Miami-Dade
Legislative Item File Number: 020970 |
File Number: 020970 | File Type: Ordinance | Status: Adopted | ||||||
Version: 0 | Reference: 02-82 | Control: County Commission | ||||||
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Requester: Finance Department | Cost: | Final Action: 5/21/2002 | ||||||
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Sunset Provision: No | Effective Date: | Expiration Date: |
Registered Lobbyist: | None Listed |
Legislative History |
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Acting Body | Date | Agenda Item | Action | Sent To | Due Date | Returned | Pass/Fail |
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Board of County Commissioners | 5/21/2002 | 4F | Adopted | P | |||
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UMSA (Unincorporated Municipal Services Area)Cmte | 5/16/2002 | 3C | Forwarded to BCC with a favorable recommendation | P | |||
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Ways and Means Committee | 5/14/2002 | 3F | Forwarded to BCC | P | |||
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Board of County Commissioners | 4/23/2002 | 13E | Adopted on first reading | 5/21/2002 | P | ||
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County Manager | 4/4/2002 | Assigned | County Attorney | 4/23/2002 | |||
REPORT: | FINANCE DEPARTMENT (W&M + UMSA) | ||||||
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County Attorney | 4/4/2002 | Assigned | Howard W. Whitaker | 4/5/2002 | |||
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Legislative Text |
TITLE ORDINANCE AUTHORIZING ISSUANCE OF NOT TO EXCEED $60,000,000 OF MIAMI- DADE COUNTY, FLORIDA PUBLIC SERVICE TAX REVENUE BONDS (UMSA PUBLIC IMPROVEMENTS), SERIES 2002, PURSUANT TO SECTION 208 OF ORDINANCE NO. 96- 108, ENACTED ON JULY 2, 1996, IN ONE OR MORE SERIES, FOR PURPOSE OF PAYING OR REIMBURSING COUNTY FOR COSTS OF CERTAIN CAPITAL PROJECTS LOCATED IN UNINCORPORATED AREAS OF COUNTY, FUNDING RESERVE FUND, INCLUDING RESERVE FUND FACILITY, IF ANY, FUNDING CAPITALIZED INTEREST, IF NECESSARY, AND PAYING COSTS OF ISSUANCE, INCLUDING COSTS FOR BOND INSURANCE POLICY AND RESERVE FUND FACILITY, IF ANY; PROVIDING THAT DETAILS, TERMS AND OTHER MATTERS RELATING TO SERIES 2002 BONDS BE DETERMINED IN SUBSEQUENT SERIES RESOLUTION; AMENDING CERTAIN PROVISIONS OF SAID ORDINANCE NO. 96-108 RELATING TO SOURCES OF SECURITY AND PAYMENT FOR BONDS; AND PROVIDING FOR SEVERABILITY AND EFFECTIVE DATE. BODY WHEREAS, Miami-Dade County, Florida (the "County"), pursuant to Ordinance No. 96-108 enacted by the Board of County Commissioners of Miami-Dade County, Florida (the "Board") on July 2, 1996 (the "Original Ordinance" and as amended by this Ordinance, the "Master Ordinance"), and Resolution No. R-923-96 adopted by the Board on July 16, 1996, has previously issued $56,200,000 Dade County, Florida Public Service Tax Revenue Refunding Bonds, Series 1996, currently outstanding in the aggregate principal amount of $18,445,000, and pursuant to the Original Ordinance and Resolution No. R-1415-98 adopted by the Board on December 15, 1998, has previously issued $77,640,000 Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 1999, currently outstanding in the aggregate principal amount of $71,295,000 (collectively, the "Outstanding Bonds"); and WHEREAS, the Master Ordinance authorizes the County to issue additional bonds (the "Additional Bonds") on a parity with the Outstanding Bonds payable from the Pledged Funds, as defined in the Master Ordinance, for the purpose of paying all or any part of the Costs of the Project, as defined in the Master Ordinance, with respect to any capital projects located in the unincorporated areas of the County as authorized by subsequent ordinance or resolution; and WHEREAS, the Board has determined at this time that it is in the best interests of the County and its citizens to authorize the issuance of Additional Bonds in an aggregate principal amount not to exceed $60,000,000 under the provisions of Section 208 of the Master Ordinance for the purpose of paying or reimbursing the County for all or a portion of the Costs of the Project with respect to certain capital projects exclusively located in the unincorporated areas of the County and more particularly described in this Ordinance (collectively, the "Series 2002 Project"); and WHEREAS, effective October 1, 2001, the Legislature of the State of Florida (i) repealed the authorization for the levy by municipalities, including the County, of the Public Service Tax (as defined in the Original Ordinance) on telecommunications services, which constitutes a portion of the Pledged Funds, and (ii) pursuant to Section 202. 