Resolution 80-16375 RESOLUTION NO. 80-16375
A RESOLUTION CALLING FOR REVALIDATION AT
10% INTEREST OF MIAMI BEACH PARKING REVENUE
BONDS, SERIES 1979 IN THE AMOUNT OF $6 MILLION
WHEREAS, the City of Miami Beach did duly adopt on
August 2, 1978, Resolution No . 78-15687 and 78-15691 calling for
the issuance of $6 million in Parking Revenue Bonds and a special
election thereon; and
WHEREAS , said Resolutions called for a maximum interest
rate of 10% on said bonds; and
WHEREAS , the bonds were approved on October 5, 1978 , by
the electorate of Miami Beach at an interest rate of up to 10% ;
and
WHEREAS, on October 19, 1978 , the City Commission
adopted Resolution No . 78-15748 authorizing the issuance of said
bonds at an interest rate of up to 10%; and
WHEREAS, the bonds were validated on March 1 , 1979, by
the Circuit Court of Dade County in Case No . 79-1867 at an inter-
est rate not to exceed 7 1/2%; and
WHEREAS, the City' s Financial Consultant has advised
that it will be impossible to sell these bonds in the current
financial market at a rate of 7 1/2%;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMIS-
SION OF THE CITY OF MIAMI BEACH, FLORIDA, that the City Attorney
is instructed to immediately revalidate these bonds at an interest
rate of up to 10% as authorized by prior resolution of this
Commission and by the electorate .
PASSED and ADOPTED this 3rd day of September , 1980.
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Attest:
3"41./4 CerI k
FORM APPROVED
LEGAL DEPT.
By 41/4ki
X Date Sr} 7 ( ` c"
JAR/rr
OFFICE OF THE CITY ATTORNEY -1700 CONVENTION CENTER DRIVE -MIAMI BEACH, FLORIDA 33139
ORIGINAL
RESOLUTION NO. 80-16375
(Calling for revalidation at 10% interest ,
of Miami Beach Parking Revenue Bonds,
Series 1979, in the amount of $6,000,000)
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