HomeMy WebLinkAboutO-10423ORDINANCE NO."�
4/II/88
AN EMERGENCY ORDINANCE OF THE CITI* OF MIAMI,
FLORIDA, AUTHORIZING THE ISSUANCE OF $2,500,000 IN
AGGREGATE PRINCIPAL AMOUNT OF SUBORDINATED) PARKING
SYSTEM REVENUE BONDS, SERIES 1988, OF THE CITY FOR
THE PURPOSE OF ACOUIRING LAND AND PAYING A PORTION
OF THE COSTS OF ERECTING AND CONSTRUCTING PUBLIC
PARKING FACILITIES WITHIN THE CORPORATE LIMITS OF
THE CITY OF MIAMI; PROVIDING FOR THE PAYMENT OF THE
PRINCIPAL OF AND THE INTEREST ON SUCH BONDS FROM
(i) AMOUNTS ON DEPOSIT IN THE GENERAL RESERVE AC-
COUNT CREATED PURSUANT TO ORDINANCE NO. 10115 OF
THE CITY WITH RESPECT TO THE ISSUANCE OF THE CITY'S
$16,275,000 PARL;ING SYSTEM REVENUE BONDS, SERIES
1986; ON A PARITY WITH CERTAIN OBLIGATIONS OF THE
CITY ENTERED INTO PURSUANT TO ORDINANCE NO. 10186
OF THE CITY WITH RESPECT TO THE ISSUANCE OF THE
CITY'S $2,000,000 SUBORDINATED PARKING SYSTEM REVE-
NUE BONDS, SERIES 1986; AND (ii) FROM OTHER AMOUNTS
AS PROVIDED HEREIN; PROVIDING FOR CERTAIN COVENANTS
AND AGREEMENTS IN CONNECTION THEREWITH; AWARDING
THE SALE OF SUCH BONDS TO BARNETT BANK. OF SOUTH
FLORIDA, N.A.; AUTHORIZING THE CITY OR AN ENTITY
APPOINTED BY THE CITY TO ACT AS PAYING AGENT AND
REGISTRAR WITH RESPECT TO SAID BONDS; AUTHORIZING
CERTAIN OFFICIALS OF THE CITY TO EXECUTE ANY DOCU-
MENTS REQUIRED IN CONNECTION HEREWITH; AUTHORIZING
CERTAIN OFFICIALS AND EMPLOYEES OF THE CITY TO TAKE
ALL ACTIONS REQUIRED IN CONNECTION WITH THE IS-
SUANCE OF SAID BONDS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, The City'of Miami, Florida (the "City") is
authorized pursuant to the Constitution and the laws of the
State of Florida, including particularly Chapter 166,
Florida Statutes, id its Charter, to issue its revenue
bonds to acquire land for parking purposes and to erect and
construct parking facilities on land owned by or leased by
the City or the Department of Offstreet Parking of the City
(the ".Department"); and
WHEREAS, the City Commission of The City (the "City
Commission") on June 26, 1986 duly passed and adopted
Ordinance No. 10115 (the "General Ordinance"); and
WHEREAS; pursuant to the General Ordinance, the
City previously issued its $.16,275,000 Parking System
Revenue Bonds, Series 1986 (the "Senior Bonds"), of which
$15,870,000 in principal amount is presently outstanding;
and
WHEREAS, Section 718 of the General Ordinance
provides that the City:may issue.Subordinated Debt, as such
term is defined in the General Ordinance ("Subordinated
Debt"), subject to the conditions set,forth in said Section
718; and
10423
ORDINANCE NO.l;a
.J=-13-341
4/11/88
AN EMERGENC`i ORDINANCE OF THE CITY OF M I AM I ,
FLORIDA, AUTHORIZING THE ISSUANCE OF $2,500,000 IN
AGGREGATE PRINCIPAL AMOUNT OF SUBORDINATED PARTING
SYSTEM RtV8NUE BONDS; SERIES 1988, OF THE CITY FOR
THE PURPOSE OF ACQUIRING LAND AND PAYING A PORTION
OF THE COSTS OF ERECTING AND CONSTRUCTING PUBLIC
PARKING FACILITIES WITHIN TIME CORPORATE LIMITS OF
THE CITY OF MIAMI; PROVIDING FOR THE PAYMENT OF THE
PRINCIPAL OF AND THE INTEREST ON SUCH BONDS FROM
(i) AMOUNTS ON DEPOSIT IN THE GENERAL RESERVE AC-
COUNT CREATED PURSUANT TO ORDINANCE NO. 10115 OF
THE CITY WITH RESPECT TO THE ISSUANCE OF THE CITY'S
$16,275,000 PARKING SYSTEM REVENUE BONDS, SERIES
1986; ON A PARITY WITH CERTAIN OBLIGATIONS OF THE.
CITY ENTERED INTO PURSUANT TO ORDINANCE NO. 10186
OF THE CITY WITH RESPECT TO THE ISSUANCE OF THE
CITY�S $2,000,000 SU80RDINATED PARKING SYSTEM REVE-
NUE BONDS, SERIES 1986; AND (ii) FROM OTHER AMOUNTS
AS PROVIDED HEREIN; PROVIDING FOR CERTAIN COVENANTS
AND AGREEMENTS IN CONNECTION THEREWITH; AWARDING
THE SALE OF SUCH BONDS TO BARNETT BAND: OF SOUTH
FLORIDA, N.A.; AUTHORIZING THE CITY OR AN ENTITY
APPOINTED BY THE CITY TO ACT AS PAYING AGENT AND
REGISTRAR WITH RESPECT TO SAID BONDS; AUTHORIZING
CERTAIN OFFICIALS OF THE CITY TO EXECUTE ANY DOCU-
MENTS REQUIRED IN CONNECTION HEREWITH; AUTHORIZING
CERTAIN OFFICIALS AND EMPLOYEES OF THE CITY TO TAKE
ALL ACTIONS REQUIRED IN CONNECTION WITH THE IS-
SUANCE OF SAID BONDS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS,.The City of. Miami, -Florida (the "City") is
authorized pursuant to the Constitution and the laws of the
State of Florida, including particularly Chapter 166,
Florida Statutes, d its Charter, to issue its revenue
bonds to acquire land for parking purposes and to erect and
construct parking facilities on land owned by or leased by
the City or the Department of Offstreet Parking of the City
(the "Department"); and
WHEREAS, the City Commission of The City (the "City
Commission") on June 26, 1986 duly passed, and adopted
Ordinance No. 10115 (the "General, Ordinance");. and
WHEREAS, pursuant to the General Ordinance, the
City previously issued its $16,275,000 Parking System
Revenue Bonds, Series 1986 (the "Senior Bonds"), of which
$15,870,000 in,principal amount is presently outstanding;
and
WHEREAS, Section 718. of the General Ordinance
provides that the City may issue Subordinated Debt, as such
term is defined in the General Ordinance ("Subordinated
Debt"), subject to the conditions set forth in said Section
718; and
10423
�!7
- , ORDINANCE NO,
J-18� 341
c,/11I8t1
AN EMERGENCY (7fiDII`Ir�2J F OF THE CITY (IF MtAMI ,
FLORIDA, AUTHORIZING THE IS �UA2dCE OF $?, `�00, 000 IN
AGGREGATE PRINCIPAL AMOUNT OF SUBORDINATED PARKING
SYSTEM REVENUE BONDS, SERIES 1988, OF THE CITY FOR
THE PURPOSE OF ACQUIRI14G LAND AND PAYING, A TORT'ION
OF THE COSTS OF ERECTING AND CONSTRUCTING PUBLIC
PARKING FACILITIES WITHIN THE CORPORATE LIMITS OF
THE CITY OF MIAMI; PROVIDING FOR THE PAYMENT OF THE
PRINCIPAL Or AND THE INTEREST ON SUCH FONDS FROM
(i) AMOUNTS ON DEPOSIT IN THE GENERAL RESERVE AC-
COUNT CREATED PURSUANT TO ORDINANCE NO. 10115 OF
THE CITY WIT14 RESPECT TO THE ISSUANCE OF THE CITi''S
$16, 275, 000 PARKING SYSTEM REVENUE B011-S, SERIES
1986; ON A PARITY WITH CERTAIN OBLIGATIONS OF THE
CITY ENTERED INTO PURSUANT TO ORDINANCE NO, 10186
OF THE CITY WITH RESPECT TO THE ISSUANCE OF THE
CITY'S $2,000,000 SUBORDINATED PARKING SYSTEM REVE-
NUE BONDS, SERIES 1986; AND (ii) FROM OTHER AMOUNTS
AS PROVIDED HEREIN; PROVIDING FOR CERTAIN COVENANTS
AND AGREEMENTS IN CONNECTION THEREWITH; AWARDING
THE SALE OF SUCH BONDS TO BARNETT BANK OF SOUTH
FLORIDA, N.A.; AUTHORIZING THE CITY OR AN ENTITY
APPOINTED BY THE CITY TO ACT AS PAYING AGENT AND
REGISTRAR WITH RESPECT TO SAID BONDS; AUTHORIZING
CERTAIN OFFICIALS OF THE CITY TO EXECUTE ANY DOCU-
MENTS REQUIRED IN CONNECTION HEREWITH; AUTHORIZING
CERTAIN OFFICIALS AND EMPLOYEES OF THE CITY TO TAKE
ALL ACTIONS REQUIRED IN CONNECTION WITH THE IS-
- SUANCE OF SAID BONDS; AND PROVIDING.AN EFFECTIVE
DATE.
WHEREAS, The City of Miami, Florida (the "City") is
authorized pursuant to the Constitution and the laws of the
State of Florida, including particularly Chapter 166,
Florida Statutes, id its Charter, to ,issue its revenue
bonds to acquire land for parking purposes and to erect and
construct parking facilities on land owned by or leased by
the City or the Department of Offstreet Parking of the City
(the "Department"); and
WHEREAS, the City Commission of The City (the "City
Commission") on June 26, 1986 duly passed and adopted
Ordinance No. 10115 (the "General Ordinance"); and
WHEREAS, pursuant to the General Ordinance,,the
City previously issued its $16,275,000 Parking System
Revenue Bond's, Series 1986 (the "Senior Bonds"), of which
$15,870,00'0 in;principal amount is presently outstanding;
and
WHEREAS; Section 718 of the General Ordinance
provides that the City may issue Subordinated Debt, as such
term is defined in the General Ordinance ("Subordinated
Debt"), subject to the conditions set forth in said Section
718 and
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f
WHEREAS, pursuant to Ordinance No. 10186 (the 111986
Subordinated Debt Ordinance") enacted by the City Commission
on December 11, 1986, the City issued_ its $2,000,000
Subordinated Parking System Bonds, Series 1986 (the "1986
Subordinated Bonds"), which constitute Subordinated Debt un-
der the General Ordinance and of which $2,000,000 in princi-
pal amount presently remain outstanding; and
WHEREAS, in connection with the 1986 Subordinated
Bonds, the Department entered into a Repayment Agreement
(the "Repayment Agreement") and a fledge Agreement (the
"Pledge Agreement"), each dated as of December 30, 1986,
with Sun Bank/Miami,, N.A., in order to induce Sun
Bank,/Miami, N.A. to issue a letter of credit securing the
1986 Subordinated Bonds, which Repayment Agreement and
Pledge Agreement constitute Subordinated Debt under the
General Ordinance; and
WHEREAS, the ,Department desires to construct cer-
tain parking improvements more particularly described on
Exhibit "A" hereto on lands leased by the Department and to
acquire land described on Exhibit "B" hereto for the future
expansion of a parking facility (collectively, the
"Project") and to finance the same through the issuance of
its Subordinated Parking System Bonds, Series 1988 (the
111988 Subordinated Bonds"), which would constitute
Subordinated Debt under the General Ordinance and would be.
secured and payable on a parity with the 1986 Subordinated
Bonds, the obligations under the Repayment Agreement and the
Pledge Agreement; and
WHEREAS, the conditions precedent to the issuance
by the City of Subordinated Debt pursuant to Section 718 of
the General Ordinance have been or will be complied with,
and the requirements of Section 18 of the 1986 Subordinated
Debt Ordinance for the issuance -of "Additional.'Parity
Bonds," as that term is defined therein, have been or will
be complied with prior to the delivery by the City of the
1988 Subordinated Bonds; and
WHEREAS, the principal, which shall be payable in
full on April 30, 1990; and interest on the 1988
Subordinated Bonds shall be payable solely from amounts on
deposit in the General Reserve Account (the "General Reserve
Account") created pursuant to Section 501 of the General
Ordinance and held by the Department, such payments from the
General Reserve Account being subject to the provisions -of
the first paragraph'of Section 509 of the General Ordinance,
and Section 21 of the 1986 Subordinated Debt Ordinance, and
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10423.
from amounts held in the Acquisition Account. (as hereinafter
defined) created hereunder; and
WliEhEAS, the City shall never be required to levy
ad valorem taxes on any real or personal property within the
City to pay the principal of and interest on the 1988
Subordinated Bonds herein authorized or to make any other
payments provided for herein and the 1988 Subordinated Bonds
herein authorized shall not constitute a lien upon any
properties owned by the City or the Department or located
within the boundaries of the City;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY
COMMISSION OF THE CITY OF MIAMI, FLORIDA:
SECTION 1. Authority. This Ordinance is enacted
pursuant tb the Charter of the City, but only to the extent
not inconsistent with and not -repealed by the provisions of
Section 166.021, Florida Statutes; Chapter 166, Florida
Statutes; the Constitution of the State of Florida; the
General Ordinance; and other applicable provisions of law.