19, Florida Statutes, authorized each county and municipality, including the County, to levy by ordinance a discretionary local communications services tax on communications services, all as more specifically provided in Chapter 202, Florida Statutes; and WHEREAS, on June 19, 2001, the Board enacted Ordinance No. 01-109 levying and imposing such local communications services tax authorized pursuant to Section 202. 19, Florida Statutes (the "Local Communications Services Tax"); and WHEREAS, in accordance with Section 901 of the Original Ordinance, it is necessary to amend the Original Ordinance to reflect the repeal of the Public Service Tax on telecommunications services and to pledge the payments received from the levy of the Local Communications Services Tax as part of the Pledged Funds; and WHEREAS, the Board desires to accomplish the purposes outlined in the accompanying memorandum (the "County Manager's Memorandum"), a copy of which is incorporated in this Ordinance by reference. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA that: Section 1. Incorporation of Recitals; Definitions. The matters set forth in the foregoing recitals to this Ordinance (the "Series 2002 Ordinance") are incorporated as part of this Series 2002 Ordinance. All capitalized words and terms used but not defined in the Series 2002 Ordinance shall have the meanings assigned to such terms in the Original Ordinance, unless the context otherwise clearly requires a different meaning. Section 2. Authority for Issuance of Series 2002 Bonds. The Board authorizes the issuance in an aggregate principal amount not to exceed $60,000,000 of the Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 2002 (the "Series 2002 Bonds"), pursuant to Section 208 of the Master Ordinance and the authority of the Constitution and laws of the State of Florida (the "State"), including, but not limited to, the Home Rule Amendment and Charter of Miami-Dade County, Florida, as amended, Chapters 125 and 166, Florida Statutes, as amended, and all other applicable laws, for the purpose of paying or reimbursing the County for all or a portion of the costs of the Series 2002 Project, funding the Reserve Fund, including the deposit of a Reserve Fund Facility, if any, funding capitalized interest, if necessary, and paying the costs of issuance of the Series 2002 Bonds, including the costs of a Bond Insurance Policy and a Reserve Fund Facility, if any. Notwithstanding anything to the contrary contained in this Series 2002 Ordinance, the Series 2002 Bonds shall be issued on or before September 30, 2003 (the "Sunset Date"), and the authorization under this Series 2002 Ordinance for the issuance of the Series 2002 Bonds, or any portion of the Series 2002 Bonds, not issued on or before the Sunset Date will be deemed rescinded on the Sunset Date; provided, however, that the foregoing shall in no way rescind the authorization with respect to any Series 2002 Bonds issued on or before the Sunset Date. Section 3. Project Description. The Series 2002 Project to be financed with the proceeds of the Series 2002 Bonds includes improvements to the stormwater drainage system; the construction of new sidewalks and the repair and/or renovation of existing sidewalks; park development, including the development and equipping of new parks and the renovation and equipping of existing parks; and the beautification of neighborhoods, including road resurfacing. The Series 2002 Project will be located solely in the unincorporated areas of the County. Section 4. Details, Terms and Other Matters Relating to Series 2002 Bonds. In accordance with Section 203 of the Master Ordinance, all details, terms and other matters relating to the Series 2002 Bonds shall be determined in the manner specified in a supplemental resolution of the Board. Section 5. Amendments to Original Ordinance. In order to reflect the repeal of the Public Service Tax on telecommunications services and pledge the payments received from the Local Communica tions Services Tax as part of the Pledged Funds, the Original Ordinance is amended as follows: (a) The definition of "Designated Revenues" in Section 102 is deleted in its entirety and replaced with the following: "Designated Revenues" means the payments received from the levy of the Public Service Tax and the Local Communications Services Tax by the County; provided, however, that in connection with the delivery of a certificate of the Finance Director pursuant to Section 208(d) of this Ordinance, for any months occurring prior to October 1, 2001, Designated Revenues means the payments received from the