HomeMy WebLinkAboutR-76-11044
RESOLUTION NO. 76-
RESOLUTION PROVIDING FOR THE ISSUANCE
OF $25, 000, 000 HOUSING BONDS QF THE
CITY OF MIAMI, FLORIDA "SUPPORTIVE
DC,CU M ENTS
FLLOW„
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
rAMI, FLORIDA:
Section 1. The Commission of the City of Miami (herein-
after sometimes called the "City Commission") has found and
determined and does hereby declare that:
(a) On February 4, 1976, the City Commission duly
passed and adopted Ordinance No. 8514 authorizing the issuance
of $25,000,000 bonds of the City of Miami (h,-!rein called the
"City") for the purpose of providing housing An. the City
for families and persons, including the elderly, of ]pow or
moderate income, by assisting Dade County in financing the
costs thereof. Said Ordinance called a special election
to be held on March 9, 1976 for the purpose of submitting
to the qualified electors of the City authorized by law
to participate in such election the quesVcoufeTh�nDEX
such bonds should be issued. ITEM NO
(b) On February 4, 1976, the City Commission duly
passed and adopted Ordinance No. 8515 providing for the
holding on March 9, 1976 of the special bond election, author-
ized by said Ordinance No. 8514, to submit to the qualified
electors of the City the question of issuing housing bonds
of the City in a principal amount not exceeding $25,000,000.
(c) Notice of said special bond election was duly
published in the manner and in the time required by law,
and the election officers were duly appointed as required by
law,
CITY COMMISSION
MME;,ErING OE
GEC
MARKS;
(d) Said election was duly and properly held in
aedordanee with law and said ordinances at the time and p1aees
appointed therefor, and each qualified elector of the City
Was given the opportunity of voting for or against the
proposed housing bonds.
(e) At a meeting duly held on March 25, 1976, the
City Commission duly canvassed the returns of said special
bond election and adopted Resolution No. 76-339 in which the
City Commission found, determined and declared, among other
things, that the bonds authorized. by Ordinance No. 8514 were
approved by the vote of a majority of the qualified electors
of the City voting thereon.
(f) On June 17, 1976, the City Commisston duly passed
and adopted Resolution No. 76-612 authorizing and direct-
ing the City Manager to execute an agreement with Dade
County for the development of housing for families and
persons of low or moderate income within the City of Miami
under the terms and conditions contained in such agreement.
The agreement (called the "Basic Agreement") authorized by
said Resolution No. 76-612 was entered into by and between
the City and the County on July 19, 1976. Under the Basic
Agreement, the City of Miami and Dade County have agreed to
cooperate in providing Housing Projects (as defined in the
Basic Agreement) in the City in conformity with said
Ordinance No. 8514. The Basic Agreement provides that each
Housing Project shall be financed by the County with County
Obligations (as therein defined) which shall be self-liquidating
in that the payment of the principal of and the interest on
such County Obligations can be paid in full from rents, charges
and fees collected by the County therefor, together with such
"SUPPORTIVE
DOCUMEN-S
FOLLOW"
OW
Years
After
Date or
Date s 2
3
4
5
6
7
8
9
10
3"
•dera1, state and private grants, contributions and other
A110=e and money which may be made available therefor (ex.
chiding proceeds of housing bonds of the City provided
as City Assistance, as defined in the "Basic Agreement").
Section 2, For the purpose of providing housing in
the City for "families and persons, including the elderly, of
low or moderate income", as such term is defined in Section 3
of said Ordinance No. 8514, by using proceeds of Housing Bonds
(hereinafter mentioned) of the City to assist Dade County in
financing such housing in the City, including increasing the
security and marketability of County Obligations to be
issued by Dade County to acquire, construct and rehabilitate
such housing on a self-liquidating basis, as provided in said
Ordinance, there shall be issued under the Constitution and
laws of the State of Florida, including the Charter, as
amended, of the City (Chapter 10847, Special Laws of Florida,
1925, as amended), bonds of the City in an aggregate principal
amount not exceeding Twenty-five ;billion Dollars ($25,000,000),
to be designated "Housing Bonds" and to consist of 5,000
bonds of the denomination of $5,000 each.
