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<br />Summary Minutes: Regular City Commission Meeting September 15,2011 <br /> <br />City of Sunny Isles Beach, Rorida <br /> <br />12. DISCUSSION ITEMS <br /> <br />12A. Discussion on Obtaining a Bank Qualified Loan to Refund the 2001A Series Florida <br />Municipal Loan Council Revenue Bond and Obtain New Monies for Financing <br />Approved Projects, in an Amount of $10 Million. <br /> <br />Action: Assistant City Manager/Finance Minai Shah reported that staff is looking for <br />direction to proceed in refunding the 2001A Municipal Revenue Bond which the City <br />acquired in 2001 for about $10.3 Million. After the November 1, 2011 payment the <br />remaining balance is about $7.6 Million. Currently the interest we are paying ranges from <br />4.75% to 5.25% and so the effective rate is about 4.99%. As of right now the Bank has said <br />that the estimated interest rate would be about 3.3% and so there would be an annual interest <br />savings of$75,000 with the life of the loan savings of about $1 Million. We are also looking <br />to attain additional proceeds from the refinancing. The City is able to take out up to $10 <br />Million in tax exempt bond proceeds. After the $7.75 Million refunding, we have about <br />$2.25 Million available to take out, the additional debt service cost for the additional monies <br />would be about $196,000 less the $75,000 tax savings, our additional impact and debt service <br />would be about $122,000. <br /> <br />Commissioner Gatto moved and Commissioner Scholl seconded a motion for staff to move <br />forward. The motion was approved by a voice vote of 5-0 in favor. <br /> <br />13. CITIZENS' FORUM: REQUESTS, PETITIONS & OTHER COMMUNICATIONS <br /> <br />13A. Ellis Beyda said the Commission is doing a good job with getting rid of the red light <br />cameras, and in bringing in more parks and events. He wanted to remind the Commission <br />about the Skateboard Park that it is noisy, and when the Commission is ready to address it <br />because they are breaking the noise pollution law, and they have a loud speaker as well. <br /> <br />13B. Discussion by Jeniffer Viscarra, Marc Mogil, and Sharon Elster concerning the protocol and <br />procedures for the resignation of a Commissioner. Marc Mogil noted that he sent a letter to <br />Governor Rick Scott concerning this. <br /> <br />14. ADJOURNMENT <br /> <br />Mayor Edelcup adjourned the meeting at 7:45 p.m. <br /> <br />.) ') <br /> <br />." <br /> <br />" <br />.' ,'; <br />~ .., --... J .. <br />10 ".; <br /> <br /> <br />Re.spectfully submitted by: <br /> <br />...~~L <br />... . <br />. JaneA. Hines, CMC, City Clerk <br />.' ~ <br /> <br />19 <br />