HomeMy WebLinkAboutR-15-0008City of Miami
Legislation
Resolution: R-15-0008
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-01320 Final Action Date: 1/8/2015
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; DIRECTING
THE CITY MANAGER TO REPORT TO THE CITY COMMISSION ALL AVAILABLE
FUNDING SOURCES FOR THE PAYMENT OF SAID CAPITAL IMPROVEMENTS
POJECTS WITHIN SIXTY (60) DAYS BUT NO LATER THAN THE MARCH 12, 2015
CITY COMMISSION MEETING.
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")
paid before the issuance of such Bonds will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder (collectively, the "IRS Code"), upon such
reimbursement so that the proceeds so used will no longer be subject to requirements or restrictions
under those sections of the IRS Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be a
declaration of official intent not later than sixty (60) days following payment of the Original
Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement occur
within certain prescribed time periods after the Original Expenditures are paid or after the property
resulting from that Original Expenditure is placed in service; and
WHEREAS, the 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
City of Miami
Page 1 of 3 File Id: 14-01320 (Version: 2) Printed On: 1/24/2018
File Number: 14-01320 Enactment Number: R-15-0008
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
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 an 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. The City Manager is directed to report the City
Commission all available funding sources for the payment of said Capital Improvements Projects
within sixty (60) days but no later than the March 12, 2015 City Commission meeting.
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File Number: 14-01320 Enactment Number: R-15-0008
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
signature of the Mayor.{1}
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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