HomeMy WebLinkAboutR-2016-001 Requesting approval for bid advertisement for refunding of the City's General Obligation Bonds, series 2010; providing for conflicts; further, providing for an effective date (2) RESOLUTION NO. 2016-001
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, REQUESTING APPROVAL FROM THE CITY
COMMISSION OF THE CITY OF DANIA BEACH FOR BID
ADVERTISEMENT FOR REFUNDING OF THE CITY'S GENERAL
OBLIGATION BONDS, SERIES 2010; PROVIDING FOR CONFLICTS;
FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, in May 2010, the City Commission approved funding in the amount of
$3,500,000.00 through General Obligation Bonds, Series 2010 to finance a portion of a parking
garage, and entry roadway related to the downtown library facility; and
WHEREAS, the City currently has a $2,795,000.00 outstanding principal balance with a
remaining ten(10) years payment schedule at 4.43%; and
WHEREAS, the City's financial advisor Dunlap & Associates, Inc. has reviewed the
current debt obligation and has determined the current market is optimal for refinancing this debt
and is recommending the Bonds be refunded by means of a bank loan;
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the above "Whereas" clauses are true and correct, and they are made
a part of and are incorporated into this Resolution by this reference.
Section 2. That the City Administration is authorized to proceed with advertisement
to refund the General Obligation Bonds, Series 2010.
Section 3. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 4. That this Resolution shall be in force and take effect immediately upon its
passage and adoption.
PASSED AND ADOPTED on January 12, 2016.
rS FIRST C�pY
ATTEST:
LOUISE STILSON, CMC SALVINO, SR.
CITY CLERK �' A� ` MAYOR
APPROVED AS TO F RM D CORRECTNESS
rl r-"�
THOM J. AN RO
CITY ATTORN Y
2 RESOLUTION#2016-001