87-89 RDA
RESOLUTION NO.
87-89
A RESOLUTION AMENDING RESOLUTION NO. 81-89
ADOPTED BY THE MIAMI BEACH REDEVELOPMENT
AGENCY ON JUNE 21, 1989; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the Miami Beach Redevelopment Agency (the "Agency")
adopted Resolution No. 81-89 on June 21, 1989 (the "Bond Resolu-
tion") authorizing the issuance of not more than $7,000,000
aggregate principal amount of the Agency's Tax Increment Revenue
Bonds, Series 1989 (the "Bonds"); and
WHEREAS, it is necessary to make certain amendments to the
Bond Resolution;
NOW THEREFORE, BE IT DULY RESOLVED BY THE MIAMI BEACH REDE-
VELOPMENT AGENCY.
Section 1.
Clause ( f) of the def ini t ion of "Annual Debt
Service Requirements" in Section 101 of the Bond Resolution is
hereby amended to read as follows:
" ( f) In the case of Balloon Bonds or
Inter im Bonds, the debt service requirements of
the Balloon Bonds or Interim Bonds may be excluded
and in lieu thereof the Balloon Bonds or Interim
Bonds shall be viewed, for purposes of the compu-
tation of Annual Debt Service Requirements, as
debt secur i ties having a comparable Federal tax
status as such Balloon Bonds or Inter im Bonds,
hypothetically maturing in substantially equal
annual payments of principal and interest over a
period of not more than the lesser of the actual
term of such Bonds or 15 years from the date of
issuance thereof, bearing interest at a fixed rate
per annum equal to the average interest rate per
annum for such debt securities on the date of
issuance of the Balloon Bonds or Interim Bonds and
issued by issuers having a credi t rating, issued
by Moody's Investors Services, Inc. or any succes-
sors thereto or Standard & Poor's Corporation or
any successors thereto comparable to that of the
Agency, as shown by a certificate of an under-
writing or investment banking firm experienced in
marketing such securities; and"
Section 2.
The definition of "Permitted Investments" in
Section 101 of the Bond Resolution is hereby limited to the obli-
gations described in Schedule I attached hereto and made a part
hereof.
Section 3.
The last paragraph of Section 304(0)(3) of the
Bond Resolution is hereby amended to read as follows:
"The Debt Service Reserve Account shall be
valued at least once in each Fiscal Year and the
value of secur i ties on deposit therein shall be
the lower of original cost or market value on the
date of valuation."
Sect ion 4.
Section 304(H) (2) of the Bond Resolution ~s
hereby amended to read as follows:
"(2) The portion of the Trust Fund Revenues
received during the twelve (12) consecutive months
immediately preceding the issuance of said addi-
tional parity Bonds and allocable only to one
year's ad valorem tax levy, as certified by an
independent certified public accountant, were at
least equal to one hundred twenty five percent
(125%) of the Maximum Annual Debt Service on (1)
the Bonds originally issued pursuant to this Reso-
lution and then Outstanding, (2) any addi tional
parity Bonds theretofore issued and then Outstand-
ing, and (3) the additional parity Bonds then
proposed to be issued."
Section 5.
The paragraph immediately following subsection
(3) of Section 304(M) of the Bond Resolution is hereby amended to
read as follows:
"Upon such payment or deposi t in the amount
and manner provided in this Section 304(M), Bonds
shall be deemed to be paid and shall no longer be
deemed to be Outstanding for the purposes of this
Resolution and all liability of the Agency with
respect to said Bonds shall cease, terminate and
be completely discharged and extinguished, and the
Holders thereof shall be entitled for payment
solely out of the moneys or securities so depos-
i ted; provided that ( i ) in connect ion wi th any
discharge and satisfaction pursuant to subsection
( 2) or (3) above, the Agency shall concur rent ly
with such deposit deliver (A) an opinion of
nationally recognized bond counsel to the effect
that interest on the Bonds being discharged will
not, by reason of such discharge, become includ-
able in gross income for federal income tax pur-
poses and that such Bonds have been discharged in
accordance wi th the provisions of this Section,
and (B) an accountant's verification report show-
ing the sufficiency of such moneys and/or
Defeasance Obligations to provide for the payment
of said Bonds, and (ii) in the event said Bonds do
not mature and are not to be redeemed within the
next succeeding sixty (60) days, the Agency shall
have given the Registrar irrevocable instructions
to give, as soon as practicable, a notice to the
Holders of said Bonds by first-class mail, postage
prepaid, stating that the deposit of said moneys
or Defeasance Obligations has been made wi th an
appropriate fiduciary institution acting as escrow
agent solely for the Holders of said Bond and
other Bonds being defeased, and that said Bonds
are deemed to have been paid in accordance wi th
- 2 -
this Section and stating such maturity or redemp-
tion date upon which moneys are to be available
for the payment of the principal of and premium,
if any, and interest on said Bonds."
