HomeMy WebLinkAboutO-10487J-88-906
9/30/88 ORDINANCE NO. 10487
AN EMERGENCY ORDINANCE OF THE CITY OF MIAMI,
FLORIDA, FIXING CERTAIN DETAILS CONCERNING THE
ISSUANCE OF THE CITY'S $3,900,000 STREET AND
HIGHWAY IMPROVEMENT BONDS, $1,500,000 POLICE
HEADQUARTERS AND CRIME PREVENTION FACILITIES
BONDS, $5,000,000 SANITARY SEWER SYSTEM BONDS,
$5,000,000 STORM SEWER IMPROVEMENT BONDS AND
$3,000,000 FIRE FIGHTING, FIRE PREVENTION AND
RESCUE FACILITIES BONDS; CONFIRMING THAT SUCH
BONDS SHALL CONSTITUTE GENERAL OBLIGATIONS OF
THE CITY; DIRECTING AND AUTHORIZING SALE OF
THE BONDS BY PUBLIC BID AND DIRECTING PUBLICA-
TION OF THE NOTICE OF SALE OF SAID BONDS AND
ESTABLISHING THE DATE AND TIME FOR SUCH SALE;
APPROVING THE FORM OF A PRELIMINARY OFFICIAL
STATEMENT PERTAINING TO SAID BONDS AND
AUTHORIZING THE DISTRIBUTION THEREOF TO
PROSPECTIVE PURCHASERS; AMENDING ORDINANCE NO.
9296; CONFORMING THE TERMS OF CERTAIN OTHER
ORDINANCES AND RESOLUTIONS, INCLUDING SPECIFI-
CALLY RESOLUTION NOS. 84-628, 85-289,.85-312
and 81-1020, TO THE TERMS HEREOF; AUTHORIZING
ACTIONS AND EXECUTION OF DOCUMENTS BY OFFI-
CIALS OF THE CITY; APPROVING THE USE OF BOND
INSURANCE IF REQUESTED BY THE PURCHASER OR
DETERMINED BY THE ISSUER TO BE DESIRABLE; DE-
CLARING AN EMERGENCY TO EXIST; PROVIDING AN
EFFECTIVE DATE; AND MAKING CERTAIN OTHER
COVENANTS AND AGREEMENTS IN CONNECTION
THEREWITH.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
SECTION 1. Authority. This Ordinance is enacted
pursuant to Chapter 166, Florida Statutes, the Constitution
of the State of Florida, including, but not limited to,
Article VII, Section 2 thereof, the Charter of The City of
Miami, Florida and other applicable provisions of law.
SECTION 2. Findings and Determinations. It is
hereby ascertained, determined and declared that:
A. Pursuant to Ordinance No. 9129, enacted
on July 10, 1980, as amended by Ordinance No. 9131,
also enacted on July 10, 1980, Ordinance No. 10093,
enacted on April 10, 1986, and Ordinance No. 10291,
enacted on July 9, 1987, and as supplemented by
Resolution No. 80-740, adopted on October 9, 1980,
Resolution No. 80-774, adopted on October 30, 1980,
Resolution No. 86-174, adopted on March 18, 1986,
and Resolution No. 86-437, adopted on June 12, 1986
(collectively, the "Street Bond Ordinances and
Resolutions"), the City Commission (the
"Commission") of the City of Miami, Florida (the
"Issuer") authorized the issuance of $30,000,000
Street and Highway Improvement Bonds (the "Street
Bonds") of the Issuer, which issuance was approved
by the citizens of the Issuer through a referendum
held on October 7, 1980.
B. Pursuant to Ordinance No. 9787, enacted
on January 26, 1984, as suplemented by Ordinance
No. 9788, enacted on January 26, 1984, as amended
by Ordinance No. 9904, enacted on October 10, 1984,
and Ordinance No. 10291, enacted on July 9, 1987,
and as supplemented by Resolution No. 84-318,
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and Ordinance No. 10291, enacted on July 9, 1987,
and as supplemented by Resolution No. 84-318,
adopted on March 29, 1984, Resolution No. 85-312,
adopted on March 21, 1985, and Resolution
No. 86-437, adopted on June 12, 1986 (collectively;
the "Police Bond Ordinances and Resolutions"), the
Issuer authorized the issuance of its $20,000,000
Police Headquarters and Crime Prevention Facilities
Bonds (the "Police Bonds"), which issuance was ap-
proved by the citizens of the Issuer through a ref-
erendum held on March 13, 1984.
C. Pursuant to Ordinance No. 9128, enacted
on July 10, 1980, and Ordinance No. 10094, enacted
on April 10, 1986, as supplemented by Ordinance
No. 9130, enacted on July 10, 1980, as supplemented
and amended by Ordinance No. 9977, enacted on
April 11, 1985, and Ordinance No..10291, enacted on
July 9, 1987, and as supplemented by Resolution
No. 80-740, adopted on October 9, 1980, Resolution
No. 80-773, adopted on October 30, 1980, Resolution
No. 86-175, adopted on March 18, 1986, Resolution
No. 84-628, adopted on June 14, 1984, Resolution
No. 85-353, adopted on March 28, 1985, and
Resolution No. 86-437, adopted on June 12, 1986
(collectively, the "Sanitary Sewer Bond Ordinances
and Resolutions"), the Issuer authorized issuance
of its $45,000,000 Sanitary Sewer Improvement Bonds
(the "Sanitary Sewer Bonds"), which issuance was
approved by the citizens of the Issuer through --a
referendum held on October 7, 1980.
D. Pursuant to Ordinance No. 9781, enacted
on January 26, 1984, as supplemented by Ordinance
No. 9782, enacted on Janaury 26, 1984, and as sup-
plemented and amended by :. Ordinance No. 9905,
enacted on March 21, 1985, Ordinance No. 9977,
enacted on April 11, 1985, and Ordinance No. 10291,
enacted_ on July z; 1987, 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,
and Resolution No. 86-437, adopted on June 12, 1986
(collectively, the "Storm Sewer Bond Ordinances and
Resolutions"), the Issuer authorized the issuance
of its $30,000,000 Storm Sewer Improvement Bond
(the "Storm Sewer Bonds"), which issuance was ap-
proved by the citizens of the Issuer through a ref-
erendum held on March 13, 1984.
E. Pursuant to Ordinance No. 9296, enacted
on July 23,1981"' as supplemented'by Ordinance No.
9295, enacted on July 23, 1981, as amended by
Ordinance No. 9406, enacted on April 1, 1982, and
as supplemented by Resolution No. 81-1020, adopted
on December 10, 1981, Resolution No. 81-766,
adopted on September 10, 1981, Resolution No.
81-923, adopted on November 11, 1981, and
Resolution No. 82-304, adopted on April 1, 1982
(collectively, the ".Fire Facilities Bond.Ordinances
and Resolutions"), the Issuer authorized the is-
suance of its $21,000,000 Fire Fighting, Fire
Prevention and Rescue Facilities Bonds (the "Fire
Facilities Bonds"), which issuance was approved by
the citizens of the Issuer through a referendum
held on November 3,1981.
F. It is in the best interest of the Issuer
and its citizens and residents that there shall be
issued and sold at this time $3,900,000 in princi-
pal amount of the Issuer's Street Bonds, $1,500,000
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in principal amount of its Police Bonds, $5,000,000
in principal amount of its Storm Sewer Bonds,
$5,000,000 in principal amount of its Sanitary
Sewer Bonds, and $3,000,000 Fire Facilities 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.
G. The proceeds of the Bonds will be used to
pay the cost of issuance of the portion of the
Police Bonds, the Street Bonds, the Sanitary Sewer
Bonds, the Storm Sewer Bonds and the Fire
Facilities Bonds authorized to be issued hereunder
(collectively, the "Bonds"), and to pay the cost of
certain capital improvements in accordance with the
terms of the Street Bond Ordinances and
Resolutions, the Police Bond Ordinances and
Resolutions, the Sanitary Sewer Bond Ordinances and
Resolutions, the Storm Sewer Bond Ordinances and
Resolutions and the Fire Facilities Bonds
Ordinances and Resolutions and as detailed in
Ordinance No. 10347, enacted on November 19, 1987,
and other ordinances making capital appropriations
for the following fiscal year (the "Master
Appropriations Ordinance"), including, but not lim-
ited to those projects described on Exhibit "A"
hereto.
H. This Ordinance is hereby declared to -be
an emergency measure on the grounds of urgent pub-
lic need for the preservation of peace, health,
safety and the property of the Issuer.
I. An emergency exists with respect to the
adoption of this Ordinance in that, in order to
take advantage of existing market conditions, it is
necessary that the Issuer have the authority to
market. the Bonds as soon as possible. Immediate
enactment of this Ordinance is necessary to accom-
plish such marketing. The Commission, by adoption
of this Ordinance by at least a four -fifths vote,
hereby waives all notice requirements for the regu-
lar enactment of municipal ordinances, including,
but not limited to, the requirement of reading this
Ordinance on two separate days.
SECTION 3. Authorization of Issuance and Sale of
Street Bonds. There shall be issued and sold at this time
Street Bonds in the aggregate principal amount of
$3,900,000. Said Street Bonds shall be dated as of the
first day of November,'1988, and'shall mature, subject to
redemption as hereinafter provided, on the first day of
November of the following years and in the following
amounts:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1991
$ 115,000
2000
210,000
1992
125,000
2001
225,000
1993
130,000
2002
240,000
1994
140,000
2003
255,000
1995
150,000
2004
275,000
1996
160,000
2005
295,000
1997
170,000
2006
320,000
1998
180,000
2007
345,000
1999
195,000
2008
370,000
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SECTION 4. Authorization of Issuance of Police
Bonds. There shall be issued and sold at this time Police
Bonds in the aggregate principal amount of $1,500,000. Said
Police Bonds shall be dated as of the first day of November,
1988. Such Police Bonds shall mature, subject to redemption
as hereinafter described, on the first day of November in
the following years and in the following amounts:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1990
$ 40,000
1999
70,000
1991
45,000
2000
80,000
1992
45,000
2001
85,000
1993
50,000
2002
90,000
1994
50,000
2003
95,000
1995
55,000
2004
105,000
1996
60,000
2005
110,000
1997
65,000
2006
120,000
1998
65,000
2007
130,000
2008
140,000
SECTION 5. Authorization of Issuance and Sale of
Sanitary Sewer Bonds. There shall be issued and sold at
this time Sanitary Sewer Bonds in the aggregate principal
amount of $5,000,000. Said Sanitary Sewer Bonds shall be
dated as of the first day of November, 1986, and shall
mature, subject to redemption as hereinafter provided, on
the first day of November of the following years and -in the
following amounts:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1991
$150,000
2000
265,000
1992
155,000
2001
285,000
1993
165,000
2002
310,000
1994
180,000
2003
330,000
1995
190,000
2004
355,000
1996
205,000
2005
380,000
1997
220,000
2006
410,000
1998
235,000
2007
440,000
1999
250,000
2008
475,000
SECTION 6. Authorization of Issuance and Sale of
Storm Sewer Bonds. There shall be issued and sold at this
time Storm Sewer Bonds in the aggregate principal amount of
$5,000,000. Said Storm Sewer Bonds shall be dated as of the
first day of November, 1988, and shall mature, subject to
redemption as hereinafter provided, on the first day of
November of the 'following years 'and in the following
amounts:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1990
$ 85,000
2002
190,000
1991
90,000
2003
205,000
1992
95,000
2004
220,000
1993
105,000
2005
235,000
1994
110,000
2006
250,000
1995
115,000
2007
270,000
1996*
125,000
2008
290,000
1997
135,000
2009
315,000
1998
145,000
2010
340,000
1999
155,000
2011
365,000
2000
165,000
2012
395,000
2001
175,000
2013
425,000
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SECTION 7. Authorization of Issuance and Sale of
Fire Facilities Bonds. There shall be issued and sold at
this time Fire Facilities Bonds in the aggregate principal
amount of $3,000,000. Said Fire Facilities Bonds should be
dated as of the first day of November, 1988, and shall
mature, subject to redemption as hereinafter provided, on
the first day of November of the following years and in the
following amounts:
Year of
Principal
Year of
Principal
Maturity
Amount
Maturity
Amount
1991
$ 90,000
2000
160,000
1992
95,000
2001
170,000
1993
100,000
2002
185,000
1994
105,000
2003
200,000
1995
115,000
2004
215,000
1996
120,000
2005.
230,000
1997
130,000
2006
245,000
1998
140,000
2007
265,000
1999
150,000
2008
285,000
SECTION 8. Details of Bonds.
A. Notwithstanding anything to the contrary in
the Police Bond Ordinances and Resolutions, the Street Bond
Ordinances and Resolutions, the Storm Sewer Bond Ordinances
and Resolutions, the Sanitary Sewer Bond Ordinances and
Resolutions and the Fire Facilities Bond Ordinances and
Resolutions (collectively, the "Previous Ordinances and
Resolutions"), with respect to each of the issues of Bonds
to be issued and sold hereunder, a separate bond form for
each such issue shall not be required, and the Issuer is
hereby authorized to consolidate into one bond form, solely
for the purpose of printing such bonds, the Police Bonds,
the Street Bonds, the Sanitary Sewer Bonds, the Storm Sewer
Bonds and the Fire Facilities Bonds hereby authorized to be
issued and_sold, such bond form to be as hereinafter set
forth.
B. The Bonds shall be numbered consecutively from
1 upward preceded by the letter "R" prefixed to the number.
The principal of and redemption premium, if any, on the
Bonds shall be payable upon presentation and surrender, at
the office of Barnett Banks Trust Company, N.A., or its suc-
cessors or assigns, as Bond Registrar and Paying Agent (the
"Bond Registrar and Paying Agent") in the City of
Jacksonville, Florida. Interest on the Bonds shall be paid
by check or draft drawn upon the Bond Registrar and Paying
Agent and mailed to the registered owners of the Bonds at
the addresses as they appear on the registration books main-
tained 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. mails, 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 regis-
tered at the close of business on the fifth day (whether or
not a business day) preceding the date of mailing. The reg-
istration of any Bond may be transferred upon the registra-
tion books upon delivery thereof to the principal office of
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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, con-
taining written instructions as to the details of the trans-
fer 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 accord-
ance 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 denomi-
nation 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 ev-
ery transfer or exchange of a Bond an amount sufficient to
reimburse them for any tax, fee or any other governmental
charge required (other than by the Issuer) to be paid with
respect to the registration of such transfer, and may
require that such amounts be paid before any such new Bond
shall be delivered.
The Issuer and the Bond Registrar and Paying Agent
may deem and treat the registered owner of any Bond as of
the applicable Record Date as the absolute owner of such
Bond for the purpose of receiving payment of the principal
thereof and the interest and premiums, if any, thereon.
Bonds may be exchanged at the office of the Bond Registrar
and Paying Agent for a like aggregate principal amount of
Bonds, of other authorized denominations of the same series
and maturity.
C. As set forth above, the Bonds shall be dated
November 1, 1988, shall bear interest from the date thereof,
payable semiannually on the first day of. -May and the first
day of November of each year, commencing on May 1, 1989, and
shall mature as set forth in Sections 3, 4, 5, 6 and 7
hereof.
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 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
and the City Attorney on the Bonds may be by facsimile. If
any officer whose'signature appear's on the Bonds ceases to
hold office before the delivery of the Bonds, his signature
shall nevertheless be valid and sufficient for all purposes.
In addition, any Bond may bear the signature of, or may be
signed by, such persons as at the actual time of execution
of such Bond shall be the proper officers to sign such Bond
although at the date of such Bond or the date of delivery
thereof such persons may not have been such officers.
Only such of the Bonds as shall have endorsed
thereon a certificate of authentication substantially in the
form hereinafter set forth in Section 7.K hereof, duly exe-
cuted by the Bond Registrar and Paying Agent, shall be en-
titled to any right or benefit under this Ordinance. 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
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Ordinance. The Bond Registrar and Paying Agent's certifi-
cate 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 neces-
sary that the same officer sign the certificate of authenti-
cation 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 and cancelled 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 ow-
nership of any destroyed, stolen or lost Bond; post satis-
factory 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 origi-
nal contractual obligation on the part of the Issuer whether
or not the destroyed, stolen or lost Bond 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, or stolen or lost.
F. The Bonds maturing on November 1, 1999, or
thereafter, shall be subject to redemption at the option of
the Issuer prior to their maturity on or after November 1,
1998, in whole at any time or in part on any interest
payment date, in inverse order of maturities and by lot
within a maturity in such manner as the Bond Registrar and
Paying Agent may determine:- at the redemption prices
(expressed as percentages of the principal amount) set forth
below, plus accrued interest to the redemption date:
Optional Redemption Periods Redemption
(both dates' -inclusive) Price
November 1, 1998 to October 31, 1999 102%
November 1, 1999 to October 31, 2000 101%
November 1, 2000 and thereafter 100%
Notice of redemption shall be given by deposit in the U.S.
mails of a copy of a redemption notice, postage prepaid, at
least thirty (30) and not more than sixty (60) days before
the redemption date to all registered owners of the Bonds or
portions of the Bonds to be redeemed at their addresses as
they appear on the"'registration books to be maintained in
accordance with the provisions hereof. Failure to mail any
such notice to a registered owner of a Bond, or any defect
therein, shall not affect the validity of the proceedings
for redemption of any Bond or portion thereof with respect
to which no failure or defect occurred.
Such notice shall set forth the date fixed for
redemption, the rate of interest borne by each Bond being
redeemed, the date of publication, if any, of a notice of
redemption, the name and address of the Bond Registrar and
Paying Agent, the redemption price to be paid and, if less
than all of the Bonds then outstanding shall be called for
redemption, the distinctive numbers and letters, including
CUSIP numbers, if any, of such Bonds to be redeemed and, in
the case of Bonds to be redeemed in part only, the portion
of the principal amount thereof to be redeemed. If any Bond
is to be. redeemed in part only, the notice of redemption
which relates to such Bond shall also state that on or after
the redemption date, upon surrender of such Bond, a new Bond
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10487
or Bonds in a principal amount equal to the unredeemed por-
tion 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.
In addition to the mailing of the notice described
above, each notice of redemption and payment of the redemp-
tion price shall meet the requirements set forth in (i),
(ii) and (iii) below; provided however, that, notwithstand-
ing any other provision of this Ordinance to the contrary,
failure of such notice or payment to comply with the terms
of this paragraph shall not in any manner defeat the effec-
tiveness of a call for redemption if notice thereof is given
as otherwise prescribed above in this Section B.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 busi-
ness of holding substantial amounts of
obligations of types comprising the Bonds
(such depositories now being The
Depository Trust Company, New York, New
York, Midwest Securities Trust Company,
Chicago, Illinois, Pacific Securities
Depository Trust Company, San Francisco,
California and Philadelphia Depository
Trust Company, Philadelphia, Pennsyl-
vania) and to one or more national infor-
mation 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 publica-
tion is impractical or unlikely to reach
a substantial number of the holders of
the Bonds, in some other financial
newspaper or journal which regularly car-
ries notices of redemption of other obli-
gations similar to the Bonds, such publi-
cation to be made at -least thirty (30)
days prior to the date fixed for
redemption.
(iii) Upon the payment of the redemp-
tion price of Bonds being redeemed, each
check or other transfer of funds issued
for such purpose shall bear the CUSIP
number identifying, by issue and mat-
urity, 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 publica-
tion 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 un-
der the conditions hereinabove provided, the Bonds or por-
tions 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
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10487
Registrar and Paying Agent in trust for the registered ow-
ners of the Bonds or portions thereof to be redeemed, all as
provided in this Ordinance, interest on the Bonds or por-
tions of Bonds so called for redemption shall cease to ac-
crue, such Bonds and portions of Bonds shall cease to be en-
titled to any lien, benefit or security under this
Ordinance, and the registered owners of such Bonds or por-
tions 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 subparagraph, 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 owners 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 pricipal amount
of the Bonds so surrendered, a Bond or Bonds fully regis-
tered 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 redemp-
tion 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 th 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
Ordinance, shall not be deemed to be outstanding under the
provisions of this Ordinance and shall cease to be entitled
to any lien, benefit or security under this Ordinance, ex-
cept to receive the payment of the redemption price on or
after the designated date of redemption from moneys depo-
sited 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 authorized to close, and payment on
such day shall have the same force and effect as if made on
the nominal date of payment.
K. The text of the Bonds and the form of assign-
ment for such Bonds, the authentication certificate and the
validation certificate to be endorsed thereon, shall be sub-
stantially in the following form, with such omissions, in-
sertions and variations as may be necessary or desirable and
authorized by this Ordinance 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 exe-
cuting 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:
g I.®487
[Form of Bond]
No. R- $
UNITED STATES OF AMERICA
STATE OF FLORIDA
THE CITY OF MIAMI
GENERAL OBLIGATION BONDS
consisting of
Police Headquarters and Crime Prevention Facilities Bonds
Storm Sewer Improvement Bonds
Sanitary Sewer System Bonds
Street and Highway Improvement Bonds
Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Interest Maturity Date: Original Dated CUSIP NO:
Rate: Date:
November 1, November 1, 1988
REGISTERED OWNER:
PRINCIPAL AMOUNT: 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 Barnett Banks Trust Company, N.A.,
or its successors or assigns, as Bond Registrar and Paying
Agent (the "Bond Registrar"), at the office of the Bond
Registrar in Jacksonville, Florida, and to pay interest on
the principal sum from the date hereof, or from the most
recent interest payment date to which interest has been
paid, at the Interest Rate per annum identified above, until
payment of the principal sum, or until provision for the
payment thereof has been duly provided for, such interest
being payable semiannually on the first day of May and the
first day of November of each year, commencing on May 1,
1989. 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"), ir-
respective of any transfer or exchange of such Bond subse-
quent 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. mails,
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 busi-
ness 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 $18,400,000 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 com-
pliance with the Constitution and laws of the State of
10 10487
Florida, including particularly Article VII, Section 2 of
the Constitution; Chapter 166, Florida Statutes; Ordinance
No. duly enacted by the Issuer on October ,
1988, as supplemented by Resolution No. , adopted by t—he
Issuer on , 1988, and certain other ordinances and
resolutions of the Issuer (collectively, the "Ordinance"),
and other applicable provisions of law. This Bond is sub-
ject to all the terms and conditions of the Ordinance.
For the prompt payment of the principal of, redemp-
tion 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
November 1, 1999, or thereafter, shall be subject to redemp-
tion prior to their maturity at the option of the Issuer on
or after November 1, 1998 as a whole -at any time or in part
on any interest payment date, in inverse order of maturities
and by lot within a maturity, at the redemption prices
(expressed as percentages of principal amount) set forth in
the following table, plus accrued interest from the most
recent interest payment date to the redemption date:
Redemption Periods Redemption
(Both Dates Inclusive) Prices
November 1, 1998 to October 31, 1999 102%
November 1, 1999 to October 31, 2000 101%
November 1, 2000 and thereafter 100%
Notice of call for 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 reg-
istered owner of each Bond to be redeemed at the address
shown on the Bond Registrar's registration books. Failure
to give such notice by mailing to any Bondholder, or any
defect therein, shall not affect the validity of the
proceedings for the redemption of any Bond or portion
thereof with respect to which no such failure or defect has
occurred. All such Bonds called for redemption and for the
retirement of which funds are duly provided will cease to
bear interest on such redemption date.
Reference is made to the Ordinance for the provi-
sions, 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 hol-
ders 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
for any purpose or be entitled
under the Ordinance until the
endorsed hereon shall have
Registrar.
be valid or become obligatory
to any security or benefit
Certificate of Authentication
been signed by the Bond
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF, WHICH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF FULLY SET FORTH IN THIS PLACE.
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 signa-
ture of its City Clerk, and a facsimile of its seal to be
11
reproduced hereon, all as of the first day of November,
1988.
THE CITY OF MIAMI, FLORIDA
(SEAL)
ATTESTED AND COUNTERSIGNED:
By
City Clerk
By
Mayor
r1,IaUZ i ue -"u
By
City Attorney
CERTIFICATE OF AUTHENTICATION
This ,Bond is one of the Bonds designated in and
executed under the provisions of the within mentioned
Ordinance.
BARNETT BANKS TRUST COMPANY, N.A.,
as Bond Registrar
By
Authorized Officer
Date of Authentication:
[To be printed on the reverse side of Registered Bonds]
FURTHER BOND PROVISIONS
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 registra-
tion books and shall deliver in the name of the new trans-
feree or transferees a new fully registered Bond or Bonds of
the same maturity and of authorized denomination or denomi-
nations, 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 regis-
tration 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.
12 10487
If the date for payment of the principal of, pre-
mium, 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 or-
der to close, then the date for such payment shall be the
next succeeding day which is nota Saturday, Sunday, legal
holiday or a day on which such banking institutions are
authorized to close, and payment on such day shall have the
same force and effect as if made on the nominal date of
payment.
It is hereby certified and recited that this Bond
is authorized by and is issued in conformity with the
requirements of the Constitution and statutes of the State
of Florida, that all acts, conditions and things required to
exist, to happen, and to be performed precedent to the is-
suance of this Bond exist, have happened and have been per-
formed 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.
[Form of Abbreviations for Bonds]
The following abbreviations, when used in the in-
scription on the face of the within Bond, shall be construed
as though they were written out in full according to the ap-
plicable 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
r
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.
[Form of Validation Certificate]
VALIDATION CERTIFICATE
This Bond is one of a series of bonds that were
validated and confirmed by judgments of the Eleventh
Judicial Circuit Court in and for Dade County, Florida,
rendered on January 11, 1982, July 11, 1984, July 20, 1984
and July 13, 1982.
Mayor
13
L1 J n.r
(the
unto
[Form of Assignment for Bonds]
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
"Transferor"), hereby sells, assigns and transfers
(the "Transferee")
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF TRANSFEREE
the within Bond and all rights thereunder, and hereby ir-
revocably constitutes and appoints
as attorney to register the transfer of the within Bond on
the books kept for registration and -registration of transfer
thereof, with full power of substitution in the premises.
Date:
Signature Guaranteed:
NOTICE: Signature(s) must
be guaranteed by a member
firm of the New York
Stock Exchange or a
member firm of any other
recognized national
securities exchange or
a commercial bank or a
trust company.
NOTICE: No transfer will be re-
gistered and no new Bond will
be issued in the name of the
Transferee, unless the signa-
ture(s) to this Assignment
correspond(s) with the name as
it appears upon the face of the
within Bond in every particu-
lar, without alteration or
enlargement or any change
whatever and the Social
Security or Federal Employer
Identification Number of the
Transferee is supplied.
[End of Form of Bond]
SECTION 9. Application of Bond Proceeds. The
proceeds of the Bonds shall be used to pay the costs of is-
suance 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 Previous Ordinances and
Resolutions and detailed in the Master Appropriations
Ordinance.
SECTION 10. Levy of Ad Valorem Tax; Payment and
Pledge. Pursuant to the Previous 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 Previous Ordinances and Resolutions, the
full faith, credit and taxing power of the Issuer are ir-
14
10481
revocably pledged to the payment of the principal of, pre-
mium, 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.
SECTION 11. Compliance With Tax Requirements. The
Issuer hereby covenants and agrees, for the benefit of the
owners from time to time of the Bonds, to comply with the
requirements applicable to it contained in Section 103 and
Part IV of Subchapter B of Chapter 1 of the Internal Revenue
Code of 1986, as amended (the "Code"-) to the extent neces-
sary to preserve the exclusion of interest on the Bonds from
gross income for federal income tax purposes. Specifically,
without intending to limit in any way the generality of the
foregoing, the Issuer covenants and agrees:
(1) to pay to the United States of America
from the funds and sources of revenues pledged to
the payment of the Bonds, and from any other
legally available funds, at the times required pur-
suant to Section 148(f) of the Code, the excess of
the amount earned on all nonpurpose 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 per-
taining to and to be responsible for making or
causing to be made all determinations and calcula-
tions 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 12. Bond Registrar and Paying Agent. The
Issuer hereby appoints Barnett Banks Trust Company, N.A.,
Jacksonville, Florida, as the Bond Registrar and Paying
Agent in connection with the Bonds.
SECTION 13. 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,
15
IL048 7
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 Notice of Sale shall
be substantially in the form attached hereto as Exhibit "B".
The form on which all bids are requested to be made shall be
substantially in the form set forth in said Notice of Sale
attached hereto as Exhibit "B." Said Notice of Sale shall
require that all bids shall be received by 10:00 a.m. Miami,
Florida time on November 3, 1988.
SECTION 14. Bond Insurance. The successful bidder
for the Bonds may, in its discretion and at its 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 15. Conformance of Previous Ordinances and
Resolutions. All provisions of the Previous 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, Section 3 of Resolution
No. 85-289, Section 3 of Resolution No. 85-312 and Section 3
of Resolution No. 81-1020, and the forms of the Bonds in any
such Previous Ordinances and Resolutions, are hereby amended
to conform herewith, and such Previous Ordinances and
Resolutions are supplemented hereby.
SECTION 16. Amendment of Ordinance -No. 9296. The
second paragraph of Section 1 of Ordinance No. 9296, enacted
on July 23, 1981, is hereby deleted in its entirety and the
following is inserted in lieu thereof:
Such bonds shall be in the denomination of
$5,OOO each and shall bear interest at a rate
or rates, not to exceed the rate provided for
in the statutes of the State of Florida, as
shall be. determined at the time of sale
thereof, such interest being payable
semi-annually, and both the principal of and
the interest on such bonds shall be payable at
a bank or trust company in the Borough of
Manhattan, City and State of New York, or at
the option of the holder or registered owner,
at a bank or trust company in The City of
Miami, Florida, or at such other bank or trust
company as may be designated by subsequent or-
dinance or resolution of the Commission of the
City of Miami.
SECTION 17. 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 applica-
ble law.
SECTION 18. Preliminary Official Statement;
Official Statement. The Issuer hereby approves the form and
content of the draft of the Preliminary Official Statement
in connection with the Bonds attached hereto'as Exhibit "C,"
subject to such changes therein as the Director of Finance
of the Issuer shall approve prior to the publication of the
Notice of Sale. Distribution of the Preliminary Official
Statement by the Director of Finance of the Issuer to
prospective purchasers of the Bonds is hereby authorized, as
is use of the Preliminary Official Statement in connection
with the marketing of the Bonds. The Mayor or Vice Mayor of
16 10487
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 19. 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 deliv-
ery of the Bonds and are authorized and empowered, collec-
tively 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 Ordinance.
SECTION 20. Modification or Amendment. This
Ordinance 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 Ordinance
or of any resolution or ordinance amendatory hereof or sup-
plemental hereto materially adverse to the holders of the
Bonds may be made without the consent in writing of the ow-
ners 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 con-
sent 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 in-
directly, shall not be counted.
SECTION 21. 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 Ordinance, 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 sche-
duled by the Issuer, or any combination thereof, (b) the
full amount of the principal, premium, if any, and the in-
terest so�-due and payable upon all of such Bonds then out-
standing, at maturity or upon redemption, shall be paid, or
sufficient moneys shall be held by the Bond Registrar and
Paying Agent, an escrow agent or an Authorized Depositary in
irrevocable trust for the benefit of such holders of the
Bonds (whether or not in any accounts created hereby) which,
when invested in direct obligations of the United States of
America maturing not later than the maturity or redemption
dates of such principal, premium, if 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
17
10487
become void; otherwise, this Ordinance shall be, continue
and remain in full force and effect. Notwithstanding any-
thing in this Section 21 to the contrary, however, the obli-
gations of the Issuer under Section 11 hereof shall remain
in full force and effect until such time as such obligations
are fully satisfied.
SECTION 22. Severability. If any one or more of
the covenants, agreements or provisions of this Ordinance
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 Ordinance or of the Bonds issued
hereunder.
SECTION 23. No Third Party Beneficiaries. Except
as herein otherwise expressly provided, nothing in this
Ordinance expressed or implied is intended or shall be con-
strued 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 Ordinance, any right,
remedy or claim, legal or equitable, under or by reason of
this Ordinance or any provision hereof, this Ordinance and
all its provisions being intended to be and being for the
sole and exclusive benefit of the parties hereto and -the ow-
ners and holders from time to time of the Bonds issued
hereunder.
SECTION 24. Controlling Law; Members of Commission
and Officials of Issuer Not Liable. All covenants, stipula-
tions, obligations and agreements of the Issuer contained in
this Ordinance shall be deemed to be covenants, stipula-
tions, 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, obliga-
tion or agreement contained herein shall be deemed to be a
covenant, stipulation, obligation or,agreement of any pre-
sent 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
Ordinance or shall be subject to any personal liability or
accountability by reason of the issuance or the execution by
the Commission or such members thereof.
SECTION 25-*. Effective Date. This Ordinance shall
be effective immediately upon its enactment.
18
i OZLA'7
PASSED AND ADOPTED this 6th day Of October, 1988.
(SEAL)
ATTE
By
tty Hirai,
City Clerk
AS TO
,jorcle L. qij-r—n
City Attorney
THE4 CITY OF IAMI, RIDA
*""' I
By. OF
L. Su rez,
Mayor
AND CORRECTNESS:
PREPARED AND APPROVED BY.
I' Matte cleric 'f the certif le City of
A. D. 19 oll I AIMI d-) F1 rid,
hip, Irliv and r
ofI co
J)'i, Of tj
Doilda h,
for sz)(ral
t,ttlle ti pltcc Pt and
11.3
t' 'id to
Ci j'\, v
of--
ity c,"j-1c
273870015ord:113
19
EXHIBIT A
Tentative List of Projects to be Financed
With Proceeds of 1988 General Obligation Bond Sale
Sanitary Sewer Bonds
NW 36th Street Sanitary Sewer Improvements
North Flagler Sanitary Sewers
South Flagler Sanitary Sewers
SE Overtown/Parkwest Sanitary Sewer
South Grove Sanitary Sewer
Storm Sewer Bonds
Coconut Grove Storm Sewers
Wagner Creek Storm Sewers
Lawrence Pump & Dredge
Tamiami Storm Sewers
Local Drainage
Streets and Highway Bonds
Downtown Street Improvements
East Little Havana Hwy. Improvements
Buena Vista Hwy. Improvements
Citywide Street Improvements
Lawrence Highway Improvements
SE Overtown/Parkwest Streets
Fire Fighting Bonds
Fire Rescue New Apparatus Acquisition
Expansion of Fire Station #12
Expansion of Fire Station #10
Police Bonds
Mobil Digital Terminals
Central Police Facility Expansion
273870015ExA:113
CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
FROM: Cesar H. Odi
City Manager
RECOMMENDATION:
DATE: S E P 2 8 988 FILE:
Emergency Ordinance for
SUBJECT: Approval of Documents
Re: $18.9 Million
General Obligation
REFERENCES:Bonds, Series, 1988
ENCLOSURES:
It is respectfully recommended that the attached emergency
ordinance setting certain terms and conditions and approving the
Preliminary Official Statement, -the Bid Form and the Notice of
Sale, in conjunction. with the competitive sale of $18,900,000
City of Miami General Obligation Bonds, Series 1988, be approved.
BACKGROUND:
The City follows the policy of conducting a competitive general
obligation bond sale on an annual basis to provide funding for
the coming twelve month period for those projects appropriate by
the City Commission in the Capital Improvement Budget. Attached
is a list of projects intended to be funded with the proceeds of
this bond sale. Other projects in the Capital Budget are being
funded with other sources or proceeds from previous general
obligation bond sales.
The General Obligation Bond Sale will be held on . Thursday ,
November 3, 1988 at 10:00 a.m., necessitating the paL,.-age of
the attached ordinance on an emergency basis. The sale will be
awarded on the. basis of competitive bids resulting in the lowest
true interest cost to the City
cc: Law Department
1048'7
TO:
FROW
c 11'i Or MIAMI. r1_OR1UA
it t"i T rr-�?r FIrE MEMORANDUM
Honorable Mayor and October 5, 198$
Members of City Commission ""'�' F"`E
City Commission Meeting
i/ SI.IF3JFc:1 of October 6, 1988
Agenda Item 45
C e , f rio
City Manager F?ErFnr.Nr•F.-;:
FNCLOrMnFry
Please find attached a typeset version of the preliminary
official statement and notice of sale to be approved as part of
agenda. item 45 of tomorrow's City Commission meeting.
The preliminary official statement and notice of sale in your
possession distributed as part of last week's package were word
processing reproductions. There are no substantial changes
between best week's version and the attached.
CEG:mm
c.� ! '''� Rio dj /4�'G�✓`� G4' �'• :..
IL048 71
t-
NOTICE OF SALE
$18,400,000
THE CITY OF MIAMI, FLORIDA
General Obligation Bonds
Sealed Bids
Sealed bids will be received by the Commission (the "City Commission") of The City of Miami,
Florida (the "City") at its regular place of meeting in the City Hall, 3500 Pan American Drive, Miami,
Florida, until 10:00 A.M. Miami time on November 3, 1988, at which time and place all bids will be
publicly opened and read, for The City of Miami, Florida General Obligation Bonds, to be issued in the
aggregate principal amount of $18,400,000, consisting of $1,500,000 Police Headquarters and Crime
Prevention Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer
System Bonds, $3,900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire
Prevention and Rescue Facilities Bonds, dated November 1, 1988 (hereinafter collectively referred to
as the "Bonds").
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 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 November 1, 1988, payable
semiannually on May 1 and November 1 in each year, at the rate or rates specified in such proposal as
may be accepted, the first interest payment being due on May 1, 1989. The Bonds will mature as
follows:
MATURITY SCHEDULE
Police
Headquarters
and Crime
Sanitary
Fire Fighting
Maturity
Prevention
Storm Sewer
Sewer
Street
Fire Prevention
Total
Date
Facilities
Improvement
System
Highway
and Rescue
Principal
November 1
Bonds
Bonds
Bonds
Improvement
Facilities Bonds
Amount
1990.......
$ 40,000
$ 85,000
$ 125,000
1991 .......
45,000
90,000
$150,000
$115,000
$ 90,000
490,000
1992.......
45,000
95,000
155,000
125,000
95,000
515,000
1993.......
50,000
105,000
165,000
130,000
100,000
550,000
1994.......
50,000
110,000
180,000
140,000
105,000
585,000
1995.......
55,000
115,000
190,000
150,000
115,000
625,000
1996.......
60,000
125,000
205,000
160,000
120,000
670,000
1997.......
65,000
135,000
220,000
170,000
130,000
720,000
1998.......
65,000
145,000
235,000
180,000
140,000
765,000
1999.......
70,000
155,000
250,000
195,000
150,000
820,000
2000.......
80,000
165,000
265,000
210,000
160,000
880,000
2001.......
85,000
175,000
285,000
225,000
170,000
940,000
2002.......
90,000
190,000
310,000
240,000
195,000
1,015,000
2003.......
95,000
205,000
330,000
255,000
200,000
1,085,000
2004.......
105,000
220,000
355,000
275,000
215,000
1,170,000
2005.......
110,000
235,000
380,000
295,000
230,000
1,9M,000
2006.......
120,000
250,000
410,000
320,000
245,000
1,345,000
2007.......
130,000
270,000
440,000
345,000
265,000
1,450,000
2008.......
140,000
290,000
475,000
370,000
285,000
1,560,000
2009 .......
315,000
315,000
2010 .......
340,000
340,000
2011 .......
365,000
365,000
2012 .......
395,000
395,000
2013 .......
425,000
425,000
10487,
Principal of, and premium, if any, on the Bonds will be payable upon presentation and surrender
thereof, at the office of Barnett Banks Trust Company, N.A., the Bond Registrar and Paying Agent, in
Jacksonville, Florida.
Optional Redemption
The Bonds maturing on or after November 1, 1999, are subject to redemption, at the option of the
City, on and after November 1, 1998, 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 the following redemption
prices, plus accrued interest to the date of redemption:
Redemption Period
(date inclusive)
Redemption Price
(percentage of
principal amount)
November 1, 1998 to October 31, 1999.................... 102'%
November 1, 1999 to October 31, 2000.................... 101%
November 1, 2000 and thereafter ........................ 100%
Purpose; Validation
The Police Headquarters and Crime Prevention Facilities Bonds were athorized by Ordinance
v No. 9787, as supplemented and amended, for the purpose of paying the cost of (i) construction of
additions to the police headquarters building, (ii) the acquisition and installation of electronic
communications and computer equipment, (iii) facilities for training, property unit and other police
purposes, and (iv) the acquisition of land and other equipment needed for police purposes.
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 Sanitary Sewer System Bonds were authorized by Ordinance No. 9128, as supplemented and
amended, for the purpose of paying the cost of improvements and extensions to the City's sanitary
sewer system.
The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129, as
supplemented and amended, for the purpose of paying the cost of street and highway improvements
within the City.
The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordinance
No. 9296, as supplemented and amended, for the purpose of paying the cost of fire fighting, fire
preventation and rescue facilities, including, but not limited to, fire stations, equipment, vehicles and
communication systems.
All of the Bonds have been validated by judgments of the Circuit Court of Dade County 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 $18,900,000 City of Miami, Florida General Obligation Bonds." Each bid constitutes a
separate bid for each of said series of the Bonds and any premium bid shall be for all of the Bonds and
2
10487.
allocated to each series in the proportion to which the amount of such series bears to the total amount
of all Bonds. Bidders are requested to name the interest rate or rates in multiples of 'A or'/20 of 1%.
Each bid must specify the Interest rate for the Bonds of each maturity, and all Bonds maturing on the
tame date must bear interest at the same rate. 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 or for less than par and,accrued interest will be entertained. Premiums may be specified.
Bond Insurance
The successful bidder for the Bonds may, in its discretion and at its sole expense, obtain a policy of
municipal bond insurance from a reputable and nationally recognized bond insurer to secure the
Bonds, and the City will cooperate with the successful bidder, upon request, to qualify the Bonds for
the issuance of such bond 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.
The right is reserved to reject all bids or any bid not conforming to this Notice of Sale -or not in the
form of the Official Bid Form. The right is also reserved to waive, if permitted by law, any irregularity
or informality in any proposal.
Good Faith
Each bid must be accompanied by a certified or bank cashier's or treasures s check drawn upon an
incorporated bank or trust company, in the amount of $184,000, 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 his 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 the CUSIP Service Bureau charge for the assignment of such numbers will be paid by the City.
1+
Delivery of Bonds
Delivery of the Bonds In definitive form will be made on or about November 17, 1988, 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 Holland & Knight,
Miami, Florida, and of McGhee & McGhee, Miami, Florida, will be furnished without cost to the
purchasers of the Bonds. The successful bidder shall be required, at or prior to delivery of the Bonds,
to furnish to the City such information concerning the initial prices at which a substantial amount of
the Bonds of each maturity were sold to the public as the City shall reasonably request. The usual
closing documents shall also be furnished.
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.
The successful bidder shall have the right, at its option, to cancel its obligation to purchase the
Bonds if the City shall fail to tender the Bonds for delivery within 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 its
deposit mentioned above, with interest.
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 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, in connection with 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 (e) above. Section 218.38(1) (b)2, Florida Statutes,
requires that the managing underwriter or the financial consultant, within 90 days after delivery of the
Bonds, provide the City with a statement containing the information mentioned in (c) above.
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 3006 Aviation Avenue, Miami,
Florida 33131, telephone number (305) 579-6350, or to the Financial Advisor, Raymond James &
Associates, Inc., 1110 Brickell Avenue, Suite 201, Miami, Florida 33131, and Howard Gary & Company,
3050 Biscayne Boulevard, Suite 603, Miami, Florida 33137, telephone number (305) 381-8829.
Dated October 20, 1988.
