RESOLUTION 88-19430 RESOLUTION NO. 88-19430
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH DESIGNATING THE
SUM UP TO $2.0 MILLION TO BE USED BY THE
CITY FROM THE EXCESS CITY SHARE ACCOUNT
AS DEFINED IN DADE COUNTY ORDINANCE NO.
87-72 (FOR STEPHEN MUSS CONVENTION CENTER
EXPANSION BONDS) FOR THE PURPOSE OF
FUNDING THE OPERATIONS AND MAINTENANCE OF
THE STEPHEN MUSS CONVENTION CENTER AS
PROVIDED IN SECTION 212.0305, FLORIDA
STATUTES (1988) .
WHEREAS, Dade County Ordinance No. 87-72 adopted by the
Board of Dade County Commissioners on October 20, 1987 (the "Bond
Ordinance") and the Second Amended and Restated Interlocal
Agreement by and between Dade County, Florida and the City of
Miami Beach for the Financing of Expansions and Improvements to
the Miami Beach Convention Center (now the Stephen Muss
Convention Center) dated October 12 , 1987, each provide by their
terms that:
(a) The City of Miami Beach (the "City") has the right to
substitute its pledge of its Public Service Taxes
levied pursuant to Florida Statutes, section 166. 231
for the secondary pledge of the Local Government Half
Cent aies 'max revenues originally pledged as a
secondary pledge by Dade County (the "County") for
repayment of the Convention Center Expansion Bonds (the
"Bonds" . )
(b) Upon substitution of the City' s secondary pledge for
the County' s secondary pledge (defined as "Crossover"
in the Bond Ordinance) , the City has the right to use
the Excess City Share (as defined in the Bond
Ordinance) of the Convention Development Tax Revenues
for any purpose under Florida Statutes, section
212 . 0305 (the "Convention Development Tax Law") ; and
WHEREAS, the City has substituted its secondary pledge for
the County' s secondary pledge, and a copy of City of Miami Beach
Resolution No. 88-19429 , adopted November 2, 1988 , wherein the
substitution, i.e. , Crossover, occurred, is attached hereto; and
WHEREAS, the City wishes to use the Excess City Share for
the purpose of paying expenses for operating and maintaining the
Stephen Muss Convention Center up to a maximum dollar amount of
$2 . 0 million for the City' s fiscal year ending September 30,
1989 ; and
WHEREAS, the City wishes this Resolution to continue in full
force in effect from fiscal year to fiscal year (the City' s
fiscal year being October 1 - September 30) at the maximum yearly
dollar amount of $2 . 0 million, unless the City passes a
resolution superseding this Resolution.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA:
1. The City hereby designates as a purpose for the use of
the Excess City Share, under Dade County Ordinance 87-72 , the
funding of the operations and maintenance of the Stephen Muss
Convention Center, in accordance with the Convention Development
Tax Law, and
2 . The maximum dollar amount for the above described
purpose shall be $2 . 0 million for the City's fiscal year ending
September 30, 1989, and
3 . This Resolution shall continue in full force in effect
from fiscal year to fiscal year in the maximum yearly dollar
amount of $2 . 0 million, until such time as the City Commission
passes a resolution superseding this Resolution.
PASSED and ADOPTED this 2nd day of November , 1988.
VICE MAYOR
Attest:
2-)7
Ci y Clerk
FORM APPROVED
PNB/mml LEGAL DEPT.
10/27/88
DM, 411101=21
8Cj
RESOLUTION NO. 88-19429
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA PLEDGING
ITS PUBLIC SERVICE TAX AS A SUBSTITUTE
FOR DADE COUNTY'S PLEDGE OF ITS LOCAL
GOVERNMENT HALF CENT SALES TAX AS A
SECONDARY OR SUPPLEMENTAL REVENUE FOR
REPAYMENT OF $46,445,000 DADE COUNTY
SPECIAL OBLIGATION AND REFUNDING BONDS
(MIAMI BEACH CONVENTION CENTER PROJECT)
SERIES 1987A, AND $4,800,000 DADE COUNTY
SPECIAL OBLIGATION BONDS (MIAMI BEACH
CONVENTION CENTER PROJECT) SERIES 1987B.
