HomeMy WebLinkAboutSEOPW-CRA-R-01-0007ITEM 12
RESOLUTION NO. 0 1 - 0
A RESOLUTION OF THE SOUTHEAST OVERTOWN / PARK
WEST COMMUNITY REDEVELOPMENT AGENCY (CPA)
AUTHORIZING THE CITY OF MIAMI (THE "CITY"),
AS THE FIDUCIARY OF THE CRA REDEVELOPMENT
TRUST FUND, TO TRANSFER ANNUAL CRA PLEDGED
TAX INCREMENT REVENUES AND CITY OF MIAMI (THE
"CITY") GUARANTEED ENTITLEMENT FUNDS OF
$300,000 TO THE BANK OF NEW YORK TRUSTEE OF
THE CITY/CRA COMMUNITY REDEVELOPMENT 1990
SERIES BOND ISSUE (THE "1990 BONDS") FOR
PAYMENT OF DEBT SERVICE DUE IN THE YEAR 2001
WHEREAS, The City of Miami Florida ("the City") and CRA
issued the 1990 Bonds in the amount of $11,500,000 to finance the
cost of land acquisition, clearing and improvement of certain
properties of the SEO/PW CRA redevelopment plan Phase I
Development Program set forth in the County Interlocal Agreement
between the City/CRA and the Miami -Dade County, and to finance
repayment of a HUD Section 108 Loan and certain infrastructure
improvements in the redevelopment area, in accordance with the
CRA redevelopment plan and the Community Redevelopment Act of
1969 (the "Act") ; and
WHEREAS, The debt service of the payment due on said 1990
Series Bond Issue during the 2001 calendar year is $356,600; and
WHEREAS, According to the 1990 Series Bond Issue indentured
and related Official Statement the CPA and the City are
responsible for depositing the CRA pledged 2000 year tax
increment revenue and pledged City Guaranteed Entitlement fund
totaling $300,000 as set forth the Official Statement and (Bond
Indenture of the 1990 Series Bond Issue); and
WHEREAS, The City of Miami, pursuant to City/CRA Interlocal
Agreement dated November 8, 1990, is the fiduciary, of the CRA
redevelopment trust fund for implementing the CRA redevelopment
plan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOUTHEAST OVERTOWN / PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to the Resolution of incorporation as if fully set forth
in this Section.
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Section 2. The City of Miami is authorized to transfer
the CRA year 2000 pledged tax increment revenues and annual
pledged City Guaranteed Entitlement funds deposited in the CRA
redevelopment trust fund, to the 1990 Series Bond Indenture
Trustee revenue fund for payment of debit service to the bond
owners and any reserve accounts, or reserve product requirements
of the Bond Indenture to the CRA Redevelopment Trust Fund for any
legal purposes of the CRA redevelopment plan and no other
purpose.
Section 3. This resolution of the Board of Directors
applies to all future transfers of tax increment revenues and
Entitlement Guanteed funds to the 1990 Series Bond Trustee since
the transfer is an annual contract responsibility of the City
Finance Department as set forth in the City and CRA Interlocal
Agreement dated November 8, 1990 and therefore the mandatory
transfer does not require an annual approval of the Board of
Directors.
Section 4. The resolution shall be effective upon its
adoption.
PASSED AND ADOPTED this 26 day of February 26, 2001.
Art ur E. Teele,"Jmf., Chairperson
CITY CLERK
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CITY OF MIAMI, FLORIDA
® INTER -OFFICE MEMORANDUM
TO: Chairman Teele and
Members of the CRA Board
FROM: Dipak M. Parekh
Executive Director
RECOMMENDATION
DATE: February 20, 2001 FILE:
SUBJECT: payment of the 1990 Series Bond
Issue Debt Service for the Performing
REFERENCES: 1990 Series Bond Issue Indenture
and Official Statement
ENCLOSURES:
It is respectfully recommended that the Board of Directors of the Southeast Overtown/Park West
Community Redevelopment Agency (the SEO/PW CRA or "CRA") adopt the attached Resolution of the
CRA that authorizes the City of Miami Finance Department, as the fiduciary of the redevelopment trust
fund of the CRA, to transfer year 2000 pledged tax increment funds of the CRA and year 2001 City
• pledged Guaranteed Entitlement funds (deposited in the CRA redevelopment trust fund by the City and
•
CRA) for the payment of the year 2001 debt service and any reserve account or reserve product
requirement for the year 2001 to the trustee of the $11,500,000 City of Miami Florida Community
Redevelopment Revenues Bonds Series 1990 (lthe Series Bond Issue).
BACKGROUND
The City of Miami Resolution No. 90-871 supplementing Resolution No. 90-0196 authorized
issuance of Community Redevelopment Revenue Bonds Series 1990 (the 1990 Series Bonds) in
the aggregate principal amount of $1,500,000 to finance the cost of acquisition and improvement
for redevelopment purposes of the Phase I Development Program of the redevelopment plan and
related DRI Redevelopment Order, agreed to by the City and Miami -Dade County in their March
13, 1983 Interlocal Agreement pursuant to resolutions of the County and the City. The 1990 Series
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• Bonds where also issued for the purposes of the repayment of a loan made to the City by the
United States Department of Housing and Urban Development (the HUD Section 108 Loan).
•
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The issuance of the 1990 Series Bonds, under the Internal Revenue Code of 1986, as amended and
a City and CRA Interlocal Agreement dated November 8, 1990, is financed by pledged CRA Tax
Increment revenues and pledged City Guaranteed Entitlement funds.
According the attached Resolution authorizes the CRA and the City Finance Department, as the
fiduciary of the CRA redevelopment trust fund, to transfer the pledged revenues form the
redevelopment trust fund of the CRA to the Bank of New York Trustee of the 1990 Series Bonds
Indenture and Official Statement of the City of Miami.
The Miami -Dade County, as required by the City and County Interlocal Agreement dated March
13, 1983, approved the issuance of the 1990 Bond Series.
Funding Source: Pledged Tax Increment Revenues and Guaranteed Entitlement funds of the City
Account Number: Encumbered in Redevelopment Trust Fund for Transfer as required by the 1990 Series
Bond Issues
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