Miami-Dade Legislative Item
File Number: 983219
   

File Number: 983219 File Type: Ordinance Status: Adopted
Version: 0 Reference: 98-186 Control: County Commission
File Name: PUBLIC SERVICE TAX REVENUE BONDS Introduced: 11/12/1998
Requester: Finance Department Cost: Final Action: 12/15/1998
Agenda Date: 12/15/1998 Agenda Item Number: 5E
Notes: Title: ORDINANCE AUTHORIZING ISSUANCE OF NOT TO EXCEED $85,000,000 OF MIAMI-DADE COUNTY, FLORIDA PUBLIC SERVICE TAX REVENUE BONDS (UMSA PUBLIC IMPROVEMENTS) SERIES 1999, PURSUANT TO SECTION 208 OF ORDINANCE NO. 96-108,IN ONE OR MORE SERIES, FOR PURPOSE OF PAYING OR REIMBURSING COUNTY FOR COSTS OF CERTAIN CAPITAL PROJECTS LOCATED IN UNINCORPORATED AREAS OF COUNTY, PROVIDING FOR FUNDING RESERVE FUND, INCLUDING CREDIT FACILITY, FUNDING CAPITALIZED INTEREST, IF NECESSARY, AND PAYING COSTS OF ISSUANCE, INCLUDING MUNICIPAL BOND INSURANCE PREMIUM; PROVIDING THAT DESCRIPTION OF SERIES 1999 PROJECT AND TERMS, MATURITIES, INTEREST RATES, RESERVE FUND AND OTHER FUNDS AND ACCOUNTS, CONTINUING DISCLOSURE, BOOK-ENTRY-ONLY SYSTEM AND OTHER DETAILS OF BONDS, INCLUDING ANY OTHER DOCUMENTATION NECESSARY FOR SALE OF BONDS BE DETERMINED IN SUBSEQUENT SERIES RESOLUTION; AND PROVIDING FOR SEVERABILITY (SEE AGENDA ITEM NO. 6E1BSUBSTITUTE)
Indexes: REVENUE BONDS
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 12/15/1998 5E Adopted P

Board of County Commissioners 11/24/1998 4A Adopted on first reading 12/15/1998 P

County Attorney 11/13/1998 Assigned Howard W. Whitaker 11/13/1998

County Manager 11/12/1998 Assigned County Attorney 11/24/1998
REPORT: Finance - FIRST READING

Legislative Text


TITLE
ORDINANCE AUTHORIZING ISSUANCE OF NOT TO EXCEED $85,000,000 OF MIAMI-DADE COUNTY, FLORIDA PUBLIC SERVICE TAX REVENUE BONDS (UMSA PUBLIC IMPROVEMENTS) SERIES 1999, PURSUANT TO SECTION 208 OF ORDINANCE NO. 96-108,IN ONE OR MORE SERIES, FOR PURPOSE OF PAYING OR REIMBURSING COUNTY FOR COSTS OF CERTAIN CAPITAL PROJECTS LOCATED IN UNINCORPORATED AREAS OF COUNTY, PROVIDING FOR FUNDING RESERVE FUND, INCLUDING CREDIT FACILITY, FUNDING CAPITALIZED INTEREST, IF NECESSARY, AND PAYING COSTS OF ISSUANCE, INCLUDING MUNICIPAL BOND INSURANCE PREMIUM; PROVIDING THAT DESCRIPTION OF SERIES 1999 PROJECT AND TERMS, MATURITIES, INTEREST RATES, RESERVE FUND AND OTHER FUNDS AND ACCOUNTS, CONTINUING DISCLOSURE, BOOK-ENTRY-ONLY SYSTEM AND OTHER DETAILS OF BONDS, INCLUDING ANY OTHER DOCUMENTATION NECESSARY FOR SALE OF BONDS BE DETERMINED IN SUBSEQUENT SERIES RESOLUTION; AND PROVIDING FOR SEVERABILITY

