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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 14-00693 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED TWENTY-TWO MILLION DOLLARS ($22,000,000.00) IN AGGREGATE PRINCIPAL AMOUNT OF A CITY OF MIAMI, FLORIDA ("CITY") SPECIAL OBLIGATION NON -AD VALOREM REVENUE REFUNDING BOND, SERIES 2014 ("BOND"); PROVIDING FOR THE PRIVATE PLACEMENT AND NEGOTIATED SALE OF SAID BOND TO PNC BANK, NATIONAL ASSOCIATION ("BANK"); SETTING CERTAIN BASIC PARAMETERS OF THE TERMS AND CONDITIONS OF A LOAN AGREEMENT AND THE BOND, AND AUTHORIZING THE NEGOTIATION, EXECUTION AND DELIVERY OF A LOAN AGREEMENT, THE BOND, AND ALL OTHER NECESSARY AGREEMENTS, DOCUMENTS, AND INSTRUMENTS IN CONNECTION THEREWITH; MAKING CERTAIN FINDINGS AND DETERMINATIONS; AUTHORIZING ALL REQUIRED ACTIONS BY THE CITY MANAGER, THE CITY ATTORNEY, AND ALL OTHER CITY OFFICIALS IN CONNECTION THEREWITH; FURTHER AUTHORIZING THE CITY MANAGER AND ALL OTHER NECESSARY CITY OFFICIALS TO UNDERTAKE THE NECESSARY STEPS AND TO NEGOTIATE, EXECUTE, AND DELIVER ALL NECESSARY NOTICES, DOCUMENTS, AND INSTRUMENTS IN CONNECTION WITH THE REDEMPTION OF THE $13,255,000.00 OUTSTANDING PRINCIPAL AMOUNT OF THE CITY'S SPECIAL OBLIGATION NON AD -VALOREM REVENUE REFUNDING BONDS, SERIES 2002AAND $7,430,000.00 OUTSTANDING PRINCIPAL AMOUNT OF THE CITY'S SPECIAL OBLIGATION NON AD -VALOREM REVENUE REFUNDING BONDS, SERIES 2002C; AND PROVIDING APPLICABLE EFFECTIVE DATES. WHEREAS, the City of Miami ("City") has previously issued its $27,895,000.00 Special Obligation Non -Ad Valorem Revenue Refunding Bonds, Series 2002A ("Series 2002A Bonds") and its $28,390,000.00 Special Obligation Non -Ad Valorem Revenue Refunding Bonds, Series 2002C ("Series 2002C Bonds"); and WHEREAS, in order to obtain interest savings in an approximate amount of $1,138,000.00, the City desires to issue in a total aggregate principal amount not to exceed $22,000,000.00 a Special Obligation Non -Ad Valorem Revenue Refunding Bond, Series 2014 ("Bond") to refund on a current basis the Series 2002A Bonds in an outstanding principal amount of $13,255,000.00 (which became subject to optional redemption as of September 1, 2012) and the Series 2002C Bonds in an outstanding principal amount of $7,430,000.00 (which became subject to optional redemption as of October 1, 2012); and WHEREAS, the City has received a proposal ("Proposal", attached and incorporated) from the Bank to privately purchase and to hold the Bond not for resale; and WHEREAS, in accordance with Section 218.385(1), Florida Statutes, as amended, the City Manager has recommended and the City Commission desires to find, determine and declare as set forth below in Section 3, that a privately -placed negotiated sale of the Bond to the Bank is in the best City of Miami Page 1 of 9 File Id: 14-00693 ([Version: 1) Printed On.: 7/15/2014 File Number: 14-00693 interests of the City due to the complexities of the market and timing of the issuance of the Bond; and WHEREAS, it is in the best interest of the City to approve the private placement and negotiated sale of the Bond to the Bank to provide for interest savings to the City without extending the original maturities of the payments, to authorize the basic parameters of the terms and conditions of a Loan Agreement between the City and the Bank, the Bond, and certain agreements and documents in connection with the issuance therewith, to delegate to the City Manager the determination of certain other details of the Loan Agreement and the Bond, and to authorize the City Manager, the City Attorney, and other appropriate officers of the City to do all actions necessary and in the best interests of the City in connection with the sale, issuance and delivery of the Bond and the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Authority. This Resolution is adopted pursuant to the Constitution of the State of Florida (the "State"); Chapters 163 and 166, Florida Statutes as amended; Part VII of Chapter 159, Florida Statutes, as amended; the City Charter of the City of Miami, Florida; applicable City resolutions and other applicable provisions of law (collectively, the "Act"). Section 2. Definitions. All capitalized undefined terms shall have the meaning as set forth in this Resolution, the Proposal, and as defined in the Loan Agreement. In addition to the words and terms defined in the recitals to this Resolution, as used herein, the following terms shall have the following meanings herein, unless the context otherwise requires: "Bank" or "Purchaser" means PNC Bank, National Association, as purchaser and holder of the Bond. "Bond" means the not to exceed Twenty -Two Million Dollars ($22,000,000.00) City of Miami, Florida Special Obligation Non -Ad Valorem Revenue Refunding Bond, Series 2014 authorized pursuant to this Resolution. "Bond Registrar" means