Resolution 74-14533 RESOLUTION NO. 74-14533
A RESOLUTION APPROVING THE RETENTION OF
REYNOLDS SECURITIES , INC. , AS FISCAL AGENT,
AND THE FIRM OF CHAPMAN & CUTLER AS BOND
COUNSEL, IN CONNECTION WITH THE PROPOSED
PARKING REVENUE BONDS IN THE AMOUNT OF
$6 ,000 ,000 EACH IN THE YEARS 1975 , 1977,
AND 1980 , RESPECTIVELY.
WHEREAS , the City of Miami Beach is desirous of taking
steps necessary to institute the recommendations in the report
of Wilbur Smith and Associates , Inc. , entitled "Parking Study
Civic and Convention Center - Lincoln Road Mall and Forty-first
Street Areas" , and
WHEREAS , this report by Wilbur Smith and Associates ,
Inc. recommends a program of capital improvements of the parking
system of $23 , 505 ,000 to be accomplished during the period 1974
to 1981, inclusive, and
WHEREAS , Reynolds Securities , Inc. , Financial Consul-
tants to the City of Miami Beach, have studied this report and
other financial records of the City and have recommended a plan
for financing the proposed program by issuing three (3) series
iof Parking Revenue Bonds in the amount of $6,000 ,000 each in
the years 1975, 1977 and 1980, respectively, which together with
surplus revenues of the parking system during the period will
provide the necessary funds in accordance with projections
included in said report;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the law firm of
Chapman and Cutler be and it is hereby employed to serve as
Bond Counsel to provide the approving opinion required with
respect to the hereinabove proposed bonds ;
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, that it hereby designates Reynolds
Securities , Inc. , to serve as Fiscal Agent for the City for the
purpose of rendering the usual and customary services of fiscal
agents in the marketing of the proposed bonds and obligations
hereinabove described, subject to the agreement by said Fiscal
Agent that it will not bid, cause to have bids made in its name,
or permit or authorize anyone to bid for it at the public sale;
and that they will not be purchasers directly or indirectly of
such bonds at the public sale thereof ; and said services will be
compensated for at a rate of $1. 00 per $1,000 of par value of
said bonds , said fee to be payable only when, as , and if the
bonds are actually sold and delivered.
PASSED and ADOPTED this 6th day of November, 1974 .
Mayor
Attest:
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City Clerk
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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