HomeMy WebLinkAboutExhibit CCOMPOSITE EXHIBIT "C"
November 7, 2017 Voter Referendum Resolution No. 17-0350
And
Final Bond Validation Order Dated December 16, 2019
And
City Commission's Updated Seven (7) Affordable Housing Bonds Projects Strategies
And
Intent to Reimburse Resolution No. 21-0046 ("DOI #2")
City of Miami
Legislation
Resolution: R-17-0350
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 2184 Final Action Date: 7/27/2017
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE ISSUANCE, SUBJECT TO THE ELECTION HEREIN
PROVIDED FOR, IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING
FOUR HUNDRED MILLION DOLLARS ($400,000,000.00) OF GENERAL
OBLIGATION BONDS ("BONDS") OF THE CITY OF MIAMI, FLORIDA ("CITY") IN
ONE OR MORE SEPARATE SERIES FOR CAPITAL PROJECTS AND
IMPROVEMENTS TO REDUCE FLOODING RISKS AND IMPROVE
STORMWATER INFRASTRUCTURE,TO IMPROVE AFFORDABLE HOUSING,
ECONOMIC DEVELOPMENT, PARKS, CULTURAL FACILITIES, STREETS AND
INFRASTRUCTURE, AND TO ENHANCE PUBLIC SAFETY, WITH INTEREST
PAYABLE AT RATES NOT EXCEEDING THE MAXIMUM RATE ALLOWED BY
LAW; PROVIDING FOR THE LEVY AND COLLECTION OF AD VALOREM
TAXES TO PAY SUCH BONDS, PROVIDED THAT THE DEBT MILLAGE NOT
EXCEED THE RATE OF 0.5935 MILLS; CALLING FOR A BOND REFERENDUM
SPECIAL ELECTION AND MAKING PROVISIONS FOR PUBLIC NOTICES AND
HOLDING A BOND REFERENDUM SPECIAL ELECTION CONCURRENTLY
WITH THE GENERAL MUNICIPAL ELECTION ON NOVEMBER 7, 2017, FOR
THE PURPOSE OF SUBMITTING TO THE ELECTORATE AT SAID ELECTION,
WITH RESPECT TO THE ISSUANCE OF SUCH BONDS; DESCRIBING THE
REGISTRATION BOOKS AND RECORDS MAINTAINED UNDER THE
PROVISIONS OF THE GENERAL LAWS OF FLORIDA AND OF THE CHARTER
AND CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, WHICH THE
CITY HAS ADOPTED AND DESIRES TO USE FOR HOLDING SUCH BOND
REFERENDUM SPECIAL ELECTION; DESIGNATING AND APPOINTING THE
CITY CLERK AS THE OFFICIAL REPRESENTATIVE OF THE CITY
COMMISSION WITH RESPECT TO THE USE OF VOTER REGISTRATION
BOOKS AND RECORDS; AUTHORIZING AND DIRECTING THE CITY CLERK
TO PUBLISH NOTICE OF THE ADOPTION OF THIS RESOLUTION AND THE
PROVISIONS HEREOF PURSUANT TO APPLICABLE LAW; AND DIRECTING
THE CITY CLERK TO CAUSE A CERTIFIED COPY OF THE HEREIN
RESOLUTION TO BE DELIVERED TO THE SUPERVISOR OF ELECTIONS OF
MIAMI-DADE COUNTY, FLORIDA, PURSUANT TO APPLICABLE LAW NOT
LESS THAN FORTY-FIVE (45) DAYS PRIOR TO THE DATE OF SUCH BOND
REFERENDUM SPECIAL ELECTION; CONTAINING A REPEALER PROVISION
AND A SEVERABILITY CLAUSE; PROVIDING FOR AN IMMEDIATE EFFECTIVE
DATE FOR THIS RESOLUTION.
WHEREAS, the City of Miami, Florida ("City") has aging infrastructure which affects the
quality of life of residents and visitors, and the City has identified capital projects of significant
magnitude that need to be addressed for public safety, parks, roadways, and drainage upgrades
that are among the priority areas that require immediate attention; and
City of Miami Page 1 of 7 File ID: 2184 (Revision: A) Printed On: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
WHEREAS, the City has undertaken multiple community and district meetings to access
input from residents, elected officials, community organizations, and local businesses regarding
their views on needed and priority capital projects potentially to be funded by general obligation
bonds; and
WHEREAS, on May 19, 2017, the Board of Directors of the Miami Downtown
Development Authority of the City of Miami, Florida ("Miami DDA") passed Resolution No.
016/2017 attached and incorporated ("Miami DDA Resolution") (a) urging the Miami City
Commission ("City Commission") to place for voter approval a bond referendum ballot question
for the issuance of general obligation bonds for the funding of capital projects, (b) establishing
specific capital projects and identifying the priorities of those projects, and (c) requesting the
Miami DDA's involvement and consultation for procurement and oversight of the capital projects
specified by the Miami DDA; and
WHEREAS, the City's Parks and Recreation Advisory Board at multiple 2016 and 2017
meetings also has favorably recommended that the City Commission place for voter approval a
bond referendum ballot question for the issuance of general obligation bonds for the funding of
capital projects for the City's parks and recreation facilities; and
WHEREAS, on June 26, 2017, the Sea Level Rise Committee favorably recommended
that the City Commission place for voter approval a bond referendum ballot question for the
issuance of general obligation bonds to fund particular capital projects intended to significantly
increase the City's resilience to flooding, sea level rise, and associated impacts on emergency
services, and requesting the Sea Level Rise Committee's involvement and consultation in the
procurement processes for the capital projects requested by the Sea Level Rise Committee;
and
WHEREAS, at today's meeting, the City Commission (1) has directed the City Manager
to include in the legislation package for this resolution proposed lists of capital projects and
improvements, and (2) has adopted the following modified broad categories of capital projects
and improvements proposed to be funded by such general obligation bonds and proposed
funding amounts by categories: Public Safety $7,000,000.00, Affordable Housing and Economic
Development $100,000,000.00, Flood Prevention $191,962,000.00, Parks and Cultural Facilities
$78,200,000.00, and Roadway Improvements $22,838,000.00, thereby modifying the original
Agenda Summary Form Background Item; and
WHEREAS, also at today's meeting, the City Commission directed that the proposed
general obligation bonds ballot language specifically identify that the proposed Fiscal Year
2017-2018 debt millage would then be at the rate of 0.5935, which in November 2017 would be
the then "current" millage rate; and
WHEREAS, the City has determined that it is in the best interests of the public to
issue general obligation bonds to finance such capital projects and improvements in an
aggregate principal amount not exceeding four hundred million dollars ($400,000,000.00) with interest
payable at or below the maximum rate allowed by law, payable from ad valorem taxes levied on all
taxable property in the City provided that the debt millage not exceed the rate of 0.5935 for capital
projects in order to reduce flooding risks and improve stormwater infrastructure, to improve affordable
housing, economic development, parks, cultural facilities, streets, and infrastructure, and to enhance
public safety;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
City of Miami Page 2 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
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.
Section 2. In accordance with the provisions of the Constitution, Statutes, and other
applicable Laws of the State of Florida, particularly the Municipal Home Rule Powers Act
(Chapter 166 of the Florida Statutes, as amended), Chapter 100, Florida Statues, as amended,
the Charter of the City of Miami, as amended ("Charter"), the Code of the City of Miami, as
amended ("City Code"), and §6.03 of the Miami -Dade County Home Rule Charter, a Bond
Referendum Special Election is being called and directed to be held in the City of Miami, Florida
("City"), from 7:00 A.M. until 7:00 P.M., on Tuesday, November 7, 2017, including for the
purpose of submitting to the qualified electors of the City for their approval or disapproval the
proposed issuance of an aggregate principal amount not exceeding four hundred million dollars
($400,000,000.00) of the City's general obligation bonds ("Bonds") in one or more separate
series for capital projects and improvements to reduce flooding risks and improve stormwater
infrastructure, to improve affordable housing, economic development, parks, cultural facilities,
streets, and infrastructure, and to enhance public safety, with interest payable at rates not
exceeding the maximum allowed by law and providing for the levy and collection of ad valorem
taxes to pay such Bonds provided that the debt millage not exceed the rate of 0.5935 mills,
known as Resolution No. R-17-0350.
Section 3. The Bond Referendum Special Election shall be held at the polling places in
the precincts designated, all as shown on the list attached hereto and made a part hereof and
referred to as Exhibit No.1 or as may be designated by the Supervisor of Elections of Miami -
Dade County, Florida, in conformity with the provisions of the general laws of the State of
Florida ("State"). The Precinct Election Clerks and Inspectors to serve at said polling places on
said election date shall be those designated by the Supervisor of Elections of Miami -Dade
County, Florida, for such purpose in accordance with the general laws of the State. A
description of the registration books and records which pertain to election precincts wholly or
partly within the City, and which the City is hereby adopting and desires to use for holding such
election is as follows: all voter information cards, registration books, records, and certificates
pertaining to electors of the City and established and maintained as official by the Supervisor of
Elections of Miami -Dade County, Florida, in conformity with the provisions of the general laws of
the State of Florida, are hereby adopted and declared to be, and shall hereafter be recognized
and accepted as, official voter information cards, registration books, records and certificates of
the City.
Section 4. In compliance with Section 100.341, Florida Statutes (2016), regarding
ballots used in bond referenda, the ballot shall include a printed description of the issuance of
bonds to be voted on as prescribed by the City Commission calling for the Bond Referendum,
with the amount of the bonds, the interest rate thereon, and other details necessary to inform
the electors to be printed on the ballot in connection with the question "For Bonds" and "Against
Bonds". In compliance with Section 100.342, Florida Statutes (2016), regarding any bond
referendum not otherwise provided for, there shall be at least thirty (30) days' notice of the
Bond Referendum Special Election by publication in a newspaper of general circulation in the
City. The City Clerk is authorized and directed to publish notice of the adoption of the herein
resolution and of the provisions hereof, at least twice, once in the fifth week and once in the third week
prior to the week in which the aforesaid Bond Referendum Special Election is to be held, in
newspaper(s) of general circulation in the City, which notice shall be substantially in the
following form:
NOTICE OF BOND REFERENDUM SPECIAL ELECTION
City of Miami Page 3 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS TO BE HELD ON
TUESDAY, NOVEMBER 7, 2017
IN THE CITY OF MIAMI, FLORIDA
PURSUANT TO RESOLUTION NO. 17-0350
A Bond Referendum Special Election will be held on Tuesday, November
7, 2017 from 7:00 A.M. until 7:00 P.M. in the City of Miami, Florida, at the
polling places in the several election precincts designated by the Board of
County Commissioners of Miami -Dade County, Florida, as set forth
herein, unless otherwise provided by law, for the purpose of submitting to
the qualified electors of the City of Miami, Florida, the following question:
"Shall the City issue General Obligation Bonds in an aggregate principal amount
not exceeding $400,000,000.00 with interest payable at or below the maximum
rate allowed by law, payable from ad valorem taxes levied on all taxable property
in the City, provided that the capital projects debt millage not exceed the current
rate of 0.5935, to:
❑ Reduce Flooding Risks; Improve Stormwater Infrastructure;
❑ Improve Affordable Housing, Economic Development, Parks, Cultural
Facilities, Streets, and Infrastructure;
❑ Enhance Public Safety?"
FOR BONDS
AGAINST BONDS
Section 5. The official ballot to be used at said Bond Referendum Special Election shall be
in full compliance with the laws of the State of Florida with respect to absentee ballots and to the
use of the mechanical voting machines or the Computer Election System, and shall be in
substantially the following form, to wit:
"Official Ballot for Bond Referendum Special Election
Tuesday, November 7, 2017,
In the City of Miami, Florida
for Approval or Disapproval of
the Following Question:
Authorizing General Obligation Bonds for
Capital Projects in an aggregate principal
amount not exceeding $400,000,000.00
Shall the City issue General Obligation Bonds in an
aggregate principal amount not exceeding
$400,000,000.00 with interest payable at or below the
City of Miami Page 4 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
maximum rate allowed by law, payable from ad
valorem taxes levied on all taxable property in the
City, provided that the capital projects debt millage not
exceed the current rate of 0.5935, to:
❑ Reduce Flooding Risks; Improve Stormwater
Infrastructure;
❑ Improve Affordable Housing, Economic
Development, Parks, Cultural Facilities, Streets,
and Infrastructure;
❑ Enhance Public Safety?
FOR BONDS
AGAINST BONDS
Section 6. The form of the ballot shall be in accordance with the requirements of
general election laws. Electors desiring to vote in approval of the Question described above,
shall be instructed to vote their selection next to the words "FOR BONDS" within the ballot
containing the statement relating to the Question. Electors desiring to vote to disapprove the
Question, shall be instructed to vote their selection next to the words "AGAINST BONDS" within the
ballot containing the statement relating to the Question. Once individuals are satisfied with their
choice, they shall press the "Vote" button and the ballot shall be cast.
Section 7. The City Clerk shall cause to be prepared absentee ballots containing the
Question set forth in Section 5 above for the use of absentee electors entitled to cast such
ballots in said Bond Referendum Special Election.
