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<br />- - -- - ------ --- <br /> <br />- -- -. - - <br /> <br />Summary Minutes: Regular City Commission Meeting October 20, 2011 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />5. SPECIAL PRESENT A TIONS <br /> <br />SA. City Commission Employee Recognition Program: Certificates of Appreciation to be <br />presented to the following City Employees: Alayne Yeash, Francesca Pellot, Tony Payne, <br />and Rob Williamson for going above and beyond the call of duty. <br />Action: Mayor Edelcup reported that these employees went above and beyond their call of <br />duty in the performance of their duties, and the City Commission presented the Certificates <br />of Appreciation and noted that each recipient will receive a $100 check. They will also be <br />recognized at an employee annual luncheon on December 20, 2011. <br /> <br />5B. Certificate of Appreciation to be presented to Alvaro Minor for donating his time and talents <br />working pro bono for the City's Summer Camp 2011. <br />Action: Mayor Edelcup presented the Certificate of Appreciation to Alvaro Minor. <br /> <br />6. ZONING <br />None <br /> <br />7. ORDINANCES FOR FIRST READING <br /> <br />7 A. An Ordinance ofthe City Commission of the City of Sunny Isles Beach, Florida, Authorizing <br />the Issuance of Not Exceeding $10 Million of Capital Improvement Revenue and <br />Revenue Refunding Bonds of the City of Sunny Isles Beach, Florida; Approving a Loan <br />Agreement in Respect of Said Bonds; Authorizing the Execution and Delivery of the Loan <br />Agreement in Substantially the Same Form Attached Hereto as Exhibit "A"; Providing for <br />Severability; Providing for Repealer; Providing for an Effective Date. <br />Action: City Clerk Hines read the title, and Assistant City ManagerlFinance MinaI Shah <br />reported this ordinance allows the City to issue $10 Million in revenue bonds of which <br />$7.575 Million will be used to refund existing bonds currently being paid at an interest rate <br />of 4.99%. The new bond will be at 2.38% and we will recognize approximately $127,000 <br />annual savings on the refunding. The additional balance will cost the City about $197,000 <br />and an additional debt service annually of about $60,000. <br /> <br />Public Speakers: none <br /> <br />Mayor Edelcup said we are refunding money at 5% for money at 2.38%, more than 50% less <br />than what we originally sold bonds for in 2001, and it is a tribute to the financial stability of <br />our City that we had many banks interested in bidding for our bonds. The tax payers of this <br />City are the beneficiaries of this tremendous savings. He thanked Assistant City Manager <br />Shah and her staff for going out and researching the refunding ofthese bonds and saving the <br />City money each and every year for the next 15 years for a total savings of $1.89 Million. <br /> <br />Commissioner Scholl moved and Commissioner Gatto seconded a motion to approve the <br />proposed ordinance on first reading. The motion was approved by a roll call vote of 5- <br />o in favor. Second reading, public hearing will be held at a Special Commission <br />Meeting on Wednesday, November 9, 2011, at 3:00 p.m. <br />Vote: Commissioner Aelion yes <br />Commissioner Gatto yes <br />Commissioner Scholl yes <br />Vice Mayor Thaler ~ <br />Mayor Ede1cup yes <br /> <br />2 <br />