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Home My WebLink AboutM-76-05191 METROPOLITAN DADE COUNTY • FLORIDA 1626 COURTHOUSE MIAMI, FLORIDA 33130 TEL: grttlb 91 Honorable H. D. Southern City Clerk City of Miami 3500 Pan American Drive Miami, Florida 33133 LAW DEPARTMENT OFFICE OF COUNTY ATTORNEY April 6, 1976 Re: Dade County Resolution No. R-82-76 Resolution authorizing County Manager, Bond Counsel and Finance Director, to take appropriate actions necessary for issuance of additional Seaport Revenue Bonds, Series "H" Dear Mr. Southern: On January 20, 1976 the Dade County Board of County Com- missioners adopted the subject resolution authorizing appropriate actions necessary for the issuance of $3, 700, 000 of County Seaport Revenue Bonds, Series "H", the proceeds of which areintended to be used for the construc- tion of the projects listed in the memorandum attached to and forming a part of the resolution by reference. As you know, by agreement between the City of Miami and Dade County, it is necessary that the City approve any projects at the Seaport beyond the initial development projects before such projects may be financed by revenue bonds. I have been asked to furnish you with seven (7) certified copies of the subject resolution with the request that, subject to the City Manager's approval, a resolution be placed upon an early City Commission agenda for consideration and, hopefully, approval of the projects enumerated in the subject resolution so that we may proceed with the necessary revenue bond financing. "SUPPORTIVE DOCUMENTS FOLLOW" Page 2 April 6, 1976 Honorable H. D. Southern City Clerk City of Miami I have discussed this matter with Mr. John Lloyd, your City Attorney, and he has suggested that I forward the enclosures directly to you. By copy of this letter 1 am asking Mr. Lloyd to prepare an appro- priate resolution for consideration of the City Commission in the event the City Manager places this matter on the Commission agenda. Should either you or the City Manager have any questions in connection with this matter, please do not hesitate to advise me. I sincerely appreciate your cooperation and assistance in this matter. With kind personal regards, 7Si erely, // _,,, William W. Gibbs Assistant County Attorney WWG /hf Enclosures cc: Honorable Paul Andrews City Manager cc: Honorable John Lloyd City Attorney cc: Honorable William Law Assistant County Manager cc: Captain Robert Waldron Director Seaport Department affiSMOMMOW • • �-% RAG/db/se r Agenda Item No. 5 (e)(4) I=20=76 RESOLUTION NO. R=82= 6 RESOLUTION AUTHORIZING COUNTY MANAGER; BOND COUNSEL AND FINANCE DIRECTOR, TO TARE APPROPRIATE ACTIONS NECESSARY FOR ISSUANCE OF ADDITIONAL SEAPORT REVENUE BONDS, SERIES "H" WHEREAS, this Board desires to accomplish the purposes outlined in the memorandum from the County Manager, a copy of which is attached to this resolution, for the reasons delineated therein, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DADE COUNTY, FLORIDA, that this Board authorizes the County Manager, the County's Bond Counsel, and the Finance Director, to take any and all appropriate actions necessary for the issuance of Dade County Seaport Revenue Bonds Series "H", for the purpose of financing the construction of, the projects outlined in the attached memorandum. The foregoing resolution was offered by Commissioner Clara Oesterle , who moved its adoption. The motion was seconded by Commissioner Beverly B. Phillips and upon being put to a vote, the vote was as follows: Neal F. Adams Aye Harry P. Cain Absent Sidney Levin Aye Clara Oesterle Aye Beverly B. Phillips Aye James F. Redford, *Jr. Aye Sandy Rubinstein Aye Harvey Ruvin Aye Stephen P. Clark Aye The Mayor thereupon declared the resolution duly passed and adopted this 20th day of January, 1976. Approved by County Attorney as to form and legal sufficiency, R A G DADE COUNTY, FLORIDA BY ITS BOARD OF COUNTY COMMISSIONERS RICHARD P. BRINKER, CLERK.", . ,,�'•; -�, 4 / Deputy Clerk, Fern �.y ;+.