HomeMy WebLinkAboutR-86-08073-86-886
RESOLUTION NO� ~ 8 0 7
A RESOLUTION AUTHORIZING THE SALE OF CITY OF
MIAMI, FLORIDA, GENERAL OBLIGATION BONDS
CONSISTING OF $2,375,000 STREET AND HIGHWAY
IMPROVEMENT BONDS AND $4,000,000 POLLUTION
CONTROL AND INCINERATOR FACILITIES BONDS;
PROVIDING FOR THE TER14S F; AND CER'E"AIN
MATTERS IN CONNECTION THEREWITH; AND PROVID-
ING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA, AS FOLLOWS:
SECTION 1. FINDINGS. The City Commission (the "City Commis-
sion") of the City of Miami, Florida (the "City") has found and
determined and hereby declares that:
A. The City Commission, at a meeting duly held on May 13,
1970, duly passed and adopted, inter alia, ordinances authorizing
the issuance, subject to the election therein provided for, of
bonds of the City as follows:
(1) Ordinance No. 7861 (hereinafter "Ordinance 7861") that
authorized $17075000 Street and Highway Improvement Bonds for
the purpose of paying the cost of street and highway improvements
in the City, including the constructing, reconstructing, extend-
ing, widening, grading, paving, repaving, macadamizing and
remacadamizing of highways, streets and other public ways, with
necessary drainage, sewer inlets, manholes, catch basins, side-
walks, curbs, gutters and appurtenances and the acquisition of
land and rights of way and the landscaping, clearing and leveling
thereof; to bear interest at a rate not exceeding seven and one-
half percent per annum; and
(2) Ordinance No. 7864 (hereinafter "Ordinance 7864") that
authorized $7,000,000 Pollution Control and Incinerator Facili-
ties Bonds for the purpose of paying the cost of pollution
control and incinerator facilities in the City, including
constructing, reconstructing, expanding and improving inciner-
ators# establishing intermediate trash storage and collection
points and acquiring any necessary land and equipment; to bear
interest at a rate not exceeding seven and one-half
annum; and
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B. Each of said ordinances called a special election to be
;`-- held on the 30th day of June. 1970, for the purpose of submitting
to the electors of the City, authorized by law to participate in
such election, the question of whether such bonds should be
issued; and
C. At its meeting held on May 28, 1970, the City Commission
duly passed and adopted Ordinance No. 7869 (hereinafter "Ordi-
nance 786911) providing for the holding of said special bond
election on June 30, 1970 and for submitting to the qualified
electors of the City of Miami, the question of whether such bonds
should be issued; and
D. Said election was duly and properly advertised and held
in accordance with law and the ordinances providing therefor; and
E. At a meeting duly held on July 1, 1970, the City Commis-
sion duly canvassed the returns of said special bond election and
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duly passed and adopted Resolution No. 41653 (hereinafter "Reso-
lution 4165311) canvassing said returns and declaring the results
of said special bond election, and in said resolution found,
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determined and declared, inter alia, as follows:
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(1) 8,127 votes were cast by freeholders and
4,027 votes were cast by non -freeholders
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in favor of the issuance of bonds of The City of Miami
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in an aggregate principal amount not exceeding _.,.
,$17,375,000 for the purpose of paying the cost of STREET
AND HIGHWAY IMPROVEMENTS in the City of Miami, and
9,105 votes were cast by freeholders and
1,790 votes were cast by non -freeholders
against the issuance of said bonds.
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(21 8,710. votes were cast by freeholders and
4,444 votes were cast by non -freeholders
in favor of the issuance of bonds of The City of. Miami
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in an aggregate principal amount not exceeding
$7#000,000 for the purpose of paying the cost of
POLLUTION CONTROL AND INCINERATOR FACILITIES in the City
of Miami. and
8,245 votes were cast by freeholders and
1,475 votes were cast by non -freeholders
against the issuance of said bonds
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F. At a meeting of the City Commission held on May 130
1971, the City Commission duly passed and adopted Reso:lution,N94
.a;
-«
42484 (hereinafter "Resolution No. 42484") entitled:
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A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$17,375,000 STREET AND HIGHWAY IMPROVEMENT
BONDS OF THE CITY OF MIAMI, FLORIDA,
providing for the issuance, under the authority of the Constitu-
tion and laws of the State of Florida, including the Charter of
the City, of bonds of The City of Miami, Florida, in an aggregate
principal amount not exceeding $17,375,000, for the purpose of
paying the cost of street and highway improvements in the City of
Miami including the constructing, reconstructing, extending,
widening, grading, paving, repaving, macadamizing and remacada-
mizing of highways, streets and other public ways, with necessary
drainage, sewer inlets, manholes, catch basins, sidewalks, curbs,
gutters and appurtenances and the acquisition of land and rights
of way and the landscaping, clearing and leveling thereof (here-
inafter the "Street Bonds"); and
G. At a meeting duly held on July 23, 1970, the City Com-
mission duly passed and adopted Resolution No. 41759 (hereinafter
"Resolution 4175911) entitled:
A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$7,000,000 POLLUTION CONTROL AND INCINERATOR
FACILITIES BONDS OF THE CITY OF MIAMI,
FLORIDA,
providing for the issuance, under the authority of the Constitu-
tion and laws of the State of Florida, including the Charter of
the City, of bonds of The City of Miami, Florida, in an aggregate
principal amount not exceeding $7,000,000 for the purpose of
paying the cost of pollution control and incinerator facilities
in the City of Miami, including constructing, reconstructing,
expanding and improving incinerators, establishing intermediate
trash storage and collection points and acquiring any necessary
land and equipment (hereinafter the "Pollution Control Bonds");
and
H. Pursuant to validation proceedings filed in the Circuit
Court of the Eleventh Judicial Circuit of Florida, in and for
Dade County, Florida, by judgment of said Court, dated July 2,
1971, $17,375,000 aggregate principal amount of the Street Bonds
were duly and properly validated and said judgment was affirmed,
upon appeal, by decision of the Supreme Court of Florida rendered
on March 29, 1972; and
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I. Pursuant to validation proceedings filed in the Circuit
Court of the Eleventh Judicial Circuit of Florida, in and for
Dade County, Florida, by judgment of said Court dated September
8, 1970, $7,000,000 aggregate principal amount of the Pollution
Control Bonds were duly and properly validated and the time for
appealing said judgment has expired; and
J. $2,375,000 aggregate principal amount of the Street
Bonds have been authorized but not yet issued; and
K. $4,000,000 of the Pollution Control Bonds have been
authorized but not yet issued; and
L. The City Commission hereby determines as follows:
(1) that $2,375,000 aggregate principal amount of said
Street Bonds shall be issued and sold pursuant to the terms and
conditions hereinafter provided;
(2) that $4,000,000 aggregate principal amount of said
Pollution Control Bonds shall be issued and sold pursuant to the
terms and conditions hereinafter provided; and
M. Since the passage of Resolution No. 42484 and Resolution
No. 41759, a number of changes have occurred in the area of law
relating to tax exempt municipal obligations necessitating the
adoption of this Resolution to, inter alia, supplement said
Resolutions; and
N. Under the authority of the Constitution and laws of the
State of Florida, including Chapter 166, Florida Statutes, as
amended, the Charter of the City of Miami, Chapter 10847, Laws of
Florida (1925), as amended (the "Charter") and the aforesaid
ordinances and resolutions, the City is authorized to issue its
general obligation bonds for the purposes hereinbefore discussed;
and
O. Resolution No. 42484 provides that the Street Bondy
shall be designated "Street and highway Improvement Bonds" and
shall consist of 3,475 bonds of the denomination of $5,000 each,
shall be issued at one time or from time to time and shall .be
dated and sold as provided by resolution or resolutions of the
City Commission, and shall mature as follows:
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,- .� ram:
Years after
Principal
Date or Dates
Amount
2
$1,390,000
3
10390,000
4
lr390,000
5
lf390,000
6
lr390,000
7
1,390000
8
1,390,000
9
1,390,000
10
1,390,000
11
1,390,000
P.
Principal
Amount
$390,000 tik
390,000
385, 000
385,000:
385,000
385,000
385,000
385,000
385,000
Resolution No. 41759 provides that the Pollution
Control Bonds shall be designated "Pollution Control and
Incinerator Facilities Bonds" and shall consist of 1,400 bonds of
the denomination of $5,000 each, shall be issued at one time or
Years after
Date or Dates
12
13
14
15
16
17
18
19
20
from time to -time and shall be dated and sold as provided by
resolution or resolutions of the City Commission, and shall
mature as follows:
Years after Principal Years after Principal
Date or Dates Amount Date or Dates Amount
2 $370,000 12 $370000
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3 370,000 13 370,000
4. 370,000 14 370,000
5 370, 000 15 365, 000
6, 370,000 16 365,000
7 370,000 17 365,000
$ : - 370, 000 18.. 365 D 000
.
9 370,000 19 365,000
4
10 370,000 20 365,000
370, 000
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Q. To provide for the issuance of the Street Bonds and the
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Pollution Control Bonds (hereinafter collectively referred to as
the "1986 Bonds"), it is necessary and appropriate for the City
Commission to fix the form, the details and provide for the
payment of the principal of and interest on the 1986 Bonds.
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SECTION 2. TRIS RESOLUTION TO CONSTITUTE CONVICT. In
consideration of the acceptance of the 1986 Bonds to be issued
hereunder by those who shall hold the same from time to time,
this Resolution shall be deemed to be and shall constitute a
contract between the City and such Bondholders. The covenants
and agreements herein set forth to be performed by the City shall
be'for the equal benefit, protection and security of the legal
Bondholders of any and all of the 1986 Bonds, all of which shall
be of equal rank and without preference, priority or distinction
of any of the, 1986 Bonds over any other thereof, except as _
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expressly provided therein and herein.
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SECTION 3. ISSUE.
A. There shall be issued and sold at this time Street and
Highway Improvement bonds, Series 1986 in the aggregate principal
amount of TWO MILLION THREE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS
($2,375,000), being a portion of the $17,375,000 principal amount
of said bonds authorized as hereinbefore described. The Street
Bonds shall be dated October 1, 1986, shall be issued in the form
of fully registered Bonds in the denomination of $5,000 or any
intergral multiple thereof, shall bear interest from October 1,
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1986, payable semi-annually, on April 1 and October 1 of each
year, commencing on April 1, 1987, at such rates and prices and
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maturing in such amounts on October 1 of such year as provided in
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Schedule I -A attached hereto.
B. There shall be issued and sold at this time Pollution
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Control and Incinerator Facilities Bonds in the aggregate princi-
pal amount of FOUR MILLION DOLLARS ($4,000,000), being a portion
of the $7,000,000 principal amount of said bonds authorized as
hereinbefore described. The Street Bonds shall be dated October
1, 1986, shall be issued in the form of fully registered Bonds in
the denomination of $5,000 or any integral multiple thereof,
shall bear interest from October 1, 1986, payable semi-annually,
on April 1 and October 1,. of each year commencing on April.l,
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1987 at such rates and prices and maturing. in such amounts on
October 1 of such year as provided in Schedule I-B attached
hereto.
SECTION 4. REDEMPTION PROVISIONS.
The 1986 Bonds maturing on or after October 1, 1997 shall be
subject to redemption at the option of the City, prior to their
respective maturity dates, as a whole at any time, or in part on
any interest payment date in inverse order of their maturities,
and by lot within a maturity, on or after. October 1, 1996, at the
following redemption prices (expressed as percentages of the
principal amount being redeemed) plus accrued interest to the
redemption dates:
JAAUQ465
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Redemption Period
(Both gates inclusive)
October 1, 1996 to September 30, 1997
October 1, 1997 to September 30, 1998
October 1, 1998 and thereafter
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Optional -
Redemption Price
102%
101$
10 0 %
Notice of redemption shall be mailed by the Registrar and
Paying Agent by first class mail, postage prepaid, at least
thirty (30) but not more than sixty (60) days prior to the
redemption date, to all registered owners of 1986 Bonds, to be
redeemed at their addresses as they appear on the registration
books of the City for the 1986 Bonds to be kept by the Registrar
and Paying Agent. Failure to mail notice to the registered owner
of the 1986 Bonds to be redeemed, or any defect therein, shall
not affect the proceedings of redemption of such 1986 Bonds.
Any 1986 Bond which is to be redeemed only in part shall be
surrendered at any place of payment specified in the notice of
redemption (with due endorsement by, or written instrument of
transfer in form satisfactory to the City and the Registrar and
Paying Agent duly executed by the registered owner thereof or his
attorney duly authorized in writing) and the City shall execute
and cause to be authenticated, if necessary, and delivered to the
registered owner of such Bond without service charge, a new 1986
Bond or 1986 Bonds, of any authorized denomination as requested
by such registered owner in an aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of
the Bonds so surrendered.
SECTION 5. REBATE.
A. There is hereby established a special fund of the City
to be known as the "City of Miami, Florida, 1986 Street and
Highway improvement Bonds Rebate Fund" relating to the Street
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Bonds (the "Street Bonds Rebate Fund").
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B. There is hereby established a special fund of the City
to be known as the "City of Miami, Florida, 1986 Pollution
Control and Incinerator Facilities Bonds Rebate Fund" relating to
the Pollution Control Bonds (the "Pollution Control Bonds -Rebate
Fund").
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The Street Bonds Rebate Fund and the Pollution Control Bonds
Rebate Fund are hereinafter collectively referred to as the
"Rebate Funds". The Rebate Funds shall be deposited by the City
with a bank or trust company authorized to accept such deposits.
C. The City shall cause its Finance Director to, on or
before twenty five (25) days after the end of each Bond Year (as
described in the Letter of Instructions hereinafter described),
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deposit in the respective Rebate Funds an amount equal to the sum
of:
1. the excess of:
(a) the amount earned on all investments in all
funds and accounts established for the 1986 Bonds (whether or not
pursuant to this Resolution to the extent that such investments
are attributable to Gross Proceeds of the 1986 Bonds as defined
in the Letter of Instructions) for the preceding Fiscal Year
(other than investments attributable to an excess described in
this subparagraph 1), over
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(b) the amount which would have been earned if
all investments were invested at a rate equal to the Yield on the
Street Bonds and the Yield on the Pollution Control Bonds,
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respectively (as defined in the Letter of Instructions), plus
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2. any income attributable to the excess described,in
subparagraph 1 above.
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The City Finance Director shall disburse funds in the
Rebate Funds to the United States of America in accordance with
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the instructions contained in the Letter of Instructions. The
funds in the Rebate Funds shall be used for the purpose of making
of .such rebates and for no other purpose, unless the City shall
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receive an opinion of counsel having a favorable national repu-
tation in the field of law relating to tax-exempt municipal bonds
(hereinafter "Bond Counsel") to the effect that another use of
such funds will not adversely affect the status of the interest
on the 1986 Bonds with respect to Federal income taxation..
SB+CTION 6. "PLiCATION OF 1986 WM PRGCAM. The proceeds
derived from the sale of the 1986 Bonds, including accrued into-�
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Brest and premium, if any, shall simultaneously with the delivery
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of the 1986 Bonds to the purchaser or purchasers thereof, be
applied by the City as follows:
A. Accrued interest if any, shall be used on April It 1987
to pay interest coming due on the 1986 Bonds.
B. An amount sufficient to pay all costs and expenses in
connection with the preparation, issuance and sale of the 1986
Bonds, including, without limitation, any fees and expenses of
engineers, accountants, attorneys and financial advisors, and any
premiums for municipal bond insurance policies, shall be paid by
the City to those persons who shall be entitled to receive the
same from the proceeds of the 1986 Bonds.
C. The balance of the 1986 Bond proceeds shall be used
within the time limits set forth in the Letter of Instructions to
finance the cost of the projects for which such bonds were
issued.
SECTION 7. APPOINTMENT OF PAYING AGENT AND REGISTRAR.
Chemical Bank, is hereby designed Registrar and Paying Agent for
the 1986 Bonds (the "Registrar and Paying Agent").
SECTION 8. ExECuTION OF 1986 BONDS. The 1986 Bonds shall
be signed by the Mayor of the City of Miami by his facsimile
signature and by the City Clerk, and a facsimile of the seal of
the City shall be Imprinted on the 1986 Bonds. In case any
officer whose signature or a facsimile of whose signature shall
appear on any 1986 Bond shall cease to be such officer before the
delivery of such 1986 Bonds, such signature or facsimile shall
nevertheless be valid and sufficient for all purposes the same as.
-if he had remained in office until such delivery and any 1986
Bond may bear the facsimile signature of, or be signed by such
persons who at the actual time of the execution of such 1986 Bond
shall be the proper officers to execute such 1986 Bond, although
at the date of such bond such persons may not have been such
officers or may not have been so authorized.
No 1986 Bond shall be valid or obligatory for any purpose
unless there shall be manually endorsed on such 1986 Bond a.
certificate of authentication by the Registrar and Paying
Agent. Such certificate on any Bond shall be conclusive evidence
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under this Resolution. The form of such certificate shall be
substantially in the form provided in Section 9 hereof.
SECTION 9. FORD OF BONDS. The text of the 1986 Bonds
shall be in substantially the following form with such omissions,
insertions and variations as may be necessary and/or desirable
and approved by the Mayor of the City of Miami (the "Mayor") or
City Clerk prior to the issuance thereof (which necessity and/or
desirability and approval shall be presumed by such officer's
execution of the Bonds and the City's delivery of the Bonds to
the purchaser or purchasers thereof):
Registered Registered
No. $
JAN0465
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recent interest payment date to which interest has been paid at
the Interest Rate per annum identified above on April l and
October 1 of each year commencing April 1, 1907 until such
Principal Amount shall have been paid, except as the provisions
hereinafter set forth with respect to redemption prior to
maturity may be or become applicable hereto.
Such Principal Amount and interest and the premium, if any,
on this Bond are payable in any coin or currency of the United
States of America which, on the respective dates of payment
thereof, shall be legal tender for the payment of public and
private debts. Such Principal Amount and the premium, if any, on
this Bond, are, payable at the corporate trust office of Chemical
Bank, New York, New York, as Registrar and Paying Agent. Current
interest on this Bond shall be made to the person in whose name
this Bond shall be registered on the registration books of the
City maintained by the Registrar and Paying Agent, at the close
of business on the fifteenth day of the month (whether or not a
business day) immediately preceding the relevant interest payment
date (the "Record Date"). Defaulted interest shall be paid to
the person in whose name this Bond is registered on a special
record date (to be fixed by the Registrar and Paying Agent) for
the payment of such defaulted interest notice whereof shall be
given to Bondholders not less than fifteen (15) days prior to
such special record date. Such notice shall be mailed to the
persons in whose names the Bonds are registered at the close of
business on the fifth business day prior to such mailing. All
such interest shall be paid by a check of such Registrar and
Paying Agent mailed on or before the relevant interest payment
date to such registered owner at the address appearing on such
registration books or, at the request of any registered owner of
a Bond having a principal amount of $100#000 or more, by wire
transfer in immediately available funds.
This Bond is one of an authorized issue of bonds in the
aggregate principal amount of $(17,375#0001 (7,000,0001 (the
"Bonds")r of like date, tenor and effect, except as to numbers
maturity, redemption and interest rate, issued to finance the
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Cost of [certain street and highway improvements in the City of
Miami, Florida] [certain pollution control and incinerator
facilities in the City of Miami, Florida] pursuant to the
authority of and in full compliance with the Constitution and
laws of the State of Florida, including particularly Chapter 166,
Florida Statutes, as amended, and Chapter 58 of the Charter of
the City of Miami, Florida, Chapter 10847 Laws of Florida (1925)
as amended, and other applicable provisions of law, and Ordinance
No. (7861) [7864) and Resolution No. 1424841 [417591 and pursuant
to the approval of the qualified electors in the City of Miami at
an election duly called and held on June 30, 1970 and by
Resolution No. adopted by the Board of City
Commissioners of the City on October 7, 1986, (collectively the
"Resolution").
It is hereby certified and recited that all acts, conditions
and things required to exist, to happen and to be performed
precedent to and in the .issuance of this bond, exist, have
happened and have been performed in regular and due form and time
as required by the Constitution and Laws of the State of Florida
applicable thereto, and that the issuance of this Bond and of the
Bonds of the issue of which this Bond is one does not violate any
constitutional or statutory debt limitation or provision; that
due provision has been made for the levy and collection of a
direct annual tax in addition to all other taxes, upon all the
taxable property within the City sufficient to pay the principal
of and interest on said Bonds as the same shall mature and become
due, and that the full faith and credit of the City of Miami,
Florida, are hereby irrevocably pledged for the punctual payment
of the principal of and interest on this Bond, as the same shall
become due and payable.
Reference is hereby made to the further provisions of this
Bond set forth on the reverse side hereof and such further provi-
sions shall for all purposes have the same effect as if set forth
on the front side hereof.
This Bond shall not be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have
been signed by the Registrar and Paying Agent.
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IN WITNESS WRERWF, the City of Miami, Florida, has issued
this Bond and has caused the same to be executed by the manual or
facsimile signature of its Mayor and attested by the manual
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signature of its Clerk and its corporate seal or a facsimile
thereof to be affixed or reproduced hereon, all as of the first
day of October, 1986.
(SEAL)
Mayor
ATTEST:
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(PROVISIONS ON REVERSE SIDE OF BOND
This Bond is transferable in accordance with the terms 'of
the Resolution only upon the books of the City kept for that
purpose at the principal office of the Registrar and Paying
Agent, by the registered owner hereof in person or by his
attorney duly authorized in writing, upon the surrender of this
Bond with a written instrument of transfer satisfactory to the
Registrar and Paying Agent duly executed by the registered owner
or his attorney duly authorized in writing, and thereupon a new
Bond or Bonds in the same aggregate principal amount shall be
issued to the transferee in exchange therefor upon the payment of
the charges, if any, therein prescribed. The Bonds are issuable
in the form of fully registered Bonds in denominations of $5,000
or any integral multiple thereof, not exceeding the aggregate
principal amount of the Bonds. The City or the Registrar .and
Paying Agent may treat the registered owner of this Bond as the
absolute owner hereof for all purposes, whether or not this Bond
shall be overdue, and shall not be affected by any notice to the
contrary.
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(INSERT REDEMPTION PROVISIONS)
Redemption of this Bond under the preceding paragraphs shall
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be made as provided in the Resolution upon notice given by first
class mail sent at least thirty (30) but no more than sixty (60)
days prior to the redemption date to the registered owner hereof
at the address shown on the registration books maintained by the
Registrar and Paying Agent; provided, however, that failure to
mail notice to -the registered owner hereof, or any defect
therein, shall not affect the validity of the proceedings for
redemption of this Bond. In the event that less than the full
principal amount hereof shall have been called for redemption,
the registered owner hereof shall surrender this Bond in exchange
for one or more Bonds in aggregate principal amount equal to the
unredeemed portion of principal, as provided in the Resolution.
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This Bond, subject only to the provisions for registration
of transfer provided herein and by the Resolution, is and has all
the qualities and incidents of a negotiable instrument under the
Uniform Commercial Code - Investment. Securities of the State of
Florida.
$TATBl18NT OF VALIDATION
This Bond is one of a series of bonds which were validated
by judgment of the Circuit Court of Dade County, Florida on
(July 2, 1971 as affirmed by the Supreme Court of the State of
Florida by a decision rendered on March 29, 19721 (September 8,
197o).
City Mork
..¢
ASSIGN
I I . FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
Insert Social Security Number or Other I enta yang "Number of
Assignee
(Name ana Aadress of Assignee) `
the within Bond and does hereby irrevocably constitute and
appoint to transfer the
said Bond on the books kept for registration thereof,
with full
power of substitution in the premises.
DATED:
NOTICE: Signature(s) must be
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guaranteed by a member firm
of the New York Stock Exchange
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or a commercial bank or trust
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company.
NOTICE: The signature to this
assignment
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must correspond with the
name as it appears upon the face of
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he within Bond in every particular
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without alteration or enlargement
or any change whatever.
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CERTIFICATE OF AUTHENTICATIOE
This Bond is one of the Bonds of the issue described
in the 4
within -mentioned Resolution.
Reg stray
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By:
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AutfiorrzeOfficer
— (END OF BOND FORK)
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SECTION 10. PAYNENT OF 1986 BONDS. Pursuant
to the Charter,
ordinance 7861 and Resolution No. 42484, and Ordinance` No. ` 7864
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And Resolution No. 41759 respectively, there shall be
levied and
collected upon all property within the City of Miami
subject to
taxation for such purposes, in each year while any
1986'Bonds
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shrill be outstanding, a special tax sufficient to pay the
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principal of and the interest on said 1986 Bonds as the same
shall become due and payable, and to provide for probable
failures of collection of such tax in such year. Such tax shall
be levied and collected at the same time and in the same manner
as ad valorem taxes levied for operating expenses of the City and
shall be in addition to all other taxes authorized to be levied
by the City of Miami. The City covenants that it will not accept
payment of taxes levied for operating expenses of the City unless
there shall be paid at the same time the tax levied to make the
principal and interest payments required by this Resolution.
SECTION 11. ARBITRAGE COVENANT.
A. The City covenants to the purchasers of the 1986 Bonds
that it will take no action or omit to take any action that would
cause the interest on the 1986 Bonds to become subject to Federal
income taxation and will do all things necessary to maintain the
tax-exempt status of the interest on the 1986 Bonds. This
covenant does not, however, include any Federal income taxes,
such as any alternative minimum tax, that may be imposed upon a
purchaser of any 1986 Bond, without regard to any act or omission
by the City with respect to the 1986 Bonds or the gross proceeds
thereof. The City shall be entitled to rely upon advice of
counsel with respect to its compliance with the foregoing
covenant.
B. In order to maintain the exemption from Federal income
taxation of interest on the 1986 Bonds and for no other purpose,
the City covenants to comply with each applicable requirement of
the Tax Reform Act of 1986 as may be enacted into law during the
99th Congress and any legislation which may replace, supplement
or amend said act (collectively, the "Tax Act"), regardless of
the date of enactment of such law. In furtherance of this
covenant, the City agrees to comply with the "Letter of
Instructions" as to the Tax Act provided to the City and the
Registrar and raying Agent by Bond Counsel on the date of
issuance and delivery of the 1986 Bonds, as such letter may be
amended from time to time, as a source of guidance for compliance
with the Tax Act.
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SECTION 12. DEPEASANCP; OF 1986 BONDS.
A. The covenants and liens entered into, created or imposed
pursuant to this Resolution may be Fully discharged and satisfied
with respect to the 1986 Bonds in any one or more of the follow-
ing ways:
(1) by paying the principal of and interest on the 1986
Bonds when the same shall become due and payable; or
(2) by depositing in such funds and/or accounts, as the City
may hereafter create and establish by ordinance or resolution,
moneys sufficient at the time of such deposit to pay the 1986
Bonds, the interest thereon and the redemption premium, if any,
as the same shall become due on said Bonds on or prior to the
redemption date or maturity date thereof; or
(3) by depositing in such funds and/or accounts as the City
may hereafter create and establish by ordinance or resolution,
moneys which when invested in Defeasance Obligations (as defined
below), will provide moneys which shall be sufficient to pay the
1986 Bonds, the interest thereon and the redemption premium, if
any, as the same shall become due on said 1986 Bonds on or prior
to their redemption date or maturity date thereof.
As used herein, Defeasance Obligations shall mean, to the
extent permitted by law, direct general obligations of, or
obligations the payment of principal and interest of which is
unconditionally guaranteed by, the United States of America.
, Upon such payment or deposit in the amount and manner
provided in this Resolution, the Bonds shall no longer be deemed
to be outstanding for the purpose of this Resolution and all
liability of the City with respect to the 1986 Bonds shall cease,
determine and be completely discharged and extinguished, and the
holders thereof shall be entitled for payment solely out of the
moneys or Defeasance Obligations so deposited.
B. In the event the City shall seek, prior to the maturity
or redemption date thereof to pay or cause to be paid all out-
standing 1986 Bonds, then the 1986 Bonds shall not be deemed to
have been paid unless, in addition to all other requirements for
defeasance, there shall have been delivered:
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fit.
1. a certificate from an authorized officer of the City to
the effect that, (a) the City is then in compliance with
Section ll(B) of this Resolution; (b) the City has
irrevocably deposited with the Trustee such monies,
securities, documents and other things and issued such
irrevocable instructions to the Registrar and Paying
Agent so that any remaining and continuing applicable
requirements of the Tax Act and this Resolution with
respect to the 1986 Bonds, are ministerial and
reportorial in nature; and (c) the City has irrevocably
authorized the Registrar and Paying Agent to perform
such remaining and continuing applicable requirements on
the City's behalf, and the Registrar and Paying Agent
has undertaken so to do; and
2. There shall have been delivered to the Registrar and
Paying Agent an opinion of Bond Counsel to the effect
that, based upon the matters set forth in the certifi-
cate described in (1) above and assuming compliance by
the Registrar and Paying Agent with its undertaking
described in (1) (c) above, no further action by or on
the part of the City will be required under the appli-
cable requirements of the Tax Act to maintain the
Federal income tax exemption of interest on the 1986
Bonds.
C. In the event that the City shall seek, prior to the
maturity or redemption date thereof, to pay or cause to be paid
less than all outstanding 1986 Bonds, then the 1986 Bonds which
the City then seeks to pay or cause to be paid shall not be
deemed to have been paid unless the requirements of Section 12 of
this Resolution have been met with respect to the 1986 Bonds to
be paid.
SECTION 13. ANARD OF BONDS; SETTLEMENT. After due considera-
tion of current market conditions, the City Commission determines
that a sale by negotiation is in the best financial interest of
the City. The 1986 Bonds are hereby awarded and sold at
negotiated sale unto Prudential-Bache Securities, Daniels & Bell,
Inc., First Equity Corp. of Florida and Metro Equities
Corporation ( the "Purchasers") at the price of
% of the aggregate
principal amount of 1986 Bonds) plus accrued interest to date of
settlement, in accordance with all the terms of the Purchase
Contract of such firms for purchase of the same, the form of
which, as presented at this meeting, is hereby accepted. The
proper officers of the City are authorized and directed to
execute such purchase Contract with such additions, omissions,
insertions and variations as may be necessary and/or desirable
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and approved by such officers prior to the- delivery thereof
(which necessity and/or desirability and approval shall be
presumed by such officers' execution of the Purchase Contract and °R
the City's delivery of the Purchase Contract to the Purchasers),
return it to the Purchasers and file a copy of the same with the
records of the City.
The City Clerk is hereby authorized and directed to deliver
the 1986 Bonds to the Purchasers and receive payment therefor on
behalf of the City after sale of the same in the manner required
by law and the terms of this Resolution. The proper officers of
the City are hereby authorized and directed to transfer and
invest funds, to pay all necessary, usual and proper costs of
issuance of the 1986 Bonds, to execute and deliver such documents
and to do all such other acts, upon advice of the City Attorney
and/or Bond Counsel, as are reasonably necessary to insure a
satisfactory settlement of the sale of the 1986 Bonds, and the
proper application of the proceeds thereof.
SECTION 14. APPROVAL OF OFFICIAL STATERENT. The form of the
Official Statement prepared with respect to the 1986 Bonds and
presented herewith is hereby approved and the Mayor is hereby
authorized and directed to execute and deliver the Official
Statement on behalf of the City with such additions, omissions,
insertions and variations as may be necessary or desirable prior
to the circulation thereof (which necessity and/or desirability
and approval shall be presumed by such officer's execution of the
Official Statement and the City's delivery of the Official
Statement to the Purchasers). The Purchasers are hereby
authorized to use an Official Statement in connection with the
marketing of the 1986 Bonds.
SECTION 15. AUTHORIZATION. The proper officials of the City
are hereby authorized and directed to take such action as they
may find necessary or appropriate to effectuate the transactions
contemplated hereby.
SECTION 16. SEVERABILITY OF INVALID PRoviSIONS. rf any one or
more of the covenants, agreements or provisions herein contained
shall be held contrary to any express provision of lacy or
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contrary to the policy of law, though not expressly prohibited,
or against public policy, or shall for any reason whatsoever be
held invalid, then such covenants, agreements or previsions shall
be null and void and shall be deemed separable from the regaining
covenants, agreements ®r provisions and shall in no way affect
the validity of any of the other provisions hereof or of the 1986
Bonds issued hereunder.
SECTION 17. REPEALING CLAUSE. All resolutions or parts thereof
(including, without limitation, those provisions of Resolution
No. 42484 and Resolution No. 41759 in direct conflict with any
provisions hereof) of the City in conflict with the provisions
herein contained are, to the extent of such conflict, hereby
superseded and repealed. Resolution No. 42484, and Resolution
No. 41759 shall, however, to the extent that said Resolutions do
not conflict with the terms hereof remain in full force and
effect.
SECTION is. EFFECTIVE DATE. This Resolution shall take effect;;`'
immediately upon its passage.
PASSED AND ADOPTED this 7fh day of ne--+e%hAr , 1986, }
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Attest: Natty Hirai, av er L. Suarea, yor
City Clerk
Approved by City Attorney as to form and legal sufficiency:
Lucia A. Dougherty
City Attorney
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Maturity Schedule
City of Miami, Florida
%"
General Obligation Bonds
Series 1986
'SCHEDULE
1 A. Street and
Highway Improvement Bonds
is
Year of
Principal
interest
Maturity
Maturity
Rate
Price
1988
$140,000
5.00%
100%
.
1989
140,000
5.20
100
1990
140r000
5.50
100
1991
140r000
5.80
100
1992
140,000
6.00
100
1993
140r000
6.20
100
1994
140,000
6.40
100
1995
140,000
6.60
100
1906
140,000
6.80
100
1997
140,000
7.00
100
'
1998
110,000
7.10
100
1999
110,000
7.15
100
200.0:
110,000
7.20
100
<:2001
110,000
7.40
100
20.42
1051,000
7.40
100
y
.:2003
105,000
7.40
100
105r000
7.40
100
20.05 . ,
110,000
.7. 40
100,
2006
110,000
7.40
100
t
SCHEDULE
1'B. Pollution Control and Incinerator Facitlies Bonds
Year of
Principal
interest
Maturity
Maturity
-Rate.
,Price
1988_.
$210r000
5.004
loot
1989
210 r 000
5.20
10.0-
1990
- 210,000
Soso
100
19.91
210r000
S.80
100
1992
210r000
6.00
100
- 1993
210r000
6.20
100
1994
210r000
6.40
100
1995
210,000
6.60
100
199.E
210,000
6.80
100
1997
210r000
7.00
100
1998
210,000
7.10
106
1999
215r000
7.15
100
2000
215r000
7.20
100
;.
2001
210r000
7.40
100
2002
210r000
7.40
100
2003
210r000
7.40
100
2004
210400
7.40
100
"
2005
210r000
7.40
100
R.,
2006`.
210r000
7.40
100,
N.
}
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445
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CITY Or MI/AMI, FLORIDA
TO: The Honorable Mayor and -
Members of the City Commission
FROM: Cesar H. odio
City Manager
DATE: SEP 3 0 1986 FiLEs
R1
Negotiated Sale of $6,375,000
SUMJECT:
General obligation Bonds
REFERENCES:
ENCLOSURES:
3 .
CITY OF MIAM)L p FLORIDA
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GE'liRUL OBLIGATION BONDS
r.
1906 SERIES A
PURCHASE CONTRACT
October 7, 1986
J_:
Honorable Mayor and
Members of the City Commission
City of Miami, Florida
3500 Pan American Drive
Miami, Florida 33133
Dear Sirs and Madam:
Prudential-Bache Securities Inc., ("Senior Manager"), Daniels &
Bell, First Equity and Metro Equities Corporation (the
"Co -Managers") acting for and on behalf of themselves and the
underwriters, if any, collectively referred to as Underwriters,
offer to enter into the following agreement with you, the City 'of
Miami, Florida (the "City"), which, upon your acceptance, will be
binding upon the City and upon the Underwriters. This offer is made
subject to the City's acceetance on or before 5:00 p.m., local time,
on the date hereof, and if not so accepted, will be subject to
withdrawal by the Senior Manager upon oral or written notice to the
City at any time prior to the acceptance hereof by the City.
1. Purchase and Sale. Upon the terms and conditions and upon
the basis of the representations, warranties and agreements set forth
herein, the Underwriter, jointly and severally, hereby agrees to
purchase from the City for offering to the public and the City
hereby agrees to sell and deliver to the Senior Manager for such
purpose, all (but not less than all) of the City's $6,375,000 aggre-
gate principal amount of General Obligation Bonds 1986 Series A.
The Bonds will be dated as of October 1, 1986, and shall Lbear
7
interest at the rates per annum and mature on the dates and in the
amounts set forth on the cover page of the Official Statement
attached hereto as Exhibit "C". The purchase price of the Bonds
shall be $ plus accrued interest on the Bonds
from October 1, 1986 to date of Closing (hereinafter defined) . The
difference between the aggregate principal aunt of the Bonds and
the urchase price is composed of the Underwriter's discount of
J'
$ 1. A statement of certain disclosures pursuant
to , For a Statutes, relating to such purchase is attached
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hereto as Exhibit "B". The Bonds shall initially be offered to the
public at the prices indicated on the cover page of the Official
Statement; provided, however, that the Senior Manager may offer to
sell the Bonds to certain dealers and others at prices lower than
those indicated on the cover page of the Official Statement attached
hereto as Exhibit "C". The Bonds shall be issued pursuant to
Chapter 166, Florida Statutes, and other applicable provision of law
(the "Act"), Ordinances Nos. 7861, 7864 and 7869, as amended and
supplemented (collectively, the "Ordinance"), and the Resolutions
No. 416530, 42484, 41759 and (collectively the
"Resolution").
2. Good Faith Check. Delivered to the City herewith is a
cashier's check in the amount of $70,000 payable to the Order of
the City as security for the performance by the Senior Manager and
Co -Manager of their obligations to accept and pay for the Bonds at
the Closing. Upon the execution of the Purchase Contract, such
check may be cashed by the City and the proceeds thereof invested on
behalf of the City. At the Closing, the amount of such check shall
be applied in partial payment of the purchase price of the Bonds.
In the event of the City's failure to deliver the Bonds at the
Closing, or if the City shall be unable to satisfy the conditions of
the obligations of the Senior Manager contained herein, or if the
obligations of the Senior Manager and Co -Manager shall be terminated
for any reason permitted' by the Purchase Contract, the amount of
said check together with any interest earned thereon, if any shall
be immediately returned to the Senior Manager. In the event that
the Underwriters failed (other than for a reason permitted hereun-
der) to accept and pay for the Bonds at the Closing as herein pro-
vided, the amount of such check, together. with any interest earned
thereon, may be retained by the City as and for full liquidated
damages for such failure and for any and all such defaults. The
Senior Manager and Co -Managers understand that in such event the
City's actual damages may be greater or may be less than such sum.
Accordingly, the Senior Manager and Co -Managers hereby waive any
right to claim that the City's actual damages are less than such
sum, and the City's acceptance of this offer shall constitute a
waiver of any right the City may have to additional damages from the
Senior Manager and Co -Managers.
3. Offering. It shall be a condition of the City's obligation
to sell and deliver the Bonds to the Senior Manager and
Co-Managers,and the obligation of the Senior Manager and Co -Managers
to purchase and accept delivery of the Bonds, that the entire aggre-
gate principal amount of the Bonds shall be sold and delivered to
the City and accepted and paid for by the Senior Manager and
Co -Managers at Closing.
4. Official Statent. With your acceptance hereof, the City
will deliver to the Senior Manager two copies of (a) the official
statements (which term as used herein shall include the cover page
and appendices contained therein), dated the date hereof (the
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6 84-607
"Official Statement"), executed on the City's behalf as indicated
therein, in substantially the form attached hereto as Exhibit C, and
the City hereby authorizes the use of the Official Statement, as the
same may be modified, amended or supplemented upon mutual agreement
of the City and the Senior Manager in connection with the offering,
sale and distribution of the Bonds by the Senior Manager, (b) the
Ordinance, certified by the Clerk of the City, and (c) the
Resolution certified by the Clerk of the City.
5. Use of Documents. The City hereby authorizes the use by
the Senior Manager of (a) the Ordinance, (b) the Resolution, (c) the
Official Statement (including any supplements or amendments
thereto), and (d) any other documents related to the transactions
contemplated in the Official Statement in connection with the public
offering, sale and distribution of the Bonds.,
6. Representations, Warranties and Agreements. The City
hereby represents, warrants and agrees as follows:
(a) The Official Statement was prepared by the City. At the
time of the City's delivery to the Senior Manager of the Official
Statement, at the time of Closing, the statements and information
contained in the official Statement with respect to the City will
be true, correct and complete in all material respects; and with
regard to other information contained in the Official statement, to
the best of the City's knowledge, the Official Statement will not
omit any material statement or information which should be included
therein for the purposes for which the Official Statements are to be
used or which is necessary to make the statements or information
contained therein, in light of the circumstances under which they
were made, not misleading.
(b) Between the date of this Purchase Contract and the' time
of Closing, the City will not execute any bonds, notes or obliga-
tions for borrowed money, other than the Bonds, without giving prior
notice thereof to the Senior Manager.
(c) The City is, and will be at the date of Closing, duly
organized and validly existing as a municipal corporation under the
Constitution and laws of the State of Florida, with the powers and
authority set forth in the Act.
(d) The City has full legal right, power and authority to:
(i) enter into this Purchase Contract, (ii) adopt the Ordinance and
the Resolution, (ii) sell, issue and deliver the Bonds to the Senior
Manager as provided herein, and (iv) carry out and consummate the
transactions contemplated by this Purchase Contract, the Ordinance,
the Resolution, and the Official Statement; and the City has
complied, and at the Closing will be in compliance, in all respects
with the tersm of the Act and with the obligations on its part in
connection with the issuance of the Bonds contained in the
Ordinance, the Resolution, the Bonds and this Purchase Contract.
-3-
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(e) By all necessary official action, the City has duly
adopted the Ordinance and the Resolution, has duly authorized and
approved the Official Statements, has duly authorized and approved
the execution and delivery of, and the performance by the City, of
this Purchase Contract and all other obligations on its part in con®
nection with the issuance of the Bonds and the consummation by it of
all other transactions contemplated by this Purchase Contract in
connection with the issuance of the Bonds; upon delivery of the
Bonds, the Ordinance and the Resolution will constitute legal, valid
and binding obligations of the City, enforceable in accordance with
their terms, subject to applicable bankruptcy, insolvency, and simi-
lar law affecting creditors' rights generally and subject, as to the
enforceability to general principles of Equity.
(f) When delivered to and paid for by the Senior Manager at
the Closing in accordance with the provision of this Purchase
Contract, the Bonds will have been duly authorized, executed, issued
and delivered and will constitite valid and binding direct and
general obligations of the City in conformity with the Act, the
Ordinance and the Resolution, and shall be entitled to the benefits
of the Ordinance and Resolution, including a pledge of the full
faith and credit of the City as defined in the Ordinance and descri-
bed in the Official Statement.
