HomeMy WebLinkAboutR-92-0727J-92-853
11/12/92
RESOLUTION NO. 9 2— 727
A RESOLUTION ACCEPTING A GRANT FROM DADE
COUNTY IN THE AMOUNT OF $7,500,000 TO BE USED
BY THE CITY OF MIAMI TO PAY OR REIMBURSE A
PORTION OF THE COSTS OF RENOVATING AND
IMPROVING THE ORANGE BOWL STADIUM; PROVIDING
FOR SAID GRANT MONIES AND INVESTMENT INCOME
THEREON TO BE HELD BY THE CITY IN TRUST UNTIL
APPLIED FOR SAID PURPOSES; PROVIDING THAT
UPON RECEIPT OF SAID GRANT THIS RESOLUTION
SHALL BE ENFORCEABLE BY THE COUNTY AS A
CONTRACT UNTIL ALL GRANT MONIES AND
INVESTMENT INCOME THEREON HAVE BEEN EXPENDED
AS HEREIN PROVIDED; PROVIDING THAT UPON
RECEIPT OF SAID GRANT THIS RESOLUTION MAY NOT
BE REPEALED OR AMENDED EXCEPT WITH THE
CONSENT OF DADE COUNTY; PROVIDING FOR CERTAIN
ACTS BY CITY OFFICIALS AND THE CITY ATTORNEY;
REPEALING RESOLUTION NO. 92-550, ADOPTED
SEPTEMBER 10, 1992; PROVIDING FOR
SEVERABILITY, CONFLICTS AND AN EFFECTIVE
DATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. Findings, The City Commission (the
"Commission") of the City of Miami (the "City") hereby finds and
determines that:
(a) The City has requested a grant, in the amount of
$7,500,000, (the "Grant") from Dade County, Florida
(the "County") for the purpose of paying or reimbursing
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a portion of the costs of renovating and improving the
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Orange Bowl Stadium (the "Stadium"), such renovation
and improvement being herein referred to as the
"Project".
(b)
The Stadium is a "professional sports franchise
facility within the meaning of Section 128.0104(3)(1),
Florida Statutes, as amended (the "Act").
(o)
The City is aware of the fact that the County intends
to issue its Dade County, Florida Professional Sports
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Franchise Facilities Tax Revenue Bonds (the "Bonds"),`
which are payable from the professional sports
franchise tax levied by the County pursuant to the Act,
for the purpose of assisting in the payment of the cost
of certain professional sports franchise facilities,
one of which is the Grant, as contemplated herein.
(d)
The City desires that the County issue the Bonds and
make the Grant to the City and, in consideration of the
Grant, the City makes the covenants set forth herein,
which shall constitute the terms of the Grant.
(e)
The acceptance by the City of the Grant and the
expenditure of the Grant monies and investment income
therefrom, as contemplated hereby, serves a proper
municipal and public purpose.
(f)
The public purpose of the Grant and of the Stadium is
to provide facilities to be used in connection with
public entertainment for the benefit of residents of
and visitors to the City and to Dade County and to
attract tourists to the City and to the County thereby
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stimulating the economy of the City and the County, and
increasing tax revenues and other revenues of the City
and the County. Any economic benefit to be derived by
any private persons (including, but not limited to, any
users of the Stadium) from the Stadium or from the
expenditures of Grant monies and investment income
therefrom with respect to the Stadium will be merely
incidental to the paramount public purposes stated
above.
Section 2. Acceptance of Grant. The City agrees that if
the Bonds are issued by the County and if a portion of the
proceeds thereof are used by the County to make the Grant to the
City, the City shall accept the Grant and use the Grant monies
and investment income earned thereon as provided in Section 3,
below.