SECTION 2. Def_in_itions. All terms used herein in
capitalized form and not otherwise defined herein shall have
the same meanings as set forth in the General Ordinance,
Words importing singular number shall include the plural
number in each case and vice versa, and words importing per-
sons shall include firms, corporations and other entities,
including governments or governmental bodies'.
In addition, the, following terms shall have the
meanings :set forth below:
"Additional Parity Bonds" shall have the meaning
ascribed to that term in the 1986 Subordinated Debt
Ordinance.
"Acquisition Account" shall ,mean the Acquisition
Account created by Section 16 hereof.
"Adjusted Cost of Funds" means the fraction
..(expressed as a percentage) determined by the Bondholder of
the total interest,expense of the Purchaser for each calen-
dar,year divided by the average of the ending monthly
balances of all assets of the Purchaser for such calendar
year.
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i
"Barnett- Banks, Inc." shall mean Barnett Banks,
Inc,, or any successor thereof.
"Bondholder" or "Bondholders" shall mean the regis-
tered owner or owners (or authorized 'representative thereof)
of a 1988 Subordinated Bond.
"Code" shall mean the Internal Revenue Code of
1986, as amended, and any applicable regulations thereunder.
"Department" shall mean the City of Miami
Department of Offstreet Parking.
"Determination of Taxability" shall mean final ac-
tion as defined herein, if final action shall have been
taken by the Internal Revenue Service, the Department of the
Treasury or any other governmental agency, authority or in-
strumentality, or a ruling of any court shall have been
rendered, or other event shall have occurred, or other cir-
cumstances shall exist; any of which shall result in all or
any part of the interest payable with respect to the 1988
Subordinated Bonds not to be excluded from gross income for
federal income tax purposes (other than the Alternative
Minimum Tax imposed pursuant to Part VI of Subchapter A of
Chapter 1 of the Code). The term "final action" shall mean
either (i) action taken by an administrative agency of the
federal government which cannot be appealed administratively
or in a court of.competent jurisdiction as to which the time
for administrative appeal or court action has expired; or
action by any court of competent jurisdiction.as to
which the time to appeal has expired or as to which an ap-
peal has been denied or dismissed without further right of
appeal.
"Parking Consultant" shall mean any engineer, en-
gineering firm or certified public accountants, parking con-
sulting firm or corporation, or other qualified person, firm
or corporation having a favorable reputation for skill and
experience in performing the duties'as required hereunder in,
carrying out.the duties of a Parking Consultant.
"Paying Agent" shall mean the City or any
authorized depository designated by the City to serve as a
Paying Agent or as the place of payment for the 1988
Subordinated Bonds issued hereunder that shall have agreed
to arrange for.the timely payment of the principal of, in-
terest on and redemption premium, if any, with respect to
the 1988 Subordinated Bonds to the owners thereof, from
funds made available therefor by the City, and any succes-
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1Q423;
sors designated by subsequent ordinance or resolution of the
City.
"Permitted Investments" shall mean any investment
authorized pursuant to the laws of the State of`Florida.
"Purchaser" shall mean Barnett Bank of South
Florida, N.A.
"Rate of Interest" shall mean 7.64% per annum, as
may be adjusted pursuant to Section ?A hereof.
"Registrar" shall mean the City or any trust com-
pany or bank with trust powers appointed from time to time
by subsequent ordinance or resolution of the City to serve
under this Ordinance.
"Senior Bonds" shall mean the $16,275,000 City of
Miami Parking System Revenue Bonds, Series 1986.
'11986 Subordinated Bonds" shall mean the $2,000,000
City of Miami Subordinated Parking System Bonds, Series
1986.
"1988 Subordinated Bonds" shall mean the $2,500,000
City of Miami Subordinated Parking System Revenue Bonds,
Series 1988.
"Subordinated Bonds" shall mean the 1986
Subordinated Bonds and the 1988 Subordinated Bonds.
SECTION 3. Findincs�and Determinati'o_ns. The City
Commission has found and determined and does hereby declare
as follows:
A. The City is authorized by law to issue bonds
for various projects, including the financing of the
Project.
B. It is necessary and in the best interests of
the.City and the citizens and taxpayers 'thereof that the
City issue the 1988 Subordinated Bonds in order to finance
the'Project, and the Purchaser has offered to purchase the
1988 Subordinated Bonds.,
C. This Ordinance is hereby declared to be an
emergency measure on the grounds of urgent public need for
the preservation of peace, health, safety and the property
of the City.
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b. An emergency exists witli respect to the enact
merit of this Ordinance in that, in order to take advantage
Of the offer of the Purchaser to purchase the 1988
Subordinated Bonds and in order to take advantage of favora-
ble prices currently available with respect to the Project,
it is necessary that the City authorize the Project and the
issuance of the 1988 Subordinated Bonds as soon as possible,
and this Ordinance must be immediately enacted to accomplish
such goals. The City Commission, by adoption of this
Ordinance by at least a four -fifths tote; hereby waives all
notice requirements for the regular enactment of municipal
ordinances.
E. Because of the -characteristics of the 1988
Subordinated Bonds and prevailing market conditions, it is
in the best interest of the City to accept the offer of the
Purchaser to purchase the 1988 Subordinated Bonds at a nego-
tiated sale.
F, Shearson Lehman Hutton Inc. is involved in the
issuance of the 1988 Subordinated Bonds as a financial con-
sultant on behalf of the Department and has provided the
City with a disclosure statement containing the information
required by Section 2�18.385(4),.Florida Statutes. No under-
writer is involved in the issuance of the 1988 Subordinated
Bonds and the City does not desire any further disclosure in
connection with the sale thereof.
G. The 1988 Subordinated Bonds shall be payable
solely from (i) amounts on deposit in the General Reserve
Account created under the General Ordinance, which amounts
are currently pledged only to the payment of the Senior
Bonds, the 1986 Subordinated Bonds and the obligations of
the City under the Repayment Agreement and the Pledge
Agreement, and (ii) amounts on deposit in the Acquisition
Account, if any. The only "Bonds," as that term is defined
in the General Ordinance, currently outstanding under the
General Ordinance are the Senior Bonds.
— H. Amounts pledged hereunder are expected to be
sufficient to pay debt service on the 1988 Subordinated
Bonds.
I. The 1988 Subordinated Bonds are hereby de-
clared to be "Additional Parity Bonds" within the meaning of
the 1986 Subordinated Debt Ordinance.
SECTION 4. Authorization of Project. The acquisi-
tion, construction and equipping of the Project is hereby
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1.0423,
authorized. The Department is hereby authorized to acquire,
construct and equip the Project whenever it shall deem the
same expedient, upon such terms and at such prices as the
Department shall deem reasonable.
SECTION-5. This Ordinance to Constitute Contract.
Upon and in consideration of the purchase and acceptance of
the 1988 Subordinated Bonds authorized to be issued hereun-
der by those who shall hold the same from time to time, this
Ordinance shall be deemed to be and ::hill: constitute a cull=
tract between the City and such Sondholders. The covenants
and agreements herein set forth to be performed by the City
shall be for the equal and proportionate benefit, protection
and security of the Eondholders of any and all of the 1988
Subordinated Bonds, all of which shall be of -equal rank and
without preference, priority or distinction of any of the
1988 Subordinated Bonds over any other thereof, except as
expressly provided therein and herein.
SECTION 6. Authorization and Award of Bonds.
Subject and pursuant to the provisions hereof, the 1988
Subordinated .Bonds are authorized to be issued in the aggr.e-
gate principal amount of $2,500,000, and the sale thereof is
hereby awarded to the Purchaser at the purchase price of
par. Subject to the payment of the purchase price to the
City, the 1988 Subordinated Bonds shall be issued in the
name of and delivered to the Purchaser.
Notwithstanding the foregoing, however, the 1988
Subordinated Bonds shall not be sold, issued and delivered
unless and until:
(1) There shall be filed with .the Trustee tinder
the General Ordinance a certificate of the chief financial
officer stating that no Default has occurred and is'continu-
ing under the General Ordinance, and
(2) There shall be provided to the City and the
_ Purchaser a certificate of the chief financial officer of
_ the Department that the amount available for debt service on
the 1986 Subordinated Bonds, the Repayment Agreement, the
Pledge Agreement and the 1988 Subordinated Bonds during any
twelve (12) months out of the eighteen (18) months immedi-
ately prior to the issuance of the 1988 Subordinated Bonds
is at least equal to "1.0 'coverage", all as required by
Section 18 of the 1986 Subordinated Debt .Ordinance and that.
no Default has occurred and is continuing under the General
Ordinance.
10423
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MY
SECTION 7. Description of 1988 Subordinated
Bonds. The 1988 Subordinated Bonds shall be dated as of the
date_of delivery, shall bear interest from the date thereof
at the rate of 7.G4;o per annum unless adjusted as provided
below, payable quarterly oil the last day of each June,
September, December and March, commencing ,June 30, 1988, and
at maturity, and shall mature on April 30, 1990. Interest
will be calculated on the basis of a 360-day year consistiYig
n
of twelve 30-day moths, multiplied by the actual number of
days elapsed for the applicable perl.od.
A. The interest rate borne by the 1988
Subordinated Bonds shall be subject to adjustment as
follows:
(i) Change it1 Maximum orate Tax Rate. If the
Code as in effect on the date of this Ordinance is amended
from time to time such that the maximum federal corporate
income tax rate for Barnett Banks, Inc. during any period
in which interest is accruing, shall be other than
34% for 1988 and subsequent years, then the interest
rate during such period shall be modified by multiplying
the Rate of Interest by a fraction equal to 1 J A, where
l _ g
A equals the maximum marginal corporate income tax rate then
in effect and B equals the .immediately preceding maximum
marginal corporate income tax rate,
(ii) Loss of Federal Income Tax Deduction_ for State
Income Taxes. If the Code as in effect on the date of, this
Ordinance is amended from time to time such that the federal
income tax deduction of Barnett Banks, Inc. for state income
taxes paid, on the interest payments received on the 1988
Subordinated.Bonds during any period is reduced then the
Rate of Interest shall be increased during such period by
an amount equal to A x B x C x D where:
(a) A equals the fraction (expressed as a.
decimal) of the total state income tax disallowed
as a result of such tax law change;
(b) B equals the rate of the applicable state
income tax (expressed as a decimal);
(c) C equals the maximum federal corporate
tax rate then in effect (expressed as a decimal);
and
IM
1Q4Z , .
., .
(d) D equals the Rate of Interest on the 1988
Subordinated Bonds (expressed as a pei:centacje) im-
mediately prior to such calculation,
( ii i ) Partial Taxability. If. the Code as in effect
....._.. _....._.._..._._�_ _._._
oil the date of this Ordinance is amended from time to time
such that the interest payments received under .the 1988
Subordinated Bonds during any period become partially itzclu-
dible ill the gross income of Barnett Banks, Inc. for fed-
eral :income tax purposes them the Rate of Interest shall be
increased during such period by ar7 amount equal
to: (A - 8) x C where:
(a) A equals 9 pw'I: anntun (e�;pressed as a
percentage);
(b) B equals the Rate of Interest oil the 1988
Subordinated Bonds (expressed as a percentage) im-
mediately prior to such calculation; and
(c) C equals the fraction of the Rate of
Interest which has become includible in the gross
income of the Barnett Banks, Inca for federal in-
come tax purposes as the result of such law -change
(expressed as a decimal).
(iv) Other Chan_ge T in� Tax Laws. If the Code as in
effect on the date of this Ordinance is amended from time to
time to cause the interest on the 1988 Subordinated Bonds to
be includible in the gross income of Barnett Banks, Inc. for
federal income tax purposes, to be subject to a minimum tax
or an alternative minimum tax or to otherwise decrease the
after tax yield on the 1988 Subordinated Bonds to Barnett
Banks, Inc.; other than because of a change described in (i)
through (iii) above, or because of a Determination of
Taxability) then the Rate of Interest on the 1988
Subordinated Bonds shall be adjusted to cause the interest
received by Barnett Banks, Inc. on a consolidated basis af-
ter payment of any increase in tax, to equal the interest
1.Barnett Banks, Inca on a consolidated basis would, have
received in the absence ;of such change or amendment in the
Code. If the Code as in effect on the date of this
Ordinance `is amended from time to time to increase the
after-tax yield on the 1988 Subordinated Bonds to Barnett
Banks, Inca on a consolidated basis, then the Rate of
Interest borne by the 1988 Subordinated Bonds shall. be ad-
justed to cause the interest received by Barnett Banks, Inca
on a consolidated basis to equal the interest Barnett Banks,
Inc.on a consolidated basis would have received in the ab-
sence of such change or amendment in the Code.
