HomeMy WebLinkAboutO-08514OR iINANCE No.��Ssi
AN EMERGENCY ORDINANCE At THORIMNG THE ISSUANCEsubdECT
TO APPROVAL OF THE ELECTORS AT THE ELECTION HEREIN
PROVIDEb I`OR, Off' $250OOO, OOO Hot78ING EONbS OF THE (CITY,
OE MIAMI, MAIM, Pok THE PURPOSE OF PROVIDING HOUSING
ifs' THE CITY bP MIAMI FOR FAMILIES AND PERSONS,, INCLUD-
ING THE ELDERLY, Off' LOW OR Mob -MATE INCOME, DY ASSIST-
ING DADE Cot7NTY IN FINANCING THE COST THEREOF; PROVIDING
THAT THIS ORDINANCE SHALL GO INTO EFFECT IMMEDIATELY
UPON ITS PASSAGE; DECLARING AN EMERGENCY AND DISPENSING
. - . A,
WITH THE READING or 'PHIS ORDINANCE oN TWO.SEPAS
MMI5TE BAY
$Y A VOTE OF NOT LESS THAN FOUR=FIFTH5OF THE CA
AND REPEALING ORDINANCE No. 8511,
BE IT ORDAINED.BY THE COMMISSION OF THE ,CITY OF MIAMI, FLORIDA:
Section 1, The Commission of The City of Miami has. determined
and does hereby find and declare that:'
(a) there exists in The City of Miami a serious shortage of
safe and sanitary dwelling accommodations available at rents and
costs which families and persons, including the elderly, of low
or moderate income can afford and that the shortage of.such dwell-
ing accommodations cannot be relieved through Federal housing pro-
grams as presently administered or through existing public or private
house programs without the assistance provided herein and such
shortage of dwellingaccommodations constitutes a menace to the
health, safety, morals and welfare of the people of the City,
impairs economic values and imposes excessive burdens upon the
City's financing of public works and facilities;
(b) the term "families and persons, including the elderly of
low or moderate income" as used in this Ordinance is intended to
embrace families and persons having incomes which under applicable
law then in force makes them legally eligible for the housing that
shall be assisted with proceeds of such bonds under the provisions
of this Ordinance;
(c) since adequate federal, state and private resources are
presently not available to relieve such shortage,
is necessary
and ih the pttblie ihtetest for 'the Gity of Miar i to isaue .its iohds
to to ve Bitch shortage of safe' ehd 'sanitary deWetling aocommoda
- tiohs by proViding fihehoia1 assistahce which shall testilt ih' the
prodtt tioh Withih the City of the greatest feasible oliihie of hotisihq
p .. ey
for. families ah8 e�sohs, �ticludig h � the lderl of low or. moderate
ihcome as promptly as practicable;
(d) bade Cdtinty (the "Cothty") is otgatiited, a tpowered
and dapabie of providing such housing tot families and persoht
of low of Moderate ihdottte, and The City of Miami (the "City")
and the County are authorized uhder applicable law to enter
into agreetuents whereby the County shall agree to finance
such housing and the City shall. agree to provide financial
and other assistance with respect to such housing;
(e) The City, pursuant to any such agreement and within
the limitations of this ordinance and applicable law, shall.
provide such assistance by using the proceeds of said bonds
and otherwise as will enable the County to finance such
housing in the City for families and persons, including the
elderly, of low or moderate income who shall be legally qualified
for such housing under the applicable law in force at the
time such assistance is provided by the City to the County;
(f) In addition to any other assistance that the City may
provide under any agreement with the County, the City may use
the proceeds of any such bonds to increase the security and
marketability of any revenue bonds or other obligations (the
"County Obligations") that may be issued by the County to finance
such housing; provided that the County shall determine and the
City shall concur in such determination, that the County Obligations,
shall be self liquidating in that the payment of the principal of
and the interest on the County Obligations issued for financing
such housing can be paid in full from rents, charges and fees
collected by the County therefor and from federal, state and private
grants, contributions and other income and money made available
therefor (exclusive of any proceeds of said bonds of the City);
(g) the shortage of such safe and sanitary dwelling accommo-
dations constitutes an emergency making this Ordinance an emergency,
ordinance within the meaning of. Section 166,041(3) (b) , Florida
Statutes,
gedtioh
City of Miami fot families and persons, indludi.hq .the elderly,
of low of moderate income, as such tetra is defined in gedx.
tion 3 of this ordinance, by using the proceeds of such bonds
to assist the County in financing such housing in.the City as
herein provided, including increasing the security and Market-
ability of county obligations that shall be issued by'Dade
County to acquire, construct and rehabilitate such housing,
on a self-liquidating basis as provided in this Ordinance, there
shall be issued under the Constitution and laws of the State of
Florida and pursuant to the provisions of the Charter of the
City of Miami, as amended, and the Code of The City of Miami,
as amended, subject to the approval of the electors, at the
election hereinafter provided for, bonds of The City of Miami in
amount not exceeding Twenty -Five Million
such bonds to be issued at one time or
:Pot the purpose of ptokiding housing iti the
anaggregate principal
Dollars ($25,000,000),
from time to time and
ing,thirty (30) years
to mature in annual installments not exceed
from their respective date or dates, it
being estimated and declared by the Commission of the City of
Miami that the probable life of said housing is more than thirty
(30) years after the completion of construction or rehabilitation
of said housing.