WHEREAS, pursuant to Ordinance No. 87-72 dated October 20,
1987 (hereinafter called the "Bond Ordinance") , the Board of
Commissioners of Dade County, Florida (hereinafter called the
"Board") , at the request of the City of Miami Beach, Florida
(hereinafter called the "City") under Resolution No. 87-18984
dated September 16, 1987 , issued its $46, 445, 000 Dade County
Special Obligation and Refunding Bonds (Miami Beach Convention
Center Project) , Series 1987A, and $4 , 800, 000 Dade County Special
Obligation Bonds (Miami Beach Convention Center Project) , Series
1987B (hereinafter collectively called the "Series 1987 Bonds") ;
and
WHEREAS, the Series 1987 Bonds were issued by the County
pursuant to a "Second Amended and Restated Interlocal Agreement
by and between Dade County, Florida and the City of Miami Beach,
for the Financing of Expansions and Improvements to the Miami
Beach Convention Center" entered into by the City and Dade County
on or about October 20, 1987 (hereinafter called "Second
Interlocal Agreement") ; and
WHEREAS, the Bond Ordinance and the Second Interlocal
Agreement each provide by their terms that the City may
substitute with prior approval of the Bond Insurer, a pledge of
its Public Service Tax collected pursuant to Florida Statutes,
Section 166. 231 or comparable source of revenue for the County's
secondary pledge (hereinafter the "County' s Secondary Pledge") of
its Local Government Half Cent Sales Tax as secondary or
supplemental revenue for repayment of the Series 1987 Bonds; and
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WHEREAS, under authority granted by the Constitution of the
State of Florida, Chapters 159, 163 and 166, Florida Statutes,
the Charter of the City of Miami Beach and other applicable
provisions of the law, the City is authorized to pledge certain
revenues of the City not derived from ad valorem taxes; and
WHEREAS, the City has obtained approval from the Bond
Insurer for the substitution of its pledge for the County' s
Secondary Pledge as required by the Bond Ordinance and the Second
Amended Interlocal Agreement; and
WHEREAS, the City now wishes to implement the substitution
of its pledge for the County' s Secondary Pledge and thereby
release the County's Secondary Pledge from the lien created by
the Bond Ordinance which authorized the issuance of the Series
1987 Bonds.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COMMISS ION OF THE
CITY OF MIAMI BEACH, FLORIDA:
Section 1. AUTHORITY FOR THIS RESOLUTION.
This Resolution is adopted pursuant to Chapters 159, 163 and
166, Florida Statutes, and other applicable provisions of the
law.
Section 2 . DEFINITIONS.
All capitalized terms set forth in this Resolution, and not
hereinbefore defined, shall have the same meaning assigned to
such terms in the Bond Ordinance and the Second Interlocal
Agreement.
Section 3 . PLEDGE OF PUBLIC SERVICE TAX.
The City hereby pledges its Public Service Tax, collected
pursuant to Florida Statutes, Section 166. 231, as a supplemental
revenue in substitution of Dade County's Local Government Half
Cent Sales Tax pledge, all as provided in Section 501 of the Bond
Ordinance and the Second Amended Interlocal Agreement. The City
hereby agrees to abide by the Supplemental Revenue provisions of
the Bond Ordinance.
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Section 4 . EFFECTIVE DATE.
The City's secondary pledge as provided herein shall be
subject to the lien created by the Bond Ordinance as of November
2 , 1988, and the County's Secondary Pledge shall be released from
the Bond Ordinance on such date.
Section 5. NOT A PLEDGE OF FULL FAITH AND CREDIT.
Nothing in this Resolution shall be construed as
constituting a pledge of the City' s ad valorem tax power or of
the full faith and credit of the City, but rather shall be
limited obligation of the City payable solely from the revenues
pledged herein.
Section 6. RIGHT TO ISSUE OTHER DEBT.
The City may create or permit to be created a charge or lien
ranking equally with the charge or lien on its Public Service Tax
as Supplemental Revenues; provided that such pledged revenues, in
each of the last three Bond Years immediately preceding the date
of the new charge or lien thereon, are at least equal to 1. 25
times the maximum Principal and Interest Requirements of the
Bonds and the proposed obligation of the City.
Section 7. COVENANT AS TO TAX ASSESSMENT.
The City hereby agrees and covenants that so long as the
Series 1987 Bonds are outstanding that it will continue to assess
the Public Service Tax collected pursuant to Florida Statutes,
Section 166.231, at the maximum rate allowed thereunder.
PASSED and ADOPTED this 2nd day of November , 1988 .
VICE MAYOR
Attest:
FORM APPROVED
,2;-3j y LEGAL DEPT.
City Clerk
PNB/mml /o ZS 8�
10/25/88A Date
3
ORIGINAL
RESOLUTION NO. 88-19430
(Designation the sum of $2.0 Million to be
used by the City from the excess City share
account as defined in Dade County Ordinance
No. 87-72 (for Stephen Muss Convention Ctr.
Expansion bonds) for the purpose of funding
the operations and maintenance of the
Stephen Muss Convention Center as provided
in Section 212.0305, Florida Statutes (1988)