§ 25B-22. Bonds.

In accordance with the provisions of the Miami-Dade County Home Rule Charter and the general laws of the State of Florida, including Chapters 125, 159, and 166, Florida Statutes, there is authorized to be issued, subject to the approval of the electorate pursuant to the Special Election, general obligation bonds of the County, in one (1) or more series, in an aggregate principal amount not to exceed two hundred million dollars ($200,000,000.00) outstanding at any one (1) time (the "bonds"). This article also authorizes the issuance of other evidences of indebtedness in the form of anticipation notes or bonds in anticipation of the issuance of the bonds. The bonds shall be payable from unlimited ad valorem taxes levied on all taxable property in the County without limit as to rate or amount, the full faith and credit of the County being pledged to the payment of principal of, redemption premium, if any, and interest on the bonds. The bonds shall bear interest at such rate or rates, not exceeding the maximum rate of interest permitted by law at the time of their sale, shall be stated to mature on a date or dates not exceeding forty (40) years from the date of issue, shall be subject to redemption and shall have such other terms, covenants and provisions as shall be determined by the Board by one (1) or more subsequent ordinances or resolutions. The purpose of the bonds shall be (i) to pay the costs of issuance of bonds, (ii) to pay eligible administrative costs, and (iii) to finance the acquisition of and capital improvements to parks, beaches, natural areas and recreational and heritage facilities, in the manner set forth in this article, in amounts not to exceed the following:

(a)

Municipal per capita allocation and direct grants for specific projects: One hundred seven million nine hundred and fifty thousand dollars ($107,950,000.00) for grants to public agencies and not-for-profit organizations for the development, improvement, rehabilitation, restoration or acquisition of real property for parks and park safety, youth, adult and senior citizens' recreation facilities, beaches, greenways, trails, and natural areas in accordance with the following schedule:

(1)

Nineteen million nine hundred fifty thousand dollars ($19,950,000.00) for grants to all incorporated municipalities and UMSA (Unincorporated Municipal Service Area) within the County, in accordance to the following schedule:

(i)

Nine million seven hundred thousand dollars ($9,700,000.00) to divide on a per capita basis among the municipalities duly incorporated on the effective date of this article.

(ii)

Ten million two hundred fifty thousand dollars ($10,250,000.00) to UMSA as its municipal share.

(2)

Direct grants for specific projects: Eighty-eight million three hundred and fifty thousand dollars ($88,350,000.00) for direct grants to municipalities and UMSA, in accordance with the schedule attached as Exhibit "A" [which can be found in the County Clerk's office attached to Ordinance No. 96-115] and incorporated in this article by reference. Any project changes in UMSA from the schedule attached as Exhibit "A" shall require approval by a unanimous vote of the County Commissioners present at the time the Board considers any such project changes.

(b)

Grants for specific regional projects: Seventy-six million seven hundred thousand dollars ($76,700,000.00) to the County Park and Recreation Department for the development, improvement, restoration, rehabilitation or acquisition of real property for Regional Parks, Beaches and Biscayne Bay access, specific regional projects, Heritage Facilities, Natural Area Preserves and greenways and trails, in accordance with the schedule described in Exhibit "B" [which can be found in the County Clerk's office attached to Ordinance No. 96-115]. Any project changes in UMSA from the schedule attached as Exhibit "B" shall require approval by a unanimous vote of the County Commissioners present at the time the Board considers any such project changes.

(c)

Challenge grants: Fifteen million ($15,000,000.00) for challenge grants to public agencies and not-for-profit organizations in accordance with the following schedule:

(1)

Seven million dollars ($7,000,000.00) for challenge grants to public agencies and not-for-profit organizations for land acquisition, construction and development of youth recreation and service facilities.

(2)

Eight million dollars ($8,000,000.00) for challenge grants to public agencies and not-for-profit organizations for natural areas, recreation and open space land acquisition and development.

(Ord. No. 96-115, § 3, 7-16-96; Ord. No. 98-58, § 1, 5-5-98; Ord. No. 01-160, § 1, 9-25-01; Ord. No. 02-253, § 1, 12-3-02; Ord. No. 03-138, § 1, 6-3-03; Ord. No. 03-139, § 1, 6-3-03; Ord. No. 05-18, § 1, 1-27-05; Ord. No. 10-79, § 1, 11-4-10)