HomeMy WebLinkAboutR-96-0920r
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J-96-1262
12/03/96
RESOLUTION NO 9 6 9 42 0
A RESOLUTION, WITH ATTACHMENT (S), APPROVING
FOR PURPOSES OF SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED,
THE ISSUANCE OF CITY OF MIAMI, FLORIDA HEALTH
FACILITIES AUTHORITY HEALTH FACILITIES
REVENUE BONDS (MIAMI JEWISH HOME AND HOSPITAL
FOR THE AGED, INC. PROJECT), SERIES 1996, IN
THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO
EXCEED $26,000,000; APPROVING THE MINUTES OF
THE PUBLIC HEARING HELD BY THE AUTHORITY
PURSUANT TO SAID SECTION 147(f) OF THE CODE;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Miami, Florida Health Facilities
Authority (the "Authority") was created by Resolution No. 79-93,
as amended, adopted on February 22, 1979 by the City Commission
of the City of Miami, Florida (the "Commission"), all pursuant to
the Florida Health Facilities Authorities Law, Chapter 154, Part
III, Florida Statutes; and
WHEREAS, on October 30, 1996, the Authority held a public
hearing, notice of which hearing was published on October 17,
1996 in The Miami Herald (a copy of which notice is attached
hereto as Exhibit "A" and incorporated herein), for the purpose
of giving all interested persons an opportunity to express their
views, either orally or in writing, as required by Section 147(f)
'ATTACHMENT (S)
CONTAINED
CITY COMMISSION
MEETING OF
0 E C 1 2 1996
Resolution N
0=92
of the Internal Revenue Code of 1986, as amended (the "Code"), in
connection with the proposed issuance by the City of Miami,
Florida Health Facilities Authority of its Health Facilities
Authority Revenue Bonds (Miami Jewish Home and Hospital for the
Aged, Inc, Project), Series 1996 (the "Bonds"), in the aggregate
principal amount of not to exceed $26,000,000, the proceeds of
which will be used to (a) refinance and refund the outstanding
principal balance of the Authority's Health Facilities Revenue
Bonds (Miami Jewish Home and Hospital for the Aged, Inc.
Project), issued in 1984, estimated to be outstanding as of the
date of issuance of the Bonds in the aggregate principal amount
of $10,583,334; (b) finance costs of construction, acquisition
and equipping of certain capital improvements to be located on
the main campus of the Miami Jewish Home and Hospital for the
Aged, Inc. ( the "Company") , a Florida not -for -profit corporation
and an entity described in Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended, at 5200 Northeast 2nd Avenue,
Miami, Florida, 33137, and consisting of an assisted living
facility; a new entrance to the campus; a perimeter wall; and
relocation of existing utilities, landscaping and irrigation; and
all attendant furniture, fixtures and equipment (together, the
"Project"), including reimbursements to the Company for prior
expenditures anticipating the issuance of the Bonds; (c) finance
capitalized interest; and (d) pay certain costs of issuance of
the Bonds; and
WHEREAS, after reviewing a copy of the minutes of the
Authority's public hearing held on October 30, 1996 in respect of
2 _
the Bonds and the Project, a copy of which minutes is attached
hereto as Exhibit "B" and incorporated herein, the Commission
desires to approve the Bonds and the Project for the purpose of
complying with Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The Bonds and the Project are hereby in all
respects approved for purposes of Section 147(f) of the Code.
Section 3. The Commission hereby approves the minutes of
the public hearing held on October 30, 1996 by the Authority with
respect to the Bonds and the Project, in accordance with
Section 147(f) of the Code, the transcript of which minutes was
presented at this meeting.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 12th day of December , 1996.
7-tAROLEU, MAYOR
ATTEST:
A_Ik�' • U%
WALTER J'. 0 MAN
CITY CLERK
- 3 -
PREPARED AND APPROVED BY:
t(; �- M �Q G. IRIAM AER
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A! Q JJO
CITY! ATTO Y
W1277:GM/amk
- 4 -
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not pfg Brother anymore," said l mes.
afeotng to ask a community to take
Fyn
�nslbt' (or your families, come up with a 1or fit ou should be dealing with battered
,r✓,,bmcn and abused kids, and we'll put it together."
Some critics won't be easy to convince.
^I think changing the name is like perfuming a
noxious odor." said Sen. John Ostalkiewicz, R-Or-
!a lando.
But another Republican on the Senate Health
'RS, and Rehabilitative Services committee, Sen. Jim
bn, Horne of Jacksonville, said he favored the name
ent change even if' spending increases.
