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HomeMy WebLinkAboutO-11719J-98-1127 10/27/98 11'719 ORDINANCE NO. AN EMERGENCY ORDINANCE OF THE CITY OF MIAMI, FLORIDA SUPPLEMENTING AND AMENDING ORDINANCE NO. 11693, ADOPTED BY THE CITY COMMISSION ON AUGUST 14, 1998, WHICH ORDINANCE NO. 11693 AUTHORIZED THE ISSUANCE OF PARKING SYSTEM REVENUE BONDS OF THE CITY OF MIAMI, FLORIDA, TO ADD PROVISIONS REQUIRED BY MBIA INSURANCE CORPORATION IN ORDER TO PROVIDE MUNICIPAL BOND INSURANCE FOR PROPOSED BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, pursuant to Ordinance No. 10115, enacted by the City on June 26, 1986, as supplemented and amended, the City has issued its $4,725,000 Parking System Revenue Bonds, Series 1992A (the 111992 Bonds") and its $15,515,000 Parking System Revenue Refunding Bonds, Series 1993A (the 111993 Bonds"); and WHEREAS, the City previously determined that it is in the best interest of the citizens and taxpayers of the City that it utilize certain funds on hand to defease the lien of the 1993 Bonds, and that it issue revenue bonds under the terms of Ordinance No. 11693 adopted by the City Commission on August 14, 1998 ("Ordinance No. 1169311) to finance the cost of certain public parking improvements more particularly described therein and to refund the 1992 Bonds (as defined in Ordinance No. 11693), and that it provide for the issuance of such bonds and other revenue bonds under the terms of Ordinance No. 11693; and WHEREAS, the City has determined that it is in the best interest of the citizens and taxpayers of the City that it supplement and amend said Ordinance No. 11693 as set forth in this Ordinance in order provide for certain provisions required by MBIA Insurance Corporation in order to obtain a policy of municipal bond insurance and thereby enhance the marketability of revenue bonds issued thereunder; and WHEREAS, the City has also determined that certain provisions in Ordinance No. 11693 require amendment or deletion in order to correct certain scrivener's errors; and WHEREAS, an emergency exists with respect to the enactment of this Ordinance in that, in order to take advantage of existing market conditions and in order to promptly commence the 1998 Project (as hereinafter defined) to meet the parking needs of the citizens and taxpayers of the City, it is necessary that the City market bonds authorized hereunder as soon as possible, and immediate enactment of this Ordinance is necessary in order to accomplish: such marketing; and WHEREAS, the City Commission, by enactment of this Ordinance by at least a four -fifths vote,.hereby waives all notice requirements for the regular enactment of municipal ordinances; and WHEREAS, this Ordinance is hereby declared to be an emergency measure on the grounds of urgent public need for the preservation of peace, health, safety and the property of the City; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: SECTION 1. AMENDMENTS TO ORDINANCE NO. 11693. Ordinance No. 11693 is hereby amended in the following respects: A. Section 101 of Ordinance No. 11693 is hereby supplemented and amended by adding the following definitions in alphabetical order: "Bond Insurance Policy" shall mean the municipal bond insurance policy or policies issued by an Insurer guaranteeing the payment of the principal of and interest on any portion of the Bonds; and with respect to the 1998 Bonds, shall mean the 1998 Bond Insurance Policy. 111998 Bond Insurance Policy" shall mean the municipal bond insurance policy issued by the 1998 Bond Insurer insuring the timely payment of the principal of and interest on the 1998 Bonds. 111998 Bond Insurer" shall mean MBIA Insurance Corporation (the principal operating subsidiary of MBIA, Inc., a New York Stock Exchange listed company), or any successor thereto. 111998 Project" means a four -level parking garage on Oak Avenue between Rice and Mary Streets in Coconut Grove, a revenue control system, a 300-space surface parking facility on Watson Island, renovation and rehabilitation of a 495-space parking garage to be located at 40 NW 3rd Street, payment of litigation and settlement costs and expenses related to the Coconut Grove Playhouse lawsuit between the Department and the State of Florida Department of State, and other parking -related improvements and facilities. "Credit Bank" shall mean as to any particular Series of Bonds, the Person (other than an Insurer) providing a Credit Facility. "Credit Facility" shall mean as to any particular Series of Bonds, a letter of credit, aline of credit or another credit or liquidity enhancement facility (other than a Bond Insurance Policy issued by an Insurer), as approved in the Series Ordinance providing for the issuance of such Series of Bonds. "Insurer" shall mean with respect to the 1998 Bonds, the 1998 Bond Insurer, and with respect to any other insured Series of 2 Bonds, shall mean the issuer of a Bond Insurance Policy whose credit is such that, at the time of any action or consent required or permitted by the Insurer pursuant to the terms of this Ordinance, all municipal securities insured or guaranteed by it are then rated, because of such insurance or guarantee, in one of the two highest rating categories (without regard to pluses or minuses) by at least one nationally recognized rating agency that regularly rate the credit of municipal securities. "Reserve Product Provider" means the issuer of a Reserve Product and shall mean MBIA Insurance Corporation (the principal operating subsidiary of MBIA, Inc., a New York Stock Exchange listed company), or any successor thereto with respect to the 1998 Bonds. B. Section 203 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 203. Execution and Form of Bonds. The Bonds shall be signed by, or bear the manual or the facsimile signatures of, the City Manager of the City (the "City Manager") and the City Clerk, and a facsimile of the official seal of the City shall be imprinted on the Bonds. In case any officer whose signature or a facsimile of whose signature appears on any Bonds ceases to be such officer before the delivery of such Bonds, such signature or such facsimile nevertheless shall be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any Bond may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such Bond are the proper officers.to execute such Bond although at the date of such Bond such persons may not have been such officers. The definitive Bonds issued under this Article shall be substantially in the following form, with such appropriate variations, omissions and insertions as may be required or permitted by this Ordinance and shall have endorsed thereon such legends or text as may be necessary or appropriate to conform'to the applicable rules and regulations of any governmental authority or any securities exchange on which the Bonds may be listed or to any requirement of law with respect thereto: 3 11719 No. MATURITY DATE Registered Owner: Principal Amount: [Form of Bonds] UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF MIAMI-DADE THE CITY OF MIAMI PARKING SYSTEM REVENUE BOND SERIES INTEREST RATE: DATED DATE: CUSIP NO: The City of Miami (the "City"), a municipal corporation in the County of Miami -Dade, State of Florida, for value received, promises to pay, but solely from the sources and in the manner described below, to the order of the Registered Owner as herein provided, on the Maturity Date, upon the presentation and surrender hereof, at the principal corporate trust office of in the City of (the "Trustee") the Principal Amount identified above. The City also promises to pay, solely from such sources, interest thereon from the date hereof at the