Miami-Dade Legislative Item
File Number: 071202
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File Number: 071202 File Type: Ordinance Status: Adopted
Version: 0 Reference: 07-72 Control: County Commission
File Name: PUBLIC SERVICE TAX REVENUE BONDS(UMSA PUBLIC IMPROVEMENTS) Introduced: 4/20/2007
Requester: Finance Department Cost: Final Action: 6/5/2007
Agenda Date: 6/5/2007 Agenda Item Number: 5D
Notes: JAM Title: ORDINANCE AUTHORIZING ISSUANCE OF MIAMI-DADE COUNTY, FLORIDA PUBLIC SERVICE TAX REVENUE BONDS (UMSA PUBLIC IMPROVEMENTS), SERIES 2007 IN AMOUNT NOT TO EXCEED $35,000,000 PURSUANT TO ORDINANCE NO. 96-108, AS AMENDED AND SUPPLEMENTED, 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, PROVIDING FOR CAPITALIZED INTEREST, IF ADVISABLE, AND PAYING COSTS OF ISSUANCE; PROVIDING THAT DETAILS, TERMS AND OTHER MATTERS RELATING TO SERIES 2007 BONDS BE DETERMINED IN SUBSEQUENT SERIES RESOLUTION; AND PROVIDING FOR SEVERABILITY AND EFFECTIVE DATE [SEE ORIGINAL ITEM UNDER FILE NO. 071024] [SEE AGENDA ITEM NOS. 8E1A & 8E1A SUPPLEMENT]
Indexes: BONDS
  TAX REVENUES
  UMSA
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 6/5/2007 5D Adopted P

Budget and Finance Committee 5/15/2007 3C Forwarded to BCC with a favorable recommendation P

Board of County Commissioners 4/24/2007 4D SUBSTITUTE Adopted on first reading 6/5/2007 P

County Manager 4/23/2007 Additions 4/24/2007

County Attorney 4/23/2007 Assigned Gerald T. Heffernan 4/23/2007

County Manager 4/20/2007 Assigned Ian H. Yorty 4/20/2007
REPORT: ACM NEEDS TO SIGN-EG

County Manager 4/20/2007 Referred Budget and Finance Committee 5/15/2007

County Manager 4/20/2007 Assigned County Attorney 4/24/2007
REPORT: FINANCE (B&F COMTE 5/15/2007) PH 6/5/2007

County Manager 4/20/2007 Assigned Ian H. Yorty 4/20/2007

Legislative Text


TITLE

BODY

WHEREAS, pursuant to the Original Ordinance, as amended and supplemented by Ordinance Nos. 02-82 and 05-208 enacted by the Board on May 21, 2002 and December 6, 2005, respectively (the Original Ordinance, as so amended and supplemented, the “Master Ordinance”), and Resolution Nos. R-485-02 and R-1330-05 adopted by the Board on May 21, 2002 and December 6, 2005, respectively, the County has previously issued $55,275,000 Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 2002, outstanding as of the date of this Ordinance in the aggregate principal amount of $49,590,000 (the “Series 2002 Bonds”) and $28,000,000 Public Service Tax Revenue Bonds (UMSA Public Improvement), Series 2006, outstanding as of the date of this Ordinance in the aggregate principal amount of $27,350,000 (the “Series 2006 Bonds” and, collectively with the Series 1999 Bonds and the Series 2002 Bonds, the “Outstanding Bonds”); and
WHEREAS, the Master Ordinance authorizes the County to issue additional bonds under the provisions of Section 208 of the Master Ordinance (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 one or more series, in an aggregate principal amount not to exceed $35,000,000 for the purpose of (i) paying or reimbursing the County for all or a portion of the costs of certain capital projects exclusively located in the unincorporated areas of the County and more particularly described in Section 3 of this Ordinance (collectively, the “Series 2007 Project”); 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 2007 Ordinance”) are incorporated as part of this Series 2007 Ordinance. All capitalized words and terms used but not defined in the Series 2007 Ordinance shall have the meanings assigned to such terms in the Master Ordinance, unless the context otherwise clearly requires a different meaning. Section 2. Authority for Issuance of Series 2007 Bonds. The Board authorizes the issuance of the Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 2007 (the “Series 2007 Bonds”), in one or more series, in an aggregate principal amount not to exceed $35,000,000, 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 2007 Project, funding the Reserve Fund, including the deposit of a Reserve Fund Facility, if any, providing for capitalized interest, if advisable, and paying the costs of issuance of the Series 2007 Bonds, including the costs of a Bond Insurance Policy and a Reserve Fund Facility, if any. Section 3. Project Description. The Series 2007 Project to be financed with a portion of the proceeds of the Series 2007 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 and traffic calming projects. The Series 2007 Project, as described in this Section, shall be located solely in the unincorporated areas of the County. Section 4. Details, Terms and Other Matters Relating to Series 2007 Bonds. In accordance with Section 203 of the Master Ordinance, all details, terms and other matters relating to the Series 2007 Bonds, including series designation, shall be determined in the manner specified in a supplemental resolution of the Board. Section 5. Original Ordinance in Force. As supplemented by this Series 2007 Ordinance, the Master Ordinance and all terms and provisions of the Master Ordinance are and shall remain in full force and effect. Section 6. Inconsistent Ordinances. All ordinances which are inconsistent with any of the provisions of this Series 2007 Ordinance are declared to be inapplicable to the provisions of this Series 2007 Ordinance. Section 7. 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 2007 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 2007 Ordinance. Section 8. Headings Not Part of Ordinance. Any headings preceding the Sections of this Series 2007 Ordinance shall be solely for convenience of reference and shall not constitute a part of this Series 2007 Ordinance, nor shall they affect its meaning, construction or effect. Section 9. Severability. In case any one or more of the provisions of this Series 2007 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 2007 Ordinance. Section 10. Applicability of Material Covenants of Master Ordinance. All of the material covenants of the Master Ordinance shall be applicable to the Series 2007 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 2007 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 2007 Bonds may be issued. Section 11. Effective Date. This Series 2007 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. This substitute item differs in that the following sentence was added to this Memorandum before the project chart: on page 2. “The dollar amounts set forth in this table for each project category may be increased or decreased at the discretion of the District Commissioner, provided that the total amount for all project categories does not exceed the District’s total allocation.

