Miami
FL

Resolution
R-17-0350
ADOPTED WITH MODIFICATION(S)
Jul 27, 2017 9:00 AM

*

Information

Department:City Manager’s OfficeSponsors:
Category:Other

Financial Impact

Body/Legislation

A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE ISSUANCE, SUBJECT TO THE ELECTION HEREIN PROVIDED FOR, IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING FOUR HUNDRED MILLION DOLLARS ($400,000,000.00) OF GENERAL OBLIGATION BONDS ("BONDS") OF THE CITY OF MIAMI, FLORIDA ("CITY") IN ONE OR MORE SEPARATE SERIES FOR CAPITAL PROJECTS AND IMPROVEMENTS to reduce flooding risks and improve stormwater infrastructure,to improve affordable housing, economic development, Parks, cultural facilities, streets and infrastructure, and to enhance public safety, WITH INTEREST PAYABLE AT RATES NOT EXCEEDING THE MAXIMUM RATE ALLOWED BY LAW; PROVIDING FOR THE LEVY AND COLLECTION OF AD VALOREM TAXES TO PAY SUCH BONDS, PROVIDED THAT THE DEBT MILLAGE NOT EXCEED THE RATE OF 0.5935 MILLS; CALLING FOR A BOND REFERENDUM SPECIAL ELECTION AND MAKING PROVISIONS FOR PUBLIC NOTICES AND HOLDING A BOND REFERENDUM SPECIAL ELECTION CONCURRENTLY WITH THE GENERAL MUNICIPAL ELECTION ON NOVEMBER 7, 2017, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORATE AT SAID ELECTION, WITH RESPECT TO THE ISSUANCE OF SUCH BONDS; DESCRIBING THE REGISTRATION BOOKS AND RECORDS MAINTAINED UNDER THE PROVISIONS OF THE GENERAL LAWS OF FLORIDA AND OF THE CHARTER AND CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, WHICH THE CITY HAS ADOPTED AND DESIRES TO USE FOR HOLDING SUCH BOND REFERENDUM SPECIAL ELECTION; DESIGNATING AND APPOINTING THE CITY CLERK AS THE OFFICIAL REPRESENTATIVE OF THE CITY COMMISSION WITH RESPECT TO THE USE OF VOTER REGISTRATION BOOKS AND RECORDS; AUTHORIZING AND DIRECTING THE CITY CLERK TO PUBLISH NOTICE OF THE ADOPTION OF THIS RESOLUTION AND THE PROVISIONS HEREOF PURSUANT TO APPLICABLE LAW; AND DIRECTING THE CITY CLERK TO CAUSE A CERTIFIED COPY OF THE HEREIN RESOLUTION TO BE DELIVERED TO THE SUPERVISOR OF ELECTIONS OF MIAMI-DADE COUNTY, FLORIDA, PURSUANT TO APPLICABLE LAW NOT LESS THAN FORTY-FIVE (45) DAYS PRIOR TO THE DATE OF SUCH BOND REFERENDUM SPECIAL ELECTION; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE; PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE FOR THIS RESOLUTION.

 

WHEREAS, the City of Miami, Florida ("City") has aging infrastructure which affects the quality of life of residents and visitors, and the City has identified capital projects of significant magnitude that need to be addressed for public safety, parks, roadways, and drainage upgrades that are among the priority areas that require immediate attention; and

 

WHEREAS, the City has undertaken multiple community and district meetings to access input from residents, elected officials, community organizations, and local businesses regarding their views on needed and priority capital projects potentially to be funded by general obligation bonds; and

 

WHEREAS, on May 19, 2017, the Board of Directors of the Miami Downtown Development Authority of the City of Miami, Florida (“Miami DDA”) passed Resolution No. 016/2017 attached and incorporated (“Miami DDA Resolution”) (a) urging the Miami City Commission (“City Commission”) to place for voter approval a bond referendum ballot question for the issuance of general obligation bonds for the funding of capital projects, (b) establishing specific capital projects and identifying the priorities of those projects, and (c) requesting the Miami DDA’s involvement and consultation for procurement and oversight of the capital projects specified by the Miami DDA; and

 

WHEREAS, the City’s Parks and Recreation Advisory Board at multiple 2016 and 2017 meetings also has favorably recommended that the City Commission place for voter approval a bond referendum ballot question for the issuance of general obligation bonds for the funding of capital projects for the City’s parks and recreation facilities; and

