Loading...
HomeMy WebLinkAboutLegislationCity of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 07-00907 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AFTER AN ADVERTISED PUBLIC HEARING, APPROVING THE ISSUANCE OF A PORTION OF THE PROCEEDS FROM THE NOT TO EXCEED $13,000,000, CITY OF TAMPA, FLORIDA, VARIABLE RATE REVENUE AND REVENUE REFUNDING BONDS (VOLUNTEERS OF AMERICA PROJECT), SERIES 2007, WITH RESPECT TO THE PORTION NOT TO EXCEED $1,500,000, WHICH IS TO BE USED TO REFINANCE THE MIAMI PROJECT IN THE CITY OF MIAMI, FLORIDA, PURSUANT TO SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986; AUTHORIZING THE CITY MANAGER TO EXECUTE A.FIRST AMENDMENT TO THE INTERLOCAL AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, AND DIRECTING THE CITY MANAGER TO UNDERTAKE THE NECESSARY RELATED PROCEDURES AND TO EXECUTE AND TO PROVIDE ANY NECESSARY DOCUMENTS AND AGREEMENTS FOR THE PROJECT TO THE RISK MANAGEMENT DIRECTOR AND THE CITY ATTORNEY FOR PRIOR REVIEW FOR SAID PURPOSES; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. 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 and revenue refunding bonds, in an amount not to exceed $13,000,000, a portion of which not to exceed $1,500,000, will be used in the City of Miami, Florida, the interest on which is excluded from gross income for federal income tax purposes, for the purposes of refinancing earlier City of Tampa, Florida Variable Rate Revenue Bonds (Volunteers of America Project), Series 2005 (the "Series 2005 Bonds") and 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 "Borrower"), 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 Jacksonville, the City of Lake City, the City of Miami, the City of Punta Gorda, Alachua. County, Brevard County, Escambia County, Highlands County, Manatee County, and other locations (collectively, the "Locations"), requesting that the City of Tampa issue not to exceed $13,000,000, of its Variable Rate Revenue and Revenue Refunding Bonds (Volunteers of America Project ), Series 2007 (the "Series 2007 Bonds") to provide funds for the refinancing, acquisition and renovation of social service facilities for the Borrower at its various locations, including in the City of Miami the refinancing of the following earlier projects financed by the Series 2005 Bonds: 1) a two -floor office building used for providing services to military veterans and mental health services located at 1474 City of Miami Page 1 of 4 Printed On: 7/16/2007 File Number: 07-00907 West Flagler Street, Miami, Florida; 2) a two-story building, two-story garden apartment used as a transitional shelter located at 1450-1460 Northwest lst Street, Miami, Florida, and 3) an office building used as a social services center for educational services, mental health services and other health services located at 1460, 1462, and 1464 West Flagler Street, Miami, Florida (collectively, the "Miami Project"), and other projects in the other locations as set forth on Exhibit A (collectively, with the Miami Project, the "Project"); and WHEREAS, the City of Tampa has authorized and approved the issuance of the Series 2007 Bonds, pursuant to the authority of the Acts and to be secured by a letter of credit, pursuant to authority in the Acts, 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 Regions Bank, 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 Series 2007 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 Series 2007 Bonds, to refund the Series 2005 Bonds, and to allow the portion of the Project located within the City of Miami to be refinanced with the proceeds of the Series 2007 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 Series 2007 Bonds, a portion of the proceeds of which in an amount not to exceed $13,000,000 will be used to refinance, acquire and renovate the portions of the Project, including an amount not to exceed $1,500,000 for the Miami Project located in the City of Miami; and WHEREAS, on July 12, 2007 in The Miami Herald, July 12, 2007 in Diarios las Americas, and July 12, 2007 in The Miami Times, the City of Tampa's Bond Counsel on behalf of 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 July 26, 2007, at 9:00 a.m., at the Commission's meeting chambers, located at 3500 Pan American Drive, Miami, Florida, to consider the Series 2007 Bonds and the location and nature of the portion of the Project to be refinanced with the proceeds of the Series 2007 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; 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 by reference and incorporated as if fully set forth in this Section. City of Miami Page 2 of 4 Printed On: 7/16/2007 File Number: 07-00907 Section 2. The issuance by the City of Tampa of its not to exceed $13,000,000, City of Tampa, Florida Variable Rate Revenue and Revenue Refunding Bonds (Volunteers of America Project), Series 2007, the proceeds of which will be used to refinance, to acquire and to renovate the Project and to refinance in an amount not to exceed $1,500,000, the portion of the Project constituting the Miami Project located within the City of Miami, to be owned and operated by the Borrower, 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{1} to execute the First Amendment to Interlocal Agreement (the "First Amendment") 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 execute and to provide any necessary documents and agreements for the portion of the Project being the Miami 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 First Amendment, shall constitute conclusive evidence of such officers' approvals and the approval of the First Amendment 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 Series 2007 Bonds of the creditworthiness of the Borrower or the Project or the Miami Project, and the Series 2007 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 Series 2007 Bonds shall be limited obligations of the City of Tampa payable solely from the revenue derived from the Borrower and pledged to the payment thereof, and no owner of any of the Series 2007 Bonds or of any Series 2005 Bonds being refunded 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.{2} APPROVED AS TO FORM AND CORRECTNESS: JORGE L. F CITY ATTO NE City of Miami Page 3 of 4 Printed On: 7/16/2007 File Number: 07-00907 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 (10) 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 4 of 4 Printed On: 7/I6/1007