HomeMy WebLinkAboutR-95-0420J-95-488
5/25/95
; W
e t'
RESOLUTION NO. t;W.
A RESOLUTION, INCLUDING EXHIBITS A, B AND C,
OF THE CITY OF MIAMI, FLORIDA, AUTHORIZING THE
ISSUANCE OF THE CITY'S GENERAL OBLIGATION
BONDS, SERIES 1995 IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $22,500,000 FOR THE
PURPOSE OF PAYING THE COST OF CERTAIN SANITARY
SEWER IMPROVEMENTS; FIXING CERTAIN DETAILS OF
SAID BONDS, INCLUDING THEIR FORM; CONFIRMING
THAT SUCH BONDS SHALL CONSTITUTE GENERAL
OBLIGATIONS OF THE CITY; AGREEING TO COMPLY
WITH CERTAIN TAX REQUIREMENTS; APPOINTING A
BOND REGISTRAR AND PAYING AGENT; APPOINTING
BOND COUNSEL; DIRECTING AND AUTHORIZING SALE
OF THE BONDS BY PUBLIC BID AND DIRECTING
PUBLICATION OF A SUMMARY NOTICE OF THE SALE OF
SAID BONDS AND ESTABLISHING THE DATE AND TIME
FOR SUCH SALE AND THE PROCEDURE FOR AWARDING
SAID BONDS; APPROVING THE USE OF BOND
INSURANCE AS REQUESTED BY THE PURCHASER OR
DETERMINED BY THE CITY TO BE DESIRABLE;
APPROVING THE FORM OF A PRELIMINARY OFFICIAL
STATEMENT PERTAINING TO SAID BONDS AND
AUTHORIZING THE DISTRIBUTION THEREOF TO
PROSPECTIVE PURCHASERS; AUTHORIZING ACTIONS
AND EXECUTION OF DOCUMENTS BY OFFICIALS OF THE
CITY; MAKING CERTAIN OTHER. COVENANTS AND
AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF
SAID BONDS; AND PROVIDING SEVERABILITY AND AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
SECTION 1. Authority. This Resolution is adopted by the
City of Miami, Florida (the "Issuer") pursuant to Chapter 166,
Florida Statutes, the Constitution of the State of Florida,
including, but not limited to Article VII, Section 2 thereof, the
Charter of the City of Miami, Florida and other applicable
provisions of law.
SECTION 2. Findings and Determinations. It is hereby
ascertained, determined and declared that:
A. Pursuant to Ordinance No. 9128, enacted on July 10, 1980,
and Ordinance No. 10094, enacted on April 10, 1986, and as
supplemented and amended by Ordinance No. 9130, enacted on July 10,
1980, Ordinance No. 9977, enacted on April 11, 1985, Ordinance No.
10291, enacted on July 9, 1987, and Ordinance No. 10487, enacted on
October 6, 1988 and as supplemented by Resolution No. 80-740,
adopted on October 9, 1980, Resolution No. 80-773, adopted on
October 30, 1980, Resolution No. 86-175, adopted on March 18, 1986,
Resolution No. 84-628,
ATTACH ENS' (S)
CONTAINED
MEETING OF
2 54I995
�U
353, adopted on March 28, 1985, Resolution No. 86-437, adopted on
June 12, 1986, Resolution No. 88-1003, adopted on November 3, 1988,
Resolution No. 88-1043, adopted on November 3, 1988 and Resolution
No. 91-449, adopted on June 20, 1991(collectively, the "Sanitary
Sewer Bond Ordinances and Resolutions"), the Issuer authorized the
issuance of its $45,000,000 Sanitary Sewer System Bonds (the
"Sanitary Sewer Bonds"), which issuance was approved by the
citizens of the Issuer through a referendum held on March 13, 1984.
B. It is in the best interest of the Issuer and its citizens
and residents that there shall be issued and sold at this time not
to exceed $22, 500, 000 in principal amount of its Sanitary Server
Bonds (the "Bonds"), such Bonds to be dated, to be numbered, to be
redeemable prior to their respective maturities, to be payable at
the banks and to be sold pursuant to notice, all as hereinafter
provided.
C. The proceeds of the Bonds will be used to pay the cost of
issuance of the portion of the Sanitary Sewer Bonds authorized to
be issued hereunder and to pay the cost of certain capital
improvements in accordance with the terms of the Sanitary Sewer
Bond Ordinances and Resolutions and as detailed in Ordinance No.
11205, enacted on November 17, 1994, and other ordinances making
capital appropriations for the following fiscal year (the "Master
Appropriations Ordinance").
SECTION 3. Authorization of Issuance and Sale of Sanitary
Sewer System Bonds. There shall be issued and sold at this time
Sanitary Sewer Bonds entitled The City of Miami, Florida, General
Obligation Bonds, Series 1995 (Sanitary Sewer System) in the
aggregate principal amount of not to exceed $22,500,000. Said
Sanitary Sewer Bonds shall be dated as of the fifteenth day of
June, 1995, and shall mature, subject to redemption as hereinafter
provided, on the first day of January of the years and in the
amounts set forth in the Notice of Sale attached hereto as Exhibit
"A"; provided, however, that none of the Bonds shall mature later
than January 1, 2015.
SECTION 4. Details of Bonds.
A. The Bonds shall be numbered consecutively from 1 upward
preceded by the letter "R" prefixed to the number. The principal
of and redemption premium, if any, on the Bonds shall be payable
upon presentation and surrender, at the office of Bank of New York
Trust Company of Florida, N.A., or its successors or assigns, as
Bond Registrar and Paying Agent (the "Bond Registrar and Paying
Agent") in the City of Jacksonville, Florida. Interest on the
Bonds shall be paid by check or draft drawn upon the Bond Registrar
and Paying Agent and mailed to the registered owners of the Bonds
at the addresses as they appear on the registration books
maintained by the Bond Registrar and Paying Agent at the close of
business on the 15th day (whether or not a business day) of the
-2-
95- 420
month next preceding the interest payment date (the "Record Date"),
irrespective of any transfer or exchange of such Bonds subsequent
to such Record Date and prior to such interest payment date, unless
the Issuer shall be in default in payment of interest due on such
interest payment date. In the event of any such default, such
defaulted interest shall be payable to the persons in whose names
such Bonds are registered at the close of business on a special
record date (which date shall also be the date for the payment of
such defaulted interest) as established by notice deposited in the
U. S. mail, postage prepaid, by the Issuer to the registered owners
of the Bonds not less than fifteen (15) days preceding such special
record date. Such notice shall be mailed to the persons in whose
names the Bonds are registered at the close of business on the
fifth (5th) day (whether or not 8 business day) preceding the date
of mailing. The registration of any Bond may be transferred upon
the registration books upon delivery thereof to the principal
office of the Bond Registrar and Paying Agent accompanied by a
written instrument or instruments of transfer in form and with
guaranty of signature satisfactory to the Bond Registrar and Paying
Agent, duly executed by the registered owner of the Bond or his
attorney -in -fact or legal representative, containing written
instructions as to the details of the transfer of such Bond, along
with the social security number or federal employer identification
number of such transferee. In all cases of a transfer of a Bond,
the Bond Registrar and Paying Agent shall at the earliest practical
time in accordance with the terms hereof enter the transfer of
ownership in the registration books and shall deliver in the name
of the new transferee or transferees a new, fully registered Bond
or Bonds of the same maturity and of authorized denomination or
denominations, for the same aggregate principal amount and payable
from the same source of funds. The Issuer and the Bond Registrar
and Paying Agent may charge the registered owner of the Bond for
the registration of every transfer or exchange of a Bond an amount
sufficient to reimburse them for any tax, fee or any other
governmental charge required (other than by the Issuer) to be paid
with respect to the registration of such transfer, and may require
that such amounts be paid before any such new Bond shall be
delivered.
The Issuer and the Bond Registrar and Paying Agent may deem
and treat the registered owner of any Bond as of the applicable
Record Date as the absolute owner of such Bond for the purpose of
receiving payment of the principal thereof and the interest and
premiums, if any, thereon Bonds may be exchanged at the office of
the Bond Registrar and Paying Agent for a like aggregate principal
amount of Bonds, of other authorized denominations of the same
series and maturity.
B. As set forth above, the Bonds shall be dated June 15,
1995, shall bear interest from the date thereof, payable
semiannually on the first day of January and the first day of July
-3-
95- 420
of each year, commencing on January 1, 1996, and shall mature as
set forth in Section 3 hereof.
C. CUSIP numbers will be imprinted on the Bonds; however,
the validity, sale, delivery or acceptance of the Bonds will not be
affected in any manner by any error in printing CUSIP numbers on
any of the Bonds.
D. The Bonds shall be executed in the name of the Issuer by
the Mayor or Vice Mayor of the Issuer and the seal of the Issuer
shall be imprinted, reproduced or lithographed on the Bonds and
attested to and countersigned by the Clerk or any Deputy Clerk of
the Issuer. In addition, the City Attorney or any Assistant City
Attorney shall sign the Bonds, showing approval of the form and
correctness thereof, and the Mayor or Vice Mayor shall sign the
validation certificate with respect to the Bonds. The signatures
of the Mayor, Vice Mayor, Clerk, Deputy Clerk, City Attorney and
Assistant City Attorney on the Bonds may be by facsimile. If any
officer whose signature appears on the Bonds ceases to hold office
before the delivery of the Bonds, his signature shall nevertheless
be valid and sufficient for all purposes. In addition, any Bond
may bear the signature of, or may be signed by, such persons as at
the actual time of execution of such Bond shall be the proper
officers to sign such Bond although at the date of such Bond or the
date of delivery thereof such persons may not have been such
officers.
Only such of the Bonds as shall have endorsed thereon a
certificate of authentication substantially in the form hereinafter
set forth in Section 4.K hereof, duly executed by the Bond
Registrar and Paying Agent, shall be entitled to any right or
benefit under this Resolution. No Bond shall be valid or
obligatory for any purpose unless and until such certificate of
authentication shall have been duly executed by the Bond Registrar
and Paying Agent, and such certificate of the Bond Registrar and
Paying Agent upon any such Bond shall be conclusive evidence that
such Bond has been duly authenticated and delivered under this
Resolution. The Bond Registrar and Paying Agent's certificate of
authentication on any Bond shall be deemed to have been duly
executed if signed by an authorized officer of the Bond Registrar
and Paying Agent, but it shall not be necessary that the same
officer sign the certificate of authentication on all of the Bonds
that may be issued hereunder at any one time.
E. If any Bond is mutilated, destroyed, stolen or lost, the
Issuer or its agent mav, in its discretion, (i) deliver a duplicate
replacement Bond or (ii) pay a Bond that has matured or is about to
mature. A mutilated Bond shall be surrendered to and canceled by
the Clerk of the Issuer or his duly authorized agent. The
registered owner of a Bond must furnish the Issuer or its agent
proof of ownership of any destroyed, stolen or lost Bond, post
satisfactory indemnity, comply with any reasonable conditions the
95- A-20
Issuer or its agent may prescribe and pay the Issuer or its agent' s
reasonable expenses.
Any such duplicate Bond shall constitute an original
contractual obligation on the part of the Issuer whether or not the
destroyed, stolen or lost Bond shall be at any time found by
anyone, and such duplicate Bond shall be entitled to equal and
proportionate benefits and right as to lien on, and source of
payment of and security for payment from, the funds pledged to the
payment of the Bond so mutilated, destroyed, stolen or lost.
F. The Bonds maturing on January 1, 2004, or thereafter,
shall be subject to redemption at the option of the Issuer prior to
their maturity on or after January 1, 2003, in whole at any time or
in part on any interest payment date, in inverse order of
maturities and by lot within a maturity in such manner as the Bond
Registrar and Paying Agent may determine at the redemption prices
(expressed as percentages of the principal amount) set forth below,
plus accrued interest to the redemption date:
Optional
Redemption
Redemption
(both
dates inclusive)
Price
January
1,
2003 to December 31, 2003
101.000
January
1,
2004 to December 31, 2004
100.500
January
1,
2005 and thereafter
100.000
Notice of redemption shall be given by deposit in the
U.S. mail of a copy of a redemption notice, postage prepaid, at
least thirty (30) and not more than sixty (60) days before the
redemption date to all registered owners of the Bonds or portions
of the Bonds to be redeemed at their addresses as they appear on
the registration books to be maintained in accordance with the
provisions hereof. Failure to mail any such notice to a registered
owner of a Bond, or any defect therein, shall not affect the
validity of the proceedings for redemption of any Bond or portion
thereof with respect to which no failure or defect occurred.
Such notice shall set forth the date fixed for
redemption, the rate of interest borne by each Bond being redeemed,
the date of publication, if any, of a notice of redemption, the
name and address of the Bond Registrar and Paying Agent, the
redemption price to be paid and, if less than all of the Bonds then
outstanding shall be called for redemption, the distinctive numbers
and letters, including CUSIP numbers, if any, of such Bonds to be
redeemed and, in the case of Bonds to be redeemed in part only, the
portion of the principal amount thereof to be redeemed. If any
Bond is to be redeemed in part only, the notice of redemption which
relates to such Bond shall also state that on or after the
redemption date, upon surrender of such Bond, a new Bond or Bonds
in a principal amount equal to the unredeemed portion of such Bond
will be issued.
-5-
95- A20
Any notice mailed as provided in this section shall be
conclusively presumed to have been duly given, whether or not the
owner of such Bond receives such notice.
In addition to the mailing of the notice described above,
each notice of redemption and payment of the redemption price shall
meet the requirements set forth in (i), (ii) and (iii) below;
provided, however, that notwithstanding any other provision of this
Resolution to the contrary, failure of such notice or payment to
comply with the terms of this paragraph shall not in any manner
defeat the effectiveness of a call for redemption if notice thereof
is given as otherwise prescribed above in this Section 4.F:
(i) Each notice of redemption shall be sent at
least thirty-five (35) days before the redemption date by
registered or certified mail or overnight delivery
service or telecopy to all registered securities
depositories then in the business of holding substantial
amounts of obligations of types comprising the Bonds and
to one or more national information services that
disseminate notices of redemption of obligations such as
the Bonds.
(ii) Each notice of redemption shall be published
one time in THE BOND BUYER, New York, New York or, if
such publication is impractical or unlikely to reach a
substantial number of the holders of the Bonds, in some
other financial newspaper or journal which regularly
carries notices of redemption of other obligations
similar to the Bonds, such publication to be made at
least thirty (30) days prior to the date fixed for
redemption.
(iii) Upon the payment of the redemption price of
the Bonds being redeemed, each check or other transfer of
funds issued for such purpose shall bear the CUSIP number
identifying, by issue and maturity, the Bonds being
redeemed with the proceeds of such check or other
transfer.
The Bond Registrar and Paying Agent shall not be required
to transfer or exchange any Bond after the publication and mailing
of a notice of redemption nor during the period of fifteen (15)
days next preceding publication and mailing of a notice of
redemption.
G. Notice having been given in the manner and under the
conditions hereinabove provided, the Bonds or portions of Bonds so
called for redemption shall, on the redemption date designated in
such notice, become and be due and payable at the redemption price
provided for redemption for such Bonds or portions of Bonds on such
date. On the date so designated for redemption, moneys for. payment
95- 420
k,
of the redemption price being held in separate accounts by the Bond
Registrar and Paying Agent in trust for the registered owners of
the Bonds or portions thereof to be redeemed, all as provided in
this Resolution, interest on the Bonds or portions of Bonds so
called for redemption shall cease to accrue, such Bonds and
portions of Bonds shall cease to be entitled to any lien, benefit
or security under this Resolution, and the registered owners of
such Bonds or portions of Bonds shall have no right in respect
thereof except to receive payment of the redemption price thereof
and, to the extent provided. in the next subsection, to receive
Bonds for any unredeemed portions of the Bonds.
H. In case part but not all of an outstanding fully
registered Bond shall be selected for redemption, the registered
owner thereof shall present and surrender such Bond to the Issuer
or the Bond Registrar and Paying Agent for payment of the principal
amount thereof so called for redemption, and the Issuer shall
execute and deliver to or upon the order of such registered owner,
without charge therefor, for the unredeemed balance of the
principal amount of the Bond so surrendered, a Bond or Bonds fully
registered as to principal and interest in an authorized
denomination.
I. Bonds or portions of Bonds that have been duly called for
redemption under the provisions hereof, and with respect to which
amounts sufficient to pay the principal of, premium, if any, and
interest to the date fixed for redemption shall be delivered to and
held in separate accounts by an escrow agent, any bank, trust
company, national banking association, savings and loan
association, savings bank or other banking association which is
authorized under Florida law to be a depositary of municipal funds
and which has qualified with all applicable state and federal
requirements concerning the receipt of the Issuer's funds (an
"Authorized Depositary") or the Bond Registrar and Paying Agent in
trust for the registered owners thereof, as provided in this
Resolution, shall not be deemed to be outstanding under the
provisions of this Resolution and shall cease to be entitled to any
lien, benefit or security under this Resolution, except to receive
the payment of the redemption price on or after the designated date
of redemption from moneys deposited with or held by the escrow
agent, Authorized Depositary or Bond Registrar and Paying Agent, as
the case may be, for such redemption of the Bonds and, to the
extent provided in the preceding subsection, to receive Bonds for
any unredeemed portion of the Bonds.
J. If the date for payment of the principal of, premium, if
any, or interest on the Bonds shall be a Saturday, Sunday, legal
holiday or a day on which banking institutions in the city where
the principal corporate trust office of the Bond Registrar and
Paying Agent is located are authorized by law or executive order to
close, then the date for such payment shall be the next succeeding
day which is not a Saturday, Sunday, legal holiday or a day on
MR
95- 420
k--
which such banking institutions are so authorized to close, and
payment on such day shall have the same force and effect as if made
on the nominal date of payment.
K. The text of the Bonds and the form of assignment for such
Bonds, the authentication certificate and the validation
certificate to be endorsed thereon, to be endorsed thereon, shall
be substantially in the following form, with such omissions,
insertions and variations as may be necessary or desirable and
authorized by this Resolution or by any subsequent resolution or
ordinance adopted prior to the issuance thereof, or as may be
approved and made by the officers of the Issuer executing the same,
such execution to be conclusive evidence of such approval,
including, without limitation, such changes as may be required for
the issuance of uncertificated public obligations:
95- 420
No. R-
Interest
Rate:
6
[Form of Bond]
UNITED STATES OF AMERICA
STATE OF FLORIDA
THE CITY OF MIAMI
GENERAL OBLIGATION BONDS, SERIES 1995
(Sanitary Sewer System)
Maturity Date: Original Dated:
REGISTERED OWNER:
PRINCIPAL AMOUNT:
June 15, 1995
CUSIP NO:
DOLLARS
The City of Miami, Florida (hereinafter called the
"Issuer"), for value received, hereby promises to pay to the
Registered Owner identified above, or to registered assigns or
legal representatives, on the Maturity Date identified above (or
earlier as hereinafter provided), the Principal Amount identified
above, upon presentation and surrender hereof, at the office of
Bank of New York Trust Company of Florida, N.A., or its successors
or assigns, as Bond Registrar and Paying Agent (the "Bond
Registrar"), at the office of the Bond Registrar in Jacksonville,
Florida, and to pay interest on the principal sum from the date
hereof, or from the most recent interest payment date to which
interest has been paid, at the Interest Rate per annum identified
above, until payment of the principal sum, or until provision for
the payment thereof has been duly provided for, such interest being
payable semiannually on the first day of January and the first day
of July of each year, commencing on the first day of January, 1996.
Interest will be paid by check or draft mailed to the Registered
Owner hereof at his address as it appears on the registration books
of the Issuer maintained by the Bond Registrar at the close of
business on the fifteenth (15th) day (whether or not a business
day) of the month next preceding the interest payment date (the
"Record Date"), irrespective of any transfer or exchange of such
Bond subsequent to such Record Date and prior to such interest
payment date, unless the Issuer shall be in default in payment of
interest due on such interest payment date In the event of any such
default, such defaulted interest shall be payable to the person in
whose name such Bond is registered at the close of business on a
special record date (which date shall also be the date for the
payment of such defaulted interest) as established by notice by
deposit in the U.S. mail, postage prepaid, by the Issuer to the
Registered Owners of Bonds not less than fifteen (15) days
preceding such special record date. Such notice shall be mailed to
the persons in whose names the Bonds are registered at the close of
-9- 95- 420
business on the fifth (5th) day (whether or not a business day)
preceding the date of mailing.
This Bond is one of an authorized issue of bonds in the
initial aggregate principal amount of not to exceed $22,500,000 of
like date, tenor and effect, except as to number, maturity (unless
all bonds mature on the same date) and interest rate, issued to
provide for certain capital improvements of the Issuer, pursuant to
the authority of and in full compliance with the Constitution and
laws of the State of Florida, including particularly Article VII,
Section 2 of the Constitution; Chapter 166, Florida Statutes;
Resolution No.95--420 , duly enacted by the Issuer on May 25, 1995,
and certain other ordinances and resolutions of the Issuer
(collectively, the "Ordinance"), and other applicable provisions of
law. This Bond is subject to all the terms and conditions of the
Ordinance.
For the prompt payment of the principal of, redemption
premium, if any, and interest on this Bond as the same shall become
due, the full faith, credit and taxing power of the Issuer are
hereby irrevocably pledged.
The Bonds of this series scheduled to mature on January
1, 2004, or thereafter, shall be subject to redemption prior to
their maturity at the option of the Issuer on or after January 1,
2003, in whole at any time or in part on any interest payment date,
in inverse order of maturities and by lot within a maturity, at the
redemption prices (expressed as percentages of the principal
amount) set forth below, plus accrued interest to the redemption
date:
Optional Redemption Redemption
(both dates inclusive) Price
January 1, 2003 to December 31, 2003 101.00%
January 1, 2004 to December 31, 2004 100.50%
January 1, 2005 and thereafter 100.001-5
Notice of redemption is to be given by mailing a copy of
the redemption notice by registered or certified mail at least
thirty (30) but not more than sixty (60) days prior to the date
fixed for redemption to the registered owner of each Bond to be
redeemed at the address shown on the Bond Registrar's registration
books. Failure to give such notice by mailing to any Bondholder,
or any defect therein, shall not affect the validity of the
proceedings for the redemption of any Bond or portion thereof with
respect to which no such failure or defect has occurred. All such
Bonds called for redemption and for the retirement of which funds
are duly provided will cease to bear interest on such redemption
date.
-10-
95- 420
Reference is made to the Ordinance for the provisions,
among others, relating to the terms, lien and security for the
Bonds, the custody and application of the proceeds of the Bonds,
the rights and remedies of the holders of the Bonds, and the extent
of and limitations on the Issuer's rights, duties and obligations,
to all of which provisions the registered owner hereof assents by
acceptance hereof.
