Ord. No. 33-91-1497ORDINANCE NO.33-91-1497
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
SOUTH MIAMI,FLORIDA,CALLING A REFERENDUM TO SUBMIT TO THE
ELECTORS OF THE CITY AT THE CITY'S GENERAL ELECTION TO BE
HELD ON FEBRUARY 11,1992,THE QUESTION AS TO WHETHER THE
ELECTORS ARE IN FAVOR OF THE ISSUANCE BY THE CITY OF A
GENERAL DEBT OBLIGATION WHETHER BY BONDS OR NOTES PLEDGING
THE CITY'S FULL FAITH AND CREDIT FOR THE PURPOSE OF PAYING
ALL OR A PORTION OF THE COST OF CONSTRUCTION OF A NEW PUBLIC
WORKS FACILITY REQUIRED TO CORRECT HEALTH,SAFETY AND CODE
VIOLATIONS AT THE PRESENT FACILITY;PROVIDING THAT SUCH
GENERAL OBLIGATION SHALL BE IN A PRINCIPAL AMOUNT NOT TO
EXCEED $800,000 BEARING INTEREST AT A RATE NOT TO EXCEED
EIGHT PERCENT AND SHALL HAVE A TERM OF MORE THAN TWELVE
MONTHS AND NOT EXCEEDING FIFTEEN YEARS;PROVIDING BALLOT
LANGUAGE FOR APPROVAL OR DISAPPROVAL OF ALTERNATIVE
PRINCIPAL AMOUNTS OF BONDS AND EXPLANATORY LANGUAGE THAT
WILL ADVISE THE ELECTORS THAT IF NEITHER ALTERNATIVE IS
APPROVED,THE CITY INTENDS TO PAY THE TOTAL COSTS FOR THE
NEW PUBLIC WORKS FACILITY BY DISBURSEMENT OF FUNDS FROM THE
CITY'S REVOLVING TRUST FUND;PROVIDING AN EFFECTIVE DATE.
WHEREAS,the Mayor andCity Commission ofthe City have
heretofore determined that a new facility is needed forthe
City'sPublicWorksDepartmentinordertocorrecthealth,safety
and code violations that exist atthe present facility;and that
the estimated cost of such new facility is $800,000;and
WHEREAS,the Commission determined that alternative means of
funding this construction which the Commission desires to submit
to the electors is borrowing all the funds necessary through the
issuance ofa general obligation debt of the City having a term
of more than twelve months and not more than fifteen years in a
principal amount notto exceed $800,000 orby borrowing upto
$4500,000 by the issuance of said bonds,paying part of the cost
of constructing the facility out ofthe bond proceeds and the
balance from the City's Revolving Trust Fund;and
WHEREAS,if the City determines to borrow the funds,such
borrowing is equivalent to the issuance of bonds by the City and
the issuance of bonds,under the City Charter,requires approval
ofa majority of the electors of the City voting in a referendum
where at least 25%of the eligible electors of the City vote in
the election and under the Florida Constitution such general
obligation indebtedness is required tobe approved by the
electors;and
WHEREAS,the City Commission therefore,desires to call a
referendum,pursuant to law,to determine whether a majority of
the electors participating,assuming that at least 25%of the
eligible electors of the City participate in the election,are in
favor of the issuance of a bond or bonds for the above described
purpose to pay for all ora portion of construction of said
public works facility.
NOW,THEREFORE,BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA:
QUESTION NO.1
Shall thepresentCharterofthe City ofSouth Miami be reaffirmed?
YES 81
NO 82
QUESTIONNO.2
The City wishestoimplementoneofthefollowingpropositions.Ifneither
ofthosepropositionsisapproved,theCityintendstopaythetotalcostof
constructingthenewpublicworksfacilityfromthe City's Revolving Trust
Fund.
ALTERNATIVE BOND PROPOSITION 1
ShalltheCityofSouthMiamiissueitsgeneral obligation bonds
pledgingtheCity'sfullfaithandcredit,havingatermofmore
than 12 months and not exceeding 15 years ina principal
amount not to exceed $800,000 at an interest rate not to
exceed 8%topay the cost of constructing a new public works
facility required to correct health,safety and code violations at
the present facility?
FOR BONDS 94
AGAINST BONDS 95
ALTERNATIVE BOND PROPOSITION 2
In the alternative,shall the City issue its general obligation
bondspledgingtheCity'sfullfaithandcredithavingatermof
more than 12 months and not exceeding 15 years ina principal
amount not to exceed $400,000 at an interest rate not to
exceed 8%to paya portion of the costof constructing the
publicworksfacilityandpayingforthebalanceofthecostfrom
the City'sRevolvingTrustFund?
FOR BONDS 103
AGAINST BONDS 104
PROPUESTA NUM.1
tDeberS confirmarse la actual Carta Constitucional de laCiudadde South
Miami?
81 SI
82 NO
PROPUESTA NUM.2
La Ciudad desea poner en vigor una delas propuestas a continuacibn.Sino
se aprobara ninguna delasdos,la Ciudad sufragaria la totalidad del costo
dela construccibn de la nueva instalaci6n de obras publicas con los Fondos
Fiduciarios Rotativos de la Ciudad.
PROPUESTA OPTATIVA DE BONOS NUM.1
tDeber£emitir bonos de obligacidn general la Ciudad de
South Miami,comprometiendose esta a garantizarlos
plenamente,por un plazo de mas de 12 meses pero de menos
de 15 anos,por una cantidad de principal que no sobrepase de
los $800,000,con una tasa de interes que no exceda del 8%,
para sufragar el costo de la construccibn de una nueva
instalacidn de obras publicas para corregir las violaciones de
salud,de seguridad ydel cbdigo de la instalacidn actual?
94 A FAVOR DE LOS BONOS
95 EN CONTRA DE LOS BONOS
PROPUESTA OPTATIVA DE BONOS NUM.2
Como alternativa,ideberi emitir bonos de obligacibn general
la Ciudad,comprometiendose esta a garantizarlos
plenamente,por un plazo de mds de 12 meses pero de menos
de 15 anos,por una cantidad de principal que no sobrepase de
los $400,000,con una tasa de interes que no exceda del 8%,
para sufragar parte del costo de la construcci6n de una nueva
instalaci6n de obras publicas,el saldo de cuyo costo se
sufragaria conlosFondosFiduciariosRotativosdelaCiudad?
103 A FAVOR DE LOS BONOS
104 EN CONTRA DE LOS BONOS
^\
|ection_K The City Commission of the City of South Miami,
Florida,^hereby calls a referendum to be held within the City at
the City s General Election scheduled for February 11 1992 at
which time there shall be submitted to the electors of the City
the alternative ballot questions attached as Exhibit "A"
including the explanatory and directional language to voters.
Section 2.The Referendum shall be held pursuant to the
requirements of the applicable provisions of Chapter 100,Florida
Statutes,and after the election is held,the Commission shall
canvass the vote cast and make due returns of the same without
delay,all in accordance with Section 100.271,Florida Statut
es .
SecCi;n 3'This Ordinance shall take effect immediately
upon its adoption.J
PASSED AND ADOPTED THIS 20th day of December,1991.
Clerk
Read and approved^-^y^z^.'
Ci t</'Attorney 7
O-LAa.
M"a~yor