BLIC HEARING
PROPOSE® LEASE
OF MIAMI, FLORIDA
7TIES AUTHORITY OF A
'PAN AMERICAN HOSPITAL
IINCIPAL COMP0NENTS OF
ITS OF UP TO $2,500,000
j ,en that in order to comply with Section 147(I) of the Internal
i96, as amended (the "Code"), the City of t,fiami, Florida
Irity (the "Authority") will hold a public hearing, commencing
mmission Chambers at City Hall, 3500 Pan American Drive,
for the purpose of providing a reasonable opportunity for
express their views both orally and in writing on the
;he cost of a project (the "Project") of Pan American Hospital
!, a not -for -profit corporation organized under the laws of the
uthority intends to lease property pursuant to a capital lease
E. Capital Public Finance, Inc., the principal component o1
which will not exceed S2,500,000.
used to finance the cost of the Project, which consists of
the provision of health care, including but not limited to
(including a CT Scan Unit), surgical equipment, a mobile
certain management information system -related equipment.
sill be subleased by the Institution.
nt to be financed pursuant to the Lease will be utilized in
:alth care facilities owned and operated by the Institution, the
h is located at 5959 N.W. 7th Street, Miami, Florida 33126.
uant to the Lease shall be limited obligations of the Authority
�e revenues pledged therefore under the Lease, and shall not
:lity or obligation of the City of Miami or of the State of Florida
odivision thereof, or a pledge of the faith and credit or the
ity of Miami or the State of Florida or any political subdivision
mll not directly, indirectly or contingently obligate the City of
Florida or any political subdivision thereof to Levy or pledge
,rhatever therefore or to make any appropriation for the lease
rily has no taxing power,
express their views regarding the proposed c-an of financing
appear at the hearing or may submit their views in writing.
ould be submitted to the Authority, Go Mr. Pere Chircut, City
oartment, Suite 240, DuPont Plaza Center, 300 Biscayne
Ii, Florida, 33131, and should be mailed in sufficient time to
:tore October 30, 1996, the date of the hearing. Should any
)eat any decision made by the Authority at this hearing, he or
d of the proceedings and he or she may need to assure that a
a proceedings be made, which record includes the testimony
Which the appeal is to be heard. Subsequent to the hearing, in
•ection 147(f) of the Code, the Authority will make a
he City Commission of the City of Miami for the approval or
Ise financing.
CITY OF MIAMI, FLORIDA
HEALTH FACILITIES AUTHORITY
'i, 1996
Cameron turned the FCCJ job
down., "
C iron will stay at Guilford
Tec,...tcal Community College in
Jamestown, N.C.
FCCJ has been without a presi-
dent since Charles Spence
resigned nine months ago.
The trustees, who voted 5-3 on
Oct. I to hire Cameron, will
resume their search for a presi-
dent.
CITY OF MIAMI, FLORIDA
HEALTH FACILITIES AUTHORITY
Notice of Public Hearing
Please take notice that in order to comply with Section 147(1) of the Ir:erna!
Revenue Code of 1986, as amended.(the "Code"), the City of Miami, Florida F-eaftn
Facilities Authority (the "Authority") will hold a public hearing to commence a: 5 00
o.m. on October 30. 1996, in the Commission Chambers at City Hall, 350�D Pan
American Drive, Miami, Florida 33133, regarding the proposed issuance cf the
Authority's Health Facilities Revenue Bonds (Miami Jewish Home and Hosp :al for
the Aged, Inc. Project), Series 1996, in an aggregate principal amount not to cee�
$26,000,000 (the "Bonds"), to be issued in one or more series, on behalf of .,an
Jewish Home and Hospital for the Aged, Inc. (the "Company"), the proceeds cf
which Bonds will be used (a) to refinance and refund the outstanding pr -cipal
balance of the Authority's Health Facilities Revenue Bonds (Miami Jewish "..ome
and Hospital for the Aged Project), issued in 1984 (the "Prior Bonds"), c,.••entl;
outstanding in the aggregate principal amount of approximately S10,700,000 to) to
finance costs of construction, acquisition and equipping of certain capital
improvements to be located on the Company's main campus (the "Facility") a: 5200
N,E. 2nd Avenue, Miami, Florida, 33137, consisting of an assisted living fac -::y; a
new entrance to the campus; a perimeter wall; and relocation of existing u:.ties.
landscaping and irrigation; and all attendant furniture, fixtures and equ :-nert
(together, the "Project"), including reimbursement to the Company fo• pric,
expenditures anticipating the issuance of the Bonds; and (c) to pay certain c^sts of
issuance of the Bonds. The proceeds of the Prior Bonds were used to `--ante
certain capital improvements to the Facility, consisting of health care bu :�ngs.
renovations to then existing buildings, surface parking, road and' other
improvements. The Facility, as improved by the Project, will continue to be :.,,nec.
operated and managed by the Company as part of its existing health fa: !ties
operations located at 5200 N.E. 2nd Avenue, Miami, Florida 33137.