This Bond shall not be valid or become obligatory for any
purpose or be entitled to any security benefit under the Ordinance
until the Certificate of Authentication endorsed hereon shall have
been signed by the Bond Registrar.
The registration of this Bond may be transferred upon the
registration books upon delivery thereof to the principal office of
the Bond Registrar accompanied by a written instrument or
instruments of transfer in form and with guaranty of signature
satisfactory to the Bond Registrar, duly executed by the owner of
this Bond or by his attorney - in -fact or legal representative,
containing written instructions as to the details of transfer of
this Bond, along with the social security number or federal
employer identification number of such transferee. In all cases of
a transfer of a Bond, the Bond Registrar shall at the earliest
practical time in accordance with the provisions of the Ordinance
enter the transfer of ownership in the registration books and shall
deliver in the name of the new transferee or transferees a new
fully registered Bond or Bonds of the same maturity and of
authorized denomination or denominations, for the same aggregate
principal amount and payable from the same source of funds. The
Issuer and the Bond Registrar may charge the owner of such Bond for
the registration of every transfer or exchange of a Bond an amount
sufficient to reimburse them for any tax, fee or any other
governmental charge required. (other than by the Issuer) to be paid
with respect to the registration of such transfer, and may require
that such amounts be paid before any such new Bond shall be
delivered.
If the date for payment of the principal of, premium, if
any, or interest on this Bond shall be a Saturday, Sunday, legal
holiday or a day on which banking institutions in the city were the
corporate trust office of the Bond Registrar is located are
authorized by law or executive order to close, then the date for
such payment shall be the next succeeding day which is not a
Saturday, Sunday, legal holiday or a day on which such banking
institutions are so authorized to close, and payment on such day
shall have the same force and effect as if made on the nominal date
of payment.
It is hereby certified and recited that this Bond is
authorized by and is issued in conformity with the requirements of
the Constitution and statutes of the State of Florida, that all
acts, conditions and things required to exist, to happen, and to be
now
05- 420
cerf --n.e d crecedent tv t:.e _ssua: ce cf t'- is 3 e -
apue^.ed and-4 :ave been pert: rmed _.. regular and due form a:: 7e
as re ;,.:_red by the laws and Cons titation of the State of
acc__cacle hereto, and that the issuance of the Bonds of th,s-_ss•.;e
dc_S not violate any cons t_,aticnal or statutcry 'Limi-at_or cr
crovIS ion .
1 =� 17I77NESS WHEREOF, The City of Miami, 'as
issued tis Bcnd and has caused the same to be signed Florida,~by its Mayor
either manually or With his facsimile signature, and attested and
countersigned by the manual or facsimile signature of its City
Clerk, and a facsimile of its seal to be reproduced hereon, all as
of the 25th day of Mai_, 1995.
THE CITY OF MIAMI, FLORIDA
By: FA, ��.
STEVHEN P. CLARK, 4AYOR
APPROVED AS TO FORM:
By:
-12- 95-- 4�O
k-
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds designated in and executed
under the provisions of the within mentioned Ordinance.
as Bond Registrar
By:
Authorized Officer
Date of Authentication:
[Form of Abbreviations for Bonds]
The following abbreviations, when used in the inscription
on the face of the within Bond, shall be construed as though they
were written out in full According to the applicable laws or
regulations.
TEN COM- as tenants in common
TEN ENT- as tenants by the entireties
JT TEN- as joint tenants with the right of
survivorship and not as tenants in common
UNIFORM GIFT MIN ACT - Custodian
(Gust) (Minor)
under Uniform Gifts to Minors
Act
(State)
Additional abbreviations may also be used
though not in the above list.
-13-
9c-- 420
k,-.
[Form of Assignment for Bonds]
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
"Transferor"), hereby sells, assigns and
unto
----------------------------------------------
("Transferee").
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF TRANSFEREE
(the
transfers
the
the within Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints as
attorney to register the transfer of the within Bond on the books
kept for registration and registration of transfer thereof, with
full power of substitution in the premises.
Date:
Signature Guaranteed:
NOTICE: Signature(s) must be
guaranteed by a member firm of
the New York Stock Exchange or
a member firm of any other
recognized national securities
exchange or a commercial bank
or a trust company.
NOTICE: No transfer will be re-
gistered and no new Bond will
be issued in the name of the
Transferee, unless the signa-
ture(s) to this Assignment
correspond(s) with the name as
it appears upon the face of the
within Bond in every particu-
lar, without alteration or
enlargement or any change
whatever and the Social
Security or Federal Employer
Identification Number of the
Transferee is supplied.
[Form of Validation Certificate]
VALIDATION CERTIFICATE
This Bond is one of a series of bonds that were validated
and confirmed by a judgment of the Eleventh Judicial Circuit Court
in and for Dade County, Florida, rendered on July 11, 1984.
[End of Form of Bond]
now
Mayor
95- 420
k._.
SECTION 5. Application of Bond Proceeds. The proceeds of
the Bonds shall be used to pay the costs of issuance of the Bonds,
and all remaining proceeds shall thereafter be deposited by the
Issuer into its Capital Projects Fund, which is a capital fund of
the Issuer included in the Issuer's annual financial statements
prepared by its auditors, or accounts or subaccounts within the
Capital Projects Fund, and used to pay the costs of the capital
projects authorized by the Sanitary Sewer Bond Ordinances and
Resolutions and detailed in the Master Appropriations Ordinance.
SECTION 6. Levy of Ad Valorem Tax• Payment and Pledge;
Appropriation. Pursuant to the Sanitary Sewer Bond Ordinances and
Resolutions, in each fiscal year while any of the Bonds are
outstanding, there shall be assessed, levied and collected a tax,
without limitation as to rate or amount, on all taxable property
within the corporate limits of the Issuer (excluding homestead
exemptions as required by applicable law), sufficient in amount to
pay the principal of, premium, if any, and interest on the Bonds as
the same shall become due The tax assessed, levied and collected
for the security and payment of the Bonds shall be assessed, levied
and collected in the same manner and at the same time as other
taxes are assessed, levied and collected and the proceeds of said
tax shall be applied solely to the payment of principal of,
premium, if any, and interest on the Bonds.
The Issuer will diligently enforce its right to receive
tax revenues and will diligently enforce and collect such taxes.
The Issuer will not take any action that will impair or adversely
affect its rights to levy, collect and receive said taxes, or
impair or adversely affect in any manner the pledge made herein or
the rights of the holders of the Bonds.
The Issuer will appropriate from its general fund, not
later than the twenty-fifth (25th) day of each month next preceding
the dates upon which payments of the principal of, premium, if any,
and interest on the Bonds shall be due, an amount sufficient to pay
such principal of, premium, if any, and interest on the Bonds, as
the case may be.
SECTION 7. Compliance With Tax Requirements. The Issuer
hereby covenants and agrees, for the benefit of the owners from
time to time of the Bonds, to comply with the requirements
applicable to it contained in Section 103 and Part IV of Subchapter
B of Chapter 1 of the Internal Revenue Code of 1986, as amended
(the "Code"), to the extent necessary to preserve the exclusion of
interest on the Bonds from gross income for federal income tax
purposes. Specifically, without intending to limit in any way the
generality of the foregoing, the Issuer covenants and agrees:
(1) to pay to the United States of America from the
funds and sources of revenues pledged to the payment of the
Bonds, and from any other legally available funds, at the
-15-
05- 420
N_
times required pursuant to Section 148(f) of the Code, the
excess of the amount earned on all non -purpose investments (as
defined in Section 148(f)(6) of the Code) over the amount
which would have been earned if such non -purpose investments
were invested at a rate equal to the yield on the Bonds, plus
any income attributable to such excess (the "Rebate Amount");
( 2 ) to maintain and retain all records pertaining to and
to be responsible for making or causing to be made all
determinations and calculations of the Rebate Amount and
required payments of the Rebate Amount as shall be necessary
to comply with the Code;
(3) to refrain from using proceeds from the Bonds in a
manner that would cause the Bonds, or any of them, to be
classified as private activity bonds under Section 141(a) of
the Code; and
(4) to refrain from taking any action that would cause
the Bonds, or any of them, to become arbitrage bonds under
Section 103(b) and Section 148 of the Code.
The Issuer understands that the foregoing covenants
impose continuing obligations on the Issuer to comply with the
requirements of Section 103 and Part IV of Subchapter B of Chapter
1 of the Code so long as such requirements are applicable.
SECTION 8. Bond Registrar and Paying Agent. The Issuer
hereby appoints Bank of New York Trust Company of Florida, N.A.
Jacksonville, Florida, as the Bond Registrar and Paying Agent in
connection with the Bonds.
SECTION 9. Bond Counsel. Pursuant to Resolution 95-196,
the Issuer hereby appoints Adorno & Zeder, P.A., Miami, Florida, as
the Bond Counsel in connection with the Bonds.
SECTION 10. Sale by Public Bid; Publication of Notice of
Sale. The Director of Finance of the Issuer is hereby authorized
and directed to publish a notice calling for bids for the Bonds in
THE DAILY BUSINESS REVIEW or THE MIAMI HERALD, daily newspapers of
general circulation published in the City of Miami, and the in THE
BOND BUYER, a financial journal published in New York, New York,
and devoted primarily to municipal bonds, each of such publications
to be made at least ten (10) days before the date for the receipt
of bids, which Summary Notice of Sale shall be substantially in the
form attached hereto as Exhibit "A". The form on which all bids
are requested to be made shall be substantially in the form
attached to the Notice of Sale which is attached hereto as Exhibit
"B". The Summary Notice of Sale and Notice of Sale shall require
that all bids shall be received by 11:00 a.m. Miami, Florida time
on June 20, 1995.
-16-
95- A20
SECTION 11. Award. The City Clerk or any Deputy City Clerk
is authorized and directed to receive and hold bids until 11:00
a.m. Miami, Florida time on June 20, 1995, at which time City Clerk
or any Deputy City Clerk shall publicly open and read the bid. The
City Manager or his designee is authorized and directed to tabulate
the bids, consult with his staff and the Issuer's financial
advisors and accept the offer of the responsible bidder whose
proposal offers to purchase all of the Bonds at such rate or rates
of interest as will produce the lowest effective interest to the
Issuer; provided, however, that the City Manager or his designee
may reject all of the offers received if such rejection is deemed
by him to be in the best interest of the Issuer The lowest
effective interest rate will be determined in accordance with the
"Canadian" or "true" interest cost method of calculation by
doubling the semiannual interest rate (compounded semiannually)
necessary to discount the debt service payments from the payment
dates to the date of the Bonds and to the price bid, not including
interest accrued to the date of delivery.
SECTION 12. Bond Insurance. The successful bidder for the
Bonds may, in its discretion and at its sole cost, obtain a policy
of municipal bond insurance from a reputable and nationally
recognized bond insurer to secure the Bonds, and the Issuer agrees
to cooperate with the successful bidder, upon request, to qualify
the Bonds for the issuance of such bond insurance.
SECTION 13. Conformance of Sanitary Sewer Bond Ordinances
and Resolutions. All provisions of the Sanitary Sewer Bond
Ordinances and Resolutions, to the extent they are inconsistent or
conflict with the terms hereof, including, but not limited to,
Section 9 of Resolution No. 84-628 and Section 3 of Resolution No.
81-1020, and the forms of the Bonds in any such Sanitary Sewer Bond
Ordinances and Resolutions, are hereby amended to conform herewith,
and such Sanitary Sewer Bond Ordinances and Resolutions are
supplemented hereby.
SECTION 14. Investment of Proceeds of Bonds. All proceeds
of the Bonds held by the Issuer may be invested by the Issuer in
such investments as are permitted by applicable law.
SECTION 15. Preliminary Official Statement• Official
Statement. The Issuer hereby approves the form and content of the
draft of the Preliminary Official Statement in connection with the
Bonds attached hereto as Exhibit "C", subject to such changes
therein as the Director of Finance of the Issuer shall approve
prior to the publication of the Notice of Sale. Distribution of
the Preliminary Official Statement by the Director of Finance of
the Issuer to prospective purchasers of the Bonds is hereby
authorized, as is use of the Preliminary Official Statement in
connection with the marketing of the Bonds. The Mayor or Vice
Mayor of the Issuer is hereby authorized to approve and execute, on
behalf of the Issuer, an Official Statement relating to the Bonds
-17-
05- 420
R�
with such changes from the Preliminary Official Statement as the
Mayor or Vice Mayor in his sole discretion, may approve, such
execution to be conclusive evidence of such approval
SECTION 16. Authorizations. The Mayor, the City Manager,
the City Clerk and the Director of Finance of the Issuer and their
designees are each designated as agents of the Issuer in connection
with the sale, issuance and delivery of the Bonds and are
authorized and empowered, collectively or individually, to take all
actions and steps and to execute all instruments, documents and
contracts on behalf of the Issuer that are necessary or desirable
in connection with the sale, execution, issuance and delivery of
the Bonds and which are not inconsistent with the terms and
provisions of this Resolution.
SECTION 17. Modification or Amendment. This Resolution may
be modified and amended and all appropriate blanks appearing herein
may be completed by the Issuer from time to time prior to the
issuance of the Bonds. Thereafter, no modification or amendment of
this Resolution or of any resolution or ordinance amendatory hereof
or supplemental hereto materially adverse to the holders of the
Bonds may be made without the consent in writing of the owners of
not less than a majority in aggregate principal amount of the
outstanding Bonds, but no modification or amendment shall permit a
change (a) in the maturity of the Bonds or a reduction in the rate
of interest thereon, (b) in the amount of the principal obligation
of any Bond, (c) that would affect the unconditional promise of the
Issuer to levy and collect taxes as herein provided, or (d) that
would reduce such percentage of holders of the Bonds required above
for such modifications or amendments, without the consent of all of
the holder of the Bonds. For the purpose of Bondholders' voting
rights or consents, the Bonds owned by or held for the account of
the Issuer, directly or indirectly, shall not be counted.
SECTION 18. Defeasance and Release. If, at any time after
the date of issuance of the Bonds (a) all Bonds secured hereby or
any maturity thereof shall have become due and payable in
accordance with their terms or otherwise as provided in this
Resolution, or shall have been duly called for redemption, or the
Issuer gives the Bond Registrar and Paying Agent irrevocable
instructions directing the payment of the principal of, premium, if
any, and interest on such Bonds at maturity or at any earlier
redemption date scheduled by the Issuer, or any combination
thereof, (b) the full amount of the principal, premium, if any, and
the interest so due and payable upon all of such Bonds then
outstanding, at maturity or upon redemption, shall be paid, or
sufficient moneys shall be held by the Bond Registrar and Paying
Agent, an escrow agent or an Authorized Depositary in irrevocable
trust for the benefit of such holders of the Bonds (whether or not
in any accounts created hereby) which, when invested in direct
obligations of the United States of America maturing not later than
the maturity or redemption dates of such principal, premium, if
-18-
95- 420
k—
any, and interest, will, together with the income realized on such
investments, be sufficient to pay all such principal, premium, if
any, and interest on said Bonds at the maturity thereof or the date
upon which such Bonds are to be called for redemption prior to
maturity, and (c) provision shall also be made for paying all other
sums payable hereunder by the Issuer, then and in that case the
right, title and interest of Bondholders hereunder shall thereupon
cease, determine and become void; otherwise, this Resolution shall
be, continue and remain in full force and effect. Notwithstanding
anything in this Section 18 to the contrary, however, the
obligations of the Issuer under Section 7 hereof shall remain in
full force and effect until such time as such obligations are fully
satisfied.
SECTION 19. Qualification For The Depository Trust Company.
Notwithstanding any other provision hereof, the Issuer, the Bond
Registrar and Paying Agent are hereby authorized to take such
actions as may be necessary from time to time to qualify the Bonds
for deposit with The Depository Trust Company, including but not
limited to those actions as may be set forth in a letter of
representations prepared in such form as is customarily required
from The Depository Trust Company, wire transfers of interest and
principal payments with respect to the Bonds, utilization of
electronic book entry data received from The Depository Trust
Company in place of actual delivery of Bonds and provisions of
notices with respect to Bonds registered by The Depository Trust
Company (or any of its designees identified to the Issuer, the Bond
Registrar or the Paying Agent) by overnight delivery, courier
service, telegram, telecopy or other similar means of
communication. No such arrangements with The Depository Trust
Company may adversely affect the interests of any of the owners of
the Bonds, provided, however, that the Issuer and the Bond
Registrar and Paying Agent shall not be liable with respect to any
such arrangements they may make pursuant to this section.
SECTION 20. Severability. If any one or more of the
covenants, agreements or provisions of this Resolution shall be
held contrary to any express provisions of law or contrary to the
policy of express law, though not expressly prohibited, or against
public policy, or shall for any reason whatsoever be held invalid,
then such covenants, agreements or provisions shall be null and
void and shall be deemed separate from the remaining covenants,
agreements or provisions of this Resolution or of the issued Bonds
hereunder.
SECTION 21. No Third Party Beneficiaries. Except as herein
otherwise expressly provided, nothing in this Resolution expressed
or implied is intended or shall be construed to confer upon any
person, firm or corporation other than the parties hereto and the
owners and holders of the Bonds issued under and secured by this
Resolution, any right, remedy or claim, legal or equitable, under
or by reason of this Resolution or any provision hereof, this
-19-
05- 420
Resolution and all its provisions being intended to be and being
for the sole and exclusive benefit of the parties hereto and the
owners and holders from time to time of the Bonds issued hereunder.
SECTION 22. Controlling Law; Members of Commission and
Officials of Issuer Not Liable. All covenants, stipulations,
obligations and agreements of the Issuer contained in this
Resolution shall be deemed to be covenants, stipulations,
obligations and agreements of the Issuer to the full extent
authorized and provided by the Constitution and laws of the State
of Florida No covenant, stipulation, obligation or agreement
contained herein shall be deemed to be a covenant, stipulation,
obligation or agreement of any present or future member, agent or
employee of the Commission or the Issuer in his individual
capacity, and neither the members of the Commission nor any
official executing the Bonds shall be liable personally on the
Bonds or this Resolution or shall be subject to any personal
liability or accountability by reason of the issuance or the
execution by the Commission or such members thereof.
SECTION 23. Effective Date. This Resolution shall be
effective immediately upon its adoption.
PASSED AND ADOPTED this 25 day of May 199
B (A- 10
Y
Step en P. Clark
Mayor
ATTEST:
Matty irai, City erk
PPROVED AS TO FORM AND CORRECTNESS:
By: 144
inn o es I I
City/ Att r .ey
-20-
9J- 420
EXHIBIT "A"
SUMMARY NOTICE OF SALE
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATIONS BONDS, SERIES 1995
(SANITARY SEWER SYSTEM)
Sealed bids will be received by the City Clerk of the
City of Miami, Florida at City Hall, 3500 Pan American Drive,
Miami, Florida, until 11:00 A.M. Miami, Florida time on
June 20, 1995
for The City of Miami, Florida General Obligation Bonds, Series
1995 (Sanitary Sewer System) to be issued in the aggregate
principal amount of $ (the "Bonds"). The Bonds will be
dated June 15, 1995 and will mature as follows:
Maturity Date Principal Maturity Date Principal
January 1 Amount January 1 Amount
The Bonds will be delivered on or about June 28, 1995 in
New York, New York against payment in Federal Reserve Funds. The
approving legal opinion of Adorno & Zeder, P.A., Miami, Florida,
will be furnished without cost to the purchasers of the Bonds.
The Notice of Sale and Official Bid Form and copies of
the Preliminary Official Statement relating to the Bonds may be
obtained upon request to the undersigned at 300 Biscayne Boulevard
Way, Suite 210, Miami, Florida 33131, telephone number (305)
579-6350, or to the Financial Advisors, Howard Gary & Company, 3050
Biscayne Boulevard, Suite 603, Miami, Florida 33137-4163, telephone
number (305) 571-1380, and Raymond James & Associates, Inc., 880
Carillon Parkway, St. Petersburg, Florida 33716, telephone number
(813) 573-8189.
Manohar S. Surana
Director of Finance
The City of Miami, Florida
;L�
95-- 420
k�—
EXHIBIT "B"
NOTICE OF SALE
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATIONS BONDS, SERIES 1995
(SANITARY SEWER SYSTEM)
Sealed Bids
Sealed bids will be received by the City Clerk of the
City of Miami, Florida (the "City") in the City Hall, 3500 Pan
American Drive, Miami, Florida, until 11:00 A.M. Miami, Florida
time on June 20, 1995 at which time and place all bids will be
publicly opened and read, for The City of Miami, Florida General
Obligation Bonds, Series 1995 (Sanitary Sewer System) to be issued
in the aggregate principal amount of $ and to be dated
June 15, 1995 (hereinafter referred to as the "Bonds"). The City
reserves the right to schedule and reschedule the opening of the
sealed bids to a subsequent date, with notice thereof given in such
manner as the City deems appropriate.
Bond Details
The Bonds are issuable as registered bonds, without
coupons, in the denomination of $5,000 or any integral multiple
thereof. Interest on the Bonds will be payable to the registered
owners shown on the registration books of the City on the fifteenth
(15th) day of the month preceding an interest payment date, by
check or draft mailed to such registered owners by the Bond
Registrar and Paying Agent (as hereinafter provided).
When issued the Bonds will be registered in the name of Cede
& Co., as nominee of The Depository Trust Company, New York, New
York, which will act as securities depository for the Notes.
Ownership interests in the Bonds will be transferred pursuant to a
book -entry system as described in the Preliminary Official
Statement with respect to the Bonds.
The Bonds will be dated and bear interest from June 1, 1995,
payable semiannually on January 1 and July 1 in each year, at the
rate or rates specified in such proposal as may be accepted, the
first interest payment being due on January 1, 1996. The Bonds
will mature as follows:
MATURITY SCHEDULE
Maturity Date Principal
January 1 _ Amount
�;L
Maturity Date Principal
January 1 Amount
95- 420
k.l
Principal of, and premium, if any, on the Bonds will be
payable upon presentation and surrender thereof, at the office of
Bank of New York Trust Company of Florida, N.A., the Bond Registrar
and Paying Agent, in Jacksonville, Florida.
Optional Redemption
The Bonds scheduled to mature on January 1, 2004, or
thereafter, shall be subject to redemption prior to their maturity
at the option of the City on or after January 1, 2003, in whole at
any time or in part on any interest payment date, in inverse order
of maturities and by lot within a maturity, at the redemption
prices (expressed as percentages of the principal amount) set forth
below, plus accrued interest to the redemption date:
Optional
Redemption
Redemption
(both
dates inclusive)
Price
January
1,
2003 to December 31, 2003
101.00%
January
1,
2004 to December 31, 2004
100.500-.
January
1,
2005 and thereafter
100.00%
Purpose; Validation
The Sanitary Sewer Bonds were authorized by Ordinance No.