 

WHEREAS, on June 26, 2017, the Sea Level Rise Committee favorably recommended that the City Commission place for voter approval a bond referendum ballot question for the issuance of general obligation bonds to fund particular capital projects intended to significantly increase the City’s resilience to flooding, sea level rise, and associated impacts on emergency services, and requesting the Sea Level Rise Committee’s involvement and consultation in the procurement processes for the capital projects requested by the Sea Level Rise Committee; and

 

WHEREAS, at today’s meeting, the City Commission (1) has directed the City Manager to include in the legislation package for this resolution proposed lists of capital projects and improvements, and (2) has adopted the following modified broad categories of capital projects and improvements proposed to be funded by such general obligation bonds and proposed funding amounts by categories: Public Safety $7,000,000.00, Affordable Housing and Economic Development $100,000,000.00, Flood Prevention $191,962,000.00, Parks and Cultural Facilities $78,200,000.00, and Roadway Improvements $22,838,000.00, thereby modifying the original Agenda Summary Form Background Item; and

             

WHEREAS, also at today’s meeting, the City Commission directed that the proposed general obligation bonds ballot language specifically identify that the proposed Fiscal Year 2017-2018 debt millage would then be at the rate of 0.5935, which in November 2017 would be the then “current” millage rate; and

 

WHEREAS, the City has determined that it is in the best interests of the public to issue general obligation bonds to finance such capital projects and improvements in an aggregate principal amount not exceeding four hundred million dollars ($400,000,000.00) with interest payable at or below the maximum rate allowed by law, payable from ad valorem taxes levied on all taxable property in the City provided that the debt millage not exceed the rate of 0.5935 for capital projects in order to reduce flooding risks and improve stormwater infrastructure, to improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure, and to enhance public safety; 

 

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.  In accordance with the provisions of the Constitution, Statutes, and other applicable Laws of the State of Florida, particularly the Municipal Home Rule Powers Act (Chapter 166 of the Florida Statutes, as amended), Chapter 100, Florida Statues, as amended, the Charter of the City of Miami, as amended ("Charter"), the Code of the City of Miami, as amended ("City Code"), and §6.03 of the Miami-Dade County Home Rule Charter, a Bond Referendum Special Election is being called and directed to be held in the City of Miami, Florida (“City”), from 7:00 A.M. until 7:00 P.M., on Tuesday, November 7, 2017, including for the purpose of submitting to the qualified electors of the City for their approval or disapproval the proposed issuance of an aggregate principal amount not exceeding four hundred million dollars ($400,000,000.00) of the City's general obligation bonds ("Bonds") in one or more separate series for capital projects and improvements to reduce flooding risks and improve stormwater infrastructure, to improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure, and to enhance public safety, with interest payable at rates not exceeding the maximum allowed by law and providing for the levy and collection of ad valorem taxes to pay such Bonds provided that the debt millage not exceed the rate of 0.5935 mills, known as Resolution No. R-17-0350.

 

Section 3.              The Bond Referendum Special Election shall be held at the polling places in the precincts designated, all as shown on the list attached hereto and made a part hereof and referred to as Exhibit No.1 or as may be designated by the Supervisor of Elections of Miami-Dade County, Florida, in conformity with the provisions of the general laws of the State of Florida (“State”). The Precinct Election Clerks and Inspectors to serve at said polling places on said election date shall be those designated by the Supervisor of Elections of Miami-Dade County, Florida, for such purpose in accordance with the general laws of the State. A description of the registration books and records which pertain to election precincts wholly or partly within the City, and which the City is hereby adopting and desires to use for holding such election is as follows: all voter information cards, registration books, records, and certificates pertaining to electors of the City and established and maintained as official by the Supervisor of Elections of Miami-Dade County, Florida, in conformity with the provisions of the general laws of the State of Florida, are hereby adopted and declared to be, and shall hereafter be recognized and accepted as, official voter information cards, registration books, records and certificates of the City.

