RESOLUTION 84-17776 RESOLUTION NO. *4-122_71t_______
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, APPROVING
DEFEASANCE OF $275 ,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 ACTIONS; RESCINDING INCONSISTENT
RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS , THE CITY OF MIAMI BEACH, FLORIDA, has
heretofore executed and delivered $400,000 principal amount of its
1974 Street Lighting Bonds to provide funds for improvements to
Street Lighting, $275,000 principal amount of which are now
outstanding (the "Bonds" ) , and
WHEREAS , THE CITY COMMISSION OF THE CITY OF MIAMI BEACH
("Commission") has determined that it is in the best interest 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 sufficient to
make such payments.
NOW, THEREFORE, BE IT RESOLVED, THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. APPROVING DEFEASANCE.
Defeasance of the City' s $275,000 principal amount of 1974 , Street
Lighting bonds, is hereby authorized and approved.
SECTION 2. DIRECTING PREPARATION OF ESCROW AGREEMENT AND RELATED
DOCUMENTS AND CERTIFICATES.
The City Attorney' s office is hereby authorized and directed to
prepare an Escrow Agreement ("Escrow Agreement") and such other
legal documents and certificates as may be necessary and desirable
to effect the defeasance. Morgan, Lewis & Bockius is hereby
authorized and directed to review all documents prepared by the
City Attorney' s Office and render a legal opinion.
SECTION 3 . AUTHORIZING EXECUTION OF DOCUMENTS AND CERTIFICATES.
The Mayor of the City is hereby authorized and directed to execute
OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
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 delivery 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 Street Lighting Bond account sufficient money to
complete the projects currently in progress and payable from such
account, to transfer the balances remaining in the Street Lighting
Bond 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.
SECTION 8 . PROVIDING EFFECTIVE DATE.
This resolution shall be in force and effect immediately upon its
�k adoption.
PASSED and ADOPTED this 20th day of June , 1984.
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OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139
ORIGINAL
RESOLUTION NO. 84-17776
(Approving defeasance of $275,000 outstand-
ing principal amount of bonds; directing
preparation of escrow agreement and related
legal documents and certificates; author-
izing execution thereof; appointing escrow
agent; providing for disposition of fund
balances; authorizing related actions;
rescinding inconsistent related actions;
rescinding inconsistent resolutions)