95-21834 Reso RESOLUTION NO. 95-21834
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA DECLARING
THE OFFICIAL INTENT OF THE CITY OF MIAMI BEACH
TO ISSUE DEBT IN ORDER TO REIMBURSE ITSELF
FROM THE PROCEEDS OF SUCH DEBT FOR FUNDS
ADVANCED BY THE CITY FOR CERTAIN EXPENSES
INCURRED WITH RESPECT TO A PARK AND
RECREATIONAL FACILITIES IMPROVEMENT PROJECT
WITHIN THE CITY LIMITS; AND AUTHORIZING
CERTAIN INCIDENTAL ACTIONS.
WHEREAS, in connection with the construction, renovation and
rebuilding of parks and recreational facilities within the city
limits (the "Project") by the City of Miami Beach, Florida (the
"City") , to be financed in part with debt to be incurred by the
City through the issuance of its tax-exempt bonds (the "Bonds") ,
the City has incurred and expects to incur expenses for which the
City has advanced and will advance internal funds; and
WHEREAS, to the extent permissible under the Internal Revenue
Code of 1986, as amended, and the regulations promulgated
thereunder (collectively, the "Code") , the City intends to
reimburse itself for such advances from a portion of the proceeds
of the Bonds .
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1 . Declaration of Official Intent . The City
hereby declares its official intent to issue the Bonds, a portion
of the proceeds of which will, to the extent permissible under the
Code, be used to reimburse the City for funds advanced by it for
expenses incurred and to be incurred with respect to the Project .
This Resolution is intended as a declaration of official intent
under Treasury Regulation § 1 .150-2 . The Bonds are expected not to
exceed an aggregate principal amount of $15, 000, 000 .
Section 2 . Incidental Action. The appropriate officers of
the City are hereby authorized to take such actions as may be
necessary to carry out the purpose of this Resolution and the Code.
Section 3 . Effective Date. This Resolution shall take
effect immediately upon its adoption.
PASSED AND ADOPTED this 6th day • ' December \ , 1995 .
(SEAL) ayor
ATTEST:
FORM APPROVED
al t.
Clerk By
Date I ll 240 5
D09:04548.DOCS.MIA1800621RESO
CITY OF MIAMI BEACH
COMMISSION MEMORANDUM NO. 3'77_' 5
TO: Mayor Seymour Gelber and DATE: December 6, 1995
Members of the City Commission
FROM: Jose Garcia-Pedrosa
City Manager
SUBJECT: A RESOLUTION DEC RING THE OFFICIAL INTENT OF THE CITY OF MIAMI BEACH TO
ISSUE DEBT IN ORDER TO REIMBURSE ITSELF FROM THE PROCEEDS OF SUCH
DEBT FOR FUNDS ADVANCED BY THE CITY FOR CERTAIN EXPENSES INCURRED
WITH RESPECT TO A PARK AND RECREATIONAL FACILITY IMPROVEMENT PROJECT
WITHIN THE CITY LIMITS AND AUTHORIZING CERTAIN INCIDENTAL ACTIONS
ADMINISTRATION RECOMMENDATION
Approve the Resolution.
BACKGROUND
On November 1, 1994, the voters of the City of Miami Beach approved the issuance of$15 million
in General Obligation Bonds to provide for certain improvements to the Parks and Recreational
facilities. Since that time, the City has embarked on a community-wide planning process to finalize
design improvements. This process is expected to be completed by February, 1996. The authorized
bonds will not be issued period to that date.
BOARDWALK RESURFACING PROJECT
The resurfacing of the Boardwalk is one of the projects specifically approved. On today's City
Commission Agenda, Item C-2-A explains the significant amount of testing and results of various
alternatives for repairing for the boardwalk, along with the recommended method of resurfacing with
"hardwood". It is the Administration's recommendation to proceed with this project and not wait
until the entire planning project is completed and the bonds are sold. Immediate funding would be
a loan to be repaid from a State Grant($100,000)and reimbursement from proceeds ($446,000)from
the future bond sale.
DECLARATION OF OFFICIAL INTENT
The Internal Revenue Code of 1986 requires the City to declare its intent to reimburse itself from the
proceeds of the sale of those bonds. Without this declaration, the City may not legally reimburse
itself.
CONCLUSION
In order for the City to be reimbursed for these expenditures, it is required that the City Commission
adopt the attached Resolution.
PFL:me AGENDA E
ITEM
DATE