STAFF RECOMMENDATION

MANAGER'S BACKGROUND
The Bonds are being issued for the purposes of (i) paying or reimbursing the County for the costs of certain capital projects exclusively located in the unincorporated areas of the County; (ii) providing for a Reserve Fund; (iii) providing for capitalized interest, if advisable; and (iv) paying the cost of issuance of the Series 2007 Bonds.

Pursuant to Ordinance No. 96-108 enacted by the Board on July 2, 1996, as amended and supplemented (Original Ordinance), the County has issued the following Public Service Tax Revenue Bonds, which collectively constitute the Outstanding Bonds: Issue Description: Series 1999 Original Principal $77,640,000: Currently Outstanding: $60,685,000: Average Annual Debt Service:$5,292,000: Issue Description: Series 2002: Original Principal:$55,275,000: Currently Outstanding:
$49,590,000: Average Annual Debt Service: $3,997,000: Issue Description: Series 2006: Original Principal:$28,000,000: Currently Outstanding: $27,350,000: Average Annual Debt Service: $1,940,000: Total$11,229,000

The Original Ordinance authorized the County to issue additional bonds with the same security or “on parity” with the Outstanding Bonds payable from Pledged Funds, as defined below, 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” 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 monies held in the Debt Service Fund established under the Original Ordinance. Effective October 1, 2001 the Florida Legislature repealed the authorization for the levy by municipalities, including the County, of the Public Service Tax on telecommunications services in the unincorporated areas of the County. In its place, the State authorized the County to levy by ordinance a discretionary local communication service tax on communication services charged to service addresses in the unincorporated areas of the County. On June 9, 2001 the Board enacted Ordinance No. 01-109 levying and imposing such local communications services tax.

The accompanying Series 2007 Ordinance authorizes the issuance of the Series 2007 Bonds as Additional Bonds pursuant to Section 208 of the Original Ordinance. The Series 2007 Bonds, together with the Outstanding Bonds, fund projects approved by the Board under the Quality Neighborhoods Improvement Program (QNIP), which included neighborhood infrastructure improvement projects that are local in nature and located in the unincorporated areas of the County (UMSA). As part of the budgetary process, the Board approved the funding for Phase 5 of QNIP through the issuance of bonds. The projects included improvements to the stormwater drainage system; the construction of new sidewalks and the repair and/or renovation of existing sidewalks; park development and the beautification of neighborhoods, including road surfacing and traffic calming projects. The preliminary breakdown of these projects by Commission District is listed on the chart below. The dollar amounts set forth in this table for each project category may be increased or decreased at the discretion of the District Commissioner, provided that the total amount for all project categories does not exceed the District’s total allocation.

Commission District 1: Park Improvements $360,750 Sidewalks $360,750 Drainage $360,750 Road Resurfacing $360,750 Total Allocation$ 1,443,000 Commission District 2 Park Improvements $736,500 Sidewalks $736,500 Drainage $736,500 Road Resurfacing $736,500 Total Allocation $2,946,000 Commission District 3 Park Improvements $133,250 Sidewalks $133,250 Drainage $133,250 Road Resurfacing $133,250 Total Allocation $533,000 Commission District 4 Park Improvements $219,500 Sidewalks $219,500 Drainage $219,500 Road Resurfacing $219,500Total Allocation $878,000 Commission District 5 Park Improvements $13,250 Sidewalks $13,250 Drainage $13,250 Road Resurfacing $13,250 Total Allocation $53,000 Commission District 6 Park Improvements $395,000 Sidewalks $395,000 Drainage $395,000 Road Resurfacing $395,000 Total Allocation $1,580,000 Commission District 7 Park Improvements $436,750 Sidewalks $436,750 Drainage $436,750 Road Resurfacing $436,750 Total Allocation $1,747,000 Commission District 8 Park Improvements $ 1,001,000 Sidewalks $1,001,000 Drainage $1,001,000 Road Resurfacing $1,001,000 Total Allocation $4,004,000 Commission District 9 Park Improvements $1,184,250 Sidewalks $1,184,250 Drainage $1,184,250 Road Resurfacing $1,184,250 Total Allocation $4,737,000 Commission District 10 Park Improvements $1,107,750 Sidewalks $1,107,750 Drainage $1,107,750 Road Resurfacing $1,107,750 Total Allocation $4,431,000 Commission District 11 Park Improvements $1,158,500 Sidewalks $1,158,500 Drainage $1,158,500 Road Resurfacing $1,158,500 Total Allocation $4,634,000 Commission District 12 Park Improvements $471,250 Sidewalks $471,250 Drainage $471,250 Road Resurfacing $471,250 Total Allocation $1,885,000 Commission District 13 Park Improvements $282,750 Sidewalks $282,750 Drainage $282,750 Road Resurfacing $282,750 Total Allocation $1,131,000 Total $30,002,000

The Series 2007 Ordinance provides for the submission of a supplemental resolution to the Board that will provide the terms, maturities, interest rates, exhibit of capital projects, and other details prior to the Series 2007 Bonds being issued.



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