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Home My WebLink AboutR-92-0462J-92- 476 6 / 16/92 RESOLUTION NO. 9 ^ 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 1992 IN THE AGGREGATE PRINCIPAL AMOUNT OF $10,000,000 FOR THE PURPOSE OF PAYING THE COST OF CERTAIN STORM 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. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: SECTION 1. Authority. This Resolution is enacted 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. F nd_ingg and Determinations. It is hereby ascertained, determined and declared that: A. Pursuant to Ordinance No. 9781, enacted on January xy 26, 1984, as supplemented by Ordinance No. 9782, enacted on x January 26, 1984, and as supplemented and amended by r= Ordinance No. 9905, enacted on March 21, 1985, and Ordinance +» No. 9977, enacted on April 11, 1985, and as supplemented by Resolution No. 84-319, dulupted--air -M 9, µ r CITY COMMSSION 1,}i 3 T A C H M& N i (S) MEETING OF. Y: r CONTAINED JUL 0 9 19982 462 'i Resolution No. No. 85-289, adopted on March 21, 1986, Resolution No. 84-628, adopted on June 14, 1984, Resolution No. 85-353, adopted on March 28, 1985, and Resolution No. 86-437, adopted on June 12, 1966 (collectively, the "Storm Sewer Bond Ordinances and Resolutions"), the Issuer authorized the issuance of general obligation bonds in the aggregate principal amount of $30,000,000 for the purpose of paying the cost of storm sewer improvements (the "Storm Sewer Improvement Bonds"), which issuance was approved by the citizens of the Issuer through a referendum held on March 13, 1984. B. The Storm Sewer Improvement Bonds were validated and confirmed by a judgment of the Eleventh Judicial Circuit Court in and for Dade County, Florida, rendered on July 11, 1984, and no appeal was taken therefrom. C. It is in the best interest of the Issuer and its citizens and residents that there shall be issued and sold at this time $10,000,000 in principal amount of its Storm Sewer Improvement 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. D. The proceeds of the Bonds will be used to pay the cost of issuance of the portion of the Storm Sewer Improvement Bonds authorized to be issued hereunder and to pay the cost of certain capital improvements in accordance with the terms of the Storm Sewer Bond Ordinances and Resolutions and as detailed in Ordinance No. 10938, enacted on December 5, 1991, and other ordinances making capital appropriations for the following fiscal year (the "Master Appropriations Ordinance"). SECTION 3. Authorization of Issuance and Sale of Storm Sewer Improvements Bonds. There shall be issued and sold at this time Storm Sewer Improvement Bonds entitled The City of Miami, Florida, General Obligation Bonds, Series 1992 (Storm Sewer Improvements) in the aggregate principal amount of $10,000,000. Said Storm Sewer Improvement Bonds shall be dated as of the first day of August, 1992, and shall mature, subject to redemption as hereinafter provided, on the first day of August 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 August 1, 2017. SECTION 4. Details of Bonds. A. The Bonds shall be numbered consecutively from 1 upward preceded by the letter 11R" 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 Citizens and Southern National Bank of Florida, or its successors -2- 92- 462 or assigns, as Bond Registrar and Paying Agent (the "Bond Registrar and paying Agent") in the City of Ft. Lauderdale, 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 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 a 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 -3- 92- 462 aggregate principal amount of Bonds, of other authorized denom- inations of the same series and maturity. B. As set forth above, the Bonds shall be dated August 1, 1992, shall bear interest from the date thereof, payable semiannually on the f irst day of February and the f i.rst day of August of each year, commencing on February 1, 1993, 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 herein- after 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 may, 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 -4- 92-- 462 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 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 rights 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 August 1, 2003, or thereafter, shall be subject to redemption at the option of the Issuer prior to their maturity on or after August 1, 2002, 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 par, plus accrued interest to the redemption date. 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 regis- tered 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. 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. ME 92- 462 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 substan- tial 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 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 -6- 92- 462 s • 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 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. -7- 92- 462 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, 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: No. R- [Form of Bond) UNITED STATES OF AMERICA STATE OF FLORIDA THE CITY OF MIAMI GENERAL OBLIGATION BONDS, SERIES 1992 (Storm Sewer Improvement Bonds) Interest Maturity Date: Rate: _ % August 1, REGISTERED OWNER: PRINCIPAL AMOUNT: Original Dated: August 1, 1992 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 , or its successors or assigns, as Bond Registrar and Paying Agent (the "Bond Registrar"), at the office of the Bond Registrar in , 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 February and the first day of August of each year, commencing on the first day of February, -8- 92- 462 i 1993. 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 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 $10,000,000 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. , duly enacted by the Issuer on July 9, 1992, 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 August 1, 2003, or thereafter, shall be subject to redemption prior to their maturity at the option of the Issuer on or after August 1, 2002, 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 par, plus accrued interest from the most recent interest payment date to the redemption date. 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 -9- 92-- 462 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. 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 where 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. -10- 92- 462 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 performed precedent to the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable hereto, and that the issuance of the Bonds of this issue does not violate any constitutional or statutory limitation or provision. IN WITNESS WHEREOF, The City of Miami, Florida, has issued this Bond and has caused the same to be signed 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 first day of August, 1992. ATTESTED: By MATTY HIRAI, CITY CLERK -11- THE CITY OF MIAMI, FLORIDA By: XAVIER L. SUAREZ, MAYOR APPROVED AS TO FORM: By: j �11n_ A. QUINN JONES, III%�'� 92- 462 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 sur- vivorship and not as tenants in common UNIFORM GIFT MIN ACT - Custodian (Cust) (Minor) under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the above list. -1Z- 92- 462 [Form of Assignment for Bonds) ASSIGNMENT FOR VALUE RECEIVED, the undersigned , (the "Transferor."), hereby sells, assigns and transfers unto the ("Transferee"). PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE 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. This validated and Circuit Court 11, 1984. 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 Bond is one of a series of bonds that were confirmed by a judgment of the Eleventh Judicial in and for Dade County, Florida, rendered on July [End of Form of Bond] -13- Mayor 92- 462 SECTION 5. App.gati.on 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 City into its Capital Projects Fund, which is a capital fund of the City included in the City'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 Storm 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 Storm 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. Pursuant to the Storm Sewer Bond Ordinances and Resolutions, the full faith, credit and taxing power of the Issuer are irrevocably pledged to the payment of the 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 l 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 -14- 92- 462 any way the generality of the foregoing, the Issuer covenants and agreess (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 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 Citizens and Southern National Bank of Florida, Fort Lauderdale, Florida, as the Bond Registrar and Paying Agent in connection with the Bonds. SECTION 9. salp 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 MIAMI REVIEW or THE MIAMI HERALD, daily newspapers of general circulation published in the City of Miami, and 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 -15- 92- 462 -AAL� Is '� Notice of Sale shall require that all bids shall be received by 11:00 a.m. Miami, Florida time on July 22, 1992. SECTION 10. 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 July 22, 1992, 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 11. 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 12. CQnfo=ance of Storm Sewer Bond Ordinances and Resolutions. All provisions of the Storm 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. 85-289, and the forms of the Bonds in any such Storm Sewer Bond Ordinances and Resolutions, are hereby amended to conform herewith, and such Storm Sewer Bond Ordinances and Resolutions are supplemented hereby. SECTION 13. 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 14. Rrel m;nary Official Statement; Official Statement. Th 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 -16- 92- 462 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 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 15. 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 16. Modification or Amendment. This Resolu- tion 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 holders 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 17. 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 anycombination 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 -17- 92-- 462 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 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 17 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 18. 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 19. 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 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 20. 