Section 3. Use of Monies. Upon receipt of the Grant,
the City's Finance Director shall establish a special fund called
the "City of Miami Professional Sports Franchise Facility Grant
Fund" (the "Grant Fund") and shall immediately deposit all such
Grant money therein. The City agrees to proceed with the Project
with reasonable dispatch and expend the Grant monies and
investment income solely to pay, or reimburse the City for, costs
of the Project incurred by the City. If, after paying all costs
of the Project, any Grant monies and investment income remain in
the Grant Fund, such monies shall be held in the Grant Fund until
expended to pay the costs of subsequent improvements to, or to
acquire furnishings or equipment for, the Project. Monies in the
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Grant Fund may be invested by the City until expended for the
foregoing purposes. Such investments and investment gain and
income shall be assets of the Grant Fund and investment Losses .-
shall be charged to the Grant Fund. The Grant Fund is hereby
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pledged for the benefit of the residents of the City and of Dade
County for the foregoing uses and shall not be subject to
attachment by creditors of the City. The monies in the Grant
Fund may be commingled with other funds of the City so long as
records are maintained by the City which account for the monies
and investments which are assets of the Grant Fund, the income
(and losses) of such Grant Fund and disbursements therefrom to
pay, or to reimburse the City for, costs of the Project.
Section 4. Contract. Upon the adoption of this
Resolution, this Resolution shall constitute an offer to the
County to enter into a unilateral contract, which offer shall be
accepted by the County by making the Grant. Upon the making of
the Grant, the County will have fully performed its obligations
under such contract and the City Is obligations hereunder shall
become contractual obligations of the City owed to the County
I until all Grant monies and investment income have been expended
in accordance herewith.
Section 8. Repeal or Amendment. This Resolution may be
repealed or amended prior to the receipt of the Grant provided
that notice of any resolution proposing the repeal or amendment
hereof is given to the Finance Director of the County, in
writing, not less than fifteen (15) days prior to the vote on
such resolution. Upon receipt of the Grant, this Resolution
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shall constitute a oontraot whioh is binding on the City and
shall not be repealed or amended unless such repeal or amendment
is first approved by a resolution of the Board of County
Commissioners of the County.
Section 6. Acts of City Officials. In connection with
the issuance of the Bonds by the County and the receipt of the
Grant by the City:
(a) The City Clerk shall provided to oo-bond counsel for
the County a true copy of this Resolution and shall
certify that this Resolution was duly adopted in
accordance with law and has not been repealed or
amended.
(b) The Finance Direotor of the City shall comply with the
terms of Section 3 hereof.
(o) The City Attorney shall render a legal opinion,
addressed to the County, to co -bond counsel of the
County and to the County Attorney, in form and
substance satisfactory to the addressees, to the effect
that:
(i) the City is a validly created and existing
municipality of the State of Florida; and
(ii) this Resolution has been duly adopted, has not
been amended or repealed and is a valid, legal,
binding instrument, enforceable in accordance with
its terms, subject to bankruptcy laws and other
laws affecting creditors' rights and to the
exercise of judicial disoretion; and
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(III) the Project and the Stadium constitute a
"professional sports franchise facility" within
the meaning of the Act.
Section 7. Severability. If any section or provision of
this Resolution, or any oovenant, agreement, stipulation,
obligation, act or action, or part thereof, made, assumed,
entered into or taken under this Resolution, or any application
thereof, is held at to illegal or invalid for any reason, or is
inoperable at any time, that illegality, invalidity or
inoperability shall not affect the remainder thereof or any other
section or provision of this Resolution all of which shall be
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construed and enforced at the time as if the illegal, invalid or
inoperable portion were not contained therein. Any illegality,
invalidity or inoperability shall not affect any legal, valid and
operable section, provision, covenant, agreement, stipulation,
obligation, act, action, part or application, all of which shall
be deemed to be effective, operative, made, assumed, entered into
or taken in the manner and to the full extent permitted by law
from time to time.
Section 8. Conflicts. All resolutions or parts thereof
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in conflict herewith, to the extent of such conflict, are
superseded and repealed.
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Section 9. Repeal of Prior Resolution, This Resolution
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repeals and replaces Resolution No. 92-550, adopted by the City
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Commission on September 10, 1992.
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Section 10. Effective Date This Resolution shall become
effective immediately upon its adoption.
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PASSED AND ADOPTED this 12th day of
ATTES .
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MATTY°H RAI, CITY CL
BUDGETARY REVIEW:
MANOHAR S. SU
ASSISTANT CITY NAGER
FINANCIAL REVIEW:
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CA S E. GARCIA, DIRECTOR
DEPARTMENT OF FINANCE
PREPARED AND APPROVED BY:
, 1992.
XAVjHA L. SUAREZ, MAYOR
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