03-22-1999 Special Meeting
City of A ventura
Citv Commission
Arthur L Snyder, Mayor
Harry Holzberg, Vice Mayor
Citv Manal!er
Eric M. Soroka
Arthur Berger
Jay R. Beskin
Ken Cohen
Jeffrey M. Perlow
Patricia Rogers-Libert
Citv Clerk
Teresa M. Smith
Citv Attornev
Weiss Serota Helfman
Pastoriza & Goedes
Special Commission Meeting
March 22, 1999 9 AM
Government Center
2999 NE 191" Street Suite 500
Aventura, Florida 33180
AGENDA
1. CALL TO ORDERlROLL CALL
2. PUBLIC HEARING - ORDINANCE - FIRST READING:
AN ORDINANCE OF THE CITY OF A VENTURA, FLORIDA,
AUTHORIZING THE NEGOTIATION OF A LOAN FROM THE
FLORIDA MUNICIPAL LOAN COUNCIL IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $21,000,000 TO FINANCE
THE PURCHASE OF REAL PROPERTY TO BE USED AS PARKS
AND RECREATION AND CITY ADMINISTRATIVE COMPLEX AND
POLICE STATION AND THE ACQUISITION, CONSTRUCTION,
EQUIPPING AND INSTALLATION OF IMPROVEMENTS TO THE
REAL PROPERTY AND THE REPAYMENT OF THE LINE OF
CREDIT DATED DECEMBER 20, 1996, WHICH LINE OF CREDIT
WAS ISSUED TO PROVIDE TEMPORARY FUNDING FOR SAID
PROJECTS; INCORPORATING THE PROVISIONS CONTAINED IN
RESOLUTION NO. 99-15 INTO THIS ORDINANCE; PROVIDING FOR
SEVERABILITY AND AN EFFECTIVE DATE.
3. ADJOURNMENT
This metting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persOllS who are disabled and who need special
accommodations to participate in this med.ing because of that disability should contad the Office of the City Clerk, 305-466-8901, not later than two
days prior to such proceeding.
Anyone wishing to appeal any decision made by the Aventura City Conunission with respect to any matter considered at such meding or hearing will
need a record of the proceedin,g:; and. for sudt/ purpose, may need to oosure that a verbatim record of the proceedin~ is made, which record includes
thetest.imony and evidence upon whidl the appeal is to be based.
Agenda items may be viewed at the Office of the City Clerk, City of Aventura Government Center, 2999 NE 19181 Street, Suite 500, Aventura,
Florida, 33180. Anyone wishing to obtain a copy of any agenda item should contact the City Clerk at 305-466-8901.
CITY OF A VENTURA
FINANCE SUPPORT SERVICES DEPARTMENT
MEMORANDUM
BY:
Eric M. Soroka, City, ge
~inance
TO:
FROM:
City Commission
DATE:
March 10, 1999
SUBJECT: Ordinance Authorizing Negotiation of Loan in the Maximum
Aggregate Amount of $21,000,000 from the Florida Municipal Loan
Council
March 22, 1999 Commission Meeting Agenda Item ~
April 6, 1999 Commission Meeting Agenda Item
Recommendation
It is recommended that the City Commission approve the attached ordinance which
authorizes the City's borrowing $21 million from the Florida Municipal Loan Council in
order to repay the Line of Credit and to pay remaining costs associated with the
Government Center complex.
Background
At the March 2, 1999 meeting, the City Commission approved Resolution No. 99-15,
authorizing the City's participation in the Florida Municipal Loan Council (The Council).
As was discussed in great detail at the March 2, 1999 meeting, the Council was
established by the Florida League of Cities to provide a mechanism to allow member
cities to borrow funds at the best rates and with lower issuance costs. Based on the
timing of our needs and the structure of the program, I recommended that we borrow
from the Council as opposed to going on our own with a financing program. That
resolution has been submitted to the League of Cities for our participation in the
Council. However, our Charter requires that any debt be authorized by Ordinance. This
ordinance fulfills that requirement.
I still believe that the Council program will offer us the lowest rates and issuance costs
available to the City. Therefore, I recommend approval of the Ordinance.
