HomeMy WebLinkAboutO-10165ti
THE CITY OF MIAMI, PLORIDA
ORDINANCE NO. 10165
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE OF
SPECIAL OBLIGATION BONDSr SERIES 1986A PROVIDING FOR THE
TERMS THEREOF AND CERTAIN MATTERS IN CONNECTION
THEREWITH, DECLARING THE ORDINANCE AN EMERGENCY MEASURE;
DISPENSING WITH THE READING OF THE ORDINANCE ON TWO
SEPARATE DAYS; AND PROVIDING AN EFFECTIVE DATE.
TABLE OP CONTENTS
(This Table of Contents is not part of the
Ordinance and is only for convenience of
reference)
Page
ARTICLE I - DEFINITIONS
Section 101. Meaning of Words and
T e rills a a . . • t s + i . a . a a . . Y . . . . I- 1
Section 102. Interpretation .............. I-6
ARTICLE II - THE BONDS
Section 2014 Limitation on Issuance of
Bonds .....................
11-1
Section
202.
Authorization of Bonds ......
II-1
Section
203.
Details and Award of Bonds
Section
204.
Interest on Bonds .........:.
II-3
Section
205.
Form of Bonds ...............
II-3
Section
206.
Execution ....................
II-12
Section
207.
Authentication of Bonds .....
II-12
Section
208.
Exchange of Bonds ...........
II-12
Section
209.
Negotiability, Registration
and Transfer of Bonds .....
II-12
Section
210.
Delivery of New Bonds and
Charges for Exchange and
Transfer ..................
II-13
Section
211.
Ownership of Bonds ..........
II-13
Section
212.
Issuance and Delivery of
Bonds .....................
II-13
Section
213.
Temporary Bonds .............
II-14
Section
214.
Mutilated, Destroyed, Lost,
or Stolen Bonds ...........
II-14
Section
215.
Additional Bonds ............
II-15
I
ARTICLE III - REbEMPTION
Section 301, Redemption ♦......... ai♦,i...
Section 302, Redemption of a Portion
of a Bond ♦..............•
Section 303, Notice of Redemption i.......
Section 304, Payment Upon Redemption a....
Section 305, Effect of Redemption ........
ARTICLE IV - APPLICATION OF REVENUES AND FUNDS
Section 401,
Section 402.
Section 403.
Section 404.
Section 405.
Section 406.
Section 407.
Section 408.
Section 409.
Section 4.10.
Section 411.
Creation of Funds and
Accounts...................
Initial Deposits ........6...
Construction Fund ...........
Debt Service Fund ...........
Rebate Fund ..............
Final Balances .....
None -Presentment of Bonds ....
Money Sufficient to Redeem
Bonds.....................
Money Held in Trust .........
Cancellation of Bonds .......
Use of Available Funds ......
ARTICLE V - SECURITY FOR DEPOSITS AND INVESTMENT
OF MONEY
Section 501. Security for Deposits .......
Section 502. Investment of Money .........
ARTICLE VI - GENERAL COVENANTS AND REPRESENTATIONS
Section 601. Payment of Principal and
P age
IV-1
IV-1
IV-1
IV-2
IV-3
IV-3
IV-4
IV-4
IV-4
IV-5
IV-5
V-1
V-1
Interest ..................
v1-.i
Section
602.
Faithful Performance ........
VI-1
Section
603.
Further Instruments and
Actions ...................
VI-1
Section
604.
Recording and Filing ........
VI-1
Section
605.
Record -Keeping ..............
VI-2
Section
606.
Tax Covenants ...............
VI-2
Section
607.
Covenant Regarding Franchise
Fee .......................
VI-2
Section
608.
Additional Indebtedness .....
VI-2
ii.
10165
Pa cle
ARTICLE VII -
CONCERNING THE FISCAL AGENT; PAYING
AGENT AND REGISTRAR
Section
701.
Fiscal Agent May Rely on
Certificates .........:.aa.
VII-1
Section
702,
Fiscal Agent, Paying Agent and
Registrar May Deal in
Bonds ....................
VII-1
Section
703,
Paying Agent .....:..........
VII-1
Section
704.
Registrar :.....:............
VII-2
Section
705.
Rights and Immunities of
Paying Agent and
Registrar .................
VII-3
ARTICLE VIII EXECUTION OF INSTRUMENTS BY OWNERS
AND PROOF OF OWNERSHIP OF BONDS
Section 801. Execution of Instruments
by Owners VIII-1
ARTICLE IX - SUPPLEMENTAL ORDINANCES
Section 901. Supplemental Ordinances
Without Bondowner
Consent .................. IX-1
Section 902. Supplemental Ordinances
With Owner Consent ....... IX-2
ARTICLE X - DEFEASANCE
Section
1001.
Cessation of Interest of
Owners ...................
X-1
ARTICLE XI -
MISCELLANEOUS PROVISIONS
Section
1101.
Effect of Dissolution of
City .....................
XI-1
Section
1102.
Manner of Giving Notice ....
XI-1
Section
1103.
City and Owners Alone Have
Rights Under Ordinance....
XI-1
Section
1104.
Effect of Partial
Invalidity ...............
XI-2
Section
1105.
Expenses Payable Under
Ordinance .................
XI-2
Section
1106.
Effect of Covenants ........
XI-2
Section
1107.
Headings Not Part of
Ordinance .................
XI-2
Section
1108.
State Law Governs ..........
XI-2
I0ib5
r]
Pa Cj C,
geCt16ft
1109
Authorized Officers ........
XI-2
section
1110
Negotiated Sale . ............
XI-3
Secti=
1111
ltic6tsitteht Ordinances , . i ,
XI-3
Section
1112
Approval of b6cumo-nta,....
XI-3
Section
1113
Emergency
XI-4
Section
1114
Effective bate .............
XI-4
Exhibit A - Form of Municipal Pond Inturahce, Policy.
Exhibit 8 - Form of Pond Purchase Contract,
Exhibit 0 - Form of Official Statement,
Exhibit D - Schedule of Pond Maturities.
iv.
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WHEREAS, The City of Miami, Florida (the "City") is committed
to providing affordable owner -occupied housing to families and
persons of low and moderate income; and
WHEREAS, the Municipal Home Mule Powers Act, Chapter 166,
Florida Statutes, as amended (the "Act") authorizes the governing
body of every municipality to borrow money, contract loans, and
issue bonds from time to time to finance the undertaking of any
capital or other project for the purposes permitted by the state
constitution and to pledge the funds, credit, property, and taxing
power of the municipality for the payment of such debts and bonds;
and
WHEREAS, the Commission of the City (the "Commission") adopt-
ed Ordinance No. 9064 on January 24, 1980 granting to Southern
Bell Telephone and Telegraph Company a franchise granting the
right to the use of public right of way to install necessary tele-
phone equipment and providing for a three percent franchise fee as
described therein; and
WHEREAS, the Commission adopted Ordinance No. 10081 on
February 13, 1986 authorizing the issuance of bonds for the
purpose of financing the construction of owner -occupied housing
units; and
WHEREAS, the Commission hereby determines that it is in the
best interests of the City to authorize the issuance of Special
Obligation Bonds, Series 1986A (the "Bonds") for the purpose of
providing funds to finance the Program (as defined herein); and
WHEREAS, the Commission hereby determines that due to the
unsettled condition of the municipal bond market, it is necessary
to proceed as quickly as possible to issue the Bonds;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
1 016 5
11
ARTICLt
DFF1MiTIONS
Section 101. Meaning of words and Terms. In addition to
words and terms elsewhere defined in this ordinance, the following
words and terms as used in this Ordinance shall have the following
meanings, unless some other meaning is plainly intended:
"Account" means any one or more of the separate special
trust accounts created in Article 1V hereof, and shall
include any subaccount or subaccounts included in such
account.
"Act" means the Municipal Home Rule Powers Act, Chapter
166, Florida Statutes, as amended or supplemented from time
to time.
"Authorized Denominations" means $5,000 principal amount
and integral multiples thereof.
"Authorized Officer" means the officers listed in
Section 1105 hereof and any other person authorized by
resolution or ordinance of the Commission to act as an
Authorized Officer hereunder.
"Bond" means any of the bonds issued under this
Ordinance.
"Bond Counsel" means a firm of attorneys of nationally
recognized standing in matters pertaining to the tax-exempt
nature of interest on bonds issued by states and their
political subdivisions.
f
"Bond Registrar" or "Registrar" means the bank or trust
company, either within or without the State, at the time
serving as such under this Ordinance, whether the original or
a successor Bond Registrar, as determined by resolution of
the Commission. The initial Bond Registrar shall be Sun
Bank, National Association.
"Bond Service Account" means the account in the Debt
Service Fund created by and so designated in Section 401
hereof.
"Business Day" means any day other than (i) a Saturday
or a Sunday or (ii) a day on which banking institutions in
the State or in the state of New York are authorized or obli-
gated by law or executive order to be closed.
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10165
"City" qns The City of Miami, Flo,da,
"Clerk" means the Clerk of the City or any Deputy Clerk
designated by the Clerk.
"Closing lute" means the date on which the Bonds are
delivered to the initial purchasers thereof against payment
therefor.
"Code" means the Internal Revenue Code of 1986, and all
rulings and regulations in effect thereunder.
"Commission" means the then governing body of the City
as named under the charter of the City.
"Construction Fund" means the Construction Fund created
by Section 401 hereof.
"Costs of issuance" means all items of expense directly
or indirectly payable by or reimbursable to the City and re-
lated to the authorization, sale and issuance of the Bonds
and the establishment of the Program, including, but not
limited to, filing and recording fees, fees for legal and
other professional services including the financial adviser
for the City, the Fiscal Agent fee, the Paying Agent fee, the
Registrar fee, Bond Counsel fees, Underwriters' counsel fees,
fees of a housing consultant, rating agency fees, fees of a
bond insurer, and expenses of printing and reproducing
documents and printing, executing, transporting and
safekeeping Bonds and any other cost, charge or fee incurred
in connection with the foregoing.
"County" means Dade County, Florida.
"Debt Service Fund" means the Miami Special Obligation
Franchise Fee Revenues Debt Service Fund created by Section
401 hereof.
"Debt Service Reserve Account" means the account in the
Debt Service Fund created by and so designated in Section 401
hereof.
"Debt Service Reserve Requirement" means an amount equal
to one year's maximum annual debt service on the Bonds
($412,793.75).
"Defaulted Interest" means any interest on any Bond
which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date.
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10165
"Families and persons, including the elderly, of low or
Moderate income" means, for the purposes of this ordinance,
families or persons whose income is not sufficient to enable
them, without financial assistance, to live in decent, safe
and sanitary dwellings without overcrowding in the City,
Such tetmi for the purposes of this Ordinance, is intended
(i) to include only such families and persons whose annual
income with any rent supplements, grants or other assistance
provided by any Federal, State or other public or private
agencies shall be at least sufficient to enable them to pay
the rent or other costs for such housing and (ii) to exclude
any families or persons whose annual income shall be at so
high a level that the City cannot under the law then in force
provide the financing of housing which is available for occu-
pancy by such families or persons. Families and persons of
low income are those whose gross income does not exceed 80%,
and does not fall below SO%, of the median income for the
Dade County Metropolitan Statistical Area, and families and
persons of moderate income are those whose gross income does
not exceed 1500%, and does not fall below 81%, of said median
income.
"Fiscal Agent" means any bank or trust company duly
authorized by law to engage in the banking business and
designated by the Commission as a fiscal agent for moneys
under the provisions of this Ordinance. The Fiscal Agent
initially shall be the Bond Registrar.
"Franchise Fee Revenues" means amounts received by the
City from Southern Bell Telephone and Telegraph Company pur-
suant to Section 4(a) of Ordinance No. 9064, adopted on
January 24, 1980, equal to 1% of the local recurring revenues
taken in and received by said company within the meaning of
Section 4(a) of said Ordinance No. 9064, and amounts received
and pledged by the City as a result of any performance by it
with respect to its covenant under Section 607 hereof.
"Fund" means any one or more of the separate special
trust funds created in Article IV hereof.
"Government Obligations" means direct obligations of the
United States of America.
"Interest Account" means the account in the Debt Service
Fund created by and so designated in Section 401 hereof.
"Interest Payment Date" means each January 1 and July 1,
commencing July 1, 1987.
"Investment Contract" means a contract with a financial
institution rated in the highest rating category by Moody's
I-3
10165
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Investors Service and Standard & Poor's Corporation, which
contract meets the requirements of Article X hereof,
"Investment Obligations" Means any of the following that
are, at the time of investment, legal investments for the
investment of the City's funds! (i) Government Obligations,,
(ii) any other obligation of the United States of America or
any federal agency; (iii) certificates of deposit of national
or state banks which have deposits insured by the Federal
Deposit Insurance Corporation and certificates of deposit of
federal savings and loan associations and state building and
loan associations which have deposits insured by the Federal
Savings and Loan Insurance Corporation (including the cer-
tificates of deposit of any bank, savings and loan associa-
tion or building and loan association acting as a depository,
custodian or trustee for any proceeds of the Bonds); provided
however, that the portion of such certificates of deposit in
excess of the amount insured by the Federal Deposit Insurance
Corporation or the Federal Savings and Loan Insurance Corpo-
ration, if any, shall be secured by deposit with the Federal
Reserve Bank of Atlanta, Georgia, or with any national or
state bank of any of the obligations included in (i) or (ii)
above; and (iv) any other investments permitted by State law
in which lending institutions may legally invest their funds.
"MBIA" means the Municipal Bond Insurance Association,
its successors and assigns.
"Ordinance" means this Ordinance together with all
ordinances supplemental hereto as permitted herein.
"Outstanding" when used with reference to Bonds, means,
as of a particular date, all Bonds theretofore issued and
authenticated under this Ordinance, except:
(1) Bonds theretofore cancelled by the Bond
Registrar or delivered to the Bond Registrar for
cancellation;
(2) Bonds for the payment or redemption of which
money, an Investment Contract or Government Obligations
have been deposited with a fiduciary institution acting
as fiscal agent, in trust for the Owners of such Bonds,
in an amount sufficient to pay on the date when such
Bonds are to be paid or redeemed, the Redemption Price
of the Bonds to be paid or redeemed; an Investment
Contract or 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 an Investment
I-4
'1 0165
(S
{
r
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Contract or Oovethment Obligations, when due, will be
sufficient, together with such other money so deposited
with such fiscal agent, to pay on such date the princi=
pal of and the interest on such Bonds to such date,
(8) Bonds in exchange for or in lieu of which
other Bonds have been authenticated and delivered pur-
suant to this Ordinance; and
(4) Bonds otherwise deemed paid in accordance with
this Ordinance.
"Owner" or "Bondowner" means the registered owner, as
shown on the registration books of the City maintained by the
Bond Registrar, of any Bond issued under this Ordinance.
"Paying Agent" means each bank or trust company at which
the principal of, and premium, if any, on the Bonds shall be
payable, as determined by resolution of the Commission. The
initial Paying Agent shall be the Bond Registrar.
"Predecessor Bonds" of any particular Bond means every
previous Bond evidencing all or a portion of the same debt as
that evidenced by such particular Bond; and, for purposes of
this definition, any Bond authenticated and delivered under
Section 214 of this Ordinance in lieu of a lost, destroyed or
stolen Bond shall be deemed to evidence the same debt as the
lost, destroyed or stolen Bond.
"Principal Account" means the account in the Debt Ser-
vice Fund created by and so designated in Section 401 hereof.
"Principal Payment Date" means July 1 of each year,
commencing July 1, 1987.
"Program" means the City's program of providing
financing for the construction of owner -occupied residential
units in City designated community target areas, including
such incidental costs in connection therewith, to be sold to
Families and persons, including the elderly, of low or
moderate income, and payment for the Costs of Issuance of the
Bonds.
"Rebate Fund" means the Rebate Fund created by Section
401 hereof.
"Redemption Price" means with respect to a Bond, the
principal amount of such Bond or portion thereof to be
redeemed, plus the premium, if any, thereon, together with
accrued interest thereon, if any, to the date of redemption.
I-5
"Regular Record Date" means the fifteenth calendar day
(whether or not a business day) of the month preceding an
Interest Payment bate.
"Serial Bonds" if any, means the Bonds listed in Exhibit
D hereto under the heading, "Serial Bonds".
"Sinking Fund Requirement" means, for the Term Bonds of
any maturity and for any Bond Year, the respective principal
amounts (which shall be in a multiple of $5,000) fixed or
Computed for such Bond Year as hereinafter provided for the
retirement of such Term Bonds by purchase or redemption (or
payment at maturity). The Sinking Fund Requirement for the
Term Bonds for each Bond Year shall be initially the respec-
tive principal amounts (which shall be a multiple of $5,000)
of such Term Bonds to be redeemed, or otherwise retired, on
or before July 1 of the following Bond Year, as provided
herein. The aggregate amount of such Sinking Fund Require-
ment for the Bonds of the same maturity shall be equal to the
aggregate principal amount of the Term Bonds of such
maturity.
If at the close of any Bond Year the total principal
amount of the Term Bonds retired by purchase or redemption or
called for redemption under the provisions of this Ordinance
prior to the close of such year, shall be greater than the
total amount of the Sinking Fund Requirements for such Bonds
to and including such year, then the Sinking Fund
Requirements for such Bonds for all subsequent years shall be
reduced by the amount of such excess. The amount of the
reduction of the Sinking Fund Requirements for each such
subsequent Bond Year shall be an amount which bears the same
proportion, as nearly as practicable, to the aggregte
principal amount of the Term Bonds of such maturity so
retired as such Sinking Fund Requirement bears to the
aggregate of all Sinking Fund Requirements for Term Bonds for
all future Bond years.
It shall be the duty of the Bond Registrar, on or before
the lst day of July in each year, to recompute, if necessary,
the Sinking Fund Requirements for the Bond Year for the Term
Bonds of each maturity then Outstanding. The Sinking Fund
Requirements for such year as so recomputed shall continue to
be applicable during the balance of such period and no
adjustment shall be made therein by reason of Term Bonds
purchased or redeemed or called for redemption during such
period.
The Sinking Fund Requirements for the Term Bonds, if
any, shall be as set forth in Exhibit D hereto.
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10165
"Special Record Date" means a record date other than a
Regular Record Date fixed by the Bond Registrar for the
payment of Defaulted Interest on the Bonds.
"State" means the State of Florida,
"Term Bonds" if any, means the Bonds listed in Exhibit D
hereto stated to be payable by their terms on one or more
dates (subject to redemption prior to maturity by application
of Sinking Fund Requirements) and described under the
heading, "Term Bonds".
"Underwriters" means L.F. Rothschild, Unterberg, Towbin,
Inc,, Daniels & Bell, Inc. and Security Pacific Merchant
Banking Group,
Section 102, Interpretation. Words of the masculine gender
shall be deemed and construed to include correlative words of the
feminine and neuter genders and vice versa. Unless the context
shall otherwise indicate, words used herein shall include the
plural as well as the singular number, and the word "person" shall
include corporations, firms, associations, partnerships, joint
ventures, joint trust companies, trusts, unincorporated organiza-
tions, and public bodies, as well as natural persons. All refer-
ences to designated "Articles", "Sections", and other subdivisions
shall be construed to refer to the designated Articles, Sections
and other subdivisions of this Ordinance. Any action required to
be taken on a particular date hereunder shall, when such date is
not a Business Day, be taken on the immediately succeeding day
that is a Business Day.
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10165
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ARTICLE It
THE BONDS
Section 201, Limitation on Issuance of Bonds. No Bonds may
be issued under the Provisions of this Otdiftahct except in accord-
ance with the provisions of this Article. All covenants, agree-
raents and provisions of this Ordinance shall be for the equal ben-
efit and security of all present and future Owners without pref-
erence, priority or distinction at to lien or otherwise, except at
otherwise herein provided, of any one Bond over any other Bond by
reason of priority in the sale or negotiation thereof, or
otherwise.
Section 202. Authorization of Bonds. Except as provided in
Section 218 hereof, the Bonds of the City issued under and secured
by this ordinance may be issued atone time in the aggregate prin-
cipal amount of $4,290,000 to provide funds for the financing of
the Program. The principal of and the premium, if any, and the
interest on all such Bonds shall be payable solely from the
special fund hereinafter created and designated "Miami special
Obligation Franchise Fee Revenues Debt Service Fund."
Section 203. Details and Award of Bonds. The Bonds shall be
designated "Special Obligation Bonds, Series 1986A". The Bonds
shall be dated October 1, 1986 and shall be issued in Authorized
Denominations. The Bonds shall be issued as either Serial or Term
Bonds, or both, and shall have such maturities and interest rates
as set forth on Exhibit D hereto. The Bonds are hereby awarded,
subject to the other provisions of this section, to the Underwrit-
ers at a price of $4,212,179.40 plus accrued interest thereon from
October 1, 1986 to the Closing Date. The City Manager is author-
ized to obtain a municipal bond insurance policy from the Munici-
pal Bond Insurance Association substantially in the form of
Exhibit A hereto, in connection with the Bonds and is authorized
to pay or cause to be paid from the proceeds of the Bonds or from
any other available source the bond insurance premium in an amount
not to exceed $57,000. The Bonds shall be subject to redemption
and shall have such other details as are set forth herein. The
Bonds shall be numbered consecutively from R-1 upwards or in such
other manner as is required by the Bond Registrar.
Each Bond shall bear interest from the Interest Payment Date
to which interest has been duly paid or provided for next preced-
ing the date on which it is authenticated, unless (a) such date
shall be prior to the first Interest Payment Date, in which case
the Bond shall bear interest from October 1, 1986, or (b) such
date is an Interest Payment Date to which interest has been paid
or duly provided for, in which case it shall bear interest from
such Interest Payment Date; provided, however, that if at the time
10165
Of authentication of any Bond interest is in default, such Bond
shall bear interest from the date to which interest has been paid
or if no interest has been paid on such Bond, from October 1,
1586. The Bond Registrar shall insert the date of authentication
of each Bond in the place provided for such purpose in the form of
the certificate of authentication to be printed on each Bond.
Each Bond shall bear interest on Overdue principal and, to the
extent permitted by law, on overdue interest at the rate then in
effect on the Bonds.
Both the principal of and the interest on the Bonds shall be
payable in any coin or currency of the United States of America
that is legal tender for the payment of public and private debts
on the respective dates of payment thereof. The principal of
Bonds shall be payable only to the Owner or his legal represen-
tative at the principal office of the paying Agent. Interest on
Bonds shall be paid by the Paying Agent on each Interest payment
Date to the person appearing as the Owner thereof as of the Regu-
lar Record Date on the registration books maintained by the Regis-
trar by check or draft mailed to such Owner at his address as it
appears on such registration books and at the request of any Bond -
owner of at least $1,000,000 aggregate principal amount of Bonds,
by wire transfer to the bank account of any Owner who files such
Owner's bank account number with the Paying Agent for such pur-
pose. Payment of the principal of the Bonds shall be made upon
the presentation and surrender of such Bonds at the principal
office of the Paying Agent as the same becomes due and payable.
Defaulted Interest shall forthwith cease to be payable to the
registered Owner on the relevant Regular Record Date solely by
virtue of such registered Owner having been such Owner; and such
Defaulted Interest may be paid by the City, at its election in
each case, as follows:
A. The City may elect to make payment of any Defaulted
Interest on the Bonds to the persons in whose names such
Bonds (or their respective Predecessor Bonds) are registered
at the close of business on a Special Record Date for the
payment of such Defaulted Interest, which shall be fixed in
the following manner. The City shall notify the Paying Agent
in writing of the amount of Defaulted Interest proposed to be
paid on each Bond and the date of the proposed payment (which
date shall be such as will enable the Paying Agent to comply
with the next sentence hereof), and at the same time the City
shall deposit with the Paying Agent an amount of money equal
to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfac-
tory to the Paying Agent for such deposit prior to the date
of the proposed payment, such money when deposited to be held
in trust for the benefit of the persons entitled to such
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Defaulted Interest as in this Subsection provided. Thereupon
the Paying Agent shall fiat a Special Record Date for the PAY -
tent of such Defaulted Interest which shall be not more than
15 nor less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the
Paying Agent of the notice of the proposed payment, The Pay-
ing Agent shall promptly notify the City of such Special
Record Date and, in the name and at the expense of the City,
shall cause notice of the proposed payment of such Defaulted
InteteSt and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each registered Owner at his
address as it appears in the registration books maintained
under Section 209 of this Ordinance not less than 10 days
prior to such Special Record Date, The Raying Agent may, in
its discretion, in the name and at the expense of the City,
cause a similar notice to be published at least once in a
financial journal distributed in the Borough of Manhattan,
City and State of New York and in the County, but such pub-
lication shall not be a condition precedent to the establish-
ment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the persons in whose names the
Bonds (or their respective Predecessor Bonds) are registered
on such Special Record Date and shall no longer be payable
pursuant to the following paragraph.
B. The City may make payment of any Defaulted Interest
on the Bonds in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such
Bonds may be listed and upon such notice as may be required
by such exchange, if, after notice given by the City to the
Paying Agent of the proposed payment pursuant to this Sub-
section, such payment shall be deemed practicable by the
Paying Agent.
Section 204. Interest on Bonds. Interest on the Bonds shall
be computed on the basis of a 360-day year of twelve 30-day months
and shall be payable each January 1 and July 1 (or next succeeding
Business Day if such January 1 or July 1 is not a Business Day),
commencing on July 1, 1987.
Section 205. Form of Bonds. The definitive Bonds are issu-
able only as registered Bonds, without coupons, substantially in
the form set forth in this Section, with such appropriate varia-
tions, omissions and insertions as are permitted or required by
this Ordinance. All such Bonds may have endorsed thereon such
legends or text as may be necessary or appropriate to conform to
any applicable rules and regulations of any governmental authority
or of any securities exchange on which the Bonds may be listed or
II-3
10165
1:1
ttaded of &hy U§Aqe off' roquitdmeht of law with totpect thtt6t8 of
At may be authbtittd by the City end Apptoved by the tohd
Reed. isttat,
11-4
10165
The Bonds shall be substantially iti the following fotit
[Form of Face of Bond]
UNITED STATES OF AMERICA
STATE OF FLORIDA
THE CITY OF MIAMI, FLORIDA
SPECIAL OSLIOATION SONGS
SERIES 1586A
No. R-
MATURITY DATE INTEREST RATE
CUSIP
REGISTERED OWNER
PRINCIPAL SUM
DOLLARS
The CITY OF MIAMI, FLORIDA (the "City"), in the County of
Dade, State of Florida, for value received promises hereby to pay
(but solely from the sources hereinafter mentioned) to the regis-
tered owner named above or registered assigns or legal represen-
tative on the maturity date specified above (or earlier as here-
inafter referred to) upon the presentation and surrender hereof at
the principal office of , (said bank, together
with any successor appointed to act as such, is hereinafter refer-
red to as the "Paying Agent" and "Registrar") the principal sum
specified above. The City also promises to pay (but solely from
such sources) interest thereon at the rate specified above to the
person in whose name this bond is registered at the close of busi-
ness on the Regular Record Date (as defined in the Ordinance
(hereinafter defined)) for such interest, which date shall be the
fifteenth day of the calendar month preceding the Interest Payment
Date. Any such interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the registered owner on
such Regular Record Date and may be paid to the person in whose
name this bond is registered on the close of business on a Special
Record Date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange
on which the Bonds may be listed and upon such notice as may be
required by such exchange, all as more fully provided in the
Ordinance. Except as otherwise stated in the Ordinance, such pay-
II-5
1. 0tfi5
ftient of interest shall be by check or draft Mailed to the owner at
his address as it appears on the bond registration boobs Main-
tained by the Registrar. Both the principal of and interest on
this bond are payable 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,
REFERENCE IS HERE$'Y MADE TO FURTHER PROVISIONS OF THIS 8OND
SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY 88T FORTH IN T818
PLACE,
This bond shall not be valid or become obligatory for any
purpose or be entitled to any benefit or security under the Ordi
nance until the Registrar has eXecuted the certificate of authen-
tication endorsed hereon,
IN WITNESS WHEREOF, The City of Miami, Florida has caused
this bond to bear the [facsimile] [manual] signature of the Mayor
of said City and a [facsimile] [manual] of the official seal of
the City to be imprinted hereon and attested by the manual
[facsimile] signature of the Clerk [Deputy Clerk] of said City, as
of the 1st day of October, 1986.
([Facsimile of]
Official Seal)
Attest:
[Deputy] Clerk
THE CITY OF MIAMI, FLORIDA
By
II-6
Mayor
1 016
n
11
CERTIFICATE Or AUTHENTICATION
This bond it one of the Bonds of the issue designated therein
acid referred to in the withiti-mentioted Ordinance.
Date of Authentication:
as Registrar
13Y
Authorized officer
11-7
10165
[Form of Reverse of Bond]
The Bonds are payable solely from the special fund detighattd
"Miatti Special obligation Franchise Fee Revenues Debt Service
Fund" and the City has covenanted in the Ordinance to deposit into
said fund certain franchise fees paid by southern Sell Telephone
and Telegraph Company and received by the City pursuant to Section
4(a) of Ordinance No, 9064, adopted by the Commission of the City
on January 24, 1980, as described in the Ordinance, The Bonds
shall not be deemed to constitute a debt of the City or a pledge
of the faith and credit of the City. The issuance of the Bonds
shall not directly or indirectly or contingently obligate the City
to levy or pledge any form of taxation whatever therefor and the
owner of this bond shall have no recourse to the power of taxation
nor shall any such Bonds constitute a charge, lien or encumbrance,
legal or equitable, upon any property of the City other than those
pledged thereto.
Interest accrued on the Bonds shall be paid on each January 1
and July 1 (or next succeeding Business Day if such January 1 or
July 1 is not a Business Day), commencing on July 1, 1987 (the
"Interest Payment Dates") and the interest on the Bonds shall be
computed on the basis of a year of 360 days with twelve 30-day
months.
Each Bond shall bear interest from the Interest Payment Date
to which interest has been duly paid or provided for next preced-
ing the date on which it is authenticated, unless (a) such date of
authentication shall be prior to the first Interest Payment Date,
in which case the Bonds shall bear interest from October 1, 1986,
or (b) such date of authentication is an Interest Payment Date to
which interest has been paid or duly provided for, in which case
it shall bear interest from such Interest Payment Date; provided,
however, that if at the time of authentication of any Bond inter-
est is in default, such Bond shall bear interest from the date to
which interest has been paid. Each Bond shall bear interest on
overdue principal and, to the extent permitted by law, on overdue
interest at the rate then in effect on the Bonds.
This bond is one of a duly authorized issue of special obli-
gation bonds issued in the aggregate principal amount of $
known as "Special Obligation Bonds, Series 1986A" (the "Bonds")
issued under and pursuant to Ordinance No. . adopted by the
Commission of the City on October 23, 1986 (the "Ordinance") and
pursuant to the Municipal Home Rule Powers Act, Chapter 166,
Florida Statutes (the "Act"). The Bonds are issuable in denomina-
tions of $5,000 or any integral multiple thereof.
Reference is made to the Ordinance for a more complete state-
ment of the provisions thereof and of the rights of the City and
Run
10165
the owners of the Bonds, By the acceptance of this bond, the
owner hereof assents to all of the provisions of the Ordinance.
Ah executed counterpart of the Ordinance is on file at the princi-
pal office of the Registrar, Capitalized terms used in this bond
and not otherwise defined herein shall have the meaning ascribed
to such terms in the Ordinance,
The Bonds are issued to provide funds to finance the con-
struction of single family residences to be sold to Families and
persons, including the elderly, of low or moderate income (as
defined in the Indenture) and to pay costs of issuance of the
Bonds.
[Insert redemption provisions here.]
Upon surrender of any Bond for redemption in part, the City
shall execute and the Registrar shall authenticate and deliver to
the owner thereof, at the expense of the City, a new Bond or
Bonds, in denominations of $5,000 or any integral multiple there-
of, equal to the unredeemed portion of the Bond so surrendered,
If less than all the Bonds are called for redemption, the
Bonds to be redeemed shall be selected by lot in such manner as
the Registrar in its discretion may determine, each portion of
$5,000 principal amount being counted as one Bond for this
purpose.
The Registrar shall send to the owner of each Bond to be
redeemed notification of the call for redemption, by first-class
mail, postage prepaid, not less than 10 nor more than 20 days
prior to the redemption date, at his address as it appears on the
registration books on the Regular Record Date. If notice is
mailed as set forth above, the failure to mail any such notice to
any owner or any defect therein shall not affect the validity of
the proceedings for such redemption with respect to any owner to
whom,proper notice was duly mailed. Such notice shall state the
redemption date, the redemption price, the place at which the
Bonds are to be surrendered for payment, that from the redemption
date interest on the Bonds will cease to accrue, and, if less than
all of the Bonds Outstanding are to be redeemed, an identification
of the Bonds or portions to be redeemed and the portion of the
principal amount thereof to be redeemed. Any notice mailed as
provided in this paragraph shall be conclusively presumed to have
been duly given, whether or not the owner receives such notice.
The transfer of this bond is registrable by the owner hereof
in person or by his attorney or legal representative at the prin-
cipal office of the Registrar, but only upon presentation hereof
to the Registrar together with an assignment duly executed by the
owner or his attorney or legal representative, and the Registrar
II-9
10165
shall issue a new Bond registered in the name of the transferee of
the sage aggregate principal amount,
At the principal office of the Registrar, in the Manner and
subject to the litnitations and conditions provided in the Ordi-
nance, Sonds may be exchanged for an equal aggregate principal
amount of Bonds, in denominations autiorited by the Ordinance and
bearing interest at the same rate. Any owner 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 in connection with such exchange or registration of
transfer.
The owner 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 pro-
vided in the Ordinance.
Upon the occurrence of certain events, and on the conditions,
in the manner and with the effect set forth in the Ordinance, the
principal of this bond or a portion hereof may become or may be
declared due and payable before its stated maturity, together with
the interest accrued hereon.
Modifications or alterations of the Ordinance or of any ordi-
nance supplemental thereto may be made only to the extent and in
the circumstances permitted by the Ordinance.
Notwithstanding the provisions for registration of transfer
stated herein and contained in the Ordinance this bond shall be
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.
All acts, conditions and things required to happen, exist and
be performed precedent to and in the issuance of this bond, and
the adoption of the Ordinance, have happened, exist and have been
performed as so required.
II-10
1 0165
0
AS81ONMENT
"OR VALUE kECEIVED the undersigned hereby sells, assigns and
transfers unto
(Please print or typewrite name and address of transferee)
Please insert Social Security Number
or other identifying number of transferee:
the within Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints
attorney to transfer the
within Bond on the books kept for registration thereof, with full
power of substitution in the premises,
Date:
Signature Guaranteed:
NOTICE: Signature must
be guaranteed by a member
of the New York Stock
Exchange or a commercial
bank or trust company.
NOTICE: The signature to this
assignment must correspond with
the name as it appears upon the
face of the within bond in every
particular, without alteration
or enlargement or any change
whatever.
[Legend regarding bond insurance, if applicable.]
1 01.65
Section 206, Execution, The Bonds shall be signed by, or
bear the facsimile signature of the Mayor of the City and a
facsimile of the official seal of the City shall be imprinted on
the Bonds and attested by the manual or facsimile signature of the
Clerk,
to case any officer whose signature or a facsimile of whose
signature appears on any Bonds Ceases to be such officer before
the delivery of such Bonds, such signature or such facsimile shall
nevertheless be valid and sufficient for all purposes the same as
if such officer had remained in office until such delivery, and
any Bond may bear the facsimile signature of or may be signed by
such persons who, at the actual time of the execution of such
Bond, are the proper officers to sign such Bond although at the
date of such Bond such persons may not have been such officers.
Section 207, Authentication of Bonds. Only such of the
Bonds as have endorsed thereon a certificate of authentication
substantially in the form hereinabove set forth, duly executed by
the Registrar, shall be entitled to any benefit or security under
this Ordinance. No Bond shall be valid or obligatory for any pur-
pose unless and until such certificate of authentication has been
duly executed by the Registrar, and such certificate of the Regis-
trar upon any such Bond shall be conclusive evidence that such
Bond has been duly authenticated and delivered under this Ordi-
nance. 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 is not necessary
that the same officer sign the certificate of authentication on
all of the Bonds that may be issued hereunder at any one time.
Section 208. Exchange of Bonds. Upon surrender thereof at
the principal office of the Registrar, together with an assignment
duly executed by the Owner or his attorney or legal representative
in such form as is satisfactory to the Registrar, a Bond may be
exchanged for an aggregate principal amount of Bonds equal to the
principal amount of the Bond so surrendered and of any Authorized
Denomination or Denominations.
Section 209. Negotiability, Registration and Transfer of
Bonds. The Registrar shall keep books for the registration and
the registration of transfers of Bonds as provided in this
Ordinance.
The transfer of any Bond may be registered only upon such
books upon surrender thereof to the Registrar, together with an
assignment duly executed by the Owner or his attorney or legal
representative in such form as is satisfactory to the Registrar,
and the Registrar shall issue a new Bond or Bonds in accordance
with Section 210.
II-12
1 0165
■
Section 210, beliyet of New Bonds and Charges for Bxchange
and Transfer, In all eases in which a Bond is exchanged, a pot&
tion of a Bond is redeemed, or the transferee of a Bond requests
that a neW Bond be issued, the City shall execute and the Regis-
tsar shall authenticate and deliver, upon surrender to the aegis-
teat of the Bond to be exchanged, redeemed, or transferred, a Bond
or Bonds of Authorized Denominations in an aggregate principal
amount equal to the principal amount of the Bond so surrendered:
All Bonds surrendered in any such exchange, redemption, or regis-
tration of transfer shall forthwith be forwarded to the Registrar
for cancellation,
The City and the Registrar may make a charge for every
exchange or registration of transfer of Bonds sufficient to reim-
burse them for any tax or other governmental charge required to be
paid With respect to such exchange or registration of transfer,
but no other charge shall be made to any Owner for the privilege
of exchanging or registering the transfer of Bonds under the pro-
visions of this Ordinance. Neither the City nor the Registrar
shall be required to make any such exchange or registration of
transfer of Bonds during the fifteen days preceding the day of
mailing of a notice of redemption of Bonds or after a Bond has
been selected for redemption.
Section 211. Ownership of Bonds. The person in whose name
any Bond is registered shall be deemed and regarded as the abso-
lute Owner thereof for all purposes and payment of or on account
of the principal or Redemption Price of any such Bond, and the
interest on any such Bond, shall be made only to the registered
owner thereof or his legal representative, but such registration
may be changed as herein provided. All such payments shall be
valid and effective to satisfy and discharge the liability upon
such Bond, including interest thereon, to the extent of the sum or
sums so paid.
Section 212. Issuance and Delivery of Bonds. The Bonds
shall be executed substantially in the form and manner hereinabove
set forth and shall be deposited with the Registrar for authenti-
cation, but prior to or simultaneously with the authentication and
delivery of the Bonds the following shall be filed with the
Registrar:
(a) original executed counterparts_ of the Ordinance and
the Contract of Purchase for the Bonds;
(b) an opinion of counsel to the City to the effect
that (1) the issuance of the Bonds and the adoption by the
City of this Ordinance, and the Contract of Purchase have
been duly and validly authorized by the City, and (2) all
II-13
,0165
conditions precedent to the delivery of the Bonds have been
fulfilled, and
(c) the delivery of a policy of bond insurance by MSIA,
When the documents mentioned in
this Section have been filed with th,
have been executed and authenticated
nance, and when the amount set forth
been paid by the City, the Registrar
one time to or upon the order of the
payment to the City of the purchase
clauses (a) through (c) of
Registrar and when the Bonds
as required by this Ordi-
in Section 402 hereof has
shall deliver said Bonds at
Underwriters, but only upon
price of said Bonds.
Simultaneously with the delivery of the Bonds the City shall
apply the proceeds of said Bonds as provided in Section 402
hereof.
Section 213, Temporary Bonds. until definitive Bonds are
ready for delivery, there may be executed, and upon the request of
the City the Registrar shall authenticate and deliver, in lieu of
definitive Bonds and subject to the same limitations and condi-
tions, except as to identifying numbers, printed, typewritten,
engraved or lithographed temporary Bonds, in such denominations as
the City may provide, such Bonds to be substantially in the form
hereinabove set forth with such appropriate omissions, insertions
and variations as may be required.
The City shall cause the definitive Bonds to be prepared and
to be executed and delivered to the Registrar, and the Registrar,
upon presentation to it at its principal office of any temporary
Bond, shall cancel the same and authenticate and deliver in
exchange therefor at the place designated by the Owner thereof,
without charge to such Owner, a definitive Bond or Bonds of an
equal aggregate principal amount and bearing interest at the same
rate as the temporary Bond surrendered. Until so exchanged the
temporary Bonds shall in all respects be entitled to the same
benefit and security of this Ordinance as the definitive Bonds to
be issued and authenticated hereunder. No charge for taxes or
governmental charges shall be made against the Owner upon an
exchange of a temporary Bond for a definitive Bond.
Section 214. Mutilated, Destroyed, Lost, or Stolen Bonds.
The City shall cause to be executed, and the Registrar shall
deliver a new Bond of like date and tenor in exchange and substi-
tution for and upon the cancellation of any mutilated Bond, or in
lieu of and in substitution for any destroyed, lost, or stolen
Bond, and the Owner shall pay the reasonable expenses and charges
of the City and the Registrar in connection therewith. Prior to
the delivery of a substitute Bond, the Owner of any Bond which was
destroyed, lost, or stolen shall file with the Registrar evidence
II-14
10165
satisfactory to the Registrar of the destruction, loss, or theft
of such Bond, and of the Owner's Ownership thereof and shall fur -
at the City and to the Registrar such security or ihdemhity
at may be required by them to save each of them harmless from all
risks, however remote.
Section 215, Additional Bonds, Ift addition to the principal
amount of Bonds authorized by Section 202 hereof, the City may
issue from time to time additional bonds for the purpose of
financing the program, upon compliance with the following:
(a) a supplemental Ordinance is enacted by the City
setting forth the terms of such additional Bonds and modi-
fying the applicable provisions of this Ordinance so as to
provide for such additional Bonds;
(b) the Additional indebtedness test set forth in
Section 608 hereof is met; and
(c) such additional bonds are on a parity with or
subordinate to the Bonds.
11-15
10165
r
*4 4
ARTtCL8 III
RtDRMPTtON
Section 101, Redemption (a) Mandatory Redemption. The Term
Bonds shall be subject to redemption in part on July 1 of each
year in principal amounts equal to the Sinking Fund Requirements
for such Bonds at a price equal to the principal amount thereof
plus accrued interest thereon to the date fixed for redemption.
(b) Optional Redemption. The Bonds maturing on or after
July 1, 1997 are subject to redemption prior to maturity on any
Interest Payment Date, at the option of the City, on and after
July 1, 1996? in whole or in part, in such order as the City shall
determine, at the redemption prices (expressed as a percentage of
principal amount on the date of redemption) set forth in the table
below, plus interest accrued to the date fixed for redemption, as
follows:
Period Redemption
(Both Dates Inclusive) Price
July 1, 1996 through June 30, 1997 102%
July 1, 1997 through June 30, 1998 101
July 1, 1998 and thereafter 100
Section 302. Redemption of a Portion of a Bond. In the
event that a Bond subject to redemption pursuant to this Article
III is in a denomination larger than an Authorized Denomination
all or a portion of such Bond may be redeemed, but only in a
principal amount equal to $5,000 or any integral multiple thereof.
Upon surrender of any Bond for redemption in part, the City shall
execute and the Registrar shall authenticate and deliver to the
owner thereof, at the expense of the City, a new Bond or Bonds, in
denominations of $5,000 or any integral multiple thereof, equal to
the unredeemed portion of the Bond so surrendered.
If less than all the Bonds are called for redemption, the
Bonds to be redeemed shall be selected by the Registrar in such
manner as the City in its discretion may determine, each portion
of $5,000 principal amount being counted as one Bond for this
purpose.
Section 303. Notice of Redemption. The Registrar shall send
to the Owner of each Bond to be redeemed notification of the call
for redemption, by first class mail, postage prepaid, not less
than 10 nor more than 20 days prior to the redemption date, at his
address as it appears on the registration books. The failure to
mail any such notice to any Owner or any defect therein shall not
14a.s19;
affect the validity of the proceedings for such redemption with
respect to any owner to whom proper notice was duly mailed here-
under: Such notice shall state the tedeYnption date, the redemp-
tior price, the place at which the Bonds are to be surrendered for
payment, that from the redemption date interest on the Bonds will
cease to accrue, and, if less than all of the Bonds Outstanding
are to be redeemed, an identification of the Bonds to be redeemed
and the portion of the principal amount thereof to be redeemed.
Any notice mailed as provided in this Section shall be conclusive-
ly presumed to have been duly given, whether or not the Bondowner
receives such notice.
Section 304, Payment Upon Redemption. Prior to each redemp-
tion date, the City shall make provision for payment of the Bonds
to be redeemed on such date by setting aside with the Paying Agent
which shall hold in trust an amount sufficient to pay the princi-
pal of and premium, if any, on such Bonds. Upon presentation and
surrender of any such Bond at the principal office of the Paying
Agent on or after the date fixed for redemption, the Paying Agent
shall pay the principal of and premium, if any, on such Bond from
the money set aside for such purpose. Interest on any Bond called
for redemption due on the date fixed for redemption shall be pay-
able to the Owner of such Bond as of the Regular Record Date.
Section 305. Effect of Redemption. Notice of redemption
having been given as provided in Section 302 hereof, the Bonds or
portions thereof designated for redemption shall become due and
payable on the date fixed for redemption and, unless the City
defaults in the payment of the principal thereof and premium, if
any, thereon, such Bonds or portions thereof shall cease to bear
interest from and after the date fixed for redemption whether or
not such Bonds are presented and surrendered for payment on such
date. If any Bond or portion thereof called for redemption is not
so paid upon presentation and surrender thereof for redemption,
such Bond or portion thereof shall continue to bear interest at
the rate set forth thereon until paid or until due provision is
made for the payment of same.
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10165
ARTICLE IV
APPLICATION OF RVENU88 AND FUNDS
Section 401, Creation of Funds and Accounts. The following
Funds and Accounts of the City are hereby created:
(a) the Construction Fund,
(b) the Miami Special Obligation Franchise Fee Revenues Debt
Service Fund, consisting of the Interest Account, the
Principal .account, the Bond Service Account and the Debt
Service Reserve Account; and
(c) the Rebate Fund.
Each Fund and Account shall be maintained by the City or the Fis-
cal Agent as a separate and distinct trust fund or account to be
held, managed, invested, disbursed and administered as provided in
this Ordinance. All money deposited in the Funds and Accounts
shall be used solely for the purposes set forth in this Ordinance.
The City shall keep and maintain adequate records pertaining to
each Fund and Account, including all disbursements therefrom.
Section 402. Initial Deposits. On the Closing Date, the
City shall deposit the proceeds received from the sale of the
Bonds (including accrued interest), together with $600,000 to be
contributed by the City, as follows:
(a) First, $28,268,09, representing accrued interest on
the Bonds, shall be deposited into the Interest Account of
the Debt Service Fund;
(b) Second, $412,793.75 shall be deposited into the
Debt Service Reserve Account; and
(c) Third, $4,399,385.65 shall be deposited into the
Construction Fund, which shall include the above -described
City contribution.
Section 403. Construction Fund.
(a) The City shall make payments from the Construction
Fund for the purpose of financing the Program, in accordance with
the procedures stated in this Section, except that the City may,
by a certificate of an Authorized Officer delivered on or after
the Closing Date, authorize disbursements from the Construction
Fund to pay the Costs of Issuance by identifying the cost to be
incurred and the amount of such cost.
IV-1
1. 0 1 6 5
(b) Ex opt at stated in subparagn A (a) hereof, the
City shall make payments from the Construction Vund upon written
requisition signed by an Authori2od officer, stating with respect
to each payment to be made (i) the requisition numbers (ii) the
name and address of the person, firm or corporation to whom pay-
ment is due, (iii) the amount to be paid, (iv) that each obliga-
tion mentioned therein has been properly incurred, is a propet
charge against the Construction Fund and has not been the basis of
any previous withdrawal, and (v) that the amount to be paid is
presently clue and payable or has previously been paid by the City,
(c) The money in the Construction Fund shall be held in
trust and applied to the financing of the program and, pending
such application, shall be subject to a pledge thereof in favor of
the owners of the Bonds and for the further security of such
owners until applied in accordance with this Section. The City
shall deposit proceeds received upon the sale of units constructed
pursuant to the Program into a separate account, or as otherwise
directed by the City, and such proceeds shall be used to finance
the Program or for other City purposes, as directed by the City.
Such amounts are not pledged to the payment of the Bonds and the
Bonds are not secured thereby.
Section 404. Debt Service Fund.
(a) The principal of, premium, if any, and interest on
the Bonds shall be secured equally and ratably by a pledge of all
the proceeds received by the City from the Franchise Fee Revenues.
The City hereby irrevocably pledges such proceeds as received to
the payment of the principal of, premium, if any, and interest on
the Bonds. The money in the Debt Service Fund shall be held in
trust and applied as hereinafter provided and, pending such
application, shall be subject to a lien and charge in favor of the
owners of the Bonds and for the further security of such owners
until paid out or transferred as herein provided.
(b) The City shall deposit monthly upon receipt to the
credit of the applicable account in the Debt Service Fund Fran-
chise Fee Revenues in an amount which, together with amounts on
deposit in such account, shall at least equal (i) one -sixth of
interest on the Bonds due and payable on the next succeeding
Interest Payment Date plus (ii) one -twelfth of the principal of
the Bonds due and payable on the next succeeding Principal Payment
Date. The City shall also deposit to the Debt Service Fund any
other amounts contributed by the City after the Closing Date.
(c) On the first Business Day of December and June of
each year, commencing June 1, 1987, the City shall transfer to the
Fiscal Agent in trust to the credit of the Bond Service Account
from the Interest Account and Principal Account, as applicable, an
amount sufficient to pay the principal of, premium, if any, and
interest on the Bonds becoming due and payable on the next suc-
ceeding Interest Payment Date. On each Interest Payment Date the
Fiscal Agent shall withdraw from the Bond Service Account and (i)
remit by mail to each Bondowner the amount required for paying the
interest on such Bonds due and payable on such date and (ii)
IV-2
1 0 ). 6
4
deposit in trust with the Baying Agent the amount required for
paying the principal of and premium, if any, on such Bonds due and
payable on such date.
(d) it on the first Business Day of any December or
,dune, commencing ,tune 1, 1987, and after taking into account any
transfer Made pursuant to Section 404(c) hereof, the amount in the
Bond Service Account shall be less than the amount of principal of
and interest on the Bonds due and payable on such Interest Payment
Date, the City shall forthwith transfer from the Debt Service
Reserve Account to the Bond Service Account the amount of such
deficiency.
(e) If at any time the amount in the Debt Service Reserve
Account exceeds the Debt Service Reserve Requirement, such excess
amount shall be transferred to the Principal Account.
(f) If at any time the amount in the Debt Service Reserve
Account is less than the Debt Service Reserve Requirement, the
city shall forthwith and each month thereafter deposit upon
receipt into the Debt Service Reserve Account, after making the
deposit required by Section 404(b) hereof, all Franchise Fee
Revenues received by the City until the Debt Service Reserve
Account shall be restored to such Requirement.
(g) The City shall invest amounts in the Debt Service
Reserve Account in Investment Obligations such that an amount
sufficient to pay the principal of and interest on the Bonds
coming due on the next Principal Payment Date will mature, or be
subject to withdrawal at the option of the City, no later than
such Principal Payment Date.
Section 405. Rebate Fund. By July 30 of each year commenc-
ing 1987, the City shall calculate the amount which would be re-
quired by the Code to be rebated to the United States Treasury if
such rebate were required to be made on such date. By July 30,
1991, 1996 and 2001 and by August 30, 2006, the City shall remit
to the appropriate office in the United States Treasury Department
the total rebate required on such date by the Code. Not later
than 60 days after the date on which all Bonds have been paid in
full, such rebate amount shall be remitted to the United States
Treasury. Notwithstanding the foregoing to the contrary, the City
may take any other actions with respect to such rebate if it shall
have been advised by Bond Counsel in an opinion that such other
actions shall be in compliance with the provisions of the Code.
Section 406. Final Balances. After the deposit with the
Fiscal Agent of money sufficient to pay all principal of and
interest on the Bonds, and upon satisfaction of all claims against
the City hereunder, including all fees, charges and expenses
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(including attorneys' fees of the Registrar and the Baying Agent
that are ro etl due and payable hereunder, or upon the making of
adequate provision for the payment of such amounts, as permitted
hereby, all money remaining (including interest eatnings thereon)
in all B'unds and Accounts, shall be paid to the City.
Section 407. Non-Btesentment of Bonds, In the extent any
Bond shall not be presented for payment when the principal thereof
becomes due, either at maturity or othetwise, or at the date fixed
for redemption thereof, if money sufficient to pay such Bond has
been deposited in the Debt Service Fund, all liability of the City
to the Owner thereof for the payment of such Bond shall forthwith
cease, determine and be completely discharged, and thereupon it
shall be the duty of the Baying Agent or Fiscal Agent to hold such
money, without liability for interest thereon, for the benefit of
the Owner of such Bond who shall thereafter be restricted exclu-
sively to such money, for any claim of whatever nature on his part
under this Ordinance or on, or with respect to, said Bond.
All moneys deposited with the Fiscal Agent or the Paying
Agent for the payment of principal of, premium, if any, or inter-
est on the Bonds are presumed abandoned unless, within seven years
after they become payable or distributable, the owner thereof has
increased or decreased the principal, accepted payment of princi-
pal or income, corresponded in writing concerning the property, or
otherwise indicated an interest as evidenced by a memorandum on
file with the Paying Agent. In such event, the Fiscal Agent and
the Paying Agent shall comply with the provisions of Sections
717.01-717.30 of the Florida Statutes, as amended, or any succes-
sor statute thereto, as to the disposition of such moneys and the
City, the Paying Agent and the Fiscal Agent shall be relieved of
all liability, to the extent of the value of the moneys, for any
claim which exists or may arise with respect to such moneys.
Section 408. Money Sufficient to Redeem Bonds. Whenever
money and Investment Obligations in the Debt Service Fund are
sufficient to pay the Bonds as a whole on the next succeeding
Interest Payment Date, the City shall apply such money, upon
receipt of a certificate of an Authorized Officer requesting such
application, to the payment, purchase or redemption of the Bonds
in accordance with Section 1001 hereof.
Section 409. Money Held in Trust. All money withdrawn from
the Debt Service Fund and transferred to the Fiscal Agent or Pay-
ing Agent and all money which the Fiscal Agent or Paying Agent
shall have received from any other source and set aside for the
purpose of paying any of the Bonds hereby secured, either at
maturity, by purchase, or upon call for redemption, shall be held
in trust for the respective Owners of such Bonds and such money
shall not be subject to lien or attachment by any creditor of the
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(including attorneys' fees) of the Registrar and the Paying Agent
that are properly due and payable hereunder, or upon the making of
adequate Provision for the payment of such amounts, as permitted
hereby, all money remaining (including interest earnings thereon)
in all Funds and Accounts, shall be paid to the City.
Section 407, of Bonds. In the event any
Bond shall not be presented for payment when the principal thereof
becomes due, either at maturity or otherwise, or at the date fixed
for redemption thereof, if money sufficient to pay such Bond has
been deposited in the Debt Service Fund, all liability of the City
to the Owner thereof for the payment of such Bond shall forthwith
cease, determine and be completely discharged, and thereupon it
shall be the duty of the Paying Agent or Fiscal Agent to hold such
money, without liability for interest thereon, for the benefit of
the Owner of such Bond Who shall thereafter be restricted exclu-
sively to such money, for any claim of whatever nature on his part
under this ordinance or on, or with respect to, said Bond.
All moneys deposited with the Fiscal Agent or the Paying
Agent for the payment of principal of, premium, if any, or inter-
est on the Bonds are presumed abandoned unless, within seven years
after they become payable or distributable, the owner thereof has
increased or decreased the principal, accepted payment of princi-
pal or income, corresponded in writing concerning the property, or
otherwise indicated an interest as evidenced by a memorandum on
file with the Paying Agent. In such event, the Fiscal Agent and
the Paying Agent shall comply with the provisions of Sections
717.01-717.30 of the Florida Statutes, as amended, or any succes-
sor statute thereto, as to the disposition of such moneys and the
City, the Paying Agent and the Fiscal Agent shall be relieved of
all liability, to the extent of the value of the moneys, for any
claim which exists or may arise with respect to such moneys.
Section 408. Money Sufficient to Redeem Bonds. Whenever
money and Investment Obligations in the Debt Service Fund are
suff-f-cient to pay the Bonds as a whole on the next succeeding
Interest Payment Date, the City shall apply such money, upon
receipt of a certificate of an Authorized Officer requesting such
application, to the payment, purchase or redemption of the Bonds
in accordance with Section 1001 hereof.
Section 409. Money Held in Trust. All money withdrawn from
the Debt Service Fund and transferred to the Fiscal Agent or Pay-
ing Agent and all money which the Fiscal Agent or Paying Agent
shall have received from any other source and set aside for the
purpose of paying any of the Bonds hereby secured, either at
maturity, by purchase, or upon call for redemption, shall be held
in trust for the respective Owners of such Bonds and such money
shall not be subject to lien or attachment by any creditor of the
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City, the Viscal. Agent or the paying Agent. All interest on money
so set aside shall be deposited by the Fiscal Agent or Baying
Agent in the bebt Service Fund unless such money is set aside for
the defeasance of Bonds pursuant to Section 1001 hereof, in Which
case such interest shall be used as provided in said Section.
Section 410, Cancellation of Bonds, Upon receipt of the
same, the Registrar shall cancel (a) all Bonds paid, redeemed or
delivered to the Registrar for cancellation, and (b) all Bonds
delivered to the Registrar in exchange for other Bonds or deliv-
Bred to the Registrar upon the transfer of any registered Bond.
The Registrar shall certify to the City the details of all Bonds
so cancelled. All Bonds cancelled under any of the provisions of
this Ordinance either shall be delivered to the City or destroyed
by the Registrar, as the City directs. Upon destruction of any
Bonds, the Registrar shall execute a certificate in triplicate
describing the Bonds so destroyed; one executed certificate shall
be filed With the City, one executed certificate shall be held by
the Paying Agent, and the other executed certificate shall be held
by the Registrar.
Section 411. Use of Available Funds. Nothing in this Ordi-
nance shall be construed
any part of the operating
is available to the City
secure the payment of the
Account created under the
available to the City for
to prevent the City from paying all or
expenses of the City from any money that
for such purpose that is not pledged to
Bonds, or from depositing in any Fund or
provisions of this Ordinance any money
such deposit.
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f
ARTICLE V
SECURITY FOR DEPOSITS ANI) INVESTMENT OF MONEY
Section Sol. Security for beposits. All money deposited
under the provisions of this Ordinance shall be held in trust and
applied Only in accordance With the provisions of this Ordinance
and shell not be subject to lien or attachment by any creditor of
the City or the Fiscal Agent.
Until money deposited with the Fiscal Agent has been invested
in Investment Obligations, the amount of money in excess of the
amount insured by the Federal beposit Insurance Corporation or
other federal agency shall be continuously secured for the benefit
of the City and the Owners either (a) by lodging with a bank or
trust company approved by the City as custodian or, if then per-
mitted. by law, by setting aside under the control of the trust
department of the bank holding such deposit, as collateral secur-
ity, Government Obligations or other marketable securities eligi-
ble as security for the deposit of trust funds under regulations
of the Comptroller of the Currency of the United States of
America, having a current market value (exclusive of accrued
interest) at all times at least equal to the amount of such
deposit, or (b) in such other manner as may then be required or
permitted by applicable state or federal laws and regulations
regarding the security for, or granting a preference in the case
of, the deposit of trust funds; provided that it shall not be
necessary for the Fiscal Agent to give security for any money
which shall be represented by Investment Obligations purchased
under the provisions of this Article.
All money deposited with the Fiscal Agent under this Ordi-
nance shall be credited to the particular Fund or Account to which
such money belongs.
Section 502. Investment of Money. Money held in all Funds
or Accounts shall, to the extent practicable, be continuously
invested and reinvested in Investment Obligations. Investment
Obligations shall mature or be subject to redemption at the option
of the owner thereof not later than the respective dates when the
money held for such Funds or Accounts will be required for the
purpose intended. No Investment Obligations in any Fund or
Account may mature on a date beyond the latest maturity date of
any Bonds Outstanding at the time such Investment Obligations are
deposited.
For the purposes of making any investment hereunder, the City
may consolidate money in any Fund or Account with money in any
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other Fund or Account, subject to the provisions of this gection,
and nay transfer an interest in an investment from one Fund or
Account to another without liquidating the investment.
Investment Obligations acquired with money in any Fund or
Account established under this Ordinance shall be deemed at all
times to be a part of such Fund or Account. The interest accruing
on Investment Obligations in any Fund or Account and any profit
realized from such investment shall be credited to the particular
Fund or Account with respect to which such investment was made.
Any loss realized from such investment shall be charged to the
particular Fund or Account with respect to which such investment
was made. Investment Obligations purchased with consolidated
funds shall be allocated to each Fund or Account on a pro-rata
basis in accordance with the initial amount so invested from each
such Fund or Account,
In computing the amount in any Fund or Account, Investment
obligations shall be valued at the lower of (i) cost plus
amortization of discount or minus amortization of premium, or (ii)
market value; provided, however, that amounts invested under any
Investment Contract shall be valued at the amount invested
thereunder.
Whenever a transfer of money between two or more of the Funds
or Accounts is permitted or required, such transfer may be made as
a whole or in part by transfer of one or more Investment
Obligations at a value determined at the time of such transfer in
accordance with this Article, provided that the Investment
Obligations transferred are those in which money of the receiving
Fund or Account could be invested at the date of such transfer.
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AATICLE Vt
OtNML COVENANTS AM REPAtS8NTATIONS
Section 601. Payment of Principal and Interest. The City
shall cause to be paid, when due, the principal of {whether at
maturity, by acceleration, by call for redemption or otherwise)
and interest on the Bonds at the places, on the dates and in the
manner provided herein and in said Bonds, according to the true
intent and meaning thereof. The Bonds are not general obligations
of the City And are not payable from the general revenues of the
City but are special obligations payable solely from the Franchise
Fee Revenues and the Franchise Fee Revenues are hereby pledged to
the payment thereof.
The Bonds shall not be deemed to constitute a debt of the
City or a pledge of the faith and credit of the City. The issu-
ance of the Bonds shall not directly or indirectly or contingently
obligate the City to levy or to pledge any form of taxation what-
ever therefor, hot shall any such Bonds constitute a charge, lien
or encumbrance, legal or equitable, upon any property of the City
other than the property pledged to the Bondowners.
Section 602. Faithful Performance. The City shall faithful-
ly perform all covenants, undertakings, stipulations and provi-
sions contained in this Ordinance, the Bonds and all proceedings
of the City pertaining to the Program and the Bonds. The City
represents that it is duly authorized under the laws of the State,
includir.g the Act, to issue the Bonds authorized hereby, to adopt
this Ordinance and to assign ard pledge the money and assets
assigned and pledged hereunder in the manner and to the extent
herein set forth; that all action on its part for the issuance of
the Bonds and adoption of this Ordinance has been duly and effec-
tively taken; and that such Bonds are and will be valid special
obligations of the City according to the terms and import thereof.
Section 603. Further Instruments and Actions. The City
shall do, execute, acknowledge and deliver or cause to be done,
executed, acknowledged and delivered, such ordinances supplemental
hereto and such further acts, instruments and transfers as may be
reasonably required for the better pledging and assigning of the
money and assets pledged hereby to the payment of the principal of
and the interest on the Bonds.
Section 604. Recording and Filing. The City shall cause
this Ordinance and all supplements hereto, as well as such other
security instruments and other documents as may be, in the opinion
of counsel acceptable to the City, necessary to be kept recorded
and filed, in such manner and in such places as may be required by
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law to fully preserve And protect the lien created hereby and the
security of the Owners and the rights of the Owners hereunder,
Section 605, Record-Roebing, The City shall keep accurate
records of all amounts# and the proceeds thereof, received under
this Ordinance, and shall file such financial statements as are
required by law. Such records and financial statements shall be
prepared in accordance with generally accepted accounting
principlot.
Section 606. Tax Covenants. The City shall perform all acts
and things at are permitted by law and as are necessary and desir-
able to assure that interest paid on the Bonds remains exempt from
all federal income taxation under any valid provision of law.
The City shall not make or permit any use of the proceeds of
the Bonds that, if such use had been reasonably expected on the
day of the issuance of the Bonds, would have caused the Bonds to
be "arbitrage bonds" within the meaning of Section 148 of the
Code, The City shall observe and not violate the requirements of
Section 103 of the Code.
Section 607. Covenant Regarding Franchise Fee. The City
covenants that while any of the Bonds are Outstanding, it will not
take any action or fail to take any action, to the extent per-
mitted by law and in the exercise of its reasonable discretion,
which might result in a suspension, diminution or termination of
the receipt of the Franchise Fee Revenues and it will not create
or permit to be created any charge or lien on the proceeds of the
Franchise Fee Revenues ranking equally with or prior to the charge
or lien on such proceeds of the Bonds, except as permitted
pursuant to Section 608 hereof.
Section 608. Additional Indebtedness. The City shall not
issue additional bonds pursuant to Section 215 hereof secured by
Franchise Fee Revenues on a parity with the Bonds issued pursuant
to Section 202 hereof unless:
(a) Franchise Fee Revenues received by the City during
the 12-month period prior to the issuance of the additional
bonds shall have been at least equal to 1.50 times the maxi-
mum annual debt service on the Bonds issued pursuant to
Section 202 hereof plus the additional bond; and
(b) The Debt Service Reserve Requirement shall equal
one year's maximum annual debt service on the Bonds issued
pursuant to Section 202 hereof plus the additional bonds.
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ARTICLE VII
CONCERNING T14E FISCAL AO MT,
FAyINO AGENT AM) REGISTRAR
Section 701. Fiscal Agent May Rely on Certificates. If at
any tittle it is necessary or desirable for the Fiscal Agent to make
any investigation respecting any fact preparatory to taking or not
taking any action or dosing or not doing anything as such Fiscal
Agent, and in any case in which this Ordinance provides for per-
mitting or taking any action, the Fiscal Agent may rely conclu-
sively upon any certificate, requisition, opinion or other instru-
ment that it in good faith reasonably believes to be genuine and
to have been adopted or signed by the proper board or person that
is required or permitted to be filed with it under the provisions
of this Ordinance. Such instrument shall be conclusive evidence
of such fact to protect the Fiscal Agent in any action that it may
or may not take or in respect of anything it may or may not do in
good faith by reason of the supposed existence of such fact.
Except as otherwise provided in this Ordinance, any request,
notice, certificate or other instrument that is delivered to the
Fiscal Agent pursuant to this Ordinance shall be deemed to have
been signed by the proper party or parties if signed by an Author-
ized Officer or his designee, and the Fiscal Agent may accept and
rely upon a certificate so signed as to any action taken by such
entity.
Section 702. Fiscal Agent, Paying Agent and Registrar May
Deal in Bonds. The bank or trust company acting as Fiscal Agent,
Paying Agent and Registrar under this Ordinance, and its direc-
tors, officers, and employees, may in good faith buy, sell, own,
hold and deal in any of the Bonds, may join in the capacity of an
Owner in any action any Owner is entitled to take with like effect
as if such bank or trust company were not the Fiscal Agent, Paying
Agent and Registrar under this Ordinance, may engage or be inter-
ested in any financial or other transaction with the City, and may
maintain any and all other general banking and business relations
with the City with like effect and in the same manner as if the
Fiscal Agent, Registrar or Paying Agent were not acting under this
Ordinance; no implied covenant shall be read into this Ordinance
against the Fiscal Agent, Registrar or Paying Agent in respect of
such matters.
Section 703. Paying Agent. (a) So long as any of the Bonds
remain Outstanding, the City may cause a Paying Agent to perform
the duties imposed hereunder. The Paying Agent shall at all times
be authorized to act as Paying Agent and be subject to supervision
or examination by federal or state authority.