The Bonds shall be limited obligations of the Authority payable solely f• n ;re
revenues pledgea therefore under a trust indenture to be entered into betv,n :re
Authority and a bond trustee, and shall not constitute a debt, liability or o: gatio-,
of the City of Miami or of the State of Florida or of any political subdivision :-erec',
or a pledge of the faith and credit or the taxing power of the City of Miar- �r tre
State of Florida or any political subdivision thereof, The Bonds shalt not z :;c::,
indirectly or contingently obligate the City of Miami or the State of Florica e
political subdivision thereof to levy or pledge any form of taxation v.-a:eve•
therefore or to make any appropriation for their payment, The Authorm, -as r3
taxing power.
Persons wishing to express their views retarding the proposed plan of
and issuance of the Bonds may appear at the hearing or may submit their • a::s
writing, Written comments should be submitted to the Authority, c/o '.' . Pc -:.a
Chircut, City of Miami Finance Department, Suite 240, DuPont Plaza Ce-:er, 333
Biscayne Boulevard Way, Miami, Florida, 33131, and should be mailed in s-"icie't
time to be received on or before October 30; 1996, the date of the hearinc. Snou d
any person decide to appeal any decision made by the Authority at this he_ ng, re
or she will need a record of the proceedings and he or she may need to asa_•e trat
a verbatim record of the proceedings be made, which record includes the tes:1mo7y
and evidence upon which the appeal is to be heard. Subsequent to the hea-ing, In
accordance with Section 147(f) of the Code, the Authority will —ake a
recommendation to the City Commission of the City of Miami for the ap:•oval or
disapproval of the issuance of the Bonds.
4 rGI CITY OF MIAMI, FLORIDA
�Q twt tin, dJ HEALTH FACILITIES AUTHORI`•
Dated: October 16, 1996
Ad No. 2659
EXHIBIT "A"
96-920
En
1i
CITY OF MIAMI, FLORIDA
HEALTH FACILITIES AUTHORITY
MINUTES OF TEFRA HEARING
relating to
MIAMI JEWISH HOME AND HOSPITAL FOR THE AGED, INC.
FINANCING
October 30, 1996
CHAIR: We will now conduct the public hearing on the
proposed issuance of health facilities revenue
bonds for the purpose of refunding, on a current
basis, certain outstanding obligations of the
Authority and the proposed financing of a project
to be located in the City of Miami, Dade County,
Florida, on behalf of Miami Jewish Home and
Hospital for the Aged, Inc. This public hearing is
being conducted pursuant to the requirements of the
Federal Tax Equity and Fiscal Responsibility Act of
1982, as amended by the Tax Reform Act of 1986,
together referred to for purposes of this hearing
as TEFRA and embodied in Section 147(f) of the
Internal Revenue Code of 1986, as amended (the
"Code"). TEFRA requires that in order for the
interest on 501(c)(3) hospital .revenue bonds to be
exempt from federal income tax, such bonds and the
projects which they will finance must be approved
by either a voter referendum or by an applicable
elected legislative body after a public hearing
following reasonable public notice.
A transcript of the testimony given at this hearing
will be provided to the City Commission of the City
of Miami at a regular meeting of the Commission, at
which time the Commission will, for purposes of
Section 147 ( f ) of the Code, approve or disapprove
the issuance of the bonds by the Authority.
It should be noted that the proceedings of this
public hearing are being recorded and will be
maintained as a permanent record.
Will the Debt Service Coordinator please introduce
the required notice of public hearing.
MR. CHIRCUT: The Notice of Public Hearing was published in The
Miami Herald on October 17, 1996, advising that the
Authority would hold a public hearing, on October
30, 1996, at 5:00 p.m., in the City Commission
Chambers, on the proposed issuance of its health
facilities revenue bonds. The location of the
D09:[04547.DOCS.MIA200083]TEFRA-HEAR-SCRIPT-2.
EXHIBIT "B"
g6-920
meeting was subsequently changed, pursuant to due
notice, to the City Manager's Conference Room on
the 2nd Floor of City Hall.
CHAIR: We will now commence the public hearing. The
hearing will be conducted in the following format:
First, Bond Counsel will provide a brief synopsis
of the proposed financing and the project. Second,
testimony from anyone desiring to speak or submit
written testimony on the proposed project will be
heard. Anyone wishing to speak or submit written
testimony should give his or her name and address
for the record.
