HomeMy WebLinkAboutR-12-0288City of Miami
Legislation
Resolution: R-12-0288
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-00796 Final Action Date: 7/26/2012
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER, AFTER CONSULTATION WITH THE CITY
ATTORNEY AND BOND COUNSEL, TO EXECUTE ANY AND ALL NOTICES,
AGREEMENTS, AND OTHER DOCUMENTS NECESSARY TO EFFECTUATE THE
REDEMPTION ON OCTOBER 1, 2012, OF ALL OF THE CITY'S OUTSTANDING
COMMUNITY REDEVELOPMENT REVENUE BONDS, SERIES 1990;
APPROPRIATING NOT TO EXCEED $1,229,975.00 FROM THE FISCAL YEAR
2011-2012 PREVIOUSLY BUDGETED AMOUNTS FROM ACCOUNT NUMBERS
28001.162000.771000, 28001.162000.772000, AND 28001.162000.534000 TO PAY
ALL PRINCIPAL, INTEREST, AND COSTS/FEES RELATED TO THE REDEMPTION
OF THE SERIES 1990 BONDS.
WHEREAS, the City of Miami (the "City") on November 1, 1990, on behalf of the Community
Redevelopment Agency of City (the "CRA") issued its $11,500,000 original principal amount of City of
Miami, Florida Community Redevelopment Revenue Bonds, Series 1990 (the "Series 1990 Bonds")
which remain outstanding in the principal amount of $1,170,000.00; and
WHEREAS, the Series 1990 Bonds were issued to fund the acquisition of certain real property
located in the South East Overtown/Park West area within the City and the improvement thereof to
facilitate the construction and development of multi -family residential facilities, commercial
development and public improvements constituting a redevelopment project, the construction of
certain public improvements and the repayment of a loan made by the U.S. Department of Housing
and Urban Development to the City (collectively, the "Project"), and to reimburse the City for certain
expenditures previously incurred by the City in connection with the Project; and
WHEREAS, as of October 1, 2002, the Series 1990 Bonds are subject to optional redemption at
the option of the City, in whole at any time, or in part on any interest payment date, being any April 1
or October 1 ("Interest Payment Dates"), by lot and at a redemption price of one hundred percent
(100%) of the principal amount thereof, together with accrued interest to the date of redemption; and
WHEREAS, the Finance Director, has recommended that it is in the City's best interest for
financial savings to call all remaining outstanding Series 1990 Bonds on the next Interest Payment
Date, which is October 1, 2012; and
WHEREAS, the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency on June 25, 2012 pursuant to Resolution No. CRA- R-12-0045 has
authorized an amount not to exceed $492,143 to be paid to the City to repay with principal and
interest for the redemption of the Series 1990 Bonds; and
WHEREAS, the City has previously budgeted additional amounts necessary to accomplish such
redemption;
City of Miami
Page 1 of 2 File Id: 12-00796 (Version: 31 Printed On: 11/28/2017
File Number: 12-00796 Enactment Number: R-12-0288
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as fully set forth in this Section.
Section 2. The City Manager is authorized{1}, after consultation with the City Attorney, and
Bond Counsel, to execute any and all notices, agreements, and other documents necessary to
effectuate the redemption on October 1, 2012, of all of the City's outstanding Community
Redevelopment Revenue Bonds, Series 1990.
Section 3. An amount not to exceed $1,229,975.00 is appropriated from the Fiscal Year 2011-
2012 previously budgeted amounts from Account Numbers 28001.162000.771000,
28001.162000.772000, and 28001.162000.534000 to pay all principal, interest, and costs/fees
related to the redemption of the Series 1990 Bonds.
Section 4. This Resolution shall become effective 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 (10) 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.
City of Miami Page 2 of 2 File Id: 12-00796 (Version: 31 Printed On: 11/28/2017