Interest Rate identified above per annum until said principal sum is paid, such interest being payable on and in each year commencing from the interest payment date next preceding the date of registration and authentication of this Bond, unless this Bond is registered and authenticated as of an interest payment date, in which case it shall bear interest from said interest payment date, or unless this Bond is registered and authenticated prior to in which case such Bond shall bear interest from , provided, however, that if at the time of authentication, interest is in default, this Bond shall bear interest from the date to which interest shall have been paid. The City shall pay principal and interest in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the respective dates of payment thereof. This Bond is one of a duly authorized series of Parking System revenue bonds of the City, initially issued in an aggregate principal amount of ($ ) (the "Series Bonds") . are dated , 19 , and effect except as to number, interest rate El Dollars The Series Bonds are of like tenor and stated maturity, and 0 :7 redemption. The City will use the proceeds of the Series Bonds to [Insert Uses] . The Series Bonds are issued under Ordinance No. duly enacted by the City Commission of 'the City on 1998 (said ordinance, together with all supplements and amendments thereto, is hereinafter referred to as the "Ordinance"). The Ordinance provides for the issuance from time to time of additional bonds on a parity with the Series Bonds, under the conditions, limitations and restrictions and for the purposes set forth in the Ordinance (the Series Bonds, together with all such additional bonds, are hereinafter referred to as the "Bonds"). All capitalized undefined terms used herein shall have the meaning set forth in the Ordinance. This Bond is a limited obligation of the City secured by a pledge of, and payable solely from, Net Revenues, the City's right to receive Net Revenues, and the money and Investment Obligations in the funds and accounts established under the Ordinance and the income derived from such Investment Obligations and the investment of such money. This Bond shall not be deemed to constitute a debt of the City for which the full faith and credit of the City are pledged, and the City is not obligated to pay this Bond or the premium, if any, or the interest hereon except from the aforementioned sources. The issuance of this Bond shall not directly or indirectly or contingently obligate the City to levy or to pledge any form of taxation whatever therefor, and the holder of this Bond shall have no recourse to the power of taxation. This Bond does not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than upon the Net Revenues and other items expressly pledged under the terms of the Ordinance. Reference is made to the Ordinance for a more complete statement of the provisions thereof and of the rights of the City, the Trustee, and the holders of the Bonds. Copies of the Ordinance are on file and may be inspected at the principal office of the Trustee. By the purchase and acceptance of this Bond the holder or owner hereof signifies assent to all of the provisions of the Ordinance. This Bond is issued and the Ordinance was adopted under and pursuant to the Constitution and laws of the State of Florida, particularly Charter 166, Florida Statutes, and the Charter of the City. The transfer of this Bond is 'registrable by the registered owner hereof in person or by his attorney or legal representative at the principal office of the Trustee, but only upon presentation hereof to the Trustee, as Bond Registrar, together with an assignment duly executed by the registered owner 5 11719 or his attorney or legal representative, and the Trustee, as Bond Registrar, shall make a notation of such transfer on the books maintained for such purpose and shall endorse the same hereon. Any holder requesting any exchange or registration of transfer of this Bond shall pay any tax or other governmental charge required to be paid with respect thereto and any charge for shipping and out-of-pocket costs incurred by the City and the Trustee in connection with such exchange or registration of transfer. The Trustee shall not be required to make any exchange or to register the transfer of this Bond during the period of 15 days next preceding any interest payment date or after notice of redemption of this Bond or any portion thereof has been given pursuant to the Ordinance. [Insert redemption provisions applicable to the Series Bonds] All Bonds are subject to redemption as a whole at any time or in part, on any Interest Payment Date at the option of the City, at a redemption price equal to the principal amount thereof without premium, plus accrued interest to the redemption date, if all or any part of the Parking System (as defined in the Ordinance) is damaged, destroyed, or condemned. If less than all of the Bonds are called for redemption, the particular Bonds to be redeemed shall be selected by the City as provided in the Ordinance. If the City fails to select the Bonds to be redeemed, the Trustee shall first redeem Bonds bearing the highest rate of interest, and if Bonds of more than one maturity bear the same rate of interest, the Trustee will redeem Bonds in the inverse order of maturities and by lot within a maturity as the Trustee, in its discretion, may determine. Any such redemption, either as a whole or in part, may be made upon at least 30 days' prior notice as provided in the Ordinance. On the date fixed for redemption, notice having been mailed in the manner provided in the Ordinance, the Bonds or portions thereof called for redemption will be due and payable at the redemption price provided therefor, plus accrued interest to such date. If there has been delivered to the Trustee, and the Trustee is then holding in trust, money or Government Obligations of the United States, or a combination of both, sufficient to pay the redemption price of the Bonds to be redeemed plus accrued interest to the date of redemption, interest on the Bonds called for redemption will cease to accrue; such Bonds will cease to be entitled to any benefits or security of, or to be deemed outstanding under the Ordinance; and the holders of such Bonds will have no rights in respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of C.1 11719 redemption. In addition, this Bond will not be deemed to be outstanding under the Ordinance and will cease to be entitled to the security of or any rights under the Ordinance, and the holder hereof shall have no rights other than to be given notice of redemption and to receive payment of the redemption price hereof and accrued interest hereon to the date of redemption, if irrevocable instructions to pay this Bond on one or more specified dates or to call the same for redemption at the earliest redemption date have been given to the Trustee and money or Government Obligations, or a combination of both, sufficient to pay the redemption price of this Bond, together with accrued interest hereon to such date, are held by the Trustee in trust for the holder hereof. Government Obligations will be deemed to be sufficient to redeem or pay this Bond on a specified date if the principal of and the interest on such Government Obligations, when due, will be sufficient to pay on such date the redemption price of and the interest accruing on this Bond to such date, as more fully provided in the Ordinance. [Insert applicable provisions relating to Capital Appreciation Bonds, Capital Appreciation and Income Bonds, Option Bonds and/or Variable Rate Bonds] The holder of this Bond shall have no right