Miami-Dade Legislative Item
File Number: 073586
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File Number: 073586 File Type: Resolution Status: Before the Board
Version: 0 Reference: Control: Board of County Commissioners
File Name: PREMIUM FROM SALE OF GOB & INTEREST EARNED ON BOND PROCEEDS Introduced: 12/4/2007
Requester: NONE Cost: Final Action:
Agenda Date: 1/10/2008 Agenda Item Number: 11A25
Notes: SEE 080821 FOR FINAL VERSION AS ADOPTED. [alternate to 073544 (Martinez) Title: RESOLUTION DIRECTING THE MAYOR OR HIS DESIGNEE TO SUBMIT A REPORT TO THE BOARD RECOMMENDING A PROCESS TO ALLOCATE PREMIUM RECEIVED FROM SALE OF BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BONDS, INTEREST EARNED ON SUCH BOND PROCEEDS AND ANY OTHER SURPLUS BOND FUNDS; AND DIRECTING THE MAYOR OR HIS DESIGNEE TO SUBMIT QUARTERLY REPORTS TO THE BOARD REGARDING SUCH PREMIUM, INTEREST EARNINGS AND SURPLUS BOND FUNDS
Indexes: GOVERNMENT OBLIGATION BONDS
Sponsors: Dorrin D. Rolle, Prime Sponsor
  Carlos A. Gimenez, Co-Sponsor
  Joe A. Martinez, Co-Sponsor
  Jose "Pepe" Diaz, Co-Sponsor
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 1/10/2008 11A25 Amended
REPORT: (SEE AGENDA ITEM 11A25 AMENDED; LEGISLATIVE FILE NO. 080821.)

Governmental Operations and Environment Committee 12/11/2007 3E ALT. Forwarded to BCC with a favorable recommendation P
REPORT: The foregoing proposed ordinance was read into the record by Assistant County Attorney Geri Bonzon-Keenan. Commissioners Martinez and Gimenez asked to be added as co-sponsors to this item. Hearing no further comments or discussion, the Committee proceeded to vote on the foregoing proposed ordinance as presented.

County Attorney 12/4/2007 Referred Governmental Operations and Environment Committee 12/11/2007

County Attorney 12/4/2007 Assigned Geri Bonzon-Keenan

Legislative Text


TITLE
RESOLUTION DIRECTING THE MAYOR OR HIS DESIGNEE TO SUBMIT A REPORT TO THE BOARD RECOMMENDING A PROCESS TO ALLOCATE PREMIUM RECEIVED FROM SALE OF BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BONDS, INTEREST EARNED ON SUCH BOND PROCEEDS AND ANY OTHER SURPLUS BOND FUNDS; AND DIRECTING THE MAYOR OR HIS DESIGNEE TO SUBMIT QUARTERLY REPORTS TO THE BOARD REGARDING SUCH PREMIUM, INTEREST EARNINGS AND SURPLUS BOND FUNDS

BODY
WHEREAS, the citizens of Miami-Dade County, Florida (the "County") authorized by special election the issuance of $2.926 billion in the Building Better Communities General Obligation Bonds (the "BBC GOB Program") of the County to fund various capital projects; and
WHEREAS, on March 31, 2005 this Board enacted Ordinance No. 05-47 authorizing the issuance of general obligation bonds in an aggregate principal amount not to exceed $2,925,750,000 (the "GOB Bonds") from time to time and in one or more series; and
WHEREAS, as a result of the marketing of any GOB Bonds, the County may receive a premium in excess of the principal amount (the "Premium") as was the case with the County's first series of GOB Bonds which yielded a premium of $13,635,000; and
WHEREAS, BBC GOB Program bond proceeds earn interest while on deposit in a project fund until such bond proceeds are spent on a BBC GOB Program capital project (the "Interest Earnings"); and
WHEREAS, to date approximately $20,000,000 of Interest Earnings have been earned on BBC GOB Program bond proceeds on deposit in the project fund; and
WHEREAS, Interest Earnings are tantamount to bond proceeds; therefore, this Board is required to allocate Interest Earnings to BBC GOB Program capital projects; and
WHEREAS, it is this Board's desire that the Mayor or his designee submit a report recommending a process for the allocation of any Premium, Interest Earnings and other surplus bond funds, if any, to eligible BBC GOB Program capital projects and to submit quarterly reports to this Board regarding surplus Premium, Interest Earnings and surplus bond funds,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The foregoing recitals are incorporated in this resolution and are approved.
Section 2. This Board directs the Mayor or his designee to submit a written report to the Governmental Operations and Environment (GOE) Committee within sixty (60) days from the effective date of this resolution, recommending a process for the allocation of any surplus Premium, Interest Earnings and other bond funds, if any, to eligible BBC GOB Program capital projects. The report shall, at a minimum, include factors or criteria the Board should consider to determine how best to allocate surplus Interest Earnings, Premium and/or other surplus bond funds to eligible GOB Program capital projects. Such factors or criteria shall include, but shall not be limited to: (i) whether to apply Premium, Interest Earnings or surplus proceeds to fund funding gaps or to fund new projects; (ii) whether use of Premium, Interest Earnings or surplus proceeds to fund a project will positively impact or address the poverty level or crime in a given area; and (iii) whether funding should be accelerated for a given project based on the needs of the community.
Section 3. This Board directs the Mayor or his designee to submit quarterly reports to this Board regarding surplus Premium, Interest Earnings and other bond funds available for allocation to eligible GOB Program capital projects.



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