HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00772 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION DECLARING THE OFFICIAL
INTENT OF THE CITY OF MIAMI, FLORIDA TO ISSUE SPECIAL OBLIGATION
BONDS IN THE EXPECTED MAXIMUM PRINCIPAL AMOUNT OF EIGHTY
MILLION DOLLARS ($80,000,000) IN ORDER TO, AMONG OTHER THINGS,
REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION
BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO THE ACQUISITION, CONSTRUCTION AND
EQUIPPING OF CERTAIN STREETSCAPE IMPROVEMENT PROJECTS;
ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS BY THE CITY MANAGER AND
OTHER APPROPRIATE OFFICERS, EMPLOYEES, ANt) AGENTS OF THE CITY,
ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED.
WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement Regulations")
prescribe conditions under which proceeds of bonds, notes or other obligations ("Bonds") used to
reimburse advances made for capital and certain other expenditures ("Original Expenditures") paid
before the issuance of such Bonds will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder (collectively, the "IRS Code"), upon such
reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions
under those sections of the IRS Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be a
declaration of official intent not later than sixty (60) days following payment of the Original
Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur
within certain prescribed time periods after the Original Expenditures are paid or after the property
resulting from that Original Expenditure is placed in service; and
WHEREAS, the City Commission (the "Commission") of the City of Miami, Florida (the "City")
expects to provide for the issuance by the City of its special obligation bonds in a principal amount not
to exceed Eighty Million Dollars ($80,000,000) (the "Special Obligation Bonds") for the purposes of
financing the costs of acquisition, construction and equipping of certain capital improvements
including, but not limited to, streetscapes, drainage, greenways, and roadway improvements
(collectively, the "Streetscape Improvements Projects"); and
WHEREAS, in connection with the acquisition, construction, and equipping of the Streetscape
Improvements Projects, the City expects to make Original Expenditures that will be reimbursed from
proceeds of the Special Obligation Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI,
City of Miami Page 1 of 3 Printed On: 6/6/2007
File Number: 07-00772 .
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. Definition. The following definition applies to the terms used herein:
"Reimbursement" or "Reimburse" means the restoration to the City of money temporarily advanced
from its own funds and spent for Original Expenditures before the issuance of the Special Obligation
Bonds, evidenced in writing by an allocation on the books and records of the City that shows the use
of the proceeds of the Special Obligation Bonds to restore the money advanced for the Original
Expenditures. "Reimbursement" or "Reimburse" generally does not include the refunding or retiring of
Bonds previously issued and sold to, or borrowings from, unrelated entities.
Section 3. Declaration of Official Intent. The Commission hereby declares the City's official intent
to issue the Special Obligation Bonds in the expected maximum principal amount of Eighty Million
Dollars ($80,000,000) and, to the extent permissible under the IRS Code, use a portion of the Special
Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and
to be incurred with respect to the Streetscape Improvements Projects. This Resolution is intended as
a declaration of official intent under Treasury Regulation § 1.150-2.
Section 4. Incidental Action. The City Manager and other appropriate officers, employees and
agents of the City are hereby authorized to take such actions as may be necessary to carry out the
purpose of this Resolution and the IRS Code.
Section 5. Effective Date. This Resolution shall take effect immediately upon its adoption and
signature of the Mayor.{1)
ADOPTED this
(SEAL)
FLORIDA
day of _, 2007.
THE CITY COMMISSION OF THE CITY OF MIAMI,
MANUEL A. DIAZ
MAYOR
ATTEST:
PRISCILLA A. THOMPSON
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
City of Miami Page 2 of 3 Printed On: 6/6/2007
File Number. 07-00772
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 Printed On: 6/6/2007