2000-23460 RESO
RESOLUTION NO. 2000-23460
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,
FLORIDA TO ISSUE DEBT IN ORDER TO, AMONG OTHER
THINGS, REIMBURSE ITSELF FROM THE PROCEEDS OF
SUCH DEBT FOR FUNDS ADVANCED BY THE CITY FOR
CERT AIN EXPENSES INCURRED WITH RESPECT TO
PROJECTS APPROVED FOR FINANCING WITH GENERAL
OBLIGATION BONDS IN SPECIAL ELECTIONS HELD BY
THE CITY ON NOVEMBER 2, 1999; AND AUTHORIZING
CERT AIN INCIDENTAL ACTIONS.
WHEREAS, United States Treasury Regulations prescribe conditions under which proceeds of
bonds, notes or other obligations used to reimburse advances made for certain expenditures paid before
the issuance of such obligations will be deemed to be expended (or properly allocated to expenditures)
for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder (collectively, the "Code), so that upon such reimbursement the
proceeds so used will not further be subject to requirements or restrictions under those sections ofthe
Code; and
WHEREAS, certain provisions ofthose regulations require that there be a declaration of official
intent not later than 60 days following payment of the expenditure expected to be reimbursed from
proceeds of such obligations, and that the reimbursement occur within prescribed time periods after the
expenditure is paid or after the property is placed in service; and
WHEREAS, on November 2, 1999, the electorate of the City of Miami Beach, Florida (the
"City") approved in special elections the issuance of not exceeding $92,465,000 aggregate principal
amount of general obligation bonds of the City (the "G.O. Debt") consisting of (i) $9,720,000 principal
amount to renovate, expand and improve fire stations and related facilities located in the City and
acquire and equip fire trucks, (ii) $57,915,000 principal amount to improve neighborhood infrastructure
in the City, consisting of streetscapes and traffic salming measures, shoreline stabilization and related
maintenance facilities, and (iii) $24,830,000 principal amount to improve recreational facilities and
equipment, acce_ss, security and related maintenance facilities for parks and beaches located in the City,
all as more particularly described in the proceedings relating to such special elections and the G.O. Debt
on file with the City Clerk of the City (collectively, the "Project"); and
WHEREAS, in connection with the Project, 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 Code, the City intends to reimburse itself for
such advances from a portion of the proceeds of the G.O. Debt.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1.
Definitions. The following definitions apply to the terms used herein:
Miami - 4002vl
"Reimbursement" or "reimburse" means the restoration to the City of money temporarily
advanced from its other funds and spent for capital expenditures (and certain other types of expenditures
qualifying under the Reimbursement Regulations, including any issuance costs for Reimbursement
Bonds) before the issuance of the Reimbursement Bonds, evidenced in writing by an allocation on the
books and records ofthe City that shows the use ofthe proceeds of the Reimbursement Bonds to restore
the money advanced for the original expenditure. "Reimbursement" or "reimburse" generally does not
include the refunding or retiring of bonds previously issued and sold to, or borrowings from, unrelated
entities.
"Reimbursement Bonds" means G.O. Debt the proceeds of which are to be used for
reimbursement of such capital or other qualifying expenditures paid before issuance of the G.O. Debt.
"Reimbursement Regulations" means Treasury Regulations Section 1.150-2 and any
amendments thereto or superseding regulations, whether in proposed, temporary or final form, as at the
time applicable, prescribing conditions under which the proceeds of Reimbursement Bonds when
allocated or applied to a reimbursement will be treated as expended for all or any purposes of Sections
103 and 141 to 150 of the Code.
Section 2. Declaration of Official Intent. The City hereby declares its official intent to issue
the G.O. Debt in an aggregate principal amount of $92,465,000, in one or more series, 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 S 1.150-2.
Section 3. Incidental Action. The appropriate officers ofthe City are hereby authorized to take
such actions as may be necessary to carry out the purpose of this Resolution and the Code.
Section 4.
Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 12th day of January
,2000.
~~
(Seal)
Mayor
Attest:
~{1I1~11f &td1Y--
City Clerk
APPROVED AS TO
FORM & lANGUAGE
& FOR EXECUTION
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Miami - 4002vl
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH. FLORIDA 33139
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COMMISSION MEMORANDUM NO. ~'--OD
FROM:
Mayor Neisen O. Kasdin and
Members of the City Commission
Lawrence A. Levy ~
City Manager
DATE: January 12, 2000
TO:
SUBJECT: 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, FLORIDA TO ISSUE DEBT
IN ORDER TO AMONG OTHER THINGS, REIMBURSE ITSELF FROM
THE PROCEEDS OF SUCH DEBT FOR FUNDS ADVANCED BY THE CITY
FOR CERTAIN EXPENSES INCURRED WITH RESPECT TO PROJECTS
APPROVED FOR FINANCING WITH GENERAL OBLIGATION BONDS IN
SPECIAL ELECTIONS HELD BY THE CITY ON NOVEMBER 2, 1999; AND
AUTHORIZING CERTAIN INCIDENTAL ACTIONS.
ADMINISTRA TION RECOMMENDATION:
Adopt the Resolution.
ANALYSIS:
On November 2, 1999, the electorate of the City of Miami Beach approved the issuance of
$92,465,000 of general obligation bonds, consisting of (I) $9,720,000 for acquisition of fire trucks,
and renovation, expansion and improvements to fire stations and related facilities, (ii) $57,915,000
for improvements to neighborhood infrastructure, and (iii) $24,830,000 for improvements to parks
and beaches.
The City has incurred and expects to incur expenses in connection with these projects prior to the
time that the General Obligation Bonds (the "Bonds") will be issued. Further, the City intends to
reimburse itself for such expenses from a portion of the proceeds of the Bonds to the extent
permissible.
The United States Treasury Regulations require that there be a declaration of official intent not later
than 60 days following payment of the expenditure expected to be reimbursed from proceeds of such
obligations, and that the reimbursement occur within prescribed time periods after the expenditure
is paid or after the property is placed in service.
Therefore, it is requested that the Mayor and Commission declare their official intent to issue the
Bonds in an aggregate principal amount of $92,465,000, in one or more series, and that a portion of
Agenda Item R / E
Date 1-/2-00
the proceeds of which will, to the extent permissible, be used to reimburse the City for funds
advanced by it for expenses incurred and to be incurred with respect to the Project.
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