Miami-Dade Legislative Item
File Number: 122390
Printable PDF Format Download Adobe Reader  Clerk's Official Copy   

File Number: 122390 File Type: Resolution Status: Adopted
Version: 0 Reference: R-1065-12 Control: Board of County Commissioners
File Name: SCHECK HILLEL COMMUNITY SCHOOL NATIONAL JEWISH FEDERATION Introduced: 12/3/2012
Requester: NONE Cost: Final Action: 12/18/2012
Agenda Date: 12/18/2012 Agenda Item Number: 5B
Notes: P.H. Required 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
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 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.

County Attorney 12/3/2012 Assigned Gerald T. Heffernan 12/3/2012

County Attorney 12/3/2012 Referred Gerald T. Heffernan

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.



Home  |   Agendas  |   Minutes  |   Legislative Search  |   Lobbyist Registration  |   Legislative Reports
2014 BCC Meeting Calendar  |   Miami-Dade County Code of Ordinances   |   ADA Notice  |  

Home  |  Using Our Site  |  About Phone Directory  |  Privacy  |  Disclaimer

E-mail your comments, questions and suggestions to Webmaster  

Web Site © 2014 Miami-Dade County.
All rights reserved.