HomeMy WebLinkAboutR-09-0505Vop City of Miami
'"* Legislation
< U R �O
Resolution: R-09-0505
File Number: 09-01150
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 10/22/2009
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA
DESIGNATING THE ENTIRE CITY OF MIAMI, FLORIDA AS A "RECOVERY ZONE"
FOR PURPOSES OF SECTIONS 14000-1, 14000-2 AND 14000-3 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING FOR THE USE
OF ALLOCATIONS RECEIVED FOR RECOVERY ZONE ECONOMIC
DEVELOPMENT BONDS AND RECOVERY ZONE FACILITY BONDS WITHIN SUCH
RECOVERY ZONE; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Section 1401 of Title I, Division B of the American Recovery and Reinvestment Act of
2009 (the "ARRA") added Sections 14000-1 through 14000-3 to the Internal Revenue Code of 1986,
as amended (the "Code") which authorizes certain state and local governments to issue Recovery
Zone Economic Development Bonds and Recovery Zone Facility Bonds (collectively, "Recovery Zone
Bonds") through December 31, 2010; and
WHEREAS, the United States Treasury Department established a national bond volume limitation
of $10 billion for Recovery Zone Economic Development Bonds and of $15 billion for Recovery Zone
Facility Bonds; and
WHEREAS, allocations distributed to each state are calculated based upon the proportion of that
state's 2008 employment decline in relation to the aggregate 2008 employment declines for all states;
and
WHEREAS, each state that has received a Recovery Zone allocation is required to reallocate
such amount among the counties and large municipalities within the state in an amount relating to
such county's or large municipality's 2008 employment decline which is proportionate to the
aggregate 2008 employment decline for all counties and large municipalities within such state; and
WHEREAS, such allocation has now been undertaken for the State of Florida, and the City of
Miami, Florida (the "City") has been allocated $7,877,000 in Recovery Zone Economic Development
Bond allocations and $11,816,000 in Recovery Zone Facility Bond allocations; and
WHEREAS, pursuant to Section 14000-1 of the Code, in order for the City to issue Recovery
Zone Bonds the City is required to designate areas within the City as recovery zones which are
eligible to receive such Recovery Zone allocation (a "Recovery Zone"); and
WHEREAS, the City hereby finds that there have been high levels of poverty, unemployment and
home foreclosures which have resulted in general distress within the City, and the City Commission of
the City of Miami, Florida (the "Commission") now finds it in the best interests of the City based upon
these economic conditions to designate the entire geographic area of the City to be designated as a
Recovery Zone for purposes of issuing Recovery Zone Bonds;
City of Miand Page 1 of 2 File Id. 09-01150 (Version: 1) Printed On: 7/7/2017
File Number: 09-01150 Enactment Number: R-09-0505
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
SECTION 1. RECITALS AND FINDINGS. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this
Section.
SECTION 2. AUTHORITY. This Resolution (hereinafter called the "Resolution") is adopted
pursuant to the provisions of the Florida Constitution, the City's Charter, and Chapter 166, Florida
Statutes, and other applicable provisions of law.
SECTION 3. RECOVERY ZONE DESIGNATION. The Commission finds and affirms that the
entire geographic area of the City has experienced poverty, high rates of unemployment, a high
number of home foreclosures and general distress. As a result, the Commission hereby designates
the entire City as a Recovery Zone within the meaning of Section 14000-1(b) and for the purposes of
Sections 14000-1, 14000-2, and 14000-3 of the Code for purposes of receiving Recovery Zone
allocations and issuing Recovery Zone Bonds.
SECTION 4. SEVERABILITY. If any one or more of the provisions of this Resolution shall
for any reason be held illegal or invalid, such illegality or invalidity shall not affect any other provision
of this Resolution, but this Resolution shall be construed and enforced as if such illegal or invalid
provision had not been contained therein.
SECTION 5. REPEALING CLAUSE. All resolutions or orders and parts thereof in conflict
herewith to the extent of such conflicts, are hereby superseded and repealed.
SECTION 6. EFFECTIVE DATE. This Resolution shall be effective immediately upon its
adoption and signature by the Mayor.{1}
Footnotes:
{1 } If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id. 09-01150 Mersion: 1) Panted On: 7/7/2017