HomeMy WebLinkAboutR-92-0176is
J-92-178 ,
3/4/92
RESOLUTION NO. 9 -9 '- 17 6
A RESOLUTION, WITH ATTACHMENTS, APPROVING
THE ISSUANCE OF AN AMOUNT NOT TO EXCEED
$16,000,000 CITY OF MIAMI, FLORIDA HEALTH
FACILITIES AUTHORITY HEALTH FACILITIES
REVENUE BONDS (MIAMI JEWISH HOME AND
HOSPITAL FOR THE AGED, INC. PROJECT),
SERIES 1992, FOR THE PURPOSES OF SECTION
147(F) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED; APPROVING THE MINUTES
OF THE PUBLIC HEARING HELD BY THE
AUTHORITY PURSUANT TO THE TAX EQUITY AND
FISCAL RESPONSIBILITY ACT OF 1982; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Miami, Florida Health Facilities
Authority (the "Authority") was created by Resolution No. 79-93,
adopted on February 22, 1979 by the City Commission of the City
of Miami, Florida (the "Commission"), as amended by Resolution
No. 79-330, all pursuant to the Florida Health Facilities
Authority Law, Chapter 154, Part III, Florida Statutes; and
WHEREAS, on March 4, 1992, the Authority held a public
hearing, notice of which hearing was published on February 20,
1992 and February 21, 1992 in the MIAMI REVIEW (copies of which
notices are 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,
in connection with the Authority's proposed issuance of an amount
not to exceed $16,000,000 City of Miami, Florida Health
Facilities Authority Health Facilities Revenue Bonds (Miami
ATTACHMENT(S)
CONTAINED
CITY COMMISSION
MEETING Or
M 4R1 2 1992
Resolution No.
92- 176
Jewish home and Hospital for the Aged, Inc. Project), Series 1992
(the "Bonds"), as required by Section 147(f) of the Internal
Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, on May 13, 1991, the Authority adopted an
Inducement Resolution expressing its intent to issue the Bonds
and on February 24, 1992, the Authority adopted an Authorizing
Resolution (the "Authorizing Resolution") authorizing the
issuance, execution, sale and delivery of the Bonds and the forms
of financing documents related thereto, all subject to the
holding of the Authority's public hearing, approval by the
Commission and final approval by the Authority of the financing
documents; and
WHEREAS, after reviewing a copy of the minutes of the
Authority's public hearing held on March 4, 1992 in respect of
the Bonds, a copy of which minutes is attached hereto as Exhibit
B and incorporated herein, the Commission desires to approve the
issuance of the Bonds for the purposes of complying with Section
147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY 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.
- 2 - 92- 176
3512/MIA20003-2/AD4
Section 2. The issuance of the Bonds in an aggregate
principal amount not to exceed $16,000,000 pursuant to the
Authorizing Resolution is hereby in all respects approved for
purposes of Section 147(f) of the Code.
Section 3. The Board hereby approves the minutes of the
public hearing held with respect to the Bonds on March 4, 1992 in
accordance with the Tax Equity and Fiscal Responsibility Act of
1982, which transcript was presented at this meeting.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED and ADOPTED this 12th day of March , 1992.
ATTEST:
MAT Y HIRAI, CITY CLERK
LEGAL REVIEW:
G. MIRIAM MAER
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND
CORRECTNESS:
M ri 1
35721HIA20003-2/AD4 h 2 "- 176
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No. 11e7 '
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El
MIAMI REVIEW
Published Dally except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Oclelma V. Ferbeyre, who on oath says that she is the Super•
visor of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami In Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
In the matter of
CITY OF MI11MI , FLORIDA
CORRECTED NOTICE OF PUBLIC HEARING
March 4, 1992
Re: proposed issuance of the Authority's
Health Facilities Revenue Bonds
In the ..............N . -N . N .................... Court,
was published In sold newspaper in the Issues of
February 21, 1992
Allient further says that the said Miami Review Is a
newspaper published at Miami in sold Dads County, Florida,
and thhat the said newspaper has heretofore been continuously
published In sold Dade County, Florida each day (except
Saturday, Sunday and Legal Holidays) and {gas been entered as
second class mall matter at the post office In Miami In said
Dade County, Florida, for a period of one year next preceding
the first publication of the attached co f advertlsement; and
afflant further says that she has n r pa nor promised any
person, or corpora 'on an m, r bets, commission
or rs1 d fN the p o ur g 1hi advertisement for
pub ell Ih the ne er
24day of FE
(SEAL)
before me this
A.O. 19..92..
