Miami-Dade Legislative Item
File Number: 083033
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File Number: 083033 File Type: Resolution Status: Adopted
Version: 0 Reference: R-1270-08 Control: Board of County Commissioners
File Name: BY COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY Introduced: 10/23/2008
Requester: NONE Cost: Final Action: 11/20/2008
Agenda Date: 11/20/2008 Agenda Item Number: 11A32
Notes: Title: RESOLUTION APPROVING ISSUANCE BY COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY OF ITS VARIABLE RATE DEMAND REVENUE BONDS (NATIONAL JEWISH FEDERATION BOND PROGRAM) SERIES A-14 IN AMOUNT NOT TO EXCEED $9,000,000 ON BEHALF OF MICHAEL-ANN RUSSELL JEWISH COMMUNITY CENTER, INC. TO REFINANCE OUTSTANDING DEBT AND FINANCE CAPITAL PROJECTS LOCATED IN MIAMI-DADE COUNTY FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
Indexes: REVENUE BONDS
Sponsors: Sally A. Heyman, Prime 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 11/20/2008 11A32 Adopted P
REPORT: First Assistant County Attorney Abigail Price-Williams read the foregoing proposed resolution into the record. Chairman Barreiro opened the public hearing and seeing no person to appear, closed the public hearing. Hearing no questions or comments, the Board proceeded to vote.

Budget and Finance Committee 11/4/2008 2F Forwarded to the BCC by the BCC Chairperson with a favorable recommendation P
REPORT: Assistant County Attorney Jess McCarty read the foregoing proposed resolution into the record. Hearing no other questions or comments, the Committee proceeded to vote. Following a reminder by Assistant County Attorney McCarty that Commissioner Heyman requested this resolution be waived to the November 20, 2008, County Commission meeting, Chairman Martinez noted he would prepare a memorandum requesting that Chairman Barreiro waive the Board's Rules and Procedures to allow this proposed resolution to be considered at the November 20, 2008, County Commission Meeting.

County Attorney 10/23/2008 Referred Budget and Finance Committee 11/4/2008

County Attorney 10/23/2008 Assigned Gerald T. Heffernan 10/29/2008

Legislative Text


TITLE
RESOLUTION APPROVING ISSUANCE BY COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY OF ITS VARIABLE RATE DEMAND REVENUE BONDS (NATIONAL JEWISH FEDERATION BOND PROGRAM) SERIES A-14 IN AMOUNT NOT TO EXCEED $9,000,000 ON BEHALF OF MICHAEL-ANN RUSSELL JEWISH COMMUNITY CENTER, INC. TO REFINANCE OUTSTANDING DEBT AND FINANCE CAPITAL PROJECTS LOCATED IN MIAMI-DADE COUNTY FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

BODY
WHEREAS, Jewish Federations and their affiliated agencies are able to access low-cost financing to fund capital projects through the issuance of tax exempt bonds by participating in the National Jewish Federation Bond Program established with the Colorado Educational and Cultural Facilities Authority (the “Authority”); and
WHEREAS, Michael-Ann Russell Jewish Community Center, Inc., a Florida not-for-profit corporation (the “Borrower”) is eligible to participate in the National Jewish Federation Bond Program and the Authority has agreed, subject to certain terms and conditions, to issue up to $9,000,000 of revenue bonds (the “Bonds”) on the Borrower’s behalf to carry out a plan of finance (the “Plan of Finance”) with respect to its facilities located in Miami-Dade County, Florida (the “County”), as more particularly described in Exhibit “A” attached to this resolution (collectively the “Project”); and
WHEREAS, the Borrower has requested that the Board of County Commissioners of the County (the “Board”) approve the issuance of the Bonds after a public hearing following reasonable public notice pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), which requires such approval as a condition of exclusion from gross income for federal income tax purposes of the interest on the Bonds; and
WHEREAS, notice of public hearing, a copy of which is attached as Exhibit “B”, was published in The Miami Herald, a newspaper of general circulation in Miami-Dade County, Florida, more than fourteen days in advance of the hearing to consider the issuance of the Bonds to be held at 9:30 a.m. or as soon thereafter as may be heard, on November 20, 2008, in the Commission Chambers, 2nd Floor, Stephen P. Clark Government Center, 111 N.W. 1st Street, Miami, Florida; and
WHEREAS, the public hearing so noticed was duly held by the Board and as a result the Board desires to approve the issuance of the Bonds for the purpose of complying with Section 147(f) of the Code,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The issuance of the Bonds by the Authority on behalf of the Borrower in an aggregate principal amount not-to-exceed $9,000,000 to finance the Project in accordance with the Plan of Finance is approved for purposes of Section 147(f) of the Code.
Section 2. The Bonds, related interest and any other obligations incurred in connection with the Bonds shall not constitute a general obligation, debt or indebtedness of the State of Florida (the “State”) or the County or any political subdivision of the State within the meaning of any provision of the Constitution and laws of the State and shall not constitute nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of the State or the County, but shall be payable solely from the revenues and other moneys specifically provided by the Borrower for the payment of the Bonds, related interest and any other obligation incurred in connection with the Bonds.



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