Section 6. Clause (1) of Section 601 of the Bond Resolution
is hereby amended to read as follows:
"(l) provided such changes do not adversely
affect the Holders of any other Ser ies of Bonds
issued hereunder, to make such changes as may
evidence the right and interest herein of an
issuer of a Credit Facility or a Liquidity Faci-
lity that secures any Series of Bonds."
Section 7. All other provisions of the Bond Resolution, to
the extent not amended hereunder, are confirmed in all respects.
Section 8.
This resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED this
15th day of
November
, 1989.
(SEAL)
Attest:
/~ ~rj. ~{Y
Secretary
fORM APPROVED
REDEVElOPMENT AGENCY
GENERAL COUNSa
Byt?~~~
Date /t/Y/09'!
...
Prepared by Greenberg, Traurig,
Hoffman, Lipoff, Rosen &
Quentel, P.A., Bond Counsel
(,\(Li-f~\f T",,/
, )'
I!. j
't. ) , " I ) '/
,
I'{,//,/LI
! '\" L I
- 3 -
SCHEDULE I
ORDINANCE NO.
87-2588
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AMENDING THE CODE OF THE CITY
OF MIAMI BEACH, FLORIDA, BY CREATING CHAPTER 18A,
ENTITLED: uINVESTMENT OF SURPLUS FUNDS" PROVIDING
FOR INVESTMENT OF SURPLUS PUBLIC FUNDS; DEFINING
SURPLUS PUBLIC FUNDS; REPEALING ORDINANCES IN CON-
FLICT HEREWITH; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA:
Section 1: That the Code of the City of Miami Beach, Florida, be
amended by the creation of Chapter 18A, entitled
"INVESTMENT OF SURPLUS FUNDS.", to read as follows:
CHAPTER 18A Investment of Surplus Funds
(1) That the City Commission of the City of Miami Beach,
Florida, may, by resolution to be adopted from time
to time, invest and reinvest any surplus public funds
in its control or possession in:
(a) government obligations, which obligations shall mean
(i) direct obligations of, or obligations the principal of and the
interest on which are unconditionally guaranteed by, the United States
Government, (ii) municipal obligations, the payment of the principal of,
interest and redemption premium, if any, on which are irrevocably secured
by obligations described in clause (i) of this definition and which
obligations are not subject to redemption prior to the date on which the
proceeds attributable to the principal of the obligations are to be used
and have been deposited in an escrow account which is irrevocably pledged
to the payment, of the principal of and interest and redemption premium,
if any, on such municipal obligations, and (iii) evidences of ownership
of proportionate interest or principal payments on obligations specified
in clauses (i) and (ii) of this definition held by a bank or trust company
as custodian and which underlying obligations are not available to satisfy
any claim of the custodian or of any person to whom the custodian may be
obligated;
(b) bankers acceptances, certificates of deposit or time deposits
of any bank, trust company or savings and loan association (including
any investment in pools of such bankers acceptances, certificates of deposit
or time deposits), which to the extent that such obligations are not insured
by the Federal Deposit Insurance Corporation or the Federal Savings and Loan
Insurance Corporation, are either (i) issued by a bank, trust company or
savings and loan association having a combined capital and surplus aggre-
gating at least $50,000,000 or (ii) collateralized at all times by such
securities as are described in clause (a) above, having a market value at
least equal to the principal amount of such bankers acceptances, certificates
of deposit or time deposits (or portion thereof not so insured) provided
that the holder of such bankers acceptances, certificates of deposit or
time deposits has a perfected first security interest in the collateral and
