Ord. No. 14-01-1745ORDINANCENO.14-01-1745
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO IMPROVEMENTS
AT MURRAY PARK,AUTHORIZING THE USE OF THE INTERIM LINE
OF CREDIT MADE AVAILABLE THROUGH THE FLORIDA MUNICIPAL
LOAN COUNCIL FIXED RATE BOND POOL;AUTHORIZING THE
NEGOTIATION OF A LOAN IN AN AGGREGATE AMOUNT UP TO
$600,000 FROM BANK OF AMERICA;APPROVING THE EXECUTION
AND DELIVERY OF A LOAN AGREEMENT THROUGH THE FLORIDA
MUNICIPAL LOAN COUNCIL PROGRAM;APPROVING THE
EXECUTION AND DELIVERY OF A DISCLOSURE AGREEMENT AND
ALL OTHER NECESSARY DOCUMENTS;PROVIDING FOR
SEVERABILITY;PROVIDING FOR ORDINANCES IN CONFLICT;AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS,on April 10,2001,the Mayor andCity Commission approved an ordinance
relatingtothe Multipurpose CenteratMurrayPark,authorizingtheCity Manager tonegotiatealoan
nottoexceed$2,500,000throughtheFloridaMunicipalLoanCouncilFixedRateBondPool;and
WHEREAS,participating governmental units(the "Members")have created the Florida
MunicipalLoanCouncil(the"Council")pursuanttoacertainInter-localAgreementandpursuant
to Chapter 163,Part I,Florida Statutes,forthe purpose of issuing its bonds to make loansto
participating governmental units for qualified projects;and
WHEREAS,the Council does not make the loans until the proceeds of the bond sale are
available;and
WHEREAS,the Council has rescheduled the bond sale of May 2001fortheFall of 2001;
and
WHEREAS,the Council provides bridge financing through Bank of America for such
situationstoensurethatprojectsarenotdelayedornegatively impacted bythebondsaleschedule;
and
WHEREAS,itis determined tobeinthe best interest of the City to borrow funds through
the Florida Municipal Loan Council Program to provide interim financing prior tothe bond salein
order to continue the rapid implementation of the Murray Park Master Plan.
NOW THEREFORE,BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION
OF THE CITY OF SOUTH MIAMI,FLORIDA AS FOLLOWS:
SECTION 1.TheCity Manager is authorized to execute an interim (bridge)loanupto
$600,000 with Bank of America pursuant tothe terms in substantially theform of Exhibit "1."
SECTION 2.TheCity Manager is authorized topayany closing feesor other applicable
loan fees necessary to close the transaction.
SECTION 3.If any section,clause,sentence,or phrase of this ordinance isforany reason
heldinvalidor unconstitutional byacourt of competent jurisdiction,the holding shallnotaffectthe
validity of the remaining portions of this ordinance.
SECTION 4.All ordinances or parts of ordinances in conflict with the provisions of this
ordinance are hereby repealed.
SECTION 5.This ordinance shalltake effect immediately atthe time of its passage.
PASSED AND ADOPTED this 12 th day of June 2001.
APPROVED:
•^^*C^j£*A ',^?C^^W'
MAYOR
COMMISSION VOTE:5-0
Jv4:Mayor Robaina:Yea
Vice Mayor Feliu:Yea
Commissioner Russell:Yea
Commissioner Wiscombe:Yea
Commissioner Bethel:Yea
ATTEST:
nsw&c^<^hx*6±
CITY CLERK
1st Reading:6/5/01
2nd Reading:6/12/01
READ AND APPROVED AS I ()!•"(>R\I
/£z £zsdS$
CITY ATTORNEY
Ord.NO.14-01-1745
All-Amsiicaeity
CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
To:HonorableMayor
and City Commission
From:Charles D.Scurr
CityManager
Date:May31,2001
Finalist
2001
J6C^Subject:Agenda Item #I &
Commission Meeting 06/12/01
Multipurpose Center Funding
REQUEST
AN ORDINANCE OFTHE MAYOR AND CITY COMMISSION OFTHE CITY
OFSOUTH MIAMI,FLORIDA,RELATING TO IMPROVEMENTS AT
MURRAY PARK,AUTHORIZING THEUSEOFTHE INTERIM LINEOF
CREDIT MADE AVAILABLE THROUGHTHEFLORIDA MUNICIPAL LOAN
COUNCIL FIXED RATE BOND POOL;AUTHORIZING THE NEGOTIATION
OFALOANINANAGGREGATEAMOUNT UP TO $600,000 FROMBANK OF
AMERICA;APPROVING THE EXECUTION AND DELIVERY OFA LOAN
AGREEMENT THROUGH THEFLORIDA MUNICIPAL LOAN COUNCIL
PROGRAM;APPROVING THE EXECUTION AND DELIVERY OFA
*DISCLOSURE AGREEMENT ANDALL OTHER NECESSARY DOCUMENTS;
AND PROVIDING AN EFFECTIVE DATE.
