HomeMy WebLinkAboutO-10081J-86-166-
2/13/86
ORDINANCE NO.J _D0 8 1
AN EMERGENCY ORDINANCE AUTHORIZING THE
ISSUANCE OF UP TO SIX MILLION DOLLARS
($6,000,000) IN HOUSING CONSTRUCTION BONDS OF
THE CITY OF MIAMI, FLORIDA, FOR SALE AT PUBLIC
OR PRIVATE SALE; AUTHORIZING THE USE OF THE
SERVICES OF A PLACEMENT AGENT, IF REQUIRED;
APPROVING THE DEPOSIT OF THE PROCEEDS OF THE
SALE OF SAID BONDS IN A REVOLVING LOAN FUND TO
FINANCE CONSTRUCTION OF SINGLE-FAMILY RESI-
DENCES AND/OR IN A COLLATERAL FUND TO FINANCE
THE PURCHASE OF SUCH RESIDENCES BY THE CITY OF
MIAMI; AUTHORIZING THE USE OF THE SERVICES OF
A CONSTRUCTION MANAGER TO MONITOR THE DIS-
BURSEMENTS FROM THE REVOLVING LOAN FUND;
AUTHORIZING THE PLEDGE OF CERTAIN FRANCHISE
PAYMENTS RECEIVED BY THE CITY OF MIAMI AS
SECURITY FOR SAID BONDS; DECLARING THE
ORDINANCE AN EMERGENCY MEASURE; DISPENSING
WITH THE READING OF THE ORDINANCE ON TWO
SEPARATE DAYS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS,
"City"), is
housing units
and
The City of Miami, Florida (hereinafter, the
committed to providing affordable owner -occupied
to families and persons of low and moderate income;
WHEREAS, the City Commission of the City (hereinafter, the
"Commission") has heretofore approved in principle the Southeast
Overtown/Park West Community Redevelopment Plan (hereinafter, the
"Overtown Project") and the Scattered Site Housing Development
Program (hereinafter, the "Scattered Site Program"); and
WHEREAS, upon adoption of a certain ordinance submitted to
the Commission on the date hereof, the City shall be authorized to
issue up to forty million dollars ($40,000,000) of special
construction revenue notes in connection with the Overtown Project
(hereinafter, the "Notes");
WHEREAS, the City is desirous of advancing the Overtown
Project and the Scattered Site Program as quickly as possible;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The Commission hereby authorizes the issuance of
up to SIX MILLION DOLLARS ($6,000,000) in housing construction
bonds by the Citv (hereinafter, the "Bonds") to provide funds to
be used for either one
construction of single
Program in the City
Allapatah, Model City,
such other areas as t
(b) the purchase of
connection with the i
Bonds may, in the di
resolution of the Corm
set forth above or fo:
or simultaneously, anc
purposes shall not c
proceeds for the other
or both of the following purposes: (a) the
-family residences under the Scattered Site
s Community Development Target Areas of
Wynwood, Little Havana and Overtown, and in
he Commission may hereafter designate; and
single-family residences by the City in
suance of the Notes. The proceeds of the
3cretion of the Commission expressed in a
fission, be used for either of the purposes
both of such purposes either sequentially
the use of such proceeds for one of such
xtinguish the authorization to use such
such purpose.
Section 2. The proceeds of the sale of the Bonds shall be
deposited in the following -described funds, according to the
purpose or purposes for which such proceeds are then being used,
as determined by the Commission as permitted by Section 1 hereof:
(a) in a revolving loan fund (hereinafter, the "Revolving Fund"),
for a period of up to twenty (20) years from the date of issuance
of the Bonds, for the purpose set forth in clause (a) of Section 1
hereof; and (b) in a collateral fund (hereinafter, the "Collateral
Fund"), upon the issuance of the Notes and for so long as the
Notes are outstanding, for the purpose set forth in clause (b) of
Section 1 hereof. In accordance with the determination of the
Commission mentioned in Section 1 liereof and if permitted by
applicable federal tax law and regulations, amounts in either of
such funds may be transferred to the other such fund; provided,
however, no such transfer shall occur until all obligations of the
City payable from such fund have been paid. Nothing herein shall
be construed as permitting the issuance of any amount of the Bonds
in excess of six million dollars ($6,000,000).
Section 3. The Commission hereby authorizes the City to
retain a bank, or other entity, with construction management
experience, to supervise disbursements from the Revolving Fund.
