HomeMy WebLinkAboutO-10473J-88-676
9/8/88
ORDINANCE NO. 10473
AN ORDINANCE OF THE CITY OF MIAMI, FLORIDA,
AUTHORIZING THE ISSUANCE, SUBJECT TO THE ELEC-
TION AS HEREIN PROVIDED, OF (i) NOT TO EXCEED
THIRTY-FIVE MILLION DOLLARS ($35,000,000)
STREET AND HIGHWAY IMPROVEMENT BONDS, AND (ii)
NOT TO EXCEED TEN MILLION DOLLARS
($10,000,000) WATERFRONT IMPROVEMENT BONDS OF
THE CITY OF MIAMI, FLORIDA, FOR THE PURPOSE OF
PAYING THE COST OF STREET AND HIGHWAY IMPROVE-
MENTS AND WATERFRONT IMPROVEMENTS, RESPEC-
TIVELY; CALLING AN ELECTION FOR THE PURPOSE OF
SUBMITTING TO THE ELECTORS THE QUESTION OF
WHETHER EACH SUCH ISSUE OF BONDS SHALL BE IS-
SUED; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
SECTION 1. This Ordinance is enacted pursuant to
the Charter of The City of Miami, Florida, Chapter 166,
Florida Statutes, the Constitution of the State of Florida
and other applicable provisions of the law.
SECTION 2. For the purpose of paying the costs of
street and highway improvements in The City of Miami,
Florida, including the constructing, reconstructing, extend-
ing, widening, grading, paving, repaving, macadamizing,
remacadamizing and repairing of highways, streets and other
public ways, with necessary drainage, sewer inlets, man-
holes, catch basins, sidewalks, curbs, gutters and appurten-
ances and the acquisition of land and rights of way and the
landscaping, clearing and leveling thereof, and the perform-
ance of other activities and construction of other improve-
ments related thereto, there shall be issued under the
authority of the Constitution and the laws of the State of
Florida, including the Charter of The City of Miami, Florida
and Chapter 166, Florida Statutes, and subject to the elec-
tion herein after provided for, general obligation bonds of
The City of Miami, Florida, in an aggregate principal amount
not exceeding thirty-five million dollars ($35,000,000) (the
"Street and Highway Bonds"), such Street and Highway Bonds
to be issued at one time or from time to time as determined
by subsequent ordinance or resolution of the City Commission
adopted prior to the sale and issuance of such Street and
Highway Bonds.
SECTION 3. For the purpose of paying the costs of
waterfront improvements in The City of Miami, Florida, in-
cluding construction of new bulkheads and seawalls, reinfor-
cement of existing seawalls, shoreline stabilization, moor-
ing dolphins and fendering, bottom dredging and walkways and
related shoreline improvements, there shall be issued under
the authority of the Constitution and laws of the State of
Florida, including the Charter of The City of Miami,
Florida, and Chapter 166, Florida Statutes, and subject to
the election hereinafter provided for, general obligation
bonds of The City of Miami, Florida, in an aggregate princi-
pal amount not exceeding ten million dollars ($10,000,000)
(the "Waterfront Bonds"), such Waterfront Bonds to be issued
at one time or from time to time as determined by subsequent
ordinances or resolutions of the City Commission adopted
prior to the sale and issuance of such Waterfront Bonds.
R.06-cindcd
1(1473
SECTION 4. The Street and Highway Bonds and the
Waterfront Bonds (collectively, the "Bonds") shall be in the
denomination of five thousand dollars ($5,000) each or such
other denominations as shall be determined by subsequent or-
dinance or resolution of the City Commission and shall bear
interest at a rate or rates not to exceed the maximum rate
permitted by Florida law. The Bonds shall mature at such
times and in such amounts as shall be provided by subsequent
ordinance or resolution of the City Commission but in no
event shall an issue of Bonds mature later than twenty (20)
years after the date of such Bonds. It is estimated and de-
clared by the City Commission that the probable life of the
improvements to be financed through the issuance of each is-
sue of Bonds is more than twenty (20) years. The Bonds
shall be subject to redemption at such times and prices and
under such terms and conditions as shall be established by
subsequent 'ordinances or resolutions enacted prior to the
issuance of such bonds.
