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RESOLUTION 93-20825 • • r t r h ` I RESOLUTION NO. 93-20825 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, REQUESTING THAT FUNDS FROM THE EXCESS CITY SHARE AVAILABLE AS OF JULY 1, 1993, RELATED TO THE ESTABLISHMENT or A CHALLENGE CAPITAL GRANT PROGRAM FOR ELIGIBLE ARTS ORGANIZATIONS, SAID PROGRAM TO BE ESTABLISHED PURSUANT TO THE REQUIREMENTS SET FORTH IN RESOLUTION NO. 92- 20499, BE MADE AVAILABLE TO THE CITY PURSUANT TO THOSE REQUIREMENTS FOR PROMOTION AND SUPPORT OF ELIGIBLE ARTS AND CULTURAL ORGANIZATIONS WITHIN THE MIAMI BEACH ARTS DISTRICT. WHEREAS, Dade County Ordinance No. 87-72 enacted 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 (the "County") and the City of Miami Beach (the "City") for the Financing of Expansions and Improvements to the Miami Beach Convention Center (the "Interlocal Agreement") dated as of October 12 , 1987 each provide by their terms that: Upon substitution of the City' s secondary pledge for the County' s secondary pledge (defined as the Crossover Date in the Bond Ordinance) , the City has the right to use the Excess City Share (as defined in the Bond Ordinance and the Interlocal Agreement) of the Convention Development Tax revenues for any purpose permitted under Florida Statutes, Section 212 . 0305; and WHEREAS, the City replaced the County' s secondary pledge with its own secondary pledge when it adopted City Resolution No. 88- 19429 on November 2 , 1988 ; and WHEREAS, Section 512 of the Bond Ordinance entitled "General Fund" provides that, subsequent to the Crossover Date, the City may adopt a resolution (i) designating a purpose which is permitted by Florida Statutes, Section 212 . 0305 (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 Lf t e General Fand (such QmJc: . a n vi fund b e i n v J established under the provisions of the Bond Ordinance) may be utilized; and WHEREAS, on April 22 , 1992 , the City adopted Resolution No. 92-20499 , attached hereto as "Exhibit A" , designating the purposes for which the Excess City Share on deposit in the Excess City Share Account may be utilized and establishing the maximum dollar amount for each such purpose and setting priorities among such purposes; and WHEREAS, commencing on July 1, 1993 , one of the designated purposes toward which the Excess City Share could be utilized included the establishment of an annual fund to provide challenge capital grants for eligible arts organizations in Miami, Miami Beach, or Unincorporated Dade County; and WHEREAS, the establishment of the aforestated challenge capital grant program is contingent upon certain requirements as established by and enumerated within the provisions of Resolution No. 92-20499 ; and WHEREAS, the City wishes to promote and support the funding of arts and cultural organizations, particularly within the Miami Beach Arts District, and therefore requests priority consideration under such established challenge capital grant program as contemplated by Resolution No. 92-20499 . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: 1) The City hereby requests that funds from the Excess City Share established and set aside pursuant to Resolution No. 92-20499 and available therein as of July 1, 1993 -- said funds providing for an annual fund relating to a challenge capital grant program for eligible arts organizations -- be made available to the City pursuant to the requirements of said resolution. 2) As Resolution No. 92-20499 requires that available funds be awarded pursuant to the requirements set forth therein and on a challenge grant basis, the City hereby further reserves its priority rights or consideration it has available to it at present, or as subsequently allotted to it, for the purpose of appropriating the grant monies therein on behalf of eligible arts and cultural organizations within the Miami Beach Arts District. 3) This Resolution shall be effective ,immediately upon its adoption. PASSED and APPROVED this -=;() • . of , 1993 . PP MA OR ATTEST: JA.c1/4A1 CITY CLERK *4/9 s FORM APPROVED LEGIEPT. 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BBISIUOIUd DNILLBB (NK t SBOdUnd 11Of8 H3Y3 U011 LHnOHY UT IOU WfHIXIN SHS DHIHBI'ISYZBa 11.86T 'ZT USSOZOO SIO 811 QSZYQ 'novas IHVIW S10 ASID SSS Qui KQI2i0'I,l 'ASHQ00 saw HSSNZS I QM' AS ZN2W38UDK ZYOO'IUaisMI =JAMMU QIZK QSQN81Y UJ 002s CRs atm um-Le •OH somymxaao =moo Nova OS mound Q38n S8 'I'IVIB Zits ZMaHdc'ISASQ HOIZNSAHOO SHJ d0 SUKHB LLIO 8880X8 MIX HOIHA %IOa BaBOHInd SHS mamma '8SCOZ-16 atm f8661-06 'S8L6T-68 'OIC BNOIsn'IOSSZI DMIZKS8821 QNK mummy Qmmy 'KQ I2IO'I,al s uova E IHYIm ATO AXIO O MIX SIO NOI88IHHOO ASID SHL J0 HOIXIMOBaa V 66'70Z-Z6 'OH HOIZfZOS82i . 