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HomeMy WebLinkAboutO-10134b J86-672 7/24/86 ORDINANCE NO4 AN EMERGENCY ORDINANCE OF THE CITY OF MIAMI, FLORIDA, AUTHOR 1 E I NG THE ISSUANCE OF NOT TO EMCEED $40,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986, OF THE CITY FOR THE PURPOSE OF REFUNDING CERTAIN OF THE CITY'S FIRE FIGHTING, FIRE PREVENTION AND RESCUE FACILITIES BONDS, HOUSING BONDS, STORM SEWER IMPROVEMENT BONDS AND STREET AND HIGHWAY IMPROVEMENT BONDS, ALL DATED JUNE 1, 1984; DECLARING AN EMERGENCY TO EXIST; PROVIDE - ING THAT SUCH GENERAL OBLIGATION REFUNDING BONDS SHALL, SUBJECT TO CERTAIN LIMITATIONS, CONSTITUTE GENERAL OBLIGATIONS OF THE CITY, AND THAT, SUBJECT TO SUCH LIMITATIONS, THE FULL FAITH, CREDIT AND TAXING POWER OF THE CITY SHALL BE IRREVOCABLY PLEDGED FOR THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON SUCH GENERAL OBLIGATION REFUNDING BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITHi APPROVING THE FORM OF AN ESCROW DEPOSIT AGREEMENT; AUTHORIZING THE NEGOTIATED SALE OF SUCH GENERAL OBLIGATION REFUNDING BONDS APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT; AUTHORIZING THE CITY MANAGER TO AWARD THE SALE OF THE BONDS AND APPROVING THE ;i CONDITIONS AND CRITERIA OF SUCH SALE; APPROV- ING THE FORM OF A PRELIMINARY OFFICIAL STATE- MENT; APPOINTING- A PAYING. AGENT, CO -PAYING AGENT, AND BOND REGISTRAR; AUTHORIZING CERTAIN_, OFFICIALS AND EMPLOYEESOF THE CITY TO TAKE ALL ACTIONS REQUIRED IN CONNECTION WITH THE ISSUANCE OF SAID BONDS; AND PROVIDING AN EF- FECTIVE DATE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI , FLORIDA: SECTION 1. Authority. This Ordinance is enacted pursuant to the Charter of the City of Miami, but only to the extent not inconsistent` with and not repealed by the provisions of Section 166.021, Florida Statutes; Chapter 166, Florida Statutes; Section 159.11, Florida Statutes; Sections 132.33--132.47, Florida Statutes (enacted as Chapter 86-181, Laws of Florida); ,the Constitution of the State of Florida, including, but not limited to, Article VII, Section 2, thereof; and other applicable provisions of law. SECTION 2. Definitions. As used herein, unless the context otherwise requires: "Act" means the Charter of the City of Miami, but only to the extent not inconsistent with and not repealed by the provisions of Section 166,021, Florida Statutes; Chapter 166, Florida Statutes; Section 159.11, Florida Statutes; Sections 132.33--132.47, Florida Statutes (enacted as Chapter 86E-181, Laws of Florida); the Constitution of the State of Florida, including, but not limited to, Article VII, Section, 2 thereof and other.app.icable provisions of law, i "Authof ized Depositary" means any bank, trust com- pany, national banking assbciatioii, savings and loan associ ation, savings bank or other banking association selected by the Issuer as a depositary, which is authorized under Florida law to be a depositary of municipal funds and Which has qualified with all applicable state and federal require- ments concerning the receipt of Issuer funds "8ondholders" means the registered owners (or then- authorized representatives) of Series 1986 Bonds. "Bend Purchase Agreement" means that certain Bond Purchase Aa_.,ement between the Issuer and the Original Purchaser substantially in the form attached hereto as Exhibit "A." "Bond Registrar" means the Issuer, Chemical Bank, New York, New York, or any other agent designated from time to time by the Issuer, by ordinance or resolution, to main- tain the registration book for the Series 1986 Bonds issued hereunder or to perform other duties with respect to regis�- tering the transfer of the Series 1986 Bonds "City Manager" means the City Manager or the Assistant City Manager of the Issuer. "Clerk" means the City Clerk or any Deputy City Clerk of the Issuer. "Code" means the Internal Revenue Code of 1954, as amended, and all implementing regulations promulgated s thereunder. "Co -Paying Agent" means NCNB National Bank of Florida, Miami, Florida, and any successors designated pur- suant to this Ordinance. "Director of Finance" means the Director of. Finance of the Issuer. "Escrow Agent" means NCNB National 'Bank of Florida, Tampa, Florida, or such other bankortrust company as shall be designated by the Issuer by subsequent ordinance or resolution adopted prior to issuance of the Series 1986 Bonds, to serve as escrow agent and trustee under the Escrow Deposit Agreement. "Escrow Deposit Agreement" means the Escrow Deposit Agreement, a proposed form of which is attached to this Ordinance as Exhibit "B," pursuant to which the proceeds of the Series 1986 Bonds together with investment earnings thereon and certain other funds and investments will be held in irrevocable escrow for the payment of the principalof and interest on the Refunded Bonds. "Government Obligations" means direct obligations of the United States of America. "Fiscal Year" means the period commencing on October 1 of each year and ending on the succeeding September 30, or such other consecutive 12-month period as may hereafter be designated as the fiscal year of the Issuer pursuant to general law. "Governing Body" means the City Commission of the Issuer. "Issuer" means the City of Miami, Florida.` 10184 "Mayor" deans the Mayor of the Issuer or in his ab- sence or inability to perform, the Vice Mayor of the Issuer, "Original Purchaser's means Drexel But;". 3m Lambert _ Incorporated as representative of itself, Ooldma.., Sachs & Co., Southwestern Capital Markets, Inc, and M Securities of Florida, Inc. "Outstanding" or "Sonds outstanding" means all Series 1986 Bonds which have been issued pursuant to this Ordinance except: (a) Series 1986 Bonds cancelled after pur- chase in the open market or because of payment at or redemption prior to maturity; (b) Series 1986 Bonds the payment or redemp= tion for which cash funds or Government Obligations ., or any combination thereof shall have been thereto fore irrevocably set aside in a special account with the Paying Agents, whether upon or prior to the maturity or redemption date of any such Series 1986 Bond, in an amount which, together with earn - ings,on such Government Obligations, will be suffi- cient to pay the principal of and interest on such Series 1986 Bonds at maturity or upon their earlier redemption; provided that, if such Series 1986 Bonds are to be redeemed before the maturity thereof,' notice of such redemption shall have been given according to the requirements of this Ordinance or irrevocable'instructionF: directing -the - timely publication of such notice -and directing the payment of the -principal of and interest on all Series 1986 Bonds at such redemption dates shall have been given to the Paying Agents; and (c) Series 1986 ' Bonds which' are deemed -paid 4 pursuant to Section 6H hereof. "Paying Agent" means Chemical Bank, New York, New York, or the Co -Paying Agent, or any other Authorized' Depositary designated by the Issuer to serve as a Paying Agent or place of paymentforthe Series 1986 Bonds issued hereunder, that shall have agreed to arrange ,for the timely payment of the principal of, interestonand redemption pre- mium, if any, with respect to the Series 1986 Bonds to the registered owners thereof, from funds made available there- for by the Issuer, and ,any successors designated pursuant to this Ordinance. "Preliminary Official Statement" means the _ Preliminary Official Statement with respect to the issuance of the Series 1986 Bonds, substantially in the form attached as Exhibit "C.n "Refunded Bonds" means the Issuer's $2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds,` $18,100,000 Housing Bonds, $3,000,000 Storm Sewer Improvement Bonds and $7,100,000 Street and Highway Improvement Bonds, all dated June-1, 1984, "Series 1986 Bonds" means the City of Miami, Florida, General Obligation Refunding Bonds, Series 1986, authorized to be issued pursuant to this Ordinance in one or more Series in the aggregate principal amount of not exceed- ing $40,000,000, S 10134 Words in this Ordinance importing singular numbers shall include the plural number in each case and vice versa, and words importing persons shall include firms, t6rpora- tion8 or other entities including governMe§IV-s or gbvernmen- tal bodies, — SBCTION 3, Findings- and Determinations. It is Whereby ascertained, determined and declared thAti A. The Refunded Sonds were issued in 1584, and the full faith, credit and taxing power of the Issuer are pledged to the payment of the principal of, redemption premium, if any, and interest on the Refunded Bonds. B. It is in the best interest of the Issuer, _. its citizens and taxpayers to take advantage of the existing favorable market conditions and the prevailing low interest rates through the issuance of the Series 1986 Bonds in order to provide funds to refund the Refunded Bonds. C. This Ordinance is hereby declared to be an emergency measure on the grounds of urgent pub- lic need for the preservation of peace, health, safety and the property of the City of Miami. D. An emergency exists with respect to the adoption of this Ordinance in that, in order to - take advantage of certain benefits available under current lawandin order to take advantage of market conditions, it is necessary that the Issuer market the 'Series 1986 Bonds as soon as possible. — Immediateenactment of this Ordinance is necessary i to accomplish such marketing. The Governing Body, !_ by adoption of this Ordinance by at least a -two- thirds vote, hereby waives all notice requirements for - the regular _enactment of municipal ordinances. E. Because of the characteristics of the Series 1986 Bonds, prevailing and anticipated market-- conditions and additional savings to be realized from an expeditious _ sale of the Series 1986 Bonds, it is in the best interest of the Issuer to accept the offer of the Original Purchaser to purchase the Series 1986 Bonds at a private negotiated sale. F. The Original Purchaser will provide the Issuer with a disclosure statement containing the information required by Section 218.385(6), Florida' Statutes. G. The issuer is authorized under the Act to issue refunding bonds and to 'deposit the proceeds thereof in. escrow to provide for the payment when due of the principal of, interest on and redemption premiums, if any, in connection with the Refunded Bonds. H, The Series 1986` Bonds shall be issued at a lower average net interest cost rate than the average net interest cost rate of.the Refunded Bonds, and the rats of interest borne by the Series 1986 Bonds shad not exceed the maximum interest rate established pursuant to the terms of Section 215 84, Florida Statutes,' 1 013 ' t i Words in this Ordinance importing singular nuffibers shall include the -plural number in each case and vice i;ersa, _ and words importing persons Shall include firms, corpora- tions or other entities including governments or gbvernmen- tal bodies. SECTION 8. Findings and Determinations. It is hereby ascertained, determined and declared that: A. The Refunded Bonds were issued in 1934, and the full faith, credit and taxing power of the Issuer ate pledged to the payment of the principal of; redemption premium, if any, and interest on the Refunded Bonds, B. It is in the best interest of the Issuer, its citizens and taxpayers to take advantage of the existing favorable market conditions, and the prevailing low interest rates through the issuance of the Series 1986 Bonds in order to provide funds 1 t to refund the Refunded Bonds: C. This Ordinance is hereby declared to be an emergency measure on the grounds of urgent pub- lic need for the preservation of peace, health, safety and the property of the City of Miami. D. An emergency exists with respect to the adoption of this Ordinance in that, in order to take advantage of certain benefits available under current law and in 'order to take advantage of market conditions, it is necessary that the Issuer market theSeries 1986 Bonds as soon as possible.' Immediate enactment of this Ordinance is necessary to accomplish such marketing. The Governing Body, - by -adoption of this Ordinance by at least a two- thirds vote, hereby waives all noticerequirements' for the regular enactment of municipal ordinances. E. Because of the characteristics of the Series -1986 Bonds, prevailing and anticipated market- conditions and additional savings to be realized from an expeditious sale of the Series 1986 Bonds, it is in the best interest of the Issuer to accept the offer of the Original Purchaser to purchase the Series 1986 Bonds at a private negotiated sale. F. The Original Purchaser will provide the Issuer with 'a disclosure statement containing'_ the information required by Section 218.385(6), Florida - Statutes. G. The Issuer is authorized under the Act to issuerefundingbonds and to deposit the proceeds thereof in escrow to provide for thepayment when due of the principal of, interest on and redemption premiums, if any, in connection with the Refunded Bonds, H. The Series 19$6 Bonds shall be issued at a lower average net interest cost rate than the average net interest cost rate of the Refunded Bonds, and the rate of interest borne by the Series 1986 Bonds shall not exceed the maximum interest' rate established pursuant to the terms of Section 215,84,:Florida Statutes, 10184 1 The principal amount of the Series 1986 Bonds does not exceed an atnout t sufficient to pay the sutra of the principal amount of the Refunded Bonds, the aggregate amount of unmatured interest payable on the Refunded Bonds to and including either the applicable tt,aturity date thereof or the date that they are called for redemption, the ap- plicable redemption premiums related to the Refunded Bonds that are called for redemption, and the costs of issuance of the Series 1986 Bonds. 