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Home My Public Portal About2011-07 Authorizing the issuance of not exceeding $2,200,000 of Capital Improvement and Land Acquisition Revenue Refunding BondsORDINANCE NO. 2011-7 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2,200,000 OF CAPITAL IMPROVEMENT AND LAND ACQUISITION REVENUE REFUNDING BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER TO NEGOTIATE WITH BANKS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on October 18, 2004, the Village of Key Biscayne, Florida (the "Village") issued its $2,800,000 Capital Improvement and Land Acquisition Revenue Bonds, Series 2004 (the "Prior Bonds") for the purpose of reimbursing the project fund for costs of acquiring land located at 530 Crandon Boulevard for Village purposes and financing a portion of the costs of site improvements for the Village's civic center; and WHEREAS, in order to take advantage of the current prevailing low interest rates and thereby achieve debt service savings, the Village Council (the "Council") of the Village desires to authorize the issuance of not exceeding $2,200,000 of bonds for the purpose of refunding the Prior Bonds and paying costs of issuance of the bonds; and WHEREAS, the Council desires that the bonds be secured in the same manner as the Prior Bonds by a covenant to budget and appropriate Non -Ad Valorem Revenues of the Village, all as further specified by subsequent resolution of the Council; and WHEREAS, on May 17, 2011, the Village received proposals from financial institutions for the purchase of bonds to refund the Village's Stormwater Utility Revenue Bonds, and the Village desires to negotiate with the same banks for the purchase of the refunding bonds directly and without utilizing a new request for proposals for the following reasons: (i) the security for the Prior Bonds is similar to the security for the Stormwater Utility Revenue Bonds; (ii) the proposals were received close in time to the first reading of this Ordinance; and (iii) the ability to move quickly is critical to achieving maximum debt service savings; and WHEREAS, the Village utilized the direct negotiation procedure referred to in the prior paragraph with respect to refunding its Capital Improvement Revenue Bonds, Series 2000, and on June 1, 2011, received several proposals that will result in substantial debt service savings; and WHEREAS, for the reasons stated above, the Council hereby determines that award of the bonds pursuant to competitive bids received through a request for proposals process is impracticable; NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. The foregoing Whereas clauses are hereby ratified and confirmed as being true, and the same are hereby made specific findings by the Council and a specific part of this Ordinance. Section 2. In accordance with the provisions of the Charter of the Village of Key Biscayne, Florida and Chapter 166, Florida Statutes, there are hereby authorized to be issued Capital Improvement and Land Acquisition Revenue Refunding Bonds (the "Bonds") of the Village, in an aggregate principal amount not to exceed $2,200,000, in one or more series, for the purpose of refunding the Prior Bonds and paying costs of issuance of the Bonds. The Bonds shall be designated "Village of Key Biscayne, Florida Capital Improvement and Land Acquisition Revenue Refunding Bonds, Series 2011", or such other designation as maybe approved by supplemental resolution, shall be dated such date, shall be in such denominations, shall be stated to mature no later than November 1, 2022 and shall bear interest from their dated date at a rate or rates not exceeding the maximum rate permitted by law at the time of issuance of the Bonds, shall be subject to redemption at the option of the Village at such times and prices, and shall have such other details, all as shall hereafter be determined by the Council by supplemental resolution (the "Bond Resolution"). The supplemental resolution may be adopted, and the Bonds may be issued, at any time after the effective date of this Ordinance. Section 2. The Village Manager, the Village Finance Director and the Financial Advisor for the Village are each hereby authorized to negotiate with banks or other financial institutions for the purchase of the Bonds and with respect to the terms of the Bonds. The Village Manager is hereby authorized to