HomeMy Public PortalAbout10-8078 Capital Improvement Revenue Refunding Bonds Sponsored by: City Manager
Resolution No. 10-8078
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF OPA LOCKA, FLORIDA AUTHORIZING THE
CITY MANAGER TO REFINANCE THE CITY'S SERIES 1994
CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS
AS SERIES 2010 BONDS AND TO ISSUE SERIES 2010A
BONDS; PROVIDING FOR INCORPORATION OF
RECITALS; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Opa-locka desires to refinance the City's
Series 1994 Capital Improvement Revenue Refunding Bonds as Series 2010 Bonds and to issue
Series 2010A Bonds; and
WHEREAS, the Series 1994 Capital Improvement Revenue Bonds have an outstanding
balance; and
WHEREAS, the City Commission of the City of Opa-locka believes that, in view of
the economic market conditions, it is advisable to proceed at this time, since the savings from the
refinancing and proceeds from the new bonds will provide the City with needed funds to pay for
current capital improvement costs:
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 refinance the Series 1994 Capital Improvement Revenue Refunding Bonds as Series 2010 Bonds,
and to issue Series 2010A Bonds, upon terms to be approved by the City Commission.
Resolution No. 10-8078
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 9t'day of June, 2010.
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JOr . LLEY•
M 1 OR
Approved as to form. d legal sufficiency:
Attest to: I
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Deborah S. Ir I ' J.'eph °. Geller
City Clerk �' y At orney
Moved by: JOHNSON
Seconded by: TAYLOR
Commission Vote: 3-0
Commissioner Holmes: Out of room
Commissioner Johnson: YES
Commissioner Tydus: Not present
Vice-Mayor Taylor: YES
Mayor Kelley: YES
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Memorandum
TO: Mayor Joseph Kelley
Vice-Mayor Myra L. Taylor
Commissioner Dorothy Johnson
Commissioner Timothy Holmes
ommissioneri Rose Tydus
4.)
FROM: CCarance Patterson, City Manager
DATE: April 20,2010
RE: Request for Authorization
Request: RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA
LOCKA,FL AUTHORIZING THE CITY MANAGER TO REFINANCE THE
CITY'S SERIES 1994 CAPITAL IMPROVEMENT REVENUE REFUNDING
BOND AS SERIES 2010 BONDS AND ISSUE 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 Series 2010 Bonds. The $500,000 is budgeted to provide additional funds for capital
expenditures.
The Series 1994 Capital Improvement Revenue has an outstanding balance of $5.815
million. The Financial Adviser will develop a financing structure that will produce the
maximum financial benefit to the City.
Financial Impact: The savings from the refinancing and proceeds from the new bonds will provide the
City the needed funds to pay for some capital improvement costs in the City.
Implementation Timeline: Immediately
Legislative History: None
Recommendation(s): Staff recommends approval.
Analysis: Given the present low interest rate relative to the Series 1994 rates and with the economic
conditions of today's capital market, Staff and the Financial Advisor believe the City should
take advantage of today's market conditions.
Attachments: None
PREPARED BY: Ezekiel Orji,PhD,CPA