.(g) The City is lawfully empowered to pledge its full faith,
credit and taxing power for the payment of the principal of redemp-
tion premium, if any, and interest on the Bonds.
(h) The adoption of the Ordinance and the Resolution and the
authorization, execution and delivery of this Purchase Contract, and
the Bonds, and compliance with the provisions hereof, and thereof,
will not condlifct with, or constitute a breach of or default under,
any law, administrative regulations, consent decree, ordinance,
resolution or any agreement or other instruments to which the City
was or is subject as the case may be, nor will such enactment, adop-
tion, execution, delivery, authorization or compliance result in the
creation or imposition of any lien, charge or other security
interest or encumbrance of any nature whatsoever upon any of the
property or assets of the City or under the terms of any law, admi-
nistrative regulation, ordinance, resolution or instruments, except
as expressly provided by the Ordinance or Resolution.
( i ) At the time of Closing, the City will be in compliance in
all respects with the covenants and agreements contained in the
Ordinance and the Resolution and no event of default and no event
which, with the lapse of time or giving of notice, or both, would
constitute an event of default under the Ordinance will have occurred
or be continuing.
(j) To the best of the City's knowledge all approvals, con-
sents, authorizations and order of any governmental authority or
agency having jurisdiction in any mattter which would constitute a
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condition precedent to the performance by the City of its obliga-
tions hereunder, the Ordinance and the Resolution have been obtained
and are in full force and effect.
(k) If between the date of the Purchase Contract and the time
of Closing an event occurs which would cause the Official Statement
to contain an untrue statement of a material fact or to omit to
state a material fact required to be stated therein or necessary to
make the statements made therein, in light of the circumstances
under which they were made, not misleading, the City shall notify
the Senior Manager and if in the opinion of the Senior Manager the
event requires an amendment or supplement to the Official Statement,
the City will amend or supplement the Official Statement in a form
and in a manner satisfactory to the Senior Manager.
(1) Except as disclosed in the Official Statement, to the best
knowledge of the City, as of the date hereof, there is no action,
suit proceeding, inquiry or investigation, at law or in equity,
before or by any court, government agency public board or body,
pending or threatened against the City, affecting or seeking to pro-
hibit, restrain or enjoin the sale, issuance or delivery of the
Bonds, or the City's ability to do all things in its power to make
timely payment on the obligation, or contesting the powers of the
City or its authority for the issuance of the Bonds, the adoption of
the Ordinance and the Resolution, or the execution and delivery by
the City of this Purchase Contract.
(m) The City shall furnish such information, execute such
instruments and take such other action in cooperation with the
Senior Manager as the Senior Manager may reasonably request in order
to (i) qualify the Bonds for offer and sale under the "blue sky" or
other securities laws and regulations of such states and other
jurisdictions of the United States as the Senior Manager may
designate, and (ii) determine the eligibility of the Bonds for
investment under the laws of such states and other jurisdictions,
and will use its best efforts to continue such qualifications in
effect so long as required for the distribution of the Bonds; pro-
vided, however, that the City shall not be required to execute a
general or special consent to service of process or qualify to do
business in connection with any such qualifications or determination
in any jurisdiction.
7. Closing. At 10:00 a.m., Miami, Florida time, on October
22, 1996 or at such time on such earlier or later date as shall be
agreed upon (the "Closing"), the City will deliver to the Senior Manger
at the location to be agreed upon by the City and the Senior Manager
in New York, New York, the Bonds in permanent form (all Bonds being
printed or lithographed on steel engraved borders), duly executed,
together with the other documents herein mentioned; and the Senior
Manager will accept, such delivery and pay at such location as may be
agreed upon by the City and the Senior Manager the purchase price
-5-
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of the Bond as set forth in Section 1 hereof, plus accrued interest
from October 1, 1986, to the date of Closing, less the amount of the
good faith check as set forth in paragraph 2 hereof, by immediately
available funds, payable to the order of the City. The Bonds shall
be made available to the Senior Manager by 3:00 p.m. in New York
City on the day before the Closing for purposes of inspecting and
packaging. The Closing shall take place in Miami, Florida.
8. Closing Conditions. The Senior Manager has entered into
the Purchase Contract in reliance upon the representations and
warranties of the City herein contained and the performance by the
City of its obligations hereunder, both as of the date hereof and as
of the time of Closing. The obligations of the Senior Manager under
this Purchase Contract are and shall be subject to the following
conditions:
(a) The representations, warranties and agreements of the City
contained herein shall be true and correct and complied with as of
the date hereof and as of the date of Closing, as if made on the
date of the Closing.
(b) At the time of the Closing, the Ordinance and the
Resolution shall be in full force and effect in accordance with
their terms and shall not have been amended, modified or supple-
mented, and the Official Statement shall not have been supplemented
or amended, except in any such case as may have been agreed to by
the Senior Manager.
(c) At the time of the Closing, all official action of the
City relating to this Purchase Contract, and the Bonds shall be in
full force and effect in accordance with their respective terms and
shall not have been amended, modified or supplemented in any
material, respect, except in each case as may have been agreed to by
the Senior Manager.
(d) The Senior Manager shall have the right to cancel the
agreement contained herein to purchase, to accept delivery of and to
pay for the Bonds by notifying you in writing of their intention to
do so prior to the time of Closing if:
(i) between the date hereof and the Closing, legisla-
tion shall have been enacted by the Congress of the United
States, or recommended to the Congress for passage by the
President of the United States, or favorably reported for
passage to either House of Congress by any Committee of such
House, or passed by either House of Congress, or a decision
shall have been rendered by a court of the United States or
the United States Tax Court, or a ruling shall have been
made or a regulation shall have been proposed or made by
the Treasury Department, of the United States or the
Internal Revenue Service, with respect to the Pederal,taxa-
tion of interest received on obligations of the general
am
0.86,0802,4.
P
character of the Bonds, which, in the opinion of Bond
Counsel has, or will have, the effect of making such
interest taxable;
(ii) there has been any announcement or other action
related to consideration by either the United States Senate
or the United States House of Representatives, of the 'fax
Reform Act of 19861 H.R. 3838, 99th Cong., Ist Sess. (1985)
or other comparable tax reform legislation, which, in the
judgment of the City's financial adivsor and the Senior
Manager, adversely affects the marketability of the Bonds
or the market price thereof;
(iii) between the date hereof and the Closing,
legislation shall be enacted or any action shall be taken
by the Securities and Exchange Commission which, in the
opinion of Counsel for the Senior Manager, has the effect
of requiring the contemplated issuance or distribution of
the Bonds to be registered under the Securities Act of
1933, as amended;
(iv) an event described in paragraph (k) of Section 6
shall have occurred which required an amendment or supple -
went to the Official Statement and which, in the opinion of
the Senior Manager, adversely affects the marketability of
the Bonds or the market price;
(v) in the opinion of the Senior Manager, payment for
and delivery of the Bonds is rendered impracticable or
inadvisable because (A) trading in securities generally
shall have been suspended on the New York Stock Exchange,
Inc., or (B) a general banking moratorium shall have been
established by Federal, New York or Florida authorities, or
(C) a war involving the United States or other national
calamity shall have occurred;
(vi) an order, decree or injunction of any court of
competent jurisdiction, or any order, ruling, regulation or
administrative proceeding by any governmental body or
board, shall have been issued or commenced, or any legisla-
tion enacted, with the purpose or effect of prohibiting the
issuance, offering or sale of the Bonds as contemplated
hereby or by the Official Statement or prohibiting the
enactment or peformance of the Ordinance and the
Resolution.
(vii) the City has, without the prior notice of the
Senior Manager, offered or issued any bonds, notes or other
obligations for borrowed money, or incurred any material
liabilities, direct or contingent, other than as described
in the Official Statement, in either case payable from the
revenues and resources of the City, or there has been an
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adverse change of a material nature in the financial posi-
tion, results of operations or condition, financial or
otherwise, in either case other than in the ordinary course
of its business.
(e) At or prior to the date of the Closing, the Senior Imager
shall receive the following documents,
(i) the Official Statement, as printed, and each
supplement, amendment or modification, if any, thereto,
executed on behalf of the City by the Mayor of the City;
(ii) the Ordinance certified by the City Clerk under
seal as having been duly adopted by the City and as being
in effect, with such supplements, modifications or amend-
ments as may have been agreed to by the Senior Manager;
(iii) the Resolution certified by the City Clerk under
seal as having been duly adopted by the City and as being
in effect, with such supplements, modifications or amend-
ments as may have been agreed to by the Senior Manager;
(iv) an unqualified final approving opinion of Broad &
Cassel ("Bond Counsel"), addressed to the City, dated the
date of the Closing, in substantially the form included in
the Official Statement as an Appendix and subject to the
approval of the Senior Manager;
(v) a letter of Bond Counsel, addressed to the Senior
Manager and dated the date of Closing, to the effect that
their final approving opinion referred to in Section 8(e)(iv)
hereof may be relied upon by the Senior Manager to the same
extent as if such opinion were addressed to the Senior
Manager;
(vi) an opinion of Bond Counsel, addressed to the City
and the Senior Manager, and dated the date of Closing, to
the effect that, the information set forth in the Official
Statement under the headings "The Bonds, Pending Federal
Tax Legislation", "Tax Exemption" are correct as to matters
of law.
(vii) a legal opinion of the City Attorney, addressed
to the City, Bond Counsel and the Senior Manager and dated
the date of the Closing, to the effect that, (A) the City is
a municipal corporation under the Constitution and laws of
the State of Florida, duly organized and validly existing
and has full right, power and authority to adopt and per-
form its obligations under the Ordinance and the
Resolution, and to authorize, execute and deliver and is
-8-
�8l�,•80�' ,
. �t
empowered to perform its obligations under this Purchase
Contract, (B) the City has duly adopted the Ordinance and
the Resolution, and has duly authorized, executed and deli-
vered this Purchase Contract, and assuming the due authori-
zations, execution and delivery of this Purchase Contract,
by the other parties thereto, such instrument constitutes
legal, binding and valid obligations of the City, enfor-
ceable in accordance with their respective terms; provided,
however, the enforceability thereof are subject to
bankruptcy, insolvency, reorganization, moratorium and
other similar laws affecting creditors' rights generally
and subject, as to enforceability, to general principles
of equity, (C) the information set forth in the Official
Statement regarding pending litigation are fair and
accurate summaries of the matters set forth or documents
referred to therein, (D) with respect to the information in
the Official Statement and based upon the City's par-
ticipation in the preparation of the Official Statement by
the City Attorney and without having undertaken to deter-
mine independently the accuracy or completeness of the con-
tents of the Official Statement, the City has no reason to
believe that the Official Statement (except for the finan-
cial and statistical data contained therein, as to which no
view need be expressed) 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 made
therein, in light of the circumstances under which they
were made, not misleading, M the Official Statement has
been duly authorized, executed and delivered by the City,
and the City has consented to the use thereof by the
Underwriters (F) to the best of the City Attorney's
knowledge the adoption of the Ordinance and the Resolution
and the authorization, execution and delivery of this
Purchase Contract, and the Bonds, and compliance with the
provisions hereof and thereof, will not conflict with, or
constitute a breach or default under, any law, administra-
tive regulation, consent decree, ordinance, resolution or
any agreement or other instrument to which the City is a
party or is otherwise bound by, as the case may be, nor
will such enactment, adoption, execution, delivery,
authorization or compliance result in the creation or impo-
sition of any lien, charge or other security interest or
encumbrance of any nature whatsoever upon any of the pro -
petty or assets of the City, or under the terms of any law,
administrative regulation, ordinance, resolution or instru-
went, except as expressly provided by the Ordinance, (G)
all City required approvals, consents, authorizations and
orders necessary for the performance by the City of its
obligations under each of the City's documents, and the
Ordinance and the Resolution have been obtained and are in
full force and effect, (H) except as disclosed in the
Official.Statement, to the City Attorney's knowledge, as of
-9-
the date of such opinion, there is no action, suit, pro-
ceeding,, inquiry or investigation, at law or in equity,
before or by any court, government agency, public board or
may, pending or threatened against the City, affecting or
seeking to prohibit, restrain or enjoin the sale, issuance
or delivery of the Bonds, the Ordinance, the Resolution of
this Purchase Contract, or contesting the tax exempt sta-
tus of interest on the Bonds, or contesting the completeness
or accuracy of the Official Statement or any supplement or
amendment thereto, or contesting the powers of the City or
any authority for the issuance of the Bonds, the adoption
of the Ordinance and the Resolution, or the execution and
delivery by the City of this Purchase Contract.
(viii) a certificate, which shall be true and correct
at the time of Closing, signed by the Mayor of the City, or
such other official satisfactory to the Senior Manager, and
in form and substance satisfactory to the Senior Manager,
to the effect that, (A) the representations, warranties and
covenants of the City contained herein are true and correct
to the best of his knowledge and belief in all material
respects and are complied with as of the time of Closing,
and (B ) the Official Statement did not as of its date, and
does not as of the date of Closing, contain any untrue state-
ment of a material fact or omit to state a material fact
which should be included therein for the purposes of which
the Official Statement is to be used, or which is necessary
in order to make the statements contained therein, in light
of the circumstances in which they were made, not
misleading;
(ix) opinions of Sparber Shevin Shapo Heilbronner a
Book and Long & Knox, Counsel to the Senior Manager,
addressed to the Senior Manager, and dated the date of
Closing, to the effect that, (A) with respect to the infor-
mation in the Official Statement and based upon said firms'
review of the Official Statement as Counsel to the Senior
Manager and without having undertaken to determine indepen-
dently the accuracy or completeness of the contents of the
Official Statement, said firms have no reason to believe
that the Official Statement (except for the financial and
statistical data contained therein, as to which no view
need be expressed) contains an untrue statement of a
material fact or omits to state a material fact required to
be stated therein in light of the circumstances under which
they were made, not misleading, and (B) the Bonds are,
except as amended, and the Ordinance and the Resolution are
exempt from qualification as an indenture under the Trust
Indenture Act of 1939, as amended;
(x) a rating of Al/A+ or the equivalent from a
nationally -recognized bond rating agency;
-10-
f
tl -
(xi) such additional legal opinions, certificates,
instruments and other documents as the Senior [tanager may
reasonably request to evidence the accuracy, as of the date
hereof and as of the date of the Closing, as of the City's
representations and warranties contained in the Official
Statement and the due performance or satisfaction by the
City on or prior to the date of Closing of all the
agreements then to be performed and conditions then to be
satisfied by it.
If the City shall be unable to satisfy the conditions to the
obligations of the Senior Manager to purchase, to accept delivery of
and to pay for the Bonds contained in this Purchase Contract and the
Senior Manager does not waive such inability in writing, or if the
obligations of the Senior Manager to purchase, to accept delivery
of and to pay for the Bonds shall be terminated for any reason per-
mitted by this Purchase Contract, this Purchase Contract shall ter-
minate and neither the Senior Manager nor the City shall be under
any further obligation hereunder, except that the respective obliga-
tions of the City and the Senior Manager set forth in Section 9
hereof shall continue in full force and effect and the good faith check
be returned.
9. Expenses. The Senior, Manager shall be under no obligation
to pay, and the City shall pay, any expense incident to th perform-
ance of the City's obligations hereunder including, but not limited
to: (a) the cost of preparation, printing and delivery of the
Ordinance and the Resolution; (b) the cost of preparation and
printing of the Official Statement and any supplement or amendments
thereto; (c) the cost and preparation and printing of the Bonds; (d)
the fees and disbursement of Bond Counsel and the Counsel to the
City; (e) the fees and disbursements of the financial advisor to the
City; (f) the fees and disbursements of the City's certified public
accountants; (g) the fees and disbursements of other engineers,
accountants, and other experts, consultants or advisors retained by
the City.
The Senior Manager shall pay: (a) the cost of preparing,
printing and delivery of any agreements among the the Underwriters;
(b) the cost of preparing, printing and delivery of this Purchase
Contract; (c) the cost of all "blue sky" and legal investment
memoranda and related filing fees; (d) all advertising expenses;.and
(e) all other expenses incurred by them or any of them in connection
with the offering of the Bonds, including the fees and disbursements
of Counsel retained by them. In the event that either party shall
have paid obligations of the other as set forth in this Section 9,
adjustment shall be made at the time of the Closing.
10. Notices. Any notice or other communication to be given to
the City under this Purchase Contract may be given by mailing the
same to the Mayor of the City of Miami, 3500 Pan American Drive,
Miami, Florida 331331 the City Manager, City of Miami, 3500 Pan
American Dr Miami, Florida 33133, and the Director of Finances,
City of Miami, 3500 Pan American Drive, Miami, Florida 33133, and
any such notice or other communication to be given to the Senior
Manager may be mailed to Prudential-Bache Securities, Inc., 5365
West Atlantic Avenue, Delray peach, Florida 33445, Attention:
Public Finance Department.
11. Parties in interest. This Purchase Contract is made solely
to the benefit of the City and the Senior Manager and Co -Managers
and no other party or person shall acquire or have any right
hereunder or by virtue hereof. All your representations, warranties
and agreements in this Purchase Contract shall remain operative and
in full force and effect and shall survive the delivery of the
Bonds.
12. Waiver. Notwithstanding any provision herein to the
contrary, the performance of any and all obligations of the City
hereunder the performance of any and all conditions contained herein
for the benef it of the Senior Manager and Co -Managers may be waived
by the Senior Manager, in their sole discretion, and the approval of
the Senior Manager when required hereunder or the determination of
their satisfaction as to any document referred to herein shall be in
writing, signed by appropriate officer or officers of the Senior
Manager and delivered to the City.
13. No Liability. Neither the City Commission of the City of
Miami, nor any of the members thereof, nor any officer, agent or
employee thereof, shall be charged personally by the Senior Manager
and Co -Managers under any term or provision of this Purchase
Contract because of its execution or attempted execution, or because
of any breach of attempted or alleged breach thereof.
14. Governing Law. This Purchase Contract, and the terms and
conditions herein, shall constitute the full and complete agreement
between the City and the Senior Manager with respect to the purchase
and sale of the Bonds. This Purchase Contract shall be governed by
and construed in accordance with the laws of the State of Florida.
witness
Witness
Accepted this day of
1986.
,
Approved as to Form and
Correctness:
CrEy XttorneY
Very truly yours,
PAODMffIAL-BW= SWURITIBS, INC.
By:
Vice-Presi3ent
Prudential-Bache Securities,
Inc., on behalf of Senior
Manager and Co -Managers
CM OF MIAMI
t9c Finance
October 7, 1986
City Commission
City of Miami, Florida
3500 Pan American Drive
Post Office Box 330708
Miami, FL 33133
Re: $6.375,000
City of Miami, Florida
General Obligation Bonds, Series 1986
Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and in reference to
the issuance of the Bonds as set forth above, Prudential-Bache
Securities Inc., the Senior Manager, and Daniels a Bell, Inc., First
Equity Corp. of Florida, Metro Equities Corporation, (collectively, the
"Managers") make the following disclosures to the City of Miami, Florida
( the "City") .
The Managers are contracting with the City for the purchase and
sale of the Bonds. The total fee estimated to be earned by the
Underwriters as set forth in the Bond Purchase Contract between the
Underwriters and the City executed October 7, 1986, is equal tom%
of the par amount of the Bonds, or $721_.Z�
t
T
In addition to this disclosure of the total fee to be earned by the
Underwriters, we make the following statements and representations to
the City as required by Chapter 218.385, Florida Statutes:
Tr
F
(a) Expenses estimated to be incurred by the Underwriters in
f
�- -
connection with the issuance of the Bonds: -
- --
$3.38 per $1,000.00 or $21,500.00
IFS
.:
Legal ................................................. $9,500
.4
£y
Travel and Disbursements. ............................. 3,500
4
Clearance ............................................. 3,200
Communication and Munifacts ........................... 2,000
Fed Funds ............................................. 1,300
PSA, MSRB, CUSIP.................................... 350
Contingency ........................................... 1i650
Total Expenses $21�,500.
ftWW tiat-B8&W Securities kic . WO West Aft do Awe M. Dehy Beech, FL 33445 Tel. 3M 495.15M
Otis
9,
IFS'.
4I:t;}'1.
Serur�hes
(b) Names, addresses and estimated amount• of compensation of
any person who is not regularly employed by, or not a partner or
officer of, an underwriter, bank, banker, or financial consultant or
advisor and who enters into an understanding with either the
City or the Underwriters, or both, for any paid or promised
compensation or valuable consideration directly, expressly or
q
implied, to act solely as an intermediary between the City and
the Underwriters for the purpose of influencing any transaction in
the purchase of the Bonds:
None.
(c) The amount of underwriting spread expected to be realized:
Underwriting Risk $ per $1,000.00 or $ ,2s
.�
Average Takedown $ per $1,000.00 or $$$ �
(d) Management fee to be earned by the Underwriters in
connection with the issuance of the Bonds:
$0 per $1,000.00 or $0
(e) any other fee, bonus and other compensation estimated to
be paid by the Underwriters in connection with the Bonds to any
s.
person not regularly employed or retained by the Underwriters.
None.
(f) The names and addresses of the Underwriters connected
with the Bonds:
Prudential-Bache Securities Inc. Daniels & Bell, Inc.
5365 West Atlantic Avenue 99 Wall Street
Delray Beach, Florida 33445 New York, New York 10005
First Eauitv Corn. of Florida Metre Rnnitipc Cnrnnra+inn
in the opinion of Bond Coun wi, tinder existing st0tt4tes, W--Wations, nalings and conrt decisions, intemst
on the .bonds is exempt from all ,present Federaal income taxation and the Blonds and interest thereon
are ea rnpt fr+t►an taxation tinder the dams of State of Florida, except as to estate taxes and t+c+xa
imposed by Chapter 220, Florida Staturops, On interest, income or profits on debt obligations
owned by corporations, banks and .sauinR associations. For information concerning
Pending legislation, see "fending Federal Tax Legislation" herein.
� ISSUE CreditRatings: Moody's:
Standard di Floor's:
$693759000
The City of Miami, Florida
General Obligation Bonds
Series 1986A
S4,000,000 Pollution Control and Incinerator Facilities Bonds
$2,375,000 Street and Highway Improvement Bonds
Doted: October 1,1986 • Due: October 1, as shown below
Interest on the Bonds is payable semi-annually on October 1 and April 1 in each year, commencing
April 1, 1987. The Bonds are issuable as fully registered bonds in the denomination of S5,000 or whole
multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the registration x
books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft
mailed to such registered owners by the Bond Registrar and Paying Agent. The principal of, and premium,
if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the
registered owner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York, as
Bond Registrar and Paying Agent.
The Bonds maturing on or after October 1, 1997 are subject to redemption at the option of the
Commission of the City, on or after October 1, 1996 in whole on any date, or in part in the inverse order of
their maturities (by lot within any maturity) on any interest payment date, at redemption prices ranging
from 102% to 100% plus accrued interest.
The Bonds are general obligations of the City for which its full faith, credit and taxing power are
pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the City
(excluding homestead exemptions, as required by law).
MATURITIES, AMOUNTS, RATES AND PRICES
(Accrued interest to be added)
Mwriq Aatoaat Rut Pike Mttariq Ammet Rue Prke Muni!' Asoau Ran Pda
1s ,3�,� y b'n 1 1996 8 ,+ b�0 l00%i 2004 —T—
M 100�b
1989 3Sa � 6"'dL70100%, 1997 3�, l.00 100%, 2003 100%
1990 •45- ,� S.sa 100% 1998 3a�,�d 1-10 10007, 2006 100%
1991 ssz ere 's80 100%, 1999 �� 7T 1001% 2007 100%
1992 3mrm d%00 100%, 2000 100%, 2008 100%
1993 3 s t" 61 20 10007, 2001 100%, 2009 100%
1994 3,ev a�'D 6W0 100%, 2002 100%, 2010 100%
1995 5,5;.v, coo 640o 100% 2003 100%, 2011 100%
The Bon a1�e offered when, as and if issued and received by the Underwriters, subject to the
unqualified approval of legality by Broad and Cassel, Miami, Florida, Bond Counsel, and to certain other
conditions. Certain legal matters will be passed upon for the Underwriters by Sparber, Shevin, Shapiro,
Heilbronner & Book, Miami, Florida and Long 8t Knew, Miami, Florida. It is expected that the Bonds in
definitive form will be available for delivery in New York, New York, on or about October 22, 1986.
�irt�al-Bache
5ecunties
Daniels & Bell
First Equity Corp. of Florida
Metro Equities Corporation
ThIR off1cfAl sinteme"t do" riot co"049"te an orf�r to it 1110P.Aq in pro jnrkdk-1I0q 9P arl P*M-. to
virbont It Ix ""NAW(w to malm. spich offtr in Bch Jn-rfxdktlnn,. No dealer, spl"_mqn, or any othmv poewpon ho-A
been almthod;FP4 by the 04y to rive peaty Information or maw smwq rig ratatioaa, other 1hRn thmm contalfted
b"Tilm. In cop PrOlon with the ofkOng of
th"e Pon& snd, If plvr.n or made, soich Information or
reprowtation Mast not be celled upon. The InthirmAtion and cxpm.,0onq of opinion laerqjn am, -m to
cha"ge- without notice and neither the delivery Of this Official Statement nor any qslle made hereunder shall,
under Pay dreomsWces, create any Implication
that them will he no change in theaffair; af City from
oin o f the
the dote hereof to the date of the delivery of
the Ronds, but ste paragraph headed "Closing Certificate"
herein.
TABLE OF CONTENTS
popPip
Summary Statement
Recreational Facilities ................
is
The City ..............................
i
Cultural Facilities and Affairs ..........
18
The Bonds ............................
i
Educational Institutions ..............
19
Interest Payment Dates ..................
i
Financial Information ..................
20
Optional Redemption ...........
i
General Description of Financial
Tax Exemption .........................
ii
Practices .........................
20
Application of Proceeds .................
ii
Statement of Revenues and
Security, Authorization and Validation .....
ii
Expenditures .....................
21
Description of the Issue
Description of Revenues ..............
21
Introduction ...........................
I
Pension Trust Funds .................
25
The Bonds ............................
I
Procedure for Tax Levy and Tax
General .............................
I
Collection ........................
28
Interest Payment Dates ................
I
Tax Schedules and Tables .............
29
Optional Redemption .................
2
Labor Relations .....................
29
Notice of Redemption .................
2
Risk Management ...................
30
Registration and Transfer ..............
2
Economic and Demographic Data ........
30
Security, Authorization and Validation .....
3
Introduction and Recent
Application of Proceeds .................
3
Developments .....................
30
Debt Service Schedule ...................
rvictrorail ...........................
31
Tax Exemption .........................
4
Bayside ............................
31
Credit Ratings .........................
4
Bayfront Park .......................
31
Litigation .............................
5
Southeast Overtown/Parkwest .........
31
Auditors ..... * .........................
5
Sports and Exhibition Center ..........
32
Approval of Legal Proceedings ...........
5
Corporate Expansion ................
32
Closing Certificate ......................
5
Industrial Development ...............
32
Debt Summary
Financial Institutions ................
33
Payment of Bonds and Bond Election
Tourism............................
Film Industry
33
34
Requirement.........................
Debt Statistics and Various Debt Ratios
6
6
........................
Agriculrt cure .........................
34
....
Legal Debt Limitation ...................
Selected Debt Data
7
7
Expo .............................
Miami International Airport ..........
34
34
.....................
General Obligation Bonds Authorized But
Port of Miami .......................
Demographic Data ..................
35
36
Not Issued ..........................
Proposed Issues of Debt Securities ........
12
12
Retail Sales .........................
36
Capital Improvement Plan ...............
13
Employment ........................
Housing...........................
-37
38
Financing The Six -Year Capital
ImprovementProgram ................
13
Building Permits .....................
39
Leases and Other Commitments ..........
14
Approval of Official Statement ..........
40
Description of The City
The City ...............................
Is
Appendix
A. Financial Section of Comprehensive
Geography ..........................
is
Annual Financial Report
Climate
15
("FINANCIAL STATEMENTS")..
A
.............................
Population ..........................
15
Report of Independent Certified Public
Government of Miami .................
15
Accountants.....................
General Purpose Financial Statements .
A-1
A-2
Mayor and City Commissioners .........
16
Notes to Financial Statements
A-9
Administration of the City .............
Scope of Services and Agency
16
......
Supplemental Combining and
Functions
17
Individual Fund Statements ........
A-27
.........................
Regional Government Services ..........
17
B. Form of Opinion of Bond Counsel .....
B-1
Medical Facilities .....................
18
C. Letter of City Attorney ..............
C-I
0
46
8 016U.,
�„jrjFM IL
MEMBERS OF BOARD OF CITY COMMISSIONERS
XAVIER L. SUAREZ, Mayor
JOE CAROLLO MILLER J. DAWKINS
ROSARIO A. KENNEI7K J. L. PLUMMER, JR.
CITY 1 OFFICIALS '
City Manager .............. CESAR H. ODIO asp:
Assistant City Manager.. HERBERT J. BAILEY
City Attorney ...... LUCIA A. DOUGHERTY �4
Director of Finance ..... CARLOS E. GARCIA
{
City Clerk MAM HIRAI ,e
.
i
{
Bond Counsel
BROAD AND CASSEL r
Miami Florida r ,
AA
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
�'.
New York, New York is
F
Independent Certified Public Accountants'
r
COOPERS & LYBRANDIL
#
Miami, Florida ?'}
,at
.,
--
",375,000 a,
The City of Nflowl, Florida
General ObIlpflon Bonds
Cowdsting of
$4,000,000 Pollutions Control and Incinerator Facilities Bonds
$2,375,000 Street and highway Improvement Bonds
Si1NUW"XSTATEMENT
(Subject in all respects to the more complete information contained
elsewhere in this Official Statement).
The City
The City of Miami in Dade County, Florida, was first settled in 1836 and was incorporated in 1896. It
is located on the lower east coast of Florida along the western shore of Biscayne Bay and is the
southernmost large city in the United States. It comprises 34.3 square miles of land and 19.5 square miles of
water. The 1985 population estimate for the City of 380,446. developed by the State of Florida, Division of
Pbpulaation Studies, Bureau of Business and Economic Research, University of Florida, represents approximately
22014 of the total population of Dade County.
The Bonds
The Bonds are being issued in the aggregate principal amount of $6,375,000 are dated October 1, 1986,
and are issutable as fully registered bonds in the denomination of S5,000 or whole multiples thereof. Interest
on the Bonds will be payable to the registered owners shown on the registration books of the City on the
fifteenth day of the month preceding an interest payment date, by check or draft mailed to such registered
owners by the Bond Registrar and Paying Agent. The principal of, and premium, if any, on the Bonds are
payable upon presentation and surrender of the Bonds, at the option of such owner, at Chemical Bank, in
the Borough of Manhattan in the City and State of New York as Bond Registrar and Paying Agent.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement,
payable semi-annually on October 1 and April 1 of each year, commencing April 1, 1987, and mature on
October 1 in the years and principal amounts set forth on the cover page of this Official Statement.
Optional Redemption
The Bonds maturing on or after- October 1, 1997 are subject to redemption, at the option of the
Commission of the City, on and after October 1, 1996, in whole on any date, or in part in the inverse order of their maturities (by lot within any maturity) on any interest payment date, at the following redemption
prices, plus accrued interest to the date of redemption:
Tax Exemption
In the opinion of Bond Counsel, interest on the 1986 Bonds is exempt under extstittg
exeRegulations, Rulings and judicial decisions from all present Federal income taxation tancl the d t*:
.,wa of cite State of Flo 'd
ndcr the la
Bonds and the income thereon are trtpt fronrt taxati
on
t to estate tuxes and taxes imposed by Chapter 220, Florida Stntutes, on interest, income or pro
s, banks and savings associations. See ""PL-nding Federal Tax
obligations awned by corporation -
Application of Proceeds
$4,000,000 Pollution Control and Incinerator Facilities Bonds
f�
` Ordinance No. 7864 authorized $7,000,000 Pollution Control and Incinerator Bonds for the p%j-
of paying the cost of pollution control and incinerator facilities in the City. $3,000,000 princi
1�
such bonds has been issued and a final installment of $4,000,000 is being offered hereunder: b
$2,375,000 Street and Highway Improvement Bonds
Ordinance No. 7861 authorized the issuance of $17,375,000 Street and Highway ImprovemM.0t
for the purpose of paying the cost of street and highway improvements in the City. $15,000,000 pry
y
amount of such bonds has been issued and a final installment of $2,375,000 of such bonds is bdft
i hereunder.
i Security, Authorization and Validation
f ? t
The Bonds will be general obligations of the City for which its full faith, credit and taxing power �.
! been irrevocably pledged, and are payable from unlimited ad valorem taxes on all taxable property ta`-
City (excluding homestead exemptions for owner occupied housing and certain persons who are
i' disabled or otherwise qualified therefor, as required by law).
i The Bonds shall be issued under and pursuant to the laws of the State of Florida, the Charter o1`
} ! City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized'
4 the provisions of the City Charter, including particularly Section 58 thereof, and certain ordinary
resolutions adopted by the Commission of the City. The Bonds have been approved by the electont'!r
validated as follows:
The Pollution Control and Incinerator Facilities Bonds were approved
pp by the electors of Jun+
i 1970 and were validated by judgment of the Circuit Court of Dade County on September 8, 1970—
f'. time for appealing said judgment has expired.
�a
The Street and Highway Improvement Bonds were approved by the electors on June 30,1970'
were validated by judgement of the Circuit Court of Dade County on July 26, 1971. An appeal
taken, and on March 29, 1972, the Supreme Court of Florida rendered a decision affirmutg
judgment.
In
OFFICIAL STATE, W-, NT
000
,9
THE CITY OF FLOR DA
Gene sul Obligation Brands
Sedcs 1986A }
Consisting of
$490009000 P011ation Control and Incinerator Facilities Bonds
$293759000 Strect and Hi0hway Improvement Bonds
DESCRIPTION OF THE ISSN
INTRODUCTION
The purpose of this Official Statement of The City of Miami, Florida (the "City"), which includes the
cower pap, the summary statement and appendices attached hereto, is to set forth information concerning
the City and its $6,375,000 General Obligation Bonds Series 1986A (the "Bonds"), authorized by the
Commission of the City (the "Commission"), approved by the electors and remaining unissued, as
her+einbelow described. See "Security, Authorization and Validation."
THE BONDS _
General
The Bonds are being issued in the aggregate principal amount of $6,375,000, are dated October 1,
1986, and are issuable as fully registered bonds in the denomination of $5,000 or whole multiples thereof.
Interest on the Bonds will be payable to the registered owners shown on the registration books of the City
on the fifteenth day of the month preceding an interest payment date (the "Record Date"), by check or
draft mailed to such registered owners by the Registrar and Paying Agent, irrespective of any transfer or
exchange of any Bond subsequent to such Record Date and prior to such interest payment date, unless the
City defaults in the payment of interest due on such interest payment date. In the event of any such default,
such defaulted interest will be payable to the person in whose name such Bond is registered at the close of
business on a special record date for the payment of such defaulted interest established by notice mailed by
the Trustee to the registered owners of the Bonds not less than 15 days preceding such special record date.
Such notice shall be mailed to the person in whose name the Bonds are registered at the close of business on
the fifth day preceding the date of mailing of such notice. The principal of, and premium, if any, on the
Bonds are payable upon presentation and surrender of the Bonds, at the option of the registered owner, at
Chemical Bank, New York, New York Registrar and Paying Agent.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement,
payable semi-annually on April I and October 1 of each year, commencing April 1, 1987 and mature on
October 1 in the years and principal amounts set forth on the cover page of this Official Statement and as
follows:
Optional Redemption
The Bonds maturing on or after October 1, 1997 shall be subject to art on ation at the ny inter t p� t date
City, prior to their respective maturity dates, as a whole at any time, or in p-
in inverse order of their Maturities, and by lot within a maturity, ncipalon ramoun being re'deemafter October 1, 6ed)tp�R
following redemption prices (expres i as percentage; aft p
ri
accrued interest to the redemption date:
RP optionalMptkan redo Redemptio9 puce
(Roth DWS IrldIl #re)
October 1, 1996 to September 31, 1997 ..... 1020'°
October 1, 1997 to September 31, 1998 ..... 101
October 1, 1998 and thereafter ...........
Notice of Redemption
Notice of redemption shall be mailed by the Registrar and Paying Agent by first class mail, postage
prepaid, at least thirty (30) but not more than sixty (60) days prior to the redemption date, to all registered
owners of the Bonds, to be redeemed at their addresses as they appear on the registration books of the City
for the Bonds to be Impt by the Registrar and Paying Agent. Failure to mail notice to the registered owner of
the 1986 Bonds to be redeemed, or any defect therein, shall not affect the proceedings of redemption of
such Bonds.
Registration and Transfer
Any Bond which is to be redeemed only in part shall be surrendered at any place of payment specific.
in the notice of redemption (with due endorsement by, or written instrument of transfer in form satisfactory
to the City and the Registrar and Paying Agent duly executed by the registered owner thereof or his attorney
duly authorized in writing) and the City shall execute and cause to be authenticated, if necessary, an-�
delivered to the registered owner of such Bond without service charge, a new Bond or Bonds, of air,
authorized denomination as requested by such registered owner in an aggregate principal amount equal t.
and in exchange for the unredeemed portion of the principal of the Bonds so surrendered.
SECURITY AUTHORIZATION AND VALIDATION
The Bonds are general obligations of the City for which its full faith, credit and taxiing power aa-
pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the Cir.
(excluding homestead exemptions for certain persons who are aged, disabled or otherwise qualifies
therefor, as required by law).
The Bonds shall be issued under and pursuant to the Constitution and laws of the State of Florida, th-
Charter of the City and ordinances and resolutions of the Commission of the City. The Bonds have bee=_
authorized under the provisions of the City Charter, including particularly Section 58 theeof, and certg
ordinances and resolutions adopted by the Commission of the City. The Bonds have been approved by th-
electors and validated as follows:
The Pollution Control and Incinerator Facilities Bonds were authorized by Ordinance No. 786-
adopted on May 13, 1970, were approved by the electors on June 30, 1970 and were validated b-
judgment of the Circuit Court in and for Dade County on September 8, 1970. No appeal was taken
The Street and Highway Improvement Bonds were authorized by Ordinance No. 7861, adopte-
May 13, 1970, were approved by the electors on June 30, 1970 and were validated by judgment of th
Circuit Court of Dade County on July 2, 1971. An appeal was taken, and on March 29, 1972, th
Supreme Court of Florida rendered a decision affirming said judgment.
2
APPLICATION OF PROCF F05
R-000,000 P011101on Contr+al and Incinerator,Facilides Bonds
Ordinance No. 7684, as amended, authorized the issuance of 5+7,0(10,000 Pollution Control and
Incinerator Facilities Bonds for the purpose of paying the cost of pollution control and incinerator facilities
in the City, Including constructing, reconstructing, expanding and improving incinerators, establishing
intermediate trash storage and collection points and acquiring any nesary land and equipment. $3,000,000
Principal amount of sitch bonds has been issued and an additional installment of $4,(M,000 of such bonds
is being offered hereunder.
Street and Highway Improvement Bonds
Ordinance No. 7861 authorized the issuance of $17,375,000 Street and Highway improvement Bonds
for the purpose of paying the cost of street and highway improvements in the City, including the
csattstrua. , reconstructing, extending, widening, grading, paving, repaving, macadamizing and retnacadarr&ft
of highways, streets and other public ways, with necessary drainage, sewer inlets, manholes, catch basins,
sidewalks, curbs, gutters and' appurtenances and the acquisition of land and rights of way and the
landscaping,'clearing and leveling thereof. $15,000,000 principal amount of such bonds has been issued
and an additional installment of $2,375,000 of such bonds is being offered hereunder.
DEBT SERVICE SCHEDULE
In the opinion of Bond Counsel, interest on the 1986 Bonds is exempt under existing statutes,
regulations, and rulings and judicial decisions from all present Federal income taxation and the 1986 Bonds
and the income thereon are exempt from taxation under the Laws of the State of Florida, except as to estate
taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on the obligations
owned by corporations, banks and savings associations. See "PENDING FEDERAL TAX LEGISLATION."
3
PENDING FUNERAL TAX I..I GISILATION
'Ilex reform legislation, denominated H. R. 3838, was pass£d in different forms by the U.S. House of
Representatives on Dcccmbcr 17, 1985 and by the U.S. House of Representatives on December 17, 1985 and
by the U.S. Senate on June 24, 1986. On Scpternber 18, 1986, the Cotmnittcc of Conference on U. R. 3838
(the "Contra reported H. R. 3838, as recommended by the Committee, in Report Na. 99�841 (the
"Conference Report"). References below to H. R. 3838 are to the form recommended in the Conferences
Report. H. R. 3838 would, if enacted in that form, establish new requirements for the interest on state and
local government obligations to be and remain exempt from federal income taxation. Some of these require
continued compliance after issuance of the 1986 Bonds in order for the interest to be and continue to be
exempt from the date of issuance. Noncompliance with such requirements could cause the interest on the
1986 Bonds to be subject to federal income taxation retroactive to the date of issuance of the 1986 Bonds.
The City will provide a supplemental opinion of Bond Counsel, to the effect that, based upon the
City's covenants, representations and certifications, under H. R. 3838, the 1986 Bonds would be obligations
described in Section 103(a) of the Internal Revenue Code, as proposed to be amended by H. R. 3838, the
interest on which is excluded from gross income for federal income taxation purposes, and that such
interest will not be an item of tax preference for purposes of the alternative minimum tax on individuals and
corporations. However, under H. R. 3838, a provision, applicable to corporations (as defined for federal
income tax purposes) beginning in 1987, that would impose an alternative minimum tax on a portion of the
excess of adjusted net book income (but certain earnings and profits for years after 1989) over pre -book
alternative minimum taxable income, could subject interest on the 1986 Bonds received by corporations to
such corporate alternative minimum tax.
H. R. 3838 also would adversely affect certain federal income tax deductions of certain financial
institutions and of property and casualty insurance companies that acquire the 1986 Bonds.
Pursuant to H. R. 3838, the City would be required to rebate certain arbitrage profits earned on
proceeds of the 1986 Bonds to the Federal Government. The City believes that such rebates, if any, will not
have a material effect upon the finances of the City.
It cannot be known whether or in what for H. R. 3838 or other tax proposals may be enacted, or to
what extent they may affect any of the foregoing, or adversely affect the tax -exemption of interest on, or the
value or marketability of, the 1986 Bonds. The City has covenanted in the Resolution to take all actions
necessary to maintain the exemption of interest on the 1986 Bonds for federal income taxation. including,
without limitation, complying with all applicable provisions of H. R. 3838.
The supplemental opinion of Bond Counsel as to pending federal tax legislation, in substantially the
form to be delivered, appears in Appendix B to this Official Statement.
