HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 16-00936
Date: 06/10/16 Requesting Department: Finance
Commission Meeting Date: 07/29/2016 District Impacted:
Type: Z Resolution ❑ Ordinance ❑ Emergency Ordinance n Discussion Item
Law Department
Matter ID No.
Other
Subject: Special Obligation Refunding Bonds, Series 2016 (Street and Sidewalk Program)
Purpose of Item:
The purpose of this item is the Refunding of Special Obligation Bonds, Series 2016 (Street and Sidewalk Improvement Program),
delegating to the City Manager authority to determine the terms of the Series 2016 within prescribed parameters; designating a bond
registrar and paying agent for the Series 2016 Bonds; approving the form of and authorizing the execution and delivery of a paying
agent and bond registrar agreement; finding necessity for a negotiated sale of the Series 2016 Bonds; approving the form of and
authorizing execution and delivery of a Bond Purchase Contract; approving the form of and authorizing distribution of 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; providing for a continuing disclosure agreement with respect to the Series 2016 Bonds; making certain
covenants and agreements for the benefit of the holders of the Series 2016 Bonds; authorizing City Officials to do all things deemed
necessary in connection with the issuance, sale and delivery of the Series 2016 Bonds; providing for the severability; and providing an
effective date
Background Information:
The City has adopted a plan for construction of certain improvements to various streets and sidewalks within the City. As per
Resolution No. 07-0586, the City Commission approved to provide for the issuance of special obligation bonds to finance or refinance
the acquisition, construction and improvements to certain roadways, streetscapes and related appurtenances within City and to pledge
for payment of such special obligation bonds, the Designated Revenues. The City now desires to issue an additional series of special
obligation bonds to be designated as City of Miami, Florida Special Obligation Refunding Bonds, Series 2016 (Street and Sidewalk
Improvement Program).
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 Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Net Present Value Savings $14,393,490.16
Final Approvals
(SIGN AND DATE)
Budge
Risk Management
Purchasing Dept. Director
Chief ���' �'�~-� City Managen�,�
If using or receiving capital funds
Grants
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