HomeMy WebLinkAbout2010-162-1344 - Master Lease Program - City hall
1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 City of Miami Gardens Agenda Cover Memo Council Meeting Date: September 22, 2010 Item Type: (Enter X in box) Resolution
Ordinance Other x Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading x Public Hearing: (Enter X in box) Yes No Yes No Funding Source:
This is the funding source for City Hall Advertising Requirement: (Enter X in box) Yes No Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: x Sponsor Name Danny Crew Department:
City Manager Short Title: A RESOLUTION OF THE CITY OF MIAMI GARDENS, FLORIDA, AUTHORIZING THE FINANCING OF CERTAIN OF ITS CAPITAL NEEDS THROUGH A MASTER LEASE PROGRAM AND IN CONNECTION
THEREWITH AUTHORIZING EXECUTION OF A MASTER LEASE PURCHASE AGREEMENT AND APPROVING THE FORM OF A MASTER TRUST AGREEMENT AND APPOINTING A TRUSTEE THEREUNDER; AUTHORIZING THE NEGOTIATED
SALE OF CERTIFICATES OF PARTICIPATION, SERIES 2010A IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $55,000,000, TO BE ISSUED AS BUILD AMERICA BONDS OR CONVENTIONAL TAX-EXEMPT CERTIFICATES
OR A COMBINATION OF BUILD AMERICA BONDS AND CONVENTIONAL TAX-EXEMPT CERTIFICATES, AND AUTHORIZING EXECUTION AND DELIVERY OF A CERTIFICATE PURCHASE CONTRACT FOR THE SERIES 2010A CERTIFICATES;
AND IN CONNECTION THEREWITH AUTHORIZING EXECUTION OF SCHEDULE 2010A TO THE MASTER LEASE PURCHASE AGREEMENT, A SERIES 2010A GROUND LEASE, AND A CONTINUING DISCLOSURE CERTIFICATE; APPROVING
THE FORM OF A SERIES 2010A SUPPLEMENTAL TRUST AGREEMENT AND A SERIES 2010A ASSIGNMENT AGREEMENT; APPROVING THE FORM OF A PRELIMINARY OFFERING STATEMENT AND AUTHORIZING ITS DISTRIBUTION
AND USE IN CONNECTION WITH THE OFFERING FOR SALE OF THE SERIES 2010A CERTIFICATES; AUTHORIZING EXECUTION AND DELIVERY OF A FINAL OFFERING STATEMENT FOR THE SERIES 2010A CERTIFICATES;
PROVIDING CERTAIN COVENANTS AND OTHER REQUIREMENTS; AUTHORIZING THE ACCEPTANCE OF A COMMITMENT FOR THE ISSUANCE OF A MUNICIPAL BOND INSURANCE POLICY SECURING THE SERIES 2010A CERTIFICATES;
AUTHORIZING INCIDENTAL ACTIONS; AND PROVIDING FOR AN EFFECTIVE DATE. ITEM K-2) RESOLUTION New City Hall Project Item
1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 Staff Summary: Attached is the City’s master lease purchase agreement establishing the terms and conditions for
the city hall and its associated financing. Terms are still as we discussed using of $55 million in certificates-of-participation, either traditional or Build America Bonds or a combination
based on the City’s lowest borrowing rate as of the date of sale. Recommendation: That City Council approve the resolution and authorize the financing go forward. . Attachment: Master
Lease and its attachments