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RESOLUTION 84-17776 RESOLUTION NO. *4-122_71t_______ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING DEFEASANCE OF $275 ,000 OUTSTANDING PRINCIPAL AMOUNT OF BONDS; DIRECTING PREPARATION OF ESCROW AGREEMENT AND RELATED LEGAL DOCUMENTS AND CERTIFICATES; AUTHORIZING EXECUTION THEREOF; APPOINTING ESCROW AGENT; PROVIDING FOR DISPOSITION OF FUND BALANCES; AUTHORIZING RELATED ACTIONS; RESCINDING INCONSISTENT RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS , THE CITY OF MIAMI BEACH, FLORIDA, has heretofore executed and delivered $400,000 principal amount of its 1974 Street Lighting Bonds to provide funds for improvements to Street Lighting, $275,000 principal amount of which are now outstanding (the "Bonds" ) , and WHEREAS , THE CITY COMMISSION OF THE CITY OF MIAMI BEACH ("Commission") has determined that it is in the best interest of the City to fully provide for payment of the principal of and interest on the Bonds to final maturity by irrevocably depositing with the Escrow Agent (hereinafter mentioned) a sum sufficient to make such payments. NOW, THEREFORE, BE IT RESOLVED, THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION 1. APPROVING DEFEASANCE. Defeasance of the City' s $275,000 principal amount of 1974 , Street Lighting bonds, is hereby authorized and approved. SECTION 2. DIRECTING PREPARATION OF ESCROW AGREEMENT AND RELATED DOCUMENTS AND CERTIFICATES. The City Attorney' s office is hereby authorized and directed to prepare an Escrow Agreement ("Escrow Agreement") and such other legal documents and certificates as may be necessary and desirable to effect the defeasance. Morgan, Lewis & Bockius is hereby authorized and directed to review all documents prepared by the City Attorney' s Office and render a legal opinion. SECTION 3 . AUTHORIZING EXECUTION OF DOCUMENTS AND CERTIFICATES. The Mayor of the City is hereby authorized and directed to execute OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139 the Escrow Agreement on behalf of the City and the City Clerk is authorized and directed to affix the Seal of the City thereto, to attest, the same and to delivery the Escrow Agreement on behalf of the City; and the Mayor or the City Manager and City Clerk are hereby authorized and directed , respectively, to execute and to seal, attest, and deliver all other documents and certificates necessary or desirable to effect the defeasance and to carry out the purpose and intention of the foregoing. SECTION 4. APPOINTING ESCROW AGENT. Flagship National Bank of Miami ("Escrow Agent") is hereby appointed Escrow Agent to serve in such capacity under the Escrow Agreement. SECTION 5. PROVIDING FOR DISPOSITION OF FUND BALANCES . The City Finance Director is hereby authorized and directed, after making the required deposits under the Escrow Agreement and after reserving in the Street Lighting Bond account sufficient money to complete the projects currently in progress and payable from such account, to transfer the balances remaining in the Street Lighting Bond account to the City' s General Fund. SECTION 6. AUTHORIZING RELATED ACTIONS . The proper officials of the City are hereby authorized and directed to take such further action as may be necessary or desirable to carry out the purpose and intention of the foregoing. SECTION 7. RESCINDING INCONSISTENT RESOLUTIONS . All Resolutions or parts of Resolutions insofar as they are inconsistent with this Resolution are hereby rescinded. SECTION 8 . PROVIDING EFFECTIVE DATE. This resolution shall be in force and effect immediately upon its �k adoption. PASSED and ADOPTED this 20th day of June , 1984. 2 cwt ✓ _...._e_4_,,,, __, MA .OR "' `u . D ATTEST: r.. �LUAL DEPT. _ _ ',/,&,:,,,,,.--21). I'L---Z -7°14y4L---t.e., . .;?..8..e/,6-11 ay A CITY CLERK !..P, -- , IM tANWC''; OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139 ORIGINAL RESOLUTION NO. 84-17776 (Approving defeasance of $275,000 outstand- ing principal amount of bonds; directing preparation of escrow agreement and related legal documents and certificates; author- izing execution thereof; appointing escrow agent; providing for disposition of fund balances; authorizing related actions; rescinding inconsistent related actions; rescinding inconsistent resolutions)