9128, as supplemented and amended, for the purpose of paying the
cost of improvements and extensions to the sanitary sewer system
of the City.
The Bonds have been validated by a judgment of the
Eleventh Judicial Circuit Court in and for Dade County, Florida and
no appeal was taken therefrom.
Security for and Source of Payment for the Bonds
The Bonds will be general obligations of the City for
which its full faith, credit and taxing power have been irrevocably
pledged, and are payable from unlimited ad valorem taxes on all
taxable property in the City (excluding homestead exemptions for
owner occupied housing and certain persons who are aged, disabled
or otherwise qualified therefor, as required by applicable law).
Interest Rates and Bidding Details
Each proposal must be in the form of the Official Bid
Form and enclosed in a sealed envelope marked "Bid for $
City of Miami, Florida General Obligations Bonds, Series 1995
(Sanitary Sewer System)". Bidders are requested to name the
interest rate or rates in multiples of 1/8 or 1/20 of 1%. Each bid
must specify the interest rate for the Bonds of each maturity, and
all bonds maturing on the same date must bear interest at the same
rate. Each coupon rate of interest specified for Bonds of any
0
23
95- 420
maturity shall not be less than the coupon rate of interest of
Bonds of any earlier maturity. Any number of interest rates may be
named, but the highest interest rate named may not exceed the
lowest interest rate named by more than two percent (20). No Bond
shall bear more than one rate of interest, which rate shall be
uniform for the life of the Bond, and no zero or blank rate or
split rate will be permitted. No bid for less than all of the
Bonds offered will be entertained. Premiums may be specified.
Bond Insurance
The successful bidder for the Bonds may, in its
discretion and at its sole expense, obtain a policy of municipal
bond insurance from a reputable and nationally recognized bond
insurer to secure all or a portion of the Bonds, and the City will
cooperate with the successful bidder, upon request, to qualify the
Bonds for the issuance of such bond insurance. The Financial
Advisors have applied to various insurance companies to qualify the
Bonds for municipal bond insurance; however, there is no guarantee
that such insurance will be obtained nor is there any obligation on
the part of the Financial Advisors to obtain such insurance.
Award of Bonds
As between acceptable proposals complying with this
Notice of Sale, the Bonds will be sold to the responsible bidder
whose proposal offers to purchase all the Bonds at such rate or
rates of interest as will produce the lowest effective interest
rate to the City. The lowest effective interest rate will be
determined in accordance with the "Canadian" or "true" interest
cost method of calculation by doubling the semiannual interest rate
(compounded semiannually) necessary to discount the debt service
payments from the payment dates to the date of the Bonds and to the
price bid, not including interest accrued to the date of delivery.
RIGHT OF REJECTION AND WAIVER OF IRREGULARITY
THE CITY RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS,
AND ANY BIDS NOT COMPLYING WITH THE PROVISIONS HEREOF OR FLORIDA
LAW WILL BE REJECTED. THE CITY ALSO RESERVES THE RIGHT TO WAIVE
ANY AND ALL INFORMALITY IN ANY BID, TO TARE ANY ACTION ADJOURNING
OR POSTPONING THE SALE OF THE BONDS OR TO TAKE ANY OTHER ACTION THE
CITY MAY DEEM TO BE IN THE BEST INTEREST OF THE CITY.
Official Statement
The City has authorized the distribution of its
Preliminary Official Statement dated June 1, 1995 related to the
Bonds which it deems final for purposes of Rule 15c2-12(b)(1) of
the Securities and Exchange Act of 1934, as amended (the "Rule")
(except for certain omissions as described by the Rule). Such
Preliminary Official Statement is subject to revision, amendment
9
95- 420
and completion in a final Official Statement. Upon the sale of the
Bonds, the City agrees to provide to the successful bidder, within
the earlier of seven business days following the sale of the Bonds
or to accompany the successful bidders confirmation that requests
payment for the Bonds, copies of a final Official Statement in
quantities sufficient to comply with the Rule.
The City will include in the Official Statement such
additional information concerning the reoffering of the Bonds as
the successful bidder or bidders may reasonably request. The
successful bidder or bidders will be responsible to the City and
its officials in all respects with respect to the accuracy and
completeness of information provided by such successful bidder or
bidders with respect to such reoffering. The successful bidder or
bidders will be required to acknowledge receipt of the Official
Statement and will be prohibited from confirming the sale of any
Bonds unless the confirmation requesting payment from the customer
is accompanied or preceded by a copy of the Official Statement. At
the time of or prior to the delivery of the Bonds, the successful
bidder or bidders will be required to file the Official Statement
with a nationally recognized municipal securities information
repository acceptable to the City and to advise the City of the
date and repository of such filing. In the event that the Bonds are
awarded to more than one bidder, such filing may be done by one of
the successful bidders on behalf of all the successful bidders.
At the time of or prior to delivery of the Bonds, the
successful bidder or bidders will be required to terminate its or
their underwriting period or periods (as defined in the Rule). In
the event that a successful bidder advises the City that its
underwriting period has not been terminated at the time of delivery
of the Bonds, such successful bidder shall terminate its
underwriting period not later than five days after the date of
delivery of the Bonds, unless the City shall agree to a longer
period. The City will consider seriously any good faith request by
such successful bidder for a longer period during which to
underwrite the Bonds.
The successful bidder or bidders will not be required to pay
the cost of printing the Preliminary Official Statement or a total
of not more than 500 copies of the Official Statement (including
any amendment or supplement thereto) to be allocated pro rata among
such bidders but will be responsible for the costs of printing more
than 500 copies of the Official Statement (including any amendment
or supplement thereto).
Good Faith
Each bid must be accompanied by a good faith deposit in the
form of a certified or bank cashier's or treasurer's check drawn
upon an incorporated bank or trust company, or a Financial Surety
Bond (as described below), in the amount of $ , which check
C11
95- 420
.2S
or Financial Surety Bond, on which no interest will be allowed,
must be payable unconditionally to the order of The City of Miami,
Florida. Award or rejection of bids will be made on the date above
stated for receipt of bids and the unsuccessful bidders who
submitted checks in satisfaction of the good faith deposit
requirement will have such checks returned immediately.
Alternatively, the good faith deposit requirement may be
satisfied through the posting of a Financial Surety Bond under
Capital Guaranty Insurance Company's Sure -Bid program, in the
amount of $ and payable to the order of The City of Miami,
Florida. If a Financial Surety Bond is used, such bond must be
submitted to the City prior to the opening of the bids. The
Financial Surety Bond must identify each bidder whose good faith
deposit is guaranteed by such Financial Surety Bond. If the Bonds
are awarded to a bidder utilizing a Financial Surety Bond, then
that purchaser (the "Purchaser") is required to submit its good
faith deposit to the City in the form of a cashier's check (or wire
transfer such amount for the benefit of the City to the following
bank and bank. account: First Union National Bank of Florida, No.
063000021, Credit to The City of Miami, Florida, Acct. No.
2696204833948, Attn: Joyce Blackwood) not later than 3:30 p.m.
Miami time on the next good faith deposit is Surety Bond may be
drawn by the City to deposit requirement. No interest on the accrue
to the Purchaser.
The good faith deposit of the successful bidder will be cashed
and the proceeds, on which no interest will be allowed, will be
held as security for the performance of the bid, and, in the event
such successful bidder shall fail to comply with the terms of its
bid, the proceeds will be retained by the City. The retention of
such good faith deposit will constitute full liquidated damages. If
it shall be found impossible to issue and deliver the Bonds, the
City will deliver to the successful bidder a certified or bank
cashier's or treasurer's check drawn upon a bank or trust company
in The City of Miami, Florida, payable unconditionally to the order
of such bidder, in the amount of the good faith deposit submitted
by such bidder with its bid. Upon delivery of the Bonds, the
proceeds of the good faith deposit of the successful bidder will be
applied to payment for the Bonds.
CUSIP Numbers
It is anticipated that CUSIP identification numbers will
be printed on the Bonds, but neither the failure to print such
numbers on any Bond nor any error with respect thereto shall
constitute cause for a failure or refusal by the purchasers thereof
to accept delivery of or pay for the Bonds in accordance with the
terms of their bid. All expenses in relation to the printing of
CUSIP numbers on the Bonds and CUSIP Service Bureau charge for the
assignment of such numbers will be paid by the City.
S
A6
95- 4-20
k,
Delivery of Bonds
Delivery of the Bonds in definitive form will be made on
or about June 28, 1995, or such other date as shall be appropriate
to ensure compliance with the Rule, in New York, New York, against
payment therefor in immediately available Federal Reserve Funds to
the order of The City of Miami, Florida. The approving legal
opinion of Adorno & Zeder, P.A., Miami, Florida, will be furnished
without cost to the purchasers of the Bonds. The successful bidder
shall be required, at or prior to delivery of the Bonds, to furnish
to the City such information concerning the initial prices at which
a substantial amount of the Bonds of each maturity were sold to the
public as the City shall reasonably request. The usual closing
documents shall also be furnished. However, the successful bidder
will be responsible for the clearance or exemption with respect to
the status of the Bonds for sale under the securities or "Blue Sky"
laws of the several states and the preparation of any surveys or
memoranda in connection therewith.
Concurrently with the deliver
Manager and the City Director of Fina
officers of the City will furnish their
that, to the best of their knowledge, the
its date and as of the date of delivery
does not contain any untrue statement of
y of the Bonds, the City
.,ice or other appropriate
certificate to the effect
Official Statement, as of
of the Bonds, did not and
a material fact or omit to
state a material fact necessary to make the statements contained
therein, in the light of the circumstances under which they were
made, not misleading.
Disclosure Obligations of the Purchaser
Section 218.38(1)(b)(1), Florida Statutes, requires that
the City file, within 120 days after delivery of the Bonds, an
information statement with the Division of Bond Finance of the
Department of General Services of the State of Florida (the
"Division") containing the following information: (a) the name and
address of the managing underwriter, if any, associated with the
issuance of the Bonds, (b) the name and address of any attorney or
financial consultant who advised the City with respect to the
Bonds, (c) any fee, bonus or gratuity paid by the managing
underwriter or financial consultant who advised the City with
respect to the Bond issue to any person not regularly employed or
engaged by such underwriter or consultant, and (d) any other fee
paid by the City with respect to the Bonds, including any fee paid
to attorneys or financial consultants. The purchaser of the Bonds
is required to provide the City, in a timely fashion such that the
City may comply with the above referenced statute, a statement
signed by an authorized officer containing the information
mentioned in (a) and (c) above. Section 218.38(1)(b)2, Florida
Statutes, requires that the managing underwriter, within 90 days
after delivery of the Bonds, provide the City with a statement
containing the information mentioned in (c) above. The information
Al
95- 420
-
provided pursuant to the cited statute will be maintained by the
Division and by the City as a public record.
Right of Cancellation
The successful bidder shall have the right, at its
option, to cancel its obligation to purchase the Bonds if the City
shall fail to tender the Bonds for delivery within sixty (60) days
from the date herein fixed for the receipt of bids, and, in such
event, the successful bidder shall be entitled to the return of the
deposit accompanying its bid.
Certificate Regarding Reoffering Prices
As soon as practicable, but not later than seven (7) days
prior to delivery of the Bonds, the successful bidder will be
required to furnish the City a certificate specifying for each
maturity the reoffering price at which at least ten percent (100)
of the Bonds of such maturity were sold to the public or were
offered in a bona fide public offering (to persons other than bond
houses, brokers or similar persons or organizations acting in the
capacity of underwriters or wholesalers) and, as of the date of
award of the Bonds to the successful bidder, were reasonably
expected to be sold to the public. Such certificate shall be in
form and substance satisfactory to Bond Counsel and shall include
such additional information as may be requested by Bond Counsel.
Estimate of True Interest Cost
Each bidder is requested, but not required, to state in
its bid the amount of interest payable on the Bonds during the life
of the issue and the percentage true interest cost (determined as
described above) which shall be considered as informative only and
not binding on either the bidder or the City.
Minority and Women's Business Enterprises
Pursuant to Ordinance No. 10062, as amended by Ordinance No.
10538 (collectively, the "Ordinance"), which by this reference
thereto is hereby herein incorporated in its entirety, it is the
policy of the City to ensure that MBE/WBE Firms (as hereinafter
defined) have the maximum opportunity to participate in the
performance of City contracts. Bidders are encouraged to comply
with such policy by either joint venturing with MBE/WBE Firms or
including such firms in their joint management group. For such
purposes, a "MBE/WBE Firm" is a firm at least 510-. owned by Blacks,
Hispanics or women whose management and daily business operations
are controlled by one or more Blacks, Hispanics, or women who
employ a maximum of twenty-five employees or have a net worth not
in excess of two million dollars.
95- 420
AFr
The objective of the City is to achieve a goal of awarding a
minimum of fifty-one percent (510) of the total annual dollar
volume of all procurement expenditures to Black, Hispanic and
women -owned small business enterprises to be apportioned as
follows:
seventeen percent (170) to Blacks, seventeen
percent (170) to Hispanics and seventeen
percent (170) to women.
Bidders are advised of the right of the City to terminate and
cancel any contract or contractual agreement entered into as a
result of this Notice of Sale, including elimination of the
individual(s) from consideration and participation in future City
contracts, on the basis of having submitted deliberate and willful,
false or misleading information as to his, her or its status as a
MBE/WBE Firm and/or the quantity and/or type of MBE/WBE Firm
participation.
Each bidder agrees to provide a sworn statement of compliance
with the provisions of the Ordinance and its specific applicability
to the purchase of the Bonds, which statement shall certify that
the bidder, during the course of time involved in the performance
of the contract, shall not discriminate against any business,
employee, or applicant for employment because of age, ethnicity,
race, creed, color, religion, sex, national origin, handicap or
marital status.
Bidders are also required to provide a statement of the extent
to which such business enterprise has as one or more of its
partners or principals persons who are Black, Hispanic or women, or
is a joint venture comprised of a MBE/WBE Firm.
Bidders are required to submit an Affirmative Action Plan
(AAP), which shall include the projected annual goals and the
timetables which will be used to employ and/or procure women,
Blacks and Hispanics, a non-discrimination policy statement and any
other actions which will be used to ensure equity in employment and
the utilization of MBE/WBE Firms. Any significant subcontractors,
suppliers or other parties to the bid or proposal shall also be
required to submit an AAP. Bidders who do not presently have an AAP
shall submit in lieu thereof a detailed listing of employees in
tabular form indicating:
(1) Ethnicity, race and gender; and
(2) level of responsibility delineating between management,
professional, administration and clerical.
If the bidder is a public company, the bidder should indicate
what percentage of its board of directors are members of an ethnic,
racial, or gender minority.
DC�
95- 420
kl-
Bidders shall demonstrate a good faith effort to ensure equal
employment opportunities for Blacks, Hispanics and women on the
contract resulting from the Notice of Sale. Successful bidders
shall document these efforts fully and shall provide reports as may
be required by the City.
Successful bidders shall permit access to their books, records
and accounts by the Office of MBE/WBE Affairs or its designee for
the purpose of investigation to ascertain compliance with the
foregoing requirements.
In the event of the successful bidders' noncompliance with the
affirmative action policy hereof, the City Manager may suspend in
whole or part, cancel or terminate the bid or contract award and/or
impose other sanctions as may be determined to be appropriate.
Bid Protests
In the event that a bidder desires to protest the award of the
Bond, compliance with the procedures described in Ordinance No.
11072 (amending Section 18.56-1 of the City Code) shall be
mandatory.
Additional Information
The official Bid Form and Notice of Sale and copies of the
Preliminary Official Statement relating to the Bonds may be
obtained upon request to the undersigned at 300 Biscayne Boulevard
Way, Suite 210, Miami, Florida, 33131, telephone number (305) 579-
6350, or to the Financial Advisors, Kishor M. Parekh, First Vice
President, Howard Gary & Company, 3050 Biscayne Boulevard, Suite
603, Miami, Florida 33137-4163 telephone number, (305) 571-1380 and
Wendell G. Gaertner, Vice President, Public Finance, Raymond James
& Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida
33716 telephone number, (813) 573-8189.
Dated: June 1, 1995
Manohar S. Surana
Director of Finance
The City of Miami, Florida
Q7
30
95- 420
k_..
OFFICIAL BID FORM
Proposal
For the Purchase of
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 1995
(SANITARY SEWER SYSTEM)
June 20, 1995
Commission of The City of Miami, Florida
City Hall
3500 Pan American Drive
Miami, Florida 33133
Dear Commissioners:
On behalf of an underwriting syndicate which we have
formed, headed by the undersigned and consisting of the firms
listed on a separate sheet attached hereto as Exhibit A, and in
accordance with the terms and conditions of the attached Notice of
Sale dated June 1, 1995 (the "Notice of Sale"), which is hereby
made a part of this proposal, we offer to purchase all of the City
of Miami, Florida, General Obligation Bonds, Series 1995 (Sanitary
Sewer System) in the aggregate principal amount of $
(hereinafter referred to as the "Bonds"). The Bonds will be dated
June 15, 1995. We will pay for the Bonds at the time of delivery,
in immediately available Federal Reserve Funds, Million
Dollars ($ ), plus accrued interest, if any, from June 15,
1995 to the date of delivery, and a cash premium of
$ for all of the Bonds.
In satisfaction of the City's good faith deposit
requirement, we enclose herewith a certified, bank cashier's or
treasurer's check drawn on an incorporated bank or trust company,
or we have made provision for a Financial Surety Bond, in the
amount of $ payable to the order of The City of Miami,
Florida, which good faith deposit is to be applied or returned in
accordance with the Notice of Sale.
05- 420
31
SCHEDULE OF MATURITIES AND INTEREST RATES
The Bonds shall bear interest at the rates set forth in
the following schedule:
Maturity
January 1 Amount Rate Price
The closing documents referred to in the Notice of Sale
are to include certificates, dated as of the date of the delivery
of the Bonds, with reference to the Official Statement, as provided
therein, and stating that there is no litigation pending or, to the
knowledge of the signer of such certificate, threatened which would
I materially adversely affect the validity of the Bonds. We hereby
agree to provide to the City, at or prior to closing, such
information regarding the initial prices at which a substantial
amount of each maturity of the bonds were sold to the public as the
City shall reasonably request.
We agree to comply with all requirements of the Minority and
Women Business Affairs Procurement Program ("MWBAPP") established
under Ordinance No. 10062, as amended by Ordinance No. 10538, which
Ordinance by this reference is hereby incorporated herein in its
entirety, which are applicable to this matter. We acknowledge the
City's right to terminate, suspend or impose sanctions with respect
hereto, as more fully outlined in the Notice of Sale.
2
3;L
95- 420
k,
We certify that we, during the course of time involved in the
performance of this contract, shall not discriminate against any
business, employee or applicant for employment because of age,
ethnicity, race, creed, color, religion, sex, national origin,
handicap or marital status. We further state that
(a statement of the extent to which the business enterprise has as
one or more of its partners or principals persons who are Black,
Hispanic or women, or is a joint venture comprised of a non --
minority and minority business and/or women -owned enterprise).
We agree to:
(a) implement specific affirmative action plans as
approved by the director of the Office of MBE/WBE Affairs including
the submission of an AAP (as outlined in the Notice of Sale) and to
demonstrate a good faith effort to ensure equal employment
opportunities for Blacks, Hispanics and women on this contract;
(b) document these efforts fully and to provide reports
as may be required by the City;
(c) permit access to our books, records and accounts by
the Office of MBE/WBE Affairs or its designee for the purpose of
investigation to ascertain compliance with the foregoing
requirements; and
we acknowledge that in the event of noncompliance with the
requirements of the MWBAPP (as more fully outlined in the Notice of
Sale), the City Manager may suspend in whole or part, cancel or
terminate the bid award and/or impose other sanctions as may be
determined to be appropriate.
Respectfully submitted,
, Bidder
By. _
Title.
(No addition or alteration except as provided above, is
to be made to this bid form, and it must not be detached from the
Notice of Sale.)
3
95- 420
33
.y
The following is provided for information only and is not
a part of this bid:
This bid is is not made for Bonds carrying
complete or partial municipal bond insurance,
with the Insurance premium being paid for by the underwriter. The
insurer is
i
iThe total amount of interest payable on the Bonds during
the life of the issue under this proposal without deducting the
premium bid, if any, is $
i
The true interest cost for the Bonds, calculated as
described in the Notice of Sale, is o.
If our bid is not accepted, the enclosed good faith check
should be returned to the following:
Firm:
Attention:
Street:
City: State: Zip:
IF THE UNSUCCESSFUL BIDDER DESIRES TO RECEIVE RETURN OF THE
GOOD FAITH CHECK IN PERSON, THE CHECK WILL BE AVAILABLE AFTER
OPENING AND EVALUATION OF THE BIDS.
I
The above mentioned check has been returned and receipt
thereof is duly acknowledged.
Bidder
By. _
Title.
Telephone No.:
4
344
95- 420
k. -
I
EXHIBIT A TO THE OFFICIAL BID FORM
Following is a list of the members of our account on whose behalf
this bid is made.
Joint Management Group Member(s)* o of Liability
Syndicate Group Member(s)* o of Liability
* Please indicate which members of the account are MBE/WBE firms.
5
3s
95-- 420
k--
EXHIBIT "C"
FORM OF PRELIMINARY OFFICIAL STATEMENT
95- 420
36
Y
Arm
PRELINtINARY OFFICIAL STATEMENT DATED JUNE 1, 1995
NEW ISSUE - Book -Entry Only
RATINGS: \Ioodv*s:
Standard & Poor Is:
See "RATINGS" herein
in the opinion of Bond Counsel, under existing statutes and court decisions, interest on the Series 1995 Bonds is
not included in Lross income for Federal income tax purposes, assuming compliance by the City with certain covenants and
procedures, and is not treated as an item of tax preference For purposes of the alternative minimum tax imposed on
individuals and corporations under the Internal Revenue Code of 1986, as amended. See however. "TAX TREATMENT".
herein for a further discussion of certain other tax aspects. Bond Counsel is further of the opinion that the Series 1995 Bonds
and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes
imposed by Chapter "0. Florida Statutes. on interest, income or profits on debt obligations owned by corporations, banks
and sayings associations, as defined therein.
$22.500.000*
THE CITY OF INfIANII, FLORIDA
GENERAL OBLIGATION BONDS,
SERIES 1995
(SANITARY SEWER SYSTEM)
Dated: June 15, 1995
Due: January 1, as shown beloc4
Interest on the Series 1995 Bonds is payable semi-annually on January l and July 1 in each year, commencing
January 1, 1996 (tile "interest Payment Dates"). The Series 1995 Bonds are being issued in registered book -entry only torm
in denominations of S5,000 principal amount, or any integral multiple thereof. When executed and delivered, the Series 1995
Bonds will be registered in the name of Cede & Co., as nominee of the Depository Trust Company ("DTC"). Beneficial
owners of the Series 1995 Bonds will not receive certificates representing their interests in the Series 1995 Bonds purchased.