Such bonds shall be issuable as coupon bonds in denomi-
nations of $5,000 each and as registered bonds without coupons
in denominations of $5,000 each or any multiple thereof and shall
bear interest at a rate or rates not exceedingthe maximum lawful
rate as shall be determined at the time of sale thereof, such
interest being payable semis -annually.`
The Commission of the City reserves.. the right
to make
all or any part of such bonds redeemable prior to their respective
tnatUtities at sueh tithes and of ides ' and .under such tef%ts and
cohditiOht as may be.fi{ed by;fesolutioh,prior to. tie sale o
the.bonds,
8edtioh-3: The term "families and persons, iholUdihg the
elderly, of low or moderate income", as used herein. shall Meah
and'include families or persons whose income ishot sufficient to
enable them, without financial assistance, to live indecent,
safe and sanitary dwellings without overcrowding in The City of
Miami. Such term, for the purposes of this Ordinance and with
respect to any housing assisted by the city hereunder, is in-
tended (i) to include only suchfamilies and persons whose annual
income with any rent supplements, grants or other assistance
provided by any federal, state or private agencies shall be at
least sufficient to enable them to pay the rent or other costs
for such housing and (ii) to exclude any families or persons.
whose annual income shall be at so high a level that the City
cannot under the law then in force assist the financing of housing
which is available for occupancy by such families or persons. It
is presently estimated, upon the basis of housing costs and rents
and family and personal incomes, that a substantial segment of
the families and the persons in The City of Miami are families
and persons of low or moderate income as such term is used herein.
Section 4. The City of Miami shall enter into one or more
agreements with the County providing for the application of the
proceeds of such bonds in accordance with the provisions of this
Ordinance. Such agreement or agreements shall provide that: such
proceeds shall be held in a trust fund and invested and reinvested
by the City and: the earnings and losses shall be credited or
charged to such trust fund and shall further provide that all
or any portion of, the money in such trust fund may be used to
assist the County in financing such housing in the city and may
also be used to ihdteat e the teourity and Marketability of such
CoUhty Ob1igatiOht" , as shall be h1Utually agreed upoh which ate
issued by the County from time to time to acquire, cont;ttuct and
rehabilitate housing in the City of Miami for families and petaoha)
including the elderly, of low ot moderate.income. Money in such
trust fund shall be transferred by the City to the County in
accordance with such agreement or agreements, Any of such money
in such trust fund pledged to increase the security of the county
Obligations shall be deposited to the credit of one or more debt
service or similar reserve funds which shall be established under
the proceedings for the issuance of, or the trust agreement,if
any, securing, such County Obligations.
Section 5. For the prompt payment of the principal of and
the interest on such bonds, there shall be levied and collected
annually a general tax upon all taxable property within The City
of Miami, over and above all other taxes authorized to be levied
by the City, sufficient to pay such principal and interest as
the same respectively become due and payable.
Section 6. A special election is hereby called to be held
on the 9th day of March, 1976, for the purpose of submitting to
the electors of the City authorized by law to participate in such
election the question whether such bonds shall.be issued.
Section 7. Pursuant to Section 58'of the Charter of the
City, this Ordinance shall go into effect immediately Upon .its
passage and shall not be subject to the right of referendem.
Section 8. _The requirement of reading this Ordinance on
two separate days is hereby dispensed with by a vote of. not
less than four -fifths of the members of the Commission and this
Ordinance, .being an.emergency ordinance as determined hereinabove,
shall not be subject to the requirements of Section 166,041(3)(a),
�6t
P1orida Statutes tsuch foie-fift t vote beihc more than tie
ti othitds 'mote . required fot tie ehacthletit of Omer ericy ordi-
- riariees by Section 166,041(ij (b) ► P1otida Statutes} .
Section 9: Ordihahce I4o. 8511 passer and adopted oh
Jahtary 22, 1976 is hereby repealed.
PASSED AND ADOPTED this'_ _4th day of.__. 'brtay ,
1976.
MAURICE A. FE tRE
ATTEST:
CITY CIJERK
APPROVED AS TO FORM AND CORRECTNESS:.
