HomeMy WebLinkAboutSummary FormDate: 05 116 / 2011..
AGENDA ITEM SUMMARY FORM
FILE ID: /.4" 7& rxif
Requesting Department: Finance
Commission :Meeting Date:.05/ 26 l 2011 District Impacted:.
Type: ®Resolution U Ordinance C] Emergency Ordinance 0 Discussion Item
❑ Other
Subject: Special Obligation Non -Ad Valorem Revenue Refunding Bonds for Port of Miami
Tunnel and Refunding Outstanding Sunshine, State Governmental Financing Loans.
Purpose.of Item:
Law Department
Matter ID No.
resolution authorizing the issuance not to exceed $140,000,000 in aggregate principal amount of
Special Obligation Non -Ad Valorem Revenue Refunding Bonds in one or more series. from time to
time at an interest rate not to exceed 7.50%. Such bonds will be used to refund the outstanding
Sunshine State Governmental Financing Commission loans and to refinance the Note previously
issued in the amount of $50,000,000 to fund the Port of Miami Tunnel and Access project. The
Special Obligation Non -Ad Valorem Revenue Refunding Bonds will be secured by non -ad valorem
revenue of the City.
Background Information:
On various dates the City entered into seven (7) separate loan agreement with Sunshine State
Governmental Financing Commission to borrow moneys to fund various capital projects. Such loans
were issued in the aggregate principal amount of.$100,230.900 of which $68,571.500 is currently
outstanding. Because the Letter of Credii on the Sunshine State Governmental Financing
Commission's bonds (which funded the loans) is expiring on August 1, 2011, all loans made with
such proceeds are required to be paid to the Sunshine State Governmental Financing Commission no
dater than August 1, 2011, including the City's loans.
Further, on January 5 2010, the City issued a Note m the amount of $50,000,000 on behalf of the
Omni Community Redevelopment Agency to fund the City's portion of the acquisition and
construction of the Port of Miami .Tunnel and Access Improvement project.
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identifS funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/NeighborhoodImprovement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE),
CIP Budget
Jf usins:or reeeivino;capiril funds
Grants Risk Manageme
Purchasing Dept. Director
Chief City Manager
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