BACKGROUND AND ANALYSIS
OnApril 10,2001,the Mayor and City Commission approved Ordinance Number 11-01-1742
authorizing the City of South Miami to participate in the Florida Municipal Loan Council Program
in order to finance the improvements at Murray Park.By using South Miami Hospital's annual
contribution of $150,000,the City would be able to leverage up to $2.5 million to match grant funds
fortheimplementation of theparkmaster plan.
Originally,the Florida Municipal Loan Council had scheduled the bond sale for May,and the funds
would have been available immediately afterwards.The Council's schedule has been delayed,
however,andthebondsaleisnowscheduled for the fall.Sincethebondshavenotbeensoldthere
are no proceeds available for loan.This phenomenon is fairly common,however,and the Council
makes interim,also known as "bridge",financing available through the underwriters of the bond
program,Bank of America.
The City of South Miami is rapidly progressing with the implementation of the Murray Park Master
Plan and the delay in bond sale would delay the project and could hinder our ability to utilize the
grant funding allocated tothe project (over $1.5 million).
The proposed ordinance would authorize the City to utilize the bridge financing provided by the
Florida Municipal Loan Council Program.Bank of America has offered an interim loan proposal
with a very favorable interest rate,approximately 3.21%.The loan would allow the City to utilize
much-needed capital to continue unhindered with the implementation of the Master Plan for Murray
Park.A copy of the Bank Commitment isattached.
RECOMMENDATION
Your approval is recommended.
JlN08 2eQl 12:28 FR r-PTJONSBPNK 325 533 2681 TO 93056536346 p.32/04
£?KbA "i"
June 8,2001
Bankof America
Sank of America
Commercial Banking
FL7-950-15.03
100 Southeast 2nd Street
Miami,FL 33131
Mr.Hakeem K Oahikoya,CPA
Finance Director
CityofSouthMiami
6130 Sunset Drive
South Miami,FL 33143
Dear Hakeem:
!X£!!£S^*^*°^the City of South Miamicreditfacilitydescribedbelow:Miami (Borrower)the
Borrower:
FacilityDescription:
Amount:
Purpose:
Security:
Repayment:
Maturity:
Interest Rate:
USA
•"Steer
CityofSouth Miami
To provide interim bridce fimn-.-™«r +«„*
Flonda Ua*ue of Cities Bond Pbdd™^^200!.
ZWhfr 1"'nSeS 3nd perai*<<*"•»&services
S Snd 40Crued **•<•«dUe in full *dace of
Fhri^lD„e^"3M0"«*»»«-,date of theFloridaLeagueofCitiesBondissue.
Provided that this Credit Facility maintains "BankQuahfied"status,the following rate shallapply:
*21 w^oars 0ne Mouth ^*»>«*»**
b;Sst;w^^edrermptfltet-sh^Opinion of Counsel TZ^^-Sl fmd confi™«d ^an
Member FOiC
JLN 08 2C01 12:29 FR NPT10NSBPNK 3e5 533 2681 TO 93056536346 P.82/Q4
Fees &costs:
Financial Covenants:
Conditions Precedent:
Borrower shall pay a commitment fee of $15,000 upon
acceptance oftheCommitmentbyBank.
In addition,Borrower shall be responsible for all fees and
costs associated with the documentation and closing ofthis
transaction,including but not limited to attorney's fees and
costs.
Covenants normally required by Bank ofAmerica for this
type oftransaction,including butnot limited to Covenant to
budgetandappropriate.
1.Review by Bank Independent Counsel of pledge of first
security interestinnonad valorem revenues toBank o"
America.
2.Determination oftaxability oftransaction.
The preceding terms and conditions are not exhaustive and this commitment is subject to certain
vlS HH°nH tl0nS CUSt°ra/riIy reqUir6d by Bank f0r Simi,af transactions.This flJutyMevidencedbydocuments,n form and content acceptable to Bank and its legal counse TnTs
commitment shall not survive closing.The Borrower represents and agrees that all fbanc alstar.™and other information delivered to Bank are correct and ooSpSo m«S5
adverse change may occur in,or any adverse circumstances be discovered as to the business or
IT m™ZlthenBrWer'BanR'S °b,igati0nS Under *»commitment are conXn/dcommLnenl"1 *,C Sat,'SfaCti°n °f MCh term and condition <*?™^*Ais
J?t^T^sVperscdes a,]Prior commitments and proposals with respect to this creditfac.l.ty,whether written or oral including any previous loan proposals madVby Bank or anvoneactingwithasauthorization.No modification hereof shall be valW unless made fn writin£andsignedbyanauthorizedofficerofBankofAmerica.This commitment is ^gS^LpartyotherthanBorrowershallbeentitledtorelyonthiscommitment^
JIM 03 2CQ1 12-.39 FR NftTiahfiWK 3C5 533 268l T0 530566353*=..04/84
June 30,2001 together wift y™S7$"5mo7o ^T^ZT**"^"°"ter *«2001.Jruurc"c°Kror siS.OOO.O0.Closing shall occur no later than July 15,
Sincerely,
BANK OF AMERICA
Jean M.Bell,Senior Vice President
(305)523-4720
(305)523-4713 (Facsimile)
BORROWER'S ACCEPTANCE:
CITYOFSOUTHMIAMI
Bv:
Irs:
**TOT.hL FA3E.E4 **
MIAMI DAILY BUSINESSREVIEW
Published Daily except Saturday,Sundayand
LegalHolidays
Miami,Miami-Dade County,Florida.
