HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /a -60 7 f(5,
Date: July 13, 2012
Commission Meeting Date: 7/26/2012
Type: ® Resolution
Requesting Department: Final -lee
District Impacted: All
Ordinance ❑ Emergency Ordinance Discussion Item
Other
Subject: Series 1.990 Bonds Defeasance
Purpose of Item:
Law Department
Matter ID No.
A resolution of the Miami City Commission, with attachments, 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 199D; 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.
Background Information:
See attached background information sheet.
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:
ClP Project No:
NO Is this item funded by homeland Defense/Neighborhood Improvement Bonds?
28001.162000.771000; 28001.162000.772000;
28001,162000.534000
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capita funds
Grants iv
Purchasing '"2�
Chief -3<
Final Approvals
(SIGN AND DATE)
Budget~=mac`
Risk Management,
Dept. Directo
City Manager
Page 1 of 2
Background Information:
• 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
• 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
• 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
• The Finance Director has recommended that it is in the City's best interest to save future
interest payments and call all remaining outstanding Series 1990 Bonds on the next
Interest Payment Date, which is October 1, 2012
• 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
• The. City has previously budgeted additional amounts necessary to accomplish such
.redemption in the debt service reserve and in a settlement payment with the CRA related to
certain CRA properties (see CRA Resolution 12-0045)
$1,229,975.00 Total Defeasance
Less 437,832.00 Paid from Debt Service Reserve
300,000.00 Paid from State Shared Revenue (City)
492,143.00 Paid from CRA
0.00
Page 2 of 2