HomeMy Public PortalAbout2011-09 Authorizing the issuance of not exceeding $3,125,000 of Transportation Tax Revenue Refunding BondsORDINANCE NO. 2011-9
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $3,125,000 OF TRANSPORTATION TAX
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 July 15, 2005, the Village of Key Biscayne, Florida (the "Village") issued
its $3,500,000 Transportation Tax Revenue Bonds, Series 2005 (the "Prior Bonds") for the purpose
of financing a portion of the costs of road improvements within the Village (Crandon Boulevard
Improvements —Phase II); 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 $3,125,000 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 pledge of transportation tax revenues, 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 proposals were received close
in time to the first reading of this Ordinance; and (ii) 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, 2002 and
2004 and received proposals that will result in substantial debt service savings on those issues; 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
Transportation Tax Revenue Refunding Bonds (the "Bonds") of the Village, in an aggregate
principal amount not to exceed $3,125,000, 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 Transportation Tax Revenue Refunding Bonds, Series 2011", or such other
designation as may be approved by supplemental resolution, shall be dated such date, shall be in such
denominations, shall be stated to mature no later than July 1, 2025 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 28th day of June, 2011.
PASSED AND ADOPTED on second reading this 30th . . i f August , 2011
FRANKLIN H. APLAN
2
CONCHITA H. ALVAREZ, MMC, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
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
MARIA MESA, 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
MEETING FOR AUGUST 30, 2011
in the XXXX Court,
was published in said newspaper in the issues of
08/18/2011
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 th' - • vertiseme for publication in the said
news
18 day of AUGUST
, A.D. 2011
o and subscribed before me this
(SEAL)
MARIA MESA personally known to me
VILLAGE OF KEY BISCAYNE '
OFFICE, OF THE VILLAGE CLRK
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 on Tuesday, August 30, 2011 at 7:00 p.m., in the
Council Chamber, located at 560 -Crandon Boulevard, Key Biscayne,
Florida:
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA
AUTHORIZING THE ISSUANCE OF NOTEXCEEDING $3,125,000 OF
TRANSPORTATION TAX 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 INTOARATE LOCK AGREEMENT; AND PROVIDING AN
EFFECTIVE DATE,
AN ORDINANCE .0F -THE valk(3E OF KEY BISCAYNE, FLORIDA,
CREATING THE WINTER CONCERT ADVISORY COMMITTEE;
PROVIDING FOR-•SEVEFAsurY; PROVIDING FOR CONFLICTS;
AND PROVIDING FOR AftEFFECTWE DATE.
AN ORDINANCE OE, THE VILLAGE OF KEY BISCAYNE, FLORIDA;
AMENDING1 IE-2o1os20;lt VILLAGE -BUDGET AS PROVIDED FOR
ON EXHIBIT *A"; PROVIDING FOR AN EFFECTIVE DATE.
The proposed Ordinances may be inspdcted by the public at the Office of
the Village Clerk. interested parties may appear at the Public Hearing
and be heard with respect to the proposed. Ordinances. Any person
wishing to address the Village Council on any item at this Public Hearing
is asked to register with the Village Clerk prior to that item being heard.
In accordance with the Americans With Disabffffies Act of 1990, all
persons who are disabledatnd who net,
� spec)il �, mmodations to
participate Io this pro � That .should contact
the Office of the Village Clerk, 88 West Irkyt bet, 'Suite 220, Key
Biscayne, Florida 33149, telephone number (305) 365-5506, not later
than two business days prior to such proceeding.. a _
Should any person desire to appeal any decision of the Village Council
with respect to any matter to beconsidered at this meeting, that person
shall insure that a verbatim record of fhe proceedings is made including
all testimony and evidence upon which any appeal 'may be based
(F.S. 286.0105): - 4
Comments of any interested party relative to this matter may be
submitted in writing and or presented in person at the public hearing.
Conchita H. Alvarez, MMC
Village Clerk
8/18 11-4-239/1741822M