HomeMy WebLinkAboutO-10186.1-80- 1 O 71)
11 86
ORDINANCE NO, 10186
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE
OF SUBORDINATED PARXING SYSTEM REVENUE BONDS OF
THE CITY OF MIAMI, FLOPIOA IN AN AGGREGATE
PRINCIPAL AMOUNT NOT tXCEEDING $2,000,000 FOR THE
PURPOSE OF ACQUIRING LAND TO BE USED FOR THE
PURPOSE OF ERECTING AND CONSTRUCTING THEREON
PUBLIC PARXING FACILITIES WITHIN THE CORPORATE
LIMITS OF THE CITY OF MIAMI; PROVIDING FOR THE
PAYMENT OF SUCH BONDS AND 'THE INTEREST THEREON
FROM AMOUNTS ON DEPOSIT IN THE GENERAL RESERVE
ACCOUNT CREATED PURSUANT TO ORDINANCE NO. 10115
„ OF THE CITY COMMISSION OF THE CITY OF MIAMI;
SETTING FORTH THE RIGHTS AND REMEDIES OF THE
HOLDERS OF SUCH BONDS; MAKING CERTAIN COVENANTS
- AND AGREEMENTS IN CONNECTION THEREWITH; AND
PROVIDING THAT THIS ORDINANCE BE EFFECTIVE
IMMEDIATELY UPON ENACTMENT.
a
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, to issue its revenue bonds to acquire land for the
purpose of erecting and constructing thereon a public parking
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facility; and
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WHEREAS, The City Commission of The City of Miami (the
"City- Commission")- on June 26, 1986 duly passed and adopted
Ordinance No. 10115 (the "General Ordinance"); 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 subject to the conditions set
forth in Section 718; 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 prior to
the delivery by the City of its revenue bonds to acquire that
certain parcel of real property located at 56 S.W. lst Street
and more fully described in Exhibit A to the Agreement, as
hereinafter defined (the "Project"); and
WHEREAS, the Department of Off -Street Parking of The
City of -Miami (the "Department") has or will enter into a
Purchase and Sale Agreement (the "Agreement") between William R.
Watts and Northern Trust Bank, Trustee (collectively referred to
s as "Seller") and the Department, as Purchaser,to acquire the
F. Project for the sum of Two Million Dollars ($2,000,000) (the
"Purchase Price") and
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WHEREAS, the Agreement provides that the Purchase Price
will be paid by Purdhaser delivering to Seller, at closing, the
City's revenue bond issued as Subordinated Debt; and
WHEREAS, the principal of and interest on the revenue
bond issued as Subordinated Debt and any other payments 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, such payments from the
General Reserve Account being subject to the provisions of
Section 509 of the General Ordinance; and
WHEREAS, 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 Bonds herein autho-
rized or to make any other payments provided for herein and
WHEREAS, the Bonds herein authorized shall not consti-
tute a lien upon any properties owned by or located within the
boundaries of the City; and
WHEREAS, it is estimated that there will be sufficient
moneys in the General Reserve Account to pay the principal of
and interest on the bonds to be issued hereunder and to make any
other payments required by this Ordinance; and
WHEREAS, the City Commission has determined that it is
necessary and in the best interests of the residents and
inhabitants of the City to provide for the issuance at this time
of revenue bonds of the City in the aggregate principal amount
of not exceeding Two Million Dollars ($2,000,000) and designated
Subordinated Parking System Revenue Bonds, Series 1986 (the
"Subordinated 1986 Bond") for the purpose of providing funds to
acquire the Project;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF MIAMI, FLORIDA:
SECTION 1. DEFINITIONS. All capitalized undefined
terms shall have the same meaning as set forth in the General
Ordinance. In addition, the terms defined in the WHEREAS
Clauses herein shall have the meanings set forth therein and the
following terms shall have the following meanings herein, unless
the text expressly requires otherwise. Words importing singular
f: number shall include the plural number in each case and vice
versa, and words importing persons shall include firms and
'i corporations.
"Additional Parity Bonds" shall mean additional
obligations issued in compliance with the terms, conditions and
limitations contained herein and which'(i) shall have a Tien on
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the rnoneys in the General Reserve Account created pursuant to
Section 501 of the General Ordinance equal to that of the bonds
initially issued hereunder, (ii) shall be payable from the
proceeds of the General Reserve Account on a parity with the
bonds initially issued hereunder, and (iii) rank equally in a]1
Other respects with the bonds initially issued hereunder,
"Bonds" shall mean The City of Miami, Florida
Subordinated marking System Revenue Bond, Series 1986, author
rited herein and any Additional parity Bonds issued hereafter.
"City" or "Issuer" shall mean The City of Miami,
Florida, a municipal Corporation in Dade County, Florida.
"General Ordinance" shall mean Ordinance No. 10115 of
the City Commission of the City duly passed and adopted on
June 26, 1986.
"Ordinance" shall mean this ordinance as the same may
be amended or supplemented from time to time.
"Outstanding Bonds" shall mean all Bonds issued under
this Ordinance except:
1. Bonds theretofore cancelled by the Registrar or
delivered to the Registrar for cancellation;
s 2. Bonds for the payment of which money, Government
Obligations, or a combination of both, in an amount sufficient
to pay on the date when such Bonds are to be paid or redeemed
the. Redemption Price of and the interest accruing to such date
on the Bonds to be paid or redeemed, have been deposited in an
x irrevocable trust with a banking institution or trust company in
trust for the sole benefit of the Holders of such Bonds;
s Government Obligations shall be deemed to be sufficient to pay
or redeem Bonds on a specified date if the principal of and the
interest on such Government Obligations, when due, will be
sufficient to pay on such date the Redemption Price of, and the
a
interest accruing on, such Bonds to such date and
3. Bonds in exchange for or in lieu of which other Bonds
have been authenticated and delivered pursuant to this Ordinance.
"Paying Agent"shall mean any authorized depository
designated by the City to serve as a Paying Agent or as the
place of payment for the Bonds issued hereunder that shall have
agreed to arrange for the timely payment of the principal of,
interest on and redemption premium, if any, with respect to the
Bonds to the owners thereof, from funds made available therefor
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by the ,.City and any successors designated by subsequent
resolution of the City.
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"Project" shall mean the acquisition of that certain
Parcel of land located at 56 S.W. lst Street, Miami, Florida, as
more fully described in Exhibit "A" to the Agreement, to be used
for the .purpose of erecting and constructing thereon public
parking facilities within the corporate limits of the City.
"Registrar" shall mean the trust company or bank with
trust powers appointed from time to time by subsequent ordinance
or resolution of the City to serve under this Ordinance.
