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<br />SUMMARY MINUTES <br />Special City Commission Meeting <br />Friday, June 5, 2009, 10:00 a.m. <br />City of Sunny Isles Beach, Florida <br /> <br />A TTENTION ALL LOBBYISTS: CITY LAW REQUIRES YOUR REGISTRATION PRIOR TO ENGAGING IN <br />LOBBYING ACTIVITIES BEFORE CITY STAFF, BOARDS, COMMITTEES OR THE CITY COMMISSION. <br />PLEASE CONTACT THE CITY CLERK FOR FORMS AND ADDITIONAL INFORMATION. <br /> <br />AGENDA <br /> <br />1. CALL TO ORDER / ROLL CALL OF MEMBERS <br />The meeting was called to order by Mayor Edelcup at 10:00 a.m. with the following officials <br />present: <br /> <br />Mayor Norman S. Edelcup <br />Vice Mayor Lewis J. Thaler <br />Comm. Roslyn Brezin <br />Commissioner Gerry Goodman <br />Commissioner George "Bud" Scholl <br /> <br />Acting City Manager Rick Conner <br />City Attorney Hans Ottinot <br />City Clerk Jane A. Hines, CMC <br />Assistant City Attorney Fernando Amuchastegui <br /> <br />Mayor Edelcup gave opening remarks of decorum. <br /> <br />2. PLEDGE OF ALLEGIANCE <br /> <br />Action: City Historian Richard C. Schulman led the Pledge of Allegiance to the flag. <br /> <br />3. ORDINANCES FOR SECOND READING (Public Hearings) <br /> <br />3A. An Ordinance of the City Commission of the City of Sunny Isles Beach, Florida, <br />Authorizing a Loan in the Principal Amount of $20,000,000 in Order to Finance the <br />Cost of Capital Expenditures to be Made by the City; Approving the Form of and <br />Authorizing the Execution by the Mayor or Vice Mayor of a Promissory Note and a Loan <br />Agreement in Substantially the Same Form Attached Hereto as Exhibit "A" with Bank of <br />America, N.A.; Providing for Severability; Providing for Repealer; Providing for an <br />Effective Date. <br />(First Reading 5/21/09) <br /> <br />Action: City Clerk Hines read the title and Assistant City Manager/Finance Doug Haag <br />reported noting that the fixed rate is 4.03% with annual payments of approximately $1.5 <br />Million. The City has pledged to repay the loan through the non ad valorem revenues of the <br />City not the property tax revenues, and the proceeds will be used for property acquisitions, <br />infrastructure projects, and park development. The next step will be to close on the loan in <br />terms of signing off on the loan documents, and the $20 Million proceeds will be disbursed <br />on Monday, June 8, 2009, and then immediately invested so we are earning interest from day <br />one until they are disbursed and spent out on the projects approved by the Commission. <br /> <br />Public Speakers: none <br /> <br />Mayor Edelcup asked how the money will be invested, and Assistant City Manager Haag <br />said that $15 Million will be invested with Smith Barney in their institutional money market <br />fund, and it will be earning at a rate of .66%. The other $5 Million will be left with Bank of <br />America which will meet the $5 Million depository requirement and will also be invested in <br />