Section 3. Said Housing Bonds shall be issued at one
time or from time to time, shall be dated the 1st day of
calendar month and shall be sold as the City Commission
hereafter determine and shall mature in the years
principal amounts, respectf_vely, as follows:
Years
After
D to or
Years
After
Principal Date or
Amount Dates
$ 400,000 12
400,000 13
400,000 14
400,000 15
400,000 16
500,000 17
500,000 18
500,000 19
500,000 20
500,000
«UPpO V
Principal
Amount
$ 700,000
700,000
700,000
700,000
700,000
900,000
900,000
900,000
900,000
L/')CUMENTS
FOLLOW"
a
Dates
21
22
23
24
26
28
29
30
and in
any
shall
the
Principal
Amount
$ 900,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,500,000
1,500,000
1,700,000
106001000
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All or any part of said bonds may be Made redeemable prior
to their respective maturities, at such times and prices
and under such terms and conditions, as the City Commission
shall determine by resolution prior to the sale of the bonds.
Said bonds shall bear interest, payable semi-annually,
from the date or dates thereof at a rate or rates not exceed-
ing the rate legally permitted. Both the principal of and the
interest on said bonds shall be payable at a bank or trust com-
pany in the Borough of Manhattan, City and State of New York,
or at a bank or trust company in the City of Chicago, Illinois,
or at a bank or trust company in the City of Miami, Florida,
at the option of the holder or registered owner, in any coin
Or currency of the United States of America which, at the
respective dates of payment thereof, is legal tender for the
payment of public and private debts.
Section 4. Said Housing Bonds shall be signed by
the Mayor of the City by his facsimile signature and by
the City Clerk, and a facsimile of the seal of the City
shall be imprinted on the bonds. The interest coupons to be
attached to the bonds shall be executed with the facsimile
signature of the City Clerk. In case any officer whose
signature or a facsimile of whose signature shall appear on
any bonds or coupons shall cease to be such officer before
the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery,
and any bond may bear the facsimile signature of, or may be
Signed by, such persons as at the actual time of the execu-
tion of such bond shall.be the proper officers to execute
such bond although at the date of such bond such persons may
not have been such officers. The bonds and coupons and the
statement of validation and provisions for registration to
De endorsed on the bonds shall be substantially in the
following forms:
"SUPPORTIVr-
DOCUMENTS
FOLLOW"
4.
,, Or any part or said bbnds' may be made redeemable prier
tb their respective maturities, at such times and prices
and under such terms and conditions, as the City Commission
shall determine by resolution prior to the sale of the bonds
Said bonds shall bear interest, payable semi-annually,
from the date or dates thereof at a rate or rates not exceed-
ing the rate legally permitted. Both the principal of and the
interest on said bonds shall be payable at a bank or trust com-
pany in the Borough of Manhattan, City and State of New York,
or at a bank or trust company in the City of Chicago, Illinois,
or at a bank or trust company in the City of Miami, Florida,
at the option of the holder or registered owner, in any coin
or currency of the United States of America which, at the
respective dates of payment thereof, is legal tender for the
payment of public and private debts.
Section 4. Said Housing Bonds shall be signed by
the Mayor of the City by his facsimile signature and by
the City Clerk, and a facsimile of the seal of the City
shall be imprinted on the bonds. The interest coupons to be
attached to the bonds shall be executed with the facsimile
signature of the City Clerk. In case any officer whose
signature or a facsimile of whose signature shall appear on
any bonds or coupons shall cease to be such officer before
the delivery of such bonds, such signature or such facsimile
shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery,
and any bond may bear the facsimile signature of, or may be
signed by, such persons as at the actual time of the execu-
tion of such bond shall.be the proper officers to execute
Such bond although at the date of such bond such persons may
not have been such officers. The bonds and coupons and the
Statement of validation and provisions for registration to
be endorsed on the bonds shall be substantially in the
following forms;
"SUPPQRTRR'E
GC'CU M ENTS
FC L LQ V"
United States of Merin.
