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OIWINANCE NO
AN EMERGENCY ORbINANCE PLEb=40 0,tVtNUES FROM
THE UTILITY SERVICE TAX ON WATER AND CAS TO
THE MIAMI SPORTS AND 8XI4I$ITION AUTHORITY TO
SECURE A TEN MILLION DOLLARUtidRDtNATE 08LI�
OATION NOTE* SERIES 1985, OE THE MIAMt SPORTS
ANtS EXH181TION AUTHORITY; CONTMNI`NO A
REPEALER RROVIStON AND A 8EVtgAttLt CLAUSE;
bECLAAMI AN EMERGENCY TO EXIST Anti NAIVINO
THE REQUIREMENT . OF READING SAME ON TWO
SEPARATE DAYS 8Y A VOTE OF NOT LESS 'THAN FOUR -
FIFTHS OF THE MEM8ERS OF TIRE COMMI88,11.
WHEREAS, the 'Miami Sports and Exhibition Authority (the
"Authority") duly authorized a Subordinate Obligation Note,
Series 1585 (the "Subordinate Note"), in the principal amount of
$10,000,000 by resolution adopted by the Authority on December
230 19..85 (the "Note Resolution") pursuant to a general resolution
adopted by the Authority on August 30, 1985 (the "General
Resolution"),and a Note Purchase Agreement dated December 1, 1985
(the "Note. Purchase Agreement") between the Authority and Sun
Bank/Miami, National Association (the "Purchaser");
WHEREAS, the Subordinate Note has been issued and the General
Resolution, the Note Resolution and the Note Purchase Agreement
were adopted by the Authority under and pursuant to the Constitu-
tion and laws of the State of Florida; particularly in conformity,
with the provisions, restrictions and limitations of Section
212.0503, Florida Statutes and Ordinance No. 9662, adopted by the
Commission of the City of Miami, Florida (the "City") on July 28,
1983 (collectively, the "Enabling Legislation");
WHEREAS, the Subordinate Note was issued to provide funds for
the payment of all or a portion of the costs of a temporary :or
permanent exhibition center or for such other lawful purpose of
the Authority as described in the enabling legislation;
WHEREAS► the Purchaser has been appointed trustee and escrow
agent for the Subordinate Note proceeds under and pursuant to 'the
terms of the aforementioned resolutions and Note Purchase. Agree
men ;
WHEREAS, the Subordinate Note jr.a limited obligation of the
Authority which . is pr�aentl.y payable so�-el� f tom the �onuen�I-on
Develop tent TAX On a basis subordinate and Junior to the Pledge
Of the Convention Development Tax for payment of the Thirty -bight
Million Dollar ($�8000000) Miami Sports and !Exhibition
Authority Adjustable Rate Demand. Motes, Series 1985t issued by,
the Authority and to any additional bonds or refunding bonds as
defined in either the, General Resolution or the Note Resolution:
WHJER8A8t the Authority has duly pledged the revenues from its
Convention Development Tax to pay the debt service, on the
Subordinate Note, and the Purchaser has determined pursuant
the terms of the . Subordinate Note, the Note Aesolutioht the Note
Purchase Agreement and related documents that such revenues are
not presently deemed adequate to meet the Gross Debt Service
Coverage Ratio of 125% as requited by and defined in said docu-
ments;
WHEREAS, it is not permissible under, the Note Resolution and
the Note Purchase Agreement for the Authority to draw funds.from
the escrow'of the Subordinate Note proceeds without being assured
'
that an additional pledge of a revenue source is available if
necessary, to meet the required 125% Gross Debt Servi.ce Coverage
Ratio;
WHEREAS, the Purchaser has agreed to make the rpquested dis-
bursement if the Authority receives an additional pledge of a,
security interest in any legally Available additional source
("Additional Revenues") provided that the pledge of such Ad
ditional Revenues results in a Gross Debt Service Coverage Ratio
of -not less than 125%,-
WHEREAS, since it is expected that the city will derive
benefit from the enlargement of existing City .exhibition
facilitiesr the Commission hereby determines that it is in the
best interests of the City to authorize the :use of certain of the
available revenues from the utility Service Tax on water and
natural gas sales in the City of Miami (the U tility Serv.ice
Tax"), which is levied pursuant to Florida Statute (1985)i
Seotion 166.231 and the Code of the City of Miami §55-12 (1981),
as 4secondary pledge to the. -Convention Development Tax in order.
0 1`� 1)
Development Tak on a basis subordinate and junior to the pledge
of the Convent ioh Development 'fait for payment of the 'lhi r ty-bight
Million Dollar ($15►000000) Miami Shorts and Exhibition
Authority Adjustable Rate Demand - - Notes► Series 15$5► issued by
the Authority and to any additional bonds or refunding bonds as
defined in either the General Resolution or the Note Resolution;
- W8tR2A8; the Authority has duly pledged the revenues from its
Convention Development Tax to pay the debt service on the
Subordinate Note, and the Purchaser has determined pursuant to
the terms of the Subordinate Note, the Note Resolution, the Note
Purchase Agreement and related documents that such revenues are
riot presently deemed adequate to meet the. Gross Debt Service
Coverage Ratio of 125% as required by and defined in said do,cu-
ments;
WHEREAS, it is not permissible under the Note Resolution and
the Note Purchase Agreement for the Authority to draw funds from
the escrow of the Subordinate Note proceeds without, being assured
that an additional, pledge of a revenue source is -available, if
necessary, to meet the required 125% Gross Debt Service Coverage
Ratio;
WHEREAS, the Purchaser has agreed to.make the requested dis
bursement if the Authority, receives an additional pledge of a
security interest in any legally available additional source
("Additional Revenues") provided that ,the pledge of such Ad-
ditional Revenues results in a GrossDebt Service Coverage Ratio
of not less than 125%;
WHEREAS,, since it is expected that the _City will derive
benefit from the enlargement. of existing City exhibition
facilities, the Commission hereby determines that it is in the
best .interests of the City to authorize 'the use of certain of the
available revenues from the Utility Service Tax on water and
natural gas sales in the City of Miami (the "Utility Service
Tax"), which is levied pursuant to Florida Statute (1985),
Section 166,231 and the Code of the City of Miami $55-- 2 (198�) ,
as a secondary pledge to the Convention Development Tax in order
}2�
eot the Authority to meet the required roar bebt Setvice
doverage Ratio;
WHpA, emergency action needs be taken by the City, to
enable the Authority to draw funds frog the escrow of the Sub-
ordinate Note proceeds .' in accordance with the terms and time
provisions of the Subordinate Note, Note Resolutions and Mote
purchase Agreement;
WHEREAS, the City has the authority Co pledge certain of the
available revenues derived from the Utility Service Tax to the
Authority pursuant to the charter of the City. of Miami and the
general laws of the State of Florida; and
WHEREAS, the Authority shall execute a reimbursement agrees
ment to reimburse the City, with interest, for any monies drawn
against the Utility Service Tax as a result of the City's pledge
to the Authority.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF,THE CITY
OF MIAMI, FLORIDA:
Section 1. The findings and recitals, contained in the
preamble of this Ordinance are hereby adopted by reference and
incorporated herein as if fully set forth in this section.
Section 2. The City hereby pledges as Additional Revenues to
the Authority, the revenues of the Utility Service Tax available
and not otherwise pledged as a secondary pledge to the Convention
Development Tax to secure the payment of the Subordinate Note as
described herein. The pledge shall remain in effect until the
Subordinate Note has been discharged and until all interest ac-'
crued to date has been paid, or until such time the Convention,
Development Tax and any other funds available to the Authority
have produced a Gross Debt Service Coverage Ratio of 125% for
eight (8) consecutive quarters.
section 3. The City Manager is authorized during the term of
the Subordinate Note to disburse from the Utility Service Tax any,
available and otherwise unpledged revenues needed to meet the
debt service requirements for the $ubordinate Note pursuant to
'. the conditions set forth in Section 2 hereof,
,., Q3-'.
19
,�:
Section 4. The Authority shall reimburse the City, with
for any Additional Revenues paid to the Authority ae a
result of the City's pledge of available utility Service 'fax,
revenues to the Authority.
Section 5. The City Manager at his discretion is heteby
authori2ed to substitute the, pledge of Utility Service flax
revenues with a pledge of' other City revenues legally available
to be pledged (the "Substitute Revenues".): Substitution will
immediately discharge the lien or pledge against the Utility
Service Tax govenues and thereby create a lien or pledge upon the
Substitute Revenues:
Section 6. The city covenants that.as long as certain of the
Utility Service Tax proceeds are pledged as herein provided, it
will not :create or suffer ,to be. created any lien. or charge
ranking equally, with or prior to the pledge under this Ordinance,
except for the existing obligations listed below ("Outstanding
Obligations") or any subsequent refinancing of such obligations
which would result in lower average yearly debt service
requirements on those refinanced Oustanding Obligations.
Outstanding Obligations
utility Service Tax Bonds, Series A, of which
there remains outstanding a principal amount,
of $300,000 plus interest
Special Obligation Bonds, Series 1985, of
which there remains outstanding a principal
amount of $13,7201P000 plus interest and
related expenses as detailed in the Official
Statement for those Bonds,
Section 7. Pursuant to this Ordinance, the Authority is
hereby permitted to' pledge the Additional Revenues to the
Purchaser in order to satisfy the Gross Debt Service Coverage
requirements necessary to release the Subordinate Note proceeds
from escrow; however, following the termination of the escrow,
-'' the Authority may not disburse any of the Subordinate Note
pr
oceeds without first receiving the approval of the Commission
of the City,
Section $. If any section, park of section, paragraph,
e) cruse, phrase, or word of this Ordinance is declared inva� i�1,
the remaining provisions of the Ordinance shall net be affeettpd
m
Sectioi All btdinancee of parts of otdinances insofar as
they, ate inconsistent bt in conflict with the provisions of this
Ordinance are hereby tepealed.
Section 10. This Ordinance is hereby declated to be an
eMergency measure on the grounds of peaces health, safety and
property of the City.
Section 11. The requirement, of reading this Ordinance on two
separate days is hereby dispensed with by a vote of not less than
four fifths of the members of the Commission.
PASSED AND ADOPTED on this 11th day of December 1986,
XAVIER L. SUAREZ, MAYOR
ATTEST:
MATTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
r; -t
CHRISTOPHER G . KORGE�
ASSISTANT CITY ATTORNEY
On December 2, 1986, the Miami- Sports; and Exhibition Authority!l
forwarded to You, a (tire` "Authority
Y proposed Emergency Ordinance pledging revenues from the
Utility Service Tax on Water and Gas to the. Authority to ,secure the Ten Million
Dollar Subordinate Obligation Note Series 106s of the Authority, Passage of the
or
and uf the other
pon conclusion oprocedural disbursement conditions will'
allow the disbursement of funds currently held In escrow by Sun Bank N.A.
{ The Authority was authorized upon City approval the disbursement of these funds
for r use in connection with the proposed renovations at the James L, Knight
international Center and the Coconut Grove Exhibition Center. The total .funds which
would become available aggregate
approximately $8, 500, 000: 00. The balance of
a $1, 500,000 : 00 were funds capitalized at closing to pay interest on the note during
kF` the firsttwo year period:
' Enclosed are some additional 'documents for your review:
s
1 • . Miami Sports and, Exhibitio n Authority letter of . December 2 1986, to the
City Commission attaching a proposed Pledge. Ordinance.
2. Letters from Sun Bank, N.A. dated 11/26/86 and 12/3/86 to the Authority,
indicating that upon adoption of the: City of the proposed Pledge Ordinance _
to the Authority, and the Authority'.s subsequent pledge to Sun Bank,
N.A. and the r occurrence of other conditions for disbursement,. Sun Bank
N.A. will release the funds from escrow.