Wx At. +► )
The above adjustments shall be cumulative, but in
no event shall the Rate of Interest on the 1988 Subordinated
Bonds exceed 9% per annum as a result of any adjustments
pursuant to this Section 7A. Each of the above adjustments
to the Rate of Interest shall be effective 017 the effective
date of the applicable change in the Code (as in effect on
the date of this Ordinance). Interest on the 1988
Subordinated Bonds and all other tax rates and interest
rates are expressed as annual rates. However, proper par-
tial adjustment shall be made if the Code change is effec-
tive after the first day of Barnett Banks, Inc.'s tax year
or if interest on the 198.8 Subordinated Bonds does not ac-�
crue for the entire tax year of Barnett Banks, Inc.
Adjustments which create a circular calculation because the
Rate of Interest on the 1988 Subordinated Bonds is affected
by the calculation shall be carried out sequentially, in-
creasing the Rate of Interest accordingly in each successive
calculation using as the new value the increase in the Rate
of Interest, until the change of the Rate of Interest caused
by the next successive calculation of the adjustment is de
minimis. If more than one of paragraphs (i) through (iii)
apply, the Rate of Interest shall be adjusted in the order
in which listed above.
B. Delinquent payments of interest or principal
on the 1988 Subordinated Bonds shall bear interest at the
maximum rate permitted to be charged under applicable law,
accruing from the date such payment was due, payable upon
demand.
Subject to the provisions of this Section 7, the
City agrees to indemnify the Bondholder (but solely from
funds in the General Reserve Account) to the extent not
already provided for herein from and against any and. all
losses, costs, charges or expenses with respect to any
changes in laws, rules, regulations or executive orders, or
any determination regarding the classification of the 1988
Subordinated Bonds for federal income tax purposes which has
the effect of changing the basis of taxation of payments to
the Bondholder.
The 1988 Subordinated Bonds shall be issued as one
fully -registered bond in the initial denomination of
$2,500,000.
SECTION 8. Execution of 1988 Subordinated Bonds.
The 1988 Subordinated Bonds shall be executed in the name of
the City by the Mayor or the Vice -Mayor of the City and the
official seal of. the City shall be imprinted, impressed, re-
produced or lithographed on the 1988 Subordinated Bonds and
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attested to and countersigned by the Clerk or any Deputy
Clerk of the City. The si.cinatures oil the 1988 Subordinated
Bonds may be facsimile, but one officer executing the 1988
Subordinated Bonds shall do so by manual signature unless
the City appoints ail authenticating agent, Registrar or
transfer agent who shall be authorized and directed to cause
one of its duly authorized officers to manually execute. the
1988 Subordinated Bonds.
In case any officer whose signature shall appear on
the 1988 Subordinated Bonds shall cease to be such officer
before the delivery thereof, such signature shall neverthe-
less be valid and sufficient for all purposes the same as if
he or, she had remained in office until such delivery. Any
1988 Subordinated Bond may be signed by such persons who
hold such offices at the actual time such 1988 Subordinated
Bond has been duly authenticated and delivered .under this
Ordinance. If a Registrar or authenticating agent is ap-
pointed, the Registrar's certificate of authentication on
any 1988 Subordinated Bond shall be deemed to have been duly
executed if manually signed by an authorized officer of the
Registrar or authenticating agent, but it shall not be
necessary that the same officer manually sign the certifi-
cate of authentication of all of the 1988 Subordinated Bonds
that may be issued hereunder at any one time.
SECTION 9. Negotiabilitv, Registration and_Transfer
of the 1988 'Subordination Bonds. The 1988 Subordinated
Bonds shall be and have all the qualities of certificated
securities in registered form and of negotiable securities
under the Uniform Commercial Code -- Investment Securities
Act of the State of Florida.
The Registrar shall keep books for the registration
of and for the registration of transfers of 1988
Subordinated Bonds as provided in this Ordinance. The
transfer of any 1988 Subordinated Bonds may be registered
only upon such books and only upon surrender thereof to the
Registrar together with an assignment duly executed by the
Bondholder or his attorney or legal representative in such
form as shall be satisfactory to the Registrar. Upon any.
such registration of transfer the City shall execute and the
Registrar shall authenticate.and deliver in exchange for
such.1988 Subordinated Bond, a new 1988 Subordinated Bond or
Bonds registered in the name of the transferee, and in an
aggregate principal amount equal to the principal amount of
such 1988 Subordinated Bond or Bonds so surrendered less.
amounts redeemed, if any.
-11-
10423.
'�'kr+.
In all cases its which 1988 Subordinated Bands shall
be exchanged, the City shall execute and deliver, at the
earliest practicable time, 1988 Subordinated Botids of the
salve type in accordance with the provisions of this
Ordinance. All 1988 Subordinated Bonds surrendered in any
such exchange or registration of transfer shall forthwith be
cancelled by the Registrar. The City* or the Recjisti-,ar (if
other than the City) may make .a charge for every such ex-
change or registration of transfer of 1988 Subordinated
Bonds sufficient to reimburse it foi- ally tElx or oth'-'r gov-
ernmental charge and out-of-pocket costs required to be paid
with respect to such exchange or registration of transfer,
but no other charge shall be made to any Bondholder for the
privilege of exchanginti or registering the transfer of. 1988
Subordinated Bonds under the provisions of this Ordinance.
Neither the City nor the Registrar (if other than the City)
shall be required to make any such exchange or registration
of transfer of 1988 Subordinated Bonds during the fifteen
(15) days immediately preceding any debt service payment
date or after notice of redemption of the 1988 Subordinated
Bonds or any portion thereof has been given pursuant to the
Ordinance.
SECTION 10. Ownership __. of __._. 9._Subordinated
Bonds. The person in whose name -any Bond shall be regis-
tered shall be deemed and regarded as the absolute owner
thereof for all purposes, and.payment of or on account of
the principal, redemption premium, if any, and the interest
on any such 1988 Subordinated Bonds, shall be made only to
or upon the order of the Bondholder thereof or his legal
representative. All such payments shall be valid and effec-
tualto satisfy and dischar4e the liability upon such Bond
including the premium, if any, and interest thereon to the
extent of the sum or sums so paid.
SECTION 11. 1988 Subordinated Bonds _Mutilated,
Destroyed, Stolen or Lost. In case any 1988 Subordinated
Bond shall become mutilated, or be destroyed, stolen or
lost, the City may in its discretion cause to be executed
and deliver, a new 1988 Subordinated Bond of like date and
tenor as the 1988 Subordinated Bond so mutilated, destroyed,
stolen or lost, in exchange and substitution for such
mutilated 1988 Subordinated Bond upon surrender and cancel -
or in lieu
lation of such mutilated 1988 Subordinated Bond
of and substitution for the 1988 Subordinated Bond
des-troyed, stolen or lost, and upon the Bondholder furnishing
the City and the Registrar proof of his ownership thereof
and satisfactory indemnity and complying with such other
reasonable regulations and conditions as the City and the
Registrar may prescribe and paying such expenses as the City
-12-
l.0421k ,
and the Registrar may incur. All. 1�188 Subordinated Bonds so
surrendered shall be canceled by the City. If any of the
J988 Subordinated Bonds shall have matured or 1�e about to
mature, instead of issuing a substitute'1988 Subordinated
Bond, the City may pay the same, upon being indemnified as
aforesaid, and if such 1988 Subordinated Bond be lost,
stolen or destroyed, without surrender thereof.
Any such duplicate 1988 Subordinated Bonds issued
purstiant to this Section :hall cbnsttitute original, addi-
tional contractual obligations on the part of the City
Whether or not: the lost, stolen or destroyed 1988
Subordinated. Bonds be at any time found by anyone, and such
duplicate 1988 Subordinated Bonds shall be entitled to equal
and, proportionate benefits and rights as to lien on and
source and security for payment from the funds, as hereinaf-
ter pledged, to the same extent as all other 1988
Subordinated Bonds issued hereunder.
SECTION 12. Provisions for Redemption. The 1988
.. ._............_..
Subordinated Bonds shall bP subj.ect__...._to., redemption, without
premium or penalty, in ,thole or in part, at the option of
the City, on any date upon three (3) business days' advance
written notice received by the Bondholders thereof;
provided, however, that.redemption in part shall be in mini-
mum amounts of $50,000.
The 1988 Subordinated Bonds shall also be subject
to redemption, at the option of a Bondholder thereof, at par
plus accrued interest and without premium or penalty, in
whole, ninety (90) days after receipt of notice by the. City
from such Bondholder that a Determination of Taxability has
occurred.
SECTION.13. Form of 1988 S_ubordinated^Bonds. The
text of the 1988 Subordinan
ted Bods and the form of assign-
ment shall be in substantially the following form, ,with such
omissions, insertions and variations as may be necessary,
desirable, authorized or permitted by this, Ordinance or by
any subsequent resolution adopted prior to the issuance
thereof or as may be necessary to comply with applicable
laws, rules and regulations of the United States and of the
State of Florida in effect upon the issuance thereof.
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10423
, .� ..°H�'.l�a�sm:,�-y..Et?;'?::+,: ,.„fit ✓�...:'iTrn_a�r.
FORM OF 1988 SUBORDINATED BONDS]
No. R=1 $2,500,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
THE CITY OF MIAMI
SUBORDINATED PARKING SYSTEM REVENUE; BOND, SERIES 1988
The City of Miami, Florida, a Florida municipal
corporation (the "Issuer"), for value received, hereby
promises to pay to as
the registered holder hereof, or its legal representatives
or registered assigns as hereinafter provided (the
"Bondholder"), solely from the sources hereinafter ideizti-
fied, on the 30th day of April, 1990 (or earlier as
hereinafter provided), upon presentation and surrender
hereof to the Issuer at the address provided below, the
principal sum of
TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
in any coin or currency of the United States of America
which on the date of payment thereof is legal tender for the
payment of public and private debts, and to pay, from such
sources and in like coin or currency, interest thereon from
and including the date hereof until this Bond shall be paid
in full at the rate of 7.64% per annum, subject to adjust-
ment as provided below,(the "Rate of Interest"). Such in-
terest shall be payable quarterly on the last day of each
June, September, December and March, commencing on June 30,
1988, and upon maturity hereof. To the extent permitted by
law, any delinquent payments of principal or interest
required to be paid hereunder shall bear interest at the
maximum rate permitted to be charged under applicable law,
accruing from the date such payment was due, payable upon
demand.
The interest rate payable on this Bond shall be
subject to adjustment as follows:
(i) Change in Maximum Corporate Tax Rate. If the
Internal Revenue Code of 1986 (the "Code"), in effect on
April 1988, is amended from time to time such that the
maximum federal corporate income tax rate for Barnett Banks,
Inc. during any period in which interest is accruing, shall
be other than 34% for 1988 and subsequent years, then the
interest rate during such.period shall be modified by mul-
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1042
tiplying the Rate of Interest by a fraction equal to
1 A, where A equals the maximum marginal corporate
income tax rate then in effect and B equals the immediately
preceding maximum marginal corporate income tax rate.
(ii) Loss of Federal Income Tax Deduction for State
Income 'faxes_. If the Cade, as in effect on April 1988,
is amended from time to time such that the federal income
tax deduction of Barnett Banks, Inc. for state income taxes
paid on the interest payments received on this Bond during
any period is reduced because of any change in the Code then
the Rate of Interest shall be increased during such period
by an amount equal to A x B x C x D where:
(a) A equals the fraction (expressed as a
decimal) of the total state income tax disallowed
as a result of such tax law change;
(b) B equals the rate of the applicable state
income tax (expressed as a decimal);
(c) C equals the maximum federal corporate
tax rate then in effect (expressed as a decimal);
and
(d) D equals the Rate of Interest oil this
Bond (expressed as a percentage) immediately prior
to such calculation.
(iii) Partial Taxability. If the Code, as in effect
on April _, 1988, is amended from time to time such that
the interest payments received on this Bond during any
period become partially includible in the gross income of
Barnett Banks, Inc. for federal income tax purposes then
the Rate of Interest shall be increased during such period
by an amount equal to: (A - B) x C where:
(a) A equals 9% per annum (expressed as a
percentage)
(b). B equals the Rate of Interest on this
Bond (expressed as a percentage) immediately prior
to such .calculation; and
(c) C equals the fraction of the Rate -of
Interest which has become.includible in the gross
income of the Barnett Banks, Inc. for federal in-
come tax purposes as the result of such law change
(expressed as a decimal).
