HomeMy Public PortalAboutTAB 1.pdfOffice of the Village Clerk
Vag Coi,nci1
Franklin H. Caplan, Major
Michael E. Kelly, Vice Mayor
Michael W. Davey
Enrique Garcia
Robert Gusman
Marra P. Lindsay
James S. Taintor
Village Clergy
Conchita H. Alvarez, [l iAliC
CERTIFICATION
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
I, Conchita H. Alvarez, duly appointed Village Clerk of the Village of Key Biscayne, Florida, do
hereby certify that the attached is a true and correct copy of:
Ordinance No. 2011-8 adopted by the Village Council on June 28, 2011.
IN WITNESS WHEREOF, I hereunto set my hand and affix the Seal of the Village of Key Biscayne,
Florida, this 27th day of July, 2011.
ita H. Alvarez, MMC
e Clerk
lage of Key Biscayne, Florida
88 West McIntyre Street • Suite 220 • Key Biscayne, Florida 33149 • (305) 365-5506 • Fax (305) 365-8914
iAiSSION STATEMENT l O PROVIDE .A SHAPE, QUALITY COMMUNITY ENVIRONMENT FOR ALE ISLANDERS THROUGH RESPONSIBLE GOVERNMENT"
www.keybiscayne.fl.gov
ORDINANCE NO. 2011-8
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $7,150,000 OF CAPITAL IMPROVEMENT
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 November 27, 2002, the Village of Key Biscayne, Florida (the "Village")
issued its $9,987,551 Capital Improvement Revenue Bonds, Series 2002 (the "Prior Bonds") for the
purpose of financing a portion of the costs of construction and equipping of a community center,
including a parking garage and swimming pool; 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 $7,150,000 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 Revenue Refunding Bonds (the "Bonds") of the Village, in an aggregate principal
amount not to exceed $7,150,000, 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 Revenue Refunding Bonds, Series 2011B", 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 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.
OR FRANKLIN . APLAN
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VILLAGE ATTORNEY
ATT
HITA H. ALVAREZ, MMC, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
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