HomeMy WebLinkAboutSummary FormDate: 07/15/2014
AGENDA ITEM SUMMARY FORM
FILE ID: 14-00693
Requesting Department: Finance
Commission Meeting Date: 07/24/2014 District Impacted: All
Type: ® Resolution ❑ Ordinance I I Emergency Ordinance n Discussion Item
II
Other
Subject: Refinancing of Series 2002 A and C Special Obligation Non -Ad Valorem
Purpose of Item:
Law Department
Matter ID No.
PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED TWENTY-TWO MILLION DOLLARS
($22,000,000) 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 2002A
AND $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.
Background Information:
The 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"). In order to
obtain interest savings, 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). The City has received a proposal from the Bank to
privately purchase and to hold the Bond not for resale. 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 interests of the City due to the complexities of the market and
timing of the issuance of the Bond.
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Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE
CIP Bud
If using or receiving capital funds '
Grants Ris Manageme
Purchasing Dept. Director
Chief %� / J ' / Y City Manager
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