(iv) Other Change_ in 'Tax Laws . I f tho Code, as in
effect oil April 1988, is amended from time to tiM6
to
cause the interest oil this Bond to be izicludible iii the
gross income of Barnett Batiks, Inc. for federal income tax
purposes, to be subject to a minimum tax or an alternative
minimum tax or to otherwise decrease the after tax yield on
this Bond to Barnett Banks, Inc., then the Rate of Interest
on this Bond shall be adjusted to cause the interest
received by Barnett Banks, Inc. on a consolidated basis, af-
ter payment of any increase in tag:, to equal the interest
Barnett Banks, 1tic. oii a consolidated basis would have
received in the absence of such change or amendment in the
Code. If the Code, as in effect on April , 1988, is
amended from time to time to increase the after-tax yield on
this Bond to Barnett Banks, Inc. on a consolidated basis
other than because of a change described in (i) through
(iii) above, of because of a Determination of Taxability),
then the Rate of Interest borne by this Bond shall be ad
justed to cause the interest received by Barnett Banks, Inc.
on a consolidated basis. (other than a change described in
(i) through (iii) above, or because of a Determination of
Taxability) to equal the interest Bartlett, Banks; Itic.on a
consolidated basis would have received in the absence of
such change or amendment in the Code.
The above adjustments shall be cumulative, but in
no event shall the Rate of Interest on this Bond exceed 9%
per annum as a result of any adjustments pursuant to
paragraphs (i), (ii), ;(iii) or (iv) hereof. The above ad-
justments to the Rate of Interest shall be effective on the.
effective date of the applicable change in the Code.
Interest on this Bond and all other tax rates and interest
rates are expressed as annual rates. However, proper par-
tial adjustment shall be made if the Code change is effec-
tive after the first day of Barnett Banks, Inc. Is tax year
or if interest on this Bond does not accrue for the entire
tax year of Barnett Banks, Inc. Adjustments which create a
circular calculation because the Rate of Interest on this
Bond is affected by the calculation shall be carried out
sequentially, increasing the Rate of Interest accordingly in
each successive calculation using as the new value the in-
crease in the Rate of Interest,'until the change on the Rate
of,Interest caused by the next successive calculation of the
adjustment is de minimis. If more than one of paragraphs
M through (iii) apply, the Rate of Interest shall be ad-
justed in.the order in which listed above.
All payments of interest on this Bond (other than
the finalinstallment of principal hereon) will be paid -by
check mailed or wire sent to the Bondholder hereof at its
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lU423.
Address as it appears on the registration books of the
Issuer, or elsewhere as shall be directed by the Botidholder
hereof. payment of the final installment of principal
hereon shall be made upon surrender hereof to the City at
City Hall, 3500 Pail American Drive, Miami, Florida.
Interest due through any date for a payment of interest
hereunder shall be that interest to the extent accrued
through the interest payment date.
This Bond is issued to finance the acquisition of
land for parking purposes and the construction and equipping
of parking facilities the "Project") pursuant to the
authority of and in full compliance with the laws of the
State of Florida, including particularly, the Charter of the
City (but only to the extent not inconsistent with and not
repealed by the provisions of Section 166.021, Florida
Statutes); Chapter 166, Florida Statutes; Ordinance
No. 10115 (the "General Ordinance") adopted on June 26,
1986, and Ordinance No. _ , adopted on April 1988
(the "1988 Subordinated Debt Ordinance"). This Bond is is-
sued in compliance with Section 18 of Ordinance No, 10186 of
the City, adopted on December 11, 1986 (the "1966
Subordinated Debt Ordinance"). The General Ordinance, the
1986 Subordinated Debt Ordinance and the 1988 Subordinated'
Debt Ordinance are collectively referred to herein as the
Ordinances. ' This Bond is subject to all terms and.condi-
tions of the Ordinances; and capitalized terms not otherwise
defined herein shall have the same meanings as ascribed to
them in the 1988 Subordinated Debt Ordinance or the General
Ordinance.
This Bond and the interest hereon is payable from
and secured solely by alien upon and pledge of all moneys
from time to time in (i) the General Reserve Account esta-
blished pursuant to the General Ordinance, subject and
subordinate to the lien on such moneys of the City's
$16,275,000 Parking System Revenue Bonds, Series 1986 (the
"Senior Bonds"), and on a parity with the City's $2,000,000
Subordinated Parking System Bonds, Series 1986, and the
obligations of the City under a Repayment Agreement and a
Pledge Agreement, both dated as of December 30, 1986, and
both between the City and.Sun Bank ,�Miami, N.A., all as more
fully described in the Ordinances and the 1986 Subordinated
Debt Ordinance, and (ii) the Acquisition Account created by
the 1988 Subordinated Debt Ordinance aid held by the City's
Department of Offstreet Parking, as described in the 1988
Subordinated Debt Ordinance. Reference is made to the
Ordinances and the 1986 Subordinated Debt Ordinance for the
provisions, among others, relating to the terms, lien and
security for this Bond, the application of the proceeds of
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10423
address as it appears on the registration books of the
Issuer, or elsewhere as shall be directed by the Bondholder
hereof. Payment of the final installment of principal
hereon shall be made upon surrender hereof to the City at
City Hall, 3500, Pan American Drive, Miami, Florida.
Interest due through any date for a payment of interest
hereunder shall be that interest to the extent accrued
through the interest payment date.
This Bond is issued to finance the acquisition of
land for parking purposes and the constriction and equipping
of parking facilities (the "Project") pursuant to the
authority of and in full compliance with the laws of the
State of Florida, including particularly, the Charter of the
City (but only to the extent not inconsistent with and not
repealed by the provisions of Section 166.021, F1or,ida
Statutes); Chapter 166, Florida Statutes; Ordinance
No. 10115 (the "General Ordinance") adopted on June 26,
1986, and Ordinance No. adopted on April __, 1988
(the ."1988 Subordinated Debt Ordinance"). This Bond is is-
sued in compliance with Section 18 of Ordinance No. 10186 of
the City, adopted on December 11, 1986 (the "1986
Subordinated Debt Ordinance"). The General Ordinance, the
1986 Subordinated Debt Ordinance and the 1968 Subordinated
Debt Ordinance are collectively referred to herein as the
Ordinances. This Bond is subject to all terms and condi-
tions of the Ordinances, and capitalized terms not otherwise
defined herein shall have the same meanings as ascribed to
them in the 1988 Subordinated Debt Ordinance or the General
Ordinance.
This Bond and the interest hereon is payable from
and secured solely by a lien upon and pledge of all moneys
from time to time in (i) the General Reserve Account esta-
blished pursuant to the General Ordinance, subject and
subordinate to the lien on such moneys of the City's
$16,275,000 Parking System Revenue Bonds, Series 1986 (the
"Senior Bonds"), and on a parity with the City's $2,000,000
Subordinated Parking System Bonds, Series 1986, and the
obligations of the City under a Repayment Agreement and a
Pledge Agreement, both dated as of December 30, 1986, and
both between the City and Sun Bank/Miami, N.A., all as more
fully described in the Ordinances and the 1986 Subordinated
Debt Ordinance, and (ii) the Acquisition Account created by
the 1988 Subordinated Debt Ordinance and held by the City's
Department of Offstreet Parking, as described in the 1988
Subordinated Debt Ordinance. Reference is made to the
Ordinances and the 1986 Subordinated Debt Ordinance for the
provisions, among others, relating to the terms, lien .and',_
security for this Bond, the application of the proceeds of
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10423
this Bond., the rights and remedies of the Bondholder of this
Bond, and the extent of and limitations on the City's
rights, duties, and obl..igations, to all of which Provisions
the Bondholder assents by acceptance hereof.
This Bond shall not be deemed to coil st.itut,e a gen-
eral indebtedness or obligation or pledge of the faith and
credit of the City, the State of Florida or any other polit-
ical. subdivision thereof within the meaning of any constitu-
tional, legislative, charter or ordinance provision or limi-
tation, and it is expressly ac_treed by the Bondholder of this
Bond that such Bondholder shall never 'have the right,
directly or indirectly, to require or compel the exercise of
the ad valorem taxing power of the City or a»y other- politi-
cal subdivision of the State of Florida or taxation in any
form on any real or personal property for the payment of the
principal of, premium, if any, and interest on this Bond or
for the payment of any other amounts provided for in the
Ordinances.
It is further agreed by the City and the Bondholder
of this Bond that this Bond and the indebtedness evidenced
hereby shall not constitute a lien on any property of or in
the City, including, but not limited to, the project, but
shall, constitute a lien only on the moneys described above,
in the manner provided in the Ordinances.
This Bond is subject to redemption prior to its
maturity at the option of the City in whole or in part on
any •date, without premium or penalty, upon three (3) busi-
ness days' advance written notice received by the Bondholder
hereof; provided, however, that redemptions in part shall be
in minimum amounts of $50,000.
This Bond, shall be subject to redemption, at the
option of the Bondholder, prior.to its stated date of mat-
urity, in whole, at par plus accrued interest to the date
fixed for redemption, without premium or penalty, ninety
(g0) days after receipt by the City of written notice from
the Bondholder of the occurrence of a Determination of
Taxability, as that term is defined in the 1988 Subordinated
Debt Ordinance.
The registration of this Bond may be transferred
upon the registration books upon delivery to the City, or if
a separate registrar has been appointed by the City, to such
registrar, accompanied by a written instrument or instru-
ments of transfer in form and with guaranty .of signatures
satisfactory to the duly authorized registrar of the City,
duly executed by the Bondholder of this Bond or by his
-18-
0 C �
ay+7S�7lisFx'Fi°�'gs���f'i T.:, S. .,. �r .., ..� .,.�_.-•.: .,.::; ...
attorney-iti-fact or Legal representati%7e, containing written
instructions as to the detail of transfer of this Bond,
alone, with the social security number or federal employer
identification of such transferee. In all. cases of a trans-
fer of this Bond, the City, or if a separate registrar has
been appointed by the City, such registrar, shall at the
earliest practical time according to the provisions of the
1988 Subordinated Debt Ordinance enter the transfer of ow-
nership in the registration books and :shall deliver in the
name of the transferee a new fully registered certificate
of the same maturity and of authorized denomination or
denominations, for the same aggregate principal amount and
payable from the same sources of funds. The City may charge
the Bondholder- of this Bond for the registration of every
such transfer of this Bond sufficient to reimburse it for
any tax, fee or any other governmental charge required
(other than by the City) to be paid with respect to the reg-
istration of such transfer, and may require that such
amounts be paid before any new such Bond shall be delivered.
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 of Miami, Florida, are authorized by law or exe-
cutive order to close, then the date for such payment shall
be the immediately preceding day which is not a Saturday,
Sunday, legal holiday or a day on which such banking insti-
tutions are authorized to close, and payment on such day
shall have the same force and effect as if made on the nomi-
nal day of payment.
This Bond is and has all the qualities of certifi-
cated securities in registered form and of negotiable
securities under the Uniform Commercial Code -- Investment
Securities Law of the State of Florida.
It is hereby certified and recited tjZat'all.acts,
conditions and things required to exist, to happen,, and to
be performed precedent to and in connection with the is-
suance of this Bond exists, 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 this Bond does not violate
any constitutional, statutory or charter limitation or
provision.
.This Bond shall bind the City and its successors
and assigns, and the benefits hereof shall inure to the
payee hereof and its successors and assigns.
-19-
1Q42
-p9�wR �r ra ���'iFtta�'W:,-•^,m:�:n�. u„-samF;�rro,�,
IN WITNESS WHEREOF, the City of Miami, Florida, has
issued this Bond and has caLlsed the same to be executed by
its Mayor and attested by its City Clerk, aid its seal to be
impressed hereon, al'1 as of the day of
1938. .
CITY OF MIAMI, FLORIDA
(SEAL)
By
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
By_ .....- _. __..._: -
City Attorney
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned
(the "Transferor"), hereby sells, assigns
and transfers unto
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER -OF TRANSFEREE
the within Bond and all rights thereunder, and hereby ir-
revocably constitutes and appoints
(the "Transferee") as attorney to registered the transfer of
the within Bond on the books kept for registration and reg-
istration of transfer hereof,. with full power of substitu-
tion in the premises.
-20-
10423., .
ZT
Date.
Signature Guaranteed:
NOTICE: Signatute(s) must
be guaranteed by a. member
firm of the New yolk
Stock Exchange or a
commercial bank or
a trust company.
Bondholder
NOTICE: No transfer will be
registered and no new Revenue
Bond will be issued in the
name of the Transferee, unles7s
the signature(s) to this assignment
correspond(s) With the name as
it appears upon the .face of the
within Bond in every particular,
without alteration or enlargement
or any change whatever and the
Social•Security or Federal
Employer Identification Number
of the Transferee is supplied.
