HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-21-0219
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 9004
Revision: A
File Name: Authorize - Special Obligation Revenue Bond
Requesting Dept: Department of Finance
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
Introduced: 5/3/2021
Final Action Date: 6/10/2021
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE ISSUANCE OF THE NOT TO EXCEED TWENTY SEVEN MILLION
DOLLARS ($27,000,000.00) TAX EXEMPT NON -AD VALOREM SPECIAL OBLIGATION
REVENUE BOND, SERIES 2021 (FP&L UNDERGROUNDING PROJECT) ("BOND")
FOR THE PURPOSES OF FINANCING THE CITY OF MIAMI'S ("CITY") PORTION OF A
CERTAIN CAPITAL PROJECT AND PAYING COSTS OF ISSUANCE AND OTHER
COSTS RELATED THERETO; PROVIDING THAT THE BOND SHALL BE A LIMITED
OBLIGATION OF THE CITY PAYABLE FROM PLEDGED REVENUES, AS PROVIDED
HEREIN; PROVIDING FOR THE RIGHTS, SECURITY, AND REMEDIES FOR THE
OWNER OF THE BOND; APPROVING THE SELECTION OF THE PROPOSAL FROM
STERLING NATIONAL BANK AS THE LENDER ("LENDER") AND AUTHORIZING THE
PRIVATE NEGOTIATED SALE OF SUCH BOND TO THE LENDER AS BONDHOLDER
("BONDHOLDER") AND CONSENTING TO THE ONE HUNDRED PERCENT (100%)
PARTICIPATION BY THE LENDER'S WHOLLY -OWNED SUBSIDIARY, STERLING
NATIONAL FUNDING CORP., A NEW YORK CORPORATION IN THE LOAN
PURSUANT TO THE TERMS AND CONDITIONS DESCRIBED HEREIN AND AS
FURTHER SET FORTH IN THE LOAN AGREEMENT AND THE BOND; AUTHORIZING
THE CITY MANAGER TO DETERMINE THE INTEREST RATE FOR THE BOND
WITHIN SUCH PARAMETERS AS SET FORTH HEREIN AND AUTHORIZING THE
CITY MANAGER TO NEGOTIATE, EXECUTE, AND DELIVER, AFTER
CONSULTATION WITH THE CHIEF FINANCIAL OFFICER, FINANCE DIRECTOR,
FINANCIAL ADVISOR, CITY CLERK, RISK MANAGEMENT DIRECTOR, CITY
ATTORNEY, AND BOND COUNSEL, A LOAN AGREEMENT, THE BOND, AND ANY
AND ALL OTHER NECESSARY DOCUMENTS, CERTIFICATES, AND INSTRUMENTS,
INCLUDING MODIFICATIONS, EXTENSIONS, RENEWALS, AND AMENDMENTS
THERETO, ALL FOR THE CITY TO FINANCE THE CITY'S PORTION OF FUNDING
FOR THE FP&L UNDERGROUNDING PROJECT WITHIN THE DESIGNATED CITY
AREAS DESCRIBED BELOW ("PROJECT"); AUTHORIZING OTHER REQUIRED
ACTIONS BY THE CITY MANAGER, CITY CLERK, FINANCIAL ADVISORS, CITY
ATTORNEY, BOND COUNSEL, AND ANY OTHER NECESSARY CITY OFFICIALS;
RATIFYING, APPROVING, AND CONFIRMING CERTAIN NECESSARY ACTIONS OF
THE CITY MANAGER AND DESIGNATED CITY OFFICIALS IN ORDER TO UPDATE
THE RELEVANT CAPITAL PROJECTS, FINANCIAL CONTROLS, PROJECT CLOSE-
OUTS, COMPLETED PROJECTS, ACCOUNTING ENTRIES, AND COMPUTER
SYSTEMS IN CONNECTION WITH THE CITY FUNDING FOR THE PROJECT AND
WITH ONGOING COMPLIANCE FOR THE BOND; FURTHER AUTHORIZING THE
CITY MANAGER, CITY CLERK, FINANCIAL ADVISOR, CITY ATTORNEY, BOND
COUNSEL, AND ALL OTHER NECESSARY CITY OFFICIALS TO UNDERTAKE AND
TO PROVIDE FOR EXECUTIONS AND DELIVERIES OF ALL NECESSARY
DOCUMENTS, DISCLOSURES, CERTIFICATIONS, AND NOTICES FOR CONTINUING
COMPLIANCE FOR THE LOAN AND THE BOND IN ACCORDANCE WITH UNITED
STATES INTERNAL REVENUE SERVICE, THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS
City of Miami Page 1 of 2 Printed on: 5/22/2025
City of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Enactment Number: R-21-0219
AMENDED, THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, THE
INTENT TO REIMBURSE RESOLUTION, AND OTHER FEDERAL, STATE OF
FLORIDA, AND LOCAL LAWS, RULES, REGULATIONS, AND REQUIREMENTS;
PROVIDING AN EFFECTIVE DATE.
Notes: Pursuant to the resolution, this item became effective immediately upon adoption by the
Commission.
Links:
Attachments: 9004 Exhibit A (PDF)
9004 Exhibit B (PDF)
9004 Exhibit C (PDF)
9004 Exhibit D (PDF)
9004 Back -Up Documents (PDF)
9004 Notice to the Public (PDF)
9004 Substitution Memo from City Manager (PDF)
9004 Legislation -SUB (PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Erica T Paschal 5/20/2021 Department Head Review Completed
Donovan Dawson 5/28/2021 Budget Analyst Review Completed
Leon P Michel 5/28/2021 Budget Review Completed
Fernando Casamayor 6/1/2021 Assistant City Manager Review Completed
Legislative Division 6/1/2021 Legislative Division Review Completed
Arthur Noriega V 6/1/2021 City Manager Review Completed
Xavier Alban 6/1/2021 ACA Review Completed
Barnaby L. Min 6/1/2021 Deputy City Attorney Review Completed
Barnaby L. Min 6/1/2021 Approved Form and Completed
Correctness
City Commission 6/10/2021 Meeting Completed
City Commission 6/10/2021 ADOPTED WITH Passed
MODIFICATION(S)
A Legislative Division 6/10/2021 Legislative Division Review Completed
A Xavier Alban 6/15/2021 ACA Review Completed
A Barnaby L. Min 6/15/2021 Deputy Attorney Review Completed
A Victoria Mendez 6/15/2021 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 6/15/2021 Rendered Completed
City of Miami Page 2 of 2 Printed on: 5/22/2025