Carlos I. Garcia, CPA
Director of Finance
The City of Miami, Florida
1048'7'
L
OFFICIAL BID FORM
Proposal
For the Purchase of
$18,4002000
The City of Miami, Florida
General Obligation Bonds
November 3, 1988
Commission of The City of Miami, Florida
City Hall
35M 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, and in accordance with the terms and
conditions of the attached Notice of Sale dated October 20, 1988 (the "Notice of Sale"), which is
hereby made a part of this proposal, we offer to purchase all of the $18,400,000 The City of Miami,
Florida General Obligation Bonds consisting of $1,500,000 Police Headquarters and Crime Prevention
Facilities Bonds, $5,000,000 Storm Sewer Improvement Bonds, $5,000,000 Sanitary Sewer System
Bonds, $3,900,000 Street and Highway Improvement Bonds and $3,000,000 Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds (hereinafter collectively referred to as the "Bonds"), to be dated
November 1,1988. We will pay for the Bonds at the time of delivery, in immediately available Federal
Reserve Funds, Eighteen Million Four Hundred Thousand Dollars ($18,400,000), plus accrued interest,
if any, from November 1,1988 to the date of delivery, and a cash premium of $ for all of the
Bonds, which $18,400,000 constitutes the total for the separate bids of par for each series of the Bonds
as specified above. Such premium, if any, is to be allocated to each series of Bonds as provided in the
Notice of Sale.
SCHEDULE OF MATURITIES AND INTEREST RATES
The Bonds shall bear interest at the rates set forth in the following schedule:
Maturity
Maturity
Date
Principal Interest
Date
Principal
November 1
Amount Rate Price
November 1
Amount
19W ...
$ 125,000 % $
2002 ...
$1,015,000
1991 ...
490,000
2003 ...
1,085,000
1992 ...
515,000
2004 ...
1,170,000
1993 ...
550,000
2005 ...
1,250,000
1994 ...
585,000
2006 ...
1,345,000
1995 ...
625,000
2007 ...
1,450,000
1996 ...
670,000
2008 ...
1,560,000
1997 ...
720,000
2009 ...
315,000
1998 ...
765,000
2010 ...
340,000
1999 ...
820,000
2011 ...
365,000
2000 ...
880,000
2012 ...
395,000
2001 ...
940,000
2013 ...
425,000
Interest
Rate Price
We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated
bank or trust company, in the amount of $164,000, 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.
IL048'71
L
u
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 materially adversely affecting 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.
Respectfully Submitted,
Bidder
By
Title
(No addition or alteration except as provided above, is to be made to this bid form, and it must not
be detached from the Notice of Sale.)
• • • a
The following is provided for information only and is not a part of this bid:
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 °Xo.
The above mentioned check has been returned and receipt thereof is duly acknowledged.
By
Title
Bidder
10487
L
PRELIMINAnf OFFICIAL STATEMENT DATED OCTUBER 20, 1988
In the opinion of Bond Counsel and Co -Bond Counsel, rendered in reliance and conditioned upon compliance with
certain arbitrage rebate and other tax requirements referred to herein, under existing law, interest on the Bonds
is excluded from ,gross income for federal income tax purposes, and, under existing law, the Bonds are exempt
from all present intangible personal property taxes imposed by the State of Fl rida. Under existing law,
Interest on the Bonds will not be treated as an item of tax preference in computing the alternative
minimum tax for individuals and corporations. Interest on the Bonds will, however, be taken into
account in computing an ad1'u�stment made in determining a corporation's alternative minimum tax.
Holders of the Bonds oould be subject to the consequences of other provisions of the Internal
Revenue Code of 1986, as amended, as further described herein. See "Tax Exemption; Income
Tax Effects" herein.
NEW ISSUE
$1 %400,000
Credit Ratings:
Moody's:
Standard & Poor's.
THE CITY OF MiAMI, FLORIDA
GENERAL OBLIGATION BONDS
$1,500,000 Police Headquarters and Crime Prevention Facilities Bonds
$5,000,000 Storm Sewer Improvement Bonds
$5,000,000 Sanitary Sewer System Bonds
$3,900,000 Street and Highway Improvement Bonds
$3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Dated: November 1, 1988 Due: November 1, as shown below
Interest on the Bonds is payable semi-annually on May 1 and November 1 in each year, commencing May
1, 1989. The Bonds are issuable as fully registered bonds in the denomination of $5,000 or integral multiples
thereof. Interest on the Bonds will be payable to the registered owners shown on the registration books of The
City of Miami, Florida (the "City") on the fifteenth 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. The principal of, and
premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the
registered owner, at the office of Barnett Banks Trust Company, N.A., or its successors or assigns, as Bond
Registrar and Paying Agent (the "Bond Registrar and Paying Agent"), in the City of Jacksonville, Florida.
The Bonds maturing on or after November 1, 1999, are subject to redemption at the option of the Cit}-, on
or after November 1, 1998, 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 redemption prices ranging from 102% to 100% plus
accrued interest. See '"THE BONDS -- Optional Redemption" herein.
The 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 levied on all taxable property in the City (excluding
homestead exemptions, as required by applicable law).
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
Yield
Yield
Maturity Date
Principal or
Maturity Date
Principal or
November t
Amount Rate Price
November 1
Amount Rate Price
1990
125,000
2002
11015,000
1991
490,000
2003
1,085,000
1992
515,000
2004
1,170,000
1993
550,000
2005
1,250,000
1994
585,000
2006
1,345,000
1995
625,000
2007
1.450,000
1996
670,000
2008
1,5601000
1997
720,000
2009
315,000
1998
765,000
2010
340,000
1999
820,000
2011
365,000
2000
880,000
2012
395,000
2001
940,000
2013
425,000
The Bonds
are offered when, as and if issued and received
by the Underwriters, subject to the unqualified
approval of legality by Holland & Knight, Miami, Florida, Bond Counsel, and McGhee & McGhee, Miami,
Co Counsel, form
Florida, -Bond
and to certain other conditions.
It is expected that
the Bonds in definitive will
be available for delivery in New York, New York, on or about November 17, 1988.
Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the City
Hall, 3500 Pan American Drive, Miami, Florida, until 10;00 A.M., Miami time, on November 3, 1988. Please
refer to the Official Bid Form and Notice of Sale, which outline the terms and conditions for the submission of
offers to purchase the Bonds.
•
La
This Official Statement does not constitute an offer to sell Bonds in any jurisdiction to any person
to whom it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or any other
person has been authorized by the City to give any information or snake any representation, other
than those contained herein, in connection with the offering of these Bonds and, if given or made, such
information or representation must not be relied upon. The information and expressions of opinion
herein are subject to change without notice and neither the delivery of this Official Statement nor any
We made hereunder shall, under any circumstances, create any implication that there will be no
change in the affairs of the City from the date hereof to the date of the delivery of the Bonds, but see
the paragraph headed "Closing Certificate" herein.
TABLE OF CONTENTS
Description of the Issue ................
Introduction ..........................
TheBonds ............................
General............................
Interest Payment Dates ..............
Maturity Schedule ...................
Optional Redemption ................
Notice of Redemption .. ........ .
Registration and Transfer of
Ownership ........................
Security, Authorization and
Validation ................
Application of Proceeds ..
..............
.
Tax Exemption; Income Tax Effects......
Credit Ratings .........................
Litigation ..............................
Auditors ........ .................... .
Approval of Legal Proceedings ..........
Closing Certificate .....................
Description of the City ................
Geography............................
Climate...............................
Population............................
Government of the Cityy ............... .
Mayor and City Commissioners .........
Administration of the City ..............
Scope of Services and Agency
Functions. .................
Regional Government Services ..........
Debt Summary . ... .
Payment of Bonds and Bond Election
Requirement........................
Legal Debt Limitation .................
Selected Debt Data ...... ..... .
Debt Statistics and Various Debt Ratios . .
General Obligation Bonds Authorized But
Not Issued . . , , , . .
Proposed Issues of Debt Securities ......
Capital Improvement Plan ....... ,
Leases and Other Commitments.........
Additional Financial Information
Relating to the City of Miami . ...... .
General Description of Financial
Practices............................
Description of Revenues ...............
General Fund .....................
Special Revenue Funds .............
FW ?M6C
1
Debt Service Funds ................
26
1
Enterprise Funds ..................
26
1
Internal Service Funds .............
27
1
Procedure for Tax Levy and Tax
1
Collection ..........................
27
2
Tax Schedules and Tables ..............
28
2
Labor Relations .......................
30
2
Pension Trust Funds ...................
30
Self Insurance .........................
30
3
Economic and Demographic Data .......
32
4
Introduction and Recent
4
Developments .......................
32
5
Bayside...............................
32
6
Bayfront Park .........................
32
7
Southeast Oavertown/Park West
7
Miami
332
3
7
Corporate Expansion ...................
33
7
Financial Institutions ..................
34
8
Tourism ..............................
34
8
Medical Facilities ......................
35
8
Recreational Facilities ..................
35
8
Cultural Facilities and Affairs ...........
35
8
Educational Institutions ................
35
9
Film Industry .........................
36
9
Agriculture ...........................
36
Export. ........ ..............
36
10
Miami International Airport ............
37
10
Port of Miami .........................
37
12
Demographic Data .....................
38
RetailSales ...........................
38
12
Employment ..........................
39
12
housing ................ ...........
39
12
Building Permits .......................
40
18
Approval of Official Statement ..........
42
19
Appendix
19
A. Financial Section of Comprehensive
20
Annual Financial Report
20
("FINANCIAL STATEMENTS") .....
A-1
Report of Independent Certified Public
Accountants......................
A-3
22
General Purpose Financial Statements
A-4
Notes to Financial Statements ........
A-12
22
Supplemental Combining and
24
Individual Fund Statements .........
A-34
24
B. Form of Opinion of Bond Counsel....
B-1
25
C. Letter of City Attorney .............
C-1
10487
f
THE CITY OF MIAMI, FLORIDA
Members of Board of City Commissioners
XAVIER L. SUAREZ, Mayor
MILLER J. DAWKINS ROSARIO A. KENNEDY
VICTOR H. DeYURRE J. L. PLUMMER, JR.
CITY OFFICIALS
City Manager .............. CESAR H. ODIO
Director of Finance..... CARLOS E. GARCIA
City Attorneyy ....... JORGE L. FERNANDEZ
City Clerk ................... MATI'Y HIRAI
Bond Counsel
HOLLAND & )MIGHT
Miami, Florida
Co -Bond Counsel
McCHEE & McGHEE
Miami, Florida
Financial Advisors
RAYMOND JAMES & ASSOCIATES, INC.
HOWARD CARY & COMPANY
Miami, Florida
Independent Certified Public Accountants
COOPERS do LYBRAND
Miami, Florida
1.04874
OFFICIAL STATF.AiENT
$1 %400,000
THE CITY OF MIAMI, FLORIDA
General Obligation Bonds
Consisting of
$1,500,000 Police Headquarters and Crime Prevention Facilities Bonds
$5,000,000 Storm Sewer Improvement Bonds
$5,000,000 Sanitary Sewer System Bonds
$3,900,000 Street and Highway Improvement Bonds
$3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
DESCRIPTION OF THE ISSUE
INTRODUCTION
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 total principal amount of $18,400,000 (the 'Bonds"),
consisting of different series of general obligation bonds of the City authorized by the Commission of
the City (the "Commission"), approved by the electors and remaining unissued, as herein below
mentioned.
THE BONDS
General
The Bonds are being issued in the aggregate principal amount of $16,400,000, are dated
November 1, 1966, and are issuable as fully registered bonds in the denomination of $5,000 or integral
multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the
registration books of the City on the fifteenth day (whether or not a business day) of the month next
preceding an interest payment date (the "Record Date"), by check or draft mailed by first class mail to
such registered owners by the Bond Registrar and Paying Agent, irrespective of any transfer or
exchange of any Bonds 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 such default, such defaulted interest will be payable to the person in whose name such Bond is
registered at the close of business on a special record date established by notice mailed by the City to
the registered owners of the Bonds not less than 15 days preceding such special record date. Such
notice shall be mailed to the person in whose name the Bonds are registered at the close of business on
the fifth day (whether or not a business day) preceding the date of mailing of such notice. The
principal of, and premium, if any, on the Bonds are payable upon presentation and surrender of the
Bonds, at the office of Barnett Banks Trust Company, N.A., or its successors or assigns, as Bond
Registrar and Paying Agent (the 'Bond Registrar and Paying Agent"), in the City of Jacksonville,
Florida.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official
1 ##
10487
Statement, payable semi-annually on May 1 and November 1 of each year, commencing May 1, 1989,
and mature on November 1 in the years and principal amounts set forth on the cover page of this
Official Statement and as follows:
MATURITY SCHEDULE
police
Head urrtcrs
aad rime Sanitary
Fire Fighting
Maturity prevention Storm Sewer Sewer
Street
Fire Prevention
Total
iasec Facilities [mprovemcot System
Highway
and Rescue
Principal
November l bonds Bonds Bonds
Improvement
Facilities Bonds
Amount
1990....... : 40,000 i 85,000 s -0-
$ -o-
$ -o-
s 125,000
1991....... 45.000 90,000 150,000
115,000
90,000
490,000
1992....... 45,000 95,000 155,000
125,000
95,000
515,000
1993....... 50,000 105,000 165,000
130,000
100,000
550,000
1994....... 50,000 110,000 180,000
140.000
105,000
585,000
1995....... 55,000 115,000 190,000
150,000
115,000
625,000
1996....... 60,000 125,000 205,000
160,000
120,000
670,000
1997 ....... 65,000 135,000 220,000
17 0,000
130,000
720,000
1998....... 65,000 145,000 235,000
180,000
140,000
765,000
1999....... 70,000 155,000 250,000
195,000
150,000
820,000
2000....... 60,000 165,000 265,000
210,000
160,000
860,000
2001....... 65.000 175,000 285,000
225,000
170,000
940,000
2002....... 90,000 190,000 310,000
240,000
185,000
1,015,0()0
2003....... 95,000 205,000 330,000
255,000
200,000
1,085,000
2004....... 1015,000 220,000 355,000
275,000
215,000
1,170,000
2005....... 110,000 235,000 380,000
295,000
230,000
1,250,000
2006....... 120,000 250,000 410,000
320,000
245,000
1,345,000
2007....... 130,000 270,000 440,000
345,000
265,000
1,450,000
2008....... 140,000 290,000 475,000
370,000
285,000
1,560,000
2009....... 315,000
315,000
2010....... 340,000
340,000
2011 ....... 365,000
365,000
2012 ....... 395,000
395,000
2013 ....... 425,000
425,000
Optional Redemption
The Bonds maturing on or after November 1, 1999, are
subject to redemption,
at the option of the
City, on and after November 1, 1998, 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 the following redemption
prices, plus accrued interest to the date of redemption:
Redemption Period
Redemption Price
(percentage
(date inclusive)
principal amount)
November 1, 1998 to October 31, 19W....................
102%
November 1, 1999 to October 31, 2000....................
101%
November 1, 2000 and thereafter ........................
100%
Notice of Redemption
Notice of the call for any redemption as described above identifying the Bonds to be
redeemed
must be given by mailing a copy of the redemption notice by registered or certified mail at
least thirty
(30) days but not more than sixty (60) days prior to the redemption date
to the registered owner of
2
104871.
each such Bond to be redeemed at the address shown on the registration books held by the Bond
Registrar and Paying Agent; provided, however, that failure to give such notice by mailing, or any
defect therein, shall not affect the validity of any proceedings for the redemption of any Bond for
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.
Notice of call for redemption of any Bond 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 Bonds 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.
The Ordinance (as hereinafter defined) also requires all notices of redemption to be sent to all
registered securities depositories holding substantial amounts of obligations similar in type to the
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 Ordinance.
Registration and Transfer of Ownership
The Bond Registrar and Paying Agent shall keep a register for registration of a transfer of any
Bond. Bonds may be transferred only on the registration books kept by the Bond Registrar and Paying
Agent. No transfer of any Bond shall be permitted except upon presentation and surrender of such
Bond at the 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 owner of such Bond in person or by his attorney -in -fact or legal representative,
containing written instructions as to the details of transfer of such Bond, 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 Bond as the absolute
owner of such Bond for the purpose of receiving payment of the principal thereof and the interest
thereon. Upon surrender for registration of transfer of any Bond at the principal corporate trust 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. 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 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 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. The Bond Registrar and Paying Agent shall not be
required to transfer or exchange any Bond after the mailing of notice calling such Bond for redemption
has been made, nor during the period of fifteen days next preceding mailing of a notice of redemption
of any Bonds.
In case any Bond shall become mutilated or be destroyed, stolen or lost, the City may, in its
discretion (i) deliver a duplicate replacement Bond, or (ii) pay a Bond that has matured or is about to
mature. The registered owner of such Bond must surrender any mutilated bond for cancellation and
must furnish the City or its agent proof of ownership of any destroyed, stolen or lost Bond, post
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10487
Satisfactory indemnity, comply with any reasonable conditions the City or its agent may prescribe and
pay the City's or its agents' reasonable expenses related thereto.
Security, Authorization and Validation
The Bonds are 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 levied on all taxable
Property in the City (excluding homestead exemptions as required by applicable law). The City has
covenanted in the Ordinance that it will diligently enforce its right to receive tax revenues and will
enforce 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 said taxes, or impair or
adversely affect in any manner the pledge made therein on the rights of the holders of the Bonds.
The Bonds shall be issued under and pursuant to the Constitution and other laws of the State of
Florida, the Charier of the City and ordinances and resolutions of the City, Including, but not limited
to, Ordinance No. enacted by the City on October 6, 1988, as supplemented by Resolution
No. adopted on November 3, 1968 (collectively, the "Ordinance"). The Bonds have been
authorized under the provisions of certain ordinances and resolutions adopted by the Commission of
the City. The Bonds have been approved by the electors and validated as follows:
The Police Headquarters and Crime Prevention Facilities Bonds were authorized by Ordi-
nance No. 9787 enacted by the City on January 26, 1984, as supplemented and amended, were
approved by the electors on March 13,1984 and were validated by judgement of the Circuit Court
of Dade County on July 20, 1984. No appeal was taken.
The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9761 enacted by
the City on January 26, 1984, as supplemented and amended, were approved by the electors on
March 13, 1984, and were validated by judgement of the Circuit Court of Dade County on July 11,
1984. No appeal was taken.
The Sanitary Sewer System Bonds were authorized by Ordinance No. 9128 enacted by the
City on July 10, 1980, as supplemented and amended, were approved by the electors on October 7,
1980, and were validated by judgement of the Circuit Court of Dade County on January 11, 1982.
No appeal was taken.
The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129
enacted by the City on July 10, 1980, as supplemented and amended, were approved by the
electors on October 7,1960 and were validated by judgement of the Circuit Court of Dade County
on January 11, 1982. No appeal was taken.
The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordi-
nance No. 9296 enacted by the City on July 23, 1981, as supplemented and amended, were
approved by the electors on November 3, 1981, and were validated by judgment of the Circuit
Court of Dade County on July 13, 1982. No appeal was taken.
Application of Proceeds
01,500,000 Police Headquarters and Crime Prevention Facilities Bonds
Ordinance No. 9787, as supplemented and amended, authorized the issuance of $20,000,000 Police
Headquarters and Crime Prevention Facilities Bonds for the purpose of paying the cost of construction
of additions to the City's Police Headquarters building, the acquisition and installation of electronic
communications and computer equipment, and facilities for training, property unit and other police
purposes, and the acquisition of any necessary land and other equipment. $18,500,000 principal amount
of such bonds has been issued, and the final installment of $1,500,000 of such bonds is being offered
hereunder.
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10487'
$5,000,000 Storm Sewer Improvement Bonds
Ordinance No. 9761, as supplemented and amended, authorized the issuance of $30,000,000 Storm
Sewer Improvement Bonds for the purpose of paying the cost of construction of storm sewers,
pumping stations, and outlets, culverts over or enclosing streams, wells, other types of local drainage
facilities, the resurfacing of any damaged streets or sidewalks, and the acquisition of any necessary
land. $15,000,000 principal amount of such bonds has been issued and an additional installment of
$5,000,000 is being offered hereunder.
05,000,000 Sanitary Sewer System Bonds
Ordinance No. 9128, as supplemented and amended, authorized the issuance of $45,000,000
Sanitary Sewer System Bohds for the purpose of paying the cost of improvements and extensions to the
sanitary sewer systems of the City, $10,500,000 principal amount of such bonds has been issued and an
additional installment of $5,000,000 is being offered hereunder.
13,900,000 Street and Highway Improvement Bonds
Ordinance No. 9129, as supplemented and amended, authorized the issuance of $30,000,000 Street
and Highway Improvement Bonds for the purpose of paying the cost of street and highway
improvements in the City, $26,100,000 principal amount of such bonds has been issued and the final
installment of $3,900,000 of such bonds is being offered hereunder.
$3,000.000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 9296, as supplemented and amended, authorized the issuance of $21,000,000 Fire
Fighting, Fire Prevention and Rescue Facilities Bonds for the purpose of paying the cost of fire
fighting, fire prevention, rescue facilities, including, but not limited to, fire stations, equipment,
vehicles and communication systems. $15,000,000 principal amount of such bonds has been issued and
an additional installment of $3,000,000 is being offered hereunder.
TAX EXEMPTION; INCOME TAX EFFECTS
In the opinion of Holland & Knight, Miami, Florida, Bond Counsel, and McGhee & McGhee,
Miami, Florida, Co -Bond Counsel, under existing law, the Bonds are exempt from present Florida
intangible personal property taxes. Also, in the opinion of Bond Counsel and Co -Bond Counsel, under
existing law, interest on the Bonds is excluded from gross income for federal income tax purposes. The
opinion of Bond Counsel and Co -Bond Counsel is conditioned upon compliance by the City with
covenants in the Ordinance to comply with certain arbitrage rebate and other tax requirements
contained in 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. If
the City fails to comply with such covenants, interest on the Bonds could become includable in the
gross income of the owners thereof for federal income tax purposes retroactive to the date of issuance.
Reference is made to a proposed form of the Bond Counsel and Co -Bond Counsel opinion
attached hereto as Appendix B for the complete text thereof.
Other potential federal income tax consequences to holders of the Bonds include the following;
1. Alternative Minimum Tax. An alternative minimum tax is imposed by the Code on
corporations at a twenty percent (20%) rate and on taxpayers other than corporations at a twenty-
one percent (21%) rate in taxable years beginning after December 31,1986. Interest on the Bonds
will not be treated as an item of tax preference for purposes of the alternative minimum tax.
Interest in an individual Bondholder's alternative minimum taxable income. Interest on the Bonds
received by a Corporate Bondholder will, however, be included in such Bondholder's adjusted net
book income and in such Bondholder's adjusted current earnings. In taxable years beginning in
5
IL0 48 7-
1987,1968 and 1989, a corporations' alternative minimum taxable income will be increased by one-
half of the corporation's adjusted net book income not otherwise included in its alternative
minimum taxable income. For taxable years beginning after December 31, 1989, a corporation's
alternative minimum taxable income will be increased by seventy-five percent (75%) of the
corporation's adjusted current earnings not otherwise included in its alternative minimum taxable
income. Interest on the Bonds received by a corporate Bondholder will be included in such
Bondholder's adjusted current earnings for taxable years beginning after December 31, 1989.
Q Environrrnental Super fund Tax. Section 59A of the Code imposes for taxable years begin-
ning after December 31, 1986, and before January 1, 1992, an additional tax on corporations at a
rate of .12 percent on the excess over $2,000,000 of a corporation's "modified alternative minimum
taxable income." Interest on the Bonds received by a corporation will be included in the
determination of such Bondholder's "modified alternative minimum taxable income."
3. Financial Institutions and Property and Casualty Insurance Companies. Section 265 of the
Code provides that, for taxable years ending after December 31, 1986, a financial institution
holding Bonds will be denied any deduction for its interest expense allocable to such Bonds.
Under Section 832(b) (5) (B) of the Code, property and casualty insurance companies will be
required for taxable years beginning after December 31, 1986, to reduce the amount of their
deductible underwriting losses by 15% of the amount of tax-exempt interest received from
investments made after August 7, 1986, including investments in the Bonds.
9. Social Security and Railroad Retirement Benefits. Under Section 86 of the Code, recipients
of certain social security benefits and railroad retirement benefits may be required to include a
portion of such benefits within gross income by reason of receipt of interest on the Bonds.
S. S Corporations. Section 1375 of the Code imposes a tax on the income of an S corporation
having Subchapter C earnings and profits at the close of a taxable year, if greater than twenty-five
percent (25%) of the gross receipts of such S corporation is passive investment income. Interest
on the Bonds will be included in an S corporation's passive investment income.
6. Foreign Corporation Branch Offices Tax. For taxable years beginning after December 31,
1986, Section 684 of the Code imposes a branch profits tax on foreign corporations equal to 30
percent of the "dividend equivalent amount" for the taxable year. Interest on the Bonds would be
taken into account in determining a foreign corporation's "dividend equivalent amount" to the
extent such interest is effectively connected (or treated as effectively connected) with the foreign
corporation's conduct of a trade or business within the United States.
Other provisions of the Code may give rise to adverse federal income tax consequences to
particular Bondholders. Owners of the Bonds should consult their tax advisors with respect to the tax
consequences of owning Bonds.
CREDIT RATINGS
The Bonds have received the credit ratings of from Standard & Poor's Corporation and
from Moody's Investors Service, Inc. Certain information and materials not included in this
Official Statement were furnished to the rating agencies. Generally, rating agencies base their ratings
on the information and materials so furnished and on investigations, studies and assumptions by the
rating agencies. Such credit ratings reflect only the views of such credit rating agencies, and an
explanation of the significance of such credit ratings may be obtained from the credit rating agencies
furnishing the same. There is no assurance that such credit ratings will continue for any given period
of time or that they will not be revised or withdrawn entirely by either or both of such credit rating
agencies, if in their respective judgments, circumstances so warrant. A revision or withdrawal of any
such credit rating may have an adverse effect on the market price of the Bonds.
6
10487
L
LITIGATION
Pending litigation involving claims against the City is discussed in the City Attorney's letter
attached hereto as Appendix C, which will be updated by the City Attorney in a letter to be submitted
as a closing document. There is not now pending any litigation restraining or enjoining the issuance or
delivery of the Bonds or the levy or collection of taxes to pay the principal of or the interest on the
Bonds, or questioning the proceedings or authorization under which the Bonds are to be issued, or
affecting the validity of the Bonds.
AUDITORS
The financial statements of the City set forth in this Official Statement have been examined by
Coopers be Lybrand, independent certified public accountants, for the fiscal year ended September 30,
1987, as stated in their report to the City Commission dated March 1, 1988, and are an integral part of
this Official Statement. See Appendix A, Financial Section of the Comprehensive Annual Financial
Report ("FINANCIAL STATEMENTS").
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the
approval of Holland & Knight, Bond Counsel, and McGhee & McGhee, Co -Bond Counsel, whose legal
opinion will be available to the underwriters, at no cost to them, at the time of the delivery of the
Bonds and will be printed on the Bonds.
CLOSING CERTIFICATE
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance or
other appropriate officials of the City 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 Bonds, did not
and does not contain and, 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.
1.048'71
L
DESCRIPTION OF THE CITY OF WAAH
Geography
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 scat of Metropolitan Dade County (the "County") which
encompasses 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 southernmost 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.
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'F. Summer temperatures average 81.4'F and winter temperatures average 69.1'F.
Rainfall comes most frequently between the months of May and September, with June the heaviest,
averaging nine inches.
Population
The U.S. Bureau of Census estimated the population of the City at 346,865 as of April 1, 1980. The
1968 population of the City has been estimated to be 369,007 by the State of Florida Division of
Population Studies, Bureau of Business and Economic Research, University of Florida.
During 1980, the City population increased by 50,000 to approximately 400,000, due to a large
influx of Cuban and Haitian refugees. Some of these people have subsequently relocated to other
jurisdictions. The 1988 population of 369,007 provided by the State of Florida is being challenged by
the Cty. According to City estimates, the 1988 population is approximately 380,000 and will increase to
400,000 by the year 2000.
Government of the City
The City has operated under the Commission -City Manager form of government since 1921. The
City 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 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 Boards and ratified by the City
Commission.
City elections are held in November every two years on a non -partisan basis. In 1988 City voters
approved extending the term of Mayor from two (2) to four (4) years. Candidates for Mayor must run
as such and not for the City Commission in general. At each election two members of the City
Commission are elected for four year terms. Thus, the City Commissioners' 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' annual budget and initiation of investiga-
tive procedures. In addition, the City Manager takes appropriate action on all administrative matters.
1048'7'
L
Mayor and City Commissioners
Xavier L Suarez was elected Mayor in November,1985, and re-elected in 1967 for two year terms.
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. He is currently a partner in the Miami law firm of Tew, Jorden,
Shulte do Beasley. Mayor Suarez has actively served the Miami community for a number of years
through participation on numerous advisory boards and committees.
Rosario A. Kennedy was elected Commissioner in November,1985 for a four year term becoming
the first Hispanic woman ever elected to the City Commission. She was elected Vice Mayor by the City
Commission in November, 1987, for a one-year term. Vice Mayor Kennedy is a Vice President of
Terremark, Inc., a Miami real estate development and investment firm. Vice Mayor Kennedy .has
served on numerous business, civic and community boards, in leadership and membership capacities,
in the Miami area.
J.L Plummer, Jr. was appointed a Commissioner in October, 1970 and was elected Commissioner
in November, 1971, and re-elected in 1975, 1979 and 1983 for four-year terms. Commissioner Plummer
is a graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is
Chairman of the Board of Ahern -Plummer Funeral Homes, Miami, Florida.
Miller J. Dawkins was elected Commissioner in November, 1981 and re-elected in 1995 for four
year terms. Commissioner Dawkins is a graduate of Florida Memorial College and holds a Master of
Science degree from the University of Northern Colorado. Commissioner Dawkins has been employed
for over 17 years at Miami Dade Community College.
Victor H. DeYurre was elected Commissioner in November, 1987, for a four-year term. Commis-
sioner DeYurre 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 Law degree in Taxation from the School of Law of the
University of Miami. Commissioner DeYurre has his own legal practice and has served on numerous
advisory boards and committees in the Miami area.
Administration of the City
Cesar H. Odio was appointed City Manager, effective December 16,1985. Prior to his appointment
to the top administrative position in the City, Mr. Odio served as Assistant City Manager for the City
since January 1980. His responsibilities extended over the functions of parks and recreation, building
and vehicle maintenance, and public facilities. During the Mariel Boatlift in 1980, he 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 Villanueva, Havana, Cuba.
Carlos E. Garcia, Director of Finance since June 1980, joined the City in November, 1976 as
Assistant Finance Director. He 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. He is licensed as a CPA in the State of Florida and is a member of the American and
Florida Institutes of CPA's and of the Government Finance Officers' Association of the United States
and Canada.
Jorge L Fernandez, the City Attorney for the City of Miami, Florida, has been a member of the
City Attorney's Office since 1982. Mr. Fernandez graduated from Calvin College with a degree in
History and Education and received a Masters Degree in Administration and Supervision from Florida
Intemational University. He received his J.D. degree from Wayne State University School of Law and
is active in several professional and community organizations including the Florida Bar Local
Government Law Section, the American Bar Associations's Urban, State and Local Government Law
9
1048 7'
Section, the Natonal Institute of Municipal Law Officers, the Dade County Bar Association and the
Cuban American Bar Association.
Matty Hirai was appointed City Clerk on September 1, 1985. She was the City's Assistant City
Clerk from September, 1976 to August, 1985. She is a graduate of Edison High School and has
completed college courses at Pasadena City College, University of California at Los Angeles, and
Hunter College, New York. She attended specialized courses at Syracuse University and obtained the
three-year Certified Municipal Clerk Certificate extended by that University. 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. Those services include public
safety (police and fire), parks and recreational facilities, trash and garbage collection, street mainte-
nance, 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, has a uniformed force of 1,035 and
a full-time, permanent civilian component of 316. 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 proAdes garbage and trash pickup 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 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 residents of the County, including residents of the City.
The County is, in effect, a municipality with governmental powers effective upon the 27 cities in,
and the unincorporated area of, the County. The County does not displace or replace the cities but
supplements them. 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 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; 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; a consolidated two-tier court system pursuant to the revision of Article V of the Florida
Constitution which became effective on January 1, 1973; the development and operation of a 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; a combining of the 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; the 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;
10
1.0487
the collection by the County Tax collector of all taxes and distribution directly to the respective
governmental entities according to their respective tax levies, and the development of minimum
acceptable standards adopted by the County Commissioners and enforceable throughout the County
in such areas as environmental resources management, building and zoning, consumer protection,
health, housing and welfare,
11
M ..
•
l-
DEBT SUMMARY
The information under this heading is subject in all respects to the more detailed financial
information contained in the audited financial statements of the City. See Appendix A, "Financial
Section of the Comprehensive Annual Financial Report (Financial Statements").
Payment of Bonds and Bond Election Requirement
The Florida Constitution does not provide a limit on the amount of ad valorem taxes the City may
Levy for the payment of voted bonds. however, pursuant to Article VII, Section 9 of the Florida
Constitution, the City is limited to a maximum tax levy of 10 mills per $1.00 ($10 per $1,000) of the
assessed value of real estate and tangible personal property for municipal purposes, other than for the
payment of voted bonds. Ad valorem taxes levied for periods not exceeding two years and authorized
by a vote of the electorate are excluded from such 10 mill limitation,
Article VII, Section 12 of the Florida Constitution requires the approval of electors prior to the
issuance of bonds payable from ad valorem taxes and maturing more than twelve months after
issuance. The provision in Article VII, Section 12 which limits such vote to electors who are owners of
freeholds not wholly exempt from taxation has been held by the courts to be void. Accordingly, all
qualified electors in the City are eligible to vote in bond elections. The remainder of the relevant
section of the constitution providing for ad valorem taxation has been held valid and remains
operative.
Legal Debt Limitation
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
Cite 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, 1988 was $1,471,022,776,
based on the net assessed valuation of $9,806,618,522. Outstanding general obligation debt applicable
to the City's debt limitation as of September 30, 1988 totaled $187,350,000; which is approximately 1.9%
of the net assessed valuation.
Selected Debt Data
The following several tables provide details of the City's principal and interest requirements of
general obligation bonds, principal and interest requirements of revenue and special obligation bonds
and overlapping Dade County debt.
General Obligation Bonds Outstanding on September 30, 1988
Final
Issue
Maturity
Amount
Amount
Gewnl Obligation Issue
Date
Year
Issued
Outstanding
Refunding Sewage Disposal Bonds ...............
01-01-62
1990
14,565,000
1,180,000
Convention Center .............................
05-01-69
1989
4,500,000
235,000
Fire Fighting Facilities ..........................
10-01-70
1990
1,000,000
100,000
Police Headquarters ............................
10-01-70
1990
1,500,000
150,000
Pollution Control Facilities ......................
10-01-70
1990
3,000,000
310,000
Sanitary Sewer .................................
10-01-70
1990
7,000,000
290,000
Storm Sewer Improvement ................. I ....
02-01-71
1991
1,500,000
240,D00
Highway Improvement ..........................
09-01-71
1991
2,000,000
300,000
Sanitary Sewer .................................
09-01-71
1991
5,DD0,000
330,000
12
10487
L
Final
IMUC
Maturity
Amount
Amount
General Obligation luuc
Date
Year
Issued
Outstanding
Fire Fighting ..................................
06-01-72
1992
1,100,000
240,000
Sanitary Sewer .................................
06-01-72
1992
5,000,000
320,000
Police Headquarters ............................
06-01-72
1992
1,500,000
300,000
Storm Sewer Improvement ......................
W01-72
1992
3,000,000
620,000
Street and Highway improvement ................
06-01-72
1992
2,000,000
190,000
Public Park and Recreational Facilities ...........
10-01-72
1997
28,350,000
10,595,000
Storm Sewer Improvement ......................
09-01-73
1993
2,000,000
545,000
Police Headquarters ............................
09-01-73
1993
4,000,000
1,100,000
Storm Sewer Improvement ......................
03-01-75
1995
3,000,000
1,085,000
Police Headquarters ............................
03-01-75
1995
6,000,000
2,905,000
Sanitay Sewer Bonds ...........................
10-01-75
1995
5,000,000
1,130,000
Pohce Headquarters ............................
10-01-75
1995
2,000,000
735,000
Sanitary Sewer .................................
05-01-77
1997
13,000,000
5,680,000
Fire Fighting ..................................
05-01-77
1997
5,000,000
2,350,000
Police Headquarters ............................
05-01-77
1997
3,000,000
1,470,000
Storm Sewer Improvement ......................
05-01-77
1997
2,000,000
950,000
Fire Fighting ..................................
12-01-77
1998
1,000,000
550,000
Public Park and Recreation Facilities .............
12-01-77
2003
11,540,000
7,200,000
Housing ........................................
12-01-77
2008
1,500,000
1,280,000
Street and Highway Improvement ................
12-01-78
1998
51000,000
2,640,000
Sanitary Sewer ........................ ........
12-01-78
1998
6,000,000
3,420,000
Fire Fighting, Prevention and Rescue Facilities ....
12-01-78
1998
2,250,000
1,290,000
Storm Sewer Improvement ......................
12-01-78
1998
5,000,000
3,535,000
Fire Fighting, Prevention and Rescue Facilities....
08-01-81
2001
1,750,000
1,185,000
Storm Sewer Improvement ......................
08-01-81
2001
3,000,000
2,380,000
Housing .......................................
08-01-81
2011
4,400,000
3,965,000
Fire Fighting, Prevention and Rescue Facilities....
05-01-83
2003
8,000,000
6,820,000
Storm Sewer Improvement ......................
05-01-83
2003
4,000,000
3,480,000
Sanitary Sewer .................................
05-01-83
2003
6,000,000
4,700,000
Street and Highway Improvement ................
05-01-83
2003
6,000,000
5,435,000
Housing .......................................
05-01-83
2013
11000,000
940,000
Fire Fighting ..................................
04-01-65
2005
5,000,000
4,885,000
Sanitary Sewer .................................
04-01-85
2005
8.000,000
7,530,000
Storm Sewer ...................................
04-01-85
2010
91000,000
8,770,000
Highway Improvement ..........................
04-01-85
2005
6,000,000
5,825,000
Police Headquarters ............................
04-01-85
2005
5,000,000
4,785,000
Police Headquarters ............................
06-01-86
2006
12,000,000
11,690,000
Storm Sewer ...................................
MO1-86
2011
5,000,000
4,915,000
Sanitary Sewer .................................
W01-86
2006
3,000,000
3,000,000
Street and Highway ............................
06-01-86
2006
2,000,000
2,000,000
General Obligation Refunding 1986
08-01-86
2014
38,355,000
35,755,000
Pollution Control Facilities ......................
10-01-86
2006
4,000,000
3,790,000
Street and Highway Improvement ................
10-01-86
2006
2,375,000
2,235,000
Police Headquarters ............................
08-01.87
2007
1,50Q000
1,500,000
Sanitary Sewer .................................
08-01-87
2007
2,500,000
2,500,000
Street and Highway Improvement ................
08-01.87
2007
5,000,000
51000,000
Storm Sewer ...................................
08-01-87
2012
11000,000
11000,000
TOTAL......... ........................... $304,185,000
$18 7,350,000
13
IL048'71
Ceneral Obligation Bonded Indebtedness
Principal and Interest Requirements as of September 30, 1988
Fiscal
Year
Ending
ScVtcmbcr 30
1989............................................
1990............................................
1991............................................
1992............................................
1993............................................
1994............................................
1995............................................
1996............................................
1997............................................
1996............................................
1999... ,........................................
2000............................................
2001............................................
2002............................................
2003............................................
2004............................................
2005............................................
2006............................................
2007............................................
2008............................................
2009............................................
2010............................................
2011............................................
2012) ............................................
2013............................................
2014............................................
14
Requirements
Princil2i
Interest
TotW
$ 9,055,000
11,302,212
20,357,212
11,710,000
12,639,426
24,349,426
10,725,000
11,854,043
29;,043
11,285,000
11,050,913
22,335,913
10,585,000
10,246,708
20,831,708
10,475,000
9,453,136
19,926,136
10,750,000
8.757,552
19,507,552
10,590,000
8,075,332
18,665,332
10,635,000
7,379,780
18,014,780
9,785,000
6,660,710
16,445,710
8,945,000
5,977,177
14,922,177
8,235,000
5,311,547
13,546,547
8,765,000
4,630,153
13,395,153
8,820,000
3,956,514
12,776,514
9,290,000
3,246,639
12,536,639
7,510,000
2,511,192
10,021,192
7,010,000
1,902,649
8,912,649
5,230,000
1,440,595
6,670,595
3,740,000
1,110,300
4,850,300
2,680,000
842,265
3,522,265
2,620,000
668,115
31288,115
2,725,000
490,018
3,215,018
2,055,000
350,055
2,405,055
1,370,000
251,488
1,621,468
1,400,000
167,550
1,56 7,550
1,360.000
81,600
1,441,600
$187,350,000 $130.357,669 $317.707,669
104871
L
Revenue and Special Obligation Bonds
Outstanding on September 30, 1988
Final
Special Obliption and Date of Maturity Amount Amount
Revenue good Issue Imuc Your I"ucd _ Outstanding
Warehouse Property
Revenue Bonds(l) .......................... 12-20-74 1989 225,000 43,000
Special Revenue
Refunding Bonds, Series 1987(2) ............. 02-19-88 2015 65271,325 65,271,325
Special Obligation Bonds(3) ................... 07-01-85 2008 13,720,000 13,365,000
Miami Sports and Exhibition Authority Floating/
Fixed Rate Special Obligation Bond Series
1985(4) ......... ........ ............... 12-26-85 2015 38,000,000 38,000,000
Miami Sports and Exhibition Authority
Subordinate Obligation Note(5) .............. 12-26-85 1995 10,000,000 8,750,000
Parking System Revenue
Bonds Series 1986(6) ........................ 07-01-86 2009 16,275,000 15,870,000
Housing Special Obligation Bonds(7) ........... 10-01-86 2006 4,290,000 4,085,000
Parking System Subordinate Revenue Bonds(8) .. Various 2006 515001000 5,500,000
Sunshine State Governmental Financing
Commission Loans(9) ....................... Various 2015 27,630,900 27,243,900
Total ................................ $180,912,225 $178.128,225
(1) Rental income from the lease of the warehouse facilities provides debt service on the bonds.
(2) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain
public service 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 A, "Financial Statements."
(3) These Special Obligation Bonds are payable from the net revenues of the Government Center
Parking Carage and certain non ad valorem revenues of the City. See Note 8 in Appendix A,
"Financial Statements."
(4) The Floating/Fixed Rate Bonds are limited obligations of the Miami Sports and Exhibition
Authority payable solely from and secured by a pledge of (i) one -thud of the net tax revenues
from the convention development tax levied and collected in the County; (ii) investment earnings
on certain monies deposited in certain trust funds, and (iii) from the date of the original issuance
of such bonds through December 30,1990 (except upon the earlier occurrence of certain events),
funds drawn under a letter of credit, in an amount equal to principal plus 55 days interest at 12%
per annum. See Note 8 in Appendix A, "Financial Statements."
(5) Simultaneously with the issuance of the Miami Sports and Exhibition Authority Floating/Fixed
Rate Bonds, a Note Purchase Agreement was entered into for a $10,000,000 Subordinated
Obligation Note, Series 1985, secured by a subordinate pledge of the one-third of the net tax
revenues from the convention development tax. See Note 8 in Appendix A, "Financial
Statements."
