Broward County Commission Regular Meeting

A. MOTION TO OPEN Public Hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), relating to the issuance of not to exceed $70,000,000 aggregate principal amount of Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project) (the "New Money Bonds") and the issuance of not to exceed $48,000,000 aggregate principal amount of Solid Waste Disposal Refunding Revenue Bonds (Waste Management, Inc. Project), each from time to time in one or more series pursuant to a plan of financing (the "Refunding Bonds" and together with the New Money Bonds, the “Bonds”) for the purpose of financing projects for Waste Management, Inc., a Delaware corporation, and/or one or more related and/or affiliated entities (collectively, the “Borrower”).

ACTION:  (T-12:21 PM)  Approved.  (See Yellow-Sheeted Additional Material, dated September 25, 2018, submitted at the request of Finance and Administrative Services Department.)

VOTE: 9-0.

B. MOTION TO ADOPT Resolution No. 2018-432 of the Board of County Commissioners of Broward County, Florida, approving for purposes of Section 147(f) of the Code, Chapter 163, Florida Statutes and Section 159.29, Florida Statutes, the issuance of the New Money Bonds in an aggregate principal amount not to exceed $70,000,000 and the Refunding Bonds in an aggregate principal amount not to exceed $48,000,000, each in one or more series, for the primary purpose of financing and refinancing solid waste disposal capital expenditures in Broward County and other jurisdictions located throughout the State of Florida with the three locations in Broward County, Florida, being at 2700 Wiles Road, Pompano Beach, Florida; 3831 NW 21st Avenue, Pompano Beach, Florida and 20701 Pembroke Pines, Pembroke Pines, Florida (collectively, the "Broward Facilities").

ACTION:  (T-12:21 PM)  Approved.  (See Yellow-Sheeted Additional Material, dated September 25, 2018, submitted at the request of Finance and Administrative Services Department.)

VOTE: 9-0.

Motions A and B: The federal Tax Equity and Fiscal Responsibility Act (known as “TEFRA”) and U.S. Treasury Regulations promulgated thereunder concerning tax-exempt private activity bonds require a public hearing and adoption of a TEFRA Resolution (as defined below) by the Board of County Commissioners prior to the issuance of tax-exempt bonds. In addition, Chapter 163 of the Florida Statutes, allows Florida governmental entities to work together in connection with the issuance of bonds. Section 159.29, Florida Statutes, sets forth certain criteria and requirements issuers should consider when issuing bonds like the Bonds. The Miami-Dade County Industrial Development Authority (the “Authority”) desires to cooperate with the County in connection with the issuance of the Bonds. Although Broward County is not the issuer of the Bonds, since improvements to three of the facilities to be financed or refinanced with the proceeds of the Bonds are located within the territorial limits of Broward County, TEFRA and the related U.S. Treasury Regulations requires that the Board give its “host approval” of the issuance of the Bonds.

Motions A and B: Ensures compliance with TEFRA and U.S. Treasury Regulations promulgated thereunder, and with Chapter 163, Florida Statutes, and Section 159.29, Florida Statutes, by providing for a public hearing and adoption of a TEFRA Resolution by the Board prior to the issuance of the Bonds, the proceeds of which will be used to finance and refinance solid waste capital projects located in Broward County, Florida, for the benefit of the Borrower.

None.

THE FINANCE AND ADMINISTRATIVE SERVICES DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTIONS.

The Borrower has requested that the Board hold the public hearing described herein (the “TEFRA Hearing”) and adopt the Resolution described herein (the “TEFRA Resolution”) for the purpose of, and as required by, Section 147(f) of the Code, Chapter 163, Florida Statutes, and Section 159.29, Florida Statutes, with respect to the issuance of the above described New Money Bonds in an amount not to exceed $70,000,000 and Refunding Bonds in an amount not to exceed $48,000,000, each from time to time in one or more series pursuant to a plan of financing. The proceeds of the Bonds will be loaned to the Borrower and used by the Borrower to finance or refinance the cost of (i) solid waste disposal capital expenditures in Broward County and other jurisdictions located throughout the State of Florida including the Broward Facilities and (ii) certain Bond issuance costs (collectively, “Project”).

The Board previously approved, for TEFRA purposes, both the Series 2004 Bonds and the Series 2006 Bonds which financed the Broward Facilities.

Pursuant to Section 147(f) of the Code and Chapter 163 of the Florida Statutes, the issuance of the Bonds must be approved by the Board because the Broward Facilities are located within the territorial limits of Broward County. Motions A and B provide for the TEFRA Hearing and adoption of the TEFRA Resolution in accordance with Section 147(f) of the Code, Chapter 163, Florida Statutes, and Section 159.29, Florida Statutes.

The TEFRA Hearing was properly noticed as evidenced by the Proof of Publication attached as Exhibit 2. Exhibit 3 is a public hearing “script,” which may be read into the official record prior to the commencement of the TEFRA Hearing. Exhibit 4 is a letter from the Assistant Treasurer of the Borrower further describing the transaction. The Bonds are expected to be issued in October of 2018.

George Tablack, CPA, Chief Financial Officer, (954) 357-7130