HomeMy WebLinkAboutR-16-0374City of Miami
Legislation
Resolution: R-16-0374
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 16-00936 Final Action Date: 7/29/2016
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA,
SUPPLEMENTING RESOLUTION NO. 07-0586, ADOPTED BY THE CITY
COMMISSION ON OCTOBER 11, 2007, RELATING TO THE ISSUANCE BY THE
CITY FROM TIME TO TIME OF CERTAIN SPECIAL OBLIGATION BONDS
PAYABLE AS TO PRINCIPAL AND INTEREST SOLELY FROM THE PROCEEDS
OF CERTAIN DESIGNATED REVENUES DESCRIBED IN RESOLUTION NO.
07-0586 AND NOT DERIVED FROM AD VALOREM TAXES; PROVIDING FOR THE
ISSUANCE OF AN ADDITIONAL SERIES OF SUCH SPECIAL OBLIGATION
BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING
$130,000,000, TO BE DESIGNATED CITY OF MIAMI, FLORIDA SPECIAL
OBLIGATION REFUNDING BONDS, SERIES 2016 (STREET AND SIDEWALK
IMPROVEMENT PROGRAM), FOR THE PRINCIPAL PURPOSE OF REFUNDING
CERTAIN OUTSTANDING OBLIGATIONS; PROVIDING THAT THE SERIES 2016
BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN
THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR
LIMITATION, OR A PLEDGE OF THE CITY'S FULL FAITH AND CREDIT, BUT
SHALL BE PAYABLE AS TO PRINCIPAL AND INTEREST SOLELY FROM THE
PROCEEDS OF CERTAIN DESIGNATED REVENUES DESCRIBED IN
RESOLUTION NO. 07-0586 AND NOT DERIVED FROM AD VALOREM TAXES;
DELEGATING TO THE CITY MANAGER AUTHORITY TO DETERMINE THE
TERMS OF THE SERIES 2016 BONDS WITHIN PRESCRIBED PARAMETERS;
DESIGNATING A BOND REGISTRAR AND PAYING AGENT FOR THE SERIES
2016 BONDS; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BOND
COUNSEL, AND THE FINANCE DIRECTOR, A PAYING AGENT AND BOND
REGISTRAR AGREEMENT; FINDING NECESSITY FOR A NEGOTIATED SALE OF
THE SERIES 2016 BONDS; AUTHORIZING THE CITY MANAGER TO NEGOTIATE
AND EXECUTE, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BOND
COUNSEL, THE FINANCE DIRECTOR, AND THE FINANCIAL ADVISOR, A BOND
PURCHASE CONTRACT; APPROVING THE INITIAL FORM OF AND
AUTHORIZING THE CITY MANAGER TO UPDATE, FINALIZE, AND DISTRIBUTE,
IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, THE FINANCE DIRECTOR,
DISCLOSURE COUNSEL, AND THE FINANCIAL ADVISOR, A PRELIMINARY
LIMITED OFFERING MEMORANDUM AND A FINAL LIMITED OFFERING
MEMORANDUM RELATING TO THE SERIES 2016 BONDS; AUTHORIZING THE
CITY MANAGER TO NEGOTIATE FOR AND OBTAIN CREDIT FACILITIES AND
RESERVE ACCOUNT CREDIT FACILITIES AND TO EXECUTE AGREEMENTS
RELATING THERETO WITH RESPECT TO THE SERIES 2016 BONDS;
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, THE FINANCE DIRECTOR, BOND
COUNSEL, AND DISCLOSURE COUNSEL, A CONTINUING DISCLOSURE
AGREEMENT WITH RESPECT TO THE SERIES 2016 BONDS; DESIGNATING AN
ESCROW AGENT; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
City of Miami
Page 1 of 2 File Id: 16-00936 (Version: 1) Printed On: 5/17/2018
File Number: 16-00936 Enactment Number: R-16-0374
EXECUTE, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, THE FINANCE
DIRECTOR, AND BOND COUNSEL, AN ESCROW DEPOSIT AGREEMENT;
MAKING CERTAIN COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE
HOLDERS OF THE SERIES 2016 BONDS; AUTHORIZING THE CITY MANAGER
AND ALL OTHER CITY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN
CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES
2016 BONDS, IN CONSULTATION WITH THE CITY ATTORNEY, BOND COUNSEL,
DISCLOSURE COUNSEL, AND THE FINANCIAL ADVISOR; PROVIDING FOR
SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
SEE COMPLETE LEGISLATION (89 PAGES), AS ATTACHMENT: 16-00936 COMPLETE
LEGISLATION.
City of Miami Page 2 of 2 File Id: 16-00936 (Version: 1) Printed On: 5/17/2018