Section 4. The payment of the Bonds shall be secured by a
pledge of those payments received by the City from Southern Bell
Telephone Company, its successors and assigns, pursuant to
Ordinance No. 9064, that would otherwise be deposited to the
credit of the City's general fund, upon such terms and conditions
as the Commission may hereafter determine.
Section 5. The Bonds may be sold at either public or private
sale, and at such rate and upon such other terms and conditions,
as shall be determined by future resolution or ordinance of the
Commission. The Commission hereby authorizes the City to retain a
placement agent, if required to place the Bonds.
Section 6. The officers, employees and agents of the City
are hereby authorized and directed to do all acts and things
necessary to carry into effect the provisions of this ordinance
and to bring the issuance of the Bonds into compliance with the
terms of both the current and proposed federal tax legislation.
Section 7. This ordinance is hereby declared to be an
emergency measure on the grounds of urgent public need for the
preservation of peace, health, safety and property of the City,
and the requirement of reading this ordinance on two separate days
is hereby dispensed with by a vote of not less than four -fifths of
the members of the Commission.
Section 8. This ordinance shall take effect immediately upon
its passage.
PASSED AND ADOPTED this 13th day of February, 1986.
MAYOR
ATTEST
CITY CLERK
NESS:
1, 'Matty Hirai, Clerk of the Citp of N iami, Florida,
1lcrchr C(TttIi-"fV that (tt thr W� 41a.' of
!). V)
ul ,�lr l:._:, l::rr.i; _ i . .. :,; �. ,;��, •t� ;;r:,� icka_
copy to
i.iiirLll !�t° 1 of said
C:it�' tt►i;� dad' of _ _ _ _ -A. .1j, 190-
UL.V Uerk
10081 "
C1'TY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
kP610
TO. The Honorable Mayor and DATE: February 6, 1986 ME:
Members of the City Commission
SUBJECT: Agenda Item
FROM: REFERENCES:
Cesar H. Odio
City Manager ENCLOSURES:
It is recommended that the attached Emergency
Ordinance authorizing the issuance of up to
$6,000,000 in Housing Construction Bonds of
the City of Miami, Florida be approved by the
City Commission.
Recent changes in the tax law have required the development of
new financial strategies for the purpose of financing low and
moderate income housing.
The attached ordinance authorizes the issuance of up to Six
Million Dollars ($6,000,000) in Housing Construction Bonds with a
twenty-year maturity, the payments of the bonds secured by a
pledge of telephone franchise taxes received from Southern Bell,
that would otherwise be deposited to the credit of the City's
General Fund.
- Proceeds from the bond sale may be used for either one, or both,
of the following purposes:
a) Construction of single family residences under the Scattered
Site Program in the Community Development Target Area of
Allapattah, Model City, Wynwood, Little Havana and Overtown,
and in such other areas as the Commission may designate.
b) The purchase of single family residences by the City in
connection with the issuance of up to $60,000,000 Special
Construction Revenue Notes for the S. E. Overtown/Park West
Project, contingent upon the adoption of favorable tax
- legislation.
Once the Ordinance is approved the City will be able to market
these bonds for implementation of the above described programs,
as allowed by Federal Tax law.
cc: Law Department
Y 0081
qW
MIAMI REVIEW
AND DAILY RECORD
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 and Daily Record, 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 MIAI 11I
Ordinance310077 thru 10081
In the ........... X..X ..X..................... Court,
was published in said newspaper In the Issues of
Feb. 21, 1986
Affiant further says that the said Miami Review and Daily
Record is a newspaper published at Miami in said Dade County,
Florida, and that the said newspaper has heretofore been
continuously published In sold 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 f!rsl publication of the attached copy o;
advertisement; and affiant further says that she has neither
paid nor promised any person, firm or corporation any discount,
rebate commission or refund he se of securing this
adve ement for publicatlo said ewepapsUd
.
- ,{o a"'KA subscribed before me this
.21.. day of O. a may.. A.D. 19. .6.
..rr...r.. I .... CIA
rdbliAlfon
B ucj�Stat... fordo .L.a.rge.
(SEALS
My CdSgjfltgs�►,ort •xpkes QO�D, 1988.
