RESOLUTION 89-19623 RESOLUTION NO. 89-19623
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH DESIGNATING AN OPERA/BALLET THEATER COMPLEX AND A
BASS MUSEUM EXPANSION TO BE LOCATED IN THE CITY OF MIAMI
BEACH PURSUANT TO DADE COUNTY ORDINANCE NO. 87-72 AND THE
SECOND AMENDED AND RESTATED INTERLOCAL AGREEMENT BY AND
BETWEEN DADE COUNTY, FLORIDA AND THE CITY OF MIAMI BEACH
DATED OCTOBER 12, 1987, AND ESTABLISHING A PRINCIPAL
AMOUNT OF NOT TO EXCEED $50,000,000 FOR THE OPERA/BALLET
THEATER COMPLEX AND THE BASS EXPANSION WHICH, TOGETHER
WITH ACCRUED INTEREST THEREON, SHALL BE PAID FROM
CONVENTION DEVELOPMENT TAXES AFTER CERTAIN OTHER PRIORITY
PAYMENTS ARE MADE AND SHALL BE UTILIZED BY THE CITY OF
MIAMI BEACH TO PAY FOR AND/OR FINANCE THE COSTS OF
CONSTRUCTING THE OPERA/BALLET THEATER COMPLEX AND THE
BASS MUSEUM EXPANSION; AND DESIGNATING THE OPERATIONS AND
MAINTENANCE EXPENSES OF THE PERFORMING ARTS COMPLEX AS
A PURPOSE PURSUANT TO DADE COUNTY ORDINANCE NO. 87-72 UP
TO $1,000,000 PER YEAR COMMENCING UPON COMPLETION OF
CONSTRUCTION OF EITHER THE SYMPHONY HALL OR THE
OPERA/BALLET THEATER COMPLEX.
WHEREAS, Dade County Ordinance No. 87-72 adopted by the
Board of 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
B=.ac: (the "City") for financing the expansion, and improvements
to the Miami Beach Convention Center (now the Stephen Muss
Convention Center and referred to herein as the "Convention
Center") , dated October 12 , 1987 (the "Interlocal Agreement") , each
provided by their terms that:
A. Upon substitution of the City' s Secondary
Pledge for the County's Pledge (defined as the
Crossover Date in the Bond Ordinance) , the City
has a 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 replaced the County' s Secondary Pledge
with its own Secondary Pledge when it adopted City Resolution No.
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88-19429 on November 2 , 1988 (the "Crossover Date") ; and
WHEREAS, the Bond Ordinance provides in Section 512
thereof that, subsequent to the Crossover Date, the City may adopt
a resolution (i) designating a purpose which is permitted by the
Convention Development Tax Law and (ii) establishing the maximum
dollar amount for such purpose for which the Excess City Share on
deposit in the Excess City Share Account (as defined in the Bond
Ordinance) may be utilized; and
WHEREAS, the Bond Ordinance provides further that upon
the receipt by the Trustee of a Resolution adopted by the City
pursuant to the Bond Ordinance, the Excess City Share shall be
released monthly by the Trustee in an amount which is equal to the
amount designated by the City in the Resolution; and
WHEREAS, the City wishes to use any Excess City Share on
deposit in the Excess City Share Account on and after the date of
this Resolution to finance and/or pay the cost of constructing an
Opera/Ballet Theater Complex and associated parking, (the
"Opera/Ballet Theater Complex") and the Bass Museum Expansion, as
such expansion is conceptually described in "Museum Square-Bass
Museum of Art Expansion and Site Development" by Hardy Holzman
Pfeiffer Associates dated November 1, 1987, which are projects
permitted by the Convention Development Tax Law and to be located
within the municipal boundaries of Miami Beach; and to pay any
operating and maintenance deficit related to the Jackie Gleason
Theater of the Performing Arts, the Symphony Hall and the
Opera/Ballet Theater (the "Performing Arts Complex") and
WHEREAS, the City wishes to designate the Opera/Ballet
Theater Complex and the Bass Museum as permissible purposes
pursuant to the Bond Ordinance and to establish a maximum amount
of not to exceed $50, 000, 000 plus accrued interest to be made
available from the Excess City Share to be utilized by Miami Beach
to finance and/or pay the cost of constructing the Opera/Ballet
Theater Complex and the Bass Museum Expansion and to authorize the
Trustee to make payment of the Excess City Share in the following
priority and manner:
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(a) Prior to issuance of the proposed $8 million in principal
amount of "Completion Bonds" to complete the Convention center
"Project" (as such terms are defined in the Bond Ordinance) :
(i) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No. 89-19493 , as
may be hereafter amended,
(ii) Payments of all remaining Excess City Share to a
special City account to be established for the
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(b) After the issuance of the proposed $8 million in
principal amount of Completion Bonds to complete the Convention
center Project:
(1) Principal and interest payments in an amount not to
exceed $1 million per year to fund the annual debt
service requirements for the $8 million in
Completion Bonds for the Convention Center Project;
(ii) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No.89-19493 , as
may be hereafter amended;
(iii) Payments of all remaining Excess City Share to a
special City account to be established for the
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(c) After issuance of the up to $50 million in principal
amount of bonds for construction of the Opera/Ballet Theater
Complex and the Bass Museum Expansion:
(i) Principal and interest payments in an amount not to
exceed $1 million per year to fund the annual debt
service requirements for the $8 million in
Completion Bonds for the convention Center Project;
(ii) Principal and interest payments in an amount not to
exceed $5 million per year to fund the annual debt
service requirements for the $50 million bonds for
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(iii) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No. 89-19493 , as
may be hereafter amended;
(iv) Payments, if any, to the City for any construction
costs which may exceed the estimated $50 million in
construction costs necessary to complete the
Opera/Ballet Theater Complex and the Bass Museum
Expansion;
(v) Payments for the operating and maintenance deficit
related to the Performing Arts Complex in an amount
not to exceed $1 million per year, commencing upon
completion of construction of either the Symphony
Hall or the Opera/Ballet Theater Complex;
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(vi) Payments from the Excess City Share remaining, if
any, up to $5 million per year, to retire early the
principal portion along with any redemption premium
of the outstanding balance of the Opera/Ballet
Theater Complex and Bass Museum Expansion bonds.
