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RESOLUTIQN NO. 79548
RESOLUTION APPROVING AND AUTHORIZING
THE EXECUTION OF A PROJECT CONTRACT
RELATING TO THE HOUSING PROJECT IN
THE CITY OF MIAMI DESIGNATED DADE 8-10
(MEDICAL CENTER) PURSUANT TO THE BASIC
AGREEMENT FOR FINANCING HOUSING IN
THE CITY OF MIAMI, DATED JULY 19, 1976,
AND MAKING CERTAIN DETERMINATIONS WITH
REGARD TO SAID HOUSING PROJECT IN
ACCORDANCE WITH SAID BASIC AGREEMENT.
BE IT RESOLVED by the Commission of the City' of Miami,
Florida:
Section 1. The Commission (the "Commission") of the. .,
City of Miami, Florida (tthheat"City.")
has found and determined
• )
and does hereby declare
(a) The City and Dade County, Florida (the 11County
on July 19, 19763 entered into fin-
ancingalaglnemAgehrteemfoernt") in
City (the "Basic
no
(the
which the County
agreed
financehoustinge Countyprojects
through the issuance of obligations of h"County Obligations!' ) ' secured in part by City as-
,i 4.- -oe including proceeds °I, housing bonds of the. ts to be
City to .0. issuedfor such purpose, :hprop31:1cnci.
self-11 ouidat_i ng in that the payment.of the in
of and tbe interest on such obligationscan be paid
full frorn rents, chel,ses and fees collected by the
County therefor, together with such..Federal, stateand and
private grants, contributions,and. other in .
come
money ililici'l may be made aN,ailc..-ble theref02.t,.,e(exccilttlys)i. e
of any proceeds of said housing bonds of -
and the County. have heretofore approved
(b) Pursuant to'the Basic Agreement the City
financial
plan for Housing Project Dade 8-10 (Medical' Center
(the "Housing Prot) ect
are
('c) The Housing Project is hereby determined
"Housing" as defined in the Basic Agreement.
(d) The proposed residents of the Housing`
families and' persons eligible for assistance
Section
amended
Project
under
8 of the United States Housing'Act of 1937, ; as
(tiSection 81), and such families and persons
ner•eny determined
are
"families and persons, includ.
ing the elderly, of low or moderate income"`.as defined
in the Basic. Agreement and Ordinance No. 8514 of the
ity`(the "City Ordinance") authorizing said housin
bonds of the City (the "City Bonds"
(e) ` In accordance with the Basic Agreement the
City has obtained and'given due consideration
opinion of counsel for the City upon the legality
th
the Housing Project under applicable law, the City
Ordinance and the Basic Agreement.
(f The City hereby determines that the Housing
Project will be self-liquidating in that the, payment or.
the principal of and interest on the County Obligations
to be issued to finance the Housing Proj"ect can b
paid in full from rents to be collected by the County
t'erefor, together with Federal housing assistance
payments to be made available therefor under Section 8
(exclusive o
y).
any proceeds of said housing; bonds of, the
p79u 548
e';
Pursuant
the Basic
Agreement,; the City and
the County plan to enter into:`a Project Contract for
the Housing ProJect (the "Project Contract"),.which
Project Contract provides, among other things, that if
any provision of the Project Contractshall be in
conflict with the
shall be controlling.
Basic Agreement, the Project
Contract
Section 2 The City hereby deems and determines that
with respect to the Housing Project` all provisions of the
Basic
Agreement,
as subo1ementea by the ` Project Contrac
shall nave been fully complied with by both.
the City upon the
County and
execution of the - Project Contrac
Section 3. The City is advised by its„ counsel and
hereby determines that the Housing Project,'thP Project,
Contract,; the County Obligations . and the City assistance
proviaed for in the Project Contract all conform"to, and
are not in conflict with, the provisions of the City
the proposition respecting the City Bondsapproved by the
voters of the City and the decree of the Circuit Court of
the Eleventh Judicial Circuit of Florida, in and for Dade
ounty,-validating the City Bonds.