+�r ,t � . • cfi fit-1,A MEMONANbUM nda iteM No, 5 (e)(4) to honorable Mayor and Members hoard: of County Corttttssioners PROM Ike Count ManagerPA bAtE January 20, 1976 sueject Onward Financing and Development: New Port of Miami With reference to the attached memorandum from the Acting Finance Director dated December 11, 1975, it appears that the financial situation of the Seaport Depart- ment (Port of Miami) at the close of FY 1974-75 (September 30) 1975) is such that the port is presently in a position to issue $3.7-million in new Seaport Revenue Bonds (Series "Ht1) This additional funding is necessary to pay for the recently completed dredging of the south channel to accommodate the NOAA vessels. This project was approved by the County Commission on September 3, 1975 (Change Order No. 3), in the amount of $305,000; and the contractor, Western Quarries, agreed to have payment for this work deferred until issuance of this Series "H" Revenue Bonds. By Resolution No. R-1466-73, dated December 4, 1973, the County. Commission approved a list of projects for the continuance of Development Program B, Phase III, of which item (e) called for the design of an additional cargo shed to include 150,000 sq. ft. cargo space and 5,000 sq. ft. office space.* 0n February 18, 1975, by Resolution R-186-75, the Board of County Commissioners approved an agreement between Dade County and A. Taquechel Associates, Inc. for pro- fessional architectural and engineering services for the design work of this new Transit Shed #7 (estimated construction cost $3.2-millidn). A. Taquechel has now completed the design product for this transit shed; and since the port is in most urgent need of the completed facility, we are recommending that this project also be included for financing from the sale of Bond Issue Series "H", as follows: Project Cost I - NOAA Dredging (deferred payment) $ 305,000 II - Transit Shed #7 (estimated construction cost) 3,200,000 Tb include approximately 150,000 sq. ft. cargo space and 15,000 sq. ft. office space.* III - Contingency Fund (approximately 6% of Project II) 195,000 $3,700,000 *Increased sq. footage. It is recommended that the County Commission adopt the accompanying resolution authorizing the County Manager, Bond Counsel, and the Finance Director to proceed with the sale of Revenue Bonds, Series "H", in the amount of $3,700,000. RRG:CJL:gm Attachments eon 15() pr135 MEMbt ANbUM fies Captain tobert Waldron, Director Pcrt ct Miami FROM t'4 • %til i Aaer Acting Fjtnce Director COAT E Dedemibcr 1.1, 1975 5'JE1JECt Proposed ReVenUe Bonds The unaudited figure, which represents a tiet income from the operations of the Seaport Department for the fiscal year ending September •30, 1975, has been co.!puteri to read $2,185,819.00. The comparative figures for the fiscal years 1973 and 1974 aro $1,938,4E24.00 and. $1,877,266.00 respectively. Pursuant to the trust indenture relative to the Sc'e.q.rt Beals, the Si c.rt Department may obligate itself with the issuance of bGnis so that the total principal and interest pay.lent in any subsequent Ci seal yer netexceed the equivalent of two-thirds of the lowest net income during the T-tst three fiscal years. As can be seen above, the lc.•:cst net income dur- ing the last three fiscal years is the net income reflected in the fiscal yeer ending September 30, 1974, which reads $1,877,266.00. A two -third equivalent of such figure is $1,251,510.50. The highest principal and interest payment relative to the outstanding bonds as of September 30, 1975 reads $903,057.50, which gives us the ability to issue a new series of bonds which will increase the :annual debt :service by $348,443.00 using an effective irttecost rate of eight per ceqt. We currently have the ability to issue 0,'tO0,000.00 in new Scaort ^': c c ut.�e Bcr.r?s, which will be identified as Series H. ' The Bond Buyer i.nt3ux as of December 4, 1975 s a '%. ;�:� . the Seaport Departr,.ent Bonds have been incued ..t ':';.•r: .:ueh.in'er. Therefore, conservatively speaking I have r:.;t .1: 1 r.':e c• ceti.ve i.i serest rate on a new series to be 8%. Should we racket cueh bonds at an cam, yield we will need the approval of the State of Florida, Board of Administration. WB:FJC:ph STATE OF FLORIDA ) SS: COUNTY OF DADE ) I, RICHARD P. BRINKER, Clerk of the Circuit Court in and for Dade County, Florida, and Ex-Officio Clerk of the Board of County Commissioners of said County, DO HEREBY CERTIFY that the above and foregoing is a true and correct copy of Resolution No. R-82-76 sionprs at its meeting held on , adopted by the said Board of County Commis - January 20 ,19 76, IN WITNESS WHEREOF, I have hereunto set my hand and official seal on this 2nd day of April , A. D. 19 76 . RICHARD P. BRINKER, Ex-Officio Clerk Board of County Commissioners Dade County, Florida By SEAL • k- Deputy Clerk Board of County Commissioners Dade County, Florida 102.01-3 REV. 11/72