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The Paying Agent shall signify its acceptance of the duties
and Obligations imposed upon it hereunder by a written instrument
of acceptance delivered to the City, The Paying agent will agree,
particularly!
(1) to Bold all sums held by it for the payment of the
Principal of or interest on Bonds in trust for the benefit of
the 86ndowners until such sums shall be paid to such 8ondown-
ers or otherwise disposed of as herein provided;
(2) to keep such boobs and records as shall be consis-
tent with prudent industry practice, and to flake such books
and records available for inspection by the City, at all
reasonable times;
(3) upon the request of the City, to forthwith deliver
to the City all sums so held in trust by the Paying Agent;
and
(4) to give any notice required to be given by the Pay-
ing Agent hereunder.
(b) The Paying Agent may at any time resign and be dis-
charged of the duties and obligations created by this Ordinance by
giving at least 30 days' notice to the City. The Paying Agent may
be removed by the City at any time by the City giving at least 30
days' notice to the Paying Agent, but such removal will not take
effect prior to the appointment of a successor Paying Agent by the
City.
In the event of the resignation or removal of the Paying
Agent, the Paying Agent shall pay over, assign and deliver any
moneys held by it in such capacity to its successor or, if there
be no successor, to the Fiscal Agent.
Section 704. Registrar. (a) The Registrar shall designate
its principal office and signify its acceptance of the duties
imposed upon it hereunder by a written instrument of acceptance
delivered to the City under which such Registrar will agree,
particularly, to keep such books and records as shall be
consistent with prudent industry practice and to make such books
and records available for inspection by the City at all reasonable
times.
The City shall cooperate with the Registrar to cause the
necessary arrangements to be made and to be thereafter continued
whereby Bonds, executed by the City and authenticated by the
Registrar, shall be made available for exchange, registration and
registration of transfer at the principal office of the Registrar.
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1 p165
46 46
(b) The Registrar may at Any time resign and be discharged
of the duties and obligations created by this Ordinance by giving
at least 80 days' notice to the City, at Which time a successor
Registrar, if available, will be appointed by the city. The
Registrar may be removed at Any time by an instrument, signed by
an Authorized Officer, or by the owners of not less than 66-2/3%
in aggregate principal amount of the Bonds outstanding, filed with
the Registrar, but such removal will not take effect prior to the
appointment of a successor Registrar by the City.
In the event of the resignation or removal of the Registrar,
the Registrar shall deliver any Bonds held by it in such capacity
to its successor or, if there be no successor, to the Fiscal
Agent,
Section 705, Rights and Immunities of Paying Agent and
Registrar, For purposes of this Section, the Paying Agent and
Registrar shall be referred to collectively as the Agent,
The Agent shall perform such duties, and only such duties, as
are specifically set forth in this Ordinance and no implied cove-
nants shall be read into this Ordinance against the Agent.
Notwithstanding the provisions of Section 1108 hereof, the
rights and duties of the Agent shall be governed by and construed
in accordance with the laws of the jurisdiction in which is locat-
ed its principal corporate trust office.
No provision of this Ordinance shall be construed to relieve
the Agent from liability for its own negligent action, itsown
negligent failure to act, or its own wilful misconduct.
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0
17
ARTICLE VIII
tktCUTION OF INSTRUM8NTS BY OWN81t8 AM
DROOP or OWNERSHIP OF BONGS
Section 801. execution of instruments by_Owners, Any re-
quest, direction, consent or other instrument in writing required
or permitted by this Ordinance to be signed or executed by Owners
may be in any number of concurrent instruments of similar tenor
and may be signed or executed by such Owners or their attorneys or
legal representatives. Proof of the execution of any such instru-
ment and of the ownership of Bonds shall be sufficient for any
purpose of this Ordinance and shall be conclusive in favor of the
Fiscal Agent with regard to any action taken by it under such
instrument if made in the following manner:
(a) The fact and date of the execution by any person of
any such instruments may be proved by the verification of any
officer in any jurisdiction who, by the laws thereof, has
power to take affidavits within such jurisdiction, to the
effect that such instrument was subscribed and sworn to
before him, or by an affidavit of a witness to such execu-
tion, and where such execution is by an officer of a corpo-
ration or association or a member of a partnership on behalf
of such corporation, association or partnership, such verifi-
cation or affidavit shall also constitute sufficient proof
of his authority; and
(b) The ownership of any Bonds shall be proved by the
registration books maintained by the Registrar in accordance
with the provisions of this Ordinance.
Nothing contained in this Article shall be construed as
limiting the Fiscal Agent to such proof, it being intended that
the Fiscal Agent may accept any other evidence of the matters
herein stated which it may deem sufficient. Any request or con-
sent of the Owner of any Bond shall bind every future Owner of the
same Bond in respect of anything done by the Fiscal Agent in pur-
suance of such request or consent.
Notwithstanding any of the foregoing provisions of this
Section, the Fiscal Agent shall not be required to recognize any
person as an Owner of any Bond or to take any action at his
request unless such Bond shall be deposited with it.
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0 0
ARTICLE IX
SUPPLEMMTAL ORLINANCES
Section obi. Supplemental. ordinances Without Sondowner Con-
sent. The City may, from time to time and at any time, enter into
such ordinances supplemental hereto, without the Owners' consent,
as in the opinion of Bond Counsel are not detrimental to the
interests of the Owners and are necessary to:
(a) cure any ambiguity or formal defect or omission,
correct or supplement any provision herein or in any sup-
plemental ordinance that may be inconsistent with any other
provision herein or in any supplemental ordinance, or mate
any other provisions With respect to matters or questions
arising under this Ordinance or any supplemental ordinance
that shall not be inconsistent with the provisions of this
Ordinance or any supplemental ordinance, or
(b) grant to or confer upon the Owners any additional
rights, remedies, powers, authority or security that may
lawfully be granted to or conferred upon the Owners, or
(c) amend any of the provisions of this Ordinance to
the extent required to permit compliance by the City with
Section 103 of the Code, or
(d) add to the covenants and agreements of the City in
this Ordinance other covenants and agreements thereafter to
be observed by the City or to surrender any right or power
herein reserved to or conferred upon the City.
At least 30 days prior to the execution of any supplemental ordi-
nance for any of the purposes of this Section, the Registrar shall
cause a notice of the proposed execution of such supplemental
ordinance to be mailed, postage prepaid, to all Owners.
Such notice shall briefly set forth the nature of the pro-
posed supplemental ordinance and shall state that copies thereof
are on file at the principal corporate trust office of the Regis-
trar for inspection. A failure on the part of the Registrar to
mail the notice required by this Section shall not affect the
validity of such supplemental ordinance.
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Section 902. Suppleltontal Ordinances With Owner Consent:
Subject to the terms and provisions contained in this Section, and
not otherwise; the Owners of not less than two-thirds in aggregate
principal amount of the Bonds 'then Outstanding and M81A shall have
the right, from time to time, anything contained in this Ordinance
to the contrary notwithstanding, to consent to and approve the
adoption by the City of such ordinance or ordinances supplemental
hereto as shall be deemed necessary or desirable by the City for
the purpose of modifying, altering, amending, adding to or
rescinding, in any particular, any of the terms or provisions
contained in this Ordinance or in any supplemental ordinance;
provided that nothing herein contained shall permit, or be
construed as permitting (a) an extension in the payment of any
principal or Redemption Brice of or interest on any Bond issued
hereunder, or (b) a reduction in the principal amount or
Redemption Brice of any Bond, Cr the rate of interest on any Bond,
or (c) the creation of a lien upon or pledge of the revenues or
other money or assets pledged to the payment of the Bonds
hereunder, or (d) a preference or priority of any Bond or Bonds
over any other Bond or Bonds, or (e) a reduction in the aggregate
principal amount of the Bonds required for consent to such
supplemental ordinance. Nothing herein contained, however, shall
be construed as making necessary the approval of Owners or MBIA of
the execution of any supplemental ordinance as authorized in
Section 901 of this Article.
If at any time the City shall seek to adopt a supplemental
ordinance for any of the purposes of this Section, it shall cause
notice of the proposed execution of such supplemental ordinance to
be mailed, postage prepaid, to all Owners and MBIA. Such notice
shall briefly set forth the nature of the proposed supplemental
ordinance and shall state that copies thereof are on file at the
principal corporate trust office of the Registrar for inspection
by all Owners and MBIA. The City shall not, however, be subject
to any liability to any Owner or MBIA by reason of its failure to
mail the notice required by this Section, and any such failure
shall not affect the validity of such supplemental ordinance when
consented to and approved as provided in this Section, but no such
supplemental ordinance shall become effective unless approved in
writing by the Owners of not less than two-thirds in aggregate
principal amount of the Bonds then Outstanding and MBIA.
If the Owners of not less than two-thirds in aggregate prin-
cipal amount of the Bonds Outstanding at the time of the execution
of such supplemental ordinance and MBIA shall have consented to
and approved the execution thereof as herein provided, no Owner
nor MBIA shall have any right to object to the execution of such
supplemental ordinance, or to object to any of the terms and pro-
visions contained therein or the operation thereof, or in any man-
ner to question the propriety of the adoption thereof, or to
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etjjb,h or t6tttaift the City from adbptlhcj the r-Alte Or -ftoth t!Akihg
afty attion pursuant to the pt6VI8i6fiS thetd0f,
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AAA I CLF X
BBFFASANCE
Section lddls Cessation of Interest of Owners. If all the
Outstanding Bonds shall, have been paid as set forth below, then,
and in that case, such Bands shall cease to be entitled to any
lien, benefit or security under this Ordinance. In such event,
the Fiscal Agent shall transfer and assign to the City all
property then held by the Fiscal Agent, shall execute such
documents as may be reasonably required by the City to evidence
such transfer and assignment and shall turn over to the City any
surplus in any fund or account other than moneys held for the
redemption or payment of Bonds,
Any Outstanding Bond shall be deemed to have been paid when
the whole amount of the principal of, premium, if any, and inter-
est on such Bond shall have been paid or when (a) there shall have
been deposited with the Fiscal Agent and specifically designated
for the purpose of defeasance either moneys in an amount that
shall be sufficient, or an Investment Contract or Government
Obligations, or a combination thereof, which shall not contain
provisions permitting the redemption thereof at the option of the
issuer, the principal of and the interest on which when due, and
without any reinvestment thereof, will provide moneys which,
together with the moneys, if any, deposited with or held by the
Fiscal Agent available therefor, shall be sufficient, to pay when
due the principal of, premium, if any, and interest due and to
become due on such Bond on or prior to the redemption date or
maturity date thereof, as the case may be, and (b) in the event
such Bond does not mature and is not to be redeemed within the
next succeeding 60 days, the City shall have given the Bond
Registrar irrevocable instructions to give, as soon as
practicable, a notice to the holder of such Bond by first-class
mail, postage prepaid, stating that the deposit of moneys, an
Investment Contract, Government Obligations, or any combination
thereof, required by clause (a) of this paragraph, has been made
with the Fiscal Agent and that such Bond is deemed to have been
paid and stating such maturity or redemption date upon which
moneys are to be available for the payment of the principal of and
interest on such Bond.
The moneys, Investment Contract, Government Obligations, or
combination thereof, deposited with the Fiscal Agent as set forth
above, and principal or interest payments on any such obligations
shall not be withdrawn or used for any purpose other than, and
shall be held in trust for, the payment of the principal of,
premium, if any, and interest on said Bonds.
X-1
10165
ARTICLE X1
MISCELLANEOUS PROVISIONS —
Section 1101. Effect of Dissolution of City. In the event
of the dissolution or other termination of the legal existence of
the City for any reason, all of the covenants, stipulations, obli-
gations and agreements contained in this ordinance by or on behalf
of or for the benefit of the City shall bind or inure to the bene-
fit of the successor or successors of the City from time to time
and any officer, board, commission, authority, agency or instru-
mentality to whom or to which any power or duty affecting such
covenants, stipulations, obligations and agreements shall be
transferred by or in accordance with law, and the Word "City" as
used in this Ordinance shall include such successor or successors.
Section 1102. Manner of Giving Notice. Unless otherwise
provided herein, any notice, demand, direction, request or other
instrument authorized or required by this Indenture to be given to
or filed With the City shall be deemed to have been sufficiently
given or filed for all purposes of this Ordinance if and when sent
by certified or registered mail, return receipt requested:
to the City, if addressed to the City Manager, Miami City
Hall, 3500 Pan American Drive, Miami, Florida 33133.
to MBIA, if addressed to 445 Hamilton Avenue, P.O. Box 788,
White Plains, N.Y. 10602.
In case, by reason of the suspension of regular mail service
as a result of a strike, work stoppage or similar activity, it
shall be impractical to mail notice of any event to any Owners to
which such notice is required to be given pursuant to any provi-
sion of this Ordinance, any manner of giving notice as shall be
satisfactory to the City shall be deemed to be a sufficient giving
of such notice.
Section 1103. City and Owners Alone Have Rights Under Ordi-
nance. Except as herein otherwise expressly provided, nothing in
this Ordinance expressly stated or implied is intended or shall be
construed to confer upon any person, firm or corporation other
than the City and the Owners of the Bonds issued under and secured
by this Ordinance any right, remedy or claim, legal or equitable,
under or by reason of this Ordinance or any provision hereof, its
provisions being intended to be and being for the sole and exclu-
sive benefit of the City and the Owners from time to time of the
Bonds.
c
a
XI-1
f
4
1 401165 ■
Section 1104, 9ffect of Partial Invalidity, in case any one
or more of the provisions of this Ordinance or of the Bonds issued
hereunder is held to be illegal or invalid, such illegality or
invalidity shall not affect any other provision of this Ordinance
or of said Bonds, and this ordinance and said Bonds shall be con-
strued and enforced as if such illegal or invalid provision had
not been contained therein.
Section 1105. expenses Payable under Ordinance. All
expenses incurred in carrying out this Ordinance shall be payable
solely from Rinds provided for the payment of the same herein, and
the City shall not be liable for the payment of the same beyond
the extent to which money is provided under this Ordinance.
Section 1106. Effect of Covenants. All covenants, stipula-
tions, obligations and agreements of the City contained in this
Ordinance shall be deemed to be covenants, stipulations, obliga-
tions and agreements of the City to the full extent permitted by
law. No covenant, stipulation, obligation or agreement contained
herein shall be deemed to be a covenant, stipulation, obligation
or agreement of any present or future member, agent or employee of
the City in his individual capacity, and neither the members of
the City nor any officer of the City shall be liable personally on
the Bonds or be subject to any personal liability or accountabil-
ity by reason of the issuance thereof. No member of the City and
no officer, agent or employee of the City shall incur any personal
liability in acting or proceeding or in not acting or not proceed-
ing, in good faith, reasonably, and in accordance with the terms
of this Ordinance.
Section 1107. Headings Not Part of Ordinance. Any headings
preceding the text of the several articles hereof, and any table
of contents or marginal bonds appended to copies hereof, shall be
solely for convenience of reference and shall not constitute a
part of this Ordinance, nor shall they affect its meaning, con-
struction or effect.
Section 1108. State Law Governs. The Bonds are issued and
this Ordinance is executed with the intent that the laws of the
State shall govern their construction.
Section 1109. Authorized Officers. The Mayor, Vice Mayor,
and Finance Director of the City, the City Manager and all Assis-
tant City Managers are hereby designated Authorized Officers (each
one of whom shall be an "Authorized Officer") and are hereby
authorized and directed to perform the functions of an Authorized
Officer under this Ordinance and, together with the City Clerk and
all Deputy City Clerks, to execute such instruments, certificates
and documents as may be necessary and appropriate to carry out,
and to do all acts and things required therein by, the provisions
XI-Z
1 0165
of this Ordinance, and the Bonds for the full, punctual and com-
plete performance of all terms, covenants, provisions and agree
rents of this Ordinance and the Bonds.
Section 1110, Negotiated Sale. The negotiated sale of the
Bands is hereby authorized based on the findings set forth in the
last WHEkEAS clause of this Ordinance.
Section 1111. inconsistent Ordinances, All ordinances and
parts thereof which are inconsistent with any of the provisions of
this Ordinance are hereby declared to be inapplicable to the pro-
visions of this Ordinance,
Section 1112, Approval of Documents. The execution and de-
livery of the Bond Purchase Contract in substantially the form
attached hereto as Bxhibit B are hereby authorized. The Bond Pur-
chase Contract hereinabove authorized to be executed shall be
executed by and on behalf of the City by the Mayor or Vice Mayor
of the City, the City Manager or any Assistant City Manager, with
the official seal of the City impressed or imprinted thereon and
attested by the Clerk or any Deputy Clerk of the City, in substan-
tially the form presented to the Commission at the meeting of the
Commission at which this Ordinance is passed and as attached here-
to as Exhibit B, subject to such changes, insertions, omissions
and filling -in of blanks therein as may be approved and made in
such form of Bond Purchase Contract by the officers of the City
executing the same pursuant to this section, the execution and
delivery of such Bond Purchase Contract for and on behalf of the
City by such officers being conclusive evidence of the approval of
such officers of any such changes, insertions, omissions or fill-
ing -in of blanks.
The City hereby authorizes the distribution of the Official
Statement in substantially the form attached hereto as Exhibit C
by the Underwriters in connection with the offering and sale of
the Bonds and hereby authorizes and directs the Mayor or Vice
Mayor of the City, the City Manager or any Assistant City Manager
to execute the Official Statement for and on behalf of the City
substantially in the form attached hereto as Exhibit C with such
changes, insertions, omissions and filling -in of blanks therein as
may be approved and made in the Official Statement by the officers
of the City executing the same pursuant to this section, and the
execution and delivery of such Official Statement for and on
behalf of the City by such officers being conclusive evidence of
the approval of such officers of any such changes, insertions,
omissions or filling -in of blanks and the Commission hereby fur-
ther authorizes the delivery of the Official Statement to the
Underwriters for their use in connection with the offering and
sale of the Bonds.
XI-3
1 0165
Section 1113. Emergency_ Ordinance. This ordinance is hereby
declared to be an emergency Measure on the grounds of urgent pub-
lic need for the preserVAtion of peace, health, safety and proper-
ty of the City, and 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.
Section 1114, Effective_ Dater This ordinance shall take
effect immediately upon its passage.
PASSED AND ADOPTED this 23rd day of O%tober, 198
(Official Seal)
VIER L. SUARE-2, MAYOR
ATTZS T
MATTY HIRAI -CITY CLERK
APPROVED AS.T6 FO -,AND CORRECTNESS:
LUCIA A. DOUGHERTY
CITY ATTORNFV
1, 'Minth• Mrni, Clerk of tltc of Miami, Florida,
hereby Certify that can
A. I). 19.. is .1 fuli, th•ue and correct cojw of the Obt), e
and fore�1; o-din:u�cc �tia; rt�strd :tt the Saut e I10:)r
o: the• Dade County C curt fl-►use at the phe provided
for notievs and 1,a1)li ati:nis J)y attaching said cony to
the glace provided tlieref.w.
WiT\JES`.S niv hand and the official seal of slid
City this_ —dat ' of �Z n� . D. 19 0 7
Citv Clerk
XI-4 1 0 1 6 5
P"INICIPAL BOND UARAI~t"k•`Y
INSURANCE POLICY
MOL4L IVItInj 1pal Rand Insurance Association
White Plains, Ne", York 10601
polic% No: 3985
ThC ittsutance companies comprising the Municipal l3ohd Insurance Association (the "Associatioh"). each of which participates and is
the premium and subject to the terms of this policy, heteby uncohditionally and ittesocahty guarantee to a% w of the payment et
liable hereunder starfalh and not loihtly in the respective percentage set forth opposite its name. in consideration
ns owner. as heteinaftet
defined, of the fallowing described obligations, the full and cotrtplete payment tegwrrd to he made by of on behalf of the Issuer to
thf; tiricibal i5ffice of
or its successor (the "paying Agent") of an amount equal to (i) the principal of (either at the stated maturity or by anv advancement of
maturity pursuaht to a thandaron sinking fund payment) and interest on. the Obligations (as that tettii is defined below) as such
paytnehts shall become due but shall not be so paid (except that in the event of any acceleratioh at the due date of such principal b}
teason of ttiandattiq or optional redemption or acceleration resulting from default or otherwise, other than any advancement of tnatutity
pursuant to a mandator sinking fund payment, the pa}irtrnts guaranteed bitchy shall he made in such amounts and at such times as
such payments of principal would have been
dui had there hot been any such acceleration): and (ii) the reimbursement of any such
pa}inert which is subsequenth recovrrrd from ans owner pursuant to a final judgment by a court of competent urisdiction that such
payment ronstitutesan avoidable preference to such ownrr within the meaning of am applicable bankruptcy law. he amounts referred
to ih clauses (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall
mean:
$4,290,000
Tba City, of. MiAmis Florida
Special Obligation Bonds, Series 1986A
The insurance companies constituting the members of the Association are follciws:
The .4✓tna Casualh and Surety Compam 331;
Fireman's Fund Insurance Company 311^%
The Tra%elets Indemnity Company 15"t
kina Insurance Company 1'_'i
The Continental Insurance Compam Wli
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail. or upon
receipt of written notice by registered or certified mail, by the General Manager of the Association or its designee from the Paying
Agent or any owner of an Obligation the payment of an Insured Amount for which is then due, that such required payment has not
been made, the Association on behalf of its members on the due date of such payment or within one business day after receipt of notice
of such nonpayment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A.. in New York, New York, or
its successor, sufficient for the payment of an)m • such Insured Amounts which are then due. Upon presentment and surrender of such
Obligations or presentment of such other roof of ownership of the Obligations, together with aappropriate instruments of assignment
to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Association, and appropriate instruments
to effect the appointment of the Association or the General Manager as agent for such owners of the Obligations in any legal proceeding
related to pa),ment of Insured Amounts on the Obligations, such instruments being in a form satisfactory to Citibank, N.A., Citibank.
N.A. shall disburse to such owners, or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount
held by the Paying Agent for the payment of such Insured Amounts and legally available therefore. This policy does not insure against
loss of any prepayment premium which may at any time be payable with respect to any Obligation.
As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the Paving
Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose
agreement with the Issuer constitutes the underlying security for the Obligations.
Any service of process on the members of the Association may be made to the Association, one of the members of the Association or
the General Manager of the Association or the General Agenf of the Association and such sen'ice of process shall be valid and binding
as to the Association and each of its members. During the term of its appointment, Municipal Issuers Service Corporation will act as
the General Manager of the Association and its offices are located at 34 South Broadway, White Plains, New York 10601
This policy is non -cancellable for any reason. The premium on this policy is not refundable for am reason including the payment prior
to maturity of the Obligations.
IN WITNESS WHEREOF, each of the members of the Association has caused this policy to be executed and attested on its behalf by
the General Manager and General Agent of the Association. this 6th day of November . 19_B.E_.
LYKES ROTHERS INSIJRAI4CE AGENCY
i`,i;-�e;i-d-en-t-
J
Agent
Attest:
Sccretan
913
MUNICIPAL BOND
INSURANCE ASSOCIATION
The .4-.tnp Casualt% and Suret% Compam
Fircman's Fund'lnsurance Compam
The Trawlers Indemnity Compam
X£Ina Imuiancc Compan%
The Continental Insurance Company
By NIVNICIPAL ISSUERS SERVICE CORPORATIO'
�2 � ;
President
t
Insert Kamr of 1'rwrcr or Paying AEcnt
1 0165
1 rl 0 "
THE CITY OF MIAMI, PLORIOA
SPECIAL OBLIGATION BONDS
SERIES 1986A
SOND PURCHASE CONTRACT
The City of Miami, Florida
City Hall
1500 pan American Drive
Miami, PL 33133
1986
Gentlemen:
L.P. Rothschild, Unterberg, Towbin acting for itself
and on behalf of Daniels & Bell, Inc. and Security pacific Merchant
Banking Group (collectively, the "Underwriters") hereby offers to
enter into this Bond Purchase Contract (the "Contract") for the
purchase by the Underwriters and sale by the The City of Miami,
Florida ( the "City") of its $ `;; 1 10 vaa Special Obligation Bonds,
Series 1986A, to be dated as o October 1, 1986 (the "Bonds")
which Contract, upon execution by the City, shall be in full force
and effect. This offer is made subject to acceptance and execu-
tion of this Contract by the City prior to 11:00 p.m., local time,
on October 24, 1986. Underwriters hereby deliver their good faith
check in the amount of 1% of the face amount of the Bonds, which
amount shall be conclusively presumed to be the full amount of
liquidated damages in the event of breach by Underwriters.
The Bonds are being issued to finance a project (the
"Project") undertaken by the City consisting of the construction
of owner occupied residences including mid -rise, townhouses, and
detached houses, under the Scattered Site program in the City's
Community Development Target Areas and in other areas as desig-
nated by the City Commission, and the payment of the costs and
expenses relating to the issuance of the Bonds.
1. Upon the terms and conditions and upon the repre-
sentations and warranties set forth herein the Underwriters hereby
agree to purchase from the City for offering to the public, and
the City hereby agrees to sell to the Underwriters all (but not
less than all) of the Bonds in $5,000 denominations (except as
otherwise set forth in the Ordinance, hereinafter defined) and
whole multiple denominations at an aggregate purchase price of
$ ..I-n•t-e rrest-i rrl—b e—paya b-l-el from October 1, 1986.
.zr.:,
10165
eeW2r500--10/22/8E
D
2, The Bonds shall be as described in, and shall be
issued and secured under and pursuant too an ordinance adopted by
the City Commission of the City on October 23, 19B6 (the "Ordinance")d
The Bonds shall mature o-"-u_Ly--1-o--2.a06 and�hall bear
interest a�k Jbe---annual-tat-e of --� ---The-Bonds= shall be subject
to redemption prior to maturity •Fit—t-o--ser-i-a•l-matur.itieicand have
interest payment dates, as described in the Ordinance, -
Concurrently with the execution and delivery of the
Bonds, there shall be delivered a Municipal Bond Guaranty Insur-
ance Policy issued by Municipal Bond Insurance Association ("M81A11),
and the rating of MBIA by the two leading bond rating agencies
shall be unchanged since the date of execution of this Bond Pur-
chase Contract.
The Ordinance shall be substantially in the form pre-
viously submitted to the Underwriters with such changes and amend-
ments as the Underwriters shall approve in writing.
3. The City shall deliver or cause to be delivered to
the Underwriters as soon a practicable after its acceptance hereof
ten executed copies of its Official Statement relating to the
Bonds, dated as of the date hereof (the "Official Statement"),
signed on behalf of the City by its authorized officer.
The City authorizes the use of copies of the Official
Statement in connection with the public offering and sale of the
Bonds.
If between the date hereof and the date of Closing any
event shall occur which would cause the Official Statement, as
then supplemented or amended, to contain any untrue statement of
a material fact or omit or fail to state a material fact required
to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not
misleading, and if in the opinion of the City, the Underwriters
or Bond Counsel (hereinafter defined) such event requires the
preparation and publication of a supplement or amendment to the
Official Statement, the City will cooperate to cause the Official
Statement to be amended or supplemented in a form approved by the
Underwriters.
4. (a) The City represents and warrants to, and agrees
with, the Underwriters that:
(i) The City is a municipal corporation organized
and existing pursuant to the laws of the State of Florida
and as such has the power and authority to issue the
Bonds for the purposes described in the Official State-
ment and to consummate the transactions contemplated by
- 2 -
10If) 5
esw2-500y- 10/22/4*
this Bond Purchase Contracts the Ordinance and the Offi-
cial Statement,
(ii) The Official Statement does not contain any
untrue statement of a material fact with respect to the
City or the Projector omit to state a material fact
with respect to the City or the Project required to be
stated therein or necessary to make the statements there-
in with respect to the City or the Project, in the light
of the circumstances under which they were made, not
misleading.
(iii) The City has taken all action required to be
taken by it for: (a) the issuance and sale of the Bonds
upon the terms set forth herein and in the Official
Statement; and (b) the approval, execution and delivery
or receipt by it of the Bonds, the Official Statement,
this Contract and any and all other agreements and docu-
ments required to be executed and delivered or received
by the City in order to carry out, give effect to, and
consummate the transactions contemplated hereby and by
the Official Statement.
(iv) The Bonds, when issued, delivered and paid
for as herein and in the Ordinance provided, will have
been duly authorized and issued, will constitute valid
and binding special obligations of the City entitled to
the benefits and security of the Ordinance and will be
enforceable in accordance with their terms, except as
the enforceability of the remedies provided therein may
be limited by applicable bankruptcy, reorganization,
insolvency or other similar laws or equitable princi-
ples affecting the enforcement of creditors' rights or
remedies.
(v) To the best knowledge of the City, there is
no action, suit, proceeding, inquiry or investigation
at law or in equity or before or by any court, public
board or body pending or threatened against or affecting
the City (or, to the knowledge of the City, any merito-
rious basis for such an action, suit, proceeding, in-
quiry or investigation) wherein an unfavorable deci-
sion, ruling or finding would adversely affect: (A)
the transactions contemplated hereby or by the Official
Statement, (B) the validity or enforceability of the
Bonds, the Ordinance, this Contract or any agreement or
instrument to which the City is a party or by which it
is bound and which is used or contemplated for use in
the consummation of the transactions contemplated hereby
or by the Official Statement, or (C) the federal tax-
exempt status of the interest on the Bonds.
- 3 -
10165
eSw2-500--10/22/8
0
(vi) The execution and delivery by the City of the
Official Statement, this Contract, the Bonds, the Ordin-
ance, and the other documents contemplated hereby and
by the Official Statement, do not, and compliance with
the provisions thereof will not, to !.ts knowledge,
after consultation with its cOLIhsel, conflict with or
constitute on the part of the City a breach of or a
default under existing law, court or administrative
regulation, decree, order, agreement, indenture, mort-
gage, lease, sublease or other instrument to which the
City is a party or by which it may be bound in any
manner that would have material and adverse effect upon
the validity of such documents.
(b) The City covenants that between the date
hereof and Closing it will take no actions which will cause the
representations and warranties made in subparagraph (a) of this
Section 4 to be untrue as of the Closing.
(c) Any certificate signed by any one or more of
the City's authorized officers and delivered to the Underwriters
shall be deemed a representation and warranty of the City.
_ (d) The City agrees to cooperate reasonably with
the Underwriters and their counsel in any endeavor to qualify the
Bonds for offering and sale under the securities or "Blue Sky"
laws of such jurisdictions of the United States as the Underwriters
may request, provided, however, that the City shall not be required
with respect to the offer or sale -of the Bonds to file written
consent to suit or to file written consent to service of process
in any jurisdiction. The City consents to the use by the Under-
writers of the drafts of the Official Statement prior to the
availability of the Official Statement in obtaining such quali-
fication.
5. At noon local time on November & , 1986, or at
such other time or on such earlier or later date as we mutually
agree upon (herein called the "Closing" or "Closing Date"), the
City will deliver or cause to be delivered to the Underwriters in
New York City or at such other place as we may mutually agree
upon, the Bonds in definitive form duly executed and authenticated,
together with the other documents hereinafter mentioned, and the
Underwriters will accept such delivery and pay the purchase price
of the Bonds as set forth in Section 1 hereof and accrued interest
thereon from October 1, 1986 to the Closing Date in immediately
available funds. The Bonds will be delivered in fully registered
Form registered in such names as the Underwriters may request
three days prior to delivery.
6. The Underwriters' obligations under this Contract
are and shall be subject to the following conditions:
- 4 -
10165
esW2y5BQ--1(1/�2/g
(a) At the Closing gate (i) the Official. State -
meat, the Ordinance, the Municipal Bond Guaranty Insurance policy
and the Ordinance shall be in full force and effect and shall not
have been amended, modified or supplemented except as may have
been agreed to in writing by the Underwriters; (ii) the represen
Cations and warranties of the City herein shall be true and cor-
sect in all material respects; (iii) the proceeds of the sale of
the Bonds shall be applied as described in the Ordinance; and
(iv) the City shall have duly adopted and there shall be in full
force and effect such resolutions or ordinances as, in the opinion
of Brown and Wood, ("Bond Counsel"), shall be necessary in connec-
tion with the transactions contemplated hereby.
'(b) The Underwriters shall have the right to can-
cel their obligation to purchase the Bonds, upon notification to
the City if between the date hereof and the Closing Date, (i)
legislation shall have been enacted or proposed by the Congress
of the United States, or a decision shall have been rendered by a
court of the United States, or a ruling shall have been made or a
regulation shall have been proposed or made by the Treasury De-
partment of the United States or the Internal Revenue Service or
other governmental agency, with respect to federal taxation upon
revenues or other income of the general character of that to be
derived by the City under the Ordinance or upon interest received
on obligations of the general character of the Bonds, which would
have the effect of changing the federal income tax consequences
of revenues or other income of the general character to be derived
by the City under the Ordinance or of interest on obligations of
the general character of the Bonds in the hands of the owners
thereof, and which in the reasonable judgment of the Underwriters
materially adversely affects the marketability or market price of
the Bonds, or (ii) there shall exist in the reasonable judgment
of the Underwriters any event which either (A) makes untrue or
incorrect in any material respect any statement or information
contained in the Official Statement or (B) is not reflected in
the Official Statement but should be reflected therein in order
to make the statements and information contained therein not mis-
leading in any material respect, in light of the circumstances
under which they are made, or (iii) there shall have occurred any
outbreak of hostilities or other national calamity or crisis, the
effect of which outbreak, calamity or crisis in the financial
markets of the United States is such as would in the reasonable
judgment of the Underwriters materially adversely affect the mar-
ketability or the market price of the Bonds, or (iv) legislation
shall be enacted or any action shall be taken by the Securities
and Exchange Commission which, in the opinion of Bond Counsel, has
the effect of requiring the Bonds to be registered under the Se-
curities Act of 1933 or the Ordinance to be qualified under the
Trust Ordinance Act of 1939, or (v) a general banking moratorium
shall have been declared by Federal, New York or Florida author-
ities having jurisdiction and shall be in force or (vi) a stop
- 5 -
10165
E
order, ruling, regulation or official statement by or on behalf
of the Securities and Exchange Commission shall be issued or made
to the effect that the issuance, offering or sale of the Bonds,
or of obligations of the general character of the Bonds as cohtem-
plated hereby, is in violation of any provision of the Securities
Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, or the Trust Ordinance Act of 1939, as amended, or (vii)
a ruling is requested by the City from the Internal Revenue Service
relating to the exemption from federal income taxation of interest
on the Bonds or on obligations of the general character of the
Bonds,
(c) At or prior to the Closing, the Underwriters
shall receive the following documents:
(i) The Municipal Bond Guaranty Insurance Policy.