(END OF BOND FORM]
SECTION 14. Application of _Provisions_ of the
General Ordinance. The 1988 Subordinated Bonds, herein
authorized, shall for all purposes (except as herein ex-
pressly provided) be considered to be issued in accordance
with the provisions of the General Ordinance, and shall be
entitled to all the protection and security provided therein
for Subordinated Debt.
SECTION 15: Application of 1988 Subordinated Bond
Proceeds. Proceeds from the sale of the 1988 Subordinated
Bonds shall be applied by the City simultaneously with the
delivery thereof as follows:
A. An amount equal to the legal expenses, fiscal
expenses, administrative expenses and such other expenses as
may be necessary or incidental to the issuance of the 1988
Subordinated Bonds shall be used by the City to pay such
expenses.
B. The balance of said proceeds shall be depo-
sited to the credit of the Acquisition Account .hereinafter
created and established and used solely for the purposes
therein provided..
QPrTTnM l k Ar- e-riii ai t-i nn Anr-niint The- "ri-fV 7 of
Date.
Signature Guaranteed:
NOTICE: Signatute(s) must
be guaranteed by a. member
firm of the New yolk
Stock Exchange or a
commercial bank or
a trust company.
Bondholder
NOTICE: No transfer will be
registered and no new Revenue
Bond will be issued in the
name of the Transferee, unles7s
the signature(s) to this assignment
correspond(s) With the name as
it appears upon the .face of the
within Bond in every particular,
without alteration or enlargement
or any change whatever and the
Social•Security or Federal
Employer Identification Number
of the Transferee is supplied.
(END OF BOND FORM]
SECTION 14. Application of _Provisions_ of the
General Ordinance. The 1988 Subordinated Bonds, herein
authorized, shall for all purposes (except as herein ex-
pressly provided) be considered to be issued in accordance
with the provisions of the General Ordinance, and shall be
entitled to all the protection and security provided therein
for Subordinated Debt.
SECTION 15: Application of 1988 Subordinated Bond
Proceeds. Proceeds from the sale of the 1988 Subordinated
Bonds shall be applied by the City simultaneously with the
delivery thereof as follows:
A. An amount equal to the legal expenses, fiscal
expenses, administrative expenses and such other expenses as
may be necessary or incidental to the issuance of the 1988
Subordinated Bonds shall be used by the City to pay such
expenses.
B. The balance of said proceeds shall be depo-
sited to the credit of the Acquisition Account .hereinafter
created and established and used solely for the purposes
therein provided..
QPrTTnM l k Ar- e-riii ai t-i nn Anr-niint The- "ri-fV 7 of
' iSiS�6_,'..�"`,•,::x�.*'fi�?.3,tY.is�.r�sy.;;;• :fra,.ca,�� P .`i734 .... ,�.
a 4P
Acquisition Account if (the "Acquisition Account") is hereby
established. Moneys in the Acquisition Account shall be
held separate and apart from other Rinds and accounts of the
City, and the funds on deposit therein shall be withdrawn,
used and applied by the Department solely for the.payment of
costs related to the acquisition, C011Structi0n and equipping
of the Project and purposes incidental thereto, or for the
repayment of the 1988 Subordinated Bonds as provided herein.
All such moneys shall be and constitute trust funds for such
purposes, and there is hereby created a lien upon such funds
in favor of the Bondholder: vinti.l applied as herein
provided.
Any funds deposited in the Acquisition Account
that, in the opinion of the Department, are not immediately
necessary for expenditure, may be invested and reinvested in
Permitted Investments which shall mature or be redeemable at
not less than par on or before the dates on which such funds
are estimated to be needed. All income derived from invest-
ment of funds in the Acquisition Account shall be deposited
therein and shall be used to pay costs associated with com-
pletion of the acquisition, construction and equipping of
the Project or as otherwise provided herein..
The City covenants to commence the acquisition,
construction and equipping of, the Project promptly upon
delivery of the 1988 Subordinated Bonds and thereafter to
work with due diligence to complete the Project. When the
acquisition, construction and equipping of the Project have.
been completed and all costs of same have been paid in full
or provision for payment thereof has been duly made or
provided for, all funds remaining in the Acquisition
Account, if any, shall be segregated and deposited in a
separate account and used and applied at the earliest possi-
ble date to redeem all or any portion of the principal
amount of the 1988 Subordinated Bonds then outstanding.
SECTION 17. Limited Obligationis_ of the_C_itY. The
1988 Subordinated Bonds shall not be or constitute a general
obligation or indebtedness of the City, the State of Florida
or any political subdivision thereof within the meaning of
the Constitution of the State of Florida or any legislative
charter or ordinance provision or limitation, but shall be
payable solely from and secured by a lien upon and pledge of
all moneys from time to time in the General Reserve Account
and the Acquisition Account. No Bondholder shall ever have
the right to compel the exercise of the ad valorem taxing
power of the City or any other political subdivision of.the.
State of.,Florida or taxation in any form on any property to
pay the 1988, Subordinated Bonds or the interest thereon, nor
shall any such Bondholder be entitled to payment of such
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principal and interest or premium thereon from any other
fund of the City except funds in the General Reserve Account
or the Acquisition Account as herein provided. No lien or
encumbrance on or security interest in the Project shall be
granted in favor of the Bondholders.
SECTION 18: Covenants of the City.' Until the
_. .....
principal of and interest on the 1988 Subordinated Bonds are
fully paid, the City covenants with the Bondholders from
time to time thereof a:, follows:
A. Pledge. The payment of the principal of, pre-
mium, if any, and interest on the 1988 Subordinated Bonds
shall be secured forthwith equally and ratably by an irrevo-
cable lien on and pledge of all moneys from time to time
(i) in the General,keserve.Account created pursuant to the
General Ordinance, subject and subordinate to the pledge
thereof to the Senior Bonds and on a parity with the pledge
thereof to the 1988 Subordinated Bonds and the obligations
of the City with respect to the Repayment Agreement and the
Pledge Agreement, and (ii) in the Acquisition Account.
B. Rates and Charges. Tile, City, through the
Department, shall fix, charge and collect rates, fees, ren-
tals and, charges for the use of the Parking System, and -
shall revise such rates, fees, rentals and charges as often
as may be necessary or appropriate, to produce Revenues in
each Fiscal Year at least equal to the sum of (a) Current
Expensesfor such Fiscal Year, plus (b) 125% of the amount
necessary during such Fiscal Year to pay the principal and
interest coming due on the Senior.Bonds, plus (c) 100% of
the amount necessary during such Fiscal Year to pay the
principal and interest coming due on the 1986 Subordinated
Bonds, plus (d) 150% of the interest paymentscoming due -
during such Fiscal Year on the 1988 Subordinated Bonds, plus
(e) 125% of the principal and interest payments coming due
during such Fiscal Year on any other indebtedness permitted
in compliance herewith, plus (f) the amounts required to be
deposited in the Reserve Account under the General
Ordinance, if,any,'for such Fiscal Year.
If, in any Fiscal Year, the Revenues are not suffi-
cieiit to meet the requirements of.the preceding paragraph,
the City, through the Department, will take action to revise
the rates, fees, rentals and charges, to alter the. methods
of operation, or take whatever other action is necessary to
produce the amount so required in such period.
If the financial statements for the Department for
any Fiscal Year. indicate that the requirements set forth in
this Section'18B have not been satisfied, then, within fif-,
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AP
teen (15) days of the receipt of the financial statements by
the Department, the City, through the Department, Will 62in-
ploy a Parking Consultant to review and analyze the finan-
cial statics and the administration and operations of the
Parking System, to inspect the properties constituting the
Parking System and to submit to the City, the Department and
the Purchaser, if the Purchaser is a Bondholder at such
time, within sixty (60) days thereafter, a written report on
the same, including the action taken by the City, through
the Department, with respect to the re,ision of the rates,
fees; rentals and charges, which report may contain iecom-
mendations of further revisions of the rates, fees, rentals,
charges and methods of operation of the Parking System that
will result in producing the amount so required during the
.ensuing Fiscal Year. Promptly upon its receipt of such
recommendations, the Department will transmit copies thereof
to the City Commission and will take such further action as
is then in the best interests of the City and its citizens
and those of. the Bondholders.
In the event that the City fails to take the ac-
tions described in this Section 18B, the Bondholders may in-
stitute and prosecute an action or proceeding in any court
having jurisdiction in Dade County, Florida, or before any
board .or commission having jurisdiction, to compel the City
to comply with the requirements of this Section 18B.
C. Additional_ Indebtedness. So long as the 1988
Subordinated Bonds remain outstanding, the City shall not
issue additional indebtedness having a lien on the moneys in
the General Reserve Account or any other .fund or account
created under the General Ordinance of equal or prior dig-
nity to that of the Bondholders hereunder. Notwithstanding
the immediately preceding sentence, however, nothing herein
shall be construed to prohibit the City from issuing obliga-
tions to refund the Senior Bonds or the 1986 Subordinated
Bonds so long as during the period for which any 1988
Subordinated Bonds remain outstanding, the amount of princi-
pal and interest due and payable in any Fiscal Year on obli-
gations refunding the Senior Bonds does not exceed the
amount of principal and interest due during such Fiscal Year
oil the Senior Bonds and the amount of principal and interest
due and payable in any Fiscal Year on obligations refunding
the. 1986 Subordinated Bonds does not exceed the amount of
principal and interest due during such Fiscal Year on the
1986 Subordinated Bonds.
D. Operating Funds. So long as the 1988
Subordinated Bonds remain Outstanding, the Department .will
continue to follow its policy of maintaining capital for the
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A6ddii "Mi 2F. iH E RIB+i9i't:?9 iMlt
operation and capital improvements required for the Parking
System.
B. Payment of Principal, Interest and Premium.
The City, through the Department, shall cause to be paid,
When due, the principal of (whether at maturity, by acceler-
ation, by call for redemption or otherwise) and the premium,
if any, and interest on the Senior Bonds, the 1986
Subordinated Bonds and the 1988 Subordinated Bonds at the
places, on the dates and in tho manner provided in the
General Ordinance, the 198c- Subordinated Debt Ordinance and
this Ordinance, respectively, according to the true 'intent
and meaning thereof.
operation
Parking„System. The Department
shall establishpration o and eiiforce rea-e-a-__so_.-..n._..
able rules and regulations
governing 'the operation and use of the Parking System, oper-
ate the Parking System in an efficient and economical man-
ner, maintain the properties constituting the Parking System
in good repair and in sound operating condition for so long
as the same are necessary to the operation of the Parking
System upon a revenue -producing basis, and comply with all
valid acts, rules, regulations, orders and directions of any
legislative, executive, administrative or judicial body that
are applicable to the ParkingSystem.
G. Free Use. No use of the facilities of the
Parking System shall be permitted without compensation.
H. Records, Accounts and Audits. The Department
shall keep the funds, accounts, money and ^investments of the
Parking System separate from all other funds, accounts,
money and investments of the Department and shall keep ac-
curate records and accounts of all items of costs and of all
expenditures relating to the Parking System and of the
Revenues collected and the application of such Revenues.
I. Insurance. So long as any. Senior Bond is
Outstanding, the Department shall purchase and maintain in-
surance covering such properties belonging to the Parking
System as required under the General Ordinance. If all the
Senior Bonds shall no longer be Outstanding, then, in such
event, the Department shall purchase and maintain such in-
surance covering such properties belonging to the Parking
System as are customarily insured against 'loss or damage
from such causes as are customarily insured against by en-
terprises of a similar nature, business interruption in-
surance, use and occupancy insurance and comprehensive gen-
eral liability insurance on the Parking System for bodily
injury and property damage. Such protection may consist of
insurance, ,self-insurance and/or indemnities. Any insurance
required hereunder shall be in the form of policies or coin-
tracts for insurance with insurers of cfood standing, shall
be payable to the City and may pro<,ride for such deductibles,
exclusions, limitations, restrictions, and restrictive en-
dorsements customary in policies for similar coverage issued
to entities operating properties similar to the properties
of the Parking System. Any self insurance shall be in the
amounts, manner and of the type provided by entities operat-
ing properties similar to the properties of the Parking
Svstem.
J. Notice of Taking; Cooperation of Parties. if
any public authority or n etity attempts to take or damage
all orany part of the Par}:iiig System through Eminent Domain
proceedings or through public referendum, the City and the
Department shall take prompt and appropriate measures to
protect and enforce their rights and interests and those of
the Bondholders in connection with such proceedings. Upon
receiving notice of the institution of Eminent Domain
proceedings by any public instrumentality, body, agency or
officer or the reinstitution of a public referendum, the
Department shall deliver written notice thereof to the
Purchaser (if it remains a Bondholder at such time).
The Net Proceeds of any award or compensation
resulting from Eminent Domain proceedings shall be applied
in accordance with the provisions of Section 710(a) of the
General Ordinance.