7 ti NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF MIAMI BEACH, FLORIDA: CITY COMMISSION OF THE 1. The City hereby designates the following which the Trustee may, as purposes for under the Bond Ordinance, release monies Excess City Share Account: in he (i) the financing by the City completion of The for the Miami Beach Convention Center (the "Convention Center") the through g issuance of the $8,000,000 principal amount of the City's Bonds (the "Convention Center completion Bonds") and as provided in Section 2 (iv) hereof; (ii) operation and maintenance expense deficits related to the ConventionP Center plus $250, 000 per year for three (3) ears for additional capital expenditures (3) y ears p nditures beginning July 1, 1993 ; (iii) the financing by the City of Homestead, Florida ("Homestead") of the construction of a stadium complex through the issuance by Homestead of $12, 000,000 principal amount of Revenue Certificates (the "Homestead Loan") ; (iv) subject to the provisions of paragraph 7 hereof, and Florida Statute 212.0305, as amended, $250, 000 for the first year increasing at a rate of $50, 000 per year until said allocation reaches $500,000, at which time it would remain at this constant level until the completion of a seven (7) year term; to provide challenge capital grants for eligible arts organizations and to provide for reimbursement of demonstrated adverse impact resulting from the creation of a Performing Arts Center Complex for eligible arts related facilities existing at the time of commencement of construction of a Performing Arts Center Complex; (v) subject to the provisions of paragraph 8 hereof, the proposed financing of the construction-, rehabilitation and/or redevelopment of the Performing Arts Center Complex through the issuance of not to exceed $92, 000, 000 principal amount of Bonds (the "Performing Arts Center Complex Bonds") , deficiencies in reserve accounts on the Performing Arts Center Complex Bonds and operating and maintenance expense deficits on the Performing Arts Center Complex. 2 . Subject to the prior claim of the Convention Development Tax Revenues of the County's outstanding Special Obligation and Refunding Bonds, Series 1987A and Special Obligation Bonds, Series 1987E (the Miami Beach Convention Center Project) issued under the Bond Ordinance (collectively, the "1987 Bonds") , commencing with the first payment on the Homestead Loan and continuing through June 30, 1993, the Excess City Share shall be used for the purposes designated in clauses (i) through (iii) of paragraph 1 above and for such other purposes described below, according to the priorities, and in the maximum amounts described below: (i) first, payments in an amount not to exceed $1, 000, 000 per year, to fund the annual principal, interest and if applicable, deficiencies in the reserve accounts, on the 2 Convention Center Completion Bonds, which annual sum shall be disbursed in substantially equal monthly paymentsprovided Y availablethe revenues in the Excess City Share Account so permit, and further provided that if in any a of available given month a shortage revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payments under said Bonds, then, in addition to the regular monthlya ent required bythis par p � paragraph, such additional amounts as necessary to make up any such deficiency shall be paid during the next succeeding month (s) in which adequate revenues to do so are available in the Excess City Share Account, even if, as a result of timing of the payments required to make up such deficiencyin prior payments, the aggregate amount of all payments made under this subparagraph during any given year exceed $1, 000, 000, so long as the cumulative aggregate total of all payments made under this subparagraph for all years does not exceed an average of $1, 000, 000 on a yearly basis; (ii) second, monthly payments for the annual operating and maintenance expense deficit related to the Convention Center in an amount equal to one-twelfth of $2, 500, 000 during each fiscal year, provided that if in any given month a shortage of available revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payment under this subparagraph, then in addition to the regular monthly payment required' by this st bparagraph, such additional amounts necessary to make up any such deficiency shall be paid during the next succeeding month(s) in which adequate revenues to do so are available in the Excess City Share Account; (iii) third, monthly payments of principal and interest to appropriate accounts for the benefit of Homestead for the Homestead Loan in an amount equal to one-twelfth of $2,000, 000 and such additional amounts which may be necessary to avoid negative amortization on the Homestead Loan by paying any additional accrued interest thereon not paid by the aforementioned payment, provided that if in any given month a shortage of available revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payments required under this subparagraph, such additional amounts as necessary to make up any such deficiency shall be paid during the next succeeding month(s) in which adequate revenues are available in the Excess City Share Account; (iv) fourth, monthly payments for annual operating and maintenance expense deficits related to the Convention Center in an amount equal to one-twelfth of $2,000,000 (which were previously implemented under Resolution Nos. 90-19984 and 91-20358) in excess of the $2, 500,000 provided for in subparagraph 2 (ii) above, for a total of $4 , 500,000, provided 3 • that if in any given month a shortage of available revenues in the Excessg City Share Account results in a deficiency in the making of the necessarymonthlypayments required under this subparagraph, such additional amounts as necessary to make up any such deficiency shall be paid during the next succeeding month(s) in which adequate revenues are available in the Excess City Share Account; and (v) fifth, payment of the amount remaining, if any, to Homestead to reduce the outstanding principal amount of the Homestead Loan for as long as any portion of the Homestead Loan remains outstanding. 