(6) 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 A, "Financial Statements."
(7) These Special Obligation Bonds are payable from a portion of the franchise fee collected from
Southern BeU Telephone & Telegraph Company in relation to the construction, operation and
maintenance of telephone and telegraph lines within the City. See Note 8 in .Appendix A,
"Financial Statements."
(8) 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.
(9) The proceeds from these loans are intended to finance parks and marina improvements, and the
renovation of the Gusman Cultural Center/Olympia Building. 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 A, "Financial Statements."
15
104®i-
Revenue Bonds and Special Obligation Bonds
Principal
and Interest Requirements (1)
As of September
30, 1988
>PWW
eve so
t4evesro
nnal
Warebews
11GUA
095treet
M. IL& MAXA.
Year
Bo.dsa
heperly
specW
S hc.,Aj, M. Sy.
SpeeW %bordinase
�
Endia�
Serleo
Oblisatbe
Reveve
obll�Ilor
Pk. Sys. Revenue
Ob ijflos dbhpiloo
Slate
Wm(2)
TeW
T*W
IMereM
Sept 3�
198T
dons
Bonds
Bondi
Nev. Beads Bands
Bandsi!L Note(!L
Prtnr
19.......
O 41-
i 2M.000
1 21.000
$ 130.000
1 -0- 1 336.000
{ -0• $1.250.000
1 405,000
1 1,011,000
$ 10,836.50 $
1990......
1,570,009
285.000
22.000
135,000
3,500.000 345,000
4 1,250,000
449,000
71536.000
10,552,M
1991......
2.080,000
310,000
140.000
370,000
WOOD 1,250,000
434,000
5,184,173
10.164,130
1992......
2.480,000
335.000
MAN
385.000
645,000 1,250.000
611.900
5,836,999
91844,184
1993......
1,990.000
360,000
160,000
415,000
690,000 1,250.000
051.000
6.506.000
9,49tew
1904......
3,100.000
390.000
170,000
440.000
735.000 1,250,000
M.000
G.M7,000
9,00t,787
1995......
3.358.000
425,000
180,000
465.000
795,000 1.250.000
729.000
7,189.162
8,642,327
19"......
070.000
465,000
190,000
500,000
845,000
773,000
4,343.000
5.168.2%
1997......
3.805.000
510,000
200,000
535.000
900,000
820,000
6.T70,000
7,731.9"
1998......
4,065.000
560.000
215.000
575,000
965,000
969.009
7.249.000
7354.292
1999......
4.345.000
610.000
230,000
620.0()0
1,030,000
994,000
7.759.000
6,734.M
2000......
4,Bwow
665,000
250.000
66,5.000
1,105,000
918,000
8,323,000
6,172,150
2001.... , ,
4,755,000
270.000
715.000
1.180.000
1.034,000
7.954.000
5,6G3,076
2002......
5.110,000
290.000
775.000
1,265,000
1,096,000
8,538,000
3,026.433
2003......
5.490,000
310.000
83s).Wo
1,355,000
1,165,000
9.155,000
4.407.553
2004......
1.8111064
31355.000
330.000
895,000
1,450,000
1.235,000
9.W6,064
7.901,056
2005......
1.653,629
355.000
970,000
1,R50,000
10308,000
5.936.829
7,631,224
2006......
1,520,311
380,000
2,000,000 1,040,OW
1,fi55,000
1,390,000
7.985.371
7.509,021
2001......
1,396,353
1,115,000
1,775.000
1,410,000
5.750,35.7
7.190.689
2008......
1,290,099
4,830,000
1,200,000
1,900.000
1.50,000
10.rM'099
6.810,912
2009......
1,150,358
1,290.000
2.030,000
1,652,000
6,122,358
6,423.177
2010......
1,063,229
1,390,000
2,175,000
1,751,000
6,379.220
6,183,227
2011......
963.410
2,325.000
1,859,000
5.167.410
6,020.858
2012.1....
10.615
2,485,000
1,966,000
5.316.815
5.614,M
2013......
801,230
2,660,000
445.000
3.906,230
5.417.307
2014......
731.160
2,850,000
475,000
4.056,160
5,228,376
201.1.1....
629,407
3,045.000
500,000
4,174.407
4,148,243
Total ...
$01,271.325
$13,365 0000
to 43.000
$4,085,000
$5.500,000 $15,870,000
$38,000,000 $8,7%.000
$27.243.900
$178.128,225
$196,4.70,008 t
(1) Amounts presented are on a budgetary basis, in
that payments due on October 1 are included in prior fiscal year
requirement.
(2) The variable interest rate with respect
to this obligation has been assumed at the rate of 6% per annum.
L
Net Direct and Overlapping Debt as of September 30, 1987(1)
(Amounts rounded to nearest thousands)
General srl
Obligation Obligation Combined
Debt (Net) Debt (Not) (1) Debt
City of Miami ....................................... $195,578,000 $129,592,000 $325,170,000
Dade County(3) (4) (5) ............................... 102,597,000 59,220,000 161,817,000
Totals ...................................... $298,175,000 $188,812,000 $486,987,000
(1) September 30, 1987 information provided since September 30, 1988 Dade County figures on
overlapping debt not available.
(2) Special obligation debt is payable from revenue sources other than ad valorem taxes and includes
special obligation bonds and revenue bonds.
(3) Excludes $86,600,000 Waterworks System Bonds which are outstanding and are secured by
revenues of the Miami Dade Water and Sewer Authority as well as a pledge of the County to make
payments from ad valorem taxes, if necessary.
(4) As of September 30, 1987, Dade County's total General Obligation Debt was $541,887,000, its total
Special Obligation Debt was $311,685,000, and its total Combined Debt was $853,572,000. Figures
shown are the City's share of Dade County's Debt based on assessed valuation, which is 19% of the
County total.
(5) The issuance of $980,000,000 of general obligation bonds by the School Board of Dade County was
approved by referendum on March 8, 1986. None of such bonds have as yet been issued.
0
17
10487,
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
September 30, 1987 (1)
Factors:
Net Assessed Value(2)...................................................
$10,420,611,000
Net Taxable Assessed Valuation for Operating Purposes .....................
$ 9,487,611,000
City of Miami Debt, Net of Reserve Funds
General Obligation .......................................
$195,578,000
Special Obligation (3).....................................
129,592,000
Combined Direct Debt .................................
$ 325,170,000
Overlapping Debt, Net of Reserve Funds(4)
General Obligation .......................................
$102,597,000
Special Obligation ........................................
59,220.000
Combined Net Overlapping Debt ............................
$ 161,817,000
Total Net Direct and Net Overlapping Debt ..................
$ 486,987,000
Population of Miami(5).....................................
368,210
Assessed Valuation Per Capita ...............................
$ 28,300
Net Taxable Assessed Valuation Per Capita ...................
$ 25,766
Debt Ratios:
Net Direct General Obligation Debt as a Percent of Taxable
Assessed Valuation .........................................
2.067%
Combined Net Direct and Overlapping General Obligation Debt
as Percent of Taxable Assessed Valuation ...................
3.1%
Net Direct General Obligation Debt Per Capita ...............
$ 531.15
Combined Net Direct General and Special Obligation Debt per
Capita..................... ............................
$ 883.11
Combined Net Direct and Overlapping General Obligation Debt
perCapita ...............................................
$ 809.79
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita ...............................
$ 1,322.57
(1) September 30, 1987 information provided since September 30, 1988 Dade County information is
not available.
(2) Assessed valuation as of the final tax roU, using 100% of assessed values as mandated by Florida
law, excluding exempt governmental properties.
(3) Special obligation debt includes special obligation bonds as well as revenue bonds payable from
revenue sources other than ad valorem taxes.
(4) Based upon the City's share of Dade County's Real and personal property, which is 19% of the
County total.
(5) The 1987 estimate was provided by the State of Florida, Division of Population, Bureau of Business
and Economic Research, University of Florida.
18
1048`7'
L
Ratio of Net General Bonded Debt
to Net Assessed Value and Net General Obligation Bonded Debt Per Capita
($ in thousands)
Ratio of
Net General
Net General
Obligation
Obligation
Net
Not
Bonded Debt
Bonded
Auened
Homestead
Assessed
General
to Net Assessed
Debt Per
Sept 30,
hfulation
Value
Etemption
Value
Obligation
Value
Capita
1987.....
368,2100)
$10,420,611
$933,000
$9,487,611
$195,578
2.06%
$531.15
1986 .....
371,9750)
10,184,933
953,516
9,231,417
190,697
L07
512.66
1985.....
380,4460)
9,696,610
952,430
8,744,180
170,087
1.95
447.07
1964 .....
383,0270)
9,346,033
954,979
8,391,054
146,102
1.74
381.44
1983.....
382,726(2)
8,659,281
920,895
7,738,386
124,955
1.61
326.49
1982.....
382,726(2)
7,962,129
750,665
7,211,464
109,398
1.52
285.84
1981.....
399,995(3)
6,622,365
564,238
6,058,127
118,038
1.95
295.09
1980.....
346,865(3)
4,565,780
197,311
4,368,469
123,020
2.82
354.66
1979.....
345.000(4)
4,227,175
196,708
4,030,467
134,786
3.34
390.68
1976 .....
345,000(4)
4,023,897
195,664
3,828,183
128,089
3.35
371.27
(1) Based on population estimates provided by the State of Florida, Division of Population Studies,
Bureau of Business and Economic Research, University of Florida
(2) Based on the July 1, 1982 population estimate used by the Office of Revenue Sharing of the
Federal Government.
(3) The City was involved in litigation with the Federal Census Bureau challenging the 346,865
population count of 1980; as a result, during 1981 the population count was adjusted upward to
399,995 for Federal Revenue Sharing purposes.
(4) Estimated by the City on the basis of added electric and water connections and new dwelling units
constructed.
General Obligation Bonds Authorized But Not Issued
The following table outlines the date, type and amounts of general obligation bonds authorized
but not issued as of September 30, 1968.
Date of Previously Current Balance
Voters approval Type of Debt Authorized Issued Iasuc Unissued
October 7, 1980 ...... Sanitary Sewers $ 45,000,000 $10,500,000 $ 5,000,000 $29,500,000
October 7, 1980 ...... Streets & Highways 30,000,000 26,100,000 3,900,000 -0-
November 3, 1981 .... Fire Fighting 21,000,000 15,000,000 3,000,000 3,000,000
March 13, 1984 ....... Storm Sewers 30,000,000 15,000,000 5,000,000 10,000,000
March 13, 1984 ....... Police Facilities 201000,000 18,500,000 1,500,000 -0-
Totals ........... $146,000,000 $85,100,000 $18,400,000 $42,500,000
Proposed Issues of Debt Securities
The City Commission has authorized the issuance of taxable revenue bonds in an amount not to
exceed $30,000,000 to finance the acquisition, construction and development of an office building to be
owned by the City and leased to the United States General Services Administration. Bonds are
expected to be sold in 1989.
Bond elections have been authorized by the City Commission to be held on October 4, 1988, with
respect to the issuance of not to exceed $80,000,000 General Obligation Bonds for the purpose of
purchasing or constructing a major league baseball stadium and related facilities, and on November 8,
19
10487-
1988, with respect to the issuance of $35,000,000 Street and Highway Improvement Bonds and
$10,000,000 Waterfront Improvement Bonds.
Capital Improvement Plan
The City's Capital Improvement Ordinance has identified ongoing and future projects totaling
$231,698,000. Major emphasis is placed on maintaining and expanding the City's infrastructure. The
Sreater number of projects are directed to street and sewer improvements, park facilities and police
and fire support. The community redevelopment projects are designed to assist in neighborhood
revitalization and the expansion of the City's economic base. Shown below is a functional breakdown
of the Capital Improvement Ordinance and proposed funding sources, excluding projects financed by
the Department of Off -Street Parking and the Miami Sports and Exhibition Authority:
nmetio" Category Amount
Housing Programs .......................................... $ 15,398,000
Street Improvements ........................................ 38,612,000
Parks Facilities ............................................. 35,752,000
Storm Sewers .. .......................................... 11,299,000
Community Redevelopment ................................. 25,824,000
Sanitary Sewers ............................................ 28,617,000
Police..................................................... 15,583,000
Fire....................................................... 13,553,000
Marinas................................................... 17,024,000
Solid Waste ................................................ 1,824,000
Auditorium ................................................ 930,000
Stadiums .................................................. 3,047,000
Economic Development ..................................... 7,842,000
General Government ....................................... 16,375.000
Total Capital Improvement Programs ................. $231,698.000
Proposed Sources of Funding:
City:
General Obligation Bonds ................................. $134,151,000
Revenue and Special Obligation Bonds ..................... 25,722,000
Interest earnings and other ................................ 35,048,000
194,921,000
Non -City:
Federal Grants ........................................... 31,453,000
StateGrants ............................................. 2,512,000
Private Developer Contribution ............................ 2,812,000
Total Funding ...................................... $231,698,000
Leases and Other Commitments
The City has entered into several agreements running until 1989 for the lease -purchase of various
copying, word processing and data processing equipment with total future payments amounting to
approximately $1.6 million, the majority of which is payable within one year.
The City maintains a Self -Insurance Expendable Trust Fund to administer 'insurance activities
relating to certain property and liability risks, group accident and health and workers' compensation.
Charges to participating operating departments are based upon amounts determined by management
to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for
insurance claims include the estimated future liability on a case -by -case basis for all pending claims
20
10487
L
and an actuarially determined amount for claims incurred but not reported. The unfunded long-term
portion of the total estimated liability, which is expected to be funded from future operations, is
reflected in the General Long -Term Debt account group and amounted to approximately $31,593,000
as of September 30, 1987.
In 1986, the City issued $16,175,000 Certificates of Participation to finance the acquisition of police
vehicles, Beet vehicles and heavy equipment through August 1, 1989, of which $11,740,000 were
outstanding as of September 30, 1968, maturing as follows:
Principal
Dstc of Maturity Amount
September 1,1989 ............................... $2,250,000
September 1, 1990 ............................... 11915,000
September 1,1991 ............................... 2,335,000
September 1,1992 ............................... 5,240,000
21
IL0487
ADDITIONAL FINANCIAL INFORMATION RELATING
TO THE CITY OF MIAhiI
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 City's Governmental Funds (General, Special Revenue, Debt Service and Capital Projects
Funds) and Expendable Trust Funds follow the modified accrual basis of accounting, under which
expenditures, other than interest on long-term debt, are generally recorded when the liability is
incurred and revenues are recorded when measurable and available to finance the City's operations.
The accrual basis is utilized by all Proprietary and Pension Trust Funds.
The financial statements of the City are audited annually by a firm of independent certified public
accountants, presently Coopers & Lybrand. The opinion of the independent certified public
accountants is included in Appendix A, "Comprehensive Annual Financial Report (Financial
Statements)".
The following table presents certain financial information of the City. See Appendix A, "Compre-
hensive Annual Financial Report (Financial Statements)" for audited financial statements of the City
for the fiscal year ended September 30, 1987. The City is at this time in the process of closing its
accounting records for the year ended September 30, 1988, therefore, results of operations for that
year are not yet available.
22
10487
Summary of Revenues, Expenditures and Year -End Fund Balances
General Fund (Budgetary Basis) and General Obligation Debt Service Fund
Fiscal Years Ended September 30
sAct 1ct987
(1) sumet l Actuid(2)
General Fund:
Revenues and Other
FLancin` Sources ......... 6188,852,359 $178,121,348
Expenditures and Other Uses IK352,359 184,621,348
8acess (Deficiency) of
Revenues and Other
Financing Sources Over
Expenditures and Other
Uses ..................... 0 (3,S00,000)(1) $ (6AW.000)(1)
Year -End Fund Balance ......
General Obligation Debt
Service Fund
Revenues ................. i 26,094,419
Expenditures and Other
Uses ................... 16,094,419
Excess (Deficiency) of
Revenues Over
Expenditures and Other
Uses ................... i -a
Year -End Fund Balance ......
$ 24,380,181
26,380.181
1184,262,000
186,371,000
Actual Actual Actual
1189,103,349 $186,880,355 $167,965,786
169,80,504 181,467,001 167,556,050
i (2,109,000) to (743,155) i 5,413,354 i 409,736
0 10,226,000 (3) (4) $ 12,143,011 (5) i 12,538,787 (6) i 7,378,6 79 (7 )
i 25,910,000 i 23,215.358 8 21,52,813 $ 17,048,598
25,816.000 24,090,2.M 22,567,544 17,565,047
8 (2,000,000)(1) 3 94,000 i (874,898) i (994,731) i (516,449)
1 3,772,000 (4) $ 3,678,478 i 4.553,376 i 5,548,107
(1) State statutes require that budget be balanced. Budgeted deficits are covered by appropriate fund balances.
(2) The Solid Waste and Building & Zoning Departments became enterprise funds in 1987, therefore, their
related revenues and expenditures are reflected in the appropriate funds. In 1987, the General Fund
subsidized the Solid Waste operations by $16,031,000 and the Building and Zoning operations by $782,000.
Budgeted subsidies for 1986 and 1989 amount to $11,409,000 and $14,054,000, respectively, for the Solid
Waste Department and $1,189,000 and $700,000, respectively, for the Building and Zoning Department.
(3) Adjustments for net equity transfers from other funds increased fund balance by $192,000.
(4) Figures rounded to the nearest thousand.
(5) Adjustments for net equity transfers from other funds increased fund balance by $347,379.
(6) Adjustments for net equity transfers to other funds decreased fund balance by $253,246.
(7) Adjustments for net equity transfers to other funds and accumulated compensated absences decreased fund
balance by $1,285,692.
23
JL04N7
L-
Description of Revenues
The following is a description of the City's revenue structure.
General Fund
Prop" Taxes — Article VII, Section 9 of the Florida Constitution provides that except for taxes
levied for payment of bonds and certain voter approved levies, municipalities in the State may not levy
ad valorem taxes in excess of ten mills per $1.00 ($10 per $1,000) of assessed valuation upon real estate
and tangible personal property having a sites 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 twenty-seven incorporated municipalities, including the City, do not levy
personal income tax, gross receipts tax, inheritance tax, gift tax or commuter tax.
Public Service Tares - These taxes are deposited in the Milities Service Tax Debt Service Fund, as
explained in page 14of this Official Statement. Substantial excess monies available after the payment of
various debt service requirements are transferred to the General Fund.
Franchise Taxes — The City has entered into franchise agreements with utilities to generate
revenues for the City based on the dollar volume of services rendered to City residents. The most
significant of these agreements is with Florida Power lit Light Company for a 30-year period, with an
estimated revenue of $11.5 million in fiscal year 1988.
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. This tax was originated in 1984 and was recorded in a
special revenue fund at the time. Since 1985 it has been recorded directly in the General Fund.
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 contractors' 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.
Federal Revenue Sharing - The revenues derived from the Federal government were appropriated
by the Commission to support general fund operations, including a limited number of social service
programs. The Federal government discontinued this program in 1986.
State Revenue Sharing —The revenues distributed to the municipalities by the State of Florida
under the State's revenue sharing program are derived from a percentage of its collection of the State
cigarette tax, the State motor fuel tax and the State road tax.
Saks 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.
Solid Waste Fee —Since 1980, the City has levied a solid waste fee which was recorded in the
General Fund through 1986. The rate of such fee may increase by action of the City Commission.
There are no legal restrictions on the amount of increase. The present rate is $160 per year for
residential units and a graduated rate structure for non-residential units. Effective in 1987, Solid Waste
fees are accounted for in a separate enterprise fund.
The City's General Fund receives revenues from a variety of sources. The following table lists the
revenues received by the City from these sources for the past five fiscal years. Certain financing
sources presented as "Operating Transfers In" in Appendix A, "Comprehensive Annual Financial
Report (Financial Statements)" are reclassified in this table according to their sources of origin.
24
104W
General Fund Revenues and Other Financing Sources
($ in thousands)
Taxes:
Property Taxes ..........................
Utihties Service Taxes ...................
Franchise Taxes .........................
Licenses and Permits:
Occupational Licenses ...................
Permits................................
Intergovernmental:
Federal Revenue Sharing ................
StateRevenue Sharing ...................
SalesTaxes .............................
OtherGrants ...........................
Intergovernmental .........................
Charges for Services:
SolidWaste Fees ........................
Other Fees ...........................
1967
1986
Im
19&1
1993
= 90,886
$ 88,138
$ 84,209
$ 78,966
$ 67,619
23,756
17,917
17,563
22,301
21,648
17,066
18,593
16,073
4,885
5,703
131,708
124,648
117,845
106,154
94,970
4,277
4,097
3,954
3,982
3,874
1,805
1,919
2,087
1,871
1,414
6,082
6,016
6,041
5,853
5488
-0- 0)
7,149
8,921
9,987
9,267
11,466
11,099
11,962
11,715
12,298
12,957
10,994
11,355
10,634
9,478
3,442
3,153
5,952
3,178
4,242
27,865
32,395
38,190
35,514
35,285
5.152
3,013
2,799
2.687
2,483
-0- (2)
13,747
12,994
7,735
7,867
1,974
4,663
4,640
4,412
3,627
1,974
18,410
17,634
* 12.147
11,494
Other Revenues and Financing
Sources ................................ 11,481(3) 4.621 4,371 5,611 4.446
Total ............................. $184,262 $189103 $166.680 $167,966 $153,966
(1) Federal Revenue Program was discontinued by the Federal Government in 1966.
(2) Revenues for Solid Waste and Building & Zoning Departments are now recorded in respective
enterprise funds.
(3) Includes non -recurring transfers from other funds amounting to approximately $7.9 million.
Special Revenue Funds
Downtoum Development Authority - This Authority assesses a separate millage rate to property in
the Central Business District.
Rescue Services - This fund accounts for a portion of the telephone franchise tax especially
designated by the electorate to provide additional rescue services.
Community Development and Grant Funds - Community Development Block Grants and other
grants are designated for specific purposes approved by the applicable Federal agency.
Cable T.V. -This fund accounts for revenues from the Cable T.V. license and its specific uses.
Miami Sports and Exhibition Authority - Dade County levies a 3% Convention Development Tax
on hotel rooms, of which The City of Miami Sports and Exhibition Authority receives one-third used to
support the Authority's administration and debt service.
25
i048 7
I
Law Enforcement Fund —Accounts for confiscated moneys awarded to the City under State
statutes to be used for law enforcement related expenses.
Debt Service Funds
Property Taxes — The City Charter authorizes a separate levy of ad valorem taxes to pay interest
and principal on general obligation bonds. State statutes empower municipalities to levy ad valorem
taxes as necessary to fund general obligation debt service.
Utilities Service Taxes —The City imposes Public Service Taxes of 10% on each purchase of
electricity, metered gas, bottled gas and water and 7% on telecommunications services. Revenue funds
annual debt service of approximately $160,000 on Utilities Service Tax Bonds. In addition, this revenue
source is partially pledged as an additional resource for debt service requirements for the Special
Revenue Refunding Bonds, Series 1967 and the Special Obligation Bonds, Series 1985. These pledges
amounted to approximately $14.9 million in 1987. Excess monies available after the payment of debt
service requirements revert to the general fund.
Convention Development Tax — The City's portion of the 3% Convention Development Tax is used
primarily to provide funding for debt service for the outstanding $38,000,000 M.S.E.A. Floating/Fixed
Rate Bonds and the $10,000,000 M.S.E.A. Subordinate Obligation Note.
Assessment Lien Collections — Property owners abutting certain capital project improvements are
assessed a portion of the cost of such improvements. These collections are pledged to general
obligations bonds debt service, since general obligation bond proceeds were originally used to finance
these improvements.
Housing Special Obligation Bonds - A portion of the collection of telephone franchise taxes are
transferred from the General Fund as pledged for the repayment of the outstanding $4,085,000
Housing Special Obligation Bonds,
Enterprise Funds
Revenues for these funds are primarily generated by user fees and charges. Certain facilities are
subsidized by the City's general fund and other discretionary funds.
Enterprise facilities include:
Orange Bou;I Stadium - Primarily used for football games, the stadium has served as the
home to the University of Miami Hurricanes.
Miami Stadium -This baseball stadium is used for training by the Baltimore Orioles. Local
baseball teams play at the stadium, which is also used for rock concerts and other events.
Marine Stadium - Various regattas, concerts and nautical events are held at this stadium.
Marinas — This fund includes. the Miamarina and Dinner Key Marinas, currently undergoing
expansion and renovation.
Warehoum Property - This property has a lease with the Orange Bowl Committee and is used
to build Boats and other festival -related equipment.
Golf Courses —The two City -owned and operated golf courses are used year round by local
residents and tourists.
Auditorium - The Coconut Grove Exhibition Center is a favorite of local exhibitors and hosts
conventions jointly with the City's Convention Center.
26
10,48'i
t
Miami Convention Center —The Convention Center is part of a complex shared with the
University of Miami Conference Center, a private hotel, a multi -level parking garage and an office
tower stop the garage.
Department of Off -Street Parking — The Department runs five parking garages in the City as
well as on -street meters and off-street lots, with a total of over 18,900 parking spaces.
Pnaperty and Lean Management — This fund accounts for the rent and lease of city -owned
property by private entities.
Governmental Center Parking Garage — This 1,100 car garage serves the Government Center,
and in particular the Cultural Center complex.
C60 Enterprise Fund — The operations of the Cussman Center for the Performing Arts and
the Olympia Building are accounted for in this fund.
Building and Zoning — This department provides zoning and building permit services, and
ensures that the South Florida building code is enforced.
Solid Waste — The collection and disposal of solid waste are accounted for in this fund.
Internal Service Funds
There are six internal service funds that are self-supporting because their revenues are derived
from charges for services to other City departments. These funds are:
City Garage Fund — For purchases and maintenance of all heavy equipment used by the City.
Communication Services Fund — For the maintenance of communications and data processing
equipment.
Motor Pool Fund — For purchases and maintenance of the automobile Beet.
Print Shop Fund — For all of the City's basic printing needs.
Property Maintenance Fund — For regular building maintenance, and a limited amount of
building alterations and additions.
Procurement Management — For centralized purchasing and supplies services.
Procedure For Tax Levy and Tax Collection
Real and personal property valuations are determined each year as of January 1 by the Dade
County Assessor of Property at 100% of market value. A notice is mailed to each property owner
indicating the property valuation. The property owner has the right to file an appeal with the Dade
County Clerk of the Board of Tax Adjustment if such property valuation as determined by the property
appraiser is inconsistent with that as determined by the property owner. All appeals of such valuation
determinations are heard by the Dade County Board of Equalization. The Board certifies the
assessment roll upon completion of the hearing of all appeals so filed.
AU taxes are due and payable on November 1 of each year or as soon thereafter as the assessment
roU is certified and delivered to the Dade County Tax Collector. The Dade County Tax Collector mails
to each taxpayer on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of
such notice, with discounts at the rate of four percent if paid in the month of November, three percent
if paid in the month of December, two percent if paid in the month of January and one percent if paid
in the month of February. Taxes paid during the month of March are without discount. Taxpayers also
have the option of paying their taxes in equal quarterly payments based on the prior years' tax
assessment with a six percent discount with the June 30th payment, four percent discount with the
September 30th payment, two percent discount plus one-half of any adjustments required to bring tax
payments to current year's tax assessments, discounted at three percent with the December 31
payment and no discount plus one-half of any such adjustments with the March 31st payment. All
unpaid taxes on real and personal property become delinquent on April 1 of the calendar year
following the year in which the taxes were levied. All tax collections for the City are delivered to the
27
1 • i
City of Miami by Dade County. The delinquent real property taxes bear interest at the rate of
eighteen percent per year from April 1 until a tax sale certificate is sold at auction from which time the
interest rate shall be as bid by the buyer of the certificate.
Tax Schedules and Tables
The following tables present detailed information pertaining to the City's assessed property
valuations, tax levies and collections and the City's ten largest tax assessments.
The assessed value of taxable property in the City together with real property value assessed,
personal property assessed value, and homestead exemptions in the current and each of the last ten
completed fiscal years is detailed below.
Assessed Value of All Taxable Property
Fiscal Year Ended September 30
Fiscal
Rc,J
Pcrso"
Gross
Homestead
Net
Year
Proms
Property
Total
Exemptions
Total
1967............
$9210,476,000
$1210,435,000
$10,420,911,000
$933,300,000
$9,487,611,000
1966............
8,979,226,000
1,205,707,000
10,184,933,000
953,516,000
9,231,417,000
1985............
8,536,398,000
1,158212,000
9,696,610,000
952,430,000
8,744,180,000
1964............
8,..30,309,000
1,115,724,000
9,346,033,000
954,979,000
8,391,054,000
1983............
7,616,829,000
1,042,452,000
8,659,281,000
920,895,000
7,738,386,000
1982............
6,976,847,000
985A2,000
7,962,129,000
750,665,000
7,211,464,000
1981 ............
5,748,550,0000)
873,815,000
6,622,365,000
564,238,000
6,058,127,000
1980............
3,743,051,244
822,728,511
4,565,779,755
197,310,871
4,368,468,884
1979............
3,420,381,422
806,793,605
42227,175,027
196,708,033
4,030,466,994
1978............
3279,667,236
744,179,862
4,023,847,098
195,664,076
3,828,183,022
(1) The increase in
assessed value of real property in
fiscal year 1981
is largely due
to a change in
Florida law requiring that property be assessed at
100% of actual value.
The following table lists the ten largest tax assessments in the City of Miami.
Ten Largest Property Tax Assessments in the City of Miami
1987 Assessed Values
1. Southern Bell Telephone & Telegraph
2. City National Bank
3. Equitable Insurance Company
4. Southeast Bank
5. Florida Power do Light Co,
6. Chopin Associates
7. Xnight Ridder Newspapers
8. Mayfair
9. Brickell Associates
10. One Biscayne Tower
Source: Dade County Property Appraiser.
28
Utility
Office Building
Office Building
Bank/Office Building
Utility
Office Building
Newspaper/ Publishing
Hotel/Shopping Center
Office Building
Office Building
$250,832,000
246,265,000
225,076,000
142,216,000
131,704,000
106,091,000
85,350,000
74,331,000
68,406,000
62,687,000
IL04 7
L
The City has levied certified millages of 11.8219 mills for fiscal year 1987-1988 beginning October 1, 1987, consisting of 9.6995 mills
general government and 2.2224 mills for debt service. and of 11.9376 mills for fiscal year 1988-89 beginning October 1.1988, consisting of 9.1
mills for general government and 2.3,381 mills for debt service. The following table shows lice tax levies and collections of the City for eacl
the last ten completed fiscal years.
Ta: Levies and Collections
Fiscal Years Ended September 30
Tad
TOW
De+ti at
'fax
CAlsocttowr
of Cone
i ereeat
of
Gllectioa cAleetloae
of To'-d 0Percent
Osbiaaiiat
Taxes
As Fe c eat
f' Mii
Find hour
Year All Fe (t)
years
Taxes
l.ery
Collected
Deliogrcat Tax of Current
TUC% Collecoom ^lx.L�
Ddi
Tun t
of Current
lR+ry
(.+Nral
Fund
r-
se1-
t3 1987.. $116,612,000
$111,740,000
95.82%
41,606,000 f 1 t2,346,000 97.20%
$2,894,000
2.48%
9.8400%
2. _
1986 .. 109,9 38,000
105,457,000
95.92
944,000 106.401.000 96.83
3,318,000
3.01
9.8571
21
1985.. 104,135,000
100,976,000
96.97
722,000(3) 101,698,000 97.66
3,970,000
3.81
9.8571
2 i
1984.. 93,340,000
88,982,000
95.33
3,036,000 92,018.000 98.58
3,367,000
3.61
9.5.514
L
1983.. 83.025,000
78,815,000
96.38
1,209,000 80,024,000 96.93
2,925,000
3.52
9.0610
1:
1982.. 76,903,000
74,040.000
96.28
1,067,000 75,107,000 97.66
2,489,000
3.24
8.9470
V-
1981 .. 72,619,000
70,288,000
96.79
437,000 70,725,000 97.39
2,027,000
2.79
9.0360
2
1980.. 60,983,826
58,789,796
96.40
307,659 59,097,455 96.91
1,939,430
2.23
10.0000
3.'
1979.. 58.399,375
57.325.287
98.18
430,947 57,756,234 98.92
1,559,360
2.67
10.0000
4.-
1978.. 50,532,016
49,095,263
97.16
523,373 49,618,636 98.19
3,195,919
6.49
10.0000
3.`
(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.
(3) Starting in fiscal year 1985, current year's delinquent
tax collections are included with collection of current year's taxes. For years pri•
1985, collection of delinquent taxes included both current year and prior year's delinquent tax collections.
Labor Relations
The City Manager's Office has it professional labor relations staff dedicated solely to labor
negotiations and labor contract administration.
The City has entered into new contracts with the International Association of Firefighters
(I.A.F.F.) Local 587, the Sanitation Employees Association (S.E.A.) and the Fraternal Order of Police
(F.O.P.) Lodge 20 and the American Federation of the State, County and Municipal Employees
(A.F.S.C.M.E.) Local 1907. The contracts with the S.E.A. and the F.O.P. expire on September 30,1989,
and the contracts with the I.A.F.F. and the A.F.S.C.M.E. expire on September 30, 1990.
Pension Trust Funds
The City has two separate pension funds, The City of Miami Fire Fighters' and Police Officers'
Retirement Trust ("FIPO"), and The City of Miami General Employees' and Sanitation Employees
Retirement Trust ("GESE"). The actuary for GESE is Compensation & Capital, Inc., Chicago, Illinois.
For FIPO, the actuary is Stanley, Holcombe and Associates, Inc. Both firms were selected indepen-
dently by the Boards of Trustees. Additionally, the actuarial firm of Edward H. Friend be Co., a
Division of Johnson and Higgins of Washington, D.C., assists the City in pension related issues.
In 1965, the City approved the Gates Settlement which settled litigation with the Pension Boards
of Trustees for FIFO and GESE. The Gates Settlement, among other things, provides for annual
unfunded liability contributions by the City to FIPO and GESE, on a schedule that called for payments
with respect to FIFO of $5,000,000 and with respect to GESE of $6,400,000 for Fiscal Year 1984/1985,
with such payments increasing thereafter by approximately 5% per year. The total unfunded liability,
including the effect of certain plan improvements, was calculated to be approximately $104,500,000 for
FIPO as of January 1, 1963 and $108,954,000 for GESE as of October 1, 1982, establishing the basis for
the contributions schedule. The currently existing unfunded liability balances are currently scheduled
to be eliminated by the year 2010 for FIPO and by the year 2008 for GESE. A detailed discussion of the
pension trusts, including the Gates Settlement and the principal actuarial assumptions with respect to
GESE and FIPO is contained in Appendix A, Note 15 to the "FINANCIAL STATEMENTS." The
dispute between the City and the FIPO Board of Trustees related to the 1987 City contribution,
explained in Note 15 of the "FINANCIAL STATEMENTS" is now resolved.
Self Insurance
A Charter Amendment was approved by the electorate in 1971, allowing the City to set up a Self -
Insurance and Insurance Trust Fund, The City Commission created, by Ordinance, a Board of
Trustees composed of the City Manager, the Director of Finance, and the Insurance Manager to
handle the security investments of the fund. Also created was a Self -Insurance Committee, appointed
by the City Manager to administer the Plan.
The City is self -insured for most casualty exposures with the exception that coverage by outside
insurance is secured when it is available at acceptable rates. Purchased policies include a broad, all-risk
property policy covering all City property, general liability insurance for its exposures at the Miami
Convention Center, Dinner Key Marina, and fidelity bonds on all City employees. Group life
insurance and accidental death and dismemberment insurance are also commercially purchased.
The City self -insures all exposures not commercially insured including vehicular accidents, police
torts, and general liability. The City's liability for damages in most tort claims is limited to $100,000 per
claimant, and $200,000 per occurrence in accordance with the Florida Statutes, Section 768.28, which
waives sovereign immunity in torts claims to the extent of such amounts. See Appendix A "Financial
Statements," Note 13 for a discussion relating to the City's self insurance program.
Group health benefits are self -insured for employees represented by International Association of
Firefighters and the American Federation of State, County, and Municipal Employees, Local 1907,
certain managerial confidential employees not represented by the labor union, and retirees of these
30
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I
groups. The City also offers these groups of employees the choice between the indemnity group
benefit and a pre -paid health maintenance organization. The City has purchased a specific stop loss
policy for self -insured health insurance claims that limits the City's liability to $150,000 per person.
The Fraternal Order of Police and the Sanitation Employees Association have established separate
group benefits plans for both active employees represented by those bargaining units and retirees
formerly represented by those bargaining units as their sole health benefit option. The City's
contribution to provide group health benefits for these bargaining unit employees is limited by the
labor agreements.
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L
b11, %P w1ww11 f,MJ. W1.11� ,R wlVu\.w 1M/ JJV•{VMI I
I �
ECONOMIC AND DEMOGRAPHIC DATA
Introduction and Recent Developments
Miami's diversified economic base is comprised of light manufacturing, trade, commerce, whole -
ale and retail trade, and tourism. While the City's share of Florida's tourist trade remains an
important economic force, the great gains Miami has made in the areas of banking, international
business, real estate and transhipment have fortified the economic base.
Major capital improvements have allowed the area to accommodate and foster this 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 1961. 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 a $1.0 billion expansion program. A seven story 2,300
space parking structure, directly across from the main terminal, was completed in 1984. An elevated
pedestrian sky bridge, opened in early 1965, connects the parking structure to the main terminal.
Other projects include the construction of a direct connector road to the airport expressway, a cargo
tunnel and the Cargo Clearance Center which centralizes all cargo related federal agencies. Expansion
and modernization of passenger gate areas continues to accommodate the increase in domestic and
international passenger traffic,
Downtown Miami continued to grow during 1987 with estimated development costs of approxi-
mately $335 million. Included among these projects are new office buildings and retail stores that will
provide approximately 1.56 million square feet of additional Downtown space.
1987 Downtown Construction
Office Space ................................ 1,323,000 sq. ft.
Retail Space ................................ 257,000 sq. ft.
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 sq. ft, of new retail space, Total project
cost is $12b 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 and a surface lot.
Bayfront Park
Bayfront Park, adjacent to the Bayside project area, is currently being redeveloped at a total
project cost in excess of $20 million, More than fifty percent of the project financing has been secured
by the City through a variety of Federal, state and private funding sources.
Southeast Overtown/Park West
The Southeast Overtown/Park West Redevelopment Program entails the redevelopment of 200
acres of prime real estate, adjacent to the central business district, for new residential and 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 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 space. The City of Miami has been delegated
Whited redevelopment powers for the implementation of the redevelopment plan, Public sector
involvement will focus on land acquisition, resident relocation, demolition, project marketing, infra-
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structure improvements and construction and, in some instances, the provision of "gap" financing. It is
estimated that over $1 billion in private investment will occur during the next 20 years. Phase I
development is underway with 1,052 units anticipated to be under construction by the end of 1988.
Public infrastructure work, including utilities, street Improvements and pedestrian amenities, is
nearing completion. Total public investment in Phase I Redevelopment is over $45 million. New
Private construction in the amount of $180 million is programmed to occur over the next six years for a
total of 1,900 residental units and 250,000 square feet of commercial space.
Miami Arena
Dade County levies a 3% Convention Development Tax on hotel rooms, of which The City of
Miami receives one-third. This tax is received by The City of Miami Sports and Exhibition Authority to
Snance 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 1968 at a total cost of $52 million accommodates up to 16,500 spectators.
Corporate Expansion
The favorable geographic location of Greater Miami, the trained commercial and industrial labor
force and the favorable transportation facilities have caused the economic base of the area to expand
by attracting to the area many national and international firms doing business in Latin America. In
Greater Miami, over 100 international corporations have set up hemispheric operations. Among them
are such corporations as Dow Chemical, Gulf Oil Corporation, Owens-Corning Fiberglass Corporation,
American Hospital Supply, Coca-Cola Interamerican Corporation, Ocean Chemicals, Inc., a subsidiary
of Rohm & Haas Company, Rowye Trading, A. G. Mayr Brothers International and Abtron Corp.
Other national firms which 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, 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 building
space. Manufacturing concerns account for nearly half of the occupied space with storage companies
occupying an additional 35 percent 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 Dade County reports that approximately two-
thirds of Greater Miami's industrial firms own their facilities. There are currently 37 industrial parks in
Greater Miami.
Greater Miami's apparel industry is one of the largest in the nation, primarily made up of
numerous small firms rather than a few large operations. Roughly 30,000 jobs are provided by nearly
5W manufacturers. Florida apparel firms, most of which are centered in the Miami area, shipped $849
million in merchandise in 1980, a 56 percent increase over 1970 figures.
South Florida is one of the fastest growing interior design centers in the nation. Over 190 design -
related businesses provide 5,600 ancillary jobs and generate $350 million into the local economy. More
than $20 million in new construction has taken place in the past five years at the Miami Design Plaza,
located on 38 acres within a 14-block area in midtown Miami. It is anticipated that approximately $5
million more will be invested in the district in the immediate future.
IL0 48 7
Financial Institutions
Dade County is growing as an international financial center with 42 foreign banks and 8
representative offices operating in the community. Additionally, there are 30 Edge Act Banks that
have moved to the Miami area. These include: Bank of Boston International South, Bankers Trust
International, Banco de Santander international, Chase Bank International, Citibank International,
Irving Trust, Chemical Bank International, Manufacturers Hanover International, and Morgan Guar-
anty International. The Federal Reserve Edge Act Amendment, adopted in 1979, permitted banks to
open international banking subsidiaries outside their home states. The Federal Reserve System has
located a branch once in Dade County to assist the Atlanta office with financial transactions in the
South Florida area.
There are 73 local banks in Dade County which together have a total of $23.8 billion in deposits. A
ten year summary is presented below:
Bank Deposits (1)
Number of
Yew
Banks
Total Deposits
1987
.........................
73
$23,042,378,000
1986
.........................
75
21,615,733,000
1985
.........................
76
21,77000,000
1984
.........................
73
19,456,581,000
1963
.........................
70
16,158,326,000
1982
.........................
65
13,486,248,000
1981
.........................
65
9,234,540,000
1980
.........................
63
9,341,691,000
1979
.........................
71
7,982,108,000
1978
.........................
73
7,015,276,000
Source: U.S. Comptroller of the Currency.
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of
Miami. The figures include national and state chartered banks that are F.D.I.C. insured; state
chartered non-insured banks are not included.
Tourism
Greater Miami always has been a very attractive city for domestic and international tourists. Its
climate and beaches draw many thousands of visitors throughout the year. Local government and
private interests have cooperated in developing outstanding attractions and events which include
power boat races at Miami Marine Stadium, the Orange Bowl Classic, the Seaquarium, Planet Ocean,
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, and annual attractions such as the Youth Fair,
Graphics Fair, Orange Bowl Marathon, Banyan Festival, Miami Book Fair Festival, Calle Ocho Open
House, Carnaval Miami, Coconut Grove Art Festival, Goombay Festival, Hispanic Heritage Week,
Little River Oktoberfest and the Orange Bowl festival events.
There are two major auto racing events held annually in Miami. The Miami Grand Prix auto race
has been run annually in downtown Miami since 1963. Can and drivers from around the world
competed for more than $240,000 in prize money in 1988. The Tamiami CART Grand Prix has been at
the Florida International University campus since 1985.
During 1987, approximately 6.6 million out-of-state visitors stayed in over 54,000 hotel and motel
rooms in Greater Miami. Many of these visitors participated in international trade activities such as
34
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conventions and conferences. Tourists and visitors expended approximately five billion in Greater
Miami in 1987, according to Dade County estimates.