SECTION 5. A portion of the costs of the street
and highway improvements described in Section 2 above may,
if the City Commission shall so determine, be specially as-
sessed in the manner and to the extent authorized and
provided by the Charter of The City of Miami, Florida, and
any other applicable laws of the State of Florida. For the
prompt payment of the principal of and the interest on each
issue of Bonds, there shall be assessed, levied and col-
lected annually a separate, special tax, without limitation
as to rate or amount, upon all taxable property within the
corporate limits of The City of Miami, Florida (excluding
homestead exemptions as required by applicable law), over
and above all other taxes authorized to be levied by The
City of Miami, Florida, sufficient to pay such principal and
interest with respect to such issue of Bonds as the same
respectively become due and payable; provided, however, that
if any special assessment shall be levied on account of any
of the above -described street and highway improvements, such
annual tax levy with respect to the Street and Highway Bonds
may be reduced in any year by such amount, if any, as may
have been set aside and is then held for the purpose of pay-
ing a portion of the principal and interest on the Street
and Highway Bonds in a special fund in which the proceeds of
such special assessment shall have been placed.
SECTION 6. An election is hereby called to be held
on the 8th day of November, 1988, for the purpose of submit-
ting to the electors of The City of Miami, Florida,
authorized by law to participate in such election the
separate questions of whether the Street and Highway Bonds
and the Waterfront Bonds shall be issued and the separate
taxes described in Section 5 above shall be levied, assessed
and collected. The question of the issuance of any issue of
Bonds and the levying of the tax with respect thereto may be
approved by a majority of the votes cast at such election
regardless of whether the issuance of either of the other
issues of Bonds and the levying of the tax with respect
thereto is disapproved by the voters.
2
1-1 10473
SECTION 7. This Ordinance shall be effective imme-
diately upon its adoption.
PASSED ON FIRST READING BY TITLE ONLY this 14th day
of July, 1988.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY
TITLE ONLY this 8th day of September, 1988.
AT
1
f
Matf.y Hirai, City Clerk
,a-vier-L. Su rez, Mayor
Prepared and approved by: Approved As To Form and Correctness:
PPe_p�uty
J. C p lan, r., Jo ge Fe nandez,
Ci y Attorney City Attor y
273870009ordl:113
1, Matty Hirai, Clerk of the City of Miami, Flo ,dn.
hereby certify that on the 2 day of ,,._-
A. 1). 19-EZa full. true and correct copy of the nbove
and foregoing ordinance was posted at the South Door
of the Dade County C jurt H•)use at the place provided
for notices and publi.•ations by attaching said copy to
the place provided therefor.
WITNESS my hand an the 9,fficial seal of saW
City this / 7 day of_A, D. 19
City Clerk
3
10473
MIAMI 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
Octelma V. Ferbeyre, who on oath says that she Is the
Supervisor 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 # 5 0 2 6
CITY OF MIAMI
ORDINANCE NO. 10473
Inthe ............. X.. X ..X............
.......
Court,
was published In said newspaper in the Issues of
Sept. 14, 1988
Afllant further says that the said Miami Review Is a
newspaper published at Miami in said Dade County, Florida,
and that the said 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 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 copy of advertisement; and
afflant further says that she has nelth nor promised any
person firm or corporation any d unt, r bete, commission
or.ren�l for the purpose of s ng this advertisement for
��``av . • Svw; • '4ut
14 As�e•prt
.. l�ayl�f•�.. �.....
.. .. V ./Y • / Yam'
A Note ry P�rbit., I
(SEAL) rrr tC •• fJ B`- Q
My Corm%)1s&ftr1 ex Tres JIUQL- I$i
e
MR 115 ''i,�� k RI�tP\P`��.
M
ribed before me this
..... A.D. 19. a 8 . .
