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Home My WebLink AboutH-2 Ordinance: Equipment Acquisition Revenue BondsCity of ~VLiami ~ard~ens 1515-200 NW 167th Street Miami Gardens, Florida 33169 Date: Fiscal Impact: No ^ Yes ^X (If yes, explain in Staff Summary) Funding Source: Operating Budgets Contract/P.O. Requirerr~ent: Yes ^X No^ Sponsor Name/Departm nt: Danny Crew. City Mana~~ ~ 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 Andre Williams Public hearing ^ Quasi-Judicial ^ Ordinance x Resolution ^X 1st Reading x 2nd Reading ^ Advertising requirement: Yes ^ No X^ RFP/RFQ/Bid # Title 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 Summarv 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 service will be approximately $1.3 million per year split between the General Fund, Transportation Fund and the Stormwater Fund. As with prior bond issues, the bond issue requires a bond ordinance and a bond resolution in order to authorize issuance. Also there is a resolution hiring the City's bond counsel and one for awarding the financing to a lending institution. Recommendation I recommend that the Council approve the bond ordinance on first reading. H-2) ORDINANCE 1 ST READING EQUIPMENT ACQUISITION REVENUE BONDS 1 ORDINANCE NO. 2007-_ 2 3 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF MIAMI 4 GARDENS, FLORIDA AUTHORIZING THE BORROWING OF FOUR 5 MILLION, SEVEN HUNDRED THOUSAND DOLLARS ($4,700,000); 6 AUTHORIZING THE ISSUANCE OF CITY OF MIAMI GARDENS, 7 FLORIDA EQUIPMENT ACQUISITION REVENUE BONDS NOT TO 8 EXCEED FOUR MILLION, SEVEN HUNDRED THOUSAND DOLLARS 9 ($4,700,000); PROVIDING FOR A SUPPLEMENTAL RESOLUTION 10 SETTING FORTH THE DETAILS OF SAID BONDS; PROVIDING FOR 11 ADOPTION OF REPRESENTATIONS; REPEALING ALL ORDINANCES IN 12 CONFLICT; PROVIDING A SEVERABILITY CLAUSE; PROVIDING AN 13 EFFECTIVE DATE. 14 15 16 WHEREAS, the City desires to authorize the borrowing of Four Million, Seven Hundred 17 Thousand Dollars ($4,700,000), and to authorize the issuance of bonds not exceeding Four Million, 18 Seven Hundred Thousand Dollars ($4,700,000) for the purpose of financing or reimbursing a portion 19 of the costs of purchasing vehicles, equipment and machinery for various City departments, and 20 paying costs of issuance of the bonds, and 21 22 WHEREAS, pursuant to Section 4.3 of the City's Charter, an ordinance must be adopted in 23 order to authorize the borrowing of money, and 24 25 WHEREAS, the Council desires that the bonds be secured by the communication services 26 tax and the local government half-cent sales tax, as further specified by subsequent resolution of the 27 Council, 28 29 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 30 OF MIAMI GARDENS, FLORIDA, AS FOLLOWS: 31 32 SECTION 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas Clauses 33 are hereby ratified and confirmed as being true, and the same are hereby made a specific part of this 34 Ordinance. 35 36 SECTION 2. AUTHORIZATION: In accordance with the provisions of the Charter of 37 the City of Miami Gardens, Florida and Chapter 166, Florida Statutes, the City Council of the City 38 of Miami Gardens hereby authorizes the borrowing of Four Million, Seven Hundred Thousand 39 Dollars ($4,700,000). The City Council further authorizes Equipment Acquisition Revenue Bonds 40 (the "Bonds") of the City, to be issued in an aggregate principal amount not to exceed Four Million, 41 Seven Hundred Thousand Dollars ($4,700,000), in one or more series, for the purpose of financing 42 or reimbursing a portion of the costs of purchasing vehicles, equipment and machinery for various 43 City departments, and paying costs of issuance of the Bonds. The Bonds shall be designated "City of 44 Miami Gardens, Florida Equipment Acquisition Revenue Bonds, Series 2008" or such other 45 designation as may be approved by supplemental resolution, shall be dated such date, shall be in such 46 denominations, shall be stated to mature in such year or years not later than five and one-half (5.5) 47 years from their date of issuance, shall bear interest from their dated date at a rate or rates not { M 1663975_3 } 1 2 3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Ordinance No. 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 t~, 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 shall 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 DAY OF , 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: { M 1663975_3 } 2 Ordinance No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 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 } 3