11CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM
To: The Honorable Mayor & Members of the City Commission
Via: Hector Mirabile, PhD, City Manager�j�
From: Alfredo Riverol, CPA, Cr.FA, and Chief Financial Officer
Date: February I, 2011
Agenda Item No.:_
P'
v:
o�
An Ordinance of the Mayor and City Commission of the City of South Miami, Florida,
authorizing the City Manager to finance up to six (6) new police vehicles for an
Subject: amount not to exceed $165,000 and accepting the interest rate of 2.44% through
SunTrust Bank, charging Debt Service - Principal Account No. 001.1910.521.71 10 and
Debt Service - Interest Account No. 001.1910.521.7210; providing for severability,
ordinances in conflict and an effective date.
Authorizing the City Manager to finance six (6) new police vehicles with SunTrust
Bank. The 2010 -2011 approved budget reflects the allocation of funds for the
purchase and financing of the six new police vehicles in accordance with competitive
Background: bidding procedures, three (3) banks have provided quotes, SunTrust Bank, First
National Bank of South Miami and Executive National Bank. SunTrust Bank has
provided the lowest rate and has agreed to finance the six new police vehicles at an
interest rate of 2.44% for 5- years.
Charging account No. 001.1910.521.71 10 Debt
Service - Principal, with a current
Account and
balance of $72,987.02 and Account
No. 001.1910.521.7210
Debt Service- Interest,
Amount:
with a current balance of $9,955.35.
PAYMENT
PRINCIPE
INTEREST
AMOUNT
$2,588.68
$335.02
$2,923.70
$2,593.93
$329.77
$2,923.70
Expense:
$2,599.20
$324.50
$2,923.70
$2,604.48
$319.22
$2,923.70
$2,609.76
$313.94
$2,923.70
$2,615.06
$308.64
$2,923.70
$15,611.11
$1,931.09
$17,542.20
Backup
• SunTrust, Executive National
Bank and First
National Bank of South Miami
Documentation:
quotes.
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ORDINANCE NO.
An Ordinance of the Mayor and City Commission of the City of South
Miami, Florida, authorizing the City Manager to finance up to six (6) new
police vehicles for an amount not to exceed $165,000 and accepting the
interest rate of 2.44% through SunTrust Bank, charging Debt Service -
Principal Account No. 001.1910.521.7110 and Debt Service- Interest Account
No. 001.1910.521.7210; providing for severability, ordinances in conflict
and an effective date.
WHEREAS, the 2010 -2011 approved budget reflects the allocation of funds for the
purchase and financing of the six new police vehicles; and
WHEREAS, in accordance with competitive bidding procedures, three (3) banks have
provided quotes, SunTrust Bank, First National Bank of South Miami and Executive National
Bank;'and
WHEREAS, SunTrust Bank has provided the lowest rate and has agreed to finance the
six new police vehicles at an interest rate of 2.44% for 5- years.
NOW THEREFORE BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section 1. That the City Manger is authorized to execute a contract with SunTrust
Bank for financing as described in this Ordinance.
Section 2. That the funding will be provided from Account No. 001.1910.521.7110
Debt Service - Principal, with a current balance of $72,987.02 and Account No.
001.1910.521.7210 Debt Service - Interest, with a current balance of $9,955.35.
Section 3. This Ordinance shall take effect immediately upon adoption.
PASSED AND ADOPTED this _ day of 2011.
ATTEST:
CITY CLERK
1" Reading —
2nd Reading -
43 AND SUFFICIENCY:
44
45
46
47 CITY ATTORNEY
Page 1 of 1
:I• \•
MAYOR
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Palmer:
Commissioner Beasley:
Commissioner Harris:
Additions shown by underlining and deletions shown by evefstfiking.
SunTrust Equipment Finance and Leasing Corporation
300 E. loppa Road
Suite 700
Towson, MD 21286
Phone 410.307.6705
Lawanna.gatton@suntrust.com
SUNfNUST SM
February 1, 2011
Alfredo Riverol
City of South Miami, FL
6130 Sunset Drive
South Miami, FL 33143
Dear Ms. Rivera:
Lawanna S. Gatton
Assistant Vice President
SunTrust Equipment Finance & Leasing Corp. is pleased to provide the following proposal to finance the acquisition
of the Police Vehicles by the City of South Miami, FL.