the Finance Director of the City. "Covenant Revenues" means all of the legally available non -ad valorem revenues budgeted and appropriated to pay the principal of, prepayment penalty, if any, and interest on the Bond pursuant to Section 10 of this Resolution entitled "Covenants of the City". "Default Rate" means a rate equal to the lesser of the Prime Rate plus three percent (3.00%) per annum or the maximum rate permitted by law, whichever is less. "Interest Rate" means a fixed interest rate based upon the Bank's Cost of Financing as of three (3) days prior to the funding date, as set forth in the Proposal and the Loan Agreement. "Loan Agreement" means the loan agreement to be entered into between the City and the Bank, in accordance with the terms of this Resolution and the Proposal. "Maturity Date" means July 1, 2026. "Payments" means all amounts payable by the City of principal, interest and prepayment penalty, if City of Miami Page 2 of 9 File Id: 14-00693 (Version: 1) Printed On: 7/15/2014 File Number: 14-00693 any, on the Bond, and all other amounts payable by the City pursuant to the Loan Agreement. "Pledged Revenues" means 1) Covenant Revenues deposited into the Bond Fund established by this Resolution and the Loan Agreement, and 2) income received from the investment of moneys deposited into the funds and accounts established by this Resolution and the Loan Agreement. "Resolution(s)" means this Resolution No. R-14- adopted by the City Commission of the City of Miami, Florida on , 2014, as amended and supplemented from time to time. "Paying Agent" means the Finance Director of the City. "Pledged Funds" means collectively the amounts on deposit in the Bond Fund and any other funds and accounts created pursuant to the Loan Agreement and herein pledged to secure the Bond (with the exception of any Rebate Fund), including the Pledged Revenues. Section 3. Recitals and Findings. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Additionally, it is hereby ascertained, determined and declared that: A. Findings Regarding Negotiated Sale: In accordance with Section 218.385, Florida Statutes, the City hereby finds, determines and declares, based upon the advice of its Financial Advisor for the Bond, that a negotiated sale of the Bond is in the best interests of the City for the following reasons: (i) The structure and timing of the issuance of the Bond require extensive planning, and it is not practical for the City, the Financial Advisor, and the Bank to engage in such planning within the time constraints and uncertainties inherent within a competitive bidding process; (ii) The Pledged Revenues consist of multiple revenue sources which require extensive planning and explanation to the market; and (iii) The vagaries of the current and near future municipal bond market demand that the City have the maximum time and flexibility in order to obtain the most favorable interest rates available. B. It is in the best interests of the City, its citizens and taxpayers to issue the Bond in order to save approximately $1,138,000.00 in interest payments on the Series 2O02A Bonds and Series 2OO2C Bonds without extending the time for such payments. C. The Bond shall be payable from the Pledged Funds. D. There are expected to be sufficient Pledged Funds to pay the interest and principal on the Bond as the same become due and payable. E. The Pledged Funds are not now pledged or encumbered in any matter. F. Neither the City nor the State of Florida nor any other political subdivision thereof or governmental authority or body therein, shall ever be required to levy ad valorem taxes to pay the Bond, and the Bond shall not constitute a lien upon any properties owned by or situated within the City, except as provided herein with respect to the Pledged Funds, in the manner and to the extent provided herein. City of Miami Page 3 of 9 File Id: 14-00693 (Version: 1) Printed On: 7/15/2014 File Number: 14-00693 G. In accordance with Section 218.385(1), Florida Statutes, as amended, the City hereby finds, determines and declares that a negotiated sale of the Bond is in the best interests of the City due to the complexities of the market and timing of the issuance of the Bond, and the timing of the refunding of the Series 2002A Bonds and Series 2002C Bonds. Prior to the issuance of the Bond, the City shall receive from the Purchaser a Purchaser's Certificate, the form of which is attached as an exhibit to the Loan Agreement and the Disclosure Letter containing the information required by Section 218.385, Florida Statutes, a form of which is attached as an exhibit to the Loan Agreement. Section 4. This Resolution to Constitute Contract. In consideration of the acceptance of the Bond authorized to be issued hereunder by those who shall hold the same from time to time, this Resolution and the Loan Agreement shall be deemed