Section 8. All qualified electors of said City shall be permitted to vote in said Bond
Referendum Special Election and the Supervisor of Elections of Miami -Dade County, Florida, is
hereby requested, authorized, and directed to furnish, at the cost and expense of the City, a list
of all qualified electors residing in the City as shown by the registration books and records of the
Office of said Supervisor of Elections and duly certify the same for delivery to and for use by the
election officials designated to serve at the respective polling places in said election precincts.
Section 9. For the purpose of enabling persons to register who are qualified to vote in
the Bond Referendum Special Election to be held concurrently with the General Municipal
Election to be held on November 7, 2017, and who have not registered under the provisions of
the general laws of Florida and Chapter 16 of the Code of the City of Miami, Florida, or who
have transferred their legal residence from one voting precinct to another in the City, they may
register Monday through Friday, from 8:00 AM. to 5:00 P.M. at the Miami -Dade County
Elections Department located at 2700 Northwest 87th Avenue, Doral, Florida, within such period
of time as may be designated by the Supervisor of Elections of Miami -Dade County, Florida. In
addition to the above place and times, qualified persons may register at such branch offices and
may also use any mobile registration van for the purpose of registration in order to vote in the
herein described Bond Referendum Special Election during such times and on such dates as
may be designated by the Supervisor of Elections of Miami -Dade County, Florida.
Section 10. Todd B. Hannon, the City Clerk of the City, or his duly appointed successor,
is hereby designated and appointed as the official representative of the City Commission in all
City of Miami Page 5 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
transactions with the Supervisor of Elections of Miami -Dade County, Florida, in relation to
matters pertaining to the use of the registration books and the holding of said Bond Referendum
Special Election.
Section 11. For the purposes of paying for capital projects and improvements in order
to reduce flooding risks and improve stormwater infrastructure, to improve affordable housing,
economic development, parks, cultural facilities, streets, and infrastructure, and to enhance
public safety, with interest payable at rates not to exceed the maximum rate allowed by law, to
be payable from ad valorem taxes to be levied on all taxable property in the City, provided that
the debt millage not exceed the rate of 0.5935, there shall be issued, under the authority of the
Constitution and laws of the State, including particularly the Charter, the City Code, the
Municipal Home Rule Powers Act (Chapter 166 of the Florida Statutes, as amended), Chapter
100 of the Florida Statutes, as amended, and subject to the election hereinbefore provided for,
general obligation bonds of the City, in one or more separate series of such Bonds at such
time(s) as determined by the City Commission, in an aggregate principal amount not exceeding
four hundred million dollars ($400,000,000.00). Such Bonds shall be subordinate to all other
previously issued general obligation bonds, including other limited ad valorem bonds, of the
City then outstanding at the time of issuance of such series of Bonds.
Section 12. Such Bonds shall be issued as fully registered bonds in the denomination
of $5,000.00 each or any integral multiple thereof, shall bear interest at a rate or rates not
exceeding the maximum rate provided for by Florida Statutes at such time of issuance, shall be
in such form(s), and shall be executed by such officers of the City or any financial institution
and in such manner, as the City Commission shall provide by series resolution(s) adopted prior
to the issuance of such series of Bonds.
The principal of such Bonds shall mature and is to be due and payable at such time or
times, not exceeding twenty-five (25) years from the date of each respective series at the
date(s) of issuance thereof, but shall not mature at any time longer than the probable useful
lives (in accordance with Generally Accepted Accounting Principles) of any capital
improvement assets for which such Bonds are issued.
Section 13. For the prompt payment of the principal of, interest on, and any discount or
premium related thereto, if any, for such Bonds, the City shall levy and collect annually an ad
valorem tax upon all taxable property within the City, over and above all taxes authorized to be
levied by the City, sufficient to pay such principal, interest, and premium if any and in
accordance with any discount, if any, as the same respectively become due and payable,
provided that the debt millage not exceed the rate of 0.5935.
Section 14. Further details of such Bonds shall be determined by the City Commission
in one or more separate series resolution(s) for such Bonds. The City Commission may by
resolution consolidate into a single issue or separate into two or more series, all or any part of
the Bonds hereby authorized.
Section 15. If any one or more of the covenants, agreements or provisions of this
Resolution should be held contrary to any express provision of law, or contrary to the policy of
express law, though not expressly prohibited, or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements or provisions shall be null and
void and shall be deemed separate from the remaining covenants, agreements or provisions,
and shall in no way affect the validity of any of the other provisions of this Resolution or of the
Bonds issued hereunder.
City of Miami Page 6 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
File ID: 2184 Enactment Number: R-17-0350
Section 16. The City Clerk shall deliver a certified copy of this Resolution to the
Supervisor of Elections of Miami -Dade County, Florida, not later than forty-five (45) days prior
to the date of the herein Bond Referendum Special Election.
Section 17. This Resolution shall become effective immediately upon its adoption
and signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
i
ndez, ity a ttor
9/5/2017
1 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 7 of 7 File ID: 2184 (Revision: A) Printed on: 4/8/2021
CITY OF MIAMI, FLORIDA,
a municipal corporation of the State of
Florida, Plaintiff,
Plaintiff,
vs.
STATE OF FLORIDA, AND THE
TAXPAYERS, PROPERTY OWNERS,
AND CITIZENS OF THE CITY OF
MIAMI, FLORIDA, INCLUDING
NONRESIDENTS OWNING PROPERTY
OR SUBJECT TO TAXATION THEREIN,
AND ALL OTHERS HAVING OR
CLAIMING ANY RIGHT, TITLE, OR
INTEREST IN REAL PROPERTY TO BE
AFFECTED BY THE ISSUANCE BY
PLAINTIFF OF THE BONDS DESCRIBED
HEREIN, OR TO BE AFFECTED IN ANY
WAY THEREBY,
Defendants. /
CFN: 20190800671 BOOK 31743 PAGE 4365
DATE:12/27/2019 08:43:01 AM
HARVEY RUVIN, CLERK OF COURT, MIA-DADE CTY
IN THE CIRCUIT COURT OF THE 11 TH
JUDICIAL CIRCUIT IN AND FOR
MIAMI-DADE COUNTY, FLORIDA
GENERAL JURISDICTION DIVISION
CASE NO.: 2019-028569-CA-01
Re: Validation of City of Miami, Florida
Limited Ad Valorem Tax Bonds
(Miami Forever Capital Programs) in
an aggregate principal amount not to
exceed $400,000,000.00, including all
Series thereof
FINAL JUDGMENT
THIS CAUSE came before the Court for final hearing on December 16, 2019 at 10:30
a.m., as set forth in the Second Amended Order to Show Cause issued on November 13, 2019
and in the Notice addressed to the State of Florida and the several property owners, taxpayers
and citizens of Miami -Dade County, Florida (the "County"), including non-residents owning
property or subject to taxation therein and all others having or claiming any right, title or interest
in property to be affected by the issuance by Plaintiff of its Limited Ad Valorem Tax Bonds
(Miami Forever Capital Programs) in an aggregate principal amount not to exceed
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$400,000,000.00 (the "Bonds"), pursuant to the Master Resolution, all as more particularly
described in the Complaint, or to be affected in any way thereby, as heretofore issued against the
State of Florida on complaint of Plaintiff. Katherine Fernandez Rundle, State Attorney, has filed
an answer herein on behalf of Defendant, State of Florida.
The Court having considered the same, having heard the evidence and being fully advised
in the premises, finds as follows:
1. This is an action for validation of the Bonds pursuant to Chapter 75, Florida
Statutes, as amended.
2. This Court has jurisdiction over this action pursuant to Article V, Section 5, of the
Florida Constitution, and Section 75.01, Florida Statutes, as amended.
3. Plaintiff is an incorporated municipality of the State of Florida ("State"), duly
organized, existing, and operating under the Constitution, the laws of the State, as amended, and
the Charter of the City of Miami, as amended ("Charter"), with the power and authority pursuant
to Article VII, Sections 9 and 12 of the Constitution and the laws of the State, particularly
Chapter 166, Florida Statutes (the "Act") and Sections 166.111, 166.121, and 166.131, in
particular, to borrow and to issue and sell its ad valorem bonds from time to time to finance
capital projects and to pledge the taxing power of Plaintiff for the payment of such debts and
bonds.
CONDITIONS PRECEDENT TO BOND REFERENDUM
4. By Resolution No. 17-0350 adopted by the City Commission of Plaintiff on July
27, 2017 (the "Referendum Authorization Resolution"), the City Commission of Plaintiff (i)
determined that it is in the best interests of the public to issue general obligation bonds to finance
such capital projects and improvements in an aggregate principal amount not exceeding Four
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Hundred Million Dollars ($400,000,000.00) with interest payable at or below the maximum rate
allowed by law, payable from ad valorem taxes levied on all taxable property in the City of
Miami ("City"), provided that the debt millage not exceed the rate of 0.5935 mills, for capital
projects to reduce flooding risks and improve stormwater infrastructure; to improve affordable
housing; to facilitate economic development; to pay the cost of parks, cultural facilities, streets
and infrastructure; and to enhance public safety; (ii) submitted to the qualified electors of the
City, for their approval or disapproval (the "Bond Referendum"), the proposed issuance of an
aggregate principal amount not exceeding Four Hundred Million Dollars ($400,000,000.00) of
the City's general obligation bonds in one (1) or more separate series for capital projects and
improvements to reduce flooding risks and improve stormwater infrastructure, to improve
affordable housing, economic development, parks, cultural facilities, streets and infrastructure,
and to enhance public safety with interest payable at rates not exceeding the maximum allowed
by law and providing for the levy and collection of ad valorem taxes to pay such bonds provided
that the debt millage not exceed the rate of 0.5935 mills.
5. On November 7, 2017, the registered voters of the City approved, by referendum
ballot, for the City to issue General Obligation Bonds in an aggregate principal amount not to
exceed Four Hundred Million Dollars ($400,000,000.00) with interest payable at or below the
maximum rate allowed by law, payable from ad valorem taxes levied on all taxable property in
the City, provided that the capital projects' debt millage not exceed the then current rate of
0.5935, for capital projects to reduce flooding risks; improve stormwater infrastructure; enhance
public safety; and improve affordable housing, economic development, parks, cultural facilities,
streets, and infrastructure.
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6. By Resolution No. R-17-0575 adopted by the City Commission of Plaintiff on
December 14, 2017 ("Referendum Certification Resolution"), the City Commission officially
acknowledged the City Clerk's Certification of the Canvass and Declaration of Results of the
City's General Municipal and Referendum Special Elections held on November 7, 2017.
7. No taxpayer within the City exercised his or her right under Section 100.321,
Florida Statutes, to bring suit to test the legality of the Bond Referendum or the declaration of the
result thereof within sixty (60) days after the declaration of the results of the Bond Referendum.
CITY COMMISSION AUTHORIZATIONS FOR ADVANCES AND
REIMBURSEMENTS, PROJECTS, CAPITAL PLAN AMENDMENTS, BOND
VALIDATIONS, AND ISSUANCES
Intent to Reimburse Resolution for All Bonds and Amendment of the Capital Plan to
include Projects of Miami Forever Capital Program
8. By Resolution No. R-18-0546 adopted by the City Commission on December 13,
2018 (the "Intent to Reimburse Resolution") declared of its official intent to issue both taxable
and tax-exempt general obligation bonds payable from ad valorem taxes provided that the capital
projects debt millage not exceed the rate of 0.5935 mills in accordance with the Bond
Referendum, for the first tranche of limited ad valorem bonds in order to, among other things,
reimburse the City for funds advanced by the City for certain expenses incurred with respect to
the capital projects to be undertaken by the City to reduce flooding risks, to improve stormwater
infrastructure, to improve affordable housing, economic development, parks, cultural facilities,
streets, and infrastructure and to enhance public safety within the City's limits, all as indicated in
the City Manager's Memorandum and infrastructure Project List attached to the Intent to
Reimburse Resolution (collectively referred to herein as the "Projects") provided for related
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amendments to add the Projects to the City's Multi -Year Capital Plan (the "Capital Plan") for the
implementation of the Miami Forever Capital Program as valid public purpose projects.
Master Resolution for All Bonds
9. By Resolution No. R-19-0062 adopted by the City Commission of Plaintiff on
February 14, 2019 ("Master Resolution"), the City Commission officially provided for the
validation and issuance of the Bonds for the purpose(s) of financing all or part of the costs of the
projects for the Miami Forever Capital Program.