17. The sum of the present value of the total payments of both principal and interest to become aue on the Series 1986 Bonds (encluding all such principal and interest payments as will be made with moneys held by the Escrow Agent under the Escrow Deposit Agreement) and the present value of costs of issuance of the Series 1986 Bonds', if any, not paid with proceeds of the Series 1986 fonds, is less than the present value of the principal And interest payments to become due at their stated maturities,or earlier mandatory redemption dates, on the Refunded Bonds. K. The Series 1986 Bonds shall in no event mature later than forty (40) years from the date of issuance of the Refunded Bonds. L. The first installment of principal of the Series 1986 Bonds shall mature not later than the first stated maturity of the Refunded` Bonds. M. The Series 1986 Bonds shall" not be issued until such time as the Director of Finance of the Issuer shall have filed a certificate with the - Governing Body setting forth the present value of the total debt service savings which will result from the issuance of the 'Series 1986 Bonds to refund the Refunded Bonds, computed in accordance with the terms of Section 132.35, Florida Statutes, and demonstrating mathematically that the Series 1986 Bonds are issued at a lower net average in- - : terest--cost rate' than the Refunded Bonds. SECTION 4. Contract. Inconsideration of the ac- ceptance of the Series 1986 Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Ordinance shall be deemed to be and shall consti- tute a contract between the Issuer and the Bondholders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of .the Bondholders, and all Series 1986 Bonds shall be of equal rank and without preference, priority or distinction over any other thereof, except as expressly provided herein. SECTION 5. Authority for Refunding and Issuance of Series 1986 Bonds; Authorization of Escrow Deposit Agreement. The refunding of the Refunded Bonds is hereby authorized. Subject and pursuant to the provisions hereof, Series 1986 Bonds to be known as "City of Miami, Florida, General Obligation Refunding Bonds, Series 1986" are hereby _ authorized to be issued at one time or as needed in series in an aggregate principal amount of Forty Million Dollars ($40,000,000), or such lesser amount as shall be authorized by subseguent ordinance or resolution or as may be approved S { 10134 by the City`Manager or the Mayor for the purpose of refund= hcj the Refunded Bonds, The Issuer further hereby authorizes (i) the execu- tion of the Escrow Deposit Agreement With the Escrow Agent, {i) the deposit and pledge of -a sufficient portion of the proceeds of the Series 1986 Bonds, together with interest earnings thereon, and certain other funds of the Issuer, if necessary, to pay the principal of, interest on and redemp- tion premiums, if any, with respect to the Refunded Bonds, (iii) the investment and reinvestment of proceeds from the sale of Series 1986 Sonds in Government Obligations for the purpose of effecting the defeasance of the Refunded Bonds, (iv) the calling of the Refunded Bonds prior to their dates of maturity as set forth in the call schedule in the Escrow Deposit Agreement, (v) the disbursement of unneeded princi- pal and income, if any, from the funds and accounts created and established pursuant to the Escrow Deposit Agreement to the Issuer and the application of those funds for the redemption of Series 1986 Bonds. SECTION 6. Award of Series 1986Bonds; Terms, Redemption and Form of Series 1986 Bonds'. A. The City Manager is hereby authorized and directed to award the sale of the Series 1986 Bonds to the Original Purchaser pursuant to and in ac- cordance with the terms of the Bond Purchase Agreement at an aggregate` purchase price as ap- proved by the City Manager of not less than 98% of the original principal amount of the Series 1986 Bonds (excluding original issue discounts) (the "Minimum Purchase Price") and at a'true interest cost rate ("TIC"), as approved by the City Manager not to exceed 8.75% (the "Maximum TIC") B. The Series 1986 Bonds shall be numbered consecutively from 1 upward preceded by the letter "R" prefixed to the number. The principal of and redemption premium, if any, on the Series 1986 Bonds shall be, payable upon presentation and sur- render -at the principal corporate trust office of the Bond Registrar and Paying Agent. Interest on the Series 1986 Bonds shall be paid by check or draft drawn upon the Paying Agent and mailed to the registered owners of the Series 1986 Bonds at the addresses as they appear on the registration books' maintained by the Bond Registrar at the close of business' on the 15th day (whether or not `a business day) of the month next preceding the interest payment date (the "Record Date"), irrespective of any transfer or exchange of such Series 1986 Bonds subsequent to such Record bate and 'prior to such interest payment date, unless the Issuer shall be in default in payment of interest due on such in- terest payment date. In the event of any such default, such defaulted interest shall be payable to the persons in whose names such Series 1986 Bonds are registered at the 'close of business on a special record date for the payment of such defaulted interest as established by notice depQ- sited in the U.S. mails, postage prepaid, by the Issuer to the registered' owners of the Series 1986 Bonds not less than fifteen (15) days preceding such special record' date. Such notice shall be mailed -ro the persons in whose names the series 19$6 Bonds are registered at the close of business 0134 on the fifth day (whether or not a business day) preceding the date of mailing: The registration of any Series 1986 Bond may be transferred upon the registration boots upon delivery thereof to the principal office of the Bond Registrar accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the Bondholder or his attorney -in -fact or legal repre Sentative, containing written instructions as to the details of the transfer of such Series 1986 Bond, along With the social security number or fed era! employer identification number of such transferee. 1n all cases of a transfer of a Series 1986 Bond, the Bond Registrar shall at the earliest practical time in accordance with the term's hereof enter the transfer of ownership in the registration books and shall deliver in the name of the new transferee or transferees a new fully registered Series 1986 Bond or Bonds of the same maturity and of authorized denomination or denominations, for the same aggregate principal amount and payable from the same source of funds. The Issuer and the Bond Registrar may chargetheBondholder for the registration of every transfer or exchange of a Series 1986 Bond an amount sufficient to reimburse them for any 'tax, fee or any other governmental charge required (other than by the Issuer) to be paid with respect to the registration of such transfer, and may require that such amounts be paid before any such new Series 1986 Bond shall be delivered. The Issuer,, the Bond Registrar, and the Paying Agent may deem and treat the registered owner of any Series 1986 Bond as the absolute owner of such Series 1986 Bondfor the purpose of _receiving payment of the principal thereof and the interest and premiums, if any, ;thereon. Series 1986 Bonds' may be exchanged at the office of the Bond i' Registrarfora like aggregate principal amount of Series 1986 Bonds, of other authorized denomina- tions -of the same series and maturity, C. The Series 1986' Bonds shall- be dated August'1, 1986, shall bear interest from such _date, payable semiannually on the first day of June and the first day of December of each year, commencing on December 1, 1986, at the rates, and shall mature in accordance with the maturity schedule, set forth —; or incorporated by reference in the Bond Purchase Agreement or the final Official Statement, as such rates and maturity schedule may be approved by the City ,Manager provided that the TIC shall not exceed the Maximum TIC, unless otherwise provided by a' subsequent ordinance or resolution adopted on or before delivery of the Series 1986 Bonds. The Series 1986 Bonds shall be issued as fully regis- tered ' bonds in the denomination of $5,000 each or any integralmultiplethereof. D. The Series 1986 Bonds shall be 'executed in the name of the Issuer by the Mayor and the seal of the Issuer shall be imprinted, reproduced or lithographed on the 5eries 1986 Bonds and attested to and countersigned by the Clerks The signatures of the Mayer and the Clerk on the Series 1986 Bonds may be by facsimile, but one such officer' shall tiqh his mAhual siqhatUto on the Series 1986 Bonds. If, any officer whose signature appears on the Series 1986 Bonds ceases to hold office before the delivery of the Series 1986 Bonds, his signature shall nevertheless be valid and sufficient for all purpotes. In addition, any Series 1986 Bond may bear the signature of, or may be signed by, such persons at at the actual time of execution of such Series 1986 Bond shall be the proper officers to sign such Series 1986 Bond although at the date of such Series 1986 Bond or the date of delivery thereof such persons may not have been such officers. Only such of the Series 1986 Bonds as shall have endorsed thereon a certificate of authentica- tion substantially in the form hereinafter set forth in Section 6,k hereof, duly executed by the Bond Registrar, shall be entitled to any right or benefit under this Ordinance. No Series 1986 Bond shall be valid or obligatory for any purpose unless and until such certificate of authentication shall have been duly executed by the Bond Registrar, and such certificate of the Bond Registrar upon any such Series 1986 Bond shall be conclusive evidence that such Series 1986 Bond has been duly authenti- cated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Series 1986 Bond shall be deemed to have been duly executed if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authenti- cation on all of the Series 1986 Bonds that may be issued hereunder at any one time. E. If any Series 1986 Bond is mutilated, destroyed, stolen or lost, the Issuer or its agent may, in its discretion (i) deliver a duplicate replacement Series 1986,Bond, or (ii) pay a Series 1986 Bond that has matured or is about to mature. A mutilated Series 1986 Bond shall be surrendered to and cancelled by the Clerk or his duly authorized agent. The Bondholder must furnish the Issuer or its agent proof of ownership of any des- troyed, stolen or lost Series 1986 Bond; post satisfactory indemnity; comply with any reasonable conditions the Issuer or its agent may prescribe; and. pay the Issuer or its agent's reasonable expenses. Any such duplicate Series 1986 Bond shall con- stitute an original contractual obligation on the part of the Issuer whether or not the destroyed, stolen or lost Series 1986 Bond be at any time found by anyone, and such duplicate Series 1986 Bond shall be entitled to equal and proportionate benefits and rights as to lien on, and source of payment of and security for payment from, the funds pledged to the payment of the Ser,*-es 1966 Bond so mutilated, destroyed, or stolen or lost. F. The Series 1986 Bonds shall be subject to redemption prior to their maturity at such times and in such manner as is set forth or incorporated by reference in the Preliminary Official Statement and/or the Bond Purchase ;;qreement or as shall be subsequently provided in the final Official Statement and/or the Bond Purchase Agreement ap- 10134 sign his manual signature on the Series 1986 13ondzi tf any officer whose signature Appears di! the Series 1986'Bonds teases to hold office before the delivery of the Series 1986 Bonds, his sign�eatur shall :nevertheless be valid and sufficient for all purposes. In addition, any Series 1986 Bond may bear the siqnAtute of, or may be signed by, such por8bfts as at the actual time of execution of such Series 1086 Bond shall be the proper officers to Sign such Series 1986 Bond although at the date of such Series 1986 Bond or the date of delivery thereof such persons may not have been such officers, only such of the Series 1986 Bonds as shall have endorsed thereon a certificate of authentica- tion substantially in the form hereinafter set forth in. Section 6iK hereof, duly executed by the Bond Registrar, shall be entitled to any right or benefit under this Ordinance. No Series 1986 Bond shall be valid or obligatory for any purpose unless and until such certificate of authentication shall have been duly executed by the Bond Registrar, and such certificate of the Bond Registrar upon any such Series 1986 Bond shall be conclusive evidence that such Series 1986 Bond has been duly authenti- cated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Series 1986 Bond shall be deemed to have been duly executed if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authent' cation on all of the Series 1986 Bonds that may be issued hereunder at any one time. E. If any Series 1986 Bond is mutilated, destroyed, stolen or lost, the Issuer or its agent may, in its discretion (i) deliver a duplicate replacement Series 1986 Bond, or (ii) pay a Series 1986 Bond that has matured or is about to mature. A mutilated Series 1986 Bond shall be surrendered to and cancelled by the Clerk or his duly authorized agent. The Bondholder must furnish the Issuer or its agent proof of ownership of any des- troyed, stolen or <lost Series 1986 Bond; post satisfactory indemnity; comply with any reasonable conditions the Issuer or its agent may prescribe; and pay the Issuer or its agent's reasonable expenses. Any such duplicate Series 1986 Bond shall con- stitute an original contractual obligation on the part of the Issuer whether or not the destroyed, stolen or lost Series 1986 Bond be at any time found by anyone, and such duplicate Series 1986 Bond shall be entitled to equal and proportionate benefits and rights as to lien on, and source of payment of and security for payment from, the funds pledged to the payment of the Series 1966 Bond so mutilated, destroyed, or stolen or lost. F. The Series 1986 Bonds shall be subject.to redemption prior to their maturity at such times and in such manner as is set forth or incorporated by reference in the FrPlimi-nary OffiPial Statement and/or the Bond Furchase hgreement or as shall be subsequently provided in the Final Official $tatement and/or the Bond Furchase Agreement ap- 10134 proved by the City. Manager pursuant to the authority and guidelines described herein or as es- tablished by subsequent resolution or ordinance of the tsSuer adopted on or before the time of deliv- ery of the Series 1986 Bonds, Notice of redemption shall be given by deposit in the U.S, maids of a COPY of a redemption notice, postage prepaid, at least thirty and not more than sixty days before the redemption date to all registered owners of the Series 1986 Bonds or portions of the Series 1986 Bonds to be redeemed at their addresses as they ap- pear on the registration books to be maintained in accordance With the ptbVisions hereof. Failure to mail any such notice to a registered owner of a Series 1986 Bond, or any defect therein, shall not affect the validity of the proceedings for redemp- tion of any Series 1986 Bond or portion thereof With respect to which no failure- or defect occurred. Such notice shall set forth the date fixed for redemption, the redemption price to be paid and, if less than all of the Series 1986 Bonds then out- standing shall be called for redemption, the distinctive numbers and letters, if any, of such Series 1986 Bonds to be redeemed and, in the case of Series 1986 Bonds to be redeemed in part ;only, the portion of the principal amount thereof to be redeemed. If any Series 1986 Bond is to be redeemed in part only, the notice of redemption which relates. to such Series 1986 Bond shall also state that on or after the redemption date, upon - Surrender of such Series 1986 Bond, a new Series 1986 Bond or Series 1986 Bonds in a principal amount equal to the unredeemed portion of such Series 1986 Bond will be issued. Any notice mailed as provided in this section shall be conclusively presumed to have been duly = given, whether or not the owner of such Series 1986 Bond receives such 'notice. - The Bond Registrar shall not be required to transfer or exchange any Series 1986 Bond after the publication and mailing of a notice of 'redemption nor duringthe period of fifteen days next preced- ing publication and mailing of a notice of redemption. _ G. Notice having been given in the manner and under the conditions hereinabove provided, the Series 1986 Bonds or portions of Series 1986 Bonds so called for redemption shall, on the redemption - date designated in such notice, become and be due and payable at the redemption price provided for redemption for such Series 1986 Bonds or portions of Series` 1986` Bonds on such date. On the date so designated for redemption, moneys for payment of redemption price being held in separate accounts by the Paying Agent in trust for the registered owners of the Series 1986 Bonds or portions thereof to be redeemed, all as, provided in this Ordinance, in- terest on the Series 1986 Bonds or portions of Series 1986 Bonds so called for redemption shah cease to accrue, such Series 1986 Bonds and por- ticns of Series 1986 Bonds shall cease to be en- titled to any lien, benefit; or security under this Ordinance.,' and the registered owners of such Series 