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RESOLUTION 89-19668 RESOLUTION NO. 89-19668 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH AMENDING RESOLUTION NO. 89- 19566, WHICH DESIGNATED A NEW STADIUM TO BE LOCATED IN THE CITY OF HOMESTEAD PURSUANT TO DADE COUNTY ORDINANCE NO. 87-72 AND ESTABLISHED A PRINCIPAL AMOUNT OF NOT TO EXCEED $12 ,000,000 FOR THE STADIUM WHICH TOGETHER WITH ACCRUED INTEREST THEREON WERE TO BE PAID FROM EXCESS CONVENTION DEVELOPMENT TAXES AFTER CERTAIN OTHER PRIORITY PAYMENTS ARE MADE AND TO BE UTILIZED BY THE CITY OF HOMESTEAD TO FINANCE THE COSTS OF CONSTRUCTING SUCH STADIUM, BY REVISING THE PRIORITY OF PAYMENTS SET FORTH IN SAID RESOLUTION NO. 89-19566. WHEREAS, the City Commission of the City of Miami Beach on March 15, 1989 adopted Resolution No. 89-19566 designating the Homestead Stadium Complex as a permissible purpose for funding from the Excess City Share Account ("Excess City Share") of Dade County Ordinance No. 87-72 (the "Bond Ordinance") and established a maximum amount not to exceed $12 million plus accrued interest; and WHEREAS, said Resolution No. 89-19566 established therein, in paragraph 2 thereof . a priority of payments for the Excess City Share; and WHEREAS, after the passage of Resolution No. 89-19566, the City of Homestead, on or about March 21, 1989, entered into a loan agreement (the "Homestead Loan") with Barnett Bank of South Florida, N. A. ; and WHEREAS, the City of Miami Beach (the "City") , as a part of the settlement of City of Miami Beach v. City of Homestead, et al Case No. 89-19399, wishes to revise the payment priorities for the Excess City Share which were previously set forth in paragraph 2 of Resolution No. 89-19566 ; and WHEREAS, it is the wish of the City of Miami Beach City Commission that the new priority for the Excess City Share as set forth herein be subject to written acceptance by the City of Homestead of the terms and conditions of this Resolution, and further subject to the acceptance of the terms and conditions of this Resolution in writing by Barnett Bank of South Florida, N. A. 1 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: 1. The City hereby reaffirms paragraph 1 of Resolution 89- 19566 which designated Homestead' s proposed Stadium Complex as a permissible purpose eligible for funding from the Excess City Share Account pursuant to the Bond Ordinance and established a maximum amount not to exceed $12 million plus accrued interest. 2 . Commencing with the first payment due on the Homestead Loan and continuing through any payment due on the Homestead Loan on or before June 30, 1993 , the City hereby directs the Trustee to make payments of the Excess City Share in the following priority and manner: (i) principal and interest payments required by the Bond Ordinance with regard to the Series 1987A and 1987B Bonds, (ii) principal and interest on additional $8 Million Bonds to be issued to complete the Stephen Muss Convention Center (the "Convention Center") , (iii) payments for the operating and maintenance expenses deficit related to the Convention Center in the amount of $2 . 3 Million for the fiscal year 1988-1989 and $2 . 5 Million for each fiscal year thereafter for as long as the Homestead Loan remains outstanding, (iv) payments on the first day of each month to Homestead in an amount equal to 1/12th of $2 . 0 Million and such additional amounts which may be necessary to avoid negative amortization on the Homestead Loan, (v) payments, if any, to the City for any cost that may exceed the estimated $8 Million necessary to complete the Convention Center Project (as such term is defined in the Bond Ordinance) and/or any costs for capital improvements related to the project and/or payments for any operations and maintenance expense deficit in excess of $2 . 3 Million for fiscal year 1988-89 and $2 . 5 Million each fiscal year thereafter provided the City furnishes the Trustee with a Resolution designating the specific completion costs and/or the additional capital improvements and/or any increase in 2 • the operations and maintenance expense deficit pursuant to the Bond Ordinance. Furthermore, the City of Miami Beach may adopt any other resolution directing the use of the Excess City Share to the extent consistent with the Convention Development Tax Law. (vi) Payment of the amount remaining, if any, to the City of Homestead to reduce the outstanding principal amount of its Loan for as long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding. 3 . On and after July 1, 1993 , the City hereby directs the Trustee to make payments of the Excess City Share in the following priority and manner: (i) principal and interest payments required by the Bond Ordinance with regard to the Series 1987A and 1987B Bonds, (ii) principal and interest on additional $8 Million Bonds to be issued to complete the Convention Center, (iii) monthly payments on the Homestead Loan based upon a 10 year level amortization of the principal amount outstanding on June 30, 1993 , plus interest, (iv) payments for the operating and maintenance deficit related to the Convention Center in the amount of $2 . 5 million per year for each fiscal year or such other amount as the City Commission may by resolution establish, (v) principal and interest payments on the proposed Performing Arts Complex bonds, (vi) payments for such other projects which may have been previously approved under paragraph 2 (v) above, (vii) payments necessary for any operating and maintenance deficit related to the Performing Arts Complex consisting of the Jackie Gleason Theater of Performing Arts, a Symphony Hall and a Grand Auditorium Hall. Furthermore, the City of Miami Beach may adopt any other resolution directing the use of the Excess City Share to the extent consistent with the Convention Development Tax Law, (viii) payments from the remaining balance, if any, to reduce the principal amount of the remaining outstanding balance 3 of the Homestead Loan, in inverse order of maturity, for so long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding. 4 . This Resolution shall become effective upon receipt by the City of Miami Beach of written acceptance by the City of Homestead of the terms and conditions of this Resolution, and receipt by the City of Miami Beach of a written acceptance from Barnett Bank of South Florida, N. A. of the terms and conditions of this Resolution. 5. This Resolution shall continue in full force and effect for so long as any portion of the Homestead Loan for the financing of the Stadium Complex remains outstanding. 6. The priority of payments set forth in this Resolution shall supersede the priority of payments set forth in Resolution No. 89-19623 , passed May 24 , 1989, to the extent of any inconsistency or conflict between the two sets of priorities. In all other respects Resolution No. 89-19623 shall continue in full force and effect. PASSED and ADOPTED this ;4; day of JAAANI , 1989 . . #1711 II dump, jor ATTEST; 44/ FORM APPROVED City Clerk LEGAL DEPT. 072689 21. 6""'-- Ref: \hmsdamd.res. Date 2/10, 4 ORIGINAL RESOLUTION NO. 89-19668 Amending Resolution No. 89-19566, which designated a new stadium to be located in the City of Homestead pursuant to Dade County Ordinance No. 87-72 and established a principal amount of not to exceed $12,000,000 for the stadium which together with accrued interest thereon were to be paid from excess convention development taxes after certain other priority pay • - ments are made and to be utilized by the City of Homestead to finance the costs of constructing such stadium, by revising the priority of payments set forth in said Resolution No. 89-19566.