HomeMy Public PortalAbout10-8055 RFQ for Bond Counsel Sponsored by: City Manager
Resolution No. 10-8055
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA AUTHORIZING THE
CITY MANAGER TO ADVERTISE A REQUEST FOR
QUALIFICATIONS (RFQ) FOR BOND COUNSEL TO
OBTAIN LEGAL GUIDANCE FOR THE REFINANCING OF
THE SERIES 1994 REVENUE BONDS AS SERIES 2010
BONDS AND ISSUANCE OF SERIES 2010A BONDS;
PROVIDING FOR INCORPORATION OF RECITALS;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and
WHEREAS, the proceeds of the bonds will provide additional funds for capital
expenditures; and
WHEREAS, the City Commission of the City of Opa-locka needs the services of Bond
Counsel to provide legal guidance in carrying out the planned refinancing of the Series 1994
Revenue Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds; and
WHEREAS, the City Commission of the City of Opa-locka desires to advertise a Request
for Qualifications for Bond Counsel:
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 authorizes the City Manager
to advertise a Request for Qualifications for Bond Counsel to provide legal guidance in carrying out
Resolution No. 10-8055
the planned bond refinancing of the City's Series 1994 Revenue Refunding Bonds as Series 2010
Bonds and the issuance of Series 2010A Bonds.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 28`h day of April, 2010.
it
JOSEP TKFLLEY
MA OR
Approved as to form and legal sufficiency:
st to /
Deborah S. Jo:4I r/ S.JGeller
City Clerk rim • ty Attorney
Moved by: JOHNSON
Seconded by: TAYLOR
Commission Vote: 4-0
Commissioner Holmes: YES
Commissioner Johnson: YES
Commissioner Tydus: NOT PRESENT
Vice-Mayor Taylor: YES
Mayor Kelley: YES
t P PA C3 d g
i afWe' in: two/act
Aro, to
Memorandum
TO: Mayor Joseph Kelley
Vice-Mayor Myra L. Taylor
Commissioner Dorothy Johnson
Commissione Timothy Holmes
nn Co mission Rose Tydus
FROM: �- nc
lar Patterson, City Manager
DATE: April 20,2010
RE: Request for Authorization to Issue Request for Qualifications for Bond Counsel
Request: RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA
LOCKA,FL AUTHORIZING THE CITY MANAGER TO ADVERTISE RFQ
FOR A BOND COUNSEL TO OBTAIN LEGAL GUIDANCE FOR THE
REFINANCING OF THE SERIES 1994 REVENUE BONDS AS SERIES 2010
BONDS AND ISSUANCE OF SERIES 2010A BONDS.
Description: Included in the City's fiscal year 2009-2010 budget is $500,000 of revenue from planned
refinancing of the City's Series 1994 Capital Improvement Revenue Refunding Bonds
and the issuance of Series 2010 Bonds. The $500,000 is budgeted to provide additional
funds for capital expenditures. The City needs the services of a Financial Bond Counsel
to carry out the planned bond refinancing and issuance.
The Series 1994 Capital Improvement Revenue has an outstanding balance of $5.815
million.
Financial Impact: Professional fees will be funded from the expected savings gain from refinancing and
financing transactions.
Implementation Timeline: Immediately
Legislative History: None
Recommendation(s): Staff recommends approval.
Analysis: Net proceeds from bond refinancing/financing will be used for capital improvement projects.
Attachments: None
PREPARED BY: Ezekiel Orji,PhD,CPA
Sponsored by: City Manager
Resolution No.
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA,TO AUTHORIZE THE
CITY MANAGER TO ADVERTISE A REQUEST FOR
QUALIFICATION(RFQ)FOR A FINANCIAL ADVISOR TO
OBTAIN FINANCING GUIDANCE FOR THE
REFINANCING OF THE SERIES 1994 REVENUE
REFUNDING BQNDS AS SERIES 2010 BONDS AND THE
ISSUANCE OF SERIES 2010A BONDS.
WHEREAS, the City currently plans to refinance the City's Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and to issue Series 2010A Bonds; and
WHEREAS, the proceeds of the bonds will provide additional funds for capital
expenditures; and
WHEREAS, the City Commission of the City of Opa-locka needs the services of a
Financial Advisor to assist in carrying out the planned refinancing of the Series 1994 Revenue
Refunding Bonds as Series 2010 Bonds and the issuance of Series 2010A Bonds; and
WHEREAS, the City Commission of the City of Opa-locka desires to advertise a Request
for Qualifications for a Financial Advisor:
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 authorizes the City Manager to
advertise a Request for Qualifications for a Financial Advisor to assist in carrying out the planned
bond refinancing of the City's Series 1994 Revenue Refunding Bonds as Series 2010 Bonds and the
issuance of Series 2010A Bonds.
Resolution
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this day of , 2010.
JOSEPH L. KELLEY
MAYOR
Approved as to form and legal sufficiency:
Attest to:
Deborah S. Irby Jo:ep S I$11er
City Clerk //erim ; ity Attorney
Moved by:
Seconded by:
Commission Vote:
Commissioner Holmes:
Commissioner Johnson:
Commissioner Tydus:
Vice-Mayor Taylor:
Mayor Kelley:
ti
• x ..ate_ '
.` .i
+J.`
Memorandum
TO: Mayor Joseph Kelley
Vice-Mayor Myra L. Taylor
Commissioner Dorothy Johnson
Commissioner Timothy Holmes
5onmissioner / Ros
e Tydus
FROM: Clarance Patterson, City Manager
DATE: April 20,2010
RE: Request for Authorization to Issue Request for Qualifications for a Financial
Advisor
Request: RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA
LOCKA,FL AUTHORIZING THE CITY MANAGER TO ADVERTISE RFQ
FOR A FINANCIAL ADVISOR TO OBTAIN FINANCING GUIDANCE FOR
THE REFINANCING OF THE SERIES 1994 REVENUE BONDS AS
SERIES 2010 BONDS AND ISSUANCE OF SERIES 2010A BONDS.
Description: Included in the City's fiscal year 2009-2010 budget is $500,000 of revenue from planned
refinancing of the City's Series 1994 Capital Improvement Revenue Refunding Bonds
and the issuance of Series 2010 Bonds. The $500,000 is budgeted to provide additional
funds for capital expenditures. The City needs the services of a Financial Advisor to
carry out the planned bond refinancing and issuance.
The Series 1994 Capital Improvement Revenue has an outstanding balance of $5.815
million.
Financial Impact: Professional fees will be funded from the expected savings gain from refinancing and
financing transactions.
Implementation Timeline: Immediately
Legislative History: None
Recommendation(s): Staff recommends approval.
Analysis: Net proceeds from bond refinancing/financing will be used for capital improvement projects.
Attachments: None
PREPARED BY: Ezekiel Orji,PhD,CPA