9 1986 tohds or portions of Series 1986 Bonds shall have no tight in respect thereof except to receive payment of the redemption price thereof and, to the extent provided in the next subparagraph, to receive Series 1986 Bonds for any unredeemed por- tions of the Series 1986 Bonds. He In case part but not all of an outstand- ing fully registered Series 1986 Bond shall be selected for redemption, the registered owners thereof shall present and surrender such Series 1586 Bond to the Issuer or its designated Paying Agent for payment of -he principal amount thereof so called for redemption, and the Issuer shall exe- cute and deliver to or upon the order of such reg- istered owner, without charge therefor, for the un- redeemed balance of the pricipal amount of the Series 1986 Bonds so shrrendered, a Series 1986 Bond or Series 1986 Bonds fully registered as to principal and interest. I. Series 1986 Bonds or portions of Series 1986 Bonds that have been duly called for redemp- tion und?r the provisions hereof, and with respect to which anants sufficient to pay the principal of, premium, if any, and interest to the date fixed for redemption shall be delivered to and held in separate accounts by an escrow agent, any Authorized Depositary or any Paying Agent in trust for the registered owners thereof, as provided in this Ordinance, shall not be deemed to be Outstanding under the provisions of this Ordinance and shall cease to be entitled to any lien, benefit or security under this Ordinance, except to receive the payment of the redemption price on or after the designated date of redemption from moneys deposited with or held by the escrow agent, Authorized Depositary or Paying Agent, as the case may be, for such redemption of the Series 1986 Bonds and, to the extent provided in the preceding subsection, to receive Series 1986 Bonds for any unredeemed por- tion of.the Series 1986 Bonds. J. If the date for payment of the principal of, premium, if any, or interest on the Series 1986 Bonds shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the city where the corporate trust office of the Bond Registrar is located are authorized by law or ex- ecutive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such day shall have the same force and effect as if made on the nominal date of payment. K. The text of the Series 1986 Bonds, the form of assignment for such Series 1986 Bonds and the authentication certificate to be endorsed thereon shall be substantially in the following form,, with such omissions, insertions and varia- tions as may be necessary or desirable and authorized by this Ordinance or by any subsequent resolution or ordinance adopted prior to the is- suance thereof, or as may be approved and made by the officers of the Issuer exePuting the same, such execution to be conclusive evidence of such ap- 10 1 0184 i" pro f, including, Without littitation, such changes As may be required for the issuance of utoertifi- cated public obligations: (Form of Series 1986 Bond UNITED STATES OF AMERICA STATE OF FLORIDA CITY OF MIAMI GENERAL OBLIGATION REFUNDING BOND, SERIES 1986 Interest Maturity Date: Original Dated CUSIP NO: Rates Date: 1, 1, 1986 REGISTERED OWNER: PRINCIPAL AMOUNT:DOLLARS The City of Miami, Florida (hereinafter called the "Issuer"), for value received, hereby promises to pay tothe Registered Owner identified above, or, to registered assigns or legal_ representatives, to the extent and from the sources pledged therefor, as described herein, on the 'Maturity Date E identified above (or earlier as hereinafter provided), the Principal Amount identified above, upon presentation and surrender hereof at the principal office of , E Florida, or its successors,. as Bond Bond Registrar and`Paying Agent (the "Bond Registrar") and to pay, to the extent and from the sources herein described, interest on the principal sum from the date hereof, or from the most recent interest payment` date to which interest has been paid, at the Interest Rate per annum identified above, until payment of the; principal sum, or until provision for the payment thereof has been duly' provided' for, such interest being payable semiannually on the first day of and thefirstday of of each year, commencing on 198 Interest will be paid by check or draft mailed to the Registered Owner hereof at his address as it appears on the registration books of the Issuer maintained by the 'Bond Registrar at the close of business on the fif- teenth (15th) day (whether or'not 'a business day) of the month next preceding the interest payment date (the "Record Date"), irrespective of any -transfer or exchange of such Bond subsequent to such Record Date and prior to such in- terest payment date, unless the Issuer shall be in default in payment of interest due on such interest payment date, In the event of any such default, such defaulted interest shall 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 as established by notice by 'deposit in the U. S, mails, postage prepaid, by the Issuer to the Registered owners of bonds not less' than fifteen (15) days preceding 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 (5th) day (whether or not a business day) preceding the date of mailing, 01 ,4 A Bonds of this series are subject to mandatory redemption prior to their respective stated dates of matte unity tinsott mandatory redemption provisions, if AftYl, The Bonds of this totieo shall be further subject to, redemption prior to their maturity at the option of the Issuer [insert optional redemption provisions, if anyli Notice of call for redemption is to be given by mailing a copy of the redemption notice by regis-t-eted or certified mail at least thirty (80) but not more than sixty (60) days; prior to the date fixed for redemption to the reg- istered owner of each Bond to be redeemed at the address shown on the reqistrars registration books. Failure to give such notice by mailing to any Bondholder, or any defect therein, shall not affect the validity of the proceedings for the redemption of any Bond or portion thereof with respect to which no such failure or defect has occurred. All such Bonds called for redemption and for the retirement of which funds are duly provided will cease to bear interest on such redemption date. This Bond is one of an authorized issue of bonds in the aggregate principal amount of $ of like date, tenor and effect, except as to number, maturity (unless all bonds mature on the same date) and interest rate, issued to provide for the refunding of a portion of the Issuer's Street and Highway Improvement Bonds, Fire Fighting, Fire Prevention and Rescue Facilities Bonds, Housing Bonds and Storm Sewer Improvement Bonds, all dated as of June 1, 1984 (the "Refunded Bonds"), pursuant to the authority of and in - full compliance with the Constitution and laws of the State of Florida, including particularly Article VII, Section 2 of the Constitution, the Charter of the Issuer (but only to the extent not repealed by the provisions of Section 166.021, Florida Statutes), Chapter 166, Florida Statutes, Section 159.11, Florida Statutes, Sections 132.33--132.47, Florida Statutes (enacted as Chapter 86-181, Laws of Florida), Ordinance No. J86-672 duly enacted by the Issuer on July 24, 1986 (the "Ordinance"), and other applicable provisions of law. This Bond is subject to all the terms and conditions of the Ordinance, and capitalized terms not -:herwise defined herein shall have the same meanings ascribE_ to them in the Ordinance. The Issuer has established with NCNB National Bank of Florida, as Escrow Agent under an Escrow Deposit Agreement, dated as of 1 1986 (the "Escrow Deposit Agreement"), anLescrow fund and has caused to be deposited therein cash and Government Obligations the prin- cipal of and investment earnings on which shall be suffi cient to provide for the full and timely payment of the principal of and the redemption premium, if any, sand in- terest on the Refunded Bonds when due, all as more fully set forth in the Escrow Deposit Agreement. So long as the funds under deposit under the Escrow Deposit Agreement, together with investment earnings thereon, are sufficient for the full and timely payment of the Refunded Bonds, the full faith, credit and taxing power of the Issuer are irrevocably pledged for the prompt payment of the principal of, premium, if any, and interest on this Bond, However, if at any time, the funds on deposit under the Escrow Deposit Agreement, together with investment earnings thereon, shall be inadequate to fully satisfy all Of the principal, interest and redemption premium, if any, requirements of the Refunded Bonds when due upon maturity or earlier redemption, the Refunded Bonds, to the extent of any such deficiency, are secured by and payable from the full faith, credit and taxing power of the Issuer and, to the extent such payment of the Refunded Bonds must be made 10184 thereof shall have become due and payable in accordance with their terms or otherwise as provided in this Ordinance, or shall have beeti duly called for redemption, or the Issuer gives the Baying Agent irrevocable instructions directing the payment of the principal of, premium, if any, and in, terest on such Series 1986 Bonds at maturity or at Any earlier redemption date scheduled by the Issuer, or any com- binatidn thereof, (b) the full amount of the principal, pre- mium, if any, and the interest so due and payable upon all of such Series 1986 Bonds then Oustanding, at maturity or upon redemption, shall be paid, or sufficient moneys shall be held by the. Baying Agent in irrevocable trust for the benefit of such Bondholders (whether ornotin any accounts created hereby) which, when invested in direct obligations of the United States of America maturing not later than the maturity or redemption dates of such principal, premium, if any, and interest, will, together with the income realized on such investments, be sufficient to pay all such princi- pal, premium, if any, and interest on said Series 1986 Bonds at the maturity thereof or the date upon which such Series 1986 Bonds are to be called for redemption prior to mat- urity, and (c) provision shall also be made for paying all other sums payable hereunder by the Issuer, then and in that case the right,- title and interest of Bondholders hereunder shall thereupon cease, determine and become void; otherwise, this Ordinance shall be, continue and remain in full force and effect. SECTION 18. Tax. Covenants. The Issuer covenants with the Bondholders that neither the Issuer nor any party under its controlwill make any use of the proceeds` of the Series 1986 Bonds at any time during the respective terms thereof which, if that use had been reasonably expected on the date such Series 1986 Bonds were issued, would have caused the Series 1986 Bonds to be "arbitrage bonds'" within the meaning of Section 103(c) of the Code or would otherwise cause the interest on the Series 1986 Bonds, or any of them, to become taxable to the Bondholder or Bondholders thereof under federal law. The Issuer understands that this coven- ant imposes an obligation on the Issuer throughout the term of the issue to comply with the requirements of Section 103 of the Code. SECTION 19. Severability. If any one or more of the covenants, agreements or provisions of this Ordinance shall be heldcontraryto any 'express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements' or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions of this Ordinance or of the Series 1986 Bonds is- sued hereunder.' SECTION 20. Payments Due on Saturdays`, Sundays and Holidays. If the date for payment of the principal of,`pre- mium, if any, or interest on a Series 1986 Bond shall be a Saturday, Sunday, legal holiday or a day . on, which banking institutions in the city where the corporate trust office of the Bond Registrar is located are authorized by law or exe- cutive order to be closed, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legalholiday or day on which such banking institu tions are authorized to close, and payment on such date 2i shall have the sane force and effect as if paid on the n6mi- nal day of payment. SECTION 21. No 'third Party Beneficiaries, Except as herein otherwise expressly provided, nothing in this Ordinance expressed or implied is intended or shall be con- strued to confer upon any person, firm or corporation other �,_., �,== •�r,.i;__ ;_-..-ALL Series 1986 Bonds issued under and secured by this Ordinance, any right, remedy or claim, legal or equitable, under or by reason of this Ordinance or any provision hereof, this Ordinance and all its provisions being intended to be and being for the sole and exclusive benefit of the parties hereto and the owners and holders from time to time - of the Series 1986 Bonds issuedhereunder. SECTION 22. Controlling Law; Members of Governing Body of Issuer Not. Liable,' All covenants,- stipulations, obligations and agreements of the Issuer contained in this Ordinance shall be deemed to be covenants, stipulations, obligations and agreements of the Issuer to the full extent authorized by the Act and provided by the Constitution and laws of the State of Florida. No covenant, stipulation, obligation or agreement contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future member, agent or employee of the Governing Body or the Issuer in his individual` capacity, and neither the members of the Governing Body nor any official executing the Series 1986 Bonds shall be liable personally on the Series 1986 Bonds or this Ordinance or shall be subject to any personal liability or accountability by reason of the issuance or the execution by the Governing Body or such mem- bers thereof. SECTION 23. Effective Date. This Ordinance shall be effective immediately upon its adoption. PASSED AND ADOPTED this 24th day of July, 1986 avier L. Suar 1,1{(�r llit:�i, Cleric (,f the C. of Niiac Florida, ( SEAL) cl.t> of hcrcl�y ccrtif� 11lat tm thc_Lsz2 <;! tht ah;�ve ATTEST • A. U. 1`� t�� :: l.:11. .tnd r .t c njr, •. •) r•.'S". rniil.:ti rat ii�.ilatt •C 'A':1. a `, ,utit 00cir • i �.1 �_` �. •.r1r li l � �,rl�t � { l: ,l'. .it ail•.` 1fi t"ti ltl'i)�'iliL'Cl <a:iIS—cl copy to MaVity Hi ai , t110 t,l t. t,r,,ti .t .•:z, id City C rk �'i'11';� lictu�i :ttcl the �>lfirt ll'1`'i?.cl�)S��o amity tl►i5 a--t� of L is pougherty ,ty Clerk City Attorney PREPARED AND APPROVED BY: JOHN7 it, COP �DEPUTY C IT GATT , EY 273870091ord2.23 21 1 0134 from the issuer from such source, this Bond shall no longer be entitled to payment from, or the benefit and security of, the pledge of the full faith, or odit end taxing power of the issuer to suth extent, I n the evont that the funds aVaile151e for payment of the Refunded 86nds under the Escrow Deposit A9reerrieht are inadequate to fully 'satisfy the Issuer's obligations in respect of the Rdfundod Bonds, the rogistered owner hereof, agrees that, to the extent of such deficit, it shall have - no rights whatsoever to demand, enf6rtAi or receive Payment on account bf this aond from the issuer. Reference is made to the Ordinance for the provi- sions, among others, relating to the terms, lien and security for the Bonds, the custody and application of the proceeds of the Bonds, the rights and remedies of the hol- ders of the Bonds, and the extent of and limitations on the Issuer's rights, duties and obligations, to all of which provisions the registered owner hereof assents by acceptance hereof. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Ordinance until the Certificate of Authentication endorsed hereon shall have been signed by the Bond Registrar. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF- THIS 'BOND SET 'FORTH ON THE REVERSE SIDE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH IN THIS PLACE This Bond is and has all the qualities and inci- dents of, an investment security under the Uniform Commercial Code -Investment Securities Law of the State of Florida.. IN WITNESS WHEREOF, the City of Miami, Florida, has issued this Bond and has caused the same to be signed by its Mayor and attested and countersigned by its City Clerk, either manually or with theirfacsimilesignatures, and a facsimile of its seal to be reproduced hereon, all as of the day of 1986. CITY OF MIAMI, FLORIDA (SEAL) By Mayor ATTESTED AND COUNTERSIGNEDc By City Clerk APPROVED AS TO FORM; By _City Attorney �3 10184 1CMV V I CATS Or AUTHMT i CAT t ON This Bond is one of the Bonds designated in and executed under the provisions of the within mentioned Ordinance. By_ Authorized Officer Date of Authentication: [To be printed oft the reverse side of Registered Bonds] ADDITIONAL BOND PROVISION5 The registration of this Bond may be transferred upon the registration books upon delivery thereof to the principal office of the Bond Registrar accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of this Bond or by his attorney -in -fact or legal representative, ccntaining written instructions as to the details of transfer of this Bond, along with the social security number or federal employer identification number of such transferee. In all cases of a transfer of a Bond, the Bond Registrar shall at the earliest practical time in accordance with the provisions of the Ordinance enter the transfer of ownership in,the registra- tion books and shall deliver in the name of the new trans- feree or transferees a new fully registered Bond or Bonds of the same maturity and of authorized denomination, or denomi- nations, for the same aggregate principal amount and payable from the same source of funds. The Issuer and the Bond Registrar may charge the owner of such Bondforthe regis- tration of every transfer or exchange of a Bond an amount sufficient to reimburse them for any tax, fee or any other governmental charge required (other than by the Issuer) to be paid with respect to the registration of such transfer, I nd may require that such amounts be paid before any such new Bond shall be delivered.. If the date for payment of the principal of, pre- mium, if any, or interest on this Bond shall be a Saturday, Sunday, legal holiday or a day on which banking institutions in the city where the corporate trust office of the Bond Registrar is located are authorized by law or executive or der to close, then the date for such payment shall be the next succeeding day which 'is"not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such day shallhavethe - same force and effect as if made on the nominal date of payment. It is hereby certified and recited that this Bond' is authorized by and is issued in conformity with the requirements of the Constitution and Statutes of the State of Florida, that all acts, conditions and things required to exist, to happen, and to be performed precedent to the is- suance of this Bond exist, have happened and have been per- formed in regular and due form and time as required by the Taws and Oonstitution of the State of Florida appiical?le hereto, and that the issuance of the Bonds of this Issue 1 10184 does not violate any constitutional or statutory limitation or provision. ASSIGNMENT FOR VALUE RECEIVED, the undersigned (the "Transferor"), hereby Sells, assigns and transfers unto (the 'Transfere PLEASE INSERT SOCIAL SECURITY OR OTHER IDENT15YING NUMBER OF TRANSFEREE the Within bond and all rights thereunder, and hereby ir- revocably constitutes and appoints as attorney to register the transfer, of the within Bond on the books kept for registration and registration of transfer thereof, with full power of substitution in the premises. Date; Signature Guaranteed: NOTICE: Signature(s) mustNOTICE: No transfer will be re be guaranteed by a member gistered and no new Bond will firm of the New York be issued in the name of the Stock Exchange or a Transferee, unless the signa member firm of any -other ture (s) tothis assignment recognized national correspond(s) with the name as securities exchange or it appears upon the face of the _ a commercial bank or a within Bond in every particu trust company. lar, without alteration or enlargement or any change whatever and the Social Security or Federal Employer. Identification Number of the Transferee is supplied. [End of Form of Series 1986 Bond] SECTION 7 Application of Bond' Proceeds. The proceeds, including accrued interest and premium, if any, received from the 'sale of the Series 1986 Bonds shall be ap- plied by the Issuer, simultaneously with delivery of the Series 1986 Bonds, as follows: (a) Accrued interest, if any, shall be depo- sited with the Escrow Agent, who shall pay such moneys over to the Issuer to be used to pay in- terest on the Series 1986 Bonds as the same becomes due. (b) An amount which, together with investment earnings thereon, is equal to the principal of and interest and redemption premiums, if any, on the Refunded Bonds when due in accordance with the schedules to be 'attached to the Escrow Deposit Agreement shall be.transferred to the Escrow Agent for deposit into the Escrow Deposit Trust Fund created and established pursuant to the Escrow Deposit Agreement, and shall be used and applied pursuant to and in the mariner' described in the Escrow Deposit Agreement to pay the principal and interest on the Refunded Bonds and to pay call pre- miums and costs with respect thereto (c) The remainder of the proceeds shall be transferred to the Escrow Agent and deposited in a separate fund designated "Cost of Issuance. Fund" and shall be disbursed (i) for payment of expenses incurred _ in issuing the Series 1986 Bonds (including payment of the expenses of the Issuer), and (ii) for the payment of the fees and expenses of the Escrow Agent. Any balance remaining after payment or provision for payment of such costs and expenses has been made shall be used solely to pay principal of and interest on the Series 1986 Bonds SECTION 8. Levy of Ad Valorem Tax; Payment and Pledge. In each Fiscal Year while any of the Series 1986 Bonds are outstanding there shall be assessed, levied and collected a tax, without limitation as to rate or amount, on all taxable property within the corporate limits of the Issuer (excluding homestead exemptions as required by'appli- cable law), sufficient in amount to pay the principal of and interest on the Series 1986 Bonds as the same shall become due provided, however, if at any time the Funds held by the Escrow Agent for payment of the Refunded Bonds, together with investment earnings .thereon, shall be insufficient to meet the payment requirements thereof in accordance with the terms and conditionsthereof and of the Escrow Deposit Agreement, the holders or owners of the Refunded Bonds shall be entitled to receive payment from the _Issuer from the aforesaid appropriated tax revenues, and, in that event, to the extent of any such payment in favor of the Refunded Bonds, the right, title and interest of the registered ow- ners of the Series 1986 Bonds in such appropriated tax'reve- nues,, and to such extent the pledge thereof made,, herein' for the benefit of the Series 1986 Bonds, shall be null and void, and, to such extent, the, Series 1986 Bonds shall not be entitled to any payment from the ,Issuer from any source whatsoever. Any such deficiency in the amount held by the Escrow Agent shall be promptly paid by the Issuer upon its receipt of -a request by the Escrow Agent for such payment. The tax assessed, levied and collected for the security and payment of the Series 1986 Bonds shall be as- sessed, levied and collected; in the same manner and at the same time as other taxes are assessed, levied and collected and the proceeds of said tax, except as herein provided, shall be applied solely .to the payment of the principal of and interest on the Series 1986 Bonds. To the extent that the principal of. and interest on the Series 1986 Bonds is payable from the Issuer's tax revenues as herein provided, on or before each interest or principal payment date for the _ Series 1986 Bonds, the Issuer shall transfer to the Paying Agent an amount sufficient to pay the principal of and in- terest on the Series 1986 Bonds then due and payable and the Paying Agent is hereby auhtorized and directed to apply such funds to said payment; To the extent the Series 1986 Bonds are payable from tax revenues of the Issuer as herein Provided, the full faith, credit and taxing power of the Issuer are hereby 'ir- revocably pledged to the payment of the principal of, In- terest on and redemption premium, i€ any, with respect to the Series 1986 Bonds, �6 8,4 The Issuer Will diligently enforce its tight to receive tax revenues and will diligently enforce and collect such taxes. The issuer will not take any action that will impair or adversely affect its rights to levy, collect And receive said taxes, or impair or adversely affect in any manner the pledge made herein or the rights of the SECTION 9. Complianct With Prior Solid Ordinances and Resolutions, The issuer covenants and agrees that until full provision for payment of the Refunded Bonds has been made in accordance with the EscroW Deposit Agreement, it will, as required by the ordinances and resolutions pursuant to which such Refunded Bonds were issued, provide for the payment of the principal of and interest on the Refunded Bonds as the same become due and payable as if the refunding had not been effected; and further that it will perform and comply With all of the covenants, conditions, agreements or provisions contained in the Refunded Bonds and said ordi- nances and resolutions. The issuer further covenants and agrees that it will not modify or amend such ordinances and resolutions in any respect which will have an adverse affect on any of the Refunded Bonds. SECTION 10. Approval of Bond Purchase Agreement. The form of the Bond Purchase Agreement presented by the Original Purchaser and attached hereto as Exhibit "A" is hereby approved, subject to such changes, insertions and omissions and such filling of blanks therein as may be ap- proved and made in such Bond Purchase Agreement by the of- ficers of the Issuer executing the same, in a manner con- sistent with the provisions of this Ordinance, such execu- tion to be conclusive evidence of such approval. Upon receipt of a disclosure statement, the City Manager is hereby authorized to accept the offer of the Original Purchaser to purchase the Series 1986 Bonds in the aggregate principal amount of not exceeding $40,000,000, at an average true interest cost rate not to exceed the Maximum TIC, and at a purchase, price of not less than the Minimum Purchase Price, p-lus accrued interest thereon to the date of. deliv- ery, upoiT the terms and conditions set forth in the Bond Purchase Agreement. The Mayor or City Manager and the Clerk are hereby authorized to execute the Bond Purchase Agreement for and on behalf of the Issuer pursuant to the terms hereof and of the Bond Purchase Agreement. SECTION 11. Approval of Form of Escrow_Deposit Agreement, Designation of Escrow Agent. The form of the Escrow Deposit Agreement attached hereto as Exhibit "B" is hereby approved, subject to such changes, insertions and omissions and filling of blanks therein as may be approved and made in such form of Escrow Deposit Agreement by the of- ficers of the Issuer executing the same, in a manner con- sistent with the provisions of this Ordinance, such execu- tion to be conclusive evidence of such approval. The Mayor or City Manager and the Clerk are hereby authorized to exe- cute the Escrow Deposit Agreement on behalf of the Issuer with NCNB National Bank of Florida as Escrow Agent, and NCNB National Bank of Florida is hereby appointed Escrow Agent under the terms of the Escrow Deposit Agreement, The Mayor or City Manager is hereby authorized to notify NCNB National Bank of Florida of its appointmen Agent. _t hereunder as Escrow 17 SECTION 12, Paying Agent, Bond Registrar and Coy' Paying Agent. Chemical Bank, New York, New York, is hereby designated as the initial Paying Agent and Bond registrar for the Series 1986 Bonds, NCNB National Bank of Florida, - Tampa, Florida, is hereby designated as the initial Cow Paying Agent for the Series 1986 Bonds. SECTION 13. Official Statement. The Issuer hereby approves the form and content of the Preliminary Official Statement Attached hereto as Exhibit "C." The use of such Preliminary Official Statement in connection with the mark- etiftcg of the Series 1986 Bonds is hereby authorized. The Mayor is hereby authorized to approve and execute, on behalf of the Issuer, an Official Statement relating to the Series 1986 Bonds With such changes from the Preliminary Official Statement, within the authorizations and limitations con- tained herein, as the Mayor and the City Manager, in their sole discretion, may approve, such execution to be conclu- sive evidence of such approval. SECTION 14. Election to Call Refunded Bonds; Publication of Notice of Refunding.'- The Issuer hereby elects to call and redeem the Refunded Bonds in accordance with the call schedule 'set forth in the Escrow Deposit _ Agreement as approved by the Mayor or the City Manager or ' either of them or as established by subsequent resolution or _ ordinance of the Issuer adopted on or before the time of ' delivery of the Series 1986 Bonds. Within 30 days after ,the delivery of the Series 1986 Bonds, the Issuer will 'cause to be published one time in a newspaper published and of gen- eral circulation in Dade County, Florida, and a financial journal of general circulation in the Borough of Manhattan, County and State of New York, a'notice of refunding of the Refunded Bonds and the call schedule with respect thereto as set forth in the Escrow Deposit Agreement. The Escrow Agent is hereby authorized and directed, in the -name of the Issuer, to cause notice of such call to be given as required ` by law and by the terms of the Refunded Bonds. SECTION 15. Authorizations. A. The Mayor and the City Manager or either of them and "the ',Clerk of the Issuer are hereby authorized, sub- ject to the terms hereof, to sign the Bond Purchase , Agreement at the places provided therein and the Mayor or City Manager is hereby authorized and directed to initial or otherwise approve such changes to the - Bond Purchase Agreement as he may deem advisable. The signature of the Mayor or City Manager and of the Clerk on the Bond Purchase Agreement shall be conclusive evidence of the acceptance' thereof, and the initials of the Mayor or City Manager at any change shall be conclusive evidence that such change has been duly authorized. The Mayor or City Manager is hereby authorized and directed to deliver the Bond Purchase Agreement following execution thereof in accordance with � this Ordinance to the representatives of the Original Purchaser. B. The Mayor and the Clerk are hereby authorized and directed on behalf of the Issuer to execute the Series 1986 Bonds (including any temporary bond or bonds) as provided herein and either of such officers is hereby authorized and directed upon the execution of the Series 1986 Bonds in the form and manner set forth here�n to 1$ 10134 deliver the Series 1986 Bands in the amounts authorized to be issued hereunder to or upon the order of the Original Purchaser pursuant to the Bond Purchase Agreement, upon payment of the purchase price and upon compliance by the Original Purchaser with the terms of the