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Home My WebLink AboutO-10467ORDINANCE NO. 10467 AN ORDINANCE OF THE CITY OF MIAMI, FLORIDA, AUTHORIZING THE ISSUANCE, SUBJECT TO THE ELEC- TION AS HEREIN PROVIDED, OF NOT TO EXCEED EIGHTY MILLION DOLLARS ($80,000,000) GENERAL OBLIGATION BONDS OF THE CITY OF MIAMI, FLORIDA, FOR THE PURPOSE OF PAYING THE COST OF PURCHASING OR CONSTRUCTING A MAJOR LEAGUE BASEBALL STADIUM AND ITS RELATED FACILITIES IN THE CITY OF MIAMI, FLORIDA, ISSUANCE OF WHICH IS SUBJECT TO MAJOR LEAGUE BASEBALL OR AN OW- NER OF AN EXISTING MAJOR LEAGUE BASEBALL TEAM EXECUTING A WRITTEN AGREEMENT TO USE SUCH STA- DIUM FOR PLAYING HOME GAMES BY A MAJOR LEAGUE BASEBALL TEAM PROVIDING THAT IN THE EVENT A FRANCHISE IS NOT OBTAINED, NO BONDS PURSUANT TO THE HEREIN REFERENDUM WILL BE ISSUED; CALL- ING AN ELECTION FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS THE QUESTION OF WHETHER SUCH ISSUE OF BONDS SHALL BE ISSUED; 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 purchasing or constructing a Major League baseball stadium and related facilities in The City of Miami, Florida, 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 the issuance of which shall be subject to the election hereinafter provided for and subject to Major League Baseball or an owner of an existing Major League baseball team executing a written agreement to use such stadium for playing home games by a Major League baseball team, general obligation bonds of The City of Miami, j Florida, in an aggregate principal amount not exceeding eighty million dollars ($80,000,000) (the "Stadium Bonds"), I such Stadium 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 Stadium Bonds, but in no event earlier than the exe- cution of the written agreement referred to above. SECTION 3. The Stadium 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 Stadium Bonds shall mature at such times and in such amounts as shall be provided by sub- sequent ordinance or resolution of the City Commission but in no event shall the Stadium Bonds mature later than thirty (30) years after the date thereof. It is estimated and de- clared by the City Commission that the probable life of the Stadium to be financed through the issuance of the Stadium Bonds is more than thirty (30) years. The Stadium Bonds shall be subject to redemption at such times and prices and under such terms and conditions as shall be established by 1a467 subsequent ordinances or resolutions enacted prior to the issuance of the Stadium Bonds. SECTION 4. For the prompt payment of the principal of and the interest on the Stadium Bonds, there shall be as- sessed, levied and collected annually a separate, special tax, without limitation as to rate or amount, upon all taxa- ble 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, suf- ficient to pay such principal and interest with respect to the Stadium Bonds as the same respectively become due and payable. SECTION 5. An election is hereby called to be held on the 4th day of October, 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 question of whether the Stadium Bonds shall be issued and the separate taxes described in Section 4 above shall be levied, assessed and collected. SECTION 6. This Ordinance shall be effective im- mediately upon its adoption. PASSED ON FIRST READING BY TITLE ONLY this 21st day of July, 1988. PASSED AND ADOPTED ON SECOND AND FINAL READING this 8th day of August, 1988. AT T: Mr6ty Hirai, City Clerk Prepared and approved by: John J. Copelan, Jr., J Deputy City Attorney Xavier L. rez, Mayor Approved As To Form and Correctness: rge Fern ndez, 4JQ , City Att ne 1, M3tty Hire, Clerk of the City of Mia i, Flo i a, hereby ce�ifjy that on the day of A. ill. 19�n full, true and correct eopN of the above ,ind f;:rq,oing ordin:tn:,e wa; pasted at the South Dow of they Dade Count, C urt H-;u:e :;t the pta:e provide d for notices and publi..atiOns by attaching; sAd cope to the place provid.�J theref.rr. W1'1'N. z;S my h<uid 1 tl e Picial seal of s ' City this ay of. D. 19 1_ Clerk 2 IL046"7, ,y.en n.. ..�I~IL— 1 :3—a_ a WED 1 4 : 25 L..AW DEPT CITi Or MIAMI. FLORIDA INTER -OFFICE MEMORANDUM R . 0 2 I Cesar H. Odio, City Manager July 13, 1988 V-88-•710 Att: Aurelio Perez-Lugonessl SUSJEcr: Proposed Bond Ordinanoes: /] � �1,t- ,(' Major League Baseball StadiumFROM Jorge L. Fernandez RSFENENcr& City Commission Agenda item City Attorney. July 21, 1988 V LNC�iSU11c�. (2� At the request of Commissioner De Yurre we have prepared the two attaohed ordinanoes for City Commission ooneideration on first reading at its Meeting of July 21. 