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Home My WebLink AboutR-15-0304City of Miami Legislation Resolution: R-15-0304 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 15-00733 Final Action Date: 7/9/2015 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), PROVIDING FORA DESIGN AND CONSTRUCTION LOAN OF NOT TO EXCEED TWENTY-TWO MILLION, FOUR HUNDRED THIRTEEN THOUSAND, EIGHT HUNDRED DOLLARS ($22,413,800.00) ATAZERO PERCENT (0%) INTEREST RATE (COLLECTIVELY, "LOAN") TO THE CITY OF MIAMI ("CITY") FROM THE STATE OF FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION ("DEPARTMENT") CLEAN WATER STATE REVOLVING FUND PROGRAM ("PROGRAM") FOR THE WAGNER CREEK/SEYBOLD CANAL PROJECT SW132000 (COLLECTIVELY, "PROJECT"), WITH FORTY (40) SEMI-ANNUAL LOAN PAYMENTS BEGINNING ON OR ABOUT OCTOBER 15, 2017; FURTHER AUTHORIZING A LOAN SERVICE FEE OF NOT TO EXCEED FOUR HUNDRED FORTY-EIGHT THOUSAND, TWO HUNDRED AND SEVENTY SIX DOLLARS ($448,276.00) TO BE PAID ON OR ABOUT OCTOBER 15, 2017, BY THE CITY FOR THE LOAN THROUGH THE PROGRAM; MAKING CERTAIN FINDINGS AND DETERMINATIONS; RATIFYING, APPROVING AND CONFIRMING THE CITY'S AMENDED LOAN APPLICATION; AUTHORIZING AND DESIGNATING THE CITY MANAGER TO NEGOTIATE, EXECUTE AND DELIVER THE LOAN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY ("LOAN AGREEMENT"); FURTHER AUTHORIZING AND DESIGNATING THE CITY MANAGER TO NEGOTIATE, EXECUTE AND DELIVER, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, ALL OTHER NECESSARY AGREEMENTS, DOCUMENTS, AND INSTRUMENTS IN CONNECTION WITH THE LOAN AND THE LOAN AGREEMENT FOR THE PROJECT; SETTING CERTAIN BASIC PARAMETERS OF THE TERMS AND CONDITIONS OF THE LOAN AND THE LOAN AGREEMENT; ESTABLISHING PLEDGED REVENUES; DESIGNATING AND AUTHORIZING THE CITY MANAGER, THE CITY ATTORNEY, AND ALL OTHER NECESSARY CITY REPRESENTATIVES TO UNDERTAKE ALL OTHER ACTIONS IN CONNECTION HEREWITH FOR THE CITY'S COMPLIANCE WITH THE PROGRAM'S REQUIREMENTS; PROVIDING ASSURANCES; PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE. WHEREAS, Florida Statutes authorize the State of Florida Department of Environmental Protection ("Department") Clean Water State Revolving Fund Program ("Program") Program to provide for loans to local government agencies to finance the construction of wastewater treatment facilities; and WHEREAS, Florida Administrative Code rules require authorization to apply for loans, to establish pledged revenues, to designate an authorized representative; to provide assurances of compliance with loan program requirements; and to enter into a loan agreement; and WHEREAS, by Miami City Commission Resolution No. 14-0257, adopted July 10, 2014, ("Application Resolution"), the City of Miami, Florida ("City") has previously authorized the City City of Miami Page 1 of 4 File Id: 15-00733 (Version: 1) Printed On: 3/13/2018 File Number: 15-00733 Enactment Number: R-15-0304 Manager to submit an application to the Program for a design and construction loan of not to exceed Twenty -Two Million, Four Hundred Thirteen Thousand, Eight Hundred Dollars ($22,413,800.00) for the Wagner Creek/Seybold Canal Project ("Project"); and WHEREAS, the State Revolving Fund loan priority list has designated the City's Project as Project No. 13200 and as eligible for available funding under the Program; and WHEREAS, the City intends to enter into a loan agreement ("Loan Agreement") with the Department for the Loan under the State Revolving Fund for Project financing; and WHEREAS, pursuant to the Constitution of the State of Florida ("Constitution") and 403.1835, Florida Statutes, the Department through the Program proposes to make the Loan to the City for the Project; and WHEREAS, pursuant to the Constitution of the Constitution, Chapter 166, Florida Statutes, Sections 403.0891, 403.0893, and 403.1835, Florida Statutes, and Chapter 18, Article VIII -Stormwater Utility Fees of the Code of the City of Miami, as amended ("City Code"), the City proposes (a) to pledge stormwater utility fees ("Stormwater Utility Fees") to secure the Loan, and (b) to covenant to budget and appropriate such Stormwater Utility Fees on an annual basis to pay debt service on the Loan; and WHEREAS, the Stormwater Utility Fees have not been previously pledged to any other debts of the City, and are legally available to be pledged to secure and repay the Loan upon approval of this Resolution by the City Commission; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA, AS FOLLOWS: Section 1. The foregoing findings and recitals are incorporated herein by reference and made a part hereof. Section 2. The City of Miami, Florida ("City"), has previously authorized the City Manager to submit the initial application for the Loan for the Project and the City's additional amendments to the Loan application are hereby ratified, approved, and confirmed. Section 3. The City is