Sanch
of FIjfr#Ja at Large
MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appearet
Octetms V. Ferbeyre, who on oath says that she Is tht
Supervisor of Legal Advertising of the Miami Review, a daill
(except Saturday, Sunday and Legal Holidays) newspaper
published at Miami in Dade County, Florida; that the attache!
copy of advertisement, being a Legal Advertisement of Notict
In the matter of
CITY OF MIAMI
NOTICE OF PROPOSED ORDINANCE
RE: WATERFRONT IMPROVEMENT
BON DS
PO #4987 ,
Inthe ..... I ..X. X... X......................... Court,
was published in sold newspaper in the Issues of
August 26, 1988
Affiant further says that the said Miami Review is a
newspaper published at Miami In said Dade County, Florida,
and that 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
Dade County, Florida, for a period of one year next preceding
the first publication of the attached copy of advertisement, and
affiant further says that she has paid nor promiser any
person, firm or corporation) disco t, rebate, commission
or rdfund for the pV(B . _ Skn this advertisement for
:-.,,lr� 71c',.�.� -.— j ` ........... .
"qrrqtRWd subperibSd before me this
26 ....... day of .A,(FFp, Cj. ..' .: , A.D. 19 ...
Sanc
Ru�[I `gib a of da at Large
(SEAL) r �!!!llllltlll��
My Commission expires June 21, 1991.
MR 115
MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida,
STATE OF FLORIDA
COUNTY OF DADE: O
Before the undersigned authority personally appeared
Octelma V. Ferbeyre, who on oath says that she is the
Supervisor 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 MIAMI
NOTICE OF PROPOSED ORDINANCE
RE: AUTHORIZING A BOND ELECTION
TO BE HELD NOV. 8, 1988
PO '#4987
In the ..........
X.. X .. X....................... Court,
was published in said newspaper in the Issues of
August 2.6, 1988,,
Affiant further says that the said Miami Review is a
newspaper published at Miami In said Dade County, Florida,
and that the said 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 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 y of advertisement; and
offiant further says that she has a paid nor promised any
perso , firm or corporation iscou t, rebate, commission
or r and for the purpose curing this advertisement for
pu Ic n in thsal r�1R a !
V � w Q.nd sLbs`eryled before me this
Z.b... ��1. 4 ..A 9 u11t •CC A.D. 19... 8 (�
' ' . ...
� J' et, anch
�� • .NotaryPjrblirtt� of Floez at Large
(SEAL) A.�
My Commission ��fbif461rj�jy46��i� 1991.
MR 115
TO:
FROM:
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and `9embers
of the City Commission
Cesar H. Odio
DATE:
SUBJECT:
REFERENCES:
ENCLOSURES:
J V J 19B8 FILE:
Ordinances for First Reading:
(1) Authorizing Issuance of
Street and Waterfront
Improvement Bonds
(2) Authorizing Bond Election
for November 8, 1988
(For July 14, 19,88
RECOI°1MENDA110N
It is respectfully recommended that the City Commission adopt the
attached two (2) Ordinances for first reading providing for the
holding of a Bond Election in the City of Miami on November 8,
1988, for the issuance of $40,000,000 Street and Highway
Improvement Bonds and $10,000,000 Waterfront Improvement Bonds.
BACKGROUND
The Department of Public Works has completed the City's capital`.
improvement needs. for street and highway rebuilding for fiscal
years 1988-1994• It has been determined that expenditures of
$40,000,000 will be needed during this period in order to
maintain a 50-60 year life cycle for this element of the City's
infrastructure. These bond funds will finance.the rebuilding of-
66 miles of streets with an additional resurfacing of 270 miles
of streets. Delays in providing street and highway improvements
will very likely result in roadway deterioration. which could
necessitate costly rebuilding rather than less costly
resurfacing. Additionally, well maintained streets are needed to
support Miami's continued growth and to alleviate traffic
congestion.
In addition to the requirements of the City's Street Improvement
Program, the Department of Public Works has identified a need and
desirability for waterfront improvements totaling $10,000,000.
The improvements are expected to be accomplished at the following
sites:
- FEC Slip, Bicentennial Park
- Watson Island
- Virginia Key
- Wagner Creek
- 16 Park sites at various locations throughout the City.,
Improvements would include new bulkheading, dredging, 'repair or
reinforcement of existing bulkheads, shoreline stabilization,
peripheral landscaping, safety rails and dolphins, cleats,
fenders and other large -ship mooring facilities (at FEC Slip).
An `. -- (o --