to enforce the provisions of the Ordinance, to institute action to enforce the covenants therein, to take any action with respect to any event of default under the Ordinance, or to institute, appear in or defend any suit or other proceeding with. respect thereto, except as provided in the Ordinance. Upon the occurrence of certain events of default, and on the conditions, in the manner and with the effect set forth in the Ordinance, the principal of this Bond may become or may be declared due and payable before its stated maturity, together with the interest accrued hereon. Modifications or alterations of the Ordinance or of any ordinance supplemental thereto may be made only to the extent and in the circumstances permitted by the Ordinance. Subject to the provisions for registration endorsed hereon and contained in the Ordinance, nothing contained in this Bond or in the Ordinance shall affect or impair the negotiability of this Bond, and this Bond shall have, as between successive holders, all the qualities and incidents of a negotiable instrument under the uniform commercial code investment securities law of the State of Florida and shall be understood to be an investment security within the meaning of and for all the purposes of Article 8 of the Uniform Commercial Code of Florida. This Bond is issued with the intent that the laws of the State of Florida shall govern its construction. 7 11719 All acts, conditions, and things required to happen, exist and be performed precedent to and in the issuance of this Bond have happened, exist and have been performed as required. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Ordinance until the certificate of authentication endorsed hereon has been executed by the Trustee. IN WITNESS WHEREOF, The City of Miami has caused this Bond to be signed by [bear the facsimile signature of] its City Manager and to be signed by [bear the facsimile signature of] its City Clerk, and official seal to be imprinted hereon, all as of the day of 1 , 19 (SEAL) ATTEST: By City Clerk THE CITY OF MIAMI, FLORIDA 99 City Manager APPROVED AS TO FORM: 95 City Attorney CERTIFICATE OF AUTHENTICATION This Bond is a Bond of the Series designated therein issued under the provisions of the within -mentioned Ordinance. Date of authentication: 1.1 By: Trustee Authorized Signatory M ASSIGNMENT AND TRANSFER For value received the undersigned hereby sells, assigns and transfers unto (Please insert Social transferee) attached Bond of the constitute and appoint attorney, to transfer registration thereof, premises. Date: Signature Guaranteed by Security or other identifying number of the City of Miami, Florida, and does hereby the said Bond on the books kept for with full power of substitution in the [Member firm of the New York Stock Exchange or a commercial bank or a trust company.] By: (manual signature) Title. NOTICE: No transfer will be registered and no new Bonds will be issued in the name of the Transferee, unless the signature to this assignment corresponds with the name as it appears on the face of the within Bond in every particu- lar, without alteration or enlargement or any change what- ever and the Social Security or Federal Employer Identification Number of the Transferee is supplied. [End of Form of Bond] C. Section 403 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 403. Cost of 1998 Project and Additional System Facilities. For purpose of this Ordinance, the Cost of the 1998 Project and of the Additional System Facilities shall include such costs as are eligible costs within the purview of the law and generally accepted accounting principles, and, without intending to limit or restrict any proper definition of such Cost, shall include the following: 9 11719 (a) obligations incurred for labor, material services provided by contractors, builders, and material in connection with the construction, acquisition, equipping of the 1998 Project or Additional System Facilities, machinery and equipment, for the restoration of property damaged or destroyed in connection with such construction and acquisition, for the demolition, removal, or relocation of structures, and for the clearing of lands; (b) interest accruing upon the applicable Bonds prior to commencement of and during construction or for additional period as may be authorized by law and provided in the Series Ordinance authorizing the issuance of such Bonds; (c) the cost of acquiring by purchase, and the amount of any award or final judgment in any proceeding to acquire by condemnation, such land, structures and improvements, property rights, rights -of -way, franchises, easements, and other interests in lands as may be deemed necessary or convenient in connection with such construction or operation of the Parking System, and the amount of any damages incident thereto; (d) expenses of administration properly chargeable to such construction or acquisition, legal, architectural and engineering expenses and fees, cost of audits and of preparing and issuing the Bonds, fees and expenses of consultants, financing charges, premiums of insurance in connection with construction, bond insurance premiums, fees and expenses of any Credit Bank, the cost of funding the Reserve Account (including but not limited to the premiums of any Reserve Product Provider), and all other items of expense not elsewhere in this Section specified that are incident to the financing, construction, or acquisition of the 1998 Project or any Additional System Facilities, as the case may be, and the placing of the same in operation; and (e) any obligation or expense incurred by the City or the Department for any of the foregoing purposes within five years prior to the date of delivery of the Bonds, including the cost of materials, supplies or equipment furnished by the City or the Department in connection with the construction of any Additional System Facilities and paid for by the City or the Department out of the funds other than money in the Construction Fund. 10 11719 D. The introductory paragraph of Section 503 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 503. _Application of Money in Revenue Account. The Department shall apply funds on deposit in the Revenue Account to the payment of Current Expenses and, to the extent hereinafter provided in this Section 503, to the purchase of Bonds. On or before the 20th day of each month the Chief Financial Officer shall withdraw from the Revenue Account all amounts on deposit therein 'in excess of the Operations and Maintenance Requirement for such month and shall apply the same in the following manner and order (except that payments provided for in (a), (b) and (c) shall be on a parity with each other) : (a) with the Trustee to the credit of the Interest Account such amount thereof as may be required, after taking into account any capitalized or accrued interest set aside for such purpose, to make the amount then to the credit of the Interest Account equal to one -sixth (1/6th) of the interest to become due and payable within the next ensuing six (6) months on all Bonds then Outstanding and the amount of any Qualified Derivative Payment payable by the City accruing in such month; (b) with the Trustee to the credit of the Principal Account such amount thereof as may be required to make the amount then to the credit of the Principal Account equal to one -twelfth (1/12th) the principal to become due and Payable within the next ensuing twelve (12) months on all Serial Bonds then Outstanding; (c) with the Trustee to the credit of the Sinking Fund Account such amount thereof as may be required to make the amount then to the credit of the Sinking Fund Account