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. aff-E 92- 462 M SECTION 21. Effective Date. This Resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 9th day of July , 199. ATTE By: ,-k'�w =ED rai, City Clerk APPTO FORM AND CORRECTNESS: By: A Q u Xh ff J s III City Atto y 246CP0498G 061092/7/mp _l9_ . v -- — vier Suarez Mayor 92-- 462 yIT'� 0P F';4r."'. Fi 0:,IDG J INTEROFFICE MEMORANDUM 'O Honorable Mayor and Members of the City Commission CROM Cesar H. Odio City Manager DATE 111" -1 -, FILE SUEOECT City Commission Agenda► Item - General Obligation REFERENCES: Bond Sale ENCLOSURES 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 C:ity's General Obligation Bonds, Series 1992 in the aggregate principal amount of $10,000,000 for the purpose of paying the cost of certain storm 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. 92- 462 /54 It is recommended that $10,000,000 in storm sewer bonds be sold to fund the following projects: Grapeland Storm Sewer - Phase I Tamiami Storm Sewer - Phase II Durham Storm Sewer Lawrence Waterway Dredging & Bulkheading Englewood Storm Sewer Wagner. Creek Renovations - Phase III Grapeland Storm Sewer - Phase II Citywide Local Drainage Heavy Equipment Facility Storm Sewer Retrofitting National Pollutant Discharge Elimination System Flagami Storm Sewer - Phase I Roads Storm Sewer - Phase I Total $ 1,650,000 630,000 180,000 975,000 1, 445-, 000 200,000 575,000 1,795,000 300,000 150,000 700,000 1,400,000 $10,000,000 �11 EXHIBIT "A" $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATIONS BONDS, SERIES 1992 (STORM SEWER IMPROVEMENTS). 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 July 22, 1992 for The City of Miami, Florida General Obligation Bonds, Series 1992 (Storm Sewer Improvements) to be issued in the aggregate principal amount of $10,000,000 (the "Bonds"). The Bonds will be dated August 1, 1992 and will mature as follows: Maturity Maturity Date Auarust 1 Principal Amount Date August 1 Principal Amount 1994 $210,000 2006 $390,000 1995 220,000 2007 420,000 1996 230,000 2008 440,000 1997 240,000 2009 470,000 1998 250,000 2010 500,000 1999 260,000 2011 530,000 2000 280,000 2012 560,000 2001 290,000 2013 590,000 2002 310,000 2014 630,000 2003 330,000 2015 670,000 2004 350,000 2016 710,000 2005 370,000 2017 750,000 The Bonds will be delivered on or about August 6, 1992 in New York, New York against payment in Federal Reserve Funds. The unqualified approving legal opinions of Fine Jacobson Schwartz Mash Block & England, Miami, Florida and the Law Offices of Manuel Alonso-Poch, P.A., Coral Gables, 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 92 462 A_ W 0 33137-4163, telephone number (305) 571-1380, and Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone number (813) 573-8189. WPCP/1DC0604RA.92 060492/l/amu -2- Carlos E. Garcia, CPA Director of Finance The City of Miami, Florida 92- 462 EXHIBIT "B" NOTICE OF SALE $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATIONS BONDS, SERIES 1992 (STORM SEWER IMPROVEMENTS) 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 July 22, 1992, at which time and place all bids will bb. publicly opened and read, for The City of Miami, Florida General Obligation Bonds, Series 1992 (Storm Sewer Improvements) to be issued in the aggregate principal amount of $10,000,000 and to be dated August 1, 1992 (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).. The Bonds will be dated and bear interest from August 1, 199.2, payable semiannually on February Land August 1 in each year, at the rate or rates specified in -such proposal as may be accepted, the first interest payment being due on February 1, 1993. The Bonds will mature as follows: MATURITY SCHEDULE Maturity Maturity Date August 1 Principal Amount Date August 1 Principal ,Amount 1994 $210,000 2006 $390,000 1995 220,000 2007 420,000 1996 230,000 2008 440,000 1997 240,000 2009 470,000 1998 250,000 2010 500,000 1999 260,000 2011 5301000 2000 280,000 2012 560,000 2001 290,000 2013 590,000 2002 310,000 2014 630,000 2003 330,000 2015 670,000 2004 350,000 2016 710,000 2005 370,000 2017 750,000 9 2 -- 462 Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender thereof, at the office of Citizens and Southern National Bank of Florida, the Bond Registrar and Paying Agent, in Fort Lauderdale, Florida. Optional Redemption The Bonds maturing on or after August 1, 2003, are subject to redemption, at the option of the City, on and after August 1, 2002, in whole on any date, or in part in the inverse order of their maturities (by lot within any maturity) on any interest payment date, at par, plus accrued interest to the date of redemption. Purpose= Validation The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781, as supplemented and amended, for the purpose of paying the cost of the construction of permanent drainage facilities within 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 $10,000,000 City of Miami, Florida General Obligations Bonds, Series 1992 (Storm Sewer Improvements)." 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 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 (2%). 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. -2- 9 2 462 ;. f. Ask i 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 July 9, 1992 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 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 bidder's confirmation that requests payment for the Bonds, copies of a final Official Statement in quantities sufficient to comply with the Rule. -3- 92- 462 E 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 July 9, 1992 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 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 bidder's confirmation that requests payment for the Bonds, copies of a final Official Statement in quantities sufficient to comply with the Rule. -3- 92- 462 0 Good Faith 0 Each bid must be accompanied by a certified or bank cashier's or treasurer's check drawn upon an incorporated bank or trust company, in the amount of $100,000, which check, 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 checks of unsuccessful bidders will be returned immediately. The check 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 check 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 check deposited by such bidder with its bid. Upon delivery of the Bonds, the proceeds of the check 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. Delivery of Bonds Delivery of the Bonds in definitive form will be made on or about August 6, 1992, 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 unqualified approving legal opinion of Fine Jacobson Schwartz Nash Block & England, Miami, Florida and the Law Offices of Manuel Alonso-Poch, P.A., Coral Gables, Florida, will be furnished without cost to the purchasers of the Bonds. An opinion of Fine Jacobson Schwartz Nash Block & England in the capacity of disclosure counsel to the successful bidder to the effect that nothing has come to such counsel's attention which would lead such counsel to believe that the Official Statement, as of its date contained, and as of the date of settlement contains, an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements -4- 92- 462 therein, in light of the circumstances under which they were made, not misleading will be furnished at a cost of $4,500 to such successful bidder. The successful bidder shall be required, at or prior to delivery of the Bonds, t•o 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 delivery of the Bonds, the City Manager and the City Director of Finance or other appropriate officers of the City will furnish their certificate to the effect that, to the best of their knowledge, the Official Statement, as Of its date and as of the date of delivery of the 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. 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(l)(b)21 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 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 -5- 92- 462 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 (10%) 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 Co -Bond Counsel and shall include such additional information as may be requested by Co -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 (deter- mined as described above) which shall be considered as informa- tive only and not binding on either the bidder or the City. 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, 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. 246CP0496G 061092/7/mp -6- Carlos E. Garcia, CPA Director of Finance The City of Miami, Florida .1 92� 462 OFFICIAL BID FORM Proposal For the Purchase of $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1992 (STORM SEWER IMPROVEMENTS) July 22:, 1992 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 July 9, 1992 (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 1992 (Storm Sewer Improvements) in the aggregate principal amount of $10,000,000 (hereinafter referred to as the "Bonds"). The Bonds. ; will be dated August 1, 1992. We will pay for the Bonds.at-the time of delivery,'in-immediately available Federal Reserve.Funds, Ten Million Dollars ($10,000,000), plus.accrued interest, if -any, from August 1, 1992 to the date of delivery,. and a cash premium of $ for all of the Bonds. We enclose herewith a certified bank cashier's or treasurer's check, drawn .on an incorporated bank or trust company, in the amount of $100,000 payable to the order of The City of Miami', Florida, which check is to be applied or returned in accordance with the Notice of Sale: 92- 452 4 SCHEDULE OF MATURITIES AND INTEREST RATES The Bonds shall bear interest at the rates set forth in the following schedule: Maturity Awust 1 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 $210,000 220,000 230,000 240,000 250,000 260,000 280,000 290,000 310,000 330,000 350,000 370,000 390,000 420,000 440,000 470,000 500,000 530,000 560,000 590,000 630,000 670,000 710,000 750,000 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. -2- P Respectfully submitted, By: Title: Bidder 92- 462 ff i (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.) The following is provided for information only and is not a part of this bids 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 $. The above mentioned check has been returned and receipt thereof is duly acknowledged. By: Title 246CP0495G 061092/7/mp tit._. .. -3- Bidder g2- 462 ,r a EXHIBIT "C" PRELIMINARI &FICIAL STATEMENT DATED , 1992 NEW ISSUE RATINGS: Moody's: Standard & Poor's: See "RATINGS" herein In the opinion of Bond Counsel, under existing statutes and court decisions, interest on the Series 1992 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. Sg, however, "TAX TREATMENT', herein for a further discussion of certain other tax aspects. Bond Counsel isfurther of the opinion that the Series 1992 Bonds and the income (hereon are exemtpi from taxation under the laws of the State of Florida, except as to 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. Dated: August 1,1992 $109000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS, SERIES 1992 (STORM SEWER IMPROVEMENTS) Due: August 1, as shown below Interest on the Series 1992 Bonds is payable semi-annually on August 1 and February 1 in each year, commencing February 1, 1993. The Series 1992 Bonds are issuable as fully registered bonds in the denomination of S5,000 or integral multiples thereof. Interest on the Series 1992 Bonds will be payable (in the manner described herein) to the registered owners shown on the registration books of The City of Miami, Florida (the "City") maintained by Citizens and Southern Nadonal Bank of Florida (the "Paying Agent") in Ft. Lauderdale, Florida, as Registrar and Paying Agent, on the fifteenth day of the month preceding an interest payment date, by check or drab mailed by first class mail to such registered owners by the Paying Agent. The principal of, and premium, if any, on the Series 1992 Bonds are payable upon presentation and surrender of the Series 1992 Bonds at the principal corporate trust office of the Paying Agent - The Series 1992 Bonds are being issued to pay the cost of various storm sewer projects located within the municipal boundaries of the City, and to pay the cost of issuance related to the Series 1992 Bonds. The Series 1992 Bonds are subject to optional redemption as provided herein. The Series 1992 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). Tbis 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 making 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 1994 210,000 2006 390,000 1995 220.000 2007 420,000 1996 230.000 2008 440,000 1997 240,000 2009 470,000 1998 250,000 2010 500,000 1999 260.000 2011 530,000 2000 280,000 2012 560,000 2001 290,000 2013 590,000 2002 310.000 2014 630,000 2003 330,000 2015 670,000 2004 350.000 2016 710,000 2005 370,000 2017 750.000 Interest Price or Rafe_ Yield The Series 1992 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 Fine Jacobson Schwartz Nash Block & England, Miami, Florida and Law Offices of Manuel Alonso-Poch, P.A., Coral Gables, Florida, Co -Bond Counsel, as to the validity and federal tax status of the interest on the Series 1992 Bonds. Certain legal matters in connection with the Series 1992 Bonds will be passed upon for the City by A. Quinn Jones, III, City Attorney. Howard Gary & Company, Miami, Florida, and Raymond James & Associates, Inc., St. Petersburg, Florida are serving as Financial Advisors to the City. It is expected that the Series 1992 Bonds will be available for delivery in New York, New York, on or about August 6. 1992. 92- 462 U a THE CITY OF MIAMI, FLORIDA MEMBERS OF THE COMMISSION OF THE CITY THE HONORABLE XAVIER L. SUAREZ MAYOR THE HONORABLE DR. MIRIAM ALONSO VICE MAYOR THE HONORABLE MILLER J. DAWKINS COMMISSIONER THE HONORABLE VICTOR H. DE YURRE COMMISSIONER THE HONORABLE J.L. PLUMMER, JR. COMMISSIONER CITY OFFICIALS City Manager..............CESAR H. ODIO City Attorney.............A. QUINN JONES III, ESQ. Director of Finance ....... CARLOS E. GARCIA, CPA City Clerk................MATTY HIRAI Co -Bond Counsel FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND and LAW OFFICES OF MANUEL ALONSO-POCH, P.A. Financial Advisors HOWARD GARY & COMPANY and RAYMOND JAMES & ASSOCIATES, INC. Disclosure Counsel FINE JACOBSON SCHWARTZ NASH BLOCK & ENGLAND Independent Certified Public Accountants DELOITTE & TOUCHE 99- 462 NO DEALER, BROKER, SALESMAN OR OTHER PERSON HAS BEEN AUTHORIZED BY THE CITY OR ANY UNDERWRITER TO GIVE ANY INFORMATION OR TO MARE 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 1992 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 1992 BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR HAS THE RESOLUTION FOR THE SERIES 1992 BONDS BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939. THE SERIES 1992 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 1992 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 1992 BONDS TO CERTAIN DEALERS AND CERTAIN DEALER BANKS AND BANKS ACTING AS AGENTS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED. 92 - 462 AINK TABLE OF CONTENTS INTRODUCTORY STATEMENT ................................... 1 DESCRIPTION OF THE SERIES 1992 BONDS ..................... 1 General ............................................. 1 Payment of Interest and Principal ................... 1 Registration and Transfer of Ownership .............. 2 Redemption Provisions ............................... 3 Optional Redemption ............................ 3 Notice of Redemption........ 0.................. 3 AUTHORIZATION, SECURITY AND VALIDATION ................... 4 Authorization ....................................... 4 Validation .......................................... 4 Pledge of Ad Valorem Taxes .......................... 5 Tax Tables .......................................... 6 PROJECT................................................... 8 INSURANCE ON THE SERIES 1992 BONDS ....................... 9 SOURCES AND USES OF FUNDS ................................ 10 DEBT SERVICE ON THE SERIES 1992 BONDS .................... 11 LEGAL DEBT LIMITATIONS ................................... 11 The Florida Constitution ............................ 11 The City Charter .................................... 12 DEBT SUMMARY ............................................. 12 Selected Debt Data .................................. 12 Debt Statistics and Various Debt Ratios ............. 19 General Obligation Bonds Authorized But Not Issued.. 20 ADDITIONAL FINANCIAL INFORMATION RELATING TO THE CITYOF MIAMI............................................ 21 General Description of Financial Practices.......... 21 Description of Revenues..-... ........................ 22 General Fund...........` ........................ 23 RATINGS.................................................. 25 LITIGATION............................................... 25 FINANCIAL STATEMENTS ..................................... 25 APPROVAL OF LEGAL PROCEEDINGS ............................ 25 -i- 92- 462 TAX TREATMENT ............................................ 26 UNDERWRITING............................................. 27 FINANCIALADVISORS ....................................... 27 DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS...... 28 A CERTAIN CLOSING CERTIFICATES ............................. 28 APPROVAL OF OFFICIAL STATEMENT ........................... 29 APPENDIX A - Description of the City of Miami............ A-1 APPENDIX D - General Purpose Financial Statements of the City - for the Fiscal Year Ended September 30, 1990 ... B-1 - APPENDIX C - Proposed form of Co -Bond Counsel Opinion.... C-1 _-y APPENDIX D - Specimen of Municipal Bond Insurance Policy. D-1 PRELIMINARY OFFICIAL STATEMENT $10,000,000 THE CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS SERIES 1992 (STORM SEWER IMPROVEMENTS) INTRODUCTORY 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 $10,000,000 for the purpose of paying the cost of certain storm sewer improvements located in the City (the "Series 1992 Bonds"), authorized by the Commission of the City (*he "Commission") and approved by the electors of the City in a referendum held in 1984. DESCRIPTION OF THE SERIES 1992 BONDS General The Series 1992 Bonds are being issued in the aggregate principal amount of $10,000,000, are dated August 1, 1992, and are issuable as fully registered bonds in the denomination of $5,000 or integral multiples thereof. The Series 1992 Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement, payable semiannually on February 1 and August 1 of each year, commencing February 1, 1993, and mature on August 1 in the years and principal amounts set forth on the cover page of this Official Statement. Payment of Principal and Interest The principal of, and premium, if any, on the Series 1992 Bonds are payable upon presentation and surrender of the Series 1992 Bonds at the principal corporate trust office of the Bond Registrar and Paying Agent. Interest on the Series 1992 Bonds will be payable to the registered owners shown on the registration books of the City held by Citizens and Southern National Bank of Florida, of Fort Lauderdale, Florida, as registrar and paying agent for the Series 1992 Bonds (the "Bond Registrar and Paying Agent"), on the fifteenth (15th) day (whether or not a business day) of the month next preceding an interest payment date (the "Record Date"), by check or draft mailed to such registered owners by the Bond Registrar and Paying Agent, irrespective of any transfer or exchange of any Series 1992 Bond subsequent to such Record Date and prior to such interest payment date, unless the City defaults in the payment of interest due on such interest payment date. In the event of any 92- 462 such default, such defaulted interest will be payable to the person in whose name such Series 1992 Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the City = to the registered owners of the Series 1992 Bonds not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the person in whose name the Series -_ 1992 Bonds are registered at the close of business on the fifth (5th) day (whether or not a business day) preceding the date of _ mailing of such notice. Registration and Transfer of Ownership The Bond Registrar and Paying Agent shall keep a register for registration of a transfer of any Series 1992 Bonds. Series 1992 Bonds may be transferred only on the registration books kept by the Bond Registrar and Paying Agent. No transfer of any Series 1992 Bonds shall be permitted except upon presentation and surrender of such Series 1992 Bond at the principal office of the Bond Registrar and Paying Agent with 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 such Series 1992 Bond, or his attorney -in -fact or legal representative containing written instructions as to the details of transfer of such Series 1992 Bonds, along with the social security number or federal employer identification number of the transferee. The City, its agents and the Bond Registrar and Paying Agent may deem and treat the registered owner of any Series 1992 Bond as of the applicable Record Date as the absolute owner of such Series 1992 Bond for the purpose of receiving payment of the principal thereof and the interest and premium, if any, thereon. Upon surrender for registration of transfer of any Series 1992 Bond at the principal office of the Bond Registrar. and Paying Agent, the City shall execute and deliver to the transferee or transferees a new bond or bonds for a like aggregate principal amount and maturity. Series 1992 Bonds may be exchanged at said 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 same maturity. The execution by the City of any Series 1992 Bond in the denomination of $5,000 or any integral multiple thereof shall constitute full and due authorization of such denomination and the Bond Registrar and Paying Agent thereby shall be authorized to deliver such Series 1992 Bond. No charge shall be made to any Bond owner for the privilege of registration of transfer or exchange, but any Bond owner requesting any such registration of transfer or exchange will be required to pay any tax, fee or other governmental charge required to be paid with respect thereto. IThe Bond Registrar and Paying Agent shall not be required to transfer or exchange any Series 1992 Bond after the -2- 92- 462 mailing of notice calling such has been made, nor during the preceding mailing of a notice Bonds. n Series 1992 Bond period of fifteen of redemption of for redemption (15) days next any Series 1992 In case any Series 1992 Bond shall become mutilated or be destroyed, stolen or lost, the City may, in its discretion, (i) deliver a duplicate replacement Series 1992 Bond, or (ii) pay a Series 1992 Bond that has matured or is about to mature. The registered owner of such Series 1992 Bond must surrender any mutilated Series 1992 Bond for cancellation, must furnish the City or its agent proof of ownership of any destroyed, stolen or lost Series 1992 Bond, post satisfactory indemnity, comply with any reasonable conditions the City or its agent may prescribe and pay the City's or its agent's reasonable expenses related thereto. Redemption Provisions' Optional Redemption. The Series 1992 Bonds maturing on August 1, 2002 and thereafter are subject to redemption prior to their maturity at the option of the City on or after August 1, 2001, in whole at• any time or in part on any interest payment date in the inverse order of their maturities (by lot within a maturity) at par plus accrued interest from the most recent interest payment date to the redemption date. 