The URL can be used to link to this page

Home My WebLink AboutLegislation-SUBCity of Miami Resolution Legislation City Hail 3500 Pan American Drive Miami, Ft_ 33133 www.rniamigov.com File Number: 12562 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPORTIONING THE REMAINING MIAMI FOREVER BOND LIMITED AD Vf##LOREM ("MIAMI FOREVER BOND") FUNDS ALLOCATED TO PARKS AND CtkTURAL 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 (NI OISSUANCE, TO EACH COMMISSION DISTRICT AS INDICATED IN EXHIBIT "A," ATTACHED AND INCORPORATED, FOR THE COMMISSIONER OF -EACH DISTRICT TO ALLOCATE AND APPROPRIATE BY FUTURE te• r ▪ R SOLUTION(S) TO ELIGIBLE PROJECTS; ALL ALLOCATIONS OF MIAMI LL• r 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. SPONSOR(S): Commissioner Manolo Reyes 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 City of Miami Page 1 of 2 File fa: 12562 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT THE END OF THIS DOCUMENT. i9,569 2. Lx is11.hv Sue) File ID: 12562 Enactment Number: Z- CO Z WHEREAS, one of the themes that the City has developed and implemented for the o a 2 Miami Forever Bond is Equity with the purpose of ensuring that the benefits of the Miami m d Forever Bond are fairly distributed across the City and all income levels, maintaining the I- Z - 0 cohesiveness of the City's social fabric and diversity; and m 3 0 WHEREAS, the Commissioner for each City Commission District is best situated to Q a 'A La know and understand the needs of his or her respective District; and o WHEREAS, the City Commission believes it is in the best interest of the City to g m W apportion the remaining Fifty -Two Million, Six Hundred Fifty -One Thousand, Seven Hundred n ¢ p- Seventy -One Dollars ($52,651,771.00), minus cost of issuance, of Parks and Cultural Facilities o z a Funds to the five (5) Commission Districts as indicated in Exhibit "A," attached and incorporated; 0 a W and = o 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. -71 r.4a m City of Miami Page 2 of 2 Fife ID: 12562 City of Miami Resolution Legislation File Number: 12562 Final Act' A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTAC APPORTIONING THE REMAINING MIAMI FOREVER BOND L1M1 VALOREM ("MIAMI FOREVER BOND") FUNDS ALLOCATED T CULTURAL FACILITIES IN THE TOTAL NOT TO EXCEED OF FIFTY-TWO MILLION, SIX HUNDRED FIFTY-ONE THOUSA HUNDRED SEVENTY-ONE DOLLARS ($52,651,771.00) T COMMISSION DISTRICT AS INDICATED IN EXHIBIT "A INCORPORATED, FOR THE COMMISSIONER OF EA ALLOCATE AND APPROPRIATE BY FUTURE RESO PROJECTS; ALL ALLOCATIONS OF MIAMI FORE CITY COMMISSION TO ELIGIBLE PROJECTS A OF MIAMI TAKING ANY AND ALL NECESSAR MULTI -YEAR CAPITAL PLAN AND COMPLIA LAWS, RULES, REGULATIONS, AND AUT NOT LIMITED TO, FEDERAL LAWS, STA CITY OF MIAMI, FLORIDA, AS AMEND MIAMI, FLORIDA, AS AMENDED, AN VALIDATION ORDER. SPONSOR(S): Commissioner Manolo Re City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com n Date: ENT(S), D AD ARKS AND MOUNT OF SEVEN ACH ATTACHED AND DISTRICT TO TION(S) TO ELIGIBLE R BOND FUNDS BY THE SUBJECT TO THE CITY ACTIONS TO AMEND THE CE WITH ALL APPLICABLE RIZATIONS, INCLUDING BUT LAWS, THE CHARTER OF THE , THE CODE OF THE CITY OF HE MIAMI FOREVER BOND IP WHEREAS, on November 7, 20 , the registered voters of the City of Miami ("City") approved by referendum ballot for the r lty to issue General Obligation Bonds in an aggregate principal amount not to exceed Four ' undred Million Dollars ($400,000,000.00) with interest payable at or below the maximum =te allowed by law payable from ad valorem taxes levied on all taxable property in the City, p vided that the capital projects' debt millage not exceed the current rate of 0.5935, for capi projects to reduce flooding risks; improve stormwater infrastructure; enhance publi■ safety; and improve affordable housing, economic development, parks, cultural facilities, str: -ts, and infrastructure ("Miami Forever Bond'); and WHEREAS, Se -nty-Eight Million Dollars ($78,000,000.00) of the Miami Forever Bond funds were allocated .r Parks and Cultural Facilities projects intended to provide world -class parks and cultural f ilities to the residents of the City ("Parks and Cultural Facilities Funds"); and WHEAS, the City's objectives for the use of the Parks and Cultural Facilities Funds are to repla' - capital assets that are past their useful life; replace and renovate park elements and facili ' s; improve the safety and accessibility of all parks and cultural facilities; and to reduce •ture maintenance costs; and WHEREAS, Twenty -Five Million, Three Hundred Forty -Eight Thousand, Two Hundred T -nty-Nine Dollars ($25,348,229.00) of the Parks and Cultural Facilities Funds have already een allocated by the City Commission for eligible projects; and City of Miami Page of2 File 0: 12562 (Revision: ) Printed On: 9/20/2022 SUBSTITUTED File ID: 12562 Enactment Number: WHEREAS, one of the themes that the City has developed and implemented for th 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 th cohesiveness of the City's social fabric and diversity; and WHEREAS, the Commissioner for each City Commission District is best ated to know and understand the needs of his or her respective District; and WHEREAS, the City Commission believes it is in the best interest o apportion the remaining Fifty -Two Million, Six Hundred Fifty -One Thousa Seventy -One Dollars ($52,651,771.00) of Parks and Cultural Facilities Commission Districts as indicated in Exhibit "A," attached and incorp e City to , Seven Hundred nds to the five (5) ted; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMIION OF THE CITY OF MIAMI, FLORIDA. Section 1. The recitals and findings contained in th 'reamble to this Resolution are adopted by reference and incorporated as if fully set forth ' this Section. Section 2. The City Commission hereby appo Parks and Cultural Facilities Funds in an amount no Fifty -One Thousand, Seven Hundred Seventy -On the five (5) Commission Districts as indicated in Commissioner of each District to allocate and projects, subject to the City taking any and Capital Plan and to comply with all applic including but not limited to, federal laws amended ("City Charter"), the Code of e the Miami Forever Bond Validation • der. ons the remaining Miami Forever Bond o exceed Fifty -Two Million, Six Hundred ollars ($52,651,771.00) equally between xhibit "A," attached and incorporated, for the propriate by future resolution(s) to eligible necessary actions to amend the Multi -Year e laws, rules, regulations, and authorizations, tate laws, the Charter of the City of Miami, Florida, as City of Miami, Florida, as amended ("City Code"), and Section 3. This Resoluti• shall become effective immediately upon its adoption. APPROVED AS TO FORM D CORRECTNESS: SUBSTITUTED City of Miami Page 2 of 2 File ID: 12562 (Revision: ) Printed on: 9/20/2022