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Home My WebLink AboutR-08-0701City of Miami Legislation Resolution: R-08-0701 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 08-01211 Final Action Date: 12/11/2008 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY"), TO BORROW THE EXPECTED MAXIMUM PRINCIPAL AMOUNT NOT TO EXCEED TWENTY MILLION DOLLARS ($20,000,000) AS A LOAN ("LOAN") FROM THE SUNSHINE STATE GOVERNMENTAL FINANCING COMMISSION ("COMMISSION") REVENUE BONDS SERIES 1986 (GOVERNMENTAL FINANCING PROGRAM) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE ITSELF FROM THE LOAN FROM THE COMMISSION FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO THE ACQUISITION, EQUIPPING, CREATION, BUILDING, DEVELOPMENT, INSTALLATION, AND IMPLEMENTATION OF CERTAIN ENTERPRISE RESOURCE PLANNING SYSTEM ("ERP"), LAND MANAGEMENT SYSTEMS, AND OTHER ASSOCIATED TECHNOLOGY INFRASTRUCTURE IMPROVEMENTS PROJECTS (COLLECTIVELY, THE "TECHNOLOGY IMPROVEMENTS PROJECTS"); RATIFYING, APPROVING, AND CONFIRMING THE RESERVATION REQUEST OF THE CITY MANAGER, AS DESCRIBED IN "EXHIBITS 1AAND 1," ATTACHED AND INCORPORATED, FOR THE LOAN FROM THE COMMISSION FOR THE TECHNOLOGY IMPROVEMENTS 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 THIS RESOLUTION AND 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 Sunshine State Governmental Financing Commission (the "Commission") has previously issued its Revenue Bonds Series 1986 (Governmental Financing Program) (the "Series 1986 Bonds") and the City Manager of the City of Miami ("City") has on September 24, 2008, as described in "Exhibit 1 A and Exhibit 1," attached and incorporated, requested from the Commission a City of Miami Page 1 of 3 File Id: 08-01211 (Version: 1) Printed On: 5/24/2017 File Number: 08-01211 Enactment Number: R-08-0701 loan in a principal amount not to exceed Twenty Million Dollars ($20,000,000) (the "Loan"), for the purposes of financing the costs of acquisition, equipping, creation, building, development, installation, and implementation of certain capital improvements including, but not limited to, enterprise resource planning ("ERP") system, land management systems and other associated technology infrastructure improvements (collectively, the "Technology Improvements Projects"); and WHEREAS, the Technology Improvements Projects as described in "Exhibit 1," attached and incorporated, include vital technology interfaces, integrations, upgrades and modules necessary for the City to maintain compliance with its ongoing bond financed capital improvements projects, meet and improve financial accounting systems requirements, implement public works operations, coordinate building plans reviews, permitting, and inspections, implement geographic information systems, and implement on-line programs to enhance Citywide services to residents and other self-service users; and WHEREAS, in connection with the acquisition, equipping, creation, building, development, installation, and implementation of the Technology Improvements Projects, the City expects to make Original Expenditures that will be reimbursed from proceeds of the Loan by the Commission to the City; 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 expended before the borrowing of the Loan by the City, evidenced in writing by an allocation on the books and records of the City that shows the use of the proceeds of the Loan 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 City Commission hereby declares the City's official intent to borrow from the Commission the Loan in an expected maximum principal amount not to exceed Twenty Million Dollars ($20,000,000) and, to the extent permissible under the IRS Code, use a portion of the Loan to reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred with respect to the Technology Improvements Projects. The Original Expenditures will be made from the City's General Fund. This Resolution is intended as a declaration of official intent under United States Treasury Regulation § 1.150-2 and as required for purposes of Sections 103 and 141-150 of the IRS Code. Section. 4 Ratification, Approval, and Confirmation of Reservation Request. The City Manager's September 24, 2008 reservation request to the Commission, as described in Exhibits 1A and 1 attached and incorporated, for the Loan for the Technology Improvements Projects is hereby ratified, approved, and confirmed. Section 5. Incidental Action. The City Manager and other appropriate officers, employees and City of Miami Page 2 of 3 File Id: 08-01211 (Version: 1) Printed On: 5/24/2017 File Number: 08-01211 Enactment Number: R-08-0701 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 6. Effective Date. This Resolution shall take effect immediately upon its adoption and signature of the Mayor.{1} ADOPTED this day of , 2008. (SEAL) FLORIDA ATTEST: PRISCILLA A. THOMPSON CITY CLERK THE CITY COMMISSION OF THE CITY OF MIAMI, MANUEL A. DIAZ MAYOR 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 File Id: 08-01211 (Version: 1) Printed On: 5/24/2017