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 1992 Bond Registrar and Paying Agent shall be mailed, postage prepaid, to all registered owners of Series 1992 Bonds to be redeemed at their addresses as they appear on the registration books provided for in the Resolution, but failure so to mail any such notice to the registered owner of any Series 1992 Bonds shall not affect the validity of any proceedings for the redemption of any Series 1992 Bond for which no such failure or defect has occurred. All such Series 1992 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 1992 Bond shall set forth the date fixed for redemption, the rate of interest borne by each Series 1992 Bond being redeemed, the date of publication, if any, of a notice of redemption, the name and address of the Series 1992 Bond Registrar and Paying Agent, the redemption price to be paid and, if less than all of the Series 1992 Bonds then outstanding shall be called for redemption, the distinctive numbers and letters, including CUSIP numbers, if any, of such Series 1992 Bonds to be redeemed and, in the case of Series 1992 Bonds to be redeemed in part only, the portion of the principal -3- 92- 462 amount thereof to be redeemed. If any Series 1992 Bonds are to be redeemed in part only, the notice of redemption which relates to such Series 1992 Bond shall also state that on or after the redemption date, upon surrender of such Series 1992 Bond, a new Series 1992 Bond or Series 1992 Bonds in a principal amount equal to the unredeemed portion of such Series 1992 Bond will be issued. 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 1992 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. AUTHORIZATION, VALIDATION AND PLEDGE OF AD VALOREM TAXES Authorization The Series 1992 Bonds shall be issued pursuant to Ordinance No. 9781, enacted on January 26, 1984, and as supplemented and amended by Ordinance No. 9905, enacted on March 21, 1985, and Ordinance No. 9977, enacted on April 11, 1985, and as supplemented by Resolution No. 84-319, adopted on March 29, 1984, Resolution No. 85-289, adopted on March 21, 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 and Resolution No. adopted on July 9, 1992. The City initially authorized the issuance of $30,000,000 in storm sewer .improvement bonds (the "Storm Sewer Bonds"), of which $20,000,000 in such Bonds were previously issued. The Storm Sewer Bonds were approved by the citizens of the City in a referendum held on March 13, 1984. The Storm Sewer Bond Ordinances and Resolutions were enacted and adopted pursuant to Chapter 166, Florida Statutes, the Constitution of the State of Florida, including, but not limited to, its Article VII, Section 2, the City's Charter and other applicable provisions of law. Validation The Series 1992 Bonds are one of a series of storm water improvement 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. No appeal was taken from that Judgment and the time for taking an appeal has expired. -4- 92- 462 Pledge of Ad valorem Taxes The Series 1992 Bonds are general obligations of the City for which its full faith, credit and taxing power have been irrevocably pledged. The Series 1992 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 and receive taxes, or impair or adversely affect in any manner the pledge made therein on the rights of the holders of the Bonds. The taxes assessed, levied and collected for the security and payment of the Series 1992 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. Millage rates are then computed by the various taking authorities and certified to the Property Appraiser, who applies the millage 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 Monday in October. The Florida Constitution entitles each permanent resident of the State to a $25,000 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 M21 92- 462 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 forty-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. Tax 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. NET FISCAL REAL PERSONAL HOMESTEAD ASSESSED YEAR PROPERTY PROPERTY TOTAL EXEMPTIONS VALUE 1991 $10,534,602 $1,243,083 $11,777,685 $905,533 $10,792,152 1990 10,243,901 1,271,210 11,515,111 981,728 10,533,383 1989 9,997,519 1,213,466 11,210,985 969,335 LU,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 1,150,212 9,696,610 952,430 8,744,180 1984 8,230,309 1,115,724 9,346,033 954,979 8,391,054 1983 7,616,829 1,042,452 8,659,281 920,895 7,738,386 1992 6,976,847 905,282 7,962,129 750,665 7,211,464 SOURCEt Metropolitan Dade County Property Appraiser's Office I. 920- 462 M_ The net assessed value for fiscal year 1991-92 is $11,173,078,751 or a 3.5% increase over the previous year's assessment. The City has been notified by the Dade County Property Appraiser that the 1992 net assessment estimate for purposes of developing the fiscal year 1992-93 budget is $10,753,531,000, or a 3.8% reduction compared to the prior assessment. The following table lists the ten largest tax assessments in the City of Miami, as of September 30, 1991. Name of Taxpayer 1. City National Bank 2. Southern Bell Telephone 3. Southeast Bank 4. Equitable Life Assurance 5. Florida Power & Light 6. Brickell Associates 7. Mayfair 8. One Biscayne Tower 9. Inter -Continental Florida, Ltd. 10. Miami Center Joint Venture Assessed Name of Activity Value (000) Bank/Trustee $222,254 Utility 218,537 Bank/Office Building 193,986 Real Estate Investment 179,242 Utility 166,555 Office Building 89,000 Hotel/Shopping Center 83,075 Office Building 63,800 Real Estate Development 59,400 Developer 59,130 -' Sources Metropolitan Dade County Property Appraiser's Office mS �s -7- �.r 92- 462 The City has levied certified millages of 11.9376 mills for fiscal year 1991-1992 beginning October 1, 1991, consisting of 9.5995 mills for general government and 2.3381 mills for debt service. The fol.lowing table shows the tax levies and collections in thousands of the City for each of the last ten completed fiscal years. Collections Percent Collection Total of Current of of Fiscal Tax Year's Levy Delinquent Year Lev 1 Taxes Collected Taxes 1991 .... $128,832 $119,036 92.40% $7,419 1990 .... 125,743 119,363 94.93 4,592 1989 .... 122,260 114,535 93.68 3,710 1988 .... 115,935 107,908 93.08 2,356 1987 .... 116,612 111,740 95.82 1,606 1986 .... 109,930 105,457 95.92 944 1985 .... 104,135 100,976 96.97 722 1984 .... 93,340 80,982 95.33 3,036 1983 .... 83,025 78,815 94.93 1,209 1982 .... 76,903 74,040 96.28 1,067 Outstanding Delinquent Collections Taxes Total as Percent Outstanding As Percent Fiscal Tax of Current Delinquent of Current Year Collections Levy Taxes(2) Levy City Millage(1) 1991....$126,455 98.16% $5,059 3.93% 11.9376 1990.... 123,955 98.58 5,162 4.11% 11.9376 1989.... 118,245 96.72 5,742 4.70 11.9376 1988.... 110,264 95.11 4,621 3.99 11.8219 1987.... 113,346 97.20 2,894 2.48 12.2910 1986.... 106,401 96.83 3,318 3.01 11.9091 1985.... 101,698 97.66 3,970 3.81 11.9091 1984.... 92,018 98.58 3,367 3.61, 11.1238 1983.... 80,024 96.38 2,925 3.52 10.7290 1982.... 75,107 97.66 2,489 3.24 10.6640 (1) Includes levies for general operations and debt service. (2) Net of reserve for early payment discounts and uncollectable tax of approximately 5% of total tax levy. PROJECT The City Commission has approved the expenditure of funds for various storm sewer projects located within the municipal -8- 92- 462 boundaries of the City. The Series 1992 Bonds are being issued for the purpose of paying the cost of construction of storm sewers, pumping stations, outlets, culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing of damaged 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 1992 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 storm water projects, with the amounts funded to date and the balance to be funded, is as follows: Total Funded Balance Cost to Date to Be Funded Grapeland Storm Sewer Phase I................$1,650,000 $ 465,000 $ 1.,185,000 Durham Storm Sewer....... 180,000 35,000 145,000 Lawrence Waterway Dredging and Bulk - heading ................. 975,000 532,000 443,000 Englewood Storm Sewer.... 1,445,000 700,000 745,000 Citywide Local Drainage.. 1,795,000 620,000 1,175,000 Heavy Equipment Facility Storm Sewer Retro- fitting ................. 300,000 264,000 36,000 Grapeland Storm Sewer Phase II ................ 575,000 - 575,000 Tamiami Storm Sewer Phase II ................ 1,630,000 - 1,630,000 Wagner Creek Renovations Phase III ............... 1,200,000 - 1,200,000 National Pollutant Dis- charge Elimination System .................. 150,000 - 150,000 Flagami Storm Sewer Phase I ................. 700,000 - 700,000 Roads Storm Sewer Phase I ................. 1,4001000 - 1,400,000 Totals: $10,000,000 $2,616, 00 $7,3�84,0_00 INSURANCE ON THE SERIES 1992 BONDS [To be Inserted after Bid] -9- 92- 462 SOURCES AND USES OF FUNDS The following table sets forth sources and uses of, funds for the Series 1992 Bonds: Sources: Principal Amount ........................ $10,000,000.00 Plus Premium ............................ Accrued Interest ........................ Total Sources ................ $ Uses: Cost of the Projects $ Accrued Interest ........................ Underwriter's Discoun................... Costof Issuance ........................ Total Uses ................... -10- S 92-- 462 DEBT SERVICE ON THE SERIES 1992 BONDS The following tables set forth the scheduled annual debt service on the Series 1992 Bonds. Period Ending Principal July 1 Amount 1994 $210,000 1995 220,000 1996 230,000 1997 240,000 1998 250,000 1999 260,000 2000 280,000 2001 290,000 2002 310,000 2003 330,000 2004 350,000 2005 370,000 2006 390,000 2007 420,000 2008 440,000 2009 470,000 2010 500,000 2011 530,000 2012 560,000 2013 590,000 2014 630,000 2015 670,000 2016 710,000 2017 750.000 TOTAL $10,000,000 (1) Exclusive of accrued interest. Total Debt Interest (1) Service LEGAL DEBT LIMITATIONS 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 -11- 92-- 462 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, 1991 was $1,618,882,800, based on the net assessed valuation of $10,792,152,000. Outstanding general obligation debt applicable to the City's debt limitation as of September 30, 1991 totaled.$188,605,000 which is approximately 1.75% 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, 1991" 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, 1991, a description of the City's revenue and special obligation bonds and information regarding its overlapping debt with Dade County, Florida (the "County"). -12- 92- 462 General Obligation Bonds Outstanding on September 30, 1991 Final Dated Maturity Amount Amount General Obligation Issue Date Year Issued Outstanding Fire Fighting Sanitary Sewer ................. Police Headquarters............ Storm Sewer Improvement........ Street and Highway Improvement. Public Park and Recreational Facilities ................... Storm Sewer Improvement........ Police Headquarters............ Storm Sewer Improvement........ Police Headquarters............ Sanitary Sewer ................. Police Headquarters............ Sanitary Sewer ................. Fire Fighting .................. Police Headquarters............ Storm Sewer Improvement........ Fire Fighting... ............... Public Park and Recreational Facilities ................... Housing ........................ Street and Highway Improvement. Sanitary Sewer ................. Fire Fighting, Prevention and Rescue Facilities............ Storm Sewer Improvement........ Fire Fighting, Prevention and Rescue Facilities............ Storm Sewer Improvement........ Housing ........................ Fire Fighting, Prevention and Rescue Facilities(l) ......... Storm Sewer Improvement(l) ..... Sanitary Sewer(1).............. Street Highway Improvement(1).. Housing(1)..................... Fire Fighting .................. Sanitary Sewer ................. Storm Sewer .................... Highway Improvement............ Police Headquarters............ Police Headquarters............ Storm Sewer .................... Sanitary Sewer ................. Street and Highway ............. General Obligation Refunding... 6-1-72 1992 1,100,000 60,000 6-1-72 1992 51000,000 80,000 6-1-72 1992 1,500,000 75,000 6-1-72 1992 3,000,000 155,000 6-1-72 1992 2,000,000 45,000 10-1-72 1997 28,350,000 8,225,000 9-1-73 1993 2,000,000 215,000 9-1-73 1993 4,000,000 450,000 3-1-75 1995 3,000,000 620,000 3-1-75 1995 8,000,000 1,660,000 10-1-75 1995 5,000,000 865,000 10-1-75 1995 2,000,000 470,000 5-1-77 1977 13,000,000 3,790,000 5-1-77 1977 5,000,000 1,560,000 5-1-77 1977 3,000,000 960,000 5-1-77 1977 2,000,000 635,000 12-1-77 1998 1,000,000 385,000 12-1-77 2003 11,540,000 5,760,000 12-1-77 2008 1,500,000 1,170,000 12-1-78 1998 5,000,000 1,825,000 12-1-78 1998 6,000,000 2,480,000 12-1-78 1998 2,250,000 950,000 12-1-78 1998 5,000,000 2,785,000 8-1-81 2001 1,750,000 915,000 8-1-81 2001 3,000,000 1,980,000 8-1-81 2011 4,400,000 3,710,000 5-1-83 2003 8,000,000 1,320,000 5-1-83 2003 4,000,000 565,000 5-1-83 2003 6,000,000 945,000 5-1-83 2003 6,000,000 855,000 5-1-83 2013 1,000,000 60,000 4-1-85 1998 2,075,000 1,545,000 4-1-85 1998 4,205,000 2,750,000 4-1-85 1998 2,265,000 1,605,000 4-1-85 1998 2,785,000 2,005,000 4-1-85 1998 2,145,000 1,520,000 6-1-86 200S 12,000,000 10,680,000 6-1-86 2011 5,000,000 4,635,000 6-1-86 2006 3,000,000 2,740,000 6-1-86 2006 2,000,000 1,825,000 8-1-86 2014 38,355,000 32,015,000 -13- 92-- 462 "IN r" . Pollution Control Facilities... 10-1-86 2006 4,000,000 3,370,000 = Street and Highway Improvement. 10-1-86 2006 2,375,000 1,955,000 Police Headquarters........... 8-1-87 2007 1,500,000 1,380,000 Storm Sewer .................... 8-1-87 2007 1,000,000 950,000 = Sanitary Sewer Improvement..... 8-1-87 2007 2,500,000 2,355,000 Street and Highway Improvement. B-1-87 2007 5,000,000 4,720,000 - Police Headquarters............ 11-1-88 2008 11500,000 1,460,000 Storm Sewer Improvement........ 11-1-88 2013 5,000,000 4,915,000 - Sanitary Sewer ................. 11-1-88 2008 51000,000 5,000,000 Street and Highway Improvement. 11-1-88 2008 3,900,000 3,900,000 Fire Fighting, Prevention and Rescue Facilities............ 11-1-88 2008 3,000,000 3,000,000 -_ General Obligation Refunding... 4-1-89 2010 22,605,000 22,575,000 - General Obligation Refunding... 5-1-91 2013 16,135,000 16,135,000 - Fire Fighting .................. 6-1-91 2011 3,000,000 3,000,000 Sanitary Sewer... ............... 6-1-91 2011 7,000,000 7,000,000 TOTAL .............. 311,755,000 188,605,000 (1) These bonds were partially refunded by $16,135,000 General Obligation Refunding Bonds, Series 1991 issued on April 30, 1991. (2) Includes October 1, 1991 principal payment in the amount of $1,800,000 _ that was recorded as an accrual in the City's Financial Statements as of September 30, 1991. -14- J 99- 462 a 9 General Obligation Bonded Indebtedness Principal and Interest Requirements as of September 30, 1991 Fiscal Year Ending 9/30 Principal Interest Total 1992 $ 9,575,000 $11,737,066 $21,312,066(1) 1993 11,745,000 11,858,104 23,603,104 1994 11,770,000 10,983,440 22,753,440 1995 12,125,000 10,198,757 22,323,757 1996 12,015,000 9,434,562 21,449,562 1997 12,115,000 8,678,732 20,793,732 1998 11,335,000 71935,510 19,270,510 1999 10,550,000 7,211,253 17,761,253 2000 9,880,000 61445,839 16,325,839 2001 10,450,000 5,695,013 16,145,013 2002 10,540,000 5,112,165 15,652,185 2003 11,055,000 4,370,661 15,425,661 2004 91310,000 3,592,991 12,902,991 2005 8,900,000 2,919,804 11,819,804 2006 7,200,000 2,262,636 9,462,636 2007 5,840,000 11747,803 7,587,803 2008 4,915,000 1,352,262 61267,262 2009 51000,000 1,041,435 61041,435 2010 3,895,000 767,579 41662,579 2011 31275,000 518,134 3,793,134 2012 1,735,000 321,439 2,056,439 2013 11795,000 211,316 21006,316 2014 1,785,000 97,006 1,882,006 TOTAL $186.805,000 $114,493,527 $301,298.527 (1) Excludes October 1, 1991 installment in the amount of $3,549,000 recorded in the general obligation debt service fund. -15- 92-- 462 Revenue and Special Obligation Bonds Outstanding on September 30, 1991 Final Special Obligation and Date of Maturity Amount Amount Revenue Bond Issue Issue Year Issued Outstanding Special Revenue Refunding Banda, Series 1987(1)....... 2-19-88 2015 $ 65,271,325 $ 66,641,325 Special Obligation Bonds(2)... 5-23-90 2008 12,386,657 12,386,657 Miami Sports and Exhibition Authority Floating/Fixed Rate Special Obligation Bonds, Series 1985(3)....... 12-26-85 2015 38,000,000 38,000,000 Miami Sports and Exhibition Authority Special Obligation Bonds, Series 1989A (4).... 5-04-89 2004 8,750,000 8,030,000 Parking System Revenue Bonds, Series 1986(5)................ 7-01-86 2009 16,275,000 14,825,000 Housing Special Obligation Bonds(6).................... 10-01-86 2006 4,290,000 3,680,000 Parking System Subordinate Revenue Bondo(7)............ Various 2006 5,500,000 5,000,000 Sunshine State Governmental Financing commission Loans(8).................... Various 2015 27,630,900 25,571,300 Florida League of Cities First Municipal Loan (9).... 6-15-89 1995 16,000,000 16,000,000 Florida League of Cities First Municipal Loan (10)... Various 1995 1,065,000 1,065,000 Rental Revenue Bonds, Series 1988 (11)................... 7-17-89 2019 30,000,000 30,000,000 Guaranteed Entitlement Revenue Bonds, Series 1989 (12)..... 6-1-89 2009 6,500,000 6,160,000 Community Redevelopment Refunding Bonds ............. 11-8-90 2015 11,500,000 11,500,000 Total ................... $243,168,,882 $233,859,282 (1) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain public services tax revenues, and by a covenant of the City to provide, to the extent necessary, revenues of the City, other than ad valorem property tax revenues, sufficient to make up any deficiency in the required sinking fund. See Note 8 in Appendix B, "General Purpose Financial Statements." (2) These Special Obligation Bonds are payable from the net revenues of the Government Center Parking Garage and certain non ad valorem revenues of the City. See Note 8 in Appendix B, "General Purpose Financial Statements." -16- 92- 462 a (3) The Floating/Fixed Rate Bonds have been refunded as of 1-1-91 by the Miami Sporty and Exhibition Authority payable solely from and secured by a pledge of (i) one-third of the net tax revenues from the convention development tax levied and collected in the County; and (U) investment earnings on certain monies deposited in certain trust funds. See Note 8 In Appendix B, "General Purpose Financial Statements." (4) Simultaneously with the issuance of the Miami Sports and Exhibition Authority Fixed Rate Bonds, a Special obligation Series 1989A Floating/Fixed Rate Bonds, of $8,750,000 were issued on May 4, 1989, secured by a subordinate pledge of the one-third of the net tax revenues from the convention development tax. See Note 8 in Appendix B, "General Purpose Financial Statements." (5) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking meters of the City. . See Note 8 in Appendix B, "General Purpose Financial Statements." (6) These Special Obligation Bonds are payable from a portion of the franchise fee collected from Southern Bell Telephone & Telegraph Company In relation to the construction, operation and maintenance of telephone and telegraph lines within the City. See Note 8 in Appendix B, "General Purpose Financial Statements." (7) These bonds are secured by subordinate pledges of the net revenues of the off-street parking facilities and the on -street meters of the City. (8) The proceeds from these loans are intended to finance parks, marina Improvements, and other capital projects. The City has pledged certain revenues and made a covenant to budget and appropriate from non -ad valorem revenues to pay debt service. See Note 8 in Appendix B, "General Purpose Financial Statements." (9) This loan is being repaid with revenues from the Orange Bowl operations, and a pledge of $2,000,000 from the Guaranteed Entitlement Revenue. (10) This loan is secured by a subordinate pledge of the net revenues of the off-street parking facilities and the on -street meters of the City. (11) These bonds are secured with monthly lease payments by the Federal government. (12) These bonds are secured by a partial pledge from the Guaranteed Entitlement Revenue. (13) These Bonds are secured by a partial pledge from the Guaranteed Entitlement Revenue and Tax Increment from ad valorem taxation. -17- 92- 462 0 Net Direct and Overlapping Debt as of September 30, 1991 (Amounts rounded to nearest thousands) City of Miami Dade County School Board TOTAL General obligation Debt $186,441,000 $486,509,000 $194,0201000 $866,497, 70, 000 Percentage Applicable to the City 100% 19%(1) 19%(1) City's Share of Debt $186 , 441, 000 $ 92,437,000 $ 36,864,000 $315,7424 000 (1) The percentage of the County tax roll valuation comprised of real and personal property situated in the City of Miami. -18- 92- 462 3 9 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, 1991 Factors: Net Assessed valuation(l)......................................