HomeMy WebLinkAboutO-12062J-01-308
4/18/01
ORDINANCE NO. 12062
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING
CHAPTER 18 OF THE CODE OF THE CITY OF MIAMI,
FLORIDA, AS AMENDED, TO CREATE AND ESTABLISH THE
CITY OF MIAMI ECONOMIC DEVELOPMENT FINANCING
AUTHORITY; PROVIDING FOR DEFINITIONS, MEMBERSHIP,
POWERS AND DUTIES; PROVIDING FOR ISSUANCE OF REVENUE
BONDS AND OTHER FORMS OF INDEBTEDNESS TO FINANCE THE.
COSTS OF QUALIFYING PROJECTS; PROVIDING FOR SUCH
INDEBTEDNESS FROM' REVENUES DERIVED FROM SUCH
PROJECTS AND OTHER LEGALLY AVAILABLE REVENUES;
PROVIDING FOR THE FORM AND SALE OF SUCH
INDEBTEDNESS; PROVIDING FOR THE TERMS OF SUCH
INDEBTEDNESS AND TRUST INDENTURES AND OTHER
AGREEMENTS SECURING SUCH DEBT; PROVIDING FOR THE
VALIDATION OF SUCH DEBT; PROVIDING FOR CERTAIN
REMEDIES WITH RESPECT TO SUCH INDEBTEDNESS;
PROVIDING LIMITATIONS OF LIABILITY FOR SUCH
AUTHORITY; PROVIDING FOR INTERLOCAL COOPERATION
THROUGH INTERLOCAL AGREEMENTS; PROVIDING FOR
PERMITTED INVESTMENTS OF SUCH AUTHORITY; PROVIDING
FOR FINANCING GOVERNMENTAL BORROWING; PROVIDING FOR
COMMUNITY REDEVELOPMENT FINANCING, PROVIDING FOR
INDUSTRIAL DEVELOPMENT FINANCING;. PROVIDING FOR
HEALTH CARE FINANCING; PROVIDING FOR SPECIAL
ASSESSMENT FINANCING, PROVIDING FOR BOND
ANTICIPATION NOTES; PROVIDING THAT"SUCH INDEBTEDNESS
MAY BE TAXABLE OR TAX EXEMPT; MORE PARTICULARLY BY
ADDING NEW ARTICLE X TO SAID CHAPTER; MAKING
FINDINGS; CONTAINING A REPEALER PROVISION AND
PROVIDING FOR A SEVERABILITY CLAUSE AND AN EFFECTIVE
DATE.
WHEREAS, additional financing for construction,
rehabilitation, improvements and equipment in connection with
several proposed and necessary projects within the City of. Miami
is required; and
Ll
WHEREAS, the creation of an Economic Development Financing
Authority will enhance the City's ability to obtain financing
for such projects;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF MIAMI, FLORIDA:
Section 1. . The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. It is found, determined and declared that:
(a) Pursuant to Article VIII, Section 2, of the
Constitution of the State of Florida and Chapter 166, Florida
Statutes, as amended, the City Commission of the City of Miami
has all home rule powers of local self-government including all
governmental, corporate and propriety powers to enable the City
to conduct municipal government, to perform municipal functions,
to render municipal services, to exercise any power for municipal
purposes except as provided by law, to exercise extra -territorial
powers, and to exercise such powers by the passage of this
Ordinance.
(b) Within this City, there is a demand for Anticipation
Financing (as hereinafter defined) for the acquisition,
construction, rehabilitation, improvement and equipping of
Qualifying Projects (as hereinafter defined), including
infrastructure, administrative facilities, community
redevelopment, industrial development and health care facilities,
and there is a shortage of readily available capital for
investment in Qualifying Projects. This shortage constitutes a
threat to the health, safety and welfare of this City, deprives.
this City of an adequate tax base, and causes this City to make
excessive expenditures for crime prevention and control, public
health., welfare and safety, fire and accident protection, and
other public services and facilities.
(c) Such demand cannot be met and such shortage cannot be
relieved except through the encouragement of investment by both
public and private enterprise and by the stimulation of the
acquisition, construction, rehabilitation, improvement and
equipping of Qualifying Projects through the use of public
financing.
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(d) The financing.. and refinancing of the acquisition,
construction, rehabilitati,on,� improvement and equipping of
Qualifying Projects, and of.the real and personal property and
other facilities necessary, incidental and appurtenant thereto
are public uses and purposes for which public money may be spent,
advanced, loaned or granted as contemplated by this Ordinance and
are municipal and governmental functions of public concern.
(e) The Congress of the United States has, by the enactment
of the Internal Revenue Code of 1986, and by amendments thereto,
and by other"legislative enactments and regulatory promulgations,
provided that, under certain circumstances,. Qualifying Projects
may be assisted and enhanced by the provision of income tax
credits, deductions and incentives, and that certain Qualifying
Projects may be financed and refinanced by means of obligations
issued by any state or local government unit or constituted
authority, the interest on which obligations is excludible from
gross income for federal income tax purposes, and has thereby
provided methods to aid state and local. governmental units and
constituted authorities to provide assistance to meet the need
for Qualifying Projects.
(f) To further the purposes of this Ordinance the City
desires to create the Authority herein established as a dependent
special district of the City pursuant to the Constitution of the
State of Florida and Chapters 166 and 189, Florida Statutes, as
amended, and the Charter of the City.
Section 3.
Chapter 18
of
the Code
of the City
of Miami,
Florida, entitled
"Finance,"
is
further
amended to
add new
Article X, entitled "THE CITY OF MIAMI ECONOMIC DEVELOPMENT
FINANCING AUTHORITY," in the following particulars:!/
"Chapter 18
FINANCE
Ji Words and/or figures stricken through shall be deleted. Underscored
words and/or figures shall be added. The remaining provisions are now
in effect and remain unchanged. Asterisks indicate omitted and
unchanged material.
Page 3 of 22
C
ARTICLE X. ECONOMIC DEVELOPMENT FINANCING AUTHORITY
DIVISION 1. GENERALLY
Sec . 18 - (to be codified) . Definitions.
For the purposes of this Article, the following
words and phrases shall have the following meanings,
unless some other meaning is plainly intended:
"Anticipation Financing" shall mean the funding of
cash flow shortages within any fiscal year when
budgeted revenues are not received in sufficient time
to pay, when due, the costs of budgeted expenditures.