(ii) An approving opinion of Bond Counsel,
addressed to the City and dated the date of Closing,
and a reliance letter addressed to the Underwriters,
acceptable to the Underwriters.
(ii) An opinion of Counsel to the Underwriters,
addressed to the Underwriters and dated the date of
Closing, to the effect that:
(A) The statements contained in the Official State-
ment under the captions "Description of the Bonds" and
"Summary of Ordinance", insofar.as such statements sum-
marize certain provisions of the Bonds and the Ordinance,
are reasonable summaries of the provisions summarized
and the statements contained in the Official Statement
under the caption "Exemption from Taxation" accurately
reflect the opinion of Bond Counsel as to the federal
and Florida tax exemptions applicable to the Bonds;
(B) The Bonds are not required to be registered
under the Securities Act of 1933, as amended and the
Ordinance need not be qualified under the Trust Ordinance
Act of 1939, as amended, and neither such registration
nor such qualification is required under the presently
effective rules and regulations of the Securities and
Exchange Commission promulgated under such statutes;
and
(C) While they have not independently investigat-
ed the accuracy or completeness of, or otherwise veri-
fied, any statement of fact contained in the Official
Statement, nothing has come to their attention which
leads them to believe that the Official Statement
(other than financial and statistical data contained
- 6 -
10).n5
esw2-soa=-10/22/8(6
El
therein as to which they need express no opinion) Con-
tains any untrue statement of a material fact or omits
to state any material fact necessary to make the state-
ments therein made, in the light of the circumstances
under which they were made, not misleading,
(iv) A certificate or certificates, dated the date
of Closing, signed by the Mayor or the Vice Mayor or
the,City Manager or such authorized officer of the City
and in form and substance satisfactory to Bond Counsel
and to the Underwriters in which such official, to the
best of his knowledge after reasonable investigation,
states that the representations of the pity herein con-
tained are true and correct as of the Closing, and that
the Official Statement insofar as it relates to the
City and Project does not include any untrue statement
of a material fact or omit to state any material fact
required to be stated therein or necessary to make the
statements therein, in light of the circumstances in
which they were made, not misleading.
(v) A certificate dated the date of Closing
signed by the Mayor or the Vice Mayor or the City Man-
ager or such other authorized officer of the City,
sufficient in form and substance to Bond Counsel and to
the Underwriters to establish that the Bonds will not
be arbitrage bonds under Section 103(c) of the Internal
Revenue Code of 1954, as amended (the "Code") and the
regulations thereunder.
(vi) An opinion, addressed to the City, the Under-
writers and Bond Counsel and dated the Closing Date, of
Lucia A. Dougherty, Esq., City Attorney covering the
matters set forth in Exhibit I attached hereto and made
a part hereof.
(vii) Such additional legal opinions,
certificates, proceedings, instruments and other
documents as the Underwriters or Bond Counsel may
reasonably request to evidence: (A) compliance by the
City with legal requirements; (B) the completeness and
accuracy, as of the time of Closing, of the representa-
tions of the City herein and the information contained
in the Official Statement; and (C) the due performance
or satisfaction by the City at or prior to such time of
all agreements then to be performed and all conditions
then to be satisfied by them or any of them.
If the City shall be unable to satisfy the conditions
to the obligations of the Underwriters contained in this Con-
tract, or if the obligations of the Underwriters shall be ter-
- 7 -
ip185
esw�-soa=�lo/2�/�0914,
minated for any reason permitted by this Contract, this Contract
shall terminate and neither the Underwriters, not the City shall
have any further obligations hereunder, except as provided in
Section 7 hereof. However, the Underwriters may in their dis-
cretion waive one or more of the conditions imposed by this Con-
tract for the protection of the Underwriters and proceed with the
Closing►
7. All expenses and costs of the Underwriters inci-
dent to the performance of their obligations in connection with
the offering, sale and delivery of the Bonds, excluding Under-
writers' Counsel shall be paid by the Underwriters. All expenses
and costs of the City incident to the performance of its obliga-
tions in connection with the authorization and issuance of the
Bonds, including without limitation, the printing of the Bonds
and the legal documents, the fees and expenses of Bond Counsel
and Underwriters Counsel, the cost of Bond Insurance shall be
paid from the proceeds of the Bonds. The City shall be under no
obligation to pay any expenses in connection with the purchase
and sale of the Bonds other than from the proceeds of the Bonds.
8. Any notice or other communication to be given to
the City under this Bond Purchase Contract may be given by deliver-
ing the same in writing at the address set forth above and any
such notice or other communications to be given to the Under-
writers may be given by delivering the same in writing to L.F.
Rothschild, Unterberg, Towbin, One Penn Plaza, 46th Floor, New
York, New York 10119, Attn: John Berenyi, Principal. Notice
shall be deemed to be delivered,hereunder when sent by registered
or certified United States mail, postage prepaid, to the above
addresses.
9. All representations, warranties and agreements in
this Bond Purchase Contract shall remain operative and in full
force and effect, regardless of the delivery of and payment for
the Bonds and, in the case of Section 7 above, any termination of
this Bond Purchase Contract.
- a -
10165
esw�=500��10/��/8
10. This 13ohd purchase Contract shall be intetpreted
under the laws of the State of Florida
Very truly yours,
LiF. ROTHSCHILD► UNTE"tao ► TOWHIN►
acting for itself and on behale of
OAN18LS 6 BELL► INC. AND SECURITY
PACIFIC MERCHANT BANKING GROUP
By
ACCEPTED , 1986
THE CITY OF MIAMI
By:
Mayor or Vice Mayor
or City Manager
Attest:
City C1erK
(SEAL)
9 -
p
esw2y-500 10/22/8r--,
RIO
Exhibit I
M
Matters to be Covered in Opinion of
Lucia bougherty, Esq., City Attorney
(Terms as defined in bond Purchase Contract)
l: The City has been duly incorporated and is validly
existing under the laws of the State of Florida with power and
authority to undertake and complete the Project as described in
the Ordinance and Official Statement, to enter into, the Ordinance
and the Bond Purchase Contract and to issue and sell the'bonds.
2. The Contract and the Ordinance have been duly and
validly authorized, executed and delivered by the City and are
valid and binding obligations of the City enforceable in
accordance with their respective terms except as limited by
bankruptcy, reorganization, insolvency, or other laws or equit-
able principles relating to the enforcement of creditors' rights.
3. The rights of the City to payments from Southern
Bell Telephone Company, as described in the Ordinance, have been
validly and effectively assigned and pledged to the Trustee as
security for the Bonds.
4. The Bonds have been duly and validly authorized,
executed, issued and delivered by the City and constitute the
legal, valid and binding limited obligations of the City enforce-
able in accordance with their respective terms, except as limited
by bankruptcy, reorganization, insolvency, or other laws or equit-
able principles relating to the enforcement of creditors' rights
generally.
5. To the knowledge of such City Attorney, after due
inquiry, there is no action, suit or proceeding at law or in
equity before or by any court, and no action, suit, inquiry, pro-
ceeding or investigation before or by any public board or body
having jurisdiction over the City, pending or to the best of his
knowledge threatened against or affecting the City, or to which
the City is a party or to which property of the City is subject,
wherein an unfavorable decision, ruling or finding would (a) ad-
versely affect the transactions contemplated by the Official
Statement, the validity or enforceability of the Bonds or the
exemption of interest thereon from federal income taxes, or the
validity or enforceability of the Ordinance, or the Contract; (b)
in any material and adverse way contest the existence or powers
of the City.
6. To the knowledge of such City Attorney, the execu-
tion, delivery and consummation of the transactions contemplated
- 10 -
110165
by, and the fulfillment and compliance with the terms of, the
Bonds, the Otdinance, and the Contract, under the circumstances
contemplated thereby, do not in any respect conflict with or cote
stitute on the part of the City a breach or violation of or de-
fault under its Charter, or any indenture, mortgage, deed of
trust or other agreement to which the City is a party or by which
it is or may be bound or any existing law, court or administra-
tive regulation, order or decree to which the City is subject.
7, The Official Statement has been duly authorized,
approved, executed and delivered by the City.
8. Nothing has come to her attention which would lead
her to believe that the Official Statement contains an untrue
statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements
therein with respect to the City, in the light of the circum-
stances under which they were made, not misleading.
9. Such other matters as Bond Counsel or the Under-
writers may reasonably request prior to Closing.
No opinion need be expressed by such City Attorney as
to the manner and form of the offer, sale and distribution of the
Bonds by the Underwriters or the applicability of state or federal
securities laws in connection therewith.
Such opinion shall state that it may be relied on by
the parties involved in the issuance of the Bonds and their coun-
sel as if it were addressed specifically to them.
10165
2
PRELIMINARY OFFICIAL 8TATI:MI NT DAM DCTOSIa 20, 4086
NEW ISM
In the opinion of $town 8 Wood, Bond Counsel, under existing statutes, regulations, rulihgt and tourl dL-cisi6hs, the
interest on the bonds is ettmpt from alI present fer/erdl intorne taxes ohd ftotii ititorhet taxation under State of
Florida low, except as to taxes imposed by Chapter 220, Floridd Statutes, on interest, income or profits on debt obli-
gatiohs owned by corporations, as defined in scud Chopter 220. the Bonds are exempt frown iritongible persondl
property taxes imposed by Chapter lam, Florida Statutes. $ee "WNIPPON PROM WAt10N". If the tdx bill
Is ehdtted into low, the exemption of interest on the Bonds from federal income taxation would not be
adversely affected except as explained under the caption "PENDING I'WEPAL W LE6tSLAtION" herein,
5493801000 *
The City of Miami, Florida
Special Obligation Bonds
Series ,1 986A
boted: October 4, 4986
bue: As shown below
Interest on the Bonds is payable semi-annually on January 1 and July 1 in each year, commencing July 1, 1987.
The Bonds ate issuable as fully registered Bonds in the denomination of $5,000 or integral multiples thereof. Interest on
the Bonds will be payable to the registered owners shown on the registration books of the City on the 15th day (whether
or not a business day) of the month preceding an intetest payment date, by check or draft mailed to such registered
owners by the Bond Registrar and Paying Agent
Principal on the Bonds will be payable on July 1 of each year, as shown below, upon presentation and surrender
thereof at the principal corporate trust office of the Bond Registrar and Paying Agent.
The Bonds are being issued to finance the construction of residential housing units In the City for sale to qualified
purchasers,
The Bonds are subject to optional and mandatory redemption, as described herein.
The Bonds and the Interest thereon are payable solely from certain payments received by the City from Southern
Bell Telephone and Telegraph Company as a franchise fee, and are not a general obligation of the City. The Bonds
are insured by a Municipal Bond Guaranty Insurance Policy issued by MUNICIPAL BOND INSURANCE ASSOCIATION.
Maturities, Amounts, Interest Rates and Prices or Yields'
$11,450,000' Serial Bonds
Principal Interest Price
Maturity
Amount' Rate or Yield
1987
$ 65,000
1988
125,000
1989
130,000
1990
135,000
1991
145,000
1992
150,000
1993
460,000
1994
170,000
1995
180,000
1996
190,000
$2,850,000' % Term Bonds due July 1, 2006 Price %
(Accrued interest to be added)
Neither the faith and credit nor the faxing power of the City to levy ad valorem real or tangible personal
property taxes is pledged to the payment of the Bonds.
The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified opproval
of legality by Brown 8 Wood, New York, New York, Bond Counsel, and to certain other conditions. Certain legal
matters will be passed on for the Underwriters by their counsel, Saul, Ewing, Remick 8 Soul, Wilmington, Delaware
and for the City by Lucia A. Dougherty, Esquire, City Attorney of the City of Miami. It is expected that the Bonds
in definitive form will be available for delivery in New York, New York on or about November , 1986.
L.F. ROTHSCHILD, UNTERBERG, TOWBIN, INC.
DANIELS & BELL, INC. SECURITY PACIFIC MERCHANT BANKING GROUP
October , 1986
' Subject to change.
11 016 5
The City Of Miami, Florida
MEMBERS OF BOARD OF CITY COMMISSIONERS
XAVIER L. SUAREZ, Mayor
JOE CAROLLO MILLER J. DAWKINS
ROSARIO KENNEDY A. PLUMMER, JR,
CITY OFFICIALS
City Manager ......................... CESAR H. ODIO
Assistant City Manager ............. HERBERT J.13AILEY
City Attorney .................. LUCIA A. DOUGHERTY
Director of Finance ................ CARLOSE. GARCIA
City Clerk ..............................MATTY HIRAI
Bond Counsel
BROWN & WOOD
New York, New York
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
New York, New York
,'�� 10165
a +�
[THIS PAGE INTENTIONALLY LEFT BLANK]
low
m
No person has been authorized to give any ifitorittation or to make any representations other that!
those coniained In this Official statement in connection with the offer trade hereby and, If given of trade,
such information or representations trust tint be relied upon as having been authorized by the City or
Municipal bond Insurance Association, Neither the delivery of this Official Statement not any sale
hereunder shall create any implication that there has not been a change in the affairs of the City, Municipal
Bond Insurance Association or the underwriters, since the date hereof, This Official Statement does not
constitute an offer or solicitation In any jurisdiction in which such offer or solicitation is tint authorized or
In which the person making such offer or solicitation is not authorized or in which the person tnaking such
offer or solicitation Is not qualified to do so or to any person to whom it is unlawful to make such offer or
solicitation. The Information and expressions of opinion herein are subject to change without notice and
neither the delivery of this Official Statement nor any sale trade hereunder shall, under ant" circumstances,
create any Implication that there will be no change in the affairs of the CltvMunicipal Bond Insurance
Association or the Underwriters; from the date hereof to the date of the delivery of the Bonds.
This Official Statement is submitted In connection with the initial public offering of the fonds.
IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITERS MAi'
OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET
PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN
THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAI' BE DISCONTINUED AT
ANY TIME.
TABLE OF CONTENTS
Page
Introduction....................................................... 1
TheBonds......................................................... 1
General......................................................... 1
Interest Payment Dates ............................................ 2
RedemptionProvisions ............................................ 2
Bond Insurance ................................................... 2
Authorization for the Bonds ........................................ 3
Source of Payment ................................................ 3
Southern Bell Franchise Fee ........................................ 3
The MBIA Insurance Policy .......................................... 4
TheProgram ....................................................... 6
Sources and Uses of Funds ............................................ 6
Summary of Ordinance .............................................. 6
Underwriting....................................................... 12
Rating of the Bonds ................................................. 12
Absence of Material Litigation .. . ................... .......... 12
Approval of Legal Matters ........................................... 12
Exemption From Taxation ............................................ 13
Pending Federal Tax Legislation ....................................... 13
Miscellaneous...................................................... 14
Appendices
A — Description of the City ........................... .. ....... A-1
B — Specimen of MBIA Insurance Policy ............................ B-1
C — Opinion of Bond Counsel ..................................... C-1
i
....._
,�,. f�,,���7_�;..,� ,.A ��...r
[THIS PAGE INTENTIONALLY LEFT BLANK]
10165
� 1.
OFFICIAL STATEMENT
4,3001000*
THE CITY OF MIAM19 FLORIDA
Special Obligation Honds
Series 1986A
INTRODUCTION
The purpose of this Official Statement of The City of Miami, Florida (the' `City"), which includes the
cover page and appendices attached hereto, is to set forth information concerning the City's Special Obliga-
tion bonds, Series 1986A to be issued in the aggregate principal amount of $4,300,000* (the ``Bonds"), _
authorized by the Miami City Commission as hereittbelow mentioned.
Brief descriptions or summaries of the City, sources of payment for the Bonds, MB1A, Southern Bell
Franchise Bee, and the Ordinance, are set forth below. Such descriptions and summaries do not purport to
be complete or definitive, and each summary is qualified in its entirety by reference to the respective docu-
ment, copies of which are on file with the City. Capitalized terms used herein and not otherwise defined shall
have the meaning defined in the Ordinance:
THE BONDS
General
The Bonds are being issued in the aggregate principal amount of $4,300,000", are dated October 1,
1986, and are issuable as fully registered bonds in the denomination of $5,000 or integral multiples thereof.
The Bonds are issued to finance the construction of residential housing units in the City for sale to qualified
purchasers. Interest on the Bonds will be payable to the registered owners shown on the registration books
of the City on the fifteenth day (whether or not a business day) of the month preceding an interest payment
date (the "Regular Record Date"), by check or draft mailed to such registered owners by the Bond Registrar
and Paying Agent referred to below, or, at the request of any registered owner of at least $1,000,000 aggre-
gate principal amount of the Bonds, by wire transfer to the bank account of any such owner who files an
account number with the Paying Agent for such purpose, irrespective of any transfer or exchange of any
Bond subsequent to such Regular Record Date and prior to such interest payment date, unless the City
defaults in the payment of interest due on such interest payment date. In the event of any such default, such
defaulted interest will be payable either to the person in whose name such Bond is registered at the close of
business on a special record date for the payment of such defaulted interest which date shall be not more
than 15 nor less than 10 days prior to the date of the proposed payment of such defaulted interest, or in any
other lawful manner deemed practicable by the Paying Agent. Such notice shall be mailed to the person
whose name appears in the registration books not less than 10 days prior to the special record date. The
principal of, and premium, if any, on the Bonds are payable on principal payment dates which shall be July i
of each year beginning July 1, 1987, upon presentation and surrender of the Bonds at , as
Fiscal Agent, Bond Registrar and Paying Agent. The transfer of any Bond may be registered only upon sur-
render thereof to the Bond Registrar, together with an assignment duly executed by the owner or his attor-
ney or legal representative in such form as is satisfactory to the Bond Registrar. The City and the Bond
Registrar may make a charge for every exchange or registration of transfer of Bonds sufficient to reimburse
them for any tax or other governmental charge required to be paid with respect to such exchange or registra-
tion of transfer. Neither the City nor the Bond Registrar shall be required to make any such exchange or
registration of transfer of Bonds during the 15 days preceding the day of mailing of a notice of redemption
of Bonds or after a Bond has been selected for redemption.
' Subject to change
1 016 5
a 0
lr et"I payittefil bgles
The Bonds beat interest at the rates per annutn set forth on the cover page of this Officiat Statement;
payable StMi=annually un January I and July 1 of each year, commencing July 1, 1991, and mature as
shown on the cover page of this Official Statement,
Redemption Provisions,
Optional Redemption
The Bonds maturing on or after July 1, 1997 are subject to redemption prior to maturity on any inter-
est payment date, at the option of the City, on and after July 1, 1996, in whole or in part in such order as the
City shall determine, at the redemption prices (expressed as a percentage of principal amount on the date of
redemption) set forth in the table below, plus interest accrued to the date fixed for redemption, as follows:
Perit)d
Redemption
(both Dated Inclusive)
Price
July 1, 1996 through June 30, 1997 .........
102e/o
July 1, 1997 through June 30, 1998 .... , ....
101
July I; 1998 and thereafter ............ . ...
100
Mandatory Redemption
The Term Bonds shall be subject to redemption in part on July 1 on each of the following years at a
redemption price equal to the principal amount thereof plus accrued interest to the date of redemption,
without premium, in the principal amount specified below, which represents the Sinking Fund Requirement
for the twelve-month period ending on each of the following dates:
Term Bonds Due July 1, 2006
Redemption Date Prineipai Amount
• Final Maturity
General Provisions
Upon surrender of any Bond for redemption in part, the City shall execute and the Bond Registrar
shall authenticate and deliver to the owner thereof, at the expense of the City, a new Bond or Bonds, in
denominations of $5,000 or any integral multiple thereof, equal to the surrendered portion of the Bonds so
surrendered.
If less than all the Bonds are called for redemption, the Bonds to be redeemed shall be selected by the
Bond Registrar in such manner as the City in its discretion may determine.
Notice of any redemption will be mailed to the registered owner of any Bond all or a portion of which
is to be redeemed at his address as it appears on the registration books of the City kept by the Bond Registrar
not less than 10 nor more than 20 days prior to the redemption date. The failure to mail any such notice or
any defect therein shall not effect the validity of the proceedings for such redemption with respect to any
owner to whom proper notice was duly mailed.
Bond Insurance
Payment of principal and interest on the Bonds, when due, is insured by a new bond insurance policy
issued by Municipal Bond Insurance Association ("MBIA"). See "The MBIA Insurance Policy".
2
10165
11
Auithoriffition tot the Bonds
Issuance
Statutes,as amended a d Ordinance No.authorized by ,hadopted by ythe Commission of the City on October 198E
(the "Ordinance").
Soutee of Payment
General
The Bonds are special obligations of the City secured by and payable solely from the special fund
created by the Ordinance and designated "Miami Special Obligation Telephone Franchise Fee Revenues
Debt Service Fund". The City has Covenanted in the Ordinance to deposit into said fund certain franchise
fees received from Southern Bell Telephone and Telegraph Company pursuant to Section 4(a) of Ordinance
No. 9064, adopted by the Commission of the City on January 24, 1980 and amounts received and pledged by
the City as a result of any performance by the City with respect to its covenants regarding franchise fee as
described herein under "Summary of Ordinance" ("Franchise Fee Revenues").
The Bonds do not constitute a general obligation of the City or a pledge of the faith and credit of the
City. The issuance of the Bonds shall not directly or indirectly or contingently obligate the City to levy or
pledge any form of taxation whatever therefore and the owners of the Bonds shall have no recourse to the
power of taxation.
Reserve Account
The Ordinance requires the City to establish a Debt Service Reserve Account in an amount equal to
one year's maximum annual debt service on the Bonds (S ). In the event that on the first business day
of the month prior to an interest or principal payment date amounts on deposit in the Bond Service Account
are insufficient to pay principal of, premium, if any, or interest on the Bonds coming due on the immedi-
ately following interest or principal payment date, the City is required to transfer to the Fiscal Agent the
amount of such deficiency.
Any deficiency in the Debt Service Reserve Requirement is required to be eliminated by depositing
monthly to the Debt Service Reserve Account all Franchise Fee Revenues (after making the required deposit
to the Debt Service Fund) until the Debt Service Reserve Account shall be restored to its Requirement.
Additional Bonds
The Ordinance authorizes the City to issue additional bonds secured by the Franchise Fee Revenues on
a parity with the Bonds for the purpose of financing the Program, upon compliance with certain conditions.
Such additional bonds shall not be issued unless: (a) Franchise Fee Revenues received by the City during the
twelve-month period prior to the issuance of the additional bonds shall have been at least equal to 1.50 times
the maximum annual debt service on the Bonds plus the additional bonds; and (b) the Debt Service Reserve
Requirement shall equal one year's maximum annual debt service on the Bonds plus the additional bonds.
Southern Bell Franchise Fee
Ordinance No. 9064, adopted by the Miami City Commission on January 24, 1980, grants a franchise
to Southern Bell Telephone and Telegraph Company ("Southern Bell") to construct, operate and maintain
lines and equipment for telephone and telegraph service in the streets and other facilities of the City. The
franchise expires on August 11, 2006. Ordinance No. 9064 provides for the payment by Southern Bell of a —
monthly franchise fee which for the period of January 1, 1986 through August 11, 2006 is in the amount of
3076 of the local recurring revenues, as defined in said Ordinance ("Local Recurring Revenues"). Long
distance charges are not included in gross revenue. Said Ordinance No. 9064 requires 113 of the Local Recur-
ring Revenues to be deposited to a special account and used for funding Emergency Medical Rescue Services
and Equipment. One-third of the Local Recurring Revenues (said one-third amounts being referred to in
this Official Statement as the Franchise Fee Revenues) has been pledged to the payment of principal of and
interest on the Bonds, and is required to be deposited upon receipt by the City into the Debt Service Fund
established pursuant to the Ordinance.
1 016 5
The antitrust decree breaking up American Telephone and Telegraph Company has adversely affected
Southern bell revenues in the City, and the amount of franchise fees received by the City. PHotto the anti-
trust decree, Southern bell awned substantially all telephone instruments in the City, and collected a
monthly recital therefor. Under the antitrust decree as of January 1, 1984, all telephone instrtinients at•e
owned either by AT&T or by private users, and Southern Bell now collects no revenue from the rental of tele-
phone instruments, that fact caused a one tithe decrease in revenues from the franchise fee. The City
believes that the full Ithpact of the divestiture has been realized, and that revenues from the franchise fee will
be relatively stable, with a modest upward trend from current levels.
Collections by the City from the telephone franchise fee (excluding the portion devoted to Emergency
Medical Rescue Services and Equipment) have been as follows;
O kItfidar
Yerr
Amount
1983 .......
$881,594
1984.......
600,595
1985 .......
624,738
1986 .......
635,000 (estimated)
THE MBIA INSURANCE POLICY
The following information has been furnished by MBIA for use in this Official Statement. Reference
is made to Appendix B for a specimen of the MBIA policy.
The MBIA policy unconditionally and irrevocably guarantees the full and complete payment required
to be made by or on behalf of the issuer of an amount equal to (i) the principal of (either at the stated
maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest
on, the Bonds as such payments shall become due but shall not be so paid (except that in the event of any
acceleration of the due date of such principal by reason of mandatory or optional redemption or accelera-
tion resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory
sinking fund payment, the payments guaranteed by the MBIA policy shall be made in such amounts and at
such times as such payments of principal would have been due had there not been any such acceleration),
and (ii) the reimbursement of any such payment which is subsequently recovered from any owner of the
Bonds pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an
avoidable preference to such owner within the meaning of any applicable bankruptcy law (a "Preference").
The MBIA policy does not insure against loss of any prepayment premium which may at any time be
payable with respect to any Bond. The MBiA policy does not, under any circumstance, insure against loss
relating to: (i) optional or mandatory redemptions (other than mandatory sinking fund redemptions); (ii) any
payments to be made on an accelerated basis; (iii) payments of the purchase price of Bonds upon tender by
an owner thereof; or (iv) any Preference relating to (i) through (iii) above. The MBIA policy also does not
insure against nonpayment of principal of or interest on the Bonds resulting from the insolvency, negligence
or any other act or omission of the Paying Agent for the Bonds.
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by
registered or certified mail, or upon receipt of written notice by registered or certified mail, by the General
Manager of MBIA or its designee from the Paying Agent or any owner of a Bond the payment of an insured
amount for which is then due, that such required payment has not been made, MBIA on behalf of its
members on the due date of such payment or within one business day after receipt of notice of such nonpay-
ment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New York, New
York, or its successor, sufficient for the payment of any such insured amounts which are then due. Upon
presentment and surrender of such Bonds or presentment of such other proof of ownership of the Bonds,
together with any appropriate instruments of assignment to evidence the assignment of the insured amounts
due on the Bonds as are paid by MBIA, and appropriate instruments to effect the appointment of MBIA or
the General Manager of MBIA as agent for such owners of the Bonds in any legal proceeding related to
payment of insured amounts on the Bonds, such instruments being in a form satisfactory to Citibank, N.A.,
" 1 016S
Citibank, N.A. shall disburse to such owhet•s or the Paying Agent payment of the insured amounts due on
such Bonds, less any amount held by the Paying Agent for the payment of such insured amounts and legally
available thet•efot.
Each insurance company comprising MBIA will be severally and not jointly obligated under the
N481A policy in the following respective percentages: The Aetna Casualty and Surety Company, �Y76; Fire-
man's Pund Insurance Company, 30%; the Travelers Indemnity Company, 1 Solo; Aetna Insurance Company,
1201o; and The Continental insurance Company, 10%. As a several obligor, each such insurance company
will be obligated only to the extent of its percentage of any claim under the NiBIA policy and will not be obli-
gated to pay any unpaid obligation of any other member of MS IA. Each insurance company's participation
is backed by all of its assets. However, each insurance company is a multiline insurer involved in several lines
of insurance other than municipal bond insurance, and the assets of each insurance company also secure all
of its other insurance policy and surety bond obligations,
The following table sets forth certain financial information with respect to the five insurance compa-
nies comprising N1B1A. The statistics, which have been furnished by NIBIA, are as reported by the insurance
companies to the New 'York State Insurance Department and are determined in accordance with statutory
accounting principles. No representation is made herein as to the accuracy or adequacy of such information
or as to the absence of material adverse changes in such information subsequent to the date thereof. In addi-
tion, these numbers are subject to revision by the New York State Insurance Department which, if revised,
could either increase or decrease the amounts.
MUNICIPAL BOND INSURANCE ASSOCIATION
FIVE MEMBER COMPANIES'
ASSETS, LIABILITIES AND POLICYHOLDERS' SURPLUS
As of June 30, 1986
(000's omitted)
New lbrk
\e% lork
[dew York
Statulor)
Statutory
Polio holders'
Assets
Liabilities
Surplus
The Aetna Casualty & Surety Company ...................
$ 9,232,269
$ 7,707,420
$1,524,849
Fireman's Fund insurance Company .....................
5,385,229
4,144,563
1,240,665
The Travelers Indemnity Company ......................
6,354,125
5,482,318
871,807
Aetna insurance Company.............................
5,235,006
4,834,479
400,528
The Continental Insurance Company .....................
1,556,270
1,304,816
251,454
TOTAL .........................................
$27,762,899
$23,473,596
$4,289,303
Standard & Poor's Corporation rates all new issues insured by MBIA "AAA" Prime Grade.
Moody's Investors Service rates all bond issues insured by MBIA "Aaa" and short term loans "MIG 1",
both designated to be of the highest quality.
Each such rating should be evaluated independently of any other rating. No application has been made
to any other rating agency in order to obtain additional ratings on the Bonds. The ratings reflect the respective
rating agency's current assessment of the creditworthiness of MBIA and its ability to pay claims on its
policies of insurance. Any further explanation as to the significance of the above ratings may be obtained
only from the applicable rating agency.
The above ratings are not recommendations to buy, sell or hold the Bonds, and such ratings may be
subject to revision or withdrawal at any time by the rating agencies. Any downward revision or withdrawal
of either or both ratings may have an adverse effect on the market price of the Bonds.
VP 0
THL PROGRAM
the proceeds of the Bonds will be used to establish a revolving loan fund for the purpose of financitg
the construction of owner occupied residences including rnid=rise, townhouses, and detached houses, under
the Scattered Site Program in the City's Community Development target Areas and in other areas as desig-
nated by the City Commission.
The purpose of the Bonds is to further the City's Program of providing affordable owner:occupied
housing. the units are to be constructed by the City from amounts in the Construction Fund created under
the Ordinance on City owned land and sold to families and persons, including the elderly, of low or
moderate income whose income is not sufficient to enable them, without financial assistance, to live in
decent, safe and sanitary dwellings without overcrowding in the City. Under the Program, families and
persons of low income are those whose gross income does not exceed 80%, and does not fall below 50%, of
the median income for the bade County Metropolitan Statistical Area, and families and persons of
moderate income ate those whose gross income does not exceed 150016, and does not fall below 81 oio, of said
median Income.
Proceeds received by the City from the sale of such units will be deposited into a separate fund to be
used by the City to finance the construction of additional affordable owner -occupied units or for other City
purposes. Such proceeds are not pledged to the payment of the Bonds and the Ponds are not secured
thereby. The money in the Construction Fund, prior to its application to the financing of the program
(including paying the costs of issuance of the Bonds) shall be subject to a pledge thereof in favor of the
Bondowners and for the further security of such owners until applied in accordance with the Ordinance.
SOURCES AND USES OF FUNDS*
The sources and uses of funds (exclusive of accrued interest) in connection with the issuance of the
Bonds are expected to be as follows:
Sources
Principal amount of Bonds ..................
City contribution ...................... . ... .
Total Sources .......................... $
M.
Uses
Deposit in Construction Fund ................ $
Deposit in Debt Service Reserve Account ...... .
Underwriters' Discount .................... .
Total Uses ............................. $
Costs of issuance in connection with the Bonds will be paid out of amounts deposited in the Construction
Fund.
SUMMARY OF ORDINANCE
The Ordinance contains various definitions, covenants and security provisions, certain of which are
summarized below. This summary does not purport to be comprehensive or definitive and is subject to all of
the terms and provisions of the Ordinance to which reference is hereby made.
Certain Definitions (Section 101)
The Ordinance defines certain terms, including the following:
"Code" means the Internal Revenue Code of 1986 and all rulings and regulations in effect thereunder.
» Subject to change.
6
"Debt Service Reserve Requirement" rheatis an attiount equal to one year's maximuni annual debt
service on the Bonds.
"Fiscal Agent" means any bank or trust cotttpahv duly authorized by law to engage in the banking
business and designated by the �liatnl City Comtnission as fiscal agent for moneys under the provisions of
the Ordinance,
"Ftahchise hee Revenues" means amounts received by the City from Southern Bell Telephone and
Telegraph Company pursuant to Section 4(a) of Ordinance I o, 9064, adopted on January 14, 1980, in an
amount equal to I ?'o of the local recurring revenues taken in and received by said company within the
meaning of Section 4(a) of said Ordinance No. 9064 and amounts received and pledged by the City as a
result of any performance by the City with respect to its covenant in Section 607 of the Ordinance.
"Investment Contract" means a contract with a financial institution rated in the highest rating rate-
got-y by Moody's Investors Service and Standard & Poor's Corporation, which contract meets the require-
nients of the Ordinance relating to defeasance.
"Investment Obligations" means any of the following that are, at the time of investment, legal invest-
ments for the investment of the City's funds: (i) Government Obligations; (ii) any other obligation of the
United States of America or any federal agency; (iii) certificates of deposit of national or state banks which
have deposits insured by the Federal Deposit insurance Corporation and certificates of deposit of federal
savings and loan associations and state building and loan associations which have deposits insured by the
Federal Savings and Loan Insurance Corporation (including the certificates of deposit of any bank, savings
and loan association or building and loan association acting as a depository, custodian or trustee for any
proceeds of the Bonds); provided however, that the portion of such certificates of deposit in excess of the
amount insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance
Corporation, i fany, shall be secured by deposit with the Federal Reserve Bank of Atlanta, Georgia, or with
any national or state bank of any of the obligations included in (i) or (ii) above; and (iv) any other invest-
ments permitted by State law in which lending institutions may legally invest their funds.