`OFFICIAL ROTARY SEAV
CRISTIi A INMLM0
MY C". EXP. 4/S/95
_S
e CITY OF MiAMI, FLORIDA
° CORRECTED NOTICE OF PUBLIC HEARING
Please take notice that the City of Miami, Florida Health Facilities
Authority (the "Authority') will hold a public hearing to commence
at 4:30 P.M. on March 4, 1992, through one or more of Its author-
Ized members, at the office of the City of Miami Finance Depart-
ment, Finance Department Conference Room, Suite 210, Dupont.
Plaza Cenlet, 300 Biscayne Boulevard Way, Miami, Florida, 33131
regarding the proposed Issuance of the Authority's Health Facili-
ties Revenue Bonds In an aggregate principal amount not to exceed
$16,000,000 the proceeds of which bonds will be used to finance
(through reimbursement or otherwise) all or a portion of the cost
of (a) the acquisition, construction and equipping of a new 106,000
square fool, 174 replacement bed skilled nursing and rehabilitation
facility and the construction, renovation, relocation, improvement
and equipping of an adjacent existing three-story, 37,000 square
foot, 120 bed skilled nursing facility and additional related parking
In connection therewith, and related capital facilities and author -
[zed costs (collectively,* the "Facilities'), (b) the repayment of a prior
loan for the building fund and of a prior loan for construction of
skilled nursing facilities; (c) a debt service reserve, it deemed
necessary, (d) capitalized Interest, if deemed necessary and (e) the
payment of certain costs of Issuance of the bonds (collectively,
the "Project'), all on behalf of the Miami Jewish Home and Hospi-
tal for the Aged, Inc., a Florida non-profit corporation (the "Corpo-
ration'). The Facilities will be located on the existing campus and
grounds of the Corporation at 5200 N.E. 2nd Avenue, Miami, Flor•
Ida 33137 and the Facilities will be owned, operated and managed
by the Corporation as part of its existing and ongoing health facili-
ties operations at sold location.
The bonds shall not be a debt, liability or obligation of the Authorl-
ly, or of the City of Miami or of the State of Florida or of any
political subdivision thereof, but shall be payable solely from
revenues derived from operation of the Facilities or from security
provided by the Corporation. The Authority has no taxing power.
At the public hearing any person may be heard regarding the
proposed issuance of the bonds, the plan of financing and the
nature and location of the Project. The Authority will submit a
transcript of statements and a record of the proceedings to the
City Commission of the City of Miami, Florida, which must approve
or disapprove the Issuance of the bonds. Any person desiring to
submit written comments must submit them so as to be received
by the time of the hearing.
No. 1167
9191
92-
97.."77171 MRR
1 '7 6
EXHIBIT B
A special meeting of the City of Miami, Florida Health
Facilities Authority was held commencing at 4:30 P.M., March 4,
1992, at the City of Miami Finance Department, Finance Department
Conference Room, Suite 210, Dupont Plaza Center, 300 Biscayne
Boulevard Way, Miami, Florida 33131.
Presiding: Dr. Charles Beber
Present: Carlos Garcia, Robin Jackson
Absent:
Thereupon, the Chairman announced that the Authority
would now proceed to hold a public hearing on the issuance of its
health facilities revenue bonds for a proposed health facilities
project on behalf of Miami Jewish Home and Hospital for the Aged,
Inc. The hearing is being held for the purpose of hearing from
anyone who wishes to be heard on the proposed bond financing and
the proposed project. The following is a substantially verbatim
account of the proceedings of this hearing:
CHAIR: We will now conduct the public hearing on the
proposed issuance of health facilities revenue
bonds for 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. TEFRA
requires that in order for the interest on
hospital revenue bonds to be exempt from federal
income tax, such proposed bonds and the projects
92- 176
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.
The City Commissioners of the City of Miami have
directed that this Authority conduct the required
public hearing following which a transcript of the
testimony given at the hearing will be provided to
the Commission at a regular meeting of the
Commission, at which time the Commission will
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 Executive Director please introduce the
required notice of public hearing.
MR. GARCIA: The Notice of Public Hearing was published in the
Miami Review on February 20, 1992 and February 21,
1992, advising that the Authority will hold a
public hearing on the proposed issuance of its
Health Facilities Revenue Bonds. We have on
record copies of the Notice of Public Hearing.
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 bond financing and the project.
Second, testimony from anyone desiring to speak or
submit written testimony on the specific project
under consideration will be heard or submitted.
