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J-86-270
5/7/86
ORDINANCE NO.
AN ORDINANCE AMENDING SECTION 5 OF
ORDINANCE NO. 9539 ADOPTED JANUARY 13,
1983 WHICH AUTHORIZED CERTAIN USES FOR
PROCEEDS OF CITY OF MIAMI GENERAL
OBLIGATION BONDS ISSUED PURSUANT TO
ORDINANCE NO. 8514 ADOPTED FEBRUARY 4,
1976, WITH THE HEREIN AMENDMENT
AUTHORIZING SAID BOND PROCEEDS TO ALSO
BE USED FOR THE PURPOSE OF FINANCING
LOANS BY THE CITY TO DEVELOPERS OR TO AN
AGENCY ESTABLISHED BY THE CITY OF MIAMI
OR DADE COUNTY, IN CONNECTION WITH
FINANCING THE CONSTRUCTION OF PRIVATE
RENTAL HOUSING UNITS FOR OCCUPANCY BY
FAMILIES AND PERSONS, INCLUDING THE
ELDERLY, OF LOW OR MODERATE INCOME.
WHEREAS, the City Commission (the "Commission") of the City
of Miami, Florida (the "City") adopted Ordinance No. 8514 on
February 4, 1976, which Ordinance authorized the City to issue
general obligation bonds (the "City Bonds") in an aggregate
principal amount not to exceed $25,000,000 to provide housing in
the City as described therein; and
WHEREAS, the Commission adopted Ordinance No. 9539 on
January 13, 1983, which Ordinance authorized, among other things,
proceeds of the City Bonds to be used for the purpose of
acquiring sites for the Projects (as defined in Section 1(d) of
Ordinance No. 9539) and to pay relocation and other costs in
connection therewith; and
WHEREAS, on June 28, 1984 the City issued $18,100,000 of
City Bonds pursuant to Resolution No. 84-628 (the "1984 Housing
Bonds") for the purpose, among other things, set forth in
Ordinance No. 9539; and
WHEREAS, the City desires to authorize additional uses of
the proceeds of the 1984 Housing Bonds; and
WHEREAS, there is a dire need in the City for affordable
housing to accommodate families and persons, including the
elderly, of low or moderate income:
NOW, THEREFORE, BE IT ORDA
OF MIAMI, FLORIDA:
0
Section 1. Section 5 of Ordinance No. 9539, adopted
January 13, 1983, is hereby amended in the following
particulars:1
"Section 5. The use of the proceeds of City bonds
to acquire sites for the Projects, as described in
paragraph (e) of Section 1, hereof, and to pay
relocation and other costs in connection therewith, and
hereby authorized."
Section 2. The use of proceeds of the Housing Bonds
authorized by Section 1 hereof shall be made subject to such
requirements as may be necessary to maintain the tax exempt status
of interest on the Housing Bonds.
Section 3. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this ordinance are hereby repealed.
Section 4. If any section, part of section, paragraph,
clause, phrase, or word of this ordinance is declared invalid, the
remaining provisions of this ordinance shall not be affected.
1986.
PASSED ON FIRST READING BY TITLE ONLY this 7th day of May,
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY
this day of
ATTEST:
NATTY HIRAI, CITY CLERK
, 1986.
XAVIER L. SUAREZ, MAYOR
1 Words and/or figures strioken through shall be deleted.
Underscored words and/or figures shall be added.
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PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED A"T FORM AND CORRECTNESS:
LUCIA A: DOUGHEI&ITOTY, CITY ATTORNEY
RFC/rr/M016