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HomeMy WebLinkAboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #12562 Resolution Sponsored by: 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 PARKS AND CULTURAL FACILITIES IN THE TOTAL NOT TO EXCEED OF AMOUNT OF FIFTY-TWO MILLION, SIX HUNDRED FIFTY-ONE THOUSAND, SEVEN HUNDRED SEVENTY- ONE DOLLARS ($52,651,771.00), MINUS THE COST OF ISSUANCE, 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; 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-22-0367 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12562 Final Action Date:9/22/2022 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 PARKS AND CULTURAL FACILITIES IN THE TOTAL NOT TO EXCEED OF AMOUNT OF FIFTY-TWO MILLION, SIX HUNDRED FIFTY-ONE THOUSAND, SEVEN HUNDRED SEVENTY- ONE DOLLARS ($52,651,771.00), MINUS THE COST OF ISSUANCE, 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; 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, Seventy -Eight Million Dollars ($78,000,000.00) of the Miami Forever Bond funds were allocated for Parks and Cultural Facilities projects intended to provide world -class parks and cultural facilities to the residents of the City ("Parks and Cultural Facilities Funds"); and WHEREAS, the City's objectives for the use of the Parks and Cultural Facilities Funds are to replace capital assets that are past their useful life; replace and renovate park elements and facilities; improve the safety and accessibility of all parks and cultural facilities; and to reduce future maintenance costs; and WHEREAS, Twenty -Five Million, Three Hundred Forty -Eight Thousand, Two Hundred Twenty -Nine Dollars ($25,348,229.00) of the Parks and Cultural Facilities 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 Fifty -Two Million, Six Hundred Fifty -One Thousand, Seven Hundred Seventy -One Dollars ($52,651,771.00), minus cost of issuance, of Parks and Cultural Facilities Funds to the five (5) Commission Districts as indicated in Exhibit "A," attached and incorporated; and 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 Parks and Cultural Facilities Funds in an amount not to exceed Fifty -Two Million, Six Hundred Fifty -One Thousand, Seven Hundred Seventy -One Dollars ($52,651,771.00), minus the cost of issuance, 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. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: