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HomeMy Public PortalAbout13-41 Authorizing and Securing Capital Improvement Revenue Note, Series 2013 CITY OF OPA-LOCKA, FLORIDA SERIES ORDINANCE NO. 13-41 Enacted on December 11, 2013 Authorizing and Securing City of Opa-locka, Florida Capital Improvement Revenue Note, Series 2013 1st Reading: 11/26/2013 2' Reading: 12/11/2013 Public Hearing: 12/11/2013 Adopted: 12/11/2013 Effective Date: 12/12/2013 Sponsored by: City Manager ORDINANCE NO. 13-41 A SERIES ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA PROVIDING FOR THE ISSUANCE, PURSUANT TO AN ORDINANCE OF THE CITY PREVIOUSLY ENACTED, OF OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000), TO BE DESIGNATED AS THE CITY OF OPA-LOCKA, FLORIDA CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2013, FOR THE PURPOSE OF PROVIDING FUNDS, TOGETHER WITH OTHER AVAILABLE FUNDS, TO FINANCE THE COST OF ACQUISITION OF A SITE WITHIN THE CITY AND THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A CITY ADMINISTRATION BUILDING AND RELATED FACILITIES ON SUCH SITE, FUNDING A RESERVE ACCOUNT FOR THE SERIES 2013 NOTE, IF DEEMED NECESSARY, AS PROVIDED HEREIN, AND PAYING COSTS OF ISSUANCE OF THE SERIES 2013 NOTE; PROVIDING FOR THE TERMS AND PAYMENT OF SUCH SERIES 2013 NOTE; PROVIDING FOR THE RIGHTS, SECURITY AND REMEDIES OF THE LENDER WITH RESPECT THERETO; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; DESIGNATING A REGISTRAR AND PAYING AGENT FOR THE SERIES 2013 NOTE; DELEGATING AUTHORITY TO THE CITY MANAGER, IN CONSULTATION WITH THE CITY'S FINANCIAL ADVISOR, TO SELECT A QUALIFIED FINANCIAL INSTITUTION PURSUANT TO A COMPETITIVE PROPOSAL PROCESS TO MAKE A LOAN TO THE CITY EVIDENCED BY THE SERIES 2013 NOTE, SUBJECT TO CERTAIN PARAMETERS AND OTHER MATTERS SET FORTH IN THIS SERIES ORDINANCE; AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGREEMENT WITH THE LENDER TO SET FORTH ADDITIONAL COVENANTS OF THE CITY AND MATTERS RELATING TO THE SERIES 2013 NOTE AS MAY BE REQUIRED BY THE LENDER; AUTHORIZING CITY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES 2013 NOTE; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE. 1 Ordinance No. 13-41 WHEREAS, the City of Opa-Locka, Florida (the "City") has, on the date hereof, enacted an ordinance (the "Master Ordinance") providing for the issuance from time to time thereunder of Obligations (as defined in the Master Ordinance) (all capitalized terms not otherwise defined herein having the meaning ascribed thereto in the Master Ordinance); and WHEREAS, among other matters, the Master Ordinance authorizes, in general terms, the issuance of the Series 2013 Note in an aggregate principal amount not exceeding $8,500,000, subject to the matters to be set forth in a Series Ordinance with respect to the Series 2013 Note; and WHEREAS, the Series 2013 Note will be secured by the Pledged Funds on a parity with Additional Obligations and Refunding Obligations outstanding from time to time under the Master Ordinance; WHEREAS, the City desires to enact this ordinance as a Series Ordinance with respect to the Series 2013 Note within the meaning of the Master Ordinance (the "2013 Series Ordinance"); and WHEREAS, the City Commission hereby declares and determines that the Series 2013 Project serves a valid paramount public and municipal purpose of the City; WHEREAS, subsequent to the date hereof, pursuant to a competitive proposal process, the City will solicit proposals from qualified financial institutions to make a loan evidenced by the Series 2013 Note and, subject to the provisions hereof, the City Manager, in consultation with the Financial Advisor, will select a qualified financial institution to make the loan to the City to be evidenced by the Series 2013 Note (the "Lender"); and WHEREAS, subject to the provisions hereof, the City Commission desires to delegate to the City Manager, in consultation with the Financial Advisor, the authority to obtain the loan evidenced by the Series 