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HomeMy WebLinkAboutR-05-0030City of Miami Legislation Resolution: R-05-0030 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 04-01409 Final Action Date: 1/13/2005 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AFTER AN ADVERTISED PUBLIC HEARING, APPROVING THE ISSUANCE OFA PORTION OF THE PROCEEDS FROM THE NOT TO EXCEED $4,000,000 CITY OF TAMPA, FLORIDA VARIABLE RATE REVENUE BONDS (VOLUNTEERS OF AMERICA PROJECT), WITH RESPECT TO THE PORTION NOT TO EXCEED $1,500,000, WHICH IS TO BE USED IN THE CITY OF MIAMI, PURSUANT TO SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986; AUTHORIZING THE CITY MANAGER TO EXECUTE AN INTERLOCALAGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM AND DIRECTING THE CITY MANAGER TO UNDERTAKE THE NECESSARY RELATED PROCEDURES AND TO PROVIDE ANY NECESSARY DOCUMENTS AND AGREEMENTS FOR THE PROJECT TO THE RISK MANAGEMENT ADMINISTRATOR AND THE CITY ATTORNEY FOR PRIOR REVIEW FOR SAID PURPOSES; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Commission (the "Commission") of the City of Miami, Florida (the "City of Miami") is a municipal body corporate and politic created and existing under the laws of the State of Florida (the "State") with powers under Chapter 166, Florida Statutes, and the City of Tampa, Florida (the "City of Tampa") is a municipal body corporate and politic created and existing under the laws of the State with powers under Chapter 166, Florida Statutes, and is authorized pursuant to Chapter 159, Part II, Florida Statutes (collectively, the "Acts"), to issue its revenue bonds, a portion of the proceeds of which in an amount not to exceed $1,500,000 will be used in the City of Miami, the interest on which is excluded from gross income for federal income tax purposes, for the purpose of constructing and installing any "Project" in furtherance of the public purpose for which it was created; and WHEREAS, the City of Tampa has considered the application of Volunteers of America of Florida, Inc., a Florida not for profit corporation authorized to transact business in the State of Florida and a qualified 501(c)(3) organization as set forth in the Internal Revenue Code (the "Company"), which provides counseling, mental health services, housing, and other related social services, to the community and currently operates in a variety of locations in the State, including the City of Tampa, the City of Miami, Manatee County, Brevard County, Highlands County and other locations (collectively, the "Locations"), requesting that the City of Tampa issue not to exceed $4,000,000 of its Variable Rate Revenue Bonds (Volunteers of America Project) (the "Bonds") to provide funds for the refinancing, acquisition and renovation of social service facilities for the Company at its various Locations, including in the City of Miami: 1) a two -floor office building used for providing services to military veterans and mental health services, located at 1474 W. Flagler Street, Miami, FL; 2) an office building used as a social service center for educational services, mental health services and other health services located at 1460, 1462 and 1464 W. Flagler Street, Miami, FL; 3) a parking lot used for a veterans educational center located at 1461 SW 1st Street, Miami, FL; 4) a parking lot used for a veterans educational center located at 29 SW 15th Avenue, Miami, FL; 5) a parking lot City of Miami Page 1 of 3 File Id: 04-01409 (Version: 1) Printed On: 10/21/2016 File Number: 04-01409 Enactment Number: R-05-0030 used for an administration building located at 1499 SW 1st Street, Miami, FL; and 6) 2 two-story garden apartment buildings containing five units each used for transitional housing for special needs military veterans at 1450-1460 NW 1st Street, Miami, FL and other projects in the other locations as set forth on Exhibit A hereto (collectively, the "Project"); and WHEREAS, the City of Tampa has authorized and approved the issuance of the Bonds, pursuant to the authority of the Acts and secured by a letter of credit, all as more particularly described in the Trust Indenture (the "Indenture"), dated as of the first day of the month of issuance, between the City of Tampa and Wachovia Bank, National Association, as Trustee; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires as a condition of exclusion from gross income for federal income tax purposes of the interest on private activity bonds, that the issuance of private activity bonds, as defined in Section 141(a) of the Code, such as the Bonds, be approved, after