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Home My WebLink AboutR-82-1017a � r RESOLUTION NO. A RESOLUTION APPROVING IN PRINCIPLE THE ISSUANCE OF NOT EXCEEDING $65,000,000 MULTI -FAMILY HOUSING REVENUE BONDS OF THE CITY OF MIAMI, FLORIDA, FOR THE PURPOSE OF PROVIDING HOUSING Its THE CITY OF MIAMI FOR FAMILIES AND PERSONS, INCLUDING THE ELDERLY, OF LOW AND MODErRI-ATE INCOME AND FOR THE USE OF PROCEEDS OF THE $25,000,000 HOUSING BONDS OF THE CITY OF NIAMI AUTHORIZED BY ORDINANCE NO. 8514 TO ACQUIRE LAND AND PAY RELOCATION AND OTHER EXPENSES IN CONNECTION WITH SUCH HOUSING. BE IT RESOLVED BY THE CITY COM1"IISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Commission (the "Commission") of The City of Miami, Florida (the "City") has found and determined and does hereby declare that: (a) Section 166.111, Florida Statutes, provides that the governing body of every municipality may borrow money, contract loans, and issue bonds, notes, or other obligations or evidences of indebtedness of any type or character, from time to time to finance the undertaking of any capital or other project for the purposes permitted by the state constitution and may pledge the funds, credit, property, and taxing power of the municipality for the payment of such debts and bonds. (b) There exists in the City a serious shortage of safe and sanitary dwelling accommodations available at rents and costs which families and persons, including the elderly, of low or moderate income can afford; the shortage of such dwelling accommodations cannot be relieved through present federal housing programs; such shortage of dwelling accommodations constitutes a CITY COMMISSION MEETING OF NOV 4 1`382 j Urar+ W...................... KMARM ............. I ......... ..... x WIN I 14, _.^ rat = menace to the health, safety, morals and welfare of the people of the City, impairs economic values and imposes excessive burdens upon the City. (c) The voters of the City, at an election held on March 9, 1976,-approved Ordinance No. 8514 of the City,adopted by the Commission on February 4, 1976, authorizing the issuance of not exceeding $29,000,000 aggregate principal amount of general obligation bonds of the City (the "City Bonds") to provide housing in the City for families and persons of low or moderate income by using the proceeds of the City Bonds to , assist Dade County, Florida (the "County") in financing such housing in the City. (d) The City will implement a program to provide such housing through the construction of private rental housing units (the "Projects") for occupancy by families and persons, including the elderly, of low or moderate income, such, projects to be known collectively as the Affordable Rental Housing Development Programi (the "Program"). (e) Sites for the Projects shall be acquired by the County with the proceeds of City Bonds, which sites will then be conveyed or leased to the sponsors of the Projects upon terms and conditions satisfactory to the City and the County. (f) Pursuant to Section 4 of said Ordinance No. 8514, the City and the County will enter into an agreement providing for the application of the pro- ceeds of the City Bonds in accordance with the preceding paragraph (c) of this Section 1. (g) Sponsors of the Projects and the sites therefor shall be selected through a public competi- tive process in accordance with criteria approved by the City. Sponsors selected will develop, own and be responsible for the long term management of the Projects. All Projects will be subject to rent regulatory and management agreements in form and substance satisfactory to the City. A minimum of 20% of the units in each Project must be set aside for families and persons, including the elderly, of low income and the balance of the units in each Project must be rental units set aside for families and persons, including the elderly, of moderate income. Annual rental rates for tenants shall not exceed 301 of adjusted gross income by family size, inclusive of basic utility costs. Section 2. In crder to implement the Program, it is neces- sary to provide for the issuance of bonds of the City to provide or facilitate, at below conventional interest rates, construction and permanent financing for the Projects through (a) the making of loans to financial institutions which will in turn be obligated to provide financing for the Projects and (b) the direct provision by the City of such financing for such Projects, in an aggregate principal amount not exceeding $65,000,000 to be designated "Multi -Family Housing Revenue Bonds", said bonds to be dated, to be issued in such series, to bear interest and to mature, subject to the right of prior redemption (the "Bonds") all as to be hereafter autho- rized by the Commission. y Section 3. For the purpose of (a) providing funds for making the loans described in Section 2 hereof and (b) issuing the Bonds, the Commission hereby directs the Department of Community Development, the City Attorney's office, Bond Counsel and others to prepare for submission to the Commission at the earliest practicable date a Bond Ordinance and Trust Indenture setting forth the authori- zation of and security for the Bonds and other matters. Section 4. There shall be a public hearing held prior to the expenditure of any funds for any particular project authorized by this resolution. PASSED AND ADOPTED this 4 day of November 1982. =� ATTEST: =- MAURICE A. FERRE MAYOR E CITY CLERK PREPARED AND APPROVED BY: T, LU IA T. ALLEN Deputy City Attorney APPROVED AS TO FORM AND CORRECTNESS: ;'iosE R. GARCIA-PEDROSA - City Attorney SAO �'" 10 0 CItY OF MIAMI. FLORIDA 21 r INFER -OFFICE MEMORANDUM TO Howard V. Gary City Manager Dena Spillman, Director Department of Community Development t DAT& 6ctober 20, 1982 FILE SUBJECT Affordable Rental Housing Development Program REFERENCES (City Commission Meeting Agenda - November 4, 1982) ENCLOSURES It is recommended that the City Commission adopt a resolution approving in principle the issuance of not exceeding S65,000,000 multi -family housing revenue bonds of the City of Miami, Florida, for the purpose of providina housing in the City of Miami for families and persons, including the elderly, of low and moderate income and for the use of proceeds of the S25,000,000 housing bonds of the City of Miami authorized by Ordinance No. 8514 to acquire land and pay relocation and other expenses in connection with such housing. On October 7, 1981, through Resolution No. 81-848, the City Commission approved Implementation Guidelines for the Affordable Rental Housing Development Program. Implementation of the Program will require issuance by the City of general obligation housing bonds and tax-exempt multifamily revenue bonds for the purposes of acquiring project development sites and providing below market rate construction and permanent financing for the proposed rental housing developments. Approval of the attached resolution by the City Commission is a necessary first step in validating the proposed financing for the program. On December 9, 1982, the City Commission will be asked to approve a mortgage revenue bond ordinance and a trust indenture for the financing. A validation complaint will subsequently be filed in Circuit Court to test the City legal ' authority to finance the program as proposed. MATTY HIRAI ASST. CITY CLERK LUCIA T. E L EN DEPUTY CITY ATTORNEY INTER -OFFICE- MEMORA7400M NOVEMBER 9, 1982 RESOLUTION APPROVING $65,000,000 MULTI -FAMILY HOUSING REVENUE BONDS Pursuant to our conversation of today, please find attached the last page of the above referenced resolution which calls for a public hearinq. This resolution was item 21 on the November 4, 1982 agenda. LTA:kt �L �