Broward County Commission Regular Meeting
Director's Name: Stephen Farmer (Acting Director)
Department: Finance and Administrative Services Division: Administration
Information
Requested Action
title
MOTION TO ADOPT Resolution, the title of which is as follows:
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA APPROVING THE ISSUANCE BY THE MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY OF ITS REVENUE BONDS (CARE RESOURCE HEALTH FACILITIES PROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $26,000,000, IN ONE OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES, IN ORDER TO PROVIDE FUNDS TO MAKE ONE OR MORE LOANS TO CARE RESOURCE COMMUNITY HEALTH CENTERS, INC. TO (I) FINANCE AND REFINANCE (INCLUDING THROUGH REIMBURSEMENT) THE COSTS OF ALL OR A PORTION OF CERTAIN HEALTH CARE FACILITIES LOCATED WITHIN BROWARD COUNTY, FLORIDA, (II) FUND A DEBT SERVICE RESERVE, IF NECESSARY, (III) FUND CAPITALIZED INTEREST, AND (IV) PAY CERTAIN BOND ISSUANCE COSTS; APPROVING AN INTERLOCAL AGREEMENT BETWEEN THE MIAMI-DADE AUTHORITY AND BROWARD COUNTY AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH AGREEMENT; PROVIDING OTHER DETAILS AND AN EFFECTIVE DATE.
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Why Action is Necessary
Formal approval by the Broward County Board of County Commissioners (“Commission”) is necessary for the adoption of a Resolution.
What Action Accomplishes
Enables the adoption of the Resolution.
Goal Related Icon(s)
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Previous Action Taken
None.
Summary Explanation/Background
THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item seeks approval of the proposed Resolution (Exhibit 1) authorizing the Miami-Dade County Industrial Development Authority (“IDA”) to issue, in one or more series, up to $26 million in tax-exempt industrial development revenue bonds on behalf of Care Resource Community Health Centers, Inc. The bond proceeds will be used to finance and/or refinance the acquisition, construction, renovation, and equipping of healthcare facilities that provide primary care and related services to the community, including facilities located in both Miami-Dade and Broward Counties.
Because a portion of the project is located within Broward County, the Tax Equity and Fiscal Responsibility Act (“TEFRA”) requires that any tax-exempt private activity bond financing receive approval from the applicable local governmental jurisdiction where the project is located, following a duly noticed public hearing process to ensure transparency and public input. A duly noticed public TEFRA hearing has already been conducted by the IDA in accordance with federal requirements.
Further, an Interlocal Agreement between Miami-Dade County and Broward County (“Interlocal Agreement”) is required to permit the IDA to issue bonds for facilities outside its geographic boundaries. The form of the Interlocal Agreement is included as Exhibit C of the proposed Resolution.
The bonds are special, limited obligations payable solely from project revenues and do not constitute a debt, liability, or pledge of the faith and credit of Broward County.
This item was prepared in conjunction with, and reviewed by, the County Attorney’s Office.
Source of Additional Information
Stephen Farmer, Deputy Chief Financial Officer, 954-357-7246
Fiscal Impact
Fiscal Impact/Cost Summary
There is no fiscal impact.