Bond Purchase Agreement: C. The Mayor and the City Manager or either of them and the Clerk are hereby authorized to execute and deliver the Escrow Deposit Agreement, With such changes, in- sections and omissions and the filling of blanks therein as may be approved and made in such form of Escrow Deposit Agreement by the officers executing the same, in a manner consistent with the provisions of this Ordinance, such exe- cution to be conclusive evidence of such approval. D. The Mayor and the City Manager or either of them and the Clerk and such other officers and employees of the Issuer as may be designated by the Mayor and the City Manager or either of them are each designated as agents of the Issuer in connection with the issuance and delivery of the Series 1986 Bonds and are authorized ,and empowered, col- lectively or individually, to take all action and steps and to execute all instruments, documents and contracts on behalf of the 'Issuer that are necessary or desirable in con- nection with the execution and delivery of the Series 1986 Bonds, and which are specifically authorized or are not in- consistent with the terms and provisions of this Ordinance or any action relating to the Series 1986 Bonds heretofore taken by the Issuer or the Governing Body. Such officers and those so designated are hereby charged with the respon- sibility for the issuance, of the Series 1986 Bonds, E. The Mayor, the City Manager or the Director of Finance or any, of them, are authorized to arrange for munic- ipal bond insurance on the Series 1986 Bonds from Federal Guaranty Insurance Corporation or similar bond insurer, to pay the premium with respect thereto, andtotake all ac- tions. -and execute such documents as.may be required in con nection therewith. SECTION 16 Modification' or Amendment. This Ordinance may be modified and amended and all appropriate blanks ;appearing herein may be completed by the Issuer from time to time prior to the issuance of the Series 1986 Bonds Thereafter, no modification' or amendment of this Ordinance or of any resolution or ordinance amendatory hereof or sup- plemental hereto materially adverse to the Bondholders may be made without the consent in writing of the owners of not less than a majority in aggregate' principal amount of the Outstanding Series 1986 Bonds, but no modification or amend- ment shall permit 'a change (a) in the maturity of the Series 1986 Bonds or a reduction in the rate of interest thereon, (b) in the amount of the principal obligation of any Series 1986 Bond, (c) that would affect the unconditional promise' of the Issuer to levy and collect taxes as :herein provided, or (d) that would reduce such percentage of holders of the Series 1986 Bonds required above for such modifications or amendments, without the consent of all of the Bondholders.. For the purpose of Bondholders' voting rights or consents, the Series 1986 Bonds owned by or held for the account of the Issuer, directly or indirectly, shall not be counted. SECTION 17 Defeasance and Release. If, at any time after the date of issuance of the Series 1986 Bonds' (a) all Series 1986 Bonds secured hereby or any maturity LiCItY 6P MIAMI, ItL,6I~ it A INTOO-OPPIdt MEMOMANbUM to. 14onorable Mayon and oars July 23, 1986 010E Memben ;of the City Cominissioti sudjEct General obligation ` Refunding Bonds ' Replacereent Agenda item PkOW i REFERENCES - Cesar 14, odi City Maftager ENCLOSUPES It is recommended that the attached Emergency Ordinance authorizing the issuance of not to exdeed_.$,40,000,000 principal amount of General Obligation Refunding Bonds Series 1986, of the City of Miami for the purpose of refundingcertain of the City's General Obligation Bonds dated J June 1, 1984,,providing-.for the terms thereof and certain matters in I connection therewith; authorizing the City Manager to award the sale of the Bonds and authorizing certain official and employees of the City to take all actions required in connection with the issuance of the �. Bonds be, approved. i The attached Emergency Ordinance replaces agenda item # 24 which authorizes the issuance of City,' of Miami, Florida General Obligation Refunding Bonds, Series 1986 for the purpose of refunding certain of the City's outstanding, General Obligation Bonds dated 'June 1, 1984 and authorizes the City Manager and other appropriate officers of the City to take all actions necessary with connection to this transaction: The purpose of this advance refunding is to allow the City to take advantage of the currently favorable conditions in the tax-exempt market by refinancing outstanding General Obligation Bonds originally issued in 1984 at substantially higher interest rates. The selected managing underwriters on this transaction are Drexel, Burnham, Lambert, Inc'., Goldman Sachs & Company, Southwestern Capital Markets (a Hispanic owned firm), and M,Securties (a Hispanic owned', Miami based firm). These firms provided the lowest quotes for the transaction and agreed to charge no management fee in connection with, the transaction. 10134 eItY OP MIAM1, PL61410A +; iN2 r'�`�l�t�i=`I��+�� Mr�M+C��J�IVi�4Jt� 4 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ............... r� Honorable mayor and oAft: July 17 # 1986 Merdbert of the City Cottission General Obligation SU�J�CT: Refunding Bonds Cesar H. Odio AEFOENGES: City Manager ENCLOSURtS: It is recommended that the attached Emergency Ordinance authorizing the issuance o principal amount of General Obligation Refunding Bonds Series 198bt of the ity of Miami_ for the purpose of refunding certain of the Cit 's General nbligation Bonds dated June lt 984.; __providing for the _ terms thereof a-nd certain matters in connection therewith; authorizing the ity Manager to award the sale of the Bonds and authorizing certain official and employees of the City to take all actions required in connection with the issuance of the Fonds be approved. The attached Emergency Ordinance authorizes the issuance of City' of Miami, Florida General Obligation Refunding` Bonds, Series 1986 for the purpose of refunding certain of the City's outstanding, General Obligation Bonds dated June 1; 1984 and authorizes the City Manager and other appropriate officers of the City to take all actions necessary with connection to this transaction. The purpose of this advance refunding is to allow the City to take advantage of the currently favorable conditions in the tax-exempt market by refinancing ;outstanding 'General Obligation Bonds originally issued in 1984 at substantially higher interest rates. - The selected managing' underwriters on this transaction are Drexel, Burnham, Lambert, Inc., Southwestern Capital Markets (a Hispanic owned firm) and Goldman Sachs & Company. These firms provided the lowest quotes for the transaction and agreed to charge no management fee. in connection with the transaction. The anticipated net savings to the City are approximately $1.4 million in present value'. The emergency status of this ordinance is necessitated by the expected adoption of federal tax reform legislation with an effective date of September'1, 1986. 110134 t • • ORDINANCE NO z 14 - AN EMERGENCY ORDINANCE OF THE CITY OF _MIAMI, 3 , s FLORIDA, AUTHORIZING THE ISSUANCE OF - PRINCIPAL AMOUNT OF GENERAL OSLI- 3.6 CATION REFUNDING BONDS, SERIES 1986, OF THE CITY FOR THE PURPOSE OF REFUNDING CERTAIN OF 3.7 :i THE CITY'S FIRE FIGHTING, FIRE PREVENTION AND - RESCUE FACILITIES BONDS, HOUSING BONDS, STORM 3.8 SEWER IMPROVEMENT BONDS AND STREET AND HIGHWAY IMPROVEMENT BONDS, ALL DATED ,TUNE 1, 1984; DE- CLARING AN EMERGENCY TO EXIST; PROVIDING THAT 3.9 j SUCH GENERAL OBLIGATION REFUNDING BONDS SHALL, 3.10 SUBJECT To CERTAIN LIMITATIONS, CONSTITUTE 3.11 GENERAL OBLIGATIONS OF THE CITY, AND THAT, _ SUBJECT TO SUCH LIMITATIONS, THE FULL FAITH, 3.12 CREDIT AND TAXING POWER OF THE CITY SHALL BE IRREVOCABLY PLEDGED FOR THE PAYMENT OF THE - PRINCIPAL OF AND THE INTEREST ON SUCH GENERAL 3,13 - OBLIGATION REFUNDING BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION 3.14 THEREWITH; APPROVING THE FORM OF AN ESCROW DEPOSIT AGREEMENT, AUTHORIZING THE NEGOTIATED 3.15 SALE OF SUCH GENERAL OBLIGATION REFUNDING BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE :AGREEMENT; - AUTHORIZING,THE CITY MANAGER TO AWARD THE SALE 4.1 OF THE BONDS AND APPROVING THE CONDITIONS AND ! CRITERIA OF SUCH SALE; APPROVING THE FORM OF A PRELIMINARY OFFICIAL STATEMENT; APPOINTINGA 4.2 I PAYING AGENT, CO -PAYING AGENT, AND BOND REGIS- TRAR; AUTHORIZING CERTAIN OFFICIALS AND EM- 4.4 PLOYEES OF THE CITY TO TAKE ALL ACTIONS REQUIRED IN CONNECTION WITH THE ISSUANCE OF SAID BONDS; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF 4.10 j MIAMI, FLORIDA: SECTION 1. Authority. This Ordinance is enacted 4.14 pursuant to the Charter of the City of Miami, but only to the extent` not inconsistent with and not repealed by the provisions of Section 166.021, Florida- Statutes; Chapter 4.15 166, Florida Statutes; Section 159.11, Florida Statutes; 5.1 Sections 132.33--13247, Florida Statutes (enacted as Chapter 86-181 Laws of Florida); the Constitution of the 5.2 State of Florida, including, but not limited to, Article 110134 Ott, Section 2, thereof; and other applicable provisions of 5.4 law. SFC' IO1� Def nit =g. As used herein, unless 5.8 - the context otherwise rewires: "Act" deans the Charter of the City of Miami, but 5.11 only to the extent not inconsistent with and not repealed by the provisions of Section 166,021, Florida Statutes; Chapter 5.12 166 Florida Statutes; Section 159,11, Florida Statutes; 5.13 ,i Sect -long 132.52--132.47, Florida Statutes (enacted as the 5,14 Chapter 86-181, Laws of Florida); the Constitution of State of Florida, including, but not limited to, Article - VtI, Section 2 thereof;` and other applicable provisions of 6.1 law. "Authorized Depositary" means any bank, trust com- 6.3 pany, national banking association, savings and loan associ- 6.4 ation, savings bank or other 'banking association selected by 1, the Issuer as a depositary, which is authorized under 6.5 Florida law to be a depositary of municipal funds and which has qualified with all applicable state and federal require- 6.6 ments concerning the receipt of Issuer funds. 6.7 "Bondholders" means the registered owners (or their 6.9 E authorized representatives) of Series 1986 Bonds. "Bond Purchase Agreement" means that certain Bond 6.11 Purchase Agreement between the Issuer and the Original Purchaser substantially in the formattached hereto as 6.12 Exhibit "A." 6.13 "City Manager" means the City Manager or the 6.15 Assistant City Manager ,of the Issuer. "Clerk" means- the City Clerk or any Deputy City 7.2 Clerk of the Issuer. "Code" means the Internal Revenue Code of 1954, as 7.4 amended, and all implementing regulations promulgated 7.5 thereunder: "Co -Paying Agent" means NCNB National Bank of 7,.7 Florida, Miami, Florida, and any successors designated pur- suant to this Ordinance: "Director of Finance" means the Director of Finance 7.11 of the _Issuer. 2 1 0134 � C "BscroW Agent" means NCNB National Bank of Florida, 1.13 Tampa, Florida, or such other baliwik or trust c6 ipafiy as shall he designated by the Issuer by 8ub90quent ordinance or 7,14 rdt6luti6n adopted prior to issuande of the series 1986 7.15 Bonds to serve as escrow agent and trustee under the Escrow ! Deposit Agteement: "Escrow Deposit AgreefrefYt" means the sscrow beposit 8.2 Agreement, a proposed form of Which is attached to this 8.3 4 Ordinance as 8xhibit 118," pursuant to which the proceeds of the Ser ee 1966 Sonds together with investMent earnings 8.4 thereon and certain other funds and investments will be held in irrevocable escrow for the payment of the principal of 8.5 and interest on the Refunded Bonds. 8.6 st 'Government Obligations" means direct obligations 8.8 of the United States of Am6rica, "Fiscal Year" means the period commencing on 8.10 October 1 of each year and ending on the succeeding September 30, or such other consecutive 12-month period as 8.11 < may hereafter be designated as the fiscal year of the Issuer 8.12 pursuant to general law. "Governing Body" means the City Commission of the 8.14 Issuer. z "Issuer" means the City of Miami, Florida. 9.1 "Mayor" means the Mayor of the Issuer or in his ab- 9.3 sence or inability to perform, the Vice Mayor of the Issuer. 9.4 "Original Purchaser" means Drexel Burnham Lambert 9.6 Incorporated, as representative of itself, Goldman, Sachs & Co., Southwestern Capital Markets, Inc. and 9.7 9.8 "Outstanding" or "Bonds outstanding" means all 9.10 ', Series 1986 Bonds which have been issued pursuant to this Ordinance except: (a) Series 1986 Bonds cancelled after pur- 9.13 chase in the open market or because of -payment at or redemption prior to maturity; 9.14 (b) Series 1986 Bonds the payment or redemp- 10.1 tion for which cash funds or Government Obligations or any combinationthereof shall have been thereto- 10.2 fore irrevocably set aside in a special account with the Paying Agents, whether upon or prior to 10.3 3 10134 the maturity or tddt 1pti5h date of any such Series 1986 Bond, in an amount which, together with earn- 10.4 ings on such Government Obligations, will be suffi- cient to pay the principal of and interest on such 10.5 Series 1986 Bonds at maturity or upon their earlier redemption; provided that, if such Series 1986 10.6 Bonds are to be redeemed before the maturity thereof, notice of such redemption shall have been 10.7 given according to the requirements of this Ordinance or irrevocable instructions directing the 10.8 4 timely publication of such notice and directing the paymentof the principal of and interest on all 10.9 ., Series 1986 Bonds at such redemption dates shall 1, have been given tothePaying Agents; and 10.10 (c) Series 1986 Bonds which are deemed paid 10,12 pursuant to Section 68 hereof. j 'Paying Agent" means Chemical Bank, New York, New 10,15 - York, or the Co -Paying Agent, or any other Authorized Depositary designated by the Issuer to serve as a Paying' 11.1 Agent or place of payment for the Series 1986 Bonds issued 11.2 hereunder that shall have agreed to arrange for the timely 11.3 payment of the principal of, interest on and redemption pre- mium, if any, with respect to the _Series 1986 Bonds to the 11.4 A registered owners thereof, from funds made available there- - for by the Issuer, and any successors designated pursuant to 11.5 this Ordinance. "Preliminary Official Statement" means the 11.7 - Preliminary Official Statement with respect to the issuance of the Series 1986 Bonds, substantially in the form attached 11.8 as Exhibit "C." 11.9 _ "Registrar" means the Issuer, Chemical Bank, New 11.11 York, New York, or any other'agent designated from time to time by the Issuer, ,by ordinance or resolution, to maintain 11.12 the registration book for the -Series 1986 Bonds issued — hereunder or to perform other duties with respect to'regis- 11.13 tering`the transfer of the 'Series 1986 Bonds. "Refunded Bonds" means the Issuer's $2, 000, 000 Fire 11.15 Fighting, Fire Prevention and Rescue Facilities Bonds, 12.1 - $18,100,000- Housing Bonds, $3,000,000 Storm Sewer Improvement Bonds' and $7,100,000 Street and Highway 12.2 " Improvement Bonds, all dated June 1, 1984. "Series 1986 Bonds" means the City of Miami, 12.4 Florida, General Obligation' Refunding Bonds, Series 1986, authorized to be issued pursuant" to this Ordinance in one or 12.5 4 10134 i More series in the aggregate principal amount of not exceed- 12.6 ing.. , Words in this Ordinance itportitg singular numbers 12.8 shall include the plural number in each case and vice versa, and words importing persons shall include firsts, corpora- 12 A tions or other entities including governments or governmeri- 12.10 tal> bodies: SECTION 3. Findings and beterminations, It is 12,15 hereby ascertained, determined and declared than A. The Refunded Bonds were issued in 1984, 13.3 and the full faith, credit and taxing power of the Issuer are pledged to the payment of the; principal 13:6 of and interest on the Refunded fonds. B It is in the best interest of the Issuer, 13.8 its citizens and taxpayers to take advantage of the k existing favorable market conditions and the 13.9 prevailing low interest rates through the issuance of the Series 1986 Bonds in order to provide funds 13.10 to refund the Refunded Bonds. It is estimated that 13.11 the present value of the Issuer's savings antici- pated to be achieved through the issuance of the Series 1986 Bonds to refund the Refunded Bonds, as 13.12 calculated in accordance with Section 132.35(2), Florida Statutes, shall be $ C.' This Ordinance is hereby declared to be 13.14 _j an emergency measure on the grounds of urgent pub- lic need for the preservation of peace, health, 13.15 safety and the property of the City of Miami. D. An emergency exists with respect to the 14.2 - adoption of this Ordinance in that, in order to take advantage ofcertain benefitsavailable under current law and in order to __take advantage of 14.3 — market conditions, it is necessary that the Issuer market the Series 1986 Bonds as soon as possible. Immediate enactment of this Ordinance is necessary 14.4 to 'accomplish such marketing. The Governing Body,' 14.5 - by adoption of this Ordinance by at least `a two- thirds vote, hereby waives all notice requirements for the regular enactment of municipal ordinances. 