"Subordinated 1986 Bond" shall mean the bond initially
issued pursuant to the provisions of this Ordinance.
SECTION 2. AUTHORIZATION OF PROJECT. The acquisition
-� of the Project is hereby authorized.
SECTION 3. THIS ORDINANCE TO CONSTITUTE CONTRACT. In
consideration of the acceptance of the Bonds authorized to be
issued hereunder by those who shall hold the same from time to
time, this Ordinance shall be deemed to be and shall constitute
a contract between the City and such Holders. The covenants and
agreements herein set forth to be performed by the City shall be
for the equal benefit, protection and security of the legal
Holders of any and all of the Bonds, all of which shall be of
equal rank and without preference, priority or distinction of
any of the Bonds over any other thereof, except as expressly
provided therein and herein.
SECTION 4. AUTHORIZATION OF BONDS. Subject and pur-
suant to the provisions hereof, obligations of the City to be
known as "City of Miami, Florida Subordinated Parking System
Revenue Bonds, Series 1986" are authorized to be issued in the
aggregate principal amount of not exceeding $2,000,000.
SECTION 5. DESCRIPTION OF SUBORDINATED 1986 BOND. The
Subordinated 1986 Bond shall be issued as one fully registered
bond; shall be in denominations of $100,000 each or multiples
thereof; shall bear interest at such rate or rates not exceeding
the maximum rate allowed by Florida law, the actual rate or
rates or method of determining rates to be determined by
resolution of the 'City Commission prior to or upon the sale of
the Subordinated 1986 Bond; may be issued with variable,
adjustable, convertible or other rates, interest to be payable
at; such times as are 'fixed by subsequent resolution of the City;
and shall mature on such date in such years and amounts as will
be fixed by subsequent resolution of the City prior to or upon.
the sale of the Subordinated 1986 Bond.
The Subordinated 1986 Bond shall bear interest from the
interestpaymentdate next preceding- the date on which it is
authenticated, unless authenticated on an interest payment date,
in which case it shall bear interest ,from such interest- payment
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date) or, unless authenticated prior to the first interest
payment date, in which case it shall bear interest from its
date, provided, however, that if at the time of authentication
it'lterest is in default, such Bond Shall bear interest from the
date to which interest shall have been paid.
Subject to the payment of any amounts required to be
paid to the united States pursuant to the rebate requirement set
forth in the Internal Revenue Code of 1986; the principal of and
interest on the Subordinated 1986 Bond shall be payable solely
from amounts on deposit in the General Reserve Account, such
payments from the General Reserve Account being subject to the
provisions of this ordinance and the provisions of Section 509
of the General ordinance
The principal of and the interest on the Subordinated
1986 Bond shall be payable in any coin or currency of the United
States of Americawhich on the respective dates of payment
thereof is legal tender for the payment of public and private
debts. The principal of the Subordinated 1986 Bond, shall be
payable only to the registered Holden or his legal
representative at the principal corporate -trust office of the
Paying Agent, and payment of the interest on the Subordinated
1986 Bond shall be made by the Paying Agent on each interest
payment date to the person appearing on the registration books
of the Issuer hereinafter provided for as the registered Holder
thereof, by draft or check mail to such registered Holder at his
address as it appears on such registration books. Payment of
the principal on the Subordinated 1986 Bond shall be made upon
the presentation and surrender of such Subordinated 1986 Bond as
the same shall become due and payable.
SECTION 6. EXECUTION OF SUBORDINATED 1986 BOND. The
Subordinated 1986 Bond shall be signed by the Mayor of the City
and shall be signed by the City Clerk and the official seal of
the City shall be impressed on the Subordinated 1986 Bond.
In case any officer whose signature shall appear on the
Subordinated 1986 Bond shall cease to be such officerbeforethe
delivery of such bond, such signature shall nevertheless be
valid'` and sufficient for all purposes the -same_ as if he has
remained in office until such delivery. Any Subordinated 1986
Bond may be signed by such persons who, at the actual time of
the execution' of such bond, shall be the proper officers to sign
such bond although at the date of such bond such persons may not
have been such officers.
SECTION 7. AUTHENTICATION OF SUBORDINATED 1986 BOND.
Only Subordinated 1986 Bonds as shall have been endorsed thereon
a certificate of authentication substantially in the form
hereinbelow set forth, duly executed- by the Registrar, as
authenticating agent, shall be entitled to any benefit or
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security under this ordinance. No Subordinated 1986 Bond shall
be valid or obligatory for any purpose unless and until such
certificate of authentication shall have been duly executed by
the Registrar, and such certificate of the Registrar upon any
such Subordinated 1586 Bond shall be conclusive evidence that
such Bond has been duly authenticated and delivered under this
Ordinance. The Registrar's certificate of authentication on any
Bond shall be deemed to have been duly executed if manually
signed by an authorized officer of the Registrar, but it shall
not be necessary that the sage officer manually sign the
certificate of authentication of all of the Subordinated 1986
Bonds that may be issued hereunder at any one time.
SECTION 8. EXCHANGE OF SUBORDINATED 1986 BOND. Any
Subordinated 1986 Bond, upon 'surrender thereof at the principal
corporate trust office of the Registrar, together with an
assignment duly executed by the Bondholder or his attorney or
legal representative in suchformas shall be satisfactory to
the Registrar, may, at the option of the Bondholder, be
exchanged for an aggregate principal amount of Bonds equal to
the principal amount of the Bond or Bonds so surrendered:
The Registrar shall make provision for the exchange of
Subordinated 1986 Bond at the principal corporate trust office
of the Registrar.
SECTION 9. NEGOTIABILITY, REGISTRATION AND TRANSFER OF
BONDS. The Registrar shall keep books for the registration of
and for the registration of transfers of Bonds as provided in
this Ordinance. The transfer of any 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
Bond`, anew Bond or Bonds registered in the name of the
transferee, and in an aggregate principal amount equal' to the
principal amount of such Bond or Bonds so surrendered.