Principal and interest on the Series 1995 Bonds will be paid to DTC or its nominee, as the registered owner thereof, by Bank
of New York Trust Company of Florida, N.A., Jacksonville, Florida, as Registrar and Paving Agent, mailed to the
registered owner. The registered owner will remit such payments to DTC participants. The DTC Participants, will, in turn.
remit such payments to the beneficial owners of the Series 1995 Bonds. See "THE SERIES 1995 BONDS - Book -Entry Only
System" herein.
The Series 1995 Bonds are being issued to pay the cost of various sanitary sewer projects located %%ithin the
municipal boundaries of the City, and to pay the cost of issuance related to the Series 1995 Bonds.
The Series 1995 Bonds are subject to optional redemption as provided herein.
"The Series 1995 Bonds are general obligations of the City, for which its full faith, credit and taxing power
are pledged and are payable from unlimited ad valorem taxes on all taxable property within the City (excluding;
homestead exemptions as required by Florida law),
This cover page contains certain information for quick reference only. It is not a summary. Potential purchasers
should not rely upon this page independent of the body of this Official Statement which must be read in its entirety before
makins an informed investment decision.
MATURITIES, AMOUNTS, INTEREST RATES AND PRICES OR YIELDS
(Accrued Interest to be added)
Maturity Date Principal Interest Price or Maturity Date Principal Interest Price or
January 1 Amount Rate Yield January 1 Amount Rate Yield
The Series 1995 Bonds are offered subject to prior sale, when. as and if issued by the City, subject to the receipt
of the unqualified approving opinions of Adorno & Zeder, P.A., Nliami, Florida, Bond Counsel, as to the validity and
federal tax status of interest on the Series 1995 Bonds. Certain legal matters in connection with the Series 1995 Bonds will
be passed upon for the City by A. Quinn Jones, III, City Attorney. Howard Gary & Company, lv4iami, Florida. and
Raymond James & Associates, Inc., St. Petersburg, Florida, are serving as Financial Advisors to the City. it is expected
that the Series 1995 Bonds will be available for delivery in New York, New York, on or about June 28, 1996.
* Preliminary; Subject to change
1?
Draft: May 25. 199i
95-- 420
ii-
_'A
THE CITY OF MIAMI, FLORIDA
MEMBERS OF THE COMMISSION OF THE CITY
THE HONORABLE STEPHEN P. CLARK
MAYOR
THE HONORABLE J.L. PLUMMER, JR.
VICE MAYOR
THE HONORABLE MILLER J. DAWKINS
COMMISSIONER
THE HONORABLE VICTOR H. DE YURRE
COMMISSIONER
THE HONORABLE WIFREDO (WILLY) GORT
COMMISSIONER
CITY OFFICIALS
City Manager ..... CESAR H. ODIO
City Attorney...... A. QUINN JONES III, ESQ.
Director of Finance.. MANOHAR S. SURANA
City Clerk .. ... .. MATTY HIRAI
Bond Counsel
ADORNO & ZEDER, P.A.
Financial Advisors
HOWARD GARY & COMPANY
I RAYMOND JAMES & ASSOCIATES, INC.
Independent Certified Public Accountants
m
NO DEALER, BROKER, SALESMAN OR OTHER PERSON HAS BEEN
AUTHORIZED BY THE CITY OR ANY UNDERWRITER TO GIVE ANY INFORMATION
OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS
OFFICIAL STATEMENT, AND IF GIVEN OR MADE. SUCH OTHER INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED
BY ANY OF THE FOREGOING. THIS OFFICIAL STATEMENT DOES NOT
CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY.
NOR SHALL THERE BE ANY SALE OF THE SERIES 1995 BONDS BY ANY PERSON IN
:ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE
SUCH OFFER. SOLICITATION. OR SALE. THE INFORMATION SET FORTH HEREIN
HAS BEEN OBTAINED FROM THE CITY OF MIAMI. FLORIDA. AND OTHER SOURCES
WHICH ARE BELIEVED TO BE RELIABLE. THE DELIVERY OF THIS OFFICIAL
STATEMENT AT ANY TIME DOES NOT IMPLY THAT ANY INFORMATION HEREIN
IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE.
THE SERIES 1995 BONDS HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 NOR HAS THE RESOLUTION FOR THE SERIES 1995 BONDS
BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939. THE SERIES 1995
BONDS ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY ENTER
INTO OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET
PRICE OF THE SERIES 1995 BONDS OFFERED HEREBY AT A LEVEL ABOVE THAT
WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING.
IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITERS
MAY OFFER AND SELL THE SERIES 1995 BONDS TO CERTAIN DEALERS AND
CERTAIN DEALER BANKS AND BANKS ACTING AS AGENTS AT PRICES LOWER
THAN THE PUBLIC OFFERING PRICES STATED.
95- 420
39
TABLE OF CONTENTS
INTRODUCTORY STATEMENT .................................. I
DESCRIPTION OF THE SERIES 1995 BONDS .. ... . .. ... . .. ..... ... . . . 1
General.............................................. 1
Redemption Provisions . . ... ... . ... ......... ...... ..... ... . . 2
Optional Redemption . ... ............... . . ...... .. . . .. 2
Notice of Redemption . . .. . ... ....... . . ......... .. . .. . . 2
Book -Entry -Only System ... ... .... .......... . ........ .... . .
General .......................................... 3
Discontinuance of Book -Entry Only System .............. .... . .
AUTHORIZATION, VALIDATION AND PLEDGE OF AD VALOREM TAXES .. . . 6
Authorization .. .. ... .... .. . ......... ................ .. . 6
Validation ..... ....... ... ........ ................... .. 6
P1edQe of Ad Valorem Taxes .. ... .......................... .. 6
State Assessment Cap ..... .. . ............... .......... .. . . 8
Tax 'Fables ........ ........................... . . . . 8
PROJECT................................................ 11
INSURANCE ON THE SERIES 1995 BONDS ......... ..... ... ... .. . . . 12
SOURCES AND USES OF FUNDS .. .. ............... ......... ... . I
DEBT SERVICE ON THE SERIES 1995 BONDS .......... .... ... .. . ... 13
LEGAL DEBT LIMITATIONS . ............................. .... . 14
The Florida Constitution ........ .... .... ............. ... .. 14
The City Charter ......... ... ....................... .. .. 14
DEBTSUMMARY .......................................... 14
Selected Debt Data . . . .. ... ... . .. . . .. ... . . . ...... . . . .. . . . 14
Debt Statistics and Various Debt Ratios .......................... 18
General Obligation Bonds Authorized But Not Issued 20
ADDITIONAL FINANCIAL INFORMATION RELATING
TO THE CITY OF MIAMI ...... ...................... ..... 21
General Description of Financial Practices ....... ............. .. . . 21
Description of Revenues ........ .......................... .
i
PENDING MATTERS 2-1
95- 420
&�Q
RATINGS ................................................ ?4
LITIGATION .............................................. 24
FINANCIAL STATEMENTS .. ... ... i... ... ..... . ..... . .... . .. . 34
,
APPROVAL OF LEGAL PROCEEDINGS .... . ... ...... ..... . .. . . . .. . 24
TAX TREATMENT ......................................... .25
UNDERWRITING .......................................... 26
FINANCIAL ADVISORS .................. ............ . . . . . .. . 26
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS .... . . ... 26
CERTAIN CLOSING CERTIFICATES ....... ... ........ ... ..... . ... 27
APPROVAL OF OFFICIAL STATEMENT .................. ... . . .... 27
APPENDIX A - DESCRIPTION OF THE CITY OF IN/IIAMI .... ...... .. ... . A-1
APPENDIX B - GENERAL PURPOSE FINANCIAL STATEMENTS OF THE CITY
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1994 . . . B-1
APPENDIX C - FORM OF OPINION OF BOND COUNSEL ..... ... ... . . .. . C-1
Rl
95- 420
41
A
PRELIRIINARY OFFICIAL STATEMENT
$22,500,000*
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS
SERIES 1995
(SANITARY SEWER SYSTEM)
INTRODCCTORY STATEMENT
The purpose of this Official Statement of The City of Miami. Florida (the "City"). which
includes the cover page and appendices attached hereto, is to set forth information concerning the
City and its General Obligation Bonds to be issued in the aggregate principal amount of S22,500.000';'
for the purpose of paying the cost of certain sanitary sewer improvements located in the City (the
"Series 1995 Bonds"), authorized by the Commission of the City (the "Commission") and approved
by the electors of the City in a referendum held in 1984.
DESCRIPTION OF THE SERIES 1995 BONDS
General
The Series 1995 Bonds will be dated, will bear interest at such rates, will he payable at such
times, and will mature on the dates and in the principal amounts set forth on the inside of the cover
page of this Official Statement.
The Series 1995 Bonds are being issued as fully registered bonds in denominations of S5.000
or anv integral multiple thereof, and, when issued will be initially registered in the name of Cede &
Co., as nominee for The Depository Trust Company ("DTC"). Purchases of beneficial interests in
the Series 1995 Bonds will be made in book -entry -only form (without certificates) in denominations
of S5,000 or any integral multiple thereof, and, under certain circumstances, such beneficial interests
are exchangeable for one or more fully registered bonds of like principal amount, in denominations
of S5,000 or any integral multiple thereof.
So long as any of the Series 1995 Bonds are in book -entry form, the registered owner of the
Series 1995 Bonds will be Cede & Co. and the principal of and interest and any premium on such
Series 1995 Bonds will be payable as described under "Book -Entry -Only System" below. If the
book -entry -only system is discontinued with respect to the Series 1995 Bonds. thereafter the principal
of or any premium on the Series 1995 Bonds will be payable upon presentation and surrender of such
Series 1995 Bonds at the principal corporate trust office of the Registrar and Paying Agent, and
interest on the Series 1995 Bonds will be payable on each interest payment date by check or draft
mailed on the interest payment date to the registered owners as of the close of business on the 15th
day (whether or not a business day) of the calendar month immediately preceding each such interest
payment date.
* Preliminary, subject to change.
L+ -,I.
95- 420
kr
Redemption Provisions
Optional Redemption. The Series 1995 Bonds maturing on January 1. 2004 and thereafter
are subject to redemption prior to their maturity at the option of the City on or after January 1, 2003.
in whole at any time or in part on any interest payment date in the inverse order of their maturities
and by lot within a maturity, at the redemption prices (expressed as percentages of the principal
amount) set forth helow, plus accrued interest to the redemption rate:
Optional Redemption Redemption
i both dates inclusive) Price
January 1. 2003 to December 31, 2003 101.00 CIC
January l , 2004 to December 31. 2004 100.50
January 1. 2005 and thereafter 100.00%
Notice of Redemption. At least thirty (30) days and not more than sixty (60) days before
the redemption date, a notice of any such redemption, either in whole or in part, signed on behalf
of the City by the Series 1995 Bond Registrar and Paying Agent shall be mailed, postage prepaid.
to all registered owners of Series 1995 Bonds to be redeemed at their addresses as they appear on
the registration books provided for in Resolution No, 95-420 , authorizing the issuance of the Series
1995 Bonds (the "Resolution"), but failure so to mail any such notice to the registered owner of any
Series 1995 Bonds shall not affect the validity of any proceedings for the redemption of any Series
1995 Bond for which no such failure or defect has occurred. All such Series 1995 Bonds called for
redemption and for the retirement of which funds are duly provided will cease to bear interest on
such redemption date.
Notice of redemption of any Series 1995 Bond shall set forth the date fired for redemption.
the rate of interest borne by each Series 1995 Bond being redeemed, the date of publication. if any.
of a notice of redemption, the name and address of the Series 1995 Bond Registrar and Paving Agent.
the redemption price to be paid and, if less than all of the Series 1995 Bonds then outstanding shall
be called for redemption, the distinctive numbers and letters, including CUSIP numbers. if any, of
such Series 1995 Bonds to be redeemed and, in the case of Series 1995 Bonds to be redeemed in part
only, the portion of the principal amount thereof to be redeemed. If any Series 1995 Bonds are to
be redeemed in part only, the notice of redemption which relates to such Series 1995 Bond shall also
state that on or after the redemption date, upon surrender of such Series 1995 Bond, a new Series
1995 Bond or Series 1995 Bonds in a principal amount equal to the unredeemed portion of such
Series 1995 Bond will be issued.
Notice of the proposed redemption of any Series 1995 Bonds shall be mailed, postage prepaid,
to Cede & Co., as nominee of DTC, as registered owner of the Series 1995 Bonds, or, if DTC is
no longer the registered owner of the Series 1995 Bonds, then to the then registered owners of the
Series 1995 Bonds, as applicable, which notice shall be mailed at least 30 days prior to the date fixed
for redemption (the "Redemption Date").
I
95- 420
L+3
No interest shall accrue after the Redemption Date of any Series 1995 Bonds if notice has
been duly given as provided in the Trust Agreement and payment therefor has been duly provided,
and in such event, any Series 1995 Bonds (or portion thereof) called for redemption will no longer
be protected by the lien of the Trust Agreement, but shall be secured solely by the monies held for
the payment thereof. The failure to mail a notice of redemption as required in the Trust Agreement
shall not affect the validity of the proceedings for such redemption.
The Resolution also requires all notices of redemption to be sent to all registered securities
depositories holding substantial amounts of obligations similar in type to the Series 1995 Bonds and
publication of such notice in THE BOND BUYER, but failure of any notice of redemption to comply
with such additional requirements shall not in any manner affect the effectiveness of a call for
redemption otherwise in conformance with the Resolution.
Book -Entry -Only System
General. The description which follows of the procedures and record keeping with respect
to beneficial ownership interests in the Series 1995 Bonds, pati•nrent of interest and principal on the
Series 1995 Bonds to DTC Participants (as defined herein) or Beneficial Owners (as defined herein)
of the Series 1995 Bonds, confirmation and transfer of beneficial ownership interests in the Series
1995 Bonds and other related transactions by and between DTC, the DTC Participants (as defined
herein) and Beneficial Owners of the Series 1995 Bonds is based solely on information furnished by
DTC to the Counn• for inclusion in this Official Statement. .4ccordinghr, the Count• cannot make any
representations concerning these matters.
The Depository Trust Company ("DTC"), New York, New York, will act as securities
depository for the Series 1995 Bonds. The Series 1995 Bonds will be issued as fully -registered
securities registered in the name of Cede & Co. (DTC's partnership nominee). One fully -registered
1995 Bond will be issued for each maturity of each Series of the Series 1995 Bonds, in the aggregate
principal amount of such issue, and will be deposited with DTC.
DTC is a limited -purpose trust company organized under the New York Banking Law, a
"banking organization" within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial
Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities
Exchange Act of 1934. DTC holds securities that its participants ("Participants") deposit with DTC.
DTC also facilitates the settlement among Participants of securities transactions, such as transfers Lind
pledges, in deposited securities through electronic computerized book -entry changes in Participants'
accounts, thereby eliminating the need for physical movement of securities certificates. Direct
Participants ( "Direct Participants") include securities brokers and dealers, banks, trust companies.
clearing corporations, and certain other organizations. DTC is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc., the American Stock Exchange. Inc., and
the National Association of Securities Dealers, Inc. Access to the DTC system is also available to
others such as securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect
3
95- 420
014
Participants"). The rules applicable to DTC and its Participants are on file with the Securities and
Exchanue Commission.
Purchases of Series 1995 Bonds under the DTC system must be made by or throu17h Direct
Participants, which will receive a credit for the Series 1995 Bonds on DTC's records. The ownership
interest of each actual purchaser of each 1995 Bond ("Beneficial Owner") is in turn to be recorded
on the Direct and Indirect Participants' records. Beneficial Owners will not receive written
confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written
confirmations providing details of the transaction. as well as periodic statements of their holdings.
from the Direct or Indirect Participant through which the Beneficial Owner entered into the
transaction. Transfers of ownership interest in the Series 1995 Bonds are to be accompanied by
entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners
will not receive certificates representing their ownership interests in the Series 1995 Bonds, except
in the event that use of the book -entry system for the Series 1995 Bonds is discontinued.
To facilitate subsequent transfers, all Series 1995 Bonds deposited by Participants with DTC
are registered in the name of DTC's partnership nominee. Cede & Co. The deposit of the Series
1995 Bonds with DTC and their registration in the name of Cede & Co. effect no chanve in
beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series �1995
Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such
Series 1995 Bonds are credited, which may or may not be the Beneficial Owners. The Participants
will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial
Owners will be governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time.
Redemption notices shall be sent to Cede & Co. If less than all of the Series 1995 Bonds
within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest
of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. will consent or vote with respect to the Series 1995 Bonds.
Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the
record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting right to those Direct
Participants to whose accounts the Series 1995 Bonds are credited on the record date (identified in
a listing attached to the Omnibus Proxy).
Principal and interest payments on the Series 1995 Bonds will be made to DTC. DTC's
practice is to credit Direct Participants' accounts on payable date in accordance with their respective
holdings shown on DTC's records unless DTC has reason to believe that it will not receive payment
on the payable date. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers
in bearer form or registered in "street name," and will be the responsibility of such Participant and
4
95- 420
ac
not of DTC, the Trustee, or the City, subject to any statutory or regulatory requirements as may he
in effect from time to time. Payment of principal and interest to DTC is the responsibility of the
City, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and
disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and
Indirect Participants.
DTC may discontinue providing its services as securities depository with respect to the Series
1995 Bonds at any time by giving reasonable notice to the Citv. Under such circumstances, in the
event that a successor securities depository is not obtained, 1995 Bond certificates are required to he
printed and delivered.
The City may decide to discontinue use of the system of book -entry transfers through DTC
(or a successor securities depository). In that event. the 1995 Bond certificates will be printed and
delivered.
The information in this section concerning DTC and DTC's book -entry system has been
obtained from sources that the City believes to be reliable, but the City takes no responsibility for
the accuracy thereof.
Discontinuance of Book-Entry Onlv Svstem. In the event that the book-entry onlv system
is discontinued, the following provisions would apply: the Series 1995 Bonds may be exchanged for
an equal aggregate principal amount of Series 1995 Bonds of the same Series in any authorized
denominations and of the same maturity, upon surrender thereof at the corporate trust office of the
Registrar and Paving Agent. Tile transfer of any Series 1995 Bonds may be registered on the books
maintained by the Registrar and Paying Agent for such purpose only upon the surrender thereof to
the Registrar and Payina Agent with a duly executed assignment in form satisfactory to the Registrar
and Paving Agent. For every exchange or transfer of registration of the Series 1995 Bonds the
Registrar and Paying Agent, may make a charge sufficient to reimburse it for any tax or other
governmental charge required to be paid with respect to such exchange or registration of transfer.
Neither the City nor the Registrar and Paying Agent, will be required to register the transfer of or
exchange any Series 1995 Bonds during the period of fifteen (15) days next preceding any interest
payment date of such 1995 Bond, or after the date of first giving notice of redemption or after such
1995 Bond or portion thereof has been selected for redemption.
NEITHER THE CITY NOR THE REGISTRAR AND PAYING AGENT WILL HAVE ANY
RESPONSIBILITY OR OBLIGATION TO ANY DTC PARTICIPANTS OR THE PERSONS FOR
WHOM THEY ACT AS NOMINEES WITH RESPECT TO THE SERIES 1995 BONDS IN
RESPECT OF THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC OR ANY DTC
PARTICIPANT. THE PAYMENT BY DTC OR ANY DTC PARTICIPANT OF ANY AMOUNT
IN RESPECT OF THE PRINCIPAL, REDEMPTION PRICE OF OR INTEREST ON THE SERIES
1995 BONDS, ANY NOTICE WHICH IS PERMITTED OR REQUIRED TO BE GIVEN TO
BONDHOLDERS UNDER THE TRUST AGREEMENT, THE SELECTION BY DTC OR ANY
DTC PARTICIPANT OR ANY PERSON TO RECEIVE PAYMENT IN THE EVENT OF A
5
95- 4-20
t*b
PARTIAL REDEMPTION OF THE SERIES 1995 BONDS. OR ANY CONSENT GIVEN OR
OTHER ACTION TAKEN BY DTC AS BONDHOLDER.
SO LONG AS CEDE & CO. IS THE REGISTERED OWNER OF THE SERIES 1995
BONDS, AS NOMINEE OF DTC, REFERENCES HEREIN TO THE BONDHOLDERS OR
REGISTERED OWNERS OF THE SERIES 1995 BONDS SHALL MEAN CEDE & CO.. AND
SHALL NOT MEAN THE BENEFICIAL OWNERS OF THE SERIES 1995 BONDS.
For every transfer and exchange of the Series 1995 Bonds, the Beneficial Owner may be
charLied a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto.
AUTHORIZATION, VALIDATION AND PLEDGE OF AD VALOREM TAXES
Authorization
The Series 1995 Bonds shall be issued pursuant to Ordinance No. 9128. enacted on July 10.
1980, and Ordinance No. 10094, enacted on April 10. 1986, and as supplemented and amended by
Ordinance No. 9130, enacted on July 10, 1980, Ordinance No. 9977. enacted on April 11, 1985.
Ordinance No. 10291, enacted on July 9, 1987, and Ordinance No. 10487. enacted on October 6.
1988 and as supplemented by Resolution No. 80-740. adopted on October 9, 1980, Resolution No.
80-773, adopted on October 30, 1980, Resolution No. 86-175. adopted on March 18, 1986.
Resolution No. 84-628, adopted on June 14, 1984, Resolution No. 85-353, adopted on March 28,
1985, Resolution No. 86-437, adopted on June 12, 1986, Resolution No. 88-1003. adopted on
November 3, 1988, Resolution No. 88-1043, adopted on November 3, 1988 and Resolution No. 91-
449, adopted on June 20, 1991(collectively, the "Sanitary Sewer Bond Ordinances and Resolutions").
the Issuer authorized the issuance of its $45,000,000 Sanitary Sewer System Bonds (the "Sanitary
Sewer Bonds"), which issuance was approved by the citizens of the Issuer through a referendum held
on March 13. 1984.
Validation
The Series 1995 Bonds were validated and confirmed by a Judgment of the Eleventh Judicial
Circuit Court in and for Dade County, Florida rendered on January 11, 1982. No appeal was taken
from that Judgment and the time for taking an appeal has expired.