to be and shall constitute a contract between the City and the Purchaser. The covenants and agreements herein set forth to be performed by the City shall be for the equal benefit, protection and security of the Purchaser and the Bond, except as expressly provided herein and in the Loan Agreement. Section 5. Authorization of the Loan Agreement, the Bond, and All Other Necessary Documents, Agreements, and Instruments. Subject and pursuant to the provisions hereof and in anticipation of the sale and delivery of the Bond, (i) the City Manager, in consultation with the City Attorney, Bond Counsel, and the Financial Advisor, is authorized to negotiate, to execute and to deliver a Loan Agreement with the Bank, (ii) an obligation of the City to be known as "Special Obligation Non -Ad Valorem Revenue Refunding Bond, Series 2014" is authorized to be issued, executed, and delivered in the aggregate principal amount of not to exceed Twenty -Two Million Dollars and No Cents ($22,000,000.00), and (iii) the City Manager, in consultation with the City Attorney, Bond Counsel, and the Financial Advisor, is authorized to negotiate, to execute, and to deliver all other necessary documents, agreements, and instruments. The City Manager, after consultation with the City Attorney, Bond Counsel, and the Financial Advisor, is further authorized to negotiate, execute, and deliver any changes, modifications, supplements, or amendments to the Loan Agreement, the Bond, and any and all other agreements, documents, and instruments as should be deemed necessary or desirable and to take such other actions as shall be necessary to implement the terms and conditions of the Loan Agreement and the Bond. The provisions of such documents, as so negotiated, executed, and delivered, are hereby incorporated into and made a part of this Resolution. Section 6. Description of the Bond. The Bond shall be issued as one fully registered Bond in the principal amount not to exceed Twenty -Two Million Dollars and No Cents ($22,000,000.00), shall be dated as of the date of its delivery to the Purchaser thereof and shall mature on the Maturity Date. The Bond shall be payable to the Purchaser, and shall bear interest at the Interest Rate, calculated on the basis of a 30/360 day year. Interest will be paid semi-annually each January 1 and July 1 with the first interest payment due on January 1, 2015. Principal will be paid annually on July 1 each year, with the first principal payment payable on July 1, 2015. The Maturity Date shall be July 1, 2026; provided, however, that the total interest and principal may be prepaid anytime, upon no less than five (5) business days' written advance notice of prepayment by the City to the Bank, within the guidelines of the Bank's Standard Make Whole provisions attached as an exhibit to the Loan Agreement. Upon the occurrence of an event of default, any due but unpaid principal and interest on the Bond shall bear interest at the Default Rate from the date due until paid and collected. Anything herein or in the Bond to the contrary notwithstanding, in no event shall the interest rate borne by the Bond exceed the maximum interest rate permitted to be paid by the City under applicable law. On the date of the issuance of the Bond, the City shall receive an amount equal to the par amount of the Bond from the Bank as the purchase price of the Bond. The Bond shall be payable in City of Miami Page 4 of 9 File Id: 14-00693 (Version: 1) Printed Oii: 7/15/2014 File Number: 14-00693 any coin or currency of the United States of America which on the respective dates of payment of principal and interest thereof is legal tender for the payment of public and private debts. The principal and interest on the Bond shall be payable upon presentation and surrender at the principal office of the Paying Agent to the registered owners of the Bond. The Bond may be exchanged at the office of the Bond Registrar for a like aggregate principal amount of Bond of the same series and maturity. Notwithstanding the foregoing or any provision of this Resolution to the contrary, the Bond shall not be transferred unless the new purchaser has executed a "sophisticated investor letter" in substantially the same form and substance as the "sophisticated investor letter" executed by the original Purchaser of the Bond. Section 7. Execution of Bond. The Bond shall be executed in the name of the City by the Mayor and the City Manager and the seal of the City shall be imprinted, reproduced or lithographed on the Bond and attested to and countersigned by the City Clerk. In addition, the City Attorney shall sign the Bond, showing approval of the form and correctness thereof, and the City's Interim Director of Risk Management shall sign the Bond, showing approval as to the City's insurance requirements. The signatures of the Mayor and the City Manager, the