In all cases in which Bonds shall be exchanged, the
Issuer shall execute and the Registrar shall authenticate and
deliver, at the earliest practicable time, Bonds of the same
type; in accordance with the provisions of this Ordinance. All
Bonds surrendered in any such exchange or registration of
transfer shall forthwith be cancelled by the Registrar. The
Issuer or the Registrar may make a charge for every such
exchange or registration of transfer of Bonds sufficient to
reimburse it for any tax or other governmental 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 exchanging or
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registering the transfer of Bonds under the provisions of this
Ordinance, Neither the City nor the Registrar shall be required
to make any such exchange or registration of transfef of Bonds
during the fifteen (15) days immediately preceding any debt
service payment date or after notice of redemption of the Bond
or any portion thereof has been given pursuant to the Ordinance,
SECTION 10, ()wNERSHIp OF BONDS, The person in whose
name any Bond shall be registered 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 Bonds, shall be trade only to or upon
the order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual
to satisfy and discharge 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, BONDS MUTILATED, DESTROYED, STOLEN OR
LOST. In case any Bond shall become mutilated, or be destroyed,
stolen or lost, the City may in its discretion cause to be
executed, and the Registrar shall authenticate and deliver, a
new Bond of like date and tenor as the Bond so mutilated,
destroyed, stolen or lost, in exchange and substitution for such
mutilated Bond upon surrender and cancellation of such mutilated
Bond or in lieu of and substitution for the Bond destroyed,
stolen or lost, and upon the Holder 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 and the Registrar may incur.
All Bonds so surrendered shall be canceled by the City. If any
of the Bonds shall have maturedor be about to mature, instead
of issuing a substitute Bond, the City may pay the same, upon
being indemnified as aforesaid, and if such Bond be lost, stolen
or destroyed, without surrender thereof.
Any such duplicate Bonds issued pursuant to this
Section shall constitute original, additional contractual
obligations on the part of the City whether or not the lost,
stolen or destroyed Bonds be atanytime found by anyone, and
such duplicate 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 hereinafter pledged, to
the same' extent as all other Bonds issued hereunder.
SECTION 12. PROVISIONS FOR REDEMPTION. The Bonds
shall be subject to redemption prior to their maturity, at such
times and in such manner as shall be fixed by resolution of the
City prior to or at the time of sale of the Bonds.
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Notice of such redemption shall, at least thirty (30)
days prior to the redemption date, be filed with the Registrar,
and mailed, postage prepaid, to all molders of Bonds to be
redeemed at their addresses as they appear on the registration
to one or mote
provided for, but failure to mail such notice
boos he more Holders of Bonds shall not affect the validity of
the proceedings for such redemption with respect to Holders of
Bonds to which notice was duly mailed hereunder. Each such
notice shall set forth the Gate fixed for redemption, the
redemption premium to be paid and, if Tess than all of the Sonds
of one maturity are to be called, the distinctive numbers of
such Bonds to be redeemed and in the case of Bonds to be
redeemed in part only, the portion of the principal amount
thereof to be redeemed.
Upon surrender of any Bond for redemption in .part
Only, the Registrar shall authenticate and deliver to the Holder
thereof, the cost of which shall be paid by the City, a new Bond
of an authorized denomination equal to the unredeemed portion of
the Bond surrendered.
SECTION 13. FORM OF SUBORDINATED 1986 BONDS. The text
of the Subordinated 1986 Bonds together with the certificate of
authentication to be endorsed thereon, 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.
(FORM OF SUBORDINATED 1986 BONDS]
No. R-1 $2,000,000
UNITED: STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
THE CITY OF MIAMI
SUBORDINATED PARKING SYSTEM REVENUE BOND, SERIES 1986
MATURITY DATE: DATED DATE:
Registered Owner:
Principal Amounts
KNOW ALL MEN BY .THESE PRESENTS that The City of Miami,
a municipal corporation in the County of Dade, State of Florida
(hereinafter called "City"), for value received, hereby` promises
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to pay to the Order of
or registered assigns, as herein provided, on the day
of , upon the presentation and surrender hereof
at the principal corporate trust office of Bun Bank, National
Association, in the City of Orlando (the 'Paying agent"), from
the Special funds hereinafter mentioned, the principal sum
of bOLbAPS 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, solely from said sources, to the
registered owner hereof by check mailed to the registered owner
at his address as it appears on the Bond registration books of
the City, at the rate of percent ( %) interest
on said principal sum on each 1 and 1
commencing through and at the rate
Of percent commencing
through
The Bonds of this issue shall be subject to redemption
prior to their maturity at the option of the City.
(Insert Optional or Mandatory Redemption Provisions)
Notice of such redemption shall be given in the manner
required by the Ordinance described below.
This Bond is one of an authorized issue of Bonds in the
aggregate principal amount of $2,000,000, issued to finance the
cost of acquiring land to be used for the purpose of erecting
and constructing thereon public parking facilities within the
corporate limits of the City, and in full compliance with the
Constitution- and Statutes of the State of Florida, including
particularly Chapter 166, Florida Statutes, Section 718 of
Ordinance No. 10115 duly adopted by the City on June 26,_1986,
and Ordinance No. duly adopted' by the City on
December # 1986 (hereinafter collectively called
"Ordinance"), and is subject to all the terms and conditions of
such Ordinance.
The Ordinance provides for the issuance from time .to
time of additional bonds on a parity with this Bond, under the
conditions, limitations and restrictions and for the purposes
set ;'forth in the Ordinance. All capitalized undefined terms
used herein shall have the meaning set forth in the Ordinance.
This Bond is a limited obligation of the City secured
by a pledge of, and payable solely from, certain moneys in the
General Reserve Account established pursuant to the Ordinance.
This Bond shall not be deemed to constitute a debt of
the 'City for which the faith and credit of the City are pledged,
and the City is not obligated to pay this Bond or the premium,
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if any, or the interest hereon except froth the aforementioned
source, The issuance of this Bond shall not directly or
indirectly or contingently obligate the City to levy or to
pledge any form of taxation ''Whatever therefor, and the holder of
this Bond shall have no recourse to the power of t8kati0n, This
Bond does not constitute a Charge, lien, or encumbrance, legal
or equitable, upon any property of the City.
Reference is made to the Ordinance for a more complete
statement of the provisions thereof and of the rights of the
City, and the holders of the Bonds, Sy the purchase and
acceptance of this Bond the holder or owner hereof signifies
assent to all of the provisions of the Ordinance.
The transfer of this Bond is registrable by the
registered Owner hereof in person or by his attorney or legal
representative at the principal office of the Registrar, but
Only upon presentation hereof to the Registrar, together with an
assignment duly executed by the registered owner or his attorney
or legal representative, and the Registrar, shall make a
notation of such transfer on the books maintained for such
purpose and shall endorse the same hereon.
Any holder requesting any exchange or registration of
transfer of this Bond shall pay any tax or other governmental
charge required to be paid with respect thereto and any charge
for shipping and out-of-pocket costs incurred by the City and
the Registrar in connection with such exchange or registration
of transfer. The Registrar shall not be required to make any
exchange or to reqister the transfer of this Bond during the
period of 15 days immediately preceding any debt service payment
date or after notice of redemption- of this Bond or any portion
thereof has been given pursuant to the Ordinance.
