HomeMy WebLinkAboutR-14-0156City of Miami
Legislation
Resolution: R-14-0156
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00218 Final Action Date: 4/24/2014
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), IN
COMPLIANCE WITH RESOLUTION NO. 11-0228, ADOPTED MAY 26, 2011, AND
THE TAX COMPLIANCE CERTIFICATE, DATED AS OF JULY 21, 2011 FOR THE
$70,645,000.00 CITY OF MIAMI, FLORIDA SPECIAL OBLIGATION NON -AD
VALOREM REVENUE REFUNDING BONDS, SERIES 2011-A; AUTHORIZING THE
CITY MANAGER, THE CITY ATTORNEY, BOND COUNSEL, DISCLOSURE
COUNSEL, AND ALL OTHER NECESSARY OFFICIALS, EMPLOYEES, AND
AGENTS OF THE CITY OF MIAMI TO TAKE ALLACTIONS REQUIRED IN
CONNECTION WITH THIS COMPLIANCE RESOLUTION.
WHEREAS, on July 21, 2011 the City of Miami ("City") issued $70,645,000.00 of Special
Obligation Non -Ad -Valorem Revenue Refunding Bonds, Series 2011-A ("Series 2011-A Bonds") to
refund the City's previous loans from the Sunshine State Governmental Financing Commission
borrowed in 1987, 1988, 1995, 2007, 2008, and 2009 ("Sunshine State Loans"); and
WHEREAS, Resolution No. 11-0228, adopted May 26, 2011 ("Bond Resolution"), and the Tax
Compliance Certificate, dated as of July 21, 2011 ("Tax Compliance Certificate"), for the Series
2011-A Bonds required that the remaining original issue proceeds, and any interest thereon, of the
2007, 2008, and 2009 Sunshine State Loans be spent on or before February 1, 2014, or if not
expended prior to February 1, 2014, then such original issue proceeds remaining outstanding, and
any interest thereon, would be used to pay interest on the Series 2011-A Bonds (principal payments
not beginning until 2017); and
WHEREAS, on February 1, 2014 the City still had remaining original issue proceeds from the
2007, 2008, and 2009 Sunshine State Loans in the amount of $12,880,098.22 and unspent interest
earnings, as of January 31, 2014, in the amount of $57,166.17, totaling $12,937,264.39; and
WHEREAS, historically all from General Funds transferred to debt service for the Series
2011-A Bonds for a total amount of $9,822,941.30, the City previously paid interest in the amounts of
(1) $1,942,999.38 on February 1, 2014, (2) totaling $3,885,998.76 for February 1, 2013 and August 1,
2013, and (3) totaling $3,993,943.16 for February 1, 2012 and August 1, 2012; and
WHEREAS, in order to comply with the City's continuing covenants under the Bond
Resolution and the Tax Compliance Certificate, and in accordance with advice from Bond Counsel,
the City now determines to: (1) recognize and reallocate $9,822,941.30 of the remaining original
issue proceeds of the Sunshine State Loans as debt service interest payments attributable to such
interest payments previously made for fiscal years 2014, 2013, and 2012; (2) recognize and
reallocate back to the General Fund $9,822,941.30 of earlier General Funds transferred to pay debt
service interest payments on the Series 2011-A Bonds for fiscal years 2012, 2013, and 2014; (3)
recognize and allocate the remaining original issue proceeds of the 2007, 2008, and 2009 Sunshine
State Loans in the amount of $3,114,323.09 and all unspent interest thereon through February 1,
2015 to the City's future August 1, 2014 and February 1, 2015 interest payments on the Series
City of Miami
Page 1 of 2 File Id: 14-00218 (Version: 3) Printed On: 12/27/2017
File Number: 14-00218 Enactment Number: R-14-01 5 6
2011-A Bonds; and (4) attribute the General Fund revenues in the amount of $11,765,940.68
previously budgeted to make such required debt service interest payments by separate resolutions to
amend, rebudget, reprogram, and reappropriate such previous General Funds to the Capital Projects
Appropriations of the City's Multi -Year Capital Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. In accordance with the Bond Resolution and the Tax Compliance Certificate, the
City Commission hereby authorizes to (1) recognize and reallocate $9,822,941.30 of the remaining
original issue proceeds of the Sunshine State Loans as debt service interest payments attributable to
such interest payments previously made for fiscal years 2014, 2013, and 2012; (2) recognize and
reallocate back to the General Fund $9,822,941.30 of earlier General Funds transferred to pay debt
service interest payments on the Series 2011-A Bonds for fiscal years 2012, 2013, and 2014; (3)
recognize and allocate the remaining original issue proceeds of the 2007, 2008, and 2009 Sunshine
State Loans in the amount of $3,114,323.09 and all unspent interest thereon through February 1,
2015 to the City's future August 1, 2014 and February 1, 2015 interest payments on the Series
2011-A Bonds; and (4) attribute the General Fund revenues in the amount of $11,765,940.68
previously budgeted to make such required debt service interest payments by separate resolutions to
amend, rebudget, reprogram, and reappropriate such previous General Funds to the Capital Projects
Appropriations of the City's Multi -Year Capital Plan.
Section 3. The City Manager, the City Attorney, Bond Counsel, Disclosure Counsel, and all
other officials, employees and agents of the City are hereby authorized{1} to take all actions required
in connection with this compliance resolution.
Section 4. This Resolution shall become effective{1} immediately upon its adoption and
signature by the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, It shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 14-00218 (Version: 3) Printed On: 12/27/2017