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Home My Public Portal About15-19 REVOLVING LINE OF CREDIT WITH CITY NATIONAL BANK 1st Reading: July 8, 2015 2°d Reading: July 22, 2015 Public Hearing: July 22, 2015 Adopted: July 22, 2015 Effective Date: July 22, 2015 Sponsored by: City Manager ORDINANCE NO. 15-19 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA AUTHORIZING THE CITY MANAGER TO EXECUTE A TERM SHEET TO RECEIVE A REVOLVING LINE OF CREDIT WITH CITY NATIONAL BANK TO PROVIDE TEMPORARY BRIDGE FINANCING FOR THE CITY'S ONGOING AND FUTURE DRINK WATER, SEWER WATER AND WASTE WATER IMPROVEMENT PROJECTS; PROVIDING FOR SEVERABILITY AND CODIFICATION; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City Commission of the City of Opa-locka passed Resolution 15-8918, authorizing the city manager to negotiate a line of credit with City National Bank; WHEREAS, Attached as Exhibit "A" is the Term Sheet that must be executed in order to receive the line of credit in the amount of$6,000,000. NOW, THEREFORE, BE IT DULY ORDAINED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City of Opa-locka City Commission hereby authorizes the City Manager to execute the Term Sheet attached as Exhibit "A" to this Ordinance and any necessary documents to close on this loan and borrow the funds referenced herein. Section 3 All ordinances or Code provisions in conflict herewith are hereby repealed. Section 4. If any section, subsection, sentence, clause, phrase or portion of this Ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portions of this Ordinance. Ordinance No. Section 5.CODIFICATION. This Ordinance shall be codified in the Code of Ordinances when the code is recodified. Section 6.Eh'FECTIVE DATE. This Ordinance shall upon adoption, become effective immediately. PASSED AND ADOPTED this 22nd day of July, 2015. yra L. Taylor Mayor Attest to: Approved as to form and legal sufficiency: Jo. a Flores Vincent T. Brown Ci Clerk The Brown Law Group City Attorney Moved by: COMMISSIONER PINDER Seconded by: COMMISSIONER SANTIAGO Commissioner Vote: 4-1 Commissioner Kelley: YES Commissioner Pinder: YES Commissioner Santiago: YES Vice Mayor Holmes: NO Mayor Taylor: YES MIAMI HERALD I MiamiHerald.corn ND SUNDAY,JULY 12,2015 I 7ND MIAMI LAKES New app helps residents r��r, . stay in touch with officials CITY OF OPA-LOCK\,FLORIDA NOTICE TOTHE PUBLIC BY PARADISE AFSHAR tion and are delivered di- Residents are also able to NOrICE IS HEREBY GIN EN d t the( Iv( (the(i,1 t 111 I k.I I r II hold 1 hI I n� Special to the Miami Herald rectly to town officials. interact with town officials 'I Regular( I Mecti Ig nn W 1 1 loly y 22. 01 a 1 7410 1 t ,1 1 .l rl,ah\'ll gc, y 21 S I n.den Ilan ek(theme l.I'e ut Avenue()I+Ineka,1 I ri,1a to tothltlet the h Il,ut Ip item. Miami Lakes residents Residents are able to and have access to town can now use their smart- check on the status of their documents via the app. SECOND READING ORDINANCES/PUBLIC'HEARING: phones to report code viola- concerns through the app. Councilman Tony Lama AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCK:A,FLORIDA,ADOPTING A\D tions,keep up to date with "It's another way we can said the app is important to APPROVING UPDATED ADMINISTRATIVE POLICIES;PROVIDING FOR INCORPORATION OF RECITALS; town events and even find a inform residents about himas a government official PROVIDING FOR SEVERABILITI:PROVIDING FOR CONFLICT'AND REPEALER;PROVIDING FOR AN local place to eat dinner, what's going on in the