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
national and international medical capabilities.
Recreational Facilities
The Greater Miami area is famous for Its sailing, deep sea fishing and boat races. There are 35
yacht clubs and marinas, with 685 berthing facilities provided by City -owned marinas.
Athletics for spectator sports fans are held at the City -owned Miami Arena, Orange Bowl Stadium,
Miami Baseball Stadium, the Marine Stadium and the Miami Convention Center. Sports competition
includes professional and college football, baseball, basketball and championship boat races. Other
athletic events include amateur football, basketball, soccer, baseball, motorcycle speedway racing and
rowing events.
Golf is played year round at the Greater Miami area's 23 public and 14 private courses. Several
open golf tournaments are held each year.
The Greater Miami area's 403 public parks and playgrounds cover 408,710 acres, providing
residents and visitors 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. These facilities
include but are not limited to: public swimming pools, tennis courts, handball courts, boat ramps, vita
courses, picnic areas, lakes for swimming and boating, equestrian trails, and baseball and softball fields.
The 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 Dade 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 theatres 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
Dade County public schools provide educational facilities on primary and secondary levels.
I
Public school enrollment, including both primary and secondary levels, since 1980 is as follows:
School Enrollment
Public School System
Diedc
County
Yav
Miami
Total
1968
.....................................
6,521
262,213
1987
.....................................
36,994
244,734
1986
.....................................
38,345
236,127
1985
.....................................
37,093
227,906
1984
.....................................
36,992
223,884
1983
.....................................
35,394
223,948
1982
.....................................
35,662
226,324
1981
.....................................
36,430
233,886
1980
.....................................
35,093
226,576
Source: Dade County School Board.
Over 70,000 students are enrolled in the following colleges and universities located within the
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
Film production in South Florida is third in national ranking (behind New York and Los Angeles),
according to figures released by the State's Department of Commerce, Motion Picture and Television
Bureau. State and local officials estimate that between 50 to 60 percent of Florida's film business is
conducted in South Florida (Dade and Broward Counties). The 1986 film production totals for
Florida were $215 million of which $100 million was spent in South Florida.
Agriculture
The land area of Greater Miami includes large agricultural expanses on which limes, avocadoes,
mangoes, tomatoes, and pole beans are grown for the fresh produce market. During the sunny and
warm winter months, the mild climate enables these crops to be grown and harvested. 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 this country.
Export
More than fifty-five percent of Florida's foreign trade, which according to the U.S. Commerce
Department's 1967 figures totalled in excess of $23,7 billion, flows through the ports of Miami.
Further stimulation in the investment climate has resulted from the implementation of the 12 year
Caribbean Basin Initiative program, designed to boost the economies of 27 countries of Central
America and the Caribbean islands. The new law, which grants duty-free entry into the U.S. of
36
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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
whirs conducted by the 37 foreign consulates located in the Miami area. These trade offices include
those established by Belgium, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong,
Jamaica, Korea, Panama, Spain and the Philippines.
Miami International Airport
Metropolitan Dade 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 ranks 8th in the nation and llth in the world in the number of passengers using
its facilities. It ranks 4th in the nation and 7th in the world in the movement of domestic and
international air cargo.
The Airport's facilities include three runways, a 7,5W car parking complex, approximately two
million square feet of warehouse and office space, and maintenance shops. Approximately 33,000
individuals are employed at the airport.
In 1987 the Airport served 23.8 million passengers and handled 1.4 billion pounds of cargo.
Previous years statistics are presented below:
Year
1987 ...............................
1986 ...............................
1985 ...............................
1984 ...............................
1983 ...............................
1982 ...............................
1981 ...............................
1980 ...............................
1979 ...............................
1976 ...............................
Source: Dade County Aviation Department.
Port of Miami
Passengers
ego
Ibs.)
(OOO's)
(OOo's
23,801
1,374,380
21,357
1,200,270
19,653
1,031,700
19,328
1,130,184
19,322
1,184,526
19,388
1,246,700
19,849
1,170,009
20,507
1,130,800
19,628
1,066,313
16,501
1,026,593
The Port of Miami is owned by Metropolitan Dade County and is operated by the Dade County
Seaport Department. From 1978 to 1987, the number of passengers sailing from the Port increased
from 982,275 to 2,633,041, an increase of 168%. This increased growth highlights the Fort's emergence
as the world's leading cruise ship port.
The Port of Miami specializes in unitized trailer and container cargo handling concepts. The most
effective use of equipment and the Port's convenient location combine to make the Port the nation's
Leading export port to the Western Hemisphere. From 1978 to 1987 the total cargo handled increased
from over 1.9 mil lion tons to over 2.43 million tons, an increase of 28%.
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In 1987 the Port served 2.6 million passengers and handled 2.43 million tons of cargo. A summary
of the growth in revenues, passengers
and cargo for previous years is
presented below:
Year
IRMTOUM
Passengers Cwp
(Tonnage)
1987.............
$19,933,197
2,633,041
2,425,937
1986.............
17,973,522
2,520,511
2,406,084
1985.............
17,135,048
2,326,685
2,333,026
1984.............
15,943,548
2,217,065
2,287,281
1983 .............
14,201,008
2,002,654
2,305,645
1982.............
12,949,687
1,760,255
2,665,921
1981 .............
12,468,522
1,567,709
2,757,374
1980.............
12,056,896
1,459,144
2,485,791
1979 .............
8,110,840
1,350,332
2,291,382
1978 .............
6,236,385
982,275
1,922,864
Source: Dade County Seaport Department.
Demographic Data
The following table indicates the distribution by age groups among the population of both Miami
and Dade County residents.
Age Group as a Percentage of Total Population
1980
c Croup
0-5.......................................
6-19.......................................
20-34.......................................
35-59.......................................
60-75.......................................
75......................................
Minim
Dade
Number
. Percentage
Number
Percentage
23,459
7%
113,544
7 %
61,826
17
330,738
20
75,919
22
374,276
23
106,569
31
471,351
29
55,924
16
230,136
14
23,168
7
105,736
7
346,865
100%
1,625,781
100%
Source: 1960 U.S. Census of Population and Housing.
Retail Sales
Although Miami contains 20 percent of the population of Dade County, almost half of the dollar
value of sales transactions for the County are reported in the City. The following table presents five
years of taxable sales information for Miami and Dade County.
Taxable Sales
($ in thousands)
W 1286 im 19" im
Miami ......................... $ 6,686,603 $ 6,400,652 $ 5,900,000 $ 5,438,000 $ 5,214,000
Dade County ................... 15,860,503 14,556,903 13,500,000 12,223,000 11,664,000
Miami/Dade ................... 43% 44% 45% 45% 45%
Source: Department of Revenue; State of Florida
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Employment
The tables below indicate the scope of employment throughout Miami and Dade County,
Employed Persons by Industry Type
1980
Miami
Agriculture, Forestry, Fishing, Mining ........
1,590
Construction ...............................
11,150
Manufacturing ..............................
27,070
Transportation, Communication, Public
Utilities... ............................
12,740
Wholesale Trade ...........................
91550
Retail Trade ...............................
27,070
Finance, insurance, Real Estate ..............
11,140
Business and Repair Services .................
9,550
Personal Entertainment and Services .........
15,920
Health Services .............................
12,740
Educational Services ........................
7,960
Other Professional Services ..................
6,370
Public Administration .......................
6,360
Total ..................................
159,210
Source: 1980 Census of the Population and Housing.
Percentape
Ewe County
Pcroca c
1%
14,850
2%
7
44,560
6
17
103,970
14
8
81,690
11
6
44,560
6
17
133,670
18
7
59,410
8
6
37,130
5
10
51,960
7
8
59,410
8
5
44,560
6
4
37,130
5
4
29,710
4
100%
742,630
100%
Unemployment Rrtes
Annurt Avemp
1987 is" . 1985 1984 1993
Miami ............................................... 7.2% 8.2% 9.2% 9.45t 12.0%
Dade County ......................................... 5.8 6.7 7.5 7.7 9.8
U.S.................................................. 6.2 7.0 7.2 7.5 9.6
Source: United States Department of Labor, Bureau of Labor Statistics.
Housing
The U.S. Census figures for 1980 show that the median value of owner occupied housing was
$47,517 which is an increase of 171% of the median value of 17,500 per owner occupied housing as
outlined in the 1970 U.S. Census figures.
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L
The following tables detail the characteristic of housing by units in the City of Miami and Dade
County.
j Values of Owner Occupied, Non -Condominium Housing Units
1980
Miami pamotago
Duk Percentage
Less than :25,000 .............................. $ 3,690 11%
$14,156
6%
25,000-39,999 ........................... SA83 25
43,732
18
40,000-49,999 ........................... 6,326 19
39,978
17
50,000-79,999 ........................... 11,012 33
81,130
35
80,000-991999 ........................... 1,684 5
21,211
9
100,000 and over ......................... 2,462 7
34,658
15
Total ................................. 33,457 100%
234,865
100%
Median Value ................................. $47,517
$57,200
Source: 1980 U.S. Census of the Population and Housing.
Occupied Housing by Tenure
1970 Pementage 1980
Percentage
Owner Occupied .............. 43,158 36% 45,738
34%
Renter Occupied .............. 77,235 64 88,308
66
Total ..................... 120,393 100% 134,046
100%
Source: 1970 and 1960 U.S. Census of the Population and Housing.
Building Permits
The dollar value of building permits issued in the City and Unincorporated Dade County since
1976 is as follows:
Building Permits Issued
($ in thousands)
City of
Unincorporated
Year
Miami
Dade County
1987 ...........................
$238,513
$1,190,493
1986 ...........................
192,418
1,023,858
1985 ...........................
322,785
864,862
1984 ...........................
345,262
953,055
1983 ...........................
299,941
903,706
1962 ...........................
358,676
659,160
1981 ...........................
532,205
901,676
1980 ...........................
350,054
1,020,840
1979 ...........................
201,667
963,144
1978 ...........................
105,064
651,482
Source: City of Miami Department of Building and Zoning
and Dade County Department of Building Zoning.
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0
New residential construction in the City since 1978 has been estimated as follows:
Number of
Year
valts
1987............................................
1,425
1986
$01
............................................
1965
603
............................................
1984............................................
1,018
1963
661
............................................
1982............................................
1,753
1981............................................
3,164
1980............................................
2,188
1979............................................
1,995
1978............................................
1,319
Source: City of Miami Department of Building and Zoning.
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APPROVAL OF OFFICIAL STATEMENT
The references, excerpts and summaries of all documents referred to herein do not purport to be
complete statements of the provisions of such documents and reference is directed to all such
documents for full and complete statements of all matters of fact relating to the Series 1988 Bonds, the
security for the payment of the Series 1968 Bonds and the rights ..rid obligations of the holders thereof.
Copies of such documents may be obtained from the City's Director of Finance at 3006 Aviation
Avenue, Miami, Florida 33133, telephone number (305) 579-6350, or from the Financial Advisor,
Raymond James & Associates, Inc. and Howard Gary do Company, Miami, Florida, 33131, telephone
number (305) 381-6829.
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 Advisor
or the Underwriters.
Any statement made in this Official Statement involving matters of opinion or of estimates,
whether or not so expressly stated, are set forth as such and not as representations of fact, and no
representation is made that any of the estimates will be realized. The information and expressions of
opinion herein are subject to change without notice and neither the delivery of this Official Statement
nor any sale made hereunder shall, under any circumstances, create any implication that there has
been no change in the affairs of the City since the date hereof.
The execution of this Official Statement has been duly authorized by the Commission of the City
of Miami.
The City of Miami, Florida
/s/
Mayor
42
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I
APPENDIX A
10487
0
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended. September 30, 1987
TABLE OF CONTENTS
Exhibit!
Schedule
pINANCIAL SECTION
Report of Indiependent CerOfied Public Acemritants.....................................
Owwml Purpaae rkwo al Statements
Combined Balance Sheet —All Funds Types
and Account Groups ............................................................ I
Combined Statement of Revenues,
Expenditures and Changes in Fund
Sa►arices—All Govemrnental Fund
Types and Expendable Trust Funds ................................................ 11
Combined Statement of Revenues, Expenditures _
and Changes in Fund Balances —Budget
ano Actual -General Fund, Special Revenue Funds
and Debt Service Funds......................................................... III
Combined Statement of Revenues,
Expenses and Changes in Fund
Egwy—AJI Proprietary Fund Types
snd Pension Trust Funds......................................................... IV
Ccmdred Statement of Changes in
Finance) Position —All
Proprietary Fund Types
and Pension Trust Funds ........................................................ V
Notes to Finarrow Statements ...................................................... .
A-1
10487
m
FINANCIAL SECTION (continued)
Exhibit/
Schedule
supplemental Combtnitt9 and Individual Fund Statements and Schedules
Generai Fund:
Schedule of Revenues, Expenditures and Changes in
Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual .......................
A-1
Special Revenue Funds:
Combining Batanoe Sheet .....................................................
B•1
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances ...................................................
B-2
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances —Budget (GAAP Basis) and
Actual—Miam Sports and Exhibition Authority,
Downtown Development Authortiy, Rescue Services,
Community Development and Cable T.V. Special Revenue Funds .....................
B-3
Debt Service Funds:
Combining Balance Sheet .................. . .... .... . ............... . .... . ....
C.1 -
Combining Statement of Revenues, Expenditures and
Changes in Funo Balances ..................... .........................,.
C-2
Combining Statement of Revenues. Expenditures and
Changes in Fund Balances —Budget (GAAP Basis) and
Actual —General Obligation Bonds, Utilities
Service Tax Bonds and Housing Special Obligation
Bonds Dew Service Funds ................. .... ... ........ ...............
C-3
t apnal Projects Funcls.
Combining Balance Sheet ......................................................
0.1
Combining Statement of Revenues, Expenditures and
Changes in Funo Balances ........................... .......................
0-2
Enterprise Funds.
Combining Balance Sheet ............. ........................................
E•t
Combining Statement of Revenues, Expenses and
Changes in Fund Equity ........................ .............................
E•2
Combining Statement of Changes in Financial Position ........... ...................
E-3
Internal Sen Ace Funds:
Combining Balance Sheet ......................................................
F-1
Combining Statement of Revenues. Expenses and
Changes in Fund Equity ......................................................
F-2
Combining Statement of Changes in Financial Position ......................... . .....
F-3
Trust and Agency Funds.
Combining Balance Sheet ..................... ... .
G.1
Combining
r►g Statement of Revenues, Expenditures
and Changes in Fund Belanc es —Expendable Trust Funds ..........................
G-2
Comlxning Statement of Revenues, Expenses
and Changes in Fund Balances —Pension Trust Funds ...... . ................
G.3
Combining Statement of Changes in Financial
Position —Pension Trust Funds .................................................
G-4
Combining Statement of Changes in Assets
and LWbibbes—Agency Funds .................................................
Other Supplemental Information:
G.g
Enterprise Funds Schedule of Opwabons—Buoget and Actual
..... , ...
Internal Service Funds Schedule of Operations —Budget and Actual .................... .
H-1
H 2
Revenue and Special Obl,gaton Bonds Principal ano Interest Requirements ............. .
General Obligation Bondeo Indebtedness PrincipalH-3
and Interest Requirements .. , .......
H-4
A-2
10487
Coopers
Uybrand
The Honorable Maya and City Commissioners
City of Miami, Florida
e"A W public wimunternts
[DRAFT]
We have examined the general purpose financial
vAlements of the City of Miami, Florida as of and for the year
ended September 30, 1967. as lWed in the foregoing Table
of Contents. Our examination was made to accordznce with
generally accepted auditing standards and. accordingly,
included such tests of the accounting records and such other
auditing procedures as we considered necessary in the
circumstances
In our opinion, the general purpose financial statements
referred to above present fairly the manual position of the City
of Miami. Florida at September 30. 1987 and the results of its
operations and the changes in financial position of its proprietary
funs tyres and pension trust funds for the year -then ended.
in conformity with generally accepted accounting principles
appied on a bass Consistent win thst of the preceding year.
Our examinavon was made for the purpose of forming an
opinion on the general purpose financial statements taken as
a wnole. The combining and individual fund statements and
schedules and other &i pplemental data listed in the Table of
Contents are presented for purposes of additional analysis and
are not a required part of the general purpose financial
statements of the City of Miami. Flonda The information in the
combining and individual fund statements and schedules and
A-3
other supplemental data has been subjected to the auditing
procedures applied in the examination of the general purpose
financial statements and, in our opinion, is fairly stated to all
material respects in relation to line general purpose financial
statements taken as a whole,
Certain 1966 data included in the general purpose financial
statements and the accompanying supplemental combining
and individual fund statements and schedules were contained
in the C;ty's Ccenprehensive Annual Financial report for the year
ended September 30. 1986, and are included for comparative
purposes only
Miami, Florida
March 1, 1988
r
104871
L
CITY OF WAUT, FLOPIDA
COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30,1067
(kt Omu"ndfa)
;f
ffl M
-- ao"mfferttsf Find Types
Fund Typ
T
aatwrol
D~81
To4b
mmamum On ry)
spum
Dabcoottal
womal
Trw and
Fbod
Term
19"
as"
t
isnloe
$or*$
Agetwi
Assets
bt
1987
AUM
fgwty in Pocto+d cash and uwmrents
(Notes 2(61 and 4) ......... ........
81 I AM
84.4%
S 7.417 $ 05,116
S 892
8 735
3 7,753
S -
S -
8 118.013
S 121,728
Cash and CM squvalena (Nqe 4) - ..
-
688
- -
3,010
-
-
-
-
4,598
4.768
Pw oo oath and iftsowts, indudmp
aaaWd r+tarost (Nod 2M, 4 and 17) ..
_
-
_ _
_
-
459,184
_
-
459,184
368,851
PaW abim not of aroww tar
daAw a000una of 52.743,000
Talm .... ....................
1,136
-
V21 -
-
-
_
_
-
4,2s7
2,742
Aw"a ............. . . .......
459
338
- 36
2,506
-
1,769
-
-
51098
4,225
Anownent bens, net (Not 2(C)) ...
-
-
277 -
-
.-
-
_
-
277
406
Proceeds bw Secures sold ......
-
-
- -
_
-
2 458
-
-
2,458.
323
Parrion membars =Inbunons
-
-
- -
-
-
505
-
-
505
481
Due from other lungs (Note 5)
3,336
11
- 11023
616
-
4,674
-
-
9.660
4,797
Due hom other 0ovemments
(Noce 6) ....... .
1.485
2,786
- 4.245
-
8.516
8,181
Now rw&vsde ... ........... ..
-
17
ktren ones (Nox 2(Gll
-
-
- -
69
609
-
-
-
677
761
oftf assets .. . .... ...........
97
16
- -
1,645
2
-
-
-
1,760
1.623
AM = 8sse3 (Nose 6).
Car and m1wrem w,0, sacal
spent vidudu,0 acmued rarest
-
-
15.989 23,346
15227
7,394
-
-
-
61,956
77,829
Property, ;am and egtsprnam.
w (Now 2K and 7) ............
-
-
- -
133,033
16,505
-
376.530
-
526.068
472,t28
Sono asuanoe costs. net
(►dote 2(J)) ... .... ..
-
_
- -
2,238
414
-
-
-
2,652
2,299
2 00ww mmpenssaon pier,
soft (Notes 10 and 15) .. .....
11,372
-
-
11,372
7,434
Amown avatabb for deft serwce
3.772
3.772
3.678
Specs 009de°n bO= • • • • •
-
- -
-
-
-
-
14,840
14,840
12,761
S.,bw*nM Obhpnon We .. ....
t,311
1,311
-
Amount awlade in Sag moance
Fu"d for ow, p yaw
-
- -
-
-
-
-
2.817
2,817
3,286
Amoml to to Proaoso ►or
m,w,w;t of Qewwiw lovwm debt
cwwal obhgoon bonos .. .....
-
-
_ --
-
-
_
-
196,578
195,578
190,697
&=alMignon conas
48,320
48,320
25,539
S1t wdr" Obbga Note
and other payafaNe .............
-
-
- -
_
-
_
_.
17.131
17,131
6,673
Crmbcm of pwwpnw .........
-
-
_ _
-
u
Aoaued aanponsadd obwicas ....
-
-
_ -
_
_
_
_
_
_
_
14,439
_
14,439
16,'175
14,844
t3orm payable ..................
-
- -
-
-
-
-
31,593
31.593
26.049
Total ate>,a ..................
518.118
$8,324
f26,804 S113,766
it60.147
525.65R
5487 7t5
5376,530
SM-801
$1.546,863
$1.378,295
A-4
r1�•
EXHIBIT 1
Fund
AacofxM Groups
j
Oomimotal Fund Types
Types
Gemara!
Gomel
Total*
jspecial
Oub(
Capitol
P
kdorrral
Trust and
Fixed
Lor*-rwm
(Memorandum Only)
19"
Oorwal
Mnu ves Service
Etllerou
Servloo
Assets
OW
1517
UAMILMIN
VajOhn end socoonts dyable • • • • • • •
S 1,396
S 930 S -
S 4,372
S 3,734
S 1,476
$ 890
S -
S -
S 12,798
S 9,616
Psyaw for eetxtrrbes "craw ...... , .
-
-
-
-
-
4,681
-
-
4,681
1,00b
Adrlued ar<penus (Note 2(h)) ......... •
3,179
184
4
1,250
S29
-
14,439
19,585
18,898
Due b cow hxbs (Note 5) ..... , .... , .
-
18 2,864
725
1,379
-
4,674
-
-
9,660
4,797
Delomed ww vs ...... ...........
1,887
- --
-
448
-
-
-
2,335
2,464
010060
�
�
61
ns p�l( ond w 8 a13).... , . • .
Ctera
-
-
-
1,545
-
34,410
35,955
890
30,8
M&VW bonds And raw
peyebfe (Note 8) .. I ..........
-
- 4,009
-
-
106
-
-
-
4,115
4,215
Pqaw from restricted atA
Con contracct .. . ........
-
- -
-
6
-
-
-
-
6
416
Ac: nM misest
-
- -
-
2.219
Z219
1,876
Cdawm PO ba d bonds pay" ....
-
- -
-
315
-
-
-
-
315
90
FtsOWOA to payadp--rwt or
0menf ponon (Notes 8 and 17) ....
-
- -
-
75.687
-
-
-
-
75,687
74,107
Genets) ObNaaor. bonds pay=*
1 99
1 99
1 94,375
&Axrr(uwe Obt+peaon Note (Note 8)
_
_ _
_
-
-
_
-
0,000
0,000
10,000
Sp cLv obtgabon bonds poyatm
(Note 8) ... ....
-
- -
-
13,257
-
-
-
63,160
76,417
51,643
Cer Ac&tes of parodapsoon (Nora 8) ...
-
- -
-
-
14,060
-
-
-
14,060
16,175
Delerrec comowaton Dion
kaoroes (Notes 10 end 15). ...... .
-
- _
_
-
-
11,372
-
-
11,372
7,434
Orw payacIft (NOW 8) ....... ....
-
- 8
-
10
-
-
8,442
8.460
6.882
Too i< bmw . ... ..
6.965
1.577 6.881
5,101
99,194
16.171
24.664
329,801
490,354
437,744
P1,J11O EOtRT1'
Contrb Aw cum . .. ...........
-
- -
-
64.503
9.269
-
-
-
73.772
68 707
krvaerwn ,n general bloc &MIS .....
-
-
-
-
-
-
376.630
-
376.530
331,108
Ftmwv earnings (dots)
Fleserved (Note 9) ........ ......
-
- -
-
12.687
-
-
-
-
12,687
12,096
Um,ewvwbiarv= . . ...... ... ..
-
- -
-
(16,237)
218
-
-
-
(16,019)
(737)
Fund
Jiwerved for
Emprcyse retwont plan benefits ..
-
_ _
-
-
-
459,734
-
-
459,734
369,256
Erwro►aices .. ..
925
- -
13,509
-
-
-
-
-
14,434
21,041
Debt asr4ce and corru000n .. ..
-
- 16.151
23.346
-
-
-
-
-
39,497
41,052
EQv omens ourmses .... ......
-
- -
-
-
-
-
-
-
-
12,268
Suborores Obignon Note
(Nme 8)..... .............
Urvsservoc
-
- -
-
-
-
-
-
-
-
102
Doetpnaw to Ixxncans im ..
-
_ -
-
-
-
500
-
-
500
500
Dsogrd o for ponson
rolowid exproturea
121
' Deapnr d for daims poyment ....
-
- -
-
-
-
2,817
-
-
2,817
3286
Doopnated for eutx ecuent year's
expendarec and aAp W W
. .
6,500
SW 2.000
71.810
_
-
-
80,860
72,603
.................
3.728
8.197 1,772
-'--
_
_
11,697
9,148
ToW morn✓ amngs
(deion Am t:>rlarm . , ......
11.153
6.747 19.923
108.665
_ (3MW)
218
463.051
-
-
606,207
54Q736
Too hMI sawRy ..............
11,153
8,747 19,923
108,665
60.963
9.467
463.051
376,530
-
1,056,509
840,551
(Nines 13.15. and 17) ... .
Tod ieWAS and %M etluty ...
S18.118
c W 804
5113.766
F60.147
525,658
5487,715
S376,S30
5329,801
51 3
51.378,245
Soo accompanying now to hrwlcw statement
A-5
10487
THIS PAGE INTENTIONALLY LEFT BLANK
A-6
1048 7'
EXHIBIT II
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF
REVENUES, EXPENDITURES,
AND CHANGES IN FUND
BALANCES
ALL GOVERNMENTAL FUND TYPES
AND EXPENDABLE TRUST FUNDS
YEAR ENDED SEPTEMBER 30,
1987
(In thouunds)
GerenmeaW Fund Types
Totals
Ilpsclal
Dsl»
capital
Ettpendable
(Morro ettdum Only)
9eeetal
Rewaus
lerAn
Pnlacts
Truss
19a7
1986
(Restated)
iievenues
Taxes Mote 3) .................... ...............
5107,952
S 2,703
$55,212
S -
S -
$165,867
$154,995
Lroenses and permts . ............................
6,062
-
-
-
6,082
3.810
woergovemmento..................................
27 865
21,949
-
2,471
5,033
67.318
58.612
Irwagovernmental ........ ...............
........ 5,152
-
-
-
29,977
35.129
28,948
Cha►Qes brServices .............................
.. 1,974
-
-
-
-
1.974
4,663
Contnbuoons from employees and retirees ...............
-
-
-
-
6.977
6,977
6,466
Asses row Yen ookcbtins. ... ....................
-
2,468
-
-
2,468
3,726
Interest ... ..........................
.......... 1,709
655
2.260
&528
332
11,384
12.970
Other ... .. .......... ............
1,b74
2.030
1
1.166
239
5,310
5.500
Total revenues .. .. . . . ......
. . ...... . t52,608
27.237
59.941
10.165
42,558
292,5t)a
279.692
Expem6tu►es.
C,jrrent
General government ... .... ..
... .. 19,338
-
-
-
-
19,338
16,328
Public safety
II1,884
2,488
-
-
-
114,372
106,279
Pudic improvernern . .......
13,795
-
-
-
-
13,795
17,496
Culture and ro;reatror, ... ....
.. .. 9,867
--
-
-
-
9,867
8,439
Grants and related ez owitures . ..
-
19,646
--
-
-
19,646
14,328
Contnbuws to pennon funds (Note 15)
..... .. -
-
-
-
29,593
29,593
28,563
Insurance .... ... .1 ......
..... .. . -
-
-
-
1,421
1,421
1,065
Economic deve+Opmenl . .... ........
. ... . • -
1,025
-
-
-
1.025
950
0.bm payments ...... ... .. .. .... .
--
-
--
-
9,609
9.609
9,677
Otner .................
14,394
5.291
726
-
2,525
22,936
19,305
Debt service
Pnncroat retirement (Note 8) .
.......... -
-
11,630
-
-
11,630
10,950
Interest and fiscal MwgK (Note 8) ..
-
-
16,055
-
-
16,055
15,030
C PIW ou<fay .....
....... -
-
-
57.294
-
57.924
38,847
Total exoEro ures ... . . . .. ....
.... 169.278
28.450
2SAI 1
57.924
43.148
327.211
287.257
Excess (de5uency) of revenues
over expenditures
(16,670)
(1,213)
31,530
(47,759)
(590)
(34,702)
(7,565)
Other financing sources (uses)
Operavn„ transfers in (Note 11) ............
31,654
2,085
842
10,699
-
45,280
34,170
Operating trans;ers out (Note 11) . ......
.. . ..... (18,422)
(100)
(30,198)
(11,728)
-
(60,448)
(51,445)
Proceeds from debt .ssuance (Note 8) .........
. . .. -
-
10.000
44,334
-
54.334
113,913
Depos+ts for debt deteasance, (Note 8) ...
.......... -
-
-
-
-
-
(35.551)
Total other financing sources (uses)
13.232
1.985
(19,356)
43,305
-
39 166
61,067
Excess (dWkWVy) Of revenues and other
kwang sources over expenddures
and other tees ............. ................
(3,438)
772
12,174
(4,454)
(590)
4,464
53,522
Fund Waives atbspnnmg of year ......................
14,399
6,981
16,641
119,292
3.907
160,120
106,905
EW#ty var*Ws to other kinds (Note 11) .... ...........
. . -
(6)
(8,792)
(15.133)
-
(23,931)
(8,955)
Equq tranoWs'Torn other tunds (Note 11) ..........
..... 192
-
-
6.960
-
9,152
8.648
Fund balances at end of year .............. ...........
S 11,153
S 6,747
S 19,923
$108.665
$ 3,317
S149.805
$160.12o
See accompanying sous to financial statements
A-7
10487
0
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT
OF REVENUES, EXPENDITURES AND
CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS AND DEBT SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, 1987
(in thousands)
Carmel Fund
Eneumbrot"s
Actual
Vatiertee
Ar:tuel inning End of
(Budgetary
Favorable/
(GAA' 4aaie) d Yesr Meer
$"a)^
budget
(Unfavorable)
Revw•ues
Toes (Fume 3) ...... ... ....
$107,952 $ - S-
S107.952
$109,459
$(1.507)
Lioanaas and pwnvts .. . ...... I
. .. ......... 6.082 - -
6.062
4.800
1.282
inarrgovwnrnentat ..
. ...... 27.865 - -
27.865
26.705
1.160
WjsgovW-rWW .. .....
5.162 - -
5.152
5.064
68
Cna►Qe3 for Bowes .. . ........
.. .... ... .. . 1,974 -. -
1,274
1.033
941
A>aeaaRltnt I*,% comcb"
-
lrMerest .... .
Val - -
1.709
1.836
(129)
on,er
1.874 - =
1.874
1805
69
Iow reverxns
152.6M - -
_._..
152 608
150 724
.1 M4
Emenotures
t rwai governnw,1
19,338 197 120
12.261
21232
'.971
pUW safety
111AU 115 15
111.784
113.191
1,407
P ok morcw mants
13.795 327 103
13.571
14,550
979
C.m.re ana recreation
9.867 169 6
9.704
9.704
-
Econor•+rc cevcoprr+en
- - -
-
-
^
d'e+
14.394 1."6 681
13.Wl
14.633
1.004
Deor swvrce
Pnnopa rct-remenl-
tnl nm a•+a I=& criarges
- - -
-
-
-
Too, errDe :wrfs
169.278 2 254 925
167.949
173.310
5.361
Excm (oe`oer cy) o' revenues ova menctures (16 670) -
(15 341)
(22.586)
7 245
OTT finamwv $Weas (use's)
Ooera)-g Ira-Ven in (Note 11)
31.654 - -
31.654
29.973
'.661
Ooelamg ,.mmsler ou1(Noe 11)
(184221 -
(18.422)
(18 387)
(35)
'low ott w hnamang swces (uses)
13.232 - -
13 232
11.586
646
E:au (oeftiency) or •everikm anc other
hnanan4 sources
ovw e><m",%ses a4 omr ses
(3436) 52.254 3925
S (2.091
S (11 000)
S 8 891
Funa o firms at be9+^ N o1 yar
14.399
Eo.4ty ?a,-,s rs from o74r funds (Note 1 1)
192
F%imo oaarces at WV of year
S 11.153
(1) Does not induce funds for vmich
bWge% have not been adopted. See Note 2(0)(1)
Set accompanying notes to imandal statements
A-8
1048`7'
1-
EXHIBIT III
IPWW RVOV1N 11)
ow Skrvke (1)
Vwwmw
Warm
pwim of
IrM"MbW
AeeW
tiMa"Mbbl
DXW
A"s1
PMNMbN)
S 1.322
S 1.297
S (25)
S 48.968
S S 1.237
$ 2.269
18.070
16.157
87
.-
-
-
-.
—
—
2.?W
2.468
oz
—
403
403
1,025
1.096
71
25
792
767
1
1
• 9 417
20 649
1.232
52 743
54 802
2.059
1.728
1.849
(121)
--
-
-
` 34'
1.025
322
—
—
—
18 863
19 196
(333)
387
312
75
—
—
—
11.890
11630
260
—
—
—
13 787
13.835
(48)
21 938
22 070
V 32)
26 064
25 777
287
(252')
(1 4211
100
25 379
29 025
2,346
808
921
1.3
300
300
-
-
—
(26 979)
0,203)
(2 224)
808
92,
".3
(26 679)
(28.903)
(2.224)
S ;1 713)
low-
(500)
$1 213
S —
122
S 122
2 676
3,733
S 2 176
a---
S 3.955
A-9
104r8'7'
I
EXHIBIT IV
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES,
EXPENSES
AND CHANGES IN FUND EQUITY
ALL PROPRIETARY FUND TYPES
AND PENSION TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1087
(in thousands)
Nrepletary fund Types
Totals
(Memorandum Only)
Memal
Pension
EMerprlse
SwWco
Taut
1sa7
1986
(Restated)
Operues:
�a,7�cervices , .....
S 38,633
$16,006
S -
S 54,639
$ 47,002
s from employers (Note 15) . ..............
-
-
26,708
26,708
24,271
Contribubons from employees and retirees ............
-
-
12,766
12,766
12,069
Net realized pain on sate of pension investments .......
-
-
56,780
56,760
29.242
Merest and dividends .............................
22,636
22,636
22,823
Total revenues ........................ .......
38.633
16,366
118,890
173,529
135,407
Operating exoensec'
Personal seances .......................... .... .
28,820
9,484
1,364
39,668
32,876
Contractual se►voces ..............................
6,352
1,685
-
8,037
7,022
Mater.als and supplies ...........................
510
3,084
-
3,594
3,519
Benefit payments .................................
-
-
25,681
25,681
22,663
Refunds .......... ............................
-
-
1,380
1,380
1,231
utilities ........................................
1,203
1,823
-
3,026
2,958
Intragovernmentalcharges .........................
41599
-
-
4,599
2,707
Other .........................................
10,585
28'.
-
10,866
9,507
Total operating expenses .......................
52,069
16.357
28,425
96,851
82,483
Operating income (loss) before
depreciation expense .......... . .............
(13,436)
(351)
90,465
76,678
52,924
Deprecation expense .................................
4,115
3,093
7,208
6.389
Operating income (loss) ........................
11 7,551)
(3,444)
60.465
69.470
46.535
Nonolwabng revenues (expenses).
!merest income... ...............................
1,712
1,051
-
2,763
2,609
Interest ano fiscal charges .........................
(7,607)
(i,057)
-
(8,664)
(7,875)
Other .............................. ........1
1,479
182
13
1,674
126
Net nonoperating revenues (expenses) .... , .......
(4,616)
176
13
(4,427)
(5,140)
Income (loss) before operating transfers ...........
(22,167)
(3,268)
90.478
65,043
41,396
Operating transfers in (Note 11) ..... . . ...... I .........
21,857
525
-
22,382
18,834
Operating transfers out (Note 11) .......................
(1.689)
(5,525)
-
(7,214)
(1,559)
Net operating transfers . .......................
20,168
(51000)
--
15,168
17,275
Net income (loss) before extraordinary item ........
(1,999)
(8,268)
90,478
80,211
58,670
Extraordinary item -loss on
debt rehnarong (Note 8) ............................
-
-
-
(2.569)
Net income (loss) .............
(I'M)
(8,266)
90,478
80,211
56,101
Retained eanvngS (dehat)tfund balance at beginrwng of year .
(675)
12,034
369,256
380,615
324,514
Equity transfers from other funds (Notes 11 and 12) ........
-
2,166
-
2,166
-
Equity transfers to other funds (Notes 11 and 12) ..........
(876)
(5,714)
-
(6,590)
-
Retained earrings (deficity)func! balance at end of year ......
(3,550)
218
459,734
456,402
380,615
Contributed capital at tinning of year ............... . ..
59,705
9,001
-
68,706
67.647
Contnbuwns from other governments . . .................
100
-
-
100
749
Cowbutions from other funds (Note 11) .................
4,698
1,574
-
6 272
310
Contnbutiorts to other funds (Note 11) ...................
-
( 1,306)
-
1.306
Contributed capital at end of year .......................
64,503
9,269
-
73,772
2
68,706
Total fund equity ..............................
S 60,953
S 9,487
$459,734
$530,174
$449,321
See accompanying notes tc financial statements
A-10
IL0487
ti
EXHIBIT V
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
AND PENSION
TRUST
FUNDS
YEAR ENDED SEPTEMBER 30,
1987
(in dummands)i
14opMWy Fund Types
Totals
Mttereaf
Pension
(Memorandum Only)
snterpra.
Service
Trust1tiaT
teas
Woridng capital provided by.
Operations.
Income (lass) before extraordinary Item ............
S(1,999)
S (8,268)
S90,478
$80,211
$58,670
Moms no; requiring current outlays
of working capital:
Depreciation and amortization ................
4,336
3,176
-
7,512
6,553
Loss on oisposrtions of property,
plant and egwpment .....................
(3)
-
36)
(316}
Total provided by operations before
extraordinary rtem ...............................
2,301
(5,092)
9t),478
87,667
64,907
Extraordinary dean -loss on debt
rehnar ang (Note 8) .............................
-
-
(2,569)
Total provided by operations .............
2,301
(5,092)
90,478
87,687
62,338
Other:
Decrease (increase) in restricted accounts ..........
(811)
(7,394)
-
(8,205)
(378)
Contnbutions and equity transfers, net .............
3,922
(3,260)
-
642
1,059
Proceeds from long-term debt . I ......... I .......
2,000
-
-
2.000
16.275
Increase in other liabilities . .....................
76
-
-
76
6
Transfers Of Certficates of Participation -
long -term portion ............................
13,855
-
13,855
-
Total .................................
7,4e8
(1.911)
90,478
96,055
79.300
Wonting capita; applied.
Additions of property, plant and
equipment.. ... ..... I .........................
9,696
5,967
-
15,663
4,621
Reduction of debt ..........................
218
2,115
-
2,333
13,652
Increase in bond discount ..........................
26
497
-=
523
310
Decrease in other liabilities ........................
-
-
-
-
332
Increase in ottw assets, net ........................
130
-
130
94
Total .... . ............... ....:.......
10.070
8,579
--
18,649
19,009
Increase (decrease) in working capital ..... . .... . .....
$(�)
S(10�,490)
$$9.47788
$77.406
$60.291
Summary of increases (decreases) in working capital:
�-
Qmn and investments ............................
$ 923
$ (6,853)
$ -
$ (5,930)
$ (2,203)
Pennon investments ...............................
-
-
90,333
90,333
64,142
Accounts receivable. net ...........................
646
-
3,819
4,465
(1,909)
Due from other funds .. ............................
(238)
-
-.
(238)
581
Due from other governments ........................
158
-
-
158
257
Inventories ......................................
Prepaid expenses ................................
17
709
(99)
-
-
--
(82)
709
(159)
Accounts payable and accrued expenses .............
(4.026)
(1,218)
(51)
(5,295)
37)
Due to other funds ....................
(733)
-
53
(680)
(2,239)
Deposits refundable ...............................
(191)
---
-
(191)
(361 )
Payable for secunbes purchased .....................
-
._
(3,676)
(3,
2,207
Deferred revenue .................................
...... ............
153
-
153
153
37
Current portion of Certificates of Participation ...........
-
(2,320)
�-
2,320)
--
Increase (decrease) in working capital ................
$(2.582)
S(10.490)
$90,478
$77,406
$60.291
See accompanying notes to finarcal statements
A-11
1048
L
CITY OF MiAMi, FLORIDA
NOTES TO
FINANCIAL STATEMENTS
1. QENEnA1.6ESCRIPTION
The City of Miami (Me City), in the County of Dade, was
incorporated in 1M, and comprises approximately 34 square
miles of rand and 20 square miles of water, The City operates
under Vie Comrrass*N Aty Manager form of government and
provides the 1011"ng services as authorized by its charter:
pubic safety, public works. solid waste collection, parks and
prxblic facilities. planning, zon ig and development. Dade
County (the County) is a separate governmental entity and its
financial statements are not included in this report.
The Florida L"ature. in 1955. approved and ;ubmrtted
to a gerwai electron, a constitutional amendment designed to
give a new form of ,gover"ni to the County. The County is.
in effect. a muncipauty with governmental powers effective upon
twenty-seven cities and unincorporated areas, including the City
of Miami. R has not displaced or replaced the cities, but
supplements them. The County can take over particular
activities of the City's operations (1) if the services fall below
minimum standards set by the County Commission, or (2) with
the consent of the governing body of the City.
Since its inception. L1e County has assumed responsibility
on a awnN.wlde service basis for a number of functions,
xnGuding countywide police services, complementing the
mumopat police service, uniform system of fire protection.
oompbmenting " municipal tire protection: consolidated two -
tar court system: consolidation of water and sewer services:
coordination of the various surface transportation programs:
invaliation of a centrai traffic control computer system: merging
ail public transportation systems into a county system. effecting
a combined public library system, and centralizabon of the
property appraiser and tax collector functions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES AND REPORTING PRACTICES
The financial statements of the City have been prepared
in accordance with generally accepted accounting pnncipies
(GAAP) as applied to governmental units The Governmental
Accounting Standards Board (GASS) is the standard•sening
body for governmental accounting and financial reporting. The
GASS, upon assuming the standard -setting role in June 1964.
adopted the existing National Council on Governmental
Accounting (NCGA) standards. The more significant of these
accounting policies are described below.
A. it wANCiAL REPORTING ENTiT1f
For financial reporting purposes. the City includes those
funds, account groups, agencies. boards, commissions
and authoribes that are generally controlled by or
Dependent on the City. Control by or dependence on the
CAy is determined on the basis of such factors as budget
adoption, taxing authority. outstanding debt secured by
revenues or general obligations of the City, obligation of
the City to finance any deficits that may occur or receipt
A•12
of significant subsidies from the City. The following is a brief
review of each of the potential component units addressed
in defining the reporting entity for the City:
(1) Included within the entity
DOWNTOWN DEVELOPMENT AUTHORITY (DDA)—
The DDA is governed by a board approved by the
City Commission, The Commission must approve the
millage levied on the special taxing district established
to fund DDA. DDA has been included within the
reporting entity as a special revenue fund since its
inception.
MIAMI SPORTS AND EXHIBITION AUTHORITY
(MSEA)—The MSEA was created to promote the
construction of sponslexhibitiont convention facilities
using the City's portion of the 3% Convention
Development Tax. The City Commission must approve
the MSEA's board membership, the issuance of debt.
contracts and operating budget. The various funds of
the MSEA have been included in the reporting entity
once its inception in 1983.