levy of the Public Service Tax by the County, as the term Public Service Tax was defined in this Ordinance prior to the enactment by the Board of an ordinance authorizing the issuance of not to exceed $60,000,000 of Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 2002, and amending this Ordinance. (b) A definition of "Local Communications Services Tax" is added in Section 102 immediately following the definition of "Liquidity Facility" to read as follows: "Local Communications Services Tax" means the discretionary local communications services tax levied by the County on communications services charged to service addresses in the unincorporated areas of Miami-Dade County, Florida pursuant to Section 202. 19, Florida Statutes, and as provided in Article IV-A of Chapter 29 of the County Code. (c) The definition of "Public Service Tax" in Section 102 of the Original Ordinance is deleted in its entirety and replaced with the following: "Public Service Tax" means the excise tax levied by the County upon the purchase in the unincorporated areas of Miami-Dade County, Florida of electricity, metered or bottled gas (natural liquefied petroleum gas or manufactured), coal, fuel oil and water service pursuant to Article VIII, Section 6(f), Constitution of the State of Florida, Section 166. 231, Florida Statutes, and as provided in Article IV of Chapter 29 of the County Code. (d) Section 703 is deleted in its entirety and replaced with the following: Section 703. Enforcement of Collections. The County will diligently enforce its right to receive the Designated Revenues. The County will not repeal the ordinances or the County Code provisions now in effect levying the Public Service Tax or the Local Communications Services Tax, will not amend or modify such ordinances or County Code provisions or take any other action so as to impair or adversely affect in any manner the pledge of the Pledged Funds made in this Ordinance or the rights of the Bondholders under this Ordinance. The County shall be unconditionally and irrevocably obligated, so long as any of the Bonds are outstanding and unpaid, to take all lawful action necessary or required to continue to entitle the County to receive the Designated Revenues in the same or greater amounts and at the same or greater rates as now provided by law to pay the principal of and interest on the Bonds and to make the other payments provided for in this Ordinance, including, without limitation, levying and collecting the Public Service Tax and the Local Communications Services Tax at rates up to the respective maximum rates permitted by law. This provision shall not be construed to prevent revisions of the rates of the Public Service Tax or the Local Communications Services Tax as long as the amount of Pledged Funds in each year will be at least equal to 120% of the Maximum Annual Bond Service Requirement for any ensuing Bond Year. Section 6. Original Ordinance in Force. Except as amended by this Series 2002 Ordinance, the Original Ordinance and all terms and provisions of the Original Ordinance are and shall remain in full force and effect. Section 7. Inconsistent Ordinances. All ordinances which are inconsistent with any of the provisions of this Series 2002 Ordinance are declared to be inapplicable to the provisions of this Series 2002 Ordinance; provided, however, that this Section 7 shall in no way impair the amendments to the Original Ordinance under this Series 2002 Ordinance. Section 8. Further Acts. The officers and agents of the County are authorized and directed to take all actions and do all things required of them by the Master Ordinance and this Series 2002 Ordinance and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements contained in the Master Ordinance and this Series 2002 Ordinance. Section 9. Headings Not Part of Ordinance. Any headings preceding the Sections of this Series 2002 Ordinance shall be solely for convenience of reference and shall not constitute a part of this Series 2002 Ordinance, nor shall they affect its meaning, construction or effect. Section 10. Severability. In case any one or more of the provisions of this Series 2002 Ordinance shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect the legality or enforceability of any other provision of this Series 2002 Ordinance. Section 11. Applicability of Material Covenants of Master Ordinance. All of the material covenants of the Master Ordinance shall be applicable to the Series 2002 Bonds and no event of default shall have occurred and be continuing in the performance of any of the covenants and obligations of the Master Ordinance prior to and upon the issuance