3. Letter from the Authority to John E. Gilchrist, advising of. all other
procedueaV conditions for disbursement which need to 'be 'finalized in order
to draw down on the funds.
300 BiSCaynt I1(Xlle.Ord Wily, Suitt 1120, Miami, Florida 131 it t iU 5) 181-6261
that the Authority could draw down
from Sun Bank, N,A. indicating
rovide for an
extension of the
Letter m 000► 0iy0� 00 and p
4s ortiori of the $
on any P rioo for debt service
escrow p pro For=ma Scenarios
�'$ and lion with the pledge of the Utility
SumMary of Scenarioseficit's in connec
5. a and cash
Gas -
co
on Watet" and Gas.
Service 'flax that in a
�n the respective scenarios,
outlined city as a result of draw
on projections oouce to the Y ten year
ated based exp g 633, 000. 00 over the low'.
It is anticip the aggregate cash would occur i5
worst case scenario Million dollars could steel case scenario $ to be a balanced
down of the full $10 robability that a No. sure to
the p ect scenario a cash expel
period. However, one could expect would aggregateany
lions which if realized. As outlined in reimburhe dsement+ with
After reasonable cos perat�on, year eriod. to
composite set of .as over the ten Ye would be subject
the city of ,$3, 377, 000 would liquidate
Which the City become available: Utility
deficitt as the funds bec of the
interest by the Authority the receiptspledging in a
City anticipates utilizing Therefore,
Gas could (if required to
I't is important In
note that
Gaseas general fund revenues• from another
on Water and on Water and deficits
Service..Tax, this Utility Service Tax fund any
Position Commission action to
secondary ice. City
liquidate) require further
non general revenues source•
fund of hesitate us:
If you have any questions, please do n te to co
MEMORANDUM
TO: Honorable Mayor and Membdrs, of the City Commission
rROM-4 Larry Turner, Chairman
John Blaisdell, FixecUtIve Director
DATE : December 2, 1986
RE;. Passage of. the Emergency Pledge Ordinance
RECOMMENDATION
It is respectfully. recommended that the City Commis.sion adopt the attached
emergency ordinance ple4lgln§,r6venuds from the Utility Service Tax on. Water
and Ga's to the Miami Sports and Exhibition Au'thority to secure the Ten,
Million Dollar Subordinate Obligation . Note Series 1985, of the Miami Sports
andExhibition Authority.
BACKGROUND
The Miami Sports and Exhibition, MULhor.ILY UUiy aUT11o1-1ZCU a Subordinate .
Ic
BnkSUh bank/Mlamlo N A�,
W06tAtO 'bahkitio blyltloih
November 2t;, 1986
Mr, John A. Blaisdell, Pxecutive Director
Miami Sports and Exhibition Authority
11120 DU Pont Plaza Center
Miamit PL 33131
REA.
Miami Sports and Exhibition Authority Subordihate Obligation
Not,(Serial 1985)
Gentlemen:
This letter will Confirm the agreement Of Sun Bank/Miami, N. A. nkil)
a
concerning the disbursement Condition regarding 'the release of certain of the
Proceeds of the above-captiohed $10,000,000, currently held, in escrow, as
requested by the City Of Miami (the "City").
Sun Bank has been presented with a proposed form of ordinance (attached hereto)
to be adopted by the
City (the 'Pledge Ordinance which collaterally p-ledges
to the Author certain ce tain of the proceeds of the City's Utility Service Tax
On water and gas (the "additional Revenues") in order to assure s re the maintenance
of a 125% debt. service coverage ratio on the $10,000,000 Subordinate Obligation
Note of the Authority as. required by the Note Resolution of the Authority,,
dated December 23, 19850 :the Subordinate Obligation Note, to Sun Bank, and the
Note Purchase Agreement related thereto:
U
pon adoption of the proposed Pledge Ordinance by the City Co
subsequent adoption -of. :a resolution and execution of L a mmission and' the
pledge agreement by the Authority under. the terms of which
Additional Re w the Authority pledges to Sun' Bank, the
venues, Sun Bank will: : be satisfied that,, the, required 125%: debt,
�service ,
coverage ratio will.
be met for the fi�scal year ending October 34 1987
.
and :Will disburse the funds currently, held in escrow in accordance� w
P OvIsJons set forth. in Sun Bank's 'letter to' 'the Miami Sports . and Exhibi1ion
provisions with the
Authority dated August 21,'.1986,,which we understand the Authority has confirmed
and:is in th*
e protess*of complying therewith.
Cordially
LA
Eugene Z.
Eug
G ey
Senior Vice President
EZG:taq
cc: Honorable Mayor and Members
of the,CitY Commission
Mr. Cesar Odio, City Manager
Christopher G. Voeve, ACA,
777 BrIckell Aven'ue/Mlaml, Florlda 33131
Suh Bank/Miami, NA
C&Oofala t§gnklhd Olvlaloh
December 3t 1986
John A, Blaisdell; LxeCutive Director
Miami SPOrts and exhibition Authority
100.8itCayht Boulevard Way
Suite 1120
Miami, PL 33131
$100000,000 Miami Sports and Exhibition
hib*tioh Authority Subordinate :Obligati 10h
Note (Series 1985) (the "Subordinate Obligation Note")
Dear Mr. Blaisdell:
You have recently inquired as to whether it would be possible to have released
from escrow certain of the proceeds of the above-captiohed $10,000,000 currently
held, in escrow. As I indicated to you in my letter of November 25, 1986, Sun
Ban k (the "Purchaser'-')
will not release any of the, escrowed proceeds until the -
City of Miami..(the "City") has adopted the proposed Pledge Ordinance which pl edges
to the Authority certain of the peoceeds of theCity's Utility Service' Tax on
I 1�
water and gas (the,,"Additi'onal Revenues") in order to assure the maintenance
of a 125; debt, service coverage ratio on the $10,000,000 Subo'rdinate Obligation..
Note of the Authority as required by the Note Resolution of:the:Authority, dated
December 23 1985, the Subordinate Obligation Note to Sun Bank and Note Purchase
Agreement, related thereto. In addition, the Authority must adopt a resolutionl
and execute a pledge agreement under the terms of which the Auth0 rity pledges
to Sun
Bank the Additional Revenues.
The Note 'Resolution and Note Repurchas,e Agreement provide that no advance shall
be, made from the Trust Fund until and unless there exists a Gross Debt Service
Coverage Ratio than 125% of no n .1ess of the required annual debt service, on, al 1,
outstanding obligations of the Authori ty. The Note 'Resolution provides that
,
before a disbursement be made,, the Purchaser shall provide to the Trustee a
certificate, stating that the, condition to disbursement Set out i n the Note
Resolutio'n have been fulfilled.
We hav e concluded that until the Additional Revenues are pledged to 'the Purchaser,
by the, Authority, the appropriate 125%, debt service coverage on e th $10 000100b
Subordinated� 'Obligation Note currently outstanding would not be maintained:
Consequently,,: we are notin a position to provide., the Trustee with a certificate:
stating that the conditions to disbursement have been fulfilled. Before such
certifi:cate can be : executed, - the- enti,re Amount currently outstand in'g on the -
Subordinate,
a
Obligation Note (i.epproximately $10,000,000) must be be secured
by the
pledge of the Additional Revenues so that the required 125% Gross Debt
e b
Service Cdverage'Ratio may be maintained.
1 01.8V
777 Brickell Avenue/Mlarni, Florida 33131
1
1 0189
yr
+4A
beeember 8, 1986
Mr, John S, Gilchrist, Director
Department of Development
300 Biscayne Blvd, Way
Suite 400
Miami, Florida 33131
Re: $10 million Subordinate Note
bear, .1ohn:
In an effort to initiate the disbursement of escrowed funds in a
proper and expeditio'us"manner, this letter will summarize pertinent
disbursement conditions required to be completed prior to such
disbursement. -
f
After reviewing the relevant documentation of this transaction, we
y find that "the Note Purchase Agreement dated December 1;.1985 by. "and _
between the Miami Sports and Exhibition Authority and Sun
Batik/Miami N.A. 'Seta forth the following.conditiona listed below
which must be satisfied prior to the disbursement of any and all
funds on deposit in the Exhibition Center Trust Fund, or any other
trust, fund` held by Sun Bank as trustee:
Condition No 1: There exists a "Grose,De.bt Service Coverage"Ratio"
(as defined" in the Reimbursement Agreement, and the Series
Resolutions), of no less than, of the required. Annual Debt
Service on. all outstanding obligations of the Authority, as such -
Cross Debt Service Coverage Ratio. ahall be projected by an
independent consultant retained by ,the Authority and.,.acceptable to.
Sun Bark, or `as is otherwise sat'isfactorily.'projected by Sun Bank.
The above referenced condition shall be considered satisfied in.
accordancewith Section 13 of the Note Resolution, upon receipt by.
the Trustee of an Officers Certificate of the Executive Director
approved by the'"accountant, stating that, (1) during each of the
preceding 12 months the Gross Debt Service'Coverage Ratio shall
have :.be,er.
(2) the Gr
oss Debt Serv-i'c
no .less" than 125X, a Coverage
,
tio, calculated, on a pro forma basis for' suc-h 12 month_ period is
no less than 125%, (3) the Groa,s Debt Service Coverage Ratio
calculated with regard to the
, Subordinate
"Note as
„independprojected, by a,nsuan".
(Coopers b Lybrand). retained by the
Authority, and acceptable to 'Sun is no less -than"125X for each ' succeeding month until the fifth anniversary. follaw.ing.
Termination Date; and te Ge
4 th1
( ) hrosa Debt Service Coverage Ratio'
3UU 131'SC,1y11(� BOUIC"VOKI `V,1; ��,i�,� 1ll(1, Mic1111i, I.I(gi(l,� i3I it r i(1;1 ifil-ti?r�l 1,.0 g
Mfi .John K Gi IchC9 ;t -
1)err"it b t- n, :1986
Page Two,
projected by the consultant described in cause (3) above is no less
than 1251 for each succeeding month until tIle fifth anniversary
toIlow ing the Tetmination hate; ptovided, that f o t purposes of
calculating the Debt Service Coverage Ratio, pursuant to causes (2)
and (4), above, there shall be included inthe numerator of such
ratio tnor.ies received from any additional sources of revenues that
the Authority can and, prior to disbursement.of the proceeds of the
Subordinate Note, will pledge to secure such Subordinate Note (the
"Additional Revenues"), provided that Sun shall indicate its
consent in writing to "the pledge of such Additional Revenues. This
condition would be met by adoption by the City Commission, or the
proposed pledge ordinance.
Cotiditioti No, 2: The Affirmative Covenants of the Authority
contained in Section 7 of the Reimbursement Agreement shall have
occurred and/or be maintained. The above -referenced condition tray
be satisfied by a Certificate of the Authority reaffirming that
'each of the referenced Affirmative Covenants have occurred and/or
continue to be performed.
a. There shall have been delivered to the. Trustee (a) a
project and construction budget and drawdown schedule
.' applicable to the portion of the "Exhibiti'on project,"
cr, c ►.�.,► �..^k AAttq nn. is rpntiRsted: and (b) plans and
Mr JnhU k'hrtxt
�Unr�N6et 8, 198^
�.
' from h
m the Adthority setting fort
Ih the nature
�ouot�u��1o� �pmLo [u� which d h �d e of all
and the names of �
the o61i�e�»1c ' »�n�e lo r�queoLed
` and the respective mmounto � n ��m��rt �n such ��a�n
other evidence a� the TcusLeuw�o� �n each) and �ou�h
that such cost have
' 6 � e may request L� ve�i��y
«c been o will
be incurred, '
c" Any applicable
documents, surety bondo` on requiredby the bond
' e� e zn tulI for�e and ee [� c
certificate of the Authority te such uu h f �and m
been delivered t� the ��uoLee° effect oha�1 ha�e
' '
d^ Thereshall b� .
