HomeMy WebLinkAboutSummary FormDate: 11/2/12
AGENDA ITEM SUMMARY FORM
FILE ID: /- fOO
Requesting Department: Finance
Commission Meeting Date: 12/13/12 District Impacted: _
Type: ® Resolution ❑ Ordinance E Emergency Ordinance E Discussion Item
❑ Other
Subject: Series 2012 Port of Miami Tunnel Project Bond Issuance
Purpose ahem:
Law Department
Matter ID No.
Series 2012 Port of Miami Tunnel Project Bond Issuance, See attached supplement.
Background Information:
See attached supplement.
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:
CV Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Final Approvals_
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager,
Ii u s ini:or r a eiviug; xap ital to ngs
Grants
Purchasing""
Chief Aterz
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Purpose of Item:
A RESOLUTION OF THE CITY OF MIAMI, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$50,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF SPECIAL OBLIGATION NON -AD VALOREM
REVENUE REFUNDING BONDS, SERIES 2012 (PORT OF MIAMI TUNNEL PROJECT), FOR THE PURPOSE
OF, TOGETHER WITH ANY OTHER AVAILABLE MONEYS, REFUNDING THE CITY'S REVENUE NOTE,
SERIES 2010 (PORT OF MIAMI TUNNEL AND ACCESS IMPROVEMENT PROJECT) OUTSTANDING IN THE
AGGREGATE PRINCIPAL AMOUNT OF $45,000,000 (THE "NOTE"); PROVIDING FOR THE RIGHTS AND
SECURITY OF ALL HOLDERS OF BONDS ISSUED PURSUANT TO THIS RESOLUTION; PROVIDING
CERTAIN DETAILS OF THE BONDS; DELEGATING OTHER DETAILS AND MATTERS IN CONNECTION WITH
THE ISSUANCE OF THE BONDS TO THE CITY MANAGER, WITHIN THE LIMITATIONS AND RESTRICTIONS
STATED HEREIN; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM LEGALLY AVAILABLE NON -AD
VALOREM REVENUES BUDGETED AND APPROPRIATED BY THE CITY FOR SUCH PURPOSE;
APPOINTING A BOND REGISTRAR; AUTHORIZING A BOOK -ENTRY REGISTRATION SYSTEM FOR THE
BONDS; AUTHORIZING THE NEGOTIATED SALE AND AWARD BY THE CITY MANAGER OF THE BONDS
TO THE UNDERWRITER, WITHIN THE LIMITATIONS AND RESTRICTIONS STATED HEREIN; APPROVING
THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE
AGREEMENT; APPROVING THE FORM OF AND DISTRIBUTION OF A PRELIMINARY LIMITED OFFERING
MEMORANDUM AND A LIMITED OFFERING MEMORANDUM AND AUTHORIZING THE EXECUTION AND
DELIVERY OF THE LIMITED OFFERING MEMORANDUM; COVENANTING TO PROVIDE CONTINUING
DISCLOSURE IN CONNECTION WITH THE BONDS AND AUTHORIZING THE EXECUTION AND DELIVERY
OF A CONTINUING DISCLOSURE AGREEMENT WITH RESPECT THERETO AND APPOINTING A
DISCLOSURE DISSEMINATION AGENT THEREUNDER; CREATING A BOND FUND AND CERTAIN
ACCOUNTS AND SUBACCOUNTS AND PROVIDING FOR THE APPLICATION OF THE PROCEEDS OF THE
BONDS; DELEGATING TO THE CITY MANAGER AUTHORITY TO NEGOTIATE AND OBTAIN A BOND
INSURANCE POLICY AS CREDIT ENHANCEMENT FOR THE BONDS AND/OR A RESERVE ACCOUNT
INSURANCE POLICY FOR DEPOSIT TO THE CREDIT OF THE DEBT SERVICE RESERVE ACCOUNT AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AGREEMENTS WITH THE PROVIDER(S) THEREOF;
PROVIDING COVENANTS FOR THE PROVIDER(S) OF SUCH BOND INSURANCE POLICY AND/OR
RESERVE ACCOUNT INSURANCE POLICY; AUTHORIZING THE CITY MANAGER, THE CITY ATTORNEY
AND CERTAIN OTHER OFFICIALS AND EMPLOYEES OF THE CITY TO TAKE ALL ACTIONS REQUIRED IN
CONNECTION WITH THE ISSUANCE OF THE BONDS; AND PROVIDING FOR AN EFFECTIVE DATE.
Background Information:
The City previously issued a Note to provide for the interim financing of the City's financial contribution towards
Port of Miami Tunnel and Access Improvement Project (the "Tunnel Project"). The City Commission has
determined that it is desirable, subject to the provisions of this Resolution, to authorize the issuance by the City of
its Special Obligation Non -Ad Valorem Revenue Refunding Bonds, Series 2012 (Port of Miami Tunnel Project), in
an aggregate principal amount not to exceed $50,000,000 (the "Bonds"), for the purpose of, together with any
other available moneys, (i) refinancing the Note, including the payment of accrued interest, (ii) funding a deposit
to the Debt Service Reserve Account or paying the premium for a Reserve Account Insurance Policy for the
Bonds, and (iii) paying certain costs of issuance of the Bonds,' including if necessary, the premium for a Bond
Insurance Policy; Administration recommends that due to the uncertainty of the municipal bond market and the
need to access such market when most advantageous to the City, it is in the best interest of the City to delegate
to the City Manager, who may consult with the Director of Finance and Financial Advisor (as such terms are
defined below), the determination of various terms of the Bonds, the award of the Bonds and other actions in
connection with the issuance of the Bonds, all as provided and subject to the limitations contained in this
Resolution. For reasons more fully set forth herein, the Administration recommends it to be in the best interest of
the City to authorize the sale of the Bonds on the basis of a negotiated sale rather than a public sale by
competitive bid..
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