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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-01320 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY")
TO ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS IN THE
EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF SIXTEEN MILLION
DOLLARS ($16,000,000.00) IN ORDER TO, AMONG OTHER THINGS, REIMBURSE
ITSELF FROM THE PROCEEDS OF SUCH SPECIAL OBLIGATION BONDS FOR
FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED WITH
RESPECT TO CERTAIN CAPITAL IMPROVEMENTS PROJECTS FOR THE AREAS
SURROUNDING THE MIAMI MARINE STADIUM; ESTABLISHING CERTAIN
RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER
AND INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH
THE CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE
OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER
DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103
AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR
CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 9, 2014, AS
SUBSEQUENTLY AMENDED.
WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement Regulations")
prescribe conditions under which proceeds of tax-exempt bonds, notes or other obligations ("Bonds")
used to reimburse advances made for capital and certain other expenditures ("Original Expenditures")
paidbefore the issuance of such Bonds will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder (collectively, the "IRS Code"), upon such
reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions
under those sections of the IRS Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be a
declaration of official intent not later than sixty (60) days following payment of the Original
Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur
within certain prescribed time periods after the Original Expenditures are paid or after the property
resulting from that Original Expenditure is placed in service; and
WHEREAS, the City Commission ("Commission") of the City of Miami, Florida ("City") expects to
provide for the issuance by the City of its tax-exempt and taxable special obligation bonds in a total
principal amount not to exceed Sixteen Million Dollars ($16,000,000.00) (collectively, "Special
Obligation Bonds") for the purposes of financing the costs of certain capital improvements projects
relating to the areas surrounding the Miami Marine Stadium (collectively, the "Miami Marine Stadium
Areas Capital Improvements Projects") in order to provide necessary capital upgrades for the City's
public exhibition and parking areas for the Miami International Boat Show and the City's general safe
public recreational, cultural, and marine environmental educational uses; and
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File Number: 14-01320
WHEREAS, in connection with the Miami Marine Stadium Areas Capital Improvements Projects,
the City expects to make Original Expenditures that will be reimbursed from proceeds of the Special
Obligation Bonds as will be set forth in the City Manager's subsequent Memorandum for Reimbursable
Funds Advanced ("City's Manager's Memorandum"); and
WHEREAS, in connection with the Miami Marine Stadium Areas Capital Improvements Projects,
the City desires to expeditiously improve and provide capital projects updates on multiple areas for
which the City has already determined funding considerations in its Fiscal Year 2014-2015 Multi -Year
Capital Plan adopted September 9, 2014 pursuant to City Commission Resolution No. 14-0322, as
subsequently amended ("Multi -Year Capital Plan"), by amending the Multi -Year Capital Plan, as set
forth below to include the Miami Marine Stadium Areas Capital Improvements Projects and the
associated financing as referenced by this resolution;
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 Special Obligation Bonds, evidenced in
writing by a,n allocation on the books and records of the City that shows the use of the proceeds of the
Special Obligation Bonds to restore the money advanced for the Original Expenditures.
"Reimbursement" or "Reimburse" generally does not include the refunding or retiring of Bonds
previously issued and sold to, or borrowings from, unrelated entities.
Section 3. Declaration of Official Intent. The Commission hereby declares the City's official intent
to issue the tax-exempt and taxable Special Obligation Bonds in the total expected maximum principal
amount of Sixteen Million Dollars ($16,000,000.00) and, to the extent permissible under the IRS Code
regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special Obligation
Bonds to reimburse the City for funds advanced by it for Original Expenditures incurred and to be
incurred with respect to the Miami Marine Stadium Areas Capital Improvements 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.
Section 4. Incidental Actions. The City Manager, in consultation with the City Attorney and Bond
Counsel, and such other appropriate officers, employees and agents of the City as the City Manager
deems necessary, are hereby authorized to take such actions as may be necessary to carry out the
purposes of this Resolution and the IRS Code.
Section 5. Related Amendment of the City's Multi -Year Capital Plan. The Multi -Year Capital Plan is
amended: (i) to include the Miami Marine Stadium Areas Capital Improvements Projects and the
associated financing as referenced in this resolution, with new project numbers to be determined by
the City Manager; and (ii) to require that future reallocations of funding sources be presented to City
Commission from time to time in connection with said financing and said Miami Marine Stadium Areas
Capital Improvements Projects.
Section 6 . Effective Date. This Resolution shall take effect immediately upon its adoption and
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signature of the Mayor.{1}
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ
CITY ATTORNEY
Footnotes:
{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.
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