HomeMy WebLinkAboutAgenda Item Summary FormDate: 12/06/2016
AGENDA ITEM SUMMARY FORM
File ID: #1442
Commission Meeting Date: 01/12/2017
Requesting Department: City Manager's
Office
Sponsored By:
District Impacted:
Type: Resolution
Subject: Bond Validation - Miami Central Station
Purpose of Item:
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/OR TAXABLE SPECIAL PURPOSE IMPROVEMENT
BONDS IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF EIGHTEEN
MILLION DOLLARS ($18,000,000.00) (COLLECTIVELY, "SPECIAL PURPOSE
IMPROVEMENT BONDS") IN ORDER TO, AMONG OTHER THINGS, REIMBURSE
ITSELF FROM THE PROCEEDS OF SUCH SPECIAL PURPOSE IMPROVEMENT
BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN ELIGIBLE
EXPENSES INCURRED WITH RESPECT TO THOSE CERTAIN PUBLIC
GOVERNMENTAL CAPITAL IMPROVEMENTS PORTIONS OF THE MIAMI CENTRAL
STATION PROJECT PURSUANT TO THE INTERLOCAL AGENCY AGREEMENT,
DATED NOVEMBER 8, 2016, BY AND AMONG THE CITY, THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, AND SOUTH
FLORIDA REGIONAL TRANSPORTATION AUTHORITY; 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.
Background of Item:
The 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, "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.
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.
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/or taxable special
purpose improvement bonds in a total principal amount not to exceed Eighteen Million
Dollars ($18,000,000.00) (collectively, "Special Purpose Improvement Bonds") for the
purposes of financing the costs of those certain public governmental capital
improvements portions of the Miami Central Station Project within the City limits and
within the Southeast Overtown/Park West Community Redevelopment Area
(collectively, "Project Improvements") pursuant to the Interlocal Agency Agreement,
dated November 8, 2016 ("Interlocal Agency Agreement", a copy of which is attached
and incorporated as "Exhibit A"), by and among the City, the Southeast Overtown/Park
West Community Redevelopment Area ("SEOPW CRA"), and South Florida Regional
Transportation Authority ("SFRTA"); and
In connection with the Project Improvements, the City expects to make Original
Expenditures for certain Eligible Expenses (as defined in the Interlocal Agency
Agreement) that will be reimbursed from proceeds of the Special Purpose Improvement
Bonds as will be set forth in the City Manager's subsequent Memorandum for
Reimbursable Funds Advanced ("City's Manager's Memorandum").
Budget Impact Analysis
Item has NO budget impact
Item is NOT Related to Revenue
Item is NOT funded by Bonds
Total Fiscal Impact:
$18,000,000
Reviewed By
City Manager's Office
Daniel J. Alfonso
City Manager Review
Completed
12/11/2016 4:50 PM
Office of Management and Budget
Jacques Joseph
Review Pending
Completed
12/22/2016 11:59 AM
Office of Management and Budget
Christopher M Rose
Budget Analyst Review
Completed
12/23/2016 8:31 AM
Legislative Division
Valentin J Alvarez
Legislative Division Review
Completed
12/23/2016 12:34 PM
Office of the City Attorney
Barnaby L. Min
Deputy City Attorney Review
Completed
12/26/2016 3:20 PM
Office of the City Attorney
Victoria Mendez
Approved Form and Correctness
Completed
12/28/2016 2:36 PM
City Commission
Nicole Ewan
Meeting
Completed
01/12/2017 9:00 AM
Office of the Mayor
Mayor's Office
Signed by the Mayor
Completed
01/20/2017 4:51 PM
Office of the City Clerk
City Clerk's Office
Signed and Attested by the City Clerk
Completed
01/20/2017 5:12 PM
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/OR TAXABLE SPECIAL PURPOSE IMPROVEMENT
BONDS IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF EIGHTEEN
MILLION DOLLARS ($18,000,000.00) (COLLECTIVELY, "SPECIAL PURPOSE
IMPROVEMENT BONDS") IN ORDER TO, AMONG OTHER THINGS, REIMBURSE
ITSELF FROM THE PROCEEDS OF SUCH SPECIAL PURPOSE IMPROVEMENT
BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN ELIGIBLE
EXPENSES INCURRED WITH RESPECT TO THOSE CERTAIN PUBLIC
GOVERNMENTAL CAPITAL IMPROVEMENTS PORTIONS OF THE MIAMI CENTRAL
STATION PROJECT PURSUANT TO THE INTERLOCAL AGENCY AGREEMENT,
DATED NOVEMBER 8, 2016, BY AND AMONG THE CITY, THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, AND SOUTH
FLORIDA REGIONAL TRANSPORTATION AUTHORITY; ESTABLISHING CERTAIN
RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND
INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE
CITY ATTORNEY, BOND COUNSEL, DISCLOSURE COUNSEL, FINANCIAL
ADVISOR, 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.