Pledge of Ad Valorem Taxes
The Series 1995 Bonds are general obligations of the City for which its full faith. credit and
taxing power have been irrevocably pledged. The Series 1995 Bonds are payable from unlimited ad
valorem taxes levied on all taxable property located in the City (excluding homestead exemptions as
required by applicable law). The City has covenanted in the Resolution that it will diligently enforce
its right to receive tax revenues and will levy and collect such taxes. The City has further covenanted
therein that it will not take any action that will impair or adversely affect its rights to levy, collect
0
95- A20
47
and receive taxes, or impair or adversely affect in any manner the pledge made therein on the rhuhts
of the holders of the Bonds. The taxes assessed, levied and collected for the security and payment
of the Series 1995 Bonds are required, pursuant to the terms of the Resolution, to be assessed, levied
and collected in the same manner and at the same time as other ad valorem taxes are assessed and
collected and the proceeds of said taxes, except as described above and in the Resolution, are to be
applied solely to the payment of the principal of, premium, if any, and interest on general obligation
bonds of the City.
Under Florida law, all taxable real property and tangible personal property must be assessed
at fair market value, with some exceptions. Real and personal property valuations are determined
each year as of January 1 by the Property Appraiser's office. The assessment roll is prepared
between January 1 and July 1, with each taxpayer given notice by mail in August or September of
any increase in assessment.
The property owner has the right to file an appeal with the Property Appraiser Adjustment
Board, which considers petitions relating to assessments and exemptions. The Property Appraisal
Adjustment Board certifies the assessment roll upon completion of the hearing of all appeals. %1illaRe
rates are then computed by the various taxing authorities and certified to the Property Appraiser. who
applies the millagge rates to the assessment roll. This procedure creates the tax roll, which is then
turned over to the Tax Collector on or about the first Mondav in October.
The Florida Constitution entitles each permanent resident of the State to a S25.000 homestead
exemption on their primary residential property.
All real and tangible personal property taxes are due and payable on November 1 of each
year, or as soon thereafter as the tax roll is certified and delivered to the Tax Collector. A notice
is mailed to each property owner on the tax roll for taxes levied by the County. school board and
other taxing authorities. Taxes may be paid upon receipt of such notice, with discounts at the rate
of 4% if paid in the month of November: 3% if paid in the month of December: 2% if paid in the
month of January: and 1 % if paid in the month of February. Taxes paid during the month of March
are without discount. All unpaid real and tangible personal property taxes become delinquent on
April 1 of the year following the year in which the taxes are levied.
The delinquent real property taxes bear interest at the rate of 18% per year from April 1 until
a certificate is sold at auction, from which time the interest rate shall be as bid by the buyer of the
certificate. Delinquent tangible personal property taxes also bear interest at a rate of 18% per year
from April 1 until paid. Delinquent personal property taxes must be advertised within form -five days
after delinquency, and after May 1 the property is subject to levy, seizure and sale.
State law provides that tax liens are superior to all other liens, except prior United States
Internal Revenue Service liens. The Tax Collector advertises once each week for four (4) consecutive
weeks and sells tax certificates on or before July 1 for unpaid tax bills. Tax certificates not sold at
auction become the property of the City.
7
�y 95-- 420
t� b
State assessment Cap
On November 3, 1992, the voters of the State of Florida passed an amendment to Article VIII.
Section 4 of the Florida Constitution establishing a limitation of the lesser of 3 % or the increase in
the Consumer Price Index during the relevant year. and except as to improvements thereto during
such year. Because the amendment did not become effective until January 5, 1993, assessments as
of January 1. 1993 were not be subject to the foregoing limitation. The amendment did not alter any
caps on millage rates otherwise set forth in the Florida Constitution.
Since the Citv has authority to increase the millage levy for voter approved general obligation
debt to the amount necessary to satisfy the related debt service requirements. the amendment is not
expected to adversely effect the ability of the City to pay the principal of or interest on the Series
1995 Bonds. However, in periods of high inflation. those municipalities whose operating millage
levies are approaching the constitutional cap and whose tax base consists largely of residential real
estate, may. as a result of the above -described amendment, need to place greater reliance on non -ad
valorem revenue sources to meet their operating needs. At the present time, approximately two-
thirds of the City's ad valorem tax revenue are levied on commercial real estate.
Tat Tables
The following table details the assessed value (in thousands) of all taxable property located
within the City's municipal boundaries as of September 30 for the past ten fiscal years.
FISCAL REAL PERSONAL HOMESTEAD NET ASSESSED
YEAR PROPERTY PROPERTY TOTAL EXEMPTION VALUE
1993
$10,243,529
S1,253.841
$11,497,370
$1,005,657
$10.491.713
1992
10,660.223
L263,567
11,923,790
968,250
10.955.540
1991
10,534.602
1,243.083
11.777,685
985,533
10.792.152
1990
10,243,90
1,271.210
11,515,111
981,728
10.533.383
1989
9,997,519
1.213,466
11,210,985
969,335
10.241.650
1988
9.519,481
1,242,316
10,761,797
954,978
9,806.819
1987
9,210,476
1,210,435
10,420,911
933.300
9.487.611
1986
8,979,226
1,205,707
10,184,933
953.516
9.231.417
1985
8,538,398
1,158,212
9,696,610
952.430
8,744.180
1984
8,230,309
1,115,724
9,346.033
954,979
8,391.054
SOURCE: Nletropolitan Dade County Property Appraiser's Office
P
95- 420
6�9
I
I
I
The net assessed value for fiscal year 1993 - 94 is S or a % increase
over the previous year's assessment. The City has been notified by the Dade County Property
i Appraiser that the 1994 net assessment estimate for purposes of developing the fiscal year 1994-
95 budget is S or a % reduction compared to the prior assessment.
The follol�vin17 table lists the ten largest tar assessments in the Citv of yliami, as of
j September 30. 1994.
Ten Largest Property Tax Assessments in the City of Miami
1993 Assessed Values
ASSESSED
NATURE OF
VALUE
TAXPAYER
ACTIVITY
(000)
PERCENT
1. Southern Bell Telephone
i
Utility
$ 198,952
1.9%
2. Florida Power & Light
Utility
187,656
1.8
i
3. City National Bank
Bank/Trustee
152,779
1.5
4. Equitable Life Assurance
Real Estate
152,745
1.5
5. SEFC/First Union Bank
Bank/Buildings
117,694
1.1
6. Inter -Continental Florida
Hotel
68,853
6
7. Brickell Associates
Office Building
61,370
.5
8. One Biscayne Tower
Office Building
57,120
,5
9. Knight-Ridder/Miami Herald
Newspapers
52,921
.5
10. Metropolitan Life Insurance Co.
Real Estate
50,788
,5
All others
Various
9,390,835
89.6
Total
I
$10,491,71 3
100.0%
SOURCE: Metropolitan Dade County Property Appraiser's Office.
9
So
95- 420
;_
The City has levied certified millages of 11 .8121 mills for fiscal year 1993-1994 beginning October 1, 1993, consisting of 9.5995 mills for r
nment and 2.2126 mills for debt service. The following table shows the tax levies and collections of the City for each of the last ten completes
Tax Levies and Collections
Fiscal Years Ended September 30
(in thousands)
Outstanding
Total
Delinquent
Collections
Percent
Collection
Collections
Outstanding
Taxes As
-iscal
Total Tax
of Current
of Levy
of Delinquent
Total Tax
as Percent of
Delinquent
Percent of
Cit
Year
Levy
Year's
Collected
Taxes
Collection
Current Levv
TaxeS121
Current Levy
Millai
Taxes
1994
$ 120,805
$113,966
94.34%
$ 5,754
$ 119,720
99.10%
$ 1,673
1.38%
11.81
1993
125,169
$ 115,746
92.47
5,631
121,377
96.97
3,942
3.15
11.93
1992
130,702
118,369
90.56
5,780
124,149
94_.98
5,077
3.88
11.93
1991
128,832
119,036
92.40
7,419
126,455
98,16
5,059
3.93
11.93
1990
125,743
119,363
94,93
4,592
123,955
98.58
5,162
4.11
11.93
1989
122,260
114,535
93.68
3,710
118,245
96.72
5,742
4.70
11.93
1988
115,935
107,908
93.08
2,356
110,264
95.11
4,621
3.99
11.82
1987
116,612
111,740
95.82
1,606
113,346
97.20
2,894
2.48
12.29
1986
109,938
105,457
95.92
944
106,401
96.83
3,318
3.01
11.90
1985
104,135
100,976
96.97
722131
101,698
97.66
3,970
3.81
11.90
1984
93,340
88,982
95.33
3,036
92,018
98.58
3,367
3.61
10.12
Current year's delinquent tax collections
are included with collection of
current year's
taxes.
Net of
reserve for early payment discounts and uncollectible tax of approximately
5%
of total tax levy.
Includes
levies for general operations and
debt service.
10
V ✓`
PROJECT
The City Commission has approved the expenditure of funds for improvements and
extensions to the sanitary sewer system of the City. The Series 1995 Bonds are being issued for
the purpose of paying the cost of construction of sanitary sewers, pumping stations, outlets,
culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing
of damaued streets and sidewalks, and the acquisition of land, if necessary. The City has
already commenced work on some of the projects for which it will be reimbursed from the
proceeds of the Series 1995 Bonds. The balance of the proceeds will be used to pay the cost
of completing the projects under construction and the ones which have not been undertaken as
of the date of this Official Statement. A breakdown of the proposed sanitary sewer projects,
with the amounts funded to date and the balance to be funded, is as follows:
Total Funded Balance to
Cost to Date Be Funded
05-- 420
INSURANCE ON THE SERIES 1995 BONDS
[To be Inserted after Bid]
SOURCES AND USES OF FUNDS
The following table sets forth sources and uses of funds for the Series 1995 Bonds:
Sources:
Principal Amount ..... ............................ $
Plus Premium . .. . ..... ...... .................... .
Accrued Interest ... ... ....... ..... ............ .. .. .
Total Sources ................................ $
Uses:
i Cost of the Projects $
Accrued Interest . . . . . . ... . . . . . . .. . . . . . . . . . .. . . . .
Underwriter's Discount ....... ................... ... .
Cost of Issuance • • • • • • .
Total Uses .. .... ........ .............. ...... $
(The balance of this page was intentionally left blank)
1?
63
05- 420
V—
Bonds.
DEBT SERVICE ON THE SERIES 1995 BONDS
The following tables set forth the scheduled annual debt service on the Series 1995
Period Ending Principal
January 1 Amount
13
.44
Total Debt
Interest (1) Service
95- 420
LEGAL DEBT LIAMITATIONS
The Florida Constitution
Article VII, Section 12 of the Florida Constitution requires the approval of a majority of
all qualified electors residing within the municipal boundaries of a municipality prior to the
issuance by that municipality of bonds payable from ad valorem taxes assessed by the
municipality and maturing more than 12 months after the bonds are issued. Once the bonds,
referred to as general obligation bonds, are approved by referendum, the Florida Constitution
does not provide a limit on the amount of ad valorem taxes the City may levy to pay principal
and interest on such bonds.
The City Charter
The City Charter limits general obligation debt of the City to 15% of the assessed
valuation of all real and personal property within the City limits as shown by the last preceding
assessment roll of the City and provides that bonds for street, sewer, sidewalk and other public
improvements which are paid from special assessments shall not be subject to such limitation of
amount nor be considered when computing the amount of general obligation bonds that may be
issued.
The debt limitation for general obligation bonds as of September 30. 1994 was
$ based on the net assessed valuation of $ . Outstanding
general obligation debt applicable to the City's debt limitation as of September 30, 1994 totaled
$ which is approximately % of the net assessed valuation.
DEBT SUMMARY
The information under this heading is subject in all respects to the more detailed financial
information in the audited financial statements of the City. See, "General Purpose Financial
Statements of the City for the Fiscal Year Ended September 30, 1994" attached hereto as
Appendix B.
Selected Debt Data
The following tables provide a description of the City's outstanding general obligation
bonds, including their principal and interest requirements as of September 30. 1994, a
description of the City's revenue and special obligation bonds and information regarding its
overlapping debt with Dade County, Florida (the "County").
14
S!r
95- 420
k�—
General Obligation Bonds Outstanding on September 30, 1994
General Obligation Issue
Final
Dated `0ituriry
Date Year
15
'sb
Amount
Issued
95—
Amount
Outstanding
N I
General Obligation Bonded Indebtedness
Principal and Interest Requirements
as of September 30, 1994
Fiscal Year
Endina 9/30
Principal
Interest
Total
1995
10,545,000
9,062,284
19,607,284(1)
1996
12,805,000
8,752,140
21,557,140
1997
13,700,000
7,884,180
21,584,180
1998
12,910,000
7.146,513
20,056,513
1999
12,925,000
6,437,096
19.362,096
2000
11,435,000
5,707,649
17,142,649
2001
11,915,000
5,044,106
16,959,106
2002
11,920,000
4,559,715
16.479,715
2003
12,310,000
3,933,706
16,243,706
2004
10,465,000
3,273,836
13,738,836
2005
9,890,000
2,750.929
12,640,929
2006
8,120,000
2,176,766
10,296,766
2007
6,630,000
1,802,538
8,432,538
2008
5,645,000
1,463,229
7,108.229
2009
4,355,000
1,170,580
5,525,580
2010
4,530,000
937,750
5,467,750
2011
3,925,000
673,464
4,598,464
2012
2,385,000
480,738
2,865,738
2013
2,465,000
344,175
2,809,175
2014
2,030,000
205,481
2,235,481
2015
670,000
128,865
798.865
2016
710,000
88,330
799,330
2017
750,000
45,375
795.375
Total
$173,035,000
$74,069,445
S247.104.445
Excludes October 1, 1994 installment in tine amount of $2,270,353 recorded in the general obligation debt service fund.
16 95- 420
V
Net Direct and Overlapping Debt as of September 30, 1993
(amounts
rounded to nearest
thousands)
Amount
Percentage
City's
Available
Application
Share
Gross
and
Net
to
of
Debt
Reserves
Debt
the Citv
Debt
City of Miami
S 185,015
2,310
S 182,705
100%
S 182,705
Dade County
461,466
48,277
413,239
19%(1)
78.515
School Board(2)
410,820
20,088
390.732
19%(1)
74.239
TOTAL
$1,057,301
S 70.625
S 986,676
S 335.459
(1) Based upon the percentage of the County tax roll valuation comprised of real and personal property situated in the City of
Miami.
(2) The amounts provided by the School Board are as of June 30, 1993.
SOURCE: The City of Miami, Florida Comprehensive Annual Financial Report, Year Ended September 30, 1993.
NOTE: 1994 information not available fron overlapping units.
[BALANCE OF PAGE INTENTIONALLY LEVI' BLANK]
17
S5
95- 420
1 ✓'
Debt Statistics and Various Debt Ratios
The following tables detail the City's debt statistics and significant comparative ratios of debt to population and to the City's
tax base.
Debt Ratios of the City of Miami
as of September 30, 1994
Factors:
i Assessed Valuation"'
i Net Taxable Assessed Valuation
i
City of Miami debt, net of reserve funds
General obligation
Special obligation"'
Combined direct debt
jOverlapping debt, net of reserve funds131
General obligation
Special obligation
Combined net overlapping debt
Total net direct and net overlapping debt
Population of Miami141
Net assessed valuation per capita
Net taxable valuation per capita
DEBT RATIOS:
Net direct general obligation debt as a percent
of net taxable assessed valuation
Combined net direct and overlapping general
obligation debt as percent of net taxable
assessed valuation
Net direct general obligation debt per capita
Combined net direct general and special
obligation debt per capita
Combined net direct and overlapping general
obligation debt per capita
$170,368,000
186,988,000
$182,842,000
79,978,000
$1 1,233,614,000
$10,227,247,000
$357,356,000
262,820,000
$620,176,000
383,402
$ 29,273
$ 26,675
1 .67 %
3,45%
$ 444.36
$ 932.06
$ 921.25
Combined net direct and overlapping general
and special obligation debt per capita $ 1,617.56
(1) Assessed valuation as of the final tax roll from Metropolitan Dade County, using 100% of assessed value as
mandated by Florida law.
(2) Based upon the percentage of the County's tax roll valuation comprised of real and personal property situated
in the City of Miami.
(3) Based on the City of Miami estimate. The 1990 U.S. Bureau of Census preliminary population count of
358,468 is being challenged by the City and is expected to be adjusted.
SOURCE: City of Miami
18
!S9
05- 420
Ratio of Net General Obligation Bonded Debt
to Net Assessed Value and Net General Obligation
Bonded Debt Per Capita
($ in thousands)
Net General
Assessed
Homestead
Net Assessed
obligation
j Fiscal Year
Population(1)
value
Exemption
value
Bonded Debt
Ratio
Per Capita
1994
i
$383,402(2)
$11,233,614
$1,006,367
$10,227,247
$170,368
1.67`Y,
$444.36
i
i 1993
i
383,550(2)
11,497,370
1,005.657
10,491.713
182,705
1.74
476.35
1992
380,7(X)(2)
11,923,790
968,250
10,955,540
184,740
1.69
485.26
1991
383,000(2)
11,777,685
985,533
10,796,152
186,144
1,73
486,89
1990
383,000(2)
11,515,111
981,728
10,533,383
184,302
1.75
481.20
1989
371,444
11,210,985
969,335
10,241,650
195,860
1_91
527.29
1988
369,007
10,761,797
954,978
9,806,819
186,041
1.90
504.17
1987
368,310
10,420,911
933,M)
9,487,611
195,578
2.06
514.70
1986
371.975
10,184.933
953,516
9,231,417
190,697
2.07
512.66
1995
380,446
9,696,610
952,430
8,744,180
170,097
1.95
447.07
1984
383,027
9,346,033
954,979
8,391,054
146,102
1.74
391.74
(1)
Based on annual population estimates provided by the State of Florida,
Division of Population
Studies, Bureau of Business
and Economic Research,
University of Florida,
(2)
Based on the City of Miami estimate,
The 1990 U.S. Bureau of Census preliminary population count
of 385,458 is being
challenged by the City and
is expected to be adjusted.
SOURCE: The City of Miami, Florida Comprehensive Annual Financial Report, Fiscal Year Ended September 30, 1993.
I
i
19 95-- 420
ov
k,
General Obligation Bonds Authorized But Not Issued
The following table outlines the date, type and amounts of general obligation bonds, other than the
Series 1995 Bonds, authorized but unissued as of September 30, 1994.
Date of Previously
Voter Approval Tvpc of Deht Authorized Issued Balance Unissued
20
(01
95- 420
k_-
ADDITIONAL FINANCIAL INFORMATION RELATING
TO THE CITY OF NIIAMI
General Description of Financial Practices
The City Charter requires the City Manager to submit a budget estimate not later than
one month before September 30 of each fiscal year. Each department prepares its own budget
request for review by the City Manager. The City Commission holds public hearings on the
budget plan and must adopt the budget not later than October 1.
The financial statements of the City are audited annually by a firm of independent
certified public accountants. For the fiscal year ending September 30, 1994, the City employed
and their opinion is included with the City's audited financial
statements for the fiscal year ending September 30, 1994 in Appendix B, "General Purpose
Financial Statements."
The following table presents certain financial information of the City derived from its
General Purpose Financial Statements.
Summary of Revenues, Expenditures and Year -End Fund Balances
General Fund and General Obligation Debt Service Fund
Fiscal Years Ended September 30
($ in thousands)
Budget(1)
1995 1994 1993 1982 1991
General Fund:
Revenues and Other
Financing Sources
Expenditures and Other Uses .................. .
Excess (Deficiency) of Revenues
and Other Financing Sources Over
Expenditures and Other Uses .................. .
Equity Transfer -Net .......................... .
Year -End Fund Balance .......................
General Obligation Debt
Service Fund:
Revenues ................................
Expenditures and Other Uses ..................
Excess (Deficiency) of
Revenues Over
Expenditures and Other
Uses....................................
Equity Transfer: Net ......................... .
Year -End Fund Balance .......................
(1) Budget, adopted in September 1994, appropriated fund balance to cover projected deficit.
(2) Accounting transaction for a capital lease/purchase of computer equipment, net present value of $5,769,000, has been excluded from this
schedule to provide a comparison consistent with other years.
21 95- 420
b�
Description of Revenue_
The following is a description of the revenues which comprise the City's General Fund,
Property Taxes -- Article VII. Section 9 of the Florida Constitution provides that except
for taxes levied for payment of bonds and certain voter approved levies, municipalities in the
State may not levy ad valorem taxes in excess of ten mills per $1.00 ($10 per $1.000) of
assessed valuation upon real estate and tangible personal property having a situs within the taxing
city, when the tax is being imposed to generate monies for municipal purposes.
Both Dade County and the City tax real and tangible personal properties within the City.
Dade County and its twenty-eight incorporated municipalities, including the City, do not
levy personal income tax, gross receipts tax, inheritance tax, gift tax or commuter tax.
Public Service Taxes -- These taxes are deposited in the Public Service Tax Special
Revenue Fund, and subsequently transferred to other funds, including the General Fund.
Franchise Taxes -- The City has entered into franchise agreements with utilities to
generate revenues for the City based on the dollar volume of services rendered to City residents.
The most significant of these agreements is with Florida Power & Light Company for a 30-year
period, with an estimated revenue of $ million in fiscal year 1994.
Local Option Gas Tax -- This is a tax levied on the sale of gasoline. The funds generated
are to be used for street and highway maintenance.
Occupational Licenses -- The City levies a license tax for business privilege licenses.
License taxes vary according to the type of business. The exception to this are the contractors'
licenses, which are collected only by the Dade County Tax Collector. There is a set contractor's
fee for all contractors within the County. After collection, Dade County returns to the cities its
pro rata share of revenue collected. The pro rata share due each city depends on the number
of contractors doing business within each city's limits.
State Revenue Sharing -- The revenues distributed to the municipalities by the State of
Florida under the State's revenue sharing program are derived from a percentage of its collection
of the State cigarette tax, the State motor fuel tax and the State road tax. Its guaranteed
entitlement component, $5.7 million annually, is pledged for the payment of debt and recorded
in other funds. Unused funds are transferred to the General Fund as other financing sources.
Sales Taxes -- The state of Florida levies a 6 percent sales tax. A portion of this tax,
one half of one percent of the 6 percent levied, is shared by municipalities based on their
population.
The City's General Fund receives revenues from a variety of sources. The following table
lists the revenues received by the City from these sources for the past five fiscal years. Certain
financing sources presented as "Operating Transfers In" in Appendix B, "General Purpose
Financial Statements" are reclassified in this table according to their sources of origin.
95- 420
63
General Fund Revenues and Other Financing Sources
($ in thousands)
(Budget)( l)
1995 1994 1993 1992 1991
Taxes:
Property Taxes
Public Service Taxes
Franchise Taxes
License and Permits
Intergovernmental:
State Revenue Sharing
Sales Taxes
Other Grants
Intragovernmental
Charges for Services
Interest
Other Revenues and
Financing Sources
Total
(1) Budget adopted by City Commission in September 1994.