Ordinance,
Section 4. The City hereby approves the Project Con
tract it substantially the form presented to the Commission
f the Commission at which this
at the meeting.
adopted, subject to such minor changes -as may -.be approved
and made in such form of Project. Contract by. the. officers
of the City executing the same .pursuant to this Section.
The --;City Manager is hereby authorized to execute the Project
Contract for and on behalf of the City with, the official
resolution is
79-548
seal •." of the :City to be impressed thereon and attested by the
'; ; •
Clerk bePtity,:CIerkHof'-ithe' City, and. :Suoh execution shall
be conclusive evidende.. of the ..0 approval of any such
changes in said form of Project Contract. • • . •
• , . . . : •
PASSED AND ADOPTED this 23rci day of July ,
1979.
Maurice A. Ferre
MAYOR
ATTEST::
RALPH
E , CITY CLERK
PREPARED AND APPROVED BY
047
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
APP e D AS TO FORM
GEORGE
CITY A
79-548 •
PROJECTCONTRACT:RELATING TO THE HOUSING,
PROJECT IN: THE CITY OF MIAMI DESIGNATED
DADE 8-10.;(JACKSON),
THIS PROJEC-TCONTRACT, .d atedH as. of
1979' by : and:,between THE CITY OF MIAMI, a municipal corpora-
hereinafter
e r.Called the "City") -and DADE COUNTY, FLORIDA,
(
a 'count�(herei�naf,ter y Called the "Cou_nty"), in the State-.o
.
Florid"as
W I T N E S S E T:H
contained to be performed by the City:and-'the County and other
good and valuable considerationpaid by each . of the parties"
the other, the receipt of which is. hereby severally ;,acknowledged,
.
THE CITY OF MIA'iI, FLORIDA, and DADE.' COUNTY, FLORIDA, ` hereby,
agree as follows:'
Section 1: This Contract is executed and delivered pur-
suant to that certain Agreement designated,
AGREEMENT FOR FINANCING HOUSING
IN ;THE CITY ,OF MIAMI BY AND : BETWEEN
DADE COUNTY AND THE CITY OF MIAMI'
By and between the 'City and the County,
(herein :called the: "Basic: Agreement"') .."
dated as of July 19 1976'
This Contract supplements
the Basic Agreement and it is intended 'that .the: Basic Agreement
and this Contract shall be part of an overall agreement between the
City and the County.
Words a
d terms used in this Contract which
are defined the Basic Agreement, shall have the same 'meanings':as
in the Basic Agreement. If any provisionof this °Contractshall'
be in -conflict with the.Basic Agreement, this Contract shall` be
controlling..
•79-548
Section 2.• ` The County and. the Cityhereb covenant:ar;d �.1
represent that each of 'them, is authorized to enter into
to to bound by this Project.Contr_act and to -,do all, of the.
acts and things and to perform all -of the obligations'under-
taken by' each of them pursuant) to this Project. Contract acid-,
the Basic Agreement.
Section
3. The County. and the Cityhereby agree.
co-operate in providing and" financing, a Housing Project
located within the corporate boundaries of = the . City cie
scribed and located as foliows;, .'
Dade 8-10 One:.hundreo units for the hang: icapped,.
to" -be located at W. l6th-.Terrance
at appro>:"imately l3tli. Avenue_
known as FL:25-8023-003)
herein
called the "-Housing Project" .
Section 4;. It is estimated that the total cost to ; the
County of providing- the Housing Project, including financing
costs,shall be Three Eillion Five Hundred- Forty Five Thou-
sand
carry
Dollars ($3,545,GOO ).; The: County,gaggees, to,undertake,
Ciut`: and complete the Housing Project, in accordance
with the plans, specifications,
contracts and other 'con
tract docun;ents approved by; the Ci'ty, as expeditiously as
practicable. The County.fur"therwjrees
its revenue. bonds (herein called
in
the, principal
funds
amount of $3, 545
available therefore
Project.
that it shallissue
the "County Obligations
,000` to pay, v;ith= other
.
the entire .cost of the 'lousing.
