Ord. No. 01-98-1649ORDINANCE NO.1-98-1649
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO
REDEVELOPMENT;CREATING THE SOUTH MIAMI
REDEVELOPMENT TRUST FUND;ALLOCATING FUNDS
APPROPRIATED TO THE TRUST FUND TO FINANCE THE SOUTH
MIAMI REDEVELOPMENT PLAN;PROVIDING FOR APPROPRIATION
OF TAX INCREMENT REVENUES,ISSUANCE OF REVENUE BONDS
AND OTHER DEBT INSTRUMENTS,EXPENDITURES OF FUNDS IN
THE TRUST;DELEGATING AUTHORITY TO THE SOUTH MIAMI
REDEVELOPMENT AGENCY TO ADMINISTER THE TRUST FUNDS;
REQUIRING ANNUAL INDEPENDENT FINANCIAL AUDIT OF THE
FUND;PROVIDING FOR SEVERABILITY,ORDINANCES IN
CONFLICT,AND AN EFFECTIVE DATE.
WHEREAS,pursuant tothepowers granted bychapter 163,part III,Florida Statutes,
as amended,andResolutionNo.R-1374-96,adopted by the County Commission of Miami-
CountyonDecember3,1996,the City Commission of the City of SouthMiamiestablished
theSouthMiami Redevelopment Area,createdthecreatedthe City of SouthMiami
CommunityRedevelopment Agency and approved theSouthMiamiCommunity
Redevelopment Plan;and,
WHEREAS,the Mayor and City Commission desiretocreatethe South Miami
Redevelopment TrustFund,pursuanttosection 163.387,FloridaStatutes;and,
WHEREAS,pursuanttoSection163.346,notice of thisproposedactionhasbeen
given,by registered mail,toeach taxing authority which leviesad valorem taxes ontaxable
realproperty within the boundaries of the redevelopment area;and,
NOW,THEREFORE,BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA:
Section 1.TheSouthMiamiRedevelopmentTrustFundiscreated pursuant to
section 163.387,Florida Statutes.
Section2.The fundsallocatedto,anddeposited into,the South Miami
RedevelopmentTrustFund are appropriated totheSouthMiami Community Redevelopment
Agency (CRA)forthepurposesauthorized by section163.387(6),FloridaStatutes.The
CRA shall utilize the funds and the income earned by the fund for financing or refinancing
the implementation of the South Miami Redevelopment Plan,as more particularly described
in section 6 of this ordinance.
Section 3.The annual funding ofthe South Miami Redevelopment Trust Fund
shall beinanamountnotless than the increment intheincome,proceeds,revenues,and
funds of each taxing authority derived from,or held in connection with,the undertaking and
carrying out of community redevelopmentundersection163.387 Florida Statutes.Thebase
year for the increment shall be 1998.The increment shall be determined and appropriated
annually,andshallbethatamountequalto95percent of thedifferencebetween:
1.The amount of ad valorem taxeslevied each yearbyeachtaxing authority
exclusive of any amount from debt service millage,on taxable real property
contained withinthe geographic boundaries of the CRA,as prescribed inthe
community redevelopment plan;and,
2.Theamount of ad valorem taxeswhichwouldhavebeen produced bythe rate
uponwhichthetaxislevied each yearbyorforeachtaxing authority,
exclusive of anydebtservicemillage,uponthetotal of theassessedvalue of
thetaxable real propertyintheCRA,asshownuponthemostrecent
assessmentrollusedinconnectionwiththetaxation of property by each
taxing authority,last equalized priortothe effective date of thisordinance.
Section4.The obligation tofundtheSouthMiamiRedevelopmentTrust Fund
shall continueuntilall loans,advances,andindebtedness,if any,andinterest,of the CRA
incurred astheresult ofimplementingand administering the community redevelopmentplan
have been paid,but only tothe extent thatthetax increment described in section 3 of this
ordinanceaccrues.TheCityshallmakeits appropriation tothetrustfundatthebeginning
of itsfiscalyear.Thetrustfundshallreceivetheincrementdefinedinsection3,onlyas,if,
and when taxesarecollected.The City shallfundthetrustfundforthe duration of the
community redevelopment plan.
1.Eachtaxingauthority shall,by January 1st of eachyear,appropriate tothe
SouthMiami Redevelopment TrustFundforsolongasanyindebtedness
pledgingincrementrevenuestothepayment thereof isoutstanding,butnotto
exceed 30years,a sum which isnolessthanthe increment,as defined in
section3,accruing tothe taxing authority.The first appropriation shall begin
with tax revenue received subsequent to October 1,1998.