10. In the Master Resolution, the City Commission of Plaintiff made the following
Findings for this Bond Validation regarding the Bond Referendum:
a) The City (1) is a municipal corporation of the State; (2) is wholly located within
the County, a political subdivision of the State; (3) was duly incorporated in 1896;
and (4) is operating under the Florida Constitution, the laws of the State, the City
Charter, and the City Code.
b) Pursuant to Section 12, Article VII, of the Florida Constitution, the City may issue
bonds, certificates of indebtedness, or any form of tax anticipation certificates
payable from ad valorem taxation and maturing more than twelve (12) months
after issuance to finance or refinance capital projects authorized by law and only
when approved by vote of the electors.
c) The City, pursuant to the Referendum Authorization Resolution, submitted to the
qualified electors of the City for their approval or disapproval the proposed
issuance of an aggregate principal amount not exceeding Four Hundred Million
Dollars ($400,000,000.00) of the City's general obligation bonds in one or more
separate series for capital projects and improvements to reduce flooding risks and
improve stormwater infrastructure, to improve affordable housing, economic
development, parks, cultural facilities, streets and infrastructure, and to enhance
public safety, with interest payable at rates not exceeding the maximum allowed
by law and providing for the levy and collection of ad valorem taxes to pay such
Bonds provided that the debt millage not exceed the rate of 0.5935 mills.
d) Pursuant to Section 100.342, Florida Statutes, the City published notice of the
election or referendum by publication in The Miami Herald, a newspaper of
general circulation in the County and the City, in English on October 1, 2017 and
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October 15, 2017; in Spanish on October 5, 2017 and October 15, 2017; and in
Creole on October 8, 2017 and October 15, 2017.
e) On November 7, 2017, the registered voters of the City approved, by referendum
ballot, for the City to issue General Obligation Bonds in an aggregate principal
amount not to exceed Four Hundred Million Dollars ($400,000,000.00) with
interest payable at or below the maximum rate allowed by law, payable from ad
valorem taxes levied on all taxable property in the City, provided that the capital
projects' debt millage not to exceed the current rate of 0.5935, for capital projects
to reduce flooding risks; improve stormwater infrastructure; enhance public
safety; and improve affordable housing, economic development, parks, cultural
facilities, streets, and infrastructure.
f) The City, pursuant to the Referendum Certification Resolution, officially
acknowledged the City Clerk's Certification of the Canvass and Declaration of
Results of the City's General Municipal and Referendum Special Elections held
on November 7, 2017 ("Bond Referendum").
11. Additionally, in the Master Resolution, the City Commission of Plaintiff made the
following Findings for this Bond Validation regarding the Bonds and the public purposes
thereof:
a) The findings, determinations, and declarations made by the City Commission
referenced in Paragraph 10 of this Final Judgment were adopted by reference and
incorporated as if fully set forth in the Referendum Authorization Resolution.
b) The City adopted Ordinance No. 13789 on September 27, 2018, in compliance
with the requirements of Section 200.065, Florida Statutes, levying an ad valorem
tax on all real and personal property in the City at a final total rate of 8.0300 mills
on the dollar of the taxable value of such property for the Fiscal Year
commencing October 1, 2018, and ending September 30, 2019, computed as
follows for the purposes of:
1) 7.5865 mills to fund the General Operating Budget; and
2) 0.4435 mills to provide for the payment of maturing principal, interest,
charges, and requirements related thereto of voter approved indebtedness.
c) The City adopted Ordinance No. 13790 on September 27, 2018, in compliance
with the requirements of Section 200.065, Florida Statutes, adopting a final
budget and making appropriations relating to operational and budgetary
requirements for the fiscal year beginning October 1, 2018, and ending September
30, 2019.
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d) The City adopted Resolution No. R-18-0396 on September 13, 2018, in
compliance with the requirements of Sections 163.3161 and 163.3177, Florida
Statutes, and Chapter 18/Article IX/Division 1 and 2 of the City Code approving
the City's Fiscal Year 2018-19 Multi -Year Capital Plan and setting forth the
City's fiscal needs for capital improvements subject to an annual plan review, to
determine project priorities, to add new capital projects, and to modify funding
allocations as necessary ("Capital Plan"). The Capital Plan was subsequently
amended on September 27, 2018, pursuant to Ordinance No. 13790 and on
December 13, 2018, pursuant to Resolution No. R-18-0545.
e) The City has the authority (1) pursuant to Section 12, Article VII of the Florida
Constitution to issue bonds, certificates of indebtedness, or any form of tax
anticipation certificates payable from ad valorem taxation and maturing more than
twelve (12) months after issuance to finance or refinance capital projects
authorized by law and only when approved by vote of the electors and (2)
pursuant to Section 166.111, Florida Statutes, to borrow money, contract loans,
and issue bonds from time to time to finance the undertaking of any capital or
other project for the purposes permitted by the Florida Constitution and to pledge
the funds, credit, property, and taxing power of the municipality for the payment
of such debts and bonds.
f) The City has developed a bond implementation strategy to orchestrate a deliberate
and objective project selection process by expertly assessing City-wide
requirements and citizen input and optimizing all available resources to create
a stronger, more innovative, and resilient future for the City.
g) The City has developed the following themes to help guide the selection of
projects to be funded by the Bonds:
1) Safety: Enhance public safety by prioritizing investments that mitigate the
frequency and severity of dangerous events and improving the City's response
to emergencies resulting in minimized impact to its residents.
2) Wellness/Quality of Life: Preserve and enhance the City's reputation as a
desirable place to live, work, and play.
3) Equity: Fairly distribute all benefits across the City and all income levels,
maintaining the cohesiveness of the City's social fabric and diversity.
4) Economic Return: Consider costs and benefits, including but not limited to the
cost of operations and maintenance over time. Mitigate risks that affect
property value and avert crises that affect the economic vitality of the City.
5) Modernization/Future City: Tap into new technologies and innovation to
transform the City into a smart city on the cutting edge of development and
resilience.
h) The City adopted Ordinance No. 13752 on March 22, 2018, establishing the
Miami Forever Bond Program Citizen's Oversight Board to ensure that the Bonds
issued pursuant to authorization of the Bond Referendum has transparent and
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accountable internal project management and progress reporting and appropriate
citizen oversight to complement the standard oversight provided by the City
Commission.
i) The City, in the Intent to Reimburse Resolution, expressed its intent to issue
taxable and tax-exempt Limited Ad Valorem Bonds in the expected not to exceed
total maximum principal amount of Fifty -Eight Million, Six Hundred Fifty -Three
Thousand, Three Hundred Thirty -Nine Dollars ($58,653,339.00) for the purpose
of financing, among other things, all or part of the costs of the first tranche
Infrastructure Projects ("First Tranche Infrastructure Projects") and Affordable
Housing Projects ("First Tranche Affordable Housing Projects" and, collectively
with the First Tranche Infrastructure Projects", the "First Tranche Projects"). The
City intends to issue for the taxable and tax-exempt Miami Forever Limited Ad
Valorem Tax Bonds for the First Tranche Infrastructure Projects in the expected
not to exceed total maximum principal amount of Forty -Three Million, Six
Hundred Fifty -Three Thousand, Three Hundred Thirty -Nine Dollars
($43,653,339.00).
j)
The City intends to issue additional taxable and tax-exempt Bonds in one or more
separate future tranches ("Future Tranches") for the purpose of financing all or
part of the costs of Infrastructure Projects and Affordable Housing projects. The
Future Tranches in the expected not to exceed total maximum principal amount of
Three Hundred Forty -One Million, Three Hundred Forty -Six Thousand, Six
Hundred Sixty -One Dollars ($341,346,661.00). The First Tranche and Future
Tranches collectively shall not exceed an aggregate principal amount Four
Hundred Million Dollars ($400,000,000.00).
k) The City intends to finance roadway capital improvements to provide for a safe,
convenient, effective, multimodal roadway system which is coordinated with
future land use and provides for the mobility of people and goods. The objectives
of the City are to reduce streets in disrepair, minimize traffic congestion, and
enable traffic flow and multi -modal capacity.
1) The City intends to finance parks' and cultural facilities' capital improvements to
provide world -class parks and cultural facilities to the residents of the City. The
objectives of the City are to replace capital assets that are past their useful life;
replace and renovate park elements and facilities; improve the safety and
accessibility of all parks and cultural facilities; and to reduce future maintenance
costs.
m) The City intends to finance public safety capital improvements to save lives and
protect property while promoting the health and well-being of City residents. The
objectives of the City are to minimize fire and rescue response and recovery time
and improve facility resilience.
8
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n) The City intends to finance sea -level rise and flood prevention capital
improvements to mitigate the most severe current and future effects of sea -level
rise, flooding risks, and vulnerabilities through strategic infrastructure
investments. The objectives of the City are to minimize flooding frequency,
severity, duration, and impacts; protect critical infrastructure and high -use areas;
and reduce financial and economic vulnerability.
o) All of the capital projects and improvements to be financed by the Bonds are or
will be included in the City's Capital Plan.
p)
All of the capital projects and improvements to be financed by the Bonds are
currently owned, will be owned, or will have an established governmental interest
by the City at the time proceeds of the related Series of Bonds are expended on
the capital projects or improvements. For those Infrastructure Projects not owned
by the City, the City will have a duly authorized and executed governmental
interest, including, but not limited to, Maintenance Agreements, Joint
Participation Agreements, Interlocal Agreements, Easements, and/or other
necessary agreements or instruments at the time the proceeds of the Bonds are
expended on the capital projects or improvements.
12. The Master Resolution fixed the details of the Bonds, established certain defined
terms that relate to all series of Bonds (hereinafter "Series"), and provided that the Bonds shall
be issuable as fully registered Bonds, shall bear interest at a rate or rates not exceeding the rate
provided for at such time of issuance by Florida Statutes, shall be payable in such a manner and
on such dates, and shall be in such amounts and in such years, not exceeding twenty-five (25)
years (the latest maturity date possible being December 31, 2046), in accordance with the
Referendum Authorization Resolution, but not longer than the probable life of any capital
improvement for which the Bonds are issued as established by the City Commission.
Additionally, the Master Resolution provided that the City Commission shall determine the
capital improvement projects and the particular Series for any part of the Bonds thereby
authorized to be issued and that the City Commission shall establish or shall provide for the
establishment of the payment date(s) for any particular Series of Bonds by Series Resolution(s)
adopted prior to any Series of Bonds. In any such Series Resolution(s) the City Commission may
9
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determine from time to time, taking into account requirements at such time of Federal, State, and
local laws and such financial circumstances of the City (1) the method(s) of sale of any particular
Series of Bonds, and (2) may delegate such final determination(s) for method(s) of sale, credit
enhancement, if any Reserve Fund(s) creation, if any, to the City Manager in accordance with
advice from the City's Financial Advisor, Bond Counsel, Disclosure Counsel, City Attorney,
Finance Director, and Budget Director. Additionally, the Master Resolution provided that for the
prompt payment of the principal and interest on such Bonds, there shall be levied and collected
annually, in accordance with all applicable laws, an ad valorem tax upon all taxable property
within the City over and above all other taxes authorized to be levied by the City sufficient to
pay such principal and interest on the Bonds as the same respectively become due and payable,
provided that the capital projects debt millage rate shall not exceed the then current rate of
0.5935. Further, the Master Resolution provided that the Bonds shall not be deemed to constitute
general obligations or a pledge of the full faith and credit of the City, the State, or any other
political subdivision thereof within the meaning of any constitution, legislative, or charter
provision or limitation, but shall be payable solely from and secured by a lien upon and a pledge
of the Pledged Funds (as defined in any Series Resolution) in the manner and to the extent herein
provided. Except to the limited extent provided in the Referendum Authorizing Resolution and in
the Bond Referendum, no holder of any Bond shall ever have the right, directly or indirectly, to
require or compel the exercise of the ad valorem taxing power of the City, the State, or any other
political subdivision of the State or taxation in any form on any real or personal property to pay
the Bonds or the interest thereon, nor shall any holder of any Bond be entitled to payment of
such principal or any interest thereon from any other funds of the City, other than the proceeds of
the Pledged Funds, all in the manner and to the extent herein provided and as provided in any
10
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Series Resolution(s) for any particular Series of Bonds. The Bonds and the indebtedness
evidenced thereby shall not constitute a lien upon any real property or personal property of the
City, but shall constitute a lien only on the proceeds of the Pledged Funds, all in the manner and
to the extent provided herein and as provided in any Series Resolution(s) for any particular
Series of Bonds.
Series Resolution for Series 2019A Infrastructure Bonds
13. By Resolution No. R-19-0062 adopted by the City Commission of Plaintiff on
February 14, 2019 (the "Series 2019A Infrastructure Bonds Resolution"), the City Commission
officially provided for the validation and issuance of the Series 2019A Infrastructure Bonds for
valid public purpose projects and provided the following Findings regarding the Infrastructure
Projects for Bond Validation as valid public purpose projects:
a) The findings, determinations, and declarations referenced in Paragraph 10 of this
Final Judgment were adopted by reference and incorporated as if fully set forth
herein.
b) The City, in the Intent to Reimburse Resolution, expressed its intent to issue
taxable and tax-exempt Miami Forever Limited Ad Valorem Tax Bonds in the
expected not to exceed total maximum principal amount of Fifty -Eight Million,
Six Hundred Fifty -Three Thousand, Three Hundred Thirty -Nine Dollars
($58,653,339.00) for the purpose of financing all or part of the costs of the First
Tranche. The City intends to issue for the taxable and tax-exempt Miami Forever
Limited Ad Valorem Tax Bonds for the First Tranche Infrastructure Projects in
the expected not to exceed total maximum principal amount of Forty -Three
Million, Six Hundred Fifty -Three Thousand, Three Hundred Thirty -Nine Dollars
($43,653,339.00).
c) The City has identified the First Tranche Infrastructure Projects ("Infrastructure
Projects"), attached and incorporated in the Master Resolution, all of which have
been approved by the City Commission.
d) All of the Infrastructure Projects are included in the City's Capital Plan.
e) The Infrastructure Projects prioritizes roads, parks, cultural facilities, public
safety, and sea -level rise and flood prevention.