equal to one -twelfth (1/12th) of the.Sinking Fund Requirement to become due and payable within the next ensuing twelve (12) months on all Term Bonds then Outstanding; (d) with the Trustee to the credit of the Reserve Account such amount, including an amount necessary to reimburse the issuer of a Reserve Product for draws thereunder in order to reinstate such Reserve Product, as may be required to make the amount then to the credit of the Reserve Account equal to the Reserve,Requirement; provided, however, that if so provided in the Series Ordinance relating to any Series of Bonds issued under Section 209, 210 or 211 of this Ordinance the amount required to make the amount to the credit of the Reserve Account following the issuance of such Series of Bonds equal to the Reserve Requirement may be deposited to the credit of the Reserve Account in sixty (60) or less substantially equal monthly installments beginning in the 11 11719 • lJ month following the month in which such Series of bonds are authenticated and delivered; (e) to the credit of the Renewal and Replacement Account such amount as may be required to make the amount then to the credit of the Renewal and Replacement Account equal to the Renewal and Replacement Account Requirement; (f) to the credit of the Rebate Account, such amounts as shall be required under the terms hereof; and (g) to the credit of the General Reserve Account the balance remaining after making the deposits required by paragraphs (a) through (f) of this Section 503. E. Section 507 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 507. Application of Money in Reserve Account. An amount equal to the Reserve Requirement for the 1998 Bonds shall be deposited. in the Reserve Account on the date of issuance of such 1998 Bonds. If Additional Bonds are issued, the Series Ordinance relating to the same shall provide either for the deposit into the Reserve Account of an amount that will cause the amount then on deposit therein to equal the Reserve Requirement on all Bonds Outstanding after the issuance of such Bonds or for monthly deposits in accordance with the provisions in Section 503(d) of this Ordinance. Notwithstanding the foregoing provisions, in lieu of the required deposits into the Reserve Account, the City may cause to be deposited a Reserve Product for the benefit of the Bondholders in an amount equal to the difference between the Reserve Account Requirement applicable thereto and the sums then on deposit in the Reserve Account, if any. Such Reserve' Product shall be payable to the Trustee (upon the giving of notice as required thereunder) on any Interest Payment Date, maturity date or redemption date on which a deficiency exists which cannot be cured by funds in any other fund or account held pursuant to this Ordinance and available for such purpose. The insurer providing such Reserve Product shall either be (a) an insurer whose municipal bond insurance policies insuring the payment, when due, of the principal of and interest on municipal bond issues results in such issues being rated in one of the two highest rating categories (without regard to gradations, such as "plus" or "minus" of such categories) by at least one nationally recognized securities rating agency or (b) a commercial bank, insurance company or other financial institution the bonds payable or guaranteed by which have been assigned a rating by at least one nationally recognized securities rating agency in one of the two highest rating categories (without regard to gradations, such as "plus" or "minus" of such categories). In addition, such Reserve Product shall be for a term of not less than twelve (12) months and any reimbursement agreement related thereto shall provide that the 12 11719 City's reimbursement obligation thereunder shall be subordinate to the payment of the principal of and interest on the Bonds. Notwithstanding the foregoing, if the Reserve Account has been funded with cash or Investment Obligations and no Event of Default shall have occurred and be continuing hereunder, the City may, at any time in its discretion, substitute a Reserve Product meeting the requirements of this Ordinance for the cash and Investment Obligations, and the City may then withdraw such cash and Investment Obligations and apply them to any lawful purpose, so long as (i) the same does not adversely affect any rating by any nationally recognized securities rating agency then in effect for the Outstanding Bonds and (ii) the City obtains an opinion of Bond Counsel that such actions will not, in and of themselves, adversely affect the exclusion from gross income of interest on the Bonds (other than Taxable Bonds) for federal income tax purposes. If a disbursement is made from a Reserve Product provided hereunder, the City shall reinstate the maximum limits of such Reserve Product following such disbursement from moneys available hereunder in accordance with the provisions of Section 503(d), by depositing funds in the amount of the disbursement made under such instrument, with the issuer thereof, together with interest thereon to the date of reimbursement at the rate set forth in such Reserve Product, but in no case greater than the maximum rate of interest permitted by law. The City may evidence its obligation to reimburse the issuer of any Reserve Product by executing and delivering to such issuer a promissory note therefor, provided, however, any such note (a) shall not be a general obligation of the City the payment of which is secured by the full faith and credit or taxing power of the City, and (b) shall be secured solely by and shall be payable from the Net Revenues in the manner provided herein. To the extent the City causes to be deposited into the Reserve Account, a Reserve Product for a term of years shorter than the life of the Series of Bonds so insured or secured or if such Reserve Product is subject to termination prior to the maturity of the Series of Bonds so insured, then the Reserve Product shall provide, among other things, that the issuer thereof shall provide the City with notice as of each anniversary of the date of the issuance of the Reserve Product of the intention of the issuer thereof to either (a) extend the term of the Reserve Product beyond the expiration date thereof, or (b) terminate the Reserve Product on the initial expiration dates thereof or such other future date as the issuer thereof shall have established. If the issuer of the Reserve Product notifies the City pursuant to clause (b) of the immediately preceding sentence or if the City terminates the Reserve Product or it otherwise terminates in accordance with its terms, then the City shall (a) deposit into the Reserve Account, on or prior to the fifteenth day of the first full calendar month 13 11719 following the date on which such notice is received by the City, such sums as shall be sufficient to pay an amount equal to a fraction, the numerator of which is one (1) and the denominator of which is equal to the number of months remaining in the term of the Reserve Product of the Reserve Requirement on the date such notice was received (the maximum amount available, assuming full reimbursement by the City, under the Reserve Product to be reduced annually by an amount equal to the deposit to Reserve Account during the previous twelve (12) month period) until amounts on deposit in the Reserve Account, as a result of the aforementioned deposits, and no later than upon the expiration of such Reserve Product, shall be equal to the Reserve Requirement, and (b) on a parity basis, shall reimburse the provider of the terminated Reserve Product all amounts due and owing under the terms