"Authority" shall mean the Authority created under
this Ordinance.
"Area of Operation" shall mean the area within the
jurisdiction of the City for which the Authority is
created, and any area outside the jurisdiction of the
City if the governing body of the Public Agency within
which such outside area is located approves thereof
pursuant to interlocal agreement in a manner consistent
with the Interlocal Cooperation Act of 1969 (F.S. Ch.
163, Part I, as amended).
"Bonds" shall mean the bonds, notes, debentures,
certificates, anticipation notes or other evidences of
indebtedness issued by the Authority under the
provisions of this Article.
"Cost" shall mean the cost or costs of acquiring,
constructing, erecting, improving, rehabilitating,
furnishing, equipping and installing Qualifying
Projects and shall include, without limiting the
generality of the foregoing, the cost of all labor and
materials, the cost of all lands, property, rights,
easements and franchises which shall be deemed
necessary for a Qualifying Project, financing charges,
interest prior to and during construction and for a
reasonable time after the completion of construction,
engineering, accounting, architectural, consulting and
legal services and expenses, cost of plans,
specifications, surveys, estimates of costs and of
revenues, expenses necessary or incident to determining
the feasibility of such Qualifying Project, discount on
the sale of Bonds, if any, premiums for municipal bond
insurance and other fees for.credit enhancement, other
expenses necessary or incidental to determining the
Page 4 of 22 1"062
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feasibilitv or
racticabilit
of a Qualifying Project
and the financing thereof, administrative expenses
related solely to a Qualifying Project and such the
expenses as may be necessary, or desirable and incident
to such acquisition, construction, erection, improving,
rehabilitating, furnishing, equipping and installing of
a Qualifying Project, the placing of a Qualifying
Project in service or operation, including the working
capital necessary or prudent for such purpose, and the
financing or refinancing or reimbursement thereof as
herein authorized.
"City" shall mean the City of Miami, Florida.
"Governing Bodv" shall mean with respect to the
City, the City Commission and with respect to the
Authoritv, the Board appointed under this Article.
"Lending Institution" means any bank or trust
nv, investment banker, mortgage banker, loan or
mortgage originator, loan or mortgage servicer, savings
bank, credit union, national banking association,
savings and loan association, building and loan
association, insurance company or other financial
institution authorized to transact the business
undertaken hereunder and which customarily provides
service or otherwise aids in the financing of loans
undertaken hereunder.
"Project" shall mean any capital project which
furthers the purposes of this Article, whether real or
personal property, including any building, land,
fixture, vehicle, equipment, facility, streets,
transportation facilities, streetlights, sidewalks,
greenscapes, drainage, sewers, water and utility
systems, water and sewer treatment facilities, power
facilities, solid waste facilities, landfills,
recycling facilities, resource recovery facilities,
cogeneration facilities, parks, administrative
facilities, community facilities, health facilities,
recreational facilities, golf courses, marinas, public
lodging facilities, port facilities, airport
facilities, educational facilities, Qualifying Housing
Development as defined in Ordinance No. 203 of the
City, as amended from time to time, together with other
facilities which may be necessary, convenient or
desirable in connection with such capital project, and
also includes site preparation, the planning of
improvements, the acquisition of property, the removal
or demolition of existinq structures, the acquisition,
Page 5 of 22 120002
construction, reconstruction and rehabilitation of
improvements, and all other work in connection
therewith, and all costs thereof.
"Public Agency" shall mean a political
subdivision, agency or officer of this state or of any
state of the United States, and of any commonwealth,
territory, possession or protectorate of the United
States which has one or more of the attributes of a
state of the United States, including but not limited
to, state government, the District of Columbia, county,
city, state or local finance authority, school
district, single and multipurpose special district,
single and multipurpose public authority, metropolitan
or consolidated government, an independently elected
county officer, any agency of the United States
government, and any similar entity of any state of the
United States and of any commonwealth, territory,
possession or protectorate of the United States which
has one or more of the attributes of a state of the
United States.
"Qualifying Project" shall mean an Anticipation
Financing or any work or improvement constituting a
Project described in the Preamble of this Ordinance, or
described in any Division of this Article, or otherwise
permitted to be financed by the City or by the
Authority under general or special law, and located or
to be located in the Area of Operation, including real
property, buildings and any other real and personal
property, designed or intended for the primary purpose
of providing such capital project, whether new
construction, the acquisition of existing facilities or
the remodeling, improvement, rehabilitation or
reconstruction of existing facilities, together with
such related facilities related or supplemental thereto
as the Authority or the City determines to be
necessary, convenient or desirable, and all costs
thereof.
Secs . 18- (to be codified) — 18- (to be codified) . Reserved.
DIVISION 2. CITY OF MIAMI ECONOMIC DEVELOPMENT
FINANCING AUTHORITY
Sec . 18 - (to be codified) . City of Miami Economic
Development Financing
Authoritv created.
Page 6 of 22 1 0 r�
(a) Pursuant to the Constitution of the State of
Florida, Article VIII, Section 2, Chapters 166 and 189,
Florida Statutes, as amended, and other applicable
provisions of law, there is created a separate public
body corporate and politic, to be known as the "City of
Miami, Florida Economic Development Financing
Authority". (hereafter known as the "Authority"), with
authority, to carry out the .powers granted by this
Article. The territory of the Authority shall be
coterminous with the territory of the City, except as
otherwise provided by interlocal agreement and
permitted by law.
(b) In any suit, action or proceeding involving
the validity or enforcement of or relating to any
contract of the Authority, the Authority shall be
conclusively deemed to have been established .and
authorized to transact business and exercise its powers
under this Article by the Governing Body of the City
herein declaring the need for the Authority. A copy of
this Article certified by the clerk of the City shall
be admissible in evidence in any suit, action or
proceeding.
(c) The City may, at its sole discretion, and at
any time, alter or change the structure, organization,
programs or activities of the Authority, including the
power to terminate such Authority, subject to any
limitation on the impairment of contracts entered into
by the Authority and subject to the limitations or
requirements of this Article.
