Miami-Dade Legislative Item
File Number: 110711
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File Number: 110711 File Type: Resolution Status: Adopted
Version: 0 Reference: R-424-11 Control: Board of County Commissioners
File Name: NATIONAL JEWISH FEDERATION BOND PROGRAM Introduced: 3/28/2011
Requester: NONE Cost: Final Action: 6/7/2011
Agenda Date: 6/7/2011 Agenda Item Number: 5C
Notes: PH AT BCC Title: RESOLUTION APPROVING ISSUANCE BY COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY OF ITS VARIABLE RATE DEMAND REVENUE BONDS (NATIONAL JEWISH FEDERATION BOND PROGRAM) IN ONE OR MORE SERIES IN AMOUNT NOT TO EXCEED $11,000,000 ON BEHALF OF MIAMI-BEACH JEWISH COMMUNITY CENTER, INC. TO FINANCE CAPITAL PROJECTS LOCATED IN MIAMI-DADE COUNTY FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
Indexes: BONDS
Sponsors: Sally A. Heyman, Prime Sponsor
  Rebeca Sosa, 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 6/7/2011 5C Adopted P
REPORT: First Assistant County Attorney Abigail Price-Williams read the foregoing proposed resolution into the record. Chairman Martinez opened the public hearing and called for persons wishing to be heard. He closed the public hearing after no one appeared. Hearing no further questions or comments, the Board proceeded to vote.

Board of County Commissioners 5/3/2011 5A Deferred P
REPORT: First Assistant County Attorney Abigail Price-Williams read the foregoing proposed resolution into the record. Chairman Martinez opened the public hearing on the foregoing proposed resolution. He closed the public hearing after no one appeared wishing to speak. Hearing no other questions or comments, the Commission proceeded to vote. It was moved by Commissioner Heyman that this proposed resolution be reconsidered. This motion was seconded by Commissioner Edmonson, and upon being put to a vote, passed by a vote of 9-0 (Commissioners Diaz and Monestime were absent; Commission Districts 7 and 13 were vacant). Commissioner Heyman pointed out that this proposed resolution was not properly noticed and should be deferred to June 7, 2011. Hearing no other questions or comments, the Commission proceeded to vote.

Internal Mgmt. & Fiscal Responsibility Committee 4/12/2011 2B Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Martin Sybblis read the foregoing proposed resolution into the record. Hearing no comments or questions, the Committee proceeded to vote on this resolution as presented. Assistant County Attorney Gerald Heffernan advised that Agenda Item 2B and the respective supplemental report should be forwarded to the County Commission together.

County Attorney 3/28/2011 Referred Internal Mgmt. & Fiscal Responsibility Committee 4/12/2011

County Attorney 3/28/2011 Assigned Gerald T. Heffernan 3/29/2011

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) IN ONE OR MORE SERIES IN AMOUNT NOT TO EXCEED $11,000,000 ON BEHALF OF MIAMI-BEACH JEWISH COMMUNITY CENTER, INC. TO 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, Miami Beach 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 $11,000,000 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 Plan of Finance, the Project and 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, a 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 public hearing to consider the Plan of Finance, the Project and the issuance of the Bonds ; and
WHEREAS, the public hearing so noticed was duly held by the Board and as a result, the Board desires to approve the Plan of Finance, the Project and 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 Plan of Finance, the Project and the issuance of the Bonds by the Authority on behalf of the Borrower in an aggregate principal amount not-to-exceed $11,000,000 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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