98-22796 RESO
RESOLUTION NO. 98-22796
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING AN APPROPRIATION IN THE AMOUNT OF
$1,350,000 FROM THE STORMW A TER ENTERPRISE FUND
INTO A WORK ORDER FOR STORMWATER CAPITAL
PROJECTS; DECLARING THE INTENT OF THE CITY OF
MIAMI BEACH TO ISSUE BONDS IN ORDER TO
REIMBURSE THE STORMW A TER ENTERPRISE FUND
FROM THE PROCEEDS OF SUCH BONDS FOR FUNDS
ADVANCED FOR CERTAIN EXPENSES INCURRED WITH
RESPECT TO THE AFORESAID STORMW A TER CAPITAL
PROJECTS; PROVIDING FOR INCIDENTAL ACTION; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on December 16, 1993, the City entered into an agreement with CH2MHill to
implement a Stormwater Management Program to address flooding, as well as to provide for
compliance with the National Pollutant Discharge Elimination System Permit; and
WHEREAS, on September 11, 1996, the City adopted Ordinance No. 96-3051, establishing
an independent stormwater utility; and
WHEREAS, in March, 1997, CH2MHill completed a Stormwater Management Master Plan
for the City; and
WHEREAS, the appropriation requested herein, in the amount of $1 ,350,000, will pay for
design and construction of drainage improvements within the City (the "Project"); and
WHEREAS, in connection with the design and construction of the Project by 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, including, but not limited to, the appropriation referred to above;
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.
Section 2.
Section 3.
Section 4.
Appropriation. There is hereby appropriated the amount of$1,350,000 from
the Stormwater Enterprise Fund for the design and construction of the
Project.
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 S 1.150-2. The Bonds are expected not to exceed an aggregate
principal amount of $35,000,000.
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.
Effective Date. This Resolution shall take effect immediately upon its
adoption.
PASSED and ADOPTED this 17th day of
ATTEST:
June
, 1998
J/J
MAYOR
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CITY CLERK
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APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
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ity Attorney
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:;ITY OF MIAMI BEACH
:ITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
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TO:
FROM:
SUBJECT:
COMMISSION MEMORANDUM NO. 3 D 3 -9 8
Mayor Neisen O. Kasdin and
Members of the City C
DATE: June 17. 1998
Sergio Rodriguez
City Manager
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A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING AN
APPROPRIATION IN THE AMOUNT OF $1,350,000 FROM THE
STORMW A TER ENTERPRISE FUND INTO A WORK ORDER FOR
STORMW A TER CAPITAL PROJECTS; DECLARING THE INTENT OF
THE CITY OF MIAMI BEACH TO ISSUE BONDS IN ORDER TO
REIMBURSE THE STORMW A TER ENTERPRISE FUND FROM THE
PROCEEDS OF SUCH BONDS FOR FUNDS ADVANCED FOR CERTAIN
EXPENSES INCURRED WITH RESPECT TO THE AFORESAID
STORMW A TER CAPITAL PROJECTS; PROVIDING FOR INCIDENTAL
ACTION; AND PROVIDING AN EFFECTIVE DATE
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
On December 16, 1993, the City entered into an agreement with CH2MHill to implement a
storm water management program. The purpose of the program is to address flooding as well as to
provide for compliance with the National Pollutant Discharge Elimination System permit. On
September 11, 1996, in preparation of the issuance of stormwater bonds, the City adopted Ordinance
No. 96-3051, establishing an independent stormwater utility. In March 1997, CH2MHill completed
a Stormwater Management Master Plan for the City. The Stormwater Enterprise Fund has provided
funding to begin implementation of the program. Several areas, identified in the plan, have
undergone preliminary data analysis and design. The proposed storm water bonds would provide
funding for construction of citywide drainage improvements. The issuance of storm water bonds was
discussed at the May 8, 1998, Finance and Citywide Projects Committee meeting and also at the
Committee workshop on May 16, 1998, regarding the Capital Improvements Program.
AGENDA ITEM
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DATE
Commission Memorandum - June 17, 1998
Stormwater Appropriation
Page 2
ANALYSIS:
The requested appropriation will pay for construction of drainage improvements on Allison Island
which is estimated to cost $800,000. This project has been submitted to DERM for permitting and
construction is scheduled to begin in 4 weeks. The amount to be appropriated will also provide for
the preparation of construction documents for projects for which preliminary design has been
completed. These projects include the Nautilus area, Normandy Shores and Second Street from
Alton Road to Washington Avenue.
The funds to be appropriated will be advanced from the Stormwater Enterprise Fund to be
reimbursed when the bonds are issued. The declaration of intent to issue debt to reimburse the
Stormwater Enterprise Fund is necessary in order to use future bonds to repay the Stormwater
Enterprise Fund for the funds to be advanced for this work.
CONCLUSION:
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Approval of the Resolution will allow for continued implementation of the storm water management
program while preparations are being made for the issuance of stormwater bonds.
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