HomeMy WebLinkAbout2020-004-423 GOB Series 2020 ORDINANCE NO. 2020-004-423
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
MIAMI GARDENS, FLORIDA AUTHORIZING THE
BORROWING OF FIFTY-FIVE MILLION DOLLARS
($55,000,000); AUTHORIZING THE ISSUANCE OF CITY OF
MIAMI GARDENS, FLORIDA GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2020 (TAXABLE) IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED FIFTY-
FIVE MILLION DOLLARS ($55,000,000) TO REFUND A
PORTION OF THE CITY'S GENERAL OBLIGATION BONDS,
SERIES 2014; 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; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on December 11, 2013, the City Council (the "Council") of the City of
Miami Gardens, Florida (the "City") adopted Resolution No. 2013-271-1967 calling for a
bond referendum (the "Referendum") in conjunction with a special election on April 21 ,
2014 to submit to the electorate of the City a bond referendum to decide whether the
City should be authorized to issue not exceeding Sixty Million Dollars ($60,000,000) in
principal amount of general obligation bonds (the "2014 Bonds") to pay costs of
remodeling, reconstructing, constructing, reconfiguring, retrofitting, furnishing and
equipping City parks and parks facilities, purchasing crime prevention equipment for law
enforcement assistance via electronic means, providing facilities for expanding
community activities in parks, and renovating, constructing and purchasing parks
facilities and land for new or expanded parks (the "Project"), and
WHEREAS, at such special election on April 21 , 2014, the issuance of the 2014
Bonds was approved by the qualified electors of the City in accordance with the
applicable laws of the State of Florida (the "State"), and
WHEREAS, on April 23, 2014, the Council accepted the certification by the
Supervisor of Elections of Miami-Dade County, Florida of the results of such
Referendum approving the issuance of the 2014 Bonds, and
WHEREAS, on May 28, 2014, the Council adopted Ordinance No. 2014-09-320
(the "Prior Ordinance") authorizing the issuance of the 2014 Bonds in an aggregate
principal amount not to exceed Sixty Million Dollars ($60,000,000) for the purpose of
financing or reimbursing a portion of the costs of the Project and paying costs of
issuance of the 2014 Bonds, and
WHEREAS, on June 11 , 2014, the Council adopted Resolution No. 2014-100-
2078, (the "Prior Resolution") authorizing the issuance of the 2014 Bonds in an
aggregate principal amount not to exceed Sixty Million Dollars ($60,000,000) and
setting forth the details of the 2014 Bonds, and
WHEREAS, on July 16, 2014, the City issued the 2014 Bonds in an aggregate
principal amount of Sixty Million Dollars ($60,000,000), and
WHEREAS, the Council desires to authorize the issuance of not exceeding
$55,000,000 aggregate principal amount of General Obligation Refunding Bonds,
Series 2020 (Taxable) (the "Bonds") for the purpose of (i) refunding a portion of the
2014 Bonds (such 2014 Bonds to be refunded are hereinafter referred to as the
"Refunded Bonds") and (iii) paying costs of issuance of the Bonds, and
WHEREAS, pursuant to the Constitution and laws of the State, including, without
limitation, Article VII, Section 12 of the Constitution, Chapter 166, Florida Statutes, as
amended, Sections 132.33 through 132.47, Florida Statutes, as amended, the City
Charter (collectively, the "Act"), and the Referendum, the City is duly authorized to issue
the Bonds and pledge the ad valorem taxes levied by the City to the payment of the
Bonds, and
WHEREAS, Article VII, Section 12 of the Florida Constitution provides that
municipalities may issue bonds payable from ad valorem taxation without approval by a
vote of the electors to refund outstanding bonds and interest and redemption premiums
thereon if such refunding bonds are issued at a lower net average interest cost rate than
that which is calculated respecting the refunded bonds, and
WHEREAS, the City deems it a paramount public purpose and necessary,
beneficial and in its best interest of the City to provide for the refunding of the Refunded
Bonds. The refunding will be advantageous to the City by effecting an overall reduction
in debt service applicable to Refunded Bonds, and
WHEREAS, the City is authorized under Chapter 166, Part II, Florida Statutes,
and Chapter 132, Florida Statutes, to issue refunding bonds and to deposit the
proceeds thereof in escrow to provide for the payment when due of the principal of,
interest on and redemption premiums, if any, in connection with the Refunded Bonds,
and
WHEREAS, in accordance with Section 4.3(A)(6) of the City of Miami Gardens
Charter, the City must adopt an ordinance to authorize the borrowing of money,
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
paragraphs are hereby ratified and confirmed as being true, and the same are hereby
made a specific part of this Ordinance.
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Ordinance No. 2020-004-423
SECTION 2. AUTHORIZATION: In accordance with the provisions of the Act,
the City Council of the City of Miami Gardens hereby authorizes the borrowing of Fifty-
Five Million Dollars ($55,000,000). The Council further authorizes General Obligation
Refunding Bonds (Taxable) of the City, to be issued in an aggregate principal amount
not to exceed Fifty-Five Million Dollars ($55,000,000), in one or more series, for the
purpose of refunding the Refunded Bonds and paying costs of issuance of the Bonds,
including the premium for any bond insurance policy. The Bonds shall be designated
"City of Miami Gardens, Florida, General Obligation Refunding Bonds, Series 2020
(Taxable)" 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 July 1, 2039, shall bear interest from their dated date
at a rate or rates not 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
the full faith, credit and taxing power of the City, 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 Mayor, the City Manager, the Finance
Director and the Financial Advisor to the City are each hereby authorized to negotiate
with the underwriter of the Bonds with respect to the terms of the Bonds. The City
Attorney, Bond Counsel and Disclosure 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 one or more of the covenants,
agreements or provisions of this Ordinance shall be held contrary to any express
provisions of law or contrary to the policy of express law, though not expressly
prohibited, or against public policy, or shall for any reason whatsoever be held invalid,
then such covenants, agreements or provisions shall be null and void and shall be
deemed separate from the remaining covenants, agreements or provisions of this
Ordinance or of the Bonds issued hereunder.
SECTION 6. EFFECTIVE DATE: This Ordinance will become effective
immediately upon its final passage.
PASSED ON FIRST READING THE 8TH DAY OF JULY, 2020.
PASSED ON SECOND READING THE 22ND DAY OF JULY, 2020.
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Ordinance No. 2020-004-423
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON JULY 22, 2020.
OLIVER GILBERT III, MAYOR
ATTEST:
MARIO ATAILLE, CMC, CITY CLERK
PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: CAMERON D. BENSON, CITY MANAGER
Moved by: Mayor Gilbert
Seconded by: Vice Mayor Harris
VOTE: 7-0
Mayor Gilbert Yes
Vice Mayor/Council Member Harris Yes
Council Member Ighodaro Yes
Council Member Odom Yes
Council Member Leon Yes
Council Member Williams Jr. Yes
Council Member Wilson Yes
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Ordinance No. 2020-004-423