2013 Note from the Lender and to determine the final details of the Series 2013 Note, among other matters; and WHEREAS, pursuant to Section 218.385, Florida Statutes, an authorized officer of the Lender will deliver to the City a disclosure statement and truth-in-bonding statement on behalf of the Lender and a customary lender's certificate as a condition to the issuance and delivery of the Series 2013 Note; and WHEREAS, the City Commission desires to approve the execution and delivery of additional instruments and the taking of appropriate actions by authorized representatives of the City in connection with the Series 2013 Note, all as more fully set forth herein. NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA: Section 1. Authorization. 2 Ordinance No. 13-41 (a) The Series 2013 Note shall be initially issued under and secured by the Master Ordinance, as supplemented by this 2013 Series Ordinance (collectively, the "2013 Ordinance"). This 2013 Series Ordinance shall be deemed to be a Series Ordinance with respect to the Series 2013 Note within the meaning of the Master Ordinance. The Series 2013 Note shall be issued as a Tax-Exempt Obligation for the purpose of providing funds, together with other legally available funds of the City, to (i) finance the Cost of the Series 2013 Project, (ii) if deemed necessary as provided herein, fund a Reserve Account for the Series 2013 Note, and (ii) pay the Costs of issuance of the Series 2013 Note. The City Commission hereby finds that the issuance of the Series 2013 Note and the application of the proceeds of the Series 2013 Note as aforesaid will serve a valid paramount public and municipal purpose in accordance with the Act. The Series 2013 Note shall be designated"City of Opa-Locka, Florida Capital Improvement Revenue Note, Series 2013." The initial Registrar and the initial Paying Agent for the Series 2013 Note shall be the City. The Series 2013 Note shall not be held in book-entry only form. (b) The Series 2013 Note shall be executed in the manner set forth in the Master Ordinance and shall be deposited with the City, as Registrar for the 2013 Note, for authentication, but prior to or simultaneously with the authentication and delivery of the Series 2013 Note there shall be filed with the City Manager the following documents and opinions: (i) a copy, certified by the City Clerk, of the 2013 Ordinance; (ii) an opinion of the City Attorney to the effect that the 2013 Ordinance has been duly enacted by the City Commission and is in full force and effect; (iii) an opinion or opinions of Bond Counsel to the effect that (A) the Pledged Funds have been lawfully pledged, to the extent described in the 2013 Ordinance, for the payment of the Series 2013 Note, (B) the Series 2013 Note constitutes a special obligation of the City payable in accordance with the provisions of the 2013 Ordinance, and (C) the interest on such Series 2013 Note is excluded from gross income for federal income tax purposes, subject, in each case, to customary qualifications; and (d) any additional documents or opinions as Bond Counsel or the Lender or its counsel may reasonably require. (c) When (i) the documents mentioned above shall have been filed with the City Manager, (ii) the Series 2013 Note shall have been executed by the City and authenticated by the Registrar as required by the 2013 Ordinance, and (iii) the Lender shall have made a loan to the City in an amount equal to the initial principal amount of the Series 2013 Note, then the Registrar shall deliver such Series 2013 Note at one time to the Lender. The specific application of proceeds of the Series 2013 Note, including without limitation, amounts, if any, to be deposited in the funds and accounts established by the Master Ordinance, shall be set forth in a certificate to be delivered by the Finance Director simultaneously with the delivery of the Series 2013 Note. It shall be a condition to the issuance and delivery of the Series 2013 Note