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
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By _
Dale 5
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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.