State of Florida
County of Dade
CITY OF MIAMI
HOUSING BOND
The City of Miami, in the County of Dade, State of
?I rida, is justly indebted and for value received hereby
promises to pay to the bearer or, if this bond be registered,
to the registered owner hereof, on the 1st day of
19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon from the date hereof at the
rate of percent ( %) per annum until payment
of such principal sum, such interest to the maturity hereof
being payable on the ist day of
and of
in each year. Both the principal of this bond and, unless
this bond be registered as to both principal and interest,
the interest hereon are payable at
in the Borough of Manhattan, City and
State of New York, or at
!in the City of Chicago, Illinois, or at
, in the City of Miami, Florida, at the
option of the holder or registered owner, in any coin or
currency of the United States of America which at the res-
pective dates of payment thereof is legal tender for the
payment of public and private debts. Payment of the inter-
est on this bond to the maturity hereof shall be made only
upon presentation and surrender of the coupons, if any,
representing such interest as the same respectively fall
due; or, if this bond be registered as to both principal and
interest, payment of the interest on this bond on any inter-
e5t payment date shall be made to the person appearing on
"SUPPORTIVE
DOCUMENTS
FOLLOW"
he bond registration books of the City as the registered
owner on the tenth (10th). day next preceding such interest
payment date, such interest to be paid by check or draft
in New York exchange mailed to the registered owner at his
address as it appears on such registration books.
Por the
prompt payment hereof and the interest hereon as the same
shall fall due the full faith, credit and taxing power of
the City of Miami are hereby irrevocably pledged.
This bond is one of a duly authorized issue of bonds of
the City of Miami issued under the authority of and in full
compliance with the Constitution and laws of the State of
Florida, including the Charter., as amended, of said City
(Chapter 10847, special Laws of Florida, 1925, as amended),
and pursuant to ordinances and resolutions duly adopted by
the City Commission of said City,
for the purpose of pro-
viding housing in the City of Miami for "families and per-
sons, including the elderly, of low or moderate income",
as such term is defined in Ordinance No. 8514 of the City
by using proceeds of the bonds to assist Dade County, pur-
suant to agreements between said City and Dade County in
financing such housing, including increasing the security
and marketability of obligations that shall be issued by
Dade County to acquire, construct and rehabilitate such
housing on a self-liquidating basis as provided in said
Ordinance. The bonds of this issue were duly approved by
vote of a majority of the qualified electors of the City
voting thereon.
(Here insert redemption provisions, if any)
It is hereby certified and recited that all acts, con-
t ,ons and things required by the Constitution and laws of
,he State of Florida to happen, exist and be performed pre-
%dent to and in the issuance of this bond have happened,
74
.fit and ha,e been perforMed in due tides form and manner
so required; that the total indebtedness of the City of
Matti, including this bond, does not exceed any constitu-
tional or statutory limitation thereon; and that provision
has been made for the levy and collection of a direct annual
tax upon all taxable property within said City sufficient to
pay the principal of and the interest on this bond as the
same shall fall due.
This bond may be registered as to principal alone and
also as to both principal and interest in accordance with
the provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Miami has caused this
bond to be signed by its Mayor by his facsimile signature
and by its City Clerk, and a facsimile of its seal to be
imprinted hereon, and the interest coupons attached hereto
to be executed with the facsimile signature of said City
Clerk, all as of the 1st day of
"SUPPORTIVE
DOCUMENTS
OLLOW„
CITY OF MIAMI
19 •
Facsimile Signature]
Mayor
City Clerk
STATEMENT OF VP.LIDATION
This bond is one of a series of bonds which were
ted by judgment of the
dered on , 19
ren-
8.
PROVISIONS FOR REGISTRATION
"ION
'phis bond may be registered as to prinoipa1 it the tort
Nester of the City of Miami by the Director of Vinande of
said City as Bond Registrar or by such other Bond Registrar
as may be legally appointed by the governing body of said
City, notation of such registry to be made hereon by such
Bond Registrar, and this bond may thereafter be transferred
on said Bond Register only upon a written assignment of the
registered owner or his attorney, duly acknowledged or
proved, such transfer to be endorsed hereon by the Bond
Registrar. Unless this bond be registered as to both prin-
cipal and interest, such transfer may be to bearer and
thereby transferability by delivery shall be restored,
subject, however, to successive registrations and transfers
as before. The principal of this bond, if registered, shall
be payable only to the registered owner or his legal repre-
sentative. Notwithstanding the registration of this bond,
the coupons shall remain payable to bearer and shall continue
to be transferable by delivery, unless this bond shall be in
like manner registered as to both principal and interest,
`notation whereof and of the cancellation of unmatured coupons
is to be made on this bond, after which registration both
principal and interest hereof shall be payable to the person
in whose name it is registered, or his legal representative.
