HomeMy WebLinkAboutResolutionCity of Miami
Resolution
Legislation
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).
SPONSOR(S): Commissioner Ken Russell
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 U nited States
Internal Revenue Code ("IRS Code"), the Charter of the City of Miami, Florida ("City Charter"),
City of Miami Page 1 of 2 File ID: 4367 (Revision: A) Printed On: 2/25/2025
File ID: 4367 Enactment Number:
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:
ndez, ity Attor
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.
City of Miami Page 2 of 2 File ID: 4367 (Revision: A) Printed on: 2/25/2025