HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-19-0062
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 5384
Revision: A
File Name: Validate - Miami Forever Bond - Infrastructure
Requesting Dept: Office of Management and Budget
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
Introduced: 1/8/2019
Final Action Date: 2/14/2019
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
PROVIDING FOR THE ISSUANCE AND VALIDATION OF AN AGGREGATE
PRINCIPAL AMOUNT NOT EXCEEDING FOUR HUNDRED MILLION DOLLARS
($400,000,000.00) IN ONE OR MORE SEPARATE SERIES OF CITY OF MIAMI,
FLORIDA ("CITY") TAX-EXEMPT AND TAXABLE MIAMI FOREVER LIMITED AD
VALOREM TAX BONDS PAYABLE FROM AD VALOREM TAXES LEVIED ON ALL
TAXABLE PROPERTY IN THE CITY FOR CAPITAL PROJECTS TO REDUCE FLOODING
RISKS, IMPROVE STORMWATER INFRASTRUCTURE, IMPROVE AFFORDABLE HOUSING,
ECONOMIC DEVELOPMENT, PARKS, CULTURAL FACILITIES, STREETS AND
INFRASTRUCTURE, AND TO ENHANCE PUBLIC SAFETY WITH INTEREST PAYABLE AT
RATES NOT TO EXCEED THE MAXIMUM RATE ALLOWED BY LAW (COLLECTIVELY,
"MIAMI FOREVER LIMITED AD VALOREM TAX BONDS"); PROVIDING FOR THE LEVY AND
COLLECTION OF SAID LIMITED AD VALOREM TAXES FOR PAYMENT OF THE MIAMI
FOREVER LIMITED AD VALOREM TAX CAPITAL PROGRAMS BONDS PROVIDED THAT
THE OVERALL CITY CAPITAL PROJECTS DEBT MILLAGE SHALL NOT EXCEED THE
RATE OF 0.5935 AS APPROVED BY REFERENDUM VOTE ON NOVEMBER 7, 2017;
DESCRIBING, PROVIDING FOR, AND AUTHORIZING IN FURTHER DETAIL FOR BOND
VALIDATION OF (1) THE MIAMI FOREVER CAPITAL PROGRAMS APPROVED BY THE
VOTERS, BALLOT PROCESSES, ELECTION RESULTS, AND ELECTION CERTIFICATION,
ATTACHED AND INCORPORATED AS EXHIBITS "A" AND "B" AND (2) ISSUANCE OF AND
THE GENERAL DETAILS FOR ALL SERIES OF ALL MIAMI FOREVER LIMITED AD
VALOREM TAX CAPITAL PROGRAMS BONDS, INCLUDING BUT NOT LIMITED TO,
PLEDGED REVENUES FOR THE REPAYMENT THEREOF, INTEREST RATES, CREDIT
ENHANCEMENT, RESERVE FUNDS, DENOMINATIONS, NEGOTIATED OR COMPETITIVE
PUBLIC OFFERINGS, AND PRIVATE PLACEMENT METHODS OF SALES, REGISTRATION,
NOTICES, AND REDEMPTIONS; ALSO AS A SERIES RESOLUTION DESCRIBING,
PROVIDING FOR, AND AUTHORIZING THE ISSUANCE IN FURTHER DETAIL FOR BOND
VALIDATION OF THE AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING FORTY-THREE
MILLION, SIX HUNDRED FIFTY-THREE THOUSAND, THREE HUNDRED THIRTY-NINE
DOLLARS ($43,653,339.00) IN ONE (1) OR MORE SEPARATE SERIES OF CITY OF MIAMI,
FLORIDA LIMITED AD VALOREM TAX BONDS MIAMI FOREVER (INFRASTRUCTURE
PROGRAM) TAX-EXEMPT SERIES 2019A ("SERIES 2019A INFRASTRUCTURE BONDS') TO
FINANCE INFRASTRUCTURE PROJECTS, INCLUDING BUT NOT LIMITED TO, (1) THE
PARTICULAR INFRASTRUCTURE PROJECTS TO BE UNDERTAKEN BY THE CITY AS
GOVERNMENTAL PROJECTS OWNED AND OPERATED BY THE CITY AS DESCRIBED IN
THE ATTACHED AND INCORPORATED EXHIBIT "C," (2) PROVIDING A SECONDARY
SOURCE OF PAYMENT FOR SUCH MIAMI FOREVER INFRASTRUCTURE PROGRAMS
2019 BONDS FROM NON AD VALOREM REVENUES, (3) MAKING CERTAIN FINDINGS AND
DETERMINATIONS IN CONNECTION THEREWITH, (4) DETERMINING THE PARTICULAR
METHOD OF SALE, CREDIT ENHANCEMENT, IF ANY, RESERVE FUNDS, IF ANY,
DENOMINATIONS, INTEREST RATE(S), (5) AUTHORIZING ALL REQUIRED ACTIONS BY
THE CITY MANAGER, CITY ATTORNEY, CITY CLERK, AND ALL OTHER CITY OFFICIALS
TO UNDERTAKE ALL NECESSARY STEPS IN CONNECTION WITH SAID BOND
City of Miami Page 1 of 2 Printed on: 4/15/2025
City of Miami
Master Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Enactment Number: R-19-0062
VALIDATION, BOND ISSUANCE, NEGOTIATION, EXECUTION, AND DELIVERY OF
RELATED BOND PURCHASE AGREEMENT, OFFERING AND SALE DOCUMENTS, TAX
COMPLIANCE AGREEMENT, CONTINUING DISCLOSURE AGREEMENT, PARTICULAR
CREDIT ENHANCEMENT AGREEMENT, IF ANY, PAYING AGENT AND REGISTRAR
AGREEMENT, AND ALL OTHER NECESSARY DOCUMENTS, INSTRUMENTS, AND
AGREEMENTS TO BE NEGOTIATED, EXECUTED, AND DELIVERED BY THE CITY, ALL IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY AND BOND COUNSEL, AND (6) RATIFYING,
APPROVING, AND CONFIRMING CERTAIN NECESSARY ACTIONS BY THE CITY
MANAGER AND DESIGNATED DEPARTMENTS IN ORDER TO UPDATE THE RELEVANT
FINANCIAL CONTROLS, CAPITAL PLANS, AND COMPUTER SYSTEMS IN CONNECTION
THEREWITH; AND PROVIDING FOR SEVERABILITY AND APPLICABLE EFFECTIVE DATE.
Notes:
Links:
Attachments: 5384 Memo From City Manager (PDF)
5384 Exhibit-SUB(PDF)
History of Legislative File:
Revision: Acting Body: Date: Action: Result:
Christopher M Rose 2/5/2019 Department Head Review Completed
Sandra Bridgeman 2/5/2019 Assistant City Manager Review Completed
Legislative Division 2/5/2019 Legislative Division Review Completed
Nikolas Pascual 2/5/2019 City Manager Review Completed
City Commission 2/14/2019 Meeting Completed
City Commission 2/14/2019 ADOPTED WITH Passed
MODIFICATION(S)
A Mayor's Office 2/25/2019 Signed by the Mayor Completed
A City Clerk's Office 2/25/2019 Signed and Attested by the City Completed
Clerk
A Xavier Alban 2/26/2019 ACA Review Completed
A Barnaby L. Min 3/7/2019 Deputy City Attorney Review Completed
A Victoria Mendez 3/12/2019 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 3/13/2019 Rendered Completed
City of Miami Page 2 of 2 Printed on: 4/15/2025