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Home My WebLink AboutR-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THEREON HAVE BEEN EXPENDED AS HEREIN PROVIDED; PROVIDING THAT UPON RECEIPT OF SAID GRANT THIS RESOLUTION MAY NOT BE REPEALED OR AMENDED EXCEPT WITH THE CONSENT OF DADE COUNTY; PROVIDING FOR CERTAIN ACTS BY CITY OFFICIALS AND THE CITY ATTORNEY; REPEALING RESOLUTION NO. 92-550, ADOPTED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 i a portion of the costs of renovating and improving the 7�6�D AMENDED BY: q" 00MUSSION MINTINO OF NOV 12 IM ��lt�tlon Iio. 9 2 - 727 r� 2 �11 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 E 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 _2- 92- 727 1 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 -3- 92- 727 y 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 <f- 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 -4- 92- 727 ■w M 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 -5- 92- 727 i (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 t 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 :{ in conflict herewith, to the extent of such conflict, are superseded and repealed. ' Section 9. Repeal of Prior Resolution, This Resolution I µd repeals and replaces Resolution No. 92-550, adopted by the City s Commission on September 10, 1992. =1 Section 10. Effective Date This Resolution shall become effective immediately upon its adoption. a' -6- 92- 727 PASSED AND ADOPTED this 12th day of ATTES . i MATTY°H RAI, CITY CL BUDGETARY REVIEW: MANOHAR S. SU ASSISTANT CITY NAGER FINANCIAL REVIEW: �V_ - �-- CA S E. GARCIA, DIRECTOR DEPARTMENT OF FINANCE PREPARED AND APPROVED BY: , 1992. XAVjHA L. SUAREZ, MAYOR ;:w