RESOLUTION 88-19470 RESOLUTION NO. 88-19470
A RESOLUTION PROVIDING FOR THE REDEMPTION OF
CERTAIN OF THE OUTSTANDING CITY OF MIAMI BEACH,
FLORIDA PARKING REVENUE BONDS, SERIES 1984;
INSTRUCTING THE PAYING AGENT TO PAY PRINCIPAL,
INTEREST AND REDEMPTION PREMIUMS ON SUCH BONDS;
PROVIDING FOR MAILING OF THE NOTICE OF REDEMPTION;
PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Miami Beach, Florida (the "City"), has
heretofore determined to proceed with the sale and issuance of not exceeding
$12,000,000 Parking Revenue Bonds, Series 1988, of the City (the "Series 1988
Bonds") for the purpose, in part, of providing funds, together with other
available funds, to defease (and pay at their respective maturities or upon
earlier redemption) all of the City's Parking Revenue Bonds, Series 1984,
dated August 1 , 1984, which are currently outstanding and which mature on
September 1 , of the years and 1989 through 1999, both inclusive (the "Refunded
Bonds") ; and
WHEREAS, the City has determined to call for redemption on their
earliest redemption date of September 1 , 1994, all Refunded Bonds which mature
on and after September 1 , 1995, and to direct Southeast Bank, N.A. , as
Registrar for the Refunded Bonds, to mail notice of such redemption to all
registered holders of the Refunded Bonds to be redeemed;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA:
Section 1. The Refunded Bonds which are scheduled to mature on
September 1, 1995 through September 1, 1999, inclusive, are hereby irrevocably
called for redemption on September 1 , 1994, their earliest redemption date, at
a redemption price equal to the principal amount of the Refunded Bonds to be
redeemed, together with a premium of three (3%) percent of the principal
amount of the Refunded Bonds to be redeemed. Accrued interest due thereon on
September 1 , 1994 shall be paid in the usual manner.
Section 2. Southeast Bank, N.A. , as Registrar for the Refunded Bonds
is hereby authorized and directed to mail, postage prepaid, at least thirty
(30) days before September 1, 1994, to all registered owners of the Refunded
Bonds to be redeemed at their addresses as they appear on the registration
books for the Refunded Bonds, a notice of redemption in substantially the
following form:
"Notice of Redemption
The City of Miami Beach, Florida
Parking Revenue Bonds, Series 1984
Dated as of August 1, 1984
Maturing on September 1, 1995
to September 1, 1999, Inclusive
NOTICE IS HEREBY GIVEN that the Parking Revenue Bonds, Series 1984,
dated as of August 1 , 1984, of the City of Miami Beach, Florida, then
outstanding and scheduled to mature on September 1 , 1995 to September 1 , 1999,
both inclusive, which are redeemable on September 1 , 1994 at the option of the
City of Miami Beach, Florida, have been irrevocably called for redemption on
September 1 , 1994, at a redemption price equal to the principal amount of each
bond to be redeemed plus a redemption premium of three percent (3%) of such
principal amount. Accrued interest on the bonds to be redeemed shall be paid
on the redemption date in the usual manner.
Payment of the aforesaid redemption price of each bond to be
redeemed, shall be made to the registered owner thereof (or such registered
owner's duly authorized attorney) upon the presentation and surrender, on or
after September 1 , 1994 of such bond, duly endorsed by the registered owner
(or by such registered owner's duly authorized attorney) , at the principal
corporate trust office of the Paying Agent, Southeast Bank, N.A. , One
Southeast Financial Center, Miami, Florida 33131. Interest on said bonds will
be paid in the usual manner on interest payment dates to and including
September 1, 1994. Interest on said bonds will cease to accrue from and after
said redemption date.
SOUTHEAST BANK, N.A. ,
Registrar"
SECTION 3. Southeast Bank, N.A. , as the Paying Agent for the
Refunded Bonds is hereby authorized and directed (with amounts to be provided
pursuant to an Escrow Deposit Agreement for the Refunded Bonds) : (1) to pay,
in the usual manner, all principal of and interest on the Refunded Bonds which
shall become due and payable through September 1 , 1994, and (b) to pay the
aforesaid redemption price of all Refunded Bonds maturing on or after
September 1, 1995 which have been called for redemption on September 1 , 1994.
Payment of such principal and any premium on any Refunded Bond shall be made
to the registered owner of such Bond (or to such registered owner's duly
authorized attorney) upon presentation and surrender of such Bond on or after
the maturity date or earlier redemption date of each such Refunded Bond, as
applicable, together with an assignment in form satisfactory to the Registrar,
duly executed by the registered owner or such registered owner's duly
authorized attorney and with signature guaranteed by a commercial bank, trust
company or member firm of the New York Stock Exchange, at the principal
corporate trust office of the Paying Agent, located at One Southeast Financial
Center, Miami, Florida 33131 . Interest shall be paid when due in the usual
manner.
SECTION 4. This Resolution shall be repealed by the City Commission
of the City if the Series 1988 Bonds are not delivered and paid for within
ninety (90) days of the adoption of this Resolution; otherwise, this
Resolution shall be irrepealable and the direction given to the Registrar
shall be irrevocable.
SECTION 5. This Resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this 9th day of December 1988.
Zaa_ee
(SEAL)
M.
ATTEST:
FORM APPROVED
6444,0, LEGAL DEPT.
City Clerk By -2g.
Date
Bond Counsel :
For ` ire, Sanders & Dempsey
2
01/708/MIA18001
Redemption Resolution
STATE OF FLORIDA)
) :SS
COUNTY OF DADE )
I, ELAINE M. BAKER , City Clerk of the City of Miami Beach,
Florida, do herebycertif h the above and foregoing is a true and correct
y1�4�1� g g
copy of Resolution No. 88- , duly passed and adopted by the City Commission
of the City of Miami Beach, Florida, at a regular meeting duly held and
convened on the 9th day of December , 1988, and that said Resolution
is in full force and effect, without amendment, on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the official seal
of the City of Miami Beach, Florida, this 16th day of December , 1988.
(SEAL) 16124 ' 61446A/
City Clerk
- 3 -
01/708/MIA18001
Redemption Resolution
ORIGINAL
RESOLUTION NO. 88-19470
(Providing for the redemption of certain
of the outstanding City of Miami Beach,
Florida Parking Revenue Bonds, Series
1984, instructing the paying agent to pay
principal, interest and redemption prem-
iums on such bonds; providing for mailing
of the notice of redemption; providing for
certain other matters in connection there-
with; and providing for an effective date)