"Outstanding" when used with reference to the Bonds, means, as of a particular date, all Bonds there-
tofore issued and authenticated under the Ordinance, except:
(1) Bonds theretofore cancelled by the Bond Registrar or delivered to the Bond Registrar for
cancellation;
(2) Bonds in exchange for or in lieu of which other Bonds have been authenticated and delivered
pursuant to the Ordinance;
Creation of Funds and Accounts (Section 401)
The following funds and accounts of the City are created by the Ordinance:
(a) the Construction Fund;
(b) the Miami Special Obligation Franchise Fee Revenues Debt Service Fund (the "Debt Service
Fund"), consisting of the Interest Account, the Principal Account, the Bond Service Account and the
Debt Service Reserve Account; and
(c) the Rebate Fund.
Each fund and account shall be maintained by the City or the Fiscal Agent as a separate and distinct trust
fund or account to be held, managed, invested, disbursed and administered as provided in the Ordinance.
4
10165
t� i
Consiruetiott >1' and (Section 403)
(a) The City shall make payments ftotn the Construction Pund for the purpose of financing the
Program, in accordance with the procedures set forth in paragraph (b) below, except that the City may, by a
certificate of an authorized officer, authorize disbursements from the Construction fund to pay the costs of
issuance by identifying the cost to be iticutred and the amount of such cost.
(b) lCxcept as stated in paragraph (a) above, the City shall make payments from the Construction
Fund upon written requisition, signed by an authorized officer, stating with respect to each payment to be
made (I) the requisition number, (H) the name and address of the person, firm or corporation to whom
payttient Is due, (ill) the amount to be paid, (iv) that each obligation mentioned therein has been properly
Incurred, is a proper charge against the Construction Fund and has not been the basis of any previous with.
drawal, and (v) that the amount to be paid is presently due and payable or has previously been paid by the
City.
(c) The money in the Construction Fund shall be held in trust and applied to the financing of the
Program and, pending such application, shall be subject to a pledge thereof in favor of the owners of the
Bonds and for the further security of such owners until applied in accordance with Section 403.
Debt Service Fund (Section 404)
(a) The principal of, premium, if any, and interest on the Bonds shall be secured equally and ratably
by a pledge of all the proceeds received by the City from the Franchise Fee Revenues. The City irrevocably
pledges such proceeds as received to the payment of the principal, premium, if any, and interest on the
Bonds. The money in the Debt Service Fund shall be held in trust and applied as described below and,
pending such application, shall be subject to a lien and charge in favor of the owners of the Bonds and for
the further security of such owners until paid out or transferred as described below.
(b) The City shall deposit monthly upon receipt to the credit of the applicable account in the Debt
Service Fund Franchise Fee Revenues in an amount that, together with amounts on deposit in such account,
shall at least equal (i) one -sixth of interest on the Bonds due and payable on the next succeeding interest
payment date plus (ii) one -twelfth of the principal of the Bonds due and payable on the next succeeding prin-
cipal payment date. The City shall also deposit to the Debt Service Fund any other amounts contributed by
the City.
(c) On the first business day of December and June of each year, the City shall transfer to the Fiscal
Agent in trust to the credit of the Bond'Service Account from the Interest Account and Principal Account,
as applicable, an amount sufficient to pay the principal of, premium, if any, and interest on the Bonds
becoming due and payable on the next succeeding interest payment date. On each interest payment date the
Fiscal Agent shall withdraw from the Bond Service Account and (i) remit by mail to each owner of Bonds the
amount required for paying the interest due and payable on such date and (ii) deposit in trust with the
Paying Agent the amount required for paying the principal of and premium, if any, due and payable on such
date.
(d) If on the first business day of any December or June, commencing June 1, 1987, and after taking
into account any transfer made in accordance with Section 404 (c), the amount in the Bond Service Account
shall be less than the amount of principal of and interest on the Bonds due and payable on such date, the
City shall forthwith transfer from the Debt Service Reserve Account to the Bata Service Account the
amount of such deficiency.
(e) If at any time the amount in the Debt Service Reserve Account exceeds the Debt Service Reserve
Requirement, such excess amount shall be transferred to the Principal Account.
(f) If at anytime the amount in the Debt Service Reserve Account is less than the Debt Service Reserve
Requirement, the City shall forthwith and each month thereafter deposit upon receipt into the Debt Service
Reserve Account, after making the deposit required by Section 404(b), all Franchise Fee Revenues received
by the City until the Debt Service Reserve Account shall be restored to such requirement.
10165
(g) The City shall invest ati ounts in the Debt Service Reserve Account in Investment Obligations such
that an amount sufficient to pay the principal of and interest on the Bonds conning due on the next principal
payment date will mature, or be subject to withdrawal at the option of the City, no later than such principal
payment date.
Rebt;te Fund (Section 406)
By July 30 of each year commencing 1987, the City shall calculate the amount that would be required
by the Code to be rebated to the United States Treasury if such rebate were required to be made on such
date. On July 30, 1991, 1996 and 2001 and by August 30, 2006, the City shall remit to the approptiate office
in the United States treasury Department the total rebate required on such date by the Code. Not later than
60 days after the date on which all Bonds have been paid in full, such rebate amount shall be remitted to the
United States treasury. Notwithstanding the foregoing to the contrary, the City may take any other actions
with respect to such rebate if it shall have been advised by bond counsel in an opinion that such other actions
shall be in compliance with the provisions of the Code.
Use of Avgilable Funds (Section 412)
Nothing in the Ordinance shall be construed to prevent the City from paying all or any part of the
operating expenses of the City from any money that is available to the City for such purpose that is not
pledged to secure the payment of the Bonds, or from depositing in any fund or account created under the
provisions of the Ordinance any money available to the City for such deposit.
Security for Deposits (Section 501)
All money deposited under the provisions of the Ordinance shall be held in trust and applied only in
accordance with the provisions of the Ordinance and shall not be subject to lien or attachment by any cred-
itor of the City or the Fiscal Agent.
Until money deposited with the Fiscal Agent has been invested in investment Obligations, the amount
of money in excess of the amount insured by the Federal Deposit Insurance Corporation or other federal
agency shall be continuously secured for the benefit of the City and the owners of the Bonds either (a) by
lodging with a bank or trust company approved by the City as custodian or, if then permitted by law, by
setting aside under the control of the trust department of the bank holding such deposit, as collateral
security, Government Obligations or other marketable securities eligible as security for the deposit of trust
funds under regulations of the Comptroller of the Currency of the United States of America, having a
current market value (exclusive of accrued interest) at all times at least equal to the amount of such deposit,
or (b) in such other manner as may then be required or permitted by applicable state or federal laws and
regulations regarding the security for, or granting a preference in the case of, the deposit of trust funds,
provided that it shall not be necessary for the Fiscal Agent to give security for any money which shall be
represented by Investment Obligations.
All money deposited with the Fiscal Agent under the Ordinance shall be credited to the particular fund
or account to which such money belongs.
Investment of Money (Section 502)
Money held in all funds or accounts shall, to the extent practicable, be continuously invested and
reinvested in Investment Obligations. investment Obligations shall mature or be subject to redemption at
the option of the owner thereof not later than the respective dates when the money held for such funds or
accounts will be required for the purpose intended. No Investment Obligations in any fund or account may
mature on a date beyond the latest maturity date of any Bonds Outstanding at the time such Investment
Obligations are deposited.
For the purposes of making any such investment, the City may consolidate money in any fund or
account with money in any other fund or account, subject to the other provisions of Section 502, and may
transfer an interest in an investment from one fund or account to another without liquidating the investment.
9 10165
lnvesttnent Obligations acquired with money in any fund of accouht established under the Ordinance
shall be deemed at all times to be a part of such fund or account. The interest accruing on Investment Obti-
gatlons in any fund or account and any profit realized from such investment shall be credited to the
particular fund or account with respect to which such investment was made. Any loss realized from such
ih%'estnient shall be charged to the particular fund or account with respect to which such investment was
made. Investment Obligations purchased with consolidated funds shall be allocated to each fund or account
on a pro-rata basis in accordance with the initial amount so invested from each such fund or account,
In computing the amount in any fund or account, Investment Obligations shall be valued at the lower
of 0) cost plus amortization of discount or minus amortization of premium, or (ii) market value; provided,
however, that amounts invested under any Investment Contract shall be valued at the amount invested
thereunder,
whenever a transfer of money between two or more of the funds or accounts is permitted or required,
such transfer may be made as a whole or in part by transfer of one or more investment Obligations at a value
determined at the time of such transfer, provided that the Investment Obligations transferred are those in
which money of the receiving fund or account could be invested at the date of such transfer.
Tax Covenants (Section 606)
The City shall perform all acts and things as are permitted by law and as are necessary and desirable to
assure that interest paid on the Bonds remains exempt from all federal income taxation under any valid
provision of law.
The City shall not make or permit any use of the proceeds of the Bonds that, if such use had been
reasonably expected on the day of the issuance of the Bonds, would have caused the Bonds to be "arbitrage
bonds" within the meaning of Section 148 of the Code. The City shall observe and not violate the require-
ments of Section 103 of the Code.
Covenant Regarding Franchise Fee (Section 607)
The City covenants that while any of the Bonds are Outstanding, it will not take any action or fail to
take any action, to the extent permitted by law and in the exercise of its reasonable discretion, that might
result in a suspension, diminution or termination of the receipt of the Franchise Fee Revenues, and it will
not create or permit to be created any charge or lien on the proceeds of the Franchise Fee Revenues ranking
equally with or prior to the charge or lien on such proceeds of the Bonds, except as permitted by the provisions
of the Ordinance relating to the issuance of additional bonds.
Resignation or Removal of Paying Agent and Registrar (Sections 703 and 704)
The Paying Agent may at any time resign and be discharged of the duties and obligations imposed
upon it by giving at least 30 days' notice to the City. The Paying Agent may be removed by the City at any
time by the City giving at least 30 days' notice to the Paying Agent, but such removal will not take effect
prior to the appointment of a successor Paying Agent by the City. In the event of the resignation or removal
of the Paying Agent, the Paying Agent shall pay over, assign and deliver any moneys held by it in such
capacity to its successor or, if there be no successor, to the Fiscal Agent.
The Registrar may at any time resign and be discharged of the duties and obligations imposed upon it
by giving at least 30 days' notice to the City, at which time a successor Registrar, if available, will be appointed
by the City. The Registrar may be removed at any time by an instrument, signed by an authorized officer, or by
the owners of not less than 66'/,% in aggregate principal amount of the Bonds Outstanding, filed with the
Registrar, but such removal will not take effect prior to the appointment of a successor Registrar by the City.
In the event of the resignation or removal of the Registrar, the Registrar shall deliver any Bonds held by it in
such capacity to its successor or, if there be no successor, to the Fiscal Agent.
E
tl 0165
46 0
suppiemental ardinaneft Without owner Consent (section "l)
The City tray, from tirne to tittle and At any litre, enter into such ordinances suppletnenthl to the
Ordinance, without the consent of the owhets of the Bonds, as in the opinion of bond counsel are not detri-
mental to the interests of the owners and are necessary to,
(a) cure any ambiguity or formal defect Of omission, correct or supplement any provision in the
Ordinance or in any supplemental ordinance that may be inconsistent with any other provision in the
Ordinance or in any supplemental ordinance, of make any other provisions with respect to matters or
questions arising under the Ordinance or any supplemental ordinance that shall not be inconsistent
with the provisions of the Ordinance or any supplemental ordinance; or
(b) grant to or confer upon the owners any Additional rights, remedies, powers, authority or
security that may lawfully be granted to of conferred upon the owners; or
(c) amend any of the provisions of the Ordinance to the extent required to permit compliance by
the City with Section 103 of the Code; or
(d) add to the covenants and agreements of the City in the Ordinance other covenants and agree -
merits thereafter to be observed by the City or to surrender any right or power reserved to or conferred
upon the City by the Ordinance.
Supplemental Ordinance With Owner Consent (Section 902)
The owners of not less than two-thirds in aggregate principal amount of the Bonds then Outstanding
and M131A shall have the right, from time to time, to consent to and approve the adoption by the City of
such ordinance(s) supplemental to the Ordinance as shall be deemed necessary or desirable by the City for
the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or
provisions contained in the Ordinance or in any supplemental ordinance; provided that nothing herein
contained shall permit, or be construed as permitting (a) an extension in the payment of any principal or
redemption price of or interest on any Bond issued under the Ordinance, or (b) a reduction in the principal
amount or redemption price of any Bond, or the rate of interest on any Bond, or (c) the creation of a lien upon
or pledge of the revenues or other money or assets pledged to the payment of the Bonds, or (d) a preference or
priority of any Bond or Bonds over any other Bond or Bonds, or (e) a reduction in the aggregate principal
amount of the Bonds required for consent to such supplemental ordinance.
Cessation of Interest of Owners (Section 1001)
If all the Outstanding Bonds shall have been paid as set forth below, then, and in that case, such Bonds
shall cease to be entitled to any lien, benefit or security under the Ordinance. In such event, the Fiscal Agent
shall transfer and assign to the City all property then held by the Fiscal Agent, shall execute such documents
as may be reasonably required by the City to evidence such transfer and assignment and shall turn over to
the City any surplus in any fund or account other than moneys held for the redemption or payment of Bonds.
Any Outstanding Bond shall be deemed to have been paid when the whole amount of the principal of,
premium, if any, and interest on such Bond shall have been paid or when (a) there shall have been deposited
with the Fiscal Agent and specifically designated for the purpose of defeasance either moneys in an amount
that shall be sufficient, or an Investment Contract or Government Obligations, or a combination thereof,
which shall not contain provisions permitting the redemption thereof at the option of the issuer, the principal
of and the interest on which when due, and without any reinvestment thereof, will provide moneys which,
together with the moneys, if any, deposited with or held by the Fiscal Agent available therefor, shall be
sufficient, to pay when due the principal of, premium, if any, and interest due and to become due on such
Bond on or prior to the redemption date or maturity date thereof, as the case may be, and (b) in the event
such Bond does not mature and is not to be redeemed within the next succeeding 60 days, the City shall have
given the Bond Registrar irrevocable instructions to give, as soon as practicable, a notice to the holder of
such Bond by first-class mail, postage prepaid, stating that the deposit of moneys, an Investment Contract,
Government Obligations, or any combination thereof, required by clause (a) of this paragraph, has been
made with the Fiscal Agent and that such Bond is deemed to have been paid and stating such maturity or
11
14
10165
tedetttption date upoti which tttotteys ere to be available for the payment of the principal of and interest on
such Bond.
The moneys, Investment Contract, Government ObligatiOhSi or combination thereof, deposited with
the l+iscai Agent as set forth above, and principal or interest payments on any such c`,ligations shall not be
withdrawn or used rot any purpose other than, and shall be held in trust for, the payment of the principal of,
premium, if any, and interest on said Bonds.
UNUiEl;tWRITING
L.1. Rothschild, Unterberg, Towbin, Inc., Daniels & Bell, Inc., and Security Pacific Merchant Bank-
ing Group, as Underwriters, have agreed to purchase the Bonds from the City subject to certain conditions
precedent and will purchase all of the Bonds if any of the Bonds are purchased at a purchase price of
plus accrued interest. The Underwriters may offer and sell the Bonds to certain dealers and others at prices
lower than the initial public and other selling terms may be changed from time to time by the Underwriters.
RATING OF THE BONDS
Moody's Investors Service and Standard & Poor's Corporation have assigned the Bonds a rating of
"Aaa" and "AAA", respectively, based upon the insurance of the Bonds by MBIA. The rating agencies
may have obtained and considered information and material which have not been included in this Official
Statement. Each rating reflects only the views of such organization, and an explanation of the significances
of the rating may be obtained only from such rating agency. There is no assurance that the rating will
continue for any given period of time or that it will not be revised downward or withdrawn entirely by such
rating agency, if in the judgment of the rating agency circumstances so warrant. Any such downward
revision or withdrawal of the rating may have an adverse effect on the market price of the Bonds. The
Underwriters and City have undertaken no responsibility after the issuance of the Bonds to assure the
maintenance of the rating or to approve any such revision or withdrawal.
ABSENCE OF MATERIAL LITIGATION
In the opinion of the City Attorney there is no pending or threatened litigation against the City restraining
or enjoining the issuance, sale, execution or delivery of the Bonds or questioning or affecting the validity of
the Bonds or the proceedings and authority under which they are to be issued. There is no litigation pending
or threatened which in any manner questions the right of the City to secure the Bonds in the manner provided
in the Ordinance.
APPROVAL OF LEGAL MATTERS
The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified
approval of legality by Brown & Wood, New York, New York, Bond Counsel, and to certain other conditions.
Certain legal matters will be passed on for the Underwriters by their Counsel, Saul, Ewing, Remick & Saul,
Wilmington, Delaware and for the City by Lucia A. Dougherty, Esq., City Attorney of the City of Miami. It
is expected that the Bonds in definitive form will be available for delivery in New York, New York, on or
about November , 1986.
12
101.65
EXEMPTION PROM TAXATION
In the opinion of Brown & 'Wood, Bond Counsel, under existing statutes, regulations, rulings and
court decisions, the interest on the Bonds is exempt front all present federal income taxes and froth income
taxation under State of Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest,
income or profits on debt obligations owned by corporations, as defined in said Chapter 220, The Bonds are
exempt from intangible personal property taxes imposed by Chapter 109, Florida Statutes, If the `figs Bill is
enacted into law, the exemption of interest on the Bonds from federal income taxation would not be adversely
affected except as explained under the caption "PPENDING1`815tkAL TAX LEGISLATION" herein.
PENDING lF'1EDERAL TAX LEGISLATION
On September 25, 1986 and on September 27, 1986, the United States House of Representatives (the
"House of Representatives") and the United States Senate (the "Senate'% respectively, passed H.R. 3838,
entitled the Tax Reform Act of 1986 ("H.R. 3838"), which contains provisions that would restrict the
issuance of, and affect the treatment of the interest on, state and local government obligations, such as the
Bonds. The provisions of H.R, 3838 affecting state and local government obligations would be effective
with respect to the Bonds. Among other things, H.R. 3838 contains new and expanded restrictions on the
use and investment of bond proceeds. Failure to comply with any of such provisions may result in interest on
the Bonds becoming subject to federal income tax retroactive to the date of issuance of the Bonds. The City
has covenanted in the Ordinance, among other things, to comply with the applicable restrictions set forth in
H,R. 3838 relating to the use and investment of proceeds of the Bonds and the rebate of a portion of invest-
ment earnings on certain amounts, including proceeds of the Bonds, to the federal government.
In the opinion of Bond Counsel, if the provisions of H.R. 3838 are enacted into law in the form passed
by the House of Representatives and the Senate on September 25, 1986 and September 27, 1986, respectively,
and assuming compliance with the above_described covenants of the City, interest on the Bonds will be
exempt from federal income taxation (other than the alternative minimum tax applicable to corporations,
described below). Interest on the Bonds will not be exempt from federal income tax retroactive to the date of
issuance of the Bonds, however, in the event the Bonds fail to comply with the rebate provisions of the
arbitrage rules included in H.R. 3838.
H.R. 3838, in the form passed, imposes an alternative minimum tax of 20 percent on corporations for
taxable years beginning after December 31, 1986. In taxable years beginning in 1987, 1988 and 1989, a
corporation's "alternative minimum taxable income" is adjusted to include, among other things; fifty
percent of the amount by which such corporation's "adjusted net book income" exceeds its "alternative
minimum taxable income" as determined without regard to such adjustment and any "alternative tax net
operating loss deduction." In taxable years beginning after 1989, a similar adjustment at a rate of 75 percent
is made to a corporation's "alternative minimum taxable income" using such corporation's "adjusted
earnings and profits." Interest on the Bonds would be includible in the "adjusted net book income" and
"adjusted earnings and profits" of a corporation for purposes of the alternative minimum tax.
In addition, the House and Senate have passed, and the President has signed, H.R. 2005, the
Superfund Amendments and Reauthorization Act of 1986 (the "Superfund Act"). The Superfund Act
imposes a deductible broad -based tax on a corporation's "alternative minimum taxable income" (before
net operating losses and any deduction for the tax) at a rate of $12 per $10,000 of "alternative minimum tax-
able income" in excess of $2 million. The tax is imposed for taxable years beginning on or after January 1,
1987 and is imposed even if the corporation pays no alternative minimum tax because the corporation's regular
income tax liability exceeds its minimum tax liability. For purposes of the Superfund Act, "alternative mini-
mum taxable income" includes interest on all tax-exempt bonds to the same extent and in the same manner
as H.R. 3838.
There may be additional modifications or amendments to H.R. 3838 or other additional proposals
such as the Superfund Act described above that, if enacted into law, would cause interest on the Bonds to be
subject to federal income tax, and there can accordingly be no assurance that such modifications, amend-
ments or proposals will not adversely affect the exemption from federal income tax of interest on the Bonds.
13
.;. 10165
MiSCULANEOUS
Any statements in this Official Statefttent involv►ngtnatters of opinion or projections, wheezier or not
expressly so stated, are intended as sUch and not as representations of fact, This Official Statement is not to
be construed Asa contract or agreement between or arnong the City or the Underwriters and the purchasers or
Owners of the Bonds, The irifOrrnati0h concerning MINA in this Official Statetiient is based Upon itifofniation
supplied by M131A.
The execution and delivery of this Official Statement has been duly authorized by the City. t
The City of Miami, 1 lorida
13Y:
Mavor
14
01-65.
r
V"grtJphy
APPENDIX A
The City of Miami, situated at the mouth of the Miami River on the western shore of Biscayne Bay, is a
main port of entry in Florida and the county seat of Metropolitan Bade County, which encompasses 2,000
square Holes of Florida's southeastern region. The City comprises M.3 square miles of land and 19.5 square
miles of water.
Miami is the southernmost major city and seaport in the continental United States and the center of
Pan-American trade and air transportation. The nearest foreign territory is the Bahamian island of Bitnini,
some 50 miles from the state's tip.
Cl1mmo
Due to its location neat the upper boundary of the tropical zone, Miami's climate is strongly influ-
enced by the Gulf Stream, trade winds and other local climatic factors. Its average yearly temperature is
15.5. Summertime temperatures average 81.4 and winter temperatures average 69.1. Rainfall comes most
frequently between the months of May and September, with June the heaviest, averaging nine inches.
Population
The 1985 population estimate of 380,446 has been computed by the State of Florida Division of Popu-
lation Studies, Bureau of Business and Economic Research, University of Florida, State of Florida.
Miami's racial and ethnic mix is comprised of non -Latin Whites, Blacks and Hispanics, sixty-seven
percent of the City's population is White, 25% is Black and 8% is classified as "Other". The most signifi-
cant change has been in the Hispanic category, which has grown to represent 56 per cent of the City's total
population.
South Florida is a popular destination for retirees from the northeast seeking out the hospitable and
temperate climate. The retiree population contributes significantly to the local economy as recipients of
transfer payments such as Social Security, pensions, and investment income. Appropriate supporting serv-
ices are provided by the State and the County. The City provides only limited specialized services.
Government of Miami
The City of Miami has operated under the Commission — City Manager form of government since
1921. The City Commission consists of five elected citizens, who are qualified voters in the City, one of
whom serves as Mayor. The Commission acts as the governing body of the City with powers to enact
ordinances, adopt resolutions and appoint a chief administrative officer known as the City Manager. The
City Clerk and City Attorney, as well as members of the Planning and Zoning Board, the Off -Street Parking
Board, the City of Miami Health Facilities Authority, the Downtown Development Authority and the
Miami Sports and Exhibition Authority are also appointed by the Commission. Members of the Off -Street
Parking Board and the Downtown Development Authority are appointed by their respective Boards and rati-
fied by the Commission.
City elections are held in November every two years on a non -partisan basis. At each of these elections a
Mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission in
general. At each election two members of the Commission are elected for four year terms. Thus, the City Com-
missioners' terms are staggered so that there are always at least two experienced members on the Commission.
The City Manager serves as the administrative head of the municipal government, charged with the
responsibility of managing the City's financial operations and organizing and directing the administrative
infrastructure. The City Manager also retains full authority in the appointment and supervision of depart-
'cnent directors, preparation of the City's annual budget and initiation of investigative procedures. In addi-
tion,.the City Manager takes appropriate action on all administrative matters.
A-1
10t0;5
E
P
mgof find City Commissioners
Xavier L. Suarez was elected Mayor in November, 1985 for a two year terra. Mayor Suarez is a Sumtfia
Cum Laude graduate of Villanova University, holds a Masters Degree in Public Policy from the John P.
Kennedy School of Government of Harvard University and holds a Juris Doctorate from Harvard Law
School. He is currently a partner in the Miami law firm of Proenza, White, Huck & Suarez. Mayor Suarez
has actively served the Miami community for a number of years through participation on numerous advl•
soty boards and committees.
Miller J. Dawkins was elected Commissioner in November,1981, reelected in 1985 for a four year term
and elected Vice -Mayor by the City Commission in November, 1985 for a one year term. Vice -Mayor Dawkins
is a graduate of Florida Memorial College and holds a MS degree from the University of Northern Colorado.
Commissioner Dav;kins has been employed for 16 years at Miami bade Community College.
Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four year term.
Commissioner Carollo is a graduate of Miami Dade Community College and Florida International Univer-
sity. He holds a Baccalaureate of Arts degree in international Relations and a Baccalaureate of Science
degree in Criminal Justice. He is presently President of Genesis Security Services, Inc.
Rosario A. Kennedy was elected Commissioner in November, 1985 for a four year term, becoming the
first Hispanic woman ever elected to the Commission. Commissioner Kennedy is Vice President of Terre-
mark, inc., a Miami real estate development and investment firm. Commissioner Kennedy has served on
numerous business, civic and community boards; in leadership and membership capacities, in the Miami
area.
J. L. Plummer, Jr. was appointed a Commissioner in October, 1970, and was elected Commissioner in
November, 1971 and reelected in 1975, 1979 and 1983 for four year terms. Commissioner Plummer is a
graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of
the Board of Ahern -Plummer Funeral Homes, Miami.
Administration of the City
Cesar H. Odio was appointed City Manager effective December 16, 1985. Prior to his appointment to
the top administrative position in the City of Miami, Mr. Odio served as Assistant City Manager for the City
since January, 1980. His responsibilities extended over the functions of parks and recreation, building and
vehicle maintenance, and public facilities. During the Mariel Boatlift in 1980, he was appointed to the Presi-
dent's Task Force on Refugee Affairs. Mr. Odio has a Bachelor of Science degree in Public Administration
from Florida Memorial College, Miami, and majored in Business Administration at the University of Santo
Tomas de Villanueva, Havana, Cuba.
Herbert J. Bailey has served as Assistant City manager since his initial appointment in October, 1982.
Mr. Bailey's responsibilities for the City include the Departments of Development, Finance and Community
Development, as well as liaison to several public authorities and organizations. Prior to joining the City, he
served as President and CEO of Philadelphia Citywide Development Corporation and President of Urban
Development Services, Inc. Mr. Bailey holds a Bachelor of Arts in Business Administration from Antioch
College and a Masters Degree in Urban Economic Development from Goddard College.
Carlos E. Garcia, Director of Finance since June, 1980, joined the City in November, 1976 as Assis-
tant Finance Director. He has been previously employed in private industry in positions of Treasurer,
Comptroller, and Auditor. Mr. Garcia is a Cum Laude graduate of the University of Miami with a BBA and
also holds a Master of Science in Management from Florida International University. He is licensed as a
CPA in the State of Florida and is a member of the American and Florida Institutes of CPA's and of the
Government Finance Officers' Association of the United States and Canada.
Lucia A. Dougherty is the City Attorney for the City of Miami, Florida, and the former City Attorney
for the City of Miami Beach. She received her B.A. degree from Syracuse University, and a M.L.S. degree
from the University of Oklahoma, a J.D. degree from Oklahoma City University and a L.L.M. Degree in
A-2
1 0165
Ocean and Coastal Law from the University of Miami, Mdrida. She is a member of the Florida and Okla-
homa Bats, has served as an Adjunct Ptofessorof Law at Nova University and has also served as a lecturer
At numerous conferences and seminars.
Matty Viral was appointed City Clerk on September 1, IW. She was the City''s Assistant City Clerk
from September, 1976 to August; 1985. She is a graduate of tdison Nigh School and has completed college
courses at Pasadena City College, University of California at Los Angeles and Hunter College: She attended
specialized courses at Syracuse University and obtained the three year Certified Municipal Clerk certificate
extended by that University. Ms. Hirai is a thembet of the International Institute of Municipal Clerks.
Scope of Services and Agency Functions
The City provides certain services as authorized by its charter. Those services include public safety
(police, fire and code enforcement), parks and recreational facilities, trash and garbage collection, street
maintenance, construction and maintenance of storm drain systems, planning and development functions,
construction of capital improvements, and building code, inspection and enforcement services.
The Police Department provides a full range of police services, has a uniformed force of 1,060 and a
civilian component of 452. The Fite Department is rated as Class 1 and provides a full range of fire protec-
tion and emergency services as well as providing a full range of medical and rescue services.
The City provides garbage and trash pickup and enforces sanitation requirements. Disposal of trash
and garbage is performed by Dade County under contract with the City, The Department of Public Works
maintains certain streets and sidewalks and manages construction of sewers and other capital facilities
required by the City. The State of Florida and Dade County are responsible to maintain most arterial streets
and all major highways within the City. The Department of Public Facilities maintains and operates all City
owned parks and administers various recreational and cultural programs associated with these facilities.
A-3
1 01��
0
[THIS PAGE INTENTIONALLY LEFT BLANK]
tprbposed Form of Bond Counsel Opinionj
tLetterhead of grown & Wood)
APPENDIX C
,1996
City Commission
The City of Miami, Florida
We have examined the Constitution and the laws of the State of Florida (the "State' particularly
Chapter 166, Florida Statutes, as amended, the proceedings related to the adoption on , 1986,
by the Commission of The City of Miami, Florida (the "Commission") of Ordinance No. (the "Ordi-
nance") authorizing the issuance and sale by The City of Miami, Florida (the "City") of its Special Obliga-
tion Bonds, Series 1986A (the "Bonds"), and other proofs relative to the issuance and sale of the Bonds.
The Bonds are issued in the aggregate principal amount of $ , are dated October 1, 1986
and mature on July 1, bear interest from their date at such rates, and are subject to redemption prior to their
maturities, as set forth therein and in the Ordinance.
The Bonds are issued to finance the construction of owner -occupied residential units for sale to Fami-
lies and persons, including the elderly, of low and moderate income (as defined in the Ordinance), to fund a
reserve fund for the Bonds and to pay certain costs in connection with the issuance of the Bonds.
From such examination, and having regard to legal questions that we deem relevant, we are of the
opinion that:
I The proceedings and proofs show lawful authority for the issuance and sale of the Bonds pur-
suant to the Constitution and other laws of the State, particularly Chapter 166, Florida Statutes, as
amended.
2. The City has duly adopted the Ordinance and the Ordinance is valid and binding upon the
City, enforceable in accordance with its terms, except as such enforcement may be limited by laws
relating to bankruptcy, insolvency, moratorium or similar laws affecting creditors' rights generally,
and subject to general principles of equity (regardless of whether said enforceability is considered in a
proceeding in equity or at law).
3. The Bonds are valid and binding special obligations of the City issued in accordance with the
Constitution and other laws of the State now in force and are secured in the manner and to the extent
set forth in the Ordinance.
4. The City is not obligated to pay the Bonds or the interest thereon except to the extent set forth
in the Ordinance, and neither the faith and credit nor the ad valorem taxing power of the City is pledged
to the payment of such principal or interest.
5. The pledge of moneys and assets described in the Ordinance shall be valid and binding from
and after the delivery of the Bonds and the receipt or possession of such moneys and assets by the City,
all in accordance with the provisions of the Ordinance. Under current law, such pledge shall be prior to
the rights of third parties arising after such pledge shall become valid and binding.
6. Under existing statutes, regulations, rulings and court decisions, the interest on said Bonds is
exempt from all present federal income taxes and from income taxation under State law, except as to
taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations
owned by corporations, as defined in said Chapter 220. The Bonds are exempt from intangible per-
sonal property taxes imposed by Chapter 199, Florida Statutes.
Respectfully submitted,
C-1 10165
EXH281T b
M fSU OF 8ORb _ MATtJRIMS
1. 80rial Bonds
Maturity bate
Amount
mate
1587
$ 80,000
4.10*
1988
125,000
4.50
1989
130,000
4.90
1990
135,000
5.20
i.991
140,000
5.50
1992
150,000
5.70
1993
160,000
5.90
1994
170,000
6.10
1995
180,000
6.30
1996
150,000
6.50
2. Term Bonds
Maturity Date
Amount
Rate
2006
$2,830,000
7.375%
3. Sinking Fund Requirements
- 2006 Term Bond
Installment
Amount
1997
$200,000
1998
215,000
1999
230,000
2000
250,000
2001
270,000
2002
290,000
2003
310,000
2004
330,000
2005
355,000
2006
380,000
(final maturity)
10165
STATE Off' PLORIDA )
COUNTY OF DADE )
CITY OF MIAM1 )
I$ MATTY HIRAI$ City Clerk of the City of Miami$
Florida) and keeper of the records thereof, do hereby certify
that the attached and foregoing pages numbered 1 through 52,
inclusive$ contain a true and correct copy of an ordinance
adopted by the Commission of said City at a meeting held on the
23rd day of October$ 1986.
SAID ORDINANCE WAS DESIGNATED ORDINANCE NO. 10165.
IN WITNESS WHEREOF, I hereunto set my hand and impress
the Official Seal of the City of Miami, Flo'Fida this 4th day of
November, 1986.
Matty Hirai
City Clerk
Miami, Florida
(Official seal)
10165
w
MIAMI AEVI W
NuNlihm bliq "t"I batut*' bunWy Md
LApal Hbll"A
MIA hi. om C6uhty. FldttdA
eAtt 00 FLblubA
COUNTY GF bADL
biller OM f•fld•ritpnid iwuroNty Plt.iahatly a6Paf•d
Octellea V, p6tebyri, bhp on alh at" that ahi to thi
tu0irtl•er at Lapel AdvpV•Inp at M• Mlanu kbvIN. a Wily
1aat:a01 Satutday, tuhd•y Md Lapel Nblidayal hawipiMr,
PAUU" at MWW In Daft Cpnty. F1mld•r d11t Vri bftaehid
NOT 61 IN MIDMliWwfBaeliWtl b" a LLgal AdmiuIvn6 11 al Nodes hat 61
CITY OF MIAMI
ORDINAONCt 0 10165
. ..$A\ .. Cbttti.