The holder of this Bond shall have no right to enforce
the provisions of the Ordinance, to institute action, to enforce'
the covenants therein, to take any action with respect to any
event of defaultunder the Ordinance, or to institute, appear in
or ,defend any suit or other proceeding with respect thereto,
except as provided in the Ordinance.
Modifications or alterations of the Ordinance or of any
ordinance supplemental thereto may be made only to the extent
and in the circumstances permitted by the Ordinance.
Subject' to the provisions for registration endorsed
hereon and contained in the Ordinance, nothing` contained in this
Bond or in the Ordinance shall affect or impair the
negotiability of this Bond, and this Bond shall have, as between
successive holders,_ all the qualities and incidents of a
negotiable instrument under the uniform commercial code
investment securities law of the State of Florida and shall be
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if any, or the interest hereon except from the aforementioned
source. The issuance of this Bond shall not directly or
indirectly or contingently obligate the City to levy or to
pledge any forty of taxation whatever therefor, and the holder of
this Bond shall have no recourse to the power of taxation. This
Bond does not constitute a charge, lien, or encumbrance, legal
or equitable, upon any property of the City,
Reference is made to the Ordinance for a more complete
statement of the provisions thereof and of the rights of the
City, and the holders of the Bonds, By the purchase and
acceptance of this Bond the holder or owner hereof signifies
assent to all of the provisions of the Ordinance.
The transfer of this Bond is registrable by the
registered owner hereof in person or by his attorney or legal
representative at the principal office of the Registrar, but
only upon presentation hereof to the Registrar, together with an
assignment duly executed by the registered owner or his attorney
or legal representative, and the Registrar, shall make a
notation of such transfer on the books maintained for such
purpose and shall endorse the same hereon.
Any holder requesting any exchange or registration of
transfer of this Bond shall pay any tax or other governmental
charge required to be paid with respect thereto and any charge
for shipping' and out-of-pocket costs- incurred by the City and
the Registrar in connection with such exchange or registration
of transfer. The Registrar shall not be required to make any
exchange or to register the transfer of this Bond during the
period of 15 days immediately preceding any debt service payment
date or after notice of redemption of this Bond or any portion
thereof has been given pursuant to the Ordinance.
The holder of this Bond shall have no right to enforce
the provisions of the Ordinance, to institute' action to enforce
the covenants therein, to -take any action with respect to any
event of default under the Ordinance, or to institute, appear in
or defend any suit or other' proceeding with respect thereto,
except as provided in the Ordinance.
Modifications or alterations of the Ordinance or of any
ordinance supplemental thereto may be made only to the extent
and in the circumstances permitted by the Ordinance.
Subject to the provisions for registration endorsed
hereon and contained in the Ordinance, nothing contained in this
Bond or in the Ordinance shall affect or impair the
negotiability of this Bond, and this Bond shall have, as between
_ successive holders, all the qualities and incidents of a
negotiable instrument' under the uniform commercial code
investment securities law of the State of Florida and shall be
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understood to be an investment security within the meaning of
and for all the purposes of Article 8 of the Uniform Commercial
Code of Florida► This Bond is issued with the intent that the
laws of the State of Florida shall govern its construction,
It is hereby certified and recited that all acts,
conditions and things required to exist, to happen and to be
performed precedent to and in the issuance of this Bond exist,
have happened and have been performed in regular and due form
and time as required by the laws and Constitution of the State
of Florida applicable theretoo and that the issuance of the
Bonds of this issue does not violate any constitutional,
statutory, or charter limitation or provision.
This Bond shall not be valid or become obligatory for
any purpose or be entitled to any benefit or security under the
Ordinance until it shall have been authenticated by the
execution by the Registrar of the certificate of authentication
endorsed hereon.
IN WITNESS WHEREOF, The City of Miami, Florida, has
issued this Bond and has caused the same to be signed by its
Mayor and countersigned and attested to by its City Clerk and
its seal to be affixed, all as of the day of
THE CITY OF MIAMI, FLORIDA
Mayor
ATTESTED AND COUNTERSIGNED:
City Clerk
APPROVED AS TO CORRECTNESS AND FORM:
City Attorney
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds issued under the
provisions of the within mentioned Ordinance.
Registrar, as Authenticating
Agent
Date of Authentication:
By
Authorized Officer
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AS IONMENT AND TRANSFER
Pot value received the undersigned hereby sells, assigns and
transfers unto
(please insert Social Security or other Identifying number of,
transferee) the attached Bong of
The City of Miami, Florida, and does hereby constitute and
appoint , attorney, to transfer
the said Bond on the books kept for registration thereof, with
full power of substitution in the premises.
Date
Signature Guaranteed by
[member firm of the New York
Stock Exchange or a commercial
bank or a trust company.]
By:
NOTICE: No transfer will be
Title: registered and no new Bonds
will be issued in the name of
the Transferee, unless the
signature to this assignment
corresponds with the name as
it appears upon the face of
the within Bond in every parti
cular, 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 AND THE AGREEMENT. The Bonds, herein authorized,
shall for all purposes (except as herein expressly provided) be
_ considered to be issued 'under the authority of the General
Ordinance, and shall be entitled to all the protection and
security providedthereinfor Subordinated Debt and issued in
accordance with certain provisions of the Agreement. The
covenants and provisions of the General Ordinance (except as
otherwise provided herein)_ shall be applicable to the Bonds
herein authorized. The Agreement is hereby ratified and
approved for exeuction and delivery pursuant to resolution of
the City Commission adopted prior to issuance of the Bonds,
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SECTION 15 APPLICATION OF SUSORbINAM 1986 BOND, On
the date of elocution and authentication of the Subordinated
1586 Pond the Subordinated 1986 Bond shall be delivered to the
Purchaser provided for in the Agreement in exchange for the
acquisition of the Project by the Purchaser provided for in the
Agreement
SECTION 16 SPECIAL OBLIGATIONS OF ISSUER, The Bonds
shall not be or constitute general obligations or indebtedness
of the City as "bonds'" within the meaning of the Constitution of
Florida, but shall be payable solely from and secured by certain
moneys in the General Reserve Account established pursuant to
-- the General Ordinance subject to the provisions Contained in the
General Ordinance and herein.
The Bonds shall not constitute a debt of the City for
which the faith and credit of the City is pledged. The issuance
of the Bonds shall not directly or indirectly or contingently
obligate the City to levy any tax or pledge any form of taxation
whatever therefor. The Bonds shall not constitute a -charge,
lien or encumbrance, legal or equitable, upon any property of
the City.
