RESOLUTION 87-18791 RESOLUTION NO. 87-18791
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, REQUESTING AND AUTHORIZING THE
ISSUANCE OF THE MAXIMUM AMOUNT PERMITTED BY LAW, NOT
TO EXCEED $4.8 MILLION OF ADDITIONAL METROPOLITAN
DADE COUNTY SPECIAL OBLIGATION BONDS, MIAMI BEACH
CONVENTION CENTER AND AUTHORIZING THE MAYOR TO
EXECUTE ANY DOCUMENTS WHICH MAY BE REQUIRED.
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, the Tourist and Convention Center Expansion Authority and the City
Commission are desirous in obtaining additional funding for the completion of the expansion
project; and
WHEREAS, the bond indenture allows for the issuance of additional bonds for the
completion of the project; and
WHEREAS, the exact amount of the additional bonds will be determined by an update
to the financial feasibility study.
NOW, THEREFORE BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, that:
Section 1. The City of Miami Beach, Florida, Commission hereby requests and authorizes
the issuance of the maximum amount permitted by law, in an amount not to exceed
$4.8 million of additional Metropolitan Dade County Special Obligation Bonds, Miami Beach
Convention Center Project.
Section 2. The City of Miami Beach, Florida, Commission authorizes the Mayor, in his
absence the Vice-Mayor, to execute any documents which may be required for the issuance
of the additional bonds.
PASSED and ADOPTED this 18th day of March 1987.
ce Mayor
Attest:
" J
City Clerk
APPROVED AS TO FORM:
/141 \Atia;ti
Legal Department
Dated 3-t(. i
ORIGINAL ,\
RESOLUTION NO. 87-18791
(Requesting and authorizing the is$uance
of the maximum amount permitted by law,
not to exceed $4.8 million of additional
Metropolitan Dade County Special Obligation
bonds, 1iami Beach Convention Center and
authorizing the Mayor to execute any do-
cuments which may be required)