 

Section 4.  In compliance with Section 100.341, Florida Statutes (2016), regarding ballots used in bond referenda, the ballot shall include a printed description of the issuance of bonds to be voted on as prescribed by the City Commission calling for the Bond Referendum, with the amount of the bonds, the interest rate thereon, and other details necessary to inform the electors to be printed on the ballot in connection with the question "For Bonds" and "Against Bonds". In compliance with Section 100.342, Florida Statutes (2016), regarding any bond referendum not otherwise provided for, there shall be at least thirty (30) days' notice of the Bond Referendum Special Election by publication in a newspaper of general circulation in the City. The City Clerk is authorized and directed to publish notice of the adoption of the herein resolution and of the provisions hereof, at least twice, once in the fifth week and once in the third week prior to the week in which the aforesaid Bond Referendum Special Election is to be held, in newspaper(s) of general circulation in the City, which notice shall be substantially in the following form:

 

NOTICE OF BOND REFERENDUM SPECIAL ELECTION

TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS TO BE HELD ON

TUESDAY, NOVEMBER 7, 2017

IN THE CITY OF MIAMI, FLORIDA

PURSUANT TO RESOLUTION NO. 17-0350

 

A Bond Referendum Special Election will be held on Tuesday, November 7, 2017 from 7:00 A.M. until 7:00 P.M. in the City of Miami, Florida, at the polling places in the several election precincts designated by the Board of County Commissioners of Miami-Dade County, Florida, as set forth herein, unless otherwise provided by law, for the purpose of submitting to the qualified electors of the City of Miami, Florida, the following question:

 

"Shall the City issue General Obligation Bonds in an aggregate principal amount not exceeding $400,000,000.00 with interest payable at or below the maximum rate allowed by law, payable from ad valorem taxes levied on all taxable property in the City, provided that the capital projects debt millage not exceed the current rate of 0.5935, to:

 

              Reduce Flooding Risks; Improve Stormwater Infrastructure;

              Improve Affordable Housing, Economic Development, Parks, Cultural Facilities, Streets, and Infrastructure;

              Enhance Public Safety?"

 

 

___________________

FOR BONDS

 

___________________

AGAINST BONDS

 

 

Section 5.  The official ballot to be used at said Bond Referendum Special Election shall be in full compliance with the laws of the State of Florida with respect to absentee ballots and to the use of the mechanical voting machines or the Computer Election System, and shall be in substantially the following form, to wit:

 

“Official Ballot for Bond Referendum Special Election

Tuesday, November 7, 2017,

In the City of Miami, Florida

for Approval or Disapproval of

the Following Question:

 

 

----------------------------------------------------------

Authorizing General Obligation Bonds for

Capital Projects in an aggregate principal

amount not exceeding $400,000,000.00

-----------------------------------------------------------

 

Shall the City issue General Obligation Bonds in an aggregate principal amount not exceeding $400,000,000.00 with interest payable at or below the maximum rate allowed by law, payable from ad valorem taxes levied on all taxable property in the City, provided that the capital projects debt millage not exceed the current rate of 0.5935, to:

 

              Reduce Flooding Risks; Improve Stormwater Infrastructure;

              Improve Affordable Housing, Economic Development, Parks, Cultural Facilities, Streets, and Infrastructure;

              Enhance Public Safety?

 

_____________

FOR BONDS

 

_____________

AGAINST BONDS

 

Section 6.  The form of the ballot shall be in accordance with the requirements of general election laws. Electors desiring to vote in approval of the Question described above, shall be instructed to vote their selection next to the words "FOR BONDS" within the ballot containing the statement relating to the Question. Electors desiring to vote to disapprove the Question, shall be instructed to vote their selection next to the words "AGAINST BONDS" within the ballot containing the statement relating to the Question. Once individuals are satisfied with their choice, they shall press the "Vote" button and the ballot shall be cast.

 

Section 7. The City Clerk shall cause to be prepared absentee ballots containing the Question set forth in Section 5 above for the use of absentee electors entitled to cast such ballots in said Bond Referendum Special Election.

 

Section 8. All qualified electors of said City shall be permitted to vote in said Bond Referendum Special Election and the Supervisor of Elections of Miami-Dade County, Florida, is hereby requested, authorized, and directed to furnish, at the cost and expense of the City, a list of all qualified electors residing in the City as shown by the registration books and records of the Office of said Supervisor of Elections and duly certify the same for delivery to and for use by the election officials designated to serve at the respective polling places in said election precincts.