BODY
WHEREAS, the Board of County Commissioners (the "Board") of Miami-Dade County, Florida (the "County"), pursuant to Ordinance No. 96-108 enacted by the Board on July 2, 1996, (the "Master Ordinance") and Resolution No. R-923-96 adopted by the Board on July 16, 1996, has previously issued $56,200,000 Dade County, Florida Public Service Tax Revenue Refunding Bonds, Series 1996 currently outstanding in the aggregate principal amount of $43,080,000 (the Series 1996 Bonds ); and
WHEREAS, the Master Ordinance authorizes the County to issue additional bonds (the "Additional Bonds") on a parity with the Series 1996 Bonds payable from the Pledged Funds (as defined in the Master Ordinance) for the purpose of paying all or any part of the Costs, as defined in the Master Ordinance, of any capital projects located in the unincorporated areas of the County as authorized by subsequent ordinance or resolution; and
WHEREAS, the Board has determined at this time that it is in the best interests of the County and its citizens to authorize the issuance of Additional Bonds in an aggregate principal amount not to exceed $85,000,000 under the provisions of Section 208 of the Master Ordinance for the purpose of paying or reimbursing the County for all or a portion of the Costs of certain capital projects, exclusively located within the unincorporated areas of the County, including, but not limited to, new sidewalks; sidewalk repairs, renovation and construction; park development; road repairs; and completion of a police station and construction of an adjacent vehicle fueling station (collectively, the Series 1999 Project ); and
WHEREAS, the Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated in this Ordinance by reference.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA that:
Section 1. Incorporation of Recitals. The matters set forth in the foregoing recitals to this Ordinance (the Series 1999 Ordinance ) are incorporated as part of this Series 1999 Ordinance.
Section 2. Authority for Issuance of Series 1999 Bonds. The Board authorizes the issuance in an aggregate principal amount not to exceed $85,000,000 of the Miami-Dade County, Florida Public Service Tax Revenue Bonds (UMSA Public Improvements), Series 1999 (the Series 1999 Bonds ), pursuant to Section 208 of the Master Ordinance and the authority of the Constitution and laws of the State of Florida (the "State"), including, but not limited to, the Home Rule Amendment and Charter of Miami-Dade County, Florida, as amended, Chapters 125 and 166, Florida Statutes, as amended, and all other applicable laws for the purpose of paying or reimbursing the County for all or a portion of the costs of the Series 1999 Project, including funding a deposit to the Reserve Fund, if any, funding for capitalized interest, if necessary, and paying the costs of issuance of the Series 1999 Bonds, including the costs of credit enhancement, if any.
Section 3. Project Description. The Series 1999 Project to be financed with the proceeds of the Series 1999 Bonds, includes the construction of new sidewalks, tree planting in the areas of such new sidewalks and the repair and/or renovation of existing sidewalks, including Safe Route to School and School Bus projects; park development, including the development and equipping of new parks and the renovation and equipping of existing parks; the beautification of neighborhoods, including road resurfacing; the completion of construction of the Carol City Police Station and its attendant buildings and facilities, including a vehicle fueling station and such other capital projects as authorized by subsequent resolution. The Series 1999 Project will be located solely in the unincorporated areas of the County.
Section 4. Details, Terms and Other Matters Relating to Series 1999 Bonds. In accordance with Section 203 of the Master Ordinance, all details, terms and other matters relating to the Series 1999 Bonds shall be determined in the manner specified in a supplemental resolution of the Board.
Section 5. Inconsistent Ordinances. All ordinances which are inconsistent with any of the provisions of this Series 1999 Ordinance are declared to be inapplicable to the provisions of this Series 1999 Ordinance.
Section 6. Further Acts. The officers and agents of the County are authorized and directed to take all actions and do all things required of them by the Master Ordinance and this Series 1999 Ordinance and for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements contained in the Master Ordinance and this Series 1999 Ordinance.
Section 7. Headings Not Part of Ordinance. Any headings preceding the Sections of this Series 1999 Ordinance shall be solely for convenience of reference and shall not constitute a part of this Series 1999 Ordinance, nor shall they affect its meaning, construction or effect.
Section 8. Severability. In case any one or more of the provisions of this Series 1999 Ordinance shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect the legality or enforceability of any other provision of this Series 1999 Ordinance.
Section 9. Meaning of Words and Terms. Capitalized words and terms which are not otherwise defined in this Series 1999 Ordinance shall have the meanings attributed to them in the Master Ordinance.
Section 10. Applicability of Material Covenants of Master Ordinance. All of the material covenants of the Master Ordinance shall be applicable to the Series 1999 Bonds and no event of default shall have occurred and be continuing in the performance of any of the covenants and obligations of the Master Ordinance prior to and upon the issuance of the Series 1999 Bonds. Furthermore, all payments required to have been made into the accounts and funds under the terms of the Master Ordinance shall have been made to the full extent required before the Series 1999 Bonds may be issued.
Section 11. Effective Date. This Series 1999 Ordinance shall take effect ten (10) days after its enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board.

HEADER
TO: Hon. Chairperson and Members DATE:
Board of County Commissioners
SUBJECT: Ordinance Authorizing
FROM: M. R. Stierheim Issuance of Stormwater Utility
County Manager Revenue Bonds

STAFF RECOMMENDATION
It is recommended that the Board enact the accompanying Ordinance which provides for the issuance of Stormwater Utility Revenue Bonds in one or more series and authorizes the issuance of the initial series of Stormwater Utility Revenue Bonds, Series 1999 (the "Series 1999 Bonds") in an amount not to exceed $45,000,000. The Series 1999 Bonds are being issued for the purposes of paying, together with other available funds and revenues, the cost of certain extensions, renovations, additions and improvements to the County's Stormwater Utility System including the costs of issuing the Series 1999 Bond (collectively defined as the "Cost of the Project"). The Ordinance additionally provides for the submission of subsequent series resolution(s) to the Board which establish the terms, maturities, interest rates and other bond related details for the Series 1999 Bonds.

MANAGER'S BACKGROUND
On June 29, 1991, the Board enacted Ordinance No. 91-66 which created the Miami-Dade County Stormwater Utility ("Utility") and authorized the Utility to establish, assess and collect stormwater utility fees with respect to all developed residential and non-residential property located in the County sufficient to plan, construct, operate and maintain a stormwater management system pursuant to Section 403.0891, Florida Statutes.
The Series 1999 Bonds will be the first series of bonds issued by the County pledging the County's stormwater revenues. The improvements to the stormwater system are consistent with the Mayor's proposed bond program with respect to upgrading the stormwater system throughout the County.
The Ordinance provides for the submission of subsequent series resolution(s) to the Board for each series of bonds to be issued. Each series resolution will provide a more detailed description of the capital improvements to be financed and the terms, maturities, interest rates, and other details for the series of bonds to be issued.



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