2010-47RESOLUTION NO. 2010-47
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA, ESTABLISHING A RANKING OF FIRMS TO
PROVIDE THE CITY WITH A LOAN NOT TO EXCEED $16,500,000 IN
AGGREGATE PRINCIPAL AMOUNT OF OBLIGATIONS OF THE CITY
TO REFINANCE THE ACQUISITION AND CONSTRUCTION OF
VARIOUS CAPITAL IMPROVEMENTS AND TO PAY COSTS AND
EXPENSES OF ISSUING SUCH OBLIGATIONS; AUTHORIZING THE
CITY MANAGER OF THE CITY OF AVENTURA, FLORIDA OR HIS
DESIGNEE ON BEHALF OF SAID CITY TO NEGOTIATE FOR SAID
SERVICES; AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE
TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS
RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Aventura, in accordance with its Charter and applicable
State law, has requested proposals for the purpose of selecting a firm to provide anot-
to-exceed $16,500,000 Bank-Qualified Loan (evidenced by a single bond) to finance
the cost of refunding the City's portion of the outstanding Florida Municipal Loan
Council Revenue Bonds, Series 1999 ($16,280,000 outstanding). This Loan will be
secured by a Covenant to Budget and Appropriate from legally available Non-Ad
Valorem revenues; and
WHEREAS, said proposals were evaluated by the City's Financial Advisor -
Dunlap & Associates, Inc.; and
WHEREAS, said Financial Advisor recommends the ranking of the five firms,
based on the following factors: ability to provide the type and quality of services
requested in the proposal; approved rate or rates of interest, as applicable; prior
experience servicing local governments; references and additional fees; and
WHEREAS, the City Commission desires to authorize the City Manger or his
Designee to negotiate rate or rates of interest and associated fees with the top ranked
Resolution No. 2010-47
Page 2
firm and with the alternate firm(s), should negotiations with the top ranked firm be
unsuccessful.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, THAT:
Section 1. The ranking of firms to refinance the City's portion of the outstanding
Florida Municipal Loan Council Revenue Bonds, Series 1999 are:
1) Bank of America/Merrill Lynch
2) BB&T
3) TD
4) Chase
5) SunTrust
Section 2. The firms have been rated on the basis of their ability to provide the
type and quality of services requested in the proposal; approved rate or rates of
interest, as applicable; prior experience servicing local governments; references and
additional fees.
Section 3. In the event the City is unable to come to favorable terms and fees
with the top ranked firm, the City Manager or his Designee is hereby authorized to
negotiate fees with the alternate firms.
Section 4. The City Manager or his Designee is hereby authorized and
requested to take all necessary and expedient action to carry out the aims of this
resolution.
Section 5. This Resolution shall become effective immediately upon its
adoption.
The foregoing Resolution was offered by Commissioner Joel, who moved its
adoption. The motion was seconded by Commissioner Holzberg, and upon being put
to a vote, the vote was as follows:
Commissioner Zev Auerbach yes
Commissioner Bob Diamond yes
Commissioner Teri Holzberg yes
Commissioner Billy Joel yes
Commissioner Luz Urbaez Weinberg yes
Vice Mayor Michael Stern yes
Mayor Susan Gottlieb yes
Resolution No. 2010- L/ 1
Page 3
PASSED AND ADOPTED this yth day of Septe
APPROVED AS TO LEGAL S~CIENCY:
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CITY ATTORNEY