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Home My WebLink AboutR-16-0563City of Miami Legislation Resolution: R-16-0563 File Number: 1230 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 11/17/2016 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 FORTY-FIVE MILLION DOLLARS ($45,000,000.00) 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 6, 2016 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 City Commission ("Commission") of the City of Miami, Florida ("City") 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 Forty -Five Million Dollars ($45,000,000.00) (collectively, "Special Obligation Bonds") 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; and City of Miami Page 1 of 3 File ID: 1230 (Revision:) Printed On: 6/15/2018 File ID: 1230 Enactment Number: R-16-0563 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 as will be set forth in the City Manager's subsequent Memorandum for Reimbursable Funds Advanced ("City's Manager's Memorandum"); 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 2016-2017 Multi -Year Capital Plan adopted September 6, 2016 pursuant to City Commission Resolution No. 16-0445, 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 Forty -Five Million Dollars ($45,000,000.00) and, to the extent permissible under the IRS Code 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 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, as set forth in the City Manager's Memorandum. 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 City of Miami Page 2 of 3 File ID: 1230 (Revision:) Printed on: 6/15/2018 File ID: 1230 Enactment Number: R-16-0563 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.' APPROVED AS TO FORM AND CORRECTNESS: I ",-P+( �� /� ria ndez, Cify Attor iey 10/1812016 ' 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. City of Miami Page 3 of 3 File ID: 1230 (Revision:) Printed on: 611512018