(d) The surplus funds of the Authority which do
not secure any Bonds hereunder, after payment of
operating expenses of the Authority, may be retained by
the Authority and spent to further the purposes of this
Article or may be distributed from time to .time to the
City.
Sec. 18 -(to be codified) . Membership; qualifications;
officers; designated
secretary; terms of office;
compensation; powers; quorum;
and employees.
(a) Membership. The Authority shall be composed
of seven members; comprised as follows:
Page 7 of 22 1 12 0 6 2
(1) five members appointed by the City
Commission, with each Commissioner nominating
one member;
(2) one member appointed by the Mayor; and
(3) one member appointed by the members of the
Authority so appointed.
(b) Qualifications. Each -,.of the members of said
Governing Body shall, as his or her principal business
or occupation, represent one or more of the following
rofessions:
(1) accounting;
(2) banking or investment banking; and
(3) legal and real estate development.
(c) Officers. The Governing Body of the
Authoritv shall designate from time to time a
chairperson and vice chai
(d) Designated Secreta
City shall serve as secreta
rson.
The City Clerk of the
to the Authoritv.
(e) Terms of office. Except as set forth below,
the terms of the members - of the Governing Body of the
Authority shall be four years. The initial
appointments to the Governing Body shall be: one -one
year term, one-two year term, one -three year term and
two-four year terms. The members of said Governing
Body of the Authority shall be appointed and their
terms determined by lot at the initial meeting of the
Authority.
(f) Compensation. A member of the Governing Body
of the Authority shall receive no compensation for his
or her services but shall be entitled to necessary
expenses, including traveling expenses (to the extent
permitted by law), incurred in the discharge of duties.
(e) Powers and duties. The powers of the
Authority shall be vested in the members of the
Governing Body of the Authority in office from time to
time.
(f) Quorum. A majority of the members shall
constitute a quorum and action may be taken by the
Page 8 of 22 b
Governing Body of the Authority upon a vote of a
maiority of the members present.
(g) Employees. The Authority may employ such
agents and employees, permanent or temporary, as it may
require and shall determine the qualifications, duties
and compensation of such agents and employees. The
Authority may delegate to an agent or employee such
powers or duties as it may deem proper.
Sec. 18 -(to be codified) . Conflicts of interest;
disclosure.
No member or employee of the Authority shall
acquire any interest, direct or indirect, in any
Qualifying Project or in any property included or
planned to be included in such project, nor shall he or
she have any interest, direct or indirect, in any
contract or proposed contract for materials or services
to be furnished or used in connection with any
Qualifying Project, unless waived by the Authority and
otherwise permitted by law. If any member or employee
of the Authority owns or controls an interest, direct
or indirect, in'any property included or planned to be
included in any Qualifying Project, he shall
immediately disclose the same in writing to the
Authority. Such disclosure shall be entered upon the
minutes of the Authority. Failure so to disclose such
interest shall constitute misconduct in office. -The
provisions of this Section shall be subject in all
respects to applicable law, including,, without
limitation, the .Code of Ethics for Public Officers and
Employees, F.S. Ch. 112, Part III, as amended.
Sec . 18 - (to be codified) . Removal of members.
A member of the Authority may be removed in the
same manner as provided for in Section 2-883 of this
Code.
Sec. 18 -(to be codified) . Powers of the Authoritv.
The Authority shall have the following powers:
a) to sue and be sued, to have a seal and to
alter the same at pleasure, to have perpetual
succession, to make and execute contracts and other
instruments necessary or convenient to the exercise of
the powers under this Article and to make and from time
to time amend and repeal by-laws, rules and
Page 9 of 22 12062
regulations, not inconsistent with this Article, to
carry into effect the powers and purposes under this
Article;
(b) to own real and personal property acquired
through the use of surplus funds or through public and
private partnerships in furtherance of the purposes of
this Article;
(c) to purchase or make commitments to purchase
or to make loans for such purpose, and to take
assignments of, from Lending Institutions acting as a
principal or as an agent of the Authority or City, or
from any Public Agency or from developers or owners of
Qualifying Projects, loans and promissory notes
accompanying such loans, including loans which are
additionally secured by mortgages, guarantees,
appropriation covenants, derivative contracts, or other
credit enhancements,- or participations with Lending
Institutions in such promissory notes and loans for the
financing or refinancing of the construction, purchase,
reconstruction, rehabilitation or equipping of one or
more Qualifying Projects or portion thereof in the Area
of Operation of the Authority or of any Public Agency
by interlocal agreement in compliance with the Florida
Interlocal Cooperation Act of 1969, F.S. Chapter 163,
Part I, as amended;
(d) to borrow money through the issuance of Bonds
for Qualifying Projects, to provide for and secure the
payment thereof and to provide for the rights of the
holders hereof; and provided that the Bonds hereunder
are limited to project revenues and/or any and all
funds of the Authority or of the City from sources
other than ad valorem taxation and legally available
for such purposes as established by resolution;
(e) to make loans to Lending Institutions under
terms and conditions requiring the proceeds thereof to
be used by such Lending Institutions for the making of
loans. for any Qualifying Project, or portion thereof,
located wholly or partially within the Area of
Operation of the Authority or of any Public Agency by
interlocal agreement in compliance with the Florida
Interlocal Cooperation Act of 1969, F.S. Chapter 163,
Part I, as amended. Prior to making a loan to a Lending
Institution which makes such loans or provides such
financing, the Lending Institution must agree to use
the proceeds of such loan within a reasonable period of
time to make loans or to otherwise provide financing
Page 10 of 22
12
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for the acquisition, con' truction,' reconstruction or
rehabilitation of a Qualifying Project or portion
thereof, and the Authority must find that such loan
will assist in alleviating the demand for such
Qualifying Projects and the shortage of capital for
investment in such Qualifying Project within the Area
of Operation of the Authority or of any Public Agency
by interlocal agreement;
(f) to deposit funds into an account with a
Lending Institution to provide security for the Lending
Institution to make loans for the purchase,
construction, reconstruction or .rehabilitation of
Qualifying Projects, or to make loans to any Public
Agency or to borrowers or to developers or to owners
for the construction, reconstruction or rehabilitation
of Qualifying Projects or portions thereof. No funds
may be deposited with a Lending Institution in which
any depositing Authority member, officer, or employee
has an ownership interest;
(g) to invest, at the direction of the party
specified by contract to so direct, any funds held in
reserves or sinking funds or any funds not required for
immediate disbursement in property or securities in
which the applicable party may legally invest funds
subject to their control, as provided herein or as
otherwise provided by Ordinance or by local, general or
special law;
(h) to establish and fund loan programs, to make
loans directly to any Public Agency or to borrowers or
to developers or to owners of Qualifying Projects by
interlocal agreement, and to sell such loans and notes.