WHEREAS, the City desires that this Resolution continue in
full force and effect for as long as any portion of the
Opera/Ballet Theater Complex and the Bass Museum Expansion Bonds
for the financing of the Opera/Ballet Hall Complex and the Bass
Museum Expansion remains outstanding.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
1. That the City hereby designates, pursuant to the
Bond Ordinance and the Interlocal Agreement, the Opera/Ballet
Theater Complex and the Bass Museum Expansion as permissible
purposes eligible for funding from the Excess City Share Account,
and establishes a maximum amount not to exceed $50 Million plus
accrued interest, and further designates the operating and
maintenance expense deficit of the entire Performing Arts Complex
("Performing Arts Complex") consisting of the Jackie Gleason
Theater of Performing Arts, A Symphony Hall and an Opera/Ballet
Theater as a permitted purpose.
2 . That the City hereby directs the Trustee to make
payments of the Excess City Share in the following priority and
manner:
(a) Prior to issuance of the proposed $8 million in
principal amount of "Completion Bonds" to complete the Convention
center "Project" (as such terms are defined in the Bond Ordinance) :
(i) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No.89-19493 , as
may be hereafter amended,
(ii) Payments of all remaining Excess City Share to a
special City account to be established for the
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(b) After the issuance of the proposed $8 million in
principal amount of Completion Bonds to complete the Convention
center Project:
(i) Principal and interest payments in an amount not to
exceed $1 million per year to fund the annual debt
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service requirements for the $8 million in
Completion Bonds for the Convention Center Project;
(ii) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No. 89-19493 , as
may be hereafter amended;
(iii) Payments of all remaining Excess City Share to a
special City account to be established for the
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(c) After issuance of the up to $50 million in principal
amount of bonds for construction of the Opera/Ballet Theater
Complex and the Bass Museum Expansion:
(i) Principal and interest payments in an amount not to
exceed $1 million per year to fund the annual debt
service requirements for the $8 million in
Completion bonds for the convention Center Project;
(ii) Principal and interest payments in an amount not to
exceed $5 million per year to fund the annual debt
service requirements for the $50 million bonds for
construction of the Opera/Ballet Theater Complex and
the Bass Museum Expansion;
(iii) Payments for the operating and maintenance deficit
related to the Convention Center Project in the
amount of $2 . 3 million for the fiscal year 1988-89
and $4 . 0 million for each fiscal year thereafter as
established by separate Resolution No. 89-19493 , as
may be hereafter amended;
(iv) Payments, if any, to the City for any construction
costs which may exceed the estimated $50 million in
construction costs necessary to complete the
Opera/Ballet Theater Complex and the Bass Museum
Expansion;
(v) Payments for the operating and maintenance deficit
related to the Performing Arts Complex in an amount
not to exceed $1 million per year commencing upon
completion of construction of either the Symphony
Hall or the Opera/Ballet Theater Complex;
(vi) Payments from the Excess City Share remaining, if
any, up to $5 million per year, to retire early the
principal portion along with any redemption premium
of the outstanding balance of the Opera/Ballet
Theater Complex and Bass Museum Expansion bonds.
3 . The City Manager shall forthwith notify the Trustee
of the substance of this Resolution by delivering to the Trustee
a certified copy of this Resolution upon its adoption and the
Trustee shall thereafter make payment of the Excess City Share as
set forth herein.
4 . This Resolution shall continue in full force and
effect for so long as any portion of the Opera/Ballet Theater
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Complex and the Bass Museum Expansion Bonds for the financing of
the Opera/Ballet Theater Complex and the Bass Museum Expansion
remain outstanding.
PASSED AND ADOPTED this 24th day of May , 1989.
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.y0.
ATTEST:
�-��-� ' � � FORM APPROVED
CITY CLERK
LEGAL DEPT.
0519892 By
Date 2&912/
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ORIGINAL
RESOLUTION NO. 89-19623
Designating an Opera/Ballet theater complex
and a Bass Museum expansion to be located
in the City Of Miami Beach pursant to Dade
County Ordinance No. 87-72 and the second
amended and restated interlocal agreement
by and between Dade County, Florida and the
City of Miami Beach dated October 12, 1987,
and establishing a principal amount of not
to exceed $50,000 ,000 for the Opera/Ballet
theater complex and the Bass expansion
which, together with accrued interest
thereon, shall be paid from convention de-
velopment taxes after certain other
priority payments are made and shall be
utilized by the City of Miami Beach to pay
for and/or finance the costs of con-
structing the Opera/Ballet Theater complex
and the Bass Museum expansion; and desig-
nating the operations and maintenance
expenses of the Performing Arts complex as
a purpose pursuant to Dade County Ordinance
No. 87-72 up to $1,000,000 per year com-
mencing upon completion of construction of
either the Symphony Hall or the Opera/
Ballet theater complex.
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