(2) Effective in 1990, guaranteed entitlement revenues of $5.7 million have been recorded annually in debt service and enterprise
funds as pledged for debt repayment. Unused funds approximating $5.5 million are transferred annually to the General Fund
as other financing sources. In prior years Guaranteed Entitlement Revenues were recorded in the General Fund as part of State
Revenue Sharing.
23
64
95- 420
k---
PENDING MATTERS
[Copy to come from City Attorney]
RATINGS
As noted on the cover page of this Official Statement, Moody's Investors Service, Inc.
and Standard & Poor's Corporation (the "Rating Agencies") have given the Series 1995 Bonds
ratings of "_" and " ", respectively. The City furnished to such rating agencies certain
information and material regarding the results of its operations and the Series 1995 Bonds.
An explanation of the significance of the rating may be obtained from such rating
agencies. The rating reflects only the respective views of such organization and the City makes
no representation as to the appropriateness of the ratings. There is no assurance that the ratings
assigned will continue for any given period of time or that they will not be changed, suspended
or withdrawn by either of the rating agencies, if in the judgment of either or both, circumstances
so warrant. Any change, or withdrawal of the ratings, either or both, may have an adverse
effect on the market prices of the Series 1995 Bonds.
LITIGATION
There is not now pending any litigation restraining or the issuance or delivery of the
Series 1995 Bonds or the levy or collection of ad valorem taxes to pay the principal of premium.
if any, and the interest on the Series 1995 Bonds, or questioning the proceedings or authorization
under which the Series 1995 Bonds are to be issued, or affecting the validity of the Series 1995
Bonds.
The City is a defendant, from time to time in various lawsuits. In the opinion of the City
Attorney, any such pending litigation which represents potential liability for the City will not
have a material effect on its ability to pay the principal of, premium, if any, or interest on the
Series 1995 Bonds,
FINANCIAL STATEMENTS
The financial statements of the City set forth in this Official Statement have been
examined by , independent certified public accountants, for the fiscal year ended
September 30, 1994, as stated in their report to the City Commission dated
, and are an integral part of this Official Statement. Both the
accountants' report and the City's audited financial statements are included as Appendix B to this
Official Statement.
APPROVAL OF LEGAL PROCEEDINGS
Legal matters incident to the authorization, delivery and sale of the Series 1995 Bonds,
and with regard to the tax status thereof under existing laws, regulations, rulings and judicial
decisions, are subject to the unqualified approving opinion of Adorno & Zeder, P.A., Miami,
Florida, Bond Counsel. The form of such opinion is attached hereto as Appendix C. Certain
legal matters will be passed on for the City by A. Quinn Jones III, City Attorney.
24 '` 95- 420
6S
TAX TREATMENT
In the opinion of Bond Counsel, under existing statutes and court decisions, interest on
the Series 1995 Bonds is not included in gross income for federal income tax purposes. assuming
j compliance by the City with certain covenants and procedures and is not treated as an item of
tax preference for purposes of the alternative minimum tax imposed on individuals and
corporations under the Internal Revenue Code of 1986, as amended, (the "Code"). The Series
i 1995 Bonds and the income thereon are exempt from taxation under the laws of the State of
Florida, except for estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest,
income or profits and debt obligations owned by corporations, banks and savings associations.
as defined therein.
The opinion on tax matters is based on certain representations set forth in the Tax
Certificate delivered by the City upon the issuance of the Series 1995 Bonds and the City's
covenant contained in the Resolution that it will do and perform all acts and things necessary to
assure that interest on the Series 1995 Bonds is not included in the gross income of each
registered owner pursuant to the Code. Bond Counsel did not independently verify the accuracy
of the representations made by the City.
The Code prescribes a number of qualifications and conditions for the interest on local
government obligations to be excluded from gross income for federal income tax purposes, some
of which, including provisions for potential payments by the City to the federal government,
require future or continued compliance after issuance in order for the interest to be and continue
to be so excluded from the date of issuance. Non-compliance with these requirements could
cause the interest on the Series 1995 Bonds to be included in the gross income for federal
income tax purposes of its registered owners and to be subject to federal income tax retroactively
to the date of their issuance.
There are Code provisions applicable to corporations, as defined for federal income tax
purposes, that impose an alternative minimum tax of seventy five percent (75 %) of the excess
of adjusted current earnings over other alternative minimum tax income which may subject a
portion of the interest on the Series 1995 Bonds earned by affected corporations to that corporate
alternative minimum tax. Under the Code, interest on the Series 1995 Bonds may be subject
to an environmental tax imposed on corporations for certain taxable years, a branch profits tax
imposed on certain foreign corporations doing business in the United States, and a tax imposed
on excess net passive income of certain subchapter S corporations. In addition, under the Code,
the exclusion of interest from gross income for federal income tax purposes can have certain
adverse federal income tax consequences on items of income or deductions for particular
taxpayers, including among them financial institutions, some insurance companies, recipients of
social security and railroad retirement benefits, and those that are deemed to incur or continue
indebtedness to acquire or carry tax exempt obligations. The applicability and extent of these
and other tax consequences will depend upon the particular tax status of each bondholder. For
that reason, they should consult their tax advisors before purchasing the Series 1995 Bonds to
determine to what extent, if any, the foregoing tax provisions will have on them. Bond Counsel
does not express and has not expressed an opinion on these matters.
25
66
05- 420
UNDERWRITING
(the "Underwriter") has agreed, subject to the proceedings
authorizing the issuance of the Series 1995 Bonds, to purchase the Series 1995 Bonds from the
City for the purpose of resale. The Underwriter or their representatives have furnished the
information in this Official Statement pertaining to the public offering price of the Series 1995
Bonds, and have participated in the preparation of portions of this Official Statement. The
public offering price of the Series 1995 Bonds may be changed from time to time by the
Underwriter, and the Underwriter may allow a concession from the public offering price to
certain dealers. None of the Series 1995 Bonds will be delivered by the City to the Underwriter
unless all of the Series 1995 Bonds are delivered.
FINANCIAL ADVISORS
The City has retained Howard Gary & Company, Miami, Florida, and Raymond James
& Associates, Inc., St. Petersburg Florida, as Financial Advisors (the "Financial Advisors") in
connection with the preparation of the City's plan of financing and with respect to the
authorization and issuance of the Series 1995 Bonds. The Financial Advisors are not obligated
to undertake and have not undertaken to make, an independent verification or to assume
responsibility for the accuracy, completeness, or fairness of the information contained in the
Official Statement. Howard Gary & Company and Raymond James & Associates, Inc., are full
service investment banking firms which provide financial advisory and underwriting services to
governmental entities throughout the nation.
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS
Rule 3E-400.003, Florida Administrative Code, requires the City to disclose each and
every default as to payment of principal and interest after December 31, 1975 with respect to
obligations issued or guaranteed by the City. Rule 3E-400.003 further provides, however, that
if the City in good faith believes that such disclosure would not be considered material by
reasonable investors, such disclosure may be omitted. Certain obligations issued by the City in
which the City has acted merely as a conduit for payment do not constitute an actual debt,
liability or obligation of the City, but are instead secured by payments to be made from certain
users of bond -financed property. Because such other obligations are not dependent upon the City
for repayment, they do not affect or reflect the financial strength of the City. Accordingly, any
prior default with respect to such obligations issued by the City would not in the City's judgment
be considered material by reasonable investors in the Series 1995 Bonds. Accordingly, the City
has not taken affirmative steps to contact the various trustees of conduit bond issues of the City
to determine the existence of prior defaults.
Notwithstanding the foregoing, to the best knowledge of the Director of Finance of the
City, the City has not received actual notice of any default in the payment of principal or interest
after December 31, 1975 on any obligation issued or guaranteed by the City. Nevertheless, given
the number of bond issues of the City and the turnover in administrative personnel since
December 31, 1975, there is no assurance that no obligations issued by the City were ever in
default with respect to the payment of principal and/or interest.
26 95- 420
0
CERTAIN CLOSING CERTIFICATES
Concurrently with the delivery of the Series 1995 Bonds, the City Manager and the
Director of Finance will furnish their certificate to the effect that, to the best of their knowledge.
this Official Statement, as of its date and as of the date of the delivery of the Series 1995 Bonds,
did not and does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements contained therein, in the light of the circumstances under
which they were made, not misleading.
In addition. at the time of delivery of the Series 1995 Bonds to the Underwriter(s). the
City will provide to the Underwriter(s) a certificate (which may be included in a consolidated
closing certificate of the City described in this section immediately above), signed by those City
officials who signed the Official Statement, relating to the accuracy and completeness of this
Official Statement and to its being a "final official statement" in the judgment of the City for the
purposes of Rule 15c2-12(b)(3) of the Securities and Exchange Commission.
APPROVAL OF OFFICIAL STATEMENT
The references, excerpts and summaries of all documents referred to herein do not
purport to be complete statements of the provisions of such documents and reference is directed
to all such documents for full and complete statements of all matters of fact relating to the Series
1995 Bonds, the security for the payment of the Series 1995 Bonds and the rights and oblio-ations
of the holders thereof. Copies of such documents may be obtained from the City's Director of
Finance at 300 Biscayne Boulevard Way, Suite 210, Miami, Florida 33131, telephone number
(305) 579-6350, or from its Financial Advisors, Howard Gary & Company, 3050 Biscayne
Boulevard, Suite 603, Miami, Florida 33137-4163, telephone number (305) 571-1380, and
Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida, 33716,
telephone number (813) 573-8189.
The information contained in this Official Statement has been compiled from official and
other sources deemed to be reliable, and is believed to be correct as of this date, but is not
guaranteed as to accuracy or completeness by, and is not to be construed as a representation by,
the Financial Advisors.
Any statement made in this Official Statement involving matters of opinion or of
estimates, whether or not so expressly stated, are set forth as such and not as representations of
fact, and no representation is made that any of the estimates will be realized. The information
and expressions of opinion herein are subject to change without notice and neither the delivery
of this Official Statement nor any sale made hereunder shall, under any circumstances, create
any implication that there has been no change in the affairs of the City since the date hereof.
The execution of this Official Statement has been duly authorized by the Commission of
the City of Miami.
THE CITY OF MIAMI, FLORIDA
By:
MAYOR
27
95- 420
APPENDIX A - DESCRIPTION OF THE CITY OF MIAMI
95-- A.20
DESCRIPTION OF THE CITY OF MIAMI'
Geography
APPENDIX A
The Citv of Miami (the "City"). situated at the mouth of the Miami River on the western
j shore of Biscayne Bay, is a main port of entry in Florida and the county seat of Metropolitan
Dade Countv (the "County") which encompasses over 2.000 square miles of Florida's
southeastern region. The City comprises 34.3 square miles of land and 19.5 square miles of
i
water.
Miami is the southern -most major city and seaport in the continental united States and
the center of Pan-American trade and air transportation. The nearest foreign territory is the
Bahamian Island of Bimini, situated approximately fifty miles off the coast of Florida. The
County is often referred to herein as Greater Miami.
Climate
Due to its location near the upper boundary of the tropical zone, Miami's climate is
strongly influenced by the Gulf Stream, trade winds and other local climatic factors. Its average
yearly temperature is 75.5 degrees Fahrenheit. Summer temperatures average 81.4 degrees
Fahrenheit, and winter temperatures average 69.1 degrees Fahrenheit. Rainfall comes most
frequently between the months of May and September, with the heaviest in June, averaging nine
inches.
Population
The U.S. Bureau of Census estimated the population of the City at 383,520 as of April
1. 1990. The estimate is being challenged by the City. The City estimates that its population in
1993 was 383,550. According to estimates of the City. the population is expected to increase
to 400.000 by the year 2000.
Government of the City
The City has operated under the Commission -City Manager form of government since
1921. The Commission consists of five elected citizens, who are qualified voters in the City. one
of whom serves as Mayor. The Commission acts as the governing body of the City with powers
to enact ordinances, adopt resolutions and appoint a chief administrative officer known as the
City Manager. The City Clerk and City Attorney, as well as members of the Planning Advisor
Board, the Zoning Board, the City of Miami Health Facilities Authority and the Miami Sports
and Exhibition Authority are also appointed by the City Commission.
City elections are held in November every two years on a nonpartisan basis. Candidates
for Mayor must run as such and not for the Commission in general. At each election, two or
three members of the Commission are elected for four year terms. Thus, the terms are staggered
so that there are always at least two experienced members on the Commission.
' SOURCE: The City of Miami, Florida.
95- 420
?1)
The Citv manau— serves as the administrative head of the i.,unicipal government. charged
with the responsibility of managing the City's financial operations and organizino and directing
the administrative infrastructure. The City Manager also retains full authority in the appointment
and supervision of department directors, preparation of the City's annual budget and initiation
of investigative procedures. In addition. the City Manager takes appropriate action on all
administrative matters.
Mayor and City Commissioners
Stephen P. Clark. the most popular vote -getter in Greater 1vIiami's history, has more than
30 years of public service. This includes 23 years as Mayor of Metropolitan Dade County and
eight as Mayor or City Commissioner of Miami.
Mayor Clark has distinguished himself as a mayor whose guiding influence has played
a significant part in Miami's development as hub City of the Americas and an economic bridge
ki linng North and South America, the Caribbean and Europe.
J.L. Plummer. Jr. was appointed Commissioner in October. 1970 and was elected
Commissioner in November, 1971, and re-elected in 1975, 1979, 1983. 1987 and 1991 for
consecutive four-year terms. Commissioner Plummer was elected as Vice -Mayor for a one-year
term commencing on December 1. 1994. Vice -Mayor Plummer is a graduate of Miami Senior
High School and the Cincinnati College of Mortuary Science. Vice -Mayor Plummer is Chairman
Of the Board of Ahern -Plummer Funeral Homes, Miami, Florida.
Miller J. Dawkins was elected Commissioner in November, 1981, 1985 and 1989. and
1993 for respective four-year terms. Commissioner Dawkins was elected as Vice -Mayor for a
one-year term commencing December 1. 1993. Commissioner Dawkins is a graduate of Florida
Memorial College and holds a Master of Science degree from the University of Northern
Colorado. Commissioner Dawkins has retired from Miami Dade Community College where he
was employed for over 19 years.
Wifredo lWillvl Gort was elected Commissioner in November 1993 for a four vear term.
Commissioner Gort graduated with honors from Miami Dade Community College and received
a B.L.A. degree from Florida International University. Commissioner Gort also holds a
Certification from the National Association of Securities Dealers, as a Financial & Operations
Principal. Commissioner Gort is the Chairman and CEO of AIBC Investment Services, Inc. and
has served on numerous advisory boards and committees in the Miami and Dade County area.
Victor H. De Yurre was elected Commissioner in November. 1987 and again in
November 1, 1991, respectively, for four-year terms. Commissioner De Yurre is a graduate of
the University of Miami and holds a Juris Doctorate from St. Mary's University School of Law
and a Master of Laws degree in Taxation from the School of Law of the University of Miami.
Commissioner De Yurre has his own legal practice and has served on numerous advisory boards
and committees in the Miami area.
Administration of the City
Cesar H. Odio was appointed City Manager, effective December 16. 1985. Prior to his
appointment to the top administrative position in the City, Mr. Odio served as Assistant City
Manager for the City since January, 1980. Mr. Odio's responsibilities extended over the
functions of parks and recreation, building and vehicle maintenance and public facilities. During
71 95- 420
the Mariel hoatlift in i j, Mr. Odio was appointed to the Pres, .,:nt's Task Force on RefuLree
Affairs. Mr, Odio has a Bachelor of Science degree in Public Administration from Florida
Memorial College, Miami, Florida and majored in Business Administration at the University of
Santo Tomas de Villanova. Havana. Cuba.
Manohar S. Surana is currently performing the function of Director of Finance/Assistant
Citv Manager. Mr, Surana's duties include overseeing the operation of the Finance Department
which includes; accounting, treasury management, budget, group benefits, information
technology systems. grants. and procurement management. He came to the City of Miami as
Chief Internal auditor in December, 1977. He became Assistant Director of Management and
Budget in 1978 and was promoted to Director in 1979 and promoted to Assistant City Manager
in 1991. Mr. Surana was previously employed in private industry as controller and auditor.
He also served two years internship as a Chartered Accountant. NIr. Surana holds a Master of
Commerce Degree from the University of Indore, India and an NIBA in Accounting from the
University of Bridgeport Connecticut. Mr. Surana is a member of the Government Finance
Officer's Association of the United States and Canada.
A. Quinn Jones. III is the City Attorney for the City of Miami. Mr. Jones attended
Howard University where he graduated magna cum laude with a bachelor of arts degree in
political science in 1973 and received his Juris Doctor degree in 1976. Mr. Jones was associate
editor of the Howard Law Journal. Mr. Jones served as attornev of counsel to Daniels & Roth
where he handled public utility rate cases before the District of Columbia Public Service
Commission. Mr. Jones is a member of Phi Beta Kappa. Mr. Jones has been a member of the
Florida Bar since 1980 and is a member of the American and National Bar Associations and the
National Institute of Municipal Law Officers. Mr. Jones joined the City Attornev's office in
1983. Mr. Jones served as the administrator of the Law Department and the Claims/Insurance
Division before being appointed City Attorney. The areas of law in which he practices include
labor and employment, cable television and general litigation.
Mattv Hirai was appointed City Clerk on September 1. 1985. Ms, Hirai was the City's
Assistant City Clerk from September, 1976 to August, 1985. Ms. Hirai is a graduate of Edison
High School and has completed course work at Pasadena City College. University of California
at Los Angeles, and Hunter College, New York. Ms. Hirai attended specialized courses at
Syracuse University and was awarded the three-year Municipal Clerk Certificate. Ms. Hirai is
a member of the International Institute of Municipal Clerks.
Scope of Services and Agency Functions
The City provides certain services as authorized by its Charter, Such services include
public safety (police and fire), parks and recreational facilities, trash and garbage collection.
street maintenance, construction and maintenance of storm drain systems, planning and
development functions, construction of capital improvements, and building code, inspection and
enforcement services,
The Police Department provides a full range of police services and presently has a
uniformed force of 1.114 and 420 full-time, permanent civilian employees. The Fire Department
is rated as Class 1 and provides a full range of fire protection and emergency services as well
as providing a full range of medical and rescue services.
The City provides garbage and trash pick-up and enforces sanitation requirements.
Disposal of trash and garbage is performed by the County under contract with the City. The
95- 420
�2
Department of Public ,ks maintains certain streets and sidek, .s and manages construction
of sewers and other capital facilities required by the City. The State of Florida and the Countv
are responsible for maintaining most arterial streets and all major highways within the City. The
Department of Parks. Recreation and Public Facilities maintains and operates all City -owned
j parks and administers various recreational and cultural programs associated with these facilities.
Regional Government Services
The following information and data concerning the Countv describes the regional
(government services the County provides for its residents, including residents of the City.
The County is, in effect, a municipality with governmental powers effective upon the 28
cities in, and the unincorporated areas of, the County. The County does not displace or replace
the cities but supplements them by providing certain governmental services. The Countv can take
over particular activities of a city's operations (1) if the services fall below minimum standards
set by the Board of County Commissioners of the Countv (the "Countv Commission"). or (_')
with the consent of the governing body of the City.
Since its inception. the County Zr
government has assumed responsibility for a number of
functions, including delivery of Countv-wide police services, which complement municipal police
services within the municipalities, with direct access to the National Crime Information Center
in Washington. D,C. and the Florida Crime Information Center; provision of a uniform system
of fire protection services, which complement municipal fire protection services within four
municipalities and provide full service fire protection for twenty-eight municipalities which have
consolidated their fire departments with the County's fire department; management of a
consolidated two-tier court system pursuant to the revision of Article V of the Florida
Constitution which becomes effective on January I, 1973: the development and operation of
County -wide water and sewer system; the coordination of the various surface transportation
programs, including a consolidated public transportation system and a unified rapid transit
system; operation of a central traffic control system: implementation of a combined public
library system of the County and eighteen municipalities, which together operate the main
library, seventeen branches and six mobile units servicing fortyfour County -wide locations:
centralization of the property appraiser and tax collector functions: furnishing of data to
municipalities, the Board of Public Instruction and several state agencies for the purpose of
budget preparation and for their respective governmental operations: collection by the County
Tax Collector of all taxes and distribution directly to the respective governmental entities
according to their respective tax levies; and development of minimum acceptable standards by
the County Commission, enforceable throughout the County in such areas as environmental
resources management, building and zoning, consumer protection, health, housing and welfare.
ECONOMIC AND DEMOGRAPHIC DATA
Introduction and Recent Developments
The City diversified economic base is comprised of light manufacturing, trade,
commerce, wholesale and retain trade, and tourism. While the City share of Florida's tourist
trade remains an important economic force, the great gains the City has made in the areas of
international banking and business, real estate and transhipment have fortified the economic base.
The area's advantages in terms of climate, geography, low taxes and skilled labor have
combined to make the Miami area a prime relocation area for major manufacturing firms and
international corporate headquarters. 9 5_ 420
73
w,r
tilajor capital i, ovements have allowed the City or ti, _ounty to accommodate and
foster rapid expansion. The Port of Miami has almost doubled in size, from 325 acres to 600
acres through a S300 million expansion program completed in 1981. The Port expansion
program is designed to move 16 million tons of cargo and four million cruise ship passengers
a year by the year 2000,
Miami International Airport is undergoing Sl .0 billion expansion program. A seven story
',500 space parking structure, directly across from the main terminal, has been completed. An
elevated pedestrian sky bridge, opened in early 1985, connects the parking structure to the main
terminal. Other projects include the construction of a direct connector road to the airport
expressway. and a cargo tunnel. Expansion and modernization of passenger gate areas continues
in order to accommodate the increase in domestic and international passenger traffic.
Bayside
The Rouse Company. a leading builder of specialty marketplaces in downtown waterfront
settings, has developed the Bayside Specialty Center on twenty acres of City -owned property
alone the waterfront in Downtown Miami. The project currently features 235,000 square feet
of retail space. Total project cost was $128 million, with City participation limited to a S4
million investment in infrastructure improvements. The Bayside Parking Garage, located adjacent
to the Specialty Center, contains 1,200 parking spaces.
Bayfront Park
Bayfront Park, adjacent to the Bayside project area, currently is being redeveloped at a
total project cost in excess of $20 million. More than fifty percent (50%) of the project financing
has been secured by the City through a variety of Federal, State and private funding sources,
Miami Arena
The County levies a 3% Convention Department Tax on hotel rooms, of which the City
receives one-third. This tax is received by the Miami Sports and Exhibition Authority to finance
its operations and debt service cost. The most significant project financed by the Authority is
the Miami Arena located within the Southeast Overtown/Park West redevelopment area, home
to the Miami Heat, the University of Miami Hurricanes and the Florida Panthers, This 300.000
square feet multi -purpose facility, completed in 1988 at a total cost of S48 million,
accommodates up to 15,600 spectators.