because he"ran on a plat- EFFECTIVE DATE(first reading held on May 11 2015). thanks to the town's newly town,"said Nicole Singleta- form of transparency,and AN ORDINANCE OF THE CITY(:OMMISSION OF THE CITY OE OPA-LO(K,A.FLORID!,TO CONSIDER launched app,Lakes Life. ry,Miami Lakes'director of better communication." ADOPTING THE CITY OF OPA-LO('KA HUD COMMUNI1Y GRANT-BASED AMENDMENTS TO THE The application,which communications and eco- The Lakes Life app was (A"ONIPRF.HENSIVEDEVELOPh1ENT MASTER PLAN AND TO THE FLIT!IRE L AND USE MAP.Al SO KNOWN PP S THE FS' OPA-I.00KA 20!30 COMPREHENSIVE PLAN,AND At TRANSMIT nu. was launched over the lnde- nomic development."It al- made by the company Pub- OE THESE ANIE\DMENTS TO THE FLORIDA DEPARTMENT OF ECONOMIC OPPORTI IIII'AND 10 pendence Day weekend can lows for an efficient and ef- lic Stuff at a cost of$9,000 OTHER RE)1EW AGENCIES(first reading held on May 27.2015). be downloaded for free in festive way for us to know per year to the town which AN ORDINANCE.OF THE CITY COMMISSION OF THE CITY OF OPA-LOCK A.FLORIDA,AMENDING the Apple iTunes App Store what to improve." includes services such as ORDINANCENO.04-0')PROVIDING FOR PAYMENT OF THE IMPACT ON LAND DEVELOPMENT IN THE CIT'1 and in the Google Play In addition to filing re- tech support and software OF OPA-LOCK\FOR PROVIDING ROAD DRAINAGE AND RELATED FA(ILFnFS NE(ESSr1:Al ED BY SI.CII nests with the town,the updates. NEW DEVELOPMENT:PROVIDING FOR CONFLICT AND REPEALER;PROVIDING FOR SE\'ERABII.III Store. Q AND CODIFICATION;PROVIDING FOR ON EFFECTIVE DATE(first reading held on 062412015). Lakes Life app users can Lakes Life app allows users For more information take advantage of features to stay up to date on town about the Lakes Life mobile AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OP+-LOCK:I,FLORIDA.AMENDING such as reporting broken events,track the Miami a visit LakesLife ORD1SINCE 04-10 PROVIDING FOR PAYMENT OF AN IMPACT ON LAND DEVELOPMENT ELOPMENT IN THE(TTY PP, OF'OPA-LOCK\FOR PUBLIC SAFETI NECESSITATED BY St CH NEW DEM OPMENT;PRO\'!DING Kw traffic lights,potholes and Lakes Moover bus in real- Mobile.com or contact the CONFER T.AND REPEALER:PROVIDING FOR SEA ERABILIT1 AND('ODIFICA1 ION:PROVIDING FOR,AN noise disturbances. Re- time,and post information town's communications de- EFFECTIVE DATE(first reading held on 06/24/20154 quests can be submitted on lost and found pets, partment at 305-364-6100. AN ORDINANCE OF THE env COMMISSION OF THE CITY OF OPA-1.0(.LA,FLORIDA.AMENDING with a photo and GPS Inca- among other features. ORDINANCE 04-11 PROVIDING FOR PAYMENT OF AN IMPACT ON LAND DEN ELOPMFNT IN THE('ITT OF OPA-LOCK A FOR PROVIDING NEW PARKS AND RELATED FACILITIES NECESSITATED Bl'SUCH NEW iI I DEVELOPMENT;PRO%!DI\G FOR CONFLICT AND REPEALER;PROM DIN( FOR SE\F RARILI'TO AND CODIFICATION;PROVIDING FOR AN EFFECTIVE DATE(0,01 reading held on 06124/2015). -)re7d I ( AN ORDINAN('F OF THE('.ITN'OF OPA LOCKA,FLORIDA RELATING 10 1110,REGI:I Al ION OF'I IIF: 4 4''1 I dl 11.:,,..4 ,,, y; I;SE AND DEVELOPMENT OF LAND IN THE INCORPORATED,AREAS OF THE CITY OF OPA-LOCK A. dirk n� -Ft!' d q d I ih .I FLORIDA IMPOSING AN INIPACT FEE ON LAND DEVELOPMENT IN THE(ITV OI 01101.00 KA FOR s", ;j; I PI PROVIDING FOR NEW WATER AND SEWER AND RELATED FA(11.IT'IES NEC.F:SSITATLU RV SI:CH A ,11. rS 171 art)„ '.l NEW'DE\'ELOPMENT;STATING THE Al THORITY FOR ADOPTION OF THE ORDINANCE;PROVIDING DEFINITIONS;PROVIDING I INDINGS AND DECLARATIONS OF THE(VITA(O\IMISSION;PROVIDING