HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00419 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE
TEMPORARY ADVANCE FROM THE GENERAL FUND BALANCE IN AN AMOUNT
NOT TO EXCEED NINE MILLION DOLLARS ($9,000,000) AND DECLARING THE
OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA TO ISSUE SPECIAL
OBLIGATION NON AD VALOREM REVENUE BONDS IN ORDER TO, AMONG
OTHER THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH
SPECIAL OBLIGATION NON AD VALOREM REVENUE BONDS FOR FUNDS
TEMPORARILY ADVANCED BY THE CITY FROM THE GENERAL FUND
BALANCE FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO THE
DESIGN AND CONSTRUCTION OF THE PARKING FACILITY AT THE NEW
MARLINS BASEBALL STADIUM LOCATED AT THE FORMER ORANGE BOWL
SITE; 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 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 non ad valorem revenue bonds
(the " SPECIAL OBLIGATION NON AD VALOREM REVENUE BONDS ") for the purpose of financing
the costs of design and construction of the parking facility at the new Marlins Baseball Stadium located
at the former Orange Bowl site; and
WHEREAS, in connection with the design and construction of the parking facility at the new
Marlins Baseball Stadium located at the former Orange Bowl site, the City expects to make Original
Expenditures from temporary advances from the General Fund Balance that will be reimbursed from
City of Miami Page 1 of 2 Printed On: 4/15/2009
File Number. 09-00419
proceeds of the SPECIAL OBLIGATION NON AD VALOREM REVENUE BONDS;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY MIAMI,
FLORI DA:
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 NON AD VALOREM REVENUE 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 NON
AD VALOREM REVENUE 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 authorizes the temporary
advance from the General Fund Balance in an amount not to exceed nine million dollars ($9,000,000)
and declares the City's official intent to issue the SPECIAL OBLIGATION NON AD VALOREM
REVENUE BONDS and, to the extent permissible under the IRS Code, use a portion of the SPECIAL
OBLIGATION NON AD VALOREM REVENUE BONDS to reimburse the City for funds temporarily
advanced by it from the General Fund Balance for Original Expenditures incurred and to be incurred
with respect to the design and construction of the parking facility at the new Marlins Baseball Stadium
located at the former Orange Bowl site. 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}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
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.
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