OHN Se LLOYD - CITY ATORNEY
MAYOR
.MIAMI REVIEW
ANB BAR. ft 8fb
Patiakt iuJ .study 1011
• Laradt llot►datt
bad 'toUhi5) P1ohJd
VrAft bt t:Le•hibA
COtJNfil '6P bAb€
efere the undbritgn6d_ authority tibisofiiity' ip
fittifed Martha brebnfe, Who on oath say! that She
. 1e the., V.P.I Legal Ade_, bt the Wand 116vIeW and
Deily Reeotd, a dilly (except,. Saturday; . SUndby and
Legal Holldaya) newspaper, published ,at MIAMI In
Dade etluhty Florida;. ((hat tits -attached copy of elver.
tlSement, being a Legal Advertiserneht or Notice In ,
the Metter Of
Cit ►„.,t f; Miatti1 Florida
O biNANCES ## 8514 AND 8515
XXX. Court.
Wash published Id said Newspaper in the issued Of
February 10 r 1976
Affient • further says that the said Miami Review
' and Daily Record is a newspaper published at Miami,
in said Dade County, Florida, and that the sold news. '
paper has heretofore been continuously published In
said Dade County. Florida, each day (except Saturday,
Sunday and Legal Holidays) and has been entered es
second class mall matter at the post office In Miami,
In said Dade County, Florida, for a period of ohe year
next preceding the first publication of the 'attached
' copy of advertisement; and afflant further says that
she has neither paid nor promised any person, firm
or corporation any discount, rebate, commission or
refund for the purpose of securing this advertisement
forpublicationin, the said newspaper.
•-It...1.--.-fit
i S rh to and:subs ibed before me this
loth 1„of February\ Ao.1976
kr" ' .etty,d. Brooks
♦1, ttpl Public,rState of Florida at. Large.
My commission eyplres June 1, 1979.
t'l i IH. SttAMtr tiAi(1i t't)t �(� t t t.iitit
t.1 c Ai.
At,i Inlerr'?1rr�;tiilf take notit'b tiler on the 4th +laY'bt 'ehrutit';;
I976 the CHt' Crnnnttsel(,tt nt �tliratl, Flotidtl,ndopted ibe tollott•1hg •
title oi•rltitnhrrs:
ORDINA:V('E NO 8314
AN t: tkt'C1'\('1 ORh1\A\CF AL;3t#O1tI't (i `111i;
1S t:A\CE. StitIJl•:C'1' ,'CC) APPROVAL ,OEM . THE: tthr
TORS AT TEE ELECTION tfMEIN PRdVIDEO Fort,
$25,�iTA�tl,iFL0ttU)oon A FOR ct14FOISING !Pt3RP0 F.: PttOt'tl)tNO
itOt'STN(, IN '1'111:.- (revor NIiA.it FOR. VAMILIt;S
AND rrItsOSs. INrt.UD1NG .THE rt.n1iltt i. OF LOW
Oit it00E,t-tA1 Itt ' RN' As.1STlNG t)At)E Col -N-
TT IN 'I\ANCtN'CITI ?E"COS'I'"'I"tttRtOE`t.:'I'ROV1b1Ntt
THAT`,,TiftS ORDINANCE' SHALL GO INTO FFFECT
IMMEDIATELY' UPON ITS PA:SAGE: DECI,ARtNtf AN
1;11ERGENCY .AND DIr'E:NStNC: Wtm1t; TIIE READtN(1 ..
Or THIS
THIS.0ltl)I\ANCE ON Ttl'O SE:t�ARATF:DAtS R
VOTE Or.,NOT LESS TITAN FOUR•FIFTtIS OF TEE -
COMMISSION' ANi) REPEALINCt ORDINANCE: O. .8:i11: '
ORDINANCE NO: 8,11.o
AN' 1;MF,Rr.,E:NCY ORIINA\r'E- PROVif1N(.i FOR T11E ,
tIOLDIN(;OF \ SPECIAL fl0Ni) ELECTION IN ,THE
CPT1 op MIAMI, FLORIDA, O\ NI:0WD 9. It97G, UPON
'rlir QttE:S'1'1oN: 01P ' ISSUi\C 515.000,000' HOUSING,-`
IloNnS OE''S.ttl) ern': 1'! 11 1t1\r,.OR01NAN(.'f' NO.
R55t2:.ANI) DISPE'StNC WITII Till: READtN(1 OrTIIIS
ORDINANCE: ON TWO SEPARATE 1)AV'S EM''A, VOTE .
Or — Nor LESS, THAN' F ()UR=F1l TI lS OE' THE' COMMIS, j .
SIGN.
it.' D. 'OETHi•:1t "' ,'
' t'ITY C1.EIIIi '
i"utrilratinn of. thic ,tt,.tIe' nit ihtr 10 410. "tor Vehrtutry, 676.
/ln AI.20401;