' _ delivered �o �he Trustee u h
c o�he�
�instruments, documents
' �
and certificateso
' may reasonably request inmo ��h� Trustee
oroec
'roceedo
to «er i f y that the
/c
r a e to 6
` construction e exPeodad foc authorized
�-^uc r mcquio�c1ou cooto
' c mm1u�ioo ao6 �h� Note p ^ e
�e pursuant �* �he^�or"
_ - e Purchase --- '
---_ _.~~ ~"= nv� ru � ooe/\�ceemeot.
` Upon: Suu~
_ o examinations of cncm� ructino budget and 6rawdow
' schedule a�d
u a o
' `
�
plans
p anJ oppc�ficmciooa delivered u
d� p«romau� �m
cuo ��mn 3` m6ove aod i�a
�
review
' om � o� �h 6 '
Ppmr��ug documentation - '^`�~ e �aw. requests 6
-- cumemcatioo provided ' ' - ` and.
the Trustee oh 11 'pursuant'��o coudirimo � ''above),�
additional a. provide the Authority qith a `li
�oud�to�al documeotac1ou' if euy, it_requirea for i mc o�` the
z zoo 6 above. � r ooc atac�imu o�
�
'
------------
Condition 0o- 3 All puymerco of the pri�nci�al and i`
interests mo the p premium if.
Note
� date fi' are paid current puro� t
�o che�d«e`
'e/ for said payments as prov�6�d iu c.e
�
Noce This
been '^ ^ a� rmudit1no has
' `
l
Sure BanklMiaml, NA
to ild AAA166 bivisloh
December 8, 1986
Mr, John A, Blaisdell —
Executive Director
Miami Sports 1 Exhibition Authority
1120 Dupont plaza Center
Miami, Florida 33131 -
REt $1010OO6000 Miami Sports b Exhibition Authority Subordinate Obligation (Series 1935), D Note
bear Mr: Blaisdell -
This letter will confirm our conversation of'today wherein I indicated to. ou tat
upon the adoption of the Pledge Ordinance and the occurance of all Conditionshof
Disbursement outlined in the applicable subordinate note documents and revious'
communications, the 'authority may draw down an p
be. required, In addition, Y portion of the:$10,00O,000 as may,
the 'applicable escrow period ou a.cc6omodate .'a phased ldraw dow discussnean as
of
Sinceral v.
%i n if necessary.
•
F
�I f -
-
I
t 07-il�rl5
-
-''
NIMI SOl1NIS 00 EINIBMOPI MOYITY,-
-
91N W OF t8OFM sMaj0S t 0 -
-_
i
. - - - - -
- - -
- -
First Year
I of ,fors
Ise Yew-
lye -
Cofesntiar
ran* -Yew -
of Deficits
with Deficits
Defieit. for
P4pv9atr
Deficit.
A&MUc7. of
Onetoptwc iae
aftrya• oK
Txr Gdt Deficits
ISF plMW
&orpp Nair
3✓Vp Nat,
PrIw stator
o. low "CV,
Scenario ib. 1
199D
3
u78.OW 192,
44,000 t992 anon
Mgratr
LOOS
T.am
u.00r
7.SOo Y
♦,
457,000 1992
109;0001993 I,l1$000 -
Adrosat,
LOW
i07t-
titan.
10.WS, - -
SnwioNo-7
1990-
6
1,K1low Im
157,000 I99S SOe2,000'
Mgaatr
6.00t
T25t
IS.10e
Scaearla.PA. 4-
19"-
7
1,161,000 1992
157.000 19% S,Ki,Ooo
AftGuate
Lon
t,
71.4Ot
lilac
10.i:rt
-
- Scenario Me S
1991
2
35,o00 1991
17,000 19W 52,000'
Aiopoatr
MOW
T Me
1itOt
10.ii0t iNedafiaof Bast Casrf
_ - - - - - - - - -
Sn.,ario No. 6
1919
a
I.3E6,000 1992
142;000 19%- 6,544i000- -
Mpeatr
SOOc
7.40%
- Moo:,
Sceasrre No. 7
r
1959
6
1,71II,000 19"
I541000 19% T, 000'
Ifudaosatr
S 00%
aou
Ii low
- - -
-
ia.u(ra tiasaee Cray noe.',
c �aetwY,'
Scefwre N0. a
Im
S
I,O3a,000 1992 t17,000 1994 J,32T,OW uoqutr T.O t f_S1t t.aar ,a.tds sp..ta..oF+ E.o.ct.c r
Twn rNr-
Cnwenttor
rer rem
-
- -
First Year
I of -lens
High
Low
iy/regate
WorAnty of
Dmtapm* Tar
P^w&W w .
i•ewest atr.
t -
- -
of Deficits.
with Deficits-
Deficit year
Deficit . rear Cnk Deficits
16T Pledgr
6vt►Rotr
Ube Ratr
pnwa Aar
o+'100 .mt.
Scenario ft 1
19%
- 1
s27/,000 199
4/,000 1991
399,000 -
Adopsatr
6.00E
S.in
11.0os
7.500
Scenario No. 2
19%
t
457,000 199Z
11%000 1"1
I,II9.000'
INeoutr
6.00E
Sb7f
MOO
10.66c
Snw10 Ha ]
t990
6
I, t61,000 1992 -
- 157,000 1995
S.0/24000
- ttlagratr
6.00E
T m
lSlOs
i0 Eita
i.
Scenario No. t
19"
7
1,461,000 1992
I5T,000 1995
S,461,000'
Adpratr
6.00E
T.aOE
lStus:
t0 sUe
Scwlario Ho. S
1991
2
15,000 1991
ITow me.
52;000
_Afepwte
MOW
Teo
- IS:IOs
to. um
- DRodefi.a best C.sw- -
Scwurio Ho. 6
19119
A
1,5akoo0 1992
112:ow 1996
6,544,000
Adeosatr -
-- SOON .
T,Ws
13.00%
5.100
-
- - -
- - - - - Sc~io ho. 7
- 19/9
/
1, 781,000 19"
154, 000 19%
- 9,MOW
Inedrpw.to,
S:OOt
u05s-
is: Ens
I0 Wo
lwv. tvC .c we EIJW.Ml�
-
- E
-
- - -
- - Scew,o 1b. e
- 1990
- S
1,036,000 - 19R
147.00o 1994
4327,00V
Ad.pwate,
- T.We
T. S7n
7.00%
10.00%
1Bwuo..rt. 6. tw ;
J.-
-
r
,
c
9mmiD ML I
07-OW-l6
-
-
- - - -
-
-
-
--
_
-
i(laia soorrs a Enunnar amal7�
-
-
SOEDLLE OF TOTAL. 03T SMICE aKM6E .
1
1917
191i-
19" 1990 199I 1992
199T
Im
19n
19%
Totit
JW&
Ylsdrsd Sowm:
—
.-
Tswr Aioft Drvrio(aw.s t Tax cripts
3.s05
;609
XAM i.00 1;299 - f 556
aox
%126
!wr
S.75t
4*.&M
6a— Tra,. Dro �ectta.e l9AW�f9:�
i.�C"...�
iJ�6a-'.
_
Is.rstsoM Ernigs al IM kcant
173
31I
nt at r at - M.
St
2"
Zit.
at
2:,m
coY cr*49' iatR
60"
cptwt-.
1-1 MM Rloinistratiw bWwt. -
(3501
-. U50)
(350) (3301 1330t- 1350)
(350F
(350 "
(350E-
1350t
f3.500)
Swam$00e.an.eTo t.
mm*O 000:
-W)Ms:.
-
Total Clsdgwt"Smrm
31221
3.SM
3,75T 3.W t.MD 4.4117
k76t
5,051,
5,356
SfiU-
- 4*11Ii
19iT
3,NJ#_
4%TW-"
-
t91f
3.100.
wuEai"
s. wo
i
t991t
i50sAIL
'Rrgri-d Debt Sawicz -
2,077
4441
;314-- %059" - 1,1Z %765
-4;,Sn-
4,15r
4.8*
411,946"
40,391
- - 199[
"5:seia
e5['
M C+0ltalitsd Intomt on Ssbadlratt We
750"
756
-
T
Not CJdI 1lpsirad lar Debt Ssrvlcr
1.327 --
I.694"=
43M " 4.064 4,1$ - 4.163
i,009
V,tLSM -
v,09tt"
t9s6
34ast
- - - - t9 -
iarm3
-
_
t99t�
- iao9sf(
YitE54
-
- - -
-
"ion rs Orbt Srmitr fo qv Ratio - -
_
24L24t
210.17s
_
-1I1.0ft r - . 9L211 101.79t - 94:pt
".,W%
101.0"
l09:t0E
114, 9ix
MF
t991
- 1::36>x'
w11E54'"
Im
7.00
MTE9ta"
hrn"As r"vlrrd for:
-
-
- - -
-
$.IbP'dlNtR btR -- - "r10:G70.000
wrt ---
" - - -
-
Co sragr of Cash Orficits
0 -
0
- 0 73 0 276
48
0
_ 0
0'
Lte MotE
7:SQs
4MT,
06C 1 125%
0
0
171 I,O6i - 96S" 1,469
I'm
1,016,
76M
194
T S21
Ibes•Ortreto+t Cay�wla
r112�500"
Igipalw:
Ra o
7.160
Cam'?.
a
-
a
. ,I
t
_ - - - i1AA,S vict SdwdYIK:-
-
Principal -
- - -
Principal
Y Crtt.+ u
Ortwlr- 4w.a: - -
Principal
latomt
Total - Lla ew
- - Principal;
Istw6st
rout '-
tiducw'
G.elt' .Ora►
sn,"cwD.W S.. C* -I
.- - Sf1110r Bw&:
- -
_
- Subo di Ntl'tbt►---
R10.000.000
�
slaWO.000.
-
_
Through 7/1/16
1,010,000
1,010.000 -
.Mom
S OOG'
ck 000
46h %�
7 _ CITE 4
JS1,300
al,3oo
le ram.
1tT,500
_ 19K/u .
- - - - -- - - - - - - - -. Ole 4 -
- -
a1,50o
351-1wo -
-
- 1U.S00
- 1p;504
-
ii.1.00
&/1.000' - -
OTI 1
at,SDo
_
351,500
It1T.5b0 _
IiT SDP:
,aC'm
_
ai le
OTt 2
351,500
: a1,300
-
117,500
ISTsot'
-
- "c.00o
- 6tt.w - -f
Olt 3 •
351,s00
131,300
1f7;500-
ItT,Soo-
t�.000-
6 LOW 2.w
_ 19e7/ee
_
- OTI 4
361,000
: 361,000 -
IST J00
18715W
SM.O lOO&
;2.000
620:Si47
-. 9TI1
361,000
_36i.000 -
112.500
191,641
49414G
%6tT.500
72.000
V7-,147.
- OTt 2
361,000
36I,000
312;S00
t7'S M :
UK2111.
%375 000
72.0m
llkl. id
OTI3
361,000
361,000
112;500'
169;922
4P422
9.062.500
wow,
9m4& 436,0,sw
1916/19
OTI4
475,000
473,000
1145W
164063
#17615 `'
k750«o00
MOOD
t,oafi3
-
- OTI 1
"2
475000
475000
312,500
1542U
♦70r?U
4A00
4,S
T2:000"
F.00',7GI - f
Olt
475000
475,000
3J2.500'
132,344 -
"sw
_
11.IMCW
72,000
t.,011.14s
- T GTE J
475000
475000
31Z S00
I4G, 464
43t;96w.
7;t14500
M. oft
t.00S.9iM 44099.694E
19"/90
OTI 4
522.300
522,500
3145M
140,623
4s3,12S
T,SD0.000
72.000
ljoor 6&
GTE 1
�'�
�'�
132.500
tJ4,766
-N72'fG
T,1iTs00Y
T2,aoo<'
r,049;764
OTt 2
22.300
>?2.500 -
31 500
t14906
4r,4%':
6,173,000
t2«000/
1.014.9w f
GTE
S22,500
SM500'g4006,000.