$11,777,685,000 Net Taxable Assessed valuation ....................4.......... $10,792,152,000 City of Miami General Obligation Debt, Net of Reserve Funds:......................$186,441,000 Overlapping General Obligation Debt, Net of Reserve Funds:(2) ...................$129,301,000 Total Net Direct and Net Overlapping Debt ...................$315,742,000 Population of Miami(3)................................................ 383,000 Net Assessed Valuation Per Capita......................................$30,751 Net Taxable Valuation Per Capita.......................................$28,178 Debt Ratios: Net Direct General Obligation Debt as a Percent of Net Taxable Assessed Valuation ................. ....... .............. 1.73$ Combined Net Direct and Overlapping General obligation Debt as Percent of Not Taxable Assessed Valuation— ........... 0 ............................... 2.93% Net Direct General Obligation Debt Per Capita..........................$486.79 Combined Net Direct and Overlapping General Obligation Debt Per Capita ................. ................................. $824.39 (1) Assessed valuation as of the final tax roll from Metropolitan Dade County, using 100% of assessed value as mandated by Florida law. (2) Based upon the percentage of the county's tax roll valuation comprised of real and personal property situated in the City of Miami. (3) Based on the City of Miami estimate. The 1990 U.S. Bureau of Census preliminary population count of 358,458 is being challenged by the City and is expected to be'adjusted. SOURCE: City of Miami -19- 92- 462 Ratio of Net General Obligation Bonded Debt to Net Assessed Value and Net General Obligation Bonded Debt Per Capita ($ in thousands) Net General Assessed Homeatead Net Assessed obligation Tiscal Tear Population value Rxemption value Bonded Debt Ratio Per Capita 1991 $303,000(1) $11,777,605 $905,533 $10,796,152 $186,144 1.73% S 486.79 1990 303,000(1) 11,515,111 981,720 10,533,383 184,302 1.75 401.20 1989 371,444(2) 11,210,985 969,335 10,241,65U 195,86(1 1.91 527.29 1988 369,007(2) 10,761,797 954,978 9/806/819 186,041 1.90 504.17 1987 368,210(2) 10,420,911 933,300 9,407,611 195,578 2.06 514.70 1006 371,975(2) 10,104,933 953,516 9,231,417 190,697 2.07 512.66 1985 380,446(2) 9,696,610 952,430 8,744,100 170,087 1.95 447.01 1984 383,027(2) 9,346,033 954,979 8,391,054 146,102 1.74 381.74 1983 382,726(3) 6,659,281 920,895 7,739,386 124,955 1.61 326.49 1902 382,726(3) 7,962,129 750,665 7.211,464 109,398 1.52 285.84 (1) Estimated by the City on the basis of added electric and water connections and new dwelling units constructed. The 1990 U.S. Bureau of Census preliminary population count of 358,458 is being challenged by the City and is expected to be adjusted. (2) Based on annual population estimates provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida. (3) Based on the July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government. General Obligation Bonds Authorized But Not Issued The following table outlines the date, type and amounts of general obligation bonds, other than the Series 1992 Bonds, authorized but unissued as of September 30, 1991. Date of Previously Voter Approval Type of Debt Authorized Issued Balance Unissued 10/1/80 Sanitary Sewer $45,000,000 $22,500,000 $22,500,000 -20- ,2' 92-- 462 ^r ADDITIONAL FINANCIAL INFORMATION RELATING TO THE CITY OF MIAMI General Description of Financial Practices The City Charter requires the City Manager to submit a budget estimate not later than one month before September 30 of each fiscal year. Each department prepares its own budget request for review by the City Manager. The City Commission holds public hearings on the budget plan and must adopt the budget not later than October 1. The financial statements of the City are audited annually by a firm of independent certified public accountants. For the fiscal year ending September 30, 1991, the City employed Deloitte & Touche and their opinion is included with the City's audited financial statements for the fiscal year ending September 30, 1991 in Appendix B. "General Purpose Financial Statements." The following table presents certain financial information of the City derived from its General Purpose Financial Statements. -21- 92- 462 Summary of Revenues, Expenditures and Year -End Fund Balances General Fund and General Obligation Debt Service Fund Fiscal Years Ended September 30 ($ in thousands) Budget (1) 1992 1991 1990 1989 1988 General Funds Revenues and Other Financing Sources........ $199,321 $200,549 $198,392 S191,343(21 S181,664 Expenditures and Other Uses 200,301 200,572 198,522 193,018(2) 186,337 Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Uses ..................... (974) (23) (130) (1,675) (4,673) Equity Transfer -Net........ (29) S00 Year -End Fund Balance...... S 5,123 $ 5,175 S 5,305 S 6,980 Genorel obligation Debt Service Funds Revenues ................. $ 25,763 $ 24,852 S 26,913 S 25,741 $ 23,912 Expenditures and Other Uses ................... 25,763 25,313 27,065 25,360 26,375 Excess (Deficiency) of Revenues over Expenditures and Other Uses ..................... -0- (461) (152) 381 (2,463) Equity Transfers Net... (713) Year -End Fund Balance...... 2u $1,538 $1,690 $1,309 (1) Budget, adopted in September 1992, 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. Description of Revenues. The following is a description of the revenues which comprise the City's General Fund. -22- 92- 462 s General Fund Property Ta.yes--Article JII, 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. Frarirhise 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 $13.2 million in fiscal year 1992. 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 Reuenue Sliar•ing--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, $5.7 million annually, is pledged for the payment of debt and recorded in other funds. Unused funds are transferred to the General Fund as other financing sources. -23- 92-. 462 Sales Taxes --The state of Florida levies a 6 percent sales tax. A portion of this tax, one half of one percent of the 6 percent levied, is shared by municipalities based on their population. The City's General Fund receives revenues from a variety of sources. The following table lists the revenues received by the City from these sources for the past five fiscal years. Certain financing sources presented as "Operating Transfers In" in Appendix B, "General Purpose Financial Statements" are reclassified in this table according to their sources of origin. General Fund Revenues and other Financing sources ($ in thousands) (Budget)(1) 1992 1991 1990 1989 1988 Taxes: Property Taxes $102,425 $ 99,966 $ 98,366 $ 94,001 $ 89,396 Public Service Taxes 22,302 22,771 21,410 22,067 22,659 Franchise Taxes 18,566 18,711 18,004 17,557 20,084 $143,293 $141,448 137,780 133,635 132,139 License and Permits 4,559 4,773 6,003 6,330 6,399 Intergovernmental: State Revenue Sharing 3,235 4,361 4,947(2) 10,873 11,187 Sales Taxes 15,352 15,406 15,501 15,407 15,623 Other Grants 5,638 5,594 4,589 3,458 3,415 24,225 25,361 25,037 29,738 30,225 Intragovernmental 6,776 6,471 2,657 2,720 3,237 Charges for Services 6,833 4,830 3,856 3,297 1,648 Interest 1,820 3,438 2,234 1,822 1,783 other Revenues and ° � Financing Sources 11,821 14,228 20,825(2) 13,811 6,233 t Total $197,,327 $0 54 19 39 1 1 3 3 1 66 f" (1) Budget adopted by City Commission in September 1991. (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. -24- y 92- 462 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 1992 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 1992 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, suspension or withdrawal of the ratings, either or both, may have an adverse effect on the market prices of the Series 1992 Bonds. LITIGATION There is not now pending any litigation restraining or enjoining the issuance or delivery of the Series 1992 Bonds or the levy or collection of ad valorem taxes to pay the principal of premium, if any, and the interest on the Series 1992 Bonds, or questioning the proceedings or authorization under which the -: Series 1992 Bonds are to be issued, or affecting the validity of E the Series 1992 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 1992 Bonds. r FINANCIAL STATEMENTS The financial statements of the City set forth in this Official Statement have been examined by Deloitte & Touche, independent certified public accountants, for the fiscal year ended September 30, 1991, as stated in their report to the City ' Commission dated March 25, 1992, 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 s sale of the Series 1992 Bonds, and with regard to the tax status thereof under existing laws, regulations, rulings and judicial i -25- 92- 462 decisions, are subject to the unqualified approving opinion of Fine Jacobson Schwartz Nash Block & England, Miami, Florida, and the Law Offices of Manuel Alonso-Poch, P.A., Coral Gables, Florida, Co -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. TAX TREATMENT In the opinion of Bond Counsel, under existing statutes and court decisions, interest on the Series 1992 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 1992 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 represen- tations set forth in the Tax Certificate delivered by the City -s upon the issuance of the Series 1992 Bonds and the City's ,1 covenant contained in the Resolution that it will do and perform all acts and things necessary to assure that interest on the Series 1992 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 +' ii 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 1992 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 1992 Bonds earned by affected corporations to that corporate alternative minimum tax. Under the Code, interest on r -26- 92- 462 the Series 1992 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 1992 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. UNDERWRITING (the "Underwriter") has agreed, subject to the proceedings authorizing the issuance of the Series 1992 Bonds, to purchase the Series 1992 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 1992 Bonds, and have participated in the preparation of portions of this Official Statement. The public offering price of the Series 1992 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 1992 Bonds will be delivered by the City to the Underwriter unless all of the Series 1992 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 1992 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. -27- 92- 462 v� s 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 1992 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. CERTAIN CLOSING CERTIFICATES Concurrently with the delivery of the Series 1992 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 1992 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 1992 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 -28- 92- 462 -4 4 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, excepts 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 1992 Bonds, the security for the payment of the Series 1992 Bonds and the rights and obligations 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. 