Miami-Dade Legislative Item
File Number: 112597
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File Number: 112597 File Type: Resolution Status: Adopted
Version: 0 Reference: R-104-12 Control: Board of County Commissioners
File Name: BBC GOB RE: SURPLUS FUNDS, PREMIUM FUNDS AND UNSPENT BONDS Introduced: 12/12/2011
Requester: Office of Management and Budget Cost: Final Action: 1/26/2012
Agenda Date: 1/24/2012 Agenda Item Number: 14A5
Notes: TLL- 12/12/2011 Title: RESOLUTION EXTENDING THE SUNSET DATE OF IMPLEMENTING ORDER 3-47 RELATING TO BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM SURPLUS FUNDS, PREMIUM FUNDS AND UNSPENT BOND PROCEEDS
Indexes: NONE
Sponsors: Audrey M. Edmonson, 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 1/26/2012 14A5 Adopted P
REPORT: Commissioner Heyman noted one Building Better Communities General Obligation Bond (GOB) program project would loose match funding in March 2012, and three other GOB program projects would loose their match funds by the end of 2012. Hearing no other questions or comments, the Commission members proceeded to vote on the foregoing proposed resolution, as presented.

Board of County Commissioners 1/24/2012 14A5 Carried over 1/26/2012

County Mayor 1/23/2012 Additions

Internal Mgmt. & Fiscal Responsibility Committee 1/10/2012 3J Forwarded to the BCC by the BCC Chairperson with a favorable recommendation 1/24/2012 P
REPORT: Assistant County Attorney Oren Rosenthal read into the record the title of the foregoing proposed resolution. Hearing no questions or comments from Committee members or the Administration, the Committee proceeded to vote on the foregoing resolution. Chairman Martinez approved a Waiver of the Board of County Commissioners Rules to place the foregoing resolution on the meeting agenda of the Board of County Commissioners’ meeting of January 24, 2012.

County Attorney 12/15/2011 Assigned Monica Rizo 12/29/2011

County Mayor 12/12/2011 Assigned County Attorney 2/7/2012
REPORT: OMB (PENDING CMTE ASSIGNMENT) (BCC SPONSOR: VICE CHAIRWOMAN EDMONSON) (ASST. COUNTY ATTY: MONICA RIZO)

County Mayor 12/12/2011 Assigned Ed Marquez 12/12/2011 12/12/2011

Legislative Text


TITLE
RESOLUTION EXTENDING THE SUNSET DATE OF IMPLEMENTING ORDER 3-47 RELATING TO BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM SURPLUS FUNDS, PREMIUM FUNDS AND UNSPENT BOND PROCEEDS

BODY
WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum and implementing order, copies of which are incorporated herein by reference,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board approves extending the sunset provision for Implementing Order (IO) 3-47 to January 31, 2018; the IO details the administrative process relating to the allocation of surplus and other funds from Building Better Communities General Obligation Bond Program and authorizes the Mayor or Mayor’s designee to exercise any and all rights conferred therein.

HEADER
Date:

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

From: Carlos A. Gimenez
Mayor

Subject: Building Better Communities General Obligation Bond Program - Extension of Implementing Order 3-47 Relating to the Use of Surplus Funds, Premium Funds and Unspent Bond Proceeds

STAFF RECOMMENDATION
Recommendation
It is recommended that the Board of County Commissioners (Board) adopt the attached resolution extending the sunset date for Implementing Order (IO) 3-47 relating to the use of Building Better Communities General Obligation Bond (BBC-GOB) Program Surplus Funds, Premium Funds and Unspent Bond Proceeds (collectively known as “BBC-GOB Funds”) through January 31, 2018.

Scope
This item impacts all Commission districts since BBC-GOB projects are located throughout the County.

Fiscal Impact/Funding Source
There is no fiscal impact from the implementation of this recommendation. The funding source for affected projects is BBC-GOB Funds.

Track Record/Monitor
The responsible party for monitoring BBC-GOB funds is the Office of Management and Budget (OMB).

Delegation of Authority
There is no additional delegation of authority related to this item.

MANAGER'S BACKGROUND
Background
The BBC-GOB program is a $2.9 billion, multi-year capital improvement program funded by the periodic issuance of general obligation bonds. BBC-GOB surplus and premium funds may be generated as part of the program and may become available at any given time. It is important to have guidelines in place to administer these funds.

On March 17, 2009, through Resolution R-290-09, the Board approved IO 3-47 relating to the administrative process for the use of surplus funds, premium funds and unspent bond proceeds. On January 21, 2010, through Resolution R-49-10, the Board approved an extension to the sunset date for the IO to January 30, 2012.

A primary responsibility of administering the program is to apply bond proceeds to projects that are ready to move forward. The underlying premise of the IO is that BBC-GOB Surplus Funds, Premium Funds and Unspent Bond Proceeds will be used primarily to fund budget shortfall in projects, subject to Board approval, and to accelerate projects, through the process described in the IO. The status of Surplus and Premium Funds will continue to be detailed in the BBC-GOB Quarterly reports to the Board.

The process delineated in the IO and approved by the Board has been working effectively in keeping the program moving forward. We recommend the IO be extended through January 31, 2018 to assure the program’s continued success.



_______________________
Deputy Mayor



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