HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-20-0193
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 7581
Revision:
File Type: Resolution
File Name: Valorem Revenue Refunding Note - 2020 Port of
Miami Tunnel Project
Status: ADOPTED
Controlling Body: City Commission
Introduced: 6/19/2020
Requesting Dept: Department of Finance Final Action Date: 7/9/2020
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED TWENTY-EIGHT MILLION
FIVE HUNDRED THOUSAND DOLLARS ($28,500,000.00) IN AGGREGATE
PRINCIPAL AMOUNT OF A CITY OF MIAMI ("CITY") SPECIAL OBLIGATION NON -AD
VALOREM REVENUE REFUNDING NOTE, TAXABLE SERIES 2020 (PORT OF MIAMI
TUNNEL PROJECT) ("2020 NOTE") AND THE PAYMENT OF COSTS OF ISSUANCE
OF THE 2020 NOTE; FURTHER PROVIDING FOR A SPECIAL OBLIGATION NON -AD
VALOREM REVENUE REFUNDING NOTE, SERIES 2023 (PORT OF MIAMI TUNNEL
PROJECT) IN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED THE THEN
OUTSTANDING PRINCIPAL AMOUNT OF THE 2020 NOTE ("FUTURE NOTE" AND,
TOGETHER WITH THE 2020 NOTE, "NOTES") AND THE COSTS OF ISSUANCE OF
THE FUTURE NOTE AND COSTS OF DEFEASANCE AND REDEMPTION OF A
PORTION OF THE SERIES 2012 BONDS TO BE REFUNDED AT THAT TIME;
APPROVING THE SELECTION OF THE PROPOSAL FROM JPMORGAN CHASE
BANK, N.A. ("LENDER") AND PROVIDING FOR THE DIRECT PLACEMENT WITH AND
NEGOTIATED SALE OF SAID NOTES TO THE LENDER; SETTING CERTAIN BASIC
PARAMETERS OF THE TERMS AND CONDITIONS OF THE LOAN AGREEMENTS
AND THE NOTES AND AUTHORIZING THE NEGOTIATION, EXECUTION, AND
DELIVERY, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY AND BOND
COUNSEL, OF THE LOAN AGREEMENTS, THE NOTES, THE FORWARD DELIVERY,
AND THE DIRECT PURCHASE AGREEMENT AND ANY AND ALL OTHER
NECESSARY AGREEMENTS, DOCUMENTS, INSTRUMENTS, CHANGES,
MODIFICATIONS, SUPPLEMENTS, AND AMENDMENTS THERETO AND IN
CONNECTION THEREWITH; MAKING CERTAIN FINDINGS AND DETERMINATIONS;
AUTHORIZING ALL REQUIRED ACTIONS BY THE CITY MANAGER, CITY CLERK,
CITY ATTORNEY, BOND COUNSEL, FINANCIAL ADVISOR, AND ALL OTHER CITY
OFFICIALS IN CONNECTION THEREWITH; FURTHER AUTHORIZING THE CITY
MANAGER, CITY CLERK, CITY ATTORNEY, FINANCIAL ADVISOR, BOND COUNSEL,
NOTE REGISTRARS, PAYING AGENTS, AND ALL OTHER NECESSARY CITY
OFFICIALS TO UNDERTAKE THE NECESSARY STEPS AND TO NEGOTIATE,
EXECUTE, AND DELIVER, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY
AND BOND COUNSEL, AN ESCROW DEPOSIT AGREEMENT, ANY NOTICES,
DOCUMENTS, INSTRUMENTS, CHANGES, MODIFICATIONS, SUPPLEMENTS, AND
AMENDMENTS THERETO IN CONNECTION WITH THE REFUNDING, DEFEASANCE,
AND REDEMPTION OF A PORTION OF THE CITY'S OUTSTANDING SPECIAL
OBLIGATION NON -AD VALOREM REVENUE REFUNDING BONDS, SERIES 2012
(PORT OF MIAMI TUNNEL PROJECT) ("SERIES 2012 BONDS") AND THE
PREPAYMENT OF THE 2020 NOTE; DELEGATION OF AUTHORITY TO THE CITY
MANAGER TO SELECT AN ESCROW AGENT AND A VERIFICATION AGENT;
FURTHER AUTHORIZING THE ISSUANCE OF THE NOTES AND THE REFUNDING,
DEFEASANCE, AND REDEMPTION OF THE SERIES 2012 BONDS TO BE
REFUNDED AND THE PREPAYMENT OF THE 2020 NOTE; RATIFYING, APPROVING,
AND CONFIRMING CERTAIN NECESSARY ACTIONS BY THE CITY MANAGER AND
City of Miami Page 1 of 2 Printed on: 5/5/2025
City of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Enactment Number: R-20-0193
DESIGNATED DEPARTMENTS IN ORDER TO UPDATE THE RELEVANT FINANCIAL
CONTROLS AND COMPUTER SYSTEMS IN CONNECTION THEREWITH;
PROVIDING FOR A REPEALER PROVISION; PROVIDING FOR APPLICABLE
EFFECTIVE DATES.
Notes:
Links:
Attachments: 7581 Exhibits (PDF)
7581 Back -Up from Law Dept (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Erica T Paschal 6/22/2020 Department Head Review Completed
Donovan Dawson 6/26/2020 Budget Analyst Review Completed
Christopher M Rose 6/28/2020 Budget Review Completed
Sandra Bridgeman 6/29/2020 Assistant City Manager Review Completed
Legislative Division 6/29/2020 Legislative Division Review Completed
Arthur Noriega V 6/29/2020 City Manager Review Completed
Barnaby L. Min 6/29/2020 Deputy City Attorney Review Completed
Barnaby L. Min 6/29/2020 Approved Form and Completed
Correctness
City Commission 7/9/2020 Meeting Completed
City Commission 7/9/2020 ADOPTED Passed
Mayor's Office 7/13/2020 Signed by the Mayor Completed
City Clerk's Office 7/13/2020 Signed and Attested by the City Completed
Clerk
City Clerk's Office 7/13/2020 Rendered Completed
City of Miami Page 2 of 2 Printed on: 5/5/2025