Miami-Dade Legislative Item
File Number: 140219
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File Number: 140219 File Type: Resolution Status: Adopted
Version: 0 Reference: R-229-14 Control: County Commission
File Name: RESOLUTION APPROVING ISSUANCE OF IDA REFUNDING BONDS Introduced: 1/28/2014
Requester: Industrial Development Authority Cost: Final Action: 3/4/2014
Agenda Date: 3/4/2014 Agenda Item Number: 10A2
Notes: Title: RESOLUTION APPROVING THE ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $19,250,000.00 TO REFINANCE AN EXISTING LOAN USED TO REFUND BONDS ISSUED TO FINANCE CAPITAL PROJECTS FOR THE BENEFIT OF GULLIVER SCHOOLS, INC. 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 3/4/2014 10A2 Adopted P

Finance Committee 2/11/2014 3D Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Gerald Heffernan read the foregoing proposed resolution into the record. Chairman Bovo opened the floor for public comments and called for persons wishing to appear before the Committee on the foregoing proposed resolution. The floor was closed after no one appeared wishing to speak. Hearing no further questions or comments, the Committee proceeded to vote on the foregoing proposed resolution as presented.

County Attorney 1/28/2014 Assigned Gerald T. Heffernan 1/28/2014

County Mayor 1/28/2014 Assigned County Attorney 3/4/2014
REPORT: IDA - pending ctme - no sponsor required - Attachment: Project

County Mayor 1/28/2014 Assigned Ed Marquez 1/28/2014

Legislative Text


TITLE
RESOLUTION APPROVING THE ISSUANCE OF MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $19,250,000.00 TO REFINANCE AN EXISTING LOAN USED TO REFUND BONDS ISSUED TO FINANCE CAPITAL PROJECTS FOR THE BENEFIT OF GULLIVER SCHOOLS, INC. FOR PURPOSES OF AND PURSUANT TO SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED

BODY
WHEREAS, Gulliver Schools, Inc. (f/k/a South Florida Private Schools, Inc.), a Florida not-for-profit corporation (the "Company"), has requested the Miami-Dade County Industrial Development Authority (the "Authority") issue not exceeding $19,250,000.00 of its Industrial Development Revenue Refunding Bonds (Gulliver Schools Project), Series 2014 (the "Bonds"), the proceeds of which will be used (together with funds of the Company) to (i) refinance an existing loan (the "2012 Loan") used to refinance the Authority's Revenue Bonds (Gulliver Schools, Inc. Project), Series 2000, the proceeds of which were used to acquire various facilities, furnishings and equipment located at 6575 North Kendall Drive in the Village of Pinecrest (Gulliver Preparatory School) and 12595 Red Road in the City of Coral Gables (Gulliver Academy), as well as furnishings and equipment at leased facilities located at 8530 SW 57th Avenue in the City of South Miami (Gulliver South Miami Gymnastics Campus) (which Gulliver South Miami Gymnastics Campus is no longer leased, has been closed and has merged with Gulliver Academy) and at 7500 SW 120th Street in the Village of Pinecrest (Gulliver Montgomery Campus); and (ii) pay costs of issuance of the Bonds (collectively, the "Project"); and
WHEREAS, the Authority intends to issue the Bonds subject to approval by the Board of County Commissioners of Miami-Dade County, Florida (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); and
WHEREAS, on Monday, January 27, 2014, the Authority held a public hearing, notice of which was published on Monday, January 13, 2014, in The Miami Herald (a copy of the 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 such public hearing disclosed no reason why the Bonds should not be issued; and
WHEREAS, since the Bonds 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, that:
Section 1. The issuance of Industrial Development Revenue Refunding Bonds of the Miami-Dade County Industrial Development Authority in an aggregate principal amount not to exceed $19,250,000.00 for the purpose of financing and refinancing 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 Chairwoman Rebeca Sosa
and Members, Board of County Commissioners

From: Carlos A. Gimenez
Mayor

Subject: Resolution approving issuance of Industrial Development Revenue Refunding Bonds for Gulliver
Schools, Inc. Project by Miami-Dade County Industrial Development Authority

STAFF RECOMMENDATION
Recommendation
The accompanying resolution is being placed before the Board of County Commissioners (Board) at the request of the Miami-Dade County Industrial Development Authority (IDA). This item approves the issuance of industrial development revenue refunding bonds (Bonds) by the IDA for Gulliver Schools, Inc. (Company) in a principal amount not to exceed $19,250,000. 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 project are included in the accompanying memorandum and exhibits from the Vice Chairman of the IDA.

Scope
The projects are located at:
* 6575 North Kendall Drive, Pinecrest, FL;
* 12595 Red Road, Coral Gables, FL; and
* 7500 SW 120 Street, Pinecrest, FL.

All three locations are located in Commission District 7, which is represented by Commissioner Xavier L. Suarez.

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 refunding 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.


Edward Marquez
Deputy Mayor




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