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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #4367 Resolution Sponsored by: Commissioner Ken Russell A RESOLUTION OF THE MIAMI CITY COMMISSION ALLOCATING FUNDS IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00), FROM THE AFFORDABLE HOUSING CATEGORY OF A FUTURE SERIES OF MIAMI FOREVER TAX-EXEMPT OR TAXABLE LIMITED AD VALOREM TAX BONDS ("MIAMI FOREVER BONDS"), SUBJECT TO: (A) COMPLIANCE WITH THE CONSTITUTION OF THE STATE OF FLORIDA, THE UNITED STATES INTERNAL REVENUE CODE, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ANY AND ALL OTHER FEDERAL, STATE, AND LOCAL LAW REQUIREMENTS, AND ANY REQUIRED BOND VALIDATION, (B) APPROVAL BY THE MIAMI FOREVER BOND PROGRAM CITIZENS OVERSIGHT BOARD, AND (C) ALL OTHER MATTERS AND ACTIONS NECESSARY, IN A FORM ACCEPTABLE TO BOND COUNSEL, DISCLOSURE COUNSEL, FINANCIAL ADVISORS, AND CITY ATTORNEY TO BE USED WITHIN DISTRICT 2, TOWARD SINGLE FAMILY HOME REHABILITATION FOR RESIDENTS AT ONE HUNDRED FORTY PERCENT (140%) ADJUSTED MEDIAN INCOME OR BELOW, WITH FUNDS TO BE APPROPRIATED BY SEPARATE RESOLUTION(S). City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 4367 Final Action Date:12/13/2018 A RESOLUTION OF THE MIAMI CITY COMMISSION ALLOCATING FUNDS IN AN AMOUNT NOT TO EXCEED TWO MILLION DOLLARS ($2,000,000.00), FROM THE AFFORDABLE HOUSING CATEGORY OF A FUTURE SERIES OF MIAMI FOREVER TAX-EXEMPT OR TAXABLE LIMITED AD VALOREM TAX BONDS ("MIAMI FOREVER BONDS"), SUBJECT TO: (A) COMPLIANCE WITH THE CONSTITUTION OF THE STATE OF FLORIDA, THE UNITED STATES INTERNAL REVENUE CODE, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ANY AND ALL OTHER FEDERAL, STATE, AND LOCAL LAW REQUIREMENTS, AND ANY REQUIRED BOND VALIDATION, (B) APPROVAL BY THE MIAMI FOREVER BOND PROGRAM CITIZENS OVERSIGHT BOARD, AND (C) ALL OTHER MATTERS AND ACTIONS NECESSARY, IN A FORM ACCEPTABLE TO BOND COUNSEL, DISCLOSURE COUNSEL, FINANCIAL ADVISORS, AND CITY ATTORNEY TO BE USED WITHIN DISTRICT 2, TOWARD SINGLE FAMILY HOME REHABILITATION FOR RESIDENTS AT ONE HUNDRED FORTY PERCENT (140%) ADJUSTED MEDIAN INCOME OR BELOW, WITH FUNDS TO BE APPROPRIATED BY SEPARATE RESOLUTION(S). WHEREAS, on November 7, 2017, the registered voters of the City of Miami ("City") approved by referendum ballot for the City to issue General Obligation Bonds in an aggregate principal amount not to exceed Four Hundred Million Dollars ($400,000,000.00) with interest payable at or below the maximum rate allowed by law payable from ad valorem taxes levied on all taxable property in the City, provided that the capital projects' debt millage not exceed the current rate of 0.5935, for capital projects to reduce flooding risks; improve stormwater infrastructure; enhance public safety; and improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure, commonly referred to as the "Miami Forever Bonds"; and WHEREAS, the City Commission adopted Ordinance No. 13752 on March 22, 2018 creating the Miami Forever Bond Program Citizens' Oversight Board ("Board") in order to ensure that the Miami Forever Bond Program ("Program") has transparent and accountable internal project management and progress reporting, proactive community engagement and communications, and citizen oversight of the Program to complement the standard oversight provided by the City Commission; and WHEREAS, an amount not to exceed of Two Million Dollars ($2,000,000.00) from the Affordable Housing Category of the Program, through a future series of Miami Forever Tax - Exempt or Taxable Limited Ad Valorem Tax Bonds ("Miami Forever Bonds"), subject to: (a) compliance with the Constitution of the State of Florida ("State Constitution"), the United States Internal Revenue Code ("IRS Code"), the Charter of the City of Miami, Florida ("City Charter"), the Code of the City of Miami, Florida, as amended ("City Code"), all other federal, state, and local law requirements and any required bond validation, (b) approval by the Board, and (c) all other matters and actions necessary, in a form acceptable to Bond Counsel, Disclosure Counsel, Financial Advisors, and the City Attorney is needed to be used within District 2, toward single family home rehabilitation for residents at one hundred forty percent (140%) of adjusted median income or below; and WHEREAS, such funds would be appropriated by separate future resolution(s); 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. The City Commission hereby allocates funds in an amount not to exceed Two Million Dollars ($2,000,000.00) from the Affordable Housing Category of a future series of the Miami Forever Bonds, subject to: (a) compliance with the State Constitution, the IRS Code, the City Charter, the City Code, any and all other federal, state, and local law requirements, and any required bond validation, (b) approval by the Board, and (c) all other matters and actions necessary, in a form acceptable to Bond Counsel, Disclosure Counsel, Financial Advisors, and the City Attorney to be used within District 2, toward single family home rehabilitation for residents at one hundred forty percent (140%) of adjusted median income or below, with funds to be appropriated by separate resolution(s). Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor'. APPROVED AS TO FORM AND CORRECTNESS: nd` City Attar ey 6/19/2018 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.