Miami-Dade Legislative Item
File Number: 111919
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File Number: 111919 File Type: Resolution Status: Adopted
Version: 0 Reference: R-737-11 Control: County Commission
File Name: REAPPROVING ISSUANCE OF SOLID WASTE DISPOSAL REVENUE BONDS Introduced: 9/9/2011
Requester: Industrial Development Authority Cost: Final Action: 9/20/2011
Agenda Date: 9/20/2011 Agenda Item Number: 10A1
Notes: waiver request to 9/20/11 Title: RESOLUTION APPROVING ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY SOLID WASTE DISPOSAL REVENUE BONDS (WASTE MANAGEMENT, INC. PROJECT), IN ONE OR MORE SERIES, IN AN AMOUNT NOT TO EXCEED $75,000,000 TO FINANCE CAPITAL PROJECTS FOR PURPOSES OF AND PURSUANT TO SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED
Indexes: INDUSTRIAL DEVELOPMENT AUTHORITY
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 9/20/2011 10A1 Adopted P
REPORT: It was moved by Commissioner Heyman that the Board of County Commissioners adopt the foregoing resolution. This motion was seconded by Vice Chairwoman Edmonson, and the floor was opened for discussion. In connection with Commissioner Bell’s inquiry, Deputy Mayor Edward Marquez confirmed that the revenues realized from holding the bonds were $62,500 for a liaison operations fee, $12,500 for the first year’s annual monitoring fee, and $5,000 for legal fees. There being no other comments from the members of the Board or the administration, the Board proceeded to vote.

County Attorney 9/9/2011 Assigned Gerald T. Heffernan

County Mayor 9/9/2011 Assigned County Attorney 10/4/2011
REPORT: IDA (waiver request to 9/20/11 BCC) - Gerald Heffernan signed resolution - no sponsor required - pending cmte assignment - Attachments: Exhibits A - C

County Mayor 9/9/2011 Assigned Ed Marquez 9/8/2011

Legislative Text


TITLE
RESOLUTION APPROVING ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY SOLID WASTE DISPOSAL REVENUE BONDS (WASTE MANAGEMENT, INC. PROJECT), IN ONE OR MORE SERIES, IN AN AMOUNT NOT TO EXCEED $75,000,000 TO FINANCE CAPITAL PROJECTS FOR PURPOSES OF AND PURSUANT TO SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED.

BODY
WHEREAS, Waste Management, Inc. applying on behalf of Waste Management Inc. of Florida, a Florida corporation and an indirect, wholly owned subsidiary of Waste Management, Inc. and/or affiliates and subsidiaries thereof (the "Company"), has requested the Miami-Dade County Industrial Development Authority (the "Authority") to issue its Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project) (the "Bonds") in one or more series over a three (3) year period in an amount not to exceed $75,000,000 aggregate principal amount to finance necessary solid waste disposal capital expenditures in Miami-Dade County and up to six (6) other counties located throughout the State of Florida (the "Project");

WHEREAS, the Board of County Commissioners of Miami-Dade County, Florida (the "Board"), by resolution adopted on May 4, 2010 (the "TEFRA Resolution"), previously approved the issuance of the Bonds and the loan of the proceeds thereof to the Company to finance the Project, as required by Section 147(f) of the Code of 1986, as amended (the "Code") and pursuant to the Code;

WHEREAS, no Bonds have been issued by the Authority;

WHEREAS, the TEFRA Resolution is only valid for one (1) year after the adoption thereof unless an initial series of the Bonds is issued and therefore has now expired;

WHEREAS, the Authority, by resolution adopted on August 23, 2011 (the "Extension Resolution"), inter alia, approved the Company’s request that the Authority do all such acts and things and to execute all such documents, in order to hold another public hearing and then request the Board to reapprove the issuance and sale of the Bonds, as required by Section 147(f) of the Code;

WHEREAS, the Authority intends to issue the Bonds subject to approval by the Board and final approval by the Authority of the financing documents for the Project, which is more particularly described in the report prepared by the Executive Director of the Authority (a copy of which is attached hereto as Exhibit A);

WHEREAS, on August 31, 2011, the Authority held a public hearing, notice of which was published on August 17, 2011 in The Miami Herald (a copy of which notice is attached hereto as Exhibit B), for the purpose of giving all interested persons an opportunity to express their views in connection with the issuance of the Bonds, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and

WHEREAS, after reviewing a copy of the transcript of the Authority's public hearing held on August 31, 2011, with respect to the Bonds (a copy of which transcript is attached hereto as Exhibit C), and finding that the Project will inure to the benefit of the citizens of Miami-Dade County, this 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:

Section 1. The issuance of Solid Waste Disposal Revenue Bonds in one of more series of the Miami-Dade County Industrial Development Authority in an aggregate principal amount not to exceed $75,000,000 for the purpose of financing all or a portion of the costs of the Project, as previously described, is approved.

Section 2. The Bonds and the interest on the Bonds shall not constitute a debt, liability or general obligation of the Authority, the County or of the State of Florida or of any political subdivision thereof, but shall be payable solely from the revenues or other moneys specifically provided by the Company for the payment of the Bonds and neither the faith and credit nor any taxing power of the Authority, the County or of the State of Florida or of any political subdivision thereof is pledged to the payment of the principal or interest on the Bonds.

HEADER
Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: Carlos A. Gimenez
Mayor

Subject: Resolution Reapproving Issuance of Solid Waste Disposal Revenue Bonds
for Waste Management, Inc. Project by Miami-Dade County Industrial Development Authority

STAFF RECOMMENDATION
Recommendation
The attached Resolution is being placed on the agenda for consideration by the Board of County Commissioners (Board) on behalf of the Miami-Dade County Industrial Development Authority (IDA). This item approves the issuance of solid waste disposal revenue bonds (Bonds) by the IDA for Waste Management, Inc. (Company). Such approval is required by the Tax Equity and Fiscal Responsibility Act, Section 147(f) of the Internal Revenue Code of 1986, as amended (TEFRA).

Details of the revised projects and expenditures are included in the accompanying memorandum and exhibits from the Chairman of the IDA.

Scope
The project is located at 9350 NW 89 Avenue, which is within Commission District 12. There are also projects at six other existing Waste Management facilities located in other jurisdictions throughout the State of Florida.

Fiscal Impact/Funding Source
Neither the IDA nor Miami-Dade County has any liability with respect to the repayment of the Bonds.

Track Record
Issuance of the Bonds will be conducted and monitored by the Executive Director of the IDA.

MANAGER'S BACKGROUND
Background
TEFRA requires that the Board approve the issuance of industrial development revenue bonds by the IDA after a public hearing has been held either by the IDA or by the Board. For efficiency, the Board has allowed the IDA to conduct the public hearing subject to review and ratification by the Board.

The Board previously approved the issuance of solid waste disposal revenue bonds by the IDA for the Company for purposes of TEFRA on May 4, 2010 (Resolution R-521-10). However, due to the economic downturn, the Company delayed the development of the projects which caused the TEFRA approval to expire on May 4, 2011. A new TEFRA hearing is also required because the Company significantly revised the list of proposed projects and expenditures. The IDA conducted a TEFRA hearing on August 31, 2011 and no one from the public appeared to comment on the project. Approval and ratification is now necessary from the Board.

For projects located within other counties, separate public hearings are required to be held in each County and must be ratified by their respective governing boards. Interlocal agreements between the IDA and each County will be executed to authorize the IDA to issue the revenue bonds for projects within their jurisdiction.

Attachments



Deputy Mayor



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