Resolution sets parameters under which the City Manager may execute a Bond Purchase
Agreement for the issuance and redemption. Those parameters include, but are not limited to, size of
the issuance and the interest rate to be paid by the City. Attached to the Resolution are related
agreements including a Bond Purchase Agreement, Preliminary Official Statement, and a Continuing
Disclosure Agreement. All of these documents have been drafted by or reviewed by Bond Counsel,
Squire, Sanders & Dempsey L.L.P. and Disclosure Counsel Bryant Miller Olive P.A. The City's
Finance Committee also approved the negotiated sale of the Bonds.
Budget Impact Analysis
NO Is this item related to revenue?
YES 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
Purchasing
Chief
G
Risk Managemen
Dept. Director
City Manager
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