IIt.500
123;047
6434T
64562;500
T4600-
t.0J0;o►P 4t15Y3444
19"1
9114
150,000.
2%1.6W
701,664 A,1S0,000''
112;500
11T,Iw
Q%61w'
k20;006
Tc.600<_
1.29i1s1. 1
OTt 1
130,000
519,4I1
699,78 A,700,000
31t.300
[tt,J2B
12J,a12�
. 5;93T 500
2 000
t,t9B.J0ii
.. f 9112
- -
15NO 0
547,291
697.291 37,550,000
314500
-105.44T
417,.%91
3.62s;000
72 000
t..1B 2G0
-' - - - - OVA 3 -
- 150,000
543,105
695105- 37,400,000 -
- - 1t2400
97,6"
414109'
S312.500'
72,OW.
1.17712t4r .t;rs.:s:
_. 1991/92
-
OTI4
161,250
57S,320
-736,570 37,23t,750"
3145W
91,750
406,20.
S.o00:000
72:OA,
1.2 mo
_ OTI1
161,250
372,99
734,079 37,077,500
314SW
400;39t
4;6f7.500
T4NO,
I.ewtirtt-
- OTR 2 _
- -
161,250
370,331
73115N 16.916,250
114500
_/TMt
W.071
3".5n
'43mo00
74000
1.,19kti4 -
- - - - GTE - -
- 161,270
367, 16
727,096-36,755,000-
JI2:SOD
76, k72
31d,G72
4°i 062.500
- 72.,O0ff
t,ll>:; ma14 d0 k i'7
I992/9J
- GTE 4
172.500
MOM
771,392 J6,31t.500
312;S00
70.311
3a2;111
.l;ts0.o00
MOM
I.MI.40
0Tt 1
174500
796,267
76/,767 ]6,414000'
312,500.
64;453
376,953
3,QT. 500
7t,000
M
t.2Y7tT T20
- WE 2
M4300
99J,4Q _
765g42- 3Gr2Ar
S12500'
S8;394
AS.094
3 IZ3;000
1?-Om
1`,2
_ - - -- - - - Ott 1 -
1993/94 _
-- 172,500 -
59D,p7
763,11T 36,065000
- JI2.500
S2.734 _-
365214
I;a�500
72.000�
1.200.3W tSS' SU, -_
GTE 4
- - - - Ort 1
14750
..-1&1,750 --
622.163 -'-_.
619,675
806,615 a,6trr2%
W4425 A697.50
3t2.506
46 $75
MJM
2,-VkDW'
;2:000
t.2A 990
_
OTt 2 -
_-
J12;So0
4,016
a3'.716
2,t67;.500�
'2.000
OTt S
►4750
613,2%
_- .i14500
A116. '.
34716%,
_
9,V%000 -
- 72:0w
1.21%M
IL1.750
N3,2%
797,046 AIV,ON
79T,046 35110,000
312;500
M297
-
34t,.79Y
-
t,562,500' -
7t.600
t.210:4M€' 4bdN:66r
t GTE /
OTt 1-
19G,230
6*482
642,732 a,IA750_
112,500
24*0
.T1S'.93tr_
1,250,000
t2.000
t.2s0:670.
GTE 2
196,250 -
642,t71
t39,121 34,937,500
312;,500
iT,37t'
330.D7&
93T.500
72;ow
t,24tow
GTE 3
1*250 .
639,260
'
135510 34,70,250
312,SW
tT,7M
324;29<
6MOOO
72.N10
1.u1.I&
196,250 .
Ga,649
131,199 34,545,000
312.300
5659.
llfk359'
It2.5W
c.000.
t'am 6& .t94f i66.
9.697,500 4.361.25014,,048�
?%
- -
:.: /9.6W
- ..7.J%.IZ4
r
0 '
Oc
;,i
-
SCDWIG N(L 2
NIANr 93= L EVIDITICNI AUnORITY
MCXLE W TGUIL COT SEQVtCE MEM
19117
1911-
19"
19%
1791
1992
19n
1w,
ITII
19%
Total ,
Pledged Sourrn:
Corwortion Drvlop"A Tax Receipts
J, 40
3,609
3,1126
kam
4112"
*11 1%
411170
S. IN
9I42T
2; Tw
W &79;
Rase, Fra, Projecriw LINKIr
.40e
W&
• lmvstorM EmmiMs an 1983 Accowt,
173
113'
2111:
281
211
281
211-
2$t
eat
all
473&
COT &-,�.tw W-
6000
Mam..
f-),W P4.inistrative kidirt
(D01
050)
13501
(350)
(3301
. (350),
(350Y
(Mot,
13501
0501
t-;'5001
Sewto, bor"pr1ralmia-
fwawwl�
MIAMI
I.tr• t. lute ku-Niflomm,
:Total Pledged S.M
3,2211
3,572
4M
49S
4,Mo
4'.'4ST
4s,761
smr
SIZIP
&Gal
4%413.
arw
M94
two
199OF
Re"ired Debt Service
41M
4756
X680
14316
4" m
*'9K
*'950
VW
4,,96l,
44 970
%ZIO57*
I"t
%&]*
Aft,
(-) Capitalized Interest on,Subardinstr Note
750
73D
1,5*
l9w-
.:tidy
'WM
Net Cash kq.ired for Debt Service
1,405
2e004
460
4,316,
%in
V,90
4',9%
4"9$
4�36r
4.970-
40. MT
tM
iSIO
WM
19W
634im
1M E96
G'Ma Debt Service Coverage Ratio
229.M
ULM
tO&M
WOU =
9LT1l
91OU
SLI"
tOt.MS
IMOM
I Ik 33*
WI
144,E
T.363,
FAVE"
IM
LWO
M
WE
f *revere -required fors
NO-M
07*vrqe of Cash Deficits
0
0
0
330
144,
457
law
0.
a
ff
Ltiq;
Itgrear Rate Piete,
Mials
MrM
II
.
SCEWRIO IM 2
,�y��
Did Service,
Principal
.tt- ¢Y
wtrfw'i< .i+ast
Principal
Interest
rot&l Ilium:
DrIKENI,
Intwim+f
lot'il
islane
CrVatt
DPW so -ACV :.at Service,
Senior hadtc -
- - --
SubvEtmtr rote -
--•--
_-. _.-
_
sib
0 000 1 000'
1965/A6 -
- - -- - - - - - -_ " -
-
-
- Thrm1h 7/1/66
-
1,010,000
1,010,000
- -
y0',OOp:
3.>6,000'
- "
-
t26,CA6
.
.. •i6,,000
(
OTR 1
351,500
351,500
_
265000
265r00o
72,060
edicX4 t5« 500 -
- _ - - - -
- 19WO7
-
OTR /
331,20
3511300
2fiS 000
2LS 000
72.000-
LdR15Ob
331,500
331,500
- 2SS,000 -
265,.00a
_ -
T2:000:
6i1300-
"
iRR 2
_
-
351,500
351,300
_
263,000
26St000
_
7L000
_
6btc500
- - -
-
GTE ] -
- - -
]5{,500
- 351,500
2 %ow
?l3',000'
mom
6eit'." E.75r COO
19/7/6b -
-
OTR 1
OTR 1"
361,000
361,000 -
- _
%OW.
23145M
26%OW,
{10.0MOM
- i2.WO
►iYWiS
-.
9112
]6I,000-
3CI,000
23fi,IL9
36 21?
9;6bT,500'
J4000
400i :t9
an ]
361,000-
361.000
MOW
2W*M
%kW&
$ MOW
mom
9%.%&
- -
MUM
. 361,000
361,000
- - - 3145M
210,m
YS2;.6s
9;062,3O0
7:.000
9w-W%
- -
- OTR • _
an1
_
-/75,=
175,000
- 4MOM -
- - 312,300
231,VS
S",37S
k750:000"
74010
t.091.37:'
_
OTR 2
gS,000 -
3t2«300
2miga,
. 336:OSr
b;, ;500
aom
I'Ml ffir
- --
t
_
On 3
N3;000
-
475,000
310M
21S"nr -
YJ;b13i
M I2S,000
tt OW
1.ONI"I "
- - -
1919/90
-
1M000
175.E - -
314sm
207.0ir
Sl9.44
T,bf2:500
72.000�
" 1.OK,571 Ri35;bt3
Off / .
m 1
SV,500
512,500
II2,500
19k750-
Slt,2S0
T,50Q000-
7i-com
I.IOm73O
9112
32,500
S22.500
31Z500
1;90F067
S02,96t
TrlA:500
T2 000
1.097: *6t
.
- -
_
UM I _
5250
2, 0
522, S00
Ibt I"
/9%fiu
6,b75 ow
- mom
t.0d%"lw
"
t
J990/91"
- 52,500
522;300 t.7b, 000,000
- 312.500"
IT3„9*
I116,4%
64562:500- -
- ?,"000
- C.OW%& 437�.3ti
_
- - -
-
GTE 1
- 1
15a000
--
M1,664
701,664' 3T,SS0,000'
312,500
iG$625
I7b;125 -
6 250�000
t2 000-
L,2A 7d9
--
_
91112 "
150,000
549,/71
G99,gb 37,700.000
- I12,500'
IS7.31F
44%9" _
5„407.300
T2,000
1321'
,
OTR 3
130.000
317,291
697,291 n,SS0,000
312,500
11#;06i"
K .SU
$00
625.0.000
?2 -
-
1991/S2
130.000
343.105
695,105 37, /00, 000
317,500
110,7bt
s4,261
%II2.500
? 000
_1,230.d5A. _
l.2`O. Sti M 4w; it
OTR 1
OTR 1
161,250_
SM 20
7 S70 37
%r ,U•50_
I12.500
t3Z,500
145000
5.000,000
?2.fiO4
t.231.370
.
-
- OTR 2
161r2S0
- 1G1,250
- 372,629 -
STO,STb
731,079 fi 07 .500
731',Sbb ]6.916,250
It2,500" -
12h 2t9'
7t9
F,66T500
72,000
1.2 J50 .
-
- -
OTI3
161#250
%7,bK
729,096 36,753,000
3I2.300
314500
I1S,93b
lOT,656
a2a.13B
in,
r 375,000 _
12;000"-
1.2Y;023�
199U93
-
-
-
is _
%OW,500
72.O :
1.221,.2n %S* .4e
OTR t
t
172.500 -
172.500
M 092
596,267
771, SW 36.5b2, S00
76b,767" ]t./t0.000'
312. 300
99,375
411,675
]; 7A 000
: [ 000
t. LSS K7
2
17Z'500
59I,442
765,%2 36.237,500
14wo
1145M
91,09«
82413
403:5 b
M311
3.037.500-
4J2$000
>w"000
?2 tA0
t.2w,36t
f;Z3i2S5
r r
1993/91"
172,300
?90,C17
763,117 ]6 065 000
I12.500"
'N531
367,031
Lb12 500
7t 0i6
t:222 t� 4;mik
-
M /
OTR 1
1U.750
IA750
622,ASS
,58446
/04615 ±3,bbl'230 -
" A697,500
- - 312.500_
312.500
-
66,250
57;:%9'
1714750
30; /G4
2,SOO,OW
2.Ib7;5OO
- -
2•u 4 _
t.257,16 r
- s=
_
QTR 2
OTR 3
- 1b; 730
616, N5
b00, 235 -
]3. 750
- -
- 312, 300
19;G1G
I6Z.ib8
1.873,000
'2. i00"
- 3,
199//95
163, 730"
613.2%
797,Otd 35, J30, 000
no,
3I2.500
tt, ".