of the Series 2002 Bonds. Furthermore, all payments required to have been made into the accounts and funds under the terms of the Master Ordinance shall have been made to the full extent required before the Series 2002 Bonds may be issued. Section 12. Effective Date. This Series 2002 Ordinance shall take effect ten (10) days after its enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board. HEADER TO: Honorable Chairperson and Members DATE: * Board of County Commissioners FROM: Steve Shiver County Manager SUBJECT: Ordinance Authorizing Issuance of Public Service Tax Revenue Bonds (UMSA Public Improve- ments) and Amending Ordinance No. 96-108 STAFF RECOMMENDATION It is recommended that the Board enact the accompanying Ordinance authorizing the issuance, in one or more series, of Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 2002 (the "Series 2002 Bonds") in an aggregate principal amount not to exceed $60,000,000. The Series 2002 Bonds are being issued for the purposes of: (i) paying and reimbursing the County for costs of certain capital projects exclusively located in the unincorporated areas of the County; (ii) providing for the funding of a Reserve Fund, including credit enhancement, if desirable; and (iii) paying the costs of issuance, including municipal bond insurance, if feasible. The Ordinance also amends certain provisions of Ordinance No. 96-108, defined below, relating to the sources for security and payment of the bonds. The Ordinance further provides for the submission of subsequent series resolution (s) to the Board which will establish the terms, maturities, interest rates and other bond related details for the Series 2002 Bonds. MANAGER'S BACKGROUND The accompanying Ordinance (the "Series 2002 Ordinance") authorizes the issuance of the Series 2002 Bonds as Additional Bonds pursuant to Section 208 of the Original Ordinance. The Series 2002 Bonds, together with the Series 1999 Bonds, fund projects approved by the Board under the Quality Neighborhoods Improvement Program (QNIP) which includes neighborhood infrastructure improvement projects that are local in nature and located in the unincorporated areas of the County. As part of the adopted FY 2001-02 budget, the Board approved funding for Phase 2 of QNIP. This ordinance authorizes the issuance of bonds consistent with the Board's action through the adopted budget. Pursuant to Ordinance No. 96-108 enacted by the Board on July 2, 1996, (the "Original Ordinance") and Resolution No. R-923-96 adopted by the Board on July 16, 1996, the County issued the $56,200,000 Dade County, Florida Public Service Tax Revenue Refunding Bonds, Series 1996 (the "Series 1996 Bonds") of which $18,445,000 are currently outstanding. The Original Ordinance authorized the County to issue additional bonds on a parity with the Series 1996 Bonds payable from Pledged Funds for the purpose of paying all or any part of the costs of any capital projects located in the unincorporated areas of the County, as authorized by subsequent ordinance or resolution. Pledged Funds, in the Original Ordinance, are comprised of payments received by the County from the levy of the Public Service Tax in the unincorporated areas of the County and all funds held in trust under the Original Ordinance. Effective October 1, 2001, the State Legislature repealed the authorization for the levy by municipalities, including the County, of the Public Service Tax on telecommunications services and in its place, authorized the County to levy by ordinance a discretionary local communication service tax on communications services charged to service addresses in the unincorporated areas of the County. On June 19, 2001, the Board enacted Ordinance No. 01-109 levying and imposing such local communications services tax. This Series 2002 Ordinance amends the Original Ordinance to provide for the change in the law relating to the local communications services tax. On December 15,1998, the Board adopted Resolution No. R-1415-98 pursuant to Section 208 of the Original Ordinance, under which the $77,640,000 Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 1999 (the "Series 1999 Bonds") were issued as Additional Bonds. There is currently $71,295,000 of the Series 1999 Bonds outstanding. The Series 2002 Ordinance provides for the submission of subsequent resolutions to the Board for each series of bonds to be issued. Each series resolution will provide a more detailed description of the capital improvements to be financed and the terms, maturities, interest rates, and other detail for the series of bonds to be issued. |
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