a public hearing following reasonable public notice, by the governmental unit having jurisdiction over the area in which the private activity bond -financed facility is to be located; and WHEREAS, the City of Tampa desires to issue its Bonds and to allow the portion of the Project located within the City of Miami to be financed with a portion of the proceeds of the Bonds; and WHEREAS, the Commission constitutes the elected legislative body of the City of Miami; and WHEREAS, the Borrower has requested that the Commission, pursuant to Section 147(f) of the Code, approve the issuance by the City of Tampa of the Bonds, a portion of the proceeds of which in an amount not to exceed $1,500,000 will be used to refinance, acquire and renovate the portions of the Project located in the City of Miami; and WHEREAS, on December 24, 2004 in The Miami Herald, December 26, 2004 in Diarios las Americas, and December 30, 2004 in The Miami Times, the City Clerk of the City of Miami (the "City Clerk") published in each of those newspapers of general circulation in the City of Miami, notices of a public hearing to be held on January 13, 2005, at 9:00 a.m., at the Commission's meeting chambers, located at 3500 Pan American Drive, Miami, Florida, to consider the Bonds and the location and nature of the portion of the Project to be financed with the proceeds of the Bonds within the City of Miami; and WHEREAS, the public hearing so noticed, as indicated by the affidavits of the publishers of The Miami -Herald, Diarios las Americas, and The Miami Times attached hereto as collective Exhibit B, was duly held on such date; and NOW, THEREFORE, BY IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. 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. The issuance by the City of Tampa of its not to exceed $4,000,000 City of Tampa, Florida Variable Rate Revenue Bonds (Volunteers of America Project), a portion of the proceeds of City of Miami Page 2 of 3 File Id: 04-01409 (Version: 1) Printed On: 10/21/2016 File Number: 04-01409 Enactment Number: R-05-0030 which will be used to refinance, to acquire and to renovate the portions of the Project located within the City of Miami in an amount not to exceed $1,500,000, to be owned and operated by Volunteers of America of Florida, Inc., a Florida not for profit corporation and a qualified 501(c)(3) organization as set forth in the Code, is hereby approved pursuant to and in accordance with Section 147(f) of the Code. Section 3. The City Manager of the City of Miami (the "City Manager") is authorized to execute the Interlocal Agreement between the City of Miami and the City of Tampa, in substantially the form attached hereto as Exhibit C, to be attested and sealed by the City Clerk and the City Manager is directed to undertake the necessary related procedures and to provide any necessary documents and agreements for the portion of the Project located in the City of Miami to the Risk Management Administrator and the City Attorney for prior review for said purposes. Execution and delivery by the City Manager and attestation and seal by the City Clerk of such documents and agreements, including, but not limited to, the Interlocal Agreement, shall constitute conclusive evidence of such officers' approval and the approval of the Interlocal Agreement and such other necessary documents and agreements in their respective final forms. Section 4. Such approval by the Commission does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Company or the Project, and the Bonds shall not constitute an indebtedness or obligation of the City of Miami, the City of Tampa, the State or of any county, municipal corporation or political subdivision thereof but the Bonds shall be limited obligations of the City of Tampa payable solely from the revenue derived from the Company and pledged to the payment thereof, and no owner of any of the Bonds shall ever have the right to compel any exercise of the taxing power of said State or of any county, municipal corporation or political subdivision thereof, nor to enforce the payment thereof against any property of said State or of any such county, municipal corporation or political subdivision. Section 5. All acts and undertakings of the officers and Commissioners which are in conformity with the purposes and intent of this Resolution shall be, and the same hereby are, in all respects approved and confirmed. Section 6. This Resolution shall take effect 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 3 of 3 File Id: 04-01409 (Version: 1) Printed On: 10/21/2016