HMKlmn
FSS262-99
ORDINANCE NO. 99-
AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA,
AUTHORIZING THE NEGOTIATION OF A LOAN FROM THE FLORIDA
MUNICIPAL LOAN COUNCIL IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $21,000,000 TO FINANCE THE
PURCHASE OF REAL PROPERTY TO BE USED AS PARKS AND
RECREATION AND CITY ADMINISTRATIVE COMPLEX AND POLICE
STATION AND THE ACQUISITION, CONSTRUCTION, EQUIPPING
AND INSTALLATION OF IMPROVEMENTS TO THE REAL
PROPERTY AND THE REPAYMENT OF THE LINE OF CREDIT
DATED DECEMBER 20, 1996, WHICH LINE OF CREDIT WAS ISSUED
TO PROVIDE TEMPORARY FUNDING FOR SAID PROJECTS;
INCORPORATING THE PROVISIONS CONTAINED IN RESOLUTION
NO. 99-15 INTO THIS ORDINANCE; PROVIDING FOR SEVERABILITY
AND AN EFFECTIVE DATE.
Whereas, on March 2, 1999, the City Commission of the City of Aventura adopted
Resolution No. 99-15, which resolution authorized the City's participation in the Florida
Municipal Loan Council; and
Whereas, Resolution No. 99-15 established the maximum loan value not to
exceed $21,000,000 for acquisition, construction and erection of certain capital projects;
and
Whereas, Section 4.03 (6) of the Charter of the City of Aventura requires that the
borrowing of money be authorized by Ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, AS FOLLOWS:
Section 1 This ordinance is adopted pursuant to Chapter 166, Florida Statutes
and the Charter of the City of Aventura.
Section 2 Pursuant to Section 4.06 of the Charter of the City of Aventura, the
negotiation of a loan with the Florida Municipal Loan Council in an aggregate amount not
to exceed $21,000,000 for the acquisition and erection of those improvements
enumerated in Section 4 below is hereby authorized.
Ordinance No. 99-_
Page 2
Section 3 The provisions of Resolution No. 99-15 are incorporated herein as if set
forth at length hereafter.
Section 4 The proceeds of the loan may only be used to pay costs of the project
which include:
A. Land Acquisition. The purchase of real property within the City of Aventura,
Florida (the "City") to be used for municipal purposes such as (1) parks and
recreation and (2) the location of other City facilities including, without limitation,
a City administrative complex and police station.
B. Buildings and other improvements. The acquisition, construction, equipping
and installation of improvements on or to the real property described above
including, without limitation, municipal parks and City government and police
facilities.
C. For the repayment of the Line of Credit pursuant to the Line of Credit (Revenue
Note) dated December 20, 1996, which line of credit was used to provide
temporary funding for the projects enumerated in A and B, above.
Section 5. Severabilitv. The provisions of this Ordinance are declared to be
severable and if any section, sentence, clause, and phrase of this Ordinance shall for any
reason be held to be invalid or unconstitutional, such decision shall not affect the validity
of the remaining sections, sentences, clauses, and phrases of this Ordinance but they
shall remain in effect, it being the legislative intent that this Ordinance shall stand
notwithstanding the invalidity of any part. This Ordinance shall take precedence over any
other ordinance or resolution of the City to the extent of any conflict or inconsistency
therewith.
Section 6. Effective Date. This Ordinance shall be effective upon adoption on
second reading.
The foregoing Ordinance was offered by Commissioner
who moved its adoption on first reading. this motion was seconded by Commissioner
, and upon being put to a vote, the vote was as follows:
Ordinance No. 99-
Page 3
Commissioner Arthur Berger
Commissioner Jay R. Beskin
Commissioner Ken Cohen
Commissioner Jeffrey M. Perlow
Commissioner Patricia Rogers-Libert
Vice Mayor Harry Holzberg
Mayor Arthur I. Snyder
The foregoing Ordinance was offered by Commissioner
who moved its adoption on second reading. This motion was seconded by
Commissioner , and upon being put to a vote was as follows:
Commissioner Arthur Berger
Commissioner Jay R. Beskin
Commissioner Ken Cohen
Commissioner Harry Holzberg
Commissioner Jeffrey M. Perlow
Commissioner Patricia Rogers-Libert
Mayor Arthur I. Snyder
PASSED AND ADOPTED on first reading this 22nd day of March, 1999
PASSED AND ADOPTED on second reading this 6th day of April, 1999.
ARTHURI.SNYDER,MAYOR
ATTEST:
TERESA M. SMITH, CMC, CITY CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
CITY ATTORNEY