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SUMMARY MINUTES <br />Special City Commission Meeting <br />Wednesday, November 9, 2011, 3:00 p.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 3 :00 p.m. with the following officials <br />present: <br /> <br />Mayor Norman S. Edelcup <br />Vice Mayor Lewis J. Thaler <br />Commissioner Isaac Aelion <br />Commissioner Jeanette Gatto <br />Commissioner George "Bud" Scholl <br /> <br />City Manager Alan J. Cohen <br />City Attorney Hans Ottinot <br />City Clerk Jane A. Hines, CMC <br />Assistant City Attorney Fernando Amuchastegui <br /> <br />2. PLEDGE OF ALLEGIANCE <br />Action: City Historian Richard C. Schulman led the Pledge of Allegiance to the flag. <br /> <br />Mayor Edelcup gave opening remarks and noted that Item 4B regarding the Library Interlocal <br />Agreement is being deferred to the November 17, 2011 City Commission meeting, and Item <br />4D is a Resolution removing the Use Restriction imposed on TDRs owned by Fort Apache <br />Marina and is being added to the agenda. <br /> <br />Vice Mayor Thaler moved and Commissiorier Scholl seconded a motion to approve the <br />above changes to the agenda. The motion was approved by a voice vote of 5-0 in favor. <br /> <br />3. ORDINANCES FOR SECOND READING (Public Hearings) <br /> <br />3A. An Ordinance of the City Commission ofthe 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 "B"; Providing for <br />Severability; Providing for Repealer; Providing for an Effective Date. <br />(First Reading 1 0/20/11) <br /> <br />Action: City Clerk Hines read the title, and Assistant City Manager/Finance 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 5%. The new bond will be at 2.38% and we will recognize approximately $127,000 <br />savings per year on the refunding, and for the life of that bond it would be a savings of $1.9 <br />Million. The remaining proceeds will be used to fund the improvements to the parks as well <br />as partial payment for the building of the municipal parking garage. <br /> <br />Public Speakers: None <br />