3 . Subject to the prior claim on the Convention Development Tax revenues of the 1987 Bonds, on or after July 1, 1993, the Excess City Share shall be used for the purposes designated in Section 1 above and for such other purposes as described , accordingto the priorities, and in the amounts provided below: (i) first, payments in an amount not to exceed $1, 000, 000 per year, to fund the annual principal, interest and if applicable, deficiencies in the reserve accounts, on the Convention Center Completion Bonds, which sum shall be disbursed in substantially equal monthly payments provided the revenues available in the Excess City Share Account so permit and provided further that if in any given a shortage of available revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payments under said Bonds, then, in addition to the regular month'‘, payments required by this subparagraph, such additional amounts as necessary to make up any such deficiency shall be paid during the next succeeding month(s) in which adequate revenues to do so are available in the Excess City Share Account, even if, as a result of the timing of the payments required to make up such deficiency in prior payments, the aggregate amount of such payments under this subparagraph during any given year exceeds $1, 000, 000 so long as the cumulative aggregate total of all payments made under this subparagraph for all years do not exceed an average of $1, 000, 000 on a yearly basis; (ii) second, monthly payments to appropriate accounts for the benefit of Homestead for the Homestead Loan in an amount equal to one one hundred and twentieth (1/120) of the principal amount of the Homestead Loan outstanding of June 30, 1993, plus interest accrued on the Homestead Loan for each of such months, until the Homestead Loan is paid in full, provided that if in any given month a shortage of available revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payments under this subparagraph, then, in addition to the regular monthly payments required by this subparagraph, such additional amounts as necessary to make up such deficiency shall be paid during the next succeeding month(s) in 4 which adequate revenues to do so are available in the Excess City Share Account; (iii) third, monthly payments for the annual operating and maintenance expense deficit related to the Convention Center in an amount equal to one twelfth (1/12) of $4, 500, 000 per year for each fiscal year, plus monthly payments of one-twelfth of $250,000 per year for three (3) years commencing July 1, 1993 for additional capital requirements, provided that if in any given month a shortage of available revenues in the Excess City Share Account results in a deficiency in the necessary monthly payment required by this subparagraph, then, in addition to the regular monthly payment required by this subparagraph, such additional amounts as necessary to make up such deficiency shall be paid during the next succeeding month(s) in which adequate revenues to do so are available in the Excess City Share Account; (iv) fourth, commencing July 1, 1993 monthly payments for an annual fund related to a challenge capital grant program for eligible arts organizations and for reimbursement of demonstrated adverse impact to eligible arts related facilities existing at the time of commencement of construction of Performing Arts Center Complex in amount equal to one- twelfth of $250, 000 during each fiscal year with such amount increasing at a rate of $50, 000 per year until said amount reaches $500,000 at which time it would remain at this constant level until the completion of a seven (7) year ear teMY , provided yc♦ided tha . if in aii y given iven month a shortage of available revenues in the Excess City Share Account results in a deficiency in the making of the necessary monthly payment under this subparagraph, then in addition to the regular monthly payment required by this subparagraph, such additional amounts necessary to make up any such deficiency shall be paid during the next succeeding month(s) in which adequate revenues to do so are available in the Excess City Share Account; and (v) fifth, subject to the provisions of paragraph 8 hereof, payment of the remaining balance to fund the annual principal, interest and, if applicable, deficiencies in reserve accounts on the Performing Arts Center Complex Bonds issued by Metropolitan Dade County, and to provide for operations and maintenance expense deficits on the Performing Arts Center Complex. 4 . The Trustee is hereby directed to deliver to all parties at interest under this resolution a copy of the Trustee's regular statements regarding receipt and distribution of all Designated Revenues (as defined in the Bond Ordinance) and the Excess City Share under the Bond Ordinance and under the City's Resolutions Nos. 89-19566, 89-19623, 89-19668, 89-19694, 89-19785, 90-19984, 91-20358 and hereunder. 5. The City Manager shall forthwith notify the Trustee of this resolution by delivering to the Trustee a certified copy 5 • hereof, and the Trustee shall thereafter make payment from the Excess City Share Account as set forth herein. 