333,90E
1,%t 500
7L 00
J.2y -4i
1.22�9"c�
(
GTE
1
196.250
6*162
612,7Y 1S,1475D'
312.5W
4125
313,623
1,250,000
- - - - -
-
_
OTR 2 -
1*250 _-
19G,250
612,Q1
Q%2260
579,12L 3s,937,500'
b35.510 34,741,230
3145M
2e bw -
337,3w
93T.500
'
tm4
3
19C,230
Ca,W9-U1,899
36,345,Oar,
31t S00
_ 112;Soo---
1 363
6;2bt -
329;'a63
32o.781
62s000
312,S06
r2 000
t.t78.372
;2.006
L.z2•cF.W
3, 4s, aoo 20, 047, ]72 23, Z2, In
9.687.500- 6.
27.500= 13t713,
000.
:.. y§. " 00'
.2.+f_7. 37--
O
r
-
. -
-
-
- s Msil116 3
Sff1a1R1D 10. 3
I
- - - -
!
- -
- -. -
-- N1AIII 9MIi EMISITIOM
Rnmxl.1Y
- -
-
-
-
-
(
SDIEDU OF TOTAL OUT SERVICE- CM W6E
I."t
19%
Im
1"*
199g
19*
Tout
QS%WT1Dst -
- W!!ff
-Awl- -
-"
_
-
-- _ -
Dldged Sowc". -
-
-
-
-
-
-
Cawantion Dwelopm Tax ba(rts
3,40
3.609
3,62E _
1,0w
4,.299 .
4,,35E
%AN
Slaw
J w
;.752
4,4, i79:
Beer Near Orolut4or 19wmr
1.40.
6"
I-estawwt Esmir" o, 1983 Ase..t
173
US
211
281
211t
211
Zit.
2sr
2st -
2iit
LTlw ..
Or 6-*. Rare, - -
6100E
en w¢- .
1-1 050 Addnistrativv-lVdpt
(3301
lZol
t3S0t
mat
awl,
(350)'
00
(350t
U50Y
(no):
(31500)
semor hod PD Irtlod:
exomom-
104@
aaa.o�:
Total pledged Sourm
],221 -
3,3T1
;7A
3.96E
i.LTO'
1.4,6T
i,761=
S,OSL
s:J56
$.6lli
- a4,ylti
19Q
i'10r
aufeT
ISM)
£am
14r19=
rvwc
t94t'
oos
bRM1nd Debt Swvin
2,155
2. 751-
- ia0
3,
! 6%
r
5, 323
s 94,9
.
X $a
fi 66T
S,.SIs
36T
s6;,910
-- - L99I
Ei50fr
*0E52
t-1 Capitalized IkRest an SuEaNtnatr• Ibb
750
730
- �
- -
-
t.500
_ 199�'
mSUw
itTE7G -
Net Cnb boairsd for DAM Ser.ict
I,W5 -
?,004,
3,6a0
1,69E
S,323 -
3,949
%a*
S.6a
S sts
S.36T
4X4,10 -
_
l"S
It-%*
a4E93.
Was Debt Service COvarye Ilatio
229.1it1t
Mall
IM09%
. 64.691
'19.4%
75,43%
at.97t
a9:IIt
97:15>t
I(1dc69s
!p
t99Y
de5trs
a111E94
bvwMrs re0aird for.
�itiE96.-
- -
-
_ Cawagr of Cash Deficits
- 0-
0
0
'710
1,0%
1;4.61
1,01T
61$ -
1ST
0. -.
5.,Ow
S.eooia.te bew
- I�tv,"r utwbt«
s1 o00 aW
-
4ai_
( -
MC • 125%
0 _
0
64T
1�6a1
2,46
2.94,4
2.IW
40a
1,s3E
I102E
15.169,
Nrtwo.-:K:oa( P&fmwt':
RTt.-W
•®TE;44r
Cae:tal.:.0 Inv—st, Mott Kate+
7v SCIV
-C*44MR-
i
0
- Debt S.via Sdvdeleel
~ -
-
Prkrctpat-- -
- -
--
-
Pri.tsoat
- irttvr of
lushe O-.ea;- -
- _-
Principal-
latwrat
Total Balm
Prtncipat
imtarest`
total
- Wmcr
Crvatt Dow Sanmcw.DaarS.rv:ceK
wn Sior lades
Sbo.dtyty Cot►
-
-
431,0001000
- -
s10;000y000 -
-
19B571K
T1ro* 7/1/86
1,010,000
1.010,000
170:000
Ilk=
1.*OW
14.6:44aot -
351,500.
351,500 - - -
- - -
ZOOO
-2 OOD
- -
- r2.ow
"65W 2..t5r�S0G
1916//T
,
prt 4
351,500
351,500
265;OOR
z65<000
TZ.Ow
wS00
QtR 1
351,500
351,5W
26%O
&%o
r2.OW
Wk5D0 -
QTI2
351,5w
331,500 -
&%0N,
zr OW
z oa
"SLW
351,500
331,5w -
- - - -
2L9,000
2f:S;000
-
6 r�
19/7l11,
3
an 4-
361,000
361,000
26SOW,
=On
liko00.006.
'2.006
69dr0oa I
m 1 --
361,000-
361iON
- 31Z,500
214719,
369,219
%r.87.500: -
72.000-
C.00y219=
QT1 2
361,ODD
_ 361,OOD
- 314500 -
zw4m
36NSN
$.173,000-" -
- 72 wa0
"LS3& .
9" 3
361,000
_
361,000
_ _
312,500
240,M
=M
--9,06Z500
72.000r
9s&I% 3 b.9:all
19W89
QT14 _ -
-
570,000
570,000
J12:500
M,675�
54*;3n
8:750;000
- %ZOo
1.1Dtt,im
UR 1
570,000
370,000
314500
223Y594
536,O%
lk4v.5w
72;0f
1.alk0'W -
pTR 2
570,000
570,000
312,500
ze5;w
su,als
k12S,o00'-
72 Ow-
1.1F41&11
OR 3
570,000
570,000
312 500
207,031,
St%MI
7,&145K
MOW
11164131 ' i.9;aka-
19t9/90
QTI1
760,000
760,000
312;W)
194750
511.2%
T,%OOD6
7z.000
1.34dt3n
OR 1
760,000
760,000
J12;500
190.469'
50z;%9F'
T,I&T,.5t10':
7Z000r
1.33#4.%&9'
QT1 2
760,000
760,000
312,500
IWIW
49%610
1.V%000'
7-000C
1-2k6l0
QT13 _
-
760,ODD
- 760,000-sAWO.000
- 312,500
177.906: _
4T6.4m
(4%-5w
- 7-4WO:
411460& 5323.311. -
19%191
9TI4
IA000
- 104,313
954,313 37,850,000
317,500
1MhLI5'
474123,.
6.25 OW
14000"
1.500tON
an I
1 NWO
801,125
951,125 37;700,000
I14500
15),34v
V4144.
1;'w.5w.
73 000
k.49k969.
QTI 2 -
- 15060DO
797,938
947..Sn 3r,%0,000
- 312,500
149-0Oa .-
46P,-'U
S';6MOW
72.0m
44W50d"
9TI3
150,000
794,750
944,730 37,400,000
3145M
_
t40,.711-
457,211
3,3M500
T Of-
1,470,031 4944a936
199!/92
QTI 4
161 250
791 323
952,ST3 37 231,750
312,wo
IJ2.SW
"IT On
It AM 000
7: tw
14G9 571
OTR I
161,250.
717,097
%9,147 37,07T,500
1t2,500
12itt9
4Y.,7t9'
14W3W
72.wo
V,Ov,d66
pet-2
161,250
714,470
915,720 36,916,750 -
3I2.300
11S.M0
421i`.43o;
4i3MOOO'
7.060
t,.446i;I5(r-
QR ]
161,250
711,00
942,29F_ 3L.79,000
1I4500
10,6S6
424M
%0621500
12.Ow
1.41k460 11WL w
1992/9l "
9TI4
172,500-
7T7,378
949,M 36,5/2,500'
312;500
99,3n
4tr,175
4750,000
"MOO-
t.413rm
on 1
17?.500
M713
W4213 36,410,000
314500.
91109t
44594
.x4JT,500
R.000
I,4zt'w'O- -
9Tt 2
17z,SO0
T70,047 -
94Z,347. 36,W,500
1I 500
"IN
39S311
302S,000
.7..Ow
t'.. ftm
QII 3
IT45M
766,311
VA 11t _ 36,0&%OM
1145M
74.111:
Jp,03t
2 8►2.500
7? 000'
t.197 9C3' x6si 33I-
C
1993/94
Qft 1
1d1,730
762,477
946,227 15,111,250
117:500
66.250
374750'
4500.000
now
i.3W97*
QTI I
113,750
751,572
9V,= Af,- ,500
3145M
9,%9
370.46$
41&7,500. -
TZ 000
_ _5
t,l&4t.7%
2
_ 14750
-754,667
SAW 35,513,750 - - - -
- 312500'
-4%GW
36Z.IW
1,11MW0. -
72.CM
r.M;6i1B -
pt11 ]
14750
730,763
9J4',513 35,330,000
3145M
4r,4o6;
=90G
t.5w-w
72.000
t.360..4t %51«i791
I994/9S
t
m 4
196,250 -
7*22
942142 A14750
St2r50o-
33,125
345.625.
1,250;000'
72,000
1136d w
pn 1
1*250
744W
M672-34,937,500
31Z,500
24,14E
317;34*
93T.500-
72:.)w
10wom
prt 2
196,250
738,22
934,502 34,741,250
317,500
16:56 :
J29;063
62$000
72.cm
r'=56«
-
QTI 3
196,250
734,081
930,331 34,545,000
312,500
1:281
320,78b
-
314500
M000
02X.I1J'
-- _
- -
3,453,000 24, 94%703 21, 404,703
- - - 9, 6dT.500 6,Oz7,300 15,315. G00
a
-
SCENARIO IQ ,
7-
U[plt WTs t EnIOITtOi NIMITY
SDOU IF-MUL COT SMI(E[AfAAf£.
-1987
1988
1909 19% 199E 19R
19D -
1911E
19n,
1996
fdal -
QSSOTI06m
WOVAR
'A "
Dldyed Sm c
Cam•ention 0rreloor ,t Ta■ Ircnots- - -
3,405
4609
3.us 4y051 a,249 �,%
tL70
fi-12P
S.+2T
3.75E
w;174E
6asr�r..r•Aat.mmtSAbCAT `
3.+09
- E�iP
(
Imestm t Farm," m 1985 Account
173
313
261 211 2it 281-
_
?lG-
281.
21G.
281
4734,
Cal Gre tn:ate
uOnAO r .t
-
-
1-1 16EA Ada:ntstnett•e Qudgrt - -
-13501 "
t3501
- 13301 (3501 - Lim) 13501
Q301
t350k
13501-
t330t
t3„5001
Sam 6o�os. 7rt mtorL
1t1et000, 00P
ices
-
Inter"t 4atehsiaotiawt -
- - -
- -
- -
-- Total Pledpd Swm - -
3,112_
3,757 4996 - ♦,230 4,497
" 4.76E
1,031 •
- %35i _
1,6"
Will
Mr
- %000
a.'Era' -
-
,3,228-
e60ttr
-
19W
kow
. -
ao.i..a aee se..t�
t,1e3
z.e6a -
e,1x a,e9c - ;lzs 19+9
Leos'
s 6rs
%515
3.36T
•rs0&
t9st
a sr,�
:�r�
I-1 Capitalized Intor"t on Saladirwtt hole
750
_
750
I,SOo'
19W
a SOs.
raTsS
Mrt Cash oquired for 0rtt Seim -
1,433
2,lif
-4,tx 4,6% 3,323" 3.949" -
%SW -
SA"
$its;
5.xT
a6.003'
19W
_ x.30a%
mrEll: - t
-
-
_ - 1990
- k5cm
WE9+� --
- --
-
- Boss DOM Se icv CO.W& a Italic �
2m21t _
1611.661
.90.Rt - 84.89t-79.456. 73.43t-
61.97f--
W111%
97:15*
10$89t
wt-
- im,
&5m
- "MTM - -
_
(
_
Is%
d:50ss
wt9& �f
Mntrs npuired tor: -
- -
-
-
SuovdtNty rotr -
910000:000
WrET+1
Ca"aw of Cash Orhnts
0
0
379 7I0 1,09E 1,461 -
T,04T
61..1
157
0
S,e61 -
lntrreRate rots,
ar.