Anyone wishing to speak or submit written
testimony should give his or her name and address
for the record.
Will 'Counsel please introduce the project for
consideration.
MS. JACKSON: The project scheduled is a bond issue in an amount
not exceeding $16,000,000, the proceeds of which
will be used to finance (through reimbursement or
otherwise) all or a portion of the cost of (a) the
acquisition, construction and equipping of a new
106,000 square foot, 174 replacement bed skilled
nursing and rehabilitation facility and the
construction, renovation, relocation, improvement
-?- 92- 176
3572/MIA20002-1/AA1
and equipping of an adjacent existing three-story,
37,000 square foot, 120 bed skilled nursing
facility and additional related parking in
connection therewith, and related capital
facilities and authorized costs (collectively, the
"Facilities"), (b) the repayment of a prior loan
for the building fund and of a prior loan for
construction of skilled nursing facilities; (c) a
debt service reserve, if deemed necessary, (d)
capitalized interest, if deemed necessary and (e)
the payment of certain costs of issuance of the
bonds (collectively, the "Project"), all on behalf
of the Miami Jewish Home and Hospital for the
Aged, Inc., a Florida non-profit corporation (the
"Corporation"). The Facilities will be located on
the existing campus and grounds of the Corporation
at 5200 N.E. 2nd Avenue, Miami, Florida 33137 and
the facilities will be owned, operated and managed
by the Corporation as part of its existing and
ongoing health facilities operations at said
location.
Action taken by the Authority to date includes an
initial review of the project by the Authority.
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 Olga Cenal is in attendance
representing the Corporation.
Is there anyone who wishes to speak or file
written testimony on this matter?
CHAIR: Let the record reflect that no one appeared
desiring to comment on this project.
This concludes the public hearing scheduled for
today. This project, together with a transcript
of today's public hearing, will be forwarded to
the City Commission at a regular meeting at which
time the Commission will approve or disapprove the
proposed issuance of bonds.
9572/MIA20002-1/AAI 9 2 W 176
STATE OF FLORIDA )
) SS.
COUNTY OF DADE )
I, CARLOS GARCIA, Secretary of the City of Miami,
Florida Health Facilities Authority, DO HEREBY CERTIFY that the
foregoing is an accurate copy of so much of the recorded
proceedings of the Authority at a meeting held on March 4, 1992
as set forth in the official minutes of the Authority, as relates
to the proceedings of the Public Hearing held pursuant to Section
147(f) of the United States Internal Revenue Code of 1986,
concerning the proposed issuance of bonds on behalf of Miami
Jewish Home and Hospital for the Aged, Inc., a Florida non-profit
corporation.
I DO FURTHER CERTIFY that said meeting was duly called
and held in accordance with Chapter 286, Florida Statutes.
WITNESS my hand and Corporate Seal of said Authority,
this 4th day of March, 1992.
Secretary
(SEAL)
on, OF MIAMI, FLORIDA
0 23
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members DATE FILE
of the City Commission MAR -�2
SUBJECT : Agenda Item for City
Commission Meeting
FROM : REFERENCES
Cesar H. Odio
City Manager ENCLOSURES:
It is respectfully recommended that the City Commission adopt the
attached resolution, with attachments, approving the issuance of
not to exceed $16,000,000 City of Miami, Florida Health
Facilities Authority Health Facility Revenue Bonds, (Miami Jewish
Home and Hospital for the Aged, Inc. Project), Series 1992, for
the purposes of Section 147(F) of the Internal Revenue Code of
1986, as amended; approving the minutes of the public hearing
held by the Authority pursuant to the Tax Equity and Fiscal
Responsibility Act of 1982; and providing an effective date.
City of Miami by resolution 91-840 approved the issuance of not
to exceed $15,000,000 City of Miami, Florida Health Facilities
Authority Health Facility Revenue Bonds, Series 1991 for the
Miami Jewish Home and Hospital for the Aged, Inc. At this time
the Hospital has requested an increase in the size of the issue
to an amount not to exceed $16,000,000. A new public hearing has
been held in accordance with Section 147(F) of the Internal
Revenue Code of 1986, which minutes are hereby submitted as
Exhibit B to the attached resolution authorizing the issuance of
bonds in an amount not to exceed $16,000,000. The attached
resolution supersedes and replaces resolution 91-840.
These bonds have already been approved by the City of Miami
Health Facilities Authority and this resolution is being
recommended by the Authority for approval. These bonds will not
constitute a debt or liability of the City of Miami or the City
of Miami, Florida 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.
a� 92- 176
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