147CP0500G 060492/3/er:gf:mp THE CITY OF MIAMI, FLORIDA By: MAYOR -29- 92- 462 L APPENDIX A DESCRIPTION OF THE CITY OF MIAMI Geography The City of Miami (the "City"), situated at the mouth of the Miami River on the western shore of Biscayne Bay, is a main port of entry in Florida and the county seat of Metropolitan Dade County (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 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 City at 358,458 as of challenged by the City. as of April 1, 1990 was City, the population is year 2000. Government of the City Census estimated the population of the April 1, 1990. The estimate is being The City estimates that its population 383,000. According to estimates of the expected to increase to 400,000 by the 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 Advisory Board, the Zoning Board, The City of Miami a Health Facilities Authority and the Miami Sports and Exhibition Authority are also appointed by the City Commission. Members of the Off -Street Parking Board and the Downtown Development Authority are appointed by the respective bodies and ratified by the Commission. City elections are held in November every two years on a non -partisan 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. The City Manager serves as the administrative head of the municipal government, charged with the responsibility of managing the City's financial operations and organizing 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 Xavier L. Suarez was elected Mayor in November, 1985 and 1987 for respective two-year terms and re-elected in 1989 to a four-year term. Mayor Suarez is a summa cum laude graduate of Villanova University, and holds a Masters Degree in Public Policy from the John F. Kennedy School of Government of Harvard University and a Juris Doctorate from Harvard Law School. Mayor Suarez is currently a partner in the Miami law firm of Jorden & Schulte. Mayor Suarez has actively served the Miami community for a number of years through participation on numerous advisory boards and committees. Dr. Miriam Alonso was elected Commissioner in November, 1989 for a four-year term. `Commissioner Alonso is a graduate of the Catholic University of America and holds degrees in International and Comparative Education and a Doctorate in Philosophy. Commissioner Alonso has a real estate investment company and has served on several civic and community boards. Commissioner Alonso was elected Vice Mayor for a term commencing December 1, 1991. Miller J. Dawkins was elected Commissioner 1981, 1985 and 1989 for respective four-year terms. Dawkins is a graduate of Florida Memorial College Master of Science degree from the University Colorado. Commissioner Dawkins has been employed years at Miami Dade Community College. A-2 in November, Commissioner and holds a of Northern for over 19 92- 462 Victor H. De Yurre was elected Commissioner in November, 1987 and again in November, 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. 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 is a graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. Commissioner Plummer is Chairman of the Board of Ahern -Plummer Funeral Homes, Miami, Florida. Administration of the City Cesar H. Odi.o 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 the Mariel boatlift in 1980, Mr. Odio was appointed to the President's Task Force on Refugee 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. Carlos E. Garcia, CPA, was appointed Director of Finance in July 1980. Mr. Garcia joined the City in November, 1976 as Assistant Finance Director. Mr. Garcia has been previously employed in private industry in positions of Treasurer, Controller and Auditor. - Mr. Garcia is a cum laude graduate of the University of Miami with a B.B.A. and also holds a Master of Science degree in Management - from Florida International University. Mr. Garcia is licensed as a CPA in the State of Florida and is a member of the American and Florida Institutes of Certified Public Accountants and the Government Finance Officers' Association of the United States and Canada. A. Quinn Jones, III is the City Attorney for the City of Miami. He 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. He served as attorney 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. He has been a member of the Florida Bar since 1980 and is a member of A-3 92- 462 the American and National Bar Associations and the National Institute of Municipal Law Officers. Mr. Jones joined the City Attor_ney's office in 1983 as deputy city attorney. He 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. Platty 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 445 full-time, permanent civilian employees. The Fire Department is rated as Class I 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 Department of Public Works maintains certain streets and sidewalks and manages construction of sewers and other capital facilities required by the City. The State of Florida and the County 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 parks and administers various recreational and cultural programs associated with these facilities. Regional Government Services The following information and data concerning the County describes the regional government services the County provides for its residents, including residents of the City. A-4 92- 462 the American and National Bar Associations and the National Institute of Municipal Law Officers. Mr. Jones joined the City Attorney's office in 1983 as deputy city attorney. He 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. _ Matty 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 445 full-time, permanent civilian employees. The Fire Department is rated as Class I 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 Department of Public Works maintains certain streets and sidewalks and manages construction of sewers and other capital facilities required by the City. The State of Florida and the County 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 parks and administers various recreational and cultural programs associated with these facilities. Regional Government Services The following information and data concerning the County describes the regional government services the County provides for its residents, including residents of the City. A-4 92- 462 the American and National Bar Associations and the National Institute of Municipal Law Officers. Mr. Jones joined the City Attorney's office in 1983 as deputy city attorney. He 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. Matty 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 445 full-time, permanent civilian employees. The Fire Department is rated as Class I 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 Department of Public Works maintains certain streets and sidewalks and manages construction of sewers and other capital facilities required by the City. The State of Florida and the County 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 parks and administers various recreational and cultural programs associated with these facilities. Regional Government Services The following information and data concerning the County describes the regional government services the County provides for its residents, including residents of the City. A-4 92- 462 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 County 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 County -- (the "County Commission"), or (2) with the consent of the governing body of the City. Since its inception, the County government has assumed responsibility for a number of functions, including delivery of County -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-three 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 become effective on January 1, 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 computer 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 forty-four 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's diversified economic base is comprised of light manufacturing, trade, commerce, wholesale and retail trade, and tourism. While the City's share of Florida's tourist trade remains an important economic force, the great gains the City has made in the areas of banking, international business, real estate and transhipment have fortified the economic base. In recent A-5 92- 462 years, the local economy has been negatively impacted by the bankruptcy of several institutions based in Greater Miami, including CenTrust Bank, Southeast Bank, Eastern Airlines and Pan American Airways. Major capital improvements have allowed the City or the County to accommodate and foster rapid expansion. The Port of Miami has almost doubled in size, from 325 acres to 600 acres through a $250 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 $1.0 billion expansion program. A seven story 7,500 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 along 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 $4 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. Southeast Overtown/Parkwest The Southeast Overtown/Parkwest Redevelopment Program entails the redevelopment of 200 acres of prime real estate, adjacent to the central business district, for new residential commercial activity. The general redevelopment concept for the project area is the provision of a wide range of housing opportunities, with supporting commercial uses, to serve the A-6 92- 462 area's future population. By the end of the century the project area is envisioned to have the capacity to support over 9,000 residential units and over one million square feet of commercial and office space. The City has been delegated limited redevelopment powers for the implementation of the redevelopment plan. Public sector involvement will focus on land acquisition, resident, relocation, demolition, project marketing, infrastructure improvements and construction and, in some instances, the provision of "gap" financing. The City has estimated that over $1.0 billion in private investment will occur during the next 20 years. Phase I development started in the fall of 1988 with an initial 860 units. Public infrastructure work, including utilities, street improvements and pedestrian amenities, is now being designed for implementation in conjunction with the private development. Total public investment in Phase I Redevelopment is over $58 million. New private construction in the amount of $200 million is planned to occur over the next five years for a total of 1,100 residential units and 250,000 square feet of office and commercial space. Miami Arena The County levies a 3% Convention Development 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 and the University of Miami Hurricanes. This 300,000 square feet multi -purpose facility, completed in 1988 at a total cost of $48 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 attracted 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, Owens-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, Johns Manville International, Minnesota (3-M) Export, A-7 92- 462 3 Inc., Pfizer Latin America Royal Export, United Fruit, Baccus Electronics and Kraft. Industrial Development Greater Miami contains over one hundred million square feet of industrial space. Manufacturing concerns account for nearly half of the occupied industrial space and storage companies occupy an additional 35% 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 ranks among the top metropolitan areas of the United States in the concentration of international and Edge Acts Banks. 