R-0821-87 RESOLUTION NO. 821-87
RESOLUTION AUTHORIZING AND DIRECTING THE PROPER
OFFICIALS OF THE VILLAGE OF MIAMI SHORES TO ENTER
INTO A MASTER LEASE AGREEMENT WITH FISCAL FUNDING
COMPANY OF FLORIDA; AUTHORIZING RENT PAYMENTS
FROM APPROPRIATE MONIES; PLEDGED OF LEASE EQUIPMENT;
DESIGNATION AS QUALIFIED TAX-EXEMPT OBLIGATION;
REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT; EFFECTIVE DATE.
WHEREAS, the City Commission of the Village of Miami Shores
has heretofore on August 4, 1987 authorized the City Manager to
negotiate a master lease with Fiscal Funding Company of Florida
for the use as shown on attached; and
WHEREAS, the attached master lease agreement is authorized by
and approved by the Village Council; and
WHEREAS, no rent payment shall be construed as a debt of the
City nor constitute a pledge of general tax revenues , funds, or
monies of the Village, except as provided annually in the budget
°
of the Village and appropriated for said purposes ; and
r
WHEREAS, pursuant to Section 265(b) (3) (B) (ii ) of the •°'
Internal Revenue Code of 1986 %the Code) , the Village hereby
specifically designates the Lease as a "qualified tax exempt
obligation" for purposes of Section 265 (b) (3) of the Code . In
compliance with Section 265 (b) (3) (D) of the Code , the Village
hereby represents that the Village will not designate more than
$10 , 000 , 000 of obligations issued by the Village in the calendar
year during which the Lease is executed and delivered as such
"qualified tax-exempt obligations" ; and
WHEREAS, in compliance with the requirements of Section 265(b)
(3) (C) of the Code , the Village hereby represents that the
Village reasonably anticipates not to issue in the calendar year
during which the Lease is executied and delivered, obligations
bearing interest exempt from federal income taxation under
Section 103 of the Code (other than "private activity bonds" as
defined in Sect-an 141 of the Code) in an akrount greater than
$5, 000 , 000 .
NOW, THEREFORE, THE VILLAGE COUNCIL OF THE VILLAGE OF MIAMI
SHORES HEREBY ORDAINS:
Section 1 : That the proper officials of the Village be and
they are hereby directed to enter into the attached master lease
agreement with Fiscal Funding Company of Florida.
Section 2: That the proper officials be and they are
directed to make rent payments according to the terms of the
agreement from monies appropriated, therefore in the annual
budget of the Village.
Section 3: That all resolutions or part of resolutions be
and the same are hereby repealed insofar as they are in conflict.
Section 4: That this resolution shall take effect in the
manners provided by law.
PASSED and ADOPTED this 1s_t day f , 1987.
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ATTEST: APPROVED AS TO FORM:
Ville erk i11age t rney