neighbors2)4neighbors FOR THE roNMENT SNDTIME OF PAYMENT OF SWOTERAND SEWER IMP1(TFFF;PROVIDING FOR - REVIEW OF WATER AND SEWER IMPACT FEES AND THE FEE SCHEDI LI S,PROVIDING FOR 1 HE ESTABLISH M ENT OF WATER AND SEWER IMPACT FEE DISTRICTS;PROS'!DING FOR'THF PTA(:EMEN1' LOOK BEFORE YOU LOCK OF REVENUE COLLECTED FROM WATER AND SEWER IMPACT FEES INTO IMPACT FEE 1 RI Sr FUNDS There is no doubt that summer is here and ourSouth Honda heat can be a klllerl ESTABLISHED FOR THAT PURPOSE; PROVIDING FOR E\ENIPTIONS AND('REDTIS; PROVIDING F'OR REFUND OE I.NEXPENDED FUNDS;PROVIDING FOR USE OF FUNDS DERIVED FROM W.11FR Be sure to remove your children and pets before leaving your car.You'll find many AND SEWER IMPACT FEES;PROVIDING THAT HATER AND SEWER INIPA(1 FEES MAN'RE PLEDGED summer safety tips on our website. TOWARD PAYMENT OF BOND ISSL ES AND SIMILAR DEBT INS TRI.ME\TS:PROVIDING FOR PENALIIES FOR VIOLATION OF THIS ORDINANCE; CONTAINING A REPEALER PROVISION,SEVERABi1.ITN CLAUSE AND PROVIDING FOR AN EFFECTIVE DOTE(first reading held on 06/24;2015). BBB&LOCAL HEROES Speaking of summer,it's time to have a BBB and celebrate Neighbors 4 Neighbors AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF OPA-LOCK,\,FM.ORIDA,AMENDING I IIF. COMPREHENSIVE DEVELOPMENT MASTER PLAN(('DMP)OF THE CITY OF OPA-L.00'KA,FLOR1UA,'1O 23rd anniversary at Bahia Cabana,July 25,7pm.Were honoring 6 community CHANGE THE!.AND USE OF THE PROFFRT)'IDENTIFIED BY FOLIO O8-2129-0I8-0010.FROM I TILIT\'TO heroes:Rene Lopez-Cantera,Charlie Caulkins,Danet Linares,Chad Moss, INDI SERIAL;THE PROPERTY IS LEG ILIA DESCRIBED BELOW;PROVIDING FOR IN(ORIT)R:ITION OF John Scilicariello,and Elaine Vasquez.Tickets are$35 and include a RECITALS;PROVIDING FOR CONFLICT AND REPEALER:PROVIDING FOR SF SFRABILIT).PRO)I DIN(: FOR AN EFFECTIVE DATE(first reading held on 06/21120151. complimentary cocktail hour and BBB dimer.Visit our website to purchase tickets. AN ORDINANCE OF TI{E CITY COVJNIISSION Of roc CITY OF OPA-I.0('KA.FLORIDA,Al TIIORIZING THE CITY MANAGER TO EXECI:TE A TERM SHEET TO RECEIVE.A REVOIA'IG LINE OF(-REDIT WITH SCHOOL READY CITY NATIONAL BANK TO PROVIDE TEMPORARY BRIDGE FINANCING FOR HE(I Y'S ONGOING AND Students will soon be retuning to school. Many in our community live in shelters Fl lURE DRINK IN!TER.SEWER WATER.AND WASTEWATER IMPROVF MEN I PROJECTS:PROVIDING and migrant camps.Your donation of$35.00 will provide a backpack with supplies, FOR SE%ERABILI11'AND CODIFI(ATION;PROVIDING FOR AN EF'FF.CTIN F DATE:first reading held on g P Jots R,2015). books and uniforms. Donate through our website. \ddltional 011im11..111 011111,.h1,011100.that,N.IdnaineI in the I)ll o i,i the C 111'1 Jerk-1 W N\:I CSI Street.11Ida II. I th,t-lot,ka,Ilorlda-All interested nlrhon.are en.nhraped to attend dot,0(eolith told 10111 he he:ud((III it 4,1 In Ill.Puhhr I , Call Neighbors 4 Neighbors at 305.597.4404 visit www.neighbors4neighbors.org or watch&gland in for more. PI RSUAN T TO FS 286.0105:.J 1 1■ appeal 71171 71711,1101 1l.' 1 111" rewer i or ern rna,kr...hie,cel al sitt 71 1110,11ng or hear utg VI in l l,,l(lit-I dole, I Pl. 1 A Community Service of ffihd5mni3leraO I',in partnership with CBS4 -d 1,10011171'IhIll 11 I I 44111111 n/et In,)1,<1111 Ie It 1111111, 111111 r I'rood 107 halt, ■I,s OM,th ern l■I',It 1,,, , I 0-/1,1 h In, 1.1 11.111(,,,,eft t1PRBTRIWi100VER _ ... Cilds"r G�ct —_..-_—. 