4822-1891-7550.3
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f) The Infrastructure Projects fall within the categories approved by the Bond
Referendum.
g) The Infrastructure Projects were presented to the Miami Forever Bond Program
Citizen's Oversight Board at its duly noticed and regular meeting on January 31,
2019.
h) All of the Infrastructure Projects are currently owned, will be owned, or will have
an established governmental interest by the City at the time the Miami Forever
Capital Programs Infrastructure Bonds are expended on the Infrastructure
Projects. For those Infrastructure Projects not owned by the City, the City will
have a duly authorized and executed governmental interest, including, but not
limited to, Maintenance Agreements, Joint Participation Agreements, Interlocal
Agreements, Easements, and/or other necessary agreements or instruments at the
time the Miami Forever Capital Programs Infrastructure Bonds are expended on
the Infrastructure Projects.
14. The Series 2019A Infrastructure Bonds Resolution also provided that in
accordance with Section 218.385, Florida Statutes, the City Commission thereby delegated to
and authorized and directed the City Manager to make all necessary findings, determinations,
and declarations, based upon the advice of its Financial Advisor for the Series 2019A
Infrastructure Bonds, necessary for Bond Validation and issuance of the Series 2019A
Infrastructure Bonds.
15. The Series 2019A Infrastructure Bonds Resolution further provided covenants of
the City for the Series 2019A Infrastructure Bonds as follow:
a) To the extent permitted by and in accordance with applicable law and budgetary
processes, the City covenants that it will, in each year any Payments are due,
budget and appropriate (1) sufficient legally available Limited Ad Valorem Taxes
as set forth in the Referendum Authorizing Resolution, the Master Resolution,
any Series Resolution, and in accordance with the Bond Referendum, and if
necessary (2) such legally available Non -Ad Valorem Revenues to make such
Payments as they become due.
b) Such covenants and agreements on the part of the City to budget and appropriate
such legally available amounts as stated above shall be cumulative to the extent
not paid, and shall continue until such legally available funds in amounts
sufficient to make all such required Payments shall have been budgeted,
appropriated and actually paid. Notwithstanding the foregoing covenants of the
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City, the City does not covenant to maintain any services or programs now
provided or maintained by the City which generate Non -Ad Valorem Revenues.
c) Such covenant to budget and appropriate does not create any lien upon or pledge
of such Non -Ad Valorem Revenues, nor, except as provided below, does it
preclude the City from pledging in the future its Non -Ad Valorem Revenues, nor
does it require the City to levy and collect any particular Non -Ad Valorem
Revenues, nor does it give the Purchaser or Bond Holders a prior claim on the
Non -Ad Valorem Revenues as opposed to claims of general creditors of the City.
Such covenant to budget and appropriate Non -Ad Valorem Revenues is subject in
all respects to the payment of obligations secured by a pledge of such Non -Ad
Valorem Revenues heretofore or hereinafter entered into (including the payment
of debt service on other Series 2019A Infrastructure Bonds and other debt
instruments of the City). However, the covenant to budget and appropriate in its
general annual budget for the purposes and in the manner stated herein shall have
the effect of making available for the payment of the Payments, in the manner
described herein, Non -Ad Valorem Revenues and to the extent permitted by
applicable law placing on the City a positive duty to budget and appropriate, by
amendment if necessary, amounts sufficient to meet its obligations hereunder;
subject, however, to the payment of services and programs which are for essential
public purposes affecting the health, welfare and safety of the inhabitants of the
City or which are legally mandated by applicable law. The City represents that
the issuance of the Series 2019A Infrastructure Bonds serves essential public
purposes by financing the Infrastructure Project of the City in accordance with the
Bond Referendum.
16. Additionally, the Series 2019A Infrastructure Bonds Resolution provided tax
covenants for the Series 2019A Infrastructure Bonds to be issued on a tax-exempt basis as
follows:
a) No use will be made of the proceeds of the Series 2019A Infrastructure Bonds
which, if such use were reasonably expected on the date of issuance of the Series
2019A Infrastructure Bonds, would cause the same to be "arbitrage bonds" within
the meaning of the Internal Revenue Code of 1986, as amended (the "IRS Code").
b) The City, at all times while the Series 2019A Infrastructure Bonds and the interest
thereon are outstanding, will comply with the requirements of the IRS Code,
including any amendments thereto and any valid and applicable rules and
regulations promulgated thereunder necessary to maintain the exclusion of the
interest on the Series 2019A Infrastructure Bonds from federal gross income
including the creation of any rebate funds or other funds and/or accounts required
in that regard.
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17. Further, the Series 2019A Infrastructure Bonds Resolution provides for the
Security for Series 2019A Infrastructure Bonds, which are not general indebtedness of the City
as follows.
a) The Series 2019A Infrastructure Bonds shall not be deemed to constitute general
obligations or a pledge of the faith and credit of the City, the State, or any other
political subdivision thereof within the meaning of any constitutional, legislative,
or charter provision or limitation but shall be payable solely from and secured by
a lien upon and a pledge of the Pledged Funds in the manner and to the extent
herein provided. Except to the limited extent provided in the Referendum
Authorizing Resolution, the Master Resolution, and the Bond Referendum, no
holder of the Series 2019A Infrastructure Bonds shall ever have the right, directly
or indirectly, to require or compel the exercise of the ad valorem taxing power of
the City, the State, or any other political subdivision of the State or taxation in any
form on any real or personal property to pay the Series 2019A Infrastructure
Bonds or the interest thereon, nor shall any holder of the Series 2019A
Infrastructure Bonds be entitled to payment of such principal of and interest from
any other funds of the City other than the proceeds of the Pledged Funds, all in
the manner and to the extent herein provided. The Series 2019A Infrastructure
Bonds and the indebtedness evidenced thereby shall not constitute a lien upon any
real property or personal property of the City but shall constitute a lien only on
the proceeds of the Pledged Funds, all in the manner and to the extent provided
herein.
b) Until payment has been provided as herein permitted, the payment of the principal of
and interest on the Series 2019A Infrastructure Bonds shall be secured forthwith
equally and ratably by a prior lien on the proceeds derived from the Pledged Funds,
and the City does hereby irrevocably pledge the same to payment of the principal
thereof and interest thereon when due.
c) The term "Pledged Funds" is defined in the Series 2019A Infrastructure Bonds
Resolution as "collectively the amounts on deposit in the Series 2019A
Infrastructure Bonds Fund and any other funds and, as applicable, accounts
created pursuant to (1) the Loan Agreement or (2) the Bond Purchase Agreement
and therein pledged to secure the Series 201 9A Infrastructure Bonds (with
exception of the Rebate Fund) including Pledged Revenues.
d) The term "Pledged Revenues" is defined as (1) legally available Limited Ad
Valorem Tax Revenues deposited into the Series 2019A Infrastructure Bonds
Fund established by the Master Resolution this Series Resolution and (a) the Loan
Agreement or (b) the Bond Purchase Agreement, as applicable; (2) to the extent
necessary, any funds deposited into the Series 2019A Infrastructure Bonds Fund
by the City pursuant to the covenant to budget and appropriate established by this
Series Resolution and (a) the Loan Agreement or (b) the Bond Purchase
4822-1891-7550.3
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Agreement, as applicable; and (3) income received from the investment of monies
deposited into the funds and accounts established by this Series Resolution and (a)
the Loan Agreement or (b) the Bond Purchase Agreement, as applicable.
Series Resolution for Series 2019B Affordable Housing and Economic Development Bonds
18. By Resolution No. R-19-0111 adopted by the City Commission of Plaintiff on
March 14, 2019 (the "Series 2019B Affordable Housing and Economic Development Bonds
Resolution"), the City Commission officially authorized the validation and issuance of the Series
2019B Affordable Housing and Economic Development Bonds, along with all Affordable
Housing and Economic Development Bonds, Programs, and Projects in a total aggregate
principal amount not to exceed One Hundred Million Dollars ($100,000,000.00) (collectively,
the "Affordable Housing and Economic Development Bonds, Programs, and Projects").
19. The Series 2019B Affordable Housing and Economic Development Bonds
Resolution provided the following Findings regarding the Affordable Housing and Economic
Development Programs and Projects for Bond Validation as valid public purpose and paramount
public purpose programs and projects:
a) The City (1) is a municipal corporation of the State, (2) is wholly located within
the County, a political subdivision of the State, (3) was duly incorporated in 1896,
and (4) is operating under the Florida Constitution, the laws of the State, and the
City Charter, and the City Code.
b) Pursuant to Section 12, Article VII, of the Florida Constitution, the City may issue
bonds, certificates of indebtedness or any foini of tax anticipation certificates,
payable from ad valorem taxation and maturing more than twelve (12) months
after issuance to finance or refinance capital projects authorized by law and only
when approved by vote of the electors.
c) The City, pursuant to the Referendum Authorization Resolution, submitted to the
qualified electors of the City for their approval or disapproval the proposed
issuance of an aggregate principal amount not exceeding four hundred million
dollars ($400,000,000.00) of the City's general obligation bonds ("Bonds") in one
or more separate series for capital projects and improvements to reduce flooding
risks and improve stormwater infrastructure, to improve affordable housing,
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economic development, parks, cultural facilities, streets, and infrastructure, and to
enhance public safety, with interest payable at rates not exceeding the maximum
allowed by law and providing for the levy and collection of ad valorem taxes to
pay such Bonds provided that the debt millage not exceed the rate of 0.5935 mills.
d) Pursuant to Section 100.342, Florida Statutes, the City published notice of the
election or referendum by publication in The Miami Herald, a newspaper of
general circulation in Miami -Dade County and the City, in English on October 1,
2017 and October 15, 2017; in Spanish on October 5, 2017 and October 15, 2017;
and in Creole on October 8, 2017 and October 15, 2017.
e) On November 7, 2017, the registered voters of the City approved, by referendum
ballot, for the City to issue General Obligation Bonds in an aggregate principal
amount not to exceed Four Hundred Million Dollars ($400,000,000.00) with
interest payable at or below the maximum rate allowed by law, payable from ad
valorem taxes levied on all taxable property in the City, provided that the capital
projects' debt millage not exceed the current rate of 0.5935, for capital projects to
reduce flooding risks; improve stormwater infrastructure; enhance public safety;
and improve affordable housing, economic development, parks, cultural facilities,
streets, and infrastructure.
f) The City, pursuant to the Referendum Certification Resolution, officially
acknowledged the City Clerk's Certification of the Canvass and Declaration of
Results of the City of Miami General Municipal and Referendum Special
Elections held on November 7, 2017 ("Bond Referendum").
g)
The findings, determinations, and declarations made by the City Commission in
the Referendum Authorization Resolution are adopted by reference and
incorporated as if fully set forth in this subsection.
h) The City adopted Ordinance No. 13789 on September 27, 2018, in compliance
with the requirements of Section 200.065, Florida Statutes, levying an ad valorem
tax on all real and personal property in the City at a final total rate of 8.0300 mills
on the dollar of the taxable value of such property for the Fiscal Year
commencing October 1, 2018 and ending September 30, 2019 computed as
follows for the purposes of:
i. 7.5865 mills to fund the General Operating Budget; and
ii. 0.4435 mills to provide for the payment of maturing principal and
interest, and charges and requirements related thereto, of voter
approved indebtedness.
i) The City adopted Ordinance No. 13790 on September 27, 2018, in compliance
with the requirements of Section 200.065, Florida Statutes, adopting a final
budget and making appropriations relating to operational and budgetary
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j)
requirements for the fiscal year beginning October 1, 2018 and ending September
30, 2019.
The City adopted Resolution No. R-18-0396 on September 13, 3018, in
compliance with the requirements of Sections 163.3161 and 163.3177, Florida
Statutes, and Chapter 18/Article IX/Division 1 and 2 of the City Code, approving
the City's Fiscal Year 2018-19 Multi -Year Capital Plan and setting forth the
City's fiscal needs for capital improvements, subject to an annual plan review, to
determine project priorities, to add new capital projects, and to modify funding
allocations as necessary ("Capital Plan"). The Capital Plan was subsequently
amended on September 27, 2018 pursuant to Ordinance No. 13790 and on
December 13, 2018 pursuant to Resolution No. R-18-0545.
k) The City has the authority (1) pursuant to Section 12, Article VII of the Florida
Constitution to issue bonds, certificates of indebtedness or any form of tax
anticipation certificates, payable from ad valorem taxation and maturing more
than twelve (12) months after issuance to finance or refinance capital projects
authorized by law and only when approved by vote of the electors, and (2)
Section 166.111, Florida Statutes, to borrow money, contract loans, and issue
bonds from time to time to finance the undertaking of any capital or other project
for the purposes permitted by the Florida Constitution, and to pledge the funds,
credit, property, and taxing power of the municipality for the payment of such
debts and bonds.
1) The City has developed a bond implementation strategy to orchestrate a deliberate
and objective project selection process, by expertly assessing city wide
requirements and citizen input, and optimize all available resources to create a
stronger, more innovative and resilient future for the City.
m) The City has developed the following themes to help guide the selection of
projects to be funded by the Bonds.
i. Safety: Enhance public safety by prioritizing investments that mitigate
the frequency and severity of dangerous events, improving the City's
response to emergencies; resulting in minimized impact to the
residents.
ii. Wellness/Quality of Life: Preserve and enhance Miami's reputation as
a desirable place to live, work and play.
iii. Equity: Fairly distribute all benefits across city and income levels,
maintaining the cohesiveness of the City's social fabric and diversity.
iv. Economic Return: Consider costs and benefits, including the cost of
operations and maintenance over time. Mitigate risks that affect
property value and avert crises that affect the economic vitality of the
City.