Such loans may finance or refinance and shall be used
to acquire, construct, rehabilitate, improve or equip
Qualifying Projects and/or to provide Anticipation
Financings. Such loans, or the Bonds which they
secure, may be additionally secured by mortgages,
guarantees, appropriation covenants, derivative
contracts, or other credit enhancements;
(i) to borrow money through the issuance of
anticipation notes, in anticipation of the issuance of
Bonds hereunder, for Qualifying Projects, to provide
for and secure the payment thereof and to provide for
the rights of the holders1thereof, as provided in this
Article or as otherwise provided by local, general or
special law, including without limitation
Section 215.431. Florida Statutes, as amended;
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to enter into` interlocal ac
reements. to
further the purposes of this Article, with any Public
Agency, as provided in this Article and in compliance
with the Florida Interlocal Cooperation Act of 1969,
F.S. Chapter 163, Part I, as amended;
(k) to exercise all the powers of a dependent
special district of the City as provided by this
Article and as otherwise provided by local, general or
special law, including without limitation Chapter 189.
Florida Statutes;
(1) to issue Bonds hereunder the interest on
which is excludible from gross income for federal
income tax purposes and to issue taxable Bonds
hereunder, as provided by this Article and as otherwise
provided by local, general or` special law, including
without limitation Chapter 159, Part VII, Florida
Statutes, as amended; and
(m) to exercise all the powers under local law of
any Public Agency in such Public Agency's Area of
Operation by Interlocal Agreement and in compliance
with the Florida Interlocal Cooperation Act of 1969,
F.S. Chapter 163, Part I, as amended.
Sec . 18 - (to be codified) . No power of eminent domain; no
power to tax.
The Authority shall have no power to acquire any
real property by the exercise of the power of eminent
domain, and the Authority shall have no power to tax,
to accomplish any of the purposes specified in this
Article.
Sec .18 -(to be codified) . Planning, Zoning and Building
Laws.
Each Qualifying Project shall be subject to the
planning, zoning, health, and building laws, ordinances
and regulations applicable to the place in which such
Qualifying Project is situated, unless otherwise
provided by the Public Agency having jurisdiction over
such Qualifyinq Project.
Sec . 18 - (to be codified) . Bonds.
(a) The. Authority may issue Bonds from time to
time in the discretion of the Authoritv for the
Page 12 of 22 12062 2
purposes of this Article. 'The Authority may also issue
refunding Bonds for the purpose of paying, retiring or
refunding Bonds previously issued by the Authority or
by any Public Agency in 'compliance with the Florida
Interlocal Cooperation Act of 1969, F.S. Chapter 163,
Part I, as amended. The Authority may issue such types
of Bonds as it may determine by resolution; provided
that the principal and interest on such Bonds are
payable solely and only from:
(1) the repayment of any loans made by the
Authority pursuant to the provisions of
Section A105 hereof or purchased by the
Authority pursuant to Section A105 hereof; or
(2) the sale of any loans or commitments to
purchase loans which are purchased pursuant
to Section A105 hereof; or
3) other project revenues and/or any or all
funds of the Authority or the City derived
from sources other 'than ad valorem taxation
and legally available for such purposes as
provided by resolution, including additional
security for the Bonds or loans comprised of
mortgages, guarantees, appropriation
covenants. derivative contracts or other
credit enhancements.
(b) Any Bonds issued pursuant to the provisions
of this Article shall be securedby a loan or
promissory note or other security device as provided by
resolution.
(c) In no event shall any Bonds issued pursuant
to the provisions of this Article be payable from the
general revenues of the Authority or the City.
(d) Neither the members of the Authority nor any
person executing the Bonds'shall be liable personally
on the Bonds by reason of the issuance thereof. The
Bonds issued pursuant to the provisions hereof, and the
Bonds shall so state on their face, shall not be a debt
of the City or the state or any Public Agency (except
as provided by loan agreement); and neither the City,
nor any state or any Public Agency (except as provided
by loan agreement) shall be liable thereon; nor in any
event shall such Bonds or obligations be payable out of
any funds or properties' other than those of the
Authority pledged for such purpose.
Page 13 of 22
1. ��
Sec . 18 - (to be codified) : Form and Sale of Bonds.
(a) Bonds of the Authority issued pursuant to
this Article shall be authorized by a resolution of the
Authority and may be issued in one or more series and
shall bear such dates, mature at such times, bear
interest at such rates (not to exceed the maximum rate
allowed by law), be in such denominations, be in such
form, either coupon or registered, carry such
conversion or registration privileges, have such rank
or priority, be executed by such members of the
Authority and in such manner, be payable in such means
of payment at such places, and be subject to such terms
of redemption, with or without premium, as such
resolution or any trust indenture, trust agreement,
pooling and servicing agreement or other agreement
securing the Bonds or anticipation notes entered into
pursuant to such resolution, may provide.
(b) The Bonds issued by the Authority shall be
sold by the Authority at public sale or by negotiated
sale in accordance with general or special law.
(c) In case any member of the Authority whose
signature appears on the Bonds or coupons ceases to be
a member before the delivery of the Bonds or coupons,
such Bonds shall, nevertheless, be valid and sufficient
for all purposes, the same as if such member had
remained in office until such delivery. Any provision
of law to the contrary notwithstanding, any Bonds
issued pursuant to this Article shall be fully
negotiable, unless and to the extent expressly provided
otherwise by resolution of the Authoritv.
(d) In any suit, action, or proceeding involving
the validity or enforceability of any Bonds of the
Authority or the security therefor issued pursuant
hereto, any such Bond reciting in substance.that it has
been issued by the Authority in accordance with the
terms and provisions of this Article shall be
conclusively deemed to have been validlv issued.