0l JOANNA FLORES,('M(. CITY CLERK City ojOpa-Lockci Florida City National lank April 23'd,2015 Ms.Susan Good ing-Liburd The City of Opa-Locka,FL 3400 NW 135th Street Bldg B Opa-Locka,FL 33054 Dear Ms.Gooding-liburd, City National Bank of Florida("Bank")is pleased to provide you with the following Term Sheet which outlines the basic terms and conditions currently being contemplated for the proposed extension of credit to the below-referenced Borrower(s). The following is not a commitment to lend,but rather an expression of Interest on behalf of the Bank. A final approval will be conditional on the Bank completing its full underwriting and usual and customary due diligence processes.The terms and conditions outlined here are subject to change in whole or in part,and any formal conveyance of a final approval would be detailed in a formal commitment letter. We look forward to the opportunity to review this with you and to building a long term relationship between our firms. FOR DISCUSSION PURPOSES ONLY BORROWER: The City of Opa-Locka,FL("Borrower") LOAN AMOUNT: $6,000,000.00 LOAN TYPE&PURPOSE: Direct placement bank qualified non tax exempt revolving line of credit to provide temporary bridge financing for the Borrower's ongoing and future Drinking Water, Sewer Water, and Waste Water improvement projects ("the Projects")contemplated herein. 11Page City of o Florida City National lank INTEREST RATE: The interest rate shall be 300 basis points above the 30-day LIBOR rate with a floor rate of 3.50%,floating. TERM: Two[2] years from date of note REPAYMENT: INTEREST-Payments of all accrued interest shall be due quarterly. PRINCIPAL—Principal advances shall be due 60 days from the date of each individual advance. All outstanding principal plus accrued interest shall be due at maturity. BANK LOAN FEE: 0.50% of Loan amount ($30,000.00). A deposit In the amount of $20,000.00 for incidental fees shall be payable upon issuance and acceptance of this term sheet. PREPAYMENT PENALTY: Waived out of courtesy COLLATERAL: The Loan will be collateralized by the following: - First Lien on the gross revenues from the City's Water& Sewer Systems operations in parity with the Florida Department of Environmental Protection as contemplated for the Project. CONDITIONS PRECEDENT: - Receipt and review of audited financial statements of Borrower for the fiscal year ended 9/30/2013 - Receipt and review of"unaudited"financial statements of Borrower for the fiscal year ended 09/30/2014. - Receipt and review of the City's 2015 commission approved annual Budget - Receipt and review of all Loan Agreement documents between the State of Florida and Borrower in regard to loans and/or grants specifically related to the Project. 21Page City of OpaLocka,Florida a City National lank - Receipt and review of all casts and associated funding sources for all phases of the Project contemplated. - Formal Loan Commitment and Approval shall be subject to the Bank completing a full underwriting of the Borrower's financial position and due diligence. - Borrower shall continue to maintain their primary deposit relationship,including operating accounts and cash management relationship,with city National Bank during the life of the loan. OTHER TERMS& REQUIREMENTS: 1)Loan and closing documents will be drafted by Bank's attorney,at Borrower's expense. Bank's attorney will work in conjunction with Borrower's attorney for review of loan closing documents. 2) The Line of Credit is to be set up on automatic debit for both interest and principal payments. 