WHEREAS, United States Treasury Regulations §1.150-2 ("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, "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/or taxable special purpose
improvement bonds in a total principal amount not to exceed Eighteen Million Dollars
($18,000,000.00) (collectively, "Special Purpose Improvement Bonds") for the purposes of
financing the costs of those certain public governmental capital improvements portions of the
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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-17-0020
File Number: 1442
Final Action Date:1/12/2017
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/OR TAXABLE SPECIAL PURPOSE IMPROVEMENT
BONDS IN THE EXPECTED TOTAL MAXIMUM PRINCIPAL AMOUNT OF EIGHTEEN
MILLION DOLLARS ($18,000,000.00) (COLLECTIVELY, "SPECIAL PURPOSE
IMPROVEMENT BONDS") IN ORDER TO, AMONG OTHER THINGS, REIMBURSE
ITSELF FROM THE PROCEEDS OF SUCH SPECIAL PURPOSE IMPROVEMENT
BONDS FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN ELIGIBLE
EXPENSES INCURRED WITH RESPECT TO THOSE CERTAIN PUBLIC
GOVERNMENTAL CAPITAL IMPROVEMENTS PORTIONS OF THE MIAMI CENTRAL
STATION PROJECT PURSUANT TO THE INTERLOCAL AGENCY AGREEMENT,
DATED NOVEMBER 8, 2016, BY AND AMONG THE CITY, THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, AND SOUTH
FLORIDA REGIONAL TRANSPORTATION AUTHORITY; ESTABLISHING CERTAIN
RELATED DEFINITIONS OF TERMS; AND AUTHORIZING CERTAIN FURTHER AND
INCIDENTAL ACTIONS BY THE CITY MANAGER, IN CONSULTATION WITH THE
CITY ATTORNEY, BOND COUNSEL, DISCLOSURE COUNSEL, FINANCIAL
ADVISOR, 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.
WHEREAS, United States Treasury Regulations §1.150-2 ("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, "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/or taxable special purpose
improvement bonds in a total principal amount not to exceed Eighteen Million Dollars
($18,000,000.00) (collectively, "Special Purpose Improvement Bonds") for the purposes of
financing the costs of those certain public governmental capital improvements portions of the
Miami Central Station Project within the City limits and within the Southeast Overtown/Park
West Community Redevelopment Area (collectively, "Project Improvements") pursuant to the
Interlocal Agency Agreement, dated November 8, 2016 ("Interlocal Agency Agreement", a copy
of which is attached and incorporated as "Exhibit A"), by and among the City, the Southeast
Overtown/Park West Community Redevelopment Area ("SEOPW CRA"), and South Florida
Regional Transportation Authority ("SFRTA"); and
WHEREAS, in connection with the Project Improvements, the City expects to make
Original Expenditures for certain Eligible Expenses (as defined in the Interlocal Agency
Agreement) that will be reimbursed from proceeds of the Special Purpose Improvement Bonds
as set forth in the City Manager's memorandum for reimbursable funds to be advanced ("City's
Manager's Memorandum", a copy of which is attached and incorporated as "Exhibit B");
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 if 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 Purpose Improvement 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 Purpose Improvement
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/or taxable Special Purpose Improvement Bonds in the
total expected maximum principal amount of Eighteen Million Dollars ($18,000,000.00) and, to
the extent permissible under the IRS Code regarding the tax-exempt Special Purpose
Improvement Bonds, to use a portion of the tax-exempt Special Purpose Improvement Bonds to
reimburse the City for funds advanced by it for Original Expenditures incurred and to be incurred
with respect to the Project Improvements. 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, Bond Counsel, Disclosure Counsel, Financial Advisor, 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. Effective Date. This Resolution shall take effect immediately upon its
adoption and signature of the Mayor.'
' 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.
APPROVED AS TO FORM AND CORRECTNESS:
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