HomeMy WebLinkAboutR-2013-023 Authorized the Issuance not to Exceed $2,400,000.00 Taxable Marina Revenue Bonds to SunTrust Bank for Financing the Marina Project RESOLUTION NO. 2013-023
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$2,400,000.00 TAXABLE MARINA REVENUE BONDS OF THE CITY OF
DANIA BEACH, FLORIDA FOR THE PURPOSE OF REHABILITATING THE
DANIA BEACH MUNICIPAL MARINA; APPROVING SUNTRUST BANK
AS THE MOST RESPONSIVE AND RESPONSIBLE RESPONDER TO THE
CITY'S REQUEST FOR PROPOSALS FOR FINANCING OF THE PROJECT;
AUTHORIZING THE CITY MANAGER AND OTHER OFFICERS TO TAKE
ALL NECESSARY STEPS TO PREPARE AND EXECUTE FINAL BOND
AND LOAN DOCUMENTS; PROVIDING FOR CREATION AND FUNDING
APPROPRIATION OF A MARINA ENTERPRISE FUND; PROVIDING FOR
CONFLICTS; FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on June 26, 2012, the City Commission (the "Commission") of the City of
Dania Beach, Florida ("City"), adopted Ordinance No. 2012-013 authorizing the expenditure of
funds for the purpose of rehabilitating the Dania Beach Municipal Marina(the"Project"); and
WHEREAS, the Commission desires to authorize the issuance of not exceeding
$2,400,000.00 taxable revenue bonds for the purpose of financing a portion of the costs of the
Project and paying costs of issuance of the bonds: and
WHEREAS, on February 1, 2013, loan proposals were received from two banks as
follows:
• SunTrust Bank
• JP Morgan Chase Bank,N.A.; and
WHEREAS, the City's financial consultant and Finance Director recommend
Commission approval for award of the bonds and the financing proposal bid to the most
responsive and responsible bidder- SunTrust Bank(the "Bank");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the foregoing findings are incorporated by reference and made a part
of this Resolution.
Section 2. That in accordance with the provisions of the Charter of the City and
Chapter 166, Florida Statutes, there is authorized to be issued Taxable.Marina Revenue Bonds
(the "Bonds") of the City, in an aggregate principal amount not to exceed $2,400,000.00, for the
purpose of financing a portion of the costs of the Project and paying costs of issuance of the
Bonds. The Bonds shall be designated "City of Dania Beach, Florida Taxable Marina Revenue
Bonds, Series 2013". The details of the Bonds and the other provisions of the financing shall be
set forth in a Loan Agreement with the Bank(the"Loan Agreement").
Section 3. That the City Commission finds that the most responsive and responsible
bidder is SunTrust Bank and awards the Bonds and the loan financing bid to that organization.
Section 4. That appropriate City Officials, including but not limited to the City
Manager, Mayor, City Clerk, Finance Director and City Attorney, are authorized and directed to
execute necessary Bond and loan documents, including a Loan Agreement, that are in
compliance with the City's bid solicitation and the bid response, subject to approval by the City
Attorney.
Section 5. That costs incurred to obtain and implement this loan financing will be
paid from the City's net loan proceeds.
Section 6. That based upon the uncertainty of the interest rate environment if sale of
the Bonds is delayed, the City determines the necessity for a negotiated sale of the Bonds. Prior
to the final delivery of the Bonds to the Bank, the City will require that it be provided all
applicable disclosure information required by Section 218.385, Florida Statutes. The negotiated
sale of the Bonds to the Bank is approved at a purchase price of par.
Section 7. That the City Commission creates and establishes a Marina Enterprise
Fund to capture all revenues, transfers and loan proceeds and to pay all costs pertaining to the
City Marina including repayment of the Bonds and the loan effective immediately; and further
authorizes and directs that remaining budget appropriations in the City's existing General Marina
Fund be transferred to this newly created Marina Enterprise Fund for use during the remainder of
the fiscal year.
Section 8. That all resolutions or parts of resolutions in conflict with any of the
provisions of this Resolution are repealed.
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Section 9. That this Resolution shall become effective immediately upon its passage
and adoption.
PASSED AND ADOPTED F 2 2 1 SSon February 6, 0 3.
ATTEST:
LOUISE STILSON, CMC TER B. DUKE, III
CITY CLERK MAYOR
APPROVED AS TO FO AN CORRECTNESS:r) /II -i
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