Sec . 18 - (to be codified
0
e
In connection with t
rovisions of bonds and trust
entures.
issuance of Bonds and to
secure the payment of such Bonds, the Authority, in
addition to the other powers grantedpursuant to this
Article, shall have the powers:
Page 14 of 22
(a) to pledge all or any part of any payment made
to the Authority pursuant to any loan agreement or
additional security, or pursuant to a sale of any loan
or additional security, or pursuant to a sale of any
loan or additional security commitment;
(b) to covenant against pledging or assigning all
or any part of any payments made pursuant to any loan
agreement or additional security, or pursuant to the
sale of any loan or additional security, or pursuant to
the sale of any loan or additional security commitment,
or against permitting or suffering any lien on such
payments; and to covenant as to what other, or
additional, debts or obligations may be incurred by the
Authority with respect to any Qualifying Project;
(c) to covenant as to the Bonds to be issued and
as to the issuance of such Bonds in escrow or otherwise
and as to the use and disposition of the proceeds
thereof; and to provide for the replacement of lost,
destroyed, or mutilated Bonds; to covenant against
extending the time for the payment of its Bonds or
interest thereon; and to redeem the other Bonds,
covenant for their redemption; and provide the terms
and conditions thereof;
(d) to create or to authorize the creation of
special funds for moneys held for construction costs,
debt service, reserves or other purposes; and to
covenant as to the construction and disposition of the
moneys held in such special funds;
(e) to prescribe the procedure, if any, by which
the terms of any contract with the holder of any Bonds
may be amended or abrogated, the amount of the Bonds
the holders. of which must consent thereto and the
manner in which such consent may be given;
(f) to covenant as to ...the rights, liabilities,
powers and duties arising upon the breach by the
Authority of any covenant, condition or obligation; and
to covenant and prescribe as to events of default and
terms and conditions upon which any or all of its Bonds
or obligations shall become or may be declared due
before maturity and as to the terms and conditions upon
which such declaration and its consequences may be
waived;. and
(q) to vest in a trustee or trustees of the
Page 15 of 22 12062
holders of Bonds or any proportion of them the right to
enforce the payment of the Bonds or any covenants
securing or relating to the Bonds; to vest in a trustee
or .trustees the right, in the event of a default by the
Authority, to collect the ,payments made pursuant to any
loan agreement or pursuant to the sale of any loan or
loan commitment and to dispose of such rights in
accordance with the agreement of the Authority with
said trustee; to provide for the powers and duties of a
trustee or trustees and to limit the liabilities
thereof; and to provide the terms and conditions upon
which the trustee or trustees of the holders of bonds
or any proportion of them may enforce any covenant or
rights securing or relating to the Bonds.
Sec .18 -(to be codified) . Validation of bonds and
proceedings.
(a) The Authority may determine its authority to
issue any of its Bonds and the legality of all
proceedings had or taken in connection therewith,
including this Article and any interlocal agreements in
connection therewith,, in the same manner and to the
same extent. as provided in Chapter 75, Florida
Statutes, for the determination by the City of its
authority to incur bonded debt or to issue certificates
of indebtedness, and of the legality of all proceedings
had or taken in connection therewith. Nothing in this
Article, or any Division of this Article,,shall require
validation of Bonds to be issued hereunder.
(b) An action or proceeding to contest the
validity of any Bond issued under this Article, other
than a proceeding pursuant to Section A111(A) hereof,
must be commenced within 20 days after notification in.
a newspaper of general circulation within the City of
the meeting to adopt a resolution authorizing the
issuance of such Bonds.
Sec . 18 - (to be codified) . Remedies of an obligee of the
authority.
(a) An obligee of the Authority shall have the
right, in addition to all other rights which may be
conferred on such obligee, subject only to any
contractual restrictions binding upon such obligee:
1) by mandamus, suit, action, or proceeding at
law or in equity', to compel the Authority and
the members, officers, agents or employees
Page 16 of 220
thereof to perform each and every term,
provision and jcovenant contained in any
contract of the Authority with or for the
benefit of such' obligee and to require the
carrying out of'any or all of the covenants
and agreements of the Authority and the
fulfillment of all duties imposed upon the
Authority by this Article;
(2) by suit, action, or proceeding in equity, to
enjoin any acts or things which may be
unlawful or the violation of any of the
rights of the obligee by the Authority.
(b) The Authority shall have power by resolution,
trust indenture or other contract to confer upon any
obligee holding or representing a specified amount of
Bonds, the right, in addition to all rights that may
otherwise be conferred, upon the happening of an event
of default as defined in such resolution or instrument.
by suit, action, or proceeding in any court of
competent jurisdiction:
(1) to obtain the appointment of a receiver of
any payments made pursuant to any loan
agreement or sale of any loan. If such
receiver is appointed, he may collect and
receive all payments made pursuant to any
such loan, agreement or sale of any loan or
loan commitment and shall keep such moneys in
a separate account or accounts and apply the
same in accordance with the obligations of
Authoritv as the court shall direct; and
(2) to require the Authority and the members
thereof to account as if it and thev were the
trustees of an express trust.
Sec .18 -(to be codified) . Limitation of liabilities of
the authoritv and citv.
In no event shall the liabilities, whether ex
contract or ex delicto, of the Authority or the City
arising from the financing of any Qualifying Project be
payable from any funds other than the revenues or
receipts of such Qualifying Project pledged therefor,
except as otherwise provided by resolution of the
Authoritv or Citv.
Page 17 of 22 12062
Sec . 18- (to be codified) Bonds exempted from taxation.
The Bonds of the Authority issued under this
Article, together with all notes, mortgages, security
agreements, letters of credit, other instruments which
arise out of or are given to secure the repayment of
Bonds issued in connection with the financing of any
Qualifying Project under this Article, as well as the
interest thereon and income therefrom, shall be exempt
from all taxes to the maximum extent permitted by
ordinance or by local, general or special law,
including without limitation Section 201.24, Florida
Statutes.
Secs . 18- (to be codified) - 18- (to be codified) . Reserved.
DIVISION 3. INVESTMENTS
Sec. 18 - (to be codified) . Findings.