that such collateral is held free and clear of claims by third parties:
(c) obligations issued by any state or territory of the United
States, which are rated, on the date of investment therein, in one of the
two highest rating categories (without regard to any gradation within such
category) by both Moody's Investors Service, Inc. or any successors thereto
and Standard & Poor's Corporation or any successors thereto:
(d) municipal obligations, the payment of the principal of and
the interest on which is insured, which are rated, on the date of investment
therein, in one of the two highest rating categories (without regard to any
gradation within such category) by both Moody's Investors Service, Inc. or
any successors thereto and Standard & Poor's Corporation or any seccessors
thereto; and
(e) any repurchase, reverse repurchase or investment agreement
with any bank or trust company organized under the laws of any state of the
United States or any national banking association, insurance company, or
government bond dealer reporting to, trading with, and recognized as a '
member of the Security Investors Protection Corporation, which agreement is
secured by anyone or more of the securities described in (a) above, provided
that the holder of such bankers acceptances, certificates of deposit or time
deposits has a perfected first security interest in the collateral and that
such collateral is held free and clear of claims by third parties.
Section 2. That for the purposes of the preceding section, the term
"surplus public funds" is defined as funds in any general or special account
or fund of the City of Miami Beach held or controlled by the City Commission
of the City of Miami Beach, which funds are not reasonably contemplated to
be needed for the purposes intended within a reasonable time from the date
of such investment.
Section 3. All ordinances or parts in conflict herewith be and the
same are hereby repealed,
-2-
Section 4. If any section, sentence, clause or phrase of this ordinance
is held to be invalid or unconstitutional by any court of competent jurisdiction,
then said holding shall in no way affect the validity of the remaining portions
of this ordinance.
Section 5. This ordinance shall take effect ten (10) days after its
adoption, on
NcnTPmhPT ?R
, 1987.
18th day of November ,1987.
PASSED AND ADOPTED this
ATTEST:
~i!t1~:t, /lr &L/'V'
CITY CLERK ·
1st Reading - November 4, 1987
2nd Reading - November 18, 1987
171-065+/4-s
['" "" r-\" ,.. ", " .,. .
1""' (.,~ I",~ /"'';_ ,~.< ~}.l' ~:,,:; . :.
; :.~ (' . f;' I....
f: 1\:k ~
IO...~q..f1
. > ,~ ':'
-3-
~ ~ 1ItiaHd ~ead
,f~\jt",~
..;..,~C)v.
/1~ ~'j^
(~!. \I.N(O.' iORATit)D).
.,.,.~ <It' /~
:f-4'C -'-';' ,l>J
. .!t,~~<<:.'
FLORIDA
33139
"V ACA T10NLAND V. S. A. ..
OFFICE OF THE CITY MANAGER
ROB W, PARKINS
CITY MANAGER
CITY HALL
1700 CONVENTION CENTER DRIVE
TELEPHONE: 673.7010
COMMISSION MEMORANDUM NO.
DATE: November 15. 1989
TO:
Mayor Alex Daoud and
Members of the City Commission
FROM:
Rob W. Parkins
City Manager
SUBJECT:
APPROVAL OF RESOLUTION AMENDING RESOLUTION 81-89 OF THE MIAMI BEACH
REDEVELOPMENT AGENCY
The Miami Beach Redevelopment Agency has adopted certain amendments
to its Resolution No. 81-89 authorizing the issuance of $7,000,000
in Tax Increment Revenue Bonds. The Redevelopment Agency needs the
City Commission to approve these amendments to the Bond Resolution
so that it may proceed to issue the Bonds.
Administration Recommendation:
The Administration recommends that the City Commission approve this
Resolution approving the amendments to the Redevelopment Agency Bond
Resolution.
RWP:RJN:sw
Attachment
AGENDA
ITEM
DATE 11/15/89