DEPARTMENT OF OFF•STREET PARKING
(DOSP)—The DOSP is an agency and instrumentality
of the City, which owns and operates parking facilities
within the City. The City Commission has reserved the
right to confirm new members of the Off -Street Parking
Board, to establish and fix rates and charges for
parking services, to approve the DOSP operating
budget and to authorize the issuance of revenue
bonds. The DOSP is included in the reporting entity
as an enterprise fund.
The City has a'so authorized the Otf-Street Parking
Board to administer the operations of the Maunce
Gusman Cultural Center and the Olympia Building,
which are properties owned by the City. Such
operations are separately accounted for under the trtte
of the " G&O Enterprise Fund". In the event that
operating revenues of the G80 Enterprise Fund are
not sufficient to cover its operating expenses, the City
will provide any necessary cash requirement.
CiTY OF MIAMI FIRE FIGHTERS' AND POLICE
OFFICERS' RETIREMENT TRUST (FIFO) AND CITY
OF MIAMI GENERAL EMPLOYEES' AND
SANITATION EMPLOYEES' RETIREMENT TRUST
(GESE)—Both FIPO and GESE are essentially single
employer retirement trusts under the administration
and management of separate boards of trustees and
are inducted in the reposing entity as pension trust
funds.
(2) Exduded from the entity
MIAMi CAPITAL DEVELOPMENT, INC. (MCDI)--
Although the City provides funding for the MCDI's
fending program, the City Commission has limited
ability to influence operations.
WEALTH r-ACIMES AIJTHOR-TY (HFA)—The NFA
A an agency established by State Statute to issue
revenue bonds Such debt is not on obligation of the
City, The HFA has no significant operations other than
the =uance of such debt.
The City has determined that its degree of oversight
ano financial responsibility over these agencies is so
remote so as to exclude own from the City's reporting
entity.
IL IIASIS OF PRIIBSENTATION
The financial transactions of the City are recorded in
individual funds and account groups. Each is accounted
for by Providing a separate set of self-belarxing accounts
that cornpnse its assets, liabilities, fund equity, revenues
and expenditures or expenses. The various funds and
wcourw groups are reported by generic classification w*m
the financial statements.
The blowing fund types and account groups are used by
the City.
Govommontal Funds
Governmental funds are those through which most
governmental functions of the City are financed. The
acquisition, use and balances of the City's expendable
flnanCal resources and the related current liabilities (except
those accounted for in proprietary funds) are accounted
for through governmental funds. The measurement focus
is ucon determination of financial position and changes
in financial position, rather than upon net income
determination. The following are the Oty's governmental
fund types.
General Fund —The General Fund is the general
operating fund of the City. It is used to account for an
finarx7al resources except those required to be accounted
for in another tuna.
apeeiaf Roverwe Funds -Special Revenue Funds are
used to account for the proceeds of specific revenue
sources (other than expendable trusts or major capital
projects) that are legally restricted to expenditures for
speo5w purposes.
Oebt Sarvfce Funds —Debt Service Funds are used to
account for the accumulation of resources for, and the
peymend of, general long-term debt pnnctW interest and
related costs.
PIC* Frauds —Capital Projects Funds are used
to account for financial resources to be used for the
acqu ton or construction of major capital facilities (ottter
than those financed by Pmpnetary Funds).
Proprietary Funde
Proprietary Funds we used to account for the City's
organizations, and ac♦Jwoes which are similar to those often
found in the private senor. This means Mat all assets,
WIlities. owties, revenues, expenses and transfers
Mated to Me Oty's business activities —where net income
and capital maintenance are measured re accounted
for through proprietary funds. The measurement focus is
upon determination of not income, financial position, and
changes in financial position.
A-13
Enterpriw Funds —Enterprise funds are used to account
for operations:
• that are financed and operated in a manner similar to
private business enterprises —where the interest of the
City is that the costs of providing goods or services
to the general public on a continuing basis be financed
or recovered primarily through user charges; or
• where the City has dooded that periodic determination
of revenues earned, expenses incurred, and/or net
income is appropriate for capital maintenance, public
policy, management control, accountability, or other
purposes.
Certain enterprise funds have historically operated at a loss
and have required operating subsidies from the General
fund. If future operations are not sufficient to offset these
deficits. the City will continue to support these activities from
the General Fund or other discretionary funds (See Notes
9 and 16).
During 1987, the City established separate enterprise funds
to account for solid waste collection and building and
zoning activity, formerly inducted in the General Fund. Both
building and zoning inspection and solid waste operations
are partially funded through user fees, and presentation
as an enterprise fund provides a more appropriate basis
for accountability and management control (See Note 12).
Nt MMI Service Funds• —Internal Service Funds are used
to account for the financing of goods or services provided
by one department or agency to other departments or
agencies of the City, or to other governments, on a cost-
reimbursement basis.
Fiduciary Funds
Trust and Agency Funds —Trust and Agency Funds are
used to account for assets held by the City in a Trustee
capacity or as an agent for individuals, private
organizations, other governments, and/or other tunas.
These include expendable trust, pension trust, and agency
funds. Pension trust funds are accounted for in essentially
the same manner as proprietary funds since capital
maintenance is critical. The City's expendable trust tunas
(W-Insurance and Pension Administration) are accounted
for in essentially the same manner as governmental tunas,
The City's agency funds are custoacal in nature (assets
equal liabilities) and used to account for deposits held
under issuance of a Cable TV. license and assets held
under three deferred compensation plans for certain
employees.
Account Groups
Account Groups are used to establish accounting control
and exountabili y for the City's general fixed assets and
the unrnattxed principal of its general lore -term obligations.
The two accounts are not funds. They do not reflect
available financial resources and related Ibabilities—but are
accounting records of the general fixed assets and general
long-term obligations,
General Fixed Assets —This account group is used to
account for aH fixed assets of the City, other than those
accounted for in the enterprise funds and internal service
funds.
10487
Goneret Long•Torm Dobt—This account group is used
to account for the long-term portion of claims payable,
accrued compensated absences, lease purchase
obbgaDons and outstanding principal balances of long-term
debt, other than revenue and special obligation bonds
payable and other long-term liabilities recoroed in the
anterprrse funds.
Totals (Memwandum Only) —Amounts in the "Totals
(Memorandum Only)" columns in Me combined financial
statements represent a summation of the combined
flirancial statement line Items of me fund "m and account
groups and are presented for andyticai purpotvs only. The
summation includes fund types ano account groups that
use diflorent bases of accounung, includes interfund
transacoonrs that have not been eliminated and the caption
"Jlrtaunts to be provided," which is not an asset in the
usual sense. Consequently, amounts shown in the "Totals
(Memorandum Only)" columns are not comparable to a
consolidation and do not represent the total resources
available or total revenues and expenditureslexpensec of
Me City.
The 1986 Operating Statement totals have been
roclass, where practicable, to reflect changes in fund
classifications discussed in Note 12.
C. BASIS OF AC=UNTING
Bass of accounting refers to when revenues and
expenditures or expenses are recognized in the accounts
and reported in the finenc,al statements. Basis of
accounting relates to the timing of the measurements
made, regardless of the measurement focus applied.
(1) ModMled Awn-,
A! Governmental Funds and Expendable Trust Funds
we accounted for using the modified accrual basis of
accounting. Their revenues are recognized in the
period in which they become susceptible to accrual
i.e., when they become measurable and available to
pay liabclibas of the current period. Ad Valorem taxes
and charges for seances are susceptible to accrual
when collected in the current year or within 60 days
tubsegjem to September 30M. provided that amounts
received pertained to billings through the fiscal year
just ended Occupational licenses revenues collected
in advance of periods to which they relate are recorded
as deferred revenues. Utility service taxes, fines and
forfatures, tranchme taxes, licenses and permits are
susceptible to accrual when collected in the current
year or within 30 days of year-end by the City, provided
that revenues are generated prior to year-end.
Investment @wrings are recorded as revenue when
earned tints they are measurable and available.
Where grants revenue is dependent upon
sxpwxkures by the City, revenue is accrued as
obloations are incurred.
Special assessrnonts are considered susceptible to
accrual when collected in the current year of within
Go days subsequent to September 30th, provided that
amounts received pertain to liens assessed prior to the
end of the current fiscal year. The special assessment
receivables at year-end of $7,764,358, of which
approximately $150,000 are delinquent, are shown net
of deferred revenues of $7,486,926 to more
appropriately reflect current amounts available for debt
service. Special assessments are recorded in the
General Obligation Bonds Debt Service Fund since
they represent only a partial reimbursement of costs
Incurred In certain capital projects financed with
general obligation bonds. The City does not issue
special assessment bonds.
Expenditures under the modified accrual basis of
accounting are generally recognized when the relatea
fund liability is incurred and expected to be liquidated
with available resources. Exceptions to this general rule
mdude principal and interest on general long-term
debt which are recognized when due.
The agency funds are custodial in nature and do not
invotve measurement of results of operations. They are
accounted for under the modified accrual basis of
accounting. Assets and liabilities are recognized when
they occur regardless of the timing of related cash
flows.
(2) Acenjal
All Proprietary and Pension Trust Funds are accounted
for all using the accrual basis of accounting. Their
revenues are recognized when they are earned, and
their expenses are recognized when they are incurred.
D. BUDGETARY DATA
(1) Budget PoUcy
A-14
The City Commission annually adopts the budget
ordinance for all governrnentai funds of the City, except
for the following funds:
• Law Enforcement Special Revenue Fund
• Other Special Revenue Funds
• Convention Development Tax Bonds Debt Service
Fund (MSCA)
• Subordinate Obligation Note Debt Service Fund
(MSEA)
Annual operating budgets for the General, Special
Revenue and Debt Service Funds are adopted on a
basis wbetantially consistent with generally accepted
accounting principles (GAAP) except that budgetary
comparisons for the General Fund include
ar=morances as expenditures.
Adjustments necessary to compare the results of
operations in the Special Revenue and Debt Service
Funds as presented in the Combined Statement of
Revenues, Expenditures and Changes in Fund
Balances (Exhibit to to that presented in the Combined
Statement of Revenues, Expenditures and Changes
IL0487
in Fund Balance. --Budget ano AC,::a, (Exhibit III) are
sa follows (in thousands)
of
OW orair
Samoa ow
Fund
ae61alf".
ipeofal 1Mv0ws Funds
� on «rIN
�i nsn 30,
Actual —Exhibit It . ..
S 772
3 6.74;
Lou Funds, rat Budgsad.
Law Entorcerrom ........
(79)
(1,922)
Othr Funds ............
(1,193)
(2,649)
Aft al--Exhbt II:..........
s (500)
9 2.176
Oabt Sarvios Funds
Actuaf-Exrrbt ii ..........
$ 12.174
519,923
Less Funds not Budgeted:
Convention Dewbprtant
Tax Bonds ....
(2,051)
(14.757)
Subordirwe Obbpation
Nate ................
(10,001)
(1,311)
Actual Exhibit III ..........
i 122
S 3,855
.�---
While no budgets were legally adopted for the Convention
Development Tax Bonds and Subordinate Obligation Note
Debt Service Sublunds for fiscal year 1967, budgetary
control is exercised over these subfunds by the funding
requirements of the related Bond Indenture (see Note 8).
In action, Capital Project Fends are budgeted on a total
proved bans for which annual budgets are not available.
The City also adopts non -appropriated operating budgets
for the Proprietary Funds subsrarttiaNy on a GAAP basis,
with several exceptions. Such exceptions include:
• Debt pnrapal payments are budgeted as debt service,
The portion of debt service representing principal
payments reduces the related liability on a GAAP basis.
• Depredation expense is budgeted; however, certain
expenditures for capital outlays are also budgeted.
These outlays are caprtalized into fixed assets on a GAAP
basis.
• Certain nwroperating revenues for capital outlay are not
budgeted.
(2) Budget Calendar
The City Wows these procedures in establishing the
budgetary data reflected in the financial statements:
• Pnor to August 31st, the City Manager submits to
the City Commission a proposed operating budget
for the fiscal year commencing the following October
11A. The operating budget includes proposed
axpenotures and the means of finanong them.
Budgetary cOM01 is legally maintained at the fund
level except for the General Fund, which is at the
departmental level.
• Public heanngs are conducted to obtain taxpayer
oomments.
• Prior to October 1st, the budget is legally enacted
through passage of an ordinance.
A-15
• Generally, the Commission and City Manager may
transfer among departments any part of an
unencumbered balance of an appropriation to a
purpose or object for which an appropriation for the
current year has proved insufficient. At the close of
each fiscal year, the unencumbered balance of each
appropriation reverts to the fund from which it was
appropriated and shall be subject to future
appropriations.
Budgeted amounts in the accompanying financial
statements are as originally adopted, or as amended
by the City Commission and City Manager through the
Year.
(3) Encumbrances
Encumbrance accounting, under which purchase
orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is
employed in the General and Capital Projects.Funds.
On a non-GAAP budgetary basis, encumbrances are
recorded as expenditures of the current year. On a
GAAP basis, encumbrances outstanding at year-end
are reported as reservations of fund balance since they
do not constitute expenditures or liabilities.
(4) Excess of Expendkures Over
AeppropdoWns In Individual Funds
The following subfunds incurred an excess of
expenditures over appropriations for the fiscal year
ended September 30, 1987:
Spedat Revenue Funds:
Miami Sports and Exhibition Authority ..... S 32.043
Rescue Services .................. . ... 120,351
Community Development ............... 793,695 .
Debt Service Funds:
Utility Service Tax 9onos ............... 5.608
E. POOLED CASH AND INVESTMENTS
The City maintains an accounting system in which
substantially all genera) city cash, investments and accrued
interest are recorded and maintained in a separate group
of accounts. All such cash and investments, including
accrued interest, are reflected as pooled cash and
investments. Investments are stated at cost or amortized
cost, which approximates market. 4 investments consist
of U.S. Treasury and Agency obligations, time deposits
with approved financial institutions, and commercial paper.
Investment income is allocated based upon the
approximate proportionate balances of each fund's equity
in pooled casts and investments, No interest is charged
to funds having deficit balances. The cash and investment
pool is available for ail funds, except for the following:
• Fund Miami Sports and Exhibition Authority Special Revenue
• Downtown Development Authority Special Revenue
Fund
• M.S.E.A. Special Obligation Bonds Debt Service Fund
10487
• M.S C A. Subo!zlmate Obligation Note Debt Service
Fund
• Miami Arena Capital Project Fund (MSEA)
• Exhibition Center Expansion Capital Project Fund
(MSEA)
• Off•S eet Forking EnterpNw Fund
• G&O Enterprise Fund
• FIPO Pension Trust Fund
• GESE Pension Trust Fund
The funds lisled above maintained separate cash and
investment balances. In addition, certain other City funds
maintain separate restricted cash and investment accounts
in compliance with debt requrremarxs (See Notes 4 and 8).
F. PENSION INVESTMENTS
Pension investments are carried at cost. Debt securities
are adjusted for amortization of premiums and discounts.
Premiums and dwounts are amortized using the straight-
line basis over the life of the investment. Approximate
market values of investments are determined as follows:
• Securities traded on a national securibes exchange are
valued at the last reported sales prices on the last
business day of the fiscal year;
• Secunties traded in the over-Owoounter market and
lamed secunties for wtWh no sale was reported on that
date are valued at the last reported bid price;
• Convnercial paper and money market funds are valued
at cost winch approximates market;
• Mortgages are valued based on current market yield;
• 'Rental property is valued at the purchase option price.
investment policy is determined by the Boards of Trustees
and is rntpiernentod by outside investment advisors.
investment advisors use the following guidelines:
• Unbrr"Ied investments in bonds, notes or other
obligations of the United States Government and its
agencies and in bank certificates of depos4t.
• Indwdual investments in the following cannot exceed
10% of the funds available for investments:
•• Corporate common stock, preferred stock,
convemble debentures (provided the aggregate
investment does not exceed three percent of total
outstanomg capital stock of any one corporation)
•• Notes collateralized by first mongages on real
Property or guaranteed by the Federal Housing
Administration or the Veterans Adrian istrabon
•• Corporate interest bearing obligaons,
Purchases and sales of secunties are reflected on a trade -
date basis. Gain or loss on Files of securities is based on
average cost.
ta. INVENTORIES
lt% tones in the Proprietary Funds are valued at the lower
of cost (first -in, first -out basis) or net realizable value, and
oor" of expendable supplies held for consumption,
A-16
H. ACCUMULATED UNPAID VACATION, SiCK PAY,
AND OTHER EMPLOYEE BENEFIT AMOUNTS
Under terms of Civil Service regulations, labor contracts
and administrative policy, City employees are granted
vacation and sick leave in varying amounts. Additionally,
certain overtime hours can be accrued and earned forward
as earned time off.
Unused vacation time and sick leave is payable upon
separation from service, subject to various limitations
depending upon the employee's seniority and civil seance
Class1ication. Accumulated unpaid compensated
absences are accrued when earned in the Governmental
end Proprietary Funds, with the long-term portion of
Governmental Funds' liability being recorded in the
General Long -Term Group of Accounts.
1. INTRAGOVERNMENTAL ALLOCATION OF
ADMINISTRATIVE EXPENSES
The General Fund incurs certain administrative expenses
for other funds including accounting, legal, data
processing, personnel administration, engineering and
other services. A brief dmnpoon of the major components
of such charges are as follows:
• Project Management —The Public Works Department
charges major capital improvement projects of the City
for design, survey and inspection services. These
charges are based on direct tabor charges plus an
overhead factor for administrative expenses of the
engineering division, and totaled approximately
$2,802,000 for fiscal year 1987.
• Indirect Cost Allocabon—The General Fund charges
other funds for general and administrative expenses to
allocate certain overhead costs as determined under a
central services cost allocation plan. Such charges
approximated $1,136,000 for fiscal year 1987.
J. BOND DISCOUNT AND ISSUANCE COSTS
Discounts on revenue and special obligation bonds
payable within the Proprietary Funds are amortized using
the interest method over the life of the bonds. Bona
issuance costs are capitalized and amortized on a stra:gnt-
line basis over the life of the bonds.
K. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment used in Governmental Fund
type operations (general fixed assets) are accounted for
in the General Fixed Assets Account Group. Punic domain
("Infrastructure") general fixed assets consistlng of certain
improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage
systems, and lighting systems are capitalized along with
other general fixed assets. No depreciation has been
provided on general fixed assets.
Capital acquisition costs for Governmental Funds are
segregated as capital outlay expenditure, with the
exception of the General Fund, wherein capital outlay is
included within departmental expenditures, Capital outtay
in the General Fund during 1987 totaled approximately
SU0,000.
10487
All prcoerty, Nant and equipment are valued at historical
Cost or estimated ccst. Donated property, plant and
equipment are valued at their estimated fair value on the
date donated.
Depreciation of all exhaustible fixed assets used by the
Proprietary Funds is cnarged as expense against their
operations. Accumulated deprecoabon is netted against
related fixed asset amount on the Proprietary Fund balance
sheets Depreciation has been prcvided over the estimated
useful lives using the straigntdins method. The estimated
useful lives are as follows:
• Buidings and "rovemom .............. 30-50 years
• Machinery and E4uip rom . ............... 4.20 years
• improvements other than Builangs ......... 10-20 years
Interest costs associated with Enterprise Fund borrowings
(revenue bonds) used for construction projects are
cap+talizeo during the current period as part of the cost
of the assets, net of related interest earned on unexpended
portions of such borrowings, No such interest costs were
required to be capitalaed in 1987.
L. IINTERFUND TRANSACTIONS
Ouasi•external transactions are accounted for as fund
revenues, expenditures or expenses as appropriate. All
inteafund transactions except advances, quasi -external
tramacbons and reimbursements are accounted for as
transfers. Nonrecurring or nonroutine transfers of equity
between funds are considered equity transfers. All other
intertund transactions are treated as operating transfers.
M. DEFERRED COMPENSATION
Tim City offers its employees three deferred compensation
plans under IRS Section 457 that permit the deferral of a
portion of an employee's salary until future years. The
deferred compensation is not available to employees until
termination, retirament, death, or unforeseeable
emergency.
Membership in one plan is limited to key rnanagemerK
personnel, while the others are open to all City employees.
The plans are funded through employee payroll
oed=tons.
All contributions are paid to outside fiduciary agents.
However. at amounts of compensation deferred under the
plans. all property and rights purchased with those
amounts, and all income attributable to those amounts,
property, or nghts are (until paid or made available to the
employee or other benefipary) solely the property and
rights of the City (without being restricted to the provisions
of benefits under the plan), subject only to the claims of
the C ty's general creditors. Participants's rights under the
pan are equal tc those of general creditors of the City in
an amount equal to the Wr market value of the deferred
account for each participant.
Pursuant to the GASS Stafemsm 02 ftwidall Repor ft
of Deterred Comtense*m Plant Adopted under the
Proaviskm of IRC Soadw 457, the City aocourns for its
deferred compensation within the agency funds (see Note
10). Deferred compensation plan assets are carried at
market value.
N. FUND EQUITY
Reserves
Reservations of retained awnings of the Proprietary Funds
are created by increases in assets restricted for debt
service, renewal and replacement, contractual obligations,
and other capital project reserves, These increases result
from eamings on restricted assets and other intrafund
transfers to and from restricted accounts. Earnings on
restricted assets are included in net income of the
proprietary funds. The increase in restricted assets
decreases unreserved retained earnings and increases
reserved retained eamings.
Aeserves of the Governmental Funds are limited to the
portions of fund balance which are either not available for
appropriation or are legally segregated for a specific use.
Designations
Fund balance designations are established to reflect
management's plans for financial resource allocation in a
future period, Such plans or intentions are subject to
change.
3. PROPERTY TAXES
Property taxes are levied on January 1 st and are payable
on November 1 st, with discounts allowed of one to four percent
if paid prior to March 1 st of the following calendar year.
Taxpayers also have the option of paying their taxes in advance
in equal quarterly payments based on the pnor year's tax
assessment with quarterly discounts varying between 6% and
2%. 411 unpaid taxes on real and personal property become
delinquent on Apnl 1st of the following year and bear interest
at 18% until a tax sale certificate is said at auction. Dade County
bills and collects all property taxes for the City, and sells tax
certificates for delinquent taxes.
The assessed value of property, as established by the Dade
County Assessor of Property, at January 1, 1986, upon which
the 1986.87 levy was based, was approximately
$9,487,611,000. The City is permitted by Article 7, Section 6
of the Florida Constitution to levy taxes up to $10 per $1,000
of assessed valuation for general governmental services other
than the payment of principal and interest on general obligation
long-term debt. In addition, unlimited amounts may be levied
for the payment of principal and interest on general obligation
long-term debt, subject to a limitation on the amount of debt
outstanding. The tax rate to finance general governmental
services (other than the payment of principal and interest on
general obligation long-term debt) for the year ended
September 30,1987, was $9,84 per $1,000, The debt service
tax rate for the same penod was S2.4512 per $1,000,
Property taxes receivable as of the end of the fiscal year,
representing collections within 60 days subsequent to
September 30, for billings through the fiscal year then ended
amounted to approximately $1,136,000 and $164,000 for the
General and Debt Service Funds, respectively.
A-17
10487
m
4. E01,11TY IN POAL[D CASH AND INVESTMENTS,
CASH WITH FISCAL AGENTS AND OTHER
CASH AND INVESTMENTS
At September 30. 1987. the Cirj's cash and investments,
00uChng those neld by the pension trusts, are presented on
the combined balance sheet as follows (in thousands).
Pooled cash and inftstments $118.013
Cash and cash equivalents 4 598
%nVCW cash and investments with Biagi agents ... , 61.956
Tatar . ... ... . slu.587
These balances are composed of the following elements (n
ala4ands).
Ca h and 11" CISPOS s with hanks ... . ............ 3 20,147
Aorfued interest .. 1,722 161,722
Total .................................... $184,567
The carrying amount of ttfe City's cash and tinge deposits was
Approximately S20,147,000, whereas the bank balance was
S20,537,000. All cash deposits and certificates of deposit are
held in banking institutions approved by the State of Florida.
State Treasurer to hold public tunas. Under the Fonda Statutes
Chapter 260. "Florida Security for Public Deposits Act", the
State Treasurer requires all qualified public depositones to
deposit with tits Treasurer or another banking institt,fion e''gible
collaiera, equai to from 50% to 110% of the average daily
balance for each month of all public deposits in excess of any
appi cable deposit insurance held. The percentage of eligible
collateral (generally. U.S Government and agency securties,
state or local government debt, or corporate bonds) to public
deposits is dependent upon the depository's financial history
and its compliance with Chapter 280.
A-18
The City's investments as of September 30, 1987 are
categorized below. (in thousands).
Peoteell and ftstrleted:
U.S Treasury and
Agency Secunnes $118.326 S116 490
commercial Paper ..... 28,345 28,345
Short-term investment pool ...... ..... 16.027 16,027
$162.696 $160.862
The City's investments are generally either held by a third party
agent for or, in the name of the City or fully Wlateralized in
a separate account in the name of the City. Such investments
meet the criteria of category one credit risks as defined by GASB
Statement No, 3. The City's policy with respect to its pooled
investments is to not invest in repurchase agreements. Included
within the short-term investment pool includes approximately
M5.000 regaled to ODA, This investment is essentially
unsecured from the City's position and Is, therefore, classified
as a category three credit nsk under GASH Statement No. 3.
Pension cash and investments as of September 30, 1987 are
summarized as follows (in thousands):
cost hUrxet
U.S. Government Obligations ............ $123.765 $121.154
Corporate Stocks ....... .... 232.539 279.933
Corpwate Bondn ...................... 27.975 26,085
lnvwnwt pools and time deposits ....... 71.479 71.479
Accrued interest and other ..... . 3.426 3,344
$459.164 S501.995
Investment pol►oes for the GESE and FIPO pension trust funds
are described in Note 2(F). See additional discussions in Note
17 concerning changes in market values subsequent to
September 30, 1987.
10487
L.
5. CUE FROMITO OTHER FUNDS
Due fromfto other funds are loans from one fund to another for specific purposes. At September 30, 1987, the balance in
due trom/to other funds consisted of the following (in thousands).
Oue from
Due to
FuTid
00w Funds
Other Funds
General .... ..... ............. .............
$3,336
S —
Special Rovenue:
Dowrnown Development AuVwty ......... . . . .
11
7
Ofher Finds ...............................
—
11
Debt Seno ae:
Utility Service Taxes .... . ................. . .
—
2,864
Capaal Protects.
1
CultureTransportation
......................
1173
-
Pub6cUse ................................
—
725
E erpnee Funds:
Dapartmertt of tOff•Shwt Parking ..............
484
—
Gb0 Enlsrpnae Fund .......................
—
163
Orange P.owl ..............................
132
850
Martv Stadium .............................
—
132
Corwertbon Center. ............. I .... , ..
—
142
Govt. Center Parking Garage .............. . ..
—
92
Trust vtd Agency:
Pension Admtnistrabon ... . ..................
1.956
2,719
GESE Pension Trust . ......................
—
11955
FIPO Pension Trust . ....... .............
2.719
—
Total .................................
$9,660
$9,660
6. OTHER RECEIVABLES
Amounts due from other governments pimanly represents amounts relating to grant awarded by other governmental agencies,
and caner receivables from state and Iota► governments As a part of its Community Development Block Grant program, the Ctty
issues single and multi -family housing rehabilitation loans to qualified residents. All repayments of the !oans, which carry low interest
rates, are to remain to the loan program. As collection of the loans is not assured, the loans are fully reserved. As of September
30, 1987, rehabilitation bans outstanding totaled approximately $14.4 million.
7. PROPERTY, PLANT AND EQUIPMENT
The following is a summary of changes in general fixed assets for the year ending September 30, 1987 (in thousands):
tasl m% Addntone OeWdone tieferrce,
October 1, end end aepternbsr 30,
Is" Transfers Trenefers 1ea7
Land .. .... ......... ...........
....... S 65,599 S 6.707 S 1,022 $ 71,284
&woing 3 Improvements ...... .... ...........
26,536 - 1,235 25.303
Machinery 6 Equipment . .. . ........... ......
.. 24,955 934 989 24,900
improvements Other than Bu>ongs . ..... .. .....
I .... 161,746 19.817 433 181.130
Conan ton in Progress ... ... ... ...... ............
52.270 43,082 21,439 73,913
Total ... ..... ...... ... ........... ..........
S331,108 $70,540 S25.118 S376,530
See Note 16 for a discussion of the construction projects currently in
progress and Note 12 for an expianavon of general fixed
assets transferred to the newly -created Solid Waste and Building & Zoning Enterpnse Funds.
A summary of Proprietary Fund type property, plant and equipment
at September 30, 1987, follows (in thousands):
tnl Ml
11"Ov Wee Service
Land ...........................
S 14,579 S —
Buildtngs and Improvements .... . , .
135,375 4,400
tit& unery and Equipment .........
6,616 28,235
Construction in Progress ...... , ....
7,874
Total .......................
164,444 32,635
Lees Accumulated Dewsoaaon .. , ..
(31.411) (16,130)
Not ............................
5133.033 $16.505
A•19
1048`7'
L
•. LONG-TERM DEBT
A. CHANGES IN LONG-TERM DEBT
The to►►ow+ng is a summary of ctlanges In long-term debt of the City for the year ended September 30, 1987 (in thousands).
bNarnal
Errtaarprtw servlee
f3eaaeref Loeeq•Term f)eb1
Fund Debt Fund oebt
1
n
CWW
ObM9aaaen aaa MMVAfa CArltof C AMM 00W f woor d"
f:4atffleetM
RaYenW ftaw at
+Donal Nora Fwt09410" Pmuft Payablae Abwnew
TMW Benda Pardelpati"
Balance at
October 1 1986 ... $194,375 S38.300 S 16,175 529,335 56,673 114,544
5299,702 S76.356 S13.720 S —
New Bonds "and . 16.375 25,090 — — — —
41,465 — 2,000 —
Suboranate Obrganon
Now Proceeds
released nom
10.000 — — -"
10.000 — — —
4scrow — —
DrowdowrK on
Section 108
MUD nofe — — — — 2.869 —
2.889 — — —
t-We " in
Lease PayaVes—
-
lr=aase n Long -Term
Clam Lrabblies — -- — 5.075 — —
5,075 — — —
Decrease in Long -Term
Accurnulatea Unpaid
Compensates
Arn4nces — — — — — (405)
(405) — —
TrarWer of CafV481es
of Paraacatior, to
Internal Service
Funds (Note 12) — — (16.'.75) — — —
(16.175) — — 16.175
Debt RetireC (11.400) (230) — —
(11.630) (108) (110) (2.115)
Baaance at
Sevemoer 30.1987 S199 350 S73160 S — Sad 410 S 8 442 $14 439
$329.801 S76.248 S15,610 $14 060
• B. SUMMARY OF ANNUAL DEBT SERVICE REOUIREMENT
The annual requirements to amortize all bonds, certificates and, other payables outstanding as of September 30, 1987,
including interest payments of approximately 5364,861,000, are as follows (in thousands).
cerwWw r.
oolpation
ab►w
f5bt5b Uon 0609 tram (1) Par1l
Revwwa Fe (1)
1968 S 20.537 S 7,204 S 3,'69
S 6,778 $1.609
1989 24.671 7,942 2.974
6,777 3,672
1990 24.349 7,855 2.510
6,874 2.241
1991 22.579 0.370 2.815
7,079 2,102
1992 22.336 8,290 5,575
7,360
1993•1997 96,948 38.090
38,699
1998.2002 71.086 32,203
38,229
2003.2007 42,991 32,024
39,447
Thereafter 17.062 39,147
50.023
$342.559 9101.125 $17.043
�e-----
W1.266 $9,624
(1) Includes debt serince on the MSEA Special Obligation Bonds, the Subordinate Obligation Note, and the Section 108
MUD Prornimory Note at an assumed rate of 7%.
A-20
10487
C. INIUMQMARY OF MONO -TEAM DEBT
Bonds payable at September 30, 1987 are comprised of
the fogovAng issues.
(000's)
funeral and Specal Obligation Bonds (General
Lorig.Term Debt).
IW,500.000--Poboe Headquarters Improvement
Monde. eight haeues. maturing through 2005,
khtiar40 at raase ranging from 3% to 11%........
3 26,090
1141,000.004-4torm Sew improvement Bonds;
twelve issues, maturing through 2014; thereat at
raft ranging horn 2.5% to 11% ..............
27,575
3",e40,00D—Putfc Pane " Recreation
Foorbea Bonds. rive swim maturing through
2=1, irsorset at rang ranging from 3.5% to 7.5%
20,540
$70,500,000—Sanitary Sewer Improvement Bonds;
eieren sum, raturing through 2013, inWW at
fates ranging horn 3% to 11% ................
31,510
3W.375,000—Street and Nphway Improvement
Bonds: eight twos. mmunng through 2014,
interest at rates ranging him 3% to 11%........
25,085
$4.290.000 Houvmg Special Obligation Bonds;
one issue maturing through 2006, interest at rates
from 4.1% to 7.4% .... ....................
4,210
SM1.000.000 burn Sports and Exhibition Authority
Speam Otwgabon Bonds, Senors 1985, matunng in
various amounts tram 1991 through 2015; interest
run vary weekly at 70% of pnrrhe rate subject to
adjustment under Coun arcumstances. During
1967. the average rate was 4.52% ............
38,000
510.000.000 Miami Sports and Exhbition Authonty
Subordinate Obligation Note, maturing in quarterly
rreitattments of S312,500 beginning January 1988
1hrougn December 1995, interest rates vary at
70% of prime rate subjeG to adlusvnsnts under
Certain conditions payable quarterly Dunng 1987,
the average rate on eta We vets 4.4% ........
10.000
538355.000 General Obigation Refunding Bands.
Series 1986. maturing tr.roA h 2014, interest races
ranging trom 4,5% 10 7.7% .................
38,355
$20.800.000 sunshine Stan Governmental
Finanwng Comrmwon Loan, Serbs 19W.
maturing Mrougn 2016, interest rate at 6%
20,800
$63.140.000 Other haves. matunng througn 2014,
interest at rates ranging from 1% to 11.5% ......
30.345
9272,510
Xc
A•21
Revenue Bonds, and Special Obligation Bonds
(Proprietary Funds):
(000's)_
S60,000.000 Convention Center and Parking
Garage Revenue Bonds, due in installments of
S100,000 to $4,750,000 through 2015; interest at
ruts ranging from 6.5% to 8.5% .. . ...........
S 60,000
S16,275,000 Parking System Revenue Bonds,
Series 1986, maturing through 2009 at varying
rates of interest ranging from 4.25% to 7.75% ...
16.185
$2,000,000 Subordinated Parking System Revenue
Bond, Series 1986, due on October 2006, interest
at 6% through 1992, thereafter at 80% of Prime
rain.......................I.............
21000
SM,000 Orange Bowl Warehouse Revenue
Bonds, maturing through 1989; inie►est at 6.5% ..
63
$13,720.000 Government Center Parking Garage
Sporn Obigatbn Bonds; maturing through 2008;
koreat at rates ranging from 5.625% to 8.875%..
13.610
91,858
Lena UnamorW*d Bond Discount ............ . .
' (2.399)
S 89,459
=15►175,000 Carttticates of PartlIclpation--On August
29, 1986, the City issued $16,175,000 Certificates of
Participation, Senes 1986 (tile Certificates) to finance the
wMuisition through August 1, 1989 of equipment for use
in providing essential City services and to reimburse the
City for equipment acquired during the prior two years.
The Certificates represent a limited and special obligat,on
of the City and evidenca undivided proportionate interests
in "basic rent payments" to be made by the City pursuant
to a lease purchase agreement for the acquisition and
financing of the equipment. Title to all equipment
purchased rests in the City. Basic rent payments consist
of an annual pnncipal component and semi-annual interest
components at interest rates from 4.6% to 6,4% through
1992. The City is obligated to make rental payments under
the lease only from funds appropriated from general
revenues of the City from sources other than ad valorem
taxes. The obligation of the City to make rental payments
does not constitute an obligation Of the City for Which the
City is obligated to levy or pledge any form of taxa0on.
See Note 12 for a discussion of the reclassification of all
certificate of participation activity to the Motor Pool Intern)
Service Fund during 1982.
104S
i-
Section IDS HUD Promissory Note —During 1987, the
City drew down the remsirting portion of a $5,958,400
pmrTMssory note from the U.S. Department of Housing and
r Urban Devalopment ("HUD') issued under Section 108
of the Housing and Community Development Act of 1974
to pa"ly fund the Southeast Overtown/Parkwest project
(ace Note 16). Interest is to be paid annually on August
1 at a varable rate. Annual principal payments of
31,985,000 will begin on August 1, 1989. AN HUD grants
and related program income are pledged as security for
the note,
111120,111100,000 Sunshine Date Governmental Financing
Com"deslon Loan—Dunng September, 1967, the Ctry
obtained a $20,300,000 loan from the Sunshine State
Governmental Financing Commission (the Commssion).
The proceeds from this loan are to be used to fund parks
and mannas improvements. The Commitmon was created
in November, 1985, by the Obes of Orlando and
TalWumsee, Florida, through an interfocal agreement, as
a pooled financing "Nels to allow for a limited number
of high quairry local governmental units (Cities and
Counties) to Ion together to a variable rate financing
program and thereby benefit from the inherent economies
of scale.
The City's obligation is a covenant to budget and
appropriate (from nomad valorem revenues) to pay the
debt seance on its 520,800,000 loan. The ban agreement
does ro; provide for either a rate covenarn or an addmonal
bonds test but requires a minimum dilution level be
maintained to enable the City to issue senior tier. (non -ad
valorem and port -proprietary obligations) without acquiring
prior =%Sent
54,290,000 Housing Special Obtigatfon Bonds, Series
1980 A —in October, 1986 the City issued 54,290,000 in
Special Obligabon Bonds, Series 1986 A, to provide
financing for construction of owner occupied residences
under the Scattered Site Program in the City's Community
Development Target areas. The bonds have serial
rebrements from 1987 through 19% to amounts from
$80,000 to 5190,000 and a term payment of $2,830,000
in 2006. Debt service on the bonds are payable sdely from
certain telephone and telegraph franchise fees.
0. SYNOPSIS OF BOND COVENANTS AND DEBT
AGREEMENTS
The various bond indentures and agreements contain
agnGcant ttntitaoons and restncLons on annual debt service
requtrsments, maintenance of and flow of monies through
various restricted accounts, mirimum amounts to be
maintained in varoA rkng funds, and nw%mum revenue
bond coverages. A summary of major provisions and
significant debt service requirements follows:
General Obtigatfon Bonds —Debt service is provided for
by a tax levy on raww rapt Property value and collections
on assessment Wens from projects financed by proceeds
of such bonds. The total general obligation debt
outstanding is limited by the City Charter to fifteen percent
Of ttma asSessed non-exempt property value. At September
30, 1987, the statutory kmitatieon for the City was
approximately $1,423.142.000, providing a debt margin
of approximately $1,227,564,000 after cons cierabon of the
5199,350.000 of gerwral obligation bonds outstanding at
September 30, 1987, less approximately 53,772,000
available to the related debt service fund.
General obligaton bonds authorized but unissued at
September 30, 1987, totalled $60,900,000.
$80,000,000 Convention Center and Parking Oarege
Revenue Bonds —Debt service is provided by a pledge
of net revenues of the Convention Center -Garage, a pledge
of certain telephone and telegraph excise tax revenues,
and by a covenant and agreement 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 certain of the required restricted funds
rind accounts.
Various funds and accounts held by the Trustee are
required to be maintained under the terms of the Trust
Indenture pursuant to which the bonds were issued. Those
funds or accounts pertaining to these provisions include
the Revenue Fund, Bond Service Account, the Redemption
Accounts, the Reserve Account, the Construction Fund,
the Supplemental Reserve Fund, the Renewal and
Replacement Fund and the Surplus Fund.
The Trust Indenture provides that the gross revenues of
the Convention Center -Garage will be deposited, as
received, with the Trustee to the credit of the Revenue
Fund. The Trustee shall transfer from the Revenue Fund,
on a .monthly bass, all money remaining in the fund to
excess of current expenses to the following accounts or
funds in the following order:
• to the Bond Service Account, an amount equal to the
sum of @ an amount equal to one -sixth (V/6) of the interest
payable on all the outstanding bonds on the next
ensuing interest payment date; and (ii) commencing in
January 1989, an amount equal to one -twelfth (�/ii) of
Vie next maturing installment of principal of all serial
bonds;
• to the Redemption Account, commencing in January
2001, an amount equal to one -twelfth (Vu) of the pnnapal
amount of the term bonds required to be retires on the
next succeeding January 1st;
• to the Reserve Account, such amount, a any, of any
balance remaining alter making the deposits under the
two proceeding provisions, as may be required to make
OW amount then held for the credit of the Reserve
Account equal to the maximum annual principal and
interest requirements for the current or any succeeding
fiscal year:
• to the Renewal and Replacement Fund, one -twelfth
(Vu) of $100,000 and one -twelfth (Viz) of such additional
amount, if any, which a consultant retained for such
Purpose in its latest written report prepared pursuant to
the Trust Indenture shall have recommended;
• to the Supplemental Reserve Fund; such amount, if any,
as may be required to make the amount then held'for
the credit of the Supplemental Reserve Fund equal to
approximately $1,500,000;
• to the Surplus Fund, the balance, if any, of the amount
so withdrawn.
At September 30, 1987, the City had on deposit with the
A-22 Trustee for these bonds approximately $10,551,000
1048
including accrued interest receivable, in the required
woo nCtad funds and accounts. See Note 17 for a discussion
of the refunding of this bond issue subsequent to
September 30, 1987.
$16,275,000 Parking System Revenue Sonde
(OOSPj—Debt service is payable solely from the revenues
of the Off -Street Parking facilities. This issue ("Series 19W")
corasts of sena) bonds payable in installments of $90,000
to S1,390,000 from 1987 through 2009. At September 30,
1987. the City had on deposit with the Trustee for these
bonds approximately 32,803,000 including accrued
interest receivable in various row" accounts, These
accounts consists of the Parking System Fund (Revenue,
Revenue and Replacement, and General Reserve
accounts), and the Bond Fund (Interest and Principal,
Sinking Fund, Reserve, Redemption, and Insurance and
Condemnabon Award Aocounls). The nature, purpose and
funding requirements of these funds and account` are
sirrtilar to those described above relative to the Convention
Center.
$13,720,000 Special Obllgetfon Bonds —Debt service
is provided by a pledge of net revenues of the Government
Center Parking Garage and utilities sbrvices taxes collected
by the City from the sale of water and gas in an amount
not to exceed the principal and interest requirements in
the ensuing fiscal year. A reserve must be maintained equal
to the maximum annual debt service requirement. Various
funds and accounts held by the Trustee include the
Revenue Fund, Bond Service Account, Redemption
Account. Reserve Account and the General Reserve Fund.
The nature, purpose and funding requirements of these
funds and accounts are s,rrwlar to those described above
relative to the Convention Center. At September 30, 1987,
the City had on deposit with the Trustee for these bonds
approximately $1,873,000 including accrued interest, in
the restricted funds and accounts.
tiM.000,000 M.S.E.A. Special Obligation Bonds,
Series 19115—These Bonds are limited special obligations
of the Miami Sports 3 Exhibibon Authority (MSEA) and are
payable Wely from and secured by a pledge of 0 MSEA's
allocated portion of the 3% Convention Development Tax
levied and collected in Dade County, (N) investment
eamings on certain reserve accounts required to be
maintained with the Trustee, and Oil) from the Cate of
original issuance of the Bonds through December 30, 1990
(except upon the earlier occurrence of certain events) from
funds drawn under a bank letter of credit in a staged amount
equal to the principal amount of the Bonds plus 55 days
interest thereon at an interest rate of 12%. Concurrem with
the asuancc of the bonds the MSEA entered into a
remarketing agreement to effect the remarketing of any
tendered bonds or any bonds held for the benefit of the
Wet of credit provider as set forth in the Bond Resolution.