In addition, .Maximum Federal "assistance .through
an` aggregate annual contribution of $4-60,382 Will -be pro-
viced for the HouSir:g Project by contract. with the United.:
States. Department'
.f Housing and Urban .Develo};n nt through'
r79-548
•
the Section
program of the Housing
and
Community°
develop-
ment Act of 1974 . The construction and operation of ` the
Housing Project shall be subject to
applicable Federal reg-
ulations and conditions under said Section 8 program.
Section 5. In order to assist the County in financing,
the Housing Project and to increase the security and `narket-
ability of the County Obligations, the City, pursuant to the
Basic Agreement and this Contract hereby covenants and
agrees
to provide City Assistance for financing the Housing Project
through the use of proceeds of City Bonds as herein provided.
As City Bonds are issued and sold by the City from time to time,
the net proceeds thereof remaining after deducting all costs
and expenses of or attributable to such issuance" and sake shall
be paid into a trus
in a bank or other
administered,
purposes
Project
investments
t' .fund or other earmar}ed account established
depositary by the City and shall be held,
invested and reinvested by the City for the
in the Ordinance, the Basic Agreement and this
Contract. Earnings and profits derived from such"
shall be credited; and losses shall be charged t
such fund.
Section 6. From the monies paid into such fund, a sum
equal to the maximum Principal' and Interest Requirements
defined in the Trust Indenture securing said County
for any single Bond Year (as defined in said Trust
(as
Obligations)
Indenture)
exceed
Assista
for the County Obligations, which sum may not
$400,000, shall be made available by the City as City
nce to assist the County in' financing the Housing
Project.
Such sum shall
be
transferred by the City to the
County contemporaneously with the
delivery by the County its
179_548
County Obligations and
or the receipt by the Countyof the
proceeds of such obligations. Such transfer shall be effected
by the payment or deposit to the credit of the Special
Housing Fund established by said Trust Indenture: as provided
and :°shall be
Indenture
for in Section 208 of said: Trust Indenture.: Such 'f
held and administered by the trustee under said Trust
as additional .security or the County Obligations issued :o
incurred for the purpose of financing the Housing Project and
shall be held, administered, applied or otherwise used for the
Housing Project in the manner and for the purposes provided in
the Basic Agreement, in this. Project Contract and in the said
Trust Indenture..
to
ues
Section 7.
The County shall not be required in any year
maize d payment in lieu :of taxes` from the excess net reven.
of the Housing Project, if • any. Excess net revenues shall
mean
the gross revenues of the Housing Project less
the
operating expenses for the Housing Proj:ect,; or ;("ii) =so .long a
any County Obligations are outstanding under the Trust Inden-
ture, the sum of the First through the Seventh deposits re
quired ny Section,503 of the Trust Indenture.
III ,V ITNESS WHEREOF , the CITY OF IMiIAMi,
this Contract
City Manager
attested by i,
duly authorized;
Contract
FLORI DA
has caused
to be executed in its name and behalf by its
and its official seal to be hereunto, affixed and
is City Clerk Or a Deputy City Clerk thereunto
and DADE: COUNTY,: ;FLORIDA", has caused this
to be executed in its name and behalf by its County
Manager and the official seal of the Board of
County Commissioners
79-5
8
be hereunto affixed .and
Clerk of said
of
ATTEST:
( CITY, SEAL)
ATTEST:
attested by the Clerk nr: a Deputy
Board thereunto duly` authorized%` as of.,,the
1979.
Cher}; of the Board: of
County Commissioners
( COUNTY S
day
CITY , OF MIANI, :-FLORIDA
DADE COUNTY, FLORIDA'.
County Manager:
79-548