SECTION 17. SUPPLEMENTAL ORDINANCES. This ordinance
may be amended and supplemented to the same extent as the
General Ordinance,
SECTION 18. ISSUANCE OF ADDITIONAL PARITY BONDS. No
Additional Parity Bonds shall be issued after the issuance of
the Subordinated 1986 Bond herein authorized, except in
accordance with theprovisions of Section 718 of the General
Ordinance, and except if the amount available for debt service
on the Subordinated 1986 Bond and such Additional Parity Bonds
during any twelve (12) months out of the eighteen (18) months
prior to the issuance of such AdditionalParityBonds equals 1.0
coverage.
SECTION 19. DEFEASANCE. If, at any time, the City
shall have paid, or shall have made provision for payment of,
the principal, interest and redemption premiums, if any, with
respect to the Bonds, then, and in that event, the pledge of and
lien on the moneys in the General Reserve Account, in favor of
the holders of the Bonds shall be no longer in effect. For
purposes of the preceding sentence, deposit of sufficient 'cash
and/or principal of Government Obligations in an irrevocable
trust with a banking institution or trust company, for the sole
benefit of the Bondholders, to make timely payment of the
principal, interest,; and redemption premiums, if any, on the
Outstanding Bonds, shall be considered "provision for payment."
Nothing herein shall be deemed to require the City to call any
of the Outstanding Bonds for redemption prior to maturity
pursuant to any applicable optional redemption provisions, or to
impair ,the discretion of the City in determining whether to
exercise any such option for early redemption.
-13
Uit;6
Notwithstanding the foregoing, all references to the
discharge and satisfaction of Bonds shall include the discharge
and satisfaction of any issue of Bonds, any portion of an issue
of Bonds, any maturity or maturities of an issue of Bonds► any
portion of a maturity of an issue of Bonds or any combination of
the foregoing.
SECTION 20► TAX COVENANT. No use will be made of the
proceeds of the Bonds which, if such use were reasonably
expected on the date of issuance of the Bonds, would cause the
Same to be "arbitrage bonds" within the meaning of the Internal
..:. Revenue Code of 1986. The City at all times while the Bonds and
the interest thereon are outstanding will comply with the
requirements of the Internal Revenue Code of 19860 and any valid
and applicable rules and regulations promulgated thereunder
necessary to maintain the tart exempt status of the interest on
the Bonds including the creation of any rebate funds or other
funds and/or accounts required in that regard.
SECTION 21. GENERAL RESERVE ACCOUNT. After making the
transfers set forth in the first paragraph of Section 509 of the
General ordinance, the Department shall first apply any amounts
remaining in the General Reserve Account to secure and .pay
Subordinated Debt, and then, at is option, may apply any amounts
remaining in the General Reserve Account for any one or more of
the following purposes but not necessarily in the following
order (1) for any purpose for which money in the Construction
Fund, the Renewal and Replacement Account and the Revenue
Account may be used; (2) the purchase or redemption of Bonds;
(3) to secure and pay the classes of indebtedness described in
Section 717 of the General Ordinance; and (4) to pay all or any
part of the cost of additions, extensions and improvements to
the Parking System.
SECTION 22. 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 Bonds issued hereunder.
SECTION 23. INCONSISTENT RESOLUTIONS. All prior
ordinances or resolutions of the City inconsistent with the
provisions of this Ordinance are hereby modified, supplemented
and amended to conform with the provisions herein contained:
SECTION 24. POSTING. A copy of this Ordinance shall
be posted by the City Clerk at the door of the Dade County
_ia_
Courthouse at the place provided for Notices within fivo (5)
days after the passage and adoption hereof.
SECTION 25, 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 property of the City
of Miami
SECTION 26, The requirement of reading this Ordinance
on two separate dates is hereby dispensed with by an affirmative
vote of not less than four -fifths of the members of the
Commission.
SECTION 27 This Ordinance shall become effective
immediately upon its enactment.
PASSED AND ADOPTED on this lit clay of December, 1986.
THE`CIT OF MIAMI, DA
vier L. Suarez, - yor
ATTE
Matty Hir , City Clerk
Appro d to form and correctness:
cia A. Doughert Y City Attonn y
06-091-371+/5*
I, Msatty Hirai, Clerk of the City of Mi 11. 1•'Inrhj=
hereby certify that on the: L�+ day o *-
A. D. 19 r�! u full. true and correct co - of the - V
and foregoing ordinance was posted at a Sou h Dot
of the Dade County Court House at the place provid_
for notices and publications by attaching said copy t
the place provided therefor.
wrrN,SS my hand d th official seal of sat
City this day of .' D. 191,
-15
ty Clerk
1 0186
iNT'FR F,VI
A-86-113
TO Ms. Sylvia Lowman December 19, 1986
Chief Deputy City Clerk
�p,-,h, G. Miriam Maer .r. Item #1 - City Commission
Assistant City Attorney Agenda of December 11, 1986
regarding DOSP Bond Ordinance
Enclosed herewith please find an original Ordinance
approved by the City Attorney. As we discussed, this
Ordinance and the Resolution approved as Item #2 on
the same Commission agenda must be executed by the
Mayor as soon as possible as the bond closing must occur
before the end of the month.
Please let this office know as soon as the Mayor has
executed the Legislation so we can request copies.
10186
TO Honorable Mayor and Members DATE; DEC w 5 t
the City Commission
of
FROM! Roger M, Carlton, SUBJECT: EXPANSION OF MUNICIPAL GARAGE
Director .', NO. 2 (90 SW FIRST STREET)
Department of 6ff-Street�Parking.___.__
RECOMMENDATION:
It is recommended that the City Commission approve in substantial form a Bond
Purchase Resolution and an Emergency Ordinance authorizing the issuance of
Subordinated Parking System Revenue Bonds in order to allow the acquisition
of land necessary for the expansion of Municipal Garage No. 2.
BACKGROUND:
Municipal Garage No. 2 (90 SW First Street) located near the Federal office
-
building was constructed in 1968. The facility contains 490 spaces, The
eastern side of the garage which is contiguous to the parcel proposed for
acquisition was constructed with breakawaywalls in order to allow expansion
of the garage if the site could be acquired.
Municipal Gara8e No. 2 is one of the busiest facilities operated by the
Department of Off —Street Parking. Many days during the week the garage is
either full or near capacity. The neighborhood is undergoing redevelopment
with a number of nearby buildings either being restored or new construction
underway_._ It is anticipated that parking demand will expand resulting in a
shortage of parking in the area.