accept the commitment from the institution offering, in his opinion, after consultation with the Financial Advisor, the best terms for the purchase of the Bonds, and to enter into an agreement locking in the interest rate as soon as possible. The final terms of the Bonds, as so agreed to by the Village Manager, shall be set forth, and presented to Council, in the Bond Resolution. The Village Attorney and Bond Counsel to the Village are hereby authorized to draft documents and to do all other things necessary to accomplish the issuance and sale of the Bonds. Section 3. This Ordinance will become effective immediately upon adoption on second reading. PASSED AND ADOPTED on first reading this 14th day of June, 2011. PASSED AND ADOPTED on second reading this 28th day of June , 2011. 2 ATTE ITA H. ALVAREZ, MMC, VILLAGE CLE APPROVED AS TO FORM AND LEGAL SUFFICIE // r VILLAGE ATTORNEY 3 ) ��'�` c�t3C�—�J MAYOR FRANKLIN H. MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Miami -Dade County, Florida STATE OF FLORIDA COUNTY OF MIAMI-DADE: Before the undersigned authority personally appeared V. PEREZ, who on oath says that he or she is the LEGAL CLERK, Legal Notices of the Miami Daily Business Review f/k/a Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Miami -Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of VILLAGE OF KEY BISCAYNE - PUBLIC NOTICE ORDINANCES - JUNE 28, 2011 in the XXXX Court, was published in said newspaper in the issues of 06/20/2011 Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami in said Miami -Dade County, Florida and that the said newspaper has heretofore been continuously published in said Miami -Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in said Miami -Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he or she has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper. Sworn to and subscribed before me this 20 day of JUNE A.D. 2011 (SEAL) V. PEREZ personally known to me Notary Public State of Florida Cheryl H. Marmei My Commission 0079349C Expires 07/18/2012 VILLAGE OF KEY BISCAYNE OFFICE OF THE VILLAGE CLERK ,_ PUBLIC NOTICE - Notice is hereby given that the following ordinances will be considered on Second Reading by the Village- Council of the Village of Key Biscayne at a meeting to be held orquesday, June 28, 2011 at 7:00 p.m., in the Council Chamber, located at 560 Crandon Boulevard, Key Biscayne, Florida: AN ORDINANCE OE -THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2,200,000 OF CAPITAL IMPROVEMENT AND -LAND ACQUISITION REVENUE RE- FUNDING BONDS OF THE VILLAGE OF KEY BISCAYNE, FLORIDA; PROVIDING` FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE - DETAILS , OF: SAID BONDS; . AUTHORIZING THE VILLAGE MANAGER T( NEGOTIATE WITH BANKS FOR PUR- CHASE Orr , THE Kokos AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDINGAN EFFECTIVE DATE: AN ORDINANCE 0 AUTHORIZING H>4 CAPITA - IMPRO (E VILL'AG O stppLOAENtAt RESCILUTIO SAIR` ._. . ...,. NE TO EENT EFFEC1 The proposed Ordinances'ri a the Village Clerk. Interrested f?' be heard with,respect n thi ` address the VillagexCfluncit register with the ViIIa e Cler EVILL GE .OF KEY BISCAYNE, FLORIDA OF NOT EXCEEDING $7,150,000 OF K._ENUE REFUNDING BONDS OF THE YN BI , FLORIDA; PROVIDING FOR A SETTING FORTH THE DETAILS OF THE VILLAGE MANAGER TO URiCHASE OF --THE BONDS AND GREEIVIENT; AND PROVIDING AN inspected by the public at the Office of may appear at the Public Hearing and ed Ordinances. Any person wishing to item at this Public Hearing is asked to o that item being heard. In accordance yyit., f e With Disabilities' Act of 1990, all personswho are disabed` aTic),wi�iho need special accommodations to =3 participate in this proceeding eoause of that disability should contact the Office of the Village° Clerlk, 8 West McIntyre Street, Suite 220, Key Biscayne; Florida than two busines ShouldN any pees r with -respect to anj I ,9, iel�ep lone number (305) 365-5506, not later s`prior�to"uch proceeding. esire,t:tipopeo any decision of the Village Council alter to be' considered at this meeting, that person shall insure thataverbatim record of the proceedings is made including all testimony,an e cenc f; upon which any appeal may be based (F.S. 286.0i 0 Comment a in s partirelative to this matter may be submitted -in writing and or ec in -person at the public hearing. 6/20 Conchita H. Alvarez, MMC Village Clerk 11-4-273/1715155M