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HomeMy WebLinkAboutSummary FormDate: 11/02/2015 AGENDA ITEM SUMMARY FORM FILE ID: 15701485 Requesting Department: Finance Commission Meeting Date: 12/10/2015 District Impacted: Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other Law Department Matter ID No. Subject: Refunding of Series 2002 and Series 2007B Limited Ad Valorem Tax Bonds (Homeland Defense/Neighborhood Capital Improvement Proiects) Purpose of Item: Providing for the issuance of not to exceed seventy million dollars (S70,000,000) in aggregate principal, amount of City of Miami Florida ("CITY") Limited Ad Valorem Refunding Bonds, Series 2002 and Series 2007B ("BONDS"); Providing for the private placement and negotiated sale of said refunding bonds to Pinnacle Public Finance, Incorporated ("BANK"); setting basic parameters of terms andf conditions of a loan agreement and the bonds, and authorizing the negotiation, execution and delivery! of a loan agreement, the refunding bonds, 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, Bond Counsel, Financial Advisor, Bond Registrar/Paying Agent 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 redemption and; advance refunding of the 37,635,000 outstanding principal amount of the City's Limited Ad Valorem' Series 2002 and $50,000,000 outstanding principal amount of the City's Series 2007B Limited Ad Valorem Bonds; and providing applicable dates. Background Information: In order to obtain interest savings, the City desires to issue in a total aggregate principal amount not to exceed $70,000,000 a Limited Ad Valorem Tax Refunding Bond; Series 2015 ("Bond") to refund on', an advance basis the Series 2002 Bonds in an outstanding principal amount of $7,635,000.00 and the Series 2007B Bonds in an outstanding principal amount of $50,000,000,00 The City has received a proposal from the Bank to privately purchase and to hold the Refunding Bonds 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, deteiuuine and declare, 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 Refunding Bonds. 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: CIP Project No: NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? Start tip Capital Cost: Maintenance Cost: Total Fiscal Impact: CIP Net Present Value Savings $7,799.760.90 Final Approvals jSIGN AND DATE) Budg If using or riving capital funds Grants Purchasing �l Dept. Director Chief _ �j in City. Manager Risk Managements 1,1 /,l1 A4,1