The Citv Commission finds and declares that:
(1) Pursuant to Section 166.261, Florida
Statutes, as amended (the "Statute") the Governing Body
of the City has authority to direct the investment and
reinvestment of certain surplus public funds (as
defined in the Statute, the "Surplus Funds") which are
in its control or possession in certain investments
enumerated in the Statute; and
(2) The Statute further permits the Governing
Body of the City to establish additional permitted
investments for Surplus Funds in its control or
possession; and
(3) The Governing Body of the City has
established additional permitted' investments for
Surplus Funds in order to afford to the City and the
authorities under its jurisdiction additional
flexibility in , formulation of its investment
strategies, particularly with respect to the investment
of the general fund, pension funds, public utilities
funds and proceeds of bonds or other obligations of the
City or of such authorities which -constitute Surplus
Funds.
(4) Said investment policy governing the
investment of Surplus Funds has been adopted under
Resolution No. 97-297 and is applicable to the
investments of this Authority and is incorporated
Page 18 of 22 x: 2 0 6 2
herein by reference.
Secs. 18 - (to be codified) — 18 - (to be codified) . Reserved.
DIVISION 4. GOVERNMENTAL BORROWING
Sec . 18 - (to be codified) . Definitions.
As used in this Division, the following words and
terms shall have the following meanings unless some
other meaning is plainly indicated:
(1) The term "bond" includes bonds, debentures,
notes, certificates of indebtedness, mortgage
certificates, or other obligations or evidences of
indebtedness of any type or character other than
general obligation bonds and ad valorem bonds.
(2) The term "general obligation bonds" means
bonds which are secured by, or provide for their
payment by, the pledge, in addition to those special
taxes levied for their discharge and such other sources
as may be provided for their payment or pledged as
security under the Ordinance or resolution authorizing
their issuance, of the full faith and credit and taxing
power of the City and for payment of which recourse may
be had against the general fund of the City.
(3) The term "ad valorem bonds" means bonds which
are payable from the proceeds of ad valorem taxes
levied on real and tangible personal property.
(4) The term "revenue bonds" means obligations of
the City or Authority which are.. payable from revenues
derived from sources other than ad valorem taxes on
real or tangible personal property and which do not
pledge the property, credit, or general tax revenue of
the City.
(5) The term "improvement bonds" means special
obligations of the City or Authority which are payable
solely from the proceeds of the special assessments
levied for an assessable prosect.
(6) The term "refunding bonds" means bonds issued
to refinance outstanding ,bonds of any type and the
interest and redemption 'premium thereon. Refunding
bonds shall be issuable and payable in the same manner
as the refinanced bonds, except that no approval by the
electorate shall be required unless required by the
Page 19 of 22 6 2
State Constitution.
(7) The term "Governin<
meaning assigned thereto in
Article.
•
Body" shall have the
the Preamble of this
(8) The term "project" means a governmental
undertaking approved by the governing body and includes
all property rights, easements, and franchises relating
thereto and deemed necessary or convenient for the
construction, acquisition or operation thereof, and
embraces any capital expenditure which the governing.
body of the City or Authority shall deem to be made for
a public purpose including the refunding of any bonded
indebtedness which may be outstanding on any existing
project which is to be improved by means of a new
project.
Sec.18-(to be codified) . Authority to borrow.
The governing body of the Authority may borrow
money, contract loans and issue` bonds as defined in
Section C101 of this Article from time to time to
finance the undertaking of.any capital or other proj.ect
for the purposes permitted by the State Constitution
and may pledge the funds, credit, property, and
revenues of the Citv or Authoritv for the pavment of
such debts and bonds.
Sec. 18- (to be codified) . Issuance`:'of bonds.
(1) Bonds issued under this Article shall be
authorized by resolution or ordinance of the governing
body of the Authority and approved by the governing,
body of the City. Such bonds may be issued in one or
more series and shall bear such date or dates, be
payable upon demand or mature at such time or times,
bear interest at such rate or rates, be in such
denomination or denominations, be in such form,
registered or not, with or without coupon., carry such
conversion or'registration privileges, have such rank
or priority, be executed in such manner, be payable in
such medium of payment, at such place or places, and be
subject to such terms of redemption, with or without
premium, be secured in such manner, and have such other
characteristics as may be provided by such resolution
or Ordinance or trust indenture. or mortgage issued
pursuant thereto.
Page 20 of 22 12 0 6 2
(2) The governing body of the Authority shall
determine the terms and manner of sale and distribution
or other disposition of any and all bonds it may issue
and shall have any and all powers necessary or
convenient to such disposition.
Sec .18- (to becodified) . Establishment of sinking
funds..
The governing body of the Authority may establish
and administer such sinking funds as it deems necessary
or convenient for the payment, purchase, or redemption
of any outstanding bonded indebtedness of the City or
Authoritv.
Sec . 18 - (to be codified) Full supplemental authority
for issuance of bonds.
This Division shall be full authority for the
issuance of bonds authorized herein and shall be
supplemental to any authority in any other Division of
this Article and to any other local, general or special
law.,,
Section 4. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this Ordinance are repealed.
Section 5. If any section, part of section, paragraph,
clause, phrase or word of this Ordinance is declared invalid, the
remaining provisions of this Ordinance shall not be affected.
Section 6. It is the intention of the City Commission
that the provisions of this Ordinance.shall become and,be made a
part of the Code of the City of Miami, Florida, as amended, which
provisions may be renumbered or relettered and that the word
"ordinance" may be changed to "section", "article", or other
appropriate word to accomplish such intention.
Page 21 of 22 120 6 �,
C
C
Section 7. This Ordinance,s_hal,l become effective thirty
(30) days after final reading and adoption thereof .21
PASSED ON FIRST READING. BY TITLE ONLY this 26th
April 2001.
day of
PASSED
AND
ADOPTED
ON SECOND AND FINAL READING BY TITLE ONLY
this 10th
day
of May
, 2001.
JOE CAROLLO, MAYOR
In accordance with Miami Code Sec. 2-36, since the Mayor did not indicate approval,
this legislation by signing it in the designated pl!Vce provided, said legislation r
becomes ei+ective with the elapse of ten (10) da rom the ate of " .ion c
regarding same, without the Mayor rcis' eto.
•
ATTEST:
atWT,Meman, City Clete
WALTER J. FOEMAN
CITY CLERK
APPROVED,VV TO F04KD CORRECTNESS �i
"VRELLO
ATTORNEY
050:ROD:pb:BSS
z/ This Ordinance shall become effective as specified herein unless vetoed
by the Mayor within ten days from the date it was passed and adopted.
