20150127 AM21915. 2015
MIAMI BEACH
Presentations & Awards/City Commission Meeting
ADDENDUM MATERIAL 2
City Hall, Commission Chambers, 3rd Floor, 1700 Convention Center Drive
January 27, 2015
Mayor Philip Levine
Vice~Mayor Joy Malakoff
Commissioner Michael Grieco
Commissioner Micky Steinberg
Commissioner Edward L. Tobin
Commissioner Deede Weithorn
Commissioner Jonah Wolfson
City Manager Jimmy L. Morales
City Attorney Raul J. Aguila
City Clerk Rafael E. Granado
Visit us at www.miamibeachfl.gov for agendas and video streaming of City Commission Meetings.
ATTENTION ALL LOBBYISTS
Chapter 2, Article VII, Division 3 of the City Code of Miami Beach, entitled "Lobbyists," requires
the registration of all lobbyists with the City Clerk prior to engaging in any lobbying activity with
the City Commission, any City Board or Committee, or any personnel as defined in the subject
Code sections. Copies of the City Code sections on lobbyists laws are available in the Office of
the City Clerk. Questions regarding the provisions of the Code should be directed to the Office
of the City Attorney.
ADDENDUM AGENDA
C4 -Commission Committee Assignments
C4D Referral To The Finance And Citywide Projects Committee To Discuss The Issuance Of Bonds
To Finance The Miami Beach Convention Center Project And For Additional Stormwater
Revenue Bonds.
(Finance)
Bl MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
TO: Mayor Philip Levine and Members
FROM: Jimmy L. Morales, City Manager
DATE: January 27, 2015
SUBJECT: A REFERRAL TO THE FINANCE AND CITYWIDE PROJECTS COMMITTEE
TO DISCUSS THE ISSUANCE 0 BONDS TO FINANCE THE MIAMI
BEACH CONVENTION CENTER PROJECT AND FOR ADDITIONAL
STORMWATER REVENUE BONDS
ADMINISTRATION RECOMMENDATION
Refer the item for discussion
BACKGROUND
The Administration, in concert with the City's Financial Advisor, has determined that the
City now has the need and the capacity to issue bonds for the Miami Beach Convention
Center project and additional Stormwater Revenue Bonds.
Therefore, the proposed Miami Beach Convention Center Project financing, consisting
Miami Beach Redevelopment Agency City Center-Historic Convention Village Bonds,
Resort Tax Revenue Bonds and Parking Revenue Bonds, and the first $100 million
traunch of additional Stormwater Revenue Bonds are referred pursuant to the following
section of the City Code:
e Sec. 2-278. ~ Procedures governing the issuance of bonds.
(a)
Prior to the adoption by the city commission of the final resolution approving the
issuance of any bonds by the city, the following requirements shall be complied with:
( 1)
(2)
In order for the city commission and the public to be fully informed on all matters
relating to the proposed issuance of bonds, the city manager shall prepare, or
cause to be prepared, a fiscal analysis of the economic impact of the proposed
bond issuance using the following criteria:
a.
b.
c.
The estimated cost of the project or projects on account of which such bonds
are to be issued;
The estimated annual revenues, if any, to be generated by such project or
projects; and
The estimated annual cost of maintaining, repairing and operating such
project or projects.
Agenda Item C. V 0
Date 1-i..1~1r
City Commission Memorandum
Referral to Finance & Citywide Projects Committee
January 27, 2015
Page 2
(b)
(c)
(d)
(3)
Upon completion of the fiscal analysis in subsection (a)(1), the proposed issuance
of bonds shall be first considered and reviewed by the city's finance and citywide
projects committee.
The city commission shall hold two public hearings, each advertised not less than
15 days prior to the hearing, in order to obtain citizen input into the proposed bond
issuance.
In the event the particular issuance of bonds is one that is subject to referendum
approval, pursuant to Florida law, then the conditions in subsections (1) and (2) of
section (a) above shall be complied with prior to adoption by the city commission of the
resolution calling for the referendum pertaining to the issuance of the proposed bonds.
To meet a public emergency affecting life, health, property or public safety, the city
commission may, by five-sevenths vote of the members of the city commission waive
the requirements of this section; provided, however, that such waiver shall not be
deemed to be a waiver of any other legal requirements under local, state, and federal
law for the issuance of the proposed bonds.
The provisions of this section shall not apply to the issuance of any bonds to refund or
refinance outstanding bonds or other obligations.
JLM~
JLM/PDW