CREDIT RATINGS
The Bonds have received the credit ratings of from Standard & Pbor's
Corporation and from Moody's Investors Service, Inc. Certain information and materials not y
included in this Official Statement were furnished to the rating agencies. Generally, rating agencies base
their ratings on the information and materials so furnished and on investigations, studies and assumptions
• by the rating agencies. Such credit ratings reflect only the views of such credit rating agencies, and an
explanation of the significance of such credit ratings may be obtained from the credit rating agencies
furnishing the same. There is no assurance that such credit ratings will continue for any given period of
time or that they will not be revised or withdrawn entirely by either or both of such credit rating agencies, if
in their respective judgments circumstances so warrant. A revision or withdrawal of any such credit rating
may have an adverse effect on the market price of the Bonds. {
4
LITIGATION
Fending litigation involving claims against the City is diPcuaccd in the City Attorr+We, litter $1"ached
het+eto as Appendix C, which will be updated by the City Attorney in a letter to be submitted ac a closing
document. Them is not now pending mW litigation restraining or enjoining the issuance or delivery of the
Bonds or the levy or colletion of taxes to pay the principal of or the interest on the Bonds, or questioning
the proceedings or authorization under which the Bonds are to be issued, or affecting the validity of the
Bonds.
.AUDITORS
The financial statements of the City set forth in this Official Statement have been examined by
Coopers & Lybrand, independent certified public accountants, for the fiscal year ended September 30,
1"5, as stated in their report to the City Commission dated December 27, 1985, and are an integral part of
this Official Statement. See Appendix A. Financial Section of the Comprehensive Annual Financial Report
("FINANCIAL STATEMENTS").
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the
approval of Broad and Cassel, Miami, Florida Bond Counsel, whose legal opinion wili be available to the
underwriters, upon the delivery of the Bonds and will be printed on the Bonds. Certain legal matters will be
passed upon for the Underwriters, by Sparber, Shevin, Shapo, Heilbronner & Beck, Miami, Florida and
Long & Knox, Miami Florida.
CLOSING CERTIFICATE
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will
furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its
date and as of the date of the delivery of the Bonds, did not and does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements contained therein, in the light
of the circumstances under which they were made, not misleading.
11146 -gp7.
)WEDT SUMMARY
The information under this heading is subject in all respects to the more detailed financial information
I contained in the audited financial statements of the City. (See Appendix A, "FINANCIAL STATEMENTS.")
i
lgertt of Bonds anal Bond Election ]Atequimment
i
Pursuant to the Florida Constitution, there is no limit on the amount of ad valorerta taxes the City
must levy for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills per $1.00
J ($10 per $1,000) of the assessed value of real estate and tangible personal property for City services, other
than for the payment of voted bonds. Ad valorem taxes levied for periods not excccding two years and
I authorized by a vote of the electorate am excluded from such 10 mill limitation.
The Florida Constitution requires the approval of electors prior to the issuance of bonds payable from
ad valorem taxes. A provision of the Florida Constitution limiting such vote to electors who were owners of
freeholds not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly,
all qualified electors in the City are eligible to vote in bond elections. The remainder of the relevant section
of the Constitution providing for ad valorem taxation was held valid and is operative.
Debts Statistics and Various Debt Ratios
The following tables detail the City's debt statistics and significant comparative ratios of debt to
population and to the City's tax base.
Debt Ratios of the City of Miami
(September 30, 1985)
FACTORS:
�Assessed Valuation of Taxable Property 1 Pe Y( )..................... $9,696,610,196
Deduct: Homestead Exemptions (2) ......................... (952,429,540)
Net Assessed Valuation of Tax Property
••••••••••••••••••.... 8,744,180,656
City of Miami Debt, Net of Capitalized Reserve Funds
General Obligation ....................................... $170,087,000
Special Obligation (3)..................................... 75,797,562
Combined Net Direct Debt .............................. S 245,884,562
Overlapping Debt, Net of Capitalized Reserve Funds (4)
General Obligation ....................................... $103,294,450
Special Obligation (3)..................................... 65,684,607
Combined Net Overlapping Debt ......................... $ 168,979,057
Total Combined Net Direct and Net Overlapping Debt ............. S 414,863,619
Population of Miami (5).................................... 3800446
Assessed Valuation Per Capita . ............ . . .. . . . . . S 25,448
Net Taxable Assessed Valuation Per Capita ..................... S 22,984
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of
Net Taxable Assessed Valuation ............................ 1.9s%
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Taxable Assessed Valuation ........... 3.1 %
Net Direct General Obligation Debt Per Capita .................. S 447.07
Combined Net Direct General and Special Obligation
Debt Per Capita ......................................... S 646.31
Combined Net Direct and Overlapping General Obligation
Debt Per Capita . ........... . ............. $ 718.S8
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita ................................ S 1,090.47
(footnotes on next page)
6
Obotnotes to table on Pngvtoga page
(1) Assessed valuation as of fiscal F
Year ended September 30, 1985 "sing 100076 of assessed values as
mandated by Florida law._
(2) Homestead "emptions are Applicable to taxable property for owner occupied housing and certain
persons who are aged, disabled or otherwise qualified therefor, as required by law.
(3) Special obligation debt, which includes special obligation bonds as well as: revenue bonds, is payable
from revenue sources other than ad valorem takes.
(4) Figures shown are the City's share of Dade County's Debt based on assessed property valuation, which
is 19% of the County total.
(S) The 1985 estimate was provided by the State of Florida, Division of Population Studies, Bureau of
Business and Economic Research, University of Florida.
Ratio of Net General Bonded Debt
to Net Amesed Value and Net General Obligation Bonded Debt Per Capita
Ratio of
Net General
Obllptlou Net GeuerM
Net Net General Bonded Debt
Assend Homestead Assesed Obiiptiou to Net Bonded Debt
Snftnbw3f: Pbpuladou Value Exemption value Bonded Debt Assesed Value Pet Capita
(000) (000) (000) (000)
1985 .. 380,446(1) $9,696,610 $952,430 $8,744,180 $170,087 1.95070 $447.07
1984 .. 383,027(1) 9,346,033 954,979 8,391,054 146,102 1.74 381.44
1983 .. 382,726(2) 8,659,281 920,895 7,738,386 124,955 1.61 326.49
1982.. 382,726(2) 7,962,129 750,663 7,211,464 109,398 1.52 285.84
1981 .. 399,995(3) 6,622,365 564,238 6,058,127 1I8,038 1.95 295.09
1980.. 346,865(3) 4,565,780 197,311 4,368,469 123,020 2.82 354.66
1979.. 345,000(4) 4,227,175 196,708 4,030,467 134,786 3.34 390,68
1978.. 345,000(4) 4,023,847 195,664 3,828,183 128,089 3.35 371.27
1977.. 342,000(4) 3,938,270 198,559 3,739,711 119,341 3.19 348.95
1976.. 340,000(4) 3,796,881 199,948 3,5%,933 103,827 2.89 305.37
(1) The 1984 and 1985 estimates were provided by the State of Florida, Division of Population Studies,
Bureau of Business and Economic Research, University of Florida.
(2) Based on the July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal
Government.
(3) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 346,865
population count of 1980; as a result, during 1981 the population count was adjusted upward to
399,995 for Federal Revenue Sharing purposes.
(4) Estimated by the City on the basis of added electric and water connections and new dwelling units
constructed.
Legal Debt Limitation
Section 58 of the City Charter limits general obligation bonds of the City to 15% of the assessed
valuation of all real and personal property within the City limits as shown by the last preceding assessment
roll of the City and provides that bonds for street, sewer, sidewalk and other public improvements which are
paid from special assessments shall not be subject to such limitation of amount nor be considered when
computing the amount of general obligation bonds that may be issued.
iJ
' tration for n r l obligation 1ron.Rls lac cl on nCt ass �s�,J vEkitlation a� of September »►
The debt la�r+i. L___a �., •hn net mccccccd vnivation of �9,589,897,018 As of Jana ry A, 1986-
G"enll ObllM1012 Bonds OnteftlI l sate !4-rftmhqr 116, IM
Fir -A
Gused Pie
P+*
PA atnrity
A r�ee,aat
Awwrsrt
a
H1-59
Xmr
1 dl
`'
�e �htiaa Facilities
_
Coconut stave Ptrelrreret.. • ..............................
1988
S 950,000
90,000
` ^
................................
P -
B�V DdW �po*�18on�da
t
3.1-5$
1-1-62
1499
19"
1,100,000
14 565,000
120,000
2 360,000
�1IS,000
-flonaal Facilities .
Retottal F�i1111es
8.1 67
1987
21230,000
.•.. .... .............................
Storm
8-1-67
1987
1,000.000
50,000
-`
............................
Recreational Facilities
000.000
000
...
-
..........................
Storm Sewn Itgt .......
ent
7-1-69
1988
t,300,000
160,000
.......................................
Sanitary Sewer
7-1-68
1988
11500,000
160,000
.... .............. .......................
Convention Center
entetie
7-1.68
1988
5,000,000
220.000
..
Fite Fighting .................................'.......'..
Police �fleadquartsts ::: ..
5-1-69
lal-70
1999
1990
4,500,000
1.000,000
705,000
250,00(►
.
Pollution Control Facilities
tat-70
1990
11500,000
380,000
......................................
Sanitary Sewers ........... "' .. ..
.....................................
Storm
lal-70
1a1-7o
1990
1990
7,000,000
7,000,Ooo
725.000
725,000
Sewerlm��em�t .
Highway improvement . . : ::. . ..
9.1-71
9.1.71
1991
1991
1,500,000
2,000 000
500,000
500,000
:...............................
Y............................... .........
Fire Fighting
9-i-71
1991
5.000.000
570,000
....................................... ...........
Sanitary Sewer
6.1-72
1992
I.1001000
360,000
. .............. .........................................
Police Headquarters . .
.................................
Storm Sewer Improvements
6.1-72
6.1-72
1992
1992
51000,000
1,500,000
490.000
460.000
......................................
Street and Highway Improvements . .......... ............... . ..
6.1-72
6.1-72
1992
1992
3,000,000
2,000.000
930,000
290.000
Public Park and Recreation Facilities ...............................
Storm Sewer Improvements
10.1-72
1997
28,350,000
14,I50,000
• , . ,
Police Headquarters ................................ ....
• .. ... • ..
Storm Sewer Improvements
9.1-73
9.1-73
1993
1993
2.000,000
4,000.000
763,000
11500,000 -
......................................
Police Headquarters .......... ...................... ..•..
...................................
3.1-75
3-1-75
1995
1993
31000.000
81000,000
1,400.000
3,733,000
Sanitary Sewer Bonds ...........................................
10.1-75
t995
51000,000
1,803.000
Police Headquarters ............................................
10.1-75
1995
2,000.000
11050,000
Sanitary Sewer ..................................... .....
5.1-77
1997
13,000,000
7,120,000
Street and Highway Improvements ................................
5.1.77
1988
5,000,000
11000,000
Fite Fighting .................................. .. .. ... ....
5-1-77
1997
51000,000
21880,000
Police Headquarters ...........................................
5.1.77
1997
3,000,000
1,790,000
Storm Sewerlmprovemem ................... ...... . ...
5-1-77
1997
2,000,000
1,160.000
Fire Fighting .... .... .................... ........
12-1-77
1998
11000,000
650.000
Public Park and Recreation Facilities ..................... ...
12-1-77
2003
11,540,000
8,160,000
Housing ...................................... .....
12.1-77
2008
115001000
1.340.000
Street and Highway Improvements .................................
12-1-78
1998
51000,000
3,230,000
SanitarySewer........................
12-1.78
1998
6.000.000
4,050.000
Fire Fighting, Prevention and Rescue Facilities ......................
12.1-78
1998
2,250,000
1,530,000
Storm Sewer Improvement. ... ................ ....
12-1-78
1998
51000,000
3,970,000
Fire Fighting. Prevention and Rescue Facilities ......................
8.1-81
2001
1.750,000
1,400.000
Storm Sewer Improvement ....................... ........ ..
8-1-81
2001
3,000,000
2,610,000
Housing .. .. ... .............
8.1-81
2011
4,400,000
4,120,000
....
Fire Fighting. Prevention and Rescue Facilities ......................
5.1-83
2003
810001000
7,650,000
Storm Sewer Improvement ..................................:....
5-1-83
2003
4.000,000
3,755,000
Sanitary Sewer .. ..................... ....
3-1-83
2003
6,000,000
3.350.000
.
Sweet and Highway Improvements .......................:.; .......
5-1-83
2003
6.000,000
3,825,000
Housing................................ .:::...
............
5-1-83
2013
1.000,000
970.000
Fire Fighting (1) ................................... .. .....
6.1-94
2014
21000.000
2,000,000
Storm Sewer (1)..... ............... ., .....
6-1-84
2014
3,000,000
2,915.000
. ......... ......... ...
Highway Improvement (1) ............ .. ..
6.1-94
2014
7,100,000
7,100,000
Housing Bonds (1) ..................... ... ...:............
6-1.84
2014
18.100,000
17,80S.000
Fie Frghting(1) ................a............
4-1-85
2005
$ 000 000
S 000 000
Sanitary Sewer .
4.1-85
2005
8,000,000
81000,000
... .......
Slorm Sewa . ................... ..... ...
4-1-85
2010
9.000,000
9.000.000
Highway Improvement ..........................................
4-1-85
2003
61000,000
6.000.000
Police Headquarters ............................................
4-1-85
2005
51000,000
$1000,000
Police Headquarters ............................................
6-1-96
2006
12,000,000
12,000,000
Storm Sewer ....................................:.............
6-1-86
2011
51000,000
5.000.000
'
Sanitary Sewer .....'
6-1-86
2006
3.000,000
3,000.000
Street and Highway ..................•....................
&1-86
2006
2.000,000
2,000,000
General Obligation Refunding Bonds. Series 1986(2) .................
8-1-86
20t4
38,355,000
38.355,000
i`
S337.210,000
S226.270,000(3)
a
(1) Refunded by the General Obligation Refunding Bonds,
Series 1986.
(2) Refunding Bonds issued 6-1-84.
(3) Total amount outstanding Net of Refunded Bonds (footnote
1) is
$196,450.000
�
'r
9
��d"'g07
General Obligation l olmded lrastelatefteRS
Principal and Intemt RequimmentS MR Of S'Wember• 15, 1986
flaw
Yearandiftnfgpr±+�taa4
t�et
ToaM
1986(1) ......
$ -0,
$ -0-
$ -0-
1987 .........
11,600,000
13,328,380
24,928,390
1988 .........
11,650,000
13,007,078
24,657,078
1989.........
10,880,000
12,242,769
23,122,769
1990.........
11,100,000
11,512,670
22,612,670
1991.........
10,630,000
10,766,163
21,396,163
;_..... 1992 .........
10,090,000
10,004,895
20,094,895
1993.........
91910,000
9.244,977
19,154,977
1994.........
9,775,000
8,497,943
18,272,943
1995.........
10,015,000
7,851,534
17,866,534
1996 .........
9,830,000
7,221,901
17,051,901
1997.........
9,845,000
6,580,549
16,425,549
1998 .........
8,955,000
5,915,109
14,870,109
1999.........
81105,000
5,288,306
13,393,306
2000 .........
7,355,000
4,682,055
12,037,055
2001.........
7,845,000
4,063,385
11,908,385
2002.........
7,860,000
3,456,126
11,316,126
2003.........
8,285,000
2,816,466
11,101,466
2004.........
6,450,000
2,155,389
8,605,389
2005 .........
51895,000
1,626,031
7,521,031
'. 2006 .........
4,050,000
1,247,472
5,297,472
2007.........
2,490,000
1,006,218
3,4%,218
2008.........
2,615,000
820,702
3,435,702
2009 .........
2,550,000
650,290
3,200,290
2010.........
2,650,000
476,718
3,126,718
2011.........
1,975,000
340,567
2,315,567
.. 2012.........
1,285,000
246,600
1,531,600
2013 .........
1,400,000
167,550
1,567,550
2014.........
1,360,000
81,600
1,441,600
Total ....
Sl%,450,000
$145,299,443
S341,749,443
(1) As of. September 15, 1986.
t.
10
N
t-_
1Re�nne and Speelal Obligation Bonds 04w.tand cS pt l r 15,19 _
S{►adal 04rltpplta vd Do@ of mowdAy Amomp9 ANKHM
Utilities Service 'I m Series A (1) ............ 2-1-63 1988 $ 3,125,000 $ 300,000
Orange Bowl Warehouse Revenue Bonds (2) .. 12-20-74 1989 225,000 81,000
Off Street barking Revenue Bonds
Series 1986(3)......................... 7-1-86 2009 16,275,000 16,185,000
Convention Center and Parking
Garage Revenue Bonds (4) ............... 7-1-80 2015 60,000.000 60,000,000
Special Obligation Bonds (5) ............... 7-1-85 2008 13,720,000 13,720,000
Miami Sports and Exhibition Authority
Floating/Fixed Rate Special Obligation
Bonds Series 1985 (6)(7) ................. 12-26-85 2015 38,000,000 38,000,000
$128,286,000
(1) Debt service is provided by utilities service taxes imposed by the City on each purchase of electricity,
gas, water and local telephone and telegraph service. A reserve must be maintained equal to the
maximum annual debt service requirements.
(2) Rental income from the lease of the warehouse facilities provides debt service on these bonds.
(3) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking
meters of the city.
(4) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain telephone
and telegraph excise tax revenues, and by a covenant of the City to provide, to the extent necessary,
revenues of the City, other than ad valorem property tax revenues, sufficient to make up any deficiency
in the required sinking fund. (See Note 15 in Appendix A, "FINANCIAL STATEMENTS").
(5) The Special Obligation Bonds are payable from the net revenues of the Government Center Parking
Garage and certain non ad valorem revenues of the City. (See Note 15 in Appendix A, "FINANCIAL
STATEMENTS.")
(6) The Floating/Fixed Rate Bonds are limited obligations of the Miami Sports and Exhibition Authority
payable solely from and secured by a pledge of (i) one-third of the net tax revenues from the convention
development tax levied and collected in Dade County; (ii) investment earnings on certain monies
deposited in certain trust funds; and, (iii) from the date of the original issuance of the 1985 Bonds
through December 30. 1990 (except upon the earlier occurrence of certain events) from funds drawn
under a letter of credit, in an amount equal to principal plus 55 days interest at 12% per annum. The
City's share of the convention development tax must be used to construct a multi -purpose convention/coliseum
exhibition center or major components thereof. within the City of Miami. The City's share of these tax
proceeds is expected to be $3.0-$4.0 million per year.
(7) Simultaneously with the issuance of the Miami Sports and Exhibition Authority Floating/Fixed Rate
Bonds, a Note Purchase Agreement was entered into for a $10,000,000 Subordinated Obligation Note,
Series 1985, secured by a subordinate pledge of the one-third convention development tax. The funds
from the Subordinated Note are currently deposited in escrow by the Trustee. Escrow on this Note will
-not be broken until certain requirements have been met.
}
' REVENUE BONDS AND SFECIAL OpLIGATI�ON BONDS
' I?°I1Il'�ICIrAL AND IN'fl;RFS REQUIREMENTS (1)(2)
As of September 31, 1986
I'rindpol
Uttfit�
�1
lIvow
9e�t�r'tl�
i Se�ebs
speem
Ceaq�tallo" WAr*ltw!4' S Off-�1r�st
oblinstlen B Cues obligallon rprkln� Revenue
d
Interco
YiNY"
Arty ;;
Bonds
Series A Rene p e Bonds Rem Bondss
_ -�
$
- -,.
$
! lg
1997
$ $ $ $
150,000 18,000 110,000 175,000
245,000 185,000
7,648,083
7,618,087
81101_
8,218
i 1988
'
150,000 20,000
21,000 265,000 200,000
7,583,318
8,069
1989
1990
100,000 22,000 285,000 215,000
310,000 235,000
7,547,164
7,500,996
8,169
8,375.
1991
1992
330,000
'640,000 335,000 250,000
7,435,206
8,660
' 1993
1,Of+0,000 360,000 275,000
7,341,883
9,036
I
1994
1,140,000 390,000 300,000
7,210,715
9,040
1995
1,225,000 425,000 325,000
7,064,537
9,039
1996
1,2,000 465,000 355,000
6,901,601
9,041
1997
1,425,000 510,000 390,000
6,719,835
9,044
1998
1;540,000 560,000 430,000
6,518,931
9,048
1999
1,665,000 610,000 470,000
6,297,622
9,042
2000
1,805,000 665,000 520,000
6,054,770
9,044
2001
1,720,000 725,000 570,000
5,819,913
8,834
i 2002
1,870,000 800,000 630,000
5,614,363
8,914
2003
2,035,000 875,000 695,000
5,382,831
8,987
2004
2,215,000 955,000 765,000
4,981,064
8,913
2005
2,410,000 1,045,000 845,000
4,555,862
8,855
2006
2,620,000 1,145,000 930.000
4,254,018
8,949
2007
2,850,000 1,260,000 1,025,000
3,923,934
9,058
2008
3,095,000' 1,380,000 1,130,000
3,346,437
8,951
' 2009
3,365,000 1,250,000
2,739,831
7,3S4
2010
3,660,000 1,380,000
2,310,963
7,350
2011
3,980,000
1,917,125
5,897
! 2012
4,050,000
1,568,875
5,618
2013
4,410,000
1,214,500
5,624
I 2014
4,720,000
828,625
5,548
2015
4,750,000
415,625
5,165
TOTAL
$300,000 $60,000,000 $81,000 $13,720,000 S13,545,000
S148,316,714
$235,%2
(1) Amounts presented are on a budgetary basis, in that payments due on October 1 are included in prior fiscal
year requirtn
(2) The Miami Sports and Exhibition Authority, an independent autonomous agency and instrumentality of the
created
and established under the enabling legislation, on December 27, 1985, issued $38,000,000 Floating/
Rate Special Obligation Bonds, Series 1985. The Bonds are limited obligations
of the Authority, payable e
from and secured by a pledge* of (i) one-third of the net tax revenues from the convention development tau l=
' and collected in Dade County; (H) investment earnings on certain moneys deposited in certain trust funds wit!
trustee;
and (iii) from the date of original issuance of the 1985 Bonds through December 30, 1990 (except upo•
earlier occurrence of certain events), from funds drawn under a Bank Letter of Credit in a stated amount egil
the principal amount of the 1985 Bonds plus 55 days' interest thereon at an interest rate of 12%
per annum.
Bonds mature in various amounts from 1991 through 2015. Simultaneously, a Note Purchase
Agreement
entered
into for a $10,000,000 Subordinate Obligation Note, Series 1985. The funds from
the $10,001
' Subordinated Note are currently deposited in escrow by the Trustee. Quarterly principal payments on the r
commence in January, 1987 with the final installment due in December 1995,
in the amount
of S312,500
i quarter.
Interest payments on these two obligations are at variable rates.
(3) Represents information for six-month period, for the fiscal year ending September 30, 1986.
12
Net Overlapping Debt aq of pfmmf--;r .", 1983
Ql11i�01n�q
�4'gll�mAl44s+1
t:eA4��+�ed
i?+ 1
"Olt
IJrebt
City of Miami .................. $170,087,OM
S 75,797,562
$245,884,562
Dade County (1) ................ 103,294,450
65,684,607
168,979,057
Totals .................... $273,381,450
$141,182,169
$414,863,619
(1) Excludes $91,150,000 Waterworks System Bonds which arc outstanding and are secured by revenues of
the Miami Dade Water and Sewer Authority as well as a pledge of the County to make payments from
ad valorem taxes, if necessary. As of September 30, 1985, Dade County General Obligation Debt was
$543,288,462. Special Obligation Debt was $345,707,840 and Combined Debt was $888,996,302.
Figures shown are the City's share of Dade County Debt based on assessed property valuation, which is
19010 of the county total.
General Obligation Bonds Authorized But Not Issued
The following table outlines the date, type and amounts of general obligation bonds authorized but
not issued.
Date of Voters Approval
Type of Debt
Authorised
Ntmoaslr
issued
Proposed
Ism
Bdaaa
Ua' I P ,
June 30, 1970.......
Pollution Control
$ *7,000,000
$ 3,000,000
$ 4.000,000(1)
-0-
June 30, 1970 .......
Streets & Highways
17,375,000
15,000,000
2,375,000(1)
-0-
October 7, 1980 .....
Sanitary Sewers
45,000,000
81,000,000
-0-
37,000,000
October 7, 1980 .....
Streets & Highways
30,000,000
21,100,000
-0-
8,900,000
November 3, 1981 ...
Fire Fighting
21,000,000
15,000,000
-0-
6,000,000
March 13, 1984 .....
Storm Sewers
30,000,000
14,000,000
-0-
16,000,000
March 13, 1984 .....
Police Facilities
20,000,000
17,000,000
-0-
3,000.000
Totals .........
S170,375,000
$ 93,100,000
$ 6,375,000
$70,900,000
(1) Bonds are restricted by a 7!/:% interest limit.
Proposed Issues of Debt Securities
The City expects to offer marina revenue bonds in an amount not presently expected to exceed
$8 million by the end of 1987 for the purpose of expanding and developing marinas located on Dinner Key.
The City Commission has authorized the issuance of up to $6,000,000 in Housing Construction
Bonds, secured by a pledge of certain franchise fee payments, for the purpose of financing construction of
single family residences. Bonds under this authorization are expected to be sold in October 1986.
Capital improvement Plan
The City's Six Year Capital Improvement Program (1985-1991) is valued at S492,667,000. Major
emphasis is placed on maintaining and expanding the City's infrastructure. The greatest number of
projects are directed to housing programs, street improvement, park facilities, storm sewers, and transportation-
related efforts. The community m-Aeveloprnent projects are designed to assist in neighbor1100d rcvitslis Pion
and the expnnsion of the City°s economic base. Shown below is a functional breakdown of the Six yenr
Capital improvement Program:
Foreftno C.-s
Ame"mom
If 1MtPr.
Housing i rog mns................................................
S 94,300,000
19.1 TO
82,628,000
16.8
Street Improvements ...............................................
58,590,000
11.9
Parks Facilitias....................................................
50,174,000
10.2
Storm Sewers .....................................................
48,805,900
9.9
Community Redevelopment .........................................
38,125,000
7.7
Sanitary Sewers ...................................................
37,645,000
7.6
Parking Facilities ..................................................
Police...........................................................
26,056,000
5.3
Fire.............................................................
19,507,800
4.0
9,071,000
1.8
Computers........................................................
8,145,000
1.7
Marinas.........................................................
Communications..................................................
7,346,000
1.5
Auditoriums......................................................
5,138,000
2,976,000
1.0
.6
Stadiums.........................................................
TransitSystems ...................................................
2,601,000
ConventionCenters ................................................
1,334,000
.3
GeneralGovernment ...............................................
224,300
.1
Total Capital Improvement Programs ......... . ...................
5492,667,000
100.0
During fiscal year 1984-85, 18 projects representing $18,588,000 of
Capital Improvements were
completed.
Financing the Six -Year Capital Improvement Program
General Obligation Bonds provide the largest funding source for the Capital Improvement Program, as
per the following detail. Voter approval by referendum has already been secured for part of the proposed
General Obligation Bonds. It is anticipated that each year tha City will sell approximately $20 to $25
million in General Obligation Bonds to implement this Capital Improvement Program. Voter approval is
not required for revenue bonds. Projects included in this Capital Improvement Program for which revenue
bonds may be issued are the reconstruction of the Dinner Key Marina, parking facilities in Little Havana,
and parking facilities in the Design Center. The last two projects may be constructed and financed by the
Department of Off -Street Parking. Non -City sources of funding account for approximately 10.5% of the
Capital Improvement Program. Ail projects included in the Capital Improvement Program have identifiable
sources of funding for significant portions of total estimated project costs. The portion of the Program for
which funding has not yet been determined accounts for approximately 9.5076 of the necessary funding.
Generally, these are projects that will be initiated during the latter years of the Program and the City
believes that it has sufficient time to determine the appropriate funding.
" k=
rr
Qt /Alf9A4 !4?� r[aTTod i
city
General Obligations Bonds:
I
Previous Sales ..................... $115,374,000 23.4%
This Sale
.......................... 22,000,000 4.5 }
' Future Sal" —Authorized Issues ...... 53,542,(W 10.9
Future Sales —Unauthorized Issues .... 64,648,800 13.1
255,564,800 51.9 c
Revenue Bonds ....................... 90,047,000 18.3
Capital Improvement Funds (1) ......... 48,320,300 9.8
393,932,100 80.O07e
Non -City
Federal Grants . 43,074,900 8.7010
State Grants ......................... 1,388,000 .3
Private Developer Contribution ......... 7,547,000 1.4
Non -City Subtotal ................ 52,009,900 10.4
Funding Undetermined .................. 46,725,000 9.5
Total Funding ................... $492,667,000 100.050
(1) These funds can, at the discretion of the City Commission, include Florida Power & Light Company
'
franchise revenues, and will include related interest, retained earnings, resort tax, sale and/or lease of
-
City property, or any other funds so designated.
i
Leaaes and Other Commitments
The City has entered into several agreements running until 1988 for the lease purchase of various
copying, word and data processing equipment with total future payments amounting to approximately $5.8 r
million, of which $1.2 million is payable within one year.
On August 28, 1986 the City of Miami issued $16,175,000 Certificates of Participation in a Lease
Purchase Agreement for the purpose of funding a pooled equipment leasing program. The proceeds from
the sale of these Certificates will finance the next three years equipment acquisitions, and reimburse the
1
City for equipment acquired in the preceding two years.
The City maintains a Self-insurance Expendable Trust Fund to administer insurance activities relating
to certain property and liability risks, group accident and health and workers' compensation. Charges to
participating operating departments are based upon amounts determined by management to be necessary
to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims
includes the estimated future liability on a case -by -case basis for all pending claims and an actuarially
t
determined amount for claims incurred but not reported. The unfunded long-term portion of the total
estimated liability, which is expected to be funded from future operations, is reflected in the General
4,
Long -Term Debt account group and amounted to approximately $24,060,000 as of September 30, 1985.
j;
r
15
ti.
1
� 807
DESCRIPTION OF THE CITY
GegMbY
The City of Miami, situated at the mouth of the Miami River on the western shore of Biscayne Bay, is
main port of entry in Florida and the county seat of Metropolitan Dade County which encompasses 2,(W--.
square miles of Florida's southeastern region. The City comprises 34.3 square miles of band and 19.5 squar:
miles of water. Dade County is often referred to in this document as Greater Miami or the Miami area.
Miami is the southernmost major city and seaport in the continental Unitcd States and the center of
pan -American 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
influenced by the Gulf Stream, trade winds and other local climatic factors. Its average yearly tcmperatur
is 75.5°F. Summertime temperatures average 81.4°F and winter temperatures average 69.1°F. Rainfall
comes most frequently between the months of May and September, with June the heaviest, averaging tin-
inches.
Population
The U.S. Bureau of the Census estimated the population of the City of Miami at 346.865 as of April 1,
1980. On October 1, 1980 this figure was upwardly adjusted by 53,130 to account for the influx of Cuban
and Haitian Refugees. This adjustment estimates the City of Miami's population at 399,995 as of Octob-"
1, 1980. All 1980 U.S. Census information, however, is based on the tower, April 1, 1980 population
estimates.
The 1985 population estimate of 380,446 for the City has been computed by the State of Florida
Division of Population 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 with the
relative segment of White/Black categories indicating only slight changes over the past 20 years. Sixty-seven
percent of the City's population is White, 25 percent is Black and 8 percent is classified as "Other." The
most significant 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 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 support services
are provided by the State and the County. The City provides only limited specialized services.
Government of Mlaml
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 Miaimi
Sports and Exhibition Authority are also appointed by the Commission.
City elections tire held in November every ery two years on m rraat,partit bte_sis. At Leh of these elections
a Mayor's elected for a two year term. Candidates for Mayor must rust as such and not for the Commission
in general, At each election two members of the Commission am elected for four year terms. Thus, the City
Commissioners' terms ate star Redd so that there are always at least two experienced members an the
. Commission.
i
The City Manager serves as the administrative head of the municipal government, charged with the
responsibility of managing the City's financial operations and organizing and directing the administrative
infrastructure. The City Manager also retains full authority in the appointment and supervision of
department directors, preparation of the City's annual budget and initiation of investigative procedures. In
addition, the City Manager takes appropriate action on all administrative matters.
Mayor and City Commissioners
Xavier L. Suarez was elected Mayor in November, 1985 for a two year term. Mayor Suarez is a Summa
Cum Laude graduate of Villanova University, and holds a Masters Degree in Public Policy from the John F.
Kennedy School of Government of Harvard University, and a Juris Doctorate from Harvard Law School.
He is currently a partner in the Miami law firm of Barnett and Alagia. Mayor Suarez has actively served the
Miami community for a number of years through participation on numerous advisory 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 Caroilo 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
University. 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 Terremark,
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
1 the Board of Ahern -Plummer Funeral Homes, Miami.
Administration of the City
Cesar H. Odio was appointed City Manager effective December 16, 1986. 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
President'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 Iiason 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
17
4
807
p
s
4
i
i
Development Services,Inc. Mr. Bailey holds a Bachelor of Arts in Business Administration from Antf(Kh-
College and a Masters Degree in Urban Economic Development from Goddard Colley.
Carlos E. Garcia, Director of Finance since .Tune 1980, joined the City in N+ovc-mbcr, 1976 as Assistant,:_'
Finance Dircqtor. He has been previously crnploy din private industry in positions of Trcatsurr`r, Coaatkallen', s
and Auditor. Mr. Garcia is a Cum Laude graduate of the University of Miami with a BRA and also holds.
Master of Science in Management from Floridan International University. He is licensed as a CPA i tlse
State of Florida and is a member of the American and Florida Insititutcs of CPA's and of the Government
Finance Officers' Association of the United States and Canada.
Lucia A. Doughcrty is the City Attorney for the City of Miami, Florida, and the former City Attorney 14
for the City of Miami Beach. She received her B.A. degree from Syracuse University, a M.L.S. degree frarm
University of Oklahoma, a J.D. degree from Oklahoma City University and a L.L.M. Degree in Ocean and n
Coastal Law from the University of Miami, Florida. She is a member of the Florida and Oklahoman »s
and is an Adjunct Professor of Law at Nova University and has also served as a lecturer at numerous'z
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.
attended specialized courses at Syracuse University and obtained the three-year Certified Municipal Clerk's`
certificate extended by that University. Ms. Hirai is 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 rue
protection 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 >x
and garbage is performed by Dade County under contract with the City. The Department of Public Works<=r
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.
t
Regtonal Government Services
The following information and data concerning Dade County (the "County") describes the regional ,' I.
r
government services the County provides for residents of the County, including residents of the City.
The County is, in effect, a municipality with govenmental powers effective upon the twenty-seven cities
in the County and the unincorporated area. It has not displaced or replaced the cities but supplement
them. The County can take over particular activities of a city's operations (1) if the services fall below 4
minimum standards set by the County Commission, or (2) with the consent of the governing body of the
d_
Since its inception, the Metropolitan County government has assumed responsibility on a County-wdde
service basis for a number of functions, including County -wide police services, complementing • the r_
18
t
s
r
municipal police services within the municipalities, with tl3a s s to the Nntioraal Crime Information
Center in Washington, D.C. and the Florida Crime Xnformsttion Center; uniform system of fire protection,
complementing the rnunid v fire protection services within ten mu,n cipalitics and providing full service
Cite protection for s¢veatteen municipalities which have crons�,olids%ted their fire departments with the
County's fire department; consolidated two-tier court system conforming to the revvision of Article V of the
Florida Constitiution which become effective on January 1, 1973; dcvsloping and operating a County -wide
water and sewer system; coordination of the various surface transportation programs and extending into
the development of a unified rapid transit system; operation of a central traffic control computer system;
merging all public transportation systems into a County system; effecting a combined public library system
of the County and eighteen municipalities, which together operate the main library, seventeen branches and
six mobile units serving forty-four County -wide locations; centralization of the property appraiser and tax
collector functions; furnishing data to municipalities, Board of Public instruction and several state
agencies for the purpose of budget preparation and for their respective governmental operations; collection
by the Dade County Tkx Collector of all taxes and distribution directly to the respective governmental
entities according to their respective tax levies and prescribing minimum acceptable standards adopted by
the Board of County Commissioners and enforceable throughout the County in such areas as environmental
resources management, building and zoning, consumer protection, health, housing and welfare.
Medical Facilities
The 41 hospitals located in Greater Miami offer virtually all general and highly specialized medical
services. This progressive and growing health care delivery system provides educational opportunity for the
health care professional and places Miami in the forefront of communities with comprehensive national
and international medical capabilities.
Recreational Facilities
The Miami area is famous for its sailing, deep sea fishing and boat races. There are 35 yacht clubs and
marinas, with 685 berthing facilities provided by City -owned marinas.
Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium, Miami Baseball
Stadium, the Marine Stadium and the Miami Convention Center. Sports competition includes professional
and college football, baseball and championship boat races. Other athletic events include amateur football,
basketball, soccer, baseball, motorcycle speedway racing and rowing events.
Golf is played year round at the Miami area's 23 public and 14 private courses. Several open golf
tournaments are held each year.
Miami area's 403 public packs and playgrounds cover 408,710 acres, providing residents and visitors a
wide range of subtropical nature settings unique only to South Florida in the continental U.S. Each park
has a combination of facilities that are enjoyed year round. These facilities include but are not limited to:
public swimming pools, tennis courts, handball courts, boat ramps, vita courses, picnic areas, lakes for
swimming and boating, equestrian trails and baseball and softball fields.
The area's 22 public beaches comprise 1,400 acres, which are freely accessible and are enjoyed year
round by residents and tourists.
Cultural Facilities and Affairs
The Miami area has an extensive library system, several museums of art and history and art galleries.
A new cultural center built by Dade County at a cost of $26.6 million opened in downtown Miami in 1984.
The complex, designed by Philip Johnson, is composed of a library, fine arts center, and a historical
museum.
Symphonic and pop concerts are performed regularly. Five theatres draw plays and concerts from
around the United States which appeal to all ages. Operas are performed by both amateurs and professionals.
Resident dance companies offer a full calendar of events.
19
* 146 8 07
i There am numerous festivals and affairs appealing to various ethnic groups. annual f tiv is rangy
from the Coconut Grove 1Ws Festival and Orange pml Festival to Colic Qcho, Guombay and the
Renaissance Fair.
lEdikestional lnstitutiOns
Dade County public schools provide educational h4cilities on primary and secondary levels.
Public school enrollment, including both primary and secondary levels, since 1980 is as follows:
School Enrollment
Public School Systems, Dade
County
Yew Miami Total
1986 ................. 38,345 236,127
y 1985 ................. 37,093 227,906
1984 ................. 36,992 223,884
1983 ................. 35,394 223,948
1982 ................. 35,662 226,324
1981 ................. 36,430 233,886
1980 ................. 35,093 226,576
Over 70,000 students are enrolled in the following colleges and universities located within the area:
Barry University
Florida International University
Florida Memorial College
FINANCIAL INFORMAlRON
Gehl Descdpllom of IFinondsil 1"metle
The City Charter requires the City Manager to submit a budget estimate not later than one month
before September 30 of each fiscal year. Each department prepnres its own budget request for review by the
City Manager. The City Commission holds public hearings on the budget plant and must adopt the budget
not latex than October 1.
The City's Governmental Funds (General, Special Revenue, Debt Service and Capital Projects Funds)
and Expendable Trust Funds follow the modified accrual basis of accounting, under which expenditures,
other than interest on long-term debt, are generally recorded when the liability is incurred and revenues are
recorded when measurable and available to finance the City's operations. The accrual basis is utilized by all
Proprietary and Pension Trust Funds.
The accounts, books, records and financial transactions of the City are audited annuaily by a firm of
independent certified public accountants, presently Coopers & Lybrand. The opinion of the independent
certified public accountants is included in the Comprehensive Annual Financial Report of the City, (see
Appendix A. Report of independent Certified Public Accountants "FINANCIAL STATEMENTS").
SAG - S`�x
v, $!a
..�m'�1
s<
,r
State ?le491t of Revem"em And F'xp+PnrtitwwM41
The following table pre"nta certain financial information with rest to the financial capability of the
Cky wVrdM the pgment of it% obligations, including the Bonds. -e Appendix A, the Section 44FWANCIAL
STATEMENTS" for audited financial statement4 of the City for the f!ecai year ended September 30, M.
�.
x .• .
SlIMMAry of
J
and Yed Fond Balan
Revenues, Expenditures�a� FilBalances
General Fund
F
(Btadgetapp� Basis) .
r
General Obligation Debt Service Fund
Fiscal Year Ended September 30
�t
Bodset (t)() Projection (2) Actual Acinal ActMn11
,'<
CeOerAl Fond:
n�'
I Revenues and Other
J
Financing Sources . $176,756,889 $189,700,000 $186,880,335 $167,965,786 $153,965,574
!
Expenditures .
and Other Uses ... 187,756,889 190,400,000 181,467,001 167,556,050 151,176,538
Excess (Deficiency)
of Revenues and
Other Financing
Sources Over
Expenditures and
Other Uses ...... $ (11,000,000)(3) $ (700,000) $ 5,413,354 $ 409,736 $ 2,789,036
Year -End Fund Balance $ 11,838,787 $ 12,538,787(6) $ 7,378,679(4) $ 8,254,635(5j
General Obligation Debt
Service Fund:
Revenues .......... $ 25,606,000 $ 21,810,000 $ 21,572,813 $ 17,048,598 $ 16,075,923
Expenditures ...... 25,606,000 24,128,000 22,567,544 17,565,047 16,623,286
Excess (Deficiency)
of Revenues Over
Expenditures .... $ -0- $ (2,318,000) $ (994,731) $ (516,449) $ (547,363)
i
Year -End Fund
Balance ......... $ 2,235,376 $ 4,553,376 $ 5,548,107 S 6,064,556
(1) The Solid Waste operation with a budget of $31 million, became an enterprise fund in fiscal year 1987.
Only an $11 contribution is included in the 1987 General Fund Bucget.
(2) Unaudited projection for 1986 results of operations have been prepared by the City Acdministradon.
m:
(3) State statutes require .that budget be balanced. Budgeted deficits are covered by appropriated fund
_.
balances.
(4) Adjustments for net equity transfers to other funds and accumulated compensated absences decreased
'
fund balance by $1,285,692.
a;=
(5) Adjustments for net equity transfers to other funds decreased fund balance by $591,035.
(6) Adjustments for net equity transfers to other funds decreased fund balance by $253,246.
RI
22
.;..: ....
U.
... ... Tom- -
_
0
r !R
Deseriptlon of Rn na
The following is a description of the City's revenue structure.
I!