The Special Obligelm Bonds were issued origsnaily as
variable interest rate bonds, convertible at the option of
the MSEA to a fixed interest rate as determined by the
remarketing agent. Prior to the conversion to the fixed
interest mode, bonds held may be tendered to the
remarketing agent and held for the benefit of the letter of
credit provider. The letter of credit agreement expires upon
conversion to the fixed rate mode or on December 30,
1990. No funds were drawn on the Letter of Credit in 1987; M23
however, letter of credit fees of approximately $300,000
were paid in 1987.
Upon issuance in December, 1985. the proceeds of these
Bonds, net of original issue discount of $512,000, were
distributed to various reserve funds and accounts held by
the Trustee in compliance with the provisions of the Bond
Indenture. Those funds and accounts pertaining to these
provisions include the Tax fund, the Bond Interest and
Principal accounts, the Debt Service Reserve account, the
Replacement Reserve fund, the Maintenance fund, the
Capitalized Interest accoure and #* Expense aocounL The
Indenture provides that, for the twenty-four (24) month
period subsequent to the issuance date (the Capitalized
Interest Period), all debt service payments are to be made
from the Capitalized Interest account. Receipts of
convention development tax proceeds are to be deposited
in the Tax fund and distributed during the Capitalized
Interest Period to the following funds or accounts as follows:
• to the Debt Service Reserve account, deposits to bring
balance to $3,375,000 (tuilly funded at bond closing);
• to the Miami Sports and Exhibition Authority's operating
fund, $30,000 per month up to $350,000 annually
adjusted by the consumer price index;
• to the Replacement Reserve fund, deposits to bring
balance to $5,000,000;
• to the Maintenance fund, deposits to bring balance to
$3,000,000;
• to the $10.000,000 Subordinate Obligation Note debt
service account to provide funds sufficient to meet the
quarterly debt service payments thereon; and.
• to the Authority for any of its lawful corporate purposes,
At September 30, 1987, these accounts and funds related
to the bonds contained approximately $14,462,000 on
deposit with the Trustee.
$10,000,000 M.S.E.A. Subordinate Obligation Note—
MSEA issued on December 27, 1985 a $10,000,000
Subordinate Obligation Note, Senes 1985 (the Note), to
fund permanent or temporary exhibition facilities or any
other lawful purpose of the Authority. The Note is secured
by a pledge of MSEA's allocated portion of the 396
Convention Development Tax, but on a basis subordinate
and junior to the pledge to the $38,000,000 FloaDnglFixed
Rate Special Obligation Bonds Series 1985.
The proceeds of the Note were held in escrow until
February 1987 pending satisfaction of certain financial
conditions to disbursement and final approval of the
proposed exhibition facilities by the Note holder, also acting
as Trustee. Upon breaking escrow, approximately $8.5
million in note proceeds plus accrued interest was
transferred to the Capital Projects Fund to provide funding
for the Coconut Grove Exhibition Center expansion and
the Convention Center renovabon.
The Note was self-liquidating with respect to interest
payments while the proceeds were held in escrow. Debt
service for the first 24 months after breaking escrow is
provided from funds deposited at dosing in the Capitalized
Interest Account; thereafter, debt service shail be provided
from convention development tax proceeds, (after meeting
the funding requirements of the Bonds,) and any additional
pledged revenues of MSEA or the City.
10,487
E. DEFEASANCES OF LONG-TERM DEBT
In Prior years, the City def"sed certain outstanding general obligation and revenue bonds by placing the proceeds of the
ftfUr4rog bonds in irrevocable trusts to provide for all future debt service payments on the old bonds. Accordingly, the trust
now nts and the deleased bonds are not included in the City's financial statements. At September 30. 1987, the following
OuVam*ng bonds are considered defeased (in thousands).
Parking Faciiies; Revenue Bonds
Sees A .... ................
S No
Series 9 . .. . .. . . ..... ............ . .
1.430
SeriesC ...... . .. ............................
3.025
Sores 1980 ..... .. ... .. .. ..... I. - ........
111,630
Parking System ft"rK* Bonds.
Series 1933 . . . . . ........ ..... .. ......
13,370
Parking Revenue Bonds.
Sees 1981 .... ................ ..........
10120
General Obligation Bonds
AmkPling, Serves 19U . ... ... ..............
1.800
HOUSIng. Sena I984 . .. ....... ................
17.510
Storm Sewer improvement.
Saves 1984 ...........
2,1120
SlnW and Higttway. Series 1984 .... ...... ......
61890
9. FUND EGUITY
The only City subtunas having clefic-1 fund equity at September 30, 1987 were among the proprietary fund types. The following
SChedule lists the equity components of all City proprietary funds as of September 30, 1987 (in thousands):
ftWned aw"k" (Deftit)
Total
MOSWV*d for
FAMondi
*rprfw F6T49 Mond ROW iiw Unreserved
Contributed
TOW Capital
Fund Eguiry
(Deft 1)
00-street Pawing S 1.838 S 7.326
S 9.164 S —
S 9.164
G&O Enterprise Fund — (255)
(255) 730
475
Marinie Vaourn — (245)
(245) 699
454
Miarni SukjLrn — (515)
(515) 1.654
1.139
Orange BOVA Stac-um — 2,228
2,228 4.471
6.699
Conv*mlon Center 9.260 (21,292)
(12.032) 43.245
31.213
Mannas 5,026
5,026 2.787
7,813
Auchionorns (2.522)
(2.522) 5,407
2.885
Golf (61)
(61) 391
330
Waiehouw P?oDeny — 340
340 —
340
Parking Garage 1,589 (5.183)
(3.594) 634
(2.960)
Swelzong and Zoning — (126)
(126) 265
139
5004 Waste (1,465)
(1,465) 1,933
468
Property &no Lem Management 507
Sol 2,287
2.794
$12687 S06,237)
S (3,550) ig; 5-03
SW 953
Wdemal somice
Cary Garage $ — S 2.064
S 2.064 S 6.279
S 8.343
Motor Pool — (572)
(572) 373
(199)
Property Maintenance — 144
144 273
417
Prins Shop ISM)
(538) 178
(360)
Pr=rernent Management S4
S4 23
77
GornmWMcaticinis serwes .. .... . .... ....... (934)
(934) 2.143
1209
3 218
S 218 5 9.269
some=== 111111111111M==
S 9487
The clefiv, in the Parlang Garage Fund, resulting from the S2,468,039 extraordinary loss on debt refinanang in 1985,
is expected
to be eliminated by future transfers of Utility Service Tax revenues as needed. See Note 14 for selected financial
information
regarding the Enterprise Funds.
A-24
10487,
r-
10. CHANGES IN AGENCY FUNDS
The City's Cable TV. Agency Fund is used to account for the $1,500,000 refundable deposit from the Cable TV licensee and
interest thereon. which is payable to the licensee. The changes in the City's Cable TV Agency Fund are as follows (in thousands):
Apow
Payebk Deposits cash
Balance at begnnung of year S723 $1,500 $2,223
Investrnsrtt earrings to be reTftted to I censee ... ...... 97 — 97
Refund to licensee ........ . .. . ...... . .. . . . . ......... (, 00) (00)
ktrestment intwest paid to licensee .................
Balance at end of year ......... . ............ . .... . ... $229 S1,500 $$1.729
Or_
—+
As described in Note 2(M), the City sponsors three deferred compensation programs for its employees administered by ICMA,
the Copeland Trust and the U.S. Conference of Mayors. In response to the issuance of GASB Statement #2, the Deferred
Compensation Agency Fund was establishea to account for these programs. The changes in the program assets during 1987
were as follows (in thousands),
Asses at beginning Of the year .. . .. . .. . . . .... . .... . . . .. S 7,434
COntriCubOns:
Employer .......................................
677
Employees .................. ....................
21086
wh,earwnt Interest .
1,"�
Benef�ta paid and ternpnation refunds ...... . .... .
........ (283)
.
Assets at end of year .. ...........................
S11,372
11. INTERFUND TRANSFERS
A summary of nnterfund transfers and contrit>ubons by fund type and account
group is as follows (in thousands):
TrsrnaAn In
OW
le
Co" Votorrowasr�srel
LwWorel
11e • 8"W
Proome [ntVWWO *WWOO
6►b4 Total
Transfers that
Operabrtp transfers
t'w*rar .. .S — $1,122 $—
S 690 S16,610 S —
S — S18,422
Soea2lrevenue .. ... ... .............. — — —
100 —
— 100
Debt servtoe ... . .. ...... .. ....... 24,256 — 542
453 4,947 —
— 30,198
casts+ protacts .... ...... ...... 1,000 963 300
9,165 300 —
— 11,728
Enterprise .. ....... 1.398 — —
291 — —
— 1,689
Overnar service . ................... 5.000 --
— 525
— 5.525
53/ 654 52,085 s842
wr--- a-- a�
510,699 521,857 1 525
S — $67.662
Equity transiers and Contributions:
Spec* revenue . . . .... .... ...... S 6 $ — s—
$ — $ — S --
$ — $ 6
Debt service .. .... — — —
8,792 — —
— 8,792
C.&C" protects . ...... ............ ... — — —
168 2,500 12.465
— 15,133
Ertterpnss .. .. ...... 186 — —
— — 15
675 876
Interns Sennce.. .. .. ...... I........ — — —
— — 3,472
16,175 19,647
Genera; 6xea aswis ... . ...... ..... — — —
— 2.374 56
— 2.430
S 192 S - s-
s B,960 S 4.874 $16.008
$16.850 S46,684
Certain amounts in the above table reconcile to the financial statements as follows:
5"ft Trana/e.s In
Equity Tnwafm out
Internal
lnt*mol
t A"Mriea eewlee
S*Wve
B"no" per Labe ................................................
$4,874 $16,008
S(19,647)
Accumulated depreciaDon On assets transferred to ..... .............
. (176) -
-
Cace pWhzed asuenCOO and accrued interest in Certificates of Panicipation ....
359
Cervf4wes of Participation proceeds transferred m ......................... .
. . . (12,268)
12,268
Balances per E,dbdtIV...................................................
S4.696 S 3.740
S (7,020)
These led)ustrnents are a result of the changes in fund classification discussed in Note 12.
A-25
IL048 7
12. CHANGES IN FUND CLASSIFICATION
Effective October 1, 1986. the City Commisttion authorized the transfer of the solid waste collection operations and building
and zoning inspection from the General Fund to new separate enterprise subfunds. Management believes that accounting for
such operations as enterprise funds will provide a more appropriate basis for future accountability and management control. The
amounts trunsferred to the newy�reated enterprise subfunds include the following (n thousands):
tflelld bdedtny
wame WW Zoning
Contributed capital.
General Fixeo Asrts Account Group:
duioting and equpment:
Ongmalcosi ............................ $2,109 $265
Accumulated dweaaiion .................... (176)
ToW ooniti to pitnl ........................ $1.933 S265
:—
PAsned eam, inp (doc:Q.
General Fund:
Accrued oompwitated Winces ................. s 086) S—
General Long -Term Debt A=jnt Group:
Accrued compensated abt; mM ................. (675) —
Nei interfund transfer ........................ T (661) SS—
Also effective October 1, 1986. the accounting for the Certificate of Participation proceeds and debt service was reclassified from
the Equipment Acquisition Capital Projects Fund and General Long -Term Debt Account Group to the Motor Pool Internal Service
Fund. This change was made to reflect the City's decision to use tree remaining Certificate proceeds to purchase Motor Pool Internal
Service Fund assets and to fund the Certificates' debt service in part from user charges generated by such assets. As a result,
the Capital Acquisition Capital Projects sublund was closed. Retained earnings of the Motor Pod Intemal Service Fund was reduced
by the net amount of this transfer since the capital outlay expenditures initially funded through the Equipment Acquisitions Capital
Projects Fund in 1986 were originally intended to be financed by a transfer of accumulated earnings from the Motor Pool Internal
Service Fund. Details of the transfer are as follows (n thousands):
Equpmerit Acquisition CaPtW Projects Fund:
Restricted cash. .. ..... ........................... ........ .. $12,268
General Long -Term Debt Account Grouo:
Certificates of Participation outstanding Principal .............. (16.175)
Adjustments to accrual basis
Capitalized mauance costs ........................................... 497
Accrued interest payable ............................................. (139)
Net reduction in retained earnings of Motor Pool internal Service Fund ....... $ (3,548)
A-26
1048'7
i-
13. SELF-INSURANCE
The City maintains a Sell -Insurance Expendable Trust Fund established by City Charter to account for insurance activities
rotating to certain property and liability nsk, group accident and heavh and workers' compensation, The fund is under the administration
Of a Self -Insurance and Insurance Committee appointed by the City Manager,
Charges to participating operating departments are based upon amounts determined by management to be necessary to meet
the required annual payouts during the fiscal year. The estimated liability for insurance claims includes estimated future liability
On A cas&bycase basis for all pending claims and an actuarially determined amount for claims incurred but not reported. The
WnHerrn portion of the total estimated liability, which is expected to be funded from future operations, is reflected in the General
LwV.Torrr, Debt Account Group (GLTD) and amounted to approximately 534,410,0OO as of September 30, 1987, as follow.
workem, eoeaF«mawn
AI warfare compensation coeb are paid from the Sefhlnsumnoe Fund, with all departments of
M City assessed a barge based upon animal cash requirements. As claims are reported,
they are inva liptsd by ctanme personnal, and an estimate of liability on a cae-bycase basis
is etsabirshed. The eatrnated Irabkbes are pemodicalty reviewed and revised AS claims develop.
Most lability in this area wrY be payable over sawral years . ...........................
General Cw4o mpe
Departrwits of the City are assessed 'or property and casualty, including police professional
fiabdrty, and public official's liability, coverage based upon the cash requirements of the Self-
h3urance Fund and thar relative share of the total risk. The City has continued to purchase
certain casualty insurance for which the premium is small in relation to the coverage provided
The City K insured, suoiect to a $100.000 de lucMe, for all prooeny loan exposures except as
related to parks and recremon faabbes which are included in the City's Saff•Insurance
program As the casualty claims are reported, they are investigated by to claims personnel
anti an estimate of lability on a caseeby-Ase bens is esablished...... . ................ .
Group Aoddeed end Neelth
Certa+n employees and retires of the City contribute through payroll deductions or deductions
from pennon payments to the cost of group benefits. The remainder of the funds necessary are
cot it; buted by the City based upon the number of participants in the plan. As of September
30. 1987 the plan covered approximately 900 active employees, 760 retirees and 800 family
and dependent units. Costs of the plan for me year then ended were approximately $4.3
m*on. The City's plan does not Cover members of the police and firefighter unions, which
have established separate group benefit plans. The amount of claims at Seotember 30, 1987
represents payments made by the C4ty in October and November, 1987 on claims incurred on
or betas September 30, 1987 .................. . ................. . .............. .
A-27
sw4nouranoe GL�TOrCbIrns
ellelwr,iet )) bk
("on -Current)
ltrpo'®) (OW's)
S 135 St3,860
546 20.550
864 —
31,545 $34.410
10487
14. SEGMENT MOOPMATION•-ENTBPPAISE FUNDS
The City maintains enterprise
operations which provide various recreational, cultural convention and parking facilities.
SNeged flnwrial information
for the fiscal year
ended September 30, 1887 is as follows (i11 thousands):
!�
E
low
P
Owdk la
Mann-
Audito"um
Cwren Osr� Waaea
UNWOOMOM
Total
001wo aaeraa .......
a 4.4w
a 251
a an
a (2.061)
$2,475
a (tat)
i (465) a e04 a 195 ! 1,687
s 790
s 8.473
Cwfant 485rmae ...
t.362
300
11351
338
256
101
102 200 320 3.043
129
7.500
Not 41pf"
•� �••�
aiPw
a
as
o
a (2.4/9)
��
a�a
- ( a 404 ai 11,356
--=
a bet
a 973�='
Patbstsatt ....
12.403
a --
a -
a 10.651
a -
a -
a - i 1.a73 a - a -
a -
a 15.227
Cur1w11 aaa406
OR"" "M
NO&C ue seem • .
013
1.291
284
2.540
Nat Paotncled
ttsaata .......
a I.A36
S-
a �-
a 9.290
a -
a -
a - 8 1,319 a - a -
am
a -
a 12.587
P1"ar W. sane and
men=
am.Ps
swiorr ►a ........
a20.024
r----
a 524
a>ar
a 9,310
: a1.290
a5,594
a 3.167
a 807 a 7.799 a 271 a 1.824
a 2.133
M33.033
Total asses .......
a26.721
ar^
6 77S
ac
a,0.046
a SI AN
0.00
a 2,966
a 43a10,7a1 S 467 a 3.511
==a=
32.923
a04
bndt paym.
(rat) .....
a17.Y30
6-
a 63
Ammmim-
158.594
a -
a -
8 - $13,2S7 a - a
-
Cdnsreh "d aptal ...
a -
s---
a 73p
:�
a 6.924
a 43.246
arc
$2,787
s=z
a 5,407
:gym s- _
a 391 a 04 3 265 S 1,933
-
a 2.287
�n
a 64.503
Tow ratarned
as
OW"OP (6001)
aS 9_.164
mac)
a 1.a08
a(12.032)
$5.026
a(2,522)
a (61) S(3.S94) a (129) S (1,465)
a 507
a (3.550)
TOW fqudy (defeat) ..
a 9.184
8475
am_-
a 6.632
a 31.213
$7.513
a 2.865
a 330 3 (2,950) 3 139 2 Ass
a 2.744
S 60.953
Operseng nrsnues
a 7.50
loaaaaa
a 732
am=
a &M
a 3.710
sa--
at.405
asp
R---
6 5a9
r C=== a-
81.147 a 443 $3,587 3 14,002
I=== was
Joe==
a 2,246
a 35.633
Opa VWQ ifloen+t
(bas)
W!, nonYiparat�nq
09VINUPM (911Pauwa)
a 1,496
Sl200)
a (677)
a MWA)
3 (61)
a (176)
a 13 a (52) a (995) $05.737)
a 1,670
a (17.551)
rsrsnuret
la=o�+Pwr
0 to am wwoms ....
Am
9
42
916
148
-
'
18 162 - 64
17
1.712
M+rrt4P1 and `iaCa1
Marg" ..
(1,3281
-
(5)
(6,259)
--
-
.- (t,t99) (te) -
-
(7.807)
CVW ...........
35
-
7
1.256
27
9
2 103 38
-
1,479
Tow nor,Cvoatng
N"Ift a (OXPO1Pw4)
(667)
9
44
(3.1a6)
t7S
9
20 (1.037) 47 102
17
(4.616)
No 0a oft from 00)
char tundt ... .
-
252
Am
3,354
(71)
40
9e8 782 16.031
(1,bt6)
20,1Se
NO noon» tedas).
a $41
a $1
3 (20C!)
a ((1-565)
s 43
a 027)
3 33 : (121) s 1126) 3 (504)
$ 69
s (1.999)
Oapraasom snow"
a 1.161
5104
a 579
a 1.685
a 176
a 142
a 51 a 159 a 11 f 79
a 68
a 4.115
Advam td PODWY.
Pura and
ao wrwnt.
Pool ..............
a 3.143
a:
a 145
Naar
a e23
lo�
a 2e4
mmms
83,109
a a
a 61 a (541 a 292 a 1.203
2==
i 12
a 9.596
(»amass (dtasats) in
am---
oone+lO clad Pep" ..
a -
aaae�
8100
amp
a (15)
as
a -
a2,600
a -
a - a - a 20S a 1,072
a -
i 3,922
Y10Psat+a (dsersata) M
a = ao�
1110 "Ill eapaal • ....
S 47
mons�salsa
i$120
a (A"
8
a MM
a 1
a 23 a 111 a (132) a (1.36e)
a=--
a 125
S (2,562)
A-28
10487
15. PENSION PLANS
A. PLAN DESCRIPTION
The City sponso►s two (2) separate defined benefit
Contnbutory pennon plans under the somini cation
and management of separate Boards of Trustees: The
City of Miami Fire Fighters' and Police Officers'
Retirement Trust (FIPO) and the City of Miami General
Employees and Sanitation Employees' Retirement
Trust (GESE). The plans cover substantially all City
Off ip►oyees who contribute a percentage of their base
salaries or wages on a br-weekly bans. This
percentage was 8.5% for FIPO and 8% for GESE.
Contnbutions from employees are recorded in the
period the City makes payroll deductions from
participants The City is to contribute such amounts
as are necessary on an actuarial bans to provide FIPO
and GESE with assets sufficient to meet the benefits
to be paid, GESE also receives contributions, through
the City, from Metropolitan Dade County and the State
of Flonda on behalf of certain plan participants. Such
oontnbumns totalled approximately $623,000 in 1987.
The City was involved in long-standing litigation.
principally related to funding of the two plans, wnicn
was settled under ar, agreement approved oy the City
Commission on June 13, 1985 ("the Gates
Semement" ). The major terms of the Gates Settlement
are as follows
• Each of the two Boards of Trustees (Boards), in its
discretion, may have its own employees,
administrator, attorneys, accountants, money
managers, and other professionals.
• Ttwe City's total annual contributions to FIPO and
GESE beginning w:m fiscal year 1984/85 are
required to consist of:
•• Administrative expenses
•• Actuarial contributions for normal cost using the
entry age method; a mecnarnsm has been
agreed upon to resolve po=ble disagreement
on annual comrioutions by a third party.
•• Annual unfunded liability contributions be on
a schedule that estimates 55,000,000 for FIPO
and $6,400,000 to GESE, respectively, for
1984185, increasing thereafter by approximately
5% per year. The total unfunded liability,
including the effect of certain plan
A-29
improvements, was calculated to be
approximately 5104,500,000 for FIPO as of
January 1, 1983 and 5108,954,000 for GESE
as of October 1, 1982. establishing the basis for
the contribution schedule.
The respective unfunded liability balances were
expected to increase annually for approximately
the next 9 years, until the annual unfunded
liability contribution by the City exceeds the
accumulated interest on the unpaid balance. The
currently existing unfunded liability balances are
scheduled to be eliminated by the year 2012 for
FIPO and by the year 2008 for GESE,
P Any increase in the unfunded liability of either FIPO
or GESE arising from lawful increases in benefits
provided by the City unilaterally shall be amortized
in level annual installments over the shorter of (1)
30 years from the beginning of the fiscal year in
which the change occurred, or (2) the period over
which such benefit increase is expected to be paid.
Any increase or decrease in the unfunded liability
resulting in changes in actuarial assumptions or
changes in benefits resulting from collective
bargaining shall be amortized in level annual
installments over a period of 30 years from the
beginning of the fiscal year in which the change
occurred.
* A Cost-d-Uving Adjustrnent Fund (COLA Fund) was
created with a designated amount of savings
generated by the tax qualification of FIPO and GESE
being contributed by the employees, an additional
2% of base salaries.
9. ACTUARIAL INFORMATION
The present value of vested benefits (benefits to which
participants are entitled, regardless of future service
with the City) and the estimated actuarially determined
unfunded prior service cost were calculated by
consulting actuaries as of October 1, 1985 for FIFO
and GESE as a basis for determining the City's
contnbution for the City's fiscal year ended September
30, 1987. The estimated actuarially determined
unfunded prior service cost is calculated using the
frozen entry age actuarial cost method.
The more significant assumptions underlying the
actuarial valuations as computed by the City are as
follows:
10487
Assumed rate of return on Investments:
Prior 10 retirement:
After retirement:
Active mortality bans
Employee turnover
Wary Seale
Fl tirement
Asset value
Assumed rate of return on investments
Active mortality basis
Employes turnover
Salary scale -
R"remeni
Asset value
u
GESE
N
4% par annum, compounded annually
7% per annum, compounded annually
1971 Group Annuity Mortality Table, set back 6 years for
lantales
Rate of Witt Ch Wei
Aga Vears of aarvlCe
1 i a.
20 .175 .t20 .060
30 .175 .120 .060
40 .175 .120 .040
so .173 .120 .020
Aga salary IhKcrsaw
20 .100
30 .095
40 .075
s0 .075
60 .075
AOe to+
a5 .300
60 .140
65 1.000
Lower of market value or Statement value
MPO
7.5% per annum compounded annually
1971 Group Annuity Mortality Table producing the following
specimen rates:
Age Uwe Fan""
20 .0603% .0260%
30 .0609 .0469
40 .%33 .0936
50 .5265 .2165
60 1.3119 .6649
In accordance with the folluNnng specimen rates:
!r Ra%
20 8.0%
30 6.0
40 3.0
50 0.0
Plus 15% additional in first year of employment
Seniority come, providing annual earnings increases ranging
from 4.6% at age 20, 2.5% at age 30, 1.7% at age 40, 1.4% at
age 50. to 0% at age 60. In addition, a 5% annual increase due
to inflation is assumed.
Probabilities of retiring ranging from 1% at age 40, 3.5% at age
45, 50% at age 50, to 100% at age 56.
moving market value evem".
A-30
10487
t-
A summary of oertatn Infomfatlon In this most recent actuarlal valuatlona Is as follows:
Ft►O ME
To detemunt trie Oty contribution for year ending .. .. , . 9/30187 9/30/87 9/30/88
Valwbt n date .. 10101185 10/01185 10/01186
Actuarial valor of net asses ....... ........ . ................... S195,720,000 $112.353.000 $14054 .000
Acww* weearn value of accumulated pan benefits:
Raorees remving benefits and terrrunated members .............
AecumuWad member con bunions ...........................
Vested adore members ... ...... ........................ .
Nor,#.Vemd active nerimbers .......................... .....
E=ornafad aCtuanally deterrttirtad unhoided SaMed liability ...........
Number of ptrndpants at t3ctobar 1. ION:
Acsv employees .......................................
Retired, Wablad and dMerred vested .........................
Total................................................
ACtuW%&Vydoterrvned employer Contnb ution
for the year ended September 30. 1987 ................ .......
AM
For 1lscai year ended . ... ............
Employer contnounon as % of Covw ed payroll ... ................
OESE
For n" year arded ...............
Employer contnOution as % of covered payroll .. ................
Due to the longstanding litlgation disrrussed in Section
A of this footnote, there had been, in prior years,
significant differences in actuarially -determined
hab hes and NnOing requirements as calculated by
V* City and the two Trusts Therefore, it would not be
meaningful at this time to present histoncal trend
infomtaoon regarding the pension trusts other than that
presented above. The City is in the process of
developing such infortnabon.
Through 1987 the City has maintainer! a Pension
Admmistrabon Trust Fund (expendable trust fund),
wtgch charges each department of trie City and Mer
govemmerU contributors their respective share of
ittsbmaled pension plan contnbutions. Substantially all
amounts charged were to the General Fund, and the
remainder to varwus W*r tunas, principally Erlferprise
and Internal Service The Pension Administration Trust
Fund then disburses the actuarially determined
required contiibubons to the pension trust funds. The
City's cash c ontributtons paid to FIPO and GESE
through September 30. 1987 (S11,900,000 and
$13,100,000, respectively) were be upon amounts
speaifed in the Gates Settlement. The City has also
recorded a current Lability within the Pension
Adrninistration Trust Fund for the difference between
actuarially determined contribution calcutated by the
City's actuary and the total cash contributions as of
ysar4nid, reaulting in a net liability to FIPO of
apprommatey 3647,000 and a net mmrpaymant to
GESE of approximatetir S593,000. These amounts are
in addition to a net liability of approximately $710,000
A-31
$116,327,000 S e2,165.000 5102,812.000
30,940,000
26,954,000
30,903.000
59,564.000
75.837.000
90,525,000
19,972 =
7.756.000
10,562.000
$226,803.000
$194.712,000
$234.802,000
S 68� 207,000 $111,340.000 S112� 792,000
1.673
2,047
201
908
1,565
1,694
2.581
ams�a
3,612
11MN15MC2M===
3,685
a
S 12.547.000
S 12,507.000
9130/87
9/30/86
9130185
21 %
26%
26%
9130/87
9/30/86
9130/65
23%
22%
21 %
pertaining to the prior year's contribution, which was
settled and paid subsequent to September 30, 1987.
The provisions of the Gates Settlement provide for
specific procedures to resolve differences in the
actuarial assumptions. For 1987. the actuary for FIPO
has calculated a contnbubon requirement from the City
of approximately $1,660,000 greater than that
calculated by the City's actuary. This dispute pertains
to the assumed rate of return on investments utilized
in the actuarial valuations. The City's actuary used a
rate of 7.5%, as compared to the 7% used by FlP0's
actuary. The actuarial information presented above for
FIPO was provided by the City's actuary. The
difference between the two contribution calculations
has been recorded as an other receivable in the FiPO
Pension Trust fund pending an agreement between
the City's and the FIPO'S actuaries. The change in the
interest rate assumptions reduced the estimated
actuarially determined unfunded liability as of the
valuation date by approximately S24,900,000 and the
actuarial present value of accumulated plan benefits
by approximately $17,449,000.
C. DEFINED CONTRIBUTION PLANS
In addition to the deferred compensation plans
described in Note 2(M) and Note (10), certain
executive employees of the City are allowed to join the
ICMA Retirement Trust's 401(a) plan. This defined
oorttribtlbon deferred compertssaort plan, which covers
govemmental employees throughout the country, is
govemed by a Board of Directors responsible for
104N7
L
carrying out the overall management of the
orgaranon, including investment administration and
regulatory compliance. Membership for City of Miami
employees is limited by the City Charter to specific
members of the City Clerk, City Manager, and City
Attorney's offices; Department Directors, Assistant
Directors; and "r executives. To participate in the
plan a written bruit agreement must be executed,
which requires the City to contribute eight (8) percent
of the indiridual's e"Us compensation, and the
empb;+so to contribute between five (5) percent to ten
(10) percent of his or her salary. Participants may
withdraw funds at retirement based on a variety of
payout options. The following information relates to the
City of Miami partiapabon in this plan:
(000's)
TOW current year payroll for d employees ... S140,394
arrant year payroll for employees
covered in IM plan ................. ... S 1,704
Current year errip.oyer oontritwnon
at an 8% we ........................ S 136
The City also makes contributions; through tfte Pension
Adminsmon Trust Fund to the Police and Firemen's
Relief and Pension Trust Funds, which are not under
the junsdiction of the City, and therefore, not included
heron as part of the reporting entity. Funding for such
contributions, which totalled $4.409,443 for 1987, is
solely from the State of Flonda Bureau of Municipal
Police and Firefighters' Retirement Fund pursuantto
0-kepters 175 and 185 of the Florida Statutes.
15. CONSTRUCTION AND OTHER COMMITMENTS
Capital bmrovernent Program
The City's Capital Improvement Ordinance has identified
ongoing and future projects totalling $231,698,000, Major
emphasis is placed on maintaining and expanding the City's
infrastructure. The greater number of projects are directed to
houssing programs, street improvement, parts facilities, storm
sewers, and transportatiort°related efforts. The community
redevelopment projects are designed to assist in neighborhood
revrlmization and the expansion of the City's economic base.
Shown below is a functional breakdown of the Capital
Improvement Ordinance ano proposed funding sources (in
ihousancs)•
Functional Category Amm"t
Houang Programs ..........................
S 15,398
Street improvements ......... I ..............
38.612
Parks Fw.Arbes .............................
35,752
Storrs Sewers . , .... I ............... I ......
11.299
Community Redrvvo rrom ...................
25.824
Sanitary Sewers ............................
28,617
Pdres.... I ....... I ......................
15.583
Fire ......................................
13,553
manses ..................................
17,024
Solid waste ........................ .. . ... .
1,642
Auditonurns .................I .............
on
8tatsuris .. ................. . ........ .
3,047
EOonc w Dr4opirr►ent ......................
7,842
General Governr►ent ........................
16.375
ToW Caput Improvement Programs ........ 5231,698
A-32
Proposed sources of Funding A_^t
city
General Obligation Bonds ................ $134-151
Revenue and Special Obligation Bonds...... 25,722
Interest earnings and other .. . ............. 35,048
194,921
NonCtty 31,453
Federal Grams . .....................
State Grants ........................... 2,512
Private Developer Corwitwtion ............. 2.812
Tout Funding ...................... 3231 698
As of September 30, 1987, the City's Department of Public
Works was monitoring 44 conWucbon projects in progress
or awaiting final approval with budgets totaling
approximately $60,328,000 in costs. Encumbrances
related thereto in the Capital Projects Funds totaled
approximately $13,509,000 at September 30, 1987. The
most significant of these public works projects were:
• Police Substations —two district substations are being
funded by an appropriation of $10 million in.police
facilities general obligation bonds.
• Neighborhood Parks Renovation Program —over twenty
parks are being renovated throughout the City at a total
cost in excess of 59 million. Funding for the program
is provided by $4.4 million loan proceeds from the
Sunshine State Governmental Financing Commission
and other discretionary City funds.,
• Dinner Key Marina Renovation —the existing 374 slip
Dinner Key Marina is being renovated and expanded
to 540 slips at a total cost of approximately $12.7 million.
Funding of this renovation and expansion is through loan
proceeds from the Sunshine State Governmental
Financing Commission and funds available in the
Marinas Enterprise Fund.
• Bayfront Park Redevelopment —a $20 million Downtown
Waterfront Park Redevelopment Project. Major funding
sources include $6.8 million of Federal grants, S4.4
million in Sunshine State Governmental Financing
Commission loan proceeds, and $1.8 million in private
sector contributions.
Miami Sports Arena
During October 1986, the Miami Sports and Exhibition
Authority (the Authority) entered into a development
agreement with a private developer for the construction
and operation of a 15.000 seat sports arena facility in
downtown Miami. The arena, with an estimated cost of
361.7 m ion is to be funded from proceeds of the M.S.E.A.
Special Obligation Bonds Series 1985 and contributions
of $4.7 million from the Authority and $7.1 million from the
private developer. The development agreement calls for
an eighteen (18) month construction schedule. As of
September 30, 1987, approximately $20.3 million in land
acquisition and construction costs had been Incurred under
the development agreement.
If11tedge o1 Utility Service Tax Revenues
As of September 30,1987, the City had pledged revenues
from utility service taxes to provide funding for the following
items:
"VIV
L
C"wermtion Center
In August 1980, the City issued S60,000,000
Convention Center and Parking Garage Revenue
Bonds to finance construction of the City of
M►amitUruversity of Miami James L. Knight International
Center. As discussed in Note 8, the bonds are
Ciollateralized under the trust indenture by a first lien on
this pledge of the net revenues of the Convention
Center -Garage, certain telecommunications utility
White taxes and by a covenant and agreement of the
City to provide, to the extent necessary, revenues of
the City other than ad valorem tax revenues, sufficient
to make up any deficiency with respect to the payment
of operating expenses and debt service and the
maintenance of the reserves required under the bond
indenture. The ON has appropnated approximately
S748,000 of utility service tax revenue for these
purpotxs for the fiscal year ended September 30, 1968,
4 is anticipated that additional transfers of such revenues
will be necessary thereafter on an annual basis through
trscal 1989 to subsidize Convention Center deficits.
2. Government Center Parking Garage
In July 1985, the City issued $13.720,000 of Special
Obligation Bonds, series 1985, for the purpose of
refinancing the $10 400.000 Parking Revenue Bonds
issued in 1982 to finance construction of a 1,110 car
parting garage adjacent to the Government Center. The
facility opened to the public in 1983. The Series 1985
bonds are coliaterafized under the bond ordinance by
net revenues from the parsing garage and the revenues
of the City derived from water and gas utility sennce
taxes in an amount not to exceed the maximum
pnncipal and interest requirements in the ensuing fiscal
year. The City has appropriated approximately
S 1.058,000 c' utility senr►ce tax revenue for this purpose
for the fiscal year ending September 30, 1988.
3. M.S.E,A. Subordinate Obligation Note
In order to fulfill the requirements of the Note Purchase
Agreement to break escrow on the $10 million
Subordinate Obligation Note. the City has made a
secondary pledge of water and gas utility service taxes
to provide funding for oeot service on the Note should
the proceeds of the convention development tax prove
insufficient. This pledge is on a bass subordinate to that
of the Utility Service Tax Special Obligation Bonds
($63,000 outstanding at September 30. 1987) and the
Government Center Parking Garage Special Obligation
Bonds.
Nlarei cabhvision
During September 1986. the City Commission approved
certain revisions to the franchise agreement with the Gty's
Cable Television Francn►see, Miami Cablevision. The
revisions td the agreement are intended to resolve a
dispute between the City and the franchisee with regard
to prepayments Of franchoe fees in previous years. Under
the terms of the new agreement, future franchise fees
(consisting of 4% of the franchises gross revenues) are
to be offset against the prepayments, plus a provision for
the time value of the prepayments
A-33
Solid Waste Enterprise Fund
As described in Note 12. the City's solid waste operations
are accounted for as an enterprise fund beginning in 1987.
The solid waste enterprise operations are partially funded
by fees billed on a semi-annual basis. In addition. the City
has budgeted for a contribution of approximately 511.4
million from the General Fund in fiscal year 1988 to
subsidize these operations.
Litigation
There ate a number of claims and lawsuits outstanding
against the Oty, arising principally from personal injuries
incurred on City property. for which a liability of
$34,410.000 was recorded in General Long -Term Debt as
of September 30, 1987, as descnbed in Note 13.
1T, SUBSEQUENT EVENTS
Approximately 50% of the investments of the C►ty's two
pension trusts were in equity securities as of September 30,
1967. During the month of October 1987, the U.S. equity
markets suffered one of the most severe declines in their history.
The following scneduie reflects a comparison of market values
and cost of Pension Investments as of January 31, 1988 (in
thousands).
ma"
con vaw
FIPO investments ..... ............ S291.895 S294.389
GESE investments ... . ... .... . • 173.876 168 214
Total 5465,771 S462.603
The pension trusts have a long-term commitment to the equity
markets and view investment performance with a long-range
perspective.
On March 1, 1988, the City sold $65.271,325 Special Revenue
Refunding Bonds, Series 1987, with interest rates between
5.25% and 8% to advance refund the $60,000,000 Convention
Center and Parking Garage Revenue Bonds, Series 1980,
which carry interest rates between 6,5% and 8.5%. The
proceeds from the Senes 1987 Bonds (net of approximately
$1.9 million in issuance costs and original issue discount) were
used to purchase U,S. government securities which were
deposited in an irrevocable trust with an escrow agent to
provide for all future debt service payments on the Series 1980
bonds. As a result, the Series 1980 bonds are considered to
be defeased. Although the advance refunding results in the
accounting recognition of an extraordinary loss in the
Convertion Center enterprise fund of approximately $6,940,000
for the year ending September 30, 1988, the issuance of the
refunding debt at interest rates lower than the Series 1980
bonds will cause aggregate debt service payments to be
reduced by approximately S+2,490,000, with a net present value
savings of approximately S2,387,000. The Series 1987 Bonds
are collateralized by a pledge of net revenues of the Convention
Center, certain public sery er tax revenues and certain other
monies as set forth in this Trust {,denture, The Series 1987
bonds consist of "Current Interest Bonds", in an aggregate
principal amount of S59,046,716, which bear interest
semiannually and "Capital Appreciation Bonds" which accrete
in value until maturity, in an original principal amount of
S6,274,609. Total annual debt service on the Series 1987 Bonds
varies from approximately S3,191,000 to $6,127,000 in years
1989 through 2015,
IL048'7
rr
t
CITY Of MIAMI, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE--DUDGET
(NON AAP BUDGETARY BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 19a7
wtth eompom the actual amounts for year ended September 30, 1088
(in Owueands)
1917
Varlame
Fero We
AmW
Me
Actual
(IMttsv n6w)
Im
(Raatatad)
Revenues
Taxes
woo" tax C 400*ris
induchng penatoas and interest . . .....
. .................... . . . . S 92,722
S W0 886
$(1,836)
S 88,138
Suoness and excise taxes
.......I .. . ............. 16,737
17.066
329
18.593
109,459
107,952
(1507)
106.731
Licenses and permits.
Business licenses and permds
.. .. ..... . ..... 4,700
6.003
1.3D3
73.738
Construction permits
. ..... . ........ .. .. 100
79
(21)
72
4,800
6.082
1,282
3.810
Intergovernmental
State revenue snaring
.. ...... 11,860
11,466
(414)
11.099
Sales taxes ...
.... . . ........... 11,500
12,957
1,457
10,994
Court lines
. . ... 1,520
2.509
689
2.223
t7ner
1,505
933
(572)
930
26 705
27 965
1.160
25.246
Intragovernmental
Engmeenng services
....... 4.384
4.453
69
2.795
Other .
. ... . . ...... ........ 700
699
(1)
218
5,084
5152
68
3.013
Charges for services
PuMC safety
959
1.127
168
3.275
Recreaoon
56
284
228
269
Otr*r
............ ......... 18
563
545
1,119
1.033
1.974
941
4.663
Inlexest
1,838
1,709
(129)
2,481
Other revenues
1.805
1.874
69
356
Total revenues
.... ..... . 150,724
t 52.608
1.884
146.300
A-34
10487
. t
=MZDuLE A-1
1967
varuw
F"OnbN
Actual
�.�.
(Ilastaled)
EmenlitWes
Gene.-V Govwmwt.
S 1.074
S 969
S 105
S 998
Maw and comassron . . • . ........ ... . ..... ......
• •
1.700
1.586
114
1,504
Oty manags< ...........I .............. ..........................
664
607
77
732
City a!erk ..... . ..
...... .....
2,162
1,85D
312
1,610
Management and buogel .. . . ...... .. I . - .......
.........
3,485
3.240
245
2.813
Finance ... ... ....... . ....
.... .. .
2,783
2.782
t
t,539
Legal
266
252
14
204
Civi svv4e
2,056
1,790
2%
1.743
Personne. management .
1,295
1.204
91
950
tnierrlat Audit
5,727
4.981
746
4.336
Camputer and commumc-atio^s
21,232
19,261
1.971
16.429
Pubic "rely
74,274
73.656
618
66,559
Poi cc
Fire .
. .... ..... 38.917
38128
789
37,396
113,191
111.784
1 407
103.955
Pubic mprovernerils
10.366
9,859
507
13.563
Pubic works
1,948
1,847
101
1,850
Development
897
690
207
760
Community devetoomeni
1.339
1,175
164
1 595
Planning and Zoning bbaros
14.550
13,571
979
17.768
Curture, and recreation
9.704
9 704
-
8 575
0-hoe
Employee benefits
2,902
2.865
37
3.559
Some, programs .... .. .
..... .. 462
173
289
1.350
fntrsgove►nmenta charges
3.292
2.983
309
1.646
N.�sceuaneous
7 977
7,608
369
6 758
14 633
13.629
1.004
13 313
Total expendtures ..... .
.. ..... 173,310
167 949
5 361
160 040
Excess (deI c oncy) of revenues over exmnwures .... .... .....
• .... • ..... (22,586)
(15.341)
7.245
(13,740)
Other 6nanang sources (uses)
oowabng tr Wers to . . .. ... .. .. . . ..........
.... .... . . 29,973
31.654
1.681
26.850
0peraung transfers oul ....... .. ... .... . . .. ... .....
. .. .... 118,387)
(16.422)
(35)
(13.853)
TOW ovw financing sources (uses) • ... . .... .
.... . .. ... 11. 886
13 332
1.646
12,997
-_
Excess WOWI lcy) Of revenues end Other
tMananp sources over expenditures and other uses . • . ... ,
.. S(11.000)
(2,109)
SS8_.891
(743)
Fund belarlce at bVnting Of year . ...........
