HomeMy WebLinkAboutR-15-0169City of Miami
Legislation
Resolution: R-15-0169
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-01252 Final Action Date: 4/9/2015
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), IN
COMPLIANCE WITH RESOLUTION NO. R-07-0586, ADOPTED OCTOBER 11,
2007 ("BOND RESOLUTION"), AND THE TAX COMPLIANCE CERTIFICATE,
DATED AS OF DECEMBER 5, 2007 ("TAX COMPLIANCE CERTIFICATE") FOR THE
$80,000,000.00 CITY OF MIAMI, FLORIDA SPECIAL OBLIGATION BONDS, SERIES
2007 (STREET AND SIDEWALK IMPROVEMENT PROGRAM) ("SERIES 2007
BONDS"); AUTHORIZING THE CITY MANAGER, THE CITY ATTORNEY, BOND
COUNSEL, DISCLOSURE COUNSEL, AND ALL OTHER NECESSARY OFFICIALS,
EMPLOYEES, AND AGENTS OF THE CITY OF MIAMI ("CITY") TO TAKE ALL
ACTIONS REQUIRED IN CONNECTION WITH THIS CONTINUING COMPLIANCE
RESOLUTION; MAKING AMENDMENTS TO PREVIOUS APPROPRIATIONS
RELATING TO THE CAPITAL FUND, THE DEBT SERVICE FUND, GENERAL
FUND, AND SPECIAL REVENUE FUNDS BUDGETS FOR THE CURRENT FISCAL
YEAR 2015 AND THE PREVIOUS FISCAL YEAR ENDING SEPTEMBER 30, 2014
TO COMPLY WITH THE BOND RESOLUTION AND THE TAX COMPLIANCE
CERTIFICATE FOR THE SERIES 2007 BONDS; AND AMENDING THE CITY'S
FISCAL YEAR 2014-2015 MULTI -YEAR CAPITAL PLAN ADOPTED SEPTEMBER 9,
2014 PURSUANT TO RESOLUTION NO. 14-0322, AS SUBSEQUENTLY AMENDED
("PLAN"), FOR CAPITAL IMPROVEMENTS PROJECTS ("PROJECTS") AND
APPROPRIATIONS TO THOSE PREVIOUSLY LISTED IN THE PLAN, AND
REVISING AND AMENDING CURRENT APPROPRIATIONS AMONG PREVIOUSLY
APPROVED PROJECTS; FURTHER APPROPRIATING FUNDING FOR PROJECTS,
ALL AS INDICATED IN CONSOLIDATED EXHIBITS A AND B, ATTACHED AND
INCORPORATED; RATIFYING, APPROVING, AND CONFIRMING CERTAIN
NECESSARY ACTIONS BY THE CITY MANAGER AND DESIGNATED CITY
DEPARTMENTS IN ORDER TO UPDATE THE RELEVANT FINANCIAL CONTROLS
AND COMPUTER SYSTEMS IN CONNECTION THEREWITH.
WHEREAS, on December 5, 2007, the City of Miami ("City") issued $80,000,000.00 of Special
Obligation Bonds, Series 2007 (Street and Sidewalk Improvement Program) ("Series 2007 Bonds") to
(i) finance the costs of acquisition, construction, and improvements to certain roadways, streetscapes,
and related appurtenances within the City as described in the Bond Resolution defined below, (ii)
fund a deposit to the Reserve Fund for the Series 2007 Bonds, and (iii) pay costs of issuance for the
Series 2007 Bonds; and
WHEREAS, Resolution No. R-07-0586, adopted October 11, 2007 ("Bond Resolution"), and the
related Tax Compliance Certificate, dated as of December 5, 2007 ("Tax Compliance Certificate"), for
the Series 2007 Bonds required that the remaining unspent proceeds, and any interest thereon, be
spent on or before December 5, 2012, or if not expended prior to December 5, 2012, then such
original issue proceeds remaining outstanding, and any interest thereon, would be used to pay
principal and interest on the Series 2007 Bonds; and
City of Miami
Page 1 of 6 File Id: 14-01252 (Version: 1) Printed On: 2/22/2018
File Number: 14-01252 Enactment Number: R-15-0169
WHEREAS, in accordance with the Bond Resolution, the Tax Compliance Certificate, and the
Financial Guarantee Agreement dated as of December 5, 2007, the Series 2007 Bonds remain
insured by a financial guaranty insurance policy ("Bond Insurance Policy") and the Reserve Fund
Requirement for the Series 2007 Bonds remains fully funded by a debt service surety bond ("Surety
Bond"), both issued by MBIA Insurance Corporation, as merged with National Public Finance
Guarantee Corporation (collectively, "MBIA"), and the City (a) has provided MBIA a copy of this
Compliance Resolution and related agenda package for MBIA's records, and (b) will provide MBIA
with a final approved copy of this Compliance Resolution and all attachments thereto after City
Commission approval; and
WHEREAS, as of the previous Fiscal Year ended September 30, 2014, the City has updated it's
Arbitrage Rebate Report for the Series 2007 Bonds pursuant to the Bond Resolution and the Tax
Compliance Certificate, and no rebate amount is due to the U.S. Internal Revenue Service; and
WHEREAS, from the $80,073,810 of Series 2007 Bond proceeds deposited on December 5,
