HomeMy WebLinkAboutJ-2 Ordinance: Equipment Acquisition Revenue BondsCity of ~Vliami Gard~ens
1515-200 NW 167~' Street
Miami Gardens, Florida 33169
Date: December 12, 2007
Fiscal Impact: No ^ Yes ^X
(If yes, explain in Staff Summary)
Funding Source: Operating Budgets
Contract/P.O. Requirement: Yes ^ Nox
Sponsor Name/Department:
Danny Crew. City Manager
Aqenda Cover Paqe
Mayor Shirley Gibson
Vice Mayor Oscar Braynon II
ouncilman Melvin L. Bratton
uncilman Aaron Campbell Jr.
~uncilwoman Sharon Pritchett
~uncilwoman Barbara Watson
Councilman Andr~ Williams
Public hearing x
Ordinance x
1st Reading
Advertising requirement:
RFP/RFQ/Bid #
Title
Quasi-Judicial ^
Resolution
2nd Reading x
Yes ^ No X^
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA AUTHORIZING THE BORROWING OF FOUR
MILLION, SEVEN HUNDRED THOUSAND DOLLARS ($4,700,000);
AUTHORIZING THE ISSUANCE OF CITY OF MIAMI GARDENS,
FLORIDA EQUIPMENT ACQUISITION REVENUE BONDS NOT TO
EXCEED FOUR MILLION, SEVEN HUNDRED THOUSAND
DOLLARS ($4,700,000); PROVIDING FOR A SUPPLEMENTAL
RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS;
PROVIDING FOR ADOPTION OF REPRESENTATIONS;
REPEALING ALL ORDINANCES IN CONFLICT; PROVIDING A
SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE.
Staff Summary
As part of the FY 08 budget, it was indicated that the City would be buying certain major capital
equipment for various City Departments including Stormwater, Police, Public Works and Parks
through a$4.7 million five-year equipment bond. Attachment A illustrates the uses for these
funds. The majority of the funds are to reimburse the General Fund for equipment previously
purchased in the police department. The smaller amount is for additional and replacement
equipment needed by the balance of the city departments. Debt services will be approximately
$1.3 million per year split befinreen the General Fund, Transportation Fund and the Stormwater
Fund.
J-2) ORD.21"'
READING/PUBLIC
HEARING
4.7 Million Dollar Equipment Acq.
As with prior bond issues, the bond issue requires a bond ordinance and a bond resolution in
order to authorize issuance.
Recommendation
I recommend that the Council adopt the bond ordinance on second reading
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City of Miami Ga~dens
1515 NW 167t" Street, Bldg. 5,
Suite 200
Miami Gardens, Florida 33169
Mayor Shirley Gibson
Vice Mayor Barbara Watson
Councilman Melvin L. Bratton
Councilman Aaron Campbell Jr.
Councilwoman Sharon Pritchett
Councilman Oscar Braynon II
Councilman Andre Williams
To: The Honorable Mayor and City Council Members
From: Dr. Danny O. Crew, City Manager
Date: December 4, 2007
Re: Grants Received
At our lst November City Council meeting, I was directed to provide an accounting of all
the grants the City has received to date. I am pleased to say that thus far, we have
received in excess of $40.6 million in outside assistance in since 2004. Attached is a
listing from each level of government and private sources. I have not included smaller
donations for the special events which we stage.