and conditions of the reimbursement agreement between the City and such provider. If any Reserve Product shall not be renewed prior to the stated expiration date thereof, the City agrees that it shall fund the Reserve Account over a period not to exceed sixty (60) months from the date of receipt of any notice of nonrenewal during which it shall make consecutive equal monthly payments in order that the amount on deposit in the Reserve Account at the end of such period shall equal the Reserve Requirement; provided, the City may obtain a new Reserve Product in lieu of making the payments required by this paragraph. The Trustee shall use amounts in the Reserve Account or drawn on a Reserve Product to make transfers, in the following order, to the Interest Account, the Principal Account and the Sinking Fund Account to remedy any deficiency in any deposit required to be made to said Accounts by Section 503 hereof or to pay the interest on or the principal of (whether at maturity, by acceleration or in satisfaction of the Sinking Fund Requirement therefor) 'the Bonds when due, or to pay Qualified Derivative Payments when due, whenever and to the extent that the money on deposit in any or all -of said Accounts, together with transfers thereto from the General Reserve Account and the Renewal and Replacement Account, is insufficient for such purposes. The Trustee shall also use amounts in the Reserve Account to pay the interest on the Interest Payment Date next preceding the final maturity of all Bonds Outstanding and the principal of and the interest on such Bonds on the final maturity date of the same. If at any time the value of the cash and Investment Obligations held in the Reserve Account exceeds the Reserve Requirement, the Trustee shall withdraw an amount equal to such excess therefrom and shall deliver the same to the Department. Upon receipt thereof the Chief Financial Officer shall deposit (a) in the Renewal and Replacement Account the amount then required to be paid thereto by the Department pursuant to Section 503 hereof and (b) all remaining amounts in the General Reserve Account. 14 11719 Whenever the amount on deposit in the Reserve Account is less than the Reserve Requirement, the Trustee shall notify the Director and the Chief Financial Officer of the amount of the deficiency on notification immediately shall deliver to the Trustee an amount sufficient to cure the same, drawing upon funds available in the General Reserve Account and the Renewal and Replacement Account, in that order. F. Section 515 of Ordinance No. 11693 is hereby deleted in its entirety 'and replaced with the following: Section 515. Security for the Bonds. As security for the payment of the Bonds and the interest thereon, the City and the Department hereby grant to the Trustee a pledge of (a) Net Revenues, (b) their right to receive Net Revenues, and (c) the money and Investment Obligations in any and all of the Funds and Accounts established under this Ordinance and the income from such Investment Obligations and the investment of such money. It is the intent of the City and the Department 'that this pledge shall be effective and operate immediately and that the Trustee shall have the right to collect and receive said Net Revenues in accordance with the provisions hereof at all times during the period from and after the date of the Bonds issued hereunder until the Bonds have been fully paid and discharged, including, without limitation, at all times after the institution and during the pendency of bankruptcy or similar proceedings. The Bonds shall not constitute a debt of the City for which the faith and credit of the City is pledged. The issuance of the Bonds shall not directly or indirectly or contingently obligate the City to levy any tax or pledge any form of taxation whatever therefor. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except as provided in this Ordinance. The aforementioned pledge shall not inhibit the sale or disposition of the Parking System in accordance with this Ordinance and shall not impair or restrict the ability of the Department to invest in securities and other forms of investment, subject to the provisions of this Ordinance. G. Section 604 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 604. Tax Covenant. It is the intention of the City and the Department that the interest on the Bonds issued hereunder that are not Taxable Bonds be and remain excluded from gross income for federal income tax purposes and to this end the City hereby represents to and covenants with each of the Holders of the Bonds issued hereunder that are not Taxable Bonds that it will comply with the requirements applicable to it contained in Section 103 and Part IV of Subchapter B of Subpart A of Chapter 1 of the 15 11719 0 Code to the extent necessary to preserve the exclusion of interest on the Bonds issued hereunder that are not Taxable Bonds from gross income for federal income tax purposes. Specifically, without intending to limit in any way the generality of the foregoing, the City covenants and agrees: (1) to make or cause to be made all necessary determinations and calculations of the Rebate Amount and required payments of the Rebate Amount; (2) to set aside sufficient moneys in the Rebate Fund or elsewhere, from the Net Revenues or other legally available funds of the City, to timely pay the Rebate Amount to the United States of America; (3) to pay the Rebate Amount to the United States of America from the Net Revenues or from any other legally available funds, at the times and to the extent required pursuant to Section 148(f) of the Code; (4) to maintain and retain all records pertaining to the Rebate Amount with respect to the Bonds that are not Taxable Bonds issued hereunder and required payments of the Rebate Amount with respect to the Bonds that are not Taxable Bonds for at least six years after the final maturity of the Bonds that are not Taxable Bonds or such other period as shall be necessary to comply with the Code; . (5) to refrain from taking any action that would cause any Bonds or any Series or portion thereof issued hereunder, other than Taxable Bonds and bonds issued with the intent that they shall constitute "private activity bonds" under Section 141 (a) of the Code, to be classified as "private activity bonds" under Section 141(a) of the Code; and (6) to refrain from taking any action that would cause the Bonds that are not Taxable Bonds issued hereunder to become arbitrage bonds under Section 148 of the Code. The City understands that the foregoing covenants impose continuing obligations of the City with respect to any Series of Bonds that are not Taxable Bonds that will exist as long as the requirements of Section 103 and Part IV of Subchapter B of Subpart A of Chapter 1 of the Code are applicable to such Series of Bonds. With respect to any Series of Bonds that are not Taxable Bonds, if any amount shall remain in the Rebate Fund after payment in full of such Series of Bonds and after payment in full of the Rebate Amount to the United States of America with respect to such 16 11719 Series of Bonds, such amount shall be available to the City for any lawful purpose. The Rebate Fund shall be held separate and apart from all other funds and accounts of the County, shall not be impressed with a lien in favor of the Bondholders and shall be available for use only as provided in this Ordinance and the Code. Notwithstanding any other provision of this Ordinance, including, in particular Article XII hereof, the obligation of the City to pay the Rebate Amount to the United States of America and to comply with the other requirements of this Section