Miami-Dade
Legislative Item File Number: 122390 |
Printable PDF Format Clerk's Official Copy |
File Number: 122390 | File Type: Resolution | Status: Adopted | ||||||
Version: 0 | Reference: R-1065-12 | Control: Board of County Commissioners | ||||||
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Requester: NONE | Cost: | Final Action: 12/18/2012 | ||||||
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Sunset Provision: No | Effective Date: | Expiration Date: |
Registered Lobbyist: | None Listed |
Legislative History |
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Acting Body | Date | Agenda Item | Action | Sent To | Due Date | Returned | Pass/Fail |
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Board of County Commissioners | 12/18/2012 | 5B | Adopted | P | |||
REPORT: | First Assistant County Attorney Abigail Price-Williams read into the record the title of the foregoing proposed resolution. Vice Chairwoman Edmonson opened the public hearing on the foregoing proposed resolution. She closed the public hearing after no one appeared wishing to speak. The Board, by motion duly made and seconded, adopted the foregoing proposed resolution as presented. | ||||||
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County Attorney | 12/3/2012 | Assigned | Gerald T. Heffernan | 12/3/2012 | |||
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County Attorney | 12/3/2012 | Referred | Gerald T. Heffernan | ||||
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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 $25 MILLION ON BEHALF OF SCHECK HILLEL COMMUNITY SCHOOL, 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, Scheck Hillel Community School, 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 $25 Million 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 to be held at 9:30 a.m. or as soon thereafter as may be heard, on December 18, 2012, 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 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 $25 Million 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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