Oft Outdo nd M aald hpwpapar In thi IaNI•• of
Oct:. 30, 1986
AM4ht fWttw Yy M•1 tM Yld YI•Inl tl* M` 1•
MEAL) tl llnU�t1�
My tipNhuNlph iiPIM Aug. 1t, 1Ni
MA 143
_r. kA6AL66t(bt
All Ihtdt8ltl41 ytti6ni *1111tie hollee IhAt bl1 the 23rd day. tit606blr, iOM the,Clly C61't18if1116n bt Mlirn-, FloNda, td6Dted the
Ioliot•ing lilllld ortl,hAncti
601bINANCE NG 16155
AN EMERGENtY 6R0INANCE AUTHORIZING THE 19SU-
ANCE OF SPECIAL OBLIGATION BONDS. SERIES 198fiA
a I. L'ONr,E„110t+ T, L. , _"F
ORGtNANCEE AN EMERGENCY MEASURE DISPENE I•G
WITH THE OF tmtRATE bAYS, ANDINPROVIDING AN NANCE EIFFECtIVE DATE SEPA
ON O
N ORDINANCE NO, T6im
F AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLANS BY CHANGING THE DESIGN4
1� TK3N8 FOR THE SUBJECT PROPERTIES FROM MODERATE
TO HIGH DENSITY RESIDENTIAL bESIG-NAT10N t0
RESIbENT1ALICOMMERCIAL DESIGNATION ON
SOUTHWEST 27tH AVENUE FROM APPROXIMATELY i00
FEET SOUTH OF BIRD ROAD TO TIGERTAIL AVENUE AND
t FROM LOW t0 MODERATE RESIDENTIAL DESIGNATION
t0 MODERATE DENSITY RESIDENTIAL DESIGNATION EAST
X OF CENTER STREET, FROM APPROXIMATELY ID0 FEET
SOUTH OF BIRD ROAD TO APPROXIMATELY 200 FEET
NORTH OF DAY AVENUE, AND WEST OF SOUTHWEST 27TH
F AVENUE FROM COCOANUT AVENUE TO APPROXIMATELY
100 FEET NORTH OF BIRD AVENUE. AND ON LOTS
FRONTING THE SOUTH SIDE OF COCOANUT AVENUE FROM
VIRGINIA STREET TO APPROXIMATELY iS0 FEET WEST OF
27TH AVENUE, FROM LOW DENSITY RESIDENTIAL DESIG.
NATION TO MODERATE TO HIGH DENSITY RESIDENTIAL
DESIGNATION FOR LOTS ON THE NORTH SIDE OF COCOA
t NUT AVENUE FROM APPROXIMATELY 160 FEET EAST OF
VIRGINIA STREET TO APPROXIMATELY 9S0 FEET WEST OF
27TH AVENUE, FURTHER, CHANGING THE DESIGNATION
FOR THAT PROPERTY APPROXIMATELY 100 FEET BY 2W
C FEET, IN SIZE, FRONTING ON THE EAST SIDE OF SOUTH.
WEST 26TH AVENUE, BETWEEN SOUTHWEST 27TH LANE
AND SOUTHWEST 281H STREET FROM A DESIGNATION
OF LOW DENSITY RESIDENTIAL TO A NEW ONE OF
RESIOENTIALICOMMERCIAL; MAKING FINDINGS,
I, CONTAINING A REPEALER PROVISION AND A SEVERABIL-
(TY CLAUSE.
ORDINANCE NO. 10167
AN ORDINANCE ADOPTING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN AND ADDENDUM, DATED SEPTEM-
BER, 1985, WHICH REPLACES MIAMI COMPREHENSIVE
' NEIGHBORHOOD PLAN 197661986; PROVIDING PURPOSE;
I INCORPORATING THE OFFICIAL GUIDE: PROVIDING FOR
1 A TRANSITIONAL PERIOD, AND CONTAINING A REPEALER
t PROVISION AND A SEVERABILITY CLAUSE,
1
1
ORDINANCE NO. 10168
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
I NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
LOCATED AT APPROXIMATELY 34273523 SOUTHWEST 22NO
TERRACE (MORE PARTICULARLY DESCRIBED HEREIN) BY
't CHANGING THE DESIGNATION OF THE SUBJECT PROP.
{ ERTY FROM LOW MODERATE DENSITY RESIDENTIAL TO
'RESTRICTED COMMERCIAL, MAKING FINDINGS. AND,
CONTAINING A REPEALER PROVISION AND A SEVERABIL
ITV CLAUSE.
ORDINANCE NO. 10169
AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI-
NANCE NO 9500. THE ZONING ORDINANCE OF THE CITY
OF MIAMI, FLORIDA. BY CHANGING THE ZONING CLASSI.
FICATION OF APPROXIMATELY 34273523 S W. 22ND TER
RACE, MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED
HEREIN) FROM AG 113 GENERAL. RESIDENTIAL (ONE AND
TWO-FAMILY) TO CR37 COMMERCIAL -RESIDENTIAL (GEN.
ERAL) BY MAKING FINDINGS, AND BY MAKING ALL THE
NECESSARY CHANGES ON PAGE NO 42 OF SAID ZONING
ATLAS MADE A PART OF ORDINANCE NO 9500 BY REFER.
ENCE AND DESCRIPTION IN ARTICLE 3. SECTION 300.,
THEREOF, CONTAINING A REPEALER PROVISION AND A
SEVERABILITY CLAUSE.
ORDINANCE NO. 10170
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
LOCATED AT AFPT:CXI!: ATELY 3591 SMITHWEST 22ND
TERRACE (MORE PARTICULARLY. DESCRIBED HEREINI BY
CHANGING THE DESIGNATION OF THE SUBJECT PROP.
ERTY FROM LOW MODERATE DENSITY RESIDENTIAL TO
RESTRICTED COMMERCIAL: MAKING FINDINGS: AND,
CONTAINING A REPEALER PROVISION AND A SEVERABIL.
(TY CLAUSE.
ORDINANCE NO. 10171
AN ORDINANCE AMENDING THE ZONING ATLAS OF OROI-
NANCE NO. M. THE ZONING ORDINANCE OF THE CITY
OF MIAMI, FLORIDA, BY CHANGING THE ZONING CLASSI•
FICATION OF APPROXIMATELY 3591 S.W. 22ND TERRACE,
MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED HERE.
IN) FROM FIG 113 GENERAL RESIDENTIAL (ONE AND TWO.
FAMILY) TO CR37 COMMERCIAL -RESIDENTIAL (GENERAL)
BY MAKING FINDINGS. AND BY MAKING ALL THE NIECES
r SARY CHANGES ON PAGE NO. 12 OF SAID ZONING ATLAS
MADE A PART OF ORDINANCE NO 95M BY REFERENCE
AND DESCRIPTION IN ARTICLE 3, SECTION 300 THEREOF.
CONTAINING A REPEALER PROVISION AND A SEVERAWL.
ITY CLAUSE
Is 1
l.ffv It R WrIC t,r. hT�:=�1�t' 1 DATED OCTORE
:�fl, `19i3f�
x: s Ni+i W ISSUE
u e�
y in
In the opinion of Brown &Wood, Bond Counsel, under existing statutes, regulations, rulings and court decisions, the
interest on the Bonds is exempt from all present federal income taxes and from income taxation under State of
E Florida low, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obli-
a gotions owned by corporations, as defined in said Chapter 220, The Bonds are exempt from intangible personal
o property taxes imposed by Chapter 199, Florida Statutes. See ''EXEMPTION FROM TAXATION". If the tax Bill
is enacted into low, the exemption of interest on the Bonds from federal income taxation would not be
adversely affected except as explained under the caption "PENDING FEDERAL TAX LEGISLATION" herein.
0
3t The City -of Miami, Florida
0 Special Obligation Bands
Series 4986A
' bated: October 1, 1986 Due: As shown below
ci a
C o Interest on the Bonds is payable semi-annually on January 1 and July I in each year, commencing July 1, 1987.
The Bonds are issuable as fully registered Bonds in the denomination of $5,000 or integral multiples thereof. Interest on
o the Bonds will be payable to the registered owners shown on the registration books of the City on the 15th day (whether
a or not a business day) of the month preceding an interest payment date, by check or draft mailed to such registered
owners by the Bond Registrar and Paying Agent
Principal on the Bonds will be payable on July 1 of each year, as shown below, upon presentation and surrender
.n thereof at the principal corporate trust office of the Bond Registrar and Paying Agent.
o The Bonds ore being issued to finance the construction of residential housing units in the City for sale to qualified
purchasers.
71
Ue The Bonds are subject to optional and mandatory redemption, as described herein,
i; The Bonds and the interest thereon are payable solely from certain payments received by the City from Southern
Bell Telephone and Telegraph Company as a franchise fee, and are not a general obligation of the City, The Bonds
r are insured by a Municipal Bond Guaranty Insurance Policy issued by MUNICIPAL BOND INSURANCE ASSOCIATION.
U ° Maturities, Amounts, Interest Rates and Prices or Yields'
o S1,450,000' Serial Bonds
Principal Interest Price
o :3 Maturity Amount' Rate or Yield
°' 1987 S 65,000
o c" 1988 125,000
o E 1989 130,000
o 0 1990 135,000
- 1991 145,000
o 1992 450,000
CD c 1993 160,000
o 1994 170,000
o t 1995 480,000
3 1996 190,000
Z5 � ° S2,850,000' % Term Bonds due July 1, 2006 Price %
(Accrued interest to be added)
o-
0 o Neither the faith and credit nor the taxing power of the City to levy ad valorem real or tangible personal
C L property taxes is pledged to the payment of the Bonds.
C The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval.
c of legality by Brown & Wood, New York, New York, Bond Counsel, and to certain other conditions. Certain legal
c matters will be passed on for the Underwriters by their counsel, Soul, Ewing, Remick & Saul, Wilmington, Delaware
m 029 and for the City by Lucia A. Dougherty, Esquire, City Attorney of the City of Miami. it is expected that the Bonds
a O o in definitive form will be available for delivery in New York, New York on or about November , 1986.
in V 'V
g ° ° L.F. ROTHSCHILD, UNTERBERG, TOWBIN, INC.
m DANIELS & BELL, INC. SECURITY PACIFIC MERCHANT BANKING GROUP
o a October , 1986
' Subject to change.
1016 5
r
ig
The City of Miami, Florida
MEMBERS OF BOARD OF CITY COMMISSIONERS
XAVIER L. SUAREZ, Mayor
JOE CAROLLO MILLER J. DAWKINS
ROSARIO KENNEDY J.L. PLUMMER, JR.
CITY OFFICIALS
City Manager ......................... CESAR H. ODIO
Assistant City Nfanager............. HERBERT J. BAILEY
CityAttorne ...................LUCIA A. DOUGHERTY
Director of Finance ................ CARLOS E. GARCIA
City Clerk ..............................MATTY HIRAI
Bond Counsel
BROWN & WOOD
New York, New York
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
New York, New York
NO person has been aulhorized to give any information or to make any represenlations other than
those contained in this Official Statement in cohnection �f ith the offer trade hereby and, if given or made,
such Information or representations must not he relied upon as having been authorized by the City or
Municipal Bond Insurance Association, Neither the delivery of this Official Statement not any sale
hereunder shall create an) implication that there has not been a change In the affairs of the City, Municipal
Bond Insurance Association or the tinderwrilers, since tite elate hereof. This Official Statement does not
constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is not authorized or
in ��hich the Berson making such offer or solicitation is not authorited or in which the person making such
offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or
solicitation. The information and expressions of opinion Herein are subject to change Without notice and
neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances,
create any implication that there will he no change in the affairs of the City, Municipal Bond Insurance
Association or the Underwriters, from the date hereof to the date of the delivery of the Bonds,
This Official Statement is submitted in connection with the initial public offering of the Bonds.
IN CONNECTION NVIT11 ` 11E, OFFERING OF THE BONUS, THE' UNDERNVRITi:RS MAY'
ONTRALLOT OR EFFI`CT TRANSACTIONS Tiw, STABILIZE OR MAINTAIN THE MARKET
PRICE OF SUCH BONI)S AT A LEVEL ABOVE THAT V1 H ICi1 MIGIIT OTHERWISE I'REVAH, IN
THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT
ANY TIME.
TABLE OF CONTENTS
il �EET'' BLANK] Page
Introduction....................................................... 1
TheBonds......................................................... I
General......................................................... I
Interest Payment Dates ............................................ 2
Redemption Provisions ............................................ 2
Bond Insurance ................................................... 2
Authorization for the Bonds ........................................ 3
_. Source of Payment ................................................ 3
Southern Bell Franchise Fee ........................................ 3
The MBIA Insurance Policy .......................................... 4
The Program....................................................... 6
Sources and Uses of Funds ............................................ 6
Summary of Ordinance .............................................. 6
Underwriting....................................................... 12
Rating of the Bonds ................................................. 12
Absence of Material Litigation ......... 12
Approval of Legal Matters ................... I ..................... .. 12
Exemption From Taxation ............................................ 13
Pending Federal Tax Legislation ....................................... 13
Miscellaneous .......................................... .. ..... 14
Appendices
A — Description of the City ........................................ A-1
B — Specimen of MBIA Insurance Policy ............................ B-1
C — Opinion of Bond Counsel ..................................... C-1
01 5.'� 10165
13
[THIS PAGE INTENTIONALLY LEFT BLANK]
1 0161;
i
t
3
t' OP ICIAL STATEMENT
ti 1;
$41300,000*
THE CITY OF MIA I, FLORIDA
Special Obligation Bonds
Series 1986A
. INTRODUCTION
ION
`i'he purpose of this Official Statement of The City of Miami, Florida (the "City"), which includes the
cover page and appendices attached hereto, is to set forth information concerning the City's Special Obliga-
tion Bonds, Series 1986A to be issued in the aggregate principal amount of $4,300,000* (the "Bonds"),
authorized by the Miami City Commission as hereinbelow mentioned.
Brief descriptions or summaries of the City, sources of payment for the Bonds, MB1A, Southern Bell
Franchise Fee, and the Ordinance, are set forth below. Such descriptions and summaries do not purport to
be complete or definitive, and each summary is qualified in its entirety by reference to the respective docu-
ment, copies of which are on file with the City. Capitalized terms used herein and not otherwise defined shall
have the meaning defined in the Ordinance.
' THE BONDS
General
The Bonds are being issued in the aggregate principal amount of $4,300,000*, are dated October 1,
1986, and are issuable as fully registered bonds in the denomination of $5,000 or integral multiples thereof.
The Bonds are issued to finance the construction of residential housing units in the City for sale to qualified
purchasers. Interest on the Bonds will be payable to the registered owners shown on the registration books
of the City on the fifteenth day (whether or not a business day) of the month preceding an interest payment
date (the "Regular Record Date"), by check or draft mailed to such registered owners by the Bond Registrar
and Paying Agent referred to below, or, at the request of any registered owner of at least $1,000,000 aggre-
gate principal amount of the Bonds, by wire transfer to the bank account of any such owner who files an
account number with the Paying Agent for such purpose, irrespective of any transfer or exchange of any
Bond subsequent to such Regular Record Date and prior to such interest payment date, unless the City
defaults in the payment of interest due on such interest payment date. In the event of any such default, such
defaulted interest will be payable either to the person in whose name such Bond is registered at the close of
business on a special record date for the payment of such defaulted interest which date shall be not more
than 15 nor less than 10 days prior to the date of the proposed payment of such defaulted interest, or in any
other lawful manner deemed practicable by the Paying Agent. Such notice shall be mailed to the person
whose name appears in the registration books not less than 10 days prior to the special record date. The
principal of, and premium, if any, on the Bonds are payable on principal payment dates which shall be July 1
of each year beginning July 1, 1987, upon presentation and surrender of the Bonds at as
Fiscal Agent, Bond Registrar and Paying Agent. The transfer of any Bond may be registered only upon stir -
render thereof to the Bond Registrar, together with an assignment duly executed by the owner or his attor-
ney or legal representative in such form as is satisfactory to the Bond Registrar. The City and the Bond
Registrar may make a charge for every exchange or registration of transfer of Bonds sufficient to reimburse
them for any tax or other governmental charge required to be paid with respect to such exchange or registra-
tion of transfer. Neither the City nor the Bond Registrar shall be required to make any such exchange or
registration of transfer of Bonds during the 15 days preceding the day of mailing of a notice of redemption
of Bonds or after a Bond has been selected for redemption.
* Subject to change
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interest paytnettt Meg
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement,
payable semi-annually on January 1 and July 1 of each year, commencing July 1, 1987, and mature as
shown on the cover page of this Official Statement.
Redemption Provisions
Optional Redemption
The Bonds maturing on or after July 1, 1997 are subject to redemption prior to maturity on any inter=
cst payment date, at the option of the City, on and after July 1, 1996, in whole or in part in such order as the
City shall determine, at the redemption prices (expressed as a percentage of principal amount on the date of
redemption) set forth in the table below, plus interest accrued to the date fixed for redemption, as follows:
Period Redemption
(cloth bated Inclusive) Price
July 1, 1996 through June 30, 1997 ......... 102%
July 1, 1997 through June 30, 1998 ......... 101
July 1, 1998 and thereafter ................ 100
Afandalory Redemption
The Terns Bonds shall be subject to redemption in part on July 1 on each of the following years at a
redemption price equal to the principal amount thereof plus accrued interest to the date of redemption,
without premium, in the principal amount specified below, which represents the Sinking Fund Requirement
for the twelve-month period ending on each of the following dates:
Term Bonds Due Jule 1, 2006
Redemption Date Principal Amount
*
* Final Maturity
General Provisions
Upon surrender of any Bond for redemption in part, the City shall execute and the Bond Registrar
shall authenticate and deliver to the owner thereof, at the expense of the City, a new Bond or Bonds, in
denominations of $5,000 or any integral multiple thereof, equal to the surrendered portion of the Bonds so
surrendered.
If less than all the Bonds are called for redemption, the Bonds to be redeemed shall be selected by the
Bond Registrar in such manner as the City in its discretion may determine.
Notice of any redemption will be mailed to the registered owner of any Bond all or a portion of which
is to be redeemed at his address as it appears on the registration books of the City kept by the Bond Registrar
not less than 10 nor more than 20 days prior to the redemption date. The failure to mail any such notice or
any defect therein shall not effect the validity of the proceedings for such redemption with respect to any
owner to whom proper notice was duly mailed.
Bond Insurance
Payment of principal and interest on the Bonds, when due, is insured by a new bond insurance policy
issued by Municipal Bond Insurance Association ("MBIA"). See "The MBiA Insurance Policy".
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101651
11
R
Authorization For the Bonds
issuance of the Bonds is authorized by the Municipal Nome Rule Powers Act, Chapter 166, Florida
Statutes, as amended and Ordinance No. , adopted by the Commission of the Cite on October , 1986
(the "Ordinance").
Source of Payment
Genera!
The Bonds are special obligations of the City secured by and payable solely from the special fund
created by the Ordinance and designated "Miami Special Obligation Telephone franchise tee Revenues
Debt Service Fund", Tile City has covenanted in the Ordinance to deposit into said fund certain franchise
fees received from Southern Bell 3elephone and `telegraph Company pursuant to Section 4(a) of Ordinance
No. 9064, adopted by the Commission of the City on January 24. 1980and amounts received and pledged by
the City as a result of any performance by the City with respect to its covenants regarding franchise fee as
described herein under "Summary of Ordinance" ("Franchise Fee Revenues").
The Bonds do not constitute a general obligation of the City or a pledge of the faith and credit of the
City. The issuance of the Bonds shall not directly or indirectly or contingently obligate the City to levy or
pledge any forth of taxation whatever therefore and the owners of the Bonds shall have no recourse to the
power of taxation.
Reserve : a cc•ount
The Ordinance requires the City to establish a Debt Service Reserve .Account in an amount equal to
one year's maximum annual debt service on the Bonds ($ ). In the event that on the first business day
of the month prior to an interest or principal payment date amounts on deposit in the Bond Service Account
are insufficient to pay principal of, premium, if any, or interest on the Bonds coming due on the inlmedi-
ately following interest or principal payment date, the City is required to transfer to the Fiscal Agent the
amount of such deficiency.
Any deficiency in the Debt Service Reserve Requirement is required to be eliminated by depositing
monthly to the Debt Service Reserve Account all Franchise Fee Revenues (after making tine required deposit
to the Debt Service Fund) until the Debt Service Reserve Account shall be restored to its Requirement.
Additional Bonds
The Ordinance authorizes the City to issue additional bonds secured by the Franchise Fee Revenues on
a parity with the Bonds for the purpose of financing the Program, upon compliance with certain conditions.
Such additional bonds shall not be issued unless: (a) Franchise Fee Revenues received by the City during the
twelve-month period prior to the issuance of the additional bonds shall have been at least equal to 1.50 times
the maximum annual debt service on the Bonds plus the additional bonds; and (b) the Debt Service Reserve
Requirement shall equal one year's maximum annual debt service on the Bonds plus the additional bonds.
Southern Bell Franchise Fee
Ordinance No. 9064, adopted by the Miami City Commission on January 24, 1980, grants a franchise
to Southern Bell Telephone and Telegraph Company ("Southern Bell") to construct, operate and maintain
lines and equipment for telephone and telegraph service in the streets and other facilities of the City. The
franchise expires on August 11, 2006. Ordinance No. 9064 provides for the payment by Southern Bell of a
monthly franchise fee which for the period of January 1, 1986 through August 11, 2006 is in the amount of
3010 of the local recurring revenues, as defined in said Ordinance ("Local Recurring Revenues"). Long
distance charges are not included in gross revenue. Said Ordinance No. 9064 requires -/3 of the Local Recur-
ring Revenues to be deposited to a special account and used for funding Emergency Medical Rescue Services
and Equipment. One-third of the Local Recurring Revenues (said one-third amounts being referred to in
this Official Statement as the Franchise Fee Revenues) has been pledged to the payment of principal of and
interest on the Bonds, and is required to be deposited upon receipt by the City into the Debt Service Fund
established pursuant to the Ordinance.
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"I lie antitrust decree breaking up American "lelephc,ne and Telegraph (.'ompany has adversely affected
Southern Bell revenues in the City, and the amount of franchise fees received by the City, Prior to the anti.
trust decree, Southern Bell owned substantially all telephone instruments in the City, and collected a
monthly rental therefor. Under the antitrust decree as of January 1, 1984, all telephone instruments are
owned either by AT&T or by private users, and Southern Bell now collects no revenue front the rental of tole-
phone instruments. that fact caused a one time decrease in revenues from the franchise fee. The City
believes that the full impact of the divestiture has been realized, and that revenues from the franchise fee will
be relatively stable, with a modest upward trend from current levels.
Collections by the City from the telephone franchise fee (excluding the portion devoted to l mergency
Medical Rescue Services and t-quipment) have been as follows:
Calendar
Year Amount
1983....... $881,594
1984....... 600,595
1985 ....... 624,738
1986....... 635,000 (estimated)
THE MBIA INSURANCE POLICY
The following information has been furnished by MBIA for use in this Official Statement. Reference
is made to Appendix B for a specimen of the MBIA policy.
The MBIA policy unconditionally and irrevocably guarantees the full and complete payment required
to be made by or on behalf of the issuer of an amount equal to (i) the principal of (either at the stated
maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest
on, the Bonds as such payments shall become due but shall not be so paid (except that in the event of any
acceleration ofthe due date of such principal by reason of mandatory or optional redemption or accelera-
(ion resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory
sinking fund payment, the payments guaranteed by the MBIA policy shall be made in such amounts and at
such tinges as such payments of principal would have been due had there not been any such acceleration),
and (ii) the reimbursement of any such payment which is subsequently recovered from any owner of the
Bonds pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes an
avoidable preference to such owner within the meaning of any applicable bankruptcy law (a "Preference").
The NIBIA policy does not insure against loss of any prepayment premium which may at any time be
payable with respect it) any Bonet. The MBIA policy does not, under any circumstance, insure against loss
relating to: (i) optional or mandatory redemptions (other than mandatory sinking fund redemptions); (ii) any
payments to be made on an accelerated basis; (iii) payments of the purchase price of Bonds upon tender by
an owner thereof; or (iv) any Preference relating to (i) through (iii) above. The MBIA policy also does not
insure against nonpayment of principal of or interest on the Bonds resulting from the insolvency, negligence
or any other act or omission of the Paying Agent for the Bonds.
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by
registered or certified mail, or upon receipt of written notice by registered or certified mail, by the General
Manager of* N1131A or its designee from the Paying Agent or any owner of a Bond the payment of an insured
amount for which is then due, that such required payment has not been made, M131A on behalf of its
members on the due date of such payment or within one business day after receipt of notice of such nonpay-
ment, whichever is later, will make a deposit of funds, in an account with Citibank, N.A., in New fork, Nev,
York, or its successor, sufficient for the payment of any such insured amounts which are then due. Upon
presentment and surrender of such Bonds or presentment of such other proof of ownership of the Bonds,
together with any appropriate instruments of assignment to evidence the assignment of the insured amounts
due oil the Bonds as are paid by N1131A, and appropriate instruments to effect the appointment of MBIA or
the General Manager of MBIA as agent for such Owners of the Bonds in tuty legal proceeding related to
paynleul of insured aniounts on the Bonds, such instruments being in a form satisfactory to Citibank, N.A.,
4
1 0 16 06
Citibank, N.A. shall disburse to such owners or the Paying Agent payment of the insured amounts due oil
such 130hds, less any amount held by the Paying Agent for the Payment of such insured amounts and legally
available therefor.
Each insurance company comprising N113IA will be severally and not jointly obligated under the
NIBIA Policy in the following respective percentages: f he Aetna Casualty and Surety Compam , 33010; Fire-
man's Fund Insurance Company, 300,'0; the Travelers Indemnity Company, 154'0; Aetna Insurance Company,
12q'n; and The Continental Insurance Company, 10016. As a several obligor, each such insurance company
will be obligated only to the extent of its percentage of any claim under the N1 i.31A policy and will not bc obli-
gated to pay any unpaid obligation of ritzy other member of %IBIA. Each insurance company's participation
is backed by all of its assets. However, cacti insurance con►pany is a multiline in�urcr involved in several lines
of insurance other than municipal bond insurance, and the assets of each insurance company also secure all
of its other insurance policy and surety bond obligations.
The following table sets forth certain financial information with respect to the five insurance compa-
nies comprising MBIA. The statistics, which have been furnished by MBIA, are as reported by tlic insurance
companies to the New York State Insurance Department and are determined in accordance with statutory
accounting principles. No representation is made herein as to the accuracy or adequacy of such information
or as to the absence of material adverse changes in such information subsequent to the date thereof. In addi-
tion, these numbers arc subject to revision by the New York State Insurance Department which, it' revised,
could either increase or decrease the amounts.
MUNICIPAL. BOND INSURANCE ASSOCiATION
FIFE MF.MBE..R COMPANIES'
ASSETS, LIABILITIES AND POLICYHOLDERS' SURPLUS
As of June 30, 1986
(000's omitted)
The Aetna Casualty & Surety Company .................. .
Fireman's Fund Insurance Company .....................
The Travelers Indemnity Company .... I ........ I........
Aetna Insurance Company .. I ................ I ..... I ...
The Co ntinental Insurance Company .....................
TOTAL. .................... ........ I............
New Norio
No% lurti
Ne" York
Slululor�
`+tatuton
Policyholders'
Assets
t.iabilities
Surplus
S 9,232,269
S 7,707,420
51,524,849
5,385,229
4,144,563
1,240,665
6,354,125
5,482,318
871,807
5,235,00E
4,834,479
400,528
1,556, 270
1,304,816
_251,454
527,762,899
$23,473,596
54,289,303
Standard & Poor's Corporation rates all new issues insured by MBIA "AAA" Prime Grade.
Moodv's Investors Service rates all bond issues insured by MBIA "Aaa" and short term loans "MIG I",
both designated to be of the highest quality.
Each such rating should be evaluated independently of any other rating. No application has been made
to any other rating agency in order to obtain additional ratings on the Bonds. The ratings reflect the respective
rating agency's current assessment of the creditworthiness of NIB1A and its ability to pay claims on its
policies of insurance. Any further explanation as to the significance of the above ratings may be obtained
only from the applicable rating agency.
The above ratings are not recommendations to buy, sell or hold the Bonds, and such ratings may be
subject to revision or withdrawal at anytime by the rating agencies. Any downward revision or withdrawal
of either or both ratings may have an adverse effect on the market price of the Bonds.
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4�
tilt, PROGRAM
of the t d; 'ktii he; ed fo tttabli;h a retolsink l ran fund for tlrr' i; rrt >:F of finan iii
C ne oc ,wired r' itt n Cen including mid-ri=e, to,�nhen3ses, and do a hed under
F'rograrn in >,h. ;t;<'` C tTim knit, Fit",Clopment Target Areal and to clrh�.r arr'a-, at, desig.
r:a'ecl !.`; ; Fr (. S" W
n 1ii;tF,ori
I`ic purpo of the Hond, i; to further the Citv'= Program of providing. affordable ov; ier-c�ccupt`ed
hoes ine. 'the units are to be constructed bi, the C,'itt� from amount; in the Construction f�vnd created under
rh,. Ordinance on Cits o—Aned land and ;rdcl to families, and persons. including the elder);, of loin or
Moderate lnCOTTI." 14hose income iti no! sufficientto enable them, without financial as.t=ranee, to live to
decent, safe and sanitary dwellings v4ithout ovcrcroti%ding in the City. Under the Program, families and
per;on', of love. income are those %k ho;e eross income does not exceed 6i -4, and does not fall below 50 , , of
the median in�nme fc�r the bade County Metropolitan Statistical Area, and families and persons of
moderate income are those whose Bros; income does not exceed 150°0, and does not fall bclou ft I r,), of said
median income.
Proceeds received bv. the City from the sale of such units will be deposited into a separate fund to be
used by the City to finance the construction of additional affordable owner -occupied units or for other City
purposes. Such proceeds are not pledged to the payment of the Bonds and the Bonds are not secured
thereby. The money in the Construction Fund, prior to its application to the financing of the Program
finduding paying the costs of issuance of the Bonds) shall be subject to a pledge thereof in favor of the
Borido%sner. and for the further .ecurity of such owners until applied in accordance with the Ordinance.
SOURCES AND USES OF FUNDS*
TFie ourcc,, and use,, of funds (exclusive of accrued interest) in connection with the issuance of the
1.3onds are expected to be as follows:
Sources
Principal amount of Bonds S4.300,000
City contribution .... ................. . ... .
Total Source. .......................... S
Uses
Deposit in Construction Fund ................ S
Deposit in Debt Service Reserve Account ...... .
Underwriters' Discount .................... .
Total Uses .... .... . ................... S
Costs of issuance in connection with the Bonds will be paid out of amounts deposited in the Construction
fund.
SUMMARY OF ORDINANCE
The Ordinance contains various definitions, covenants and security provisions, certain of Miich are
summarized below. "This summary does not purport to be comprehensive or definitive and is subject to all of
the terms and provisions of the Ordinance to which reference is hereby made.
Certain Definitions (Section 101)
'The Ordinance defines certain terms, including the following:
"Code" means the internal Revenue Code of 1986 and all rulings and regulations in effect thereunder
• Subject to change,
6
10165
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U
"Debt Service Reserve Require►nenl" illeatis all amount equal to one year's maximum arltlual debt
service rill the bonds.
"Fiscal Agent" means any bank or trust company duly authorized h} law to engage its the banking
Business and designated by the Miami Cite Commission as fiscal accent for moneys under the provisions of`
the Ordinance.
"Franchise tree Revenues" ineans amounts received b% the C'it% from Southern Bell -telephone and
1ele9raph Company pursuant to Section 4(a) of Ordinance Nt). 9064, adopted on January 24. 1980, in all
amount equal to I Qo of the local recurring revenues taken in and received bti "aid Company m ithin the
meaning of Section 4(a) of said Ordinatce No. 9004 and amount, recci\ed and iiledged by the City as a
result of any performance by the City \vith respect to its Co\ettant in Sertiou 607, of the Ordinance.
"Itivestment Contract" tlleaw, a contract vvlth a flnaticial institution rated to till NIA101 rating Cale -
gory by A400dy's lnveslors Service. and Standard & Poor", Corporation, Much contract meets the reLinire-
nlents of, the Ordinance relating to defeasance.
"investment Obligations- means any of the following that are, al the tin)c of invrstnlent, legal invest-
anents for the investment of the Citv's funds: (i) Government Obligations; (ii) any other obligation of tale
United States of America or any federal agency; (iii) certificates of depo,,it of national or state hanks vwhich
have deposits insured by the Federal Deposit insurance Corporation and certificates of deposit of federal
sayings and loth associations and state building and loan associations \which have deposits insured by the
Federal Savings and Loan Insurance Corporation (including the certificates of deposit of any bank, sayings
and loan association or building and loan association acting as it depository, custodian or trustee fur am•
proceeds of the Bonds); provided however, that the portion of urrh Certificates of deposit in execs of the
an)ount insured by the Federal Deposit insurance Corporation or the Federal Savings and Loan Insurance
Corporation, if any, shall be secured by deposit \sith the Federal Reserve Bank of Atlanta, Georgia, or with
an\' national or state bank of any of the obligations included in (i) or (ii) above; and (iv) any other invest-
ments permitted by State )a\\ in which lending institutions may legally invest their funds.
"Outstanding" \when used kith reference to the Bonds, n)eans, as of a particular date, all Bonds there-
tofore issued and authenticated under the Ordinance, except:
(1) Bonds theretofore cancelled by the Bond Registrar or delivered to the Bond Registrar for
cancellation;
(2) Bonds in exchange for or in lieu of which other Bonds have been authenticated and delivered
pursuant to the Ordinance;
Creation of Funds and Accounts (Section 401)
The follo\ving funds and accounts of the City are created by the Ordinance:
(a) the Construction Fund;
(b) the Nliarrii Special Obligation Franchise Fee Revenues Debt Service Fund (the "Debt Service
Fund"), consisting of the Interest Account, the Principal Account, the Bond Service Account and the
Debt Service Reserve Account; and
(c) the Rebate Fund.