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v. Modernization/Future City: Tap into new technologies and innovation
to transform Miami in a smart city on the cutting edge of development
and resilience.
n) The City adopted Ordinance No. 13752 on March 22, 2018, to establish the
Miami Forever Bond Program Citizen's Oversight Board to ensure that the Bonds
issued pursuant to authorization of the Bond Referendum has transparent and
accountable internal project management and progress reporting and appropriate
Citizen oversight to complement the standard oversight provided by the City
Commission. The findings, determinations, declarations, and provisions of
Ordinance No. 13752 are incorporated as if fully set forth herein by this reference.
o) The City, in the Intent to Reimburse Resolution, expressed its intent to issue
taxable and tax-exempt Limited Ad Valorem Bonds in the expected not to exceed
total maximum principal amount of Fifty -Eight Million Six Hundred Fifty -Three
Thousand Three Hundred Thirty -Nine Dollars ($58,653,339.00) for the purpose
of financing all or part of the costs of the first tranche Infrastructure Projects
("First Tranche Infrastructure Projects") and Affordable Housing Projects ("First
Tranche Affordable Housing Projects" and, collectively with the First Tranche
Infrastructure Projects", the "First Tranche Projects"). The City intends to issue
for the taxable and tax-exempt Miami Forever Limited Ad Valorem Tax Bonds
for the First Tranche Affordable Housing and Economic Development Projects in
the expected not to exceed total maximum principal amount of Fifteen Million
Dollars ($15,000,000.00).
p)
q)
The City intends to issue additional taxable and tax-exempt Bonds in one or more
separate future tranches for the purpose of financing all or part of the costs of
Infrastructure Projects and Affordable Housing and Economic Development
projects ("Future Tranches"). The Future Tranches in the expected not exceed
total maximum principal amount of Three Hundred Forty -One Million, Three
Hundred Forty -Six Thousand, Six Hundred Sixty -One Dollars ($341,346,661.00).
The First Tranche and Future Tranches collectively shall not exceed an aggregate
principal amount Four Hundred Million Dollars ($400,000,000.00).
The City intends to finance affordable housing projects to create and preserve
affordable housing units, as well as increase employment opportunities through
job training and assisting local existing and new businesses. The objectives of the
City are to improve the availability of affordable housing units across diverse
income levels, leverage alternative funding sources or partnerships, and gaining
district support for potential projects received through a request for proposals
("RFP"). Affordable housing projects identified and approved in the First Tranche
and Future Tranches shall not exceed a total maximum principal amount of One
Hundred Million Dollars ($100,000,000.00).
r) The City has identified the following six (6) affordable housing and economic
development program types of projects (collectively, the "Affordable Housing
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Programs") in its Intent to Reimburse Resolution, the findings, determinations,
declarations, provisions, and attachments of which are incorporated as if fully set
forth herein by this reference:
i. Affordable Workforce New Rental Strategy;
ii. Homeownership Preservation Strategy;
iii. City Acquisition of Land;
iv. Affordable Homeownership Strategy;
v. Affordable Rental Housing Preservation Strategy; and
vi. Affordable New Construction Rental Strategy.
s) The Affordable Workforce New Rental Strategy will provide construction and
peinianent financing to assist, in part, with the development of affordable
multifamily rental projects containing units affordable to Workforce development
income levels for individuals and families (up to one hundred forty percent
[140%) of area median income ["AMI")).
t) The Homeownership Preservation Strategy will provide rehabilitation assistance
to City homeowners, with repairs necessary in bringing the home to decent, safe
and sanitary conditions, as well as to include material and methods that harden the
property to better withstand natural weather occurrences as well as to maximize
the energy efficiencies of the home. The program will assist Extremely Low
Income, Very Low Income, Low Income level individuals and families and
Workforce income levels.
u) The City Acquisition of Land program will provide funding for the City to
acquire buildable vacant parcels of land suitable for the development of mixed
use/mixed income affordable rental or homeownership developments/units to be
built by the City or by organizations that have been procured though a
competitive RFP process.
v) The Affordable Homeownership Strategy will provide construction and
permanent financing to assist, in part, with the development of affordable single-
family units, townhomes, twin homes, and condominium units to be sold to
eligible individuals or families with incomes not to exceed one hundred forty
percent (140%) of AMI.
w) The Affordable Rental Housing Preservation Strategy will provide construction
and permanent financing to assist, in part, with the rehabilitation/preservation of
existing affordable multifamily rental projects. City assisted units will be required
to provide twenty percent (20%) of the assisted units to Extremely Low Income
(30% of AMI) and eighty percent (80%) of the assisted units for low income
(80% of AMI). All unassisted units shall not be restricted.
x) The Affordable New Construction Rental Strategy will provide construction and
permanent financing to assist, in part, with the development of affordable
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4384
multifamily rental projects containing units affordable to Extremely Low Income,
Very Low Income, Low Income, and Workforce development income level
individuals and families.
y) Within the City's Affordable Housing and Economic Development Programs are
the various single-family programs, which include, but not limited to, Single
Family Rehabilitation Program, Single Family Replacement Program, First time
Homebuyer Program, Emergency Loan Program, and Foreclosure Prevention
Program (collectively, "Single Family Programs").
z) The objectives of the Single Family Programs are to provide decent housing, a
suitable living environment, and the expansion of economic opportunities for the
neediest persons in our community.
aa) The City has established and implemented clear and detailed Standard Operating
Procedures ("SOP") for all of the City's Single Family Programs and which may
be amended and updated from time to time. The policies enumerated in the Single
Family Programs SOP originate from and reflect applicable United States
("U.S.") and Federal Statutes and regulations, federal funding sources, industry
practices that ensure prudent and efficient use of limited government resources for
the benefit of the City's residents, City Ordinances and Resolutions, various
departmental rules, and various applicable laws, rules, and regulations. The City
updates the Single Family Programs SOP from time to time when any or all
applicable laws, rules, and regulations are amended to ensure the City's
compliance and to ensure the greatest benefit to the City's residents.
bb) Within the City's Affordable Housing and Economic Development Programs are
the various multi -family new construction and/or preservation programs, which
include, but not limited to, Home Ownership (New Home) Program, Multi -
Family Housing Development Program, Housing Program Management Support
Program, and Rehabilitation Programs for Homes (collectively, "Multi -Family
Programs").
cc) The objectives of the Multi -Family Programs are to provide decent affordable
housing to lower -income households, expand the capacity of non -profits housing
providers, and leverage private -sector participation.
dd) The City has established and implemented clear and detailed SOPs for all of the
City's Multi -Family Programs and which may be amended and updated from time
to time. The policies enumerated in the Multi -Family Programs SOP originate
from and reflect applicable U.S. and Federal Statutes and regulations, federal
funding sources, industry practices that ensure prudent and efficient use of limited
government resources for the benefit of the City's residents, City Ordinances and
Resolutions, various departmental rules, and various applicable laws, rules, and
regulations. The City updates the Multi -Family Programs SOP from time to time
4822-1891-7550.3
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4822-1891-7550.3
when any or all applicable laws, rules, and regulations are amended to ensure the
City's compliance and to ensure the greatest benefit to the City's residents.
ee) In addition to the Single Family Programs and Multi -Family Programs SOPs, the
City has also developed necessary agreements, documents, or instruments which
may be amended and updated from time to time, and shall be duly authorized,
executed, recorded, and/or delivered prior to the time any proceeds are expended
pursuant to and consistent with any or all of the Affordable Housing and
Economic Development Programs and to ensure the greatest benefit to the City's
residents.
ff) The City, in accordance with 24 CFR Part 91, submitted to the U.S. Department
of Housing and Urban Development a Five -Year Consolidated Plan. Pursuant to
the aforementioned regulations, the City is currently in the process of updating its
Five -Year Consolidated Plan, which shall be accepted, adopted, and incorporated
as fully set herein upon its completion. The Five -Year Consolidated Plan provides
an assessment of the housing and community development needs in the City of
Miami; a strategic plan for addressing these needs; and a specific one-year Action
Plan for the use of the U.S. Department of Housing and Urban Development
formula grants funds. The Affordable Housing and Economic Development
Programs are all priorities in, addressed by, and are in accordance with the City's
Five -Year Consolidated Plan. The Affordable Housing and Economic
Development Programs are all priorities in, addressed by, and are and shall be in
accordance with the City's current and future Annual Action Plans.
gg) The information in the City's Neighborhood Development Zones are adopted by
reference and incorporated as if fully set forth in this subsection.
hh) The goals, outcomes, and information in the City's Consolidated Annual
Performance & Evaluation Report for Fiscal Years 2016-2017 and 2017-2018 are
adopted by reference and incorporated as if fully set forth in this subsection.
ii) The information, data, and analysis in the City's Analysis of Impediments to Fair
Housing Choice for the time period of October 1, 2015 through September 30,
2020 are adopted by reference and incorporated as if fully set forth in this
subsection.
jj) The Housing and Commercial Loan Committee ("HCLC"), as codified in Chapter
2, Article XI, Division 19 of the City Code was created and established to, inter
alia, approve or disapprove housing and commercial loans and grants to be
provided by the City through any funds administered by the City's Department of
Community and Economic Development, to provide oversight and ongoing
recommendations on affordable housing issues, and perform such other duties and
responsibilities relative to affordable housing and small business development as
may be set forth herein or incident thereto. Various Affordable Housing and
Economic Development Programs will be subject to review and approval or
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CFN: 20190800671 BOOK 31743 PAGE 4386
4822-1891-7550.3
disapproval of the HCLC. The findings, determinations, declarations, and
provisions of Chapter 2, Article XI, Division 19 of the City Code, as amended, are
incorporated as if fully set forth herein by this reference.
kk) The City has identified the First Tranche Affordable Housing and Economic
Development Projects all of which have been approved by the City Commission
and are types of programs presented to the Miami Forever Bond Program
Citizen's Oversight Board.
11) All of the First Tranche Affordable Housing and Economic Development Projects
to be financed by the Bonds are included in the City's Capital Plan.
mm) The First Tranche Affordable Housing and Economic Development
Projects seek to develop and invest in affordable housing solutions through
construction and permanent financing, home ownership preservation, and home
rehabilitation as more specifically set forth in the Affordable Housing and
Economic Development Programs.
nn) The City will have duly authorized, executed, recorded, and/or deliver all required
Grant Agreements, Joint Participation Agreements, Interlocal Agreements, Loan
Agreements, Development Agreements, Covenants, Deed Restrictions,
Easements, and/or other necessary agreements, documents, or instruments at the
time that any proceeds of the Bonds are expended on the projects. The City will
also have all contractual and regulatory compliance monitoring programs.
systems, and personnel in place at the time that any of the proceeds of the Bonds
are expended on the projects.
oo) The Future Tranches for affordable housing will also be projects within the
Affordable Housing and Economic Development Programs and will comply
within all of the recitals, finding, determinations, and requirements identified in
the Series 2019B Affordable Housing and Economic Development Bonds
Resolution and the Bond Validation.
pp) The City has and will continue to host workshops and solicit community input
through its officials, officers, departments, agencies, boards, and committees.
qq) The City previously commissioned the FIU Affordable Housing Study and the
City Commission delegated to, authorized, and directed the City Manager to make
all necessary undertakings, findings, determinations, and declarations for the FIU
Affordable Housing Study to become a part of the required information for the
Bond Validation.
rr) The City has a long history with the effects of hurricanes and heavy rainfall.
Hurricanes can cause catastrophic damage to coastlines and several hundred miles
inland. Hurricanes and tropical storms can also spawn tornadoes, create damaging
storm surge inundation along the coast, and cause extensive flood damage along
22
CFN: 20190800671 BOOK 31743 PAGE 4387
the coast and inland from heavy rainfall. Climate change is negatively impacting
the severity of those hurricanes in terms of the severity of wind, precipitation and
storm surge. Homes built prior to 1994 are more vulnerable to these effects.
Hardening measures that bring homes into compliance with 2002 Florida Building
Code are more resistant and resilient to the effects of hurricanes and heavy
rainfall. These hardening measures result in mitigated losses allow for a more
rapid recovery from these events; reduce costs to federal, state and local public
agencies; and mitigated roofs, hurricane windows, and doors can save insurance
costs by fifty percent (50%) to eighty-six percent (86%)
ss) The City accepted the information, data, and analysis in the 2018 Asset Limited,
Income Constrained, Employed ("ALICE") Reports developed by the United
Way. The City Commission delegated to, authorized, and directed the City
Manager, or his/her designee, to make all necessary undertakings, findings,
determinations, and declarations in future ALICE Reports or other relevant
studies from the United Way and its officials, officers, and agents, to become a
part of the required information for the Bond Validation.
tt) The City accepted the information, data, and analysis in the Miami Housing
Solutions Lab created by the University of Miami's Office of Civic and
Community Engagement. The City Commission delegated to, authorized and
directed the City Manager, or his/her designee, to make all necessary
undertakings, findings, determinations, and declarations in future reports,
materials, or other relevant studies from the University of Miami and its officials,
officers, and agents, to become a part of the required information for the Bond
Validation.
uu) The City Commission accepted and incorporated any additional information, data,
analysis, reports, studies, resolutions, findings, and determinations made by the
City's Department of Housing and Community Development and delegated to,
authorized, and directed the City Manager, or his/her designee, to make all
necessary undertakings, findings, determinations, and declarations in future.
vv) The City Manager, or his/her designee, is further authorized to accept and
incorporate any additional findings and/or determinations, in a form acceptable to
the City Attorney and Bond Counsel, relating to the City's Affordable Housing
and Economic Development Programs to become a part of the required
information for the Bond Validation.
ww) By the "Certification and Declaration regarding the Validation of the City
of Miami, Florida Limited Ad Valorem Tax Bond (Miami Forever Capital
Programs) in an aggregate principal amount not to exceed $400,000,000.00,
including all Series thereof, and the Florida International University Affordable
Housing Study commissioned by the City" dated December 11, 2019, the City
Manager accepted and incorporated the Needs Assessment & Technical
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4388
Compendium dated May 2019 that constitutes a portion of the FIU Study into the
additional findings and determinations for Bond Validation.