City Clerk, and the City Attorney on the Bond may be by facsimile. If any officer whose signature appears on the Bond ceases to hold office before the delivery of the Bond, his or her signature shall nevertheless be valid and sufficient for all purposes. In addition, any Bond may bear the signature of, or may be signed by, such persons as at the actual time of execution of such Bond shall be the proper officers to sign such Bond, although at the date of such Bond or the date of delivery thereof such persons may not have been such officers. Any Bond delivered shall be authenticated by the manual signature of the Finance Director, and the registered owner of any Bond so authenticated shall be entitled to the benefits of this Resolution. Section 8. Bond Mutilated, Destroyed, Stolen or Lost. If the Bond is mutilated, destroyed, stolen or lost, the City or its agent may, in its discretion (i) deliver a duplicate replacement Bond, or (ii) pay a Bond that has matured or is about to mature or has been called for redemption. A mutilated Bond shall be surrendered to and cancelled by the Bond Registrar. The holder of the Bond must furnish the City or its agent proof of ownership of any destroyed, stolen or lost Bond; post satisfactory indemnity; comply with any reasonable conditions the City or its agent may prescribe; and pay the reasonable expenses of the City or its agent. Any such duplicate Bond shall constitute an original contractual obligation on the part of the City whether or not the destroyed, stolen or lost Bond be at any time found by anyone, and such duplicate Bond shall be entitled to equal and proportionate benefits and rights as to lien on, and source of payment of and security for payment from, the funds pledged to the payment of the Bond so mutilated, destroyed, stolen or lost. Section 9. Form of Bond. The Bond shall be in substantially the form attached as Exhibit A to the Loan Agreement, with only such omissions, insertions and variations as may be necessary and desirable and permitted by this Resolution or by any subsequent ordinance or resolution adopted prior to the issuance thereof. Section 10. Covenants of the City. To the extent permitted by and in accordance with applicable law and budgetary processes, the City covenants that it will, in each year any Payments are due, budget and appropriate sufficient Non -Ad Valorem Revenues to make payments of such Payments as they become due. City of Miami Page 5 of 9 File Id: 14-00693. (Version: 1) Printed On: 7/15/2014 File Number: 14-00693 Such covenant and agreement on the part of the City to budget and appropriate such amounts of Non -Ad Valorem Revenues shall be cumulative to the extent not paid, and shall continue until such Non -Ad Valorem Revenues or other legally available funds in amounts sufficient to make all such required payments shall have been budgeted, appropriated and actually paid. Notwithstanding the foregoing covenant of the City, the City does not covenant to maintain any services or programs, now provided or maintained by the City, which generate Non -Ad Valorem Revenues. Such covenant to budget and appropriate does not create any Hen upon or pledge of such Non -Ad Valorem Revenues, nor, except as provided below, does it preclude the City from pledging in the future its Non -Ad Valorem Revenues, nor does it require the City to levy and collect any particular Non -Ad Valorem Revenues, nor does it give the Bank a prior claim on the Non -Ad Valorem Revenues as opposed to claims of general creditors of the City. Such covenant to budget and appropriate Non -Ad Valorem Revenues is subject in all respects to the payment of obligations secured by a pledge of such Non -Ad Valorem Revenues heretofore or hereinafter entered into (including the payment of debt service on other bonds and other debt instruments of the City). However, the covenant to budget and appropriate in its general annual budget for the purposes and in the manner stated herein shall have the effect of making available for the payment of the Payments, in the manner described herein, Non -Ad Valorem Revenues and to the extent permitted by applicable law placing on the City a positive duty to budget and appropriate, by amendment if necessary, amounts sufficient to meet its obligations hereunder; subject, however, to the payment of services and programs which are for essential public purposes affecting the health, welfare and safety of the inhabitants of the City or which are legally mandated by applicable law. The City represents that the current refunding of the Series 2002 A Bonds and the Series 2002C Bonds serves essential public purposes. Section 11. Tax Covenants. No use will be made of the proceeds of the Bond which, if such use were reasonably expected on the date of issuance of the Bond, would cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"). The