10:60h
4111'e3A
65C0125%
0
0
1,413 1,881 - 2.421 2.949'
2,499
4027
t,m&
_ T:02 '&
13.M
rotrortmss+i 5a�t;
- 0Ti2:1m
�HiF.'"W
_
C�Oetaitted'IrdersKtMttoff"- 7:SOA''
CAMTEl3
N
0"St tp -1 _ -
Dow Sw.tcw u.".5,-tCl-
TAroutlA 7/l/56
1,010,000 1,010,000
330, 000'
II0,000
6,tA0
E,�bi,(A9
- - - - -- - - -
- - -
- (
GTE I - - -
-
380,000
, Mk000
MOW
MOM
72.000
71r.OW c.,:ci;he
r
19d6/R7
-
GTE 1
30,000
380,oM - -
-
263;oo6
2651.000.
-
12.C-W
717.W6
-
t -
1TTt I'
3E0,000
3EO,Ooo
2SS,000
26T:000
720M,
nT.ow -
(s
GTE 2
110.000
310,000
2M000
2(.5,000
72.000-
11T,000
- - _
- GTE 3 _
3t0,000
3R0, 000 -
- -
255,000
- 265.OM
-
- 72. 000
- W.00o Z.E6i.OW-
19t1/dd
- - -
We / - - -
-
475,000
175.600 -
_
265.000
265,OW SIO000,OW
- - T2,W0
itt?.000 --
OTt I
I75,000 .
475,000
J14500"
256,717
569.219
%607.500
mom
ktlG zm
- - - - -
-
GTE 2
- 175,000
175,000 -
- 314500
2+R M3B .
M0,9M
%JMOOo
72,000
,107.9 o
-
-
GTE 3
-19WO9-
175,000
173,000
312.700
210; 15&
552;656
%o6Z500
'? ow.
I,ow. % ft it3
- - - -
-
-
GTE 1
510,000
570,000
3145W
231',175
SW375`
X750.000
:e.�00
t:t6(w37;
. - -
OTR 1
- --
570,000
370,000-
- - 314500
U4294
336.o%
kw,5w
'[.'AO
t.273G09►
GTE 2
570.(40
- 570,000
XZW
2M311-
-W,113
L12SOW
72.u00
_
l«t69:it3'.
GTE 3
570,000
370,000
- 312,500'
20T,031,
St9,33t
T6t2.500
- _ 72,0W
t,Ira. ,3L Kift.a13-
k
.918
_ 760,000 -
760,000
_ 312 500'
1947%
SU,250,-
7;Wk0.,Ow
'2. wo
t:3%3'2%
.
GTE 1
760,000
760,000
3t2;300
190;169"
502a%4'
T.Itv,54
MCOO
L334%5
-
WE
760,000
.7609000
114500
1841lR
/9%6W
6,R77000 -
- � � MOW
119"1,726�sdd:'
QTIt ]
760,000
760,000 SA000,000
3I2;SW-
173„906
106,4S
6*S62:SM
72,000
1..31&4% 1. 2:s.3tS
-
g
GTE 1
150,000
R01,313
9M1,313 37,1150,000'
312,500
1466
47412E
6;60,0M
74on
t;3011tM
_ - - -
-
-
GTE 1 -
-. 150,000 -
eot;lzs
- 951,125 37,700,000 -
3145M
137,31M
469C94M.
5937,500
72,000
I,4w,%9' -,
-
(
-
GTE 2
150,000
791,93/
%7,935 37,55NO 0
3145M
119,O -
16F -W
%6MOM
Mom
V.4w.w
j
- _ - - -
-
-
M 3
150,000 --
791,750
%4,750 37,100,000 -
- 11 500
2:-
110jot,
�fi2At
3,3tf..500 -
r
- i ..100
F.�Tg032 �9rdF.936
1791/32
- - - - - - - -
GTE 1
161,250,
791,323
932 M 37,236,750- - -
- 312,700
132rS00
_- 445,000'
S„000,000
7yiA0"
1:+6
-GTE
1 _
161,250
767,1197
941,147 37,077,500
312,500
1a;2IS
/16471%
41, 687.500
rt.000
F,467,
- _
- -
- OTR 2
161,250
701,470
945,720 36,916.250
114500
US,935 -
4M#,36 -
t:,.FS,.OM-
mom
t.44,ffa
GTE 3
161,250
-
781,044
9442% 36,733,000
314306.
107;656
QO0 16
_
k,062;500
mom
I,k1K,160 $d06L41ri:
_
-
19MM
-
-
-
-
-
--
0Tt ♦
IM,XA
T77,379
%9,878 36�552,500
I12.500
93,375
/II,t73
J.750,WO
72 G00.
1,4M�753 -
IM500-
773,713
%6,213 36,410,000
112,500
91,09►
WS;.SSM
.Lk37,Suo
72.000i
t„Qv.w6 '
.
-OTR 2
- 172,5M
770,047
912,517 36,23TrS00
- _
312,500
A2,/13
39S.31T,
3,.127.0M
-
T2 600
l..w%msq
M 3
I72.5M
766,381
SAW 36,063,000 -
312,500
74.331 -
387',031
2,612.500
2,OM
I,39T;SU-' 1.6iai l3i'
-
- - -
-
1993/91
ITT# 1 -
I93,750
762,477
91642Z7 35,UI,250 - -
- - 312,SM
66,2W
37R;750
2,.500.ow -
_
72-tA0
I,1% 577
GTE 1
IA750
-
75R,572
W,322 ar6IT/
312,300'
S7,%9'
37C,164'
-
2,1tr7,SM
72 LLO
F3W179i
!
OiR2 -
1AT,750
751,6Q
93t,117'_15,311.750
312;500'
6%U&.
-A7,IW
1,67%-,M)
7Z:0w-
oTR 3-
163,750
- 750,763
931,313 A33D OOo
312,S00- .
11' %
MOW
_
1',56-=L
72,000
F360 r19 S Sty �i.
1991/93
t
9711
196,250
716,5%
912,M2 35,733,75o
314500
A;12S
343,66
1,250,0M
M.600._
I.YO.*7
GTE I
19T4250
- 712,12E
939,672. 31,937,SO0
312;500
2M,Sw
337,3w
437 .SO0
72:600
431d6O16
-
9
GTE 2
196,250
74252
931,5W 34,741,250
312:500
16,56T
329:06T
625;000
72,Mo.
t:31> 56w
GTE 3 -
196,230
-73/10dt
930,331 34.54%000 -
314wo -
_
R;2Rt-
327;79t
3t2:5Wt,1?3:t13:
3G7:i39=
-
3,155, 000 2345►t, 203 29, 003.203 -
9.6dT, 5M 64o2T, 500 IS, T13, O00
;. 796. F6
•I. SOdw2�i
-- - "- - - - - -
- to -orlon UMIOoeetK ut a•t*tilts-
- 1,406
36513
4,Z7t
4,,734
5,3511
6.00t
MU
- T,W
44A _� -
9,.aa2
5%751
Saw tear vr.sl.et,— 19t1& Cb.T
s-05
We* _
lnvsstwnt Earntrys on 1963 hcnwt
- 173 .'
313 -_
281- -
2111,
211
201,
tat
"_ 21t
_
28E
21i1'
4736,
COT Grortw 4atr
- 12.09W
�iattE
(-1 W Adninistrative sw9vt
f350)
(3501
(350)-
(350)
(3501
(3501
(350),
t350)
(mot,
t3So)
13;500)
Somw Bwe
Kt W
f
S-t—sr Utw 4u vt'to-w
Total Pledged Sourm _
7,2M
3,776 .-
i,M "
4,715
S,M4
- 5,932
462
- 749
- 43611"
%SM
5k9Z
I%T
400s;
-a(E1t7"
t5ee
Sso0tr
- oa�"
koos
"(
Apeirsd OW Swvice
2.113
2,ou
4,136
4,696,
3;=
5,914
$/OE'
;"I -
"IS
%367
4T,508
t9fl
s50@
aATE91._
(-1 Capitalized interest on SuOadtnatr mot*
- 750
- 750
-
-
1.500
- - t9m
ieSutl
i9+??i
"
1 Net Cash aepeirnd for DaM Service
1,433
4118
1,136-,
1,6%
5,323
--S,%9
SrUS
5;663
%S1S
9;367'
44006
19935
e_4i
_
4tTES
"
-
199si
e+,50sa
afc5s..
E
Gross 0eM Service Coverage Utto
22S23t
17L ]of
101.609
100.10t -"
99.32%
4.71%
Il#.W
U1.M
t3l.62*
t74iL64n
w
t99s
- I sop
awn.
E
bywoos re7sired fort
_
t99ac
az5uw
. 4TE9ir,
F
Cowrage of Cash Qrfi[its
- 0
0
0
0
35 -
17
0
0
Suao.dt utwietw
+P[O UoO.u0O
-
NgTE�;
--
t D9C a 1251
0
0
0
tt
2
;�ter�sr fiatwbtw
;fi;yTc.'
YIETr,
-
- - - - -
-
96a"
1,1S
1,366
-
1,506
60f
0'
0=
0.'
S:602
sotwG.t�tast sa,
kt12.SJ0
t®7ET+t(w
-:
-
Camtal �z.a 1�w t-btw iMw
T,
Li
SCENw10 t� S
- - -
Orb* Swvict Sdwdulet:'-
_
Prircipal Intamt foul. Marc*
Principal Intar"t,
Tout' balamw
Credt£ Owi Sar+ncw Drat So---m
Senior flordr:
- -
- Subordiwtr Moir-
-
IiA000.000
-
rt0;000.000-
t9O5/O6
1Aro■0 7/1186 -
- 1,010,000. 1,010,000
330,000
330;000
/_
- - 380,000 360.Ow -
- - - 265,CC0-
a%Ow
- - - 72.0W Tt7,(A1 ?.1ain.tvo
-1966/17
OTR 4
.- 38C,0W AN 000.
- - 2MOW
&%ow-- -
T2,000 tIT,004
i OTI1'
310,000
3eo,000
26s,ao6
z6s;oW
mow
I1T.000 !
QTR 2
3AOW
SIN000
265,000
2G9.000
74.00.
71T,000
Oil3
3W,000
3W,000
MOW
&%Of
7Z000
717;000 2:bi v30
1117/61
OTR 4
475,000
475,W)
,&%O -
26;OW 410,0W.000'
72:m -
AMOw'
- 0'TR 1 -
- - _
/75,OW
- 475,000 -
- 317;5w
256,7tT
569;21r
%GU.5w
7Z-OW
U,116�2-$ -
_
OTI 2
4A000
4A000
312.500-
218:4,31
560.936
9,smOw
74000
1:IOT.%&
- - OTR 3
-
475,000
.47S,000
- 312,500
240;t56
2SL656
9.06L500
- mow
1,049:;,* M.
_
1988/69
- -. OR 4
570, 000 -
570. WO
1145W
231,175.
544075
6; 7'.A.000
7L000
1.1aiit3T! -
9TI1 -
570,000
570,000
31L500
2?J%*
3*.0%
4413T.500
2tY0
1.t7$05w
OTR 2 -
-570,000
570,000
31L5W
215,311.