If the Mayor vetoes this Ordinance, it shall become effective
immediately upon override of the veto by the City Commission or upon the
effective date stated herein, whichever is later.
`- 22
Page 22 -*of ® �
• SECOND READING I*
ORDINANCE
The Honorable Mayor &
Members of the City Commission
arlosGimenez
City Manager
145
Ordinance Creating the Economic
Development Financing Authority
Administrative Recommendation
The Administration recommends that the City Commission adopt this Ordinance on first
reading and schedule a second reading and public hearing for May 10.
Background
The proposed Ordinance will create the Economic Development Financing Authority
(EDFA) for the City of Miami. The primary purpose of this Authority is to promote
economic development through the issuance of non-recourse debt to finance projects
within the limits of the City. In addition to being the financing vehicle for industrial
development issues, the EDFA will be able to issue debt for housing, health facilities,
special assessments and anticipation notes.
The Board of the EDFA will review projects for financial viability prior to approving
them for assistance from the Authority. Prior to the issuance of bonded debt from the
Authority the issuance will have to be approved by the City Commission. Even though
the debt that will be issued is project based financing with no explicit or implied
guarantee from the City, the EDFA will only be interested in undertaking financially
viable projects so that it does not become associated with defaulted debt.
The advantage to the project in using the EDFA is in the structure of the financing. The
debt of the EDFA will be in the form of 30 day commercial paper with a remarketing
agent and a letter of credit provider to resale the commercial paper every 30 days. In this
manner, the EDFA can offer a project the lowest financing cost (typically 2% below a
permanent financing rate) and the most flexibility on repayment terms. Repayment can be
as often as every thirty days by retiring some of the commercial paper or the base
principal /may be carried forward with no reduction at the option of the developer.
FN
CAG/RJN
12062
•
MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Miami -Dade County, Florida.
STATE OF FLORIDA
COUNTY OF MIAMI-DADE:
Before the undersigned authority personally appeared
Octelma V. Ferbeyre, who on oath says that she Is the
Supervisor, Legal Notices of the Miami Daily Business
Review f/k/a Miami Review, a daily (except Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Miami -
Dade County, Florida; that the attached copy of advertise-
ment, being a Legal Advertisement of Notice in the matter of
CITY OF MIAMI
ORDINANCE RE: THE MODEL
CITY HOMEOWNERSHIP TRUST
( THE "TRUST"), ETC.
in the ............ XXXiX..................... Court,
was published in said newspaper in the issues of
Apr 30, 2001
Affiant further says that the said Miami Daily Business
Review is a newspaper published at Miami in said Miami -
Dade County, Florida, and that the said newspaper has
heretofore been continuously published in said Miami -Dade
County, Florida, each day (except Saturday, Sunday and
Legal Holidays) and has been entered as second class mail
matter at the post office in Miami in said Miami -Dade
County, Florida, for a period of one year next preceding the
first publication of the attached copy of advertisement; and
affiant further says that she has neither paid nor promised
any person, firporatio iscount, rebate, com-
mission or refurm o cofor the ose of s curing this advertise-
ment for Dubli tion•►n t id news per.
I WN
Sworn to.ans bscribed before me this
30 April 2001
yf . . ..... .. .......... ...... A.D........
. .......... . .... -�.. - ....reenr vtr+•.
(SEAL) MY COMMISSION k CC 885640
40 EXPIRES: March 4, 2004
'` Thru Nota Public Underwriters
Octelma V. Ferbeyre pers a7t�iiIfAll�ipn ry
•
CITY OF MIAMI; FLORIDA
NOTICE OF PROPOSED, ORDINANCES
Notice is:,hereby: given that the City Commission of the'City of Miami;
Florida; will consider the following ordi6anceson.secondarid fi&-rAding
on May j0j ,200.1 commencing at 9:30'* m 'in'the-City Commission
Chambers;'3500,Pan American Drivet`Miami Florida
ORDINANCE'NO
it- AN.ORDINANCE OF: THE :MIAMI' CITY-COMMISSION'AMEND_
ING`. SECTION 2-884 OF THE'CODE OF"THE"CITY'OFMIAMI;
ILFLORIDA;;AS AMENDED; TQ ALLOW BY `A FOUR`FIFTHS'(4% "`'_
5THS) VOTE OF=TH&CITY COMMISSION, EMPLOYEES'OF'
_i'"MIAMI-DADE`COUNTY, FLORIDA, OR ANY MUNICIPAL'ITY'r
_.,-OTHER'THAN CITY OF MIAMI EMPLOYEES;•TO SERVE'ON;,1 a
OR BE.APPOINTED TO ANY BOARD OF THE CITY•OF MIAMI;, ;
CONTAINING NREPEALER PROVISION AND SEVERABILV -:'t
TYCLAUSE; PROVIDING FOR'AN•EFFECTIVE-'DATE
- ORDINANCE
NO.,,z "
AN ORDINANCE &TRE mI7dqI CITYOMMISSION AMEND='?
ING CHAPTER. 18 OF. THE CODE -'OF -THE- CITY'OF MIAMI,' .
F ;,;FLORIDA, AS AMENDED, TO CREATE'AND ESTABLISH THE
`CITY OF MIAMI'ECONOMIC DEVELOPMENT FINANCING AO=.';
THORITY; PROVIDIN:FOR DEFINITIONS, MEMBERSHIP`, i. "
"{'POWERS.AND 'DUTI'ES!,PROVIDING-"FOR ISSUANCE!OF`
REVENUE'BONDS AND OTHER FORMS OF INDEBTEDNESS _.