20. The Series 2019B Affordable Housing and Economic Development Bonds
Resolution also made the following Findings, Determinations, and Declarations regarding
negotiated sale of such Bonds:
"In accordance with Section 218.385, Florida Statutes, the City Commission hereby
delegates to and authorizes and directs the City Manager to make all necessary findings,
determinations and declarations finds, based upon the advice of its Financial Advisor for
the Series 2019B Affordable Housing and Economic Development Programs Bonds,
necessary for Bond Validation and issuance of the Series 2019B Affordable Housing and
Economic Development Programs Bonds, being both the Tax -Exempt Affordable
Housing and Economic Development Programs Bonds and the Taxable Affordable
Housing and Economic Development Programs Bonds".
21. Additionally, the Series 2019B Affordable Housing and Economic Development
Bonds Resolution provided covenants of the City as follow:
a) To the extent permitted by and in accordance with applicable law and budgetary
processes, the City covenants that it will, in each year any Payments are due,
budget and appropriate (1) sufficient legally available Limited Ad Valorem Taxes
as set forth in the Referendum Authorizing Resolution, the Master Resolution,
and in accordance with the Bond Referendum, and if necessary (2) such legally
available Non -Ad Valorem Revenues to make such Payments as they become
due.
b) Such covenants and agreements on the part of the City to budget and appropriate
such legally available amounts as stated above shall be cumulative to the extent
not paid, and shall continue until such legally available funds in amounts
sufficient to make all such required Payments shall have been budgeted,
appropriated and actually paid. Notwithstanding the foregoing covenants of the
City, the City does not covenant to maintain any services or programs, now
provided or maintained by the City, which generate Non -Ad Valorem Revenues.
c) Such covenant to budget and appropriate does not create any lien upon or pledge
of such Non -Ad Valorem Revenues, nor, except as provided below, does it
preclude the City from pledging in the future its Non -Ad Valorem Revenues, nor
does it require the City to levy and collect any
particular
Non-Ad
Revenues, nor does it give the Purchaser or Bond H de sa prior claim on the
Non -Ad Valorem Revenues as opposed to claims of general creditors of the City.
Such covenant to budget and appropriate Non -Ad Valorem Revenues is subject in
all respects to the payment of obligations secured by a pledge of such Non -Ad
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4389
Valorem Revenues heretofore or hereinafter entered into (including the payment
of debt service on other Series 2019B Affordable Housing and Economic
Development Programs Bonds and other debt instruments of the City). However,
the covenant to budget and appropriate in its general annual budget for the
purposes and in the manner stated herein shall have the effect of making available
for the payment of the Payments, in the manner described herein, Non -Ad
Valorem Revenues and to the extent permitted by applicable law placing on the
City a positive duty to budget and appropriate, by amendment if necessary,
amounts sufficient to meet its obligations hereunder; subject, however, to the
payment of services and programs which are for essential public purposes
affecting the health, welfare and safety of the inhabitants of the City or which are
legally mandated by applicable law. The City represents that the issuance of the
Series 2019B Affordable Housing and Economic Development Programs Bonds
serves essential public purposes by financing the Infrastructure Project of the City
in accordance with the Bond Referendum.
22. Additionally, the Series 2019B Affordable Housing and Economic Development
Bonds Resolution provided tax covenants for the Series 2019B Affordable Housing and
Economic Development Programs Bonds to be issued on a tax-exempt basis as follows:
a) No use will be made of the proceeds of the Series 2019B Affordable Housing and
Economic Development Programs Bonds which are issued as Tax -Exempt
Affordable Housing and Economic Development Programs Bonds which, if such
use were reasonably expected on the date of issuance of the Series 2019B
Affordable Housing and Economic Development Programs Bonds, would cause
the same to be "arbitrage Series 2019B Affordable Housing and Economic
Development Programs Bonds" within the meaning of IRS Code.
b) The City, at all times while the Series 2019B Affordable Housing and Economic
Development Programs Bonds and the interest thereon are outstanding, will
comply with the requirements of the IRS Code, including any amendments thereto
and any valid and applicable rules and regulations promulgated thereunder
necessary to maintain the exclusion of the interest on the Series 2019B Affordable
Housing and Economic Development Programs Bonds from federal gross income
including the creation of any rebate funds or other funds and/or accounts required
in that regard.
23. Additionally, regarding security for Series 2019B Affordable Housing and
Economic Development Programs Bonds, the Series 2019B Affordable Housing and Economic
Development Bonds Resolution authorized the utilization of credit enhancements and reserve
funds and established that such Bonds are not general indebtedness of the City as follows:
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4390
a) The City Commission hereby authorizes and directs the City Manager, in
consultation with the Financial Advisor, the Chief Financial Officer, the Finance
Director, the Budget Director, the City Attorney, and Bond Counsel, to determine
in the (a) Loan Agreement or (b) Bond Purchase Agreement whether the City
shall use Credit Enhancement(s), if any, and whether the City will establish any
Reserve Fund(s), if any, for the Series 2019B Affordable Housing and Economic
Development Programs Bonds. The City Manager is authorized to negotiate,
execute, and deliver, in a form acceptable to the City Attorney and Bond Counsel,
all Credit Enhancement Agreements, if any, in connection with the issuance of the
Series 2019B Affordable Housing and Economic Development Programs Bonds.
b) The Series 2019B Affordable Housing and Economic Development Programs
Bonds shall not be deemed to constitute general obligations or a pledge of the
faith and credit of the City, the State or any other political subdivision thereof
within the meaning of any constitutional, legislative or charter provision or
limitation, but shall be payable solely from and secured by a lien upon and a
pledge of the Pledged Funds, in the manner and to the extent herein provided.
Except to the limited extent provided in the Referendum Authorizing Resolution,
the Master Resolution, and the Bond Referendum, no holder of the Series 2019B
Affordable Housing and Economic Development Programs Bonds shall ever have
the right, directly or indirectly, to require or compel the exercise of the ad valorem
taxing power of the City, the State or any other political subdivision of the State
or taxation in any form on any real or personal property to pay the Series 2019B
Affordable Housing and Economic Development Programs Bonds or the interest
thereon, nor shall any holder of the Series 2019B Affordable Housing and
Economic Development Programs Bonds be entitled to payment of such principal
of and interest from any other funds of the City other than the proceeds of the
Pledged Funds, all in the manner and to the extent herein provided. The Series
2019B Affordable Housing and Economic Development Programs Bonds and the
indebtedness evidenced thereby shall not constitute a lien upon any real property
or personal property of the City, but shall constitute a lien only on the proceeds of
the Pledged Funds, all in the manner and to the extent provided herein.
c) Until payment has been provided as herein permitted, the payment of the principal of
and interest on the Series 2019B Affordable Housing and Economic Development
Programs Bonds shall be secured forthwith equally and ratably by a prior lien on the
proceeds derived from the Pledged Funds, and the City does hereby irrevocably
pledge the same to payment of the principal thereof and interest thereon when due.
d) The term "Pledged Funds" is defined as "collectively, the amounts on deposit
in
the Series 2019B Affordable Housing and Economic Development Programs
Bonds Fund and any other funds and accounts created pursuant to (1) the Loan
Agreement or (2) the Bond Purchase Agreement and therein pledged to secure the
Series 2019B Affordable Housing and Economic Development Programs Bonds
(with the exception of the Rebate Fund) including Pledged Revenues."
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4391
e) The term "Pledged Revenues" is defined as "(1) legally available Limited Ad
Valorem Tax Revenues deposited into the Series 2019B Affordable Housing and
Economic Development Programs Bonds Fund established by the Master
Resolution and this Series Resolution and (a) the Loan Agreement or (b) the Bond
Purchase Agreement, and (2) to the extent necessary any funds deposited into the
Series 2019B Affordable Housing and Economic Development Programs Bonds
Fund by the City pursuant to a covenant to budget and appropriate established by
this Series Resolution and (a) the Loan Agreement or (b) the Bond Purchase
Agreement, and 3) income received from the investment of moneys deposited into
the funds and accounts established by this Series Resolution and (a) the Loan
Agreement or (b) the Bond Purchase Agreement".
Supplemental Resolution for the Miami Forever Affordable Housing and Economic
Development Bonds
24. By Resolution No. R-19-0325 adopted by the City Commission of Plaintiff on
July 25, 2019 ("Supplemental Affordable Housing and Economic Development Program
Resolution"), the City Commission officially authorized additional projects to become included
in the validation and issuance of the Series 2019B Affordable Housing and Economic
Development Bonds.
25. By Resolution Nos. 19-0062 and 19-0111 adopted by the City Commission on
March 14, 2019, the City Commission authorized the initiation of validation proceedings for the
November 7, 2017 Bond Referendum ("Bond Referendum") and the issuance of the City of
Miami, Florida taxable and tax-exempt bonds in the aggregate principal amount not exceeding
Four Hundred Million Dollars ($400,000,000.00) in one or more separate series of City of
Miami, Florida Tax -Exempt and Taxable Limited Ad Valorem Tax Bonds (Miami Forever
Capital Program) (collectively, "Miami Forever Bonds"), including tax-exempt and taxable
bonds in one or more separate series of not exceeding One Hundred Million Dollars
($100,000,000.00) for affordable housing and economic development capital projects
("Affordable Housing and Economic Development Bonds") of which an amount not to exceed
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4392
Fifteen Million Dollars ($15,000,000.00) are proposed for the first tranche ("First Tranche Series
Bonds").
26. For all series of the Affordable Housing and Economic Development Bonds,
Resolution No. 19-0111 sets forth six (6) affordable housing and economic development
program types of projects ("Program Types") as follows: i) Affordable Workforce New Rental
Strategy, ii) Homeownership Preservation Strategy, iii) City Acquisition of Land, iv) Affordable
Homeownership Strategy, v) Affordable Rental Housing Preservation Strategy, and vi)
Affordable New Construction Rental Strategy.
27. The City Commission supplemented Resolution No. 19-0111 by adding a seventh
(7th) Program Type identified as the "Affordable Housing Long Term Lease/Build/Manage
Strategy." The Affordable Housing Long Term Lease/Build/Manage Strategy will allow the
City to lease City -owned real estate, which the City may purchase with Miami Forever Bond
funds or other funds legally available to the City, to private developers that have been procured
though a competitive procurement process or pursuant to Section 29-B of the Charter, who will
then construct, with taxable and/or tax-exempt bonds in one or more separate future Miami
Forever Bonds tranches, affordable multifamily rental or homeownership projects containing
units for individuals and families who earn up to eighty percent (80%) AMI, with the developers
managing such properties for the City.
28. Pursuant to Section 2-33(f) of the Code of the City of Miami, Florida, as
amended, the City Commission unanimously deemed the Supplemental Affordable Housing and
Economic Development Program Resolution to be of an emergency nature.
29. The City Manager is authorized to supplement Resolution No. 19-0111 adopted
by the City Commission on March 14, 2019, which authorized the City Manager, the City
4822-1891-7550.3
28
CFN: 20190800671 BOOK 31743 PAGE 4393
Attorney, and Bond Counsel to take any and all steps necessary to validate the approved and
expected future expenditures of the Affordable Housing and Economic Development Bonds
portion of the Miami Forever Bonds in order to add the Affordable Housing Long Term
Lease/Build/Manage Strategy.
Compliance with Procedural Requirements and Establishment of Valid Public Purposes
30. Plaintiff has complied with all necessary procedural requirements in the adoption
of the Referendum Authorization Resolution, the Referendum Certification Resolution, the Intent
to Reimburse Resolution, the Master Resolution, the Series 2019A Infrastructure Bonds
Resolution, the Series 2019B Affordable Housing Bonds Resolution, the Supplemental
Affordable Housing and Economic Development Program Resolution, and all other resolutions
of the City Commission mentioned herein, and such resolutions are valid and binding obligations
of the Plaintiff.
31. The Projects and the financings thereof through the issuance of the Bonds will
serve public purposes as set forth in the Act. Such sufficient public purposes are paramount and
any private benefits or private purposes are only incidental thereto.