Each fund and account shall be maintained by the City or the Fiscal Agent as a separate and distinct trust
fund or account to be ileld, managed, invested, disbursed and administered as provided in the Ordinance.
10165
Construction Fund (Section 403)
(a) The City shall make payments front the Construction kind for t}le purpose of financing the
Program, in accordance with the procedures set forth in paragraph (b) below, except that the City may, by a
certificate of an authorized officer, aUthorize di%bursettlent5 lronl tile Construction Fund to pay tile costs of
issuance by identifying the cost to be incurred and the amount of such cost.
(b) l:-xcept as stated in paragraph (a) above, the City shah slake payments from the Construction
an authorized officer, staling with respect to each payment to be
Fund upon written requisition, signed by
made (i) the requisition number, (ii) the name and address of the person, firth or corporation to whom
payment is due, (M) the an►ount to be paid, (iv) that each obligation mentioned therein has been properly
incurred, is a proper charge against the Construction Fund and has not been the basis of any previous with-
drawal, and (v) that the arnount to be paid is presently due and payable or has previously been paid by the
City.
(c) The stoney in the Construction Fund shall be held in trust and applied to the financing of the
Program and, pending such application, shall be :subject to a pledge thereof in favor of the owners of the
Bonds and for the further security of such owners until applied in accordance with Section 403.
Debt Service Fund (Section 404)
(a) The principal of, premium, if any, and interest on the Bonds shall be secured equally and ratably
by a pledge of all the proceeds received by the City from the Franchise Fee Revenues. The City irrevocably
pledges such proceeds as received to the payment of the principal, premium, if any, and interest on the
Bonds. The money in the Debt Service Fund shall be held in trust and applied as described below and,
pending such application, shall be subject to a lien and charge in favor of the owners of the Bonds and for
the further security of such owners until paid out or transferred as described below.
(b) The City shall deposit monthly upon receipt to the credit of the applicable account in the Debt
Service Fund Franchise Fee Revenues in an amount that, together with amounts on deposit in such account,
shall at least equal (i) one -sixth of interest on the Bonds due and payable on the next succeeding interest
payment date plus Oi) one -twelfth of the principal of the Bonds due and payable on the next succeeding prin-
cipal payment date. 'rile City shall also deposit to the Debt Service fund any other amounts contributed by
the City.
(c) On the first business day of December and June of each year, the Cite shall transfer to the Fiscal
Agent in trust to the credit of the Bond Service Account from the Interest Account and Principal Account.
as applicable, an amount sufficient to pay the principal of', premium, if any, and interest on the Bonds
beco►ninu due and payable (,)it the next succeeding interest payment date. On each interest payment date the
Fiscal Agent Shall withdraw from the Bond Service Account and 0) remit by mail to each owner of Bonds the
amount required for paying the interest due and payable on such date and (ii) deposit in trust with the
Paying Agent the amount required for paying the principal of and prenliunl, if any, due and payable on suclt
date.
(d) Iron the first business day of any December or June, commencing June i, 1987, and after tailing
into account any transfer made in accordance with Section 404(c), the amount in the Bond Service Account
shall be less than the amount of principal of and interest on the Bonds due and payable on such date, the
City shall forthwith transfer from the Debt Service Reserve Account to the Bond Service Account the
amount of such deficiency.
(e) If at any time the amount in the Debt Service Reserve Account exceeds the Debt Service Reserve
Requirement, such excess amount shall be transferred to the Principal Account.
(f) if at any time the amount in the Debt Service Reserve Account is less than the Debt Service Reserve
Requirement, the City shall forthwith and each month thereafter deposit upon receipt into the Debt Service
Reserve Account, after making the deposit required by Section 404(b), all Franchise Fee Revenues received
by the City until the Debt Service Reserve Account shall be restored to such requirement.
.t ,
1 016.5
(9) The City shall invest arhounts in the Debt Service Reserve Account in Investment Obligations such
that ali amount sufficient to pay the pritic ipat of and interest on the 11ohds coming clue on the next principal
payment date will mature, or be subject to withdrawal at the option of the City, no later than such principal
paymelit date.
Rebate Pund (Section 406)
By July 30 of each year commencing 1987; the City shall calculate the amount that would be required
by the Code to be rebated to the United States Treasury if such rebate were required to be made on such
date. On July 30, 1991, 1996 and 2001 and by August 30, 2006, the City shall remit to the appropriate office
in the United States Treasury Department the total rebate required on such date by the Code. Not later than
60 clays after the date on which all Bonds have been paid in full, such rebate amount shall be remitted to the
United States Treasury. Notwithstanding the foregoing to the contrary, the City may take any other actions
with respect to such rebate if it shall have been advised by bond counsel in an opinion that such other actions
shall be in compliance with the provisions of the Code.
Use of Available Vunds (Section 412)
Nothing in the Ordinance shall be construed to prevent the City from paying all or any part of the
operating expenses of the City from any money that is available to the City for such purpose that is not
pledged to secure the payment of the Bands, or from depositing in any fund or account created under the
provisions of the Ordinance any money available to the City for such deposit.
Security for Deposits (Section 501)
All money deposited under the provisions of the Ordinance shall be held in trust and applied only in
accordance with the provisions of the Ordinance and shall not be subject to lien or attachment by any cred-
itor of the City or the Fiscal Agent.
Until money deposited with the Fiscal Agent has been invested in Investment Obligations, the amount
of money in excess of the amount insured by the Federal Deposit Insurance Corporation or other federal
agency shall be continuously secured for the benefit of the City and the owners of the Bonds either (a) by
lodging with a bank or trust company approved by the City as custodian or, if then permitted by law, by
setting aside under the control of the trust department of the bank holding such deposit, as collateral
security, Government Obligations or other marketable securities eligible as security for the deposit of trust
funds under regulations of the Comptroller of the Currency of the United States of America, having a
current market value (exclusive of accrued interest) at all times at least equal to the amount of such deposit,
or (b) in such other manner as may then be required or permitted by applicable state or federal laws and
regulations regarding the security for, or granting a preference in the case of, the deposit of trust funds;
provided that it shall not be necessary for the Fiscal Agent to give security for any money which shall be
represented by Investment Obligations.
All money deposited with the Fiscal Agent under the Ordinance shall be credited to the particular fund
or account to which such money belongs.
Investment of Mone3 (Section 502)
Money held in all funds or accounts shall, to the extent practicable, be continuously invested and
reinvested in Investment Obligations. Investment Obligations shall mature or be subject to redemption at
the option of the owner thereof not later than the respective dates when the money held for such funds or
accounts will be required for the purpose intended. No Investment Obligations in any fund or account may
mature on a date beyond the latest maturity date of any Bonds Outstanding at the time such Investment
Obligations are deposited.
For the purposes of making any such investment, the City may consolidate money in any fund or
account with money in any other fund or account, subject to the other provisions of Section 502, and may
transfer an interest in an investment from one fund or account to another without liquidating the investment.
10165
investment Obligations acquired with money its airy fund or areOunt established under the Ordinance
0iall be deemed at all tirnes to be it part ot'such fund or account.'I'he interest accruing on investment Obli-
gations in any fund or account and any profit realized from such investnietit shall be credited to the
particular fund or account with respect to which such investment was made. Any loss realized from such
investment shall be charged to the particular fund or account with respect to which such investment cNas
made. Investment Obligations purchased with consolidated funds shall he allocated to each fund or account
on a pto-rasa basis in accordance with the initial amount so invested from each such fund or account.
fit computing the amount in arily, fund or account. Im eStment Obligations shall be valucd at the lower
of 6) cost plus amortization of discount or minus amortization of premitun, or (ii) market value, provided,
howe%er, that amount4 invc�ted under any Investment Contract shall he Valued at the amount invested
t hereunder.
thhertever a transfer of ntonev betWeen two cis more bf the funds or accounts is permitted or required,
-uch transfer tit ay be made as a wIioIc or in part by transfer of one or more Investment Obligation~ at a Vattie
determined at the time of such transfer. prop ided that the inveshnent Ohligationc transferred are those in
which money of file receiving fund or account could be invested at the date of such transfer.
Tax Covenants (Section 606)
The City shall perform all acts and things as are permitted by law and as are necessary and desirable to
assure that interest paid oil the Bonds remains exempt from all federal inemzte taxation under any valid
provision of law.
The City shall not make or permit any use of the proceeds of the Bonds that, if such use had been
reasonably expected on the day cif the issuance of the Bonds, would have caused the Bonds to be "arbitrage
bonds" within the meaning of Section 148 of the Code. The City ~hall observe and not violate the require-
ments of Section 103 of the Cede.
Covenant Regarding Franchise Fee (Section 607)
The City covenants that while any of the Bonds are Outstanding, it will not take any action or fail to
take any action, to the extent permitted by law anct in the exercise of its reasonable discretion, that might
result in a suspension, diminution or termination of the receipt of the Franchise Fee Revenues, and it will
not create or permit to be created any charge or lien on the proceeds of the Franchise Fee Revenues ranking
equally with or prior to the charge or lien on such proceeds of the Bonds, except as permitted by the provisions
of the Ordinance relating to the issuance of additional bonds.
Resignation or Removal of Paying Agent and Registrar (Sections 703 and 704)
The Paying Agent may at any time resign and be discharged of the duties and obligations imposed
upon it by giving at least 30 days' notice to the City. The Paying Agent may be removed by the City at any
time by the City giving at least 30 days' notice to the Paying Agent, but such removal will not take effect
prior to the appointment of a successor Paying Agent by the City. In the event of the resignation or removal
of the Paying Agent, the Prying Agent shall pay over, assign and deliver any moneys held by it in such
capacity to its successor or, if there be no successor, to the Fiscal Agent.
The Registrar may at any time resign and be discharged of the duties and obligations imposed upon it
bygiving at least 30days' notice to the City, at which time a successor Registrar, if available, will beappointed
by the City. The Registrar may be removed at any time by ail instrument, .signed by an authorized officer, or by
[tie owners of not less than 66",Q16 in aggregate principal amount of the Bonds Outstanding, filed with the
Registrar, but such removal will not take effect prior to the appointment of a successor Registrar by the City.
In the event of the resignation or removal of the Registrar, the Registrar shall deliver any Bonds held by it in
such capacity to its Successor or, if there be r!o successor, to the Fiscal Agent.
10
- ------ _ - - - 11 01 6 5 '
Supplemental Ordinance, Without Owner Consent (Section 901)
The City may, from time to time and at any time, enter into such ordinances supplemental to the
Ordinance, without the consent of the owners of the Bonds, as in the opinion of bond counsel are not detri-
mental to the interests of the owners and are necessary to:
(a) cure any ambiguity or formal defect or otnission, correct or supplement any provision in the
Ordinance or in any supplemental ordinance that may be inconsistent with any other provision in the
Ordinance or in any supplemental ordinance, or make any other provisions with respect to matters or
questions arising under the Ordinance or any supplemental ordinance that shall not be inconsistent
with the provisions of the Ordinance or any supplemental ordinance; or
(b) grant to or confer upon the owners any additional rights, remedies, pokers, authority or
security that may lawfully be granted to or conferred upon the owners; or
(c) amend any of the provisions of the Ordinance to the extent required to permit compliance by
the City with Section io or the Code, or
(d) add to the covenants and agreements oft lie City in the Ordinance other covenants and agree-
ments thereafter to be observed by the City or to surrender any right or power reserved to or conferred
upon the City by the Ordinance.
Supplemental Ordinance With Owner Consent (Section 902)
The owners of not less than two-thirds in aggregate principal amount of the Bonds then Outstanding
and MBIA shall have the right, from time to time, to consent to and approve the adoption by the City of
such ordinance(s) supplemental to the Ordinance as shall be deemed necessary or desirable by the City for
the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or
provisions contained in the Ordinance or in any supplemental ordinance; provided that nothing herein
contained shall permit, or be construed as permitting (a) an extension in the payment of any principal or
redemption price of or interest on any Bond issued under the Ordinance, or (b) a reduction in the principal
amount or redemption price of any Bond, or the rate of interest on any Bond, or (c) the creation of a lien upon
or pledge of the revenues or other money or assets pledged to the payment of the Bonds, or (d) a preference or
priority of any Bond or Bonds over any other Bond or Bonds, or (e) a reduction in the aggregate principal
amount of the Bonds required for consent to such supplemental ordinance.
Cessation of interest of Owners (Section 1001)
If all the Outstanding Bonds shall have been paid as set forth below, then, and in that case, such Bonds
shall cease to be entitled to any lien, benefit or security under the Ordinance. In such event, the Fiscal Agent
shall transfer and assign to the City all property then held by the Fiscal Agent, shall execute such documents
as may be reasonably required by the City to evidence such transfer and assignment and shall turn over to
the City any surplus in any fund or account other than moneys held for the redemption or payment of Bonds.
Any Outstanding Bond shall be deemed to have been paid when the whole amount of the principal of,
premium, if any, and interest on such Bond shall have been paid or when (a) there shall have been deposited
with the Fiscal Agent and specifically designated for the purpose of defeasance either moneys in an amount
that shall be sufficient, or an Investment Contract or Government Obligations, or a combination thereof',
which shall not contain provisions permitting the redemption thereof at the option of the issuer, the principal
of and the interest on which when due, and without any reinvestment thereof, will provide moneys which,
together with the moneys, if any, deposited with or held by the Fiscal Agent available therefor, shall be
sufficient, to pay when due the principal of, premium, if any, and interest due and to become due on such
Bond on or prior to the redemption date or maturity date thereof, as the case may be, and (b) in the event
such Bond does not mature and is not to be redeemed within the next succeeding 60 days, the City shall have
given the Bond Registrar irrevocable instructions to give, as soon as practicable, a notice to the holder of
such Bond by first-class mail, postage prepaid, stating that the deposit of moneys, an Investment Contract,
Government Obligations, or any combination thereof, required by clause (a) of this paragraph, has been
made with the Fiscal Agent and that such Bond is deemed to have been paid and stating such maturity or
11
-4
10165
redemption date upon �khich money; arc to he a%adable I'm the payment of the principal of and interest on
such tiond.
The moneys, investment Contract, Ciovernment Obligations, or combination thereof', deposited with
the hiscal Agent as set forth above, and principal or interest paymenls on any such ( ` ligations shall not be
withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of,
premium, if any, and interest on said Bonds.
UNDERWRITING
L.F. Rothschild, Unterberg, Towbin, Inc., Daniels & Bell, inc., and Security Pacific Merchant Bank-
ing Group, as Underwriters, have agreed to purchase the Bonds from the City subject to certain conditions
precedent and will purchase all of the Bonds if any of the Bonds are purchased at a purchase price of
plus accrued interest. The Underwriters may offer and sell the Bonds to certain dealers and others at prices
lower than the initial public and other selling terms may be changed from time to time by the Underwriters.
RATING OF THE BONDS
Moody's investors Service and Standard & Poor's Corporation have assigned the Bonds a rating of
"Aaa" and "AAA", respectively, based upon the insurance of the Bonds by MBIA. The rating agencies
may have obtained and considered information and material which have not been included in this Official
Statement. Each rating reflects only the views of such organization, and an explanation of the significances
of the rating may be obtained only from such rating agency. There is no assurance that the rating will
continue for any given period of time or that it will not be revised downward or withdrawn entirely by such
rating agency, if in the judgment of the rating agency circumstances so warrant. Any such downward
revision or withdrawal of the rating may have an adverse effect on the market price of the Bonds. The
Underwriters and City have undertaken no responsibility after the issuance of the Bonds to assure the
maintenance of the rating or to approve any such revision or withdrawal.
ABSENCE OF MATERIAL LITIGATION
In the opinion of the City Attorney there is no pending or threatened litigation against the City restraining
or enjoining the issuance, sale, execution or delivery of the Bonds or questioning or affecting the validity of
the Bonds or the proceedings and authority under which they are to be issued. There is no litigation pending
or threatened which in any manner questions the right of the City to secure the Bonds in the manner provided
in the Ordinance.
APPROVAL OF LEGAL MATTERS
The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified
approval of legality by Brown & Wood, New York, New York, Bond Counsel, and to certain other conditions.
Certain legal matters will be passed on for the Underwriters by their Counsel, Saul, Ewing, Resnick & Saul,
Wilmington, Delaware and for the City by Lucia A. Dougherty, Esq., City Attorney of the City of Miami. It
is expected that the Bonds in definitive form will be available for delivery in New York, New York, on or
about November , 1986.
12
10165
1r XINir ON PROM TAXAMN
1n the opinion of 13rosvn & Wood, Bond Counsel, under existing statutes, regulations, rulings and
court decisions, the interest on the Bonds is exempt from all present federal income taxes and from income
taxation under State of Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest,
income or profits on debt obligations owned by corporations, as defined in said Chapter 220. The Bonds are
exempt from intangible personal property taxes imposed by Chapter 199, I'lorida Statutes. If the 'tax 'Bill is
enacted into law, the exemption of interest on the Bonds from federal income taxation would not be adversely
affected except as explained under the caption "PENDING FEDERAL TAX LEGISLATION" herein,
PENIANG 1FEDIERAL TAX LEGISLATION
On September 25, 1986 and on September 27, 1986, the United States House of Representatives (the
' "House of Representatives") and the United States Senate (the "Senate"), respectively, passed 11,R. 3838,
entitled the Tax Reform Act of 1986 (1114.11. 3838" ), which contains provisions that would restrict the
issuance of, and affect the treatment of the interest on, state and local government obligations, such as the
Bonds. The provisions of H.R. 3838 affecting state and local government obligations would be effective
with respect to the Bonds. Among other things, H.R. 3838 contains new and expanded restrictions on the
use and investment of bond proceeds. 1 ailure to comply with any of such provisions may result in interest on
the Bonds becoming subject to federal income tax retroactive to the date of issuance of the Bonds. The City
has covenanted in the Ordinance, among other things, to comply with the applicable restrictions set forth in
H.R. 3838 relating to the use and investment of proceeds of the Bonds and the rebate of a portion of invest-
ment earnings on certain amounts, including proceeds of the Bonds, to the federal government.
In the opinion of Bond Counsel, if the provisions of H.R. 3838 are enacted into law in the form passed
by the House of Representatives and the Senate on September 25, 1986 and September 27, 1986, respectively,
and assuming compliance with the above -described covenants of the City, interest on the Bonds will be
exempt from federal income taxation (other than the alternative minimum tax applicable to corporations,
described below). Interest on the Bonds will not be exempt from federal income tax retroactive to the date of
issuance of the Bonds, however, in the event the Bonds fail to comply with the rebate provisions of the
arbitrage rules included in H.R. 3838.
H.R. 3838, in the form passed, imposes an alternative minimum tax of20 percent on corporations for
taxable years beginning after December 3), 1986. In taxable years beginning in 1987, 1988 and 1989, a
corporation's "alternative minimum taxable income" is adjusted to include, among other things, fifty
percent of the amount by which such corporation's "adjusted net book income" exceeds its "alternative
minimum taxable income ' as determined without regard to such adjustment and any "alternative tax net
operating loss deduction." In taxable years beginning after 1989, a similar adjustment at a rate of 75 percent
is made to a corporation's "alternative minimum taxable income" using such corporation's "adjusted
earnings and profits." Interest on the Bonds would be includible in the "adjusted net book income" and
"adjusted earnings and profits" of a corporation for purposes of the alternative minimum tax.
In addition, the House and Senate have passed, and the President has signed, H.R. 2005, the
Superfund Amendments and Reauthorization Act of 1986 (the "Superfund Act"). The Superfund Act
imposes a deductible broad -based tax on a corporation's "alternative minimum taxable income" (before
net operating losses and any deduction for the tax) at a rate of $12 per $10,000 of "alternative minimum tax-
able income" in excess of $2 million. The tax is imposed for taxable years beginning on or after January 1,
1987 and is imposed even if the corporation pays no alternative minimum tax because the corporation's regular
income tax liability exceeds its minimum tax liability. For purposes of the Superfund Act, "alternative mini-
mum taxable income" includes interest on all tax-exempt bonds to the same extent and in the same [Wanner
as H.R. 3838.
There may be additional modifications or amendments to H.R. 3838 or other additional proposals
such as the Superfund Act described above that, if enacted into law, would cause interest on the Bonds to be
subject to federal income tax, and there can accordingly be no assurance that such modifications, amend-
ments or proposals will not adversely affect the exemption from federal income tax of interest on the Bonds.
193
10165
MISCELI.ANFOUS
Any statements in this Official Statement involving matters of opinion or projections, whether or not
expressly so stated, are intended as such and not as representations of fact. This Official Statement is not to
be construed as a contract or agreement between or among the City or the Underwriters and the purchasers or
Owners of the Bonds. The information concerning MMA in this Official statement is based upon information
Supplied by MBIA. _
The execution and delivery of this Official Statement has been duly authorized by the City.
;' '1
14
The City of Miami, Florida
BY:
Mayor
1 01.65
DESCRIPTION or THE C1tY
Geogt•aplty
APPENDIX A
The City of Miami, situated at the mouth of the Miami River on the western shore of Biscayne Bay, is a
main port of entry in Florida and the county seat of Metropolitan Dade County, which encompasses 2,000
square miles of Florida's :southeastern region. The City comprises 34.3 square miles of land and 19.5 square
miles of water.
Miami is the southernmost major city and seaport in the continental United States and the center of
Pan-Atnerican trade and air transportation. The nearest foreign territory is the Bahamian island of Bimini,
some 50 miles from the state's tip.
climate
Due to its location near the upper boundary of the tropical zone, Miami's climate is strongly influ-
enced by the Gulf Stream, trade winds and other local climatic factors. its average yearly temperature is
75.5. Summertime temperatures average 81.4 and winter temperatures average 69.1. Rainfall comes most
frequently between the months of May and September, with June the heaviest, averaging nine inches.
Population
The 1985 population estimate of 380,446 has been computed by the State of Florida Division of Popu-
lation Studies, Bureau of Business and Economic Research, University of Florida, State of Florida.
Miami's racial and ethnic mix is comprised of non -Latin Whites, Blacks and Hispanics, sixty-seven
percent of the City's population is White, 25076 is Black and 8% is classified as "Other". The most signifi-
cant change has been in the Hispanic category, which has grown to represent 56 per cent of the City's total
population.
South Florida is a popular destination for retirees from the northeast seeking out the hospitable and
temperate climate. The retiree population contributes significantly to the local economy as recipients of
transfer payments such as Social Security, pensions, and investment income. Appropriate supporting serv-
ices are provided by the State and the County. The City provides only limited specialized services.
Government of Miami
The City of Miami has operated under the Commission — City Manager form of government since
1921. The City Commission consists of five elected citizens, who are qualified voters in the City, one of
whom serves as Mayor. The Commission acts as the governing body of the City with powers to enact
ordinances, adopt resolutions and appoint a chief administrative officer known as the City Manager. The
City Clerk and City Attorney, as well as members of the Planning and Zoning Board, the Off -Street Parking
Board, the City of Miami Health Facilities Authority, the Downtown Development Authority and the
Miami Sports and Exhibition Authority are also appointed by the Commission. Members of the Off -Street
Parking Board and the Downtown Development Authority are appointed by their respective Boards and rati-
fied by the Commission.
City elections are held in November every two years on a non -partisan basis. At each of these elections a
Mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission in
general. At each election two members of the Commission are elected for four year terms. Thus, the City Com-
missioners' terms are staggered so that there are always at least two experienced members on the Commission.
The City Manager serves as the administrative head of the municipal government, charged with the
responsibility of managing the City's financial operations and organizing and directing the administrative
infrastructure. The City Manager also retains full authority in the appointment and supervision of depart-
ment directors, preparation of the City's annual budget and initiation of investigative procedures. In addi-
tion, the City Manager takes appropriate action on all administrative matters.
A-i
r' I0��5
i
k s�
Mayor and CIf ("tttttmissittnrrs
Xavier L. Suarez was electcd Mayor in November, 1985 for it two year term. (Mayor Suarez is a Summa
Curn Maude graduate or Villanova University, holds a Masters Degree in Public Policy from the John F:
Kennedy School of Governtl1ent of Harvard University and holds a .turis i)octorw, from Harvard Law
School. Fie is currently a partner in the Miami law firm of Proenza, White, Huck & Suarez. Mayor Suarez
has actively served the 'Maori community for a number of years through participation on numerous advi-
sory boards and committees.
Miller J. Dawkins was elected Commissioner in November, 1981, reelected in 1985 for a four year term
and elected Vice -Mayor by the City Commission in November, 1985 for a one year term. Vice -Mayor Dawkins
is a graduate of Florida Memorial College and holds a MS degree from the University of Northern Colorado.
Commissioner Dawkins has been employed for 16 years at Miami Dade Community College.
Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four year term.
Commissioner Carollo is a graduate of Miami Dade Community College and Florida International Univer-
sity. He holds a Baccalaureate of Arts degree in international Relations and a Baccalaureate of Science
degree in Criminal Justice. He is presently President of Genesis Security Services, Inc.
Rosario A. Kennedy was elected Commissioner in November, 1985 for a four year term, becoming the
first Hispanic woman ever elected to the Commission. Commissioner Kennedy is Vice President of Terre -
mark, Inc., a Miami real estate development and investment firm. Commissioner Kennedy has served on
numerous business, civic and community boards, in leadership and membership capacities, in the Miami
area.
J. L. Plummer, Jr. was appointed a Commissioner in October, 1970, and was elected Commissioner in
November, 1971 and reelected in 1975, 1979 and 1983 for four year terms. Commissioner Plummer is a
graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of
the Board of Ahern -Plummer Funeral Homes, Miami.
Administration of the City
Cesar H. Odio was appointed City Manager effective December 16, 1985. Prior to his appointment to
the top administrative position in the City of Miami, Mr. Odio served as Assistant City Manager for the City
since January, 1980. His responsibilities extended over the functions of parks and recreation, building and
vehicle maintenance, and public facilities. During the Mariel Boatlift in 1980, he was appointed to the Presi-
dent's Task Force on Refugee Affairs. NIr. Odio has a Bachelor of Science degree in Public Administration
from Florida Memorial College, Miami, and majored in Business Administration at the University of Santo
Tomas de Villanueva, Havana, Cuba.
Herbert J. Bailey has served as Assistant City manager since his initial appointment in October, 1982.
Mr. Bailey's responsibilities for the City include the Departments of Development, Finance and Community
Development, as well as liaison to several public authorities and organizations. Prior to joining the City, he
served as President and CEO of Philadelphia Citywide Development Corporation and President of Urban
Development Services, Inc. Mr. Bailey holds a Bachelor of Arts in Business Administration from Antioch
College and a Masters Degree in Urban Economic Development from Goddard College.
Carlos E. Garcia, Director of Finance since June, 1980, joined the City in November, 1976 as Assis-
tant Finance Director. He has been previously employed in private industry in positions of Treasurer,
Comptroller, and Auditor. Mr. Garcia is a Cum Laude graduate of the University of Miami with a BBA and
also holds a Master of Science in Management from Florida international University. He is licensed as a
CPA in the State of Florida and is a member of the American and Florida Institutes of CPA's and of the
Governtnent Finance Officers' Association of the United States and Canada.
Lucia A. Dougherty is the City Attorney for the City of Miami, Florida, and the former City Attorney
for the City of Miami Beach. She received her B.A. degree from Syracuse University, and a M.L.S. degree
from the University of Oklahoma, a J.D. degree from Oklahoma City University and a L.L.M. Degree in
A-2
1 01615 +.
Ocean and Coastal Craw from the University of Miami, Florida. She is a member of the Florida and Okla-
homa Bars, has served as an Adjunct Professor of l_aw at Nova University and has also served as alecturer
at numerous conferences and seminars.
Matty Hirai was appointed City Clerk on September 1, 1985. She was the City's Assistant City Clerk
from September, 1976 to August, 1985. She is a graduate of Edison High School and has completed college
courses at Pasadena City College, University of California at Los Angeles and Hunter College. She attended
specialized courses at Syracuse University and obtained the three year Certified Municipal Clerk certificate
extended by that University. Ms. Hirai is a member of the international Institute of Municipal Clerks.
Scope of Services and Agency Functions
The City provides certain services as authorized by its charter. Those services include public safety
(police, fire and code enforcement), parks and recreational facilities, trash and garbage collection, street
maintenance, construction and maintenance of storm drain systems, planning and development functions,
construction of capital improvements, and building code, inspection and enforcement services.
The Police Department provides a full range of police services, has a uniformed force of 1,060 and a
civilian component of 452. The Fire Department is rated as Class I and provides a full range of fire protec-
tion and emergency services as well as providing a full range of medical and rescue services.
The City provides garbage and trash pickup and enforces sanitation requirements. Disposal of trash
and garbage is performed by Dade County under contract with the Citv. The Department of Public Works
maintains certain streets and sidewalks and manages construction of sewers and other capital facilities
required by the City. The State of Florida and Dade County are responsible to maintain most arterial streets
and all major highways within the City. The Department of Public Facilities maintains and operates all City
owned parks and administers various recreational and cultural programs associated with these facilities.
A-
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10165`*
APPENDIX 13
MUNICIPAL BOND GVARANTY
INSURANCE POLICY
MaLk Municipal Bond Insistence Association
White ptains, Now York 1060E
ptitwii vt,:...
r%# insuranto tisfffa si h(Atillft4{itisthg tht Mu- Icip autuMty A�v.riuhtin Ithe Assttlntn 'l. none+ etas and it
tllble MMuNIll wtitthil) setts Ant J01111 ly lit i t N-Murt iti Turns trpfk,uh t1i Monte, in < the ruimcrit rf
the ftfhlutfl tfsd iubji4i 10 the fvttihi rat hr utkttnJrtiunully -lAd trte\twuhN (luur, t ,, ner a% hiavAuher
deli d, tit the lotluwinS tleichbw ohltaut q curnplete puYeAelit huuiteJ to he ii%a� vj it of (ate 1%wcr its
at it (4tteiti6f (lean tninutlt e44tt to (i) the prinnpi( of (either at ON00"unty of by shv &Jvin%tmt:At nt
fhituhty purtaiht tit rth"
10 iM tuhd payment) end interest nM, this Ohligttuitt& cal that IVOM A JeAnttl held*) at 4knh
plyrhenN ahUl bet6th Mist iA paid leittpl that A the event tit any ackelerstinn tit this Jut date of such phhcifill by
New d(MIAdit6fy cat ripttnn air imtIctatit\M telultft thith default at atherarttio, other than uhy,idvaheen+ent of millutity
uaAt t6 i MAR attyfy sift in1 fnd ritymcht. the payment% ttlatanited htrthy shell he mark its iueh amounts and it wch tinitt as
such piyrntnd 6f pnhrtpal would hive Meth duct hid there nut pith toy %uch 31:01 ta(ton): end (tt the Rinlhuftefiuhi of any .ucb
payment which it I ttttryWhtly reebttitd tt6iti aAy Montt ffuhUuht to a shot judgment by a court tittcompetent jutltd+ctwn that iueh
payment co"Ititutel lift avhtda le ptetetehee to such owntir +t in the ntatining of ,toy al+plivahie hankruprcy Ito, The amounit refetred
its iA ciiutat (I) and (ii) of the prtettliAll kAtehco %hall be to hcteth cnllactivvly ai the •'Insured Amounts.- ^Oblilvikotit" shalt
ttlaknl
The insurance cumpanicl Cons he mcmhett of the Asaictstion urn is Gallows;
The Etna C'4wo14 and Surety Curnpany
Yi%
Fireman s Fund Inwrinte C'umpany
The Tta%ticn Indemnity Conkdny
lyre
.$lno In%uioncv Compeny
The C'onuttental Inrut,ince Company
Iyt
tU'f
L'poa receipt of telephonic or teleSraphtc Mona, wen notice tubs•gwntl tonArmed in writtAg by registered of ea"Ad mail, of upon
reutpt of written ntxtn rapsurod set ulrt(Aed mail. tr the General Mann et of the AimocUtion or its deespteo from the Peyrng
A�ene ce any owner of to ObGjanoo the payment of sa �naured Amount for *htch is tr,sn dew, that such tcgwmd payment has not
bran made, the At&ociation on behalf of its mtntben oat the tfue Hato of such payment or within one business day &her receipt of Mona
of a4ch notiplyment, whkht gins It later, will make a depoart of funds, in an account wth Citibank, N k- in New Yort, New York, or
i4 stsaesaot. tuMc►eat for the payment M an Stich inwrod Arnotsnu whtth sro then due Upon pMlientmsnt Ind surrender of such
Oblijatlons er pretentreant of tucn nthu proo(otownanhip ofthe Otrli/ations: together *tth any tppropnato instruments ot&seignment
to evidence thauugrment ofthe insure Amounu dos on the Obliptione n fro paid by the Atwsciation, and appropriste instruments
to effect the appointment d the Auaisnod or the Oenen! ytar+a r tf agent for suM awnem of the Obligation) to any le 1 proceeding
rotated to Paymant of Insured Amounts on the Obliptbro, Isxhlnit rumints being in a form satisfactory to Citibank. NPA., Citibank.
N.A. shall di►burse to such owners, or the Paying Agent payment of the Insured Amounts due on such Obfiµttono, iw any Amount
held by the Paying Agent tot the payment tit such Insured Amounts and leµlly available therefort. This policy does not insure sgainas
lost of say prepayment premium which may It any time be payable with respect to any Obligation.
As used herein, the tarn "owner" shell mean the registered as r of any Obligation u indicated in the Crooks maintained by the paying
Agent, the (suet, or any desipttx of the Issuer for such pWpow, The tern owner shall not include the Issuer or &ny party whose
agreement nth the Issuer constitutes the underlying tecunty for the Obligations.
Any service of process on the members of the Association stay he made to the Associstion. one of the members of the Association or
the General Manager of the Association or the Gtheral Agent of the Association end such time* of process shall he valid Ind binding
to to the Assocutson and each of ice members. Dunng the term of lu &Dypointment. Aturucipal tituen somce Corporation will act at
the General Manager of the A&SWation and its offlees are located at 34 South 6fosaway. white Plains, New York if> I
This policy is nun-eanceltahle for env roe%un The premium can this polio is not refurdut+(c for env cludin$ tht: payment prior
to maturity of the Ohligatkms.