 

Section 9. For the purpose of enabling persons to register who are qualified to vote in the Bond Referendum Special Election to be held concurrently with the General Municipal Election to be held on November 7, 2017, and who have not registered under the provisions of the general laws of Florida and Chapter 16 of the Code of the City of Miami, Florida, or who have transferred their legal residence from one voting precinct to another in the City, they may register Monday through Friday, from 8:00 AM. to 5:00 P.M. at the Miami-Dade County Elections Department located at 2700 Northwest 87th Avenue, Doral, Florida, within such period of time as may be designated by the Supervisor of Elections of Miami-Dade County, Florida. In addition to the above place and times, qualified persons may register at such branch offices and may also use any mobile registration van for the purpose of registration in order to vote in the herein described Bond Referendum Special Election during such times and on such dates as may be designated by the Supervisor of Elections of Miami-Dade County, Florida.

 

Section 10. Todd B. Hannon, the City Clerk of the City, or his duly appointed successor, is hereby designated and appointed as the official representative of the City Commission in all transactions with the Supervisor of Elections of Miami-Dade County, Florida, in relation to matters pertaining to the use of the registration books and the holding of said Bond Referendum Special Election.

 

Section 11.  For the purposes of paying for capital projects and improvements in order to reduce flooding risks and improve stormwater infrastructure, to improve affordable housing, economic development, parks, cultural facilities, streets, and infrastructure, and to enhance public safety, with interest payable at rates not to exceed the maximum rate allowed by law, to be payable from ad valorem taxes to be levied on all taxable property in the City, provided that the debt millage not exceed the rate of 0.5935, there shall be issued, under the authority of the Constitution and laws of the State, including particularly the Charter, the City Code, the Municipal Home Rule Powers Act (Chapter 166 of the Florida Statutes, as amended), Chapter 100 of the Florida Statutes, as amended, and subject to the election hereinbefore provided for, general obligation bonds of the City, in one or more separate series of such Bonds at such time(s) as determined by the City Commission, in an aggregate principal amount not exceeding four hundred million dollars ($400,000,000.00). Such Bonds shall be subordinate to all other previously issued general obligation bonds, including other limited ad valorem bonds, of the City then outstanding at the time of issuance of such series of Bonds.

 

Section 12.  Such Bonds shall be issued as fully registered bonds in the denomination of $5,000.00 each or any integral multiple thereof, shall bear interest at a rate or rates not exceeding the maximum rate provided for by Florida Statutes at such time of issuance, shall be in such form(s), and shall be executed by such officers of the City or any financial institution and in such manner, as the City Commission shall provide by series resolution(s) adopted prior to the issuance of such series of Bonds.

 

The principal of such Bonds shall mature and is to be due and payable at such time or times, not exceeding twenty-five (25) years from the date of each respective series at the date(s) of issuance thereof, but shall not mature at any time longer than the probable useful lives (in accordance with Generally Accepted Accounting Principles) of any capital improvement assets for which such Bonds are issued.

 

Section 13.  For the prompt payment of the principal of, interest on, and any discount or premium related thereto, if any, for such Bonds, the City shall levy and collect annually an ad valorem tax upon all taxable property within the City, over and above all taxes authorized to be levied by the City, sufficient to pay such principal, interest, and premium if any and in accordance with any discount, if any, as the same respectively become due and payable, provided that the debt millage not exceed the rate of 0.5935.

 

Section 14.  Further details of such Bonds shall be determined by the City Commission in one or more separate series resolution(s) for such Bonds. The City Commission may by resolution consolidate into a single issue or separate into two or more series, all or any part of the Bonds hereby authorized.

 

Section 15.  If any one or more of the covenants, agreements or provisions of this Resolution should be held contrary to any express provision of law, or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and shall in no way affect the validity of any of the other provisions of this Resolution or of the Bonds issued hereunder.

 

Section 16.  The City Clerk shall deliver a certified copy of this Resolution to the Supervisor of Elections of Miami-Dade County, Florida, not later than forty-five (45) days prior to the date of the herein Bond Referendum Special Election.

 

Section 17.  This Resolution shall become effective immediately upon its adoption and signature of the Mayor.[1]


[1] 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.

Meeting History

Jul 27, 2017 9:00 AM Video City Commission Planning and Zoning
RESULT:ADOPTED WITH MODIFICATION(S) [3 TO 2]
MOVER:Ken Russell, Vice Chair
SECONDER:Keon Hardemon, Chair
AYES:Keon Hardemon, Ken Russell, Wifredo (Willy) Gort
NAYS:Frank Carollo, Francis Suarez