Lessee:
Type of Financing:
Equipment:
Financing Amount:
Lease Term:
Interest Rate:
Payment Mode /Amt:
City of South Miami, FL
Tax Exempt Lease Purchase
Police Vehicles
$165,000.00
Five (5) years
2.4365%
Monthly — arrears
The interest rate is for a funding by March 1, 2011 subject to final approval by the Board. If the financing is not
closed within the above described timeframe or there is an increase in swaps, the interest rate will be subject to
indexation based on the Five year swap rate. A $100 documentation fee will be waived at closing. If an escrow
account is established utilizing our new Escrow Agreement, a set up fee of up to $250.00 will be assessed. This fee
can be paid from interest earnings on the escrow account. The financing is subject to final credit approval by the
Credit/Investment Committee of SunTrust Bank and approval of the lease documents in SunTrust Leasing
Corporation's sole discretion. Should you have any questions, feel free to contact me.
Very truly yours,
Lawanna. S. Gatton
Vice President
Proposal for Equipment Financing
Page 2 of 3
Interest Rate: 2.4365% (Monthly)
Payment
Payment
Payment
Principal
Interest
Principal
Number
Date
Amount
Component
Component
Balance
3/1/11
0
0
0
165,000.00
1
4/1/11
2,923.70
2,588.68
335.02
162,411.32
2
5/1/11
2,923.70
2,593.93
329.77
159,817.39
3
6 /1 /11
2,923.70
2,599.20
324.50
157,218.19
4
7/1/11
2,923.70
2,604.48
319.22
154,613.72
5
8/1/11
2,923.70
2,609.76
313.94
152,003.95
6
9/1/11
2,923.70
2,615.06
308.64
149,388.89
7
10 /1 /11
2,923.70
2,620.37
303.33
146,768.52
8
11 /1 /11
2,923.70
2,625.69
298.01
144,142.82
9
12/1/11
2,923.70
2,631.03
292.67
141,511.80
10
1/1/12
2,923.70
2,636.37
28733
138,875.43
11
2/1/12
2,923.70
2,641.72
281.98
136,233.71
12
3/1/12
2,923.70
2,647.08
276.62
133,586.62
13
4/1/12
2,923.70
2,652.46
271.24
130,934.17
14
5/1/12
2,923.70
2,657.84
265.86
128,27632
15
6/1/12
2,923.70
2,663.24
260.46
125,61108
16
7/1/12
2,923.70
2,668.65
255.05
122,944.43
17
8/1/12
2,923.70
2,674.07
249.63
120,270.36
18
9/1/12
2,923.70
2,679.50
244.20
117,590.87
19
10/1/12
2,923.70
2,684.94
238.76
114,905.93
20
11/1/12
2,923.70
2,690.39
233.31
112,215.54
21
12/1/12
2,923.70
2,695.85
227.85
109,519.69
22
1/1/13
2,923.70
2,701.33
222.37
106,818.36
23
2/1/13
2,923.70
2,706.81
216.89
104,111.55
24
3/1/13
2,923.70
2,712.31
211.39
101,399.24
25
4/1/13
2,923.70
2,717.81
205.89
98,681.43
26
5/1/13
2,923.70
2,723.33
200.37
95,958.10
27
6/1/13
2,923.70
2,728.86
194.84
93,229.24
28
7/1/13
2,923.70
2,734.40
189.30
90,494.83
29
8/1/13
2,923.70
2,739.95
183.75
87,754.88
30
9/1/13
2,923.70
2,745.52
178.18
85,009.36
31
10/1/13
2,923.70
2,751.09
172.61
82,258.27
32
11/1/13
2,923.70
2,756.68
167.02
79,501.59
33
12/1/13
2,923.70
2,762.28
161.42
76,739.31
34
111114
2,923.70
2,767.88
155.82
73,971.43
35
2/1/14
2,923.70
2,773.50
150.20
71,197.92
36
3/1/14
2,923.70
2,779.14
144.56
68,418.79
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Proposal for Equipment Financing
Page 3 of 3
4/1/14
2,923.70
2,784.78
138.92
65,634.01
5/1/14
2,923.70
2,790.43
133.27
62,843.57
6/1/14
2,923.70
2,796.10
127.60
60,047.48
7/1/14
2,923.70
2,801.78
121.92
57,245.70
8/1/14
2,923.70
2,807.47
116.23
54,438.23
9/1/14
2,923.70
2,813.17
110.53
51,625.07
10/1/14
2,923.70
2,818.88
104.82
48,806.19
11/1/14
2,923.70
2,824.60
99.10
45,981.59
12/1/14
2,923.70
2,830.34
93.36
43,151.25
1/1/15
2,923.70
2,836.08
87.62
40,315.17
2/1/15
2,923.70
2,841.84
81.86
37,473.33
3/1/15
2,923.70
2,847.61
