Miami-Dade Legislative Item
File Number: 053150
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File Number: 053150 File Type: Resolution Status: Adopted
Version: 0 Reference: R-1330-05 Control: County Commission
File Name: SUBSTITUTE - ISSUANCE OF $28,000,000 TAX REVENUE BONDS Introduced: 11/8/2005
Requester: Finance Department Cost: Final Action: 12/6/2005
Agenda Date: 12/6/2005 Agenda Item Number: 8E1A
Notes: Title: RESOLUTION AUTHORIZING ISSUANCE OF MIAMI-DADE COUNTY, FLORIDA PUBLIC SERVICE TAX REVENUE BONDS (UMSA PUBLIC IMPROVEMENTS), SERIES 2005 IN AMOUNT NOT TO EXCEED $28,000,000, FOR PURPOSE OF PAYING OR REIMBURSING COUNTY FOR DESIGNATED COSTS INCLUDING CERTAIN CAPITAL PROJECTS LOCATED IN UNINCORPORATED AREAS OF COUNTY; AUTHORIZING PUBLIC SALE OF BONDS BY COMPETITIVE BID; FIXING DETAILS OF BONDS INCLUDING FORM AND DISTRIBUTION OF CERTAIN DOCUMENTS; DELEGATING TO FINANCE DIRECTOR AUTHORITY TO DETERMINE OTHER FINAL TERMS OF BONDS AND PUBLIC SALE, SUBJECT TO LIMITATIONS; PROVIDING CERTAIN COVENANTS; AUTHORIZING CERTAIN COUNTY OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH ISSUANCE, SALE, EXECUTION AND DELIVERY OF BONDS; WAIVING PROVISIONS OF RESOLUTION NO. R-1198-05 WITH RESPECT TO ANY AGREEMENTS REGARDING BOND INSURANCE AND OTHER BOND MATTERS; AND PROVIDING FOR SEVERABILITY [SEE ORIGINAL ITEM UNDER FILE NO. 053060] [SEE AGENDA ITEM NO. 5A]
Indexes: NONE
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 12/6/2005 8E1A Adopted P

Internal Mgmt. & Fiscal Responsibility Committee 11/10/2005 SUB. 3C3 Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Gerald Sanchez read the foregoing proposed resolution into the record. Hearing no questions or comments from Committee members regarding this proposal, the Committee proceeded to vote on the foregoing proposed resolution as presented.

County Manager 11/8/2005 Additions

County Attorney 11/8/2005 Assigned Gerald T. Heffernan 11/8/2005

County Manager 11/8/2005 Referred Internal Mgmt. & Fiscal Responsibility Committee 11/10/2005

County Manager 11/8/2005 Assigned Alina Tejeda-Hudak 11/8/2005

County Manager 11/8/2005 Assigned County Attorney 12/6/2005
REPORT: FINANCE SUB. TO LN#053060 [IMFR 11/10]

Legislative Text


HEADER

Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: George M. Burgess
County Manager

OTHER
This substitute item is submitted to the Internal Management and Fiscal Responsibility Committee agenda of November 10, 2005 in order to provide all referenced exhibits and request exemption from Resolution 1198-05.

STAFF RECOMMENDATION

It is recommended that the Board adopt the attached Series Resolution (Series 2005 Resolution) authorizing the issuance and public sale of Public Service Tax Revenue Bonds (UMSA Public Improvements), in an aggregate principal amount not to exceed $28,000,000 (Series 2005 Bonds). The Series 2005 Bonds are being issued for the purposes of (i) paying or reimbursing the County for costs of certain capital projects identified in Exhibit “A” and located in the unincorporated areas of the County; (ii) providing for the funding of a Reserve Fund or provide for a Reserve Fund facility and (iii) paying the costs of issuance.

In addition to authorizing the issuance and public sale of the Series 2005 Bonds, the Series 2005 Resolution provides for other related authorizations and approvals required to complete a competitive bond transaction, which include delegating certain matters in connection with the issuance of the Series 2005 Bonds to the Finance Director. Additionally it is recommended that provisions of Resolution No. 1198-05 be waived.