shall survive the defeasance or payment in full of any Series of Bonds that are not Taxable Bonds. H. Section 701 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 701. Payment of Principal, Interest and Premium. The City, through the Department, shall cause to be paid, when due, the principal of (whether at maturity, by acceleration, by call for redemption or otherwise) and the premium, if any, and interest on the Bonds at the places, on the dates and in the manner provided herein and in said Bonds according to the true intent and meaning thereof. The Bonds are not general obligations of the City but are limited obligations payable solely from Net Revenues, the City and the Department's right to receive the same, and money and Investment Obligations held in the Funds and Accounts created hereunder and the income from such Investment Obligations and.the investment of such money. The Bonds shall be secured as provided in Section 515 of this Ordinance. The Bonds shall not constitute a debt of the City for which the full faith and credit of the City is pledged. The issuance of the Bonds shall not directly or indirectly or contingently obligate the City to levy any tax or to pledge any form of taxation whatever therefor. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City, except as provided in this Ordinance. I. A new Section 706 of Ordinance No. 11693 is hereby added and shall read as follows: Section 706. Covenants with Credit Banks, Insurers and Reserve Product Providers. The City may make such covenants as it may, in its sole discretion, determine to be appropriate with any Insurer, Credit Bank or Reserve Product Provider that shall agree to insure or to provide credit or liquidity support for Bonds of any one or more Series that shall enhance the security or the value of such Bonds. Such covenants may be set forth in the applicable Series Ordinance or resolution and shall be binding.on the City, the Department, the Bond Registrar, the Trustee, the Paying Agent and all the Holders of Bonds of such Series the same as if such covenants were set forth in full in this Ordinance. 17 t Y , J. Section 724 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 724. Biennial Inspection. No later than one hundred twenty (120) days .after the end of each second Fiscal Year, commencing with the'Fiscal Year ending on September 30, 1999, the Department shall cause the Parking System to be inspected by the Parking Consultant, who shall make and file with the Department, the Trustee, the Credit Banks and the Insurers, a written report of such inspection and of the physical condition of the Parking System. The Trustee shall mail a copy of such biennial inspection report to any Holder requesting the same in writing. K. Section 802 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 802. Events of Default. Each of the following events is hereby declared an "Event of Default": (a) payment of the principal of, a Sinking Fund Requirement with respect to or the redemption premium, if any, on any of the Bonds is not made when the same are due and payable, either at maturity or by redemption or otherwise; (b) payment of the interest on any of the Bonds is not made when the same is due and payable; (c) a final judgment for the payment of money is rendered against the City or the Department as a result of the ownership, control or operation of the Parking System, and any such judgment is not discharged within sixty (60) days from the entry thereof or an appeal is not taken therefrom or from the order, decree or process upon which or pursuant to which such judgment shall have been granted or entered, in such manner as to stay the execution of or levy under such judgment, order, decree or process or the enforcement thereof; (d) the City or the Department: (i) becomes insolvent or the subject of insolvency proceedings; or (ii) is unable, or admits in writing its inability, to pay its debts as they mature; or (iii) makes a general assignment for the benefit of creditors or to 'an agent authorized to liquidate any substantial amount of its property; or (iv) files a petition or other pleading seeking reorganization, composition, readjustment, or liquidation of assets, or requesting similar relief; or (v) applies to a court for the appointment of a receiver for it or for the whole or any part of the Parking System; or (vi) has a receiver or liquidator appointed for it or for the whole or any part of the Parking System (with or without the consent of the City or the Department) and such receiver is not discharged within 90 consecutive days after his appointment; or (vii) becomes the subject of an "order for 11719 • relief" within the meaning of the United States Bankruptcy Code; or (viii) files an answer to a creditor's petition admitting the material allegations thereof for liquidation, reorganization, readjustment or composition or to effect a plan or other arrangement with creditors or fail to have such petition dismissed within 60 consecutive days after the same is filed against the City or the Department; (e) any court of competent jurisdiction assumes custody or control of the City or the Department or of the whole or any substantial part of its property under the provisions of any other law for the relief or aid of debtors, and such custody or control is not terminated within ninety (90) days from the date of assumption of such custody or control; and (f) the City or the Department defaults in the due and punctual performance of any other of the covenants, condi- tions, agreements and provisions contained in the Bonds or in this Ordinance, and such default continues for 30 days after receipt by the City and the Department of.a written notice from the Trustee specifying such default and requesting that it be corrected, provided that if prior to the expiration of such 30-day period the City or the Department institutes action reasonably designed to cure such default, no "Event of Default" shall be deemed to have occurred upon the expiration of such 30-day period for so long as the City or the Depart- ment pursues such curative action with reasonable diligence. For all purposes in this Ordinance, including but not limited to paragraphs (a) and (b) of this Section 802, in determining whether a payment default has occurred, no effect shall be given to payments made under a Bond Insurance Policy. L. Section 1101 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 1101. Supplemental Ordinance Without Bondholders Consent. The City Commission, upon recommendation of the Board, from time to time and at any time and with the consent of the Trustee, may adopt such ordinances supplemental hereto as are consistent with the terms and provisions hereof (which supplemental ordinances shall thereafter form a part hereof) and do not adversely affect the interest of the Holders: (a) to cure any ambiguity or formal defect or omission or to correct or supplement any provision herein that may be inconsistent with any other provision herein, or (b) to grant to or confer upon the Trustee, for the benefit of the Holders, any additional rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon the Holders or the Trustee, or 19 11719 (c) to add to the conditions, limitations and restric- tions on the issuance of Bonds under the provisions of this Ordinance other conditions, limitations and restrictions thereafter to be observed, provided that such conditions, limitations, and restrictions do not impair the security for the Outstanding Bonds, or (d) to add to the covenants and agreements of the City and the Department in this Ordinance other covenants and agreements thereafter to be observed by the