RESOLUTION 87-18848 RESOLUTION NO. 87-18848
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, APPOINTING SHEARSON LEHMAN
BROTHERS AS FINANCIAL AND APPOINTING LAZARD FRERES
AND CO. ; BEAR, STEARNS AND CO. , INC. ; AND, RAYMOND
JAMES AND ASSOCIATES, INC. , AS UNDERWRITERS ON THE
PROPOSED PARKING REVENUE REFUNDING BONDS, SERIES
1987.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA;
WHEREAS, the City Commission of the City of Miami Beach desires
to reduce the cost of the debt of the Metered Parking System; and
WHEREAS, the reduction in annual debt service cost can be reduced
by advance refunding the existing bonds; and
WHEREAS, the Finance Committee of the City Commission of the
City of Miami Beach reviewed proposals from investment banking firms to
accomplish this bond issue.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, THAT:
1. The firm of Shearson Lehman Brothers be appointed to serve as
financial advisor for the Proposed Parking Revenue Refunding Bond Issue.
2. That the firms of Lazard Freres and Co. ; Bear, Stearns and
Co. , Inc. ; and, Raymond James and Associates, Inc. be appointed as underwriters
for the Proposed Parking Revenue Refunding Bond Issue.
3. That any fee for the services of any of these firms be contingent
upon the issuance of the Proposed Bond Issue and payable only from the proceeds
of such issue.
FLORIDAetd:0 Neetmet: Eeete4
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* INCORP•ORATED *:# "VACA TIONL,4NLa U. S. A. "
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CITY HALL
OFFICE OF THE CITY MANAGER 1700 CONVENTION CENTER DRIVE
ROB W.PARKINS TELEPHONE: 673-7010
CITY MANAGER
COMMISSION MEMORANDUM NO.Q•sQ
DATE: May 6, 1987
TO: Mayor Alex Daou• .nd �.
Members of th: ity Corn, iss •
F RCM: Rob W. Park "s frfrir
✓y
City Manager
SUBJECT: APPOINTMENT OF UNDERWRITERS AND FINANCIAL ADVISOR FOR THE
PROPOSED PARKING REVENUE REFUNDING BOND ISSUE
In the meeting of the Finance Committee on April 27, 1987,
the selection for underwriters and financial adviser for
the Proposed Parking Revenue Refunding Bond Issue was made.
The Committee selected Shearson Lehman Brothers, Inc. , as
financial advisor and the firms of Lazard Freres and Co. ;
Bear, Stearns and Co. , Inc. , and Raymond James and
Associates, Inc. , as underwriters for this transaction.
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the Commission adopt
the accompanying resolution reflecting the appointments
of financial advisor and underwriters as recommended by
the Finance Committee.
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3
AGENDA
ITEM
DATE S- &- 6'2
Res. #87-18848
PASSED and ADOPTED this 6th day of May 1987.
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ALI
.ay.r
Attest:
&6te;'," 227
City Clerk
APPROVED AS TO FORM:
.
Legal Department
l—cfsDated
ORIGINAL
RESOLUTION NO. 87-18848
(Appointing Shearson Lehman Brothers as
financial and appointing Lazard Freres
and Company; Bear, Stearns and Co. , and
Raymond James and Associates, Inc. , as
underwriters on the proposed Parking
Revenue Refunding Bonds, series 1987)