. . . . '
' Stormwat~r Projects:
NW 208~` St/NW 38~"
Federal Special PIJ214 StlNW 381b Waiting for
Appropriation Project Ct/159~' St/162"~ St &
~"
Awarded
$409
000 Notice to
2004/2005 - EPA NW 20
Ave , ~O Proceed
Department-of JustiCe
B rne ~rant Schools - Police Awarded $23,456 es Com {eted
Department of Justice
B rne Grant Schools - Police Awarded $11,372 es Com leted
Department of Justice
Byrne Gra~t Records - Police qwarded $15,352 yes Start Dec 07
De artment of .fustice Protective Vests Awarded $2,7U0 No In Process
06-07 USHUD
Community
Development Black
Grant Housing Awarded $1,400,029 no Begun
07-~8 USHUD
Gommunity
Devetopment Block
Grant Housin Awarded $1,420,330 na Be un
Special Appropriation SR 441 Storm WatBr
Project TEA Grant- Qrainage/
~nhancement No
Tfans artation Pro'ect Awarded ~576,000 Biddin
Hvmeland SecuRty 47 ~mer enc' E ui Awarded $698,000 No In rocess
Homeland Security 08 Emer enc E ui Awarded $414,54d No In rocess
~
.,
. . . . - ~
State Fares#ry Gcant Water T~uck Awarded $30,000 Yea Cam leted
~tate forest Crant Stum Grinder Awarded $6,340 Yes ` Com Isterf
State Forest ~~ant Tree Purchasa . Awarded $30,000 Yes Cvm ieted
State Forest Grant Cano Stud Awarded $30 000 Yes Com leted
S#ate Cammunity °
Budget Issue Request DrainagelNW
Le lslatuce 1T5thS#Area Awarded ~230~OOQ Yes Cam leted
State Community
Budge# Issue R~quest prainagetSW
t.e islature indus#rial Area ' Awa~ded $600,QQQ Yes In desi n
~tate Cammunity
Budget Iss~e Request pra'snage
~e islat re ~t5t" C# '. Awarcied ~1Q0 QU~ No Com leted
State Cammunity
Budget Issue Requsst 5tormwater
Le istature Mast~r Ptan Awarded $168,f7b0 No Com leted
Fiorida Department of ~ ~g3rd Street
'
fransptirtation g~autificatia~ Awarded $3a0,040' Yes In Desi n
FDQt 8eautificatian NW 27th Avenue Under
Gr2nt 'geautifiCation Awardetl $25U,OQ0 Yes Construction
Florida R+ecreatlon and
Develapment Assistance ~Qlling Oaks
~ra~~m pa~lC Awartled $20U,0~0 es Bid Awarded
Fivrida Recre~tion and
Glevelopment Assistance Bunche F~ark & Yes Bid Awarded` '
Program Pool Awardetl $20f?~D00
Flarida R~~reaki4~ `and
E~eve~apment Assistance
Program B~entwood Pool ; Awarded $200,QOa Yes Waitinglplans
State of Flqrida
~ m~ ~rant SehootS'- PoliC~ Awarded $10,000 YES CCrn leted
S#~te t3epa~ttsnt a#
Community A#fairs/SHfP Housing ' Awacded $635,U{?0 No ir~ process7
• / • • ' ~ ~ •
Miami Dade County NW 7 Avenue
PublicWorks/MPO Reconstruction Awarded $5,100,00 No in rocess
County Community US 441 &
Beautification Palmetto
Committee Extension Awarded $150,000 Yes Com leted
County Community
Beautification NW 27th Avenue
Committee Beautification Awarded $150,000 Yes Com leted
Miami-Dade County
Metropolitan Planning Transportation
Or anization Master Plan Awarded $65,000 Yes Com lete
County Safe
Neighborhood Parks
Grant Scott Park Awarded $600,000 No Com leted
County Safe
Neighborhood Parks No
Grant Scott Park Awarded $8,186,372 Underwa
County Quality
Neighborhood No
Im rovements Various Awarded $1,725,636 Underwa
County CBO and North Dade
Various O timist Awarded $260,000 No In desi n
Carol City
County Operating Community
Budget Center Awarded $6,000,000 No In rocess
County Progress Bond Carol City
Community
Grant Center warded $3,000,000 No in rocess
County Progress Bond
Grant All Parks Awarded $9,800,000 No Under desi n
County Community Enhanced Code
Development Block
Grant Enforcement
Awarded
$94,000
No
Com leted
County Community Fa~ade Grant
Development Block
Grant program
Awarded
$145,000
No
Underwa
County Community Economic
Development Block Development
Grant Stud Awarded $50,000 No Com leted
Parks & Rec.
Youth Violence
Children's Trust Prevention Awarded $96,000 No In rocess
Children's Trust Police Car Seats Awarded $6,000 No In process
DCA Hurricane
Roof repairs Awarded/
$~,000,000
No
Pending Award
Housin Assistance pendin
DCA Hurricane Roof repairs Awarded $375,000 No In process
Housin Assistance
. . ~ .
, , .