In early June, 1983 the Department of Off -Street Parking was approached by a
representative of; the owner, William R.>Watts, with a proposal to acquirethe
property. The proposal allows the Department to obtain the property through
the issuance of a twenty (20) year bond at below market interest rates with
no 'principal payment until the twentieth year. The seller will be granted
retail construction rights along Southwest First Street and air rights above
the garage for which the Department of Off -Street Parking will be
compensated. The City will also benefit in that the anticipated office
structure will add approximately $100,000 annually to the City's ad valorem
tax income. The -transaction is depicted in Attachment 1.
ANALYSIS:
The major provisions of the transaction include the following:
o The purchase price for the 14,481 square foot parcel is $2.0
million. The City will issue revenue bonds on behalf of the
Department of Off -Street Parking which will be acquired by Mr. Watts -
at 6 percent interest for the first five years adjusting to 80
" percent of the prime rate thereafter. The principal will not be
paid for twenty (20) years. After the seventh year a 'put -call'
1
TO! Honorable Mayor and Members DATE:
of the City Commission DEC Wf
FROM: Roger M. Carlton � SUBJECT: EXPANSION OF MUNICIPAL GAR4GE
Director NO. 2 (90 SW FIRST STREET)
Department of Off--Street/Parking_._,_
RECOMMENDATION:
It is recommended that the City Commission approve in substantial form a Bond
Purchase Resolution and an Emergency Ordinance authorizing the issuance of
Subordinated Parking System Revenue Bonds in order to allow the acquisition
of land necessary for the expansion of Municipal Garage No. 2.
BACKGROUND:
Municipal Garage No. 2 (90 SW First Street) located near the Federal office
building was constructed in 1968. The facility contains 490 spaces. The
eastern side of the garage which is contiguous to the parcel proposed for
acquisition was constructed with breakaway walls in order to allow expansion
of the garage if the site could be acquired.
Municipal Garage No. 2 is one of the busiest facilities operated by the
Department :of Off -Street Parking. Many days during the week the garage is
_ either full or near capacity. The neighborhood is undergoing redevelopment
with a number of nearby buildings either being restored or new construction
underway. It is anticipated that parking demand will expand resulting in a
shortage of parking in the area.
In early June, 1983 the Department of Off -Street Parking was approached by a
representative of the owner, William R. Watts, with a proposal to acquire the
property. The proposal allows the Department to obtain the property through
the issuance of a twenty (20) year bond at below market interest rates with
no principal payment until the twentiethyear. The seller will be granted
retail construction rights along Southwest First Street and air rights above the garage for which the Department of Off -Street Parking will be
compensated. The City will also benefit in that the anticipated office
structure will add approximately $100,000 annually to the City's ad valorem
tax income. The transaction is depicted in Attachment 1.
ANALYSIS:
The major provisions of the transaction include the following:
o The purchase price for the 14,481 square foot, parcel is $2.0
million, The City will issue revenue bonds on behalfof the:
Department of Off, -Street Parking which will be acquired by Mr. Watts
at 6 percent interest for the first five years adjusting to 80
percent _of'the prime rate thereafter, The principal will not be
paid for twenty (20) years, after the seventh year a "put -call"
1
0
provision allows Mr. Watts to call the bonds or the Department to
pay off the bonds with sufficient notice provided. A letter of
credit will ensure the quality of the bonds. The purchase price and
the value of the various considerations has been validated by an
independent appraisal performed by Stone and Clements Inc.
(Attachment 2).
o The Department will construct an addition to Municipal Garage No. 2
of approximately 217 spaces within three years after transfer of the
property or within six months after 50 percent of the air rights
building is pre -leased. This provision may be delayed annually by
mutual consent of both parties. The proposed garage will contain
approximately 4000 square feet ofretail space and sufficient
foundation, elevator cores and utility easements to support an
office building of approximately twelve stories. Mr. Watts will pay
$200,000 of the cost to include these items in the garage
construction. If Mr. Watts does not initiate the air rights
building within seven years after the garage becomes operational the
Department may acquire the air: rights at appraised value. If Mr.
Watts builds the air rights structure, he is required to make a`
$40,000 annual payment for the air rights or may acquire these
` rights for $480,000. Mr. Watts further retains cantilever rights
over Municipal Garage No. 2 if architecturally feasible for $3.28
per square foot or appraised value which ever is greater. Mr. Watts
! will pay $10,000 annually for retail rights or be able to acquire
the retail rights for a $120,000 one-time payment.
o If the Department does not timely initiate construction of the
garage or if the construction is not completed for reasons other
than force—majeure, Mr. Watts may either build or complete the
garage. If this occurs the Department continues to manage the
facility but compensates, Mr. Watts for his costs. Payment for the
debt on the existing facility and any operation and maintenance
costs have first lien on revenues of the combined facilities prior
to Mr. Watts receiving compensation.
REQUIRED APPROVALS AND TIME URGENCY:
The 'negotiations for this project have been underway for approximately three
years. It was originally anticipated that the concept would be brought to
the City Commission during January for "Committee of the ;Thole" review.
Recent interpretations by, Mr. Watts legal counsel (Greenberg_Traurig Hoffman
Lipoff Quentel & Wolff) and the Department bond counsel (Bryant Miller Olive/
Sparber Shevin Shapo Heilbronner) have determined that the new federal tax
laws will increase the Department's cost to chose the transaction by $200,000'
if the transaction is not closed by December 31, 1986. Therefore it is
necessary to receive approval of the following documents during the December
11, 1986 City Commission meeting:
2
0186
o A Resolution authorizing the sale of $2.0 million City of Miami
Subordinated Parking System Revenue Bonds to William R, Watts and
Northern Trust Sank, as Trustee (Attachment 3): This resolution is
standard procedure for any bond sale and essentially authorizes the
sale of the bonds, Attached to the Resolution are the Bond Purchase
Agreement which defines the terms of the bonds and the Purchase and
Sale Agreement which defines the terms of the land acquisition
transaction.
o An Emergency Ordinance Authorizing The Issuance Of Subordinated
Parking System Revenue Bonds on first and second reading
(Attachment 4): It is necessary to approve this ordinance on an
emergency basis in order to meet the time deadline necessary to save
the $200, 000 additional cost if the transaction is not completed
during 1986.