2007, as of January 9, 2015, the City still has remaining in the Streets and Sidewalk Capital Fund
Series 2007 Bonds original issue proceeds in the amount of $3,127,792 (allocated to municipal
capital improvement projects, but unspent) and unspent and unallocated interest earnings in the
amount of $4,090,103, totaling $7,217,895; and
WHEREAS, historically from the date of issuance of the Series 2007 Bonds for debt service
payments commencing January 1, 2008 through January 1, 2015 , the designated pledged revenues
for the Series 2007 Bonds; (Local Option Gas Taxes from the Revenue Object Line Item in the
General Fund, twenty percent (20%) of the Parking Surcharges in the Revenue Object Line item in
the General Fund, and eighty percent (80%) of the City's portion of the Transportation Surtaxes
Special Revenue Funds, being collectively the "Designated Revenues") have been previously
transferred to the Debt Service Fund for the Series 2007 Bonds for a total amount of $38,341,707
and the City has previously paid (a) for the current Fiscal Year 2015 principal and interest in the total
amounts of $3,494,478 on January 1, 2015, and (b) for the Fiscal Year ended September 30, 2014,
principal and interest in the total amount of $3,457,578 on January 1, 2014 and interest only in the
amount of $1,764,478 on July 1, 2014, totaling $8,716,534 for all three (3) debt service payments;
and
WHEREAS, for the current Fiscal Year 2015, the City's required 2015 debt service payments for
the Series 2007 Bonds have all been previously budgeted in and appropriated from the Debt Service
Fund pursuant to the City's Fiscal Year 2014-2015 Final Budget requirements authorized pursuant to
City Commission Resolution No. 14-0362, adopted September 23, 2014, as subsequently amended
from time to time ("Budget"); and
WHEREAS, also for the current Fiscal Year 2015, the City Commission has previously adopted
the City's Fiscal Year 2014-2015 Multi -Year Capital Plan pursuant to Resolution No. 14-0322, adopted
September 9, 2015, as subsequently amended by Resolution No. 14-0383, adopted September 29,
2014, Resolution No. 14-0445, adopted November 20, 2014, Resolution Nos. 15-0008 and 15-0012,
adopted January 8, 2015, and Resolution No. 15-0048, adopted February 12, 2015 (collectively, the
"Plan"); and
WHEREAS, accordingly, for the current Fiscal Year 2015, in order to comply with the City's
continuing covenants under the Bond Resolution and the Tax Compliance Certificate, and in
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File Number: 14-01252 Enactment Number: R-15-0169
accordance with advice from Bond Counsel, the City now determines to: (1) recognize and reallocate
$1,995,839 of the remaining unspent proceeds and interest earnings of the Series 2007 Bonds as a
debt service payment attributable to such payment previously made on January 1, 2015; (2)
recognize and reallocate back to the Local Option Gas Taxes Revenue Object Line Item in the
General Fund the amount of $771,244, and to the Transportation Surtaxes Special Revenue Fund
the amount of $1,224,595, totaling $1,995,839 of the earlier General Funds and Special Revenue
Funds, as applicable, transferred to pay debt service payments on the Series 2007 Bonds on January
1, 2015; and (3) attribute the related General Fund and Special Revenue Fund revenues in the
amount of $1,995,839 previously budgeted to make such required debt service payments to amend,
re -budget, reprogram, and re -appropriate such previous General Fund and Special Revenue Fund
amounts as necessary to the Streets and Sidewalk Capital Fund for municipal capital improvements
projects appropriations as part of the close-out processes for the remaining proceeds and interest on
the Series 2007 Bonds pursuant to the Plan, as set forth in Composite Exhibits A and B described
below; and
WHEREAS, accordingly, for the Fiscal Year ended September 30, 2014, 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
$5,222,056 of the remaining unspent proceeds and interest earnings of the Series 2007 Bonds as a
debt service payment attributable to such payments previously made on January 1, 2014 and July 1,