OF
CITY OF MIAMI,
DADE COUNTY, FLORIDA
LOCAL NOTICE
All Interested persona will take notice that on the 13th day of
February, 1986, the City Commission of Miami, Florida, adopted the
following titled ordinance(s):
ORDINANCE NO. 10077
AN ORDINANCE AMENDING CHAPTER 54 OF THE CODE
OF THE CITY OF MIAMI, FLORIDA, ENTITLED "STREETS
AND SIDEWALKS" BY AMENDING SECTION 54.104 ENTI-
TLED "NONSTANDARD STREET WIDTHS", BY THE ADDI.
TION OR DELETION OF CERTAIN STREETS; ESTABLISHING
AN EFFECTIVE DATE; AND CONTAINING A REPEALER PRO-
VISION AND A SEVERABILITY CLAUSE.
ORDINANCE NO. 10078
AN ORDINANCE AMENDING SECTION 1 OF ORDINANCE
NO. 9743, ADOPTED NOVEMBER 16, 1983, WHICH ESTAB-
LISHED A SPECIAL REVENUE FUND ENTITLED "PARK
DEVELOPMENT FUND", BY ESTABLISHING RESOURCES
AND APPROPRIATIONS FOR SAID FUND IN THE AMOUNT
OF $5,000 AS THE RESULT OF PRIVATE DONATION BY FAB-
ULOUS DIAMONDS PARTNERSHIP FOP. THE PURPOSE OF
DEFRAYING THE COST OF PARK DEVELOPMENT PROJECTS
OR PROVIDING LOCAL MATCH REQUIREMENTS FOR FED-
ERAL AND STATE GRANTS; CONTAINING A REPEALER PRO-
VISION AND A SEVERABILITY CLAUSE.
ORDINANCE NO. 10079
AN ORDINANCE ESTABLISHING A USER FEE OF $75 FOR
USE OF THE EMERGENCY MEDICAL TRANSPORTATION
SERVICE OF THE FIRE,' RESCUE AND INSPECTION SERV-
ICES DEPARTMENT; REQUIRING A PROCEDURE
RECOMMENDED BY THE CITY MANAGER FOR COLLEC-
TION OF SAID USER FEE AND APPROVAL THEREOF BY
THE CITY COMMISSION; CONTAINING A REPEALER PRO-
VISION, A SEVERABILITY CLAUSE AND AN EFFECTIVE DATE.
ORDINANCE NO. 10080
AN EMERGENCY.ORDINANCE AMENDING ORDINANCE9939
ESTABLISHING APPROPRIATIONS FOR CAPITAL IMPROVE-
MENTS; CONTINUING PREVIOUSLY APPROVED CAPITAL
IMPROVEMENT PROJECTS SCHEDULED; AND ESTABLISHING
NEW CAPITAL IMPROVEMENT PROJECTS TO BEGIN DUR-
ING FISCAL YEAR 1985.86; CONTAINING A REPEALER PRO-
VISION AND A SEVERABILITY CLAUSE.
ORDINANCE NO.10081
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE
OF UP TO SIX MILLION DOLLARS ($6,000,000) IN HOUSING
CONSTRUCTION BONDS OF THE CITY OF MIAMI, FLORI-
DA, FOR SALE AT PUBLIC OR PRIVATE SALE; AUTHORIZ-
ING THEUSE OF THE SERVICES OF A PLACEMENT AGENT,
IF REQUIRED; APPROVING THE DEPOSIT OF THE PROCEEDS
OF THE SALE OF SAID BONDS IN A REVOLVING LOAN
FUND TO FINANCE CONSTRUCTION OF SINGLE-FAMILY
RESIDENCES ANDIOR IN A COLLATERAL FUNDTOFINANCE
THE PURCHASE OF SUCH RESIDENCES BY THE CITY OF
MIAMI; AUTHORIZING IN THE USE OF THE SERVICES OF A
CONSTRUCTION MANAGER TO MONITOR THE DISBURSE-
MENTS FROM THE REVOLVING LOAN FUND; AUTHORIZ-
ING THE PLEDGE OF CERTAIN FRANCHISE PAYMENTS
RECEIVED BY THE CITY OF MIAMI AS SECURITY FOR SAID
BONDS; DECLARING THE ORDINANCE AN EMERGENCY
MEASURE; DISPENSING WITH THE READING OF THE ORDI-
NANCE ON TWO SEPARATE DAYS; AND PROVIDING AN
EFFECTIVE DATE.
(113819) MATTY HIRAI
nnwr
CITY CLERK
CITY OF MIAMI, FLORIDA
2121
86-0221118M
MR 143