......
12.143
12.539
Eawty t►ansters to other funds
-
(54)
EWVY transsers from other funds
192
401
Fund balance at end of year . . ...............
$ 10,226
S 12.143
A-35
IL04clt
t-
a
SCHEDULE B-1
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1287
with comparative totals for year ended September 30, 1988
(in thousands)
wwmtWNbitlsPOow
w
Ito*
DewmbAm Ileeove Coatanunity
Law
tnfor"111ent
Otlw
Totals
AUETS
AulhoNty
Autl►ortgr :entees Dawbptnent
Cable T,d.
fund
Funds
196T
is"
Eaoq (wla� m pooled cam
we rvpW mu
i—
i— i269 i(1.716)
$1.255
$1.978
S2,709
S4.495
S5.686
f Cam Aral t'w squvttws
an
262 — —
—
—
—
688
367
ACCwv ►e0ewaow
—
130 it8 34
—
—
46
328
75
Ore from ww tunas
—
—
—
—
11
12
Due hom other govern wets
—
— — 2.483
—
—
603
2.786
3.001
6
46
2
Two asses
5426
5412 S387 S $02
S1.255
$1.978
S3.364
$8.824
S9 Sa3
LIAtMITIES AND FUND BALANCES
voucr+sn and Aunts cayabte
i 29
$109 S 10 S 454
S 16
S 56
S 256
S 930
S 812
ACcruea eiDenws
(pnncwx
132 25
—
—
26
164
75
0..e to Otmer tunas
—
7 — —
11
'8
2.088
Deposits
—
— _ 23
422
445
187
ToW kablq,es
29
117 142 W2
!6
56
715
1.577
3.462
Funo twartaes
Unrew"c
Dmgwea for subsequent
ym s enaenaitures
—
— — —
550
—
—
550
1,655
Unongnatec
397
295 245
689
1922
2.649
6.197
4 326
Tow turd seta -cis
397
r.
295 245 —
—•
1.239
1,922
2.649
6.747
5.981
'Cal huAtes
anu tuna mantes
$426
$412 $387 S 502
S' 255
S1 978
S3.364
$8,324
S9143
A-W
i
Aeve"ues
ProoertY taxl3 . , .
Iluemees ano axone Wes .. .
1r11erQpverr+rrrerMy ...
trme+rsc
O1ner
Tow rev4mjn ..... .
Exper+ um
Pubc solely
Gras AMC retatea exaer+citures
Eco'1orre 0evew-lent
01^e•
'oW excenaitures
Exem (oftener)
of revenues
peer exoenc tures
O7pw "Nm"g sources (uses)
OWAII V transfers to
OAe•avg transfers out
Tow c71r finaron9
w6mes (uses)
Excess loefioe^ty)
of evenues va
am, hnarcmg
W 1M ore'
expe^atures anC
a7W uses
Funa tagece e; oegrvvny
Of yea(
Ewy traWers ,0 Ott'er tunas
Funs tam^ces at ena
c' rea•
SCHEDULE B-2
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1267
with ttlt mparathre totals for year ended September 30, 1986
(In 4housands)
MIAMI =ports
a Eah► ftn
Downto+a++ Law
Dovokv ent Neacw conanunity Enf 'col w+t
other
Funds
Totole
19a^ 1966
Al ftMy
Au"W" aervic" Development Cable T.V. ..
Fund
$1.297 i - i - S -
S -
$ -
$1.297
$ 533
-
- 1.406 - -.
-
-
1,406
1.480
..
- - 16.751 -
261
4,937
21.949
2'.802
f6
15 9 184 179
104
48
555
622
3
6 123 658 -
353
US
-
2.030
1720
19
1.320 1.538 17.593 179
718
5.8
27.237
26.157
-
- 1.849 - -
639
-
2.488
2.387
- - 17.593 -
-
2.053
19.646
14.328
-
1.025 - - -
-
-
1.025
950
429
- 1.174
3.688
6.291
' 487
429
1.025 1.849 ' 7 593 1 174
639
$ 741
28 450
19 ' S2
(410)
295 (311) - (995)
79
129
(1.213)
7.005
463
- 4m - -
-
1,164
2.085
1 015
- _ _
-
(100)
(100)
(7 9m)
463
- 458 - -
-
1.064
1985
16 921)
53 295 147 - (995) 79 ' .193 772 64
344 - 98 - 2.234 1.843 1.462 5,981 10.619
- - (6) (6) (4.722)
$397 S 295 S 245 S - S 1 239 Si 922 $2 649 S6 747 S5 981
axo e---
A-37
10487
L
CITY OF MIAM1. FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY,
RESCUE
SERVICES, COMMUNITY DEVELOPMENT AND CABLE T.V. SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1987
with comparative actual amounts for year ended September 30, 1966
(In thousends)
WPM Swa Mid EsMbff(on AuMorlly Downtown tlewelopffwd Autho"
ftwue Services
VOWS
F onw* 11146 Favor"In$
t186
1$venues
& et AftW 0ni w=b4.) Actual 6*0 Aetwif le) Actual Sudgei
w
AcIW (Untavaable)
Actual
pro9e^y was
: — S — :— S — $1.322 $1.297 S(25) 11393 S —
S — S —
S —
Ioness and won was
— — — 220 — — — — 1.270
1.406 136
1261
Vogov -rwita ....
— — — — — — — 303 —
— —
—
Miteres:
— 16 16 t t5 — 15 15 5 —
9 9
10
ORW . ..... . ..
3 3 — 25 8 (17) 4
123 123
3
Toy mvwwes
— 19 19 335 1,347 1,320 t27) 005 1.270
1.SM_ 268
1.274
K ofrc sa'ey
— — — — — — — — 1.728
1.649 (121)
1.855
E=rormc aevoo men:
— — — — 1.347 t.025 322 950 —
— —
—
Orr
398 429 (31) 352 — — — — —
— —
—
Tow eximwortures
398 429 (31) 352 1 347 1.025 322 950 1.728
1.849 (121)
1.855
Ewes (dehoercy)
of reywTues
Owr axpe++atures ON) (410) 02) (17) — 295 295
01,w tnanong sources (uses)
Ooerarg uartVers in 350 463 113 — — — —
Cowa�ng lr"ers aut — — — —
Tow other 4nam!.Q
st wn*$ (Jes) 350 463 113 — — — —
E,oess (dei:oency)
a vverwes an:
ww 1rdmrg
foumn ovr
esper'Olures anc
01rw uses
S (48)(1) 53 $101 (17) S —
FunO wances at
oegn,N of yea,
3" 5.082
Eou.y tr"ars b wer turns
— (4721)
+—
Fund o,ances al
end of yea,
S 397 S 344
(1) ESud(pt balanceo cy appropnatton of begtnnlnp fund valance
A-M
(245) (458) (311) 147 (581)
— 458 458 — 560
458 458 — 560
295 S295 (245) S — 147 S +47 (21)
— 245 96 119
S 295 S_ S 245 S 98
IL048 7:
L
N
SCHEDULE B-3
co1rol +My
om)c" oil.
cwo T.V.
Total
y�
Fevomwe
1"s
amble
Me
bblle
Im
&AM
Actual
(il Amen bie)
Aetwl
t!!W
Aftel
Odds able)
Actual
WA9M
A41W1
law")
Actual
: —
s —
s—
s —
s —
s —
s—
S —
$1.322
s 1297
s (25)
S 393
16.900
15.751
(49)
10,912
—
—
—
—
18.070
18.157
87
12.393
—
—
—
—
—
—
—
—
—
—
—
303
—
164
184
22
.-
172
179
269
—
403
403
421
25
792
767
767
16 800
17 593
793
11.694
•79
179
269
19.417
20,649
1.232
14,277
—
—
—
—
—
—
—
—
1.728
1.649
(121)
1.853 '
—
—
—
—
—
—
—
—
1.347
1.025
322
950
16 800
17 593
(793)
11 606
1 665
1.! 74
491
1.135
18.863
19,196
(333>
13 093
16 800
17 Sa3
(7931
11 606
1 665
1 ' 74
d9!
1.135
21.938
22 070
(132)
15.896
—
—
—
88
(1.665)
(995)
670
(866)
(2.52')
(1.421)
1,100
(1.619)
—
—
—
—
—
—
—
808
921
113
560
(88)
—
—
s
(679)
—
—
—
(767)
—
—
(88)
—
—
—
(679)
808
921
113
(207)
S — — S — — so 665) (995) $670 (1,545) $(1 7'3) (500) $1 213 (1.826)
2.234 3.779 2.676 9 224
— — (4 722)
s— S -- $1 239 S 2 234 S 2 176 5 2 676
�—
A-39
10487
M
SCHEDULE C•1
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
vrlth comparative totsb for year ended September 30, 1986
(M )
M.S,E.A.
M.S.E.A.
Mousl
Oanend UtllRtes suboedtnate
_apecl0
specter Totab
Ob1 Won Sonde Obllpatlon
tgatlon
Ob III Ion
s+onds Tax sonde Note
Bonds
Bonds 1907 1986
ASSETS
Equity (deficit,) in pooled cash
and im+estments ...................
$7,348
Cash with fiscal agents .................
-
Recelvables.
Taxes ....:.......................
164
m Assessent liens, net ...............
277
Other..... ..........................
-
Total assets ....................
$7,789
LI"ILITIES AND FUND BALANCES
Uabtities:
Matured bonds and
interest payable ...... ...........
S4,009
Due to other funds .............. ..
-
Subordinate obligation note ...........
-
Other payables ... ... . ............
8
Total liabilities ... ..............
4,017
Fund balances:
Reserved:
Debt Service . .... . ............
-
Subordmate
Note payable .................
-
Unreserved.
Dewgnated for subsequent
year's expenditure ........ . ....
2,000
Unoes+gnated ...... , ... .. I ......
1.772
Total tuna balances ...... , .....
3.772
Total kablibes and
fund balances ................
$7.789
$ 65 $ - S -
S 4 S 7,417
S 7,276
216 1,311 14,462
- 15,989
22,792
2,662 - 295
- 3.121
504
- - -
- 277
406
- - -
- -
2
$2,943 $1,311 $14.757
S 4 $26,804•
S30,980
$ - $- $ 4,009 S 4,215
2,864 - - - 2,864 15
- - - - - 10,000
- - - = 8 209
2.864 - - - 6.881 14,439
79 1,311 14,757 4 16,161 12,761
- - - - - 102
2,000 -
- 1,772 3,678
79 1,311 14.757 4 19.923 16,541
S2,943 $1.311 S14.757 $ 4 S26,804 $30.980
A-40
• 0487
L
SCHEDULE C-2
CrrY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1 987
artth comparative totals for year ended September 30, 1086
(in thousands)
M.S,E.A.
U.S.E.A.
Moual
General UtNItles tiubordinate
Obligation Bervice Obligation
SWIM
Obligation
= FanTotals
Ob Igal
Bonds You Bonds We
Bonds
Bonds
1987
1986
Revenues.
Taxes ...........................
522,462 $28,775 $ -
$ 3,975
S -
$55,212
$46,251
Assessrnent lien Collections ..... , .....
2,468 - -
-
-
2,468
3,726
Interest ...........................
980 114 84
11080
2
2,260
2,383
Other .... .......................
1 -
-
1
210
Total revenues ......... . .... . ...
25.910 28,890 84
-�
5.055
2
59.941
52.570
Expenditures.
Debt Service:
Principal rebremeni... ............
11,400 150 -
-
80
11,630-
10,950
interest and fiscal charges ........
13,609 8 544
1,676
218
16,055
15,030
Other .......... ...... ..
307 5 3
411
-
726
748
Total expenditures ...............
25,316 163 547
2.087
298
28.411
26.728
Excess (deficiency) of revenues
over expenditures .............
594 28.727 (463)
2,968
(296)
31,530
25,842
Other financing sources (uses).
Operating tranfers in ..... , .... , ..
- - 542
-
300
842
-
Operating transfers out ............ . .
(500) (28,703) (78)
(917)
-
(30,198)
(26.704)
Proceeds from debt issuance .........
- - 10,000
-
-
10,000
46,836
Depos,its for debt retirement ..........
- - -
-
-
-
(35,550)
Total other financing
sources (uses) ..... ....... . .
(500) (26.703) 10A64
(917)
300
(19.356)
(15,418)
Excess (deficiency) of revenues
and other financing sources
over expenditures and
other uses . ................
94 24 10,001
2,051
4
12,174
10,424
Fund balances at beginning of year .......
3.678 55 102
12,706
-
16,541
6,117
Equity transfers to other funds ...........
- - (8,792)
-
-
(8,792)
-
Fund balances at end of year ...........
S 3.772 $ 79 S 1.311
$14,757
$ 4
$19,923
$16,541
A41
IF
OF DA
IBONDSIAND
GENERAL OBLIGATION BONDS, UTILITIESCITV
SERVICESTIAX MOUSING SPECIAL OBLIGATION BONDS
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET (GAAP BAWS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1987
with oomparetNe totals for year ended September 30, 198a
pn t wmrvde)
General Obligation monde Utilities Service Tax bonds
Variance
variance
Favorable 11116
Favorable
1906
BudW Actual favorable) Actual Budget
Actual
(Unfavorable)
Actual
Reverxres:
Taxes. ............... .............
W,331 522,462 $131 $18,263 t26,637
$28,775
52,138
$24,760
Aesavrlentfen carscoons .............
2,760 2,468 (282) 3,726 —
—
—
—
thtere6l .......... .........
....... 1.025 980 (45) 1,016 -
114
114
240
Other...............................
210
1
1
Total revenues ..................
26.106 25.910 (166) 23.215 26.637
.r�
28,890
2,253
25.000
Exp"tures.
DM ssrvrce
Pnntaoal rebr"m
11,660 11,400 260 10,800 150
150
—
150
Interast ana fiscal onarges .
13.559 13,609 (50) 13,280 6
8
—
17
Ouvr . . ..................
387 307 80 10 —
5
(5)
Total expenditures . . .
25,605 25.316 290 24,090 158
163
(5)
167
Excess (deficiency) of
revenues overexDer6tures .......
500 594 94 (875) 26.479
28,727
2.248
24,833
Other financing 11LK ow (uses):
ODerafing transfers in . ........
.... — — — — —
Op rabng transfers out . .....
. .. .... (500) (500) — — (26,479)
(28.703)
(2,224)
(26,341)
Proceeds from debt issuance .
....... -- — — 35,551 —
Deoosrts for debt oefeasence
— — — (35,551) —
Total zMer financing
sources (uses)
(500) (500) — — (26 479)
(26.703)
(2.224)
(26,341)
Excess (defiaency) of revenues
and
other financing sources over
eaperawres ara omen uses
.. .... S — 94 S 94 (875) S —
s�
24
S 24
Fund balances at begmrung of year
... 3,678 4.553
55
1,563
Fund balances at end of year ......
... S 3.772 S 3,678
S 79
S 55
"r-PI
10487
I
SCHEDULE C•3
HaWng Special 0002stlon OwWa
Totals
Mariana
Vsrlsnce
Favorable
19ab
Favorable
I$"
axlpl
Actual
avoraWe)
Actual
wepel
Actual
(UnPsvmble)
Actual
548,968
951.237
$2.269
54p,023
—
—
—
—
2,750
2,468
(262)
3,726
—
2
2
—
1,025
1,096
71
1266
1
1
210
—
2
2
52.743
54.802
7059
48.215
80
80
—
—
11,890
11.630
260
10,950 '
220
218
2
—
13,787
13.635
(48)
13.297
—
—
—
—
367
312
75
10
300
298
2
26.064
25 777
287
24.257
(300)
(296)
4
—
26,679
29,025
2,346
23,958
300
300
—
—
300
300
—
-
-
—
—
—
(26,979)
(29,203)
(2,224)
(26,341)
—
—
—
—
—
—
X551
—
_
—
—
—
(35,551)
300
30C
—
_--
(26.679)
(28_903)
(2,224)
(26,341)
3 -
4
34
—
S
122
s 122
(2,383)
—
—
3.733
6,116
3 4
s-
S 3.655
s 3.733
A-43
JL0 487
u
SCHEDULE 0-1
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with eornparstive totals for year ended September 30, 1966
(in thousands)
IV"
miens
n
w0ow a Equ"w
mum
Sports
Exhib"I"
Totals
ASSETS
II I
..r,
MM the so m At"Whim
a...�.
AeMa
Eamon
log?
INS
Ew,y ,n Now car
ffti90 nvewrems
514.060
$2.087
325.110 529.909 513.950 S -
$ -
S -
3 85.116
S 76,340
Da>a' wtp %ca Go"
-
-
- - - -
14.655
6.691
23.346
40.976
Acn urn vwv&*
29
-
- 7 - -
-
-
36
654
Due bom oe w taros ...
850
173
- - - -
-
-
1.023
173
Oue f►pm b7+er goft-m-ants
932
713
- 66 2.532 -
-
_
4.245
4.544
Odra assets
-
- -
-
-
600
Tote assets
$15 87,
S2 973
925.110 529.984 $16 482 S -
$1 a.655
$8 691
3113.766
$123.287
L"UT1ES
AND FUND BALANCES
LwiD*ues
vfxjcr rs and
abcaOts tsayab a
S 1 486
31.378
S 590 S 3 S 915 S -
S-
S-
S 4.372
S 3.906
Awuwy expenses
-
1
3 - _ _
_
_
4
3
Due to 07W f•.rds
-
-
- 725 -
_
725
86
Tow vwjm
+ 486
1379
593 728 915 -
-
6101
3.995
Fund bslu+ces
Hasewe0 to+ encurno►a .ces
4 426
1.594
2.327 170 4.991 -
-
-
13,509
18.766
R*WvW to cDns:rL=on
-
-
- - - _
14,655
8.691
23.346
28.291
P40rvw for
eq,opmeni wQ,,ases
-
-
- - - -
-
-
-
12.268
Urnsen.eo--oesip^atec for
aoaovw W"n
9 959
-
22.190 29.086 10.576 -
-
-
71 810
59 947
Tow fund oaunces
14385
1 594
24 517 29.256 15 567 -
14 655
8.691
+08 665
119292
Tow ►ab oes
arc hr+o ba I"m
$15 871
S2 973
V--
525.110 S29 964 $16 482 S -
'c-
$14 655
S8 691
S413.766
5123 287
A-"
'1049-11791 It
SCHEDULE D-2
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with oornparsthre totals for year ended September 30, 1966
(In thousands)
so"
balmove.
Quhes i
kwmidpw
Public
warm
am n e" Epoft
1xmwon
Tobb
"I
Recreation
flee
u"
semen
A*$Wtlon Awls
E[panslon
19i7
INS
Rere��7
anlerparernrtlental ...... , , ...
S 15
= 2,456
S -
S-
S-
S- S-
S-
S 2,471
S 3,777
Iln m ........... . ........
628
475
11532
as
1,144
- 1,374
467
6,528
7,071
Ora ....... .............
19
797
350
1,166
2,869
Told twree..........
$62
2.931
1.532
M
1.941
- 1,724
487
10,165
13,717
Evenotures
C40tw ovyay . .....
9.2M
5.822
�
7.010
10.729
9,189
- 15,814
124
57,924
38.847
Exam (deiomcy) of
.
reveries Not
e�erxytwtl ......
(6.574)
(21891)
(5,478)
%841)
(7.248)
(14,090)
363
(47,759)
(25,130)
Ott* inarcrq wxm (ulls)
OperaLnp aansters ;n .
2,931
1,946
680
4,688
-
- 454
-
10,699
3,714
Operann0 aarmn out
(4,233)
(1,2%)
on)
(800)
(4,139)
- -
(464)
(11,728)
(2,916)
Oebtprooeeds ...
7375
-
5,500
27.959
3,500
-
44.334
70,165
Tm orrer firwanp
aourm (uses)
6,073
680
5.354
31,847
(639)
- 454
f464)
43.305
70,963
Exxu (00varry) of
nroenues and "r
f-wwg vourcas trier
ttapenotues and
orw uses
(2,501)
(2,211)
(124)
22,006
(7,887)
-. (13,636)
(101)
(4,454)
45,833
FunO batanoes as
begntinp ot year .. ....
16,718
3,973
24,838
9,750
23,454
12.2W 28,291
-
119.292
69.391
Eoupty angers to Wmi hu+ds
-
(168)
(197)
(2,500)
-
(12268) -
-
(15,133)
(4,179)
EWty s mom from W*t hums .
168
-
-
-
8.792
8,960
8.247
Find bwvxo at end
d reap
$14 385
$1.694
$24.517
S29,256
_-
$15,567
S - $14.655
38.691
$108,665
S119,292
A-4S
10487
9
n
CITY OF NAM. FLORWDA
ENTERPRISE FUNDS"
COMBINING BALANCE SHEET
SEPTEMRER 30, 1987,
with comparative totals for Seplembw 30, 1966
(In thousands)to- 0100
r
its E I www mom Bowl C 41r«Oa* Wardam ► Mrq OARM 8@1M =0 Tomb
p Funs 8laatual sloftffl BtadWro cant« 11a1bw Awaork o Couns" ►►epees! - c..y. a:wan. �w tfn IN$
C10191t asean -
Egw7 Ids4*4 in tao"
cash and raaserlslts f- f- f (155) f (220) f 5w f (2 332) f 2.471 f (20J) f 1405) f 132 8 6W $190 f 379 8 3 f W f (520)
Cash and Cash SWV$ alts 31C4 206 - - - - - - - - - - - 3 910 4 401
i
Accounts terow" (ro).
where appk4be of
albwanoes for ulcola*
an of $2.463.000 48 32 61 2 70 141 4 22 20 - - 5 1.308 lei 2.506 1,928
Due horn osier krids ... 484 - - - 132 - - - - - - - - - 616 609
Due hem oe+er gorermrMta - - - - - - - - - - - - - -
2"
wlvantoraes ... ..
88
-
-
••
-
-
-
-
-
-
-
••
N
52
Prepaid e.pwmg .
351
13
-
-
Ito
-
-
-
-
-
-
480
3W
To1a1 Cunanl Brawls
4.662
251
_�
;21e)
110
(2061)
2 415
(1eQ
-�)
�3x
801
i95
1_6e7
190
e.173
7.068
ROW CW assa7ls
Cash and wwesrnwts wah
fiscal s0w uichrdnq
accrued WW40 . . .
2.8W
-
-
-
-
10551
-
-
-
-
1.873
-
-
-
15227
14,062
Noes recav&W. Iona Mm...
11
-
-
-
-
-
-
-
-
-
-
-
--
-
t 1
17
Progeny, Pt" and
equpmert .. ... .... .
27.323
996
2.108
2.663
14.259
88,245
8.193
4.715
1.656
519
0,4w
282
2.086
2,329
164.144
155.000
less
AccumWeddeplwwon ...
(7.299)
S!72)
(1,553)
(1.05T
�)
(6955)
-3,199)
�1.5 88)
(769
(2/N
._8&88)
A1)
Rom )
(�-)
1,Itt)
81Q
Ploparly, ptart and
e4uwr/rart, net . ,
20.024
524
555
160J
7 001
01,290
5.594
3.167
897
271
7,799
271
1_824
2.133
133 033
127.309
00W asset.
Do"s and o0w assets ...
1.089
-
-
-
-
-
-
-
-
-
15
1
-
-
1.165
52J
Bond muarlce cods. nal
132
-
-
1.676
-
-
-
430
-
-
2,238
2.290
Taal assets
f28.72,
f115
--
f 467
f 1,385
f 7.191
f91,436
f 8.069
f 2.9w
f 432
f 403
$10.781
1467
$3.511
$2.923
f160147
9151.351
(EprtuKrO
I- y{
SCHEDULE E-1
CITY OF MAW. FLCOMDA (continued)
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEM BER 30, 1287
with comparallve totals for September 30, 1MMi
p - (In thousands)
ow to
I*" low mantle WOW snarl ca�vMMa+ ads we.a.we ism" wAmme odw en/ lessee tN.r
per" fwra �ladfrrrll sladturn slwlwn c.n1« tllarlrw AudNeAllre Ceuwoa Fr1p«1y�.. a_ a«rrM w.Ne w
LIABROM AM
FUND Eamy
Currem Mb6m a�
team curram aseels)
Voudws end accounts
payable
f a34
f aS
Accrued ampanaaa
IDr�nclpsNy salerrn) .
Due to a11er funds
-
163
Delerred reverws
297
26
Deoo,As
421
46
total curlers rab%n
(payable Mom
aired esters) ..
1,352
300
-
Cuneref kabades (payable
hom reslncled assets)
Conslrucbm Corltafts ....
-
-
Accrued mNresl
650
-
CiFfm portion of
bonds payable ...
315
_
Taal current Msb4Ues
(payable from
restrrcied awwo ...
965
_
Lora Win Mbftes
Revenue bonds payable -nit
17.230
-
Speaal oblgaYon bonds
payable- net-
Olher payables ..
10
_
Taal wq wm koWhes
17.240
_
total mblbes
19.557
3w
-
Fund equey.
Corettwed capelaf
-
730
Relaa+ed earnings (de4w)
Reserve for consauction
and revenue bond
rellremcrN
1.830
-
Unreserved .. ..
7.326
J!55)
Taal relanled awnings
(dehal) .. ....
9.164
1255)
Total held equrly
9 164
475
Taal habllroes and
fund equly
f28 721
f775
1 N .- V.-r 1-m
f 5
f 78
f 131
f t66
f 205
f 38
f 62
f-
E 100
f 38
f2 171
6 35
f 3 734 S
1450
-
2
44
30
39
12
30
-
-
205
072
a
1.2w
629 _.
-
132
050
142
-
_
-
_
92
-
-
-
1379
5.15
3
2
57
-
-
51
-
-
-
-
-
12
448
Gm
5
32
10
-
12
-
2
-
97
14
689
477
13
246
1,092
338
2%
l0t
102
200
320
9_043
129
7.500
2911
-
-
-
6
-
-
-
-
-
-
-
-
a
-
-
-
-
1,285.
-
-
-
tar
-
-
-
2.219
1.876
-
-
-
-
-
315
90
_
-
-
1.291
-
-
204
-
-
2.540
1,966
-
-
-
58.594
-
-
-
63
-
-
-
-
75.887
74107
-
-
-
-
-
-
13.257
-
-
-
13.257
13.343
_
-
-
50.594
-
63
13.257
-
82.154
87.450
13
246
1092
60 223
256
101
102
63
13.741
326
3.043
129
99.194
92.327
699
1.654
4,471
43,245
2.707
5,401
391
-
634
265
1.933
2.287
64.503
59.705
-
-
-
9.260
-
•-
-
-
1.589
-
-
-
12,607
12096
(245)
1515)
2.228
(21.292)
5.026
(2 522)
(61)
340
(5.183)
112"
11.46%
Sol
(16.237)
412 IN
(215)
(515)
2228
(12.032)
5.026
12.522)
(61)
340
(3.591)
26
(I_46S)
507
(3550)
1675)
454
1,139
6 699
31.213
7.613
2.885
330
340
12.960)
139
468
2.794
60 953
59 030
$ 467
$ 1365
$ 7.791
$ 91.435
$6.069
5 2.966
$432
$403
$10 781
S 467
f3 511
52.923
MOM?
S151357
a
rhi
CITY OF MIAMIr FLORIDA
SCHEDULE. E•2 ;
ENTERPRISE FUNDS
COMBINING STATEMENTS
OF REVENUES, EXPENSES AND
CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1987
'
with comparativR totals for the year ended Ssplember 30,
i,99
(In thousands)
Om-
tYrtal 1[itlw}r1N
Sao
"ad"
faarM
peps
aorrl
CawnNlen RMI
Mehn�wlw
►OItoM�
�1�
d1a/
d
se/
ToQsM
Fund
Eladlues
ftaduxa
816ftm
11111111' Ar/11m1 m Courses
property
OEW-
A Z
waft
M
1M7
190 _
_Confer
_
r
opers" raImm.
.
Charges to aarvbaa .....
f 1,5a8
$ ?32
f M
f?m
fxV606
f 3,710 $1,405 If 50 $1.147
824
5 443
83,Qa7
814,002
112,246
$ 38.833
:35,387
Oporwv aoerwr
P«eonal services... ....
2,45,7
240
50
109
1.262
653 770 192 ISM
—
—
4,170
19.0"
180
29.100
23,1122
Comradual mvim .....
1,674
349
23
46
295
2.950 176 84 96
_
205
200
120
43
6.352
5.723
1
A4alende end supplw ...
137
4
13
95
7 30 7 95
30
111
1
510
52S
U141es..... ..........
241
156
34
se
251
20 136 151 02
-
-
15
44
2
1.203
1133
Inbagommrold dwgea
-
-
64
158
499
2 160 95 100
-
-
103
3.3e9
3
4,599
2.701 j` a
. , .
423
15
9
111
206
317 1B 104 17
51
53
8.952
279
10.595
9.100
TdsN • ...........
4,827
826
--_
204
472
?.606
3,959 I,290 823 1.0e3
--
336
4,511
30.66o
500
52,069
43,11G
OpurtWq kroaeN poser baba
dope6eeon mo ms ....
2.659
Ioe)
88
(206)
12)
(249) 115 (34) 64
24
lol
(984)
(16,658)
1,738
(13,4M
(?,754)
Depredation atperas . , ...
1,161
104
84
68
413
1,585 176 142 51
t4
/59
11
19
fie
4,115
3,991.
Op *v 41=1
(4tbj..,........
1,49e
- 2�00)
2
--
_ 27.9
1115)
(1,B3a) _ l) 1116) 13
10
(16,737)
1,670
(17,561)
11,6451
Nmopam*v rererrtres
144erelt inocrrta .... ..
436
9
34
e16 148 le
8
182
6/
fl
1,712
1,9113
InWest and Bed dwgee.
(1.328)
-
-
-
-
(5,259) - - -
(5)
(1119%
110
-
-
(1.807)
(7,87!4
Otter ........ I.......
35
-
1
1,258 27 9 2
-
103
38
-
1,419
21.9
revererea(egmses)..
(857)
9
-
-
41
(3,155) 175 9 20
3
(11037)
81
102
17
(4,610)
ktcarrre (lose) before
operarrg rensias ...
641
p91)
2
(274)
(374)
(5.019) 114 (167) 33
13
(110"
(90
(18,635)
1.661
(22.167)
(17.147)
Oper@*V bassists in ......
-
252
-
430
-
3,354 - 40 -
-
96i9
782
16,031
-
21,551
(%,372)
Operating reralers oul .....
-
Net ocaortla ptrs>f betas
e*aw*wy dams .
641
61
2
156
(374)
(1,665) 43 (127) 33
13
(121)
(12%
p1a)
69
ENbaadtsary dorm --gain
-
-
-
(2.56'�
(loos) on debt feflltVmckv
-
-
-
- - - -
-
-
Nel him, s pose) .. , ...
64t
61
2
150
(3741
(1,665) 43 (121) 33
13
(121)
(1261
1104)
09
(1.9)
(3,029)
flelained emmp (do"
el begNt" of year .....
9.523
(316)
1247)
(611)
2.617
(t0,367) 4,983 (2,395) (94)
327
(3-473)
-
-
438
(675)
2.354
EquAy randers fo o1w Mxtds
-
-
_ .
-
0)
07
ReAkW ea r*V (do"
a1 end d year ... , ......
9.164
I
J�45)
(5151
2.228
(12,032) 5,026 (2,622) 61)
340
�3,b94)
(120)
_L 46�
507
(3,55q
(675)
c0(*& W capital at
beginning of year .......
-
630
6"
1.654
4,411
43,245 287 6,407 391
-
634
-
-
2,261
59,705
56,693
tr
eoob* m from Dew
gove mrents ........ ..
-
100
-
-
-
- - -
-
-
_
_
-
100
748
CtxdtibuUom from
Ogler funds..... , ......
-
�._
T
-
- 2.500 -
-
265
1,933
-
4.696
264
Conttiboed capital al
end COyaw ........ ..
-
—9,164
730
699
1,654
4,471
43,245 2.787 5,407 391
_
_
634
265
1.933
2,261
64,5m
59,705
Total land ogtify ...
f
f 415
i 451
f1,139
f6,699
f 31,213 f7,B13 f 2,885 S 330
f340
f(2,980)
t 139
f 468
f2,794
f 60,953
f 59,0.f0
L
:0
IL
I
-1
SCHEDULE E•3
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED SEPTEM13ER 30,
1961
whit comparative totals for September 30,
1"S
(In thousands)
0116 oft"
!n� M
Marine
INrM
p
tart
ceweew"e
OW
ward10000
P""
IMirls
ftw
and Lease
Teals
lam
Fund
ltadkm
9ledluw
lledlum
GMe+_ Marw" Audkwk tr coum"
►
Ower
& 2arte
Mahe
1M7 less
wor" OWN vM
( 1011.
OpetaaM
worm poaA bakes eetra•
...
l 641
$ di
S 2
A 956
S (314)
S(9.E65) S 43 f(127)
Sm
$13
1(129
f(12l)
1 (001)
Sell
f (1.9D9) S 114"
a
wisp of wo," cavil+. .
1)ByrecWion and
w watan ... .
1,218
104
64
66
113
1,705 176 142
51
94
203
it
it
M
1.33e 1,065.
lt
)
of wowv.
egwpmem no .�..
_�)
_
—
. r.
-
_
_
-
to .,
Taal provided by 4*p ed
exneadimay item ....
1.023
165
86
224
39
40 219 15
64
2?
82
(115)
(625j
137
2.301 3.405
E x1 dad rryelirr%iq ~. .....
-
-
-
_ - - -
-
-
-
-
-
Total proby opetadorra • •
vided
1,823
165
'-'-
ee
224
39
40 219 IS
84
—
27
—
12
J!%)
M
137
2.301 1.035
Otter:
(ktaeaNl decteese in
restftW aocanM... .. , .
(Ie3)
-
-
-
-
(433) - -
-
-
65
-
-
-
At1) (318)
C Wansluala and egri
Maro..
kre, net
too
-
-
(15)
- 2.500 -
-
-
-
M
1.012
-
3.922 1.013
Waceede horn hVwm debt .
2.000
-
-
-
-
- - -
-
-
-
-
-
-
2.000 16.215
76
increase in o0w IialMies .....
76
-
-
-
-
- -
-
-
-
-
-
-
_
Told ................ ...
3.436
285
E6
—
224
24
_93 2,719 15
64
27
157
ISO547
137
7,488 11,8
WorW.m ceplall
p opplied:plant
end egripmerM, net ........
3.143
145
4
524
295
261 3,109 6
61
-
(54)
2e2
1,900
12
9,e96 3,935
WidPA*dss �dFSVWM
yable ........
Mlcreaee d.;;e1 b
90
-
-
-
-
- - -
-
to
110
-
-
-
216 13,652
bond discard ............
26
-
-
-
--
- - -
-
-
-
-
-
-
-
-
-
26 310
- 332
Dean• in olhet labiffliaas ....
-
-
-
-
-
- - -
-
-
-
Increase (decrease) in
130
-
-
-
-
-
o#w assets ..............
Tow ....... ...... .....
3.389
145
4
624
295
264 3,109 0et
Is
5e
sex
1,900
12
- rd
10 ,070 t®rr9 ,3
kxwotkkp capital . , ........
= 17
$120
$82
%1
i 2711
= 6p?) U390) f 7
E23
—
$ 9
—
i 111
fi132)
—
!1.
:125
s (431r
�d aaadsaa (doaseeea)
so
S t29
$190
S 379
f(29)
S 923 S (373)
invesirro a........
$ (520)
$30
Sig
S (7�}
S1.171
S Pit?) S (222) f 84
$50
1
5
1.308
249
646 273
Accowlereceivabla.net... ...
Due Mom
12
(211
51
-
1,)
113
1578)
1303) (43) (401
(15) - -
-
-
20
-
-
-
(238) !,tit
otterds ........
fin
Due hanAo aver
Oaverrmertls .............
fill)
-
-�
-
-
-
1125)
171 -
-
112
-
-
-
-
-
-
-
158 257
17 (59)
Inveraaiea .
1t
-
-
-
- - -
-
-
Prepaid expensett end
o0rer aseels . ......
739
(35)
-
-
-
4 - -
-
-
-
t
-
-
Too (991
"000 rft W eXPibla atd
.....
Due 10
(141)
(24)
80
7
-
(64)
-
7l
(e
(236) (124) I20)
29 - -
(26)
(2)
-
V"
941)
(3._0q
CAI
(4 1314
33
f
odw ride •
Depress telo dable. I ........
(36)
35
0
(32�
110
- (1) -
-
-
-
(81)
-
-
(�)
t1 �
63
Oelerted revenue ...........
6T
45
11)
�1)
50
- - �11
,_
_
.r
Increase (decease) in
waktngcapital . .........
S 41
$120
$82
S(300)
f 271
S (657) ) S 7
$23
; 9
f 111
i�13�
1,358)
3125
S(2.582) L (471)
H2 6309 SchE•3
SCHEDULE F-1
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative totals for Septembor 30,
1986
(in tllottaanta)
my
Now f•ropwty
pool tl*l "we
Prw
"
14oeunennt
cotmltmfaations
SWAM
totals
if{17 Ion
AIMS
.ewer
Curmt no".
EWty (dO") in Pooled
cosh and wweWrwim .................
S (1,150)
$1,970 $337
9(409)
S 11
S (24)
S 735
S 7,586
himnionas.................. .........
127
70 192
18
82
119
608
709
Toot current assets .............
, (1.023)
2,040 529
(391)
93
95
1,343
8.295
Pmw cted assets.
Cash and mveabnertts including
eoaued inivest ......................
—
7.394 —
—
—
—
7,394
—
Property, plant and epuipment ... .........
17,043
12,015 258
107
33
3.179
32.635
27.336 •
Loss Accumulated deproaabon . .. ...
.. (7,434)
(6,576) (173)
(56)
(10)
(1,881)
(16,130)
(13.706)
Property, pient and oW ment, not.
. 9,609
5,439 85
61
23
1,298
16,505
13,630
Bond mane costs ...................
. —
414 —
—
—
—
414
—
Orw asset;. . ....................
. 2
—
—
2
1
Tow assets. ........ .........
S S.588
$15,287 S614
S(340)
$116
$1,393
S25,658
921,926
L ANUT1ES AND
RUND MUM (DEFICIT)
Current ►abdmes
Vourners and accounts payable ..... ...
S 50
S 1218 S 54
$ 6
S 15
S 133
S 1,476
S 448
Accruad expenses (pnnctpaity sslanes) ....
195
102 143
14
24
51
529
443
Currant oomon of
Certificates o1 Partapabon ... .. ....
—
2.320 —
—
—
—
2,320
Aovued interest . ...... .............
—
106 —
--
—
—
106
Total current trades .. .........
245
3.746 197
20
39
184
4,431
891
Corp -term babhaes.
Comficatas of Parwpabon . ......... ..
—
11,74p —
—
—
11.740
—
Total long-term luWibes ..... .. ...
—
71,740
—
--
—
11,740
r
—
Total tiabbbes ............ . ...
245
16.486 197
�—
20
39
184
16.171
891
Fund equity (oeficio.
Contnbuted c omf ..
6.067
585 273
178
23
2,143
9,269
9,001
gatameo earrings (deficit) . .. .... ....
2.276
(784) 1"
(538)
54
(934)
218
12.034
ToW 4r4 oQurty (doficn) ..........
8.343
(199) 417
(360)
77
1,209
9,487
2 01 35
Total kabihbes and
turd etu,ty (deficit) .. ........
W 8_588
0 5.267 —
)
u$116w_—
51,393
$25.656
$2ti.926
A-W
JL048
L
SCHEDULE F-2
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF
REVENUES
EXPENSES AND CHANGES IN FUND EOUITY
YEAR ENDED SEPTEMBER
30, 1987
with comparative total* for Year ended
September
30, 1980
(In thousand*)
city
Now pm"ny
Print ►roahrernatt
CoatrWICEtloae
TOWS
Qwape
Pool IlehMenm a
MP Humpentent
Services
iq7
1aa6
Operating r"niums.
Charges for serv+oes ......................
$4.531
S 3.514 $4,166
$486
$666
$2,643
516.0%
$11,640
Operating expenses.
Plarsot+al w0ces .......................
2.941
2,188 2,722
329
424
880
9,484
6,205
Contraoist aervtces ......................
583
195 864
160
50
33
11685
1,299
'. Mawws and suppws ................
. ... 1.105
1,134 306
75
198
66
3,084
2,993
Utitfpes................................
105
42 20
6
19
1,631
1,823
1,825
Oftr........ .........................
128
147 1
-
5
281
401
Total .............................
4.862
3,706 3,913
570
696
2.610
16,357
14.723
Opwsting income (toss) before
deprecna w expense .............
(331)
(192) 253
(84)
(30)
33
(351}
(3,083)
poorecLoon expense . ... .. .............
1,422
1,322 11
10
7
321
3,093
2.498
Operating income (loss)
.... (1,753)
(1.514) 242
(94)
(37)
(288)
(3,444)
(5.581)
Nortoperacng revenues (expenses),
hnuest income . .....
. 136
674 15
-
8
18
1.051
701
Interest and fiscal charge ... . .........
-
(1,057) -
-
-
-
(1,057)
-
OBrer .. ... ..
36
146 -
w�
--
-
182
261
Total norxiperating
revenues (expenses)
172
(37) 15
-
8
18
176
962
Income (toss) Wore
operating transfers . .
....... (1.581)
(1.551) 257
(94)
(29)
(270)
(3.268)
(4.619)
Operating transfers in ....... .. ........
625
- -
-
-
-
525
462
Operating transfers out ... ... ..........
(3.000)
0.013) (675)
-
-
(837)
(5.525)
(474)
Net operating trans'ers .............
(2.475)
(1.013) (675)
--
--
(837)
(5__000)
(12)
Not wrcome (loss) .. .. . ........
(4,056)
(2,564) (418)
(94)
(29)
(1.107)
(8,268)
(4,631)
Flaw red eamngs �def w)
at beginning of year . . ...... ..........
8.286
3,374 562
(444)
83
173
12.034
16,665
Ewq transtem from other lurros .......
. -
2.166 -
--
-
-
2,166
-
EQurty transfers to oVw tUnds . . .....
. ..... (2.166)
(3,548) -
-
-
(5.714)
Retained eamngs (oetic+t) at end of year
...... 2,064
(572) 144
(538)
54
(934)
218
12.034
Contnbutad captw at beginning of year
....... 4.555
1,829 273
178
23
2,143
9.001
8,955
Contn"ons from oVter funds . .......
... 1,724
62 -
--
-
-
1,574
46
Contnbumns 1a other funds
-
-
Corttnbuted t:aprtal at and of yew . • • • • .
• ..... , 6.279
373 273
178
23
2,143
9,269
9.001
Togo fund equity (doftU ..........
.. $5,343
S (199) S 417
S(360)
$ 77
=
$1,209
a
$ 9,487
S21,035
A-51
IL048 7
I-
0
SCHEDULE F-3
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1987
with oomparefte totals for the year ended September 30, 1986
(In thousands)
efty Illow ""Wtv P" Pree;M"m
00ttt
m a+kab"
Totab
►ooe NabrOa WIN a" baba mem
Mwk"
W
1"s
Wor fang a9 VoYftd by (applied to):
Opeationa
Net means (lost) .......................
1(4,056) S(21564) 3(418) S(94)
6(29)
S(1,107)
S (8,268)
S(4,631)
loins not requru+g cmem
outlay: of wonong ceptal.
Dep►ecution ......................
1,422 1,405 11 10
7
321
3,176
2,497
LOU On dfapoerooms of prop".
pW71 and egusprnent• net ...........