14.6 E. Because of the characteristics of the 14.8 ! Series 1986 Bonds, prevailing and anticipated market conditions and additional savings to be 14.9 5 I - E 10134 ' t realifted from an expeditious sale of the Series 198 Bonds, it is in the best interest of the lsauer to accept the offer of the Original 14.10 Purchaser to purchase the Series 1986 Bonds at a private negotiated sale, 14.11 F. The Original Purchaser will provide the i44 Issuer with a disclosure statement containing the infdrmation required by Section 218:S85(6), Florida 14.15 Statutes, 01 The Issuer it authorized under the Act to 15.2' issue bonds and to deposit the proceeds thereof in escrow to provide for the paymerit when due of the 15.3 principal of, interest on and redemption premiums, 15.4 if any, in connection with the Refunded Bonds. 14.- The Series 1986 Bonds shall be issued at 15.6 a lower averagenet interest cost rate than the 15.7 average net interest cost rate of the Refunded Bonds, and the rate of interest borne by the Series -1986 Bondsshall` not exceed the maximum interest 15.8 rate established pursuant to the terms of Section 15.9 215,84, Florida Statutes: I. The principal amount of the Series 1986 15.11 Bonds does not exceed an amount sufficient to pay y the sum of the principal amount of the Refunded Bonds, the aggregate amount of unmatured interest 15.12 ' payable on the Refunded Bonds to and including either the applicable maturity date thereof or the date that they are called for redemption, the ap- 15.13 plicable redemption premiums related to the Refunded Bonds that are called for redemption, and the costs of issuance of the Series 1986 Bonds. 15.14 J. The sum of the present value of the total 16.1 payments of both principal and interest to become due- on the Series 1986 Bonds (excluding all such principal and interest payments as will be made 16.2 with moneys held by the 'Escrow Agent under the Escrow Deposit Agreement) and the present value of costs of issuance of the Series 1986 Bonds, if any, 16.3 not paid with proceeds of the Series 1986 Bonds, is less than -the present value of the principal and 16.4 interest payments to become due' at their, stated maturities,-, or earlier mandatory redemption dates, on the Refunded Bonds. 6' 10134 X, The Series 1986 Bonds shall in no event 16.6 Mature later than forty (46) years from the date of issuance of the Refunded Bonds, L. The first installment of principal of the 16.8 Series 1986 Bonds shall mature not later than the first stated maturity of the Refunded Bonds, M, The Series 1986 Bonds shall not be issued 16.10 until such time as the Director of Finance of the issuer shall have filed a certificate With the Governing Body setting forth the present value of 16.11 the total debt service savings which will result from the issuance of the Series 1986 Bonds to refund the Refunded Bonds, computed in accordance 16.12 with the terms of Section 182.35, Florida Statutes, and demonstrating mathematically that the Series 16.13 1986 Bonds are issued at a lower net average in- terest cost rate than the Refunded Bonds.' SECTION 4. Contract. In consideration of the ac- 17.3 ceptance of the Series 1986 Bonds authorized to be issued hereunder by those who shall hold the same from time to 17.5 time, this Ordinance shall be deemed to be and shall consti- tute a contract between the Issuer and the Bondholders. The 17.7 z covenants and agreements herein set forth to be performed by the Issuer shall be for the equal .benefit, protection and 17.8 security of the Bondholders, and all Series 1986 Bonds shall be of equal rank and without preference, priority or 17.9 distinction over any other thereof, except as expressly provided herein! 17.10 SECTION 5. Authority for Refunding and Issuance of 1 17.13 Series 1986 Bonds; Authorization of Escrow Deposit — Agreement. The refundingof the Refunded Bonds is hereby 17.14 _ authorized. Subject and pursuant to the provisions hereof, 17.15 Series 1986 Bonds to be known as "City of 'Miami, -Florida, General Obligation Refunding Bonds, Series 1986" are hereby 18.1 authorized to be issued at one time or as needed in series 18.2 in an aggregate principal amount of Dollars ($ ), or such lesser 18.4 amount as shall be authorized by subsequent ordinance or resolution or as may be approved by the City Manager for the 18.5 purpose of refunding the Refunded' Bonds. 18.6 The Issuer further hereby authorizes (i) the execu- 18.8 tion of the Escrow Deposit Agreement with the Escrow Agent, 18.9 _ (ii) the deposit and 'pledge of a sufficient portion of the 7 1 0134 proceeds of the 'Series 1986 goftdt, together with interest 18.10 earnings thereon, and certain other funds of the Issuer, if necessary, to pay the principal of, interest on and redefip- 18,11 tion premiums if any, with respect to the Refunded Bonds, 18,12 (iii) the investment and reinvestment of proceeds from the sale of Series 1986 Bonds in Goverftment Obligations for the 18.13 purpose of effecting the defeasance of the Refunded Bonds, (iv) the calling of the Refunded Bonds prior to their dates 18.14 of maturity as set forth in the call schedule in the Escrow _ Deposit Agreement, (v) the disbursement of unneeded princi- pal and income, if any, from the funds and accounts created 19.1 and established pursuant to the Escrow Deposit Agreement to _ the Issuer and the application of those funds for the 19.2 redemption of Series 1586 Bonds. SECTION 6. Award of Series 1986 - Bonds;, Terms, 19.6 Redemption and Form of Series 1986 Bonds. A. The City Manager is hereby authorized and 1919 directed to award the sale of the Series 1986 Bonds to the Original Purchaser pursuant to and in ac- 19.11 cordance With the terms of the Bond' Purchase Agreement at an aggregate purchase price as ap- proved by the City ;Manager 'of not less than %,of 19.12 the original principal amount of the Series 1986 Bonds (excluding original issue discounts) (the "Minimum Purchase Price") and at'a true interest 19.13 cost rate ("TIC"), as approved by the City Manager not to exceed % (the "Maximum TIC"). B. The Series 1986 Bonds shall be numbered 19.15 C consecutively from 1' upward' preceded by the letter "R" prefixed to the number. The principal of and 20.3 premium, if any, on the Series 1986 Bonds shall be payable upon presentation and surrender at the 20.4 principal corporate trust office of the Registrar. Interest on the Series 1986 Bonds shall be paid by 20.5 check or draft drawn; upon the Paying Agent and - mailed to the registered owners of the Series 1986 20.6 Bonds at the addresses as they appear on the regis- tration books maintained by the Registrar at the 20.7 close of business on the 15th day (whether or not a business day) of the month next Ipreceding the in- 20.8 terest payment date (the "Record Date"), irrespec- 20.9 tine of any transfer' or exchange of such_Series 1986 Bonds subsequent to such Record Dateandprior 20.10 to such interest payment date, unless the Issuer shall be in 'default in payment of interest due on 20.11' such interest payment date. In the event of any 20.12 8 1 u34 such default, such defaulted interest shall be — payable to the porsons in Whose natxes such Series 20:i3 1586 Bonds ate registered at the close of business on a special record date for the payment of su :n 20,14 defaulted intetest as established by notice depot — sited in the U-S, mails, postage prepaid, by the 20.15 Issuer to the registered 6Whdt8 of the Series 1986 Ronda not less than fifteen (15) days preceding 21.1 such special record date. Such notice shall be 21.2 mailed to the persons in whose names the Series 1566 Bonds ate registered at the close of business 21.E on the fifth day (whether or not a business day) preceding the elate of mailing. The registration of 21.4 any Series 1986 Bond may be transferred' upon the regittr,ation books upon delivery, thereof to the principal office of the Registrar accompanied by `a 21.5 - written instrument or instruments of transfer in form and with guaranty of signature' satisfactory to the Registrar,._duly executed by the Bondholder or 21.6 his attorney -in -fact or -legal representative, con- taining written instructions as to the details of the transfer of such Series 1586 Bond, along with 21.7 the social security number or federal employer identification number of such transferee. In all 21.8 cases of a transfer of a Series 1986 Bond, the Registrar shall at the earliest practical time in accordance with the terms hereof enter the transfer 21.9 of ownership in the registration books and shall deliver in the name of the new transferee or trans- ferees a new fully registered Series 1986 Bond or 21.10 — Bonds of the same maturity and of authorized ,denom- ination or denominations, for the same aggregate principal amount and payable from the same source 21.11' of funds. The Issuer and the Registrar may charge 21.12 the', Bondholder for the registration of every trans- fer or exchange of a Series 1986 Bond an amount sufficient to reimburse them for any tax, fee or 21.13 any, other governmental charge required (other than by the Issuer) to be paid with respect to the reg- istration of such transfer, and may require that 21.14 such amounts be paid before any, such new Series 21.15 _ 1986 Bond shall' be delivered. The Issuer, the Registrar, and the Paying 22.2 Agent may deem and treat the registered owner, of any Series 1986 Bond as the absolute owner of such Series 1986 Bond for the purpose of receiving 22.3 payment of the principal thereof and the interest and premiums, if any, thereon. Series 1986 'Bonds 22.4 may be exchanged at the, office of the Registrar for 9 1 0134 .a a like aggregate principal aftunt of Series 1986 Bonds, of other authorized denominations of the 22.5 same series and ;maturity. C. The Series 1986, Bonds shall be dated 22,7 August 1, 1986, shall bear interest from such date, payable semiannually on the first day of ,tune and the first day of December of each year, commencing 22.8 on. December 1, 1986, at the rates, and shall mature in accordance with the maturity schedule, set forth 22.9 or incorporated by reference in the Bond purchase 22.10 Agreement or the final Official Statement, as such 22.11 rates and maturity schedule may be approved by the City Manager provided that the TIC shall not exceed 22:12 the Maximum TIC, unless otherwise provided by a subsequent ordinance or resolution adopted on or 22.13 before delivery of the Series 1986 Bonds. The 22.14 Series 1986 Bonds shall be issued as fully regis- teredbonds in the denomination of $5,000 each or any integral multiple thereof. D. The Series 1986 Bonds shall be executed 23.1 in the name of the Issuer by the Mayor and the seal of the Issuer- shall be imprinted, reproduced or 23.2 lithographed on the Series 1986 Bonds and attested to and countersigned by the Clerk. The signatures 23.4 of the Mayor and the Clerk on the Series 1986 Bonds may be . by -' facsimile, _ but one such officer shall 23.5 sign his manual signature on the ,Series 1986 Bonds. If any officer whose signature appears on the 23.6 Series 1986Bondsceases to hold office before the delivery of the Series 1986 Bonds, his signature 23.7 shall nevertheless be valid and sufficient for all purposes. In addition, any Series 1986 Bond may 23.8 bear the signature of, or may be signed by, such persons as at the actual timeofexecution of such 239 Series 1986 Bond shall be the proper officers to _ sign such Series 1986 Bond although at the date of 23.10 such Series 1986 Bond or the date of delivery thereof' such persons may not have been such 23.11 `officers. E. If any Series 1986 Bond is mutilated, 23.13 destroyed, stolen or lost, the Issuer or; its- agent may, in its discretion (i) deliver a duplicate 23.14 replacement Series 1986 Bond, or (ii)'pay :a Series 1986 Bond- that has matured or is about to mature. 23.15" 1 A mutilated Series 1986 Bond shall be surrendered 24.1 to and cancelled by the Clerk or his duly authorized agent. The Bondholder must furnish the 24.3 10 10134 i l ss ier or its agent proof of 6Whtrship of any des- troyed, stolen or lost8eries 1986 Bond; post 24;4 satisfactory indi�mhity comply With any reasonable conditions the Issuer or its agent May prescribe; 24.8 and pay the 1 suer or its agent's reasonably expenses. Any such duplicate Series 1986 Bond shall con- 24•7 stitute an original contractual obligation on the part of the issuer Whether or not the destroyed, 24.8 stolen or lost Series 1986 Bond be at any time found by -anyone, and such duplicate Series 1986 24.9 _ Bond shall be entitled to equal and proportionate benefits and rights as to lien on, and source of 24.10 _ payment of and security for payment from, the funds — _ pledged" to the payment of the Series 1986 Bond to 24.11 mutilated, destroyed, or stolen or lost. F.- The Series 1986 Bonds shall be subject to 24.13 redemption prior to 'their maturity at such times 24.14 and in such manner as is set forth or incorporated by reference in the Preliminary Official Statement and/or the Bond Purchase Agreement or as shall be 24.15 subsequently provided in the final Official - Statement and/or the Bond Purchase Agreement ap- proved by: the City Manager pursuant' to the Authority and guidelines described herein or as es- 25.1 tablished by subsequent resolution or ordinance of the Issuer adopted; on or before the time of de'liv- 25.3 ery of the Series 1986 Bonds. Notice of redemption 25.4 shall be given by deposit in the U.S. mails of a 25.5 copy of a redemption notice, postage prepaid, at 25.6 least thirty and not more than sixty 'days before 25.7 the redemption date to all registered owners of the Series 1986 Bonds or portions of the Series 1986 Bonds to be 'redeemed at their addresses as they ap- 25.8 pear on the registration books to be maintained in accordance with the provisions hereof. Failure to 25:10 mail any such notice` to a registered owner of a 25.11 Series 1986 Bond, or any defect therein, shall not affect the validity of the proceedings for redemp- 25.12 tion of any Series 1986 Bond or portion thereof with respect' to which no failure or defect 25.13 occurred. Such notice shall set forth the date fixed for 25.15 redemption, the redemption price to be, paid and, if less than all of the Series 1986 Bonds then out- 26.1 standing shall be called for redemption,; the is distinctive numbers and letters, .if any, of such 26.2 � 11 0134 JiPlll®Jl�lqfl �.1 Series 1986 Bonds to be redeemed and, in the case of series 1986 Bonds to be redeemed in part only, 26.5 the portion of the principal amount thereof to be redeemed, if any Series 1986 Bond is to be 26.4 redeeffied in part only, the notice of redemption which relates to such Series 1986 Bond shallalso 26.5' state that on or after the redemption date, upon surrender of such Series 1986 Bond, a new Series 26.6 1986 Bond or Series 1986 Bonds in a principal amount equal to the unredeemed portion of such Series 1986 Bond will be issued. 