6. Except as provided in paragraphs 7 and 8 below, this resolution shall continue irrevocably and in full force and effect for as long as any bonds issued hereunder remain outstanding, provided, however, that the Citytime may at any in its discretion adopt (a) resolutions further modifying the order of priorities or amounts of the payments provided herein which are subordinate to the monthly payments to be made for the benefit of Homestead and the Performing Arts Center Complex Bonds set out in subparagraphs 2 iii 3 ii and 3 v above, p 2 (iii) ,, � ) � ) subject to the requirements of paragraphs 7 and 8 below; or (b) resolutions implementing the funding from the Excess City Share Account of additional amounts for capital improvements, operating and maintenance expense deficits and/or other projects consistent with the Convention Development Tax Law, which are subordinate to the monthly payments to be made for the benefit of Homestead and the Performing Arts Center Complex Bonds as specifically set forth in subparagraphs 2 (iii) , 3 (ii) and 3 (v) above, subject to the requirements of paragraphs 7 and 8 below. 7. The designation of the funding for a challenge capital grant program and for the reimbursement of demonstrated adverse impact resulting from the creation of a Performing Arts Center Complex to eligible arts related facilities as specified in subparagraphs 1(iv) and 3 (iv) hereof are contingent upon and subject to the following: (i) said funds are allocated on a 50-50 basis between each program; (ii) both programs will be administered through the Dade County Cultural Affairs Council; and (iii) r .. of the funds allocated Vo both programs would be eligible only to governmental or private non-profit organizations which reside in Miami, Miami Beach or Unincorporated Dade County; and (iv) in the event there are not sufficient projects to commit the funds in subparagraph (i) above, on a 50-50 basis in either program, the uncommitted funds from one program may be reallocated to the other program at the discretio of the Dade County Cultural Affairs Council; rojects eligible for the challenge capital rant program may be funded even if no projects are eligible for the reimbursement for adverse impact program; and (v) this designation shall commence July 1, 1993 . 8 . The designation of the Performing Arts Center Complex as an authorized project as specified in subparagraph 1(v) hereof and the priority of payment set out in subparagraph 3 (v) hereof are contingent upon the issuance of not less than $35 million in bonds, in one or more series prior to July 1, 1996. If the first series of bonds has not been issued prior to July 1, 1995, a full report regarding the lack of such action and the reason for the lack of such actions shall be given to the Miami Beach City Commission. If said contingency does not occur, all authority hereunder pursuant to subparagraph 1(v) and subparagraph 3 (v) shall automatically be rescinded and this resolution shall have no force and effect with regard to said Sections. 6 9. In adopting this Resolution supporting the Performing Center Complex Bonds, the City is relying on the continued and enforceability of the priorities set forth in this Resolution, including but not limited to therioritization of the he $4 .5 million for operations and maintenance expense deficits t P i s for the Convention Center and City is relying upon the County's continued support of said priorities, as long as anybonds issued hereunder remain outstanding, notwithstanding any refunding of the 1987 Bonds or termination of the Interlocal Agreement. 10. In adopting this Resolution allocating funds to the construction and operation and maintenance of the PerformingArts Center Complex, the Cityof Miami Beach is not approving the site selected for the Performing Arts Center Complex. Should the Performing Arts renter Complex not be feasible on the selected a1Le on or after July 1, 1996, this Resolution does notreclude the City of Miami Beach fromP being considered as a site for a Performing Arts Center Complex. Should the City of Miami Beach then be selected as the site for the Performing Arts Center complex bythe Count p y, any and all plans associated with the current Performing Arts Center Complex site will be transferred to the City of Miami Beach at no cost. Further, should h uld the County wish to refund or defease any debt outstanding pursuant to a designation in this resolution or issue any debt pursuant to a designation in this resolution, a public hearing shall be held and written notice given to the City. Additionally, the City is to be given written notice of any bond validation hearing related to any debt or refunding pursuant to a designation debt to be issued made herein. 11. The City is relying on the County's assertion that it will utilize its best efforts in good faith to secure an open indenture for the financial structureP of the Performing Arts Complex Bonds. 12 . Resolution Nos. 89-19785, 90-19984 and 91-20358 are hereby amended and restated to conform with this Resolution. 13 . This resolution shall be effective immediately upon its adoption. PASSED and APPROVED this 22nd day i f ApriA , 1992. MAY•R 9 ATTEST: FORM APPROVED LEGAL DEPT. CITY CLERK By Vote — RMC:CBT:jh/lm Apr i l 22, 1992 A 7 UK.1U1NAL RESOLUTION NO. 93-20825 Requesting that funds from the excess City Share available as of July 1, 1993, related to the establishment of a challenge Capital Grant Program for eligible arts organizations.