32. The issuances and sales of the Bonds as set forth in the Master Resolution, the
Series 2019A Infrastructure Bonds Resolution, and the Supplemental Affordable Housing and
Economic Development Program Resolution and the application of the proceeds of the Bonds in
accordance with the provisions of such resolutions comply with Article VII, Sections 9, 10 and
12 of the Constitution and the laws of the State, particularly Chapter 166, Florida Statutes, as
amended (the "Act") and, in particular, Sections 166.111, 166.121, and 166.131, authorizing the
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4394
Plaintiff to borrow and to issue and sell its ad valorem bonds from time to time to finance capital
projects and to pledge the taxing power of the City for the payment of such Bonds.
33. All requirements of the Constitution and other laws of the State pertaining to the
Bonds, the security therefor, and the proceedings related thereto have been followed.
34. The Bonds were approved by a vote of electors of the City in accordance with
applicable law.
35. The Bonds are of the character, and the proceedings preliminary to the issuance
thereof are of the nature, as entitle Plaintiff to proceed within the provisions of Chapter 75,
Florida Statutes, as amended, for the purpose of having the right of Plaintiff to issue the Bonds
determined.
36. Due and proper notice addressed to the State of Florida, and the several property
owners, taxpayers and citizens of the County, including non-residents owning property or subject
to taxation therein and all others having or claiming any right, title or interest in property to be
affected by the issuance by Plaintiff of the Bonds was published by the Clerk of this Court in a
newspaper of general circulation in the County, once each week for two consecutive weeks, the
first publication being at least twenty (20) days prior to the date of said hearing, as required by
law, all as more fully appears from the affidavit of the publisher of The Miami Herald, heretofore
filed herein.
37. The Answer of the State Attorney for and on behalf of the State of Florida shows
no cause why the prayer of Plaintiff should not be granted and discloses no irregularity or
illegality in the proceedings set forth in the Complaint.
4822-1891-7550.3
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CFN: 20190800671 BOOK 31743 PAGE 4395
38. This Court has found that all requirements of the Constitution and laws of the
State of Florida pertaining to the enabling actions and proceedings in the above entitled matter
have been strictly followed.
It is therefore ORDERED, ADJUDGED, and DECREED as follows:
1. The issuance of the Bonds is for a paramount public purpose and is fully
authorized by law, and the Bonds to be issued
are hereby validated.
2. Pursuant to Section 75.11, Florida Statutes, as amended, there shall be stamped or
written on the Bonds a statement in substantially the following form:
"This bond is one of a series of bonds which were validated by judgment of the
Circuit Court for the Eleventh Judicial Circuit, in and for Miami -Dade County, Florida, rendered
on 20
as aforesaid and all proceedings incident thereto
4822-1891-7550.3
31
DONE AND ORDERED at the C
day of ,2019.
Copies Furnished to:
urthouse in
CFN: ' 190800671 BOOK 31743 PAGE 4396
Mia -Dade County, Florida, this
1,\Ik
The Honorable dart M. -man
ircuit Court Jufge
G
[vmendez@miamigov.com; rjonesjackson@miamigov.com; xealban@miamigov.com;
rappleton@miamigov.com; joelrosenblatt@miamigao.com; aromes@foley.com;
clever@foley.com; tbramwell@foley.com; rkuper@rkuperlaw.com;
sandy.maclennan@squirepb. com]
SIGNED AND DATED
DEC 16 2019
JUDGE CARLOS M. GUZMAN
4822-1891-7550.3
32
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members Da,. : January 15TH, 2021
of the City Commission
: Arthur Noriega V.
City Manager
SUBJEC': Declaration of Intent -Miami Forever
Bond Program — Second Tranche of Affordable
Housing Strategies Projects
ENCLOSURES: Attachments
Pursuant to Resolution No. 17-0350, adopted on July 27, 2017 the Miami City Commission called
for a bond referendum special election for the purpose of submitting to the electorate the Miami
Forever Bond Program. On November 7, 2017, the voters of the City of Miami approved this bond
referendum in the amount of $400 million.
On December 13th, 2018, pursuant to Resolution No. 18-0546 the Miami City Commission
approved to issue taxable and tax-exempt limited ad valorem bonds payable from ad valorem
taxes provided that the capital projects debt millage does not exceed the rate of 0.5935 mills, in
accordance with the above referenced bond referendum. That resolution further authorized the
first tranche of the City of Miami Forever Bond Program in the total amount $58,653,339 for Series
A (Roadways- $7,590,182, Parks and Cultural Facilities-$25,348,229, Public Safety-$420,000,
Sea Level Rise and Flood Prevention-$10,294,928) and Series B (Affordable Housing and
Economic Development-$15,000,000).
The Administration is requesting second tranche approval to begin the process of issuing taxable
and tax-exempt limited ad valorem bonds payable from ad valorem taxes provided that the capital
projects debt millage not exceed the rate of 0.5935 mills, in accordance with November 7th, 2017
referendum. These bonds will be used to reimburse the City for funds advanced by the City for
certain expenses incurred with respect to capital projects to be undertaken:
• To improve affordable housing
The Guiding Themes of this Bond Program are: Safety, Wellness and Quality of Life, Equity
Economic Return and Modernization. The established vision of this Bond Program is to
orchestrate a deliberate and objective project selection process, by expertly assessing citywide
requirements and citizen input, and optimize all available resources to create a stronger, more
innovated and resilient future for Miami.
The Second Tranche is intended to have an immediate impact on the City's affordable housing.
The Second Tranche of the Miami Forever Bond Program is proposed in the following amounts:
• Affordable Housing $40,000,000
Projects under the Second Tranche will be selected through a Request for Proposals issued by
the Department of Housing and Community Development, inviting qualified developers to propose
developments for the construction, rehabilitation and permanent financing needs for affordable
housing rental developments and homeownership development located withing the City of Miami
and in accordance with the Miami Forever Affordable Housing Bond Projects Strategies attached
and incorporated:
Should you have any questions, please contact George Mensah, Director of the Department of
Housing and Community Development, at 305-416-2080.
Attachments
EXHIBIT "A"
Affordable Homeownership Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the development of
affordable single family units, townhomes, twin homes, and condominium units to be sold to, eligible individuals or
families with incomes not to exceed 140% of Area Median Income (AMI)
Maximum Award: The maximum total amount of City of Miami financing shall not exceed $75,000 per unit
City Funding Sources: City of Miami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF) and other sources of funding that may become available to the City.
City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs
and may upon the completion of the construction of the unit, partially or entirely serve as a pass -through permanent loan
to the eligible buyer of the completed unit.
City Funding Loans/Terms: The following loan types and terms may be used:
1. Deferred Payment Loan: No debt service payments required. Homeowner must maintain occupancy as primary
residence for a period of 30 years (affordability period). Failure to comply will result in the full repayment of
principal and default interest rate. Sale or transfer of the units within the affordability period shall result in the
full payment of the loan. Other restrictions or provision may be imposed. Loan will be forgiven upon the
completion of the affordability period.
2. Principal and Interest Amortizable Loans: Principal and Interest payments based on an amortization of 30 years,
payable monthly until maturity at an interest rate not to exceed 3%, determined on the ability of the buyers
payment capacity. Sale or transfer prior to the affordability period will result in the full repayment of principal
plus interest. Other restrictions may be imposed.
City Funding Availability Process: City funds shall be made available through a Request for Proposals (RFP) to include pre-
determined requirements pertaining to the capacity of the development team, ability of the development to proceed in
a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, target income market addressed, etc. Projects will be selected on the
basis of a point scoring system.
City construction funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement
Agreement, Regulatory Agreement, City Permanent/Pass through loan to the buyer shall be secured by a Mortgage, Note,
and Restrictive Covenant.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County Surtax, etc.
Development Type: Single family homes attached townhomes, twin homes and condominium buildings.
Development Ownership: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships.
Compliance: The City of Miami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted. Homeowners shall be monitored on a semi-annual basis
to assure continued compliance with the terms of the Loan Documents.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
Affordable New Construction Rental Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the development of
affordable multifamily rental projects containing units affordable to Extremely Low Income (ELI), Very Low Income (VLI),
Low Income (LI) and Workforce development (WF) income levels individuals and families.
Maximum Award: The maximum total amount of City of Miami financing shall not exceed the lesser of $1M or 20% Loan
to Cost (LTC) on projects containing 20 to 40 units and the lesser of $1M or 40% LTC on projects containing less than 20
total units. And, for developments providing more than 40 units, the determination of the total amount of City of Miami
financing may be made on a per unit basis, not to exceed 20% of the Loan to Cost (LTC) per unit.
City Funding Sources: City of Miami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF) and other sources of funding that may become available to the City.
City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs,
and permanent financing upon construction completion.
City Funding Loans/Terms: The following loan type and terms may be used:
1. Deferred Payment Loan: No debt service payments required. Property must maintain the required affordability
structure for a period of 30 years. Failure to comply will result in the full repayment of principal and an agreed
upon default interest rate. Full repayment of principal at the 30 year maturity.
2. Interest Only Loan: Interest only payments at up to 3% interest rate, payable monthly until maturity. All principal
and interest due at maturity. Loan maturity can be set for a period up to 30 years.
3. Principal and Interest Amortizable Loans: Principal and Interest payments based on an amortization of 15 to 30
years, payable monthly at a rate of up to 3%, until maturity. Loan maturity can be set for a period of up to 30
years.
City Funding Availability Process: City funds shall be made available through a Request for Proposals (RFP) to include pre-
determined requirements pertaining to the capacity of the development team, ability of the development to proceed in
a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, etc. Projects will be selected on the basis of a point scoring system.
City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, etc.
Development Type: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or
without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships.
Compliance: The City of Miami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted. Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
Affordable Workforce New Rental Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the development of
affordable multifamily rental projects containing units affordable to Workforce development (WF) income levels
individuals and families (up to 140% AMI).
Maximum Award: The maximum total amount of City of Miami financing shall not exceed the lesser of $1M or 20% Loan
to Cost (LTC) on projects containing 20 to 40 units and the lesser of $1M or 40% LTC on projects containing less than 20
total units, and, for developments providing more than 40 units, the determination of the total amount of City of Miami
financing may be made on a per unit basis, not to exceed 20% of the Loan to Cost (LTC) per unit.
City Funding Sources: City of Miami General Obligation Bond, Affordable Housing Trust Funds (AHTF) and other eligible
sources of funding that may become available to the City.
City funding Uses: Funds may be used for land acquisition, development soft cost, financing costs, hard construction costs,
and permanent financing upon construction completion.
City Funding Loans/Terms: The following loan types and terms may be used:
1. Interest Only Loan: Interest only payments at an agreed upon interest rate, payable monthly until maturity or a
pre -determined period. All principal and interest due at maturity. Loan maturity can be set for a period up to 30
years.
2. Principal and Interest Amortizable Loans: Principal and Interest payments based on an amortization of 15 to 30
years, payable monthly until maturity. Loan maturity can be set for a period of up to 30 years.
City Funding Availability Process: City funds shall be made available through a Request for Proposals (RFP) to include pre-
determined requirements pertaining to the capacity of the development team, ability of the development to proceed in
a timely manner, availability of all project funding, location of project, leveraging requirements, number of units, total city
assistance per unit, types of units, energy efficiency, etc. Projects will be selected on the basis of a point scoring system.
City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement,
Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State of Florida, Miami -Dade County, Private investment, etc.
Development Type: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or
without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership: Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships.
Compliance: The City of Miami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted. Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
Homeownership Preservation Strategy
Program Summary
Program Description: Provides rehabilitation assistance to City of Miami homeowners, with repairs necessary in bringing
the home to decent, safe and sanitary conditions, as well as to include materials and methods that harden the property
to better withstand natural weather occurrences as well as to maximize the energy efficiencies of the home. The program
will assist Extremely Low Income (ELI), Very Low Income (VLI), Low Income (LI) level individuals and families and Workforce
(WF) income levels.
Maximum Award: The maximum total amount of City of Miami financing shall not exceed $70,000 per home.
City Funding Sources: City of Miami General Obligation Bond, State Housing Partnership Program (SHIP), Community
Development Block Grant (CDBG), Affordable Housing Trust Funds (AHTF) and other sources of funding that may become
available to the City.
City funding Uses: Funds may be used for soft and hard construction costs. Upon completion the assistance shall be
converted into a permanent loan for a period of 10 years (affordability period).
City Funding Loans/Terms: The following loan types and terms may be used:
1. Deferred Payment Loan: No debt service payments required. Property must maintain the required affordability
structure for a period of 10 years. Failure to comply will result in the full repayment of principal and an agreed
upon default interest rate. Full repayment of principal at the 10 year maturity. The homeowner must maintain
occupancy in the home as their primary residence for the period of affordability, or otherwise full payment of the
principal will be due.
2. Principal and Interest Amortizable Loans: Principal and Interest payments based on an amortization of 10 years,
payable monthly until maturity, at a rate of interest up to 3%, based on the income and payment capacity of the
homeowner.
City Funding Availability Process: City funds shall be made available through a lottery of, eligible homeowners in the City
of Miami. City funding shall be secured and enforced by a Mortgage, Restrictive Covenant and Note.
Unit Funding Leveraging: Project funding leveraging may be accepted from other City of Miami, Miami Dade, State of
Florida rehabilitation programs, as well as any other sources available for this purpose.
Units assisted: Single family homes, townhomes, twin homes and condominiums.