K. Compliance withApplicabl_eLaw. So long as
any 1988 Subordinated Bond is outstanding, the City and the
Department shall comply or cause there to be compliance with
all applicable laws, orders,.rules, regulations and require-
ments of any municipal or other governmental authority hav-
ing jurisdiction relating to the construction, use and'oper-
ation of the Parking System. Nothing contained in this
Section 19K shall prevent the City and the Department from
contesting in good faith the applicability or validity of
any law, ordinance, order, rule, regulation, or requirement,
so long as their failure to comply with the same during the
.period of such contest will not materially impair the opera-
tion or the revenue -producing capability of the Parking
System.
L. moment of Ch_arges__ and Covenant Against
Encumbrances. Except as provided in the General Ordinance,
the 1986 Subordinated Debt Ordinance or herein, the City and
'the Department shall not create or suffer to be created any
lien or charge upon the Parking System .or any part thereof,
or on the Revenues. The City and the.Department shall pay or
cause to be discharged, or shall make adequate provision to
---
satisfy and discharge, within 60 days after the. same become
due and payable, all lawful costs, expenses,.liabilities and
charges relatiiig -to the maintenance, repair, i`eplacement or
improvement of the properties constituting the Parking
System and the operation of the Parking System and lawful
claims and demands for labor, materials, supplies or other
objects that might by law become a lien upoIi the Parking'
System or Revenues if unpaid. Nothing contained in this
Section shall require the City or the Department to pay or
cause to be discharged, or make provision for the payment,
satisfaction and discharge .of, any lien, charge, cost, lia-
bility, claim or demand 'so long as the validity thereof is
contested in good faith and by appropriate legal
proceedings.
M. Disposition of Parking System. Except as pro-
vided in Section 713 of the General Ordinance, the
Department shall not sell or otherwise dispose of all or any
part of the properties constituting the Parking System.
N. Further Instruments and Actions. The City and
the Board shall, from time to time, execute and deliver such
further instruments or take such further- actions as may be
required to carry out the purposes of this Ordinance.
O. Monitoring, Covenant. The Department shall
provide to the Purchaser, simultaneously with delivery to
the Trustee, or any other party authorized to receive the
same pursuant to any documents related to any obligations
issued to refund the Senior Bonds) all notices, reports,
budgets, financial statements, pro forma, statements,
records, audits, opinions, certificates or instruments
required in the .General Ordinance (or any documents related
to any obligations issued to refund the Senior Bonds) unless
the delivery of .any such notices, reports, budgets, finan-
cial statements, pro forma statements, records, audits,
opinions, certificates or instruments is waived or deemed
waived by the Trustee (or such other party).
SECTION 19. Events of Default. Each of the fol-
lowing events is hereby declared an "Event of Default":
(a) payment.of the principal of and the
redemption premium, if any, on any of the Senior
Bonds, the 1986 Subordinated Bonds or the 1988
Cttltnrrii "Z+,Mr7rz�"rlc i ry 4- ,.,l 4-1, o-...e 4 - A,
Subordinated Bonds is not made when the same is dice
and payable;
(cY final judgment for the payment of money
is rendered against the City or the Department as a
result of the ownership, control or operation of
the Parking System, and any such judgment is not
discharged Within sixty (60) days from the date of
entry thereof or all appeal is not taken therefrom
or from the order, decree or process upon which or
pursuant to which such judgment shall have been
granted or entered, in such manner as to stay the
execution of or levy under such judgment, order,
decree or process or the enforcement thereof;
(d) the City or the Department, (i) becomes
insolvent or the subject of insolvency proceedings;
or (ii) is unable, or admits in writing its inabil-
ity, to pay its debts asthey mature; or
(iii) makes a general assignment for the benefit of
creditors or to an agent authorized to liquidate
any substantial amount of its property;. or
(iv) files a petition or other pleading seeking
reorganization, composition,' readjustment, or
liquidation of assets, or requesting similar
relief; or (v) applies to a court for the appoint-
ment of a receiver or it or, for the whole or any
part of the Parking System; or (vi) has a receiver
or liquidator appointed for it or for the whole or
any part of the Parking System (with'or without the
consent of the City or the Department) and such
receiver is not discharged within ninety (90) con-
secutive days after his appointment; or
(vii) becomes the subject of an "order for relief"
within the meaning of the United States Bankruptcy
Code; or (viii) files an, answer to a_creditor's
petition admitting the material allegations thereof
for liquidation, reorganization, readjustment or
composition or to effect a plan or other arrange-
ment with creditors or fail to have such petition
dismissed within sixty (60) consecutive days after
the same is filed against the City or the
Department;
(e) the City or the Department defaults in
the due and punctual performance of any other of
the covenants, conditions, agreements and provi-
sions contained in the General Ordinance, the 1986
Subordinated, Debt Ordinance or in this Ordinance,
and such default continues for sixty (60) days af-
ter receipt by the City or the Department of.a
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1042 ,
written 'notice from the Trustee (or, f1:Om the
Pi.trchaser, in the case of. 71.tch default undel: this
Ordinance) speci.fyin�J t,ich default and regitestitng
that it be corrected, provided that if prior to the
expiration of such sixty -clay period the City or the
Department ilzstitutes action reasonably designed to
cure such default, no "Event of Default" shall be
deemed to have occurred uponn the expiration of such
sixty-day period for so 10119 as the City or the
Department pur�ites such ClAratAve. action with reas-
onable diligetnce.
SE C'TION 20, Acceleration of„Maturities: Upon the
happening and continuance of any Evetnt of Default specified
in Section 19 hereof, the Bondholders of not less than 25%
in aggregate principal amount of the 1988 Subordinated Bonds
then outstanding, may, by a notice in writing to the City
and the Department, declare the principal of all of the 1988
Subordinated Bonds then outstanding (if not then due and
payable) to be due and payable immediately, and upon
such
declaration the same shall become and be immediately due and
payable, anything contained in the 1988 Subordinated Bonds
or in this Ordinance to the contrary Notwithstanding. If all
such Events of Default which have occurred hereunder have
been satisfied after the principal of and interest on the
1988 Subordinated Bonds have been declaredto
be or decreeain
payable and before the entry of final
any suit, action or proceeding instituted on account of such
or.before the completion of the enforcement of any
default,
other remedy under, this Ordinance, then and in 1evate prtin-
case the Bondholders of not less than 25% in agg' g
cipal amount of the 1988 Subordinated Bonds then outstanding
shall, by written notice to the City and the Department,
rescind and annul such declaration and its consequences, but
no such rescission or annulment shall extend to affect
any subsequent Event of Default or impair any rightt conse-
quent thereon.
SECTION 21. Remedies. In addition to any remedies
then available to.the Bondholders under this Ordinance and
under State and federal law, upon the occurrence of an
ent
f not less than 25% in aggregate
of Default the Bondholders oie
principal amount, of the 1988 Subordinated Bonds then out -
principal may:
(a) Upon the filing of a suit or other com-
mencement of -Judicial proceedings to enforce their
nights under ,this Ordinance, the Bondholders shall
"be entitled, as a matter of right, to the
extent
permitted by law, to the appointment of.a receiver
e receivers of the,Parking System pending such
0
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1042�1
proceedings, with such powers as the court makincJ
such appointments confers.
(b) Take whatever action at law or in equity
may appear necessary or desirable to collect the
amounts then due and thereafter to become due or to
enforce observance or performance of any covenant,
condition or agreement of the City and the
Department under this Ordinance.
SECTION 22. Enforcement of Remedies,. Upon the
happetlitlg and continuance of any Event of Default specified
in Section 19 hereof, the Bondholders of not less than 25%
in aggregate principal amount of the 1988 Subordinated Bonds
then outstanding may, proceed to protect and enforce the
rights of the'Bondholders tinder federal or State law or un-
der this Ordinance. by such suits, actions or special.
proceedings in equity or at law, either for the specific
performaizce.of any covenantor agreement contained herein or
in aid of execution of any power herein granted or for the
enforcement of any proper legal or equitable remedy, as such
Bondholders shall deem most effectual to protect and enforce
such rights.
SECTION 23. Effect of Discontinuance_ _ of
Proceedi�s. If any proceeding taken by the Bondholders account of any Event of Default is discontinued or abandoned
for any reason, then and in every such case, the City, the
Board, the Department, and the Bondholders shall be restored
to their former positions and rights hereunder.
SECTION 24.. No Remedy Exclusive. No remedy herein
conferred upon or reserved to the Bondholders is intended to
be exclusive of any other remedy or remedies herein,
provided, and, each and every such remedy shall be cumulative
and shall be in addition to.every other remedy given hereun-
der or now or hereafter existing at law or in equity.
SECTION 25. Delay Not a Waiver. No delay or omis-
sion byanyBondholder in the exercise of any right or power
accruing upon any default shall impair any such right or
power or shall be construed to be a waiver, of any such
default, or any acquiescence therein, and every power or
remedy given by this.Ordinance to the Bondholders may be
exercised from time to time and as often as may be deemed
expedient.
SECTION 26. Right to Enforce Payment of 1988
Subordinated Bonds Unimpaired.. Nothing herein shall affect
or impair the right of„any Bondholder to enforce the payment
of the principal of and interest on his 1988 Subordinated
-30-
1042
Bonds or the obligation i2iterest onteaclzdthe 1988 DSpbordit�ated
artment to
pay the .principal of speci-
fied Bond to the Bondholder thereof at the time and place sp•-
fied in said 1988 Subordinated Bond.
SEC'1'ION 27 . De,feasa2tce . if, at any time,
the City
shall have paid, or shall have made Provision intterestmand
(as hereafter defined) of, the principal,
redemption premiums, if any, with reaped to the 1the
Subordinated Bonds, then,; and in that et°ent, tl�e lien e the
Bondholders shall be transferee totthePrfunds nifoeSPayment
Government Obligations
created and the Bondholders' pledge of and lien onthe moneys in the
General Reserve Account and the AcquiCition Account, if any,
shall thereupon,be released and of no further effect.
For purposes hereof, "Provision for Payment" shall
h
rinci al of
sufficient casand/or p
mean deposit Of p
Government Obligatiousticom11any1evoc
forathe ble trust
�benefitano£
ing institution or t2 p of, the principal,
the Bondholders, to mate timely payment
interest, and redemptio" remiudingi1988YSub�ordin�atedeBoadse
of redemption on th
Nothing herein shall be deemed to require the City to cal
any of the Outstanding 1988 Subordinated Bonds
for redenal
tion prior to maturity pursuant to any applicable
provisions, or to impair the discretion of the
redemption p' option for
City in determining whether to exercise any such
early redemption.
Notwithstanding anything in this Section 27 to the
contrary, however, the obligations of the City under Section
28 hereof shall remain in full force and effect until such
time as such obligations are fully satisfied.
uirements. The
SECTION 28. Com liance wfor TtheRebene— fit -of the
City hereby covenants and agrees,
Bondholders from time, to time of the
th the requirements app li988 u
ablebo1dtnnoed
Bonds, to comply wiof
tained in Section 103 and Part IV °ovi.onsptBChapter
to the extent
l of the Code, or any successor ps
necessary to preserve the exclusion of interest on,the 1988
Subordinated Bonds from gross income for federal income tax
intending to limit in
purposes: Specifically, wany
ithout
way the generality of the foregoing, the City covenants and
agrees:
(1) to pay to the United States of America
legally available funds, at the times
from any f of the Code,
required pursuant to Section 148( )
the excess of the amount earned on all nonpurpose
-31-
1 0a2_2
investments (as defined in Section 148(f)(6) of the
Code) over the amount which would 'lave been earned
if such non -purpose investments were invested at a
rate equal to the yield on the 1918,8 Subordinated
Bonds, plk.ls any income attlAbutable 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 calciila-
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
1988 Subordinated Bonds in a manner ,that would
cause the 1988 Subordinated 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 1988 Subordinated Bonds, or any of
them, to become arbitrage bonds under Section
103(b) and Section 148 of the Code.
The City understands that the foregoing covenants
on the City to comply with the
impose continuing obligations
requirements of Section 103 and Part IV of Subchapter B of
Chapter 1 of the Code so long as such requirements are
applicable.
SECTION 29. General Reserve Account. Subject to
the provisions of this Section 29 and SecE on
�2l of the 1986
Subordinated Debt Ordinance, all Revenues shall be held and
applied pursuant,to the General Ordinance, in but not
limited, to the manner provided in Articles V, VI and VII
thereof. Until payment in full of the principal of and in-
terest on the 1988 Subordinated Bonds, the City shall conti-
nue to maintain the General Reserve Account.
After making the transfers set forth in the first
of the General Ordinance, the City
paragraph of Section 509
shall thereupon apply any amounts remaining in the General
Reserve Account.to secure and pay Subordinated Debt, and
then, at its option, may apply any,amounts,remaining in the
Ct General Reserve Account for any one or more of the following
purposes but.not necessarily in the following ( )
any purpose for which money in the Construction Fund, the
Renewal and Replacement Account, and the Revenue Account (3;
be used; (2) the purchase or redemption of Senior Bonds;
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104i
--
to secure, and pay the classes of indebtedness described in
Section 717 of the General Ordinance, and (=1) to pay all. or
any part: of the cost ofadditions, extensions and iinprove-
ments to the Parking System.
