HomeMy WebLinkAboutSubmittal-Correspondence-Finance CommitteeSUBMITTED INTO THE
PUBLIC RECORD FOR
ITEM ON .
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1101101 li,le iv -falafel A. Diaz.. Mayor
& Members oi'the City Commission
(_'itA. or Miami
310C Pin \nteriea!) Drive
\:iian i. Florida 33130
Fhc Finance Conmiittee of the City of Miami met on October 13. 2009 to review stairs
recommendlation to approve issuance of not to exceed $.135 Million L)ollars of the C ity's
Special Obligation Parking Revenue Bonds, Series 2009 A, 13, C, (Marlins Stadium Project).
The Committee voted unanimously (absent was Richard Berkowitz) to approve the issuance as
recommended by City Staff: however, throughout the discussions, the Committee expressed
;cv concerns related to approving the transaction related to the Covenant to Budget and
`pprtopriation (C1i,'\) of the General Fund which puts the Cirv's Ciener;ll Fund at risk to cove,
any 41 n:1l ;ils that mtav result Throughout the life of the transaction. Spcci !Ica' those .I nc •I
t1.1 ethter ill not the Stadium Operator/Marlins will h._ able to :i et/hunt.,) i!-._,
ohiteal ions under the contract fir the life or the transaction_
FS' Whether the Lounty �, ill have sufficient CDT to honor its obliatioits to the
r.1 Whether or not the issuance size is sufficient to cover the total costs since •tLlual t•.,,i-
haave not vet been received;
I)) Whether or not the positive cash now shown on the bond structure is accura!e Hse,
on the fact that actual costs have not yet been received, as well as the fact that L,L
Capital I:xpeilditurc Contributions used in the analysis appear low.
The Finance Committee raises these concerns in order to provide "food for thought- as vuu
:•onsider 11tJS item.
1 li Feinberg, vice -Chair
R:chard Berkowitz_
1umbcrto Rodriguez
Pablo Aeost"
Linda I laskiils
Sandoz' Lenner
Diana Gomez
EMI. fi A.;oct.ua,. lrc. Govcr.,nicm. Ai i irz Cur:xult..:us
Dxdvi. r• R,'nilryuci. Suite 900 \liami, Florida 33!5,3 Tc! 3I)5/hill-5S55 Fax 'i0'i0f,70- 6.1:' L-u,u! t u :r,:,. t°
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