Cknexpl Fund
Il MPerty 'faxes —Article 7, Section 9 of the Florida Constitution provides that except for taxes levied
' for payment of bonds and certain voter approved levies, municipalities in the State may not levy ad valor em
taxes in excess of ten mills per $1.00 (S10 per $1,000) of assessed valuation upon real estate and tangible
personal property having a situs within the taxing city, when the tax is being imposed to generate monies for
i municipal purposes.
Both Dade County and the City tax real and tangible personal properties within the City.
Dade County and twenty-seven incorporated municipalities, including the City, do not levy personal
income tax, gross receipts tax, inheritance tax, gift tax or commuter tax.
Utilities Service Taxes —These taxes are received by a debt service fund, as explained in page 24 of this
statement. Substantial excess monies available after the payment of various debt service requirements are
transferred to the General Fund.
Franchise Taxes —The City has entered into franchise agreements with utilities to generate revenues
for the City based on the dollar volume of services rendered to City residents. The most significant of
these agreements is with Florida Power & Light Company for a 30-year period, with an estimated
revenue of 512.9 million in fiscal year '86.
> Local Option Gas Tax —This is a tax levied on the sale of gasoline. The funds generated are to be used
for street and highway maintenance. This tax was originated in 1984 and was recorded in a special revenue
fund at the time. Since 1985 it has been recorded directly in the General Fund.
Occupational Licenses —The City levies a license tax for business privilege licenses. License taxes vary
according to the type of business. The exception to this are the contractors' licenses, which are collected
only by the Dade County Tax Collector. There is a set contractors' fee for all contractors within the County
After collection, Dade County returns to the cities its pro rata share of revenue collected. The pro rata share
due each city depends on the number of contractors doing business within each city's limits.
Federal Revenue Sharing —The revenues derived from the Federal government are appropriated by the
Commission to support general fund operations, including a limited number of social service programs.
State Revenue Sharing —The revenues distributed to the municipalities by the State of Florida under
the Slate's revenue sharing program are derived from a percentage of its collection of the State cigarette tax,
the State motor fuel tax and the State road tax. E.
Saks Taxes —The State of Florida levies a 5 percent sales tax. A portion of this tax, one half of one per
cent of the 5 percent levied, is shared by municipalities based on their population.
Solid Waste Fee —Since 1980, the City has levied a solid waste fee which has been a revenue to the
General Fund. The rate may increase by action of the City Commission and there are no legal restrictions on
the amount of the increase. The present rate is 5160 per year for a residential unit and a graduated rate
structure for non-residential units. At the present rate, this revenue item will generate approximately $13.5
million per year to help offset Solid Waste appropriations of 525.1 million in 1986. The rate utilized by the
City is lower than rates utilized by Dade County and other surrounding jurisdictions.
The City's General Fund receives revenues from a variety of sourccs, The following table us"
revenues received by the City from these sources for the past five fiscal years. Certain finand ,
presented as "Operating Transfers ire" In ,appendix A, "FINANCIALSTATEMENTS are to
classlN
this table according to their sources of origin.
General Fund Revenuers and Other Flnandng Sources
(000's)
19"
19"
19lt.;
IM
Taxes:
Property Taxes .................. S 84,209
S 78,968
$ 67,619
$ 61,865
Utilities Service 'Taxes ............ 17,563
22,301
21,648
20,674
Franchise Taxes ................. 16,073
4,885
5,703
4,919
117,845
106,154
94,970
87,458
Licenses and Permits:
Occupational Licenses ............
Permits........................
Intergovernmental:
Federal Revenue Sharing ..........
State Revenue Sharing ............
Sales'Taxes .....................
OtherGrants ...................
Inteagovernmental .................
Charges for Services:
_ Solid Waste Fees .................
OtherFees ......................
3,954
2,087
6,041
8,921
11,962
11,355
5,952
38,190
2,799
12,994
4,640
17,634
3,982
1,871
5,853
9,987
11,715
10,634
3,178
35,514
2,687
7,735
4,412
12,147
3,874
1,414
5,288
9,267
12,298
9,478
4,242
35,285
2,483
7,867
3,627
11,494
4,775
677
5,452
9,281
12,084
4,019
25,384
2,S 11
6,841
3,950
10,791
Other. Revenues and Financing
Sources ........................ 4,371 5,611 4,446 6,148 3.00
Total ........................ $186,880 $167,9% $153,966 $137,744 $125,0,
Special Revenue Funds
Downtown Development Authority -This Authority assesses a separate millage rate to property intt
Central Business District. In 1985, the General Fund contributed in excess of $770,000 to this operatio"
Rescue Services -This fund accounts for a portion of the telephone franchise tax especially design
by the electorate to provide additional rescue services.
Federal Revenue Sharing and Grant Funds -Federal Revenue Sharing entitlement funds are
through to the General Fund. Community Development Block Grants and Economic Development Adminixi
Grants are designated for specific purposes approved by the applicable Federal agency.
Cable TV. -This fund accounts for revenues from the Cable T.V. license and its specific uses.
N11aml Sports and Exhibition Authority -On July 12, 1983, the Florida State Legislature passed a Lp
authorizing certain counties to levy by ordinance a 3010 Convention Development Tax on hotel TOM:
24
specifying that "One-third of the proceeds Aall be used to con�tsrttet at : to multi -purpose
convention/coliseuraa/exhibition
center or the max !mum components thereof as funds permit in the most
populous municipality in the eotartty.'°
1
The City of Miami then cteatcd the Miami Sporty and Exhibition
Authority and On October 4, 1983 Dade County atpmvcd the le
levying of the tax far administration and
disbursement, by theatlaority, of the City of Mi,►mr's sham.
1
Local opt iaaw Oats Taut —(See explanation or, Page 22).
;=
Mtt Service Frauds
�!
Property Taxes --The City Charter authorb es a separate levy of ad valorem taxes to pay interest and
principal on general obligation bonds. State statutes empower municipalities to levy ad valorem taxes as
}.
j
necessary to fund general obligation debt ser-Ace.
}}
Utilities Service Taxes —The City imposes a 10e7o tax on each purchase of electricity, metered gas,
bottle gas, water and local telephone and telegraph services. Revenue funds annual debt service of
approximately $160,004 on Utilities Service Tax bonds. In addition, this revenue source is partially pledged
as an additional resource for debt service requirements for the Convention Center -Garage Revenue Bonds
and the Special Obligation Bonds, Series 1985. These pledges amount to approximately $5.8 million in 1986.
Excess monies available after the a requirement,;
payment of debt service uiremen.re � :evert to the general fund.
{
. Assessment Lien Collections --Property owners abutting certain capital project improvements are
l;l
=
assessed a portion of the cost of such improvements. These collections are pledged to general obligations
bonds debt service, since general obligation bond proceeds were orginally used to finance these improvements.
Enterprise Funds
Revenues for these funds are primarily generated by user fees and charges. Certain facilities are
subsidized by the City's general fund and other discretionary funds.
Enterprise facilities include:
Orange Bowl Stadium —Primarily used for football games, the stadium is home to the Miami
Dolphins and University of Miami Hurricanes.
Miami Stadium —This baseball stadium is used for training by the Baltimore Orioles. Local
baseball teams play at the stadium, which is also used for rock concerts and other events.
A
Marine Stadium —Various regattas, concerts and nautical events are held at this stadium.
Marinas —This fund includes the Dinner Key Marina, currently slated for expansion and refurbishment
and Miamarina which is closed during the construction of the Bayside Specialty Center.
}
Warehouse Property —This property has a long-term lease with the Orange Bowl Committee and
is used to build floats and other festival -related equipment.
Golf Courses --The two City -owned and operated golf courses are used year round by local
=
residents and tourists.
. Dinner Key Exhibition Hall —This facility is a favorite of local exhibitors and hosts conventions
jointly with the City's Convention Center.
'k
Miami Convention Center —The Convention Center is part of a complex shared with the University
of Miami Conference Center, a private hotel, a multi -level parking garage and a soon to be completed
World Trade Center atop the garage.
Department of Off -Street Parking —The Department runs five parking garages in the City
as well as on -street meters and off-street lots, with a total of over 16,700 parking spaces.
}
?3
_y
Property
nud 11 pe 1Haaragr'me�at—'This newly established fund wa�R cmat to Account lot
the tent and lease of city-O"ed property by private entitle-
-A.
Goverorneattal Center PACk'ng Go" This 1,100 car garage serve; tl e Government
Center, and in particular the Cultural Center complex.
Internal Service 1Fnnd1;
There are six internal service funds that are self-supporting because their revenues are derived from
charges for services to other City departments. These funds are:
City Garage Food —For purchases and maintenance of all heavy equipment used by the
City.
Communication Services Fund —For the maintenance of communications and data processing
equipment.
Motor Pool Fund —For purchases and maintenance of the automobile fleet.
Print Shop Fund —For all of the City's basic printing needs.
Property Maintenance Fund —For regular building maintenance, and a limited amount of
budding alterations and additions.
Stationery Stock Fund —For purchases and storing of office supply items consumed in
quantity in the City's operations.
Pension Trust Funds
The City has two separate pension funds, The City of Miami Fire Fighters' and Police Officers'
Retirement Trust, (FIPO) (formerly the "System") and the City of Miami General Employees' and
Sanitation Employees' Retirement Thm (GESE) (formerly the "Plan"). The actuary for GESE is Compensation &
Capital, Inc., Chicago, Illinois. For FIPO, the actuary is Stanley, Holcombe and Associates, Inc. Both
firms were selected independently by the Boards of Trustees. Additionally, the City selects its own actuary
to determine the amount that the City will contribute to GESE and FIPO. The City's actuary is Edward H.
Friend & Co. Division of Johnson and Higgins of Washington, D.C.
The City's financial statements included the pension trust funds for the first time in 1985. A detailed
discussion of the pension trusts, including the principal acturial assumptions with respect to GESE and
FIFO is contained in Appendix A, Note 14 to the "FINANCIAL STATEMENTS." The following is a
summary of certain financial information relating to the pension trust funds.
t.
4
i
,.
26
f sr
r
GENIM*L ' OYM AND SANUAMN
EWTOWFA, Rom+
TRUST (G')
i
Wl�A.�l(. THE PLAN)
s,
.,(FOR
(In thollminds)
}:
1�
IM 19P4 1 i
1SM% Mi
Mesta available for:
13eneiits- Beginning
_
,
of Year......• ......... ............ S 98,705 $ 80,801 $ 67,193
$ 59,686 $56,319'
City Contribution ...................... 10,160 9,137 7,979
Employee Contribution
6,981 7,690
................. 4,557 4,080 3,453
Net Investment
3,071 2,880
Earnings (1) ........ . . . . . • , • „ • • • • • • , 11,446 14,477 11,506
6,351 1791
26,163 27,694 22,938
16,403 12,361
Benefits and
Withdrawals ........................ 10,490 9,770 9,310
8,875 8,966
-
Administrative
Expenses ........................... 28ot2) 20 20
zl 28
10,770 - 9,790 9,330
8,8% 8,994
Assets Available for
'
Benefits -End of
I
Year ............................... $114,098 S 98,705 $ 80,801
S 67,193 559,686
Unfunded Accrued
`+
Liabilities, as of
October 1. subsequent
-
to end of fiscal year .............. ..... (3) $114,128 $111 778
5103 14 $95 456 .
(1) Includes gains and losses on sales of investment securities and other miscellaneous income.
_
(2) Beginning in fiscal year 1985, certain investment expenses, formerly paid by, the City have been
assumed by GESE.
(3) Unfunded accrued liability as of October 1, 1985 will be computed as part of the fiscal year 1987,
_ j
Edward H. Friend's Actuarial Report, which will be available in September 1986.
k;
f
}
e {« ay
t_
FIRS AND PO&ACE OFl IC-FBS'RETIREMENT TRUST (k'I1Pi))
FI
.
( __'Rix, TM, ssum)
+
FIKA XWX WMA SePlem-her 30
r�
�
1�3 t�4 t 19a2 1l�t
`
Assets available for:
t.f
Benefits-�lnning
$163.037 $142,855 $I1 $107,46 $ter
f
r
of Year ...............................
10,700 9,596 7,248 8,226 6,22
City Contribution ........................
51155 4,495 4,063 3,419 2,761
Employee Contribution ...................
Net Investment
23 966 15,924 21,701 9,372 8,09=
..........................
Earnings (1) . • __.___
39,821 30,015 33,012 21,017 17,07
Benefits and
Withdrawals ........................... 11,136 9,787 9,A31 9,143 9,14
Administrative
326(2) 46 31 31 3"
Expenses ............................. _
-
11,462 9,833 9,462 9,174 9118--
Assets Available for
Bencfits--End of
Year ................................. $191,396 $163,037 $142,855 $I19,305 $107,46=
Unfunded Accrued
Liabilities, as of
January I, subsequent
to end of fiscal year ..................... (3) $108,265(4)$108,924 $ 97,942 $ 79,151
-;
(1) Includes gains and losses on sales of investment securities and other miscellaneous income.
(2) Beginning in fiscal year 1985 certain investment expenses formerly paid by the City have been assume
by FIFO.
.(3). Unfunded accrued liability as of October 1, 1985 will be computed as part of the fiscal year 1987
Edward H. Friend's Actuarial Report, which will be available in September 1986.
(4) Beginning in fiscal year 1984 the valuation date for FIPO is October 1, subsequent to end of fiscal year
The preceding unfunded liability amounts are as reported by the City's actuary. Other amounts fo
..
fiscal year 1985 have been summarized from those reported in Appendix A, "FINANCIAL STATEMENTS,'
Schedule G-3. Other amounts for ears 1981-1984 are as y reported in the annual financial reports of th-
4 .
System and the Plan, reduced by amounts related to receivables claimed to be due from the City which w
the subject of the pension litigation, now resolved, described in Appendix A, Note 14(b) to the "FINANCIAL
{ :
1„
STATEMENTS."
Z8
h90ed"M RIF That IATY an4 Tits» Coikoon
Real and personal property valuations are determined each year a4 of January I by the Dade County
Assessor of Property St 100% of market value. A notice is trailed to each property owner indicating the
property valuation. The property owner has the right to file an appeal with the Dade County Clerk of the
Board of '%hat Adjustment if such property valuation as determined by the property appraisr r is inconsistent
with that aut determined by the property owner. All appeals of such valuation determinations are heard by
the Dade County Board of Equalization. The Board certifos the assessment roll upon completion of the
hearing of all appeals so filed.
All taxes are due and payable on November I of each year or as soon thereafter as the assessment roll is
certified and delivered to the Dade County Tax Collector. The Dade County Tax Collector mails to each
taxpayer on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of such notice,
with discounts at the rate of four percent if paid in the month of November, three percent if paid in the
month of December, two percent if paid in the month of January and one percent if paid in the month of
February. 'faxes paid during the month of March are without discount. Taxpayers also have the option of
paying their taxes in equal quarterly payments based on the prior years' tax assessment with a six percent
discount with the June 30th payment, four percent with the September 30th payment, two percent plus
one-half of any adjustments required to bring tax payments to current year's tax assessments, discounted at
three percent with the December 31st payment and no discount plus one-half of any such adjustments with
the March 31st payment. All unpaid taxes on real and personal property become delinquent on April 1 of
the calendar year following the year in which the taxes were levied. All tax collections for the City are
delivered to the City of Miami by Dade County. The delinquent real property taxes bear interest at the rate
of eighteen percent per year from April 1 until a tax sale certificate is sold at auction from which time the
interest rate shall be as bid by the buyer of the certificate.
Tax Schedules and Tables
The following tables present detailed information pertaining to the City's assessed property valuations,
tax levies and collections and the City's ten largest tax assessments.
The assessed value of taxable property in the City together with real property value assessed, personal
property assessed value, and homestead exemptions in the current and each of the last ten completed fiscal
years is detailed below.
Assessed Value of All Taxable Property
Fiscal Year Ended September 30
ELeY
Real
Phsonal
Year
Property
Prop"
1985 .......
$8,538,398,000
S1,158,212,000
1984 .......
8,230,309,000
1,115,724,000
1983 .......
7,616,829,000
1,042,452,000
1982 .......
6,976,847,000
985,282,000
1981 .......
5,748,550,000(1)
873,815,000
1980 .......
3,743,051,244
822,728,511
1979 .......
3,420,381,422
806,793,605
1978 .......
3,279,667,236
744,179,862
1977 .......
3,256,815,414
681,454,979
1976 .......
3,123,657,035
672,697,054
1975 .......
2,851,309,996.
689,895,764
Gross
Total
Homestead
Exemptions
Net
Told
S9,696,610,000
$952,430,000
S8,744,180,000
9,346,033,000
954,979,000
8,391,054,000
8,659,281,000
920,895,000
7,738,386,000
7,962,129,000
750,665,000
7,201,464,000
6,622,365,000
564,238,000
6,058,127,000
4,565,779,755
197,310, 871
4,368.468,884
4,227,175,027
1%,708,033
4,030,466,994
4,023,847,098
195,664,076
3,828,183,022
3,938,270,393
198,558,652
3,739.711,741
3,796, 354,089
199,420,601
3,5%,933,488
3,541,205,760
1%,797,718
3,344,408,042
(1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida
law requiring that property be assessed at 100% of acutal value.
29
��R6-807
f
f
i
The City l)m� Died a certified trill of 11.9(l91 mills for the fiscal year 1985-86 bcgirnnirlg Octob 1,
1985, consisting of 9.8571 mills for general operstiOns And 7-052- mills for debt service. The following table
shows the tact levies and collections of the City for each of thebast ten completed fiscal years.
TAX li ies end Cnplecolonx
Figcpl years Fnded Reptpmlmr 30
TOW
AV" CoR!etkW rt x•�t C~04 Tm'ti�
AV"or COMM of of Total As Pert mt ottt +d7-%
o�
Tomaty
As r"mt
MOPAP
it�ad t e s Yen's " D g t Tsx ear Coteau Dell±�gt�+t
of Cat
(not 1
Ydr Ali irk TRM Colo! OM Tom Cotlestl� r.*" Ted (i)
Fused
f
190 ...... S104,135,000 i100,976.0DO 96.97"# $ 722,000(2)$101,698,00D 97.66% $3,970,000
3.81%
9.8571 2.032
1984 ...... 93,340,000 88.982,000 93.33 310361000 92,0181000 90.59 3,367,000
3.61
9,5514 1,57a4
1983 ...... 83,023,0W 78.815.ODO 96.38 1.209,000 90,024,000 94.93 21925.000
3.52
9.061 1.60
1992 ...... 76,903.0M 74,040.000 96.28 1,067,OOD 75,107,000 97.66 2,489.000
3.24
8.947 1.717
1981 ...... 72,619.000 70.288,000 96.79 437,000 70,725.000 97.39 2,027,000
2.79
9.036 2.951
1980 ...... 60,983,826 58,799,796 96.40 307,659 59.097.455 96.91 1,439.430
2.23
10.000 3.960
1979 ...... 58,389.373 57,325,287 98.18 430,947 57,756,234 98.92 1,359,360
2.67
10.000 4,487
,Ys,
1978 ...... 50,332,016 49,095,263 97.16 523,373 49,618,635 98.19 3,195,919
6.49
10.000 3.200
1977 ...... 43,854.070 42,969,232 97.99 650.775 43,620.007 99.47 21282,539
5.20
9.592 2.311
1976 ...... 38,508.055 37,290,660 96.81 633,860 37,914,520 98.46 2,048,476
3.32
8.619 2.311
(1) Net of reserve for early payment discounts and uncollectable tax of approximately 5% of total tax levy.
(2) Starting in Fiscal Year 1985, current year's delinquent tax collections are included with collection of
current year's taxes. For years prior to 1985 collection of delinquent taxes included both current year
and prior years' delinquent tax collections.
The following table lists the ten largest tax assessments in the City of Miami.
Ten Largest Tax Assessments in the City of Miami
1985 Assessed Values
NSW of Prop" Holder Nature of Activity Ausaedd Vdna
(000's)
A.T. & T,/Southern Bell Utility S
296,409
Chopin Associates Office Buildings/Hotel
183,174
' i
Southeast Bank Bank/Office Building
182,546
Equitable Life Assurance Office Buildings
146,644
Florida Power and Light Utility
101,246
City National Bank Office Building/Bank
82,358
Miami Herald Newspaper/Publishing
76,131
4
Miami Center Joint Venture Unimproved Real Estate
66,720
^:
One Biscayne Tower, N.W. Office Building
62,982
New York Life Insurance Retail Sales
46,768
S1,245,538
Source: Dade County Property Appraiser and City of Miami Finance
_f
Department.
Labor Relations
The City Manager's Office has a professional labor
relations staff dedicated solely
and labor contract administration.
to labor
negotiation
30
..: 'iw►o labor at
greements "Piled On September 30, 1985; the Intemation al A odatiota of Fire Fighte
r (IAI:Fi L1 Sli7, and the Sanitation Irm 1
the lard p � Association S.E.A. The City is currently operating under
expired AWftments while negotiations am underway. It is anticipated that these negotintions will be
` concluded
'the sum
mct of 1986. The American Fedcration of state, County and Municipal Employees
(A•RS•C•M•E•) Local 1907 has a. contract, which expires on September 30, 1986, that calls for a 510
increase in Judy, 1986. The Fraternal Order of labL'
1987, calling for a 4(7# incrse retroactive to January 1 8S and 3% on October, n14g6, tract which expires in j
Risk Management �
A Charter Amendment was approved the
71, allowing the City to set up a
Self-insurance and Insurance Trust Fund. The City Commission ectorate in 19created, by Ordinance, a Board of '
Trustees composed of the City Manager, the Director of Finance, and the Insurance Manager to handle the
E security investments of the Fund. Also created was a Self -Insurance Committee, appointed by the City
Manager to administer. the Plan.
The City is self -insured for most casualty exposures with the exception that coverage by outside
insurance is secured when it is available at acceptable rates. Purchased policies include a broad, all-risk
Property policy covering all City property; general liability insurance for its exposures at the Miami
Convention Center, Dinner Key Marina, all parks, pools and playgrounds of the City, and fidelity bonds on
all City employees. Group life insurance and accidental death and dismemberment insurance are also
commercially purchased.
The City self -insures all exposures not commercially insured including vehicular accidents, police
torts, and general liability. The City's liability for damages in most tort claims is limited to $100,000 per
claimant, and $200,000 per occurrence in accordance with the Florida Statutes, Section 768.28, which
waives sovereign immunity in torts claims to the extent of such amounts. (See Appendix A, Note 12 to the
General Purpose Financial Statements for a discussion relating to the City's self-insurance program.)
Group health benefits are self -insured for employees represented by the American Federation of State,
County, and Municipal Employees, Local 1907, certain managerial confidential employees not represented
by the labor union, and retirees of these two groups. The City also offers these two groups of employees the
choice between the indemnity group benefit and a pre -paid health maintenance organization. The City has
purchased a specific stop loss policy for self insured health insurance claims that limits the City's liability to
$97,500 per occurrence.
The Sanitation Employees Association has a self -funded health benefit plan as its sole health benefit
option. In July of 1984, the Fraternal Order of Police and the International Association of Fire Fighters
established separate group benefits plans for both active employees represented by those bargaining units
and retirees formerly represented by those bargaining units as their sole health benefit option. The City's
contribution to provide group health benefits for these bargaining unit employees is limited by the labor
agreements. The limitation for group health benefits is an amount similar to that which the City has been
contributing for these employees to its self -funded plan.
ECONOMIC AND DEMOGRAPHIC DATA
Introduction and Recent Developments
Miami's diversified economic base is comprised of light manufacturing, trade, commerce, wholesale
and retail trade, and tourism. While the City's share of Florida's tourist trade lemmas an important
economic force, the great gains Miami has made in the areas of banking, international business, real estate
and transhipment have fortified the economic base.
31
(� '
Major capital i!rlpa v enta have alto v l the area to ac�comoclatc sand foster flue ralsid expansion.'
i?brt of Miami hclg all�n c d RANI ! ► Size,?S Arn is dcs ed tc! to 16 m lliOn tons Of CRT a
program completed in 19A1, The fort expansion pmtp
• s�srenrs a year by the Year 2�t?0, lrnrlaesiiate plA+s include a third u�
cm
four million crA!!se ship p - ace l urthcr plans call for a land fly aver
j and the addition of 1,000 square feet of lineal berthing space- linking di, �ly to the interstate sand a $100 million complex comprised of two new crIlisc berths, office �
retail space and a 500 seat restaurant.
Miami International Airport is undergoing a $1 billion expansion program. A seven story 2,30ilsp
pefth
parking structure, directly across from the main terminal, was completed in 1984. A�.n clevated
Sky bridge, opened in early 1985, connects the parking structure to the main terminal. Other prey
include the construction of a direct connector road to the airport expressway and a soon to be compple
I. inm
cargo tunnel. Expansion and modernization of passenger gate areas continues to accommodate the
is domestic and international passengeck
r traffic. The Cargo Clearance Center which will centralize all
related federal agencies, will be operational in 1987.
Downtown Miami continues to grow at a healthy rate. During 1985, 15 major projects were us
construction at an estimated development cost of $1.077 billion. Included among these projects are nine
new office buildings that will provide over 3.7 million square feet of additional Downtown office spy
New residential projects will add over one thousand housing units.
1983 Downtown Constmetion
Office Space .................. 3,751,731 sq. ft.
Retail Space .................... 549,839 sq. ft.
Residential ....................... 1,144 Units
Hotel............................156 Rooms
Metrorall
The new $1 billion, 20.5 mile Metro Rapid Transit System became fully operational in April, 191
This system contains 20 neighborhood transit stations spaced approximately 1.5 miles apart. Of -MA'
-importance to Downtown development is the recently opened Metro Mover, an elevated 1.9 mile central c
people mover system connected to Metrorail.
r
s
4
r
Y
C'
jNK
Y�
Bayside
The Rouse Company, a leading builder of speciality marketplaces in downtown waterfront settings,1
been selected to develop the Bayside Specialty Center on twenty acres along the waterfront in Downto
Miami. The project currently under construction will feature 200,000 sq. ft. of new retail space and 35,0
sq, ft. of renovated restaurant space. Total project cost is 5124 million, with City participation limited t(
$4 million investment in infrastructure improvements. The Bayside Parking Garage, to be located adjace
to the speciality center, will contain 1,200 parking spaces and a surface lot.
Bayfront Park
Bayfront Park, adjacent to the Bayside project area, will be redeveloped at a total project cost of
million. Seventy percent of the project financing has been secured by the City through a variety of Fe&
state and private funding sources.
Southeast Overtown/Parkwest
The Southeast Overtown/Parkwest Redevelopment Program entails the redevelopment of 200 aces
prime real estate, adjacent to the central business district, for new residential and commercial activity.
general redevelopment concept for the project area is the provision of a wide range of housing opportuni+'
with supporting commercial uses, to serve the area's future population. By the end of the century- -
32
project Are -A as envisioned to have the capacity to saapPort over 9,000 r�id.ential units tend ol�r ante Million
square feet of cor+irtaerc aai space. The City of Misnaai lava been delegated limited mdeveloPmr-Int pow
rs for
the implementation of the red lopment plan. Publics for involvement will focaas oaa land acquisition,
resident relocation, demolition, project mAtkEting, infrastructure imptovc ments and construction and, in
some instances, the provision of 64RRP" financing. It is estimaated that over $1 billion in private investment
will occur during the next 20 y . Phase I land acquisition is nearing completion and the first new private
construction is expected to commence on up to five separate development parcels by the end of 1986.
Public infrastructure work, including utilities, suet improvements and pedestrian amenities, is now being
designed for implementation in conjunction with the private development. Total public investment in
Phase I Redevelopment is over $30 million. New private construction in the amount of $150 million is
programmed to occur over the next six years.
Sports and Exhibition Center
The City of Miami approved an ordinance creating the Miami Sports and Exhibition Authority on
July 28, 1983. Florida Statutes require the creation of such an Authority as a condition precedent to the
County enacting an ordinance levying a 3016 Convention Development Tax on hotel rooms. The City's share
of the tax proceeds must be used to construct a multi -purpose convention/coliseum exhibition center or
major companets thereof, within the City of Miami. The City's share of these tax proceeds is expected to be
$344 million per year.
Plans for the facility require a minimum of 150,000 sq. ft. of exhibition space, 75,000 sq. ft. of
conference space, a 16,000 seat sports arena and all appropriate parking and ancillary areas.
The selection of a development plan and developer by the City Commission of the City of Miami
occurred in April 1985 and negotiations are underway. See Appendix A, Notes 15 and 16 to the "FINANCIAL
STATEMENTS" for a description of the financing undertaken to date with respect to this facility.
Corporate Expansion
The favorable geographic location of Greater Miami, the trained commercial and industrial labor
force and the favorable transportation facilities have caused the economic base of the area to expand by
attracting to the area many national and international firms doing business in Latin America. In Greater
Miami, over 100 international corporations have set up hemispheric operations. Among them are such
corporations as Dow Chemical, Gulf OR Corporation, Owens-Corning Fiberglass Corporation, American
Hospital Supply, Coca-Cola Interamerican Corporation and Ocean Chemicals, Inc., a subsidiary of Rohm
& Haas Company.
Other national firms which established international operations or office locations in Greater Miami
are Alcoa International, Ltd., Atlas Chemical Industries, Bemis International Dymo, Inc., International
Harvester, Johns Manville International, Minnesota (3-M) Export, Inc., Pfizer Latin America Royal
Export, and United Fruit.
Industrial Development
Greats Miami contains over one hundred million square feet of industrial building space. Manufacturing
concerns account for nearly half of the occupied space with storage companies occupying an additional 35
percent of the City's industrial space. Transportation and service companies occupy the bulk of the
remaining 15010 of the City's industrial space.
The Industrial Development Authority (IDA) of Dade County reports that approximately two-thirds
of Greater Miami's industrial firms own their facilities. There are currently 37 industrial parks in Greater
Miami.
Miami's apparel industry is one of the largest in the nation. Miami's market is primarily made up of
numerous small firms rather than a few large operations. Roughly 30,000 jobs are provided by nearly 500
33
t
_
A
tnanufactutz. Florida appsarcl firms, mostcrf which are cent eyed in the Miami area, shipped
1970 fian��•
in rnerchandke in 1980. a 56 per cent mcre'ase over -
South Florida is one of the fa growing interior design centers in the- nation. 0- ver 250 dam
related South
Fusee provide 6,O18i ancillary jobs and generate $250 million into the local economic Mote
$10 million in new constntction has tarn place in the past three years at the Miami Design Plate, t
on 38 acres within a 14-block area in midtown Miami. It is anticipated that approximately S I I million 1h1
will be invested in the district in the immediate future.
Financial Institutions
Dade County is growing as an international financial center with 37 foreign banks operating in t
community. Additionally, there are 33 Edge Act Banks that have moved to the Miami area. These indc
BankAmerica International, Bank of Boston International South, Bankers Trust International, B''
Santander International, Chase Bank International, Citibank international, Irving Trust, Chemical
International, Manufacturers Hanover International, and Morgan Guaranty International. The l
Reserve Edge Act Amendment, adopted in 1979, permitted banks to open international banking subsich '
outside their home states. The Federal Reserve System has located a branch office in Dade County to
the Atlanta office with financial transactions in the South Florida area.
There are 76 local banks in Dade County which together have a total of $21.8 billion in deposits. At
year summary is presented below:
Bank Deposits (1)
Number of
Year
Banks
Total Deposits
1985 .........
76
$21,800,000,000
1984 .........
73
17,603,600,000
1983 .........
70
16,158,326.000
1982 .........
65
13,486,248,000
1981 .........
65
9,234,540,000
1980 .........
63
9,341,691,000
1979 .........
71
7,982,108,000
_•
1978 .........
73(2)
7,015.276,000
•
1977 .........
98
6,481,146,000
3
1976 .........
95
5,526,615,000
Source: U.S. Comptroller of the Currency.
t
(1) The information presented is for Metropolitan Dade County as a whole which includes the City
Miami. The figures include national and state chartered banks that are ED.I.C. insured; state charts
non-insured banks are not included.
(2) Decline in number of banks is attributable to change in Florida's banking laws which now allow
branch banking. Some of these branches were separate banks prior to the change in the law.
Tourism
Miami always has been a very attractive city for domestic and international tourists. Its climate g_
beaches draw many thousands of visitors throughout the year. Local government and private interests hT
cooperated in developing outstanding attractions and events which include power boat races at hfi#
Marine Stadium, the Orange Bowl Classic, the Seaquarium, Planet Ocean, Parrot Jungle, Monkey J"
the Orchid Jungle, dog and horse race tracks , Jai Alai, the Vizcaya Palace and Metrozoo. Other poinU
34
�r
intCMA and activities incIlRde tonrg
Of the F-veroad'" and tb-- . . -'cla kcrm -M "tom Mr
events, and annual Attlrncliona such as the -You
tj�
Bowl Marathon, Calle (),�ho OVOn Ir, GVRPhWVZ FSit, IMCMAO(MA IW?K FCOiVA, OrROV,
House, CAIMIMI m , C<Konw Gtm-r Art Kvrp-OZA a M-
Goombny FegtiVAlq, Hispanic HeritaW
Week, LiTTttle RiOMixmiktobcTfo-t and the Oransr- Bowl f0m.-A cwrents.
The MIAMI Grand Prix auto race has been nin annually in d�em tqrv, Miami since 19. 3. cxr�% and
drivers from Around the world comcted
for MOthan S30,0 in
prize moncy in 1986.
During 1983, approxim
AtOly 5.4 million out-of-state visitors stayed in over 57,000 hotel and motel
moms in Greater Miami.
Many of these visitors participated in international trade activities such as
conventions and conferences. Tourists and visitors expended over S4 billion in Greater Miami -in 1985,
according to Dade County estimates.
Film Industry
Film Production in south Florida reached an all time high in 1985, according to figures released by the
State's Department of Commerce, Motion picture and Television Bureau. State and local officials estimate
that between 60 to 70 percent of Florida's film business is conducted in South Florida (Dade and Broward
counties). The 1985 film Production totals for Florida were S 175 million of which S80 million was spent in
Greater Miami.
Agriculture
The land area of Greater Miami includes large agricultural expanses on which limes. avocadoes,
mangoes, tomatoes, and pole beans are grown for the fresh produce market. During the sunny and warm
winter months, the mild climate enables these crops to be grown and harvested. Many of the vegetables are
shipped to the northern United States during the winter. Exotic tropical fruits such as plantains, lychee
fruit, papaya, sugar apples and Persian limes grow in the area and cannot be grown anywhere else in this
country;
Export
More than fifty percent of Florida's foreign trade, which according to the U.S. Commerce ' Departnnentfs
1985 figures totalled in excess of $20 billion, flows through the ports of Miami.
Further stimulation in the investment climate has resulted from the implementation of the 12 year
Caribbean Basin Initiative program, designed to boost the economies of 27 countries of Central America
and the Caribbean islands. The new law, which grants duty-free entry into the U.S. of material goods
produced in the region, is also expected to bring greater economic stability to those countries.
Trade offices have been established in South Florida by several countries, in addition to economic
affairs conducted by the 37 foreign consulates located in the Miami area. These trade offices include those
established by Belgium, Chile, Colombia, the Dominican Republic, Guatemala, Hong Kong. Jamaica,
Korea, Panama, Spain and the Philippines.
Miami International Airport
Metropolitan Dade County is the owner of rive separate airports within its boundaries. The responsibilities
Miami International
Mi i
for their operation are assigned to the Dade County Aviation Department. I Int 0nal Airport
ranks 8th in the nation and 10th in the world in the number of passengers using its facilities. It ranks 4th in jF
the nation and Sth in the world in the movement of domestic and international air cargo.
During 1985, airport services were provided to over 19 million domestic and international scheduled
International Airport provide world-wide air routes convenient
passengers. The airlines serving the Miami
for importers and exporters.
35
& 46 - 80:7
4'
The E4ir)rnrt's facilities incinde three r1inwAys,
a 7,()i>(D car PArking compie , �°I'prXaxirn Rely t R hike
A+�P1�tXs itrar�tely 3(1,(NN) irwdividt�gi
square feet of warchouve and office space, and ratai�aRena"ce
gh.ops.
employed at the akrport.
In 1985 the Airport screed 19.9 million Passengers
and handled
1.0 billion pounds of cargo.
yearn statistics rue presented Wow:
(
Gexgo ( 's WO-)
Year
1985 ..........
19,853
1,031,700
1984,.........
19,328
1,130,184
1983
19,322
1,184, 526
..........
1982..........
19,388
1,246,700
1981..........
19,849
1,170,009
1980 ..........
20,507
1,130,800
.:
1979 ..........
19,628
1,066,313
..
1978..........
16,501
1,026,5 93
1977..........
13,736
987,998
1976..........
12,884
808,791
Source: Dade County Aviation Department.
Pbrt of Miami•
IL
The Port of Miami is owned by Metropolitan Dade County and is operated by the Dade Cowl
Seaport Department. From 1976 to 1985, the number of passengers sailing from the Fort increased fig,
1,029,687 to 2,326,685, an increase of 126%. This increased growth highlights the Port's emergence as t
world's leading cruise ship port.
The Fort of Miami specializes in unitized trailer and container cargo handling concepts. The mc=
effective use of equipment and the Port's convenient location combine to make the Port the nation's leadi.
export port to the Western Hemisphere. From 1976 to 1985 the total cargo handled increased from over 1.
million tons to over 2.33 million tons, an increase of 5307o.
In 1979, details were completed for the expansion of the Port of Miami from 325 acres to 600 aci_
The additional space is needed to accomodate the increasing number of shippers, buyers, import,
exporters, freight forwarders and cruise passengers who wish to conduct business through the Fort.
In 1985 the Port served 2.3 million passengers and handled 2.33 million tons of cargo. A summary
the growth in revenues, passengers and cargo for previous years is presented below:
Year Remues PUwageis Cargo (roneage)
1985.......... S17,135,048 2,326,685 2,333,026
1984.......... 15,943,548 2,217,065 2,287,281
1983.......... 14,201,008 2,002,654 2,30S,645
1982.......... 12,949,687 1,760 255 2,665.921
y 1981.......... 12,468,522 1,567,709 2,757,374
1980.......... 12,056,896 1,459,144 2.485,791
1979.......... 8.110,840 1,350,332 2,291,382
1978 ......:... 6,236,385 982,275 1,922,864
t
1977 .......... 5,374,978 978,016 1,711,535
1976.......... 4,956,670 1,029,687 1,525,095
Source: Dade County Seaport Department.
:'
36
t
Demogmphlie iData
The following table indicates the distribution by age aroupc among the population of both Miami and
Dade County rident_q.
Age Group as a pemptaRe of Total Npulation
1980
Awe Ct�p
0-5 .............
6-19 ............
20.34 ............
35-59 ............
60-75 ............
75 + .............
IWOMM
Nomk r renWor
23,459
7%
61,826
17%
75,919
22070
106,569
31014
55,924
16%
23,168
701a
346,865 10007o
Source: 1980 U.S. Census of Population and Housing.
Numb"
F"Venter
113,544
7014
330,738
20%
374,276
23%
471,351
29970
230,136
1407#
105,736
7%
1,625,781 100%
K:
Retail Sales
'
Although Miami contains 22 percent of the population of Dade County, almost half of the dollar
=r,
value of sales transactions for the County are reported in the City. The following table presents five years of
'• i
taxable sales information for Miami and Dade County.
Taxable Gross Sales
(000's)
19ES 1984 1993 1952 1951
Miami5,900,000 S 5,438,000 S 5,214,000 S 5,498,000 S 5,296.400
Dade County ..... 13,500,000 12,223,000 11,664,000 12,040,000 12,114,000
Miami/Dade ...... 45% 4507o 45076 46476 44074
Source; Department of Revenue; State of Florida.
tE,
n
37
jl
.y
0,46
•___..
x i
Employment
The tables below indicate the scope of employment throlighout Mimi and Dade County.
Do Larrst Private Empla ers
Greater M1161 nl
,. I98S
Now swings
Eastern Airlines ......................................... Airline 12,7$4
Southern Bell Telephone and T legraph ..................... Utility 7,3u8
Burdines............................................... Department Store 6,0l
University of Miami ..................................... University 5,0
Pan American World Airways ............................. Airlines 5,20q'
Florida Power and Light .................................. Utility 3,0,Df
1;.
Southeast Banking Corporation/Southeast Bank N.A......... Bank 3,483'
Miami Herald Publishing Company ........................ Newspaper 3+933
Public ................................................. Super Market 3,7
Winn Dixie Stores, Inc .................................... Super Market 3,40'
Source: Industrial Development Authority of Dade County.
Employed Persons by Industry Type
SQL i 1980
WmW Per+ee Uw Dade Comety
Agriculture, Forestry, Fishing, Mining ...................... 1,590 10/o 14,850 .21:
Construction ........................................... 11,150 7 44,560 6
Manufacturing ......................................... 27,070 17 103,970 14
Transportation, Communication, Public Utilities ............. 12,740 8 81,690 11
Wholesale Trade ........................................ 9,550 6 44,560 6
Retail Trade ........................................... 27,070 17 133,670 18
Finance, Insurance. Real Estate ............................ 11,140 7 59,410 8
Business and Repair Services .............................. 9,550 6 37,130 5
Personal Entertainment and Services ....................... 15,920 10 51,980 7
Health Services ......................................... 12,740 8 59,410 8
Educational Services ..................................... 7,960 5 44,560 6
Other Professional Services ........... 6,370 4 37,130 5
Public Administration ............ .. .. ......... 6,360 4 29,710 4
Total ....................... ...... .. 159,210 100 742.630 100
_
Source: 1980 Census of the Population and Housing.
e
38
�. 4':
r;.^
u" emplaamfilt Ro-tom
An""A A
1" 3
19%4
1PA3 Aix
� A�—
Miami .............................. 9.20A
9.40In
12.6,% 12,4%
7.8010
Date County .......................... 7.5
7.7
9.8 10.1
6.8
U.S...................................... 7.2
7.5
9.6 9.9
7.6
Source: United States Department of labor, Bureau of labor Statistics
.: Housing
The U.S. Census figures for 1980 show that the median value of owner occupied housing was $47.517
which is an increase of 171010 of the median value of $17,500 per owner occupied housing as outlined in the
1970 U.S. Census figures.
The following tables detail the characteristic of housing by units in the City of Miami and Dade
County.
f,
e
Values of Owner Occupied, Non -Condominium Housing Units
1980
Miami
Less than $25,000 ............
3,690
25,000-39,9.............
8,283
40,000.49,999 ............
6,326
50,060-79,999 ............
11,012
80,000-99,999............
1,684
100,000 and over ............
2,462
Total ...............
33,457
c 1'
Median Value ..........
$47,517
} Source: 1980 U.S. Census of the Population and Housing.
