HomeMy WebLinkAboutResolutionCity of Miami
Resolution
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 11528 Final Action Date: 1/12/2023
MAY BE WITHDRAWN
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DECLARING THE OFFICIAL INTENT OF THE CITY OF MIAMI, FLORIDA ("CITY") TO
ISSUE TAX-EXEMPT AND TAXABLE SPECIAL OBLIGATION BONDS IN THE
EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF SIXTY-ONE MILLION, TWO
HUNDRED THOUSAND DOLLARS ($61,200,000.00) IN ORDER TO, AMONG OTHER
THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH SPECIAL
OBLIGATION BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN
EXPENSES INCURRED WITH RESPECT TO CERTAIN CAPITAL IMPROVEMENTS
PROJECTS AT THE MIAMI MARINE STADIUM AND THE ASSOCIATED WELCOME
CENTER AND MUSEUM COMPLEX; ESTABLISHING CERTAIN RELATED
DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND
INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE
CITY ATTORNEY AND BOND COUNSEL, AND SUCH OTHER APPROPRIATE
OFFICERS, EMPLOYEES, AND AGENTS OF THE CITY, AS THE CITY MANAGER
DEEMS NECESSARY, ALL AS REQUIRED FOR PURPOSES OF SECTIONS 103
AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
FURTHER AUTHORIZING RELATED AMENDMENTS TO THE CITY'S MULTI -YEAR
CAPITAL PLAN PREVIOUSLY ADOPTED SEPTEMBER 13, 2021, AS
SUBSEQUENTLY AMENDED.
WHEREAS, United States Treasury Regulations §1.150-2 (the "Reimbursement
Regulations") prescribe conditions under which proceeds of tax-exempt bonds, notes or other
obligations ("Bonds") used to reimburse advances made for capital and certain other
expenditures ("Original Expenditures") paid before the issuance of such Bonds will be deemed
to be expended (or properly allocated to expenditures) for purposes of Sections 103 and 141-
150 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder, as amended (collectively, the "IRS Code"), upon such reimbursement so that the
proceeds so used will no longer be subject to requirements or restrictions under those sections
of the IRS Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be a
declaration of official intent not later than sixty (60) days following payment of the Original
Expenditures expected to be reimbursed from proceeds of Bonds, and that the reimbursement
occur within certain prescribed time periods after the Original Expenditures are paid or after the
property resulting from that Original Expenditure is placed in service; and
WHEREAS, the Miami City Commission ("City Commission") adopted Resolution No. R-
16-0563 on November 17, 2016 declaring the City of Miami's ("City") official intent to issue tax-
exempt and taxable Special Obligation Bonds in the total expected maximum principal amount
of Forty -Five Million Dollars ($45,000,000.00) and, to the extent permissible under the IRS Code
City of Miami Page 1 of 3 File ID: 11528 (Revision:) Printed On: 6/24/2025
File ID: 11528 Enactment Number:
regarding the tax-exempt Special Obligation Bonds, use a portion of the tax-exempt Special
Obligation Bonds to reimburse the City for funds advanced by it for Original Expenditures
incurred and to be incurred for the purposes of financing the costs of certain capital
improvements projects at the Miami Marine Stadium and associated welcome center and
museum complex (collectively, the "Miami Marine Stadium Capital Renovations and
Improvements Projects") in order to provide necessary capital upgrades for the Miami Marine
Stadium itself and interrelated facilities, attached and incorporated herein as Exhibit "A;" and
WHEREAS, the City Commission believes it is in the best interest of the City to update
its official intent to issue the tax-exempt and taxable Special Obligation Bonds to ensure the
successful completion and activation of the Miami Marine Stadium Capital Renovations and
Improvements Projects; and
WHEREAS, the City Commission expects to provide for the issuance by the City of its
tax-exempt and taxable special obligation bonds in a total principal amount not to exceed Sixty -
One Million, Two Hundred Thousand Dollars ($61,200,000.00) (collectively, "Special Obligation
Bonds") for the purposes of financing the costs of the "Miami Marine Stadium Capital
Renovations and Improvements Projects;" and
WHEREAS, in connection with the Miami Marine Stadium Capital Renovations and
Improvements Projects, the City expects to make Original Expenditures that will be reimbursed
from proceeds of the Special Obligation Bonds; and
WHEREAS, in connection with the Miami Marine Stadium Capital Renovations and
Improvements Projects, the City desires to expeditiously improve and provide capital projects
updates on multiple areas for which the City has already determined funding considerations in
its Fiscal Year 2021-2022 Multi -Year Capital Plan adopted September 13, 2021 pursuant to City
Commission Resolution No. 21-0353, as subsequently amended ("Multi -Year Capital Plan"), by
amending the Multi -Year Capital Plan, as set forth below to include the Miami Marine Stadium
Capital Renovations and Improvements Projects and the associated financing as referenced by
this resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
MIAMI, FLORIDA:
Section 1. Recitals and Findings. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and incorporated as fully set forth in this
Section.
Section 2. Definitions. The following definitions apply to the terms used herein:
"Reimbursement" or "Reimburse" means the restoration to the City of money temporarily
advanced from its own funds and spent for Original Expenditures before the issuance of the
Special Obligation Bonds, evidenced in writing by an allocation on the books and records of the
City that shows the use of the proceeds of the Special Obligation Bonds to restore the money
advanced for the Original Expenditures. "Reimbursement" or "Reimburse" generally does not
include the refunding or retiring of Bonds previously issued and sold to, or borrowings from,
unrelated entities.
Section 3. Declaration of Official Intent. The Commission hereby declares the
City's official intent to issue the tax-exempt and taxable Special Obligation Bonds in the total
expected maximum principal amount of Sixty -One Million, Two Hundred Thousand Dollars
($61,200,000.00) and, to the extent permissible under the IRS Code regarding the tax-exempt
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Special Obligation Bonds, use a portion of the tax-exempt Special Obligation Bonds to
reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred
with respect to the Miami Marine Stadium Capital Renovations and Improvements Projects. This
Resolution is intended as a declaration of official intent under United States Treasury Regulation
§ 1.150-2. The expenditures to be reimbursed pursuant to this Resolution will be paid from
general fund revenues of the City, as may be allowed for the purpose of implementing the Miami
Marine Stadium Capital Renovations and Improvements Projects.
Section 4. Incidental Actions. The City Manager, in consultation with the City
Attorney and Bond Counsel, and such other appropriate officers, employees, and agents of the
City as the City Manager deems necessary, are hereby authorized' to take such actions as may
be necessary to carry out the purposes of this Resolution and the IRS Code.
Section 5. Related Amendment of the City's Multi -Year Capital Plan. The Multi -
Year Capital Plan is amended: (i) to include the Miami Marine Stadium Capital Renovations and
Improvements Projects and the associated financing as referenced in this resolution, with new
project numbers to be determined by the City Manager; and (ii) to require that future
reallocations of funding sources be presented to City Commission from time to time in
connection with said financing and said Miami Marine Stadium Capital Renovations and
Improvements Projects.
Section 6. Effective Date. This Resolution shall take effect immediately upon its
adoption and signature of the Mayor.2
APPROVED AS TO FORM AND CORRECTNESS:
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1 The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to those prescribed by applicable City Charter and City Code
provisions.
2 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.
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