Will Bond Counsel please introduce the project for
consideration.
BOND
COUNSEL: The proposed financing consists of the issuance by
the Authority of its Health Facilities Revenue
Bonds (Miami Jewish Home and Hospital for the Aged,
Inc. Project), Series 1996 (the "Bonds"), in the
aggregate principal amount of not exceeding
$26,000,000, the proceeds of which Bonds will be
used (a) to refinance and refund, on a current
basis, the outstanding principal balance of the
Authority's Health Facilities Revenue Bonds (Miami
Jewish Home and Hospital for the Aged Project),
issued in 1984 (the "Prior Bonds"), estimated to be
outstanding as of the date of issuance of the Bonds
in the aggregate principal amount of $10,583,334;
(b) to finance costs of construction, acquisition
and equipping of certain capital improvements to be
located on the Company's main campus (the
"Facility") at 5200 N.E. 2nd Avenue, Miami,
Florida, 33137, consisting of an assisted living
facility; a new entrance to the campus; a perimeter
wall; and relocation of existing utilities,
landscaping and irrigation; and all attendant
furniture, fixtures and equipment (together, the
"Project"), including reimbursements to the Company
for prior expenditures anticipating the issuance of
the Bonds; (c) to finance capitalized interest; and
(d) to pay certain costs of issuance of the Bonds.
The proceeds of the Prior Bonds were used to
finance certain capital improvements to the
Facility, consisting of heath care buildings,
renovations to then existing buildings, surface
parking, road and other improvements. The
Facility, as improved by the Project, will continue
to be owned, operated and managed by the Company as
part of its existing and on -going health facilities
operations located at 5200 N.E. 2nd Avenue, Miami,
Florida 33137.
009:[04547.ROCS.MIA200083]TEFRA-HEAR-SCRIPT-2.
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Any final approval of the Authority is conditional
upon the Authority's approval of the plan of
financing and approval of the financing documents.
CHAIR: Testimony will now be heard by anyone desiring to
speak on the proposed project. The record
indicates that Ms. Olga Cenal, Consultant to the
Company, is in attendance representing the Company.
Is there anyone who wishes to speak or file written
testimony on this matter?
CHAIR: Let the record reflect that Mr. Elliot Kalus,
representing Clearlake Financial Corp., addressed
the Authority. Mr. Kalus introduced his company to
the Authority and indicated its desire to be
included in Request for Proposals for future
financings. He complimented the Authority on its
work and the significance of providing tax exempt
financing to health care facilities located within
the City.
Ms. Olga Cenal provided the Authority with an
overview of the Project to be financed.
This concludes the public hearing scheduled for
today.
Is
D09:(04547.DOCS.MIA2000837TEFRA-HEAR-SCRIPT-2.
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
30-
TO : Honorable Mayor and Members
of the City Commission
6XJ '
FROM : Edward Marq e
City Manager
RECOMMENDATION:
DATE : DEC ' )o0- FILE :
SUBJECT : Agenda Item
REFERENCES:
ENCLOSURES:
It is respectfully recommended that the City Commission adopt the attached resolution
with attachments, approving the issuance of not to exceed $26,000,000 City of Miami,
Florida Health Facilities Authority Health Facility Revenue Bonds, Series 1996 (Miami
Jewish Home and Hospital for the Aged, Inc. Project) for the purposes of Section 147(0
of the Internal Revenue Code of 1986, as amended; ratifying, confirming and approving
prior resolutions and actions of the Authority; providing for severability, conflicts and an
effective date.
BACKGROUND:
The City of Miami, Florida Health Facilities Authority has held a public hearing for the
purpose of giving interested persons an opportunity to express their views in connection
with the Authority's proposed issuance of not to exceed $26,000,000 City of Miami,
Florida Health Facilities Authority Revenue Bonds, Series 1996, (Miami Jewish Home and
Hospital for the Aged, Inc. Project) as required by Section 147 (f) of the Internal Revenue
Code of 1986. The Authority has also adopted a resolution expressing its intent to issue
such bonds.
At this time, the City Commission must confirm and approve the actions of the Authority
in authorizing the issuance of the bonds and the holding of the public hearing.
These bonds will not constitute a debt or liability of the City of Miami or the City of
Miami Health Facilities Authority. They are payable solely out of the revenues of the
Miami Jewish Home and Hospital for the Aged, Inc., on whose behalf the bonds are
issued. Florida law prohibits the bonds from being an obligation of the City, the State of
Florida, or any political subdivision thereof.
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