City and the Department or to surrender any right or power herein reserved to or conferred upon the City and the Department, provided that such covenants and agreements and the surrendering of any such right or power do not impair the security for the Outstanding Bonds, or (e) to comply with the provisions of Sections 208, 209, 210 or 211, or (f) to provide for the issuance of coupon Bonds, or (g) to provide for the issuance of Variable Rate Bonds, Capital Appreciation Bonds, Option Bonds and Capital Appreciation and Income Bonds which will not adversely affect the exemption from Federal income taxation of interest on the Bonds that are not Taxable Bonds, (h) to provide for the issuance of Uncertificated Bonds, or (i) to provide such changes which, in the opinion of the City and the Department, will not materially adversely affect the security of or otherwise be materially adverse to the Holders. Notwithstanding the foregoing, no such change pursuant to this paragraph (i) shall become effective unless the Trustee shall have filed with the Department a certificate stating that in its sole and absolute discretion, such change will not have a material adverse effect on the interests of such Holders. In making such determination, the City and the Department shall not take into consideration any Bond Insurance Policy. The City or the Department shall provide the Credit Banks and Insurers with notice of any supplemental ordinances adopted pursuant to this Section 1101. M. Section 1302 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 1302. Manner of Giving Notice. Any notice, demand, direction, request or other instrument authorized or required by this Ordinance to be given to or filed with the City, 20 11719 • • the Board or the Trustee shall be deemed to have been sufficiently given or filed for all purposes of this Ordinance if and when sent by registered mail, return receipt requested: to the City, if addressed to the City Clerk of the City of Miami, Miami, Florida; to' the Department, the Director or the Chief Financial Officer, if addressed to Department of Off - Street Parking of the City of Miami, Miami, Florida; to the Trustee, if addressed to the Trustee at the address set forth in the resolution provided for in Section 208 hereof; to the 1998 Bond Insurer, if addressed to MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attn: Insured Portfolio Management Group. Any such notice, demand or request may also be transmitted to the appropriate above -mentioned party by telegraph, telephone or facsimile and shall be deemed to be properly given or made at the time of such transmission. Such transmission of notice shall be confirmed in writing not later than one Business Day following such transmission and sent as specified above. Any of such addresses may be changed at any time upon written notice of such change sent by United States registered mail, postage prepaid, to the other parties by the party effecting the change. All documents received by the Director, the Chief Financial Officer, the City Clerk, and the Board under the provisions of this Ordinance, or photographic copies thereof, shall be retained in their possession, subject at all reasonable times to the inspection of the City, any Holder, Credit Bank, Insurer or Reserve Product Provider, and the agents and representatives thereof. N. Section 1307 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 1307. City, the Board, Department, Trustee, Bond- holders, Insurers, Credit Banks and Reserve Product Providers Alone Have Rights Under Ordinance. Except as otherwise expressly provided herein, nothing in this Ordinance, expressed or implied, is intended or shall be construed to confer upon any person, firm or corporation, other than the City, the Board, the Department, the Trustee, the Holders of Bonds issued under and secured by this Ordinance, any Insurer, any Credit Bank and any Reserve Product Provider, any right, remedy or claim, legal or equitable, under or by reason of this Ordinance. This Ordinance is intended to be for 21 11719 the sole and exclusive benefit of the City, the Board, the Department, the Trustee, the Holders, the Insurers, the Credit Banks and the Reserve Product Providers. O. Section 1312 of Ordinance No. 11693 is hereby deleted in its entirety and replaced with the following: Section 1312. Provisions Relating to Insurers. Notwith- standing any other provisions of this Ordinance to the contrary, the following provisions shall apply with respect to the 1998 Bonds or any Additional Bonds hereafter issued the timely payment of the principal of and interest on which is insured by a Bond Insurance Policy: (A) Except as otherwise provided in paragraph (E) below, an Insurer shall be deemed to be the Holder of each Bond insured by it for purposes of consent to the execution and delivery of any supplemental ordinance or resolution or any amendment, supplement or change to or modification of this Ordinance and approval of any other action which requires the consent of Bondholders whose Bonds are insured by such Insurer. (B) Except as otherwise provided in paragraph (E) below, upon the occurrence and continuance of an Event of Default, an Insurer shall be deemed to be the Holder of each Bond insured by it for purposes of directing the enforcement and exercising of rights and remedies granted to the Bondholders under this Ordinance, and such Insurer shall also be entitled to approve all waivers of Events of Default with respect to Bonds insured by the Insurer. Notwithstanding the foregoing, however, any notices of Events of Default hereunder required to be sent to Bondholders shall be sent to Bondholders as well as each Insurer. (C) In the event that the principal and/or interest due on Bonds insured by an Insurer shall be paid by such Insurer pursuant to its Bond Insurance Policy, such Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Issuer, and the pledge created under this Ordinance and all covenants, agreements and other obligations of the Issuer to the Holders thereof shall continue to exist and shall run to the benefit of such Insurer and the Insurer shall be subrogated to the rights of such Holders. (D) Except as otherwise provided in paragraph (E) below, all notices required to be given to the Holders of a Series of Bonds pursuant to the provisions of this Ordinance shall also be given to the Insurer providing the Bond Insurance Policy with respect to such Series of Bonds. (E) Notwithstanding any other provision contained in this Section 1312 or elsewhere in this Ordinance to the contrary: 22 11719 0 (i) If an Insurer shall be in default in the due and punctual performance of its obligations under its Bond Insurance Policy or if such policy for whatever reason is not then enforceable and in full force and effect; or (ii) If an Insurer shall apply for or consent to the appointment .of a receiver, custodian, trustee or liquidator of such Insurer or of all or a substantial part of its assets, or shall admit in writing its inability, or be generally unable, to pay its debts as such debts become due, or shall make a general assignment for the benefit of its creditors, or commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect) or shall file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or shall fail to consent in a timely and appropriate manner, or acquiesce in writing to., any other petition filed against such Insurer in any involuntary case under said Federal Bankruptcy Code, or shall take any other action for the purpose of effecting the foregoing; or (iii) If a proceeding or case shall be commenced without the application or consent of an Insurer, in any