that the Lender provide the City with a Disclosure and Truth-in-Bonding Statement as required by Section 218.385, Florida Statutes and a customary lender's certificate executed on behalf of the Lender on the date of issuance of the Series 2013 Note. Section 2. Form, Denominations, Date, Interest Rates and Maturity Dates. (a) The Series 2013 Note is issuable only in fully registered form and shall be in substantially the form set forth in Exhibit "A" to the Master Ordinance, with such appropriate variations, omissions and insertions as may be required therein and approved by the City Manager as set forth in the 2013 Covenant Agreement (as defined herein) and/or Series 2013 3 Ordinance No. 13-41 Note. The Series 2013 Note shall be in authorized denominations equal to the outstanding principal amount thereof from time to time. The Series 2013 Note shall be dated as of its date of issuance and shall bear interest as provided in Section 203 of the Master Ordinance, unless otherwise set forth in the 2013 Covenant Agreement. Interest on the Series 2013 Note shall be payable semiannually on April 1 and October 1 of each year, commencing on April 1, 2014 (or on such other dates determined by the City Manager and set forth in the Series 2013 Note). The Series 2013 Note shall mature on such dates, and in such years, but not later than approximately 20 years from its date of issue, and shall bear interest at such fixed rate or rates as set forth in the Series 2013 Note; provided, however, that the Series 2013 Note shall be issued in an aggregate principal amount not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000), with the final aggregate principal amount of said Series 2013 Note to be determined by the City Manager and set forth in the Series 2013 Note, and the true interest cost rate to be borne by the Series 2013 Note shall not exceed 5.50% per annum, with the final interest cost rate per annum to be determined by the City Manager and set forth in the Series 2013 Note, subject to such customary adjustment as may be required by the Lender, including as the result of a determination of taxability with respect to the Series 2013 Note(collectively, the "Parameters"). (b) The City does not expect to issue more than $10,000,000 of tax-exempt obligations in calendar year 2013, and therefore, in the event the Series 2013 Note is issued and delivered in calendar year 2013, the City hereby designates the Series 2013 Note as a qualified tax-exempt obligation within the meaning of Section 265(b)(iii) of the Internal Revenue Code of 1986, as amended. In the event that the Series 2013 Note is instead issued and delivered in calendar year 2014, the terms "Series 2013 Note, "Series 2013 Project," "Series 2013 Reserve Account," "Series 2013 Reserve Fund Requirement," and "2013 Covenant Agreement" may be re-designated to instead reference "2014." The City Manager is hereby authorized to designate such "Series 2014 Note" as a qualified tax-exempt obligation within the meaning of Section 265(b)(iii) of the Internal Revenue Code of 1986, as amended, in the event the City can certify, at the time of issuance of the Series 2014 Note, that it does not expect to issue more than $10,000,000 of tax-exempt obligations in calendar year 2014. (c) The Series 2013 Note may have endorsed thereon such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. The execution and delivery of the Series 2013 Note substantially in the form mentioned above is hereby authorized, and the execution of the Series 2013 Note for and on behalf of the City, with a facsimile or manual signature, by the Mayor with the official seal of the City impressed or imprinted thereon and attested, with a facsimile or manual signature, by the City Clerk, is hereby authorized and such execution and delivery shall be conclusive evidence of any approval of the matters set forth in the Series 2013 Note on behalf of the City. (d) All payments of interest on the Series 2013 Note shall be made by wire transfer as provided in Section 203 of the Master Ordinance, except as otherwise set forth in the 2013 Covenant Agreement and/or Series 2013 Note. Interest on the Series 2013 Note shall be computed on the basis of a 360-day year of twelve 30-day months. Section 3. Matters Relating to Redemption and Mandatory Purchase; Reserve Account. 