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File ID: #1040
Resolution
Sponsored by: Office of the City Attorney
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE ENTRY OF A
FINAL JUDGMENT BASED ON THE JURY VERDICT RENDERED ON SEPTEMBER 14, 2016,
WHICH WILL INCLUDE BUT NOT BE LIMITED TO AN INJUNCTION AGAINST FUTURE
VIOLATIONS OF SECURITIES LAWS AND THE DIRECTOR OF FINANCE IS DIRECTED TO
PAY THE SECURITIES AND EXCHANGE COMMISSION THE AGGREGATE TOTAL SUM OF
ONE MILLION DOLLARS ($1,000,000.00) AS A CIVIL PENALTY IN FULL AND COMPLETE
SETTLEMENT OF ANY AND ALL CLAIMS AND DEMANDS AGAINST THE CITY OF MIAMI,
IN THE CASE STYLED SECURITIES AND EXCHANGE COMMISSION VS. CITY OF MIAMI,
ET AL., PENDING IN THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF
FLORIDA, CASE NO.: 13-22600-CIV-ALTO NAGA; ALLOCATING FUNDS FROM THE FISCAL
YEAR 2015-16 BUDGET, ACCOUNT NO. 00001.980000.531010.0000.00000.
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE ENTRY OF
A FINAL JUDGMENT BASED ON THE JURY VERDICT RENDERED ON
SEPTEMBER 14, 2016, WHICH WILL INCLUDE BUT NOT BE LIMITED TO AN
INJUNCTION AGAINST FUTURE VIOLATIONS OF SECURITIES LAWS AND THE
DIRECTOR OF FINANCE IS DIRECTED TO PAY THE SECURITIES AND EXCHANGE
COMMISSION THE AGGREGATE TOTAL SUM OF ONE MILLION DOLLARS
($1,000,000.00) AS A CIVIL PENALTY IN FULL AND COMPLETE SETTLEMENT OF
ANY AND ALL CLAIMS AND DEMANDS AGAINST THE CITY OF MIAMI, IN THE
CASE STYLED SECURITIES AND EXCHANGE COMMISSION VS. CITY OF MIAMI,
ET AL., PENDING IN THE UNITED STATES DISTRICT COURT SOUTHERN
DISTRICT OF FLORIDA, CASE NO.: 13-22600-CIV-ALTO NAGA; ALLOCATING
FUNDS FROM THE FISCAL YEAR 2015-16 BUDGET, ACCOUNT NO.
WHEREAS, the Securities and Exchange Commission ("SEC") and the City of Miami
("City") are engaged in litigation in the United States District Court Southern District of Florida,
Case No.: 1 3-22600-C IV -ALTO NAGA, concerning alleged violations of securities laws; and
WHEREAS, a jury rendered a verdict on September 14, 2016 in favor of the SEC finding
that the City violated securities laws; and
WHEREAS, the next phase of the court proceedings is a determination by the trial judge
of the appropriate penalty for the securities law violations; and
WHEREAS, the City Attorney's Office has investigated these claims and the lawsuit,
pursuant to Sections 18-221 through 18-232 of the Code of the City of Miami, Florida, as
amended, and recommends that said claims and lawsuit be settled by entry of a final judgment
including but not limited to an injunction against future violation of the securities laws and
payment of a civil penalty in the lump sum of one million dollars ($1,000,000.00);
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 entry of a final judgment based on the jury verdict rendered on
September 14, 2016 which will include but not be limited to an injunction against future
violations of securities laws, is authorized.
Section 3. The Director of Finance is directed to pay the Securities and Exchange
Commission, without admission of liability, the aggregate total sum of one million dollars
($1,000,000.00) as a civil penalty in full and complete settlement of any and all claims and
demands against the City in the case styled Securities and Exchange Commission vs. City of
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City of Miami
City Hall
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Legislation
3500 Pan American Drive
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Miami, FL 33133
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Resolution
www.miamigov.com
Enactment Number: R-16-0496
File Number: 1040
Final Action Date:10/13/2016
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE ENTRY OF
A FINAL JUDGMENT BASED ON THE JURY VERDICT RENDERED ON
SEPTEMBER 14, 2016, WHICH WILL INCLUDE BUT NOT BE LIMITED TO AN
INJUNCTION AGAINST FUTURE VIOLATIONS OF SECURITIES LAWS AND THE
DIRECTOR OF FINANCE IS DIRECTED TO PAY THE SECURITIES AND EXCHANGE
COMMISSION THE AGGREGATE TOTAL SUM OF ONE MILLION DOLLARS
($1,000,000.00) AS A CIVIL PENALTY IN FULL AND COMPLETE SETTLEMENT OF
ANY AND ALL CLAIMS AND DEMANDS AGAINST THE CITY OF MIAMI, IN THE
CASE STYLED SECURITIES AND EXCHANGE COMMISSION VS. CITY OF MIAMI,
ET AL., PENDING IN THE UNITED STATES DISTRICT COURT SOUTHERN
DISTRICT OF FLORIDA, CASE NO.: 13-22600-CIV-ALTO NAGA; ALLOCATING
FUNDS FROM THE FISCAL YEAR 2015-16 BUDGET, ACCOUNT NO.
WHEREAS, the Securities and Exchange Commission ("SEC") and the City of Miami
("City") are engaged in litigation in the United States District Court Southern District of Florida,
Case No.: 1 3-22600-C IV -ALTO NAGA, concerning alleged violations of securities laws; and
WHEREAS, a jury rendered a verdict on September 14, 2016 in favor of the SEC finding
that the City violated securities laws; and
WHEREAS, the next phase of the court proceedings is a determination by the trial judge
of the appropriate penalty for the securities law violations; and
WHEREAS, the City Attorney's Office has investigated these claims and the lawsuit,
pursuant to Sections 18-221 through 18-232 of the Code of the City of Miami, Florida, as
amended, and recommends that said claims and lawsuit be settled by entry of a final judgment
including but not limited to an injunction against future violation of the securities laws and
payment of a civil penalty in the lump sum of one million dollars ($1,000,000.00);
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 entry of a final judgment based on the jury verdict rendered on
September 14, 2016 which will include but not be limited to an injunction against future
violations of securities laws, is authorized.
Section 3. The Director of Finance is directed to pay the Securities and Exchange
Commission, without admission of liability, the aggregate total sum of one million dollars
($1,000,000.00) as a civil penalty in full and complete settlement of any and all claims and
demands against the City in the case styled Securities and Exchange Commission vs. City of
Miami, et al., pending in the United States District Court Southern District of Florida, Case No.:
13-22600- CIV-ALTONAGA.
Section 4. Funds to be allocated from the Fiscal Year 2015-16 Budget, Account No.
00001.980000.531010.0000.00000.
Section 5. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
APPROVED AS TO FORM AND CORRECTNESS:
l
&ir de��z-City Altt0r e 10/3/2016
I 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.