HomeMy WebLinkAboutR-07-0354City of Miami
Legislation
Resolution: R-07-0354
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00774 Final Action Date: 6/14/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION DECLARING THE OFFICIAL
INTENT OF THE CITY OF MIAMI, FLORIDA TO ISSUE LIMITED AD VALOREM TAX
BONDS IN THE EXPECTED MAXIMUM PRINCIPAL AMOUNT OF FIFTY MILLION
DOLLARS ($50,000,000), IN ORDER TO, AMONG OTHER THINGS, REIMBURSE
ITSELF FROM THE PROCEEDS OF SUCH LIMITED AD VALOREM TAX BONDS
FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED
WITH RESPECT TO THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF
HOMELAND DEFENSE/NEIGHBORHOOD CAPITAL IMPROVEMENT PROJECTS;
ESTABLISHING CERTAIN RELATED DEFINITIONS OF TERMS; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS BY THE CITY MANAGER AND
OTHER APPROPRIATE OFFICERS, EMPLOYEES, AND 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 limited ad valorem tax bonds in a principal
amount not to exceed Fifty Million Dollars ($50,000,000) (the "Limited Ad Valorem Tax Bonds") for the
purposes of financing the costs of acquisition, construction and equipping of various Homeland
Defense/Neighborhood Capital Improvements projects, including but not limited to police training
facilities, neighborhood fire stations and training facilities, park and recreation facilities and
equipment, streetscapes, drainage and roadway improvements (collectively, the "Homeland
Defense/Neighborhood Capital Improvement Projects"); and
WHEREAS, in connection with the acquisition, construction, and equipping of the Homeland
Defense/Neighborhood Capital Improvement Projects, the City expects to make Original Expenditures
that will be reimbursed from proceeds of the Limited Ad Valorem Tax Bonds;
City of Miami
Page 1 of 2 File Id: 07-00774 (Version: 11 Printed On: 4/4/2017
File Number: 07-00774 Enactment Number: R-07-0354
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY 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. 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 Limited Ad Valorem
Tax Bonds, evidenced in writing by an allocation on the books and records of the City that shows the
use of the proceeds of the Limited Ad Valorem Tax 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 Limited Ad Valorem Tax Bonds in the expected maximum principal amount of Fifty Million
Dollars ($50,000,000) and, to the extent permissible under the IRS Code, use a portion of the Limited
Ad Valorem Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred
and to be incurred with respect to the Homeland Defense/Neighborhood Capital Improvement
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}
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: 07-00774 (Version: 11 Printed On: 4/4/2017