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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

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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: (a) any premium and interest earnings on all outstanding County bonds and indebtedness and (b) any surplus Premium, Interest Earnings and other GOB Bond funds, if any, to eligible BBC GOB Program capital projects and/or to reduce debt service on any outstanding GOB Bonds. The report shall, at a minimum, include factors or criteria the Board should consider to determine how best to allocate surplus BBC GOB Program Interest Earnings, Premium and/or other surplus GOB Bond funds. Such factors or criteria shall include, but shall not be limited to: (i) whether to apply Premium, Interest Earnings or surplus GOB Bond proceeds to reduce debt service on any outstanding GOB Bonds, fund funding gaps or to fund new projects; (ii) whether use of Premium, Interest Earnings or surplus GOB Bond 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 any premium and interest earnings on all outstanding County bonds and indebtedness and surplus BBC GOB Program Premium, Interest Earnings and other GOB Bond funds available for allocation.