RESOLUTION 87-19044 RESOLUTION NO. 87-19044
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA AMENDING
RESOLOTION NO. 87-18984 REQUESTING THAT
THE DARE COUNTY COMMISSION ADVANCE REFUND
THE EXISTING MIAMI BEACH CONVENTION
CENTER BONDS, ALLOW FOR THE ISSUANCE OF
COMPLETION BONDS AND OPEN THE BOND
INDENTQRE.
WHEREAS, the City Commission of the City of Miami Beach on
September 16, 1987 passed Resolution No. 87-18984, requesting 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; and
WHEREAS, the City Commission wishes to request the Dade
County Board of Commissioners to refund the existing Series 1985
Bond without a present value loss limitation;
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, 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 21st day' •f e a ._ 1987 .
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MAYOR
Attest:
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City Clerk
LEGAL DEPT.
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OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO.110 ^-2
DATE: October 21, 1987
TO: Mayor Alex Dao - .nd
Members of • - City Comm'ssion
-
FROM: Rob W. Parkin alh
City Manager /'' 6
SUBJECT: AMENDMENT TO THE RESOLUTION 87-13984 REQUESTING DADE COUNTY TO REFUND
THE CONVENTION CENTER BONDS
On October 7, 1987, the City Commission passed a Resolution requesting
Dade County to Advance Refund the Convention Center Bonds, issue
Completion Bonds and open the flow of funds in order to undertake the
renovation of the West Side of the facility. This action will provide
$11.5 million for this addition to the existing project. This Amend-
ment is necessary due to the unsettled nature of the financial markets
since this Resolution was first passed. This Amendment will preclude
changes in financial market conditions from impeding the closing of
this transaction.
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the City Commission approve this
Amendment to the Resolution 87-18984.
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AGENDA
ITEM
DATE _____1(1:217.3.1._
ORIGINAL
RESOLUTION NO. 87-19044
(Amending Resolution No. 87-18984 request-
ing that the Dade County Commission ad-
vance refund the existing Miami Beach Con-
vention Center Bonds, allow for the issuanc
of completion bonds and open the bond in-
denture)