2014; (2) recognize and reallocate back to the Local Option Gas Taxes Revenue Object Line Item in
the General Fund the amount of $1,379,618, to the Parking Surcharges Revenue Object Line Item in
the General Fund the amount of $756,594, and to the Transportation Surtaxes Special Revenue
Fund, the amount of $3,085,844, totaling $5,222,056 of the earlier General Funds and Special
Revenue Funds, as applicable, transferred to pay debt service payments on the Series 2007 Bonds
on January 1, 2014 and July 1, 2014; and (3) attribute the related General Fund and Special
Revenue Fund revenues, as applicable, in the total amount of $5,222,056 previously budgeted to
make such required debt service payments to amend, re -budget, reprogram, and re -appropriate such
previous General Fund and Special Revenue Fund amounts as necessary to the Streets and
Sidewalk Capital Fund for municipal capital improvements projects appropriations as part of the
close-out processes for the remaining proceeds and interest on the Series 2007 Bonds pursuant to
the Plan, as set forth in Composite Exhibits A and B described below; and
WHEREAS, it is now also in the best interests of the City to revise and amend in the Plan certain
municipal capital improvement projects as set forth below and to select, revise and update certain
previous appropriations to be reallocated within the City's Capital Fund for the Plan; and
WHEREAS, the previous appropriations remain authorized to continue previously approved
municipal capital improvements projects and with the amendments to municipal capital improvements
projects set forth below, are collectively hereinafter referred to as the "Projects", all as set forth on
Consolidated Exhibits A and B, attached and incorporated; and
WHEREAS, it is now necessary in order to approve appropriations for existing sources of
revenues for current Fiscal Year 2015 and amend to prior Fiscal Year 2014 appropriations in Capital
Funds based on the following format:
Fund 30000
Fund 31000
Community Redevelopment Area
General Government
City of Miami Page 3 of 6 File Id: 14-01252 (Version: 1) Printed On: 2/22/2018
File Number: 14-01252 Enactment Number: R-15-0169
Fund 32000
Fund 33000
Fund 34000
Fund 35000
Fund 36000
Fund 37000
Fund 38000
Fund 39000
Fund 39900
Fund 98004
Public Safety
Disaster Recovery
Public Facilities
Parks & Recreation
Streets & Sidewalks
Sanitary Sewers
Storm Sewers
Solid Waste
Mass Transit
ARRA Others - Memo Only;
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. For the current Fiscal Year 2015, 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 Commission hereby (a) authorizes the City Manager, City
Attorney, Bond Counsel, Disclosure Counsel, and all other necessary officials, employees and agents
of the City to: (1) recognize and reallocate $1,995,839 of the remaining unspent proceeds and
interest earnings of the Series 2007 Bonds as a debt service payment attributable to such payment
previously made on January 1, 2015; (2) recognize and reallocate back to the Local Option Gas
Taxes Revenue Object Line Item in the General Fund the amount of $771,244, and to the
Transportation Surtaxes Special Revenue Fund the amount of $1,224,595, totaling $1,995,839 of the
earlier General Funds and Special Revenue Fund, as applicable, transferred to pay debt service
payments on the Series 2007 Bonds on January 1, 2015; and (3) attribute the related General Fund
and Special Revenue Fund revenues in the amount of $1,995,839 previously budgeted to make such
required debt service payments to amend, re -budget, reprogram, and re -appropriate such previous
General Fund and Special Revenue Fund amounts as necessary to the Streets and Sidewalk Capital
Fund for municipal capital improvements projects appropriations as part of the close-out processes
for the remaining proceeds and interest on the Series 2007 Bonds pursuant to the Plan, as set forth
in Composite Exhibits A and B described below; and (b) delegates to the City Manager or his/her
designees the authority to issue appropriate project and account numbers and to execute minor
associated re -appropriations as necessary to these funds to effectuate the above ongoing
compliance intent.