City at all times while the Bond and the interest thereon are outstanding will comply with the requirements of the Code, including any amendments thereto and any valid and applicable rules and regulations promulgated thereunder necessary to maintain the exclusion of the interest on the Bond from federal gross income including the creation of any rebate funds or other funds and/or accounts required in that regard. Section 12. Security; Bond Not General Indebtedness. The Bond shall not be deemed to constitute general obligations or a pledge of the faith and credit of the City, the State or any other political subdivision thereof within the meaning of any constitutional, legislative or charter provision or limitation, but shall be payable solely from and secured by a lien upon and a pledge of the Pledged Funds, in the manner and to the extent herein provided. No holder of the Bond shall ever have the right, directly or indirectly, to require or compel the exercise of the ad valorem taxing power of the City, the State or any other political subdivision of the State or taxation in any form on any real or personal property to pay the Bond or the interest thereon, nor shall any holder of the Bond be entitled to payment of such principal of and interest from any other funds of the City other than the proceeds of the Pledged Funds, ail in the manner and to the extent herein provided. The Bond and the indebtedness evidenced thereby shall not constitute a lien upon any real or personal property of the City, but shall constitute a lien only on the proceeds of the Pledged Funds, all in the manner and to the extent provided herein. Until payment has been provided as herein permitted, the payment of the principal of and interest on the Bond shall be secured forthwith equally and ratably by a prior lien on the proceeds derived from the Pledged Funds, and the City does hereby irrevocably pledge the same to payment of City of Miami Page 6 of 9 File Id: 14-00693 (Version: 1) Printed OM 7/15/2014 File Number: 14-00693 the principal thereof and interest thereon when due. Section 13. Sale of Bond to Refund and to Redeem the outstanding. Series 2002A Bonds and Series 2002C Bonds. The Bond is hereby sold and awarded to the Purchaser, at the purchase price of not to exceed Twenty -Two Million Dollars ($22,000,000.00) and the Mayor, the City Manager, the City Clerk, Interim Director of Risk Management, and the City Attorney are hereby authorized to execute and deliver the Bond in the form set forth herein and in the Loan Agreement, receive the purchase price therefor and apply the proceeds thereof to pay for the City to redeem and to refund on a current basis the Series 2002A Bonds and the Series 2002C Bonds, as herein provided, without further authority from this body. The City Manager and the City Clerk are authorized to make any and all changes on the form of the Bond which shall be necessary to conform the same to the commitment of the Purchaser. Execution of the Bond by the Mayor, the City Manager, the City Clerk, Interim Risk Management Director, and the City Attorney shall be conclusive evidence of their approval of the form of the Bond. Section 14. Amendments and Supplements to this Resolution. This Resolution shall be further amended and supplemented as necessary in order to accomplish the issuance of the Bond or as necessary in connection with the purposes for which the Bond are being issued or as necessary in connection with the redemption and current refunding of the Series 2002A Bonds and Series 2002C Bonds. Section 15. Severability. If any one or more of the covenants, agreements or provisions of this Resolution should be held contrary to any express provision of law or contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed severed from the remaining covenants, agreements or provisions of this Resolution or of the Bond issued hereunder or regarding the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds. Section 16. Controlling Law; Members, Officials, Agents, Representatives and Employees of City Not Liable. All covenants, stipulations, obligations and agreements of the City contained in this Resolution shall be deemed to be covenants, stipulations, obligations and agreements of the City to the full extent authorized by the Act and provided by the Constitution and laws of the State. No covenant, stipulation, obligation or agreement contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future member, official, agent, representative or employee of the City in his or her individual capacity, and neither the members of the City Commission, the Mayor, the City Clerk, City Attorney, City Manager, Interim Risk Management Director, Finance Director, nor any other official executing the Bond shall be liable personally on the Bond or this Resolution or shall be subject to any personal