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RESOLUTION 84-17791 RESOLUTION NO. 84-17791 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH , FLORIDA, AUTHORIZING THE SALE OF PARKING REVENUE BONDS IN THE AMOUNT OF $6 , 000 , 000 FOR THE PURPOSE OF ACQUIRING, EQUIPPING AND IMPROVING AUTOMOBILE PARKING FACILITIES IN THE CITY OF MIAMI BEACH , AUTHORIZED AT AN ELECTION HELD ON OCTOBER 5 , 1978 ; FIXING MATURITY DATES; APPOINTING A REGISTRAR, DEPOSITARY AND PAYING AGENT; APPROVING THE OFFICIAL BID FORM, THE NOTICE OF SALE AND THE FORM OF PRELIMINARY OFFICIAL STATEMENT; AUTHORIZING ADVERTISEMENT OF THE SALE OF SAID BONDS; SETTING THE SALE DATE AS JULY 25 , 1984 ; AND PROVIDING AN EFFECTIVE DATE. WHEREAS , the duly registered and qualified voters of the City of Miami Beach , Florida (the "City") , participating in an election held according to law in the City on October 5 , 1978 , authorized the issuance of parking revenue bonds of the City in an amount of $6 ,000 , 000 (the "Bonds") for the purpose of acquiring , equipping and improving automobile parking facilities in the City . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAIMI BEACH, FLORIDA THAT: SECTION 1 . Pursuant to said election , $6 , 000 , 000 of parking revenue bonds of the City shall be issued in fully registered form, bearing the date of August 1 , 1984 , and bearing interest at a rate per annum to be hereafter determined , not to exceed ten percent (10%) per annum, payable semiannually on each September 1 and March 1, commencing March 1, 1985 . The principal of and the interest and redemption premium, if any , on the Bonds shall be paid in any coin or currency of the United States of America which , at the respective times of payment , is legal tender for the payment of public and private debts . The interest on the Bonds is payable by check or draft mailed to the registered owners thereof, drawn on the hereinafter designated paying agent (the "Paying Agent") and the principal thereof and the premium, if any, payable upon redemption are payable upon presentation and surrender thereof , at the principal corporate trust office of the Paying Agent , or at the principal corporate trust office of its successor as Paying Agent. SECTION 2 . The Bonds shall be designated "City of Miami Beach , Florida , Parking Revenue Bonds , Series 1984" and shall mature as follows or such other schedule of principal maturities as may be recommended by Dean Witter Reynolds Inc . , the City 's Financial Advisor ; provided that the final maturity shall not be later than 1999 : DUE SEPTEMBER 1 AMOUNT 1985 $175 ,000 1986 225 ,000 1987 225 ,000 1988 250 ,000 1989 275 ,000 1990 325 ,000 1991 325 ,000 1992 375 ,000 1993 400 ,000 1994 450 ,000 1995 475 ,000 1996 550 ,000 1997 575 ,000 1998 650 ,000 1999 725 ,000 SECTION 3 . The Bonds maturing in the years 1985 to 1994 , inclusive, shall not be subject to redemption prior to their stated dates of maturity . The Bonds maturing in the years 1995 to 1999 , both inclusive, shall be redeemable prior to their stated dates of maturity, at the option of the City, from any funds legally available for such purpose on or after September 1, 1994 ( i) as a whole at any time , or ( ii) in part , from time to time on any interest payment date , in inverse order of maturity and by lot within each maturity at the principal amount thereof and accrued interest to the date of redemption, plus a premium of three percent (3%) of the principal amount of the Bonds to be redeemed . SECTION 4 . The Bonds herein authorized and referred to in Section 2 of this Resolution shall be in the denomination of $5 ,000 . 00 each or any integral multiple thereof and shall be alike in form, except as to maturity dates , interest rates and -2- numbers . The Bonds shall be lettered "A" and bear the last two digits of the year of maturity of such Bonds . All Bonds of the same year of maturity shall be numbered consecutively from one (1) upwards in order of issuance . If more than one fully- registered bond of a series is issued in a simultaneous transaction, such bonds shall be numbered in such manner , consistent with the above , as the hereinafter mentioned Registrar shall determine . SECTION 5 . Chemical Bank is hereby appointed Registrar and Paying Agent for the Bonds . SECTION 6 . Flagship National Bank of Miami is hereby appointed as Depositary under Section 6 (b) Resolution No. 84- 17654 , authorizing issuance of the Bonds . SECTION 7 . The Commission hereby approves the Notice of Sale , Official Bid Form and form of Preliminary Official Statement with respect to the Bonds, subject to such changes as may be approved by the City Attorney, and the Notice of Sale presented to it at this meeting and authorizes advertisement of the sale of the Bonds and release of the Preliminary Official Statement. SECTION 8 . The Commission hereby determines that the Bonds shall be sold on July 25, 1984 . SECTION 9 . This Resolution shall be in force and effect immediately upon its adoption. PASSED AND ADOPTED this 11th day of July, 1984 . Mayor Attest: (-7; 4S604c-J4; FORM APPROVED City lerk LEG AI . (SEAL) t, ip .. By _ Dale 5 5/4 • -3- ORIGINAL RESOLUTION NO. 84-17791 (Authorizing the sale of Parking Revenue Bonds in the amount of $6,000,000 for the purpose of acquiring, equipping and im- proving automobile parking facilities in the City of Miami Beach, authorized at at election held on October 5, 1978; fixing maturity dates; appointing a registrar, depositary and paying agent; approving the official bid form, the notice of salE and the form of preliminary official statement; authorizing advertisment of the sale of said bonds; setting the sale date as July 25, 1984; and providing an effective date.