HomeMy WebLinkAboutR-91-0840J-91-839
10/17/91
RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENTS, APPROVING THE
ISSUANCE OF NOT TO EXCEED $15,000,000 CITY OF
MIAMI, FLORIDA HEALTH FACILITIES AUTHORITY HEALTH
i
FACILITY REVENUE BONDS, SERIES 1991 (MIAMI JEWISH
HOME PROJECT), FOR THE PURPOSES OF SECTION 147(F)
1
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
I APPROVING THE MINUTES OF THE PUBLIC HEARING HELD
BY THE AUTHORITY PURSUANT TO THE TAX EQUITY AND
i 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;
WHEREAS, on September 10, 1991, the Authority held a public
hearing, notice of which hearing was published on August 27, 1991
in the Miami Review (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, in connection with the Authority's proposed
issuance of not to exceed $15,000,000 City of Miami, Florida
Health Facilities Authority Health Facility Revenue Bonds, Series
1991 (Miami Jewish Home Project) (the "Bonds"), as required by
Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code");
crily C.-
NOV 14 1991
RUOlUT10N Na.
WHEREAS, on May 13, 1991, the Authority adopted a Resolution
expressing its intent to issue the Bonds, subject to approval by
the Commission, and final approval by the Authority of the
financing documents;
WHEREAS, after reviewing a copy of the minutes of the
Authority's public hearing on September 10, 1991 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 issuance of the Bonds in an aggregate
principal amount not to exceed $15,000,000 pursuant to a bond
resolution adopted by the Authority on September 10, 1991 is
hereby in all respects approved for purposes of Section 147(f) of
the Code.
Section 2. The City Commission hereby approves the minutes
of the public hearing held with respect to the Bonds on September
10, 1991 in accordance with the Tax Equity and Fiscal
Responsibility Act of 1982, which transcript was presented at
this meeting.
Section 3. This Resolution shall become effective
immediately upon its adoption.
L
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PASSED AND ADOPTED this 14th day of ___ November_
(SEAL)
MATTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
G. M IAM MAER
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND
CORRECTNESS:
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XAVIER L.
M A
, 1991 .
SUAREZ
0 R
173
MIAiViI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookle VAIllams, who on oath says that she Is the Vice
President of Legal Advertising of the Miami Review, a dolly
(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 MIAMI
Health Facilities Authority
Public Hearing 9/10/91
In the ........... X ..X . X. .................... Court,
was published In said newspaper in the Issues of
August 27, 1991
Afflant further says that the said Miami Review is a
newspaper published at Miami In said Dade County, Florida,
and thhat the sold newspaper has heretofore been continuously
published In said 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
Ireffor
Florida, for a period of one year next preceding
cation of the attached copy of advertisement; and
says that she has neither paid nor promised any
r corporation any discount, robots, commission
the purof securing this advertisement for
4pose
newspaper
•
S'rRanapribed before me this
f
2 7 ... day of ......R . U .. . .., A.D. 19.... 1.
•
•
......� ..... +.• .. .
(SEAL)
"OFFICIAL NOTARY SEAL"
CHERYL H. MARMER
MY COW EXP. 4/12/92
EX)11 b1 t A
CITY OF MIAM1•�''' : ' .,
f` HEALTH FACILI't'�B�;AUTN0 #�, y
NOTICE OF PUBLIC, HEARING
Please take notice that the City of Mlaml,'F�ofida Neallh t 14b 1ties
Authority (the "Authority") will hold a public hearing to commence
at 5:30 P.M. on September 10, 1991,-through'one oe more 'of- Its
authorized members, at the Miami City Hail, City Commissldh Cham-
bers, 3500 Pan American Drive, Miami, Florida, tegarding the proposed
Issuance of the Authority's Health Facility Revenud Bonds IR' an
aggregate principal amount not to exceed $15,000,000 the probeeds
of which bonds will be used to (a) finance the acquisition, cbristruc•
lion and equipping of a certain building; bansisting of 'approximalely
106,000 square 'feet, housing approxlm4te1y'174 beds;' whlcht'Will
replace a like number of existing beds, the cbnstructlon and 04610•
ping of a rehabilitation complex In said bullding,'additlonhl'parking
In connection therewith, and related capital facilities and -authorized
costs (collectively, the "Facilities"), (b) to repayta priof.loatl tot -the
building fund; (c) provide a debt servicereserve, if deemed nAcessaiy,
(d) provide for capitalized interest, and (e) payt;ertatn cost§ oYi§su;
ance of the bonds (collectively, the "Project'); all on behalf ,ofr,the
Miami Jewish Home and Hospital for the Aged, Inc:;'a non=pfofit
Corporation (the "Corporation"). the facilities Will be located on the
existing campus and grounds of the Corp6rat{66 at 5200 NZ.lhd
Avenue, Miami, Florida and the facilities wilf-'be owned, operated
and managed by the Corporation as part Of Its existing and onging
health facilities operations at said location. tiro'"
The bonds shall not be a debt, liability or obligation of the Author•
ity, 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 Facility or from security'provlded by
the Corporation. The Authority has no taxing power.