3)The Bank shall be the depository for any and all Loan Debt Service Accounts of the Borrower as specified in Borrower's Loan Agreements with the State of Florida for the Project. 4)Opinion of Borrower's Counsel attesting to City's full authority to enter into the subject credit facility. ADVANCES: Individual advances shall be available only after the submission of a complete disbursement request including, but not limited to,the following: 1. Copies of Invoices/vouchers to be paid 2. Certification and approval that the work pertaining to the invoices/vouchers being presented has been completed. Such certification must be approved by the City Engineer,the City Manager or Assistant City Manager's office,and the City's Finance Department. 3lPage -- -- City of Opa-Locka,Florida 6 City National B mk 3. Certification from the City Manager or Assistant City Manager and the Finance Department that the requested advances are eligible for reimbursement by the FDEP under the corresponding State Financial Assistance Agreement. 4. All required documentation necessary for the Department to provide funding,as stipulated in the request for funding guidelines set forth by the FDEP. FINANCIAL COVENANTS 1) Water and Sewer Pledged Revenue shall exceed annual interest coverage requirement of this loan facility with a coverage of no less than 1.15x, which shall be tested annually. 2)Borrower shall not begin to make any loan repayments of principal to the State of Florida,of the debt incurred for this project financing program, until all outstanding principal and interest obligations of this loan facility are paid in full. REPORTING REQUIREMENTS: 1.) CPA unqualified fiscal year-end Financial Statements of the Borrower to be provided within 180 days of fiscal year end, commencing with fiscal year-end statement dated September 30,2014. 2.) Annual Commission Approved Budget of Borrower, submitted within 30 days from date of approval by the City Commission. 3.) Semi-Annual Financial Statements to be submitted within 90 days of semi-annual anniversary date. EXPENSES: Borrower agrees to pay all normal disbursements, costs and fees of the Bank and the Borrower involved in this transaction which are reasonable and customary and have actually been Incurred, alPage City of opa-LoclrQ Florida a City National lank including but not limited to, recording costs, documentary stamps, intangible tax, attorney fees for closing this Loan, field audits and any and all other additional expenses or additional requirements reasonably imposed by the Bank or the Bank's counsel. Bank hereby notifies you that pursuant to the requirements of the USA Patriot Act (the "Act"), it is required to obtain, verify and record information that identifies you in accordance with the Act. City National Bank is pleased to provide this term sheet for your review. If the foregoing meets with your approval,please sign where indicated below and provide the fee as described herein along with a signed copy of the term sheet. This term sheet and the provisions herein shall expire 5 business days from the date of this letter. After acceptance,should the Bank decline your request,the application fee will be refunded;otherwise,the fee will be credited to your costs at closing.Should you elect not to close;the fee will be retained by the Bank. Sincerely, Hugo •rretio Vice-President 5JPage C+'h'of4Po-Lockq Florida a City National lank Acknowledgment to proceed must be received on or before April 30th,2015. ACCEPTED on this day of , 2015 The City of Opa-Locka,FL By: title This term