court of competent jurisdiction seeking the liquidation, reorganiza- tion, dissolution, winding up or composition or readjustment of debts of such Insurer or the appointment of a trustee, receiver, custodian, or liquidator or the like of the Insurer or of all or a substantial part of its assets, or similar relief with respect to the Insurer under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such proceeding or case shall continue undismissed and an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed in effect for a period of sixty (60) days from the commencement of such proceedings or case, or any order for relief against the Insurer shall be entered in an involuntary case under said Federal Bankruptcy Code; then and in any such event such Insurer shall not be entitled to any rights specifically granted to it herein to consent to, approve or participate in any actions proposed to be taken by the City [or the Department], the Trustee, a Bondholder or any of them pursuant to this Ordinance or to receive any notices or other documents or instruments. SECTION 2. ORDINANCE NO. 11693 TO REMAIN IN FULL FORCE AND EFFECT EXCEPT AS PROVIDED HEREIN. Except as otherwise expressly provided hereby, all provisions of Ordinance No. 11693 shall remain in full force and effect. 23 11719 SECTION 3. NOTICE. The City Clerk shall cause to be published once, in a newspaper published in the City, a notice in substantially the following form: NOTICE NOTICE IS HEREBY GIVEN that Ordinance No. entitled as follows: AN EMERGENCY ORDINANCE OF THE CITY OF MIAMI, FLORIDA SUPPLEMENTING AND AMENDING ORDINANCE NO. 11693, ADOPTED BY THE CITY COMMISSION ON AUGUST 14, 1998, WHICH ORDINANCE NO. 11693 AUTHORIZED THE ISSUANCE OF PARKING SYSTEM REVENUE BONDS OF THE CITY OF MIAMI, FLORIDA, TO ADD PROVISIONS REQUIRED BY MBIA INSURANCE CORPORATION IN ORDER TO PROVIDE MUNICIPAL BOND INSURANCE FOR PROPOSED BONDS; AND PROVIDING AN EFFECTIVE DATE. was duly adopted by the City Commission of the City of Miami, Florida, on the day of , 1998. Any action or proceeding to contest the validity of said ordinance or any of its provisions must be commenced within thirty (30) days after the publication of this notice. After the expiration of such period of limitation, no right of action or defense founded upon the invalidity of said ordinance or any of its provisions shall be asserted, nor shall the validity of said ordinance or any of its provisions be open to question in any court upon any ground whatever, except in an action or proceeding commenced within such periods. By order of the City Commission of the City of Miami, Florida. City Clerk 24 11719 PASSED AND ENACTED ON FIRST AND ONLY READING BY TITLE ONLY this 27th day of October, 1998. MAYOR JOE CAROLLO ATTEST' LAK-155051.5 27387-108 in accordance with Miami Code Sec. 2-36, since the Mayor did not indicate approval of this legislation by signing it in the designated place provided, said legislation now becomes effective with the el regarding same, without the 25 11719 • MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Sookle Williams, who on oath says that she is the Vice President of Legal Advertising of the Miami Daily Business Review tilde Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice In the matter of CITY. OF MIAMI ORDINANCE NO. 11716 In the ............XXXXX ...................... Court, .. wff u Ilsbed in sld newspaper In the Issues of Afflant further says that the said Miami Daily Business Review is a newspaper published at Miami In said Dade County, Florida, and that the said newspaper has heretofore been continuously published In said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office In Miami in said Dade County, Florida, for a period of one year xt preceding the firsl publication of the attached copy of d rtlsement; and aliment further says that she has neithe pa nor promised any person, firm or corporation any di co nt, rebate, commission or refund for the purpose of se4uFrng this advertisement for publication in the said WIN I �101 W1, j �ffl 6 S N O o and subs ribed before me ft er ..... ay of .. ... ..... A.D. 19...... . . .... . . ........ ........................ OFFICIAL NOTARY SEAL (SEAL) ,,Q,RY P06r liisfafrolELA ROAAEfroO Sookle WitLF (o, kn o NBER CC7774b9 � h1Y COMIASSION EXPIRES o SEPT 22,2002 6- 1 1,; FLORIDA i ,� � � 4'LEGAL NOTICE • - All interested persons will take notice than run the 27th-day �of Ooto- I' ber, "1998,'the City Commission of Miami, Florida.adopted the,folldMng y titled'ordinarices - r ORDINANCE.NO.11716 AN ORDINANCE AMENDING. CHAPTER 2/ARTICLE'XI, OF. THE • CODE OF THE CITY OF .MIAMI, FLORIDA, AS' P ,'AMENDED, . "ENTITLED: "ADMINISTRATION/BOARDS, - COMMITTEES,i COMMISSIONS," TO ESTABLISH, THE - CULTURAL AND<FINE'ARTS>BOARD; SET FORTH SAID ! 'BOARD'S' PURPOSE; POWERS,; AND DUTIES; `PROVIDE` FOR "TERMS 'OF' OFFICE,, OFFICER$_MEETINGS;".QUO- RUMS;=.REQUIREMENTS '-FOR I MEMBERSHIP, ATTEN- DANCE, AND FILLING, OF -VACANCIES AND TO PROVIDE FOR THE "SUNSET"' REVIEW SAID -,BOARD EVERY FOUR YEARS; MORE PARTICULARLY BY,ADDING NEW ' i DIVISION 9, CONSISTING � OF. "SECTIONS 2-1140 . i THROUGH 2-11'43, AND AMENDING SECTION 2-892 OF _ ) SAID CODE CONTAINING -AREPEALER PROVISION AND f A:SEVERABILITYCLAUSE — ORDINANCE NO 11717 —� AN ORDINANCE AMENDING ;SECTION ' 40-250 OF THE,- i . CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ENTITLED: "RIGHT OF CERTAIN PERSONS TO REJECT 1 MEMBERSHIP" AS IT RELATES TO THE CITY OF MIAMI -GENERAL EMPLOYEES"AND-SANITATION EMPLOYEES' -'RETIREMENT TRUST ("GESE TRUST_'); PROVIDING THAT: (1) THE CITY" ATTORNEY SHALL PARTICIPATE -IN A PUBLIC TRUST FUND APPROVED BY THE CITY,COM MISSION ".(2)` CERTAIN'CONTRIBUTIONS MADE TO THE E ` PUBLIC"TRUST FU1.ND ON BEHALF OF-.-HEREIN:.DESIG-.. f NATED EMPLOYEE SHALL BE AT A' RATE, OF TWENTY ` PERCENT (20%) OF.:THE CITY- 'ATTORNEY'S"ANNUAL j -,,PERCENT SALARY; .AND. (3) THE HEREIN DESIGNATED EM `PL'OYEE SHALL`;TAKE ACTUAL OR CONSTRUCTIVE RE,'' CEIPT.OF ALL,CONTRIBUTIONS MADE'ON. HIS OR HER BEHALF.' PRIOR` TO '::REACHING '-AGE 55 OR, UPON; BECOMING PERMANENTLY AND TOTALLY DISABLED IF -SO'PROVIDED-IN SAID .TRYST AGREEMENT,'.CONTAIN- ING 'A -REPEALER PROVISION "AND .A -SEVERABILITY 'CLAUSE. , �. - �I f , .CD ORDINANCE NO11718• AN. EMERGENCY: ORDINANCE -AMENDING ORDINANCE O " NO., 11537,, ADOPTED 'SEPTEMBER'9; ;1997, -WHICH 'ES- " I TABLISHED INITIAL,'RESOURCES AND `INITIAL;APPRO ;; PRIATIONS FOR'A.SPECIAL REVENUE.FUND.ENTITTED:I WYNWOOD/HIDTA."COMMUNITY+EMPOWERMENT ANTI- NARCOTICS INITIATIVE;' -THEREBY INCREASING -SAID , .'APPROPRIATIONS`.'IN THE.. AMOUNT OF _$41,70Q00, CONSISTING OF A GRANT FROM THE MONROE COUNTY ` SHERIFF'S OFFICE; AUTHORIZING THE. CITY rMANAGER ' TO-ACCEPT`.A-GRANT, AND TO EXECUTE ANY NECES- SARY'DOCUMENTS;, IN A FORM' ACCEPTABLE' -.TO THE CITY ATTORNEY TO IMPLEMENT ACCEPT ANCE.OF. SAID GRANT;.CONTAINING -A ;REI'EAL'ER PROVISION -AND,, € ` SEVERABILITY CLAUSE , ORDINANCE N¢r,11�L9�� II AN EMERGENCY ORDINANCE OF THE CITY:OF' MIAMI; e FLORIDA ;SUPPLEMENTING AND, AMENDING 'ORDI'`, • NANCE NO. 11 693,'ADOPTED BY,THE.CITY COMMISSION ON AUGUST 14, 1998,' WHICH ORDINANCE. NO. -11693 AUTHORIZED THE ISSUANCE ,: OF PARKING -'SYSTEM ` . _ REVENUE'.BONDS'OF'THE CITY OF'MIAMI,, FLORIDA, TO ``ADD ,PROVISIONS REQUIRED BY MBIA `.INSURANCE' `CORPORATION IN ORDER TO -:'PROVIDES MUNICIPAL I BOND INSURANCE FOR ':PROPOSED. BONDS; AND a PROVIDING AN EFFECTIVE DATE: 'Said ordinances may be inspected by the.public at the Office -of. the I City Clerky3500 Pan American Drive, Miami., Florida, Monday through j Friday excluding holidays between the hours of 8 a m. and.5 p.m. - 'r WALTER J.:FOEMAN CITY CLERK (#5169) -11/6 _ 98-3-110684M