F
So
2
i S ;
i
t
i
i
Wrcentage
Dade
pltsiaae
11070
14,156
60/o
25
43,732
18
19
39,978
17
33
81,130
35
5
21,211
9
7
34,658
15
1000/6
234,865
100010
$57,200
Occupied Housing by Tenure
1970 pereemase
t9se
Pace top
Owner Occupied
.............. 43,158 36010
45,738
34010
Renter Occupied
.............. 77,235 640/0
88,308
66
Total" ...................
120,393 100010
134,046
100010
i
1970 and 1980 U.S.
Census of the Population and Housing.
urce:
.f
'39:
Building ftrmlts
in the City and Unincorporated Dade County since 19y8
'
The dollar value of building permits issued
1
as follows:
Building ft-rMits bss"mil
(in 000's)
CRY of iJnotm-orporaMM
Yor Ni rrr?; Pmk Cook
Yar
1985 . $322,785 S 864,862
K
'
j
1984. 345,262 953,055
..............
i
1983. 299,941 903,706
h
1982............... 358,676 659,160
.;
1981............... 532,205 901,676
t
1980............... 350,054 1,020,840
i
1979............... 201,067 963,144
i1978
............... 105,064 651,482
'
Source: City of Miami's Fire, Rescue and Inspection Services Department and Dade County Department`,_
of Building and Zoning.
.�c s
New residential construction in the City since 1978 has been estimated as follows:
Number of
Year Units
1985 ............... 603
.F
1984 ............... 11018
1983 ............... 661
1982 ............... 1,753
1.981 ............... 3,164
1980 ............... 2,188
1979 ............... 11995
1978 ............... 1,319
h
Source: City of Miami's Fire, Rescue and Inspection Services Department.Y,
ti
{�
. F
-
ti_t
i
r,
40
A TROVAL OF OM, CIAL f 'AT F',N-'
T The references, excerpta and Summaries of All documents referr d to herein do not ptHrport to be
complete staat@manta of the provisions of such documents, and reference is directed to all such cloarn+�rats
fi
it 1.for full and complete stateIneztts of all matt of fact relating to the floods, thesecurity for the Payment of
the fonds and the riphtS and obligations of the holder Chet of. Copies of such dacurnents may be iabtaincd
from the City's Dirmtar of Finance at Coconut Grove Exhibition Hall, 3360 Pan Americaan Drive, Miami,
Florida 33133, telephone nut , Co.
Inca (305) 579-6330, or from the Financial Advisor, Jan J. Lowrey 1tc
Incorporated, 180 Maiden Lane, New York, New York 10038, telephone number (Z12) 363-7000.
��'• The information contained in this Official Statement has been compiled from official and other
sources deemed to be reliable, and is believed to be correct as of this date, but is not guaranteed as to
:accuracy or completeness by, and is not to be construed as a representation by, the Financial Advisor or the
Underwriters.
y Any statement made in this Official Statement involving matters of opinion or of estimates, whether
` or not so expressly stated, are set forth as such and not as representations of fact, and no representation is
made that any of the estimates will be realized. The information and expressions of opinion herein are
subject to change without notice and neither the delivery of this Official Statement nor any sale made
hereunder shall, under any circumstances, create any implication that there has been no change in the
affairs of the City of Miami since the date hereof.
r,.
T.
4;1
it
The execution of this Official Statement has been duly authorized by the Commission of the City of
Miami.
The City of Miami, Florida
1
��!�K�}��'r-}'
THIS PAGE LEFT INTENTIONALLY BLANK
n
W+.
1 Ili
v
Appeaft A
CffV OF Aloe. FLORIDA
FINANCIAL SECT N OF THE
COMPROMSIVE ANNUAL FINANCIAL RETORT (1)
For the FWmI Year Ende4q.eptomber 30, 1M Di
TABLE OF CONTENTS
ZdAW
Sdwkb
Report of Independent Certified Public Accountants .....................................
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Shect—All Funds Types
and Account Groups
............................................................
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances —All Governmental Fund
Types and Expendable Trust Funds ................................. ......
II
Statement of Revenues, Expenditures
and Changes in Fund Balance —Budget
,Non-GAAP Budgetary Basis) and
Actual —General Fund ...............................................
III
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances —Budget (GAPP Basis) and
Actual —Special Revenue and Debt
. . ....
IV
Service Funds ...................................... ....... ................
Combined Statement of Revenues,
Expenses and Changes in Fund
Equity —All Proprietary Fund Types
V
and Pension Trust Funds ................. ...............................................
Combined Statement of Changes in
Financial Position —All
proprietary Fund Types
VI
and Pension Trust Funds ..............................
Notes to Financial Statements ................................. ......... .......
(1) This report excludes the Introductory and Statistical, ScdiOns which are part of the Comprehensive
Annual Financial Report.
77
q
TABLE OF CONTENTS (CO"tinw�ed)
i SUPPLEMENTAL COMBINING AND INDMDUAL. FUND STATEMENTS
General Fund:
Statement of Revenues, Expenditures and Changes in
Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual . • .
Special Revenue Funds:
Combining Balance Sheet .
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..........
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances —Budget (GAAP Basis) and Actual --Miami Sports and Exhibition
Authority, Downtown Development Authority, Federal Revenue Sharing,
pp Rescue Services and Cable T.V. Special Revenue Funds ..............................
f Debt Service Funds:
CombiningBalance Sheet ........................................................ c
Y Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......... c
Air
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances —Budget (GAAP Basis) and Actual -Debt Service Funds ..................... c
Capital Projects Funds: ............................................................
Combining Balance Sheet ........................................................ i
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..........
Enterprise Funds:
Combining Balance Sheet ........................................................
Combining Statement of Revenues, Expenses and Changes in Fund Equity . ........ .
Combining Statement of Changes in Financial Position .............................. .
Internal Service Funds:
,.—W Combining Balance Sheet ......................................... .............
Combining Statement of Revenues, Expenses and Changes in Fund Equity .............. a
Combining Statement of Changes in Financial Position ............ ......... .
Trust and Agency Funds:
FCombining Balance Sheet ................................ .... ................
Combining Statement of Revenues. Expenditures and
Changes in Fund Balances —Expendable Trust Funds ........... ..................
Combining Statement of Revenues, Expenses and
r Changes in Fund Balances —Pension Trust Funds ........................ ....
Combining Statement of Changes in Financial Position —Pension Trust Funds ............
d ,;
The Honorable Mayor and City Commissioners
City of Miami, Florida
We have examined the general purpose financial state-
ments of the City of Miami, Florida as of and for the year
ended September 30, 1985, as listed in the foregoing Table
of Contents. Our examination was made in accordance with
generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such
other auditing procedures as we considered necessary in
the circumstances. We did not examine the financial state-
ments of the Department of Off -Street Parking of the City of
Miami which statements reflect total assets and operating
revenues constituting 17% and 40%, respectively, of the
related combined totals of the Enterprise Funds. Those
financial statements were examined by other auditors whose
reports thereon have been furnished to us, and our opinion
expressed herein, insofar as it relates to the amounts included
for the Department of Off -Street Parking of the City of
Miami, is based solely upon the reports of the other auditors.
During 1985, the pension trust funds met the criteria
under generally accepted accounting principles for inclusion
in the general purpose financial statements of the City as
part of the reporting entity as described in Note 14(a) thereto.
In our opinion based upon our examination and the
cial position of its proprietary fund types and pension trust
funds for the year then ended, In conformity with general
accepted accounting principles applied on a basis consis-
tent with that of the preceding year.
Our examination was made for the purpose of forming
an opinion on the general purpose financial statements
taken as a whole. The combining and individual fund state-
ments listed in the Table of Contents are presented for
purposes of additional analysis and are not a required part
of the general purpose financial statements of the City of
Miami, Florida. The information in the combining and indi-
vidual fund statements has been subjected to the auditing
procedures applied in the examination of the general pur-
pose financial statements and, in our opinion, based upon
our examination and the reports of other auditors, is fairly
stated in all material respects in relation to the general
purpose financial statements taken as a whole.
Certain 1984 data included in the accompanying sup-
plementary information were contained in the City's certi-
fied annual financial report for the year ended September
30, 1984, and are included for comparative purposes only.
reports of other auditors, the general purpose financial k-
statements referred to above present fairly the financial
position of the City of Miami, Florida at September 30,1985 Miami, Florida
and the results of its operations and the changes in finan- December 27, 1985
r
EXHIBIT I
CITY OF MIAMI, FLORIDA
COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1985
FiductH+7
Fund Atcud ud GMW
Governetonlai Wad Typos Prcprietm Fund Types types 88wat son" T"
Special Deli Ca loternai Trust a" Fid is�.iimn (tt NWandm
8eeeral Rove= Sa*o Prods Enterprise Sorvico Agency Assets licit it4hj)
ASSETS
Equity in pooled cash and
imesiments (Note 2(E))...............
$15,911.362
$ 3.356.978
$9,203.060 568,269.138
$ 124,154
$10.864.981 $ 13,739,986 $
— $ — $
121,469, S
Cash and cash equivalents .............
—
5,042.835
— —
4.257.977
— 1,251,381
— —
10,552,193
Pension investments, including
accrued interest (Note 4) .............
—
—
— —
—
— 302.049.272
— —
302.049,272
Receivables, net of allowance for doubtful
accounts of $10.138.152:
Taxes .........................
3,310.853
468.309
413.887 —
—
— —
— —
4,193.Q49
Accounts .......................
2.347,060
104.913
— 2.826,159
1,252,577
— 12.794
— —
5,543,503
Assessment liens, net (Note 2(C)) ....
—
—
414.730 —
—
— —
— —
414,730
Proceeds from securities sold .......
—
—
— —
—
— 2,298,047
— —
2,298,047
Pension members' contributions .....
—
—
— —
—
— 683,573
— —
583,573 .
Due from other funds (Note 5) ...........
800.922
3,653
— 172,600
—
— 2,536.758
— —
3,513,933„
Due from other governments (Nola 6) ......
33,883
3.531.889
— 1.280,965
263.441
— —
— —
5,110,17 11
Inventories (Note 2(6)) ................
—
—
— —
110,795
808.315 —
— —
919,11E
y Other ..............................
68.145
3.026
2,490 58,765
967.286
— 31,406
— —
1,131,118-
N Restricted Assets (Note 8):
Cash and investments with fiscal agent
Including accrued interest..........
—
—
253.395 —
14,153,599
— —
— —
14,46,394
Property, plant and equipment, net
(Notes 2 and 7)....................
-
—
— —
126,931.493
15.177.661 —
300,343,226 —
442,452.380
Bond issuance costs, net
(Note 2(J)) .......................
— .
— —
2,410,506
— —
— —
2,410,506
Deferred compensation plan assets
(Note 14).........................
—
— -
—
— 6.476,982
— —
8,476,382
Amount available in Debt Service Funds:
General obligation bonds ..............
—
— —
—
— —
— 4,553,376
4,553,376
Special obligation bonds (Note 10)
253.395
M.395
Amount available In Sell Insurance Fund
for da1<tts payable ..................
4.492.186
4,492,136
Amount to be provided for retirement of
general long-term debt:
General obligation bonds ...........
—
—
— -
—
— —
— 170.W6,324
1 0,0W,324
Speck obiigation bonds and
allm payables .................
—.
- —
—
— —
— 4,M.,405
4,326,4
Accrued compensaledabsences ......
-
—
-- --
--
-- —
— 12.519,20?
121519, 2
i ................
.. _ .. Clakrur payable
—
—
- —
- �,
— —
— 19.731456
19 387.314
... a Talai saseta . ... .
.. .... -.
$22.472 225,
— ,.
:12,511,643 't10.287,562
.. _
_.._ , _ --572_607.627
3150.471,828
f 6 850,l u7 .$329�080,.199
_ . _
$3tp'3 .2 3215.299
T .
vv;—
Governmental fund Types
PrWMM Fund Types
F"
TYPU
On"
splew
Rrmve
05M
Ssr*a
C
Eaterpin
lawns
3K*8
Trustam
son"
Fbad LWOOM
Tam
]VASNOwd
LMKJTIES
At""
A36013
Voudiers and accounts payable ........ * .......
Payable for securities purchased ...............
i 3.789,524
—
$ 612.975
—
S
3.215.622 S 984.934
3 775.423
S 1,076.771
10,455,,
Accrued expenses (Note 2(H)) .................
Due to other funds (Note 5)
2,603.103
19.616
— —
1,234 150.201
—
455,360
3.212,690
—
12,519,202
3,212,,�
15,748,;
................
Deterred revenue ...........................
3,653
1.241,978
973,522
—
— —
637.027
—
—
2,&16.758
—
—
J.5113.3
Deposits (Note 9) ...............
Claims payable (Notes 8 and 12) ....
462.700
—
286,535
—
122,321
—
:
2,001.875
—
1,379,L
2.=,,-*
Matured bonds and interest payable (Uwe 8) ......
4.162,408
—
— —
—
—
1,873.632 i
—
24I.M0,800
25,333,&
Payable from restricted assets:
4,182,4C
Construction contracts ................
— 15,350
—
Accrued interest ..........................
— 2,254.070
—
Current portion of revenue bonds payable ....... .
— 160.000
—
2.254W
Revenue bands payable —net at current
portion (Note 8) ....... —1-1 ........
General Obligation bonds payable (Note 8) ....
— 71,739.641
—
71.739,341
Special ob%Pion bonds payable (Nola 8) .........
13.3f8.994
— 174,W,000
174.340,=
> DOWIXI WTVMsaWn plan Wbkies (We 14) .......
—
—
6.476,982
— 450.400
— —
13,788,
U.
Other payables (Note 8) ................
8,414
1.769
—
314 75.2
4,3,983
Total liabilities .......................
9, . I&i.958
1,892,648
4,170,822
3,2-16,856 89.384,307
1.230,783
17.178.746
2M299,002
341,47.4,' M
FUND Eauiry
Contributed capital ..........................
InvestMerd In pneral fixed assets .....
58,539.751
8,955,098
I ........
Retained awnings (Note 10) ...................
—
2,547,770
—
16,665,076
300,343,226
In
Ml=,M
Fund balances:
Reserved for,
Employee retirement plan benefits ......
305.493.972
3W.493, In"
Encw&wwzs .........................
1,832,480
—
9.732,703
—
III.M5,183
Debt service ...........................
—
253,395
—
2M.35
Traffic -related expenditures ...............
300,000
—
—
3001M
Unreserved:
Designated for hurricane loss ................
500,000
DesOmW for pension rotated
typ"Ures (We 141 ...................
Desowed for Claimspayment
1.415,333
...............
• Desipalad fat subsequent year's
4,492.186
4,402.1ft
expenditures and approved projecls .........
6.500.000
220.000
1.762.711
59.658.068
58,140,773
............................
5.738.787
10.398,955
4,100,634
—
20,238,379
TOW MIakW ~lund balanm
14.371,267
10,618.955
6.116,740
69,390,771 2,547,770 18,665,076 311.901.491
TOW MW 04UkY ......................
14,371,267
10,618,9%
6.116,740
69.390.771 61.087.521 25,620.174 311,901,491 300,343,226
799, 40. 145
COM&W"and contiopm tiebitities
TRW V"ft UM W Spity ...........
$22,472,225
$12,511.603
$10,287,562
$72.607.627 $150,471,828 $26.850,957 $329,1b'80.199 $300,343,226 S216,MM
$1,140,324,LM
See accompanying notes to financial statements.
CITE' OF MIA MA FLORIDA
C®M lNI;QI l-TA1TEMENT CF REVENU ,
EXPENDITURES AND CHANAES IN FUND UALAN
ALL GOVERNMENTAL FUND TYPES AND EXPENDt ALE TRUST FUNDS
YEAR ENDED SEPTi MBER Spa, 1985
(3+�ent�1 Fn�?4 ix
R Tam x"(Note3) ................ I .........
$100,281,696
$ 7,088,127
$41,2.78,253
$ --
$ —
""
ten_
$1Aat
8
ucer>see and permits .............. . ' .
6,041,021
26,273,287
—
22,854,205
--
2,474,699
3,771,349
8?=
Intergovernmental ........ . .............
2,798,824
—
—
—
22,465,259
Intragovernmental ............
Charges for services .......... .........
17,633,733
—
—
7,527,220
1=`
Contributions from employees and retirees .
—
—
2,799,998
—
Assessment lien collections ...............
Interest ..
Interest
—
2,717,703
894,512
1,357,076
6,727,390
783,533
lit —
............................
Other ............ . . .......'........
384,049
1,117,739
--
374'579
439,428-
Total revenues .....................
156.130,313
31,954,583
45,435,327
9,576,668
34,986,789
Expenditures
Current:
General government ...................
Public safety .........................
Public improvements ..................
Solid waste ......................... .
Culture and recreation .................
Grants and related expenditures ..... , .. .
Contributions to pension funds (Note 14) .. .
Insurance ........................ ..
Economic development .. . ............ .
Claims payments .... .......... .....
Other..............................
Debt service:
Principal retirement (Note 8) ........... .
Interest and fiscal charges ......... • . ..
Capital outlay ........................ .
Total expenditures .... . ............ .
Excess (deficiency) of revenues
over expenditures ............. ....
Other financing sources (uses):
Operating transfers In (Note 11) .. ........ .
Operating transfers out (Note 11) ...........
Debt proceeds (Note 8) ................. .
Debt retirement (Note 8) ............ ... .
Total other financing
sources (uses) ................. .
Excess (deficiency) of revenues and
other financing sources over
expenditures and other uses .........
Fund balances at beginning of year ...........
Equity transfers to other funds (Note 11) ........
Equity transfers from other funds (Note 11) .....
Fund balances at end of year ................
17.699.362
—
1,818,707
99,680,993
14,973,135
—
—
—
t-
22.801.942
8,651,374
—
—
—
—_
—
14,808,811
—
—
—
14 -
—
—
—
—
24.255,306
2 ,
—
—
—
1.824.789
1 "
—
945.324
—
—
-
-
—
—
—
10.325.051
16
14.575,036
1,199,381
20,789
—
3,110,828
1&
—
—
10,160.000
—
—
—
12,558.002
—
132,263
—
—
27,402.972
—
27 _
178.514.105
18,772,223
22,738,791
27,402.972
39.515,974
28i3 _
(22.383,792)
13,182.360
22,696,536
(17.826,304)
(4,529,185)
30.750.042
1.912.425
—
9,360.066
—
(3.290.586)
(12.445.649)
(22,400,225)
(7,267,925)
—
(48;
—
—
12.000,000
33,000,000
—
—
—
(12,000,000)
—
—
0
27.459,456
(10,533,224)
(22.400,225)
35.092.141
—
Xi
5,075,664
2,649,136
296.311
17,265.837
(4,529.185)
Zki
9.548,649
8.266,357
5,820,429
51,957,274
10.936.704
8671
(267,529)
(296.538)
—
(61,948)
—
14,283
—
—
229,608
—
r-
$ 14,371,267
$10,618,955
$ 6,116,740
$69,390,771
$6,407,519
wk_
See accompanying notes to financial
statements
EX"19IT Ill
CITY Of MIAMI, FI.OAID
• STATEMENT OF SEWNIIM EXPENDITUL41M
AND GMANGES IN FUND BALANCE-0III)OFT
(NON4A111p BUDGETARY BASIS) AND ACTUAL—G ENl RAL FUND
YEAR ENDED SEPTteMBER 20, 1986
a
Revenues: �ed�pel
I
Fof#r1I1111
(Uxtlt�
Taxes ............................................... $ 97.970,616
Licenses and permits .................................... 5,991,142
$100,281,696
6,041,021
$ 2,311,080
49,879
Intergovernmental.................................24,933,241
•
26,273,287
1.340.G46
Intragovernmental................................. 2,690,000
2.798,824
108,824
Charges for services ................................... 17.529,376
17,633.733
104,357
Interest ..................... .............. 2,000,000
2,717,703
717,703
Other ................................... ..... 50.500
384,049
333,549
Total revenues ............:................. 151,164,875
156,130,313
4,965,438
Expenditures:
Current: -
General government .......... .. ... . .......... ... 18.525,580
17,704,362
821,218
RubI1C safety ....................................... 100,593,159
99.284.969
1,308,190
Public Improvements ........................... . ...... 16,821,125
14,969,463
1,851,662
Solid waste ........................ .... ......... 23,431.169
22,830,100
601,069
Culture and recreation ............ ..... ..... .. 8,810,258
8,669,148
141,110
Other .............................................. 14,958,621
14,718.373
240,248
Total expenditures ........................... 183,139,912
178,176,415
4,963,497
Excess (deficiency) of revenues over expenditures ... (31,975,037)
(22,046.102)
9,928.935
Other financing sources (uses):
Operating transfers in .................................. 30,618,349
30,750,042
131,693
Operating transfers out ................................. (3,443,312)
(3,290,586)
152,726
Total other financing sources (uses) ............. 27,175,037
27,459.456
284,419
Excess (deficiency) of revenues and other financing
sources over expenditures and other uses ...... $ (4,800,000)
5,413,354
$10.21 .3�54
Fund balance at beginning of year ...........................
7,378,679
Equity transfers to other funds ..............................
(267,529)
Equity transfers from other funds ............. ' ' • ' • ' • • ' ' ' ' ' '
14,283
Fund balance at end of year ................................
$ 12A
See accompanying notes to financial statements
s
J A+j
.
�+•tsa1
.
_*teaiYYY
Ex"Ja(
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, "WENDITURES AND CHANGES IN
FUND BALANCE$—BUROE'T (OA+AP BASIS) AND ACTUAL,
SPECIAL REVENUE AND DEBT SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, f986
Spnctal R ®nut (t)
pOM 301x0
Mariaa��
!€
FAr�r�hlu
Budget Actijol (UnIMMrAdlof - Blida#?
Ilctal
..fir
(upbW
Revenues:
Property taxes .............. $ 337,477 $ 335,566 $ (1,911) $39,908,040
$41,278,253
$ 1,310
Business and excise taxes .... 2,590,835 6,752,561 4,161,726 --
--
Intergovernmental .......... 8.955,090 8,843,646 (111,444) —
—
Assessment lien collections ... — — — 2,500,000
2,799,998
289,
Interest ................... — 530,178 530,178 1,000,000
1,357,076
357
Other .................: .... 13.684 74,949 61,265 —
—
-
Total revenues ........ 11.897,086 16,536,900 4,639,814 43,408,040
45,435,327
2,027,
Expenditures:
Public safety ....... ......
Economic development ......
Principal retirement:
Long-term debt ........... -
Interest and fiscal charges ....
Other .....................
Total expenditures .....
Excess (deficiency)
of revenues over
expenditures .......
Other financing sources (uses):
Operating transfers in .... ...
Operating transfers out .......
Debt proceeds .............
Debt retirement .............
Total other financing
sources (uses) ......
Excess (deficiency) of
revenues and other
financing sources
over expenditures
and other uses .... .
Fund balances
at beginning of year ..........
Fund balances at end of year ....
1,813,906 1,818,707 (4,801) — —
1,157,256 945,324 211,932 — --
-- 10,165,000 10,160,000
— 12,883,815 12,558.002
1,987,858 1,199,381 788,477 65,500 20,789
4.959,020 3,963,412 995,608 23,114,315 22,738,791
6.938,066 12,573,488 5,635,422 20.293,725 22,696,536
1,333,601 1,283,529 (50,072) —
(8,921,090) (8,921,088) 2 (22,400,225)
325,
44,
375,
2,402,
(22,400,225) -_
12,000,000 12,000,
(12,000,000) (12,000,
(7,587,489)
(7,637,559)
(50,070)
(22,400.225)
(22,400,225)
(649,423)
4,935,929
5,585.352
(2,106,500)
296,311 2,402,
4.319.418 4.319.418 — 5.820,429 5,820,429
$ 3,669,995 $ 9,255,347 $5.585,352 $ 3,713.929 $ 6.116,740 $ 2,40Z,
See accompanying notes to financial statements.
(1) Does not include funds for which budgets have not been adopted. See Note 2(D) (5)
EXHIBIT V
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES
AND CHANGES, IN FUND EQUITY
ALL PROPRIETARY (FUND TYPES
AND PENSION TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1985
Pr"*rg Ftjnd lypn
Int'rnil
Enbwwin SMIN
Operating revenues:
Charges for services ..................
Contributions from em
Contributions from employees and
retirees ............. .
Net gain on sales of Investments ........ . . ... . ... .
Interest and dividends ....... .
Total ........... ........... ..........1,
Operating expenses:
Personal services ............
Contractual services ......... ..
. ' . .
Materials and supplies ............
Benefit payments ........... . .. .
Refunds ....................
Utilities ................... .
Intragovernmental charges .... . ........... .
Other.......................................
Total...........................
Operating income before
depreciation expense .................
Depreciation expense ..............................
Operating income (loss) ........ ..... .
Nonoperating revenues (expenses):
Y..T."
�pNItIM i wa
$18,954,363 $17.799,209 $ -- $ 36,753,572
— 20,859,599 20,859.599
18,954,363 17,799,209
5,174,561
7,190,566
4,641,081
1,189,126
924.014
3,591,907
1,098,426
1,785,293
967,583
—
1,314,538
600.048
14,120,203 14, 356,940
4,834.160 3,442,269
3,543,872 2,454,040
1,290,288 988.229
Interest ......................................
2,074.621
836,066
Interest and fiscal charges .......................
(7,850,741)
—
Other .......................................
(57,696)
708,206
Net nonoperating revenues (expenses) .....
(5,833,816)
1,544,272
Income (loss) before operating transfers ....
(4,543,528)
2,532,501
Operating transfers in (Note 11) .......................
5,381,079
375.913
Operating transfers out (Note 11) ......................
(1,999,227)
(375,913)
Net operating transfers .................
3,381,852
—
Income(loss)before extraordinary item ... .
(1,161,676)
2,532.501
Extraordinary item —loss on debt refinancing ........ ...
(2,468.039)
Net income (loss) ......................
(3,629.715)
2.532,501
Retained earnings/fund balances at beginning of year ......
5,932,246
14,133,905
Equity transfers from (to) other funds ....
245,239
(1,330)
Retained earnings/fund balances at end of year ...........
2,547,770
16,665,076
Contributed capital at beginning of year .................
56,015,845
8,800,795
Contributions from other governments .................
418,441
—
Contributions from other funds (Note 11) ................
2,105,465
154,303
Contributed capital at end of year ......................
58,539.751
8,955,098
Total fund equity ............... .......
$61,087,521
$25.620,174
See accompanying notes to financial statements
A-7
--------- - -----
9,712,085
14,614,803
20, 789.919
65,976,406
605_552
20,206,700
1,419,762
22.232.014
43,744,392
43,744,392
7,500
7,500
43.751,892
43,751,892
43,751.892
261.742,080
305,493,972
$305,493,972
9,712,085
14,614,803
20,789,919
102,729,978
12,970.679
5,830,207
4,515.921
20.206.700
1,419.762
2,883,719
967,583
1,914,586
CA 7nO 1 C7
52,020,821
5,997,912
46,022,909
2,910,687
(7,850,741)
658,010
(4,282.044)
41,740,865
5,756,992
(2,375,140)
3,381,852
45,122.717
(2.468,039)
42,654,678
281.808,231
243.909
324,706,818
64,816,640
418,441
2,259,768
67,494,849
S392,201,667
M►�6-8�Q7
-�r
Ex"r
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CNANOES IN FINANCIAL POSITION
ALL PROPRIET AY FUND TYPES AND R ENDED EPTEMBE RE NSIO �6ETUST FUNDS
mp"o.aiv Fund TyPax
Interns! Pon$ TOM
EMerPris® Sams Trust Funds (MIy
Working capital provided by:
Operations:
Income (loss) before extraordinary item .............
Items not requiring current outlays of working capital:
Depreciation and amortization ..................
Loss on dispositions of
property, plant and equipment ................
Total provided by operations before
extraordinary item .......................
Extraordinary item —loss on debt
refinancing ...................................
Total provided by operations ...... . .......... .
Other:
Decrease in restricted accounts ..................
Contributions and equity transfers, net ..............
Proceeds from long-term debt ....................
Total....................................
Working capital applied:
Additions of property,
plant and equipment, net ...........:.......... . .
Reduction of revenue bonds payable, net ..............
Increase in bond discount .......... I ...............
Decrease in other liabilities ........................
Increase in other assets, net ........................
Total ................ ..................
Increase in working capital .........................
Summary of increases (decreases) in working capital:
$ (1,161,676) $2,532,501 $43,751.892 $45,122,:
3,895,602
2,454,040 —
184,700
539,472 —
2,918,626
5,526,013 43,751,892
(2,468,039) — —
450,587 5,526,013 43,751,892
1,532,302 —
2,769,145 152,973 —
13,720,000 — —
18,472,034 5,678,986 43,751,892
4,440,725
10,522,000
222,921
8,359
331,440
15,525,445
$ 2,946,589
3,345,449
3,345.444
$2,333,537
$43,751,892
6,349,
724,-
52,196,;
(2,4813,c
49,728,-
1,532,=
2,922,
_ 13,720,t
67,902,!
7,786,
10,522,t
222,=
S.,
331'.
18,870,:
$49.032.1
Cash and investments ............................
$ 2,725,832
$2,231,564
$ 902,434
$ 5,859,.
- W Pension investments .............................
—
—
41,276,663
41,276,;
Accounts receivable, net ..........................
332,524
—
(3,340,953)
(3,008,-
Due from other governments ................... I ...
(1,136,165)
—
—
(1,136,
Inventories .....................................
(4,099)
90,705
—
86.;
Prepaid expenses ................................
292,377
—
—
292.:
Accounts payable and accrued expenses .............
558.651
11,268
(16.362)
553;
Due toifrom other funds ...........................
—
—
2,536,758
2,536,:
Deposits refundable ..............................
(19,352)
—
—
(19,=
Payable for securities purchased ...................
—
—
2,393,352
2,393.1
- Deferred revenue ................................
196.821
—
—
increase in working capital • . • • • • • • • • • • .............
$ 2.946,589
$2,333,537
$43,751,892
$49,032,t
See accompanying notes
to financial statements.
A-8 ,
� 1
CITY OF I1 I A,M19 FLORIDA
NOTES TO
FINANCIAL, STATEMENTS
Sep#embor 30,1985
1) GENERAL DESCRIPTION
The City of Miami, in the county of Dade, was Incorporated
In 1896, and comprises approximately 34 square miles of
land and 20 square miles of water. The City operates under
the Commission/City Manager form of government and
provides the following services as authorized by its charter:
public safety, public works, solid waste, parks and recreation,
and community development. The County is a separate
governmental entity and its financial statements are not
included in this report.
The Florida Legislature, in 1955, approved and submitted
to a general election a constitutional amendment designed
to give a new form of government to the County of Dade.
The County is, in effect, a municipality with governmental
powers effective upon twenty-seven cities and unincorporated
areas, including the City of Miami. It has not displaced or
replaced the cities, but supplements them. The County can
take over particular activities of the City's operations (1) if
the services fall below minimum standards set by the County
Commission, or (2) with the consent of the governing body
of the City.
Since its inception, the Metropolitan County Government
has assumed responsibility on a county -wide service basis
for a number of functions, including county -wide police
services, complementing the municipal police service: uniform
system of fire protection, complementing the municipal fire
protection; consolidated two-tier court system: consolidation
of water and sewer services; coordination of the various
surface transportation programs; installation of a central
traffic control computer system; merging all public
transportation systems into a county system: effecting a
combined public library system; and centralization of the
property appraiser and tax collector functions.
2) SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES AND REPORTING PRACTICES
The accounting policies of the City of Miami, Florida
conform to generally accepted accounting principles as
applicable to governments. The following is a summary of
the more significant policies:
(A) Basis of Presentation
The accounts of the City are organized on the basis of
funds and account groups, each of which is considered
a separate accounting entity. The operations of each
fund are accounted for with a separate set of self -
balancing accounts that comprise its assets. liabilities,
fund equity, revenues, and expenditures or expenses,
ad appropriate. Government resources are allocated to
and accounted for in individual funds based upon the
purposes for which they are to be spent and the means
by which spending activities are controlled. The various
A-9
funds are grouped by type in the financial statements
into seven generic fund types and three broad fund
categories. The following fund types and account groups
are used by the City.
GOVERNMENTAL FUNDS
Governmental funds are those through which most
governmental functions of the City are financed. The
acquisition, use, and balances of the City's expendable
financial resources and the related current liabilities
(except those accounted for in proprietary funds) are
accounted for through governmental funds. The
measurement focus is upon determination of financial
position and changes in financial position, rather than
upon net income determination. The following are the
City's governmental fund types:
General Fund —The General Fund is the general
operating fund of the City. It is used to account for all
financial resources except those required to be accounted
for in another fund.
Special Revenue Funds —Special Revenue Funds are
used to account for the proceeds of specific revenue
sources (other than special assessments, expendable
trusts or major capital projects) that are legally restricted
to expenditures for specified purposes.
Debt Service Funds —Debt Service Funds are used
to account for the accumulation of resources for, and
the payment of, general long-term debt principal, interest
and related costs.
Capital Projects Funds —Capital Projects Funds are
used to account for financial resources to be used for
the acquisition or construction of major capital facilities
(other than those financed by Proprietary Funds). Prior
to 1985, separate Capital Projects subfunds were
maintained to account for project expenditures funded
by general obligation bond proceeds, and expenditures
for projects with multiple funding sources were
accounted for in a single Capital Improvement Fund.
Effective October 1, 1984, the City reclassified its capital
projects into separate subfunds according to purpose
and intended use of the capital facilities under
construction: street improvementsitraffic related, culture
and recreation, municipal use, public use and sewers.
PROPRIETARY FUNDS
Proprietary Funds are used to account for a City's
organizations and activities which are similar to those
often found in the private sector. This means that all
assets, liabilities, equities, revenues, expenses and
transfers related to the City's business activities --where
net income and capital maintenance are measured —
are accounted for through proprietary funds. The
I
W
measurement focus is upon determination of net income,
financial position, and changes in financial position.
Enterprise Funds —Enterprise Funds are used to
account for operations:
(1) that are financed and operated In a manner similar
to private business enterprises —where the interest
of the City is that the costs of providing goods or
services to the general public on a continuing
basis be financed or recovered primarily through
user charges; or
(2) where the City has decided that periodic determination
of revenues earned, expenses Incurred, and/or net
Income is appropriate for capital maintenance, public
policy, management control, accountability, or other
purposes.
Certain Enterprise Funds have historically operated at
a loss and have required operating subsidies from the
General Fund. if future operations are not sufficient
to offset these deficits, the City will continue to support
these activities from the General Fund or other
discretionary funds (see Notes 13 and 15). During
1985, the City established the Property and Lease
Management Enterprise Fund to account for the rent
and lease of City -owned property by private businesses.
Internal Service Funds —Internal Service Funds are
used to account for the financing of goods or services
provided by one department or agency to other
departments or agencies of the City, or to other
governments, on a cost -reimbursement basis. Where
capital replacements are necessary, particularly in the
City Garage and Motor Pool Internal Service Funds,
user charges include an amount necessary to provide
for replacement of equipment. Substantially all excess
funds are committed to the City's vehicle replacement
program.
FIDUCIARY FUNDS
Trust and Agency Funds —Trust and Agency Funds
are used to account for assets held by the City in a
Trustee capacity or as an agent for individuals, private
organizations, other governments, and/or other funds.
These include Expendable Trust, Pension Trust, and
Agency Funds. Pension Trust Funds are accounted
for in essentially the same manner as proprietary funds
since capital maintenance is critical. The City's Expendable
Trust Funds (Self -Insurance and Pension Administration)
are accounted for in essentially the same manner as
Governmental Funds. The City's Agency fund is custodial
in nature (assets equal liabilities) and used to account
for deposits held under issuance of a Cable T. V. license.
ACCOUNT GROUPS
Account Groups are 'used to establish accounting
control and accountability for the City's general fixed
assets and the unmatured principal of its general long-
term obligations. The two accounts are not funds.
They do not reflect available financial resources and
related liabilities —but are accounting records of the
general fixed assets and general long-term obligations.
General Fixed Assets —This account group is used
to account for all fixed assets of the City, other than
A-10
those accounted for in the enterprise funds and internal
service funds.
Oenwl Long•TOrrn iQelbt—This account group is u
to account for the long4erm portion of claims payable,
accrued compensated absences, lease purchase
obligations and outstanding principal balances of lord:
term debt, other than revenue and special obligation
bonds payable recorded in the enterprise funds.
(0) Financial Reporting Entity
For financial reporting purposes, the City includes those
funds, account groups, agencies, boards; commissions,
and authorities that are generally controlled by or
dependent on the City. Control by or dependence on the
City is determined on the basis of such factors at
budget adoption, taxing authority, outstanding debt
secured by revenues or general obligations of the
City, obligation of the City to finance any deficits that
may occur or receipt of significant subsidies from the
City. Based upon the foregoing criteria, the following
organizations are included in the financial statements
of the City:
® Downtown Development Authority (Special Revenue)
® Miami Sports and Exhibition Authority (Special
Revenue)
e Department of Off -Street Parking (Enterprise)
® City of Miami Firefighters' and Police Officers'
Retirement Trust (Pension Trust)
e City of Miami General Employees' and Sanitation
Employees' Retirement Trust (Pension Trust)
As more fully described in Note 14, certain pension
litigation and related matters were resolved in 1985
resulting in the pension trust funds sponsored by the
City meeting the criteria for inclusion in the City's
financial statements as part of the reporting entity,
whereas they were previously excluded.
(C) Basis of Accounting
Basis of accounting refers to when revenues and
expenditures or expenses are recognized in the accounts
and reported in the financial statements. Basis of
accounting relates to the timing of the measurements
made, regardless of the measurement focus applied.
All Governmental Funds and Expendable Trust Funds
are accounted for using the modified accrual basis of
accounting. Their revenues are recognized in the period
in which they become susceptible to accrual —that is,
when they become measurable and available to pay
liabilities of the current period. Ad Valorem taxes, fines
and forfeitures, and charges for services are susceptible
to accrual when collected in the current year or within
60 days subsequent to September 30th, provided that
amounts received pertained to billings through the
fiscal year just ended. Occupational licenses revenues
collected in advance of periods to which they relate are
recorded as deferred revenues. Utility service taxes,
franchise taxes, licenses and permits are susceptible
to accrual when collected in the current year by the
City or by an intermediary government serving as
collection agent. Investment earnings are recorded as
revenue when earned since they are measurable and
available. • Where grants revenue Is dependent upon
expenditures by the City, revenue Is accrued as
obligations are incurred.
The local option 908 tax collections of approximately
$2,784,0()0 in 1985 were recognized as General Fund
revenue whorena in 1984 the tax was recorded in a
separate Special Revenue Fund. Unexpended 1984
tax revenues of approxlmately $2,997,000 were transferred
to the General Fund in 1985 to fund traffic related
expenditures.
Special assessments are considered susceptible to
accrual when collected In the current year or within 60
days subsequent to September 30th, provided that
amounts received pertain to liens assessed prior to the
end of the current fiscal year. The special assessment
receivables at year-end of $8,705,534, of which $559,000
are delinquent, are shown.net of deferred revenues of
$8,290,804 to more appropriately reflect current amounts
available for debt service. Special assessments are
recorded in the general obligation bonds debt service
fund since they represent only a partial reimbursement
of costs incurred in certain capital projects financed
with general obligation bonds. The City does not issue
special assessment bonds.
Expenditures under the modified accrual basis of
accounting are generally recognized when the related
fund liability is incurred and expected to be liquidated
with available resources. Exceptions to this general
rule include principal and interest on general long-
term debt which are recognized when due.
All Proprietary and Pension Trust Funds are accounted
for using the accrual basis of accounting. Their revenues
are recognized when they are earned, and their expenses
are recognized when they are incurred.
The Agency Fund is custodial in nature and does not
involve measurement of results of operations. It is
accounted for under the modified accrual basis of
accounting. Assets and liabilities are recognized when
they occur regardless of the timing of related cash
flows.
(D) Budgets and Budgetary Accounting
The City follows these procedures in establishing the
budgetary data reflected in the financial statements:
(1) Prior to August 31st, the City Manager submits to
the City Commission a proposed operating budget
for the fiscal year commencing the follaMng October
1 st. The operating budget includes proposed
expenditures and the means of financing them.
Budgetary control over expenditures is exercised
on a departmental basis.
(2) Public hearings are conducted to obtain taxpayer
comments.
(3) Prior to October 1st, the budget is legally enacted
through passage of an ordinance.
(4) Encumbrance accounting, under which purchase
orders, contracts, and other commitments for the
expenditure of monies are recorded in order to
reserve that portion of the applicable appropriation,
is employed in the General and Capital Projects
Funds. on A non-GAAP budgetary basis.
encumbrances rare recorded as expenditures of
the currant year. On a GAAP basis, encumbrances
outstanding at year-end are reported as reservations
of fund balance since they do not constitute
expenditures or liabilities.
(5) Annual operating budgets for the General, Special
Revenue and (Debt Service Funds are adopted on a
basis substantially consistent with generally accepted
accounting principles (GAAP) except that budgetary
comparisons for the General Fund include
encumbrances as expenditures.
Adjustments necessary to compare the results of
operations in the General Fund on a GAAP basis to
that on a Non-GAAP budgetary basis for the year
ended September 30, 1985 are as follows:
Excess of
Reirenues
and Other
Financing Fund
Sources Ovw September
and Other uses 30,1985
GAAP Basis ......... $ 5.075,664 $14.371,267
Less encumbrances
at September 30,
1985 .. (1,832.480) (1,832,480)
Plus encumbrances
at September 30.
1984 2.170.170
Non-GMP
Budgetary Basis S 5,413,354 S12.538,787
For 1985, the City did not adopt annual operating
budgets for the Community Development and
Miscellaneous Other Special Revenue Funds:
accordingly, the applicable columns of the combined
statement of revenues. expenditures, and changes
in fund balances —budget and actual (Exhibit IV)
exclude amounts relating to the unbudgeted funds.
Actual revenues exceeded budget in 1985 for the
Miami Sports and Exhibition Authority Special Revenue
fund by approximately $5,233,000. During 1985,
the Florida Supreme Court issued a ruling which
permitted the distribution of the 3% Convention
Development Tax levied in Dade County which had
been withheld since 1983. The total convention
development tax distributed to the Authority in 1985
was approximately $5,519,000. The Authority's
approved annual budget had approximated revenues
sufficient only to cover the budgeted administrative
expenditures of approximately $439,000. The
remaining tax proceeds are intended to provide
funding for the acquisition and/or construction of
convention/arena/exhibition center facilities. (see Notes
15 and 16).
Budgeted revenues in the Cable T.V. Special Revenue
Fund exceeded actual revenues in 1985 by
approximately $534,000. This varience is primarily
due to the withholding of $900,000 in franchise
fees by the City's Cable T.V. franchisee. The dispute
over the franchise fees arose from differing
A-11
'r'46.8it7
Interpretations as to the appilcability of certain
provisions of the Cable Communications Act of 1984
concerning prepayments in prior periods.