527,113
kIMC00
- >L000
111W.&13 -
UK 3
570,OW
570,OW
312.5W
26 AU
SIT=
7;8I2,500
re -OW
t',.16t;531 CbQtd1' "
OTI 4
760,OW
760,000
312;5W
-19k,7W
511,250
7,5W,000
t2.GOO-
t,34tii6i+- -
OT1-1
-
760,000
760,000-
312,5W
190,469`
502_969
7-,11T,500 - -
%L000c.-
I'.33uEfirl t
_
OR 2 -
760,000
760,000
312,5W
184180.
4W,660
' 6JMOW
72.000
1,jmfi 0
- _ On 3
760,000
760,000 t31,ODD. ODD -
- 312.500
177;.906.
- 4W.Q6:
6.:5 5w
- 72.000'
1.311L.Oi
` 19%/91
4
OTR 4
- 150,000
- 804,313
956,313 17,650,000 - -
- 317.5W
IM66
4711,12T
64230.000 �
- 72.0W
1,50«'*.i& - -
0T1 1
150,000
1011-125
951,125 17,700,OW
312;5W
15T,34k
469.64/+
S„93T 500
1. WqL sr
r OTI 2
150,000
797,931
94T W6 37,550,OW
II2;5W
14%Ou
4645"
%625.000
2000
1. 461. 508
OTl 3
150,000
794,750
944,7W J7,4W;OW'
31ZSW
140,78C
434261
5,3imw
72.000.
1.476031 1.3Qi 59m
OTR 4
161,250
791,323
9323n ,A,ZM,750
312;500
13�500
445:000
.5.000:000
7L000
1,469:575
_ - oil -
- 161,250
727,"1
94%147-A,077,5w -
312.5W
12/42t9
4]6,7tf
o,66T,5W
72.O06
1,«3T,.&i tk -
OTR 2
161,250
784,470
945.720 36,916,250
31215W
115,936'.
4m4m
%TMOW
12,600
1.06 15S
- - OTI 3 -
161,250
751.00
944294 34MOOO . -
- 312;5W'
IOTL% -
420.1%
4;O6L5w
72,000
t;kw,% t608Le-r-
s
I992/93
OTI 4
- IM500
T77,376.
949,876 34562;5W
- - 3145M
9%37T
441.675.-
4- MAW �
_ 740M
t.r J rZ .
OTR 1
172,500
TT3,713,
_9*213 36,410,000
3145W
9T.09k
449i*
4W;500
T4DW
442Y.606-
CIA
172,500
T70,047
942,547 34237,500
112;5W
82,611
395.31T
LtMOW
7Z,000
1'.4ft859--'
-OT1,3
1993/91
172,5W
766,361
9314Y1. 34065,000
312,500
7t, Sill
31T,031
4814500
72, OW
1:M913 %W6LS T
9TI4
163,750
762.477
%64227 35,Y1,2W
312;5W
664250
SM7W
4500.OW
140M
t,M1977 -
0T11
147M
751,SR .
942,32t 13,6T7;500
3t4506
57,%T,
IT0.469P
2,1/T5W
72;JW
1.364t791
0712
1U,7W
754,W
-MN417 A513;7W
J12;5W
49,680
36T.,110
1,57%OW
72;000
117-4ih
9" 3
183.7W
75 X3
934,51I -1S,3 600
312,5W
M."
3=9%
OU-500
72, Ow
I:Am4i9t S:Siw.m
1994/95
OTI 4
196,210
7*592
%?.Se 4IA750'
J12.500
Ain
345.621
I'mow
72 OO1
i:760 467.
OT11
194250
744W
931,672 34,9A,5W'-.
11Z.5W
24,844•-
33T,-34s
W7,5W
m we0
1.3+8catir
OTI 2
194250
736,2W
934.502 34,741,250
312.500'
lk%r.
3 USS
62S.OW
'Z.cw-
- 4msL 56+t
- - -
- -_9113
- 06,2W
734,061
930,331 34,54S.000 -- -
3143W
1;28U
320r.76t-
-3t2;500.
MOW
Omits N4.159� .k
3,4AOOO 2%54C203 29,04T 203
9.667 5W 6,021;500 ts,.7t5000
1,7%,Ow
.T.5Ai -
-
1
: 1,
Zr
07-Dac�6
�
SCETew1I0 ML i.
M
'
MIAMI SPORTS i ELIINITIOP AVMITY -
f.
9D DLLE OF TOTAL OUT' SEWICE CREW
f
T
'11
19E7
19-M
19119
I990
199T
1992"
1995
1?*
1995
19%
-Total
+6STroT;06:
ra"
"AiLl-
Plodeed Sources:
-
.w
Contiot Dmoee loed Tax Receipts
1.a00
3,575
1,75a
49e
4.13Y
t3a6
V.%I:-
1',79t
S,OJk"
S,2R2
eta
fasts vox, p.0�.esto�rt966 CDT
3:s05
i66
-
-
Tn.estmrt frnirgs on 190 M1crauR
"
373
313
- 2DI
. "201
261
201
ZRt
. 261
281:
- Zh1
473tr
CD, G.o t' Garr
- Sfa>s
_fiat+; "-
-
t-) )6TA Ad.inistratiw Iodgrt "
(3550)
(3501
(350)
Lim)
CmI.-
13W
t3501
13501 "
1350Y
t35o/
(3'.500)
sumo, faew prt.otoal-
10400R.o00
v0d
t-
. _
i�t.._nr aacrtse.oeewse
'- - ..
Total Pledged Sources
3.72!
J,S3R
],685
S, 873
6.070
a,27T
h 194
F,J22
t(962'
S ilx
a ,060
t9W
-" utut
;&;Esl-
t9R8®
S.
106t-
bovired DW Srmtce
4146
4718
3,99J'
4,572'
S.ZU
5.662
5.740'
5;614
S siw
s=
4k16'
S99N
lres
wr-ik
g
" -
-
- -
--
t-) Capitali:.d Interest on Subordinate Note_
750 -
750
"_
_
-
1.570 -
- 1.992
&!0*
iRSE%-
-
t
Nrt Cash Gapuind for Debt Seerice-
1, 396
- 1,96R
3,993
41572" .
via
5,662-
5,740
5.6ta
5 4"
5,335
45:2Q2-
t943
6e wo
ip m
19w
&%4
ifi:siw
kross O.bt.Seevit. CaeraPe Retie -
" 211.JOf
- 179.711t
92-24t -.
6k71>G
77.99t
72:951,
T6! 29L -
6Y.11%
90. 67%
9T_3aw.
- uA:.
- 1995.
_
aSPn
GGTE9g" .
-
�-
-
- -
-
-
- Reermes required for:
_iuea�rnatw btw-"
si0:0iSS. Ju6
- �ea::i-
F'
_
-
-
co -wave of Cash Deficits -
0
- "0
306
699,
1,I48"
1,5%
- 1,246
- 1%
Y3_
_
la2
_
6�54r
1+twesr4truotr
9:fow
ia;n'
O
0
t,3%
-. I.8Q
2.4w
1.05t
460t
42W
1.8%
1,461,
17'OD.
"too"'ee0at pa..,r
03U.500 "
Gn:;4f* -
. -
- -
-
Ceplralt:.m IM'eresr N.err b lo,
1.50w
CiiP4R , r
!
(
}
s
i
--
r+.
00
Si]�+A IO t0. 6
Debt 9ervtc+ ktrdol-:
..
-
- Prsrctoal-
:aRter ah
OratirFp 3�.+= ;�
Drucio+l
intwrR
Prircipal
Taal Mtucr- -
- Gn'CIO&I "
Inter"t
rota=
6alocr
t,.aLc- -_ Gbr Swutca Aeoe 5w::L.�-
- -
'.
$ubadlnatr Mote
- -
-
-
Sen10r, 601d{:
-
SAOODIOOO
-. - - - - - -i
- -
-
-
- -
1965/66
- -
-
-
- -
- -
-
1" 000
3J0,000
- --
-
':6,wd
iNoua6 7/1/66 .-
1,010,000 1.010,000 - -
-- - -
22J,500
22T,500
- -
- -
- rc.,SFi!
dJ4:506 2-:•`_'Lw-
_ - - --
" OT➢ 1 '-
360,000
360,000
-
- - -
f
- -
1966/a -
OTR 1
-
-
-W,M
- -
360,000
-
?Lt,500:
22T,500
72.uu0"
72 G0o -
G79;.500
679.YA
j
OT➢ I
OW
3W'=
Tr 00Q
6'^500
9712 -
_ -
360, 000 ..
- MOW
- -
227.500
2Z7,500
227 500
22T 500'
-
-
72,.G00
67Y. 5W' T.:tn,-�ri+
➢TR J - -
-
310,000
�� - -
-
- - -
- - -
-
- -
1961/A6 -
OTA � - - -
"-
175,000 -
-
175,OOD
-
- - -
227;500 =
22t.501! s10,000,000
7LOW
1Loo0"_
77M500
t,07ry,691
at➢ 1
175,000
175,000
n2.500-
220,191
2t7 26t,
9Z;69T
45,761
9 687 SOC
% 000
iLOW
I.M.;ft
OTI31Z,500
_
175.
_
3145W
204172'
516:672
%062;500
Z 000
F.Oixo7 i W e
OTA J
-
- - - -
- -
1966/69 -
QtA 1
5T0,000
570,000
--3t2,500"
149;063
SIt.Sliti
B,.J50,000
- 72.000
r ow,
�'
I,lu3%1 .
t ok4 i"
-- - - - -
t
-
-
- -
370,000
9
570 000 -
ll2«500
n2,500�
19t«9SS
11H;6w
5M,►SS
� 19T,36a,
$e7,500 -
e'rt25,000
- a
.
99
- - - - - - - t
-
- OTI 2
-
S70.0o0
SOw
70
570.000
3",000 -
- - - - n2,soo -
IIT730
190,234-
7.812.500
7t~000
l.132;211. r57:,5'i«
i
0TR 3
i
1969/90
OTR ♦
".
760,000
760.000
- 312,500
170,625
AL121
7,500.000"
72,000
74000
I'.JMQ!
t.xkotf.
-
760,000
760,000
n7500
163,516
176016
7,10T500
.
-
OTO t
Ott 2
760,000
_ 760.000
312.500
156.106
/6�906"
6:611:000
:2.000.
C.JD6:90i
-- - - -
- -
-
0TR 3
-
760,000
760,000 SAODD,000
312;.300'-
119,29T
161, 79T
.0(1 %2.5.
I990/91
OTR / --
150,000
601,313
956,313 17.M.000
- 312,500
112.10
/5MM
fy250,000
7?_WQ -
72.000
:*.470 iOJ .
I.•70:?03
OTI 1
150,000
801,125
_951,125_ IT,700,000
312;500
MOM
4T,57f
3:WT,"
T-"
I.�60 Wig
1
0TR 2
150,000
797,936
9iT,936 A,950,000
312.500
31 Z,500
IZT,96Y
120,�49
110,K9i
4A37t
3;629,000
%312.500
Z00d
t. t00. t04 S, die.:ki -
-
OT➢ 3
- - - 150.000
7%,730
9N,750 37,100,000
1991192 -
01 ♦
.161.230
791,323
954M 37,23k750
3145W
113,730
1254250
5-000-000
72,000,
�.
t,.k5a:623-
t
up 1.
161,250
767,69T
919,1I7 D,07T,500
I12,500
106,6/1
119;.1/t
a 66T,5*
000
1«��+
On 2 _
161,250
761,470
945,720 36�•
,914`_
n2.500
nZ,300
W ml:
92,122
/12;03t'
10`,922
V 375,000'
#4062,5M
72 ow
000" M
t«IF9 2t6 5:7a0 0t6
01➢ 3
161,250
761,014
9642% 36,TS3,000
3
1992193
OTR /
172,500
- 777,376
"949,678 X%562,500
312,500
6SS IF3'
14/.613
4750:000
72«000
,593
t
OT6 1
172,300
771,713
- 916,Z13 36,/10,000
312,500
76,2"
Mimi
3:ki7,.5W"
C2.00Q
Mow
1,4 ,9ic-
k.396StA
OTR 2 -
174w
m w
912,SIT 36,237,500 .