Date of Registry
..,
Registered Owner Bond Register
r •
s •
It is hereby certified that at the request of the holder
'the within bond for its conversion into a bond registered
to both principal and interest, the undersigned has this
"SUPPORTIVE
DOCUMENTS
FOLLOW"
ay Cut off and CanCel1ed all =matured coupone attadhed
in number, numbered from to
hereto, being
inclusive, of the aggregate face value of $
and that the within bond is hereby converted into a regie'-
tered bond, the principal and interest of which are payable
to the registered owner named in the registration blank above
or his legal representative. Interest will be remitted by
mail in New York exchange.
Dated:
ES
11
0 \I\J
19
Bond Registrar of the City of Miami
Form of Coupons)
1, 19 , the City of Miami, in the
State of Florida, will pay to bearer at
in the Borough of
Manhattan, City and State of New York, or at
or at
Miami, Florida, at the option of the bearer, upon the presen-
tation and surrender hereof, the amount specified hereon in
any coin or currency of the United States of America which
at the time of payment is legal tender for the payment of
public and private debts, as provided in and for the semi-
annual interest then due upon its Housing Bonds, dated
1, 19 , No. (if said bond is subject
to redemption, here insert in coupons representing inter-
St payable after the first date on which said bond may
be redeemed the words "unless said bond shall have been
called for previous redemption and provision made for the
payment thereof")•
, in the City of Chicago, Illinois,
, in the City of
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10
Seotion 5+ Title to any bond and to the interest douponS
hereto appertaining shall pass by delivery in the same manner
as a negotiable instrument payable to bearer unless such bond
is registered in the manner therein provided. The bonds
Shall be registrable as to principal alone and also as to
both principal and interest in accordance with the terms
and conditions provided in The Code of the City of Miami,
Florida. No charge shall be made to any bondholder for
such privilege of registration.
Section 6. Said Housing Bonds shall be general
obligations of the City of Miami, Florida, and for
the prompt payment of the principal of and the interest on
said bonds as the same shall fall due the full faith, cre-
dit and taxing power of the City of Miami are hereby irre-
vocably pledged.
Section 7. Pursuant to the provisions of the Charter
of the City of Miami and of said Ordinance No. 8514, there
shall be levied and collected upon all property within the
City of Miami subject to taxation for such purposes, in
each year while any of said Housing Bonds shall be out-
standing, a general tax sufficient to pay promptly the prin-
cipal of and the interest on said bonds as the same res-
pectively become due and payable, and to provide for prob-
able failures of collection of such tax in such year. Such
tax shall be levied and collected at the same time and in
the same manner as ad valorem taxes levied for operating
expenses of the City and shall be in addition to all other
taxes authorized to be levied by the City of Miami. The
City covenants that it will not accept payment of taxes
levied for operating expenses of the City unless there shall
be paid at the same time the tax levied to make the princi-
pal and interest payments required by this resolution.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
11
Section 8. Upon the sale and issuance of any of tail
' oueing Bonds, the Director of Finance of the City shall.
5ro'vide for holding the proceeds thereof received by the
City of Miami in a trust fund, designated "City of Miami
Housing Bonds Trust Fund", for use in accordance with
Ordinance No. 8514, the Basic Agreement and applicable
Project Contracts (defined in the Basic Agreement) between
the City and Dade County and, pending such use, money held
in the City of Miami Housing Bonds Trust Fund shall be invested
and reinvested by the City and the earnings shall be credited,
and any losses shall be charged, to such trust fund. The
money at any time held for the credit of such trust fund
shall be used to assist Dade County in financing said housing
in the City of Miami and to increase the security and market—
ability of the County Obligations (defined in the Basic
Agreement), all as provided in said Ordinance No. 8514, the
Basic Agreement and.said applicable Project Contracts.