4 Ordinance No. 13-41 (a) The Series 2013 Note may set forth such optional redemption, mandatory sinking fund redemption and/or mandatory purchase provisions, if any, as the City Manager, in consultation with the Financial Advisor, may deem necessary and advisable or as may be required by the Lender in connection with the Series 2013 Note. The Amortization Requirements and mandatory sinking fund redemption date or dates for the Series 2013 Note shall be as approved and determined by the City Manager and set forth in the Series 2013 Note. If less than all of the Series 2013 Note is to be redeemed, the Series 2013 Note to be redeemed shall be selected in accordance with Subsection 208(1) and Section 302 of the Master Ordinance or as otherwise set forth in the Series 2013 Note. (b) The City Manager is hereby authorized to determine, in consultation with the Financial Advisor and Bond Counsel, whether to fund a Reserve Account for the Series 2013 Note if required by the Lender. The determination to fund a Reserve Account for the Series 2013 Note shall be set forth in the 2013 Covenant Agreement. If a determination is made to fund a Reserve Account for the Series 2013 Note, same will be designated as the "Series 2013 Reserve Account" and the Series Reserve Fund Requirement for the Series 2013 Note shall be as set forth in the 2013 Covenant Agreement and shall be deemed the "Series 2013 Reserve Fund Requirement," The Series 2013 Reserve Fund Requirement shall not exceed the lesser of(a) one hundred twenty-five percent (125%) of the average annual amount of debt service on the Series 2013 Note Outstanding for the then current Fiscal Year or any future Fiscal Year, (b) ten percent (10%) of the proceeds (as such term is defined under the Code for such purpose) of the Series 2013 Note, or (c) the maximum annual aggregate debt service on the Series 2013 Note Outstanding for the then current Fiscal Year or any future Fiscal Year. All or a portion of such Series 2013 Reserve Account Requirement may be funded from proceeds of the Series 2013 Note at one time or over time, all as shall be set forth in the 2013 Covenant Agreement. Section 4. Loan; 2013 Covenant Agreement. (a) The City hereby finds that, based on present market conditions, the volatility of interest rates, the Communication Services Tax Revenues and Public Service Tax Revenues comprising new revenue sources being pledged by the City which require extensive planning and explanation, and the recommendation of the Financial Advisor, it would be in the best interest of the City that a loan evidenced by the Series 2013 Note be obtained on a negotiated basis as hereafter described. The City Manager is hereby authorized to conduct a competitive proposal process to identify qualified financial institutions interested in making a loan evidenced by the Series 2013 Note and to select as the Lender the institution that provides the most favorable overall proposal to the City for the loan. The continuing disclosure requirements of the Rule shall not apply to the Series 2013 Note. Notwithstanding the provisions of the Master Ordinance, the 2013 Covenant Agreement and/or Series 2013 Note shall set forth limitations on the ability of the Lender to transfer the Series 2013 Note. The Lender and its permitted assigns shall be deemed to be the Registered Owner of the Series 2013 Note for all purposes of the 2013 Ordinance. (b) In making the determinations as to the details and other matters relating to the Series 2013 Note and the documentation related thereto, the City Manager is entitled to consult with and seek advice from the Financial Advisor, the Finance