RESOLUTION 87-18790 RESOLUTION NO. 87-18790
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AUTHORIZING AND APPROVING THE
ADVANCE REFUNDING OF THE METROPOLITAN DADE COUNTY
SPECIAL OBLIGATION BONDS, SERIES 1985A, MIAMI BEACH
CONVENTION CENTER PROJECT.
WHEREAS, the City of Miami Beach entered into an interlocal agreement with
Metropolitan Dade County in December of 1984 for the purpose of issuing a County Special
Obligation Bond for the expansion of the Miami Beach Convention Center; and
WHEREAS, the County authorized and issued $48,015,000 Series 1985A Special
Obligation Bonds (Miami Beach Convention Center Project), utilizing the City's two-thirds
portion of the Convention Center Development Taxes, for the purpose of expansion and
improvement to the Center; and
WHEREAS, Shearson, Lehman Brothers, Inc., the financial advisor on the Convention
Center Expansion Issue, has presented to the County several alternative methods for the
structuring of an advanced refunding; and
WHEREAS, the advance refunding alternative will provide up-front savings in the issue
which can be used for the renovation of the existing Center and new construction on the
expansion; and
WHEREAS, the estimated funds to be provided from the refunding are approximately
$2.5 million in savings and a transfer of approximately $1.5 million for the bond's general
fund account, yielding approximately $4 million in additional funds for the expansion
project; and
WHEREAS, the Tourist and Convention Center Expansion Authority and the City
Commission are desirous in obtaining additional funding for the completion of the expansion
project.
NOW, THEREFORE BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, that it hereby authorizes and approves the refunding of the
Metropolitan Dade County Special Obligation Series 1985A. The City of Miami Beach City
Commission authorizes and approves the advance refunding of the Metropolitan Dade
County Special Obligation Bond Series 1985A, Miami Beach Convention Center Project.
PASSED and ADOPTED this 18th day of March 1987.
Vi Mayor •
Attest:
a%‘,-
City
Clerk
APPROVED AS TO FORM:
Legal Department
Dated
ORIGINAL
RESOLUTION NO. 87-18790
(Authorizing and approving the advance
refunding of the Metropolitan Dade County
Special Obligation Bonds, Series 1985A
Miami Beach Convention Center Project)