Miami-Dade Legislative Item
File Number: 050104
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File Number: 050104 File Type: Ordinance Status: Amended
Version: 0 Reference: Control: County Commission
File Name: ISSUANCE OF GENERAL OBLIGATION BONDS Introduced: 1/12/2005
Requester: Finance Department Cost: Final Action:
Agenda Date: 3/1/2005 Agenda Item Number: 4N
Notes: SEE 050765 FOR FINAL VERSION AS ADOPTED [TLL- 1/12/2005; SUB TO LEG# 043367] Title: ORDINANCE AUTHORIZING ISSUANCE OF MIAMI-DADE COUNTY FLORIDA GENERAL OBLIGATION BONDS IN MORE THAN ONE SERIES AND FROM TIME TO TIME IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,925,750,000 FOR BUILDING BETTER COMMUNITIES BOND PROGRAM PURSUANT TO RESOLUTIONS NO. R- 912-04, NO. R-913-04, NO. R-914-04, NO. R-915-04, NO. R-916-04, NO. R-917-04, NO. R-918-04 AND NO. R-919-04 AND A SPECIAL BOND ELECTION HELD ON NOVEMBER 2, 2004; PROVIDING THAT SUCH GENERAL OBLIGATION BONDS CONSTITUTE GENERAL OBLIGATIONS OF COUNTY TO WHICH COUNTY’S FULL FAITH, CREDIT AND TAXING POWER SHALL BE IRREVOCABLY PLEDGED; APPROVING CERTAIN PROVISIONS FOR BONDS INCLUDING METHOD OF PAYMENT, REDEMPTION, TAX COVENANTS AND BOND FORM; PROVIDING FOR DETERMINATION IN SERIES RESOLUTIONS OF SPECIFIC TERMS, MATURITIES, INTEREST RATES AND OTHER DETAILS, INCLUDING AUTHORIZED PROJECTS TO BE FUNDED, FOR EACH SERIES OF BONDS; PROVIDING FOR SEVERABILITY AND EFFECTIVE DATE [SEE ORIGINAL ITEM UNDER FILE NO. 043367]
Indexes: GENERAL OBLIGATION BOND PROGRAM
Sponsors: NONE
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 3/1/2005 4N Amended
REPORT: See Agenda Item 4N Amended, Legislative File No. 050765 for the amended version.

General Obligation Bond Program Subcommittee 2/22/2005 3A Forwarded with recommendation to amend P
REPORT: Assistant County Attorney Heffernan read the foregoing proposed ordinance into the record. He responded to Commissioner Barreiro’s question whether it would be in the County’s best interest to have one comprehensive bond issue rather than a series of separate bond issues.. ACA Heffernan explained that this was a procedural formality to authorize by Miami-Dade County Code the issuance of debt by referendum. He further explained that the specifics would be contained within the bond series resolution. Commissioner Gimenez inquired whether language could be added to this resolution that would restrict or limit the millage rate. Mr. Heffernan noted the revenue stream could be restricted; however, it would be harder to sell the bonds on the market if the millage rate was limited because the insurers and rating agencies would have to conduct an analysis on the millage. Frank Hinton pointed out that staff recommended a full pledge versus a limited obligation because the cost to the County would be higher interest rates. Commissioner Gimenez clarified that he was asking that a cap be included in this resolution to limit the millage rate with an understanding that that cap could be exceeded, but only under certain conditions, and that this be stated in the ordinance as an intention. He asked that the growth rate projections be carefully analyzed on each series of bonds before purchasing them. ACA Heffernan suggested language be included in future series resolutions to indicate that the projected costs should not exceed the 0.39 mills unless the tax base was suppressed or for some other extenuating circumstance. He noted as proposed, the full pledge would be available, with an expressed intent that the full pledge would not be used, but for limited purposes. Mr. Hinton provided further clarification regarding the potential impact of limiting the bonds. He noted staff anticipated a 45 year growth in the tax roll which determined the available $2.9 billion revenues. Commissioner Sorenson suggested Committee members consider incorporating appropriate language in each series resolution to indicate that the projected costs should not exceed the 0.39 mills, as suggested by Mr. Hefferman. ACA Heffernan clarified that although the language could be incorporated in the ordinance, he was suggesting that it be incorporated into the resolution as an intention of the County Commission. Upon concluding the discussion, the Subcommittee recommended that the foregoing proposed ordinance be amended to incorporate the following language: "Although the Bonds will be secured by the County's unlimited ad valorem tax pledge, the County intends to limit the amount of Bonds issued under the Building Better Communities Program so the aggregate countywide debt service millage required to be levied in any one year for all County general obligation bonds outstanding as of September 20, 2005 and the Bonds will not exceed 0.390." (See 3A Supplement, Legislative File No. 050547)

Internal Mgmt. & Fiscal Responsibility Committee 2/10/2005 3F5 Forwarded to BCC with a favorable recommendation P

Board of County Commissioners 1/25/2005 Scheduled for a public hearing Internal Mgmt. & Fiscal Responsibility Committee 2/10/2005

County Attorney 1/24/2005 Referred Internal Mgmt. & Fiscal Responsibility Committee 2/10/2005

Board of County Commissioners 1/20/2005 4O SUBSTITUTE Deferred 2/10/2005 P
REPORT: By motion duly made, the Board of County Commissioners deferred the foregoing proposed Ordinance to the Internal Management and Financial Responsibility Committee meeting on February 10, 2005 at 2:00 p.m. (See Report Under Agenda Item 1F MOTION TO SET THE AGENDA.)

County Manager 1/19/2005 Deferrals 1/20/2005
REPORT: County Manager is requesting deferral to February 7, 2005 Infrastructure and Land Use Committee meeting.

County Attorney 1/12/2005 Assigned Gerald T. Heffernan 1/12/2005

County Manager 1/12/2005 Assigned County Attorney 1/20/2005
REPORT: FINANCE (SUBSTITUTE TO LEG# 043367)

County Manager 1/12/2005 Assigned Corinne Brody 1/12/2005 1/12/2005

Legislative Text

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