STATE OF FLORIDA
COUNTY OF MIAMI-DADE:
Before the undersigned authority personally appeared
Sookie Williams,whoonoathsaysthatsheisthe Vice
President of Legal Advertising ofthe Miami Daily Business
Review f/k/a Miami Review,a daily (except Saturday,Sunday
andLegal Holidays)newspaper,publishedat Miami in Miami-
Dade County,Florida;thattheattachedcopyofadvertise
ment,beingaLegal Advertisement ofNoticeinthe matter of
CITY OF SOUTH MIAMI
PUBLIC HEARING 6/12/01
ORDINANCE RELATING TO
IMPROVEMENTS AT MURRAY
PARK
in the XXXXXXX Court,
was published in said newspaper inthe issues of
uUn 1.20 01
Affiant further says that the said Miami Daily Business
Review isanewspaperpublishedat Miami insaid Miami-
Dade County,Florida,and that thesaid newspaper has
heretofore been continuously published insaid Miami-Dade
County,Florida,each day (except Saturday,Sunday and
Legal Holidays)andhasbeenenteredassecondclass mail
matter atthe post officeinMiamiin said Miami-Dade
County,Florida,for a period of one year next preceding the
„S!J?T{'Cat,on ot ,he aUacned copyof advertisement;andaffirmfii-ther saysthatshehasneitherpaidnor promised
arP P*Jon>"mi or corporation any discount,rebate,com-
issiotf or refund fcrthe purpose of securing this advertise-
tient/or publication in the said newspaper.
/day of
(SEAL)
SookieWilliams per
Sworntoand subscribed beforemethis
JUD^-4 -2001
&rX"&*MARIA I.MESA
Willow WrSSMMISSiCN 3CC 335640
^PW 0 EXP'"iES:March 4.2004
"'~--_:1/r'Th;''-';',,3''Vp"-^Ur.'J2r.vri:afs
CITY OF SOUTH MIAMI
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY giventhatthe City Commissionofthe City of
South Miami,Florida will conduct a Public Hearing during its regular City
CommissionmeetingTuesday,June 12,2001beginningat7:30p.m.,in
theCity Commission Chambers,6130 Sunset Drive,to consider thefol
lowing described ordinance(s):
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF
THECITY OF SOUTH MIAMI,FLORIDA,RELATING TOIM
PROVEMENTS ATMURRAYPARK,AUTHORIZING THE USE
OF THE INTERIM LINE OF CREDIT MADE AVAILABLE
THROUGH THE FLORIDA MUNICIPAL LOAN COUNCIL FIXED
RATE BOND POOL;AUTHORIZING THE NEGOTIATION OF A
LOAN IN AN AGGREGATE AMOUNTUPTO S600.000;AP
PROVING THE EXECUTION AND DELIVERY OF ALOAN
AGREEMENT THROUGH THE FLORIDA MUNICIPAL LOAN
COUNCIL PROGRAM;APPROVING THE EXECUTION AND
DELIVERY OF A DISCLOSURE AGREEMENT AND ALL OTH
ER NECESSARY DOCUMENTS"AND PROVIDING FOR.AN
EFFECTIVE CATE.i/S'P^az^Q sc .eculed for June 5,2001)
Saidordinancescanbeinspectedinthe City Clerk's Office,Monday •
Fridayduring regular office hours.
Inquiries concerningtheseitemsshouldbedirectedtothe City Manag
er's olfice at:663-6338.
ALL interested parties areinvitedto attend and willbe heard.
Ronetta Taylor,CMC
City Clerk
Cityof South Miami
Pursuantto Florida Statutes 286.0105,the City herebyadvisesthepub
licthat if apersondecidestoappealany decision madebythis Board,
Agencyor Commission with respecttoanymatterconsideredatitsmeet
ingor hearing,heorshe will needa record ofthe proceedings,andthat for
such purpose,alfected person may need to ensure thata verbatim record
ofthe proceedings ismade which record includes the testimony andevi
dence upon whichthe appeal istobe based.
6/1 01-3-123/168486M