1088. iLr : nFC : Y)s s : P 883 oo: Commissioner Viotor De Yurre 0 141 - r 1046'7, 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 Sookle Williams, who on oath says that she is the Vice President 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 ORDINANCE NO. 10467 RE: $80,000,000 GENERAL OBILIGATION BONDS OF THE CITY OF MIAMI, FL In the ....... X.. X. . X ................ . ..... . .. Court, was published in said newspaper in the issues of August 18, 1988 Afflant further says that the said Miami Review is a newspaper published at Miami in said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office In Miami in said Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and afflagt-fyrther says that she has neither paid nor promised any perfp/;6n$,rt�ilrm or corporation any discount, rebate, commission or reu d for the purpose of securing this advertisement for It Iic Ion in the said newspaper. , V. Pntlln to aod-subscribed before me this A.D. 191 —8 a c Ima V. b. yrt e . v; y ublic, State of lorida at Large \w y� A� 1 {0 C. jr. ly 9, 1990. MR 114 4 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 Sookie williams, who on oath says that she is the Vice President 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, FLORIDA NOTICE OF PROPOSED ORDINANCE RE: AUTHORIZING A BOND ELECTION TO BE HELD ON TUESDAY OCT. 4, 1988 I16THTBEJX�HDT986HB06S88.8NC�t2F. . Inthe ............... X..,X.. X............. . was published in said newspaper in the issues of July 22, 29, 1988 August 5, 1988 Afflant further says that the said Miami Review is a newspaper published at Miami in sold 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, entered as mi In seas 19....P8 01TV OF MIAM19 FLORIDA NOTICE OF PROPOSED ORDINANCES Notice Is hereby given that the City Commission of the City of Miami, Florida, will consider adoption of the following ordinances on August 8, 1988, commencing at 11:00 A.M. in the City Commission Chambers, 3800 Pan American Drive, Miami, Florida: ORDINANCE NO. AN ORDINANCE OF THE CITY OF MIAMI, FLORIDA, AUTHO- RIZING THE ISSUANCE, SUBJECT TO THE ELECTION AS HEREIN PROVIDED, OF NOT TO EXCEED EIGHTY MIL- LION DOLLARS ($80,000,000) GENERAL OBLIGATION BONDS OF THE CITY OF MIAMi, FLORIDA, FOR THE PURPOSE OF PAYING THE COST OF PURCHASING OR CONSTRUCTING A MAJOR LEAGUE BASEBALL STADIUM AND RELATED FACILITIES IN THE CITY OF MIAMI, FLORI- DA, SUBJECT TO MAJOR LEAGUE BASEBALL OR AN OWNER OF AN EXISTING MAJOR LEAGUE BASEBALL TEAM AGREEING TO USE SUCH STADIUM FOR PLAYING OF HOME GAMES BY A MAJOR LEAGUE BASEBALL TEAM; CALLING AN ELEC- TION FOR THE PURPOSE OF SUBMITTING TO THE ELEC- TORS THE QUESTION OF WHETHER SUCH BONDS SHALL BE ISSUED; AND PROVIDING AN EFFECTIVE DATE. .ORDINANG4;:NO. _r, AN ORDINANCE OF THE CiTY OF MIAMI, FLORIDA, AUTHO- RIZING A BOND ELECTION TO BE HELD ON TUESDAY, OCTOBER 4, 1988, WITH RE- SPECT TO THE ISSUANCE OF NOT TO EXCEED $80,000,000 GENERAL OBLIGATION BONDS OF THE CITY OF MIAMI, FLORIDA, TO FINANCE THE COST OF ACQUISITION OR CONSTRUCTION OF A MAJOR LEAGUE BASEBALL STADIUM AND RELATED FACILITIES IN THE CITY OF MIAMI, FLORIDA, SUBJECT TO MAJOR LEAGUE BASE- BALL OR AN OWNER OF AN EXISITNG MAJOR LEAGUE BASEBALL TEAM AGREEING TO USE SUCH STADIUM FOR PLAYING OF HOME GAMES BY A MAJOR LEAGUE BASE. BALL TEAM, AND THE LEVY. ING OF A TAX TO PAY THE PRINCIPAL AND INTEREST ON SUCH BONDS; ESTA- BLISHING A FORM OF BOND ELECTION; ESTABLISHING A FORM OF THE OFFICIAL BALLOT FOR SAID ELECTION; AUTHORIZING CERTAIN OFFICIALS OF THE CITY TO TAKE ACTIONS REQUIRED IN CONNECTION THEREWITH; AND PROVIDING AN EFFEC- TIVE DATE. Said proposed ordinances may be Inspected by the public at the Office of the City Clerk, 3500 Pan American Drive, Miami, Florida, Monday through Friday, excluding holidays, between the hours of 8:00 A.M. and 5:00 P.M. All Interested parties are Invited to appear and may be heard with respect to the proposed ordinances. The hereinabove ordinances may be the subject of City Commission consideration as emergency measures at Its meeting presently scheduled for 11:00 A.M. on August 8, 1988. Should any person decide to appeal any decision of the City Commission with respect to any matter considered at this meeting, that person will need a record of the proceedings, and that for such purpose he may need to ensure ; that a verbatim record of the proceedings Is made, which record includes the testimony and evi- dence upon which the appeal is to be based. Matty Hirai City Clerk Miami, Florida 7/22.29 815 88-072283M 1 oq-0 MR 114