Corporate Expansion
The favorable geographic location of Greater Miami, the trained commercial and
industrial labor force and the favorable transportation facilities have caused the economic base
of the area to expand by attracting to the area many national and international firms doing
business in Latin America. In Greater Miami, over 100 international corporations have set up
hemispheric operations. Among them are such corporations as Dow Chemical, Gulf Oil
Corporation, Ownes-Corning Fiberglass Corporation, American Hospital Supply, Coca-Cola
Interamerican Corporation, Ocean Chemicals, Inc., a subsidiary of Rohm & Hass Company,
Rowye Trading, A.G., Mayr Brothers International and Abtron Corp.
Other national firms that have established international operations or office locations in
greater Miami are Alcoa International, Ltd., Atlas Chemical Industries, International Harvester,
74 05- 420
Johns Manville Intern :nal, Minnesota (3-,-*1) Export, Inc.. . ozer Latin American Roval
Export, United Fruit, Baccus Electronics and Kraft.
Industrial Development
Greater Miami contains over one hundred million square feet of industrial space.
I Manufacturing concerns account for nearly half of the occupied industrial space and storage
companies occupy an additional 357c of the City's industrial space. Transportation and service
companies occupy the bulk of the remaining 15 % of the City's industrial space.
The Industrial Development Authority (IDA) of the County reports that approximately
two-thirds of Greater Miami's industrial firms own their facilities. There are currently 37
industrial parks in Greater Miami.
Financial Institutions
The County is second only to New York in the greatest concentration of international and
Edge Acts Banks in North America with 59 foreign bank agencies operating in the community.
Additionally, there are 15 Edge Acts Banks that are located in the Miami Area. The Federal
Reserve System has established a branch office in the County to assist the Atlanta office with
financial transactions in the South Florida area.
The ten year summary presented below is for the County which includes the City of
Miami. These figures include national and state chartered banks which are FDIC insured.
Non-insured statechartered banks are excluded.
June 30
Number of Banks
Total Deposit
1994
66
$22,463,569,000'`
1993
64
23.097,593.0001''
1992
62
22.581,503.000'''
1991
68
22.087.323.00011'
1990
69
22.7 83 , 647 , 000
1989
73
21,696.337,000
1988
75
20.070.795,000
1987
69
25,958.000,000
1986
73
23,042,378.000
1985
75
21.615,733,000
SOURCE: F.D.I.C., Atlanta, GA
(1) F.D.I.C. data was not available. This data was provided by Florida Bankers Assoc.
95- 420
75
'
Tourism
Great Miami always has been a very attractive city for domestic and international
tourists. Its climate and beaches draw manv thousand of visitors throughout the year. Local
szovernrnent and private interests have cooperated in developing outstanding attractions and
events including power boat races at Miami Marine Stadium. the Orange Bowl Classic, the
Seaquarium, Parrot Jungle. Monkey Jungle, the Orchid Jungle, dog and horse race tracks. Jai
Alai, the Vizcaya Palace and Nletrozoo. Other points of interest and activities include tours of
the Everglades and the Florida Keys. major league professional sports events. and annual
attractions such as the Youth Fair. Graphics Fair. Orange Bowl Marathon, Calle Ocho Open
House, Carnival Miami. Coconut Grove Art Festival, Kwanzaa and Goombav Festivals.
Hispanic Heritage Week. and the Orange Bowl Festivities events.
Major auto racing events are held in the City annually. The Miami Grand Prix auto race
has been run annually in downtown Miami since 1983. Cars and drivers from around the world
competed for more than S 130,000 in prize money in 1993.
During 1992, approximately S8.6 million out-of-state visitors stayed in over 50.000 hotel
and motel rooms in Greater Miami. Many of these visitors participated in international trade
activities such as conventions and conferences. Tourists and visitors expended approximately
S7.2 billion in Greater Miami in 1992, according to the estimates of the County.
Medical Facilities
The 40 hospitals located in Greater Miami offer virtually all general and highly
specialized medical services. This progressive and growing health care delivery systern provides
educational opportunity for the health care professional and places Miami in the forefront of
communities with comprehensive medical capabilities.
Recreational Facilities
The Greater Miami area is famous for its sailing, deep sea fishing and boat races. There
are 35 yacht clubs and marinas, with 685 berthing facilities provided by City -owned marinas.
Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium, the
Miami Convention Center and the Miami Arena. Joe Robbie Stadium, which is used by the
Miami Dolphins and the Florida Marlins, is located in North Central Dade County. Sports
competition includes professional and college football, basketball, baseball, hockey and
championship boat races. Other athletic events include amateur football, basketball, soccer.
baseball, motorcycle speedway racing and rowing events.
Golf is played year round at the Greater Miami area's 23 public and 14 private courses.
Several open golf tournaments are held each year.
The Greater Miami Area's 403 public parks and playgrounds cover 408,710 acres,
providing residents and visitors with a wide ranee of subtropical nature settings unique only to
South Florida in the continental U.S. Each park has a combination of a facilities that are enjoyed
year round. The facilities include: public swimming and boating, equestrian trails and baseball
and softball fields.
?6
05- 420
,�
The Greater M,—,ii area's 22 public beaches comprise 1,400 acres, which are freely
accessible and are enjoyed year round by residents and tourists.
Cultural Facilities and Affairs
The Greater Nliami area has an extensive library system, several museums of art and
history and art galleries. A new cultural center built by the County at a cost of S26.6 million
opened in downtown Miami in 1984. The complex, designed by Philip Johnson, is composed
of a library: fine arts center, and a historical museum.
Symphonic and pop concerts are performed regularly. Five theaters draw plays and
concerts from around the United States which appeal to all ages. Operas are performed by both
amateurs and professionals. Resident dance companies offer�a full calendar of events.
Educational Institutions
The public schools of the County provide educational facilities on primary and secondary
levels.
Public school enrollment, including both primary and secondary levels, since 1985 is as
follows:
School Year
Dade County
Endine June
Miami
Total
1993
N/A'"
293,578
1992
N/A'"
295,016
1991
54,615
285,831
1990
52.214
275,807
1989
50,757
265.384
1988
41,521
250,977
1987
36,994
241.588
1986
38,345
231.761
1985
37,093
224.280
1984
36,992
219.857
(1) Not available.
SOURCE: City of Miami, Florida Finance Department; Dade County School Board. City of Miami information
is on a calendar year basis. Dade County information is on a school year basis.
77
95- 420
k�-
Over t20,000 dents are enrolled in the following cu.,:ues and universities located
within the County or Greater Miami Area:
Barry University
Florida International University
Florida Memorial College
International Fine Arts College
tiliami Christian College
Miami -Dade Community College
St. Thomas University
University of Miami
Film Industry
The Dade County film and television industry ranks high nationally behind New York
and Los Anueles in its annual dollar volume of production expenditures. As estimated by the
State of Florida. the total production expenditures for the State were $283 million in 1991 and
the Greater Miami portion was estimated at approximately S175 million.
Agriculture
The land area of Greater Miami includes large agricultural expanses on which limes,
avocadoes, mangoes, tomatoes and pole beans are grown for the fresh produce market. During
the sunny and warm winter months, the mild climate enables these crops to be grown and
harvested. Manv of the vegetables are shipped to the Northern United States during the winter.
Exotic tropical fruits such as plantains, lychee fruit, papaya, sugar apples and persian limes grow
in the area and cannot be grown anywhere else in the United States,
Foreign Trade
Foreign Trade, one of the City's main economic sectors, continues to experience very
strong (growth. According to Trade Research Institute Inc. of Miami, exports during 1992 were
S16 billion. an increase of 19.8% over 1991, and imports for 1992 were S9.6 billion. an
increase of 16.6% over 1991.
Further stimulation in the investment climate has resulted from the implementation of the
12-year Caribbean Basin Initiative program, designed to boost the economics of 27 countries of
Central America and the Caribbean islands. The Caribbean Basin Initiative program. which
grants duty-free entry into the U.S. of material goods produced in the region, is also expected
to bring greater economic stability to those countries.
Trade offices have been established in South Florida by several countries, in addition to
economic affairs conducted by the 37 foreign consulates located in the Greater Miami area.
These trade offices include those established by Belgium, Chile, Colombia, the Dominican
Republic, Guatemala, Hong Kong, Jamaica, Korea, Panama, Spain, the Philippines and Japan.
95- 420
W
Miami International . port
The County is the owner of six separate airports within its boundaries. The
responsibilities for their operation are assigned to the Dade County Aviation Department. Miami
International Airport (the "Airport") ranks 8th in the nation and lOth in the world in the number
of passengers using its facilities. It ranks 3rd in the nation and 7th in the world in the movement
of domestic and international air cargo.
The Airport's facilities include three runways, a 7,500 car parking complex,
approximately two million square feet of warehouse and oft -ice space and maintenance shops,
Approximately 40.000 individuals are employed at the Airport.
In 1994 the Airport served over 29 million passengers and handled 28 billion pounds of
cargo.
Miami International Airport is in the midst of a one billion dollar expansion planned to
service over 45 million passengers by the year 2000.
A ten vear summary of the growth of both passengers served and cargo handled follows:
Total Passengers
Total Cargo
Year
(thousands)
(Thousand Pounds)
1994
219,475
2,836.998
1993
218,255
2,431.640
1992
26.484
2,075,198
1991
26,591
1.815,534
1990
25,837
1,815.374
1989
25,408
1,730,850
1988
24,224
1.429,944
1987
23,801
1.374,380
1986
21,357
1,200,270
1985
19.853
1,037,700
SOURCE: Miami International Airport
-79
05- 420
Port of Miami
The Port of Miami (the "Port" ) is owned by the County and is operated by the Dade
County Seaport Department. From 1985 to 1994. the number of passengers sailing from the
Port increased from 2.326.685 to 2,967.081 an increase of 28%. This increased growth
highlights the Port's emergence as the world's leading cruise ship port.
The Port specializes in unitized trailer and container cargo handling concepts. The most
effective use of equipment and the Port's convenient location combine to make the Port the
nation's leading export port to the Western Hemisphere. From 1985 to 1994 the total cargo
handled increased from approximately 2.3 million tons to over 5.5 million tons, an increase of
139%.
The Port of Miami has almost doubled in size, from 325 acres to 600 acres, through a
$250 million expansion program began in 1980 designed to move 16 million tons of cargo and
four million cruise passengers by the year 2000. The additional space is needed to accommodate
the increasing number of shippers, buyers, importers, exporters, freight forwarders, and cruise
passengers who wish to conduct business through the Port.
A ten year summary of the growth in revenues, passengers and cargo handled follows:
Year
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
Revenues
546,054,710
39,745,032
35,754,515
32,733,262
25,736,4651"
30,035,859
26,489.275
19,933,197
17,973,522
17,135,048
Total Passengers
?,967,081
3,157,130
3,095,487
2,928,532
2,734,816
3.100,055
2,502,411
2,633,041
2.520.511
2.326.685
Cargo Tonnage
5,574.252
5,198.292
4,959.648
3,882.284
3,590,937
3,206.41.7
2.602.556
2,425.937
2.406,084
2,333.026
SOURCE: Dade County Seaport Department
(1) Previous data included internal service revenue and transfers. Actual revenue for 1990
increased 7 % over prior year.
95- 420
M.
Demographic Data
The following table indicates the distribution by age groups among the population of
residents of the City and of the County for the 1990 Census count,
Year
Citv of Miami
Metro -Dade County
0-04
25,627
139.714
5-17
56,868
328,296
18-20
13.804
82.000
71-24
19,811
111.876
25-44
105.524
609,719
45-54
38,898
212,098
J5-59
19,004
9L769
60-64
19,665
90,816
65-74
32,460
146,131
75-84
20,603
94,556
85 +
6,)84
30,119
Total
358.548
1.937,094
SOURCE: City of Miami, Florida Comprehensive Annual Financial Report, Year Ended
September 30. 1994.
[THE REIMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
05- 420
A
Retail Sales
Although the City contains 22 percent of the population of the County, almost halt' of the
j dollar volume of sales transactions for the County are reported in the City. The following table
presents five years of taxable sales information for the City and the County.
i'
Taxable Sales
($ in thousands)
Fiscal Year
1993 1992 1991 1990 1989
Miami $ 10,494,598 $ 8,814,453 $ 8,847,178 $ 8,614,429 $ 8,226,828
Dade County 21,607,199 19,435,493 18,312,885 207,737 18,089,189
Miami/Dade 49% 45% 48% 47% 4501°
SOURCE: Department of Revenue; State of Florida
Unemployment Rates
Annual Average
1993
1992
1991
1990
1989
Miami
11.1 %
14.2%
10.7%
8.3%
7.9%
Dade
County
7.7
10.0
8.7
6.7
6.4
U.S.
6.8
7.4
6.7
5.5
5.3
SOURCE: United States Department of Labor, Bureau of Labor Statistics.
IsA
95- 420
k-
Building Permits
The dollar value of building permits issued in the City and in the unincorporated
areas of the County since 1985 is as follows:
SOURCE
Building Permits Issued
($ in thousands)
Year
City of Miami
Unincorporated
Dade County
1994
$ 351,654
$ 987,370
1993
247,931
830,934
1992
216,266
1,186,644
1991
208,914
543,877
1990
237,039
954,962
1989
308,941
2,120,152
1988
288,771
812,853
1987
238,513
990,882
1986
192,418
866,604
1985
322,785
827,949
The City of Miami Florida Comprehensive
Annual
Financial Report, Year
Ended September 30, 1993,
S3
95-- 420
APPENDIX B - GENERAL PURPOSE FINANCIAL STATEMENTS OF THE
CITY OF MIAMI FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1994
95- 420
Vy-
APPENDIX C - FORM OF OPINION OF BOND COUNSEL
m.
95- 420
k--
FORM OF BOND COUNSEL OPh ,N
_, 1995
The City of Miami
3500 Pan American Drive
City of Miami, Florida
Ladies and Gentlemen:
We have examined the Constitution and the laws of the State of Florida, including
Chapter 166, Florida Statutes, the Charter of the City of Miami and certified copies of the
proceedings of the City Commission (the "Commission") of the City of Miami, Florida (the
"City"), including Resolution No.95-420adopted on May 25 , 1995 (the "Bond
Resolution"), the various ordinances and resolutions identified in Section 2 of the Bond
Resolution and other documents submitted relative to the issuance and sale of the City's
$ General Obligation Bonds, Series 1995 (Sanitary Sewer System) (the
"Series 1995 Bonds"). We have also examined a cancelled Specimen of the Series
1995 Bonds. All capitalized terms in this opinion shall have the meanings ascribed to
them in the Bond Resolution.
The Series 1995 Bonds are dated June 15, 1995, mature on the date, bear
interest at the rate, are subject to redemption prior to their maturity and are issued in
registered form, the details of which are set forth in the Bond Resolution and in the
Official Statement dated , 1995 (the "Official Statement").
Based upon this examination, we are of the opinion that, under existing law:
1. The Series 1995 Bonds and the Bond Resolution are valid, legal, binding
and enforceable obligations of the City in accordance with their respective terms subject
to bankruptcy laws or the laws affecting creditors' rights generally and to the exercise
of judicial discretion.
2. The Series 1995 Bonds constitute general obligation of the City, payable
from and secured by a lien upon and pledge of the proceeds received by the City of its
levy and collection annually of an ad valorem tax upon all taxable property within the City
over and above all other taxes authorized to be levied by the City, sufficient to pay
principal of, redemption premium, if any, and interest on the Series 1995 Bonds as such
payments become due.
3. Under existing statutes and court decisions, interest on the Series 1995
Bonds is not included in gross income for federal income tax purposes assuming
compliance by the City with certain covenants and procedures, and is not treated as an
item of tax preference for purposes of the alternative minimum tax imposed on
individuals and corporations under the Internal Revenue Code of 1986, as amended (the
"Code"). The Series 1995 Bonds and income thereon are exempt from taxation under
the laws of the State of Florida, except for estate taxes and taxes imposed by Chapter
220, Florida Statutes, on interest, income or profits on debt obligations owned by
corporations, banks and savings associations, as defined therein.
R!
05- 420
k�
In giving the `going opinion with respect to the atment of interest on the
Series 1995 Bonds, we have relied upon the opinion of the City Attorney and upon and
assumed compliance with, the covenants of the City set forth in the Bond Ordinance and
the accuracy, which we have not independently verified, of the representations and
certifications of the City contained in the Official Statement and Bond Ordinance.
Continued compliance by the City with those covenants may be necessary for the
interest on the Series 1995 Bonds to be and to remain excluded from gross income for
federal income tax purposes. Non compliance with these requirements could cause the
interest on the Series 1995 Bonds to be included in the gross income for federal income
tax purposes of its registered owners and to be subject to federal income tax
retroactively to the date of their issuance.
Under the Code, portions of the interest earned by certain corporations may be
subject to an alternative minimum tax, and interest may be subject to an environmental
tax imposed on corporations for certain taxable years, to a branch profits tax imposed
on certain foreign corporations doing business in the United States and to a tax imposed
on excess passive income of certain subchapter S corporations. In addition, under the
Code, the exclusion of interest from gross income for federal income tax purposes can
have certain adverse federal income tax consequences on items of income or deductions
for particular taxpayers, including among them, financial institutions, some insurance
companies, recipients of social security and railroad retirement benefits, and those that
are deemed to incur or continue indebtedness to acquire or carry tax exempt obligations.
The applicability and extent of these and other tax consequences will depend upon the
particular tax status of each bondholder. We do not express an opinion on these
matters.
Respectfully yours,
-a
95- 420
NI.-
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO : Honorable Mayor and Members DATE : MAY 1 8 1995
FILE
of the City Commission
SUBJECT : City Commission
Agenda Item -
General Obligation
FROM REFERENCES: Bond sale
Cesa io
City er ENCLOSURES:
Jagaismaou
It is respectfully recommended that the attached resolution, be
adopted, including Exhibits A, B and C, of the City of Miami,
Florida, authorizing the issuance of the City's General
Obligation Bonds, Series 1995 in the aggregate principal amount
of $22,500,000 for the purpose of paying the cost of certain
Sanitary Sewer Improvements; fixing certain details of said
bonds, including their form; confirming that such bonds shall
constitute general obligations of the City; agreeing to comply
with certain tax requirements; appointing a bond registrar and
paying agent; directing and authorizing sale of the bonds by
public bid and directing publication of a summary notice of the
sale of said bonds and establishing the date and time for such
sale and the procedure for awarding said bonds; approving the use
of bond insurance as requested by the purchaser or determined by
the City to be desirable; approving the form of a preliminary
official statement pertaining to said bonds and authorizing the
distribution thereof to prospective purchasers; authorizing
actions and execution of documents by officials of the City;
making certain other covenants and agreements in connection with
the issuance of said bonds; and providing severability and an
effective date.
Cash flow requirements for several of the projects included in
the City's Capital Improvement Program make necessary a general
obligation sale at this time. Because of current low interest
rates market conditions are ideal to issue new bonds.
95- A20
9-I
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO
Honora 1 e Mayor and Members
DATE
May 25, 1995 FILE
of t City Commission
SUBJECT:
City Commission
-
Agenda Item #9
General Obligation
FROM :
REFERENCES:
Bond Sale
Cesar H. Odio
City Manager
ENCLOSURES
Attached pages 2, 5, 10 which
represents corrected versions of a
scrivners error, as follows:
Page No.
Current
Changes
2
Ord No. 112095
Ord No. 11205
2
Jan. 2025
Jan 2015
5
Jan. 1, 2003
Jan. 1, 2004
10
Jan. 1, 2025
Jan. 1, 2004
(
95- 420
DID ITE.M.- $ 22,500,000.00 GENERAL OBLIGATIONS BONDS, SEKiLb i.Fy-j
-. s-----------------------------------------------------
DID NO. t
DATE BID(S) OPENED: JUNE 20: 1995 11:00 a.m.
------------------------------------------------------
C,
TOTAL. DID s i1D
BIDDER BID AMOUNT
_ �. _
_-----------------
W ILLIAM R. HOUGH & CO.
-------
6.0361 %-----
--..
------ r 7
,
---------------------------------------
MERRILL LYNCH
5.902 % '
ers from the vendors listed
ed timnl3r .13.^Lof_S-G�CY�1.
other offers submitted in response
eire•=j-'C1S- ��'"e--
herein are the}y
to tla;s
-------------
offers--
-
if any, _
-------�-�--
----_--�
------------
-_.,---------
..-_----_-- ----------------
-----
------------
`-"'-----------------�
-------- -- ------------------------
---
----------------
L------- - --------------------------------
------
-----
-------------
-------------
---------------
"-------------------------------
----------------------
= -----
s _---s-_----
-------------
- - - - - - - - - - - - -
- - - - - - - - - - ---
------------------------------------------------
-------- t
-----------------------------
--------------
--- ----------
-------------------.._---
---------------------- —
_ —
__ _received (ZL—) envelopes on behalf of
`Person receiving bids)
FINANCE DEPARTMENT an
(City
SIGNED:
-(Deputy Ciiy Clerk)— —
R EC E I Vr[-,7-
rj
'95 JUN 20 A 1 :00
4bc,)'
T.) 160
Ct
kv? F MIA t
k. OEPA R TA4
L L-A
iv rr .................. r.
i'ut'�.:F, iei! Crrve ai �t ;intura.!y.:'t,ntlay apn
AIAMI DAILY BUSINESS REVIEW
li•8t1' or DAM
.cfrila thA undtetigilud authority pornemally ilppottie8
it4ma V F erD4yto, wliu on oath Nayv inat sho li the
Purvlr,ar, 1.09ai Noilc•us crt t!td Mlami Wity Dufllntrsa
,Imv i"wil kilmlif noview, a • a4Opt Smurdav, Sund,ly
ttujA? NuN(layv) rirmapo, Isho(t:it Miami In D1a.tu
•-r,'y. FlorMA: 111111 IN !tit,• ropy of orivenimin)ant,
:iy u !Loth 0d4urttramunt of fk;dco in Ihu niatt(K ur
M OF j' M I A M L
Kunr! no
N',1;_ L t:)f3iMAT i:i)i S r3OrrDS
. CXX*), XY"..�.............. . . ........ Guurt,
hod ht &Md llm pwc l It, thi, Isauta of
hirtli.:+ a)yy !!tit lhti cald Mani! MP!,,
it nwwr ! rlp.,r pubilchr.rl at mialill IF) trala
1"attfil. rrt,ti iCwt tha tAuld nowuTtgjar hw'. ill--w A ,f+1
-WoUOU,0y 1101i4nadIll Cild Ucc:e Cvl,nly, Ftr,rut,,
e (aal�+l saturdify. tunday anti t.?gal iir.!i.+,.;•:} r,,�h
.v .iQ M-0 Al 90Colid CiAN Moll Muli•)r'
t',. +1 ; • 1, iontil in s1ld Woo bounty, Florldn' lot it is r!„ J of
o •jum ran pmcMMg UHS Iml pulafWat1An of Hm nl':+camd
,) vt and Mant turihelr aayn thni ,JIus .• 1
9:111' vo;(1 M'I pr,imisutl any µnlleotl, fli'm or corpu MJ61,
y dIm-'otint, tabvto, caInn1'1581u Win nd for tire, i u rs
t ofing ttdtt AW/i INem r pit 1(u11on lr. tht , +I2
r
SWorn W 3nd rUnaCribed befnr,i wo ltwt
iun e
tliayot........................................................ A 1).