Section 3. For the Fiscal Year ended September 30, 2014, 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 Commission hereby (a) authorizes the City
Manager, the City Attorney, Bond Counsel, Disclosure Counsel, and all other necessary officials,
employees, and agents of the City to: (1) recognize and reallocate $5,222,056 of the remaining
unspent proceeds and interest earnings of the Series 2007 Bonds as a debt service payment
attributable to such payments previously made on January 1, 2014 and July 1, 2014; (2) recognize
and reallocate back to the Local Option Gas Taxes Revenue Object Line Item in the General Fund the
amount of $1,379,618, to the Parking Surcharges Revenue Object Line Item in the General Fund the
amount of $756,594, and to the Transportation Surtaxes Special Revenue Fund the amount of
City of Miami Page 4 of 6 File Id: 14-01252 (Version: 1) Printed On: 2/22/2018
File Number: 14-01252 Enactment Number: R-15-0169
$3,085,844, totaling $5,222,056 of the earlier General Funds and Special Revenue Funds, as
applicable, transferred to pay debt service payments on the Series 2007 Bonds on January 1, 2014
and July 1, 2014; and (3) attribute the related General Fund and Special Revenue Fund revenues, as
applicable, in the total amount of $5,222,056 previously budgeted to make such required debt service
payments to amend, re -budget, reprogram, and re -appropriate such previous General Fund and
Special Revenue Fund amounts as necessary to the Streets and Sidewalk Capital Fund for municipal
capital improvements projects appropriations as part of the close-out processes for the remaining
proceeds and interest on the Series 2007 Bonds pursuant to the Plan, as set forth in Composite
Exhibits A and B described below; and (b) delegates to the City Manager or his/her designees the
authority to issue appropriate project and account numbers and to execute minor associated
re -appropriations as necessary to these funds to effectuate the above ongoing compliance intent.
Section 4. 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 continuing compliance resolution.
Section 5. For the current Fiscal Year commencing October 1, 2014 and ending September 30,
2015:
(a) The Debt Service Funds for the Series 2007 Bonds are not increased or decreased as the
payments to be made in those funds are not changing. Transfers In to the Debt Service
Fund in the amount of $1,995,839 will be transferred from the Street Bond 2007 Series
Capital Fund (36100) instead of from the Local Option Gas Taxes Revenue Object Line
Item in the General Fund and the Transportation Surtaxes Special Revenue Funds; and
(b) The Streets and Sidewalk Capital Fund is increased by $1,995,839 to allow for Transfers
Out in that amount from the Local Option Gas Taxes Revenue Object Line Item in the
General Fund and the Transportation Surtaxes Special Revenue Fund. An adjustment will
be made in the Fiscal Year 2015 Midyear Appropriation to reallocate the transferred
amounts.
Section 6. For the previous Fiscal Year commencing October 1, 2013 and ending September 30,
2014:
(a) Expenditures in the amount of $5,222,056 are recognized as funding and attributed in the
Local Option Gas Taxes Revenue Object Line in the General Fund in the amount of $1,379,618, in
the Parking Surcharges Revenue Object Line Item in the General Fund in the amount of $756,594,
and the Transportation Surtaxes Special Revenue Funds in the amount of $3,085,844, for the
January 1, 2014 and July 1, 2014 debt service payments totaling $5,222,056; and
(b) Expenditures in the amount of $5,222,056 are recognized as funding and attributed in the
Debt Service Funds for the Series 2007 Bonds from the above General Funds and Special Revenue
Funds.
Section 7. The City's Fiscal Year 2014-2015 Multi -Year Capital Plan adopted September 9,
2014 pursuant to Resolution No. 14-0322, as subsequently amended (collectively, "Plan"), is further
City of Miami Page 5 of 6 File Id: 14-01252 (Version: 1) Printed On: 2/22/2018
File Number: 14-01252 Enactment Number: R-15-0169
amended to amend Projects and to revise current appropriations among previously approved Projects
as set forth in Consolidated Exhibits A and B, attached and incorporated.
Fund 31000 General Government
Fund 32000 Public Safety
Fund 33000 Disaster Recovery
Fund 34000 Public Facilities
Fund 35000 Parks & Recreation
Fund 36000 Streets & Sidewalks
Fund 37000 Sanitary Sewer
Fund 38000 Storm Sewers
Fund 39000 Solid Waste
Fund 39900 Mass Transit
TOTAL
$14,692,470.13
$12,994,208.61
$ 2,205,820.26
$32,450,712.19
$57,550,745.01
$85,407,078.53
$ 5,128,871.42
$21,544,052.38
$ 1,185,773.71
$ 2,042,907.94
$235,202,640.18
Section 8. Certain necessary actions by the City Manager and designated City Departments in
order to update the relevant financial controls and computer systems in connection with the Plan and
the Budget to implement the Projects and for continuing compliance with the Bond Resolution and the
Tax Compliance Certificate for the Series 2007 Bonds are ratified, approved, and confirmed.
Section 9. This Resolution shall become effective immediately upon its adoption and signature by
the Mayor. {1}
Footnotes:
{1 } if the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, It shall become
effective immediately upon override of the veto by the City Commission.
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