hereby authorized to borrow the Loan at a zero percent (0%) interest rate for the Project, with forty (40) semiannual Loan payments beginning on or about October 15, 2017 and authorized to pay a loan service fee of not to exceed Four Hundred Forty -Eight Thousand , Two Hundred Seventy -Six Dollars ($448,276.00) to be paid on or about October 15, 2017 by the City for the Loan for the Program. Section 4. (a) Pursuant to the Constitution of the State of Florida ("Constitution"), Chapter 166, Florida Statutes, Sections 403.0891, 403.0893, and 403.1835, Florida Statutes, and Chapter 18, Article VIII -Stormwater Utility Fees of the Code of the City of Miami, as amended ("City Code"), the City hereby pledges stormwater utility fees ("Stormwater Utility Fees") to secure the Loan, and covenants to budget and appropriate such Stormwater Utility Fees on an annual basis to pay debt service on the Loan; and (b) the Stormwater Utility Fees have not been previously pledged to any other debts of the City, and are legally available to be pledged to secure and repay the Loan. City of Miami Page 2 of 4 File Id: 15-00733 (Version: 1) Printed On: 3/13/2018 File Number: 15-00733 Enactment Number: R-15-0304 Section 5 . The City Manager is hereby authorized{1} and designated as the authorized representative to provide the assurances and commitments required by the loan application, the Loan, and the Loan Agreement; and the City Manager, the City Attorney, and all other necessary City representatives are hereby authorized and designated to undertake all other actions in connection herewith for the City's compliance with the Program's requirements. Section 6. The City Manager is hereby authorized{1} and designated as the City's authorized representative to negotiate, execute and deliver the Loan Agreement, in a form acceptable to the City Attorney, which will become a binding obligation in accordance with its terms when signed by both parties. The City Manager is authorized{1} to represent the City in carrying out the City's responsibilities under the Loan Agreement. The City Manager is authorized{1} to delegate responsibility to appropriate City staff to carry out technical, financial, and administrative activities associated with the Loan Agreement. The City Manager is further authorized{1} to negotiate, execute and deliver, in a form acceptable to the City Attorney, all other necessary agreements, documents, and instruments in connection with the Loan and the Loan Agreement for the Project. Section 7. Pursuant to the Constitution of the State of Florida ("Constitution"), Chapter 166, Florida Statutes, Sections 403.0891, 403.0893, and 403.1835, Florida Statutes, and Chapter 18, Article VIII -Stormwater Utility Fees of the City Code, the City has the legal authority for borrowing moneys to construct this Project. Section 8. All resolutions or part of resolutions in conflict with any of the provisions of this Resolution are hereby repealed. Section 9. If any section or portion of a section of this Resolution proves to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any other section or part of this Resolution. Section 10. Security; Loan Not General Indebtedness. The Loan shall not be deemed to constitute general obligations or a pledge of the faith and credit of the City, FDEP, the Program, 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 Stormwater Utility Fees, in the manner and to the extent herein provided. No one 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, FDEP, the Program, or any other political subdivision of the State or the City or taxation in any form on any real or personal property to pay the Loan or the interest thereon, nor shall any one be entitled to payment of such principal of and interest from any other funds of the City other than the proceeds of the Pledged Stormwater Utility Fees, all in the manner and to the extent herein provided. The Loan and the indebtedness evidenced thereby shall not constitute a lien upon any real or personal property of the City, the State, FDEP, and the Program but shall constitute a lien only on the proceeds of the Pledged Stormwater Utility Fees, all in the manner and to the extent provided herein. Until payment has been provided as herein permitted, the payment of Loan shall be secured forthwith equally and ratably by a prior lien on the proceeds derived from the Pledged Stormwater Utility Fees, and the City does hereby irrevocably pledge the same to payment of the Loan when due. City of Miami Page 3 of 4 File Id: 15-00733 (Version: 1) Printed On: 3/13/2018 File Number: 15-00733 Enactment Number: R-15-0304 Section 11. Effective Date. This Resolution shall be effective 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 Resoution, 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 4 of 4 File Id: 15-00733 (Version: 1) Printed On: 3/13/2018