Resolution 82-17086 RESOLUTION NO. 82-17086
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF THE CITY OF MIAMI BEACH, FLORIDA,
APPROVING DEFEASANCE OF $440 , 000 OUTSTANDING
PRINCIPAL AMOUNT OF BONDS; DIRECTING
PREPARATION OF ESCROW AGREEMENT AND RELATED
LEGAL DOCUMENTS AND CERTIFICATES; AUTHORIZING
EXECUTION THEREOF; APPOINTING ESCROW AGENT;
PROVIDING FOR DISPOSITION OF FUND BALANCES;
AUTHORIZING RELATED ACTION; RESCINDING
INCONSISTENT RESOLUTIONS; AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Miami Beach, Florida ( "City") has
heretofore executed and delivered $1,095 ,000 principal amount of
its 1966 Gravity Sanitary Sewer Improvment Bonds to provide funds
for improvements to the then existing sanitary sewer system,
$440, 000 principal amount of which are now outstanding (the
"Bonds" ) ; and
WHEREAS, the City Commission of the City ("Commission" )
has determined that it is in the best interests of the City to
fully provide for payment of the principal of and interest on the
Bonds to final maturity by irrevocably depositing with the
Escrow Agent (hereinafter mentioned) a sum suffient to make such
payments.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of
the City of Miami Beach, Florida:
SECTION 1. APPROVING DEFEASANCE. Defeasance of the
City 's $440 , 000 principal amount of 1966 Gravity Sanitary Sewer
Improvement Bonds is hereby authorized and approved.
SECTION 2. DIRECTING PREPARATION OF ESCROW AGREEMENT
AND RELATED DOCUMENTS AND CERTIFICATES. Morgan, Lewis & Bockius
("Bond Counsel" ) , Miami, Florida, is hereby authorized and
directed to prepare an Escrow Agreement ("Escrow Agreement" ) and
such other legal documents and certificates as may be necessary
or desirable to effect the defeasance.
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SECTION 3. AUTHORIZING EXECUTION OF DOCUMENTS AND
CERTIFICATES. The Mayor of the City is hereby authorized and
directed to execute the Escrow Agreement on behalf of the City
and the City Clerk is authorized and directed to affix the seal
of the City thereto, to attest the same and to deliver the Escrow
Agreement on behalf of the City; and the Mayor or the City
Manager and City Clerk are hereby authorized and directed,
respectively, to execute and to seal, attest and deliver all
other documents and certificates necessary or desirable to effect
the defeasance and to carry out the purpose and intention of the
foregoing.
SECTION 4 . APPOINTING ESCROW AGENT. Flagship National
Bank of Miami ("Escrow Agent" ) is hereby appointed Escrow Agent,
to serve in such capacity under the Escrow Agreement.
SECTION 5. PROVIDING FOR DISPOSITION OF FUND
BALANCES. The City Finance Director is hereby authorized and
directed, after making the required deposits under the Escrow
Agreement and after reserving in the 1966 Gravity Sanitary Sewer
Improvement Bonds Account sufficient moneys to complete the
projects currently in progress and payable from such Account, to
transfer the balance remaining in the 1966 Gravity Sanitary Sewer
Improvement Bonds Account to the City 's General Fund.
SECTION 6. AUTHORIZING RELATED ACTIONS. The proper
officials of the City are hereby authorized and directed to take
such further action as may be necessary or desirable to carry out
the purpose and intention of the foregoing.
SECTION 7 . RESCINDING INCONSISTENT RESOLUTIONS. All
resolutions or parts of resolutions insofar as they are
inconsistent with this resolution are hereby rescinded.
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SECTION 8 . PROVIDING AN EFFECTIVE DATE. This
resolution shall be in force and effect immediately upon its
adoption.
PASSED AND ADOPTED this 18th day of August , 1982 .
ATTEST:
`� 1111.e"
Mayor
,///5fAe, )742-;:6tAN4
City Clerk
FORM APP kuvD
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