76.09
34,625.71
4/1/15
2,923.70
2,853.39
70.31
31,772.32
5/1/15
2,923.70
2,859.19
64.51
28,913.13
6/1/15
2,923.70
2,864.99
58.71
26,048.14
711115
2,923.70
2,870.81
52.89
23,177.33
8/1/15
2,923.70
2,876.64
47.06
20,300.69
9/1/15
2,923.70
2,882.48
41.22
17,418.21
10/1/15
2,923.70
2,888.33
35.37
14,529.87
11/1/15
2,923.70
2,894.20
29.50
11•,635.68
12/1/15
2,923.70
2,900.07
23.63
8,735.60
1/1/16
2,923.70
2,905.96
17.74
5,829.64
2/1/16
2,923.70
2,911.86
11.84
2,917.78
3/1/16
2,923.70
2,917.78
5.92
0.00
Totals
175,422.00
165,000.00
10,422.00
1 r,
.January 28, 2011
Mr. Alfredo Riverol
Chief Financial Officer
City of South Miami
6130 Sunset Drive
Miami, FL 33143
Re: Executive National Bank loan to the City of South Miami
Dear Mr. Riverol,
We appreciate the opportunity for Executive National Bank (`Bank ", "ENB ") to provide
you with this term sheet for the above - referenced transaction. The purpose of this letter
is to briefly outline the proposed terms and conditions of the financing. If you find them
acceptable, we can continue with the underwriting process. Please understand this letter
is not a commitment on behalf of the Bank to lend, it is merely a detailed expression of
interest.. Final approval can only be granted by the Bank's senior loan committee. The
proposed terms are as follows:
Borrower: City of South Miami
Loan Amount: . $165,000
Purpose: To finance the purchase of new police vehicles
Term of Loan: 60 Months
Repayment Terms: 60 Monthly payments of principal and interest, fully
amortized
Rate of Interest: 3.5%, fixed
Guarantors: None
Conditions:
1. Subject to underwriting requirements such as audited financial statements that
evidence 'satieiactory-xbility-foi- debt repayment by�ratio -cf,at least 1.25x;
2. Subject to a depository relationship, in the minimum amount of at least $250,000;
www.executivebank.com
MAIN OFFICE AVENTURA BRANCH SOUTH MIAMI BRANCH TAMIAMI BRANCH Member
9800 North Kendall Dr. 20900 N.E. 3e Ave., Suite 103 6193 Sunset Dr. 13354 S.W.12e St FDIC
�.aam Miami, FL 33176 Aventura, FL 33180 Miami, FL 33143 Miami, FL 33186 FDIC
EXECUTIVE National Bank
3. Copies of competitive bids of.work to.be completed
4. Copy of minutes evidencing the subject purchase was approved.
The terms and,conditions contained in this letter are being presented for discussion
purposes only. Other terms and conditions may apply if a commitment letter is issued._
In closing, I would like to thank you again for considering Executive National Bank. We
are hopeful that you will find the proposed terms and conditions acceptable. If you. have
any questions, please do not hesitate to contact me at 305219-9277. 1 look forward to
hearing from you soon.
Very truly yours,
I
No 's varez
j Vice President, Branch Manager
www.executivebank.com
MAIN OFFICE AVENTURA BRANCH SOUTH MIAMI BRANCH TAMIAMI BRANCH Member
9600 North Kendall Dr. 20900 N.E. Se Ave., Suite 103 6193 Sunset Dr. 13354 S.W. 12e St. FDIC
>~+ Miami, FL 33176 Aventura, FL 33180 Miami, FL 33143 Miami, FL $3186
t] First
National
Bank
of
Squth
M�aml
Integrity for Generations
January 31, 2011
Alfredo Riverol, CPA Cr.FA
Chief Financial Officer
City of South Miami
6130 Sunset Drive
South Miami, Florida 33143
Re: Purchasing police cruisers
Dear Mr. Riverol:
First National bank of South Miami can provide an interest rate of 3.25% for the financing
of your new police cruisers. The loan will have a term of 5 years.
If you have any questions, please contact me.
