Loading...
HomeMy WebLinkAboutR-05-0726City of Miami Legislation Resolution: R-05-0726 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 05-01418 Final Action Date: 12/15/2005 A RESOLUTION OF MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING THE RECOMMENDATIONS AND FINDINGS OF THE CITY MANAGER AND AUTHORIZING THE CITY MANAGER TO EXECUTE AN INTERLOCAL AGREEMENT AND A JOINDER, IN SUBSTANTIALLY THE ATTACHED FORM(S), FOR THE CITY OF MIAMI ("CITY"), TO BECOME A MEMBER OF THE FLORIDA INTERGOVERNMENTAL FINANCE COMMISSION ("FIFC"); AUTHORIZING THE CITY MANAGER TO DESIGNATE THE CITY'S REPRESENTATIVE TO FIFC; FURTHER AUTHORIZING AND DIRECTING THE CITY MANAGER TO NEGOTIATE ANY BORROWINGS THROUGH FIFC ON BEHALF OF THE CITY, TO BE PRESENTED TO THE CITY COMMISSION FOR FINAL CONSIDERATION. WHEREAS, the City of Miami ("City"), is duly authorized pursuant to the Constitution of the State of Florida and Chapter 166, Part II, Florida Statutes, as amended, and other applicable provisions of law (collectively, the "Act") to acquire and to construct capital projects for the benefit of the citizens and residents of the City and to borrow money to facilitate financing of the costs of such projects and to borrow money to refinance the cost of such projects; and WHEREAS, Part I of Chapter 163, Florida Statutes, as amended ("Interlocal Act"), permits governmental entities under the Interlocal Act, to enter into interlocal agreements with each other to jointly exercise any power, privilege or authority which such governmental entities share in common and which each might exercise separately permitting the governmental entities to make the most efficient use of their power by enabling them to cooperate on a basis of mutual advantage and thereby provide services and facilities in a manner and pursuant to forms of governmental organization that accords best with geographic, economic, population and other factors influencing the needs and development of such governmental entities; and WHEREAS, Section 163.01(7)(d) of the Interlocal Act, authorizes governmental entities, pursuant to an interlocal agreement, to create a separate legal entity to exercise the common power of the governmental entities to issue revenue bonds for the purpose of financing or refinancing capital projects pursuant to the Interlocal Act; and WHEREAS, the City of Coral Springs, Florida, and the City of Palm Beach Gardens, Florida, have heretofore entered into an Interlocal Agreement, effective as of February 16, 2001 (as more specifically defined hereinafter, the "Interlocal Agreement"), pursuant to which the Florida Intergovernmental Finance Commission ("FIFC"), a separate legal entity, has been formed; and WHEREAS, the City Manager considered the Director of Finance's recommendation that the financing program which will be available to the City through FIFC, offers the economies of a large scale financing and a sophisticated structure which the City could not command in the market in solitary financings; and City of Miami Page 1 of 2 File Id: 05-01418 (Version: 1) Printed On: 12/14/2016 File Number: 05-01418 Enactment Number: R-05-0726 WHEREAS, it is in the best interest of the City to enter into the Interlocal Agreement and to become a member of FIFC in order for the City to participate in the structuring of such financing program to meet its financing needs; and WHEREAS, the City Commission believes it to be in the City's best interests to enter into the Interlocal Agreement and become a member of FIFC pursuant to such Interlocal Agreement;and WHEREAS, the City Commission believes it to be in the City's best interest to participate in the structuring of a financing program that will meet the financial needs of the City; and WHEREAS, the City wishes to approve the Interlocal Agreement and to authorize the officers and employees of the City to take all action necessary for the City to become a member of FIFC in the manner contemplated by the Interlocal Agreement ("Member"); NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and the 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 recommendations and findings of the City Manager are approved and the City Manager is authorized{1} to execute an Interlocal Agreement and a Joinder, in substantially the attached form(s), to become a member of FIFC. Section 3. The City Manager is authorized to designate the Director of Finance or other designee as the City's representative to FIFC. Section 4. The City Manager is further authorized and directed to negotiate any borrowings through FIFC on behalf of the City and to return to the City Commission for final approval thereof. Section 5. This Resolution shall become effective immediately upon its adoption and signature by the Mayor.{2} Footnotes: {1} The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. {2} 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: 05-01418 (Version: 1) Printed On: 12/14/2016