2.The revenue bondsandnotes ofevery issue oftheCRA shall be payable solely
out of revenuespledgedto,andreceivedby,the CRA anddepositedtothe
South Miami Redevelopment Trust Fund.The lien created by the bonds or
notes shall not attach until the revenues are deposited tothe trust fund atthe
timeandtothe extent that revenues accrue.Theholders of bondsornotes
shall haveno right to require the imposition of anytaxorthe establishment of
any rate of taxation in order to obtain the amounts necessary to pay and retire
the bonds ornotes.Thetrustfundshall receive thetaxincrementdescribed
insection3 of this ordinance onlyas,if,andwhenthetaxes are collected.
Section5.Revenuebonds issued bytheCRA shall notbedeemedto constitute a
debt,liability,or obligation of the City of South Miami,the State of Florida,or any political
subdivision,ora pledge of the faith and credit of theCity of South Miami,the State of
Florida,orany political subdivision,but shall be payable solely from the revenues provided
to the trust fund.All revenue bonds shall contain on their facea statement to the effect that
theCRA shall notbe obligated topaythe bonds,orthe interest,except from the revenues
of the CRA which are held forthatpurpose,andthatneitherthefaithandcreditnorthe
taxingpower of theCity of South Miami,theState of Florida,orany political subdivision
ispledgedtothe payment of theprincipalof,ortheintereston,thebonds.
Section6.Moneysinthe South MiamiRedevelopmentTrust Fund maybe
expended from timetotime for the following purposes,when directly related to financing
or refinancing redevelopmentintheSouthMiamiCommunityRedevelopment Area,
pursuanttothe community redevelopment plan;
1.Administrative andoverhead expenses necessary orincidentaltothe
implementation of thecommunity redevelopment plan.
2.Expenses of redevelopmentplanning,surveys,andfinancialanalysis,
includingthereimbursement of theCity of SouthMiamiorthe CRA forany
expensesincurredbeforethe community redevelopment planwasapproved
and adopted.
3.Theacquisition of real property intheSouthMiamiRedevelopmentArea.
4.The clearance and preparation of any redevelopment area forredevelopment
andrelocation of siteoccupantsasprovidedinsection163.370,Florida
Statutes.
5.Therepayment of principal andinterest,oranyredemptionpremiumfor loans,
advances,bonds,bond anticipation notes,andanyotherform of indebtedness.
6.Allexpensesincidentalto,or connected with,theissuance,sale,redemption,
retirement,or purchase of CRAbonds,bond anticipation notes,orotherform
of indebtedness,includingfundingofanyreserve,redemption,orotherfund
oraccountprovidedforintheordinanceorresolutionauthorizingthe
obligations.
Section7.There shall bean independent financial audit of theSouthMiami
Redevelopment TrustFundeachfiscalyearandareport of theaudit.Theauditreportshall
describetheamountandsourceofdepositsinto,andtheamountandpurposeof withdrawals
from,thetrustfundduringthefiscal year,andtheamount of principalandinterestpaid
duringtheyearonany indebtedness whichissecuredbythepledgeofincrementrevenues,
andthe remaining amountof indebtedness.TheCRAshallprovideacopyofeach audit
report toeach taxing authority.
Section 8.TheCRAisdirectedto develop andpromulgateby-lawsforpromptand
effective administrationoftheSouth Miami Redevelopment Trust Fund,includingthe
establishment andthemaintenanceof books andrecordsandtheadoptionofproceduresfor
theexpeditious utilization offundsfortheirallocatedpurposes.
Section 9.Ifany section,clause,sentence,orphraseofthis ordinance isforany
reasonheld invalid orunconstitutionalbyacourtofcompetentjurisdiction,theholdingshall
not affect the validity of the remaining portions of this ordinance.
Section 10.Allordinancesorpartsofordinancesinconflictwiththeprovisionsof
this ordinance are repealed.
Section 11.This ordinance shall take effect immediately atthetimeofits passage.
PASSED ANDADOPTED this20_dayof February 1998
ATTEST:
frtuZfe^
CITY CLERK
1st Reading -12/16/97
2nd Reading -1/20/98
READ AND APPROVED AS TO FORM:
^-ClTY ATTORNEY
COMMISSION VOTE:5-0
Mayor Price:Yea
Vice Mayor Robaina:Yea
Commissioner Bethel:Yea
N:\EGallop\CsmCra\trustiund.ord.wpd
Commissioner Young:Yea
Commissioner Oliveros:Yea