26.7 Any notice mailed as provided in this section 26,g shall be conclusively presumed to have been duly - given, _whether or not the owner of such Series 1986 26.10 Bond receives such notice. The Registrar' shall not be required to trans- 26.12 fer or exchange any Series 1986 Bond after the pu- blication and mailing of a notice of redemption not during the period of fifteen days next preceding 26,13 publication and mailing of a notice of redemption. G. Notice having been given in the manner 26.15 and under the conditions-hereinabove provided, the Series 1986 Bonds or portions of Series 1986 Bonds 27.1 so called for redemption shall, on the redemption date designated` in such notice, become and be due 27.2 and 'payable `at the redemption -price' provided for redemption for; such Series 1986 Bonds or portions 27.3 of Series 1986 Bonds on such date'. On the date so 27.4 designated for redemption, moneys for payment of - redemption price being held in separate accounts by 27.5 the Paying Agent in trust for the registered owners of the Series 1986 Bonds or portions thereof ;to be 27.6 redeemed, all as provided in this Ordinance, in- terest on the Series 1986 Bonds or portions of 27.7 Series 1986' Bonds' so called for redemption shall cease to accrue, such Series 1986 Bonds and por- tions of Series 1986 Bonds shall cease to be en- 27.8 titled to any lien, benefit or security under this Ordinance, and -the registered owners of such Series 27.9 1986 Bonds or portions of Series 1986 Bonds shall" have no right in respect thereof except to receive 27.10 payment of the redemption price thereof and, to the —!; extent provided :in the next subparagraph, to 27.11 receive Series 1986 Bonds for any unredeemed' por- i` tions of the Series 1986 Bonds. 1i f` 12 r 3 1,0134 t I � 1 _ fn case part but not all of an outstand- ing fully registered Series 1986 Bond shall be selected for redemption, the registered owners 27_.15 thereof shall preeent and surrender such Series 1986 Bond to the issuer or its designated Paying 28:1 Agent for payment of the prihtipal amount thereof to called for redemption,' and the issuer shall e t- 28 2 cute and deliver to or upon the order of such reg- istered owner, without charge therefor, for the un- 28.3 redeemed balance of the pricipal amount of the 8eri.es 1986 Bonds to surrendered, a Series* 1586 28,4 Bond or Series 1986 Bonds fully registered as to principal and interest. 1. Series 1986 Fonds or portions of Series 28.6 1986 8ond8 that have been duly called for redemp- ti'on under the provisions hereof, and with respect 28.7 to which amounts sufficient to pay, the principal of, premium, if any, and interest to the date fixed 28.8 for redemption shall be delivered to and held in separate accounts by an escrow agent, any 28.9 Authorized Depositary or any Paying Agent in trust for the registered owners' thereof, as provided in 28.10 this Ordinance,' shall not be deemed to be Outstanding under the provisions of this Ordinance 28.11 and shall cease to be entitled to any lien, benefit or security under this Ordinance, except to receive 28.12 the payment of the redemption price on or after the 28.13 designated date ,of redemption from moneys deposited with or held by the escrow agent, Authorized 28.14 Depositary or Paying Agent, as the case may be, for such redemption of the Series 1986 Bonds and, to 28.15 the extent provided in the preceding subsection, to receive Series 1986 Bonds for any unredeemed por- 29.1 tion of the Series 1986 Bonds. J. If the date for payment of the principal 29.3 of, premium, if any, or _interest on the Series 1986 Bonds shall be a Saturday, Sunday, legal holiday or 29.4 a day on which banking institutions in the city where the 'corporate trust office of the Registrar 29.5 is located are authorized by law or executive' order 29.7 to close, then the date for such payment shall be 29.9 the next succeeding day which is not a Saturday, _ Sunday, legal holiday or a day on which such bank- 29.10 ing institutions are authorized to close, and —j payment on such day shall have the same force and 29.11 effect as if made on the nominal date of payment: 13 1 01 34` i The text of the Series 1986 Bonds and the 2�,13 fora of assignment for such Series 1086 Sonds shall be subttahtially in the following form, with such 29,14 Emissions, insertiot'is and variations as may be necessary or desirable and authorized by this 2�.15 — Ordinance or by any subsequent resolution or ordi- trance adopted prior to the issuance thereof, or As 30,1 MAY be approved and trade by the officers of the Issuer executing the samlte, such execution to be 30.2 conclusive evidence of such approval, including, without limitation, such 'chances as may be required 30: 3 for the issuance of uncertificated public obligations! r (Form of Series 1986 Bond] 30.8 No. R- $ 30.11 i UNITED STATES OF AMERICA_ 30.14 STATE OF FLORIDA 30.15 CITY OF MIAMI- 31.1 GENERAL OBLIGATION REFUNDING BOND, 31.2 SERIES 198E 31.3 Interest Maturity Date: Original Dated- CUSIP NO: 31,6 Rate: Date: 31.7 1, 1, 1986 31.8 REGISTERED OWNER: 31.10 PRINCIPAL AMOUNT: DOLLARS 31.12 The City of Miami.. Florida ;(hereinafter called the 32.2 "Issuer"),; for _value received, hereby promises to pay to the 32.5 Registered _Owner identified` above, or to registered assigns or,legal representatives, to the extent and from the sources 32.9 pledged therefor, as described herein, on the Maturity Date identified above (or earlier as hereinafter provided), the 32.10 Principal Amount identified above, upon presentation and 32.11 surrender hereof at the principal office'of , Florida, or its successors, as Bond Registrar and 32.12 . Paying' Agent (tie "Registrar") , and to pay, to the extent {x' and from the sources herein described, interest on the_prin- cipal sum from the date hereof, or from the most recent in- 32.14 ' terest payment date to which interest has been paid, at the Interest Rate per annum identified above, until payment of } r 14 f. 10134 the principal suit, or until provision for the payment 32,15 thereof has been duly provided for, such interest being pay- 531.) AbI6 semiannually on the first day of and the first 55.3 day of of each year, coFhttencing on 33.4' 108, Interest will be paid by check or draft mailed to the 3315 RegisteredOwnerhereof at his address as it appears on the 33.6 ttgistration books of the Issuer maintained by the Registrar at the close of business on the fifteenth (15th) day (whether or not a business day) of the month nett preceding 33,9 the interest payment'date (the "Record Date"), irrespective of any transfer or exchange of such Bond subsequent, to such 33.1 Record gate and prior to such interest payment date, unless the issuer shall be in default in payment of _interest due on 33.12 such interest payment date. In the event of any such 33,13 default, such defaulted interest shall be payable to the 33.14 person in whose name such Bond is registered at the close of 33.15 business on aspecial record date for the payment of such 34.1 defaulted interest as established bynoticeby -deposit in 34.5 the Ui S. mails, postage prepaid, by the Issuer to the Registered Owners of Bonds not less than fifteen (15) days 34.7 preceding such special record date, Such notice shall be 34,8 mailed to the persons in whose names the Bondsare regis- tered at the close of business on the fifth (5th) day 34.9 (whether or not a business day) preceding the date of mailing. Bonds of this series are subject to mandatory 34.11 ? redemption prior to their 'respective 'stated dates of mat- 34.12 urity [insert mandatory redemption provisions, if any]. 34.13 ' The Bonds of this series shall be further subject 34.15 to redemption prior to their maturity at the option of the 35.1 Issuer [insert optional redemption provisions, if any]. 35.2 Notice of call for redemption is to be given by 35.4 mailing a copy of the redemption notice by registered or certified mail at least thirty (30)'but not.more than sixty 35.5 (60) days prior to the date fixed for redemption to the reg- 35.6 istered' owner of each Bond.to be redeemed at the address -` shown on the registrar's registration books. Failure to 35.8 give such notice by mailing to any Bondholder, or any defect 35.9 therein, shall not affect the validity of the .,proceedings for the redemption of any Bond or portion thereof with 35.10 - respect to which no such failure' or defect has. occurred. 35.11 All such Bonds called for redemption and for the retirement 35.13 of which funds are duly provided willceaseto bear interest on such redemption date. 35.14 This Bond is one of an .authorized issue of bonds in 36.1 the aggregate principal amount of $ of like' date, 36.2 7 - 15 1 0134 teftot and effeot, except at to nuftbtsr, maturity (unless al bonds matUrt on the sate date) and interest rate, issued to provide for the refunding of a portion of the issuer's Street and Highway Improvement Bonds, Eire Fighting, Fire Prevention and Rescue Facilities Bonds, Housing fonds and Storm Sewer imt)roVdMent Sbads, all dated as of June 1, 1984 (the "Refunded t6nds"), pursuant to the authority of and in full compliance with the Constitution and iaws of the State i of Florida, including particularly Article VII, Section 2 of # the Constitution, the Charter of the Issuer (but only to the extent not repealed by the provisions of Section 166,021, Florida Statutes), Chapter 166, Florida Statutes, Section 159.11, Florida Statutes, Sections 132,33--132;47, Florida Statutes (enacted as Chapter 86-181, Laws of Florida), s Ordinance No, duly enacted by the Issuer on July' 1986 (the "Ordinance"), and other applicable provisions of 5 law. This Bond is subject to all the terms and conditions of the Ordinance, and capitalized terms not otherwise k' defined herein shall have the same meanings ascribed to them in the Ordinance. The Issuer has established with as Escrow Agent under an Escrow Deposit Agreement, dated as of I1986 (the "Escrow Deposit Agreement"), an escrow fund and; has 'caused' to be deposited therein cash and Government Obligations the prin- cipal of and :investment earningson which shall` be suffi- cient to provide for the full and timely payment of the principal of and the redemption premium, if any, and in- terest on the Refunded Bonds when due, all as more fully set forth in the Escrow Deposit Agreement. So bong as the funds i under deposit under the Escrow Deposit Agreement, together with investment earnings thereon, are sufficient for the full and _timely payment of the Refunded Bonds, the full faith, creditand power of the Issuer are irrevocably _ pledged for the prompt payment of the principal of, premium, if any, and interest on this Bond. However, if at any time, the a funds on deposit under the Escow Deposit Agreement, together with investment earnings thereon, shall be inadequate to fully satisfy all of the principal, interest and redemption premium, if any, requirements of the Refunded Bonds when due upon maturity or earlier redemption, the Refunded Bonds, to the extent of any such deficiency, are secured by i and payable from the full faith,' credit and taxing power of the Issuer and, to the extent such payment of the Refunded Bonds must be made from the Issuer from such source, this Bond shall no longer be entitled ' to ' payment from, or the benefit and security of, the pledge of the full -F faith, credit and taxing power of the Issuer to such extent. In the event that the funds available for payment' of the Refunded Bonds under the Escrow Deposit Agreement are inadequate to fully satisfy the - Issuer's obligations in respect of the Refunded Bonds, the registered 16 E `0134 # 1 owner hereof, agrees that, to the extent of such deficit, it 0all have no rights what§06Ver to damando enforce or ree@iVa payment oh account of this taond from the issuar. Reference is Made to the Ordinance for the provi= sioits, among others, telating to the terms, Tien and security for the Bonds, the custody and application of the proceeds of the Bonds, the rights and refiedies of the hol- dens of the Bonds, and the extent of and limitations on the 3 Issuer's rights, duties and obligations, to all of which provisions the registered owner hereof assents by acceptance hereof. REFERENCE IS HEREBY MADE TO THE FURT8tR PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF, WHH IC FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH IN THIS; PLACE. This Bond is and has all the qualities and inci- dents of, an investment security under the Uniform i Commercial Code -Investment Securities Lana of the State of Florida. IN WITNESS WHEREOF,`: the City of Miami, Florida, has issued this Bond and has caused the same to be signed by its Mayor and, attested and countersigned by its City Clerk, either manually or with their facsimile signatures, and a facsimile of its seal to be reproduced hereon, all as of the day of 1986. CITY OF MIAMI, FLORIDA 1 (SEAL) By Mayor ATTESTED AND COUNTERSIGNED: 5< By `City Clerk APPROVED AS TO FORM: i E By Attorney k, { t 1% a 1 0134 f t CERT I F I CATS OF AUTHENTICATION 42.8 This fond is one of the 'Bonds designated in and 42,18 executed under the previsions of the Within Mentioned Ordinance 45.2 43..4 Authorized Officer 435 Date of Authentication: 43.8 [To be printed on the reverse side of Registered Bonds] 43.13 ADDITIONAL BOND PROVISIONS 43.15` The registration- of this Bond may be transferred 44.4 upon the registration books upon delivery thereof_ to the 44.7 principal office of the Registrar accompanied by a written 44.9 .instrument or instruments of transfer in form and with 44.12 ( guaranty of signature satisfactory to the Registrar, duly executed by the owner of this Bond or by his 44.14 attorney -in -fact or legal representative, containingwritten 45.3 instructions as to the details of transfer of this Bond, 45.6 along with the social security number or federal employer 45.7 identification number of; such transferee. In all cases of a 45.9 transfer of a' Bond, the Registrar shall at the earliest 45.10 practical time in accordance with the provisions of the 45.11 Ordinance enter the transfer of ownership in the registra- 45.14 tion books and shall deliver in the name of the new trans- 45.15 feree or transferee's a new fully registered Bond or Bonds of 46.3 — the same maturity and of authorized' denomination or denomi- nations, for the same aggregate principal amount and :payable 46.5 from the same source of funds. The Issuer and the Registrar' 46.6 may charge the owner of such Bond for the registration` of 46.7 every transfer or exchange of a Bond an amount sufficient to 46.9 reimburse them for any tax, fee or any other governmental 46.10 charge required (other than by the Issuer) to be paid with respect to the registration of such transfer, and may 46.12 require that such amounts be paid before any such new Bond 46.13 _ shall be delivered. If the date forpaymentof the principal of, pre- 46.15 mium, if any, or interest on this Bond shall; be a Saturday, 47.1 Sunday,' legal holiday or a'day on which banking institutions 18 d1 r in the city where the corporate trust office of the 47+2' Registrar is located are authorized by law or executive or- 47.4 der to close, then the date for such paym6ftt shall be the 47.6 next succeeding day which is not a Saturday, Sunday, legal 47.7 _ haliday'or a day on which such banking institutions are authorized to close, and payment on such day shall have the 47.8 same force and effect as if made on the nominal date of Payment. It is hereby certified and recited that this Bond 47.10 is authorized by and is issued in conformity with the 47.11 ' requirom6nts of the Constitution and Statutes of the State 47112 of Florida, that all acts, conditions and things required to 47.13 k exist, to happen, and to be performed precedent to the is- i nuance of this Bond exist, have happened and have been per" formed in regular and due form and time as .required by the 47.15 _ laws and Constitution of the State of Florida applicable 48.1 hereto, and that the issuance of the Bonds of this issue 48.2 does not violate any constitutional or statutory limitation 48.3 or provision. ASSIGNMENT 48.8 FOR VALUE RECEIVED;- the undersigned 48.11 (the "Transferor"), hereby sells, assigns'' and transfers 48.13 unto (the 'Transferee") 48.14 PLEASE INSERT SOCIAL SECURITY OR 49.1 - OTHER`IDENTIFYING'NUMBER OF TRANSFEREE 49.2 49.3 the within Bond and all rights thereunder, and hereby ir- 49.7 revocably constitutes and appoints 49.8 as attorney to register_ the transfer of the within Bond on 49`.10 the books kept for `registration 'and registration of transfer 49.12 thereof', with full: power of substitution in the premises. 