(6) Generally, the Commission and City Manager may
transfer among departments any part of an
unencumbered balance of an appropriation to a
purpose or object for which an appropriation for the
current year has proved insufficient. At the close of
each fiscal year, the unencumbered balance of
each appropriation reverts to the fund from which it
was appropriated and shall be subject to future
appropriations.
Budgeted amounts presented in the accompany-
Ing financial statements are as originally adopted,
or as amended by the City Commission and City
Manager through the year.
(E) Pooled Cash and Investments
The City maintains an accounting system in which
substantially all cash, investments and accrued inter-
est are recorded and maintained in a separate group
of accounts. All such cash and investments, including
accrued interest, are reflected as pooled cash and
Investments. Investments are stated at cost or amor-
tized cost, which approximates market. All investments
consist of U.S. government obligations and time depos-
its with approved financial institutions. At September
30, 1985, accrued interest on pooled investments
amounted to approximately $2,426,000. Interest income
is allocated based upon the approximate proportionate
balances of each fund's equity in pooled cash and
investments. No interest is charged to funds having
deficit balances. Not included in this pooled cash sys-
tem are the cash, cash equivalents and investments
held by the. Miami Sports and Exhibition Authority,
($4,892,9011) .the Downtown Development Authority
($149,934) the Department of Off -Street Parking
($4,257,977), and The Pension Trust Funds ($303,300,653).
(F) Pension Investments
Pension investments are carried at cost. Debt securi-
ties are adjusted for amortization of premiums and
discounts. Premiums and discounts are amortized using
the straight-line basis over the life of the investment.
Approximate market values of investments are deter-
mined as follows: Securities traded on a national secu-
rities exchange are valued at the last reported sales
price on the last business day of the fiscal year: securi-
ties traded in the over-the-counter market and listed
securities for which no sale was reported on that date
are valued at the last reported bid price: commercial
paper, money market funds and time deposits are val-
ued at cost which approximates market: mortgages
are valued based on current market yield, and rental
property is valued at the purchase option price.
Investment policy is determined by the Boards of Trus-
tees and is implemented by outside investment advi-
sors. Investment advisors use the following guidelines:
(1) Unlimited investments in bonds, notes or other obli-
gations of the United States Government and its
agencies and in bank certificates of deposit.
(2) Individual investments In the following cannot
10% of the funds available for investmonts:
'Y
• Corporate common stock, preferred stock, off,
vertible debentures (provided the aggro;==
investment does not exceed three percent "
total outstanding capital stock of any ono
corporation),
• Notes collateralized by first mortgages on relit._
property or guaranteed by the Federal Nou$
ing Administration or the Veterans AdminisiratiM,, :�fi
• Corporate interest bearing obligations.
Purchases and sales of securities are reflected *-.
a trade -date basis. Gain or loss on sales of securk;
ties is based on average cost.
(G) Inventories
Inventories are valued at the lower of cost (first4r ,
first -out basis) or net realizable value. Inventory in tta
Internal Service Funds consists of expendable sup>
plies held for consumption.
(M) Accumulated Unpaid Vacation, Sick Pay, and 01*1
Employee Benefit Amounts
Under terms of Civil Service regulations, labor Cora -
tracts and administrative policy, City employees are.'_
granted vacation and sick leave in varying amounts„
Additionally, certain overtime hours can be accruedli-
and carried forward as earned time off. Unused vaca.:'=R
tion time and sick leave is payable upon separation
from service, subject to various limitations depending r
upon the employee's seniority and civil service classi:°'t
fication. Accumulated unpaid compensated absences'?;
are accrued when earned in the Governmental ands`
Proprietary Funds, with the long-term portion of gov:'
ernmental funds liability being recorded in the Generally
Long -Term Group of Accounts.
(1) Intragovernmental Allocation of Administrativs
Expenses
The General Fund incurs certain administrative expenses'r
for other funds including accounting, legal, data'
processing, personnel administration, engineering and,,,,;
other services. A brief description of the major compoo- "
nents of such charges are as follows:
• Project Management —The Public Works Depart
ment charges major capital improvement projecttA,,
of the City for design, survey and inspection sere;,;=
ices. These charges are based on direct labor charges
plus an overhead factor for administrative exper4 t
of the engineering division, and totaled approximately.;
$1,783,000 for fiscal year 1985.
• Indirect Cost Allocation —The General Fund charges;;
other funds for general and administrative expenses;a
to allocate certain overhead costs as determined l
under a central services cost allocation plan. Such"�
charges approximated $762,000 for fiscal year 19ft 'x
W Bond Discount and Issuance Costs �F
Discounts on revenue and special obligation bonds
payable within the Proprietary Funds are amortized l
using the interest method over the life of the bonds.
A-12
Bond Issuance costa are capitalized and amortized on
A straight-line ball over the life of the bonds.
(K) Property, Piprtt nnat Egtrtpmen#
Property, plant and equipment used In Governmental
Fund type orations (general fixed arts) are accounted
for in the General Fixed Assets Account Group Public
domain ("Infrastructure") gene fix d wets consistin
of certain improvements other than buildingsg
, inclu
Ing roads, bridges, curbs, and gutters, streets and
sidewalks, drainage systems, and lighting systems are
capitalized along with other general fixed assets. No
depreciation has been provided on general fixed assets.
All property, plant and equipment are valued at histori-
cal cost or estimated historical cost if actual historical
cost is not available, and donated property, plant and
equipment are valued at their estimated fair value on
the date donated.
Depreciation of all exhaustible fixed assets used by
the Proprietary Funds Is charged as expense against
their operations. Accumulated depreciation is netted
against related fixed asset amount on the Proprietary
Fund balance sheets. Depreciation has been provided
over the estimated useful lives using the straight-line
method. The estimated useful lives are as follows:
• Buildings and Improvements .. 30-50 years
• Machinery and Equipment .... 4-20 years
• Improvements other
than Buildings ........... 10-20 years
Interest costs associated with Enterprise Fund borrow-
ings (revenue bonds) used for construction projects
are capitalized during the current period as part of the
assets, net of related interest earned on unexpended
portions of such borrowings. As no revenue bond con-
struction projects were ongoing in 1985, no interest
costs were capitalized.
(L) TotM Columns on Combined Statements —Overview
Total columns on the general purpose financial state-
ments are captioned "Memorandum Only" to indicate
that they are presented only to facilitate financial anal-
ysis. Data in these columns do not present financial
position, results of operations, or changes in financial
position in conformity with generally accepted account-
ing principles. Neither is such data comparable to a
consolidation. Interfund and intrafund eliminations have
not been made in the aggregation of this data.
3) PROPERTY TAX
Property taxes are levied on January 1st and are pay,
able on November 1st, with discounts allowed of one to
four percent if paid prior to March 1st of the following
calendar year. All unpaid taxes on real and personal prop,
erty become delinquent on April 1st and bear interest at
18% until a tax sale certificate is sold at auction. Dade
County bills and collects all property taxes for the City, and
sells tax certificates for delinquent taxes.
The assessed value of property, as established by the
Dade County Assessor of Property, at September 30. 1984,
upon which the 1984-05 Ievy was basqrl, lmqq approximately
,744.180,U00.1-he City is pormitt€Ad by Arilciea 7, Section 8
Of the Florida Constitution to levy taxes up for $i0 per
$1,000 of assessed valuation for general governmental
services other than the payment of principal and Interest on
general obligation long-term debt. In addition, unlimited
amounts may be levied for the payment of principal and
Interest on general obligation long-term debt, subject to a
limitation on the amount of debt outstanding. The tax rate
to finance general governmental services (other than the
payment of principal and interest on general obligation
long-term debt) for the year ended September 30, 1985,
was $9.8571 per $1,000. The debt service tax rate for the
same period was $2.052 per $1,000.
4) PENSiON INVESTMENTS
investments held by the Pension Trust Funds at Sep-
tember 30, 1985 and accrued interest thereon are summa-
rized as follows:
Approximate
Market Cost .
U.S. Government and
Government Agencies:
Bonds and Notes .......
$ 88.719,000
$ 85,694,394
Treasury bills ..........
20,897,000
20,525,082
Corporate Stocks .........
133.989,000
128,169,237
Corporate Bonds .....
21,282.000
21,458,217
Commercial Paper ........
9,699,000
9,698,371
Money Market Funds and
Time Deposits ...
32.412,000
32.412,071
Mortgages . ............
158,000
318,137
Rental and Other
Real Property ..........
125,000
125.361
Accrued Interest .........
3,648,000
3,648,402
$310.929,000
i302,049,272
5) DUE FROMiTO OTHER FUNDS
Due fromlto other funds are loans from one fund to
another for specific purposes.
At September 30, 1985, the
balance in due fromlto other funds
consisted of the following:
Due from
Due to
Fund
Otter Funds
Other Funds
General ................
$ 800,922
$ 3.653
Special Revenue:
Downtown Development
Authority ...........
3.653
—
Miami Sports and Exhibition
Authority ...........
—
197,200
Other Funds ...........
—
776,322
Capital Projects:
Culture and Recreation ..
172,600
—
Trust and Agency:
Pension Administration . .
GESE Pension Trust .....
FIPO Pension Trust ......
Total ...............
1,229,195
1,307,563
$3,513,933
2,536,758
$3,513.933
648•80?
0) DUE FROM OT"Flill 00VE1#NMENTS
amounts relating to grants awarded by other
governmental
Amounts dun from other governments primarily represents
from state and local governments.
agencies, Federal Revenue Sharing monies and other receivables
7) PROPERTY, PLANT AND EQUIPMENT
for the year ending September 1985:
The following is a summary of changes In general fixed assets
Acldttlons tletIonrrrg
OAfrurtcs
October 1, and and
iransfars 71ransfers
t?rrrrtsarr ,
t 5
Land $$ 20,$ ,734 $37,133,792 $ 1,036,450
$ 56,956,076
Building and Improvements ... 24,071,349 4,898,906 2,437,550
26,532,705 :.
M hine and Equipment ... 23.094,610 1,850,133 262,170
24,682.573
ac ry
Improvements Other
Than Buildings ........... 136,840,517 2,972,378
Construction in Progress ..... 73,022,715 18,619,304
Total ................. $277,887,925 $65,474,513
139,812.896
39.283,042 52,358,9W--
$43,019,212 $300,343,228
The significant committments related to the acquisition or construction of general fixed assets are shown as encum.
brances in the Capital Projects Fund and as Other Payables in the Long -Term Dept Group of Accounts.
General fixed assets as of September 30, 1985 summarized by funding source are as follows (unaudited):
Capital Projects Funds
General and Special Obligation Bonds .......................... $226,514,191
Federal Grants .......................................... 21,352,321 ;.
General Fund Revenues ....................................... 47,007,579
Special Revenue Fund Revenues ........... ............ ....... 5,346,893
Gifts...................................................... 122,242
Total ...................................................... $300,343,226
A summary of proprietary fund type property, plant and equipment at September 30, 1985, is as follows:
Internal
Enterpriaa
Somfee
Land .........................................
$ 12,302,455
$ 401
Buildings and
Improvements ..............................
132,811,816
4.407,251
Machinery and Equipment .............
5,369,276
22.752,258
Construction in Progress ....... .
1,318,492
--
Total .................... .. . ..
$151,802.039
$27,159.910
Less Accumulated
Depreciation ............ ..:.... ........
24,870,546
11,982,249
Net ............. ......
$126,931,493
$15,177.661
4
A-14
LONt#"TARM DEBT
The following Is a summary of change$ in long-term debt of the City for the year ended 3eptember a0. 19fi5 on
housands of dollars):
y? rr�r*�1 I s�,Taerr� 1
f'� I
GOMM
(1!bttptlm
Ob r 4110n
CIPIMM
P 14
01fW compe"SM10
P ra1'%
. -
it atA Q
Abowmes
Tout
"00.4%
3alance at
October 1,1984 ......
$151,650
$ 600
$20,810
$ 5,758
$11,394
$190,212
$ 84.320 $ —
New Bonds Issued ....
33,000
--
-._
^ "
33,000
-- 13,720
Bond Anticipation
Notes .............
Decrease in Lease
12,000
---
--
._
—
12.000
-- --
Payables ...........
Increase in Long Term
—
—
--
(1,128)
--
(1,128)
-- —
Claim Liabilities .....
--
—
3,250
—
—
3,250
-- —
Increase in Long -Term
Accumulated Unpaid
Compensated
Absences ..........
—
—
--
--
1,125
1,125
-- —
Debt Retired ...........
(22.010)
(150)
--
--
—
(22.160)
(10,517)
Balance at
September 30,1985 ...
$174,640
$ 450
$24,060
$ 4.630
$12,519
$216,299
$ 73.803 $13,720
Bonds payable at September 30, 1985, are comprised
of the following issues:
General and Special Obligation Bonds
(General Long -
Term Debt):
$25,000,000 Police Headquarters
Irprovement Bonds; seven issues,
maturing through 2005; interest at
rates ranging from 3% to 9.25% ...
$ 14,775,000
$38,000.000 Storm Sewer
Improvement Bonds; twelve issues,
maturing through 2014; interest at
rates ranging from 2.5% to 11.5% .
28.370,000
$44,640,000 Public Parks and
Recreation Facilities Bonds; five
issues, maturing through 2003.
interest at rates ranging from
3.5% to 9.25% ................
23,360,000
$65,000,000 Sanitary Sewer
improvement Bonds; ten issues,
maturing through 2013; interest
at rates ranging from
1110% to 9.25% ...............
30,515,000
$36,100,000 Street and Highway
Improvement Bonds: eight issues,
maturing through 2014; interest at
rates ranging from 3% to 11.5% ...
25,365,000
$79,240,000 Other Issues,
maturing through 2014; interest at
rates ranging from 1 % to 11.5% ...
52,705.000
Revenue Bonds and Special Obligation Bonds (Enterprise
Funds):
$60,000,000 Convention Center
and Parking Garage Revenue
Bonds, due in installments of
$100,000 to $4.750,000 through
2015; interest at rates ranging
from 6.5% to 8.5% .............
$ 60,000,000
$13,860,000 Off -Street Parking
Revenue Bonds, maturing through
2009 at varying rates of interest
ranging from 6% to 10.375% .....
13,705,000
$225,000 Orange Bowl Warehouse
Revenue Bonds, maturing through
1989: interest at 6.5%...........
98,000
$13,720.000 Special Obligation
Bonds: maturing through 2008:
interest at rates ranging from
5.625 % to 8.875 % .............
13,720,000
87, 23
Less Unamortized Bond Discount ..
(2,305,365)
$$ 85
W
The annual requirements to amortl7e all bonds and
other payabtes outstanding as of September 30, 1985, includ-
ing Interest payments of $299,341,000 are as follows (in
thousands of dollars):
Yew Endlg
anneal
> IXI
Other
ept Sembor 39
Ob_llgetion
Ob lgallon
naysnvo
Pay- bles
1986
$ 19.982
$ 1,319
$ 6,677
$1,067
1987
23,495
1,421
6,680
1,100
1988
22.846
1,540
6,678
1,192
1989
21,220
1,392
6,677
1,292
1990
20,432
1,394
6,775
-
1991-1995
86,022
7,010
37,143
--
1996.2000
63,077
7,087
38,134
-
2001-2005
39,658
6,541
36,923
-
Thereafter
21,243
5,902
64,665
--
$317,975
$33,606
$210,352
$4,651
The various bond indentures contain significant limi-
tations and restrictions on annual debt service requirements,
maintenance of and flow of monies through various restricted
accounts, minimum amounts to be maintained in various
sinking funds, and minimum revenue bond coverages.
A summary of major provisions and significant debt
service requirements follows:
General Obligation Bonds -Debt service is provided
for by a tax levy on non-exempt property value and
collections on assessment liens from projects financed
by proceeds of such bonds. The total general obliga-
tion debt outstanding is limited by the City charter to
fifteen percent of the assessed non-exempt property
value. At September 30, 1985, the statutory limitation
for the City was approximately $1,311,627,000 provid-
ing a debt margin of approximately $1,141,540,000
after consideration of the $174,640,000 of general obli-
gation bonds outstanding at September 30, 1985. less
approximately $4,553,000 available in the related Debt
Service Fund.
General obligation bonds authorized but unissued at
September 30, 1985, totaled approximately $99,275,000.
$60,000,000 Convention Center and Parking Garage
Revenue Bonds -Debt service is provided by a pledge
of net revenues of the Convention Center -Garage, a
pledge of certain telephone and telegraph excise tax
revenues, and by a covenant and agreement of the
City to provide, to the extent necessary, revenues of
the City, other than ad valorem property tax revenues,
sufficient to make up any deficiency in certain of the
required restricted funds and accounts.
Various funds and accounts held by the Trustee are
required to be maintained under the terms of the Trust
Indenture pursuant to which the bonds were issued.
Those funds or accounts pertaining to these provi-
sions include the Revenue Fund, Bond Service Account,
the Redemption Account, the Reserve Account, the
Construction Fund, the Supplemental Reserve Fund,
the Renewal and Replacement Fund and the Surplus
Fund.
A-16
The Trust Indenture provides that the gross revenue
of the Convention Center -Garage will be deposited, as
received, with the Trustee of the credit of the Revenue
Fund. The Trustee shall transfer from the Revenue
Fund, on a monthly basis, all money remaining in the
fund in excess of current expenses to the following
accounts or funds in the following order:
P)to the Bond Service Account, an amount equal to
the sum of (I) an amount equal to one -sixth (1/6) of
the interest payable on all the outstanding bonds on
the next ensuing interest payment date; and (il) corn.
mencing in January 1989, an amount equal to one.
twelfth (1112) of the next maturing Installment of
principal of all serial bonds:
b)to the Redemption Account, commencing in Janu-
ary 2001, an amount equal to one -twelfth (1/12) of
the principal amount of the term bonds required to
be retired on the next succeeding January 1st;
c)to the Reserve Account, such amount, if any, of any
balance remaining after making the deposits under
the two preceeding provisions, as may be required
to make the amount then held for the credit of the
Reserve Account equal to the maximum annual
principal and interest requirements for the current
or any succeeding fiscal year;
d)to the Renewal and Replacement Fund, commenc-
ing in October 1982, one -twelfth (1/12) of $100,000
and one -twelfth (1/12) of such additional amount, if
any, which a consultant retained for such purpose
in its latest written report prepared pursuant to the
Trust Indenture shall have recommended:
e)to the Supplemental Reserve Fund, such amount, if
any, as may be required to make the amount then
held for the credit of the Supplemental Reserve Fund
equal to Two Million Five Hundred Thousand Dol-
lars ($2,500,000);
f) to the Surplus Fund, the balance, if any, of the
amount so withdrawn.
At September 30, 1985, the City had on deposit with the
Trustee for these bonds approximately $9.466,000, exclu-
sive of accrued interest receivable, in the required
restricted funds and accounts
$13,720,000 Special Obligation Bonds -In July, 1985,
the City issued $13,720.000 of the City of Miami, Flori-
da. Special Obligation Bonds, Series 1985 (the "Series
1985 Bonds"). The proceeds from the sale of the series
1985 bonds were used to defease the previously out-
standing $10,400,000 Parking Revenue Bonds with a
balance remaining of $10,345.000. As a result, an extraor-
dinary loss of $2,468,039 was recognized. Debt service
is provided by a pledge of net revenues of the Gov-
ernment Center Parking Garage and utilities services
taxes collected by the City from the sale of water and
gas in an amount not to exceed the principal and
interest requirements in the ensuing fiscal year. A
reserve must be maintained equal to the maximum
annual debt service requirement. Various funds and
accounts held by the Trustee include the Revenue
Fund, Band Service Account, Redemption Account,
Reserve Account and the Genersl Reserve Fund. The
nature, purpose and fundinq requirements of these
funds and accounts are similar to those descrit@ed
nbov€t relative to the Convention Center. At September
30, 1905, the City had on deposit with tho Trustee for
these bonds approximately $1,776,000 exclusive of
accrued Interest, in the restricted funds and accounts.
S13,t1 , 1 O11-S"" PM*lng litM101441 BOW$ —Debt
service is payable solely from the revenues of the
Off -Street Parking facilities. This issue ("Series 1983")
consists of serial bonds of $3,220,000 payable in Install-
ments of $155,000 to $390,000 from 1984 through
1996 and term bonds of $10,640.000 maturing from
1999 to 2009. At September 30, 1985, the City had on
deposit with the Trustee for these bonds approximately
$2,658,000 in various reserve accounts.
These accounts consists of the Parking System Fund
(Revenue, Revenue and Replacement, and General
Reserve accounts), the Construction Fund (Additional
Facilities and Proceeds accounts), and the Bond Fund
(Interest and Principal, Sinking Fund, Reserve, Redemp-
tion, and insurance and Condemnation Award accounts).
9) CHANGES iN AGI-WCY 1NQ
The City's Agency Fund is used to account for the
92,0W,000 refundable deposits by the Cable T.V. licensee
and interest thereon, which is payable to the licensee. The
changes In the City's Agency Fund are as follows:
Deposits and accrued interest
beginning of year ............
Interest received ..............
Interest paid to licensee .........
Deposits and accrued Interest
end of year .................
Due to certain controversies relating to the licensee's
Performance under the Cable Ordinance, the City has assessed
fines against the licensee totaling approximately $950,000
as of September 30, 1985. Since the assessment is subject
to ultimate City Commission approval based upon the results
of an independent review of the licensee's adherence to the
Ordinance, the amount of the $2,000,000 performance deposit
has not been reduced by the amount of such penalties.
10) FUND EQUITY
The following individual funds had a deficit fund equity at September 30, 1985:
Fund Amount
Enterprise -- Parking Garage $2,758.591
Internal Service — Print Shop 198,424
The deficit in the Parking Garage Fund, resulting primarily from the $2,468,039 extraordinary loss on debt refinancing,
will be eliminated by future transfers of Utility Service Tax revenues. The deficit in the Print Shop Fund is expected to be
eliminated by operating surpluses in the future.
The expenditures in the Rescue Services Special Revenue Fund and the Utilities Service Tax Bonds Debt Service Fund
exceeded appropriations by $4,801 and $2,972, respectively, for the year ended September 30, 1985.
The fund balance at September 30, 1985 in the Utilities Service Tax Bonds Debt Service Fund exceeded the amount
reserved for debt service by $1,309,969, which was caused by a positive variance of actual revenues over budget in 1985.
The. excess of utility service tax revenues over the debt service requirements of the utility service tax bonds is pledged first
to provide funding as needed for debt service in the Convention Center and Parking Garage enterprise funds (see Note 8).
Fund equity in the Enterprise Funds at September 30, 1985 consists of the following:
Retained Earnings
Reserved for
Construction
and Revenue
Contributed
Bond Retirement
Unreserved
Capital
Oft -Street Parking ..............
$ 1,817,768
$ 8,755,482
$ 276,753
Convention Center ..............
8.408.935
(17,498.268)
43,243,798
Parking Garage ................
1,497,476
(4,889,967)
633,900
Auditoriums .*..................
—
(2,300,990)
5,407,505
Marine Stadium ................
—
(130.027)
675,161
Miami Stadium ................
—
(574,296)
1,406.186
Golf .........................
—
(4,862)
392.718
Other ........................
—
7,466,519
6.503,730
$11,724.179
$ (9,176,409)
$58,539.751
See Note 13 for selected
financial information regarding the enterprise funds.
��a-8U7
i
11) IMTERFt1ND TRA"SFERS
contributions
by
fund type is
as follows:
i
i"
1
A summary of Interfund
-
transfers and
Trenofe+ra In
p+ectO,
Intw n
Qon*M
Mod At"its
T0169
t+ten tm Fmrn
�J
Operating Transfers:
$ _
$1,484,905
$1,261,890
$ 543,791
$ —
$ .,.,.
$ 3,290, X
{
1
General............
Special Revenue .....
11,910,129
427,520
—
100,000
--
..._.
4,837,288
--
—
--
--
12,445 ,
22,400,22a
Debt Service ........
17,562,937
- -
- -
7,267,925
-
7,267,92
Capital Projects .... •
Enterprise ..........
1,268,976
---
--
730,251
--
—
375,913
---
1,999,22T
375,918 r
Internal Service .....
.� _. ---
$30,750,042
$1,912,425
$9,360.066
$5,381,079
$375,913
$ —
$47.779
i
r;
Equity Transfers
and Contributions:
$ ._..
$ --
$ —
$ 267,529
$ —
$ —
$ 267,529
i+
General............
Special Revenue .....
--
—
229,608
--
66,930
298,53$ =.
} '
Capital Projects .....
14,283
—
—
—
—
--
8,019
47,665
19,065
192,506
61,948
219,590
Enterprise ..........
Internal Service .....
—
—
—
—
—
510
820
1330 r
General Fixed Assets .
—
—
—
2,294,746
20,133
—
2,314:879
$ 14,283
$ —
$ 229,608
$2,570,294
$154,303
$193,326
$ 3,161,814
;Z
A-18
-
12) SELF-If':aS""A"OR
The City rrraintains aSelf-Insurance Expendable Trust Fund to adminletmr insurance activities relating to curtain
property send liability risks, group accident and health and workers' ccsmpo sation.
Charges to participating operating departments are based upon amounts determined by management to be necessary
to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims includes the
estimated future (lability on asecase basis for all pending claims and an actuarially determined amount for claims
Incurred but not reported. The unfunded long-term portion of the total estimated liability, which is expected 10 by funded
from future operations, Is reflected In the General Long -Term Debt Account Group (GLTD) and amounted to approximately
$24.060,000, as of September 30,1985, as follows:
Self lnstwV"" OL,TO
claims Psysw clsimss Rayaibls
(Cuff"" Pci+tien) (1� ream)
(A) Workers Compensation
All workers compensation costs are paid from the Self -Insurance Fund, with all
departments of the City being assessed a charge based upon annual cash
requirements.
As claims are reported, they are investigated by claims personnel, and an
estimate of liability on a case -by -case basis is established. The estimated liabilities
are periodically reviewed and revised as claims develop. Most liability in this area
will be payable over several years.
$ 543,356 $11,880,000
(8) General Coverage
Departments of the City are assessed for property and casualty coverage based
upon the cash requirements of the Self -Insurance Fund and their relative share
of the total risk. The City has continued to purchase certain casualty insurance
for which the premium is small in relation to the coverage provided.
The City is fully insured, subject to a $10,000 deductible, for all property loss
exposures. As casualty claims are reported, they are investigated by claims
personnel and an estimate of liability on a case -by -case basis is established.
748,904 12.180,000
(C) Group Accident and Health
Certain employees and retirees of the City contribute through payroll deductions
or deductions from pension payments to the cost of group benefits. The remainder
of the funds necessary are contributed by the City based upon the number of
participants in the plan. As of September 30,1985 the plan covered approximately
1,600 active employees, 800 retirees and 1,100 dependents. Costs of the plan for
the year then ended were approximately $4.4 million. During July, 1984, the
labor unions representing policemen and firefighters established separate group
benefit plans for both active employees and retirees. The City's plan does not
cover those employees or retirees. The amount of claims at September 30,1985
represents payments made by the City in October and November, 1985, on
claims incurred at September 30, 1985. 581.372
$1.873,632 $24.060.000
The City is a defendant in civil liability suit arising from alleged negligence on the part of a City employee while driving a
City vehicle. A jury verdict against the City was reached during 1985, awarding damages of approximately $10.7 million. The
City's liability in this suit is limited to $50,000 by Florida statute. However, the plaintiff has the option to seek to recover the
excess damages by introducing a claims bill to the Florida Legislature under Section 768 of the Florida Statutes. Passage
of a claims bill would allow the plaintiff to collect damages in an amount designated by the Legislature regardless of
statutory limitations on liability. No claims bill pertaining to this case has been introduced. As of September 30,1985, the City
has recorded only the amount of the statutory liability.
A 19
13) MOMENT" 1NMMAT'!oN-r-NTIMPRISE FUNDS
fronds various recreareti0nrei, c0mrnnii0n p ricirl faaciiiti -,
The City mAintnin4 eleven (11) enterprise which provide
for the fiscAI year ended SOpinmber 30,
1985 is aR f0II0W5
(in
thous -rods
of doll a s):
Selected financial Information
ON-6fs
&1a41err►e
� ,„►
C.+rrttt�'
plariesa
f�ud�cnin��
ltif
-
F'erklnp
Purrs
e� s
I*A4ne _..:.-
it
opera"ite"nues .............
s 1,597
13,656
$ 3,327
$1.356
s 533
$ 953
$ 202
s 1,330
$ 18,954
Depreciation Re............
937
506
1,531
172
146
44
149
59
3,
Operating Income (loss).........
2,027
386
(2,123)
776
(355)
(331)
(139)
1.049
1,Z*
Non -Operating Revenues
(Expenses) and
Operating Transfers ...........
(985)
161
(592)
133
296
59
(499)
(1,025)
(2,452)
Not Income (Loss) ..............
1,041
547
(2,715)
910
(59)
(271)
(3,106)(1)
23
(3,630)
Contributions and
Equity Transfers ..............
155
245
-
3
79
-
--
2,287
2,T68
Total Equity (Deficit) .............
10,850
8,334
34,154
4.703
3,107
388
(2,759)
2.310
61,087,.,
Total Assets ...................
26.056
8,712
94,004
4,811
3,178
481
10.881
2,349
150,4T2
Property, Plant and
Equipment, Net ..............
17,920
8.623
83,308
2,431
3,436
941
8,043
2,Z29
128,93T
Property, Plant and
Equipment:
Additions and
Transfers, Net ...............
565
871
375
310
5
27
-
2.288
4.441
Bonds Payable, Net .............
13,334
98
58,468
-
-
-
13,319
-
85,219.
Not Working Capital
(Deficit) ....................
3.663
(189)
(886)
2,273
(330)
(554)
482
81
4,540'
(1) Includes $2.468.039 In extraordinary loss on debt refinancing.
91 PENSION PLANS, AND RV -SOLUTION OF
PENSION LtTIOATIOrA
A)t 11-ppn+ifrrg entity
For a number of years, the City has sponsored two
t?eparate defined benefit contributory pension plans: Miami
City Employees' Retirement System (System) for police ofil-
cors and firefighters and Miami City General Employees,
Retirement Plan (Plan) for sanitation workers and general
employees. Since 1977, the City was involved in significant
pension litigation, primarily related to (1) a class action
lawsuit filed on behalf of all members and beneficiaries of
the Plan and System seeking to require the City, for the
years 1939-1975. to retroactively make additional deposits
to its pension plans totaling approximately $40,000,Q00 inctud-
Ing Interest through September 30, 1984, and (2) the claim
from the Boards of Trustees of the Plan and System of
underfunding of the pension plans in years 1980-1984 total-
ing approximately $14,300,000 (Plan) and $17,100,000 (Sys-
tem). Prior to 1980. the policy of the City was to make
contributions to the pension trust funds based upon amounts
determined to be due by the Plan and System actuarial
valuation reports, which provided for a level dollar amorti-
zation of unfunded prior service costs. The City Commis-
sion, in September 1979, adopted a policy limiting the increase
in the portion of the pension contribution relating to the
amortization of the unfunded prior service costs to five
percent of the preceeding year's amount, resulting in the
claim of underfunding by the Boards. Therefore, for 1%0.1984,
the City's contributions to the pension plans consisted of
normal costs and a 51/6 per year increasing amortization of
prior service cost over 35 years measured from 1976, less
investment manager's fees paid by the City on behalf of the
Plan and System.
Due primarily to the special circumstances involving
the litigallorr, both the Plan and System were excluded as
part of the reporting entity of the City in prior years. In 1985
the pension litigation and related matters were resolved, as
described below, resulting in the two pension trust funds
meeting the criteria for inclusion in the accompanying
financial statements of the City as part of the reporting
entity.
B) Resolution of Pension Litigation and Related
Matters
On May 23, 1985 a final judgement was entered by the
Circuit Court of the Eleventh Judicial Circuit in and for
Dade County, Florida, in settlement of the pension litigation
and related matters. The major terms of the settlement,
which was approved by the City Commission on June 13,
1985, are as follows:
— The System became the City of Miami Fire Fighters' and
Police Officers' Retirement Trust (FIPO) and the Plan is
now the City of Miami General Employees' and Sanita-
tion Employees' Retirement Trust (GESE). The composi-
tion and method of selection of members for both Boards
has been changed.
— Each of the "_ Poarria of Trunleog (Boards), in its
discretion, may hive its ovrn employees, its own admin-
istrator, its own attorneys, accountants, money man-
agers, and other profnssional5.
--- The City's total annual contributions to FIPO and GESE
beginning with fiscal year 1984185 are required to con-
sist of:
• Administrative expenses.
• Actuarial contributions for normal cost using the
entry age method; a mechanism has been agreed
upon to resolve possible disagreement on annual
contributions by a third party.
• Annual unfunded liability contributions based on a
schedule that requires $5.000,000 for FIPO and
$6,400.000 to GESE, respectively, increasing there-
after by approximately 5% per year. The total unfunded
liability, including the effect of certain plan improve-
ments, was calculated to be approximately
$104,500,000 for FIPO as of January 1, 1983, and
$109,000,000 for GESE as of October 1, 1982,
establishing the basis for the contribution sched-
ule. The currently existing unfunded liability bal-
ances are scheduled to be eliminated by the year
2012 for FIPO and by the year 2008 for GESE.
— Any increase in the unfunded liability of either FIPO or
GESE arising from lawful increases in benefits provided
by the City unilaterally shall be amortized in level annual
installments over the shorter of (1) 30 years from the
beginning of the fiscal year in which the change occurred,
or (2) the period over which such benefit increase is
expected to be paid. Any increase or decrease in the
unfunded liability resulting in changes in actuarial
assumptions or changes in benefits resulting from col-
lective bargaining shall be amortized in level annual
installments over a period of 30 years from the begin-
ning of the fiscal year in which the change occurred.
— A Cost -of -Living Adjustment Fund (COLA Fund) was
created with a designated amount of savings goner-'
ated by the tax qualification of FIPO and GESE being
contributed by the employees. The COLA Fund is funded
as follows:
• Two percent of the earnable compensation of each
member shall be credited each pay period to the
COLA Fund.
• A transfer to the COLA Fund of an amount equal to
one percent of the total payroll of all members per
fiscal year, to the extent such an amount is availa-
ble from excess interest earnings determined on an
accumulated basis from October 1, 1982. to the
beginning of the year of determination, reduced by
any COLA transfers in prior years. Contributions
pursuant to this provision shall be mandatory for
three -and -one-half years only, beginning October 1,
1983. Excess interest earnings are defined as being
the difference between the rate of return on the
actuarial market value of the average assets as
DF46-807
calculated In accordance with Chapter 112, Florida
Statutes, less the assumed rate of return for active
members on the current actuarial valuation report.
-- The liability, if any, of the pension trusts to pay a varia-
ble annuity benefit to any past, current or future retir-
ees was extinguished.
The City paid approximately $900,000 in legal fees of
the various plaintiffs through the Pension Administra,
lion Trust Fund (expendable trust fund) during 1985.
The settlement resulted in no other liabilities assessed
against the City.
C) D rlptlan of Pension Plans and Actuarial Meth•
ods and Assumptions
FIFO and GESE are separate defined benefit plans to
which member employees contribute a percentage of their
base salaries or wages on a bi-weekly basis. This percent-
age was 8 1/2% for FIPO and 8% for GESE until June 1;
1985, at which time the percentages were increased as a
contribution to the COLA Fund. Contributions from employ -
GESE
Assumed rate of return on investments:
ees are recorded in the perlod the City M-9kPs payroll d
tions from participants. The City Is to contribute suoh
amounts as are necessary on an a.ctuariai basfn to provi
FIPO and GESE with assets sufficient to meet the tmpneflta
to be paid. GESE also receivAq contributions, thrQi,,iqh the
City, from Metropolitan Dade County and the State* of Flor.
Ida on behalf of certain plan participants.
The present value of vested benefits (benefits to which
participants are entitled, regardless of future service with
the City) and the estimated actuarla_lly determined unfunded
prior service cost were calculated by consulting Actuari
as of January 1, 1984 for FIFO and October 1, 1984 for
GESE as a basis for determining the City's contribution for
the City's fiscal year ended September 30, 1985. The estl
mated actuarially determined unfunded prior service cost
is calculated using the frozen entry age actuarial cost
method.
The more significant assumptions underlying the actu-
arial computations are as follows:
Prior to retirement 8% per annum, compounded annually
After retirement 7% per annum, compounded annually
Active mortality basis 1971 Group Annuity Mortality Table, set back 6
years for females
Employee turnover
Age
Rate of Withdrawal
Years of Service
1
3
5+
20
.175
.120
.080
30
.175
.120
.060
40
.175
.120
.040
50
.175
.120
.020
AnnuaRate of
Salary Scale Age
Salary Increase
20
.100
30
.085
40
.075
50
.075
60
.075
Annual
irement f
Retirement Age
etl
55 .300
60 .140
65 1.000
Asset Value Lower of market value or statement value or
statement value
i`
4
"
III J ..
Assumed rate of return
x
on InvestmentsT%
per annum, compounded nnnually
Active mortality basis
1971 Group Annuity Mortality Table, producing
the following specimen rates:
Age MoleFemale
20 .0503% .0260%
.;'
30 .0809 .0469
40 .1633 .0938
50 .5285 .2165
I
60 1.3119 .5649
.
Employee turnover
In accordance with the following specimen rates:
Age Rate
20 8.0 %
`
30 6.0
y .
40 3.0
50 0.0
Salary scale
Plus 15% additional in first year of employment.
k ;
Seniority scale, providing annual earnings, in-
creases ranging from 4.8% at age 20, 2.5% at
age 30, 1.7% at age 40, 1.4% at age 50. to 09/o
at age 60. In addition, a 5% annual increase
due to inflation is assumed.
Retirement Age
Probabilities of retiring ranging from 1 % at age
40, 3.5% at age 45, 50% at age 60, to 100% at
j
age 55.
Asset value
Moving market value average.
A summary of certain information in the actuarial
valuation is as follows:
FIFO OESE
To determine City contribution
for year ended .......... • .........
• ............ 9130185 9130185
Valuation date ...................................
1101 /84 10101183
Actuarial value of net assets ........................
$153.367,000 $ 87,012.103
Actuarial present value of
accumulated plan benefits:
Vested .......................
$165,397,000
Non -Vested ......... I .. . ... .......
11,311,000
Total ......................................
$176,708.000
Actuarially determined
unfunded prior service cost . .. .. .....
$108,924,000
Number of participants:
Active employees ....... • • • • •
t ,717
Retired, disabled and
859
deferred vested ...........
Total .................... .... _ • •
2,576
Required employer
$ 10,700,000
contribution funded ..... • •
_----
A-23
$155,145,000
5.236,000
$160_ 381,000
$111,778.313
2,016
1,510
- 3 526
$ 10,15. 9599 .
Through 1985 the City has maintained a Pension Admin-
Istration Trust Fund (expendable trust fund), which charges
each Department of the City and other governmental con-
tributors their respective share of estimated pension plan
contributions ($17,168,000 and $540,000, respectively, in
1985). Substantially all amounts charged were to the Gen-
eral Fund, and the remainder to various other funds, prin-
cipally Enterprise and Internal Service. The Pension Admin-
istration Trust Fund then disburses the actuarially deter-
mined required contributions to the pension trust funds.
For 1985, the required contributions to FIFO and GESE as
a result of the settlement of the pension litigation totaled
approximately $20,860,000, as compared to approximately
$19,255,000 for 1984 as determined by the City's actuary
prior to the settlement. The required contributions were
funded to the pension trust funds during the year for
which required or shortly thereafter.
The fund balance of the Pension Administration Trust
Fund at September 30, 1985 of $1,415,333, which repre-
sents the accumulated excess of charges to other funds
and miscellaneous revenues over actuarial requirements
and other expenditures, has been designated for future
pension plan contributions.
D) Other Plans
The City also makes contributions through the Pen-
sion Administration Trust Fund to the Police and Firemen's
Relief and Pension Trust Funds, which are not under the
jurisdiction of the City, and therefore, not included herein
as part of the reporting entity. Funding for such contribu-
tion, which totaled approximately $3,231,000 for 1985, is
from the State of Florida -Bureau of Municipal Police and
Firefighters' Retirement Fund, pursuant to Chapters 175
and 185 of the Florida Statutes.
The City sponsors two deferred compensation programs
for its employees administered by ICMA and the U.S. Con-
ference of Mayors. The ICMA administered plan provides
for a City contribution of 8% of based salaries of participat-
ing employees, which was approximately $165.000.
15) COMMITMENTS AND CONTINGENCIES
There are a number of claims and lawsuits outstand-
ing against the City, arising principally from personal inju-
ries incurred on City property, for which a liability of
$24,060,000 is recorded in General Long -Term Debt as of
September 30, 1985. as described in Note 12.
Housing Bonds
In February, 1976, the City Commission passed an
ordinance which approved the issuance of $25,000,000
General Obligation Housing Bonds of the City for the pur-
pose of providing housing for families and persons, includ-
ing the elderly, of low and moderate income. During fiscal
year 1983184, the City issued the final $18,100,000, of the
approved bonds. The current and proposed uses of the
proceeds are as follows:
• Pursuant to agreements between the City of Miami
and Dade County, certain of the proceeds of such
bonds have been deposited in trust for a reserve
fund to provide additional security for certain hous-
ing revenue bonds issued by Dsdo County ar
expended as capital contributions to Onde County
for projects built within City limits. As of Sept _
ber 30, 1985, approximately $8,000,000 of theme 9—
bond proceeds have been expanded for land a
sition for various housing projects within the City
limits conducted in conjunction with Dade County
and approximately $2,667,000 had been transferred ;
to the trustee for debt service reserve require.-
ments. The amounts transferred to the trust ad-
count have been recorded as receivables in the
capital projects funds and, due to the uncertainty
of collection, an allowance for the full amount hart
been established.
• As of September 30, 1985, approximately $6,300,000
of housing bond proceeds has been used for land
acquisition costs as of September 30, 1985, asso. ; x-
ciated with the Southeast Overtown Park West'.`A.
Redevelopment Project, which targets for redevef 3
opment 200 acres of prime real estate adjacent to
the City's central business district. The four con• s
struction contractors chosen by the City for the
initial nine blocks of the project will be offered'`"
construction financing assistance. The City may
issue in fiscal year 1985186 up to $40,000,000 in
three-year construction notes to be supported by j
an irrevocable letter of credit of a major bank. The
notes would be secured by the payments to be
received on account of the sale of the units,
investments held by the Trustee, and by the pledge g<
of the City of certain non -Ad Valorem revenues.