Ownership: Private fee simple of primary residence of eligible property owners,
Compliance: The City of Miami's Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all homeowners assisted. Homeowners shall be monitored from on a semi-annual
basis to assure continued compliance with the terms of the Loan Documents.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
I.e. monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
City Acquisition ofLand
Program Summary
Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels
of land suitable for the development of mixed use/mixed income affordable rental o/ homeownership developments/
units to be built by the City ofMiami orbyorganizations that have been procured through a competitive request for
proposa|u(RFP) process.
Development financing for projects that have been selected through an RFP process, nhoU be the responsibility of the
Deve|opmont/OwnerOrganization. If partial funding is provided by the City of Miami, it shall be in accordance with the
specifications detailed inthe RFP.
Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal, State, and/or local
sources available to the City, and shall be determined based upon the needs and structure of the proposed development.
City Funding Sources: City ofMiami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF) and other sources offunding that may become available to the City. Any additional funding provided to the
development will he in accordance with the terms of the particular ytrateOy, that is, New Rental Construction or
Homeownership Development Strategies.
Development Type: Mixed income and mixed -use multifamily rental apartment bUilding(s) of 5 or more units, containing,
units cfvarious sizes, with or without common amenities and, single family development of 5 or more homeownership
units. Project designs and specifications in compliance with City ofMiami planning and zoning requirements. Building
construction in compliance with City of Miami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low and Workforce level incomes.
{nproportions aswill beenumerated inthe Request for Proposals,
Development ownership; Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships, OR City ofMiami owned. Preference will be given to non-profit Land -trust so as to make
the units permanently affordable.
Compliance: The City of yWiumYo Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenertincomefi|es, financial statements,current operational licenses and
certificates, annual Inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
iw.monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.
Affordable Rental Housing Preservation Strategy
Program Summary
Program Description: Provides construction and permanent financing to assist in part with the
rehabilitation/preservation ofexisting affordable multifamily enta|pnojectz.[ityaobtadunhswiUbeequiredtoprovida
2O%ofthe assisted units for Extremely Low Income (30%AK4|), and D0%ofthe assisted units for Low Income (80Y6AK4|)
All unassisted units shall not berestricted,
Maximum Award: The Maximum total amount of City of Miami financing shall not exceed the lesser of $1M or 25% Loan
to Cost (LTC) of rehabilitation, on projects containing 20 or more total units and the lesser of $1 or 50% LTC on projects
containing less than 20to1a| units.
City Funding Sources: City ofMiami General DbU8odon Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Fonda
(AHTF)and other sources uffunding that may become available tothe City.
City funding Uses: Funds may be used for soft cost and hand rehabilitation costs, and permanent financing upon
construction completion.
City Funding Luono/Tennm: The following loan type and terms may beused:
1. Deferred Payment Loon: No debt service payments required, Property must maintain the required affordability
structure for a period of3Oyears. Failure tncomply will result in the full repayment ofprincipal and an agreed
upon default interest rate. Full repayment of principal at the 30 year maturity.
2. Interest Only Loon: Interest only payments at up to 3% interest rate, payable monthly until maturity or pre-
determined period. All principal and interest due at maturity. Loan maturity for a period up to 30 years.
City Funding Availability Process: City funds shall be made available on a first come first served basis, for eligible
multifamily building inthe City ofMiami. City funding shall be secured and enforced by Mortgage, Restrictive Covenant
Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc.
Development Funding Leveraging: Project funding leveraging shall be the responsibility of the Owner and may include
funding from private banking institutions, State ofFlorida, Miami -Dade County, Private investment, other City ofMiami
funding, etc.
Development Type: Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or
without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and Florida Building Codes.
Development Ownership: Private fee simple or leasehold ownership through For -Profit orNot'For-Profitcorporations
solely orthrough Partnerships,
Compliance: The City ofMiami's Department ofHousing and Community Development shall be responsible for the
contractual/regUlatory compliance of all developments assisted, Annual compliance monitoringshall be conducted byCity
staff that will review project rent rolls, leases, tenant income files, financial statements, current operational licenses and
certificates, annual inspection of units, etc,
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
Le. monthly billing and collection, maintaining current property insurances,tracking delinquencies, providing all required
reporting, etc.
City of Miami Affordable Housing Long Term Lease/Build Manage Strategy
Program Summary
Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable
vacant parcels of land or existing real estate properties suitable for the development or redevelopment
of mixed use/mixed income affordable rental or homeownership developments to be owned and built
by the City of Miami or by a third -party developer on behalf of the City of Miami for the purposes of
maintaining, operating and management of affordable housing units.
Maximum Award: Funding for properties under this strategy shall come from the Miami Forever Bond
funds or another fund legally available to the city.
Development Type: Mixed income and mixed -use multifamily rental apartment building(s) of 5 or more
units, containing units of various sizes, with or without common amenities and, single family
developments.
Project designs and specifications in compliance with City of Miami planning and zoning requirements.
Building construction in compliance with City of Miami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low level incomes.
Development Ownership: Properties purchased under this strategy may be maintain under city
ownership, or leased to a third party developers secured through a competitive RFP process or pursuant
to Section 29-B of the Charter of the City of Miami Florida, who may construct with taxable and/or tax-
exempt bonds in one or more separate future Miami Forever Bonds tranches, affordable multifamily
rental or homeownership project containing units for individuals and families who earn up to eighty
percent (80%) of area median income with developers managing such properties for the City.
* II,CCRP,OR TER *
0.77
City of Miami
Legislation
Resolution
Enactment Number: R-21-0046
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 8444 Final Action Date:1/28/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI ("CITY") TO ISSUE IN
TRANCHE 2 BOTH TAXABLE AND TAX-EXEMPT GENERAL OBLIGATION BONDS
PAYABLE FROM AD VALOREM TAXES PROVIDED THAT THE CAPITAL PROJECTS
DEBT MILLAGE NOT EXCEED THE RATE OF 0.5935 MILLS IN ACCORDANCE WITH
THE NOVEMBER 7, 2017 BOND REFERENDUM APPROVED BY THE VOTERS IN
AN INITIAL EXPECTED NOT TO EXCEED TOTAL MAXIMUM PRINCIPAL AMOUNT
OF FORTY MILLION DOLLARS ($40,000,000.00) IN ORDER TO, AMONG OTHER
THINGS, REIMBURSE THE CITY FOR FUNDS ADVANCED BY THE CITY FOR
CERTAIN EXPENSES INCURRED WITH RESPECT TO CAPITAL PROJECTS TO BE
UNDERTAKEN BY THE CITY TO IMPROVE AFFORDABLE HOUSING WITHIN THE
CITY'S LIMITS (COLLECTIVELY, "TRANCHE 2 MIAMI FOREVER AFFORDABLE
HOUSING LIMITED AD VALOREM BONDS"), ALL AS INDICATED IN THE CITY
MANAGER'S MEMORANDUM AND PROPOSED SEVEN (7) AFFORDABLE
HOUSING STRATEGIES IN COMPOSITE EXHIBIT "A," ATTACHED AND
INCORPORATED (COLLECTIVELY, "TRANCHE 2 STRATEGIES FOR AFFORDABLE
HOUSING PROJECTS"); ESTABLISHING CERTAIN RELATED DEFINITIONS OF
TERMS; AUTHORIZING CERTAIN FURTHER AND INCIDENTAL ACTIONS BY THE
CITY MANAGER, DESIGNATED CITY OFFICIALS, AND DEPARTMENTS, IN
CONSULTATION WITH THE CITY ATTORNEY AND SUCH OTHER APPROPRIATE
OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY AS NECESSARY, ALL AS
REQUIRED FOR PURPOSES OF SECTIONS 103 AND 141-150 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE LAWS OF THE
STATE OF FLORIDA ("STATE LAWS"),THE CHARTER OF THE CITY OF MIAMI,
FLORIDA, AS AMENDED ("CITY CHARTER"), AND THE CODE OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED ("CITY CODE"), AND FOR COMPLIANCE
THEREWITH; FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S
MULTI -YEAR CAPITAL PLAN AS NECESSARY.
WHEREAS, United States Treasury Regulations §1.150-2 ("Reimbursement
Regulations") prescribes conditions under which proceeds of tax-exempt bonds, notes, or other
obligations (collectively, "Bonds") used to reimburse advances made for capital projects and
certain other related expenditures (collectively, "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 United States Internal Revenue Code of 1986,
as amended, and the regulations promulgated thereunder, as amended (collectively, "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 expects to provide for the issuance by the City of
Miami ("City") of its Tranche 2 taxable and tax-exempt limited ad valorem bonds payable from
ad valorem taxes provided that the capital projects debt millage not exceed the rate of 0.5935
mills in accordance with the November 7, 2017 bond referendum approved by the voters in an
initial expected not to exceed total maximum principal amount of Forty Million Dollars
($40,000,000.00) in order to, among other things, reimburse the City for funds advanced by the
City for certain expenses incurred with respect to capital projects to be undertaken by the City to
improve affordable housing within the City's limits (collectively, "Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds"), all as indicated in the City Manager's
Memorandum and attached seven (7) Affordable Housing Strategies in Composite Exhibit "A,"
attached and incorporated (collectively, "Tranche 2 Strategies for Affordable Housing Projects");
and
WHEREAS, the Laws of the State of Florida ("State Law"), Charter of the City of Miami,
Florida, as amended ("City Charter"), and the Code of the City of Miami, Florida, as amended
("City Code"), also contain certain provisions relating to budgeting and Multi -Year Capital Plan
amendments, procurement, bond issuance, and financial compliance applicable to the advance
of City funds for the Tranche 2 Strategies for Affordable Housing Projects prior to the issuance
of the Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds; and
WHEREAS, on January 11, 2021, the City's Finance Committee has recommended that
the City move forward with this Resolution to advance funding for Tranche 2 Strategies for
Affordable Housing Projects in anticipation of such advanced funding being reimbursed to the
City by the future issuance of Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem
Bonds and on January 12, 2021, the City's Miami Forever Citizens Bond Oversight Board was
provided an informational update on the Tranche 2 Strategies for Affordable Housing Projects;
and
WHEREAS, in connection with the City Manager's Memorandum and the Tranche 2
Strategies for Affordable Housing Project in Composite Exhibit "A," attached and incorporated,
the City expects to make Original Expenditures that will be reimbursed from proceeds of the
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, as will be set forth in
the future in the City Manager's subsequent Memorandum for Reimbursable Funds Advanced
("City's Manager's Reimbursement Memorandum"); and
WHEREAS, in connection with the Tranche 2 Strategies for Affordable Housing Projects
for this Resolution, the City Commission is considering a Tranche 2 Strategies for Affordable
Housing Projects funding allocation with certain terms and conditions for the District 5 and
Southeast Overtown/Park West Community Redevelopment Agency affordable housing project
currently known as the "Sawyer's Landing/Block 55 Project" in an amount not to exceed Five
Million Dollars ($5,000,000.00);
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 fully set forth in this Section.
Section 2. Definitions. The following definitions apply 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
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds evidenced in writing by
an allocation on the books and records of the City that show the use of the proceeds of the
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds to restore the money
advanced for the Original Expenditures for the Tranche 2 Strategies for Affordable Housing
Projects. "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 issue both taxable and tax-exempt Tranche 2 Miami Forever Affordable
Housing Limited Ad Valorem Bonds for Tranche 2 Strategies for Affordable Housing Projects in
the expected not to exceed total maximum principal amount of Forty Million Dollars
($40,000,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds, use a portion of the
tax-exempt Tranche 2 Miami Forever Affordable Housing 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 Tranche 2 Strategies for Affordable Housing Projects. This Resolution is
intended as a declaration of official intent under United States Treasury Regulation § 1.150-2 as
set forth in the City Manager's Memorandum and the seven (7) Tranche 2 Strategies for
Affordable Housing Projects in Composite Exhibit "A," attached and incorporated, for future
projects as approved by the City Commission in future public meetings and in the City
Manager's Reimbursement Memorandum.
Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney
and such other appropriate officers, employees, and agents of the City as necessary, is hereby
authorized' to take such actions as may be necessary to carry out the purposes of this
Resolution and the IRS Code and for compliance therewith.
Section 5. Related Amendment of the City's Multi -Year Capital Plan. The City Manager,
designated City Officials, and Departments are hereby authorized' to amend the City's Multi -
Year Capital Plan to include the Tranche 2 Strategies for Affordable Housing Projects listed in
Composite Exhibit "A," attached and incorporated, and the associated financing(s) for the City's
contributions to the Tranche 2 Strategies for Affordable Housing Projects' funding through the
Tranche 2 Miami Forever Affordable Housing Limited Ad Valorem Bonds as referenced in this
Resolution with new project numbers to be determined by the City Manager; to comply with
State Laws, the City Charter, and the City Code; and to require that future reallocations of
funding sources be presented to City Commission from time to time in connection with said
financings for the Trance 2 Strategies for Affordable Housing Projects pursuant to the future
required bond resolutions authorizing each particular series of Tranche 2 Miami Forever
Affordable Housing Limited Ad Valorem Bonds.
Section 6. Effective Date. This Resolution shall take effect immediately upon its
adoption and signature of the Mayor.2
1 The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to, those prescribed by City Charter and City 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.
APPROVED AS TO FORM AND CORRECTNESS:
drA ez, ?ity ttor