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HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan. American Drive Miami, FL 33133 www.miamigov.com File Number: 06-02172 Final Action Date: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA APPROVING THE ISSUANCE OF NOT TO EXCEED $40,000,000 CITY OF MIAMI, FLORIDA HEALTH FACILITIES AUTHORITY, HEALTH SYSTEM REVENUE BONDS, CATHOLIC HEALTH EAST ISSUE, SERIES 2006, FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. WHEREAS, the City of Miami, Florida Health Facilities Authority (the "Authority") was created by Resolution No. 79-93, as amended, adopted by the City Commission of the City of Miami, Florida (the "City Commission") on February 22, 1979, all pursuant to the Florida Health Facilities Authorities Law, Chapter 154, Part III, Florida Statutes; and WHEREAS, on November 7, 2006, the Authority held a public hearing, notice of which hearing was published on October 24, 2006 in The Miami Herald (a copy of which notice is attached hereto as Exhibit "A" and incorporated herein), for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), in connection with the proposed issuance by the Authority of its Health System Revenue Bonds, Catholic Health East Issue, Series 2006 (the "Series 2006 Bonds"), in the aggregate principal amount not to exceed $40,000,000, the proceeds of which will be used to refund the Authority's outstanding Revenue Refunding Bonds (Mercy Hospital Project) Series 1994A (the "Refunded Bonds"), to pay issuance costs and to provide for credit enhancement for the Series 2006 Bonds; and WHEREAS, the proceeds of the Refunded Bonds were used to (a) refund the Authority's outstanding Hospital Revenue Refunding Bonds (Mercy Hospital Project) Series 1989 and the Authority's Hospital Revenue Bonds (Mercy Hospital Project) Series 1991, both of which were originally issued to finance or refinance the acquisition, construction and equipping of health care facilities at Mercy Hospital in Miami; (b) acquire, construct or improve certain parking facilities; (c) fund a debt service reserve fund and (d) provide for credit enhancement for the Refunded Bonds (collectively, the "Prior Projects"), all on behalf of Mercy Hospital, Inc., a Florida non-profit corporation (the "Hospital") and now a part of the Catholic Health East healthcare system; and WHEREAS, following the above described public hearing on November 7, 2006, the Authority adopted Resolution No. 2006-1 which, among other things, recommends that the City Commission approve the issuance of the Series 2006 Bonds for purposes of Section 147(f) of the Code, a copy of which is attached hereto as Exhibit "B"; and WHEREAS, after reviewing (a) the minutes of the Authority's public hearing held on November 7, 2006 with respect of the issuance of the Series 2006 Bonds and the refunding of the Refunded Bonds, a copy of which minutes is attached hereto as Exhibit "C" and incorporated herein and (b) the Authority's Resolution No. 2006-1, the City Commission desires to approve the Series 2006 Bonds and the refunding of the Refunded Bonds for the purpose of complying with Section 147(f) of the Code; and City of Miami Page 1 of 2 Printed On: 12/4/2006 File Number: 06-02172 WHEREAS, the Bonds shall not be a debt, liability or obligation of the Authority, the City of Miami or the State of Florida or any political subdivision thereof, but shall be payable solely from payments made by Catholic Health East. The Authority has no taxing power; NOW, THEREFORE, BE 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 and incorporated by reference as if fully set forth in this Section. Section 2. The issuance of the Series 2006 Bonds in the maximum aggregate principal amount of $40,000,000 for the purpose of refunding the Refunded Bonds is hereby in all respects approved for purposes of Section 147(f) of the Code. Section 3. The City Commission hereby approves the minutes of the public hearing held on November 7, 2006 by the Authority with respect to the Series 2006 Bonds and the refunding of the Refunded Bonds, in accordance with Section 147 (f) of the Code, the transcript of which minutes was presented at this meeting. Section 4. This Resolution shall be effective immediately upon its adoption and signature of the Mayor.{1} APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDEZ CITY ATTORNEY 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 Printed On: 12/4/2006