SECTION 30, City, The.Baard',.Department and Bond
Bondholders Alone liave Rights Under Ordinance. Except as
otherwise expressly provided herein, nothing in this
Ordinance, express or implied, is intended or shall be con-
strued to confer upon any person, firm or cordoIration, other
than the City, the Board (as defined in the General
Ordinance), the bepartment, the Bondholder of the 1988
Subordinated Bonds issued under and secured by this
Ordinance, any might, remedy or claim, legal or equitable,
under or by reason of this Ordinance. This Ordinance is in-
tended to be for the sole and exclusive benefit of the City,
the'Board, the Department and the Bondholder.
SECTION,31, R_egistrar_an_d_ Paying Agent. The City
shall act as the initial Registrar and Paying Agent with
respect to the 1988 Subordinated Bonds, and may name succes-
sor or additional Registrars and Paying Agents by subsequent
ordinance or resolution. The City shall provide the
Bondholders of notice of appointment of any successor or ad-
ditional Registrars and Paying Agents.
SECTION 32. Authorizations. The Mayor, the Vice
Mayor, the City Manacger,�any `Assistant City Manager, the
Clerk, any Deputy Clerk and their designees are each desig-
nated as agents of the City in connection with the sale, is-
suance and delivery of the 1988 Subordinated Bonds and are
authorized and empowered, collectively or individually, to
take all, actions and steps and to execute all instruments,
documents and contracts on behalf of the City that are
necessary or desirable in connection with the sale, execu-
tion, issuance and delivery of the 1988 Subordinated Bonds.
and which are.not inconsistent with the terms and provisions
of this Ordinance.
SECTION 33. Modification or Amendment. This
Ordinance may be modified and amended and all appropriate
blanks appearing herein may be completed by the City from
time to time prior to the issuance of the 1988 Subordinated
Bonds. Thereafter, no modification or amendment of this
Ordinance or of any resolution or ordinance amendatory
hereof or supplemental hereto materially adverse to the hol-
der,s.of the 1988 Subordinated Bonds may be made without the
consent in writing of the owners of not less than,a majority
in aggregate principal -amount. of the Outstanding 1988
Subordinated Bonds, but no modification or amendment shall.
permit a change (a) in the maturity of the 1988 Subordinated
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.�PYM�:€F€eL��-+'J•�"as,:.r:�'7:a�±�r..;�s „rr'fi•�^a:.'res>... .
Bonds or a reduction in the Rate of Interest thereon (e9cept
pursuant to Section 7A hereof), (b) in the amount of the
principal obligation of any 1988 Subordinated Bond, (c) that
Would affect the unconditional promise of the City to levy _
fees, rates, charges and rentals of the Parking System as
herein provided, or (d) that would reduce such percentage of
Bondholders of the 1988 Subordinated Bonds required above
for such modifications or amendments, without the consent of
all of the Bondholders of the 1988 Subordinated Bonds. For
the purpose of Bondholders' %,oting rights or consents, the
1988 Subordinated Bonds owned by or held for the account of
the City, directly or indirectly, shall not be counted.
SECTION 34. Recitals in Preamble. The recitals
contained in the preamble to this ordinance are incorporated
herein by this reference thereto and are adopted as if fully
set forth in this Section 34.
SECTION 35. Controlling Law; Members of Commission
and Officials _of City_not viable. All covenants, stipula-
tions, obligations and agreements of the City contained in
this Ordinance shall- be deemed to be covenants, stipula-
tions, obligations and agreements of the City and the
Department to the full extent authorized and provided by the
Constitution and laws of the State of Florida. No covenant,
stipulation, obligation or agreement contained herein shall
be deemed to be a covenant, stipulation, obligation or
agreement of any present or future member, agent or employee
of, the City Commission or the City or the Department or the
Board in his individual capacity, and neither the members of
the City Commission, the members of the Board nor.any offi-
cial executing the 1988 Subordinated Bonds shall be liable
personally on the 1988 Subordinated Bonds or this Ordinance
or shall be subject to any personal liability or accounta-
bility by reason of the issuance or the execution by the
City Commission or such members thereof.
SECTION 36. Severability. If any one or more of
the covenants, agreements or provisions of this Ordinance
should be held contrary to any express provision 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 1988 Subordinated
Bonds issued hereunder.
SECTION 37. -Effective Date. This Ordinance shall
PASSED AND ADOPTED on this 14th day of April,
i
_._._._.... XAVIFR I- SUAREZ, MAYOR
ATTEST:
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Appro�V/Ee)d as to form and correctness:
uc * a A, ugherty
City Attorney.
Prepared and Approved By:
Robert F. Clark,
Chief Deputy City Attorney
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Ordinance No* 10423
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Ordinance No. 10423
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Ordinance No, 10423
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ordinanc6 No, 10423
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MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami. Dade County, Flof.da
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookfe Williams, who on oath says that she is the Vice
President of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
�LV�attN MIAMI
LEGAL NOTICE
ORDINANCE NO. 10423
RE: AND EMERGENCY ORDINANCE
AUTHORIZING.THE ISSUANCE OF $2,500,000
IN AGGREGATE PRINCIPAL AMOUNT, etc...
In the .... X..X X..-.. Court,
was published in said newspaper in the issues of
April 21, 1988
Alfiant further says that the said Miami Review is a
newspaper published at Miami in said Dade County, Florida.
and that the said newspaper has heretofore been continuously
published in said Dade County. Florida, each day (except
Saturday, Sunday and Legal Holidays) and has been entered as
second class mad matter at the post office in Miami in said
Dade County, Florida, for a period of one year next preceding
the first publication of the attached copy of advertisement; and
affiant further says that she has neither paid nor promised any
person irm or corporation any discount, rebate, commission
or ref for the purpose of securing this advertisement for
publi ion in the SA id newspaper. ,
0 OF
, . lk .
It��iror b before me this
2 of D. 19 88
try Public St F rida aat Large
My Commission e as 1-9-t 1D 0�1
MR 114,
city bP MIAMI
bdb1= COUNTY, PLOIAlbA I
LrtOAL NbttCE
i
All ,,l ,t)":rr.7 €ir,.cnt^ :•:i17 !a4n 7fulir..i lhnf rin inn tdlh riay of AC"it, 4
Iyk$. 11,i1 (:ity Ci,n"ntrSs!n:'1st M7a�r,i, Florida, adoPti'd th(' i011Owlnq lit+r°rl
lordlnln t"F
ORDINANCE NO. 10412
AN Ft1E:FIGENCY ,-1PI)I"LANCE At.1Ctd()ItI(; F,F.(,:rrt)N 1 or
sR[)iFJANCF NO, 10347, AS AMENDF,f), Aivr)T1"L) N0 vrmRFn
1'l, +,QR7, THE, CAPITAL iMPR,OVFMENTS APPROPRIATION
oni)ItiAtaCC, By F TAF;LI iIIN(; Ti-(E rn0.1K(—,T ENTiTLE[)
L.l"'R';?C?'1 PARK IRFNt)VA11C.)NS". rn(1,1F[,I N{I. 1?114f, IN 11iF.
At.1Ql)Ni I'iF' $35.0rlft, APPRr)rtIlA11NG f'UNIIS 'iHEf?FFCti?
rROm nF\jrNlIF rRCTJCCt IdC7 111rnol, "1r1';7 t'AIiKr Atli't
nF(=f1FATIO1lJ G 0 R ", (:(ttllAitJlNti A RFPFA( Fn rnr:1VISION
At --ID A RFVERAHILITY (A AIJ!,r-
ORDINANCE. NO. 10411
ATi Ft,rII(;f';NCY 0P.01NANCF A44FfIDING `;FC-TiON 1 00
)r1iliNArii"F; Nit 10701, Ai OVIFI) JANi!APY R, 09-,,
t;r1Nt:F(tNINt; I HF* gPEGIAI_ tTFVF NUF rUN[i F tlil { Li 11 ' FF1F
s;la! (t rt'it'r,t(nM (:(ttlROi lnn1F {t" BY Itl('RFARiPU; TILE
ArF'R0i'f11ATIf)NS FOR 114E 0F'FTIAII0N ()F Tiil' SAID
I'110 ;HAM nY T.;2.om FROM r11rN; IAM PAF1TIGIVATI('tJ rFrS
At111 tIF SIGNATF0 FO()lt i1Fl`.4RllttcFMFN15 T"nOt1 111E
ulJltrtt Stnt!�: i?F-rAntMF(1t Ctr Ac;nl(;1!III,)nf', COtllnitlitl(;
A RFrf Al rrt i'Iit'tVV;1r)N ANO A SFVFilARILItY (:tAUS!"
ORDINANCE No. itwii
Ata F�qF rt(;FtiT'+' (1T1)INAF1C:E FRIARLI, wio, A NFW
ni',VFNUE FUND ENIIILF.D; "inAINING SUPPORT Fr)LIIPMFtd'I..
nvOlon v.iV i-Y'PT ail, g1`PRF,;1rniAilN(; Fi,TF((> F nR i1r i
()FFRATI()t1 IN All AMOUNT tIOT TO g�,Prn,nn, AND
AUTH0111711r;'TIT f-AlY h,tAfIA ,En 10 AC'CFI'( 11W, 1P'rir900
C;RANi A1NAnI1 ril(iM itir rTAIF 01- Ft(IIJItIA, t.011TAINiNG
A RErFALEn rnovirir'tti ANF1 A SrVE11ARII.IIY CI.nusr:.
ORDINANCE NO. 10415
AN FMER(;FN(,:Y t)nf)INANGF. AMENOIu!; !)RDINANCF 1`110. 1
10252 AUr111T i'0 ON APRIL 11. 10117, FS1AR1 MtIINC', RET=()URC
AND APPROPRIATIONS rOR TifF LAW ENFORCEMENT "TRUST
FUND RFCEIVFD Alit) UFrOsrTry runSUANI 1 Q ORDINANCE
9257, ADOPTED APRIL g, iutiI, WI 0011 (.'nFAI ED -SAIL' rUND,
AN INCREASE iN Till: AMOUNi nF `"520.0nn AS A nFSI!Li Or -
ADDITIONAL MONIES DEP0511 ED IN SAID I"UND DUF 10
SUCCESSFUL r0RFEiTURE A(IIONS; CONTAINING A
REPEALER PROVISION AND SEVFRAEI1L.ItY CLAUSE.
ORDINANCE NO. 10416
AN EM.ERGFNCY ORDINANCE ESTABLISHING A SPECiAL
REVENUE FUND FN111'I PD- "FFNIOR CITIZFNS SrFl"AAL17ED
i
MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami. Dade County, Florida,
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookie Williams, who, on oath says that she is the Vice
President of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
ip'(hyatt6? MIAMI
cL.EGAL NOTICE
ORDINANCE NO. 10423
RE: AND EMERGENCY ORDINANCE
AUTHORIZING THE ISSUANCE OF $2,500,000
IN AGGREGATE PRINCIPAL AMOUNT, etc...
in the ... , .. ... X - .X . .x Court,
was published in said newspaper in the issues of
April 21, 1988
Aifianl further says that the said Miami Review is a
newspaper published at .Miami in said Dade County. Florida.
and that the said newspaper has heretofore been continuously
published in said Dade County, Florida, each day (except
Saturday, Sunday and Legal Holidays) and has been entered as
second class mail matter at the post office in Miami in said
Dade•County, Florida, for a period of one year next preceding
the first publicatlon of the attached copy of advertisement; and
aIfiant further says that she has neither paid nor promised any
person irm or corporation any discount, rebate, commission
or ref for the purpose of securing this advertisement for
publi Ion in the syid newspaper. ;
I bi 1 w A
I�Svror bs before me this
2 D. t9. Q.88
c e yre
�1 olAy PU I! sia. rF ride at Large
....,,. CITY Of= MIA ` M1 I
j bAbE COUNTY, FLOhlbA
Lt:OAL N0flCE
1 Ail iritf ,,enlst d pnr ,i ns vjM ink- n0tirfl thtti nn Ili- Ihth riny of April,
1988, thn City Ccrrnrnig,*,Terri z)( tati;lrni, Florl;ia, adnl11er1'{ha h)Ilnwtnq I IMI
fordinanr•ps
ORDINANCE NO. 10412
AN EMERGENCY r.'ROINANC'r AMENDING SE011ON 1 OF
01`1011`14NCE 1`10 10347, AS AMENDED. A()CIP1E0 NOVEMnER
19, 19A7, 1"HF CAPIiAI. IMF1POVFMFNIS APPROF'niATIONS
ORDINANCF, RY ESTAR(JrHING THE PROJECT EN11T(ED
"rtIAPSON PARK RENOVATIONS", r0(7)JF(:T NO 3'1134G, iN 111E
AMOUNT r;r` 5'i5,00f1, APPRC)PRIATINC'FOND,i tl{FRETOR
rnOM REVENUE PRC)JFGT NO, .79!-,001, "fqi? ('ARKS ANT)
R.ECRFATION (,J) R ". CON1'AINIWi A REPEAT Fit PPOVI510N
AND A SFVE11ARit_11Y (A Ail ,E
ORDINANCE NO. it)4)3
Ail rMFR(,FNCY OPOINANOF AMENDING S[01101`1 ! ON
000I 1ANGF NO WPOI• ADOP1 FD •JANI)ARY IT, 1987.