Section 9. The proper officers of the City of Miami
are hereby authorized and directed to take appropriate pro—
ceedings for the validation of the Housing Bonds herein
provided for.
Section 10. This resolution shall be in full force
and effect immediately upon its passage.
PASSED AND ADOPTED this 16th day of December, 1976.
t
CITY CLERK
PREPARED AND APPROVED BY:
Assistant City Attorney
APPROVED AS TO FORM AND CORIECTNEB$
11 ,
/ /
GEORCE F, 17X0I, JR.
City Attorney
e
c't
MAYOR
zts rr 'TTVE
T'..
tf
STATE OF FLORIDA
COUNTY 0P DADE
CITY OF MIAMI
I, RALPH O. ONGIE, Clerk of the City of Miami,
?l irida DO HEREBY CERTIFY that the attached and fore-
going pages numbered 1 through 11, inclusive, contain a
true and correct copy of a resolution adopted by the
Commission of said City at a meeting held on the 16th rr//
day of December, 1976, designated Resolution No. 76- MY,
WITNESS MY HAND and the official seal of the City
of Miami, Florida, this /6 day of December, 1976.
RALPH G. ONGIE
City Clerk
(,,-
City Clerk
"suppoR.vw.
DOCOW\EKCS
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CIT7 OF MIA`4I, FLORIDA
1N?tR-O FICE MEMORANDUM
TO Jege )h k, c assi'e
City Manager
`"°''' Charles L. Crumpton
Assistant City Manager
,f
'
Li .TE:
tUsj_ct:
Deep 1Oj 19/6 'ha
iouting bond I§§ile
Validation
�a"IN�r9:
t't<itLo uars:
City Commission Agenda
becetnber 16 # 1976
In order to conclude the process and introduce the
..City of Miami Housing Bond Issue in the courts for
Validation as soon as possible, and to clarify the
Steps involved in the housing process, it will be
necessary to include the attached resolution and
accompanying material on the December 16, 1976i City
Commission Agenda.
The resolution to be presented before the Commission -
Will authorize validation procedures for the entire
twenty-five (25) million dollar housing Bonet Issue as
Well as the issuance from time to time of the same
amount of dollars in }lousing Bond:: to he used as re-
serve collateral for the construction of log, and
moderate income housing by Dade County HUD. This
resolution will not constitute a final issuance
authorization as additional requirements, such as a
bona fide housing project, will beneededbefore any
final sale authorization can take place.
It is hereby requested that the City Commission adopt
the attached resolution in order that the court valida.�-
tion process may commence.
"SU PPORTIVE
DOCUMENTS
FOLLOW"
_t t gN_.,G t?}?oCt;ss...,
The following is a summarized list of segttehtial adtibhs leading
to the dOnstruction of low and moderate income housing under the City
of Miami's Housing Bond Issue.
1. City and County staff analyze and select sites and
submit to Federal government for preliminary site approval,
k '
2. City Commission approves land purchase.
3. bade County's IIUD prepares bid documents and sped8.
for City approval --City approves.
4. Preliminary pac}.ayc, including hiddocumnts anand conappcept
or program is submitted to Federal government
S. Dade County's HUD prepares financial plan and draft
project contract for City approval --City approves.
Commission approves sale of Bonds and proceeds
adv. CityCommission
them. (Initially, the City will simultaneously
to
adopt a resolution authorizing validation procedures for the
entire bond issue and the sale of up to $4 million of housing
bonds.)
7. Dade County's HUD advertises and receives construction
bids.8.
Project contract is duly signed and executed by
County Commissions.
s bonds.
awards and close
City accepts,
10. County advertises, accepts and awards bonds.$"
11'• Dade County's HUD submits for Federal approval final
Section 8 proposal including hid plans as "finals" and
Trust Indenture. HUD agreement to eater into Housing
Assistance Payment Contract (unit. subsidies).
Y s�
12. County Bond closing.
13. Bids awarded, construction begins after six months'..)#•