MANAGER'S BACKGROUND

Pursuant to Ordinance No. 96-108 enacted by the Board on July 2, 1996 (Original Ordinance), as amended and supplemented, the County has issued: (i) $77,640,000 Public Service Tax Revenue Bonds, Series 1999, of which $62,985,000 remain outstanding; and (ii) $55,275,000 Public Service Tax Revenue Bonds, Series 2002 which $52,515,000 remain outstanding. Collectively, these Bonds constitute the Outstanding Bonds.

The Original Ordinance authorized the County to issue additional bonds on parity with the Outstanding Bonds payable from Pledged Funds for the purpose of paying all or any part of the costs of capital projects located in the unincorporated areas of the County, as authorized by subsequent ordinance or resolution. The projects identified in Exhibit “A”, are capital projects consisting of drainage, resurfacing, parks, sidewalks and other capital infrastructure projects, approved by the Board under the Quality Neighborhoods Improvement Program (QNIP).

The QNIP program is for the benefit of the unincorporated municipal service area of the County (“UMSA”). The QNIP has two components. One component includes operational neighborhood service enhancements to residents of UMSA. The second includes the improvements of UMSA neighborhoods through a combination of pay-as-you go capital funding and a special obligation bond program. As of Fiscal Year 2006, there have been four phases of the QNIP program. Phase I consisted of projects funded by the Series 1999 Bonds and a Stormwater Utility Bond. Phase II consisted of projects funded by the Series 2002 Bond. Phase III consisted of projects funded by pay-as-you go capital funding. The fourth phase of the QNIP program was approved by the Board on September 17, 2003 as part of the Fiscal Year 2003-2004 budget process. The total allocation for the Phase IV is $32.5 million which consists of $27.5 million of financing proceeds (Series 2005 Bonds) and $5 million of interest earnings from the previous issuances. Attached is Schedule 1 which shows all phases of the QNIP program for all districts and shows how much has been spent in each district through the end of the most recent fiscal year.

Pledged Funds, in the Original Ordinance, 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.

Resolution No. R-1198-05 provides that any County contracts with third parties be finalized prior to their placement on the committee agenda. The sale of the Series 2005 Bonds cannot occur until after the enclosed Series 2005 Resolution authorizing the Series 2005 Bonds is effective. In as much as an authorization to issue Series 2005 Bonds is necessary prior to the actual sale of the Series 2005 Bonds, their final details cannot be concluded at the time the Series 2005 Resolution is adopted. Therefore, a waiver of the requirements of Resolution No. R-1198-05 is necessary.

The Series 2005 Resolution approves, authorizes and provides for:

* The issuance of the Series 2005 Bonds, by competitive bid or bids (which sale shall be conducted by an internet bidding process). The Bonds will be fixed rate serial bonds or term bonds or a combination of the two with maturity dates not to exceed 40 years;

* The form and distribution of an Official Notice of Sale and Preliminary Official Statement in the form attached as Exhibit “B” and “E” respectively, to this Series 2005 Resolution;

* The delivery of the final Official Statement;

* Continuing Disclosure Commitment, as required under the provisions of Rule 15c2-12, as amended, of the Securities and Exchange Commission;

* The establishment of a book-entry only system of registration for the Series 2005 Bonds;

* The execution and delivery of the Series 2005 Bonds substantially in the form attached as Exhibit “D”; and

* The appropriate officials of the County to take all actions necessary in connection with the issuance of the Series 2005 Bonds and the closing of this transaction.

* A waiver of Resolution No. R-1198-05.


The Series 2005 Resolution delegates to the Finance Director the authority, within limitations, to:

* Accept the bid or bids, providing the true lowest interest cost to the County, which bid or bids shall not exceed a 5.50% true interest cost (“TIC”) for the Series 2005 Bonds, in accordance with the Official Notice of Sale and award the Series 2005 Bonds to the lowest responsive bidder or bidders;

* Enter into any negotiations for bond insurance and a reserve account credit facility, if deemed appropriate and in the best interest of the County, and to execute and deliver any agreements that may be required by the bond insurer providing such bond insurance;

* Select and appoint a Paying Agent and Bond Registrar for the Series 2005 Bonds;

* Award the Series 2005 Bonds to the lowest responsive bidder or bidders; and

* Cause publication, once in The Miami Herald and once in The Bond Buyer, of the Summary Notice of Sale, substantially in the form attached as Exhibit “C”.

The Series 2005 Bonds are expected to be issued in February 2006.



_____________________
Assistant County Manager


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