Director, the City Attorney and Bond Counsel. Subject to the Parameters, the aggregate principal amount, maturities, interest 5 Ordinance No. 13-41 rates and other terms of the Series 2013 Note shall be as approved and determined by the City Manager and set forth in the 2013 Covenant Agreement and/or the Series 2013 Note, with the execution and delivery of the 2013 Covenant Agreement and Series 2013 Note being conclusive evidence of the City's approval of the final details, terms and conditions of the Series 2013 Note. In order to set forth additional covenants of the City and other matters that may be required by the Lender, the execution and delivery of a Covenant Agreement with respect to the Series 2013 Note (the "2013 Covenant Agreement") is hereby authorized. Subject to the Parameters, the 2013 Covenant Agreement shall contain provisions not in conflict with the Master Ordinance, except as such conflicting provisions may be permitted thereby, and may include additional covenants of the City and limitations on provisions in the Master Ordinance as required by the Lender, all as shall be approved by the City Manager, in consultation with the Financial Advisor and Bond Counsel. Upon such approval, the Mayor (or any member of the City Commission in the absence of the Mayor) is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest, the 2013 Covenant Agreement. The execution and delivery of the 2013 Covenant Agreement shall constitute conclusive evidence of the approval thereof. Section 5. Further Authority. The officers of the City, members of the City Commission and other agents or employees of the City are hereby authorized to do all acts and things required of them by the 2013 Ordinance for the full, punctual and complete performance of all of the terms, covenants and agreements contained in the Series 2013 Note and the 2013 Covenant Agreement. Section 6. Effect of Partial Invalidity. In case any one or more of the provisions of this Series Ordinance or of the Series 2013 Note shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Series Ordinance or the Series 2013 Note. Section 7. Effective Date. This Ordinance shall take effect upon its enactment. PASSED AND ADOPTED on first reading this 26th day of November, 2013. PASSED AND ENACTED on second readin• this 11th day of December, 2013. cam.- / • AYLOR MAYOR Attest to: fr • q-LA4_,--1_ 1 Joanna Flores City Clerk 6 Ordinance No. 13-41 Approved as to an• legal sufficie y: Jo •4/1k/I 6- w". •eller 1 ' ' ENS'OON MARDER, P.A. y Attorney Moved by: VICE MAYOR KELLEY Seconded by: COMMISSIONER JOHNSON Commission Vote: 5-0 Commissioner Holmes: YES Commissioner Johnson: YES Commissioner Santiago: YES Vice-Mayor Kelley: YES Mayor Taylor: YES 7 MIAMI HERALD I MiamiHerald.com ND SUNDAY,DECEMBER 1,2013 I 7ND rte, t�q CITY OF OPA-LOCKA, FLORIDA NOTICE TO THE PUBLIC NOTICE IS HEREBY GIVEN that the City Commission of the City of Opa-locka, Florida will hold public hearings at its Regular Commission Meeting on Wednesday, December 11,2013 at 7:00 p.m.in the City Commission Chambers at Sherbondy Village,215 Perviz Avenue,Opa-locka,Florida to consider the following items: SECOND READING ORDINANCES/PUBLIC HEARING: 1. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA, AMENDING ORDINANCE 10-03, WHICH CREATED A NEW SECTION(ORDINANCE NO.86-8,ARTICLE 7,SECTION 7.5)TREE PROTECTION PROGRAM;SPECIFYING INTENT;DESIGNATING AUTHORITY TO SUPERVISE; ENFORCE;MODIFY AND SUPPLEMENT;PROVIDING DEFINITIONS;ESTABLISHING TREE PLANNING STANDARDS;PROVIDING TREE REMOVAL STANDARDS; PROHIBITING TREE ABUSE; DESCRIBING PUBLIC PROPERTY PLANTING AND MAINTENANCE STANDARDS; APPLICABILITY TO UTILITY COMPANIES; ESTABLISHING EMERGENCY PROVISIONS; DESIGNATING ENFORCEMENT; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR CONFLICT AND REPEALER; PROVIDING FOR CODIFICATION AND SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE (first reading held on November 13, 2013). Sponsored by C.M. 2. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA,TO CREATE AN ORDINANCE PROHIBITING IMPROPER SOLICITATION ON CITY STREETS AND PROPERTY IN ACCORDANCE WITH PROVISIONS, SIMILAR TO FLORIDA STATUTE 337.406; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR CONFLICT AND REPEALER; PROVIDING FOR CODIFICATION AND SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE (first reading held on November 13,2013).Sponsored by D.J. 3. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA PROVIDING FOR THE ISSUANCE,IN ONE OR MORE SERIES,OF THE CITY'S CAPITAL IMPROVEMENT REVENUE OBLIGATIONS; PROVIDING THAT SUCH OBLIGATIONS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION,OR A PLEDGE OF THE CITY'S FULL FAITH AND CREDIT,BUT SHALL BE SECURED BY AND PAYABLE FROM PLEDGED FUNDS CONSISTING OF(I)THE PUBLIC SERVICE TAX REVENUES DERIVED FROM THE LEVY AND COLLECTION BY THE CITY OF A PUBLIC SERVICE TAX AND(II)THE COMMUNICATIONS SERVICES TAX REVENUES DERIVED FROM THE LEVY AND COLLECTION BY THE CITY OF A COMMUNICATIONS SERVICES TAX; PROVIDING FOR THE ISSUANCE OF THE FIRST SERIES OF SUCH OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS($8,500,000),TO BE DESIGNATED AS THE CITY OF OPA-LOCKA,FLORIDA CAPITAL IMPROVEMENT REVENUE NOTE,SERIES 2013,FOR THE PRINCIPAL PURPOSE OF PROVIDING FUNDS,TOGETHER WITH OTHER LEGALLY AVAILABLE FUNDS,TO FINANCE THE COST OF ACQUISITION OF A SITE WITHIN THE CITY AND THE ACQUISITION,CONSTRUCTION,IMPROVEMENT AND EQUIPPING OF A CITY ADMINISTRATION BUILDING AND RELATED FACILITIES ON SUCH SITE, ALL AS SHALL BE MORE FULLY SET FORTH IN A SERIES ORDINANCE;PROVIDING FOR THE ISSUANCE OF ADDITIONAL OBLIGATIONS AND REFUNDING OBLIGATIONS UNDER CERTAIN CONDITIONS;PROVIDING FOR THE CREATION OF CERTAIN FUNDS AND ACCOUNTS;PROVIDING FOR SEVERABILITY;PROVIDING AN EFFECTIVE DATE (first reading held on November 26,2013).Sponsored by C.M. 4. A SERIES ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA PROVIDING FOR THE ISSUANCE,PURSUANT TO AN ORDINANCE OF THE CITY PREVIOUSLY ENACTED,OF OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000),TO BE DESIGNATED AS THE CITY OF OPA-LOCKA,FLORIDA CAPITAL IMPROVEMENT REVENUE NOTE,SERIES 2013,FOR THE PURPOSE OF PROVIDING FUNDS,TOGETHER WITH OTHER AVAILABLE FUNDS,TO FINANCE THE COST OF ACQUISITION OF A SITE WITHIN THE CITY AND THE ACQUISITION,CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A CITY ADMINISTRATION BUILDING AND RELATED FACILITIES ON SUCH SITE, FUNDING A RESERVE ACCOUNT FOR THE SERIES 2013 NOTE,IF DEEMED NECESSARY,AS PROVIDED HEREIN,AND PAYING COSTS OF ISSUANCE OF THE SERIES 2013 NOTE;PROVIDING FOR THE TERMS AND PAYMENT OF SUCH SERIES 2013 NOTE;PROVIDING FOR THE RIGHTS,SECURITY AND REMEDIES OF THE LENDER WITH RESPECT THERETO;MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH;DESIGNATING A REGISTRAR AND PAYING AGENT FOR THE SERIES 2013 NOTE;DELEGATING AUTHORITY TO THE CITY MANAGER, IN CONSULTATION WITH THE CITY'S FINANCIAL ADVISOR,TO SELECT A QUALIFIED FINANCIAL INSTITUTION PURSUANT TO A COMPETITIVE PROPOSAL PROCESS TO MAKE A LOAN TO THE CITY EVIDENCED BY THE SERIES 2013 NOTE,SUBJECT TO CERTAIN PARAMETERS AND OTHER MATTERS SET FORTH IN THIS SERIES ORDINANCE;AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGREEMENT WITH THE LENDER TO SET FORTH ADDITIONAL COVENANTS OF THE CITY AND MATTERS RELATING TO THE SERIES 2013 NOTE AS MAY BE REQUIRED BY THE LENDER;AUTHORIZING CITY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE,SALE AND DELIVERY OF THE SERIES 2013 NOTE;PROVIDING FOR SEVERABILITY;PROVIDING AN EFFECTIVE DATE(first reading held on November 26,2013).Sponsored by G.M. Additional information on the above items may be obtained in the Office of the City Clerk,3400 NW 135e Street,Bldg.B,Opa-locka,Florida.All interested persons are encouraged to attend this meeting and will be heard with respect to the public hearing. PURSUANT TO FS 286.0105:Anyone who desires to appeal any decision made by any board,agency,or commission with respect to any matter considered at such meeting or hearing