RESOLUTION 87-18984 RESOLUTION NO. 87- 18984
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA REQUESTING THAT THE DADE COUNTY
COMMISSION ADVANCE REFUND THE EXISTING MIAMI BEACH
CONVENTION CENTER BONDS, ALLOW FOR THE ISSUANCE OF
COMPLETION BONDS AND OPEN THE BOND INDENTURE
WHEREAS, the Board of Commissioners of Dade County, Florida issued
$48,015,000 in Dade County Special Obligations for the extension and
renovation of the Miami Beach Convention Center; and
WHEREAS, the indenture under which these bonds were issued allows
for the issuance of up to 10% of the original issue amount for completion
bonds ; and
WHEREAS, the existing bond indenture does not allow for any revenues
in excess of current debt service requirements to be used for the extension
and renovation project; and
WHEREAS, the existing West Side of the Convention Center is not cur-
rently in the scope of the project as a renovation of said West Side will
cost approximately $11. 5 million and is not within the currently available
funds, and
WHEREAS, the Tourist. and Convention Center Expansion Authority has
resolved that the Renovation of the West Side is essential to the overall
expansion and renovation project;
NOW THEREFORE, BE IT RESOLVED, by the City Commission of the City
of Miami Beach, Florida that;
The City Commission hereby requests the Board of Commissioners of
Metropolitan Dade County, Florida, to advance refund the existing Dade
County Special Obligation Bonds Series 1985A at the greatest amount of
present value savings or the smallest amount of present value loss, not
to exceed $500,000, authorize the issuance of completion bonds of $4.8
million, and to modify the bond indenture to allow the collections in
excess of debt service requirements to be used for the Expansion and
Renovation Project to the extent that the present value, completion
bonds and excess revenues will produce $11. 5 million in additional
funds for the project.
PASSED and ADOPTED this 16th day of September , 1987.
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ATTEST
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City Clerk
LEGA FORM APPR D
ORIGINAL
RESOLUTION NO. 87-18984
(Requesting that the Dade County Commission
advance refund the existing Miami Beach
Convention Center Bonds, allow for the
issuance of completion bonds and open the
bond indenture)