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 state - chartered banks are excluded. Number June 30 of Banks Total Deposits 1991 68 $22,087,323,000(1) 1990 69 22,783,647,000 1989 73 21,695,337,000 1988 75 20,070,795,000 (2) 1987 69 25,958,000,000 1986 73 23,042,378,000 1985 75 21,615,733,000 1984 76 21,770,028,000 1983 74 19,256,581,000 1982 70 16,158,326,000 Sources FDIC Atlanta, GA (1) FDIC not available. This data was provided by Florida Bankers Association. A-8 9 2- 462 (2) Reduction in regulations, not insured Tourism deposits is attributable to more stringent FDIC which have caused a shift to other investments = by the FDIC. Greater Miami always has been a very attractive city for domestic and international tourists. Its climate and beaches draw many thousand of visitors throughout the year. Local government 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 Metrozoo. Other points of interest and activities include tours of the Everglades and the Florida Keys, major league professional sports events, including the Miami Dolphins, the Miami Heat and the Florida Marlins 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 Goombay Festivals, Hispanic Heritage Week, and the Orange Bowl Festival 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 $300000 in prize money in 1992. During 1991, approximately 8.5 million out-of-state visitors stayed in over 53,980 hotel and motel rooms in Greater Miami. More than half of: these visitors originated overseas. Tourists and visitors expended approximately $6.0 billion in Greater Miami in 1990, 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 system 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 605 berthing facilities provided by City -owned marinas. Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium and the Miami Convention Center. Joe Robbie Stadium, which is used by the Miami Dolphins, is located in North Central Dade County. Sports competition 92- 462 El includes professional and college and championship boat races. amateur football, basketball, speedway racing and rowing events. H, football, basketball, baseball Other athletic events include soccer, baseball, motorcycle 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 400,710 acres, providing residents and visitors with a wide range of subtropical nature settings unique only to South Florida in the continental U.S. Each park has a combination of facilities that are enjoyed year round. The facilities include: public swimming and boating, equestrian trails and baseball and softball fields. The Greater Miami 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 Miami 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 $26.6 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 facilities on primary and secondary levels. Public school enrollment, including secondary levels, since 1982 is as follows: A-10 provide educational both primary and 92- 462 11 Year School Enrollment Public School System 1991.................... 1990........I........... 1989.................... 1988.................... 1987.................... 1986.................... 1985.................... 1984.................... 1983.................... 1982.................... Source: Dade County School Board n Dade County Miami Total 54,615 304,287 52,214 292,411 50,757 275,233 41,521 262,213 36,994 244,734 38,345 236,127 37,093 227,906 36,992 223,884 35,394 223,948 35,662 226,324 Over 70,000 students are enrolled in the following colleges and universities located within the County or Greater Miami Area: Barry University Florida International University Florida Memorial College International Fine Arts College Miami 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 Angeles 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 An 1991 and the Greater Miami portion was estimated at approximately $175 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 A-11 92- 462 be grown and harvested. Many 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 More than 71% of Florida's export trade and 52% of Florida's import trade flowed through the ports of the City during the fiscal year 1989/1990, according to the Center for Banking and Financial Institutions at Florida International University. 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. Miami International Airport The county is the owner of five 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 4th in the nation and 7th in the world in the movements 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 office space and maintenance shops. Approximately 40,000 individuals are employed at the Airport. In 1991, the Airport served 26.5 million passengers and handled 1.8 billion pounds of cargo. Statistics from 1982 are presented below: A-12 92- 462 F-i Passengers Year (000's) 1991.................. 26,591 1990.................. 25,037 1989.................. 25,408 1988.................. 24,224 1987.................. 23,801 1986.................. 21,357 1985.................. 19,853 { 1984.................. 19,328 1983.................. 19,322 1982.................. U 19,388 Source: Dade County Aviation Department Port of Miami Cargo (000's lbs.) 1,815,534 1,815,374 1,730,850 1,429,944 1,374,380 1,200,270 1,031,700 1,130,184 1,184,526 1,246,700 The Port of Miami (the "Port") is owned by the County and is operated by the Dade County Seaport Department. From 1982 to 1991, the number of passengers sailing from the Port increased from 1,790,255 to 2,928,532, an increase of 66%. This increased growth highlights the Port's emergence as the world's leading cruise ship port. The Port specializes in unitized trailer and contained 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 1982 to 1991 -`' the total cargo handled increased from approximately 2.7 million tons to over 3.8 million tons, an increase of 40%. A-13 92- 462 r 4V The summary of the growth in revenues, passengers and cargo for previous years is presented below: Year Revenues Passengers Cargo (Tonnage) 1991 $32,733,262 2,928,532 3,882,284 1990...... 25,736,465(1) 2,734,816 3,590,937 1989...... 30,035,859 3,100,055 3,206,417 1908...... 26,489,275 2,502,411 2,602,556 1907...... 19,933,917 2,633,041 2,425,937 1986...... 17,973,522 2,520,511 2,406,084 1985...... 17,135,048 2,326,685 2,333,026 1984...... 15,943,548 2,217,065 2,287,281 1903...... 14,201,008 2,002,654 2,305,645 1982...... 12,949,687 1,760,255 2,665,921 Source: Dade County Seaport Department (1) Previous years data included Internal Service Revenue transfers. Actual revenue increased 7% over the prior year. Demographic Data The following table indicates the distribution by age groups among the population of residents of the City and of the County. Total Population by Age Group 1990 Years City of Miami Metro -Dade County 0-04..... 25,627 139,714 5-17..... 56,868 328,296 18-20.... 13,804 82,000 21-24.... 19,811 111,876 25-44.... 105,524 609,719 45-54.... 38,898 212,098 55-59.... 19,004 91,769 60-64.... 19,665 90,816 65-74.... 32,460 146,131 75-84.... 20,603 94,556 85....... 61284 30,119 Total 358, _548 1,937,094 Source: U.S. Bureau of Census, 1990 data from the University of Florida Libraries, Gainesville, Florida. A-14 92462 ,■ Retail Sales Although the City contains 22 percent of the population of the County, almost half of the dollar volume of sales transactions for the County are reported in the City. The following table presents five years of taxable sales information for the City and the County. Taxable Sales ($ In thousands) Fiscal Year 1991 1990 1989 1988(1) 1987(1) Miami....... $ 8,847,178 $ 8,614,429 S 8,226,828 $ 8,708,334 $ 6,686,603 Dade County. 18,312,885 18,207,737 $18,089,189 $18,401,045 $15,860,503 Miami/Dade.. 48% 47% 45% 47% 42% Source: Department of Revenue; State of Florida (1) Includes amounts received from the State of Florida tax on the sale of professional services which became effective in July, 1987 and was repealed in December, 1987. Unemployment Rates Annual Average 1991 1990 1989 1988 1987 Miami........ 10.7% 8.3% 7.9% 6.7% 7.2% Dade County.. 8.7% 6.7 6.4 5.4 5.8 U.S.......... 6.7% 5.5 5.3 5.5 6.2 Sources United States Department of Labor, Bureau of Labor Statistics. Building Permits The dollar value of building permits issued in the City and in the unincorporated areas of the County since 1982 is as follows: A-15 92- 462 Building Permits Issued ($ in thousands) City of Unincorporated Year Miami Dade County 1991.................. $208,914 $1,493,522 1990.................. 237,039 1,046,389 1989.................. 308,941 2,731,505 1988.................. 288,771 2,702,387 1987.................. 238,513 1,1901493 1986.................. 192,418 1,023,858 1985.................. 322,785 864,862 1984.................. 345,262 953,055 1983.................. 314,362 903,706 1982.................. 294,182 659,160 Source: The City of Miami Department of Building and Zoning and Dade County Department of Building and Zoning. A-16 462 4 New residential construction in the City since 1982 has been estimated as follows: Number of Year units 1991 ............................... 380 1990 ............................... 973 1989 ............................... 1,624 1988 ............................... 212 1987 ............................... 1,425 1986 ............................... 801 1985 ............................... 603 1984 ............................... 1,018 1983 ............................... 661 1982 ............................... 1,753 Source: The City of Miami Department of Building and Zoning. 147CP0501G 052892/1/er 1 A-17 99- 462