sheet is confidential and proprietary in nature between the Bank and the Borrower. This term sheet,and the contents thereof,shall not be shared,distributed or disseminated in any form to any third party(including to any other potential lenders) without the express written consent of the Bank. 6fPage Sponsored by: City Manager RESOLUTION NO. 15-8984 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OPA-LOCKA; AUTHORIZING THE CITY MANAGER TO ACCEPT A REVOLVING LINE OF CREDIT FROM.CITY NATIONAL BANK TO PROVIDE TEMPORARY BRIDGE FINANCING FOR THE CITY'S ONGOING AND FUTURE DRINK WATER, SEWER WATER AND WASTE WATER IMPROVEMENT PROJECTS; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission of the City of Opa-locka passed Resolution 15-8918, authorizing the City Manager to negotiate a revolving line of credit with City National Bank; and WHEREAS, City Manager has completed the negotiations with City National Bank pursuant to Resolution 15-8918; and WHEREAS, the terms of the negotiations are set forth in EXHIBIT "A". NOW, THEREFORE, BE IT DULY RESOLVED THAT THE CITY COMMISSION FOR THE CITY OF OPA LOCAK, FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City Commission the City of Opa-locka, Florida, hereby authorize the City Manager to execute the term-sheet attached as EXHIBIT "A" and any other documents necessary to accomplish the purpose stated therein. Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 27th day of April, 2015. Resolution No. 15-8984 I / yita Taylor Mayor Attest to: Jo nna Flores City Clerk Approved as to form and legal sufficiency: > Vincent T. Brown, Esq. The Brown Law Group, LLC City Attorney Moved by: Commissioner Pinder Seconded by: Commissioner Santiago Commission Vote: 5-0 Commissioner Kelley: YES Commissioner Pinder: YES • Commissioner Santiago: YES Vice-Mayor Holmes: YES Mayor Taylor: YES Sponsored by: City Manager RESOLUTION NO. 15-8918 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA AUTHORIZING THE CITY MANAGER TO NEGOIATE A REVOLVING LINE OF CREDIT NOT TO EXCEED SIX MILLION DOLLARS WITH CITY NATIONAL BANK IN ORDER TO INSURE SOUND FISCAL STABILITY FOR THE CITY; PROVIDING FOR INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City Commission of the City of Opa-locka desires to maintain a sound, fiscally responsible budget;and WHEREAS, in order for the City to provide proper departmental spending in accord with the adopted FY 2014-2015 budget, the City Manager has advised that a revolving line of credit should be obtained by the City. NOW, THEREFORE,BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF OPA-LOCKA, FLORIDA: Section 1. The recitals to the preamble herein are incorporated by reference. Section 2. The City Commission of the City of Opa-locka hereby authorizes the City Manager to negotiate with City National Bank for a revolving line of credit not to exceed six million dollars to insure the City having available funds to maintain sound fiscal budgetary responsibilities for all City departments. Section 3. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 28`'' day of January, 2015. Resolution No. 15-8918 / i R' TAYLOR MAYOR Attest to: Approved as to form and legal sufficiency 444 I fl ,� kb) �_ anna Flores Jo . �' eller/John C. l ellagloria 'ity Clerk G' ' ENS'OON MARDER PA City Attorney Moved by: VICE MAYOR HOLMES Seconded by: COMMISSIONER PINDER Commission Vote: 5-0 Commissioner Kelley: YES Commissioner Pinder: YES Commissioner Santiago: YES Vice-Mayor Holmes: YES Mayor Taylor: YES