— —
—
(326)
TOW provK*d by
(epWod to) operations ..........
(2,634) (1,159,, (407) (84)
(22)
(786)
(5.092)
(2,460)
Dec eme (increase) in res>neted amits .......
— (7,394) — —
—
—
(1,394}
—
Tran ers of CeroACates of Parwpucin--
bnp•tenn portion ... ....... ..........
— 13ASS — —
—
—
13,855
—
Cono+butions and equity transfers. net.........
(442) (2.839) — —
(3,280)
46
Tow ............ . .............
(3,076) 2.464 (407) (84)
(22)
(786)
(1,911)
(2.414)
Wor" CA" appl ea
Reduction of Certificates of
Partopaw Pmnopai ........... .. ....
— 2,115 — —
—
—
2,115
—
h erease in bond discount ... ..... .... ..
— 497 — —
—
—
497
.—
Addrbom of property. pAm and equpment.....
1.730 4,142 3 —
—
92
5,967
626
Total ... . . ............ I ...... 1
1.730 754 3
_
92
6,579
626
tmorease (decraw) in working capital ...... ...
S(4.806) S(4,290) S(�) S(84)
S(22)
S (878)
S(10,490)
S(3.040)
Summary of increases (decreeses)
in working aorta!
Casm and investments . . ....... . .
S(4.761) S (625) S(486) S(92)
S 8
S (897)
S (6,853)
S(3,279)
krventones ...I............1.......
Accounts payabb and acc�ued expanses ......
(64) (83) 34 (2)
9 (1,262) 42 10
(2)
(28)
8
11
(99)
(1
Shormerm portion of Certificates
,218)
39
3 39
of Paroapatron ...... .................
— (2,320) — —
—
—
(2,320)
_
tncrftw (0screase) in working capital ......
S 4 066) S(4,290) 5(410) Ste)
S(22)
�)
S(10,490)
S(3.040)
Kslq
01
IL0487
L
a,
SCHEDULE G-1
CITY OF MIAMI, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1587
with conlparattvs totals for year ended September
30, 1986
pn thousands)
t andafM TmM Fut+ds Y finds
P"W" TtW Funds
low ►>ttslon CsbM Detsrted
OBSE
Pro
Touts
t110e BidnMbsMon • T.V.- Edon
Trutt
�Tn—►rt
1967
�1986
ASSETS
Equity in pooW Corn and mvestmerm .. , ..
$5,326 S 698 31,729 S —
S —
S —
S 7,753
$ 8,498
Pans►on cash and Investments,
—
173,411
285,773
459,184
368,851
rcwng acsed I�at ......... . . ..
— — —
p4oarvab►es
Proceeds from wcunoes sold ...........
— — — —
1,432
1,026
2,458
323
Pennon members' oomprbuoon ..........
— — — —.
247
268
505
461
Other ................... r , . , ... , .. ,
24 85 — —
—
1,660
1,769
85
Due from other funds ...................
— 1.955 — —
—
2,719
4,674
2.072
Picard exbentes .
69
Deferred compensaoon plan assets
— 11.372
—
—
11,372
7,434
Total assets .. ... .. .. ......
95.350 S2.738 51,729 E11,372
5175.090
5291,436
S48T,715
5367.813
UAQu1JT1l:" AND FUND MUCES
Uab*nes
vou"I's and aocaunt payable
S 488 S 17 S 229 S —
S 120
S 36
$ 890
S 1,082
Payab+e for secunoss purchased
— — — —
2,694
1,987
4,681
1,005
Due to other funds ...... , . , . . _
— 2,719 — —
1,956
—
4,674
2,072
Deposits
— 2 1,500 —
—
—
1,502
1,502
Clams payabW
1,50.5 - -
-
-
1.545
11556
Deferred compensaoon plan liabilities
— 11.372
—
11.372
7.434
Total hatWities . .... . . . . .... .
2,033 2.738 1.729 11,372
4,769
2.023
24.664
14A50
Fund baiartce.
Reserved for ampfoyes
rsorement Wan benefits . .. ..
— — — —
170,321
289,413
459,734
369,256
Unreserved
Designated for hurricane loss
Soo — — —
—
—
Soo
500
Designated tot pensror+
rslatea axpomtures
— — —
—
...
—
121
Deagnateo "or clam payments .......
2,817 -- — —
—
—
2,817
3.286
Total 'und balances .... ...
3.317
170.321
289.413
463.051
373,163
Tout irabftes and tuna balances
S5,350 S2.738 S1 729 511.372
r—
5176.090
11 —
S291.436
-
$487 715
S387.813
A-53
10487
L
CITY OF MIAMI, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30,1980
(in thousands)
Pavenues
inWQov*MW4njW ..................................................
havo
ContnWWns from ...... I .....
.........
trot" ... ......................................................
Omer... .......................................................
'raw rovwiu . .......... ......................................
Expwx*uxes
Pwwrw"rom ..................................................
convictuai seryces .. ............................................
MSWWS and SUP01106 . ... .... .................................
Coirmbution to ratrarrient funds . .. ..... .. L .... ..................
Inwanix. .... . ... . ....... . .... ..........................
Claret ;*"Mts . . ..... . .. ....... .. ......... ..............
0vW.. . ................ I ......................
Tow expiandtures . . .... ................................ ...
00W fir& -Ong Sources
Opernng transfers in ... ... .......................................
Deflooncy of revenues and M*r financing
Sources Over G"F*411wres . � . ........... ........... ...... ..
Fund bWwce at oeginning of year .... ................ .. ..............
Fund batoince at end of yaw . ....... ..... I ....... ... ............ I
A-M
SCHEDULE 0-2
self
Pension
Totals
kouranco
Adminlatratlan
1047
1966
5 —
3 5433
S 6.033
S 4.699
6,244
24,733
29,977
25,935
8,977
—
61977
6,468
329
3
332
413
239
—
239
345
12,789
29.769
42,558
37,860
900
—
900
1,392
224
77
301
159
4
4
7
—
29.593
29,593
28,563
1,421
—
1,421
1.065
9,609
—
91609
9,677
1.100
—73.258
220
1,320
2,W8
29.890
43,148
42,951
—
—
—
2.591
(469)
(121)
(590)
(2.500)
3.786
121
3.907
6.406
S 3,317
S —
S 3.317
$ 3,908
JL0487
0
SCHEDULE 0-3
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(In thousands)
OESE
FIPO
Totals
Trust
Tntst
1987
INS
OperabrQ ► 4nues.
Combutrons hom ernpWtws.............................................
S 12.507
S 14,201
S 26,708
S 24.271
Conmbuwu from smpw&n and rawees...................................
6,123
6,643
12,766
12,069
Not room gun on wwes rwu
..........................................
21,833
34.947
56,780
29.242
We W and dtvidsnds.................................................
7,739
14.097
22,636
22,823
Total.............................................................
48.202
70,688
118,890
88.405
among :
lh norwserwces......................................................
834
530
1,364
750
9ensfa payments.............
.........................................
12,817
12,864
25,681
22,562
Refunds.... ........................................................
812
568
1,380
1231
Total .......................................................
14.463
13,962
28,425
24.643
Operaonpincome .......
...................................
33,739
56,726
90,465
63,762
Nonoperaonp revenues.
....... ...........................
9
4
13
-
Net income ..........
............. .................... I......
33,748
56.730
90,478
63.762
Fund valances at begnrunp of year
.... I ............
136,573
232,683
369,256
305,494
Fund bwanaes at end of year . . .
........... ................. .........
5170,321
5289.113
$459,734
S369.256
s mr-
A-55
101187
1-
SCHEDULE 0-4
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(In thousands)
USE
FIPO
Totals
Trust
Trust
1987
1988
Worlan9 alptal oro►nWd by:
Notircome.................................... ............. I..........
S33.748
$56,730
SW.478
S63.762
ftresasin VMdanp Cap+W.......................................................
0 748
556,730
590,478
S63.762
Surrrnary of inamoss (decreases) in woricinp capita.
Psmon mwsvnents ........................ ...............................
$35,639
$54,694
$W,333
565,550
Ptoosedsfrom secunbes add .................................................
1,432
703
2,135
(1,975)
Other scoounts reoavabte............................................. . .....
8
1,676
1,664
(207)
Due tram oewr funds ..... ..... .........................................
(594)
647
53
(1,822)
voucl+srs and acm nn payable .................................... . .. _ ..
(43)
(8)
(51)
8
Payab+e For woax m purchased ..............................................
(2.694)
(982)
(3,676)
2,208
twassein worbng uota). ....... ............ .........................
533.748
556.730
$90.478
S'63.762
A-56
IL0487
L
1
SCHEDULE
0-5
CITY OF MIAMI, FLORIDA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES
IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30, 1967
with eoteperathre totals for year ended September 30, 1986
(in thousands)
Cable
off~
Total&
T.V.
Compensation
1987
im
Poded Cats+ tu+0 intistbmwts.............................................
$1,729
S —
S 1,729
52,223
Deferred Compergation plan assets ..................
. .........................
—
11,372
11,372
7,434
Tow wsq—and otyeer................................................
51,729
M==--
i11,372
513,101
59,657
Total 5abiliEet—b&P►wnQ co year .... .........................................
12,223
S 7.434
S 9,657
57,275
Add. CorunWWm
Empbyer....................................................
—
677
677
153
Ern;)W s...................................................
—
2.086
2.086
1,765
tmettmantrnterest ..............................................
97
1,458
1,555
916
Leal VPendrsarsls 6 termnabons .... , ....
........... ........ . ..........
—
(283)
(283)
(292)
Payments to uce "a ...... . ..
............ . ......................
(591)
—
(591).
(160)
Total 1awbes•_-eno of Yw
.............................
$1.729
$11,372
$13,101
$9,657
A•57
i0487
L
i
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULE OF OPERATIONS —BUDGET
AND
ACTUAL
YEAR ENDED SEPTEMBER 30,
1987
(in thou"ncls)
oN•Suat
hrltinp
"o Enwp►ia Farad
Itlarfee Staollum
anc
e�
Ft
Fat
F
or�ib e
Aetwl
(t)ttImmble)
&Wpt Atstuel (Untavonbira)
kodget Actual (Unfe" bN)
laoera6nq rt*mue
chwoo toe WN=
S 7,554
S 7 586
S 32
$ 575 S 732 S 57
_._._ •..__
$=
1290
$0000)
owwtq umses
Puaorat servcn .... ...
2.390
2A U
(62)
2" 246 31
66
So
18
Cwwwual Nrvcn
ma+umnce. crap oftr
operaunq expertsw
2.442
2.475
(33)
470 582 (112)
143
158
(15)
To"
........ 4932
4.927
(95)
747 a28 (61)
211
208
3
Overaang rnoorrr boss)
below oeprepwor+
a owu
.. 2.722
Z659
(63)
(72) (96) (24)
69
82
()
Devmaoon expense
1 166
1 161
5
96 104 (8)
70
84
(14)
Doeraenq :000me (loss)
1 556
1.496
(581
7 68) (200) 132)
19
(2)
(21)
Nwxmr&D.,V revenues
(l:pe^sK1
"arw ,name
461
436
(25)
4 9 5
—
—
—
Debt wvice
(1.265)
0.328)
(63)
— — —
—
—
—
o;rw
(55)
35
90
— — —
—
—
Vaf non operarq
vvo-xss (ewertsa)
(859)
(857)
2
4 9 5
-
-
-
kwi (tossl Wore
among na-wers
697
641
(56)
(164) (1911 (27)
•9
(2)
(21)
owawv ransters "i
—
—
—
— 252 252
—
—
—
ooeraunq .waters out
—
—
—
No: nco-4 (ball txfue..—
sattaa". rti-y 1 rs-
1
bwage'.arybm
S 697
641
S (56)
S(164) 61 $225
S 19
(2)
$(21)
Aacwx4u4oll to
GAAP—pass
CawAkzeo
attpenp;tur"
—
_
4
00 bong tr"er
f,,no-q avw outlay
_
Net imo . (1oss)before
wnwovey rems-
GAAP bass ... ..... .
S 641
$ 61
S 2
A-58
1048
I-
l
SCHEDULE H-1
NWN fted(uM
Ord
fowl $tedium
Comm"On comw
W►Inu
Vwmnco
Variance
Vartanoe
Varlana
fwaro ft
favorable
favorable
favorable
Actual
Pftn "
Owc4W
Actual
(Untwor W
!!d"t
Actual
(Unhmn")
8lOW
Actual
(Unlavorabie)
S 418
S M
8(152)
S2 783
S2 606
50 77)
$6.491
$3.710
5(2.78')
S2.373
51.405
S(968)
193
106
85
1.176
1.262
(96)
$77
653
(76)
692
770
(78)
304
364
(80)
1259
1.346
(87)
4.092
3,306
786
1.378
520
858
497
472
25
2 435
2.608
(113)
4.669
3.959
710
2.070
1.290
780
(79)
(206)
(127)
348
(2)
(350)
1.822
(249)
(2,071)
303
115
(188)
28
66
(40)
325
413
(88)
'.530
1.585
(55)
158
176
(18)
(1071
(2741
(167)
23
(415)
(438)
292
(1.834)
(2'26)
145
(61)
(206)
-
-
-
-
34
34
617
816
199
-
148
148
—
—
—
—
—
—
(5.' 39)
(5.259)
(120)
—
—
—
w
r
7
7
—
1 258
11258
—
27
27
—
—
—
—
41
41
(4,522)
(3.185)
' 337
—
175
175
('07)
1274)
(167)
23
(374)
(397)
(4230)
(5.019)
(7891
145
114
(31)
130
'30
—
—
—
—
4.230
3354
(876)
—
—
—
(231
—
23
(231
—
23
—
—
(145)
(71)
74
S(..")
S —
(374)
SON
S —
(1.665)
S(' 665)
S —
43
S 43
300
S� $$ 374) S(1.665)
S 43
A-59
(contnuec)
10487'
t-
a
t'
t
CITY Or MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULE
OF OPERATIONS —BUDGET
AND ACTUAL
YEAR ENDED SEPTEMBER 30,
1887
(in thousands)
Audllatum
Gaff Couraee
Warehouse Property
four"
Feevomble
Veriance
Favorable
M M
!eN (}o,°ri1le)
AcW
ttvomble)
p -
Budget
Aetwl
.—.
(Unfworablel
oien9 revenua3..
Cna►ge W eerrces
S745
S 589 3(156) S1.299
111,147
S(152)
$36
S 24
S(12)
ODWUN exoerses—
Peram, aervrces ...
172
182 (10) 829
683
146
—
—
—
Cartwual Iran cw mewwartice.
We other w"rq ercpanses
4"
"1 36 563
400
163
....
649
623 26 1.392
1.0B3
3"
—
—
—
()Cwaunq Mk50rf+e 0m)
beVe oewwwon exoem ..
96
(34) (130) (93)
64
157
36
24
02)
Deprgatxm expense .. ....
136
142 (6) 36
51
(15)
13
14
(1)
Opertsnp L.-Wrie Pass)
(40)
(176) (136) (129)
13
142
23
10
(13)
Non0wAvr+c rrvw%ras (exoens")
lmwest m-v v
-
- - 29
18
(11)
-
8
B
09N service
—
— — —
—
—
(23)
(23)
—
C7+e•
9 9 —
2
2
—
—
Nei man non ooawq—
reverkies (exaerses)
—
9 9 29
20
(9)
(23)
(15)
8
krCome (Ml be'o•e
omtwig Im ers
(401
(167) ('27) (100)
33
133
—
(5)
(5)
Operung dansrers 1-
40
40 — 100
—
(100)
--
—
—
OprarN 7a.4ws a:
_:_
_ -
—
—
Ne' ;' K=f ! (tcss) before
extratxo"nary Whs—
brogeury bans
S—
(127) $(127) $ —
33
S 33
S—
(5)
S (5)
(aecomokmom vn GAAp—bass
PnnocV •ewerre'+: on revenue boos
—
18
Net rncora Pass) bercre
exvWarary nr*s-GAAP basis
$027)
��—
S 33
44--
$13
A-60
1048
(continued)
p'"bt9
00,990
WAWWq and Zonbtq
lold Woos
Prop" bid
Lsw A4mWt
Variana
Va twe
Varlana
Variance
F avorable
kwr
ACW
( kdww&W) DmI et
AChW �vonble! PAW
v°rable) Wrd
Bic #A
Mm")
s "S
9 443
WM)
S 2 607
$3,587
S 980
913 945 $14.002
S 57
$1616
S 2 246
S 630
—
—
—
MA9
4170
(221)
18.294 18.064
230
156
/80
(24)
230
336
(106)
807
401
206
12.681 12.596
85
141
328
1187)
230
336
(106)
4.556
4571
(15)
30,975 30.660
315
297
508
(211)
418
107
(311)
(1.949)
(984)
965
(17.030) (16.658)
372
1319
1,738
419
175
159
16
—
11
(11)
— 79
(79)
—
68
(68)
243
(52)
(295)
(1.949)
(995)
954
(17A30) (16.737)
293
1.319
1.670
351
—
162
162
—
—
—
— 64
64
—
17
17
(1.288)
(1 289)
(•)
—
(t6)
(16)
— —
—
—
—
—
—
—
w
—
103
103
— 38
38
10
(10)
0.288)
(1127)
161
—
87
87
— 102
102
10
17
7
(1.045)
(1179)
(134)
0.949)
(908)
1.041
(17.030) (16.635)
395
1.329
1.687
358
'.045
968
(77)
1.949
782
(1,167)
17,030 16,031
(999)
—
-
-
—
—
—
—
— —
o
(1.329)
(g.618)
(289)
S —_ (211) $(2•--) (126) Ste) S
90
S (121) S (126)
0
(604) S(604) S —
S (604)
A-61
69 S 69
S 69
I
10487
4
00e'son0 retinues
tnor91 's, dwpes
owaAnq e, W"s
Perww aervices
Conaamm wvttes am w*r
Oman; e,.wses
Total ......
Ooeraonp M+oc>n+e bite
omyouron mew ...
oKnosw euDtnse
Ooe wg n+cpny wl
NW=*rwN ,@vW%es (exDer-WS)
Irwev lrcoT*
DID: sorms
Over
'raw nonoperaan0
revenues (exprus)
b* me before ooeraling
"nsfers
Owabnq transfm In
Oxrar,r,q va-Ve•s a: .. .
Ne. owat ng vans+ers
Net nMWne--NMelAry bass
PWW-0-4uon to GAAP_Days
hares: V, Cer.,ecates of Parpoman
Net income—GAAP oars
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
SCHEDULE OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1987
(M thousands)
cl
CR>7 «arw
moor Poo(
Ftop" Mslrltenwe
umo
rove""
F �N
Favo
At1Wa1 (1Mfavortble) 9N
Aet !l
(th!"nnb4)
Im"
Actual
(tinfombN)
$ 3 816
$ 4.531 = 715 $ 3.595
$3.514
5 (61)
$4 448
$4 166
S(282)
.... 2,910
2.941 (31) 2.235
2,188
47
2.455
2.722
(267)
1.977
1.921 56 4.795
Isis
3.277
1.818
1.191
627
1.887
4.862 25 7.030
3.706
3.324
4,273
3.913
360
(1.0711
(331) 740 (3,435)
(192)
3.243
175
253
78
824
1.422 (598) 871
1,322
(451)
11
11
—
(1,895)
(1753) 142 (4.306)
(1,514)
2.792
164
242
98
+36 136 320
$74
WA
—
15
+5
310
36 1274) 129
146
17
11
_
111)
310
172 (138) u9
1020
571
11
15
4
(1585)
(1.581) 4 (3857)
_ (494)
3.363
175
257
82
761
525 (236) 3.943
-�
(3.943)
—
_
—
(6.066)
(3,000) 3.D66 (1.013)
(1013)
—
(6751
(6751
—
(5.305)
(2.475) 2.830 2.930
(+,013)
(3.943)
(675)
(675)
s(6 aw).
(4,096) $2 834 S (927)
(1.507)
$. (560)
S (500)
(418)
_
S 82
S(4 056) i(2.564) S (4 t g)
A-62
104S7
SCHEDULE H•2
...._.--*w
Shop
ant
Ilwo""
vnt
Cam
oArow ttenst
sovows
V
Vwiwm
Fi olbw
FevombN
♦ "
AMhvoetb o
iMNiQN
AetuM
O*kV*Mble
fu
MWI
(UntWor")
5657
:tab
SON
5758
um
S(90)
S3.093
S 2.543
S(�
318
329
(11)
3T1
424
(53)
884
no
4
308
241
87
388
V2
113
1 P6
1130
116
826
STO
..�..
56
T56
696
60
2.T30
Z.610
120
31
(84)
(115)
_
(30)
(3D)
363
33
t320)
9
10
(2)
T
(7)
217
321
(104)
23
(94)
(1t7)
.._
!37)
(37)
136
IN)(424)
8
8
t9
18
23
(94)
(117)
—
(29)
(29)
136
(270)
(406)
123)
—
23
—
w
_
_
(837)
(637)
—
(23)
23
(637)
(637)
(29)
S(29)
S (701)
(t,107)
S(406)
S (W)
�
S (29)
a
S(+.107)
A-W
L
CITY OF MIAMI
REVENUE AND SPECIAL OBLIGATION BONDS
PRINCIPAL AND INTEREST REQUIREMENTS
As of September 30, 1987
Fiscal
Year
Convention
Warehouse
Ending
Utilities
Center
Special
Property
Special
Septernber
Service Tax
Revenue
Obligation
Revenue
Obligation
30th
Series A
Bonds
Bonds
bonds
Housing
low
$150,000
S 245,000
$20,000
S 125,000
i 1989
265,000
21,000
130,000
low
S 100,000
285.000
22,000
135,000
1991
330,000
310,000
140,000
1992
640,000
335,000
150,000
1993
1,060,000
360,000
160,000
1994
11140,000
390,000
170,000
1995
1,225,000
425.000
1801000
1996
1,320.000
465,000
190,000
1997
1,425,000
510,000
200,000
1998
1.540,000
560,000
215,000
1999
1,665,000
610,000
230,000
2000
1,805,000
665,000
250.000
200,
1,720.000
270,000
2002
1,870,000
290,000
2003
2,035,000
310,000
2004
2,215,000
3,35S,000
330,000
2005
2,410,000
355,000
2006
2,620,000
360,000
2007
2,850,000
2008
3,095.000
4,830,000
2009
3,365,000
2010
3,660,000
2011
3,980,000
2012
4,050,000
2013
4,410,000
2014
4,720,000
2015
4,750,000
Totai
$150.000
S60,000,000
$13,610,000
$63.000
S4.210,000
A-64
Subordin,
Parking
Rev. Bonds
$2,000, 000
10487
SCHEDULE H-3
M.S.E.A.
M.S.E.A.
Total
Parking
Revenue
Spacial
Obligation
Sunshine
Subo►dinata
Obligation
Total
Total
Principal
Bonds
Bonds
State Loan
Note
Principal _
Interest
and Interest
S 315,000
S 384,000
S 937,500
$ 2,489,000
S 12.131.005
S 14,620.005
330.000
402,000
1,250,000
2,398,000
12,290,223
14,688,223
345,000
426,000
1,250,000
2,563.000
12,134,205
14,697,205
370.000
S 600.000
451,000
1,250,000
3,451,000
11,965,881
15,416,681
385,000
645,000
478,000
1,250.000
3,883.000
11,753,624
15,636,624
415,000
690,000
507,000
1,250,000
4,442,000
11,488,216
15,930,216
440.000
735.000
538,000
1,250,000
4,663.000
11,179,225
15,842,225
465.000
785,000
570,000
1,250,000
4.900,000
10,849,397
15,749,397
500,00C
845,000
604,000
312,500
3.924,000
10,529,323
14,453,323
535.000
900.000
640.000
4,210,000
10,237.078
14,447,078
575,000
965.000
679,000
4,534,000
9,920,177
14,454,177
620.000
1.030,000
719.000
4,874,000
9.574,598
14,448,598
665.000
1.105.000
763,000
5,253,000
9,199,881
14,452,881
715,000
1,180.000
808,000
4.693,000
8,625.359
13,518,359
775.000
1,265.000
857,000
5.057,000
8,472,579
13,529,579 ,
835,000
1,355.000
908.000
5,443,000
8,085,209
13,528,209
895,000
1.450.000
963.000
9,208,000
.7,519,039
16,727,039
970.000
1,550,000
1,021.000
6,306,000
6,921,673
13,227,673
1.040,000
1,655.000
1,082,000
6.777,000
6,439,482
13.216,482
1,115.000
1,775.000
1,147,000
8,887,000
5.780,625
14.667,625
1,200,000
1,900,000
1,216.000
12,241.000
5,037,036
17,278,036
1.290 C00
2.030,000
1,288,000
7,973,000
4,252,558
12,225,558
1.390.000
2,175.000
1,366,000
8,591,000
3,638,240
12,229,240
2.325.000
1,448.000
7,753.000
3,031.655
10,784,655
2,485,000
1,535,000
8,070,000
2,433,775
10,503,775
2,660,000
7,070,000
1.813,350
8,883,350
2,850.000
7,570.000
1,241,275
8,811,275
3.045.000
7.795.000
628,775
8,423,775
$16 185,000
S38 000.000
520.800.000
$10.000.000
$165.018.000
$217,373,463
$382.391,463
A-65
F_ 1 • RA
L
CITY OF MIAMI SCHEDULE H-4
GENERAL OBLIGATION BONDED INDEBTEDNESS
PRINCIPAL AND INTEREST REOUIREMENTS
As of September 30, 1987
FISCAL
YEAR
ENDING
REOUIREMENTS
SEPT.30
PRINCIPAL
INTEREST
TOTAL
1988
S 9,775,000
S 10,762,668
$ 20,537.668
1989
11,280,000
13,391,250
24,671,250
19W
11,710.000
12,639,426
24,349,426
1991
10,725,000
11,854,043
22,579,043
1992
11,285.000
11,050,913
22,335.913
1993
10.585,000
10,246,708
20431,708
1994
10,475,000
9,463,136
19,928,136
1995
10,750.000
8,757,652
19.507,652
19%
10,590.000
8.075,332
18.665,332
1997
10,635.000
7,379,780
18,014,780
1998
9,785,000
6.660,710
16,445,710
1999
8,945,000
5,977,177
14,922,177
2000
8.235.000
5,311,547
13,546,547
2001
8, 765, 000
4,630,163
13,395,153
2002
8,820,000
3,956,514
12,776.614
2003
9.290,000
3,246,639
12,536,639
2004
7,510,000
2,611,192
10,021,192
2005
7,010,000
1,902.649
8.912.649
2006
5,230,000
1,440,595
6,670,595
2007
3,740,000
1,110,300
4,650,300
2008
2,680,000
842,265
3,522,265
2009
2,620, 000
668,115
3.288,115
2010
2,725.000
490,018
3,215,016
2011
2,055,000
350,055
2,405,055
2012
1,370,000
251,488
1,621,488
2013
1,400,000
167,550
1,567,550
2014
1,360, 000
$1,600
1.441,600
$199.350,000
$143,209,375
S342.559.375
A=66
10487-
1-
APPENDIX B
0
104,87.
APPENDIX B
[Form of Bond Counsel and Co -Bond Counsel Opinion]
Miami, Florida
11988
City of Miami, Florida
City Hall
35M Pan American Drive
Miami, Florida 33131
Re: ri18,400,000 The City of Miami, Florida, General Obligation Bonds
Gentlemen:
We have acted as Bond Counsel in connection with the issuance and sale by The City of Miami,
Florida (the "Issuer"), of The City of Miami, Florida, General Obligation Bonds, consisting of
$1,500,000 Police Headquarters and Crime Prevention Facilities Bonds (the "Police Bonds"),
$5,000,000 Storm Sewer Improvement Bonds (the "Storm Sewer Bonds"), $5,000,000 Sanitary Sewer
System Bonds (the "Sanitary Sewer Bonds"), $3,900,000 Street and Highway Improvement Bonds (the
"Street Bonds") and $3,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds (the "Fire
Facilities Bonds"). (The Police Bonds, Storm Sewer Bonds, Sanitary Sewer Bonds, Street Bonds and
Fire Facilities Bonds will be collectively referred to herein as the "Bonds").
All terms used herein in capitalized form and not otherwise defined herein shall have the same
meaning as ascribed to them under Ordinance No. enacted by the Issuer on , 1988, as
supplemented by Resolution No. adopted by the Issuer on , 1988 (collectively, the
"Ordinance') .
The Bonds are all dated 1, 1988, have been issued in the form of fully registered bonds
and have been issued for the purpose of financing certain capital improvements of the Issuer. The
Bonds are subject to redemption prior to maturity in the manner and upon the terms and conditions
set forth in the Ordinance.
The principal of, premium, if any, and all interest on the Bonds shall be payable from a levy of a
direct annual tax on all the taxable property within the City of Miami, Florida (excluding homesteads
to the extent provided under applicable law), and the full faith, credit and taxing power of the Issuer
are pledged for the payment of the principal of, premium, if any, and interest on the Bonds.
The description of the Bonds in this opinion and other statements concerning the terms and
conditions of the issuance of the Bonds do not purport to set forth all of the terms and conditions of
the Bonds or of any other document relating to the issuance of the Bonds, but are intended only to
identify the Bonds and to describe briefly certain features thereof. This opinion shall not be deemed
or treated as an offering circular, prospectus or official statement, and is not intended in any way to be
a disclosure document used in connection with the sale or delivery of the Bonds.
In rendering the opinions set forth below, we have examined certified copies of the Ordinance
and are relying on the representations, covenants and agreements of the Issuer contained therein,
including, without limitation, the covenant of the Issuer to comply with the applicable requirements
contained in Section 103 and Part IV of Subchapter B of Chapter 1 of the Internal Revenue Code of
1986, as amended and the applicable regulations thereunder (the "Code") to the extent necessary to
preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes.
We have also examined certified copies of the proceedings of the Issuer and other information
submitted to us, in each case, relative to the issuance and sale by the Issuer of the Bonds, and, with
respect to the validation of the Police Bonds, a final judgment entered by the Circuit Court of Dade
County, Florida, on July 20, 1984, with respect to the validation of the Storm Sewer Bonds, a final
JL048'7
I
judgment entered by the Circuit Court of Dade County, Florida, on July 11, 1984, with respect to the
validation of the Sanitary Sewer Bonds, a final judgment entered by the Circuit Court of Dade County,
Florida, on January 11, 1982, with respect to the validation of the Street Bonds, a final judgment
entered by the Circuit Court of Dade County, Florida, on January 11, 1982, and with respect to the
validation of the Fire Facilities Bonds, a final judgment entered by the Circuit Court of Dade County,
Florida on July 13, 1962. In addition to the foregoing, we have examined and relied upon the opinion
of Jorge L Fernandez, City Attorney, and such other agreements, certificates, documents and
opinions, including certificates and representations of public officials and other officers and representa-
tives of the various parties participating in this transaction, as we have deemed relevant and necessary
in connection with the opinions expressed below. We have not under taken an independent audit,
examination, investigation or inspection of the matters described or contained in such agreements,
documents, certificates, representations and opinions, and have relied solely on the facts, estimates and
circumstances described and set forth therein.
In our examination of the foregoing, we have assumed the genuineness of signatures on all
documents and instruments, the authenticity of documents submitted as originals and the conformity
to originals of documents submitted as copies. The opinions set forth below are expressly limited to,
and we opine only with respect to, the laws of the State of Florida and the federal income tax laws of
the United States of America.
Based upon and subject to the foregoing, we are of the opinion that:
(i) The Ordinance constitutes a valid and binding obligation of the Issuer, enforceable in
accordance with its terms.
(ii) The Bonds are valid and legally binding general obligations of the Issuer, for the payment
of which the full faith, credit and taxing power of the Issuer are irrevocably pledged, and all the
taxable property within the City of Miami, Florida (excluding homesteads to the extent provided
under applicable law) is subject to the levy of an ad valorem tax for the payment of the principal
of, interest on, and premium, if any, with respect to the Bonds.
(iii) Under existing law, the interest on the Bonds (including any original issue discount
properly allocable to the holder thereof) (i) is excluded from gross income for federal income tax
purposes, and (ii) will not be treated as an item of tax preference for purposes of the federal
alternative minimum tax imposed on individual and corporate bondholders; however, it should be
noted that with respect to corporations (as defined for federal income tax purposes), such interest
is taken into account in determining adjusted net book income (adjusted current earnings for
taxable years beginning after December 31, 1989) for the purpose of computing the alternative
minimum tax imposed on such corporations. The opinion expressed in clause (i) of the first
sentence of this paragraph is conditioned upon compliance by the Issuer with all requirements of
the Code that must be satisfied subsequent to the issuance of the Bonds in order that the interest
thereon be, or continue to be, excluded from gross income for federal income tax purposes. The
Issuer has covenanted to comply with such requirements. Failure of the Issuer to comply with
such requirements may cause the interest on the Bonds to be included in gross income for federal
income tax purposes retroactive to the date of issuance of the Bonds. Other provisions of the
Code may give rise to adverse federal income tax consequences to particular Bondholders. The
scope of this opinion is limited to matters addressed above and no opinion is expressed hereby
regarding other federal tax consequences that may arise due to ownership of the Bonds.
(iv) Under existing law, the Bonds are exempt from all present intangible personal property
taxes imposed by the State of Florida,
Our opinions expressed herein are predicated upon present laws and interpretations thereof. We
assume no affirmative obligation with respect to any change of circumstances or law that may
adversely affect the exclusion of interest on the Bonds from gross income for federal tax purposes after
the date hereof,
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All opinions as to legal obligations of the Issuer set forth above are subject to and limited by
(a) bankruptcy, insolvency, reorganization, moratorium or similar law§, in each case relating to or
affecting the enforcement of creditors' rights, and (b) applicable laws or equitable principles that may
affect remedies or injunctive or other equitable relief.
The scope of our engagement in relation to the issuance of the Bonds has been limited solely to
the examination of facts and law incident to rendering the opinions expressed herein. We have not
been engaged to confirm or verify and therefore express no opinion as to the accuracy, completeness,
Fairness or sufficiency of the Official Statement or any exhibits or appendices thereto or any other
offering material relating to the Bonds. In addition, we have not been engaged to and therefore express
no opinion as to the compliance by the Issuer or the underwriters with any federal or state statute,
regulation or ruling with respect to the We or distribution of the Bonds.
Sincerely yours,
HOLLAND & KNIGHT
and
McGHEE & McGHEE
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APPENDIX C
•
Qllitv of �larltt
"GE L FERNANDEZ
City Attorney
Honorable Mayor Xavier L. Suarez
and Members of the City Commission
City of Miami, Florida
3500 Pan American Drive
Miami, FL 33133
Gentlemen:
c�sv ox
Irk 'SA
" 11111P Hill@ •
`ro- F.
APPENDIX C
l30Si 579.6700
Telecopier: 1305i 374.4730
September 30, 1988
As of September 30, 1988, the City of Miami is involved in the following major cases, which have a
potential of exceeding $5W,000.00:
1. Rosemary Jecto U. City of Miami et al;
Police chase resulting in shooting of plaintiff, who was a passenger in the vehicle being
chased. Plaintiff claims City Police Department created an atmosphere (policy) in which the use
of excessive force would be tolerated and condoned.
2. William Brickell, et al., v. City of Miami, et al.:
U.S. District Court Case No. 88-0230-Civ-Hoevaler (JJC)
Plainti&, the Brickell family heirs, have filed a suit to enjoin the Cty from selling certain real
property including Brickell Park. The suit seeks injunctive relief, declaratory relief, a violation of
civil rights, and a count for inverse condemnation. The property has been appraised at a minimum
value of $13,515,000. The suit does not specify the amount of damages sought by Plaintiffs, but the
Brickells also claim they have fee simple title to the Park property.
3. Mikele Carter v. City of Miami;
U.S. District Court Case No. 84-1718 (LMF)
Former Assistant City Attorney Mikele Carter sued the City of Miami for alleged age, sex and
religious discrimination. The case was tried in February 1988 and the judge found for the
Defendant City of Miami on the issues of sex and religious discrimination; however, the jury found
for the Plaintiff on the issue of age discrimination.
jury verdict was for approximately $450,000.OD (an exact amount cannot be presently
calculated since the City will purchase an annuity to pay certain monetary benefits to Mrs. Carter,
if the verdict is upheld on appeal). This case is on appeal in the 11th Circuit Court.
4. John Dees v. City of Miami, Clarence Dickson, Herbert Breslow, Robert Warshaw, William
Fleming, Ernest Vivian and Ronald 11hardt, John Ross;
Circuit Court Case No. 87-ISM-CIV-ARO (CCM)
Former Police Officer, who voluntarily resigned pursuant to well known plans, sued the City
and seven individual police personnel claiming false arrest for perjury for which he was charged
following an investigation related to the "McDuffe Riot." The individual police officers are
represented by outside counsel, limiting total representation fees at a reserve of $75,000,
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5. Ira Dowdell, personal rnimratntative of the Estate of Iris Dowdell, deceased v. Angel Manuel
Morales, Clarence Dickson v. Dade County;
Circuit Court Case No. 87-39197 (10) (LMF)
Plaintiff's decedent, an occupant of a parked automobile, WWI killed when she wits ejected
from said automobile. A City police officer had initiated a vebitle pursuit of Angel Manuel
Morales, whose vehicle collided with a MTA bus, which in turr, struck the vehicle in which
plainuirs decedent was sitting. Plaintiff has sued Angel Manuel More;es, Metropolitan Dade
County and the City of Miami. Plaintiff alleges the City negligently pursued Angel Manuel
Morales. Plaintiff further alleges that due to such negligence he has su&.m--d damages,
6. Damian Garcia v. Lub Orlando Martinez and City of Miami, a n►unicipality:
Circuit Court Case No. 57-40823 (17) (CCM)
Plaintiff, Damien Garcia, was swimming at Virginia Ke'' Beach when he was run over by a
motor boat- Plainti4� wwj severely injured as a result of sustaining multiple lacerations from the
boat's propeller. IvUj ieal expenses to stabc are in excess of $50,000. Plaintiff is suing for negligent
maintensnee and.%4%1x--r%i,sion of swinvning facility.
7. Peter A. Xameeri sh v. the City of Miamia et at.
Lawsuit filed by Captain Peter Kamenesh of the Police Department alleging that he was
deprived of federml civil rights, claims arising under Fla Stat. Ch. 112 (Policemen's Bill of Rights),
fraud, libel and slander, intentional interference with a contractual relationship, intentional
iniLction of emotional distress and negligence. Plaintiff seeks both monetary damages and
equitable relief in die form of a promotion to the rank of colonel within the Police Department.
S. Ada Lopez, individually as the wife of Adolfo Lopez and as personal representative for the Estate
of Adolfo Loper as well as Jorge Lopez, and Adolfo Lopes, Jr. and Juana Martinez, individually as
the u.Nfe of Pedro Martinez and as personal representative for the Estate of Pedro Martinez as well
as Yvette Martinez, Alex Martine-, Faustino Martinez, and Pedro Martinez, Jr. v. City of Miami et
at.
The City of Miami, Chief of Police, City Manager and various former and/or suspended police
officers were sued by the estate and family members of two (2) men who died during an incident
that took place in July of 1985. The suit alleges violation of civil rights and various pendant state
claims. The City, because of the criminality of the acts of the former employees, has denied any
responsibility. The City, Chief of Police and City Manager also deny that any policy of the City of
Miami caused the wrongful death of the plaintiffs' decendents. The case is in its initial pleading
stages.
9. Kenneth Treister, Gerald Katcher and Howard Scharlin v. City of Miami, Xavier L. Suarez,
Miller J. Dawkins, Joe Carollo, Rosario Kennedy and J.L. Plummer;
U.S. District Court Case No. 86-1117-Civ-Spellman (JEM)
Certain property owners have filed an appeal of the City Commission's denial of their zoning
application on March 27, 1986 regarding property located at 3471 Main Highway. In a separate
action, they have also challenged the constitutionality of the present zoning ordinance as applied
to their property. In connection with said case, they are also seeking damages resulting from the
City's denial of rezoning and land use change application which, if granted, would have permitted
a significantly higher density commercial use. The plaintiffs have requested $10 million in
damages; however, the City's exposure is estimated at $4 million based upon property owners offer
to sell the property to the City for $6 million. Although the City has recently prevailed in a
decision by the Appellate Division of the Circuit Court, this decision has been appealed to the
Third District Court of Appeal.
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10. Eufemio Verrier v. City of Miami, Alfred James Bryant;
Clireult Court Case No. 874=8 (CCM)
Plaintiff was shot by a City of Miami Police Officer, who mistakenly believed that Plaintiff was
reaching for a pistol. Plaintiff was unarmed. Plaintiff now suffers from serious permanent disability
and is unable to work.
11. Elizabeth Williams, Ow Personal Pmnv antative of idw Estate of Allen Peterson, Deceased v.
Metropolitan Dade County, City of Miami, et. al.;
Circuit Court Case No. 87-08298 (09) (CCM)
Plaintiff was arrested and taken to Jackson Memorial Hospital for injuries. Plaintiffs personal
representative states that plaintiff died as a result of the injuries received at the time of the arrest
by police officers. Although Metro -Dade County is now a party defendant also, the City will
pursue the defense of this case separately from the County.
12. Convention Center Litigation
A complaint was filed on May 24, 1984 in the Circuit Court of the Eleventh Judicial Circuit
(Case No. 84-18744). Centrust Savings Bank sued the City and Dade County alleging among other
things that the City and County made erroneous determinations that the Parking Garage complied
with the South Florida Building Code's requirements for fire resistivity. The City has settled the
litigation with Centrust pursuant to a settlement agreement dated July 23, 1986 and certain
Improvements have been made to the Parking Garage at the joint expense of the City and
Centrust. The maximum liability to the City for expenses is capped at $350,000, pursuant to the
settlement agreement. In addition, the City has filed a Third Party Complaint against MCA for the
failure of the Parking Garage to comply with the Building Code.
On July 29, 1988, Hyman filed an Amended Third Party Counterclaim against the City in the
Circuit Court (Case No. 84-18744) alleging breach of express'contract; breach of contract to a
third party beneficiary; estoppel, constructive trust and breach of fiduciary duty seeking
$518,238.00 plus interest. The City filed a Motion to Dismiss and Strike Hyman's Counterclaim
which was granted. The Order was signed on September 8,1988 and Hyman has thirty (30) days to
appeal this order of dismissal. On August 23, 1988, MCA filed an Amended Answer to Hyman's
Crossclaim and an Amended Counterclaim against the City alleging breach of express contract;
indemnification; estoppel, constructive trust and breach of fiduciary duty seeking $971,000 plus
interest. The City has filed its Answer to MCA's counterclaim on September 16, 1988 and filed a
counterclaim against MCA for breach of contract.
There are also various claims and lawsuits against the City resulting principally from workers'
compensation and casualty claims. Estimated liability for such claims and for the above listed lawsuits
was recorded in the amount of $35,090,544.00 as of September 30, 1988 in the City's Self Insurance
expendable trust fund and General Long Term Debt Account Group. Except as noted above, the total
liability to the City has not changed significantly during the time that has elapsed since September 30,
19M. or has there been any subsequent litigation during this time period that would materially impact
upon the bonds.
71ere is currently no pending or threatened litigation restraining or enjoining the issuance or
delivery of the bonds, or the levy or collection of the ad valorem taxes to pay the principal of or the
interest of the bonds, or questioning the proceedings or authorization under which the bonds are to be
issued, or affecting the validity of the bonds.
Sincerely,
Jorge B. Fernandez
City Attorney
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