r (SNt"FlltJltdf', irlF SPf.=( tAL.R[:VEtJUr' FUfNU EN111I 170 "PRF
,';i:IIr1r11" C!i(7(yr1AhA.f;t)RIC{JL1tTA1Fl1," BY. ItY31FASINCi 111E,
Arl'Rt)r111A11ONrA FOR 111F 0PF.r;ATlnN OF TiIF SAID
vnr,)Cit1AM (lY $i2,C11F1 FROM V1`IQ(`IRAM PARjwWAJIr)tJ FEFS
ANT) t1rS,",NAiF•1) 1-001) tTF;IMRUn5Fh4FNT5 F-RUM 111E
i,lhlll FD STAIFfi f)Ft'AC{ih1F'N1 t'1F Atilllt,;lJl TtIRF; r-rlfdTAiNtPJ
A (4:1"I'-Al vrl rm)VISifJtl ANO A FT.VFRARII.lf C;{.AVSE
ORDINANCE NO, 1041A
AN FMFRf;rtJr;ti' (IW1It1AfJCE FSIARLI! 11111r, A NFW 1;VrCIAL
REVENUE r`UNU ENIIII_FP; "TRAINING SUPPORT EOUIPMFNi':
0EG1011 XW I i'87.1111, .AVPROi'RTAIIHG rUNDS rQR ItS
(WFRA110N IN AN AM()0t)t 101 TO FYC17-rl1 42,1`19nnn, ANU
AUTHOj1I7.ItIC: 114F f:IIY MAIJArIFF1 i0 A!'t,;FPT IHE SP,AI;OOQ
GRAM AWARD I'ROiA HIF 5{ATF CIF F*101110A; 1'gNJA1tJiNC
A REPEAI.F,R PROVISION AND A `;EVFNAMLITY Gt.Ausr,
ORDINANCE NO. 104i5
AN r- JIGFtJCY 0130111ANCE AMENDING nRDiNANCE NO.
M252 AW)PTF11 ON APRIL IT, 1987 F,S'IARt.iSI11tJG RESC.1U11GES
AND APPROPRIATIONS VOR THE LAW ENFORCEMENT TRUST
rUND RFCEIVEII Atit) DEPOSITED I1URSUAth1T }O ORDINANCE
P257, ADOPTFO APRIL 4, in8i, WF1tCrt t,REAirp SAID FUND,,
AN INCREASE IN 71IF AMOUN I OF $570,000 AS A RESULT 017
ADDITIONAL MONIES DFPOSII FD iN SAID FUND DUE TO
SUCCESSFUL FORFEITURE ACTIONS.; CONTAINING A
REPEATER PROVISION AND SEVFRABII_ITY CLAUSE,
ORDINANCE NO. 10416
AN EMERGENCY ORDINANCE ESTABLISHING A SPECIAL
REVENUE FUND FNTITLEO; "SENIOR CITIZENS SPECIALI7ED
POLICING PROGRAM 2NU YEAR CONTINUATION",
APPROPRIATING FUNDS FOR 11"S OPERATION IN THE AMOUNT
OF $351,221- COMPOSED OF $175.61 i FROM THE UNITED
STATES BUREAU OF JUSTICE ASSISTANCE AND $175,610 FROM
THE CITY OF MIAMI LAW F-NFORCEMEtJT TRUST FUND; AND
RATIFYING, APPROVING AND CONFIRMING IHE ACT ION OF.
THE CITY MANAGER IN ACCEPTING THE $351,221 GRANT
AWARD FROM THE tltJITFD STATES BUREAU OF JUSTICE
ASSISTANCE, THROUGH THE FLORIDA DEPARTMENT OF
COMMUNITY AFFAIRS; CONTAINING A REPEALER PROVISION
AND SEVERABILITY CI. AUSF-,
ORDINANCE NO. 10417
AN EMERGENCY ORDINANCE ESiABLMHING A NEW SPECIAL
REVENUE FUND ENTITLED: "SUMMER F-O(?D 8F-RVICE
PROGRAM FOR C;HII_C)RFtJ-1988" AND APPROPRIATING
FUNDS FOR THE OPERATION OF SAME IN THE AMOUNT OF
$156,288.00 FROM A GRANT BY THE UNITED STATES
DEPARTMENT OF AGRICULTURE (U.S.D,A ); ALIT HOnIZiNG THE
CITY MANAGER 10 ACCEPT 111E GRANT AWARD FROM U.S.D.A,
AND 10 ENTER INTO THE NECESSARY CONTRACT(S) A14DIOR
AGREEMENT(S) FOR THE ACCEPTANCE OF THE GRANT;
CONTAINING A REPEALER PROVISION A140 A SEVERABILITY
(SEAL) �0� $L1 `�
CLAUSE. ORDINANCE NO.10418
My Commission e ' esoftni�`�0T'
AN ORDINANCE AMENDING SECTION 53.161 OF THE CODE
ft
OF THE CITY OF MIAMI. FLORIDA, AS AMENDED, BY
CHANGING THE RA1F SCHEDULE FOR THE USE AND
OCCUPANCY OF AND THE SERVICES FURNISHED 013 TO BE
FURNISHED IN CONNECTION WITH IHE MIAMI CONVENTION
CENTER; CONTAINING A REPEALERI CROVrSiON, SEVERABILITY
CLAUSE AND PROVIOIJG FOR All EFFECiIVF DATE.
ORDINANCE NO. 10419
-
AN ORDINANCE_ ESiABLISHING A NEW SPECIAL REVENUE,
FUND FNIITLED: "HOUSING DEVELOPMEtJT GRANT
PROGRAM- 1987", APPROPRIAllt113 FUNDS IN THE AMOUNT
OF scw,t!t10 FROM THE U.S. DEPARTMENT OF HOUSING AND
URBAN LIEVPLOPMENT FOR THE PURPOSE OF PROVIDING,
CONSIRUC11ON FIIJANCING 10 DESIGN MANAGEMENT _VII
AS, UEVELOPERfOWNER Or A OIJE HUNDRED
TWENTY-rIVE (125) UNIT RFNTAI. HOUSING.DEVELOPMF.N1
FORTHF EL,0EI1I,Y; (_OiJIAINING A FEPEALER PROVISION AND
SEVERARILItY CLAUSE
ORDINANCE NO, 10420
AN 0PDifJAIJ(.,F .AME11OU10 ,3E01IONS i ANO 6 OF
ORDINANCE MO. 10321, AL)OPTFD RFP10ABER 2.2, 19B7, 111E
ANNUAL APPRC)PRIAiiONS ORDINANCE, FOR THE FISCAL
YEAit F.I41,111JC; SFPIEMRER 3n, 19N8, r3Y ItICREASitJG THE
APJ'RQPf1{Atli)NS TO THE DEPARTMENT OF PARKS,
RECREATION AND PIJRIIC T-AGILIIIFS BY $37$000, AND BY
INCREASING W'VFIILIES IiI IHE SAiAF AMOUNT FRQM DADE
COUNTY SCHOOL ROAF10 LEASE PAy'MFNTS: CONTAINING A
REPFALFil PROVISION AflL1 A SFVERARILMY CLAUSE.
ORDINANCE NO, 10471
MR 114
AN ORUINAIA-F AMENDING SECTION 1 OF ORDINANCE NO,
10347, ADOPT ED NOVEMBER 19, 1087, 1IIF. CAPITAL
APPRr1PRIAHONS r?N(1ItJANCF, BY FSiABLISHING THE
rnOJECi' F11111LED' N[1111HWES1 RIVER DRIVE AGOUISITIOt-4
PROJECT-. KRFiDT PRC)P( FITV", PFl(�IFr:T tlU 4F9r,TQ2, INiHE.'
AMOUNT OF $34,000 AIJL1 APPROPRIAIFN(,� FUNDS FROM
-.,
PROPERTY' AND LEASE MANAGEMENT'S ENTERPRISE
FUND- RETAINED FAnNINGS; 001411t,INING A REPEALER "
PROVISION AND A SEVERA431L11 Y CLAUSE
ORDINANCE NO. 10q22
A14 (,)RDINANC:E AMENDING SFG110N I OF OFIDINANL-F NO
!
1n34A A00PT1711NrIVFURfR 14, t9,97•.WHICIIF`sIARLISI4F,DA
SPFCIA1, 111:10 Wir FUND Ff111111{) ' Fr{f;Rr,1:Nt;r"r%VAF IF:11
t;RAtJ1 {T'r 'iltli' %f"IIJAI'tilr, I"ksr.itt``. rriR r1PFitAit+:")tN
Ili 11i1", f,f•Af"iltlll I'll- I,'f1 I, 1Jgi) f Ilt)IA i) F;
DfPAIIIIAI1Nl 01 Ilrillr,ill!i Alit! i)Frftt+li'!tF:'II'If)rttlF:r�t
(Ir';fflil)).,FS'r ItN;T1TA5!!-1<;, I)iI. A!'T''}dl)Ftl?!A'tJ(111k[34 $12riri0
TO: Itonorable Mayor and Members of
the City Commission
DATE: March 31, 1988
FROM: John J. Mulvena
SUBJECT:
Executive Directo
Department of Off treet Parking
APPROVAL OF AN EMERGENCY
ORDINANCE FOR 111E FINANCING
OF THE CONSTRUCTION OF PUBLIC
o
PARKING FACILITIES IN THE
VICINITY OF THE MIAMI ARENA
AND FOR THE PURCHASE OF A
PARCEL OF LAND TO BE USED
FOR FUTURE EXPANSION
Recommendation
It is recommended that the City commission
an emergency' Parking SystemrRevenue
authorizing the issuance of $2,500,000 of Subordinated
Bonds, Series 1988, for the purpose of paying a portion of the construction of
public parking facilities in the vicinity of the Miami Arena the De artm nt purchaseof
narral of land Ari�r!Cont to an existing garage owned by P
off -Street Parking for future expansion.
Background
Parking Facilities Construction and Improvement Program
The Parking Facilities Construction and Improvement
pro em commission andram has has been designed developed
at the request of the City of. Miami
to
provide 4,500 parking spaces in sixteen parking lots within 750 feet of the
Miami Arena which will be available to the public prior to the opening of the
'Miami Arena (July, 1988). The Parking Facilities Construction and Improvement
Program (Exhibit A) utilizes three existing surface parking lots and requires
the construction of eight new parking facilities which are owned by both
public and private property owners. Leases on the parcels not owned by the
Department of off -Street Parking have been executed or are currently under,
negotiation. .
The Parking Facilities Construction and Improvement Program. also identifi.s
approximately 2,000 italternate I' parking spaces in the event that any of the
parking spaces are displaced through redevelopment. These "alternate" spaces
would be achieved through the re -striping to a 50 percent compact and 50
percent standard car ratio of already existing parking lots and new
construction including the State of Florida garage of approximately 1,300
spaces. This program is included in the Department of Off -Street Parking Five
Year Strategic and Financial -Operations Plan which was approved by the City
Commission and the Off -Street Parking Board.
6 -4
1,041
t
t
1
Land Purchase
The Department of Off=Street Parking Board Authorized the purchase of this
parcel of land during the February 11, 1987 meeting. This property is located
adjacent to Municipal Garage No. 1 (Exhibit B) and would allow the
squatingr-off of this facility which is currently constructed on an "L" shaped
parcel. An appraisal report was prepared by Appraisal and Real Estate
Economics Associates, Inc., (AREEA) on January 14, 1987 which valued the
property at $1.3 million (see Exhibit C for a copy of the Executive Summary of
the appraisal report). The Department of Off -Street Parking has negotiated a
_ contract price of $1.43 million ($95.00 per square foot which is 10 percent
above the appraised value). This item is also included in the Department of
Off -Street Parking Five Year Strategic and Financial Opera4ions Plan which was
approved by the City Commission and the Off -Street Parking Board,
Exhibits: 3
,t
04+ rZI
n
(.:10r�11,
Date
f.
To '.._'_ FROM
----Please Hate and see me _ R+ease +gi,,e me yoc,cr commentS
_..,.Please note and return to me for yt7ur information
For your review and approval __.._ jrameU}ate action desired
_Please prepare reeky to ��y _._ ..Please answer. with copy
t4 me
Please follow through _ For your signature
Remarks:
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