97-22289 RESO
RESOLUTION NO.
97-22289
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, DECLARING THE OFFICIAL
INTENT OF THE CITY OF MIAMI BEACH TO ISSUE DEBT IN ORDER
TO REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH DEBT FOR
FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO THE 42ND STREET SURFACE
PARKING LOT RENOVATION PROJECT AND 42ND STREET PARKING
GARAGE RENOVATION PROJECT; AND ALSO AUTHORIZING
CERTAIN INCIDENTAL ACTIONS.
WHEREAS, in connection with the construction and renovation of the 42nd Street Surface Pa'ki 19
Lot Renovation Project and 42nd Street Parking Garage Renovation Project (the "Projects"), by the C ty )f
Miami Beach, Florida (the "City"), to be financed in part with debt to be incurred by the City through t Ie
issuance of tax-exempt bonds (the "Bonds"), the City has incurred and expects to incur expenses for whi :h
the City has advanced and will advance internal funds; and
WHEREAS, to the extent permissible under the Internal Revenue Code of 1986, as amended, a ld
the regulations promulgated thereunder (collectively, the "Code"), the City intends to reimburse itselff)r
such advances from a portion of the proceeds of the Bonds.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND en y
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. Declaration of Official Intent. The City hereby declares its official intent to iss Ie
the Bonds, a portion of the proceeds of which will, to the extent permissible under the Code, be used to
reimburse the City for funds advanced by it for expenses incurred and to be incurred with respect 10 t Ie
Projects. This Resolution is intended as a declaration of official intent under Treasury Regulation Secti m
1.150-2. The Bonds are expected not to exceed an aggregate principal amount of $25,000,000.00.
Section 2. Incidental Action. The appropriate officers of the City are hereby authorized te, ta;.e
such actions as may be necessary to carry out the purpose of this resolution and the Code.
Section 3.
Effective Date. This resolution shall take e
-
PASSED AND ADOPTED this 5th day of February, 1997.
ATTEST:
FORM & LANGUAGI:
& fOR EXECUTION
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CITY CLERK
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~ITY OF MIAMI
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COMMISSION MEMORANDUM NO. g 1 - q 1
TO:
Mayor Seymour Gelber and
Members of the City Commission
DATE: February 5, 1'~9'
FROM:
Jose Garcia-Pedrosa
City Manager
SUBJECT:
A RESOLUTIO F THE MAYOR AND CITY COMMISSION OF THE CITY OF MIA M:
BEACH, FLORIDA, DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAM:
BEACH TO ISSUE DEBT ADVANCED BY THE CITY FOR EXPENSES BEING INCURREr
AND TO BE INCURRED WITH RESPECT TO CERTAIN PREVIOUSLY AUTHORIZEr
PARKING-RELATED PROJECTS, AND AUTHORIZING CERTAIN ACTIOI'
INCIDENTAL THERETO.
ADMINISTRA TION RECOMMENDATION:
To approve the Resolution.
BACKGROUND:
The City is in the process of making substantial improvements to its parking system. Those improvements require
considerable capital expenditures and are to be fmanced through the use of revenues from the issuance of parking
revenue bonds. The parking-related projects in question have all been previously approved by the City Commission.
and the subject improvements are described in the list of projects attached hereto.
In order to maintain the construction of the improvements on schedule, expenses are being incurred and will contbm
to be incurred prior to the issuance of the bonds that will fmance those improvements. Those bonds are not schedu led
to be issued until April, 1997. Those expenses are being funded at present and will continue to be funded from the
Parking Revenue Bond Fund 485 until such time as the proceeds from the issuance of the bonds become availabl(:.
In order to ensure that reimbursement for such advances can properly be made when the bond proceeds beccme
available, it is necessary for the City Commission to declare its intent to issue debts. The attached Resolution merely
makes that declaration, thereby permitting the future reimbursement of the funds advanced prior to the actual issua lce
of the debts. As such, the attached Resolution merely sets up an interim funding mechanism.
CONCLUSION:
In order to reimburse the Parking Revenue Bond Fund 485 at a future date, it is necessary that the Mayor and City
Commission declare their intent to issue debt.
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AGENDA ITEM~_
DATE ~- 5 -t:tJ