312,500
1t2;500
71,041,
67 96Y
3=%*
I76,16w
7 123.C-
4612:500-
12,000.
I.lst;]6s 5;61� 113 _
OT➢ J
172,300
766,36f
9J6,66t i,065,000
1993/9/
OTR 4
16>,750
76Z,171
--916,2Z7 35,661,250'
312;500
Sti,675
36%375,
2,500.000
7 400.
F',36f 602 _ -
?
OT➢ t
I63,770
756,312
912,322 1S,69T.500
II2:500
/9,166-
362:266
4167.506
7L000
7F 000
t.,37t,56Ye
t.36f;573
t
OTA 2
163,750
751,667
MN417 15,513,750
3145W
/2,656
35 511'
31�I54
316,0►T
F,iJS,000
1,562 500
�000
F.15a 5zq Sr+6re.T2t
On 3
163,750
- 750,7G3
934,5t3 35.170,000 -
112:SOP
1994/95
DR-4
196,250
7*YR
W-se "15,133.150
n2:500
2�136
310.93M
1,250;000 .
7F.000
k fsS 766" --
c
OTR 1"
196,250
712.122,
936,672 31,93T,500'
11Z 500
21.3&-
=--826
WT.500"
72 000-
1.3aMStk
i
OTR 2
196,250
736,252
931,502 '31,71t,250
312,540
11 2l9
32b;719
62k000'
MOM,
1.331 22t?
0TR 3
- - - 1%,250
731,061
- 930,331 31,515,000
_ 312,500
T,IM
- 31%6M
JI2.500---��+_-
3,155, OW23.5M,
203 29, WI, 203
2..790.000
�yy
t
. ..... .. fi
sm"Ic a 7
SMOID NI 7
WOM I E a4181mk ammiTy
�NIAMT
SDOJ.E CF MTCL OUT SERVICE W&W
4941E
im
1956
Total
1967
1988 19e9 t99D'199Y 1992
1993
3. rA 4,119
Ou
k, 7911
5�031
5.282
m
4Z.&
M- T~ I.M. COT
cu [04h ;Atw
:i,.Qs
t Ou*
cow"tion Drvl*oor*- Tar Pmeviots
3,M
gel 28T 26t 28t
2ft.
29t
26L
261-
T-W
4WA_
i�vst.�t Ea -i,4s o' 1965 kco�t
173
OW)
OW) QW) (MO) (3501
(3301,
(350)�
13"),
1350)
it5m.
Merestast.;muaw*%�
PSEA Administrati-V Bwqet
1w-
�..jcv
4uW
ms 3,UM an 4,,070 4� Z7T
41.4%
41,72Z
*.96Z
%2a
- --Eib,
Total Pledged Sow—
—
21" VA mil S.949
5�bw
Debt Service _,193,
Subwdirwte Mote
2IiVsind
175D
750
SIS
!L367
I'W
44 #16
.5'-
Tr
(-) CADital3ted Inter" on
Met Cash QQ.id for Debt SWVICV
6ross Debt sp"Icip COVWAQOP Ratio
bwmuft rvosirvd for:
Coverage of CEO Deficits
MC P LIZ51
2m 25%
167.05%
67. Q%
7T�=
SX3&*
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All itltereMdd pet Gil WillSo61 Mijitni, Florida,ed
1§86, the y
Decefi`tber,
tollowving litidd ordinances`.
ISi'r19li�iAlV�l� trlfs. �'�� �� —
AN EMERGENCY. ORDINANCE AUTHOt�I�ING THE REVENUE
SYSTEM REVENUE
ANCE OF SUBORDINATED PARKING
BONDS OF, THE CITY OF MIAMI, FLORIDA IN AN AGGRE>
$2.dB0 fjbd FOR
GATE PRINCIPAL AMOUNT NOT EXCEEDING .
THE PURPOSE OF ACOUTAING LAND TO BE USED FOR
tbNSTIUDTING
THEPURPOSE OF ERECTING,AND
THEREON PUBLIC PARKING FACILITIES WITHIN THE COR
M(A PROVIDING FOR
PORATt LIMITS OF THE City OF
THE PAYMENT OF SUCH BONDS AND THE INTEREST
DEP091T.IN THE GENERAL
THEREON FROM AMOUNT ON
ROUNT CREATED PURSUANT fi0 ORDINANCE
ESERVE ACCTHE, CITY OF
NO. i0if5 OF, THE CITY COMMISSION
MIAMI; SETTING FORTH THE RIGHTS AND REMEDIES, OF
MAKING,GERTAIN GOV-
THE HOLDERS OF SUCH BONDS;
ENANTS AND AGREEMENTS IN CONNECTION THEREWITH;
ORDINANCE BE EFFECTIVE
i �j i j �� j
M IAA I RE V I SYY
AND PROVIDING THAT THIS
IMMEDIATELY UPON ENACTMENT.
Published Daily except Saturday. Sunday and
bf%bINANi:E NO. 101 a?
Legal Holidays
Mlaml, Dade County, Florida
AN ORDINANCE ESTABLISHING APPROPRIATIONS FOR
CITY CAPITAL IMPROVEMENTS;, CONTINUING AND REVIS•
SCHEDULED,CAPITAL —
SfATEbleFLCStiIbA
COUNTY OF bAb
ING PREVIOUSLY APPROVED
IMPROVEMENT PROJECTS, AND ESTABLISHWG NEW CAP
TO,gEGIN DURING F15,
before the undersigned authority personally appeared
ITAL IMPROVEMENT PROJECTS
CAL YEAR 1,386.87:.CONTAINING A' REPEALER PROVISION
Sookle Williams, who on oath says that she Is the Vice
President of Legal Advertising of the Mlaml Review, a daily
AND A SEVERABILITY CLAUSE.
(except. Saturday, Sunday and Legal Holidays) newspaper,
ORDINANCE NO,, 1 Ot 88
published at Miami in bade County, Florida; that the attached
copy of, advertisement, being a Legal Advertisement of Notice
NANCE ESTABLISHING A NEW SPECIAL REVENUE
INAN
AN ORDINANCE
AND BLIGHTED STRUCTURES
- in the matter of
FUND ED. "UNSAFE
DEMOLITION. REVOLVING TRUST; FUND". FOR THE PUR•
FOR.THE DEMOLITION
CITY OF MIA11I
POSE OF APPROPRIATING FUNDS
OF UNSAFEANO BLIGHTED STRUCTURES ON A CITY WIDE
IN THE AMOUNT OF $500,000
ORDINANCE NO. 10189
BASIS WITH REVENUES
ANTICIPATED AS BEING AVAILABLE FROM A LOAN FROM ..
SPECIAL PROGRAMS AND
THE GENERAL FUND
ACCOUNTS: CONTAINING A REPEALER'PROVISION AND A
SEVERABILITY CLAUSE. "
In the ....... , XXX . ............ . .. Court,
ORDINANCE NO:' 10184
.
was published_ In said newspaper in the issues of
Dec...19 198 6
ON PLEDGING REVENUES FROM
AN EMERGENCY ORDINANCE.
WATER
'
,
THE UTILITY SERVICE TAX
AUTHORITY TO SECURE
and
MIAMI, SPORTS AND EXHIBITION
`A.TEN MILLION DOLLAR.SUB,ORDINATE OBLIGATION NOTE,
SERIES _1985, ,OF. THE ;MIAMISPORTS. AND EXHIBITION''
Afflant further says that the said Miami Review is a AUTHORITY; CONTAINING -A REPEALER PROVISION AND
ipaper:published at. Miami' in said Dade 'County, Florida, A SEVERABILITY.CLAUSE;..DECLARING AN ,EMERGENCY
that the said newspaper has heretofore been continuously Ti EXIST AND.WIVING THE, REQUIREMENT. OF. READING:
Ished' in said, Dade County, Florida, each day (except
ay; Sunday and Legal Hofidaysi and has been entered as I' SAME ON.TWO, SEPARATE,DAYS BY A VOTE OT LESS
b-
nd class mad. matter at the post, office in .Miami in said THAN FOUR FIFTHS! OF
OF. .THE i County, Florida. for a period of one year next preceding, ;COMMISSION.
the first ,publication of the attached copy of advertisement; and
aifiant f er says that she has neither paid nor promised,any ORDINANCE NO. 10190
person fi o :corporation any discount, rebate, commission' i -
or 'rat for the purpose f of ecuring this advertisement, for - Il
public o,ORDINANCE PROVIDING THAT ACTIONS OF THE CITY'
n in the s AN .
TED TOTHE DENIAL OR'APPROVAL OF
19t
tf
COMMISSION,RELA
APPLICATIONS PERTAINING. TO AMENDMENTS TO'THE '..
ELEMENTS
ZONING CODE, COMPREHENSIVE PLAN, 'A
BE,THE SUBJECT OF 'A M0710N TO
}"
Swam to and sub is i�e before me this
THEREOF, SHALL .NOT T
RECONSIDER WHICH IS MADE SUBSEQUENT TO THE FIRST
61C 1EDULED CITY; -COMMISSION MEETING .
Dec er. 19.. 8 6.
REGULARLY
FOLLOWING:THEDATE SUCH ACTIONS HAVE BEEN TAKEN,
PROVISION AND A SEVERABIL
CONTAINING A REPEALER
i ITY CLAUSE:'
erbe
t of Flon a at Large
ORDINANCE NOi 10190 '
(SEAL) AN ORDINANCE'P50VIDING THATAOTIONS,OF'THE CITY
My Commission expires July 9, 1990.
COMMISSION REt:AtTR,T,OTHEDENIALOR APPROVAL OF
APPLIGATIONS.P,ER7AINI►JG 70'AMENDMENTS TO THE :.
ZONING CODE; COMRREH9.1 PLAN, OR. ELEMENTS
THEREOF, SHALL NOT BE•T'HE,SUBJECT,OF A MOTION TO.
RECONSIDER WHICH IS MADE SUBSEQUENT To THE,FIRST
REGULARLY $CHEpU�E CNIAOTIONS HIAVE EEN TAKEN
FOLLOWINGTHEPATE U,,
CONTAINING A REPEhLSq PROVISION AND A SEVERABIL
ITY CLAUSE
ORIR 1111E 110, 4,Q! o I
r H MIA i QMPREHEN SIVE
���.,tir�itt4NCF.ANikNRN.�iT..�,",,,,,�'1.•��..,,.,_,.,,....�,�=
COWAINING A HCPEALER PROVISION AND A SEV•,
j CRAi111,11y C I,,AU$C, .
' QRfPINIIN�E NQ, 1.t#iFir4
AN OI1p.INANOE AMENDING QRPI►dANCE N0,..9599. AS:
AMENDED, THE ZONINra,,OFiPiNANOF OF THF-- OIT�Y,OF
MIAMIFMDN,
#;IEA0TQV'
I3ENIxFIAL +ANP 6,iFPPI.EMENTAItY fll-';'IaI Tl N l Y
p94-MMYSEPT1194=0 ANTIT4EP''O�.IJ 1��P+=
MENT IN.:T#1 F�la��, FI&>1;7,ldPt��r 01T#ll'fl..r
li�I11h2EMENT� F�R.�FITI;�_N.:��
SiN�II;isFA,Rs
MII�Y:I?Alfl �1E "I11014AY" ';
' B.h�'Aif�I'l �IfIIFNI� >t%N �IARAf�E llA1TT�i M' �
SIN WTION 13 R,$401!lUA AflP,4YA.M&N1M .
FtAf;3E-4:�F•'TF�I✓�+F��t�i`�i�H€D�I-E.I�L�TI�if�T���*
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