• In addition, certain bond proceeds are anticipated
to be used to finance land acquisition and related
costs for an affordable rental housing develop-
ment program. This program's objective Is the
construction of rental housing units within the "r
City of Miami for low and moderate income per- _
sons in conjunction with Dade County. Construe
tion is expected to be financed by the issuance of
up to $65,000,000 in City of Miami Mortgage Rev-
enue Bonds and equity investments from the prof-
ect's developers.
Convention Center
In August 1980, the City issued $60,000,000 of Con-
vention Center and Parking Garage Revenue bonds to ,a`
finance construction of the City of Miami/University of Mlaml
James L. Knight International Center. As discussed in Note
8, the bonds are collateralized under the trust indenture by r
a first lien on the pledge of the net revenues of the Conven•
tion Center -Garage, certain telephone and telegraph utility
service taxes and by a covenant and agreement of the City ;y
to provide, to the extent necessary, revenues of the City ;.
other than ad valorem tax revenues, sufficient to make up
any deficiency with respect to the payment of operating
expenses and debt service and the maintenance of the'-"
reserves required under the bond indenture. The City has ;.
appropriated approximately $4,269,000 of utility service tax
revenue for these purposes for the fiscal year ended Sep-
tember 30, 1986. It is anticipated that similar transfers of'TM
such revenues will be necessary thereafter on an annual
A-24
basis through fiscal 1989 to subsidize Convention Center
deficits.
The City entered into an agreement with the Univer-
sity of Miami, whereby the University leases space in the
Convention Center for a term of 30 years, Including two
30-year renewal options for a total of $2,906,000 paid as
basic rent in advance in 1983. The City also entered Into a
lease agreement with a private developer for certain air
space over a portion of the Convention Center for a hotel.
The lease Is for a term of 45 years, with a 45-year renewal
option and provides for a base rent of $2,900,000 paid to the
City in advance in 1983 plus additional rent payable annu-
ally as a graduated percentage of gross sales in excess of
$20,000,000. No additional rent was received during 1985
under this provision. The amounts received as base rent In
1983 were accounted for as equity contributions to the
Convention Center.
The City also entered into an agreement with a sepa-
rate private developer to lease air space over a portion of
the parking garage for a 37-story World Trade Center,
currently under construction. The lease agreement pro-
vides for lease extensions yielding a total term of 90 years.
Base rent is set at $150,000 per annum, with up to an
additional $150,000 annually to be received based upon
the World Trade Center's occupancy rates. Both rent com-
ponents are adjusted annually for changes in the consumer
price index.
Parking Garage
In July 1985, the City issued $13,720,000 of Special
Obligation Bonds, series 1985, for the purpose of refinancing
the $10,400,000 Parking Revenue Bonds issued in 1982 to
finance construction of a 1,110 car parking garage adja-
cent to the Government Center (see Note 8). The facility
opened to the public in 1983. The Series 1985 bonds are
collateralized under the bond ordinance by net revenues
from the parking garage and the revenues of the City
derived from water and gas utility services tax in an amount
not to exceed the maximum principal and interest require-
ments in the ensuing fiscal year. The City has appropriated
approximately $1,559,000 of utility service tax revenue for
this purpose for the fiscal year ending September 30, 1986,
Sayside Specialty Center
The City entered into a lease agreement with an out-
side developer (Rouse -Miami. Inc.) to allow the construc-
tion of a proposed $126 million retail center on 20 acres of
City -owned property along the edge of the Miamarina to be
named the Bayside Specialty Center. The lease agreement
has a term of 45 years with two renewal options of 15 years
each. Annual rent is set at the greater of 35% of the net
income of the project or the minimum base rental as defined
in the agreement. Rental payments shall be received monthly
after the project commences operation targeted for 1987.
The retail center is to be financed by a construction
loan of $72 million obtained by the developer, a $3 million
equity contribution from the developer and $4 million in
infrastructure improvements to be provided by the City. As
of September 30. 1985, the City had expended approximately
$370,000 in cost primarily associated with the demolition of
the Rayfront Alldit0rhIM, Which occupied the site, of the
Project. The City also advanced $2,650,000 to be refunded
by the dqvelopern to buy o+at the existing lease on a res-
taurent facility within thn leasad premises. It is projected
that tenant improvements will represent an additional $30
million investment.
In October 1985, the City lssur•!d $17,010,000 of Indus-
trial Development Revenue Bonds, Series 1985 (Bayside
Center Limited Partnership Project) to finance the construc-
tion of a multi -level parking garage adjacent to the Bayside
Specialty Center Project. These bonds are payable from
revenues generated from the operation of the garage and
repayment is the responsibility of Rouse -Miami, inc., the
bonds do not constitute a debt of the City. The City is not
obligated to pay the bonds or interest thereon.
Coliseum/Exhibition Center
The Miami Sports and Exhibition Authority (Authority)
is currently negotiating a comprehensive contractual
agreement with Decoma Venture (Developer) to construct
an arena facility. The Authority has entered into an Irrevo-
cable Letter of Credit Agreement with the Developer in the
amount of $100,000 payable to the Authority as security
for liquidated damages in the event no agreement can be
reached by May 15, 1986 under certain conditions, princi-
pally the Developer's failure to negotiate in good faith.
On August 20, 1985, the Authority entered into a
Pre -Development Agreement (Agreement) with the Devel-
oper which permits up to $1,500,000 in expenses and obli-
gations to be undertaken by the Developer to accomplish
or initiate pre -development activities. All payments by the
Authority under the Agreement may either be credited
against any future advances or payments required to be
made by the Authority to the construction project or, if
permitted by law, may be reimbursed out of the proceeds of
any bonds issued by the Authority to finance construction.
As of September 30, 1985, no pre -development expenses
had been presented to the Authority for payment.
On August 30, 1985, the Authority adopted a Resolu-
tion authorizing the issuance of up to $65,000,000 of spe-
cial obligation bonds of the Authority, payable from Con-
vention Development Tax revenues to fund the arena
construction. The Resolution also provided for the issu-
ance of subordinate obligations for any lawful purpose of
the Authority. (See Note 16—Subsequent Events).
16) SUBSEQUENT EVENTS
On December 27, 1985, the Miami Sports and Exhibi-
tion Authority issued $38,000,000 Fioating/Fixed Rate Spe-
cial Obligation Bonds, Series 1985 (Bonds) maturing in
various amounts from 1991 through 2015. The Bonds are
limited special obligations of the Authority and are payable
solely trorn and secured by a pledge of (i)the Authority's
allocated portion of the 3% Convention Development Tax
levied and collected in Dade County, (ff) investment earn-
ings on certain reserve accounts required to be maintained
with the Trustee, and (ill) from the date of original issuance
of the Bonds through December 30, 1990 (except upon the
earlier occurrence of certain events), from funds drawn
under a bank letter of credit in a stated amount equal to the
A-25
principal amount of the Bonds plus 55 days Interest thereon
at an Interest rate of 12%. From the date of initial Issuance
of the Bonds through January 7, 1986 the Bonds will bear
Interest at 8.25%; thereafter, at a variable rate per annum
calculated weekly. The Bonds were issued principally to
provide funds to pay the cost of acquisition and construc-
tion of arena, facility, together with a $8,500i000 contribu-
tion by the Developer and a contribution by the Authority of
approximately $4,721,000 In accumulated Convention Devei-
opment Tax revenues.
on December 27, 1905, the Atithtarity alscl isata -
g10,o00,000 Subordinate* obiigatlan mote, Series 1986, ti
fund a permanent or temporary exhibition conter or a
other la%+dul purpose of the Authority. This noto Is ar,
by a pi edge of this Authority's allocated portion of the 3'#1
Convention DevElopment Tax, but on a besis sartxar t=
and junior to the pl". 9 to the erles 1985 Special Abt
tion Bonds. Interest on the note Is at 70% of prime rsr
subject to adjustment under certain conditions. inter f1
payable quarterly beginning In April 1986. Quart" prig
cipal payments of $312,500 commence January 1987. we,
the final installment due in December, 1995.
l
y
�..
�
i
i
*o-
1
1,
1
K
s
1
}
A-26
. 1 1
.x}
"t
SCHEDULE &I
CITY OF MIAW, FLonlDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FLING BALANCE -BUDGET
(NON-GAAP BUDGETARY BASIS) AND ACTUAL,
YEAR ENDED SIEnPTEMBER 30, 1"S
With Compsativa Actual Amounts for Year Ended S4ptamhor 30,1984
14aa
v
Far�ebts Iklait
19N
Revenues:
Taxes:
Property tax collections,
Including penalties and Interest ........... .
Business and excise taxes ............. ..... .
Licenses and permits:
Business licenses and permits .................
Construction permits .................. . .........
Intergovernmental:
State revenue sharing .............
Sales taxes ..................... ....
Court fines ...................................
Other ...
Intragovernmental:
Engineering services ...................... , .... .
Administrative charges .........................
Charges for services:
Public safety ........... . , . .
Recreation ................ .......
Solid waste ........... ...........
Other :........
Interest ................. . .
Other revenues:
Rents ... ...... .... ..
Miscellaneous ......... .....
Total revenues ... .. ..
ed®gt MUM (unlaymnaml
$ 83.292,416
$ 84,208,646
$ 916,230
$ 78,967,870
14,678,200
16,073,050
1,394,850
4.885,370
97,970,616
100,281,696
2,311,080
83,853.240
5,924.817
5,956,449
31,632
5,779,021
66,325
84,572
18,247
73,536
5,991,142
6,041,021
49,879
5,852,557
11,220,000
11,962,175
742,175
11,715,407
10,500,000
11,354,993
854,993
10,633,775
2.100,000
1,477,170
(622,830)
2,111,474
1,113.241
1,478,949
365,708
1,0661729
24,933,241
26,273,287
1,340,046
25,527.385
2.690,000
2,775.073
85,073
2,646,25E
-
23,751
23,751
41.120
2,690,000
2,798,824
108.824
2,687,378
3,220,800
3,594,644
373,844
3,479.658
228,000
253,590
25,590
248,024
12,540,000
12,993,917
453,917
7,734,936
1,540.576
791,582
(748,994)
684,418
17, 529.376
17.633.733
104,357
12,147,036
2,000.000
2,717,703
717,703
3,349,836
-
2,866
2,866
1,458,546
50,500
381,183
330,683
696,715
50,500
384.049
333,549
2,155,261
151.164.875
156.130,313
4,965.438
135.572.693
(Continued)
10-46-6VI
SCHEDULE, j",
CITY OF MIAMI, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENI?ITUAE8
AND CHANGES IN FUND OALANCIE—BUDGET
(NON-OAAP BUDGETARY BASIS) AND ACTUAL,
YEAR ENDED SIEPTEMOER 30, 1986
With Compmative Actual Amounts for Year Ended SeptembOr 30,1984
1905
Vaftwe
Fawn me
Budget Actual (Unfavera®l+e)
Expenditures:
General government:
Mayor and commission ............. ....... .
City manager ...... I..I......................
City clerk ....................... ......... .
Management and budget ............. I .........
Finance....................................
Legal......................................
Civil service ....................... . .
Human resources ..... .................... .
Community development .......................
Tourism and promotion .. ..........
Computer and communications ..... ..... , .. .
Public safety:
Police................ ...... _ ..........
Fire ..............
Public improvements:
Public works .................................
Planning and zoning boards ......... .... .
Solid waste ................. ..... .. ... .
Culture and recreation ............. . . ...... .
Other:
Employee benefits .................. ........ .
Special programs ..................... .... .
Intragovernmental charges ......................
Miscellaneous ...............................
Total expenditures ......... . ..... . ... .
Excess (deficiency) of revenues over expenditures .... .
Other financing sources (uses):
Operating transfers in ........................ .
Operating transfers out ...... I ........ I ........
Total other financing sources (uses) .........
Excess (deficiency) of revenues and other
financing sources over expenditures
and other uses .......................
Fund balance at beginning of year .......... . ...... .
Equity transfers to other funds ....... . ............ .
Equity transfers from other funds ...................
Fund balance at beginning of year .................
$ 1,039,987
2,943,733
549,511
1,484,867
2,850,405
1,290,329
198,364
1,724,453
1,097,549
1,297,460
4,048,922
18,525.580
$ 893,211
2,819,974
528,514
1,414,701
2,804,307
1,248,346
188.281
1,626,207
1,060,997
1,083.588
_ 4,036.236
17,704,362
$ 146,776
123,759
20,997
70,166
46,098
41,983
10,083
98,246
36,552
213,872
12,686
821,218
64,091,435
62,972,667
1,118,768
36,501,724
36,312,302
189,422
100,593.159
99,284.969
1,308.190,
15,418,230
13,610,802
1,807,428
1,402,895
1,358,661
44,234
16,821,125
14,969,463
1,851.662
23,431,169
22,830,100
601.069
8,810,258
8,669,148
141,110
2.818,003
2,321,612
4,170,156
5,648.850
14,958.621
183.139,912
(31,975.037)
30,618,349
(3,443.312)
27,175,037
$ (4,800,000)
A-28
2,852,723
1,916,971
4,126,636
5,822,043
14,718,373
170 1792 AIA
(22.046,102)
30,750,042
(3,290,586)
77 ASG AGR
5,413,354
7,378,679
(267,529)
14,283
S 12,538,787
(34,720)
404,641
43,520
(173,193)
240,248
4,963,497
9,928,935
131,693
152,726
284,419
$10.213,354
}
SCHEDULE 9-1
CITY OF MIAMI, FLORIDA
-
SPECIAL REVENUE FUNDS
fi
Ct�NAIIIININQ BALANCE SHEET
SEP-TEMItElt 30, 1989
VAth
r:
Cognp
tltro Totala ter Soplomber 30, 1964
Oawt!l 1t1 1
Now., fleaM cam"Mt ie is ucalOpuelt
011W
AtrtMarMr
Abe t
S tr!� Shea no""" T,V. Gas Tau
WMtt
19"
E"" (deeclt) In pooled cash
arld wiestmonts ........
S -
S -
S(2,149,539) $133,703 S(390,792) $3,786.376 $ -
$1,977,230
$3.356,978 $2,679,536
"and cash equlvaleats ..
4,892.901
149,934
-- - - -
-
5,042,835
34,989
=
Tax" receivable ..........
434,612
33,697
- - - - -
-
468,309
290,287
ACMITts recetvable .......
-
72,875
- - 10,586 -- -
21,452
104,913
100.671
Due from other funds ......
--
3,653
-- - - - -
-
3,653
6,267
Notro other governments
-
-
2,180,257 - 913,056 - -
438.574
3,531,889
1,142.254
-
Other ..................
-
525
- - 2.501 - -
-
3,028
29.866
y.
Total assets .........
$5.327,513
$260.684
$ 30,718 $131.703 $ 535.353 $3,786.376 $ -
$2,437,256
$12,5 11 ,603 $10 883 850
UAISJUTIES AND
FUND BALANCES
Vouchers and accounts
per........,. ......
$ 48,104
$ 4,620
$ - $ 8,115 S 423,994 $ 7,422 S -
$ 120.720
S 612.975
51,688.049
{
14MW expenses
(pri"A Y s).....
-
11,138
- 7,050 - - -
1,430
19,618
35,603
Due to other funds ........
197,200
-
- - - - -
-
776,322
973.522
548,100
5.396
Due to other governments ...
-
-
- - - -
- - 111,359 - -
175,176
286,535
244.645
4,645
Deposits refundable .......
-
-
-
-
-
5.700
Other payables ...........
Total liabilities ........
-
245,304
-
15,756
- - -
- 15,165 535,353 7,422 -
1,073.648
1.892.648
2.617.493
Fund balances:
unreserved-
undesignated ........
5.082.209
244.928
'
30.718 118.538 - 3,78,954 -
1,363,608
t0,6t8'955
8,266.351
-
Tom liabditbs and--
fund balances ....
$5.327.513
$260,684
$ 30.718 $133,703 S 535.353 53,786,376 $ -
$2,437.256
$12.5_ 11_ _603
$10,833.850
rs
_
-
-
,
A 29
;:
5 s,
SCHEDUL4 IK-
Revenues:
Property tax collections .....
Business and excise Ives ...
Licenses and permits ......
Intergovernmental .........
Interest .................
Other ...................
Total revenues ........
Expenditures:
Public safety .............
Grants and related
expenditures ............
Economic development .....
Other ...................
Total expenditures .....
Excess (deficiency)
of revenues over
expenditures ........
Other financing sources (uses):
Operating transfers in ......
Operating transfers out .....
Total other financing
sources (uses) ......
Excess (deficiency)
of revenues and other
financing sources over
expenditures and other
uses ..............
Fund balances at
beginning of year ...........
Equity transfers to other funds
Equity transfers from
other funds ...............
Fund balances
at end Of year ..............
CITY or MIAmi, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, '985
With COMPPrAtIVO TO"19 for Your Ended September 30, 1984
RONA
aril G�e Re"ll"
152,261
5.671.452
399,783
399,783
5,271.669
5.271.669
(189,460)
$5,082.209
namis Community coos Lml n War to
- !T!!opme "?wIFunds Im
SM-409 ot T.V. 04111 Ox
—
$ — $
$
$ — $
335.566 $
8?4
$ 335.566
$
—
6,752.561
4,360..i-
—
—
1,233,370
-
32,365
8,811,281
—
9.733,468
4,277.091
22,854,205
24,272.—
7,776
10,151
231,760
3 59.990
132,574
995,330
894,1112
1.117,739
58.579
—
10,428
47,460
5,942
434.286
8,811,281
1,253,949
10,012.688
365.932
5.404,995
31,954.583
32.490-
1,818,707
—
—
1.818.707
1,756,-
-
9.585.168
5,223.643
14.808,811
16,3
945,324
—
—
—
945.324
799.598
—
1,199.381
02:1,f
945.324
1.818,707
9.585,168
799,598
5,223,643
18,772,223
19,966.1
(511,038)
8,811,281
(564,758)
427,520
(433,666)
181,352
13,182,360
12.523.rw-:,
772,095
—
511.434
628.896
1,912.425
219,&-s
—
(8.921.088)
—
(427,520)
—
(2,997,041) (100.000)
(12,445,649)
(10,079,4
772.095
(8,921,088)
511,434
(427.520)
—
(2,997.041) 528.896
(10.533.224)
(9, W, -Va
— z
261.057 (109,807) (53,324) — (433,60) (2,997.041) 710,248 2.649.136 2.66077.
(16.129) 140,525 171,862 4,212,620 2,997.041 949.898 8.266.357 6,214.
— — — — (296,538) (296.538) (931,i
319.(
S 244.928 $ 30,718 S 118.538 $ — $3.778,954 S — $1,363.608 6 10.618,955 5 8,266C-7
A-36
CITY of MIIA►MI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITTiP, i!>�i�(�T�A1E�N (t VF-1,Q)P ENT
WHORITY, FEDERAL REVENUE SHAKING, KKK SERVICES AND CABLE T.V. SPECIAL REWNU E FUNDS
COMBINING STATEMENT OF REVENUM EXPENDITURES AND CHANGES
IN FtANpI I AI #N 1—mOAll f l T (cjAAp BASIS) II ACT
r:
YEAR ENDED SEPTEM9ER , 1paS
vAth Comp tiva Tolom ♦o* f Year Endawl Soptomb4w 30, 19
..
IAhmA 8 na tw ptwfte 14.. .... . . .. ..... mkt -. rofewopffmm-
Act Abu) 0-4)
=_
Fr•o.�p m tax collections ............
$ — $ — S — S 337,477 $335.566 S 0.911) $ — $
$
o am excise
4
(des .. ......................
438,435 5.519.191 5,080.756 -- — — —"
—
Licenses and permits .
—
— —
5,',
intergovernmental ................
-- -- -- 34.000 32,365 (1.635) 8.921,090
8.811.281 (109.809)
Interest .. • • ............. • • • • • . •
— 152,261 152.261 — 7.776 7.776 —
— —
Other ..........................
— — — 13,684 58,579 44,895
Total revenues ...............
438,435 5,671.452 5,233,017 385.161 434,286 49.125 8.921,090
8.811,281 (1_ 09,809)
Emovic development ............
— — 1,157,256 945.324 211,932 —
— —
Other ..........................
M435 399,783 33.652 — — — —
— ._..--
Total expenditures ............
438,435 399,783 38,652 1,157,256 945.324 211,932 —
— —
Excess (deficiency) of
revenues over
expenditures ..............
— 5,271.669 5,271.669 (772,095) (511.038) 261.057 8.921.090
8,311.281 f109,8091
Other financing sources
(uses):
— —
Operating transfers in ...........
— — — 772.095 772,095 ——
— — — (8.921,090)
(8.92t.088) 2
Operating transfers out ..........
— — —
n.
e
Total other financing
sources (uses) .............
— — — 772.095 772.095 — (8.921,090)
(8.92i,088) _ ?
Excess (deficiency) of
revenues and other financing
=:
sources over expenditures
and other uses .............
— 5,271,669 5,271,669 — 261,057 261.057 —
(109.807) (109.807)
`
Fund balances at beginning
� .........................
of year
t40,525
(189,460) (189,460) — (16,129) (16.129) _ —
140.525 —
— —
Equity transfers to other funds .........
— — —
Fund balanlxs (deficit) at
and of
S(189,460) 55,082,209 S5.271,669 $ (16.1291 $244,928 S 261,057 S 140.525
--
S 30.7t8 S (109.807)
ter:'
a�M
A-11
ScHg um 114,
N"Oft
sswdoa
cable T.Y.
TOM
WON
FvWbb
Man"
Faretaltle
V*%M
FevorM
(UMM.
(UMu•
(UnNM.
1 1
awl" _
ActuM
atde)
Budget
Actual
able)
Budget
Actual
able)
Aam
i —
$ -•-
$ —
$ —
$ --
$ —
$ 337,477
$ 335.566
$ (1,911)
$ 974,141-
1,252,400
1,233,370
(19,030)
—
--
—
1,690,835
6,752,561
5,061.726
1.366.120.
—
—
--
900.000
—
(900,000)
(900,000)
—
(900,000)
1.275,000
—
—
—
—
--
—
8,955,090
8.843,646
(111,444)
9,729,683.,
—
10,151
10,151
—
359.990
359,990
—
530.178
530,178
406,261:
—
10,428 '
10,428
—
5.942
5.942
13.684
74.949
61,265
43,373
1.252,400
1,253,949
1,549
900,000
365.932
(534,068)
11,897.086
16,536,900
4,639,814
13,694,564.
1.813,906
1,818,707
(4,801)
—
—
—
1,813,906
1,818,707
(4,801)
1,756,491
—
—
--
—
—
—
1,157,256
945.324
211,932
900.580
—
—
—
1,549,423
799,598
749,825
1,987.858
1,199,381
788,477
827,313
1,813,906
1,818,707
(4,801)
1,549,423
799.598
749,825
4.959,020
3,963,412
995,608
3.4 384, 84 .
(561,506)
(564,758)
(3,252)
(649.423)
(433,666)
215,757
6.938.066
12.573,488
5.635,422
10,210,180 -
561,506
511.434
(50,072)
—
—
—
1,333.601
1,283,529
(50.072)
—
—
—
(8.921,090)
(8,921,088)
2
(9,987,341)
561.506
511,434
(50,072)
—
—
—
(7,587,489)
(7,637,559)
(50,070)
(9.9_ 87,341)
—
(53.324)
(53.324)
(649.423)
(433,666)
215.757
(649,423)
4.935.929
5.585,352
222,839
171.862
171,862
—
4,212,620
4.212,620
—
4.319.418
4.319,418
—
4.121.841
---=-
—
—
—
—
—
—
--
—
(25.262
S 171,862
S 118.538
S(53,324)
$3,563,197
S3,778.954
S 215,757
$ 3,669,995
$ 9.255,347
$5.585,352
$4.319.418
:'eN
SCHEDULE C•1
CITY OF MIA I, FLORIDA
®EMIT SERVICE FUNDS
COMBININQ BALANCE SWERT
$M0-ER 3% 1L
With Celt "Mil" TO" fOf 21 _ Soptamb*r 30,1984
tbiigothm
OSenri"
Tatew
two
Tex Ronds
Ion
1
ASSETS
'
Equity (deficit) in pooled cash
and investments ............ • ........... . ...
$7,895,581
$1,307,479
$ 9,203,060
$7.886.900
Cash with fiscal agents ...............................
—
253,395
253,395
272,322
,
Receivables:
k
Taxes ...............................................
Assessment liens, net .................. • . , l
413,887
414,730
--
—
413,887
414.730
122.500
302,760
............
Other .................................................
--
2,490
2,490
563
Total assets .....................
$8,724,198
$1,563,364
$10,287,562
$8.585,045
'
LIABILITIES AND FUND BALANCES
Liabilities:
Matured bonds and
interest payable .................. • • ...:............ .
$4,162,408
$ —
$ 4,162,408
$2,671.687
i
Other payables .................... •.... ............
s,a1 a
—
8,414
92,929
Total liabilities ................ .
4,170,822
—
4,170,822
��.
2,764.616
---
Fund balances:
Reserved for debt service .................. , .:............
--
253,395
253,395
272,322
Unreserved:
Designated for subsequent
year's expenditures ........ . ,
1,T62,711
—
1,762,711
2.106,500
Undesignated ................. ......
2,790,665
1,309.969
4,100,634
3.441,607
Total fund balances ..... .......
4,553,376
1,563,364
6,116,740
�—
5.8_ 20.429
Total liabilities and
fund balances ..........
$8,724,198
$1.563,364
$10,287.562
$8.585,045
�5
Xs
S.
of
- - � ". .-. ".:• � ', �.- ..._,_. � � :' .r
!
'��4 �1.
1
AM,
t;
t q"
w
SCMEidU1,E
CITY OF MIAMI, FLORIOA
DE11T SERVICE FUNQS
COMBINING STATEMENT OF nEVENU E"S, EXPENDITURES
AND CHANGES IN FUND VALANCES
YEAR ENDED SEPTEMSER 30, 1965
With Comparative Totals for Year Ended September 30, IAN
Gonoml 1,111111108
Obligation service
®onds TexTsx Oondts
Revenues:
Tex collections .. ........................... .
Assessment lien collections ........................ .
Interest ........................... ...........
Other...........................................
Total revenues .............
Expenditures:
Principal retirement ............... . ............ .
Interest and fiscal charges ...........................
Other.......................... I .............. I.
Total expenditures ...........................
Excess (deficiency) of revenues over expenditures . .
Other financing sources (uses):
Operating transfers in (out) ...........................
Debt proceeds ............... ....................
Debt retirement ....................... . . ......... .
Excess (deficiency) of revenues and other
financing sources over expenditures ...........
Fund balances at beginning of year ......................
Equity transfers in (out) ................................
Fund balances at end of year ...........................
$17,489,346 $23,788.907
2,799,998
1,283,469 73,607
21,572,813 23,862,514
10,010,000 150,000
12,540,227
17,775
17,317
3,472
22,567,544
171,247
(994,731)
23.691,267
Total*
1m 111w
$41,278,253 9-35,522,1
2,799.998 2,742,
1,357,076 1,352,-:
1
45,435,327 39,61gj
10,160,000 9, 720 j.
12,558,002 7,947,r
20,789 70,E
22,738,791 17,737,
22,696.536 21,881,1-
- (22.400,225) (22.400,225) (22,300,r
12.000.000 -- 12,000,000
(12,000,000) -- (12,000.000)
(994,731) 1,291,042 296.311 (419,
5,548,107 272,322 5,820,429 7,076,,_
— — — (836,
$ 4,553,376 $ 1.563,364 $ 6.116,740 $ 5,820,-
4i.
f
A-34
kp
7:
}•4t..)tYk���,tL.kgc4'F'L�E.L
c
lit
CITY OF MIAM1, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals for Year Ended September 30,1984
SCHEDULE C-3
Oonoral Obligation Bonds
19196tiss Service Tax Boada
Tom
1995
1985
illthi
vatlance
tfallaaco
VNIN Ca
jUa9auor-
1984
Favorable
(
84
F"
Budget
Actual able)
Actual
Bud n � t Actual
Bud v
_
3wActed
—
Revenues:
Tax collections
$17.339.540
$17.489,346 $ 149.806 $13.050.096
522,568.500 $23.788,907 $1.220.407 $22,472.100
$39,908,040 $41,273,253
3 1,370,213 .;35,522,196
...............
Assessment Merl collections .....
2.500.000
2.799,998 299,998
2,742,720
— — —
73.607 73,607
—
97,767
2,500,000 2.799,998
1,0W.0t10 1,357,076
299,3M 2.742.720
357,075 1,352,450
Interest .....................
1,000,000
1,283.469 283,469
1.254.683
—
— 1.a`xi
Other ......................
—
— —
1.099
— — —
557
— —
Total revenues ...........
20.839.540
21.572.813 733.273
17,048,598
22.568.500 23.962,514 1,294.014
22.570,424
43.408.040 45.435.327
2,327.237 39.319,322
Expenditures:
Principal retirement:
Long-term debt .. ..........
10.015.000
10.010.000 5.000
9,570.000
150,000 150,000 —
150,C00
10.165,000 10.160.=
12,358,002
5.W0 3,729,I'm
325,313 7,347,041
Interest and fiscal charges ......
12.866,040
12.540,227 325.813
7,924,316
17.775 17.775
22,725
12.883.815
>'
Other ......................
65,000
17.317 47,683
70.731
500 3,472 (2,972)
160
65,500 20,739
44.711 70,391
Total expenditures ........
22.946,040
22.567.544 378,496
17.565.047
168.275 171,247 (2.972)
172.885
23.114.315 22.738.791
375.524 17.737.332
Excess (deficiency) of revenues
over expenditures .............
(2,106.500)
(994.731) 1,111.769
(516,449)
22.400,225 23.691.267 1,291,042 22,397.539
20.293,725 22,696.536
2,d02,31'f 21,381,390
Other financing sources (uses):
Operaling transfers out .........
—
— —
—
(22,400.225) (22.400,225) — (22.300.752)
(22.400.225) (22.400.225)
—(22.X0.732)
Debt proceeds ................
—
12.000.000 12.000,000
—
— — —
—
— 12,000,000
12,000,00O —
Debt retirement ...............
—
(12.000, 000) 12�,000)
—
— — —
—
— (i2.000.000) (12.000.000) —
Excess (deficiency) of
revenues and other
financing sources over
expenditures and
other uses
(2,106,500) (994.731) 1.111,769
(516,449)
— 1,291,tH2 1,291,M2
97,787
(2,i06,500) 296,31a
2,402,8t1 7(336,984
.............
Fundbalarrcesatbeginningotyear..
5,548,107
5,548,107 —
6.064.556
272,322 272.322 —
175.535
5,820.429 5.820.429
— 18 j
Furrdbalances atend ofyear .......
$ 3.441.607
$ 4.553.376 $ 1.111.769 $ 5,548.107
i 272,322 i 1,563,364 $1,291.042 i
273,322
= 3,713,929 $ 6,116,740 $ 2.402.8113 5,320,429
WN11DUL9
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNKS
COMBINING BALANCE SHEET
SEPTEMBER 30,1906
With Comparative Totals for Year Ended September 30,1984
atreel I Cultuti�Nt
Intptotrernenire A Municipal Public
TFsfRc-ReialeA Recreation use use Sewera 19Rb
ABBE"
Equity in 00" cash and Investments ....................
$14,558.103
$1.212,519
$17,201.350
$13,880,973
$21,416,193
$68.269.138
$49,952
Accounts receivable ..................................
30,000
2.796.159
_
_
_
2,826,159
172,644
451
17�
1
Due from other funds ...............................
863,102
172.600
178,099
—
239,764
—
1,280,965
3.531
'l
Due from other governments.............,..............
58,765
—
—
—
_
58,765
3
Other assets ........................................
Total assets ................................
515.509,970
$4,359,377
517.201,350
$14,120,737
$21,416,193
$72,607,627
a
$54,14�.
i'
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and accounts payable .......................
$ 1,374,851
$ 319,639
$ 949,819
$ 239,942
$ 331,371
$ 3,215,622
$ 2.18=.
Accrued expenses .................................
—
—
1,234
—
—
1,234
- Due to other governments ............................
—
—
Total liabilities ...............................
1,374,851
319.639
951.053
239.942
331,371
3,216,856
2,18-
Fund balances:
Reserve for encumbrances ...........................
3,078,579
1,117.863
3.617,720
585.468
1.333.073
9.732,703
4,09`
— Unreserved —designated for approved Projects...........
11,056,540
2.921,875
12.632.577
13,295.327
19.751,749
59.658,068
45,68-
Unreserved—undesignated ..........................
—
—
—
—
—
—
2,16..
Total fund balances ...........................
14.135.119
4.039,738
16,250,297
13,880,795
21.084.822
69.390.771
51,95.
Total liabilities and fund balances ................
$15.509.970
$4,359.377
$17,201.350
$14.120.737
$21.416.193
$72.607.627
$54,14=
SCH9--DUL8 D
CITY OF MIAMI, FLORIDA
CAPITAL P'noJECTS FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES
AND CH ANQFs IN FUND 11AL,I cEs
'
YEAR ENDED SEPTEMBER 30, loss
With Complsr11ltlrs+ Totahk for Year Ended Saptember 30, 19"
street
ImptNeA�n1e1 Cp tre 8, Rt SICIprd Public
1i la
s.,
TtaffiC•Relete6 Remalfon Use Um seerera
1995 1954
Franchisetaxea................................. $ — $ — $ — $ -- $ --
$ — $ 4,509,656
Intergovemmemef .............................. 30,000 808,542 — 1,636.157 —
2,474.699 3,535,211
Interest ................... ................. 1,016,566 835,906 1,199,485 1,907,711 1,767,722
6,727,390 4,054,523
Other ........................................ 10,600 85,128 278.680 171
374.579 684,029
_
1.057.166 1.729.576 1,199.485 3,822.548 1.767.893
9,576,668 12,783,419
Expenditures:
Capital projects .................................
8,653,257
2.675,210
5.511,089
6.515.930
4.047,486
27,402.972
25,024,559
Excess deficiency of revenues over expenditures............
(7,596,091)
(945.634)
(4,311,604)
(2,693,382)
(2,279,593)
(17,826.304)
(12,241,140)
Other financing sources (uses):
Operating transfers in ............................
5,659,531
892,690
1.365,092
1.442,753
—
9.360,066
998.400
'z
Operating transfers out ...........................
(343,914)
(4,154,500)
(800)
—
(2,768,711)
(7,267.925)
(6,547.395)
General obligation bond proceeds ...................
6.000.000
—
10,000.000
—
17.000.000
33.000.000
30-200.000
Total other financing sources (uses) .............
11.315.617
5.261.815)
11,364,292
1.442.753
14.231,289
35,092.141
24.651.005
Excess (deficiency) of revenues and other financing sources
-
over expenditures and other uses .....................
3,719,526
(4,207.444)
7.052,688
(1,250,629)
11,951.696
17,265,837
12,409,865
Fund balances at beginning of year ......................
10.415,593
8,189,877
9.087,254
15.131,424
9,133,126
51,957,274
39.454,384
Equity transfers to other funds .........................
—
(14,283)
(47,665)
—
—
(61,948)
(15,214,056)
Y
Equity transfers from other funds .......................
—
71,588
158.020
—
—
229.608
15,307.081
Fund balances at and of year ................... . . ......
$14.135.119
$4,039.738
$16,250.297
$13,880,795
$21.084.822
$69,390,771
$51,957,274
u
�s
;;
t
J
� � 8 0
011-Stred
Mario
Mland
Bomr
ceovenWa Wmd mn
Partly anM
Titus
Miu0
Stadium
Stadium
Stadium
Center Marlu s AudUelhus Gallft""
1S/5
IN4
ASSETS
Current assets:
Equity (deficit) in pooled
cash and investments ..........
$ —
S (166.605)S (334,291)$
(222,837)
S(1,365,508)$2.339,227 $ (293,227)S (470.436)$113,804
$ 513.100 $ 10,927
1 124,154 1
11,379,348)
Cash and cash equivalents ........
4,257.971
—
—
—
— — — — —
— —
4,257,977
3,536,148
Accounts receivable (net, where
applicable of allowances for
uncolleclibles of $374,275) .....
153.262
22,258
1.793
411.573
468.805 41.423 34,631 9,987 —
— 108,845
1,252,577
920.051
Due from other gowermrems.......
—
—
—
263.441
— — — — —
— —
263,441
1,399,606
Inventories ....................
110,795
—
—
—
— — — — —
— —
110,795
114,394
Prepaid expenses .... ..........
333,366
—
—
—
92.601 — — — —
— —
425,967
133,590
Total current assets........
4.855,400
(144,347)
(332.498)
452.177
(804,102) 2,380.650 4258.596) (460,449) 113,804
513.100 119.772
5,4334,911
4,224,499
Restricted assets:
Cash and investments with fiscal
w agent including accruedmlerest..
00
2.657.842
—
—
—
9.709.170 — — — —
1.786,587 —
14,153,599
15,536,259
Due from olher governments,
long-term ......... ...........
—
—
—
—
— — —
—
366,467
Property, plant and equipment.......
24.576.131
2,079.825
2.130,696
13,015,540
87.109,735 5.288.738 4,712,513 1.669.462 518,864
8.412,660 2,237.375
151,302,M9
147,35a,340
Less:
Accumulated depreciation .........
(6,656,312)
(1,383,708)
(941.695)
(6,573,876)
(3,801,348) (2,857,874) (1,276.3181 (727.969) (222.497)
(369,370) (59.079)
124,370.546)
(21,539,502)
Property. plant and
equipment, net .............
17.919.819
696.117
1.189.001
6.441,664
83,308.387 2,430,864 3,436,195 941.493 296,367
8,042,790 2,223.7%
126,931,493
126.219.338
Other assets:
Deposits and other assets .........
474.831
—
—
—
— — — — —
66,488 —
541,319
50,000
WW issuance casts, net .........
147.930
—
—
—
1,790,875 — — — —
471.701 —
2,410,506
2.469.125
Total assets ..............
$26.055,822
S 551.770 i
856.503 i 6.893.841 $94,004.330 $4,811,514 $3.177,599 S 481.044 $410.171
510,880,666 $2.348.568
1150,471,1128 1148,965.628
v,;��x
A..
�i
,1
4
r=
r..T-�
4
a
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1986
With Comparative Totals for September 30,1984
�>
wMem
txtYB
TOWS
O"Wd MOM
Ming Sladkrm
WaW
Stadium
$Uftm
coavmou"
Gatsr
Mums Audbibiss
se
60 t
adiao
13115
/M4
t11 oum AM/ FUND EOWTV
Currant #aww" (WW*
from Capp Mds):
Vouurwrsand accountspayabb .........
= 611.1736 4,136 S
17.360
5 93.376
$ 75.548
i 84,250 3 31.626
S 32.126 S -
S 31,152 $ 4.187
3 984.934
$ 1.479,592
Acatrad expenses
(prkrcip* salaries) ...............
- -
6.753
38.147
6,159
13.502 15.233
61,032 -
-
9,375
150,201
?07,327
Due to other funds ...................
- -
-
-
-
- -
- -
-
-
-
3,267
0akuedrvew ....................
482.349 2.500
500
111.785
-
- 24,225
- 4,090
-
11,573
337,32d
333,30
Oeposksretundabla ..................
98.505 -
-
-
-
10.315 -
30 -
-
13.471
122.321
102.369
Total curnnl "Mies
(pay" k(m
MOW assets) .............
1.192,027 6.636
24,613
243,308
81,707
108,067 MOM
93.188 4.090
31,152
38.611
1.394.433
2.330,503
Caren111 wles (payable
tram restricted assels):
c ouctiat cowaus ................
- -
-
-
15.350
- -
- -
-
-
15.3w
33s38
Accrued kderest ....................
680.074 -
-
-
1.294,885
- -
- -
289.111
-
2,254.070
2,390,391
Current portion 01
revenue bonds payahle ............
160,000 -
-
-
-
- -
- -
-
-
160,000
101A curreal kaWlities
(pay" trom
reslrlgedassets)...........
840.07t -
-
-
1,300,235
- -
- -
289,111
-
2,429,420
?,-144.1i"3
lonp•Imm NabYilles:
pAvew bonds payable-od ...........
13.173.718 -
-
-
58.467.923
- -
- 98.000
-
-
71.739.341
31.332,322
SpeWi abiipation bands
paptik-nd .I ...................
- -
-
-
-
- -
- -
13.318.994
-
13,318,394
-
00rerpayables......................
- -
-
-
-
- -
- 1.769
-
-
1.759
10.12e"
TOW lonp•lerm kabWbu ........
13,173.718 -
-
-
58,467,923
- -
- 99,769
13,318,994
-
35.060.404
31,342.155
Totalhabilgkrs ................
15.205.819 6.636
24,613
243,308
59,849.865
108.067 71,084
93.188 103,859
13.639,257
38,611
39,384.207
37,317,537
Fund equNy:
Comribubdcapilal ...................
276.753 675.161
1.406.186
3,929,646
43,243,798
287.403 5.407.505
392.718 -
633,900
2,286,681
58,5::9,751
6.015,345
Retained a WAgs (dmticd):
Reserved tar canstrrrction and
reirorlw bond reirement ..........
1.817,768 -
-
-
8,408,935
- -
- -
1,497.475
-
11.724,179
13,391.A80
Unreserved ......................
8.755,482 (130,0271
(574,296) 2,720.887 (17,498.268) 4.416.044 (2,300.990)
(4.862) W6.312
(4,889.967)
23.276
19.376,409)
17,-59,234)
Tdat (**Ad earnings
(d1(kiO ...................
10.513.250 1130,027)
(574.296)
2.720,887
(9.089,333)
4.416.044 (2.300.990)
(4,862) 306,312
(3,392,491)
23,276
2.547.770
5.9V.246
Ud MW6Q* Idd0)........
10,850.003 545,134
831,890
6.650,533
34.154,465
4.703.447 3.106.515
387,856 X6,312
(2,758,591) 2.309.957
51.E 521
31,348.u93
' Ta1at ttaDYiVms Gad
kind e4* ................ 526,055,822 W1,770 S 856,503 i6,893.841 $94,004,330 54,811.514 $3.177.599 $481,044 5410,171 310,1D ,668 8it.348.`>68 3150.4d1,829 T1=1�,3&5.32D
w..
.. ... ._ .. .._.. n ..n.PL_.�y. bG"�l.zR/T-..�Mr1FE,N�•.,:.Yn _ .rf..,.. .. ... . ... i I iiii it
Il�if• �r�rd�isnb�iyhtllllY�luueiwiiirnYliW,�urnim�rnu�iglmpii i,i, u,n
r _
SCHEDULE E 2
- CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
= CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1985
VAth Comparative Totals for the Year Ended September 30,1984
WStrwf Marina Miami 81Ir Ceaveatiao
t" SWIMS Stadium Stadium Unfairi
Malian Auds GA ft""ty " no Tilefa
farsampmo lam
Operating revenues:
Charges ferservices ..................
