HomeMy WebLinkAboutR-08-0702City of Miami
Legislation
Resolution: R-08-0702
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-01457 Final Action Date: 12/11/2008
A RESOLUTION OF THE MIAMI CITY COMMISSION WITH ATTACHMENT(S),
AUTHORIZING THE NEGOTIATION OF A LOAN IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS ($20,000,000) (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, EQUIPPING, CREATION, BUILDING, DEVELOPMENT,
INSTALLATION, IMPROVEMENT, AND IMPLEMENTATION OF CERTAIN
ENTERPRISE RESOURCE PLANNING SYSTEMS ("ERP"), LAND MANAGEMENT
SYSTEMS, AND OTHER ASSOCIATED TECHNOLOGY INFRASTRUCTURE
IMPROVEMENTS PROJECTS (COLLECTIVELY, THE "TECHNOLOGY
IMPROVEMENTS PROJECTS") AND FOR PAYING FOR COSTS OF ISSUANCE
RELATED TO THE LOAN AND APPROVING THE FINANCING OF THE
TECHNOLOGY IMPROVEMENTS 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 AND
APPROPRIATE 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 TECHNOLOGY IMPROVEMENTS PROJECTS; PROVIDING 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 the aggregate principal amount not to exceed Twenty
City of Miami
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File Number: 08-01457 Enactment Number: R-08-0702
Million Dollars ($20,000,000) (the "Loan") to finance, refinance, or receive reimbursements for the
cost of the acquisition, construction, equipping, creation, building, development, installation,
improvement, and/or implementation of the qualifying projects set forth on Composite Exhibit A, A-1,
and A-2 attached to the hereinafter described Loan Agreement (collectively, the "Technology
Improvements Projects"); and
WHEREAS, the Technology Improvements Projects consist of various capital and other
related improvements to the City's Enterprise Resource Planning systems, Land Management
systems, and other associated technology infrastructure; 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 Twenty Million Dollars ($20,000,000) from the Commission
to finance, refinance, or receive reimbursement for the costs of the acquisition, construction,
equipping, creation, building, development, installation, improvement, and/or implementation of the
Technology Improvements 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 not to exceed Twenty
Million Dollars ($20,000,000) from the Commission for the purposes of financing, refinancing, or
receiving reimbursement for the costs of acquisition, construction, equipping, creation, building,
development, installation, improvement, and/or implementation of the Technology Improvements
Projects and paying the costs of issuance related to the Loan, and the Technology Improvements
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 hereby {1} authorized and directed to execute and deliver
a Loan Agreement, in substantially the form as Exhibit A attached 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 aggregate principal amount of the Loan of the Borrower evidenced by the
Loan Agreement shall not exceed Twenty Million Dollars ($20,000,000). 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, after consultation with the City Attorney.
SECTION 5. No such Loan Agreement shall be executed until the Borrower shall have
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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 other necessary and appropriate City officials of the
Borrower are hereby authorized 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 actions taken to date by the officers of the
Borrower in furtherance of the making of the Loan are 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 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.
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