will need a record of the proceedings,and for that reason,may need to ensure that a verbatim record of the proceedings is made,which record includes the testimony and evidence upon which the appeal may be based. JOANNA FLORES,CMC CITY CLERK 000-0 Cisr4 0 sc y04^O— City of Opa-locka Agenda Cover Memo Commission Meeting Item Type: Resolution Ordinance Other Date: 11/26/13 (Enter X in box) X Yes No Ordinance Reading: 1st Reading 2nd Reading Fiscal Impact: (Enter X in box) X X Public Hearing: Yes No Yes No X (Enter X in box) X X Funding Source: (N/A) Advertising Requirement: Yes No N/A (Enter X in box) _ X Contract/P.O. Required: Yes No (Enter X in box) X RFP/RFQ/Bid#: N/A Yes No Strategic Plan Priority Area: Strategic Plan Obj./Strategy: Enhance Organizational El N/A Strategic Plan Related Bus. & Economic Dev so (Enter X in box) X Public Safety E Quality of Education El Qual.of Life&City Image • Communication El Sponsor Name City Manager Department: Finance Short Title: An Ordinance Authorizing and Securing the City of Opa-locka, Florida Capital Improvement Revenue Note, Series 2013 Staff Summary On July 30, 2013, the Mayor and City Commission adopted Resolution No.13-8665. This resolution intended to issue the obligations in an amount necessary to finance the cost of a new city hall. Proposed Action: Staff recommends approval of the attached ordinance. Attachments: Agenda Cover-New City Hall Financing 1 O p s 9 ~ 0, U D ^ q OHPt t.O` MEMORANDUM TO: Myra L.Taylor, Mayor Joseph L. Kelley,Vice Mayor Timothy Holmes, Commissi er Dorothy Johnson, Commissi er Luis B. Santiago, Commission r FROM: Kelvin L. Baker, Sr., City Mana DATE: November 21,2013 RE: An Ordinance Authorizing and Securing the City of Opa-locka, Florida Capital Improvement Revenue Note, Series 2013 Request: A SERIES ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA- LOCKA, FLORIDA PROVIDING FOR THE ISSUANCE, PURSUANT TO AN ORDINANCE OF THE CITY PREVIOUSLY ENACTED, OF OBLIGATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000), TO BE DESIGNATED AS THE CITY OF OPA-LOCKA, FLORIDA CAPITAL IMPROVEMENT REVENUE NOTE, SERIES 2013, FOR THE PURPOSE OF PROVIDING FUNDS, TOGETHER WITH OTHER AVAILABLE FUNDS, TO FINANCE THE COST OF ACQUISITION OF A SITE WITHIN THE CITY AND THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A CITY ADMINISTRATION BUILDING AND RELATED FACILITIES ON SUCH SITE, AS PROVIDED HEREIN, AND PAYING COSTS OF ISSUANCE OF THE SERIES 2013 NOTE; PROVIDING FOR THE TERMS AND PAYMENT OF SUCH SERIES 2013 NOTE; PROVIDING FOR THE RIGHTS, SECURITY AND REMEDIES OF THE LENDER WITH RESPECT THERETO; DELEGATING AUTHORITY TO THE CITY MANAGER, IN CONSULTATION WITH THE CITY'S FINANCIAL ADVISOR, TO SELECT A QUALIFIED FINANCIAL INSTITUTION PURSUANT TO A COMPETITIVE PROPOSAL PROCESS TO MAKE A LOAN TO THE CITY EVIDENCED BY THE SERIES 2013 NOTE, SUBJECT TO CERTAIN PARAMETERS AND OTHER MATTERS SET FORTH IN THIS SERIES ORDINANCE; AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGREEMENT WITH THE LENDER TO SET FORTH ADDITIONAL COVENANTS OF THE CITY AND MATTERS RELATING TO THE SERIES 2013 NOTE AS MAY BE REQUIRED BY THE LENDER; AUTHORIZING CITY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES 2013 NOTE; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE. Background: On July 30, 2013, the Mayor and City Commission adopted Resolution No.13-8665. This resolution intended to issue the obligations in an amount necessary to finance the cost of a new city hall. Description: New City Hall Financing Project. Financial Impact: There will be a financial impact in an amount not to exceed 8.5 million dollars. This amount comes from account no.44-541821. Implementation Time Line: Immediately. Legislative History: Resolution No. 13-8665. Staff Recommendation: Staff recommends approval of the attached ordinance. Attachment(s): Resolution No. 13-8665 Prepared By: Susan Gooding-Liburd, CPA, Finance Director Elbert Waters, Planning Consultant Agenda Item-KaBoom Site Modification 2