IN WITNESS WHEREOF, each of the mcmhcrn of the A..%xratwn has .ice%ed this ride I • and agt:.tcd on it, hchuif by
the General Nanagcr and Genorof Agent (tl the .%.-sciation. this Ice
•
MUYICIPAL BOND
INSURANCE ASSOCIATION
c�
A:test
�rcrctar}
13-)
The tttw C'a.ualty and 5,urelt C,mtrunv
ilremun .Fund lmuronty �'ompnny
the ir,,veir.r. Inuernn4 Company
"Unu Insurance Compdnr , •
Th,: C tmbncntal In-uninix Cnmp,i
By WLNICIPALISbLkx%4ERVICR N
C,
PR�N:nI
r logics«rs,a frwic.orriiml,\aunt
10165
(THIS PAGE INTENTIONALLY LEFT BLANK]
1 ol6s
APPENDIX C
Y
(proposed Form of Bond Counsel Opinion)
(Letterhead of Brown & Wood]
i
.1996
City Commission
The City of Miami, Florida
We have examined the Constitution and the laws of the State of Florida (the "State"), particularly
Chapter 166, Florida Statutes, as amended, the proceedings related to the adoption on , 1986,
1 by the Commission of Tile City of Miami, Florida (the "Commission") of Ordinance No. (the "Ordi-
nance") authorizing the issuance and sale by The City of Miami, Florida (the "City") of its Special Obliga-
tion Bonds, Series 1986A (the "Bonds"), and other proofs relative to the issuance and sale of the Bonds.
The Bonds are issued in the aggregate principal amount of $ are dated October 1, 1986
and mature on July 1, bear interest from their date at such rates, and are subject to redemption prior to their
maturities, as set forth therein and in the Ordinance.
The Bonds are issued to finance the construction of owner -occupied residential units for sale to Fami-
lies and persons, including the elderly, of low and moderate income (as defined in the Ordinance), to fund a
reserve fund for the Bonds and to pay certain costs in connection with the issuance of the Bonds.
From such examination, and having regard to legal questions that we deem relevant, we are of the
opinion that:
1. The proceedings and proofs show lawful authority for the issuance and sale of the Bonds pur-
suant to the Constitution and other laws of the State, particularly Chapter 166, Florida Statutes, as
amended.
2. The City has duly adopted the Ordinance and the Ordinance is valid and binding upon the
City, enforceable in accordance with its terms, except as such enforcement may be limited by laws
relating to bankruptcy, insolvency, moratorium or similar laws affecting creditors' rights generally,
and subject to general principles of equity (regardless of whether said enforceability is considered in a
proceeding in equity or at law).
3. The Bonds are valid and binding special obligations of the City issued in accordance with the
Constitution and other laws of the State now in force and are secured in the manner and to the extent
set forth in the Ordinance.
4. The City is not obligated to pay the Bonds or the interest thereon except to the extent set forth
in the Ordinance, and neither the faith and credit nor the ad valorem taxing power of the City is pledged
to the payment of such principal or interest.
5. The pledge of moneys and assets described in the Ordinance shall be valid and binding from
and after the delivery of the Bonds and the receipt or possession of such moneys and assets by the City,
all in accordance with the provisions of the Ordinance. Under current law, such pledge shall be prior to
the rights of third parties arising after such pledge shall become valid and binding.
6. Under existing statutes, regulations, rulings and court decisions, the interest on said Bonds is
exempt from all present federal income taxes and from income taxation under State law, except as to
taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations
owned by corporations, as defined in said Chapter 220. The Bonds are exempt from intangible per-
sonal property taxes imposed by Chapter 199, Florida Statutes.
Respectfully submitted,
j
�_i 10165
el" OP MiAW PL01410A
INTIM41PPIClt ialEMOMAhiCS M
1
to Honorable Mayor and bAtt: October 8, 1986 04Lt
Members of the City ,��t S 9
Commission Special Obligation
Bonds Series 1086A
�'IF6M NErEf�ENct�:
Cesar H. Odi o
city M a n a g e r, EN �GftUhE$:
It is recommended that the
attached Emergency Ordinance
authorizing the issuance o
pec i a 1 06 11 ga i on o`nas e—S`ri s
provi al ng or the _erms
ergo an certain ma ers in
connect! 65 ere;P th ; declaring
e or finance an emergency
measure dispensin§ with e
reading of the or inance on two
separate a es; and providing an
etfective date, be approvede
Attached is an Emergency Ordinance authorizing the issuance of
Special Obligation Bonds Series 1986A and fixing certain details
in connection with the sale of the Bonds. The proceeds of the
Bonds will be used to establish a revolving loan fund for the
purpose of financing the construction of single family residences
under the Scattered Site Program in the City's Community
Development Target Areas and in other areas as designated by the
Commission.
The establishment of this Revolving Fund to provide funds for the
construction of single family housing under the Scattered Site
Program will further the City's goal of providing affordable
owner occupied housing units to families and persons of low and
moderate income.
Payment for the Bonds will be secured by a pledge of franchise
fee payments made to the City by Southern Bell Telephone Company
that would otherwise be deposited to the General Fund.
1 01 65
All Ihtafasted Odt56h§ will tat )tldd that bts tha 21td day of
&16bet, `10M. the City 0611' M194iah 61 MIAMI, P16Mda, Adopted the
I6110*ih9 tttled of`d hOtOB:
OANNANCE NO. 10165
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSU-
ANrP 6P SPFr,IAL OBLIGATION BONDS; SERIES 1966A
7
L .
ORDINANCE AN EMERGENCY MEASURE DISPEN' f �;
WITH THE READING OF THE ORDINANCE ON TWO
SEPA-RATE
DAYS; AND PROVIbING AN EFFECTIVE DATE.
ORDINANCE NO.10166
n
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLANS BY CHANGING THE DESIGNA•
TIONS FOR THE SUBJECT PROPERTIES FROM MODERATE
TO HIGH DENSITY RESIDENTIAL bESIG•NATION TO
RESIDENTIAL/COMMERCIAL DESIGNATION ON
�f>�MI �Y�
MIAMI 1/ 1IYW
tr
SOUTHWEST 2'TTH AVENUE FROM APPROXIMATELY 100
FEET SOUTH OF BIRD ROAD TO TIt3ERTAIL AVENUE AND
t.
FROM LOW TO MODERATE RESIDENTIAL DESIGNATION
Pubillhod Daily except Saturday. Sunday and
t,
TO MODERATE DENSITY RESIDENTIAL DESIGNATION EAST
Lepal Holiday$
y
OF CENTER STREET, FROM APPROXIMATELY 100 FEET
Miami, bade County, Florida.
4
SOUTH OF BIRD ROAb TO APPROXIMATELY 200 FEET
NORTH OF DAY AVENUE, AND WEST OF SOUTHWEST 27TH
3TATf OF FLORIDA
AVENUE FROM COCOANUT AVENUE TO APPROXIMATELY
COUNTY OF DADS
100 FEET NORTH OF BIRD AVENUE, AND ON LOTS
Sikh the und"419"ed authorRy personally appeared
FRONTING THE SOUTH SIDE OF COCOANUT AVENUE FROM
VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
•:"ctelma V, Ferbeyta, who on oath says that the is the
Supsnisor of Legal Adrerllslnq of the Miami
27TH AVENUE, FROM LOW DENSITY RESIDENTIAL DESIG-
Rsvlow, a dally
(accept Sstutday, Sunday and Legal Holidays) newspaper,
pubUthed at Miami in Dade County, FlOdds; that the
NATION TO MODERATE TO HIGH DENSITY RESIDENTIAL
DESIGNATION FOR LOTS ON THE NORTH SIDE OF COCOA-
NUT
attced
ogre of advin semen{, being a Legal A�yrtbenteni of Notice
In the malter of
r
AVENUE FROM APPROXIMATELY 150 FEET EAST OF
VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
CITY OF MIAMI
27TH AVENUE; FURTHER, CHANGING THE DESIGNATION
ORDINANCE # 10165
r.
FOR THAT PROPERTY APPROXIMATELY 100 FEET BY 200
FEET IN SIZE, FRONTING ON THE EAST SIDE OF SOUTH.
WEST 26TH AVENUE, BETWEEN SOUTHWEST 27TH LANE
AND SOUTHWEST 28TH STREET FROM A DESIGNATION
OF LOW DENSITY RESIDENTIAL TO A NEW ONE OF
RESIDENTIAL/COMMERCIAL; MAKING FINDINGS;
CONTAINING A REPEALER PROVISION AND A SEVERABIL-
M the........ }OiX
ITY CLAUSE.
._ . 0 .
",
teq Published in said " neerspaper In the Issues o. Court
ORDINANCE NO. 10167
AN ORDINANCE ADOPTING THE MIAMI COMPREHENSIVE
Oct. 30, 1986
NEIGHBORHOOD PLAN AND ADDENDUM, DATED SEPTEM•
BER, 1985, WHICH REPLACES MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976.19%; PROVIDING PURPOSE;
Afflant further says that the
:
INCORPORATING THE OFFICIAL GUIDE; PROVIDING FOR
said MI Rariew la a
In said Dade
f
A TRANSITIONAL PERIOD; AND CONTAINING A REPEALER
r"10 that said newspaper County, Florida.
p per h
end that the said n Does psi hat Mretolors b"n Continuously
in said Dada County,
t
)
PROVISION AND A SEVERABILITY CLAUSE.
Saturday, Florida, each day (except
Saturday, Sunday and Legal Holidaysi and has been enlerto as
Mcond Clsas mad ntattar_at tM
ORDINANCE NO,10168
post office in Miami in said
Oeda County, Florida. for a period of one year nett preceding
the first publication 01 the attached copy of advertisement;
affisnt furttw says that
f
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
and
she has percher paid nor promrsetl any
PM°n firm or a Purp4lionose,
any is t. rebate, commtsston
o►.'l�rtd for the pwvosy
f
NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
LOCATED AT APPROXIMATELY 3427.3523 SOUTHWEST 22ND
ring hfs advertisement for
TERRACE (MORE PARTICULARLY DESCRIBED HEREIN) BY
...�R.,ctur_ TH6 DESIGNATION OF THE SUBJECT PROP.
1 Oleo
C�ti1�4'�i0'EI��
All ihIlotogt6d t*?56h§ will tho110 that owl the �31`d day bt
Ckl6bet, 1986, the City CbfAM1911Ibn 6f Mtefht, h6fida, Adbpted the
fallowing titled ofdihilnCA5:
ORDINANCE NO. W65
AN EMERGENCY ORDINANCE AUtHOAl2ING THE ISSU•
ANCF OF SpFCIAL OBLIGATION BONbs, SERIES 1986A
�ONi,r._rtU, , L
ORC)I1l4ANCE AN EMERGENCY MEASURE MSPEN_ ?�6
WITH THE READING OF THE ORDINANCE ON TWO SEPA•
►r RATE DAYS; AND PROVIDING AN EFFECTIVE DATE.
ORDINANCE NO. iO166
(a AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
y NEIGHBORHOOD PLANS BY CHANGING THE DESIGNA•
LIONS FOR THE SUBJECT PROPERtIES FROM MODERATE
K TO HIGH DENSITY RESIDENTIAL DESIGNATION TO
RESIbENTIALICOMMERCIAL DESIGNATION ON
SOUTHWESMIAMI
j i�� t VENUE FROM APPROXIMATELY 100
MIAMI REVIEW IE FROM LOWTTO MODERATE
TO TIGERTAIL AVENUE AND
r FEET SOUTH OF BIR
I ERATE RESIDENTIAL DESIGNATION
Pubilthed Daily eiteept Saturday, Sunday and f TO MODERATE DENSITY RESIDENTIAL DESIGNATION EAST
Legal Hontlay* OF CENTER STREET, FROM APPROXIMATELY too FEET
SOUTH OF BIRD ROAD TO APPROXIMATELY 200 FEET
MI&MI, Dade County, Florida. 1. NORTH OF DAY AVENUE, AND WEST OF SOUTHWEST 27TH
STATE OF FLORIDA E AVENUE FROM COCOANUT AVENUE TO APPROXIMATELY
COUNTY OF DADE. 100 FEET NORTH OF BIRD AVENUE, AND ON LOTS
FRONTING THE SOUTH SIDE OF COCOANUT AVENUE FROM
6010M the undortigned authority personally appeared VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
:kfefma V. Ferbeyre, who on bath aayi that the is the 27TH AVENUE, FROM LOW DENSITY RESIDENTIAL bESIG•
5upervitor of legal Advartialt,p of the Miami Revlew, a daily NATION TO MODERATE TO HIGH DENSITY RESIDENTIAL
(alloepl Saturday, Sunday and Legal Hoildayt) newspaper, DESIGNATION FOR LOTS ON THE NORTH SIDE OF COCOA -
published at Miami In bade County. Florida; that the attached NUT AVENUE FROM APPROXIMATELY 150 FEET EAST OF
copy otadvel seman6 be"In9 s LOW Adretil"Irient of Notiw VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
In the nutter of 27TH AVENUE; FURTHER, CHANGING THE DESIGNATION
CITY OF MIAMI FOR THAT PROPERTY APPROXIMATELY 100 FEET BY 200
ORbIIrANCE 0 10165 r. FEET IN SIZE, FRONTING ON THE EAST SIDE OF SOUTH-
WEST 26TH AVENUE, BETWEEN SOUTHWEST 27TH LANE
AND SOUTHWEST 28TH STREET FROM A DESIGNATION
OF LOW DENSITY RESIDENTIAL TO A NEW ONE OF
RESIDENTIAL/COMMERCIAL; MAKING FINDINGS;
v CONTAINING A REPEALER PROVISION AND A SEVERABIL-
ITY CLAUSE.
the X}�.x
In"""" ". • .... Court, ORDINANCE NO.10167
+was published In said newspaper In the issues of
AN ORDINANCE ADOPTING THE MIAMI COMPREHENSIVE
Oct. 30 1986 NEIGHBORHOOD PLAN AND ADDENDUM, DATED SEPTEM•
BIER, 1985, WHICH REPLACES MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976-1986; PROVIDING PURPOSE;
s INCORPORATING THE OFFICIAL GUIDE; PROVIDING FOR
Afflant furthaf says that the said Miami Review is a t A TRANSITIONAL PERIOD; AND CONTAINING A REPEALER
�Iswspapar published at Miami in said Dads County, Florida, PROVISION AND A SEVERABILITY CLAUSE.
and that the said newspaper has heretofore been continuously !
Saturday- ISunday and Lepalsaid 09430 C Holidays► andaeach has beeday nured as ORDINANCE NO. 10168
second class marl matter at the post olfice in Miami in said
Dads County, Florida, for a parlod of oils year next preceding I AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
the first publication of the attached copy of sdwrtlsement: and 1 NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
Persnt l firm sari that she has neither Dud nor promised any LOCATED AT APPROXIMATELY 3427.3523 SOUTHWEST 22ND
Person tine or corporation any is t. rebate, commission
a no for the purooss ring his ad—tisament for TERRACE (MORE PARTICULARLY DESCRIBED HEREIN) BY
Pu in the ```,�� �!ip, CHANGING THE DESIGNATION OF THE SUBJECT PROP•
'ERTY FROM LOW MODERATE DENSITY RESIDENTIAL TO
'RESTRICTED COMMERCIAL; MAKING FINDINGS; AND,
` + • • . • • • • • • • CONTAINING A REPEALER PROVISION AND A SEVERABIL-
Ta
Q ITY CLAUSE.
to efors me this
• . 30t;hayr._= ORDINANCE NO. 10169
ls...• ..
AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI•
J NANCE NO, 9500, THE ZONING ORDINANCE OF THE CITY
p • . ul I OF MIAMI, FLORIDA, BY CHANGING THE ZONING CLASSI-
/i/Zt*�f Florida at Large FICATION OF APPROXIMATELY 3427-3523 S.W. 22ND TER.
(SEAL) /�/ft1t1111t t11q�`` RACE, MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED
My Commission expires Aug. 16, 198& HEREIN) FROM RG 113 GENERAL RESIDENTIAL (ONE AND
TWO-FAMILY) TO CH-317 COMMERCIAL•RESIDENTIAL (GEN-
ERAL) BY MAKING FINDINGS; AND BY MAKING ALL THE
NECESSARY CHANGES ON PAGE NO.42 OF SAID ZONING
ATLAS MADE A PART OF ORDINANCE NO.9500 BY REFER.
ENCE AND DESCRIPTION IN ARTICLE 3, SECTION 300,
THEREOF; CONTAINING A REPEALER PROVISION AND A
SEVERABILITY CLAUSE,
ORDINANCE NO. 10170
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
LOCO:%TED AT A7PM0XI!A1ATeLY ?5O1 SOUTHWEST 22ND
TERRACE (MORE PARTICULARLY DESCRIBED HEREIN) BY
CHANGING THE DESIGNATION OF THE SUBJECT PROP-
ERTY FROM LOW MODERATE DENSITY RESIDENTIAL TO
RESTRICTED COMMERCIAL, MAKING FINDINGS, AND,
CONTAINING A REPEALER PROVISION AND A SEVERABIL
ITY CLAUSE
1)RDINANC[- NO 10111
AN OIWINANGI AMCNI)II44 alit. 70t,ilt4G Alt_Ai; Of 014101
NA!4(`.1 NO W,00, 1Nf_ 701,111,10 014DIUMV-1: ()i- Ilit (111 {
Of MIAMI. i I01/11.1A, IVY (',HAti(i1iJ/., 'I lit; IONING (A 1-1>1,1
I U;A11014 Cal APPIA I11AA1f i Y =1 MI t.i W 771J1.1 71 11140A
MIAMI. 1 I OliltIkIIA011) I1,11111AP /kill f Ul',(.itltit I)ill Hl
M11 14J I1411 lio til III., 1111;1 IJI 1111 I/I',IIJI I4111.1 10111 bills 1'44fr
tAfAtl fi 10 1,11 -1)/ 1.01AIA1 Ill,lhl III 'Ad 1011,1 041 lit lfh.
Ili MI'I�ni±,, I IIJUIIiI,'.,. Mite It( tAhrilil.i 1-1 1 Ilia 1111,1 I
(iAll ( t 11/0,114 ',Ills 1'1-1,1 1411 4 1!1 ',f, II, /+illitii,, /• 1i A
toIkI11 !, 1,/•111 411 1AIIIfIIi11111,I 111, '4'111, 1;r It1 I I I,l
1+Iiti111'd 1111,I11111I1iI.1 41 1,11.1t1,1i �d, 11111,i+e1
1ailill,ilJlti�, [ -11i, taI hi fit l"1++,,111,11e1i Jlil.r l• s.,l /111�t.;:.
6.179IL-
DA
U6
MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida,
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Octelma V. Ferbeyre, who on oath says that she is the
Supervisor of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami In Dade County, Florida: that the attached
copy of advertisement, being a Legal Advertisement of Notice
In the matter of
CITY OF MIAMI
ORDINANCE # 10165
in the .......... ).Mv'........................ _ Court,
was published In said newspaper in the issues of
Oct. 30, 1986
Affianl further says that the said Miami Review is a
newspaper published at Miami in said Dade County, Florida,
and that the said newspaper has heretofore been continuously
published in said Dade County, Florida, each day (except
Saturday, Sunday and Legal Holidays) and has been entered as
second class mail matter at the post office in Miami In said
Dade County, Florida, for a period of one year next preceding
the first publication of the attached copy of advertisement: and
afffant further says that she has neither paid nor promised any
Person firm or corporation any is I. rebate, commission
or nd for the purpose in his advertisement for
pu rc n In the `d., rrrr `
• (�TA,p f
Trl to anE rsom4ibeefore me this
O.th day .- f ..g,, ...86
Ui
1=[hbf Florida at Large
(SEAL) 011lltitlll'-
My Commission expires Aug. 16, 1986.
MR 143
All interested persons wilt take notit.e that on the 23rd day of
October, 1986, the City Commission of Miami. Florida, adopted the
following fitted ordinances:
ORDINANCE NO. 10165
AN EMERGENCY ORDINANCE AUTHORIZING THE ISSU-
ANCE OF SPECIAL OBLIGATION BONDS, SERIES 1986A
PROVIDING FOR THE TERMS THEREOF AND CERTAIN MAT.
TERS IN CONNECTION THEREWITH, DECLARING THE
ORDINANCE AN EMERGENCY MEASURE: DISPENSING
WITH THE READING OF THE ORDINANCE ON TWO SEPA-
RATE DAYS: AND PROVIDING AN EFFECTIVE DATE.
ORDINANCE NO. 10166
AN ORDINANCE AMENDING, THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLANS BY CHANGING THE DESIGNA-
TIONS FOR THE SUBJECT PROPERTIES FROM MODERATE
TO HIGH DENSITY RESIDENTIAL DESIGNATION TO
RESIDENTIALICOMMERCIAL DESIGNATION ON
SOUTHWEST 27TH AVENUE FROM APPROXIMATELY 100
FEET SOUTH OF BIRD ROAD TO TiGERTAIL AVENUE AND
FROM LOW TO MODERATE RESIDENTIAL DESIGNATION
TO MODERATE DENSITY RESIDENTIAL DESIGNATION EAST
OF CENTER STREET, FROM APPROXIMATELY 100 FEET
SOUTH OF BIRD ROAD TO APPROXIMATELY 200 FEET
NORTH OF DAY AVENUE, AND WEST OF SOUTHWEST 27TH
AVENUE FROM COCOANUT AVENUE TO APPROXIMATELY
100 FEET NORTH OF BIRD AVENUE, AND ON LOTS
FRONTING THE SOUTH SIDE OF COCOANUT AVENUE FROM
VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
27TH AVENUE, FROM LOW DENSITY RESIDENTIAL DESIG•
NATION TO MODERATE TO HIGH DENSITY RESIDENTIAL
DESIGNATION FOR LOTS ON THE NORTH SIDE OF COCOA-
NUT AVENUE FROM APPROXIMATELY 150 FEET EAST OF
VIRGINIA STREET TO APPROXIMATELY 150 FEET WEST OF
27TH AVENUE; FURTHER, CHANGING THE DESIGNATION
FOR THAT PROPERTY APPROXIMATELY 100 FEET BY 200
FEET IN SIZE, FRONTING ON THE EAST SIDE OF SOUTH-
WEST 26TH AVENUE, BETWEEN SOUTHWEST 27TH LANE
AND SOUTHWEST 28TH STREET FROM A DESIGNATION
OF LOW DENSITY RESIDENTIAL TO A NEW ONE OF
RESIDENTIALICOMMERCIAL; MAKING FINDINGS;
CONTAINING A REPEALER PROVISION AND A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 10167
AN ORDINANCE ADOPTING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN AND ADDENDUM, DATED SEPTEM-
BER, 1985, WHICH REPLACES MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976.1986; PROVIDING PURPOSE;
INCORPORATING THE OFFICIAL GUIDE; PROVIDING FOR
A TRANSITIONAL PERIOD; AND CONTAINING A REPEALER
PROVISION AND A SEVERABILITY CLAUSE.
ORDINANCE NO, 10168
AN ORDINANCE AMENDING THE MIAMI COMPREHENSIVE
NEIGHBORHOOD PLAN 1976.1986 FOR PROPERTY
LOCATED AT APPROXIMATELY 3427-3523 SOUTHWEST 22ND
TERRACE (MORE PARTICULARLY DESCRIBED HEREIN) BY
CHANGING THE DESIGNATION OF THE SUBJECT PROP-
ERTY FROM LOW MODERATE DENSITY RESIDENTIAL TO
RESTRICTED COMMERCIAL; MAKING FINDINGS; AND,
CONTAINING A REPEALER PROVISION AND A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 10169
AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI-
NANCE NO, 9500, THE ZONING ORDINANCE OF THE CITY
OF MIAMI, FLORIDA, BY CHANGING THE ZONING CLASSI-
FICATION OF APPROXIMATELY 3427.3523 S.W,1 22ND TER-
RACE, MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED
HEREIN) FROM FIG i13 GENERAL RESIDENTIAL (ONE AND
TWO-FAMILY) TO CR•3f7 COMMERCIAL -RESIDENTIAL (GEN-,
ERAL) BY MAKING FINDINGS; AND BY MAKING ALL THE
NECESSARY CHANGES ON PAGE NO; 42 OF SAID ZONING
ATLAS MADE A PART OF ORDINANCE NO.9500 BY REFER-
ENCE AND DESCRIPTION IN ARTICLE 3, SECTION 300,
THEREOF; CONTAINING A REPEALER PROVISION AND A-
SEVERABILITY CLAUSE. "
ORDINANCE NO. 10170
AN ORDINANCE AMENDING THE MIAMI GQMPREHENSIVE.
NEIGHBORHOOD PLAN 1976.1906,FOR PROPERTY
LOCATED AT APPROXIMATELY 3591 SOUTHWEST 22ND
TERRACE (MORE PARTICULARLY DESCRIBED HEREIWSYY -
CHANGING THE, DESIGNATION OF THE SUBJECT PROP
ERTY FROM 1.OW .MODERATE DENSITY RESIDENTIAL -TO
RESTRICTEDCOMMERCIAL; MAKING FINDINGS; AND,
CONTAINING A REPEALER PROVISION ANQ A SEVERApIL-
ITY CLAUSE,
ORDINANCE NI0,1017,1r,
AN ORDINANCE AMENDING THE 4DNIN A*W
NANCE NO'95Q0, THE ZONING ORDINANCE of
11 FLQRIpA, BY:CHANGINP
i OF APPROXiMATELY 3591
$Y
#,A4
AN.
c4
1TY
ORDINANU M. 10179
n --
—Cliff Ji 1=`trl'Cl: 1r71� _ _
AN ORDINANCE AMENDING THE ZONING ATLAS OF 01101--
NANCE NO. 9500. THE ZONING ORDINANCE OF THE CITY
E?F MIAMI, Fl.ORIDA,BY CHANGING THE ZONING CLASSI
FIC:ATION OF APPROXIMATELY 2564-2574 SOUTHWEST 27TH
LANE, MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED
HEREIN) FROM RS-2/2 ONE -FAMILY DETACHED RESIDEN-
TIAL TO AW14 RESIDENTIAL -OFFICE, BY MAKING FIND-
INGS; AND BY MAKING ALL THE NECESSARY CHANGES
ON PAGE No, 43 OF SAID ZONING ATLAS MADE A PART OF
ORDINANCE NO, 9500 BY REFERENCE AND DESCRIPTION
IN ARTICLE 3, SECTION 300, THEREOF: CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE,
ORDINANCE NO, 10173
AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI-
NANCE NO. 9500, THE ZONING ORDINANCE OF THE CITY
OF MIAMI, FLORIDA, BY CHANGING THE ZONING CLASSI-
FICATION OF APPROXIMATELY `154&1636 BRICKELL AVE-
NUE, MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED
HEREIN) FROM RG2,1t3,3 GENERAL RESIDENTIAL TO
RG-2.115 GENERAL RESIDENTIAL MAINTAINING THE SP 1.4
BRICKELL AREA MAJOR STREETS OVERLAY DISTRICT, BY
MAKING FINDINGS: AND BY MAKING ALL THE NECESSARY
CHANGES ON PAGE NO. 37 OF SAID ZONING ATLAS MADE
A PART OF ORDINANCE NO. 9500 BY REFERENCE AND
DESCRIPTION IN ARTICLE 3, SECTION: 300. THEREOF;
CONTAINING A REPEALER PROVISION AND A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 10174
AN ORDINANCE AMENDING ORDINANCE NO. 9500. THE
ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA,
BY AMENDING §3205 OF ARTICLE 32 ENTITLED "STATUS
OF DECISIONS OF ZONING BOARDS: REVIEW BY CITY
COMMISSION: COMMISSION POWERS; JUDICIAL REVIEW,' -
BY REQUIRING EXHAUSTION OF ADMINISTRATIVE REME-
DIES PRIOR TO JUDICIAL REVIEW AND PROVIDING THAT
THE METHOD OF JUDICIAL REVIEW OF CITY COMMISSION
DECISIONS SHALL BE BY FILING A NOTICE OF APPEAL:
CONTAINING A REPEALER PROVISION AND A SEVERABIL-
ITY CLAUSE.
ORDINANCE NO. 10175
AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI
NANCE NO. 9500, THE ZONING ORDINANCE OF THE CITY
OF MIAMI, FLORIDA, BY CHANGING THE ZONING CLASSI
FICATION OF APPROXIMATELY 4220, 4234 AND 4244 N.W,
2ND STREET, AND APP
KING ALL THE
C ANGES ON PAGE NO, 32F OF SAID ZONING
ATLAS MADE A PART OF ORDINANCE NO. 9500 BY REFER-
ENCE AND DESCRIPTION IN ARTICLE 3, SECTION 300,
THEREOF: CONTAINING A REPEALER PROVISION AND A
SEVERABILITY CLAUSE.
ORDINANCE NO, 10176
AN EMERGENCY ORDINANCE ESTABLISHING A NEW SPE-
CIAL REVENUE FUND ENTITLED: "SENIOR CITIZENS SPE-
CIALIZED POLICING PROGRAM", APPROPRIATING FUNDS
FOR ITS OPERATION IN THE AMOUNT OF $437,266 COM-
POSED OF $218,350 FROM THE UNITED STATES DEPART-
MENT OF JUSTICE, THROUGH THE FLORIDA DEPARTMENT
OF COMMUNITY AFFAIRS, AND $218,916 FROM THE CITY
OF MIAMI LAW ENFORCEMENT TRUST FUND; CONTAINING
A REPEALER PROVISION AND SEVERABILITY CLAUSE.
Said ordinances may be Inspected by the public at the Office of
the City Clerk, 3500 Pan American Drive, Miami, Florida, Monday
through Friday, excluding holidays, between the hours of 8:00 A.M.
and 5:00 P.M.
c�t'I of CITY OF MIAMI, FLORIDA
MATTY HIRAI
CITY CLERK
(#4094)
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86.103061 M
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SPECIAL TRANSCRIPT REQUEST BI:
Subject:— "•-L'''�'� • Ltl f ( ,.z
Meeting Date: Agenda Agenda item No. V
• Label No.f Tape No.^' Request Date: / Q
Assigned to: 1 Completion Date r
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Proofread by: - �`�f Corrected by
Transmitted under cover memo: Handearried:
Released though not proofread to:
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11. EMERGENCY ORDINANCE: AUTHORIZE ISSUANCE OF SPECIAL OBLIGATION
BONDS - SERIES 1986A - $4,290,000. (THESE BONDS TO BE USED TO
BUILD SCATTERED HOUSING)
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-
Mayor Suarez: Agenda item 21 is a companion. This is an
emergency ordinance.
Mr. Carlos Garcia: Mr. Mayor and members of the City Commission,
on 21, we have a revised item 21 that has all the changes and has
the blanks filled in.
Mr. Plummer: We have already passed it.
Mr. Robert Clark: No, that was prior to the numbers being filled
in.
Mr. Plummer: Oye vay!
Mr. Odio: They are good numbers, 7.25.
Mr. Plummer: For the record, Carlos, will you state the nature
of the emergency?
Mr. Garcia: Yes, sir. The reason for the emergency is that some
of the documents that you have here have final numbers. If we
were to pass this on two readings, we would have different
numbers. As a matter of fact, on the first reading, you probably
will have all blanks. We cannot size up the bond until the very
last minute, until the time we go to market to find out what the
interest rates are.
Mayor Suarez: Give us an approximate amount, I mean, you don't
want to...
Mr. Garcia: OK, the amount of the bonds is $4,290,000, that is
what you are voting on today and the net interest rate is 7.25
percent
Mr. Plummer: What is... OK, we know that $19000,000 of that is
going to be used on the item above it.
Mr. Garcia: No, air, that is Community Development funds.
Mr. Clark: That is a separate appropriation already
appropriated.
Mr. Plummer: What is this money going to be used for?
Mr. Garcia: I think Mr. Bailey can answer that question.
Mayor Suarez: Hopefully, construction.
Mr. Herbert Bailey: Yes, those funds, Commissioner, are to be
used by the Department of Housing to build the scattered site
housing in the neighborhood on the item that you just approved.
Mr. Plummer: Do we have a list of where those monies are going
to be spent?
Mr. Bailey: Well, it has to come back before the Commission each
time we tuake an application to build a house, just when we have
to make an application to use the site.
Mrs. Kennedy:
correct?
Again it will come back to this Commission,
Id
1
October 23, 1986
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Mr. Jerry Gereaux: Yes, that will be part of the... also the site
approval process, so where you approve a site, we will explain to
you how the financing is going to be used.
Mr. Plummer: Pont: let ne ca.tch a dollar of this money being
allocated vitholtt Commission Rpnroval,
Mr. Gereaux: No. of couree not.
Mrs. Kennedy: Under that condition, I move it.
Mr. Plummer: Second.
Mayor Suarez: So moved and seconded. Any further discussion?
Read the ordinance.
AN ORDINANCE ENTI.TLED-
AN EMERGENCY ORDINANCE AUTHORIZING THE
ISSUANCE OF SPECIAL OBLIGATION BONDS, SERIES
1986A PROVIDING FOR THE TERMS THEREOF AND
CERTAIN MATTERS IN CONNECTION THEREWITH,
DECLARING THE ORDINANCE AN EMERGENCY MEASURE;
DISPENSING WITH THE READING OF THE ORDINANCE
ON TWO SEPARATE DAYS; AND PROVIDING AN
EFFECTIVE DATE.
Was introduced by Con, 'r-ioner Kennedy and seconded by
Commissioner Plummer, for adoption as an emergency measure and
dispensing with the requirement of reading same on two separate
days, which was agreed to by the following vote -
AYES: Commissioner J. L. Plummer, Jr.
Commissioner Rosario Kennedy
Vice -Mayor Miller J. Dawkins
Mayor Xavier L. Suarez
NOES: None.
ABSENT: Commissioner Joe Carollo
Whereupon the Commission on motion of Commissioner Kennedy
and seconded by Commissioner Plummer, adopted said ordinance by
the following vote -
AYES: Commissioner J. L. Plummer, Jr.
Commissioner Rosario Kennedy
Vice -Mayor Miller J. Dawkins
Mayor Xavier L. Suarez
NOES: None.
ABSENT: Commissioner Joe Carollo
SAID ORDINANCE WAS DESIGNATED ORDINANCE NO. 10165,
The City Attorney read the ordinance into the public record
and announced that copies were available to the members of the
City Commission and to the public.
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October 239 1986
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