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Home My WebLink AboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #11140 Resolution Sponsored by: Commissioner Ken Russell, Commissioner Manolo Reyes A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPORTIONING THE REMAINING MIAMI FOREVER BOND LIMITED AD VALOREM ("MIAMI FOREVER BOND") FUNDS ALLOCATED TO SEA LEVEL RISE MITIGATION AND FLOOD PREVENTION ("SLRMFP") IN THE TOTAL NOT TO EXCEED OF AMOUNT OF ONE HUNDRED SEVENTY-SEVEN MILLION, EIGHT HUNDRED SIXTY-FIVE THOUSAND, SEVENTY-TWO DOLLARS ($177,865,072.00) TO EACH COMMISSION DISTRICT AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE COMMISSIONER OF EACH DISTRICT TO ALLOCATE AND APPROPRIATE BY FUTURE RESOLUTION(S) TO ELIGIBLE PROJECTS; FURTHER APPORTIONING FIVE MILLION DOLLARS ($5,000,000.00) FROM EACH COMMISSION DISTRICT'S APPORTIONMENT FOR A TOTAL AMOUNT OF TWENTY-FIVE MILLION DOLLARS ($25,000,000.00) TO FUND CITY-WIDE SLRMFP PROJECTS AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE CITY COMMISSION TO ALLOCATE AND APPROPRIATE BY FUTURE RESOLUTION(S) TO ELIGIBLE CITY-WIDE PROJECTS; ALL ALLOCATIONS OF MIAMI FOREVER BOND FUNDS BY THE CITY COMMISSION TO ELIGIBLE PROJECTS ARE SUBJECT TO THE CITY OF MIAMI TAKING ANY AND ALL NECESSARY ACTIONS TO AMEND THE MULTI -YEAR CAPITAL PLAN AND COMPLIANCE WITH ALL APPLICABLE LAWS, RULES, REGULATIONS, AND AUTHORIZATIONS, INCLUDING BUT NOT LIMITED TO, FEDERAL LAWS, STATE LAWS, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE MIAMI FOREVER BOND VALIDATION ORDER. City of Miami Legislation Resolution Enactment Number: R-22-0081 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 11140 Final Action Date:2/24/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPORTIONING THE REMAINING MIAMI FOREVER BOND LIMITED AD VALOREM ("MIAMI FOREVER BOND") FUNDS ALLOCATED TO SEA LEVEL RISE MITIGATION AND FLOOD PREVENTION ("SLRMFP") IN THE TOTAL NOT TO EXCEED OF AMOUNT OF ONE HUNDRED SEVENTY-SEVEN MILLION, EIGHT HUNDRED SIXTY-FIVE THOUSAND, SEVENTY-TWO DOLLARS ($177,865,072.00) TO EACH COMMISSION DISTRICT AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE COMMISSIONER OF EACH DISTRICT TO ALLOCATE AND APPROPRIATE BY FUTURE RESOLUTION(S) TO ELIGIBLE PROJECTS; FURTHER APPORTIONING FIVE MILLION DOLLARS ($5,000,000.00) FROM EACH COMMISSION DISTRICT'S APPORTIONMENT FOR A TOTAL AMOUNT OF TWENTY-FIVE MILLION DOLLARS ($25,000,000.00) TO FUND CITY-WIDE SLRMFP PROJECTS AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE CITY COMMISSION TO ALLOCATE AND APPROPRIATE BY FUTURE RESOLUTION(S) TO ELIGIBLE CITY-WIDE PROJECTS; ALL ALLOCATIONS OF MIAMI FOREVER BOND FUNDS BY THE CITY COMMISSION TO ELIGIBLE PROJECTS ARE SUBJECT TO THE CITY OF MIAMI TAKING ANY AND ALL NECESSARY ACTIONS TO AMEND THE MULTI -YEAR CAPITAL PLAN AND COMPLIANCE WITH ALL APPLICABLE LAWS, RULES, REGULATIONS, AND AUTHORIZATIONS, INCLUDING BUT NOT LIMITED TO, FEDERAL LAWS, STATE LAWS, THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND THE MIAMI FOREVER BOND VALIDATION ORDER. 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 ("Miami Forever Bond"); and WHEREAS, One Hundred Ninety -Two Million Dollars ($192,000,000.00) of the Miami Forever Bond funds were allocated for Sea Level Rise Mitigation and Flood Prevention projects intended to mitigate the most severe current and future effects of sea level rise, flooding risks, and vulnerabilities through strategic infrastructure investments ("SLRMFP Funds"); and WHEREAS, the City's objectives for the use of the SLRMFP Funds are to minimize flooding frequency, severity, duration, and impacts; protect critical infrastructure and high -use areas; and reduce financial and economic vulnerability; and WHEREAS, Ten Million, Two Hundred Ninety -Four Thousand, Nine Hundred Twenty - Eight Dollars ($10,294,928.00) of the SLRMFP Funds have already been allocated by the City Commission for eligible projects; and WHEREAS, one of the themes that the City has developed and implemented for the Miami Forever Bond is Equity with the purpose of ensuring that the benefits of the Miami Forever Bond are fairly distributed across the City and all income levels, maintaining the cohesiveness of the City's social fabric and diversity; and WHEREAS, the Commissioner for each City Commission District is best situated to know and understand the needs of his or her respective District; and WHEREAS, the City Commission believes it is in the best interest of the City to apportion the remaining One Hundred Seventy -Seven Million, Eight Hundred Sixty -Five Thousand, Seventy -Two Dollars ($177,865,072.00) of SLRMFP Funds to the five (5) Commission Districts as indicated in Exhibit "A," attached and incorporated; and WHEREAS, the City Commission additionally believes it is in the best interest of the City to apportion Five Million Dollars ($5,000,000.00) from each Commission District's apportionment for a total of Twenty -Five Million Dollars ($25,000,000.00) to fund City-wide SLRMFP projects as indicated in Exhibit "A," attached and incorporated; 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 apportions the remaining Miami Forever Bond SLRMFP Funds in an amount not to exceed One Hundred Seventy -Seven Million, Eight Hundred Sixty -Five Thousand, Seventy -Two Dollars ($177,865,072.00) equally between the five (5) Commission Districts as indicated in Exhibit "A," attached and incorporated, for the Commissioner of each District to allocate and appropriate by future resolution(s) to eligible projects, subject to the City taking any and all necessary actions to amend the Multi -Year Capital Plan and to comply with all applicable laws, rules, regulations, and authorizations, including but not limited to, federal laws, State laws, the Charter of the City of Miami, Florida, as amended ("City Charter"), the Code of the City of Miami, Florida, as amended ("City Code"), and the Miami Forever Bond Validation Order. Section 3. The City Commission hereby further apportions Five Million Dollars ($5,000,000.00) from each Commission District's apportionment for a total amount of Twenty - Five Million Dollars ($25,000,000.00) to fund City-wide SLRMFP projects as indicated in Exhibit "A," attached and incorporated, for the City Commission to allocate and appropriate by future resolution(s) to eligible City-wide projects, subject to the City taking any and all necessary actions to amend the Multi -Year Capital Plan and to comply with all applicable laws, rules, regulations, and authorizations, including but not limited to, federal laws, State laws, the City Charter, the City Code, and the Miami Forever Bond Validation Order. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 11/30/2021 rt6 ia` /,� de��S z, pity ttor