SUMMARY:
The recommendation to purchase the property contiguous to Municipal Garage
No 2 is based upon rapid development in the neighborhood as well as the
existing facility reaching capacity. The negotiation for acquisition has
resulted in the ability of the Department or Off -Street Parking to acquire
the property for fair market value as appraised without the need for payment
of the acquisition cost until twenty (20) years in the future. The interest
rate to be paid is below market and the transaction allows for additional
retail along Southwest First Street as well as an air rights structure which
will be added to the City's tax role. Based upon the innovative nature of
this transaction and the ability of the Department of Off —Street Parking to
acquire this needed property without the risk of condemnation City Commission
approval is recommended'.
Att . 4
0186
MUNICIPAL.GARAGE NO. 2 EXPANSION PROJECT
(90 S.W. Ist STREET)
• STONE AND CLEMENTSo INC.
l+c�i',itxi Est 9rde7
iC�tifiAl,3, �7[�'C{tJ°T'1V$ C�1f*�1z
j 98l5l� �013'CM ��iVt3Ai:L �t13'V
103
MIAMI, Ftol nA 3Cirys
Roofeft1t gTot4k. 5p.. M.AJ. � et.�ptlov�
Ot�rw�rs.�es t.. C1.a it rgItI (305) 911-9000
April Ito 1986
Mr. Roger Carlton,
Executive Director
Miami Parking system
Department of Off -Street Parking
190 N.E. 3rd Street
Miami, Florida 33132
Res File No. 93586
Evaluation Analysis/Consulting Assignment
"The Watts, Transaction"
14,481+/- Square Foot Lot
56 S.W. First Street
Miami, Florida
Gentlemen:
In accordance with your request, the accompanying "Evaluation
Analysis/Consulting Assignment" reflects our opinions and
conclusions concerning the current negotiations relative to the
contemplated acquisition of the, captioned property; as said
transaction directly relates to the DEPARTMENT OF OFF-STREET
PARKING.
The subject property, also known as OtThe Watts' Property"..
consists of a 14,481+/- square foot vacant lot lying immediately
east of Municipal Garage No. 2 operated by the DEPARTMENT OF
OFF-STREET PARKING. The subject lotunder analysis is,
geographically located on the southerly side of S.W. First
Street, approximately two hundred''(200) feet 'east 'of S.W. First
Avenue, and is currently utilized as a surface parking lot
operated by APCOA, Inc. (Airport Parking corporation of.America,
Inc..). The subject parcel basically' conforms to a rectangular
configuration,, With the exception of a 2,176+/ square foot
Hout-parcelff located at the extreme southwesterly sector of the
property adjacent to the $'East-West Flyover to Downtown" (1-95
Exit Ramp). The ' subject property lies within the 11CBD-1/911,,
Central Business District Zoning Classification.
JC�a! �ttak .�PPrwircrar • ��r��rls� • riaralyFts
mw__
Miami parking system
-� Depart*Gnt of Off-atraat Parking
April it# Igo$
page TV0 i . • 0 • .
The DEPARTMENT OF Opp-BTRENT PARKING has expressed an interest in
acquiring the subject sate for the eventual expansion of Municpal
Garage Ito. 2 from its present 400 'car capacity to a total of 767
Parking spaces, or a 277 car addition. The current negotiations
are somewhat $unique#', and incorporate:
purchase price of $2 million is to be funded via tax
exempt revenue bonds;
the contemplated garage structure addition will
include 4,000+/ square feet of retail shell space,
and sufficient foundation/utility corridors/elevator
shafts/lobby area for an air rights building of
approximately twelve'(12) stories;'
Mr. Watts, the current property owner, will
reimburse the DEPARTMENT OF OFF-STREET PARKING
$200#000 toward the cost of the facilities necessary
to support the retail and air rights areas reserved;
- Mr. Watts, the current property owner, shall be
granted '$cantilever rights" over the existing
Municipal Garage- No. 2 at a'minimum' compensation of
$8.28 per square foot of building footprint, or its
'respective determined' Market value, whichever is
greater;
Mr. Watts, the current property owner, shall be
encumbered with annual air/retail rights payments of
$501000 ($401000 + $16, 000, respectively) .
The 'primary function of the accompanying study is to evaluate the
basic terms and conditions of the contemplated'' transaction in
order to ascer`taia the financial feasibility...;.of "The Watts
Transaction@$ as related to the DEPARTMENT OF OFF-STREET PARKING;
or in essence, to analyze said transaction to quantify whether
the terms and conditions are advantageous to said DEPARTMENT as
directly compared to current market parameters.
The research ;and analysis compiled, although in summary form,
should provide you with appropriate information for your decision
making process. certain assumptions and limiting conditions have
been made and are an 'integral part of the conclusions reached.
In our summary analysis and investigations, we have considered
all pertinent factors relevant to the assignment. The analyses'
and Conclusions represent our best professional judgment and
application of pertinent valuation methods and techniques.
STONE AND CLEMENTS♦ INC.
xa/ Es�iu ���r • �rl�u • �._alrrk
0186
Miami parking 8yste>I
Department of off-street parking
April Is # loss
Page Threeiiii Yi -
We hereby certify that we have no present nor contemplated
interest in the captioned property, and that neither our
I employment nor compensation for the valuation Analysis is
contingent upon the amount of valuation reported.
Iplease feel free to call us if you desire additional supporting
data 'which may not have been incorporated herein. _
f It has been a pleasure to be of service.
l Respectfully submitted,
STONE AND CLEMENTS, INC.
i..51�'
Robert Stone, Sr.,
Real Estate Analyst
RS/sb
k
,r
STONE AND CLEXENTS INC.
1rp/ Ett�K lvp+a�rnr • ��r • r1Riv/�rtr
10106
dItY OP MIAMI. PORIbA
Ih11`MOPPICC MEMOMANCIUM 61
WOOL
Honorable Mayor and Members DATP: NOV 51986 PIS :
of the City Commission
Susitct: Proposed Capital Appropriations
Ordinance - rY 1986-87
FpOM: Cesar H. Odio REPEIiENCES:Agenda _Item for
City Manager ENCLOSUAES: City Commission Meeting
RECOMMENDATION:
-It is respectfully recommended that the City Commission adopt the attached
Ordinance 'replacing Capital Appropriations Ordinance No. 9939 to appropriate
funds for the Fiscal Year 1986-87 Capital Budget establishing new capital
improvement projects to begin during Fiscal Year 1986-87, increasing
appropriations to continue certain previously approved capital improvement
projects, and decreasing appropriations to certain projects that have been
rescheduled.
BACKGROUND:
The Planning Department has analyzed the status of all ongoing capital
improvement projects as well as proposals for the initiation of new projects
and prepared the attached Ordinance.