liability or accountability by reason of the issuance or the execution by the City, or such respective members, officials, agents, representatives or employees thereof, or by reason of the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds. Section 17. Further Authorizations regarding the issuance of the Bonds and the redemption and current refunding of the Series 2002A Bonds and Series 2002C Bonds. The Mayor and the City Manager or either of them and the City Clerk, the Finance Director, the City Attorney, Bond Counsel, the City's Financial Advisor, and such other officers, employees, agents, and representatives of the City as may be designated by the Mayor, the City Commission, the City Attorney, and the City Manager, including any Trustee(s), Escrow Agent(s), or Paying Agent(s), or any City of Miami Page 7 of 9 File Id: 14-00693 (Version: 1) Printed On: 7/15/2014 File Number: 14-00693 of them, are each designated as respective applicable agents of the City, as necessary, in connection with the sale, issuance and delivery of the Bond, the notices, redemption, and current refunding of the Series 2002A Bonds and the Series 2002C Bonds, and are authorized and empowered, collectively or individually, to take all action and steps and to execute the Bond, all notices, instruments, agreements, certificates, documents and contracts on behalf of the City, and as and if necessary, including the execution of documentation required in connection with the negotiated sale of the Bond to the Purchaser, and the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds, that are necessary or desirable in connection with the sale, execution and delivery of the Bond, the noticing, redemption, and current refunding of the Series 2002A Bonds and the Series 2002C Bonds, and which are specifically authorized or are not inconsistent with the terms and provisions of this Resolution or any action relating to the Bond, the Series 2002A Bonds, or the Series 2002C Bonds, heretofore taken by the City and/or by the City's Financial Advisor, Bond Counsel, City Manager, Finance Director, and City Attorney, or other necessary City officials, employees, representatives, and agents, including any Trustee(s), Escrow Agent(s) or Paying Agent(s) for the Series 2002A Bonds and Series 2002C Bonds. Such officials, employees, agents and representatives and those so designated are hereby charged with the responsibility for the issuance of the Bond and the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds, on behalf of the City and with any related and required responsibilities of the City, its agents, representatives, employees, or officials, including its Financial Advisor and Bond Counsel and any Trustee(s), Escrow Agent(s), or Paying Agent(s) for the Series 2002A Bonds and the Series 2002C Bonds. Any and all costs incurred in connection with the issuance of the Bond and the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds are hereby authorized to be paid from the proceeds of the Bond and from any other City funds that have previously been designated by the City for payments of interest, principal, premium, if any, redemption costs, and any other administrative costs related to the redemption and current refunding of the Series 2002A Bonds and the Series 2002C Bonds. Section 18. Repeal of Inconsistent Resolutions. All resolutions or parts thereof in conflict herewith are to the extent of such conflict superseded and repealed. Section 19. Payment of Outstanding Series 2002A Bonds and Series 2002C Bonds. The City Manager and all other necessary City officials, employees, agents and representatives are hereby authorized to pay to the Trustee(s), Escrow Agent(s), and Paying Agent(s) for the Series 2002A Bonds and the Series 2002C Bonds upon the closing of the sale of the Bond to the Bank, any and all outstanding amounts for principal and interest, and premium, if any, due and payable to the Trustee(s), Escrow Agent(s), and Paying Agent(s) under the existing requirements, with the understanding that all outstanding Resolutions, Trust Indentures, Escrow Agreements, and other agreements related to the outstanding Series 2002A Bonds and the Series 2002 C Bonds will cease to exist and the City's obligations thereunder shall terminate upon the sale and the closing of the Bond and the related redemption and current refunding of all outstanding Series 2002A Bonds and Series 2002 C Bonds. Section 20. Effective Date. This Resolution shall be effective immediately upon its adoption and signature by the Mayor.{1} AP ROVE? AS TO FORM VITORIAIVIENDEZ CITY ATTO RN EY City of Miami Page 8 of 9 File Id: 14-00693 (Version: 1) Printed On: 7/15/2014 File Number: 14-00693 Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten 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 9 of 9 File Id: 14-00693 (Version: 1) Printed On: 7/15/2014