Wa1-Mart Beautificatior~ Awarded $500,000 No Gom tete
Nationa~ FootbalF
Lea ue Artificial Turf Awarded $250,000 No In desi n
Cingular
Telephone Beautification Awarded $ 10,000 No Complete
Safeguard
Storage Jau Festival Awarded $ 50,000 No Gvmplete
Auto Nation Jazz Festival Awarded $ 25,000 No Awarded
The Commons Buccaneer Awarded $150,000 No Pendin
National Tennis Parks &
Association Rec. Awarded $ 600 No In rocess
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~~ City of Miami Ga~dens
~ ~
1515 NW 167`~' Street, Bldg. 5, Suite 200
Miami Gardens, Florida 33169
To: The Honorable Mayor and City Council Members
From: Dr. Danny O. Crew, City Manager
Date: December 5, 2007
Re: Bonded Debt
Mayor Shirley Gibson
Vice Mayor Barbara Watson
Councilman Melvin L. Bratton
Councilman Aaron Campbell Jr.
Councilwoman Sharon Pritchett
Councilman Oscar Braynon II
Councilman Andr~ Williams
At the first reading of the proposed new equipment bond, a question was asked as to the local
burden. According to the Municipal Securities Rulemaking Board, the definition of per capita debt
is:
PER CAPITA DEBT - The amount of an issuer's debt
outstanding divided by the population residing within the issuer's
jurisdiction. This is often used as an indication of the issuer's
credit position because it can be used to compare the proportion of
debt borne per resident with that borne by the residents of other
issuers.
We currently have the following outstanding debt in the general government category. Included is
both short-term (5 years or less) and long-term (in excess of 5 years):
County Q.N.I.P. (City Portion) $ 6,820,242
2004 County Incorporation Agreement $ 2,462,810
2005 Land Acquisition Bond $ 7,277,107
2006 Revolving Equipment Bond (General) $ 2,500,000
2006 Revolving Equipment Bond (Police) $ 5,434,607
2007 Land Acquisition Bond $14,314,884
2008 Revolving Equipment Bond $ 4,700,000
TOTAL LONG TERM DEBT $43,509,650
The 2006 population of the City is 107,579 according to the State. By dividing the debt by the
population, one gets the "Per-Capita Debt". For Miami Gardens, this is $404.
By contrast, the following are per capita debt ratios for some area cities:
City
Hialeah
Miami
Miami Beach
Miami Springs
Miramar
North Miami Beach
Pembroke Pines
MIAMI GARDENS
Per Capita Debt Ratio
$ 492
$ 561
$ 960
$ 874
$1,223
$ 889
$2,029
$ 404
According to Moodys Investment Service, a major credit rating service in New York:
DEBT IN RELAT/ON TO F/NANC/AL OPERATIONS
The strucfure of debt, the level of debt and future borrowing needs can all impact the
financial operations of a community. Debt service payments represent a fixed expense.
As such, there is limited line-item flexibility available should financial operations become
stressed. This is particularly true for limited tax general obligation debt or appropriation
leases, in which debt service expenditures effectively compete with operating
expenditures. Debt service as a percent of operating expenditures can vary, and
frequently ranges from 5- 15%.
Using this criterion, Miami Gardens falls toward the low end at 6.7%.
Annual Debt Service $ 4,988,760 - 6.7%
Operating Budget $74,214,825
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ORDINANCE NO. 2007-
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA AUTHORIZING THE BORROWING OF FOUR
MILLION, SEVEN HUNDRED THOUSAND DOLLARS ($4,700,000);
AUTHORIZING THE ISSUANCE OF CITY OF MIAMI GARDENS,
FLORIDA EQUIPMENT ACQUISITION REVENUE BONDS NOT TO
EXCEED FOUR MILLION, SEVEN HUNDRED THOUSAND DOLLARS
($4,700,000); PROVIDING FOR A SUPPLEMENTAL RESOLUTION
SETTING FORTH THE DETAILS OF SAID BONDS; PROVIDING FOR
ADOPTION OF REPRESENTATIONS; REPEALING ALL ORDINANCES IN
CONFLICT; PROVIDING A SEVERABILITY CLAUSE; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City desires to authorize the borrowing of Four Million, Seven Hundred
Thousand Dollars ($4,700,000), and to authorize the issuance of bonds not exceeding Four Million,
Seven Hundred Thousand Dollars ($4,700,000) for the purpose of financing or reimbursing a portion
of the costs of purchasing vehicles, equipment and machinery for various City departments, and
paying costs of issuance of the bonds, and
WHEREAS, pursuant to Section 4.3 of the City's Charter, an ordinance must be adopted in
order to authorize the borrowing of money, and
WHEREAS, the Council desires that the bonds be secured by the communication services
tax and the local government half-cent sales tax, as further specified by subsequent resolution of the
Council,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF MIAMI GARDENS, FLORIDA, AS FOLLOWS:
SECTION 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas Clauses
are hereby ratified and confirmed as being true, and the same are hereby made a specific part of this
Ordinance.