Sincerely,
J. Perlmutter
Senior Vice President
5750 SUNSET DRIVE, SOUTH MIAMI, FL 33143 305.667 -5511 WWW.FNBSM.coM FAX 305 - 662 -5404
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CITY OF SOUTH MIAMB
COURTESY NOTICE
NOTICE IS HEREBY given that the City Commission of the City of South Miami, Florida will conduct
Public Hearings at its regular City Commission meeting scheduled for !nesdav'March 7 2071
beginning at 7:30 p.m. , in the City Commission Chambers, 6130 Sunset Drive, to consider file
following Item(sh I -
An Ordinance amending the Land Development Code In order to set fodh that the Planning
and Zoning Director Is the responsible City Administrator to make final interpretations
of regulations contained in the Land Development Code and establishing an appeal
procedure, by amending Section 20 -1.9 entitled "Interpretation".
An Ordinance amending the land Development Code to place in one article all current
regulations Forfeiting to historic preservation by amending Section 206.1 (D)(1)(a) scalded
"Historic Preservation Board Establishment and Membership" In order to require that one
member be a licensed attorney; and by creating new Articie XI, "Historic Preservation
Regulations" Including Section 2011.1 to be entitled "Historic Preservation Standards ";
Section 20 -1 1.2 to be entitled "Designation of Historic Sites "; Section 2011.3 to be entitled
"Historic Designation Reports ", Section 20 -11.4 to be entitled "Demolition of designated
sites; demolition by neglect and certificates of appropriateness "; Section 20 -11,5 to be
entitled "Special Provisions Applicable to Designated Historic Sites" and making revisions
to update current wording and to modify certain provisions related to the demolition delay
period; and deleting from the Land Development Code regulations patterning to historic
preservation including Sections 20-4.9,20-4.11, 20 -5,47, 20 -5.16. 20 -5.19.
An Ordinance amending the Land Development Code Section 20- 8.9(B)(1) entitled
"Special exceptions" In order to reduce the time limit for commencing and completing
a development project which has been granted a special exception In a Transit Oriented
FAR- Development District (TODD).
i' An Ordinance authorizing the City Manager to finance up to six (6) new police vehicle
for an amount not to exceed $165,000. and accepting the Interest rate of 2.44% through
SunTrust Bank, charging Debt Service,Principai Account No. 001.1910.521.7110 and
IL Debt Service - Interest Account No. 001.1910.521.7210. ..J
A Resolution authorizing the City Manager to execute an agreement with the company
Oca matics, Inc., also Imown as Ocaquatics,Swim School II, the top ranked respondent
for the Murray Park Community Pool Operator Request for Proposals (RFP) No. SM -FN
2010.15, to provide consulting services as part of the City's Murray Park Community
Pool Design2Build Team and to provide operations management thereafter the facility's
construction, Inclusive of all costs and requiring no annual fee from the City, for the
contract's initial three (3) year term and Its two (2) one (1) year options to renew for a total
term of five (5) years.
A Resolution of the Mayor and City. Commission of the City of South Miami, Florida,
authorizing the City Manager to an agreement with the collection firm providing debt
collection services for a pementage of the principal amount owed to the City and collecting
said fee as a percentage of the outstanding principal. This agreement shall be for the
duration of an Initial thee (3) year period with two (2) one (1) year option to renew periods
for a possible total term of five (5) years, and providing an effective. date.
A Resolution of the Mayor and City Commission of the City of South Miami; Florida
authorizing the City Manager to enter Into a contract with LaRue Planning and Management
Services, Inc. for the purposes of providing consultant services to the Planning and Zoning
Department to assist In the preparation of the 2012 Comprehensive Plan Evaluation and
Appraisal Report .(EAR) in the amount of $30,000 total for FY 2010 -2011 and FY 2011-
2012; the selection of the firm is a result of a competitively sealed Request for Proposal
process; funding for the contract shall come from the Planning and Zoning Depaderent
Account No. 001- 1620 -524 -3450 (Contractual Services); and providing an effective date.
For further information, please contact the City Clerk's Office at (305) 663 -6340.
ALL Interested parties are treated to attend and will be heard.
Maria M. Menendez, CMC
(',fly Cieu<
Pursuant to Florida Statutes 206.0105, the City hereby advises the public that U a person decides
to appeal any decision made by this Board, Agency or Commission with respect to any matter
considered at its meeting or ,bearing, he or she will need a record of the proceedings, and that for
such purpose, affected person may need to ensure that a verbatim record of the proceedings Is
made which record includes the testimony and evidence upon which the appeal Is to be based.