;r
`. ie..,>:. V. Fr(,itx>yrn Ist•r;conally yn4vlry�,t)�� , ykr r �
c8T'K1hL .^1 )IA, 15FR1
t liF•rl)t_H' 11=1
yLlu t'„oNN(ht.Yivt'i!
M1Iv,•'t)nt-A,t '.%1C,tgFot'•.el•It 11. i-
Yeti11'500,000
C..6;Ni±;RAL 0H11t ATt N 6 t i::, Q. Z,. t it
,°.cnl;rJ !•F.:, •Ll!I ixt 1.1v1rlvrd fly thr tar, t'Ic, 4.'if
Tti.tl 3r ' n Atrhrimit Tklvr., Nihmi, °la•p?,,
t l!'lia i:U.
UNT, . t)
fur t)c t:Ity uF bllrnih I midn (Ir,n mi
S)ri.•ut) n, Ix, !berml in ih „`t<�,•!.ae
'i)nnds"). 'I'bt• iknuia tv1U Ih• ,lat,.;(.', ,,. , ..
Sturtiriry Dull:
.la(tuarw T 1n,rhui ! • rr "
itxr.rkto
Z(N)J 100ihx).
2(+Pt 1(Y) IAk) 't1 t
2tAh5 c!rt i.
'Mr R"114 wlu ix, riv, i.),t lain• •
, . ,
e9,Fdolt ptymclit ILL ev".frtt I:.. r,•r i usuL•. 'l Ar :el'(•;:1v N
;rcd-1, i..1., ~Ilan,!• lilori ,t Hilt Lc ru,:,'•ct,,a Ill., , t
&.3ridr;
'lln• Moticc r.t .':ql.• nett f)fA.:!et 11,:r i` ,• ? , F tt ,. ,
5tgtent�nit rn6aln� ;•i rtrc Tf.mdt uiey L•, . I ,,r„qd ,
1tX) IlFaragnc Hncac�rl.d w4y, Hultc
(MS) .)71-4650, or to Si1.• f'I11u»nlxl Adri«,r. !f •..•:n1 ,:,,,
HI&v ym ;u-mlrveni, sutra r r).1. Miami. rl„ride ;i 5I3 r r I!. t ..: ?•
571.1AW, nud Ittrynt••ud dmtrt'u h AmA-wuros. !iw., en!I••', '.
PCU;t•yhurlt, F`fo."i,1e :).1711:. tC)ctrt,nnr. tt,c-r (11 i t •. ,I, ••'y.
���1rwalN. r1 ... �--W1fit!.11M�•:�ni;,,S:3iL7�4i_lt,li.'_•r�s'.'r•2�E...,�. .: ,1. ,
r
, Iti
C'C W; i I
ttt' 1':1jj)jjt.V i`A_VWCA Oy a
"WAIi-AN tA 37)'00(1
i will
Iic. 11w Nivitl", will 1",
'Ix
�'.NT 5, FINA INCE
i. 0 ''WIC
'M044AX0, 60'r
, J"Jy'jR_
G1IC-44AW. CILMM, tv-s ftV IaW)
J00.677M
1112
A04000wo mw 104 S"m
K4
S V
Coe !::'-A
1�q rl�
im t:Ilv of 4:4.114'I'JI U'." k.
i ]A will ir: IL) "rA !ut 1S, t 119: at"I I.'
If"i'099
pit"AI'd till
J.-iY
VA.. Mlaf;;i I i. .1'1n will
lkk ,14 Jim! IV :Ludt
A00 10ichv11." O."flov"fil W-1). ",m Iji%
17d;-41'-'"". Ow f . .. ....
El"
Rhode .1sland Housing d-iol ',`Aoz �qat'ie'
1977 SoOes A !tllhA
Ai At I
t' I iE'RH1Y '_1',,TN ON Ifl- It P1 1I
..\(A' FUNIANCE (,()Xf'0XAlA )N by I If --i N'Isllol
PhOlk 154111.1 llova-]T'g and Mottgagi, 1';tIwjI'
10'7, Seni,,�, A illit. "M, Ili Palully Ff'_
font!, r,I'I;811 tlWf 1
P)9". �tj
Ivivelm!erl Lallod 1"11
1,;i the I a,
ILI, I jf)fI'pij'jl -TrU61 Ct", lonpit'PA T
J(Pil'clal Propcit; Area
Bt-lb ten), hjA 02 1
4"1
(ocJf
LASON SYSTEM'S INC„ :.
6954 N.W. 12 STREET, MIAMI, FLORIDA 33126
305-477-9149 • 800-287-4799 • FAX 305-477-7526
condition
FC 017
OFFICIAL BID FORM
Proposal
For the Purchase of
$22,500,000
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 1995
(SANITARY SEWER SYSTEM)
June 20, 1995
Commission of The City of Miami, Florida
City Hall
3500 Pan American Drive
Miami., Florida 33133
Dear Commissioners:
On behalf of an underwriting syndicate which we have formed,
headed by the undersigned and consisting of the firms listed on a
separate sheet attached hereto as Exhibit A, and in accordance with
the terms and conditions of the attached Notice of Sale dated June
1, 1995 (the "Notice of. Sale"), which is hereby made a part of this
proposal, we offer to purchase all of the City of Miami, Florida,
General Obligation Bonds, Series 1995 (Sanitary Sewer System) in
the aggregate principal amount of $22,500,000 (hereinafter referred
to as the "Bonds"). The Bonds will be dated June 15, 1995. We
will pay for the Bonds at the time of delivery, in immediately
available Federal Reserve Funds, Twenty-two Million F.ive_Hundred
Thousand Dollars ($22,500,000) , plus accrued inter-sE, if any, from
June 15, 1995 to the date of delivery, anc,(,a cash premium of
$ -� — for all of the Bonds.
In satisfaction of the City's good faith deposit requirement,
we enclose herewith a certified, bank cashier's or treasurer's
check drawn on an incorporated bank or trust company, or we have
made provision for a Financial Surety Bond, in the amount of
$225,000 payable to the order of The City of Miami, Florida, which
good faith deposit is to be applied or returned in accordance with
the Notice of Sale.
SCHEi jE OF MATURITIES AND INTER. RATES
The Bonds shall bear interest at the rates set forth in the
following schedule:
Maturity
January 1
Amount
1996 $
-
1997
-
1998
100,000
1999
100,000
2000
100,000
2001
100,000
2002
100,000
2003
100,000
2004
100,000
2005
100,000
2006
100,000
2007
100,000
2008
100,000
2009
11000,000
2010
1,000,000
2011
2,000,000
2012
3,700,000
2013
3,700,000
2014
4,200,000
2015
5,800,000
Rate
`f. z S
N•'SD
0
o
I•q4
�.v�
S, Za
S•3o
S Co 0
S
G.00G
G./O
61. Z CD
Ia
O c�
G •o
The closing documents referred to in the Notice of Sale are to
include certificates, dated as of the date of the delivery of the
Bonds, with reference to the Official Statement, as provided
therein, and stating that there is no litigation pending or, to the
knowledge of the signer of such certificate, threatened which would
materially adversely affect the validity of the Bonds. We hereby
agree to provide to the City, at or prior to closing, such
information regarding the initial prices at which a substantial
amount of each maturity of the bonds were sold to the public as the
City shall reasonably request.
We agree to comply with all requirements of the Minority and
Women -Business Affairs Procurement Program ("MWBAPP") established
under Ordinance No. 10062, as amended by Ordinance No. 10538 and
Ordinance No. 11272, which Ordinance by this reference is hereby
incorporated herein in its entirety, which are applicable to this
matter. We acknowledge the City's right to terminate, suspend or
impose sanctions with respect hereto, as more fully outlined in the
Notice of Sale.
2
We certify that we, during the course of time involved in the
performance of this contract, shall not discriminate against any
business, employee or applicant for employment because of age,
ethnici y, race, creed, color, religion, sex, national origin,
handic or mari al status. .We furth r,state that
A LA L'I
R U e -v�J�C
(a statement of the extent to which he buv ss'enterprise has�,as
one or more of its partners or principals persons who are Black,
Hispanic or women, or is a joint venture comprised of a non --
minority and minority business and/or women -owned enterprise).
We agree to:
(a) implement specific affirmative action plans as
approved by the director of the Office of MBE/WBE Affairs including
the submission of an AAP (as outlined in the Notice of Sale) and to
demonstrate a good faith effort to ensure equal employment
opportunities for Blacks, Hispanics and women on this contract;
(b) document these efforts fully and to provide reports
as may be required by the City;
(c) permit access to our books, records and accounts by
the Office of MBE/WBE Affairs or its designee for the purpose of
investigation to ascertain compliance with the foregoing
requirements; and
we acknowledge that in the event of noncompliance with the
requirements of the MWBAPP (as more fully outlined in the Notice of
Sale), the City Manager may suspend in whole or part, cancel or
terminate the bid award and/or impose other sanctions as may be
determined to be appropriate.
Respectfully submitted,
WILLIAM R. HOUGH & CO.
J-
Bidder
By:.
Title:
(No addition or alteration except as provided above, is to be
made to this bid form, and it must not be detached from the Notice
of Sale.)
3
The following is provided for information only and is not
a part of this bid: i
This,'bid is is not made for Bonds carrying
complete �L or partial municipal bond insurance,
with the Insura�p emIum being paid for by the underwriter. The
insurer is T2f- !!�-
The total amount of interest payable on the Bonds during
the life of the issue under this proposal without deducting the
premium bid, if any, is $ - - 3i Z� 1 Z . Z 2-
The true interest cost for the Bonds, calculated as
described in the Notice of Sale, is 06./
03cr �c7
If our bid is not accepted, the enclosed good faith check
should be returned to the following:
Firm: -
Attention:
Street:
City: State: Zip:
IF THE UNSUCCESSFUL BIDDER DESIRES TO RECEIVE RETURN OF THE
GOOD FAITH CHECK IN PERSON, THE CHECK WILL BE AVAILABLE AFTER
OPENING AND EVALUATION OF THE BIDS.
The above mentioned check has been returned and receipt
thereof is duly acknowledged.
Bidder
By:
Title:
Telephone No
4
06/19/95 15:24 V813 895 8821 W,11. R. HOUGH C3]002
Statement of Affirmative Action
WILLIAM R. HOUGH & CO.'S AFFIRMATIVE ACTION PLAN AND
STATEMENT OF POLICY ON EQUAL EIMPLOYNIRNT OPPORTUNITY
It is the policy of. 'William R. Hough & Co, to afford equal opportunity for employment to
all individuals regardless of race (including Afiican Americans, Hispanics, Asian Americans, and
Native Americans), color, religion, sex, marital status, national origin, age, physical handicaps or
ancestry. The company adheres to all state, federal and local laws, including Executive Order 11246
Equal Employment Act of 1972 and the Civil Rights Act of 1964.
This corporation will take affirmative action to ensure that we will (1) recruit, hire acid
promote for all job classifications without regard to race, color, religion, sex, national origin, age,
physical handicap or ancestry, (2) base decisions on employment so as to further the principals of
equal employment opportunity, (3) ensure that promotion decisions are in accord with the principals
of equal employment opportunity, (4) provide a working environment that is free from sexual
harassment, (5) ensure that all personnel actions such as compensation, benefits, transfers, layoffs,
return from layoff, company -sponsored training, education, tuition assistance, social and recreation
programs will be administered without regard to race, color, religion, sex, national origin, age,
physical handicap or ancestry.
The successful achievement of nondiscriminatory employnienr program requires a maximum
of cooperation between management and employees. Supervisory personnel have been made to
understand that their work performance is being evaluated on the basis of their equal opporwnity
efforts and results, as well as other criteria,„
WILLIAM R. HOUGH & CO.
/s/ W. Rohl) Hou h. Jr.
President
I
06/19/95 15:24 C813 895 8821 MI. R. HOUGH
EKHIBITA
0$22,.500,000
Miami, Flnride
General Obligation Bonds
The Group of Underwriters fonncd to purchase and distribute the above -referenced Securities shall consist
of the following, upon acceptance of their respcctivc participation;
Willlatn R. Hough & Co.
A.G. Edwards & Sons, Inc.
First Uniun Securities, Inc.
Rauscher Pierce RefsnesInc.
Wachovia Bank of Georgia. N.A.
Ward Bradford Co.
Advest hic.
Robert W. Baird & Cu., Inc.
J.C. Bradford & Co., Inc.
Corby North Bridge Securities, Inc.
Cowen & Co.
Davenport & Co, of Virginia, Inc.
Douglas & Co, Mimicipals, lnc.
Equitable Securities Corporation
FAIC Securities, Inc.
First Equity Corp. of Florida
Gruntal & Co., Inc.
Interstate/Johnson Lane Corporation
Janney Montgomery Scott, Inc.
Josephthal, Lyons & Ross, Inc.
Northern Trust Securities, Inc
Oppenheimer & Co., Inc.
Muriel Sieben & Co., Inc.
Nike Securities
Shawmut Bank
} Joint S4,500,000
] 4,500,000
] Managers 4,500,000
] 4,500,000
j 4,500,000
] 4,500,000
500,000
500.000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
0 003
kl-
OFFICIAL BID FORM
Proposal
For the Purchase of
$22,500,000
THE CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS, SERIES 1995
(SANITARY SEWER SYSTEM)
June 20, 1995
Commission of The City of Miami, Florida
City Hall
3500 Pan American Drive
Miami, Florida 33133
Dear Commissioners:
On behalf of an underwriting syndicate which we have formed,
headed by the undersigned and consisting of the firms listed on a
separate sheet attached hereto as Exhibit A, and in accordance with
the terms and conditions of the attached Notice of Sale dated June
1, 1995 (the "Notice of Sale"), which is hereby made a part of this
proposal, we offer to purchase all of the City of Miami, Florida,
General Obligation Bonds, Series 1995 (Sanitary Sewer System) in
the aggregate principal amount of $22,500,000 (hereinafter referred
to as the "Bonds") . The Bonds will be dated June 15, 1995. We
will pay for the Bonds at the time of delivery, in immediately
available Federal Reserve Funds, Twenty-two Million Five Hundred
Thousand Dollars ($22,500,000), plus accrued interest, if any, from
June 15, 1995 to the date of delivery, and a cash premium of
$ / 71 92(I for all of the Bonds.
In satisfaction of the City's good faith deposit requirement,
we enclose herewith a certified, bank cashier's or treasurer's
check drawn on an incorporated bank or trust company, or we have
made provision for a Financial Surety Bond, in the amount of
$225,000 payable to the order of The City of Miami, Florida, which
good faith deposit is to be applied or returned in accordance with
the Notice of Sale.
SCHEDULE OF MATURITIES AND INTEREST RATES
The Bonds shall bear interest at the raLcs set forth in the
following schedule:
Maturity
1996
$ -
$
$
1997
-
1998
100,000
</•
�5
iCiO�e
1999
100,000
�i �)
`f•��
(off• �y
2000
100,000
2001
100,000
„ ;,
V 6
2002
100,000
2003
100,000
y, j;
;•'.9�'
-JJ
_2004
100,000
2005
100,000
2006
-100, 0o0
',,D
�•lS
99 9
2007
100,000
�.y�
�.�,
7�• -/
2008
100,000
2009.,.__
11 000, 000
2010
1,000,000
�.,t�l_^•`�
��.G�
_ 2011
2,000,000
y.)
q�. q1
2012
3,700,000
3, 70.0, 000
"0
2014
4,200,000
/�•=
', jp
U, �c;2
2015
5,800,000
The closing documents referred to in the Notice of Sale are to
include certificates, dated as of the date of the delivery of the
Bonds, with reference to the Official Statement, as provided
therein, and stating that there is no litigation pending or, to the
knowledge of the signer of such certificate, threatened which would
materially adversely affect the validity of the Bonds. We hereby
agree to provide to the City, at or prior to closing, such
information regarding the initial prices at which a substantial
amount of each maturity of the bonds were sold to the public as the
City shall reasonably request.
We agree to comply with all requirements of the Minority and
Women Business Affairs Procurement Program (11MWBAPP11) established
under Ordinance No. 10062, as amended by Ordinance No. 10538 and
Ordinance No. 11272, which Ordinance by this reference is hereby
incorporated herein in its entirety, which are applicable to this
matter. We acknowledge the City's right to terminate, suspend or
impose sanctions with respect hereto, as more fully outlined in the
Notice of Sale.
2
V
We certify that we, during the course of time involved in the
performance of this contract, shall not discriminate against any
business, employee or applicant for employment because of age,
ethnicity, race, creed, color, religion, sex, national origin,.
handicap or marital status. We further state that ,4 / 1�('1 0 ,q4 M I S
(a statement of the extent to which the business enterprise has as
one or more of its partners or principals persons who are Black,
Hispanic or women, or is a joint venture comprised of a non --
minority and minority business and/or women -owned enterprise).
We agree to:
(a) implement specific affirmative action plans as
approved by the director of the Office of MBE/WBE Affairs including
the submission of an AAP (as outlined in the Notice of Sale) and to
demonstrate a good faith effort to ensure equal employment
opportunities for Blacks, Hispanics and women on this contract;
(b) document these efforts fully and to provide reports
as may be required by the City;
(c) permit access to our books, records and accounts by
the Office of MBE/WBE Affairs or its designee for the purpose of
investigation to ascertain compliance with the foregoing
requirements; and
we acknowledge that in the event of noncompliance with the
requirements of the MWBAPP (as more fully outlined in the Notice of
Sale), the City Manager may suspend in whole or part, cancel or
terminate the bid award and/or impose other sanctions as may be
determined to be appropriate.
Respectfully submitted,
�- r
7z Bidder
BY: Dan J. Hollister
Title: Director & Regional Manager
(No addition or alteration except as provided above, is to be
made to this bid form, and it must not be detached from the Notice
of Sale.)
3
The following is provided for information only and is not
a part of this bid:
This bid is is not made for Bonds carrying
complete �_ or partial municipal bond insurance,
with the Insurance. premium being paid for by the underwriter. The
insurer is
The total amount of interest payable on the Bonds during
the life of the issue under this proposal without deducting the
premium bid, if any, is $
The true interest cost for the Bonds, calculated as
described in the Notice of Sale, is S 9Oz *i.
If our bid is not accepted, the enclosed good faith check
should be returned to the following:
Firm: Merrill Lynch & Co.
Attention: Sherlyn Barfield
Street : 2502 Rocky Point D
City: Tampa Strate: Florida Zip: 33607
IF THE UNSUCCESSFUL BIDDER DESIRES TO RECEIVE RETURN OF THE
GOOD FAITH CHECK IN PERSON, THE CHECK WILL BE AVAILABLE AFTER
OPENING AND EVALUATION OF THE BIDS.
The above mentioned check has been returned and receipt
thereof is duly acknowledged.
Bidder
By:
Title:
Telephone No.:
4
C14iL'I2". ti`1 :17 _LI-5__.-;t'
06/2U ' 95 U8 13 I D MERR' !_ .L LYNUH I HVIF'N
I-r,.It 'L
EXHIBIT A TO THE OFFICIAL BID FORM
Following is a list of the members of our account on whose behalf
this bid is made.
Merrill Lynch S Co. Manager 4125M
Artemis Capital Group, Inc. 412514
Prudential Securitiem, Inc. " 4125M
Dean wittsr Reynolds,
Inc. Manager 4125M
Sterne, Ages 6 Leach, Inc.
Services Corporation
Member
Member
500H
50014
Alsu Investments
It
50014
OLE Capital Partners, Inc.
"
500M
Fidelity Gapitsl Markets
.,
50011
First Albany Corporation
500M
Firstar Bank of Milwaukee
„
500M
Move Barnes investments, Ina.
„
50014
Isaak Zond Investments, Inc.
„
50011
Mailrow Financial, Inc.
Member
500M
500M
Booeavalt & Cross, Inc,
Lijibp il
•
r please indicate which members of the account art MBE NSE firms.
5
k--.
06/18/95 10:02
V415 995 8090
Capital Guaranty Insurance Compar
Steuart Tower - 22nd Floor
One Market Plaza
San Francisco, CA 94105
CAPITAL GUARANTY
0001. 001
Sure -Bid Phone 415/995-8066
Sure -Bid Fax 415/995-8090
SURE -BID FAX CONFIRMA TICN - DELIVER IMMEDIA TEL Y
T Dan J. Holliater Sarah McDaniel
Account #: 103-09
Merrill Lynch D Company
FAX #: 813/288-4235
2502 Rocky Point Drive
Page 1 of 1 total pages
Suite 900
Tampa, rL 33607
Capital Guaranty Insurance Company hereby confirms to you
that it will issue its
Good Faith Deposit Financial. surety Bond and include you:=
name as an authorized
principal Gall in accordance with that certain reimbyrsement agreement) for the
following issues which you have roguested:
Sale Date Issue
06/19/95 City of Casselberry, Orange County, FL
Par Value: $3,500,00
3:00 pm ET $3,500,000 Sales Tax Revenue Bands,
Good Faith: $100,000
95-0627 Series 1995 Due: October 15, 2015
Premium: $55
06/20/96 The City of Miami, Florida
Par Value: $22,500,00
11.00 am ET $22,500,000 G.O. Bonds, series 1995
Good Faith: $225,000
95-0693 (Sanitary Sewer System)
Premium; $110
It is Capital Guaranty's privilege to be of service. Please call the Sure -Bid
Program Director at 415/995-8066 immediately if this confirmation is in any way
inaccurate. Thank you For using Sure -aid.
Date of Confirmations 06/16/95
Capital Guaranty Insurance.Company
10
By: L��
TO:
NOTICE OF SALE
SALE DATE:
Location of Bid:
Please be at the place of sale by �� �- and call collect
(813) 288-4200. Ask to speak to Sherlyn Barfield or Sarah McDaniel.
Enclosed bid Form
Sure -Bid Request
Code 53 for Cashiers check
Please give us a call when you receive the federal express package, so we may go over
bid or answer any questions you may have regarding the bid.
Thank you,
J,
R.,