SECTION 2. AUTHORIZATION: In accordance with the provisions of the Charter of
the City of Miami Gardens, Florida and Chapter 166, Florida Statutes, the City Council of the City
of Miami Gardens hereby authorizes the borrowing of Four Million, Seven Hundred Thousand
Dollars ($4,700,000). The City Council further authorizes Equipment Acquisition Revenue Bonds
(the "Bonds") of the City, to be issued in an aggregate principal amount not to exceed Four Million,
Seven Hundred Thousand Dollars ($4,700,000), in one or more series, for the purpose of financing
or reimbursing a portion of the costs of purchasing vehicles, equipment and machinery for various
City departments, and paying costs of issuance of the Bonds. The Bonds shall be designated "City of
Miami Gardens, Florida Equipment Acquisition Revenue Bonds, Series 2008" or such other
designation as may be approved by supplemental resolution, shall be dated such date, shall be in such
denominations, shall be stated to mature in such year or years not later than five and one-half (5.5)
years from their date of issuance, shall bear interest from their dated date at a rate or rates not
{ M 1663975_3 }
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exceeding the maximum rate permitted by law at the time of issuance of the Bonds, shall be subject
to redemption at the option of the City at such times and prices, and shall have such other details, all
as shall hereafter be determined by the Council by supplemental resolution.. The Bonds shall be
secured by a pledge of and lien on the communication services tax and the local government half-
cent sales tax, on a parity with the City's outstanding $14,400,000 Land Acquisition and
Improvement Revenue Bonds, Series 2007, $2,500,000 Capital Improvement Revenue Bonds,
Series 2005, and $7,500,000 Land Acquisition Revenue Bonds, Series 2005, as further specified by
supplemental resolution of the Council. The supplemental resolution may be adopted, and the Bonds
may be issued, at any time after the effective date of this Ordinance.
SECTION 3. AUTHORIZATION: The City Manager and the City Finance Director are
each hereby authorized to negotiate with banks and other financial institutions for the purchase of the
Bonds and with respect to the terms of the Bonds. The City Attorney and Bond Counsel to the City
are hereby authorized to draft documents and to do all other things necessary to accomplish the
issuance and sale of the Bonds.
SECTION 4. CONFLICT: All ordinances or Code provisions in conflict herewith are hereby
repealed.
SECTION 5. SEVERABILITY: If any section, subsection, sentence, clause, phrase or
portion of this Ordinance is for any reason held invalid or unconstitutional by any court of competent
jurisdiction, such portion sha11 be deemed a separate, distinct and independent provision and such
holding shall not affect the validity of the remaining portions of this Ordinance.
SECTION 6. EFFECTIVE DATE: This Ordinance will become effective immediately
upon its final passage.
PASSED ON FIRST READING THE 14TH DAY OF NOVEMBER, 2007.
ADOPTED AND PASSED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON THE DAY OF , 2007.
SHIRLEY GIBSON, MAYOR
ATTEST:
RONETTA TAYLOR, CMC, CITY CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
{M1663975_3 }
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Ordinance No.
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CITY ATTORNEY
Prepared by ADORNO & YOSS LLP, Bond Counsel
SPONSORED BY: DANNY O. CREW. CITY MANAGER
MOVED BY:
SECONDED BY:
VOTE:
Mayor Shirley Gibson (Yes) (No)
Vice Mayor Barbara Watson (Yes) (No)
Councilman Melvin L. Bratton (Yes) (No)
Councilman Oscar Braynon, II (Yes) (No)
Councilman Aaron Campbell, Jr. (Yes) (No)
Councilwoman Sharon Pritchett (Yes) (No)
Councilman Andre L. Williams (Yes) (No)
{ M 1663975_3 }
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