$ 7.595,717
$256.025 S 182.090 $3,192,478 $ 3.327.341 $1.356.039 S 532.792 S
953.590 $ 25,594 $
201.895 41.329,302
,313,354,363 314,393,330
Ope AWQ :
PMwmiservices ....................
2.267.728
24.901
141,244
1.072,764
208.105
285,902
258,564
745,070
167
-
170.116
5.174,561
5,378,977
Contractual services ..................
Materials and supplies
342.314
569.032
7,086
12.245
30.442
321,570
3,493,270
14.504
147,515
68,422
-
191,761
2.1.197
4,541,081
2,593,515
................
Utilities ............................
416,220
28.754
27,028
90.809
101.965
237.181
2.495
4.416
20.090
46,617
14,434
171.342
96,840
-
200
5,133
324,314
349,216
Intragovernmentatcharges .............
-
54.482
121.015
483,877
2,031
28.11M
.177.261
124,457
146.293
-
-
3C0
-
23
5.562
1.098.426
967,583
1,303,323
373,325
Other .............................
1.038.220
2.590
-
5.681
209.284
11,390
19,946
11,818
-
-
15,609
1,314,538
2,919,795
Totals .......................
4.633.514
130,058
410.538
2.223,038
3.919,601
407,369
742.177
1,239,785
167
192,261
221,595
14,120,203
14,117,352
Operating Incas (loss) before
depreciation expense .................
Owacialibn expense
2,953.203
125.967
(228.448)
969.440
(592,260)
948.670
i209,385)
1286.195)
25.427
9,634
1,108.107
4,334.150
775,473
• •.• ••...........
936,666
81,918
31.275
380.176
1.530.697
172.090
145,748
44.464
12,972
148,737
59.079
3,543.372
3,355,35C
Operating �income (loss).................
j
02
2.6.537
44.049
(259.723)
589,264
(2,122,957)
776.580
(355,133)
(330,659)
12,455
(139,153)
1,049,029
1,190,288
(2,573,380)
Nonoperating revenues(expenses):
Interest ............. ..............
Interest and fiscal charges .............
592.385
(1,383.122)
-
-
-
-
-
1.118.140
172,073
-
27.746
10.108
144,885
9,234
2,374.521
2,143,514
Our ............... .............
1194.603)
125
25
-
45.128
(5,138.755)
-
-
60,090
-
(203)
-
31.457
(6,588)
-
(1,322,276)
-
(7,850,741)
(3,175,703)
-
235
(57,896)
131,543
Net noneperatingrevenues (expenses)..
(985,340)
125
25
45.128
(4,020,615)
232.163
1203)
59,2G3
3,520
(1,177.391)
9.569
(5,330,316)
{5.346,546)
income(loss)before operating transfers .... .
Operating transfers in
1.041.197
44.174
(259.698)
634,392
(6,143.572)
1,008,743
(355.336)
(271,456)
15.975
(1,316,544)
1,058,597
14.543,523)
(3,425,125)
...................
Operating transfers out ..................
-
-
-
-
112.404
-
3.428,682
-
431,387
-
-
1.408,606
-
5,381,079
7,379.451
-
-
-
(99.000)
(134,655)
-
-
(730,251)
11,035,921)
{1;599,227)
(136,3G0)
Not Income (loss) before
extraordinary Item ..••...•••..•..
Extraordinary item -pain (loss)
1.041.197
44,174
(147,294)
634.392
(2,714.890)
909,743
(58.604)
(271.456)
15,975
638,139)
23,275
(1,16i.576)
(1,132,275)
on debt refinancing ...................
-
-
-
-
-
-
-
-
-
(2,468,039)
-
(2,468,0.'9)
739,966
Netincorma (loss) ..................
Retained earnings (deficits)
1,041,197
44,174
(147,294)
634.392
(2,714,890)
909,743
(58,604)
(27t,4 56)
15,975
(3,106,228)
23,276
(3,829,715)
(382,30)
atoning of bear..................
Equity transfers in (out)
9.532,053 1174.201►
-
(427,002)
2.113,579
(6,374,443) 3.505,512
(2,513,920)
266,594
290,337
(286,263)
-
5,932,246
332,246
6,379,752
.................
-
-
(27,084)
-
789
271,534
-
-
-
-
;79,752
397)
Retained earnings (deficit)atend ofyear .....
10.573.250 (130,027)
(574,296) 2,720,887
(9,089,333) 4,416,044
(2,300,990)
(9,862) 306,312
(3,392,491)
23.275
2.547,770
5,332,246
Contributed capital at beginning of year .....
Contributions from other
121,753
155,000
674.755
1,397.349
3,666,205
43,243.798
285,356
5,600.011
392,718
-
633,900
55,015,345
54,385,3m
governments ......
Contributions Iromn tenants ...............
-
-
-
-
-
263,441
-
-
-
-
413,A41
47G94
094
48.837
CrxNriblmllonsfrom (lo) other funds.........
-
406
-
-
-
-
2.047
-
(192,506)
-
-
-
-
-
-
-
2,186,681
-
2,105,465
4,
1.243,113
Contributed capital at end of year..........
276.753
675.161
1.406,186
3.929.646
43,243,798
287.403
5.407.505
392.718
-
633,900
2.286,681
58;a3'3,751
36,015,345
Totalfund equity ...............
510,850,003 $545,134 S
831,890 $6.650,533 $34.154.465 $4.703.447 53.106.545 3
387,856 M.312 3(2.758,591)$2.309.957
$61.097.321 351.94&09j
SCHEDULE E-3
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING
STATEMENT OF CHANGES IN FINANCIAL
POSITION
YEAR ENDED SEPTEM®ER 30, 1985
With Comparative Totals for the Year Ended September 30,1984
Ora
esxl
Oildtreet
Marta Miami 847 Ceaven0oo
WanMaw
rattly
lam
hrkisg
Stadim Sladim Stadium cooler Marioas Auditoriums Gab Frew"
INS
11154
Waki q capital VMWW by (applied to):
operations:
Incorns(loss)Wore exlraordinarykan ....
$1.041.197 $ 44.174 $(147,294)$ 634,392 $12,714,890)$ 909.743 $(58.604)
$1271,456) $15,975
3 (638,189)3
23.276
311,161,875)311,132,275)
Items not requiring current outlays
of working capital
Depreciation and amortization .........
1,159.358
81.918 31,275 380.176 1,651.202 172,090 145.748
44,464 12,972
157,320
59.079
3,395.502
3.377,254
Loss (gain) on dispositions of property,
plant and equipment. net ...........
(5,514)
- - - - - 189,971
- -
-
243
134,1II0
42,203
Total provided by (applied to) operations
before eztrao(dinaryltem .............
2,195.041
126.092 1116,019) 1.014.568 (1,063,688) 1.081,833 277,115
(226.992) 28.947
(480.869)
32,598
2,313,:M
2,337,182
Extraordinary item -pain (toss)
on debt relirnancing ...................
-
- - - - - -
- -
12.468.039)
-
(2.468,M)
799,366
Total provided byoperalions.......... ....
2,195.041
126,092 (116.019) 1,014.50 (1,063,688) 1.081.833 277.115
(226,992) 28.947
(2,948,908)
32,598
450,M7
3,337,143
Other:
(Increase) decrease in restricted accounts....
(139,662)
- - - 1,831,029 - -
- -
(159,065)
-
1,532,302
32,546
4L Contributions and equity transfers. net .......
155.000
406 8,837 236.357 - 2.836 79.028
- -
-
2.286,381
2.759.145
1,365,010
Roceeds from long-term debt ..............
-
- - - - - -
- -
13.720,000
-
13,7?D,1 0
13,70 'Mo
Increase In other hatnnktos ................
-
- - - - - -
- -
-
-
-
2.33
Total ...........................
2,210.379
126.498 4107.182) 1,250.925 767.341 1.084.669 356.143
(226.992) 28.947
10,612,027
2.369.279
13,472,il94
19,302.a07
Working capital applied:
Additions of properly,
plant and equipment. net ...............
565,011
213 142,743 728.502 374.933 309.606 4.559
27.039 -
-
2.288,119
.4,440.725
3,360,571
Retirement of mmue bonds payatde ........
160.000
- - - - - -
- 17,000
10.345,000
-
10,522.3M.
14,181.00
locruseinbonddiscount .................
-
- - - - - -
- -
222,921
-
222,321
124.313
Decrease in other liabilities ................
8.023
- - - - - -
- 336
-
-
3,29
-
Increase inother assets. net ...............
308.481
- - - - - -
- -
22.959
-
331,440
58.373
Total ...........................
1,041,515
213 142.743 728.502 374.933 309,606 4,559
27,039 17,336
10,590,880
2,288,199
75,525,145
17,335,057
Increase (decrease) In working capital .........
$1,168.864 $126.295 $(24%925)6 522,423 $ 392.408 S 775.063 $351,584
S(254,031) $11.611 $
21.147 ,b
31.160 S 2,346.589 3 1.066,350
Sawxy of Increase (decease)
in working capital:
Cash and kwestrnenls ...................
$ 721,831 S 93.422 $(322,716)$ 164.729 S 1.371354 $ 622,191 $279.513
$1245.182) S 9.346 $
18.417 3
10.927 ,5
2,725.332 5
2,324,Z-63
Accounts receivable, net .................
(12,777)
10,173 (655) 232.722 (52,498) 41,423 18,172
(12,881) -
-
108,345
332,524
1309,038)
Duehomothergoveran"s...............
InvM11orMs ............................
(4.099)
(42.165) (1,094.000) - -
- - - - - -
- -
- -
-
-
-
-
(3,1Z6,165)
14,0M)
(2,594,394)
32,XXI
F"paidexpatsss .......................
203.336
- - - 89.041 - -
- -
-
-
292.377
124,138
Ammils papal and accrued expenses .....
211_684
17_440 72,700 26_564 76_511 111_879 48,674
4.032 -
2,730
113_563)
558_351
(584,581)
Do Wkan other lands...............
-
2.407,346
1i
Olposi (*AdAk .....................
(10,447)
4.250 746 - - (430) -
- -
-
(13.471)
119.352)
23,M
OMevedrrs w .......................
59,336
1,000 - 140.573 - - 5.225
- 2.265
-
(11.573)
196.321
12111,512)
Ipcnase(dwrimse)inworkingeapllal .........
S1,168.864 6126.285 S(249,925)S 522.423 S 392.408 S 775,063 5351.594
S(254.031) S11,611 3
21,147 3
31.160 S 2.946.E 3 1.M6,90
SCH6CULE It
CITY OF MIAIi I, r LURIOA
INTERNAL SERVICE FUMPS
COMBINING UAalL4+NCE SHEET
SEPTEMBER 20, 1988
Wtth ComperAtiNot TWAIR fOr S'"Ptarn�bwr 3Q, 19aa Tows
S►atMnary Gamm►rnitiane --
CRY Mbar
rrPro� Ft1a► shop Stock saftes 1Stl19 1t
MlAfr+►Ae,mere
AX8ET3
t `
Cutrem assets:
Equity (deflclt) In pooled
!'
cash and investments ....
$ 4,663,521
$4,605,582
'
1:
Inventories .............
196,405
210,263
Total current assets ..
4,859,926
4,8 845
-�
Property, plant and
�^
equipment .............
15,671,200
8,030,097
Less: Accumulated
depreciation .......
(5,092,904)
(5,382,331)
Property, plant and
equipment, net ....
10,578,296
2,647,766
Total assets ........
$15,438,222
$7,463,611
LIABILITIES AND
..%�_
FUND EQUITY
Current liabilities:
Vouchers and accounts
payable ...............
$ 345,112
$ 208,444
Accrued w4mnses
(principally salaries) .....
167,337
97,965
Total liabilities ......
512,449
306.409
Fund equity (deficit):
Contributed capital .......
4,550,294
1,813,612
Retained earnings
(deficit) ...............
10,375.479
5,343,590
Total fund equity
(deficit) ..........
14,925,773
7,157,202
,,.._
Total liabilities and
fund equity (deficit)
$15,438.222
$7,463,611
$542,542 $(258,994) $(19,146)
155,621 23,702 88,178
698 63 (235,292) 69,032
314,109 141,257 ---
(201,005) (74,006) --
113,104 67,251 _
$811,267 $(168,041) $ 63,032
$ 70,895 $ 15.695 $ 8,032
126,304 14,688 1,434
197.199 30.383 9,466
272,199 178,170 -
341,869
(376,594)
59,566
614,068
(198.424)
59,566
$811.267
$(168,041)
$ 69,032
$1,331,476 $10,864,981 $ 8,63;
134,146 808,315 71.
1,465,622 11,673,296 9,35
3,003,247 27,159.910 25,20;
(1;232,003) (11,982,249) (10,W
1,771,244 15,177,661 14 82=
$3.236,866 $26,850.957 $24,17:
$ 127,245
$ 775,423
$ 85(
47,632
455.360
39
174,877
1,230,783
1,24
2,140,823
8,955,098
8,801
921,166
16,665.076
14,13=_
3,061,989
25,620,174
22,93-
$3.236.866
$26.850,957
$24,17:
s3�Hl�tit�ll,2
CITY OF MIAMI, FLORIDA
E r
INTERNAL. L. GEhyICE FUNDS
COMBINING ET'A'EfulEt�i -CF 11tflE hltl ,
EXPENSES AND CHANGES IN FUND EQUITY
YEAR ENDED $FpTVMpFR 30, 1985
With Cram tl T
14101OT TOM
E11dood 9411110mb0f 30,1904
ahl
t4
��
fs ...
s
T OM
z
rating revenues—
. ,
SMa
ct _...,
Im
1"4
'
ChBtpes for services ......
$ 5,488,663
$4,839,649
—� ----
$3,553,765
— � ,.
S 527,950
$337,525
$3.051,657
$17,799,209
$17,145,809
�)ng expenses:
� � _
r
(1 services ........
CpntnKlualservices ......
2,326,120
160,333
1,724,596
103,971
2,059,299
248,385
33,580
798.586
7,190,566
6,731,258
Materials and supplies.....
1,116,881
1,364,908
664,869
596,573
185,134
98,362
15,398
294.865
59.421
120,318
1,189,126
3,591,907
1,288,112
3,411,124
-Sr,°
litiitfeS ...... I.........
other
100,357
591,108
74,984
2,498
24,423
5,913
�'
1,579.616
1,785,293
1.633.738
..................
�._
608
i,431
1,511
2,892
600,048
232.899
¢�
Total .............
4,294,799
3,270,957
3.345,772
539,225
345,354
2,560.833
ta,356,940
13.297,131
m
pera g
before depre-
ciation expense .... 1,193,864 1,568,692 207,993 (11,275) (7,829)
` 0"reclation expense ...... 1,226.691 879.959 13,667 13.143 —
Operating income
(loss) ........... (32,827) 688,733 194,326 (24,418) (7,829)
gating revenues
490.824 3,442,269 3,848.678
320.580 2,454,040 2,658.000
170.244
(expenses):
Interest ................
396,891
353,873
—
—
360
84,942
t)tfler ..................
150,304
219,243
338.654
5
—
—
Total nonoperating
revenues (expenses)
547,195
573.116
338.654
5
360
84.942
Income before
operating transfers .
514.368
1.261,849
532,980
(24.413)
(7.469)
255.186
Operating transfers in .....
375.913
—
—
—
—
—
Oparating transfers out ....
—
(168.602)
(153.694)
(20,207)
—
(33.410)
Net operating
transfers .........
375.913
(168,602)
(153.694)
(20.207)
—
(33,410)
Net income ........
890,281
1,093.247
379,286
(44.620)
17.469)
221,776
Retained earnings (deficit)
-`
at beginning of year .......
9.485.198
4.250,343
(37.417)
(331.974)
67.035
700.720
iqudy transfers from (to)
odlerfunds
—
—
—
—
—
(1.330)
retained earnings (deficit)
at and of year ............
10.375.479
5.343.590
341.869
(376.594)
59.566
921.166
Corrttibuted capital at
`.
beginning of year .........
4.478,771
1,742,021
271.755
178.170
—
2.130.078
Contributions from
other f "Xii .............
71,523
71,591
444
—
—
10,745
Contributed capita! at
end of year .............. ....
4.550.294
1.813.612
272.199
178.170
—
2.140.823
Total fund equity
(deficit) ..........
514.925.773
$7.157.202 S
614,068
51198.424)
S 59,566
53.061.989
A.t3
988.229 1,190.678
836.066
717.420
708,206
225,970
1,544,272
943.390
2,532,501
2,134.068
375.913
461,995
(375.913)
(461,995)
2,532.501
2,134,068
14.133,905
12,157.338
(1.330)
(157,501)
16.665.076
14.133.905
8,800.795
7,10,303
154,303
935.492
8.955.098
8.800,795
$25.620.174
522.934,700
Working capital provided by
Q,
3: pro,
(applied
Operations:
Net income (loss) ........
Items not requiring current
outlays of working capital:
Depreciation .........
Loss on dispositions
of property, plant
and equipment, net ...
_i Total provided by
(applied to)
operations ........
_. Contributions and equity
transfers, net ..........
Total .............
Working capital applied:
Additions of property,
plant and equipment .....
Total .............
Increase (decrease)in
working capital ..........
Summary of increases
(decreases) in working
capital:
Cash and investments .....
Accounts receivable ......
- - ! Inventories .............
Accounts payable and
accrued expenses .......
Increase (decrease)
in working capital ........
S,.aEDUM
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED SEPTEM BER 30, 1985
With Comparative Totr@l$ for Year Ended September 30, 1984
qh Nefer Property tint ststW" commanicstlens Toft .
emlle POW Nointensncs Shop Stock SWIM 1m 1
$ 890.281 $1,093,247 $379,286 $(44,620) $(7,469) $221,776 $2,532.501 $2,134,
1,226,691 879,959 13,667 13,143 -
492,120 23,600 5,456 - -
320,580 2,454,040 2,658,
18,296 539,472 285,
2.609,092
1,996,806
398.409 (31,477) (7,469)
560.652
5,526,013
5,078,
71,523
71,591
444 - -
9,415
152,973
777,
2,680.615
2,068,397
398,853 (31,477) (7,469)
570,067
5,678,986
5,856,
2,544,697
669,688
11,226
14,083
-
105,755
2,544,697
669,688
11,226
14,083
-
105,755
$ 135,918
$1,398,709
$387,627
$(45,560)
$(7,469)
$464.312
$ 252,491
$1,309,919
$335.713
$(42,248)
$(9,973)
$385.662
(57,205)
72,360
44,213
(979)
7,290
25,026
(59,368)
16,430
7,701
(2,333)
(4,786)
53,624
$ 135,918
$1,398,709
$387,627
$(45.560)
$(7,469)
$464.312
3,345.449
3.820,
3,345,449
3,8201
$2,333,537
$2.035.
$2.231.564 $2,141,
13,•
90,705 8.
11,268 028,=
$2.333,537 $2,035,;
-
i.n
SCHEDULE 0-1
CITY OF MIAMI, FLORIDA
TRUST AND AGENCY FUNIDS
COMBINING BA"NCE SHEET
SEPTemaEn 36,119811
R
ETINNOW Tmfol f ndst
uF �4a
Neal TWO FeWs
ANUS--_
F4
T.W.�
_r.
TMII
Trust
T"
j quity In pooled cash and
g =
S
investments ............... . ..
Cash and cash equivalents .........
$7,185,777
$ 4,399,499
$2,154,710
$ —
$ —
$ 13.739,986
Pension investments Including
—'
--
1,237,178
14,203
1,251,381
OY-
accrued interest ...............
=
Accounts receivable:
_
'—
—
111,849,104
190,200,168
302,049,272
Proceeds from securities sold
....
Pension member's contributions
—
—
725.879
1,572,168
2,298,047
'
..
Other .......................
7,894
_
4.900
218,346
465.227
683,573 '
Due from other funds .............
—
--
--�
12,794
Prepaid expenses ................
31,406
_
—
1,229,195
1,307,563
2,536,758
Deferred compensation plan
—
--
--
31,406
_
- .
assets .......................
Total assets ............
—
$7,2 p77
6,476,982
$10,881,381
$2,154,710
6,476,982
$329,080,199
$115— 259,702
$193,559,329
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and accounts payable ..
Payable for securities
$ 359.259
$ 450,433
$ 154,710
$ 90.624
$ 21,745
$ 1,076.771 s
purchased .................
Due to other funds .............
—
—
—
2,536,758
—
1,071,464
2.141,226
3,212,690 z
Deposits .....................
—
1,875
2,000,000
—
—
2,536.758
2,001.875
Claims payable ................
1.873,632
—
—
—
—
1,873.632
Deferred compensation plan
rt
liabilities ...................
—
6,476,982
—
—
—
6,476,982
2,232,891
9,466,048
2,154,710
1,162,088
2,162,971
17,178,708
Fund balance:
r
Reserved for employee
r*
retirement plan benefits .......
—
— —
114,097,614 191,396,358 305,493,972
Unreserved:
Designated for hurricane loss ..
500,000
— —
— — 500,000
r
Designated for pension -
related expenditures .......
—
1,415.333 —
— — 1,415.333
Designated for claims
payments ................
4,492.186
— —
— — 4,492186
}
Total fund balances ......
4,992,186
1,415.333 —
114.097,614 191.396.358 311,901.491
Total liabilities and
. _
fund balances .........
$7.225.077
$10,881,381 $2,154,710
$115,259,702 $193.559,329 $329,080,199
}_
i
s
r
r
`
p.4S
l
Z ,
uZ
I,
SCHEDULE
CITY OF MIAMI, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF RIEVO NUES, EXPENDITURES
AND GMANIGER IN FUND BALANCES
YEAR ENDED EEPTEMBER 30, 1085
t�
AftMistralles
Tom
I#evenues:
Intergovernmental charges ................. . ..................
$ --
$ 3,771.349
3,771.3
IMragovernmental charges ....................................
5,296,823
17,168,436
22,465,2
Contributions from employees and retirees ........................
7,527,220
—
7,527,3
Interest ....................................................
520,325
263,208
783,5-
Other ..................
439,428-
43914
i
Total revenues .................................
1 3,783,796
21,202,993
34,986,7
_._
Expenditures:
`
Personal services .............................. ............
1,055,294
--
1,055,2
Contractual services ...........................:..............
167,806
1,350,161
1,5171
Materials and supplies .......................................
10,080
10,OL
Contributions to retirement funds .......... . ... . .... ...........
--
24,255,306
24,255.3
Insurance ..................................................
1,824,789
--
1,824,7
Claims payments ............................................
10,325,051
—
10,325.6-
Other ......................................................
162,434
365.053
527,4-
it :' ,
Total expenditures ...... . ......................... . • ......
13.545,454
25,970.520
39,515,9
(deficiency) of revenues over expenditures .............. ..
238,342
(4,767,527)
(4,529,1.-
gExcess
Fund balances at beginning of year ..............................:....
4.753,844
6,182,860
10,936.71
Fund balances at end of year .............................
$ 4,992.186
$ 1,415,333
$ . 6,407,5
ti
,
I,
f
V CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
q COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, Igo
SCHEDULE 0-3
GESE
Trust
IPO
T
Total
operating revenues:
Contributions from employers ......................
Contributions from employees and retirees .............
$ 10,159,599
4,556,893
$ 10,700.000
5,155,192
$ 20,859,599
9,712,085
Net realized gain on investments ....................
Interest and dividends ............................
3,963,841
10,650,962
14,614,803
20,789,919
7,479,027
13,310,892
Total ......................................
26.159,360
39,817,046
65,976,406
Operating expenses:
Personal services ....................
279,549
326,003
605,552
Benefit payments .................. . ............
9,824,207
10,382,493
20,206,700
Refunds ..................... ... ......
666,036
753,726
1,419,762
Total .................... . . .......
10,769,792
11,462,222
22,232,014
Operating income ....................................
15,389,568
28.354,824
43,744,392
Nonoperating revenues: .................... ......
3,300
4,200
7,500
Net income .................... ..
15,392,868
28,359,024
43,751,892
Fund balances at beginning of year ......................
98,704,746
163,037,334
261,742,080
Fund balances at end of year ...........................
$114,097,614
$191,396,358
$305,493,972
SCHEDULE G,4
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1985
FIPO
TrustESE Trust _ Total _
Working capital provided by:
Net income ...................... h................
increase in working capital ...............................
Summary of increases (decreases) in working capital:
Cash and cash equivalents .......................... .
Pension investments ......... • . • . • • • • • .... I ........ •
Accounts receivable ................................
Due from other funds ..................................
Vouchers and accounts payable ...................... .
Payable for securities purchased ........ • • . • • . • • • • • • •
Increase in working capital ........................ .. .
A-47
s
r
$15,392,868 $28,359,024 $43.751,892
$15,392,868 $28,359,024 $43,751,892
$ 1,000,798
$ (98,364)
$ 902,434
13,055,793
28,220,870
41,276,663
(2,493,789)
(847,164)
(3,340,953)
1,229,195
1,307,563
2,536,758
(21,393)
5,031
(16,362)
2,622.264
(228,912)
2,393.352
$15,392,868
$28,359,024
$43,751.892
6 - 8. 0
�74
n.
APPENDIX R
FORM OF APPROVING OPINION AND SUIgPL EWNTAL
TAX OPINION OF ROND COUNSEL
Upon delivery of the Bonds in definitive form, Broad and Geri."l, Bond Counsel, proposes to render iu
final approving opinion with respect to such Bonds and its supplemental tax opinion in substantially the
following fortes:
(Form of Bond Counsel Opinion]
Board of City Commissioners
of Miami, Florida
Miami, Florida
(Date of Closing)
Commissioners:
We have examined a record of proceedings relating to the issuance of S , General Obligation
Bonds Series 1986 (the "Bonds") of the City of Miami, Florida (the "City").
The Bonds are issued under and pursuant to the Laws of the State of Florida, including particularly
Chapter , Florida Statutes, and under and pursuant to a resolution of the Board of City Commissioners of
the Miami, Florida, acting on behalf of itself, adopted on October 7, 1986, as amended and supplemented
(the "Resolution").
The Bonds are dated and shall bear interest from October 1, 1986, except as otherwise provided in the
Resolution. The Bonds will mature on the dates and in the principal amounts, and will bear interest at the
respective rates per annum, as provided in the Resolution. Interest shall be payable on each April l and
October 1, commencing on April 1, 1987. The Bonds are subject to redemption prior to maturity in
accordance with the terms of the Resolution.
The Bonds are in the form of fully registered Bonds in the denomination of $5,000 or any integral
multiple thereof. The Bonds shall be numbered consecutively from one upward, preceded by the letter
,.R.y.
The Bonds are issued by the County for the purpose of providing moneys for paying the cost of certain
street and highway improvements and certain pollution control and incinerator facilities.
We are of the opinion that:
1. The City is a duly created and validly existing municipal corporation under the laws of the State of
Florida.
2. The City has the right and power under the Constitution and Laws of the State of Florida to adopt
the Resolution, and the Resolution has been duly and lawfully adopted by the City, is in full force and effect
in accordance with its terms and is valid and binding upon the City and enforceable in accordance with its
terms, and no other authorization for the Resolution is required. The Bonds are secured by, and payable
from, ad valorem taxes of the City, in accordance with the terms of the Resolution.
3. The City is duly authorized and entitled to issue the Bonds, and the Bonds have been duly and
validly authorized and issued by the City in accordance with the Constitution and Laws of the State of
Florida and the Resolution. The Bonds constitute a valid and binding obligation of the City as provided in
the Resolution, are enforceable in accordance with their terms and the terms of the Resolution and are
entitled to the benefits of the Resolution and the laws pursuant to which they are issued.
4. Assuming continued compliance with applicable requirements of law, under existing statut�a�
regulations, rulings and court decisions, interest on the Bonds is exempt from all present federal inco-
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taxaticih^(ex hs ertain -alternative nrninimuK►n taxes may apply to bondhold.ete) and the kon�is g;
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interest thereon are exempt from taxation under the laws of the State of Florida, except as to estate to
and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt oblipatjom
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owned by corporations, banks and savings associations.
The opinions expressed in paragraphs 2 and 3 hereof are qualified to the extent that the enforbili ty
of the Resolution and the Bonds, respectively, may be limited by any applicable bankruptcy, insolveney,
moratorium, reorganization or other similar laws affecting creditors' rights generally, or by the exercise of
judicial discretion in accordance with general principles of equity.
_
We have examined the form of the Bonds and, in our opinion, the form of the Bonds is regular and
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proper.
'
Very truly yours,
_
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(Form of Supplemental Tax Opinion)
(Date of Closing)
*' Board of City Commissioners
of Miami, Florida
Miami, Florida
Commissioners:
This opinion is rendered in connection with the issuance by Miami, Florida, (the "City") of its
$6,375,000 General Obligation Bonds Series 1986 (the "Bonds"), the subject of our approving legal
opinion as bond counsel dated this date and addressed to you. This opinion supplements our opinion as
bond counsel, and terms used in this opinion have the meanings assigned to them in that opinion.
You have requested that we express our further opinion as to the effect on the Bonds of H.R. 3838,
99th Congress, in the form reported by the Committee of Conference on September 18, 1986 in Report No.
99-841 (and, in such form, hereinafter referred to as "H.R. 3838", except where otherwise indicated). In
this connection. we have examined H.R. 3838 and such other materials as we deemed necessary or
_ appropriate for purposes of this supplemental opinion.
Based on the foregoing, we are of the opinion that if H.R. 3838 is enacted, the Bonds would be
obligations to which Section 103(a) of the Internal Revenue Code, as proposed to be amended by H.R.
3838, would apply. the interest on which is excluded from gross income for federal income tax purposes,
and that such interest would not be an item.of tax preference for purposes of the alternative minimum tax
on individuals and corporations. However. under H.R. 3838, a provision, applicable to corporations (as
defined for federal income tax purposes) beginning in 1987, that would require an alternative minimum tax
on a portion of the excess of adjusted net book income (certain earnings and profits for years after 1989)
over pre -book alternative minimum taxable income, could subject interest on the Bonds received by
corporations to such corporate alternative minimum tax.
This opinion is based on and assumes the accuracy of certain representations and certifications of the
City, which we have not independently verified, and compliance with certain covenants of the City, all as
contained in the Resolution and Certificate as to Arbitrage. Certain of the requirements of H.R. 3838 must
be complied with after issuance of the Bonds in order for the interest on the Bonds to be and continue to be
exempt from the date of issuance. Noncompliance with such requirements could cause interest on the
Bonds to be subject to federal income taxation retroactive to the date of issuance.
H.R. 3838 would adversely affect certain federal income tax deductions of certain financial institutions
and property and casualty insurance companies which purchase any of the Bonds.
it cannot be known whether or in what form H.R. 3838 or other tax proposals may be enacted, and no
opinion is expressed with respect thereto except as stated above with respect to H.R. 3838 in the form
reported and recommended by the Committee of Conference in Report No. 99-841, dated September 18.
1986
very truly yours,
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APPENDIX C
LUCIA A. DOUOMERTY
City Attorney
OFFICE OF THE CITY ATTORNEY 1169 E. Fiagler Street / Miami, Florida 331311(30S) S79,6i00 M
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,,�; .. Honorable Mayor Xavier L. Suarez
mnd Members of the City Commission
City of Miami, Florida
.3500 Pan American Drive
Miami, Florida 33131
Gentlemen:
As of October 6, 1986, the City of Miami is involved in the following ma4jor uses:
> LAND RELATED LITIGATION
1. Southeast Overtown/Park West
As a result of a quick take condemnation proceeding, title to a parcel of property located in the
Southeast/Overtown Park West area was acquired for the benefit of the City. In May 1986 determination
was made by a jury that the property was valued at $900,000 more than that which had been allocated for
the overall development project for which the parcel was being acquired. (All of the required money will be
:,deposited in an interest bearing account during appeal which is anticipated to take two years with the
difference in additional money required being approximately $300,000. Attorneys' fees and costs are
estimated at $1 million.)
2., Commodore Bay
Certstin property owners have filed an appeal of the City Commission's denial of their zoning application
' on Mauch 27, 1986 regarding property located at 3471 Main Highway. In a separate action they have also
'challenged the constitutionality of the present zoning ordinance as applied to their property. In connection
with said case they are seeking damages resulting from the City's denial of rezoning and land use change
application which, if granted, would have permitted a significantly higher density commercial use. The
plaintiffs have requested $10,000,000 in damages, however, the City's exposure is estimated at $4 million
based upon property owners' offers to sell the property to the City for $6 million.
3. BricArfibane
Another pending lawsuit is a case in which the City has been found liable under 42 U.S.C. §1983 by reason
of its revocation of a building permit to a savings and loan association. The plaintiff has claimed loss of
profits and increased construction costs and other losses as a result of the City's violation of rights, placing
afigure of $6,300,000 as the total amount of damages. The trial on the issue of damages was concluded in
May, 1986. On August 1, 1986 the Court entered judgment against the City in the amount of $642,247.30.
The appellate period will lapse on September 1, 1986.
C-1
OTW R LIA RILITIMS
1. City of Miami v Geneva Hards, Third District Court of Appeals Case Nos. 84-1679, 84-2525
W1352
A police chase case exposes the City to liability of approximately S250,000. The case was tri.cd and a jg,
verdict of $585,000 was returned but a new trial was granted when the case was appealed. The appella
holding kept intact the exposure on the negligence claim but directed a new trial on the allegations of d.mi
of constitutional rights.
2. Mildred Bejacma and Lords Bejacma, her husband v The City of Miami and Charles Lincoln, U.-
District Court Case 850490-CIV-DAVIS
This alleged false arrest and use of excessive force claim presents an exposure in the range of $300.0(
-UM,000 because of the Bejacma's claims of violation of constitutional rights which takes this case out,
the statutory limit of S100,000 per claimant, $200,000 per incident.
3. Bruce G. Murray and Faustino Molina v City of Miami, et al., Circuit Court Case 85-26416 (CA 1.
This claim for civil rights violation against the City of Miami and individual police officers includ-
administrative defendants for violation of civil rights and negligence. The claim arose out of a traff
incident when: two motorcyclists, the plaintiffs, were taken into custody and allegedly severely beau,
Because a civil rights claim can fall outside the statutory limits, exposure for both plaintiffs is estimated
S300,000.
4. Ventura 7ieto and Lucia Two, his wife vs. George Willie Moore, Jr., et al., Circuit Court Ca
82-1203 (CA 10)
Plaintiff, while working on a project on Virginia Key, was riding a front loader, the vehicle slid off a
embankment and rolled over several times injuring the Plaintiff. The injury is alleged to be serious brai
damage with Plaintiff functioning at the level of a four year old with almost complete memory Jos.
Although the statutory cap applies in this case, if a judgment for significantly more than the cap
obtained, a claims bill may be sought and exposure is estimated at $300,000.
5. Rolando & Leticia Yague v City, et al., U.S. District Court Cases 86-0485 & 86-M6 consolidated
Alleged false arrest, malicious prosecution and use of excessive force. A police officer stopped a vehicle fc
a traffic stop and after a struggle Plaintiff was shot in the neck. Plaintiff alleges that no struggle ensue
and that the officer shot him without justification. The civil rights violation exposes the City to liability c
$100,000 to S150,000. There is no statutory cap on the civil rights violation and exposure is estimated ?
$150,000.
There are various claims and lawsuits against the City resulting principally from workers' compensatio
and casualty claims. Estimated liability for such claims was recorded in the amount of $25,933,632 as o
September 30, 1985 in Note 12 of the Section, "FINANCIAL STATE 1ViENTS" of the Annual Finaacip
Statement. Except as noted above, the total liability to the City has not changed significantly during th
time that has elapsed since September 30, 1985, nor has there been any subsequent litigation during tha
time period that would materially impact upon the proposed Bond issue.
Sincerely,
Lucia A. Dougherty
City Attorney
SPECIAL TRANSCRIPT REQUEST BY:
Subject: Rn-
Meeting Date: /t) 7— Agenda item No.
Label No. Tape No. Request Date:
Assigned to: 0 Completion Date:
_ ___.._____e__________.._.._...�.._..__ _-__..___.._..___..__ ..___.._. ---
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Proofread by: ! orrected by:
Transmitted under cover me Handcarried:
Released though not proofread to:
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4. RESOLUTION AUTHORIZING SALE OF BONDS; $2,375,000 STREET &
HIGHWAY IMPROVEMENT, $4,000,000 POLLUTION CONTROL &
INCINERATOR BONDS.
Mayor Suarez: Agenda item 21 has been withdrawn, so item 25...
Mr. Odio: No, no, item 21 I would like to explain.
Mayor Suarez: OK, please.
Mr. Odio: Carlos.
Mr. Carlos Garcia: Mr. Mayor, members of the City Commission,
item 21 now has two attachments plus... It has filled in the
blanks as to the price of the bonds. We are selling the bonds at
an interest rate below seven percent. These are the bonds that
had the interest limit of seven and one/half percent, so we are
very happy with the pricing. The attachments that we have here
today, are the purchase contract with the underwriters, and also
the official statement from the City on the bond sales.
Mr. Plummer: Congratulations!
Mayor Suarez: When you say below seven percent, how much below
seven, what does it look like?
Mr. Garcia: I don't have the exact number. I think it is six
point nine.
Mr. Plummer: Six point nine, nine, nine!
Mrs. Kennedy: That's below seven. It's OK.
Mayor Suarez: Is that the lowest we have done in some time?
Mr. Garcia: Yes, in a very long time. To my recollection,- it
has been the lowest, in the last, at least five years.
Mr. Dawkins: With the $400,000 pollution control and incinerator
facility bond, what do you plan to do with that?
Mr. Plummer: No, it is not $400,000.
Mr. Dawkins: I mean $48000,000. Thank you, Commissioner
Plummer.
Mr. Garcia: Yes, sir, we... the City is planning to buy two mini
dumps and approximately $1,500,000 in equipment.
Mr. Dawkins: Buy two mini dumps?
Mr. Garcia: Yes, sir.
Mr. Dawkins: Why? Mr. Manager?
Mr. Odio: It's part of the trash, new reorganization where
people can bring in to those mini dumps...
Mr. Dawkins: I've told you, and I am going to tell you and your
Department again, in the City of Miami, the majority of the
people are renters. They do not have automobiles, therefore,
they do not, most of them, have the facilities to get trash and
garbage to mini dumps, so now, I would like to know where you are
going to put these mini dumps that people like rye, who have
car, who may not need a mini dump can take the trash to, an
ld 1 October 7, 1986
where the renters, who are the ones who pile the trash up on the
streets are going to get to the mini dumps?
Mr. Odio: I will have to get you the answer, sir. I don't know
where they are goint to send the mini dumps.
Mr. Garcia: Mr. Vice -Mayor, I...
Mayor Suarez: How many mini dumps are there altogether?
Mr. Odio: Two. I did think it was a good idea, because it was
the local...
Mr. Dawkins: Well, why do we want to purchase land, when so many
places have been burned down, I mean, we have got so many vacant
lots. Why we got to purchase land?
Mr. Odio: For the mini dumps?
Mr. Dawkins: Why you got to purchase land? I mean, hold it,
this is sanitation... I mean, all you are doing is the bonds, I
want you to understand, I mean, you are getting rid of the bonds
for me, but these are things that the Department needs to let me
know, sir.
Mr. Odio: Well, before we proceed in the purchase of anything,
it has to.come to you, so what they are trying to do is sell the
bonds now. That doesn't mean we are going to buy anything,
because I haven't seen that plan either.
Mr. Garcia: That is true, Mr. Vice -Mayor, you have to approve
any final plans for the use of the money.
Mr. Dawkins: But see, I have been here long enough to know that
if you do not plan and get it in writing before you sell, after
you sell, you do not pay any attention to what I thought.
Mr. Plummer: Well, it is my understanding that what you want to
do is approve this, subject with the full understanding that this
matter has to be brought back before the Commission before any t
monies are expended?
Mr. Dawkins: Yes, sir, Mr. Plummer.
Mayor Suarez: I thought the City Manager wanted to withdraw this
item?
Mr. Dawkins: No, he didn't.
Mr. Plummer: No, they just wanted to...
Mr. Dawkins: No, it has got to go, Mr. Mayor, because we... I
mean...
Mr. Plummer: They came here with feathers in their hats, and
they have got them misplaced somewhere else! (LAUGHTER)
Mayor Suarez: Mr. City Manager, what is your purpose for item
21. Do you just want to clarify 21?
Mr. Odio: If you want to know the locations of the mini dumps...
Mayor Suarez: We want that in addition to clarifying what we
want to do with 21 on the sale of the bonds. You just want our
authorization to sell the bonds, is that what you want?
Mr. Odio: We need to pass it today.
Mayor Suarez: OK, but besides that, the Commission seems to
want, and I certainly agree, you know, to know where the mini
dumps are going to be located.
ld
2
October
7, 1986
Mr. Odio: We won't even buy mini dumps until you approve it.
Mayor Suarez: if there is anyway to, you know, place them
someplace without having to purchase any land, I...
Mr. Odio: OK, sir, I am going to...
Mr. Dawkins: OK.
Mayor Suarez: One of these mini parks that are not being used,
or something? Anybody want to move the item?
Mr. Dawkins: OK, I move item 21 with the stipulation that before
they do anything, they come back.
Mr. Plummer: Second.
Mrs. Kennedy: Move it.
Mayor Suarez: Moved and seconded and thirded. Any further
discussion? Call the roll on 21.
The following resolution was introduced by Commissioner
Dawkins, who moved its adoption:
} RESOLUTION NO. 86-807
A RESOLUTION AUTHORIZING THE SALE OF MIAMI,
FLORIDA, GENERAL OBLIGATION BONDS CONSISTING OF
$2,375,000 STREET AND HIGHWAY IMPROVEMENT BONDS
AND $4,000,000 POLLUTION CONTROL AND INCINERATOR
FACILITIES BONDS; PROVIDING FOR THE TERMS
THEREOF; AND CERTAIN MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
(Here follows body of resolution, omitted here
and on file in the Office of the City Clerk.)
Upon being seconded by Commissioner Plummer, the resolution
was passed and adopted 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
Mayor Suarez: By the way, you are to be congratulated for
selling those bonds at such a low rate.
Mr. Garcia: The underwriters did it.
Mayor Suarez: The underwriters did it?
Mr. Garcia: Prudential Bache has to take the credit for the very
low interest rate.
Mr. Dawkins: Who is the underwriter?
Mayor Suarez: The City Commission, which has kept the lid on
spending...
Mr. Dawkins: Who is the underwriter on this?
Mayor Suarez:... has kept this...
Mr. Garcia: We have four firms involved - Prudential Bache,
First Equity, Daniels and Bell, and Metro Equities.
Id 3 October 7, 1986
Mr. Dawkins; 'Thank you.
Mayor Suarez: I see the underwriters
are getting
credit now for
our having good credit and
selling bonds
at a good
rate. That is
great, all right! I hope
they give
us the money
they get paid
-
then!
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