' .TO_FINANCE'.THE, COSTS OF, QUAL-IFYING"PROJECTS _._
PROVIDING FOR SUCH INDEBTEDNESS'FROM REVENUE&`41r
DERIVED FROM -SUCH PROJECTS AND OfHERLEGALLV 1,1!i`
AVAILABLE REVENUES; PROVIDING'FOR TME'FORM +
AND-.':
SALE OF SUCH, INDEBTEDNESS; PROVIDING" FOR -THE= 4 =-
TERMS .OF: SUCH INDEBTEDNESS AND TRUST".INDEN 4
TURES AND'OTHER AGREEMENTS-:SECURING>'SUCH'
'.'DEBT; PROVIDING FOR7HE;VALIDATION,OF`SUCH"DEBT;'
PROVIDING FOR .CERTAIN'REMEDIES WITH',RESPECT.TQ
SUCH INDEBTEDNESS;; PROVIDING.LIMITA_TIONS OF•'LIA- % <'
BILITY FOR SUCH AUTHORITY;'PROVIDING FOR INTERL`O
CAL COOPERATION '.THROUGH,'-INTERLOCAL"AGREE- "
MENTS;.. PROVIDING: FOR PERMITTED=INVESTMENTS-OF `{
SUCH AUTHORITY,-PROVIDING'FOR FINANCIN67GOVERN
`MENTAL BORROWING, PROVIDING FOR, COMMUNITY RE
DEVELOPMENT FINANCING PROVIDING FOR INDUSTRIAL' '
DEVELOPMENT FINANCING--PROVIDING-,.F,OR. HEALTH;' "
CARE" FINANCING; "PROVIDING FORS SPECIAL_ASSESS` .
MENT FINANCING, PROVIDING FOR BOND ANTICIPATION
`.NOTES; PROVIDING'THAT SUCH;INDEBTEDNESS:MAY BE
TAXABLE OR TAX EXEMPT; MORE'PARTICULARL'Y.BY ADD!,; '11.
ING NEW ARTICLE.X TO SAID CHAPTER; MAKING FIND-`
INGS; CONTAINING A REPEALER PROVISION AND,PROVID-
"7NG'. FOR A SEVERABILITY CLALJSE AND AN�EFFECT.IVE
DATE. nrry
ORDINANCE,140. _
.-,AN.ORDINANCE-OF THE MIAMI+CITY•COMMISSION, WITH
ATTACHMENT(S),iAMENDING'THE'CODE•OF THE"CIT,Y OF "
MIAMI; FLORIDA,-AS-AMENDED;.TO CREATE,AND ESTAB_
`'.'.LISH.'THE�MODEL 'CITY'HOMEOWNERSHIP TRUST (THE:
'TRUST.°);.DESIGNATE THE TRUST'S JURISDICTIONAL AU-.
THORITY; SET. FORTH THE TRUSTS PURPOSE;, POWERS,
.-AND DUTIES;�AND PROVIDE:FOR-.COMFOSITION AIND_AP-
POINTMENTS; TERMS OF OFFICE,: VACANCIES, MEMBER-
=SHIP, ELIGIBILITY: AND ATTENDANCE REQUIREMENTS,
- .OATH, QUORUM AND VOTING, MEETINGS, .INDEMNIFICA=„
TION, ABOLISHMENT, AND'SUNSET''•REVIEW; MORE PAR:'. .
TICULARLY.BY AMENDING SECTION 2 -892 -AND BY ADDING
! NEW... CHAPTER (TO BE DETERMINED) TO THE CODE CON=:. "
TAINING A,,,REP.EALER, :
P.ROVISION`A tSEVERABILITY`...'
,. ,CLAUSE, AND PROVIDING FOR AN EFFECTIVE.DATE, AND:, _¢C
? P,ROVIDING'F,;OR INCLUSION".INrTHE CITY CODE.,'. a }
ORDINANCE NO
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMEND=''
IN
G ORDINANCE4.1NO-.-.1 1991,- ADOPTED�i NOVEMBER` I 6,va
t2OOO,2WHICHESTABLISHED,INITIAL-RESOURCES'ANDAP,".', tl
PROPRIATIONS FORA: ,SPECIAL-,REVEN'PE,FUNDIENTV'°-.---'t,'-
TLED 'WORKFORCE/WELFARE - TRANSITION PROGRAM
',(PjY 2900:2001)*,J.O INCREASE L APPROPRIATIONS TOIATHE
_,;jFL1NPft1 tN-THE AMOUNT OFi$181,852, qONSISTING�OF A...;
GRANT FROM THE SOUTH FLORIDA EMPLOYMENT AND',,&
-TRAININ6.CdNSORTIUM; AUTHORIZING THE CITY MANAG-
ER TO ACCEPT THE GRANT AND TO EXECUTE THE NECES-
SARYb6CtJMifNTLS, IN A FORM ACCEPTABLETOTHE CITY
ATTORNEY''FOR'.SAID PURPOSE; CONTAINING A REPEAL-
ER PR&VIS1OWAND A SEVERABILITY
ILITY CLAUSE.
ORDINANCE NO.
==AN ORDINANCE OF THE MIAMI CITY COMMISSION ESTAB- C-7,
__LlSHING . A_ NEW_ SPECIAL_REVENUE.. FUND. ENTITLED:„
'FLORIDA FlEqqLATORYWARKERS AND SIGNAGE, GRANT:
FUND' AND APPROPRIATINdFUNIJSFOR THE OPERATION
E,
OF SAMl'I THE - CON [StIN6. OF A'
`�-GRANTFROM-THg FLORIDA DEPARTMENT:01="ENVIRON-
'MENTAL PROTECTION; AUTHORIZING THE CITY MANAGER
TO ACCEPT THE GRANT AND TO EXECUTE THE .NECES-
SARY DOCUMENt8;iN�k.F6RMAtcEP�TAbLETO-1-HECITY
:,�'.
ATTORNEY, FOR ACCEPTANCE OF THE GRANT; CONTAIN-;
NG A `'AND, A. SEVERABILITY
,;C -Said proposed:6rdihince&iriay-be inspb6ted by the public at the
Office of tfie City_Clerk,13500 Pbin'American Dnve,-Mia'm'i, 1716H-11
da;'Monday'through•Fnday . holidays, !between, 'the
hours ;&"WA.m.'and ,5
p.m.
All interestecJ p appear 'ifffie"me'eting andmaybe heard*
withrespect to-th&_ pfrobbsea ordinances: Should any person desire to ip=,
shall'.
2� , , hi�6 any appeal - -_ .1,
on - may �ai4d.`7--
0
ajW4.Tg!3 J.,FOEMAN,_
INCMP "ZTED,
CITY CLERK ,,.:,,
COF
(#9420)
-01 -96/158618M