At the public hearing any person may be heard regarding,lhe
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 Cotnmisslon
of the City of Miami, Florida, which must approve,or disapptoveahe
Issuance of the bonds. Any person declring to submit written com,'
ments must submit them so as to be received by the' time of the
hearing.
Ad No. 1164
8/27 91-3-082750Mi
1W
Vk Exhibit B
A special meeting of the City of Miami, Florida Health Facilities
Authority was held commencing at 5:30 P. M., September 10, 1991,
at Miami City Hall, Committee of the Whole Room, 3500 Pan
American Drive, Miami, Florida.
Presiding: Dr. Charles Beber, Chairman
Present: Ms. Maria Alonso Martinez
Mr. Bruno Barreiro, Jr.
Ms. Gloria Rosello
Absent: Rev. Ronald Peters
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
of 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:
Dr. Beber: 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
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 August 27, 1991, advising that
the Authority will hold a public hearing on the
proposed issuance of its Health Facilities
Revenue Bonds. We have on record a copy of the
Notice of Public Hearing.
Dr. Beber: 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.
Mr. Myers: The project scheduled is a bond issue in an
amount not exceeding $15,000,000 the proceeds of
which will be used to (a) reimburse the
corporation for certain prior capital
expenditures which were or will be advanced for
the proposed facilities acquisition, construction
and improvement, or to repay and retire a
previous loan from Sun Bank/Miami, N.A., (b)
provide a debt service reserve, if deemed
necessary, (c) provide for capitalized interest,
and (d) pay certain costs of issuance of the
bonds. The building to be constructed is a
106,000 square foot facility, housing
approximately 174 beds, which will replace a like
number of existing beds, and including a
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rehabilitation complex in the building,
additional parking in connection therewith, and
related capital facilities and authorized costs.
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. The secretary may indicate what the
financial advisor has indicated.
Mr. Garcia: The financial advisor has indicated that since
there will be a financial institution that will
provide a letter of credit, there is no need at
this time to have a credit review of the
applicant. The financial institution will
provide the credit review at the time the letter
of credit is issued.
Dr. Beber: Testimony will now be heard by anyone desiring to
speak on the proposed project.
Is there anyone who wishes to speak or file
written testimony on this matter?
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.
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. 40
a
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 September 1.0, 1991, 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
loth day of September, 1991.
Secretary
( SEAL)
CITY OF M1AMI, FLORIDA 27
INTER -OFFICE MEMORANDUM
TO Honorable Mayor and Members
of the City Commission
00-11,
6?�eK�
:ROM Cesar H. Odio
City Manager
REQQ— MMJ=_& IQ_R:
IATF
SUBJECT
REFERENCES
ENCLOSURES
FILE
Agenda Item for City
Commission Meeting.
It is respectfully recommended that the City Commission adopt the
attached resolution with attachments, approving the issuance of
not to exceed $15,000,000 City of Miami, Florida Health
Facilities Authority Health Facility Revenue Bonds, Series 1991
(Miami Jewish Home Project), 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.
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 $15,000,000 City
of Miami, Florida Health Facilities Authority Revenue Bonds,
Series 1991, (Miami Jewish Home 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, 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.
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