_ In a companion item to this Ordinance, the City Commission is being asked to
consider approval in principal, of the City of Miami Capital Improvement
Program (CIP) 1986-1992 and Capital Budget 1986-87. This report analyzes all
physical projects valued at $20,000 or more that are proposed to be initiated
after October 1, 1986, or that are ongoingat that time. The Planning
Advisory Board will be considering the CIP for approval at their November 5,
1986 meeting.
The Capital Budget, the first year of the six year capital improvement program
identifies proposed capital expenditures for Fiscal Year 1986-87. Included
in the Capital Budget are those projects requesting an appropriation for the
first time in Fiscal Year 1986-87.
Attachments: Proposed Ordinance
citY OP MIAMI, PLORIbA
IN'f`t'A-0FPlCfE MtMOAANDUM
Honor-abll'e Mayor and Members °A} ' becember 10, 1986 IlLt
the"City Commission
sueJecr: Aqenda Item No. 1
-' City CoMtriission Meeting
� of becembeY 11, 1986
i i,uci ncjhrtyr�a�Ncest (Parking Systems Revenue
V City Attorney Bonds Ordinance)
ENCLOSURES.
Please be advised that an express reference to the approval
by the City Commission of the Purchase and Sale Agreement
.elerred to in said ordinance has been added for the purpose of.
1arity.
L,An/GMM/wpc/ab/P149
cc: Cesar H. Odic, City Manager
Matty Hirai, City Clerk
10186
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� + AQ 41911409
MR 114 44
CITY MIAMI
LtahI. NOTICE
All interested persons V.-ill take notice that on the 111h'day of
December; 1986, the City Commission of Miami, Florida, adopted the
following tilled ordinances
ORDINANCE NO, io186
AN EMERGENCY ORDINANCE AUTHORIZING THE iSSU.
ANCE OF SUBORDINATED PARKING SYSTEM REVENUE
BONDS OF THE CITY OF MIAMI, FLORIDA IN AN AGGRE-
GATE PRINCIPAL AMOUNT NOT EXCEEDING $2.000,000 FOR
THE PURPOSE OF ACQUIRING LAND TO BE USED FOR
THE PURPOSE OF ERECTING AND CONSTRUCTING
THEREON PUBLIC PARKING FACILITIES WITHIN THE COR
PORATE LIMITS OF THE CITY OF MIAMI' PROVIDING FOR
THE PAYMENT OF SUCH BONDS AND THE INTEREST
THEREON FROM AMOUNT ON DEPOSIT IN THE GENERAL
RESERVE ACCOUNT CREATED PURSUANT TO ORDINANCE
NO. 10115 OF THE CITY COMMISSION OF THE CITY OF
MIAMi: SETTING FORTH THE RIGHTS AND REMEDIES OF
THE HOLDERS OF SUCH BONDS; MAKING CERTAIN COV-
ENANTS AND AGREEMENTS IN CONNECTION THEREWITH:
MIAMI REVIEW AND PROVIDING THAT THIS ORDINANCE BE EFFECTIVE
Published Daily except Saturday, Sunday and IMMEDIATELY UPON ENACTMENT.
Legal Holidays ORDINANCE NO. 10187
Miami, Dade County, Florida. AN ORDINANCE ESTABLISHING APPROPRIATIONS FOR
STATE OF FLORIDA CITY CAPITAL IMPROVEMENTS: CONTINUING AND REVIS-
000NTY OF DADS: ING PREVIOUSLY APPROVED SCHEDULED CAPITAL'
IMPROVEMENT PROJECTS, AND ESTABLISHING NEW CAP -
Before the undersigned authority personally appeared iTAL IMPROVEMENT PROJECTS TO BEGIN DURING FIS-
Sockle Williams, who on oath says that she is the Vice CAL YEAR 1986.87: CONTAINING A REPEALER PROVISION
President of Legal Advertising of the Miami Review, a daily AND A SEVERABILITY CLAUSE.
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida, that the attached ORDINANCE NO. 10188
copy of advertisement, being a Legal Advertisement of Notice
In the matter of AN ORDINANCE ESTABLISHING A NEW SPECIAL REVENUE
CITY OF �tIAi4I FUND ENTITLED "UNSAFE AND BLIGHTED STRUCTURES
DEMOLITION REVOLVING TRUST FUND" FOR THE PUR.
ORDINANCE NO. 10186 POSE OF APPROPRIATING FUNDS FOR THE DEMOLITION
OF UNSAFE AND BLIGHTED STRUCTURES ON A CITY WIDE
BASIS WITH REVENUES IN THE AMOUNT OF $500,000
ANTICIPATED AS BEING AVAILABLE FROM A LOAN FROM
THE GENERAL FUND SPECIAL PROGRAMS AND
in the-........, J{xx, , ACCOUNTS; CONTAINING A REPEALER PROVISION AND
• . • ......... Court, SEVERABILITY CLAUSE.
was published in said newspaper In the i93uea d1 ORDINANCE NO. 10189
Dec. 19, 1936
AN EMERGENCY ORDINANCE PLEDGING REVENUES FROM
THE UTILITY SERVICE TAX ON WATER AND GAS TO THE
TRICT," PROVIDING FOR INTENT, EFFECT, PRINCIPAL AND
Afftant further says that the said Miami Review is a ACCESSORY USES AND STRUCTURES, MINIMUM LOT
newspaper puDlished at ,Miami in said Dade County, Florida. REQUIREMENTS, FLOOR AREA LIMITATIONS, MINIMUM
and that the said newspaper has heretofore been continuously OPEN SPACE, MINIMUM YARDS, BUILDING SPACING, MAX -
Published in said Oade County, Florida, each day (except IMUM HEIGHT, OFFSTREET PARKING, LANDSCAPING AND
Saturday, Sunday and Legal Holidays) and has been entered as
second class mail matter at the post office in Miami in said CERTIFICATE OF APPROPRIATENESS; "CONTAINING A
Jade County, Florida, fora Period of one year next preceding REPEALER PROVISION AND A SEVERABILITY CLAUSE. '
the first publication of the attached copy of advertisement: and
attlan rthe► say$ that she has net her paid nor promised any
pars Irrn or corporation any discount. rebate commission Said ordinances may be inspected by
the public at the Office of
t
or r fu for the purpose o ring this advertisement for the City Clerk, 3500 Pan American Drive; Miami, Florida, Monday f
Pu I ion in the aid through Friday, excluding holidays, between the hours of 8:00 A.M. 1
and 5:00 P'.M.
MATTY HIRAI
rJ N ryJ- ?�0t S? CITY CLERK
... CITY OF MIAMI, FLORIDA
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