49.13 19 013� yrr. date: 502 Bigii�tu�Je �u�r�h��ed: so.3 50.6 _ NOTICE: Signatutd''s, must NOTICE: No transfer will be re- 50.7 be guaranteed by a Mtmber gistered and no new Bond will 50.8 firm of the New stork be issued in the nave of the 50.9 Stock Exchange or a Transferee, unless the sijna- 50.10 member firth of any other ture (s) to this assignment 50.11 recognized rational, corresporid(s) with the natne as 50,12 securities exchange or it appears upon the face of the 50.13 a commercial bank or a within Bond in every par`ticu- 50,14 trust company, lar, without alteration or 50.15 enlargement or any change 51.1 whatever and the Social 51.2 Security or Federal Employer 51.3 Identification Number of the 51.4 Transferee is supplied. 51.5 [End of Form of Series 1986 Bond] 51.9 SECTION 7. Application of Bond Proceeds:. The 51.14 proceeds, including' accrued interest and premium,; if any, received from the sale of the Series 1986 Bonds shall be ap- plied by the Issuer, simultaneously with delivery of the 52.1 Series 1986 Bonds, as follows: (a) Accrued interest, if any, shall be depo- 52.4 sited with the Escrow 'Agent, who shall pay such moneys over to the Issuer to be used to pay in- _ terest on the Series 1986 Bonds as the same becomes 52.5 due: (b) An amount which, together with investment 52.7 earnings thereon, is equal to the principal of and interest and redemption premiums, if any, on the 52.8 Refunded Bonds when due in accordance with the schedules to be attached to the Escrow Deposit Agreement shall be transferred to the Escrow Agent 52.9 - for deposit into the Escrow Deposit Trust Fund created and established pursuant to the _Escrow Deposit Agreement and shall be used and applied 52.10 pursuant to -and in the manner -described in the Escrow Deposit- Agreement to pay the principal and interest on the Refunded Bonds and'to pay call pre- 52.11 miums and costs with respect thereto. 20 1 0134 I Date: 5012 Signature~ Guaranteed. 50.3 50.6 9OT10E. Sioature(s) muet NOTICE. No transfer will be re" 50.7 be ;guaranteed by a member gistered and no new Bond Will 50.8 firm of the New Stork be issued in the name of the 50 A Stock Exchange or a Transferee, unless the signa- 50.10 member firth of any other ture(s) to this assignment 50.11 red6gnited national correspond s) with the name as 50.12 securities exchange or it ,appears upon the face of the 50.13 a commercial bank or a within Bond in every particu- 50,14 trust company lar, without alteration or 50.15 enlargement or any change 51.1 whatever and the Social 51.2 Security or Federal Employer 51.3 = " Identification Number of the 51.4 Transferee is supplied. 51.5 (End of Form of Series 1986 Bond] - 5119 SECTION 7. Application- of Bond Proceeds. The 51.14 proceeds, including accrued interest and premium, if any, received from the sale of the Series 1986 Bonds shall be ap- plied by the Issuer, simultaneously with delivery of the 52.1 Series 1986 Bonds,as follows: (a) Accrued interest, if any, shall be depo- 52.4 sited with the Escrow Agent, who shall pay such moneys over to the Issuer to be used to pay 'in- terest on the Series 1986 Bonds as the same becomes 52.5 due: (b) An amount which, together with investment 527 earnings thereon, is equal to the principal of and interest and redemption premiums, if any, on the 52.8 Refunded Bonds when due'. in accordance with the schedules to be attached to the Escrow Deposit Agreement shall be transferred to the Escrow Agent 52.9 for deposit into the Escrow 'Deposit Trust Fund created and established' pursuant to the Escrow Deposit Agreement and shall be used and applied 52.10 pursuant to;and.in the manner described in the Escrow Deposit > Agreement to pay the principal and - interest on the Refunded Bonds and 'to pay .call pre- 52.11 •� miums and costs with respect thereto.- 20 a. 0134. ! J (c) The remainder of the proceeds shall. be 52.13 transferred to the Escrow Agent and deposited in a separate fund desicinated "Cost of Issuance Fund" and shall be disbursed '(i) for payment of expenses 52.15 incurred in i8tuinq the Series 1. 86 "Bonds (including payment of the expenses of the Issuer), and (ii) for the payment of the fees and expenses 53.1 of the Escrow Agent, Any balance remaining after 53.2 Payment or provision for payment of such costs and expenses has been made shall be used solely to pay principal of and interest on the Series 1986 Bonds: 53.3 SECTION 8. Levy of Ad Valorem Tax; Payment and 53.7 Pledge, In each Fiscal Year while any of the Series 1986 53.8 Bonds are outstanding there shall be assessed, levied and - collected a tax, without limitation as to rate or amount, on 53.10 all tastable property within the corporate limits of the Issuer (excluding homestead exemptions as required by appli- cable law), sufficient in amount to pay the principal of and 53.11` interest on the Series 1986 Bonds as the same shall become 53.12 due; provided, however, if at any time the funds held by the 53.14 Escrow Agent for payment of the Refunded Bonds',together 53.15, with investment earnings' thereon, shall be insufficient to meet the payment requirements thereof in accordance with the 54.1 terms and conditions thereof and of the Escrow Deposit 54.2 Agreement, the holders or owners of the Refunded Bonds shall be entitled to receive payment from the Issuer from the aforesaid appropriated tax revenues, and, in that event, to the extent of any such payment in favor of the Refunded Bonds, the right, title and interest of the registered ow- 54.4 ners of the Series 1986 Bonds in such appropriated tax reve- nues, and to such extent the pledge thereof made herein for - the benefit of the Series 1986 Bonds, shall be nulland54.5 void, and, to such extent, the Series 1986 Bonds -shall not be entitled to any payment from the Issuer from any; source whatsoever. Any such 'deficiency in the amount held - by the. 54.6 Escrow Agent shall be promptly paid by the Issuer upon its - receipt of a request by the Escrow Agent for such payment. 54.7 The tax assessed, levied and collected for the 54.10 security and payment of the Series 1986 Bonds shall be as- sessed,, levied and collected in the same manner and at the same time as other taxes are assessed, levied and collected 54.11 and the proceeds of said tax, except as herein provided, shall be applied solely to the 'payment of the principal of 54.12 and interest on the Series 1986 Bonds. To the extent that 54.13 the principal of and interest on`the _Series 1986° Bonds is payable from the Issuer's tax revenues as herein provided, on or before each interest or principal payment date for the 54.14 21 1 01'34 i w ' Series 1956 Sonds, the Issuer shall transfer to the Baying Agent an amount sufficient to pay the principal of and in- 54.15 terest on the Series 1966 B6nd8 then due and payable and the Paying Agent is hereby auhtoritdd and directed to apply such funds to said payment. To the extent the Series 1586 Bonds are payable'" 55.2 from tax revenues of the Issuer as herein provided, the full faith, credit and taxing power of the Issuer are hereby 'ry 55,4 revocably pledged to the payment of the principal of, in- terest on and redemption premium, if any, with respect to, the Series 1586 Bonds. The Issuer will diligently enforce its right to 55.6 receive tax revenues and will diligently enforce and collect such taxes. The Issuer will not take any action that will 55.7 impair or adversely affect its rights to levy, collect and receive said taxes, or impair or adversely affect in any 55.5 manner the pledge made herein or the rights of the Bondholders,' SECTION 9. Compliance- With Prior Bond Ordinances 55.11 and Resolutions.- The Issuer covenants and agrees that until 55.12 full provision for payment of the Refunded Bonds has been made in accordance with the EscrowDeposit' Agreement, it 55.13` will, as required by the ordinances and resolutions pursuant to which such Refunded Bonds were issued, provide for the payment of the principal of and interest on the.Refunded 55.14 Bonds as the same become due and payable as if the refunding had not been effected; and further that it will perform and 55.15 comply with all of the covenants, conditions', agreements or provisions contained in ,the Refunded Bonds and said ordi- nances and resolutions. The Issuer further covenants and 56.2 agrees that it will not modify or amend such ordinances and resolutions`in any respect which will have an adverse 'affect 56.3 on any of the Refunded' Bonds: SECTION 10. Approval of Bond Purchase Agreement. 56.6 The form of the Bond Purchase_ Agreement presented by the 56.8 Original Purchaser` and attached hereto as Exhibit "A" is hereby: approved, subject to such changes, insertions and 56.9 omissions and ` such filling of blanks therein as may be ap- proved and made in such Bond Purchase Agreement by the of- 56.10 fivers of the Issuer executing the same, in a'manner con- sistent with the provisions of this Ordinance, such execu- tion to be conclusive evidence of such approval. Upon 56`.12 receipt of.a disclosure' statement,`; the City Manager is hereby authorized to accept the offer of the Original 22' 1 01 34 q Purchaser to purchase the Series 1586 8ohdr. in the aggregate 56. 1-1 Principal Amount of not exceeding $ _ , at an average true interest Cost rate 'not to exceed the Maxittum TIC, and at a purchase price of not less than the Minimum Purchase 56.15 Price, plus accrued interest thereon to the data of daliv- ery, upon the terns and conditions set forth in the Fond 57.1 Purchase Agreement, The Mayor or City Manager and the Clerk 57.2 are hereby authorized to execute the Eond Purchase Agreement for and on behalf of the Issuer pursuant to the terns hereof 57.4 and of the Bond Purchase Agreement, SECTION 11. Approval of Fora of Escrow Oeposit S7.7 Agreement, n0$i.gnat 6n_0f Escrow Agent.' The form of the 5`%:8 Escrow Deposit` Agreement attached hereto as exhibit "S""is hereby approved, subject to such changes, insertions and omissions and filling of blanks therein as may be approved 57.9 and made in such form of Escrow Deposit Agreement by the of- ficers of the Issuer executing the same, in a manner con- 57.10 sistent with the provisions of this Ordinance, such execu- tion to be conclusive evidence of such 'approval. The Mayor 57.11 or City Manager and the Clark are hereby authorized to exe- cute the Escrow Deposit Agreement on behalf of the Issuer with NCNB National Bank of Florida as Escrow Agent, and NCNB 57,13 National Bank of Florida is hereby appointed Escrow Agent under the terms of the Escrow Deposit Agreement. The Mayor 57.14 or City Manager is hereby authorized to notify NCNB National Bank of Florida of its appointment hereunder as Escrow Agent. _ SECTION 12. Paying Agent, Registrar and Co -Paying S8.2 Agent. Chemical Bank, New York, New York, ,is hereby desig- 58`.3 -nated as the initial" Paying Agent and Registrar for the Series'1986 Bonds. NCNB National Bank of -Florida, Tampa, S8.4 Florida, is hereby designated as the 'initial Co -Paying, Agent for the Series 1986'Bonds. SECTION 13. Official Statement. The Issuer hereby 58.8 approves the form and content of the Preliminary Official 58.10 Statement attached hereto as Exhibit "C." The use of such 58.11 Preliminary Official Statement in connection with the mark- eting of the Series 1986 Bonds is hereby authorized. The S8.12 Mayor is hereby authorized to approve and execute, on behalf 58.14 of the Issuer, an ,Official Statement relating to the Series 58.15 - 1986 Bonds with such changes from the Preliminary Official Statement, within the authorizations and limitations con- 59.1 _ tained herein, as the Mayor andtheCity Manager, in their - 23 10134 .i sole discretion, May Approve, such execution to be coficlu- 5915 siVe evidence of such apptmlai. SECTION 14, Election, to Call Refunded Sonds; 59,8 Publication of Notice of Rdfunding. The tssuer hereby 59.9 elects to call and redeem the Refunded Sonds in accordance with the cal.l schedule set forth in the Escrow Deposit Agreement, Within 30 days after the delivery of the Series 59,10 1986 Sonds, the Issuer Will cause to be published one time in a newspaper published and of general circulation in bade 59.11 County, Florida, and a financial journal of general circula- tion in the Borough of Manhattan, County and State of New York, a notice of refunding of the Refunded Bonds and the 59.14 call schedule with respect thereto at set forth in the Escrow Deposit. Agreement. The Escrow Agent is hereby 59.15 authorized and directed, in the name of the Issuer, to cause notice of such call to be given as required by law and by 60.1 the terms of the Refunded Bonds:' 60.2 SECTION 15, Authorizations. 60.6 A. The Mayor or City Manager and the Clerk of the 60.8 Issuer are hereby authorized, subject to the terms hereof, 60.11 to sign the Bond Purchase' Agreement at the places provided 60.13 therein and the Mayor or City Manager is hereby authorized and directed to initial or otherwise approve such changes to 60.14 the Bond Purchase Agreement as he may deem advisable. The 61.2 signature of the Mayor or City` Manager' and of the Clerk on 61.3 the Bond Purchase Agreement shall be conclusive evidence of the acceptance thereof, and the initials of the Mayor or 61.4 City Manager at any.change shall be conclusive evidence that 61.5 - such change has been `'duly authorized.- The Mayor or City 61.6 Manager is hereby authorized and directed to deliver the Bond Purchase ;Agreement following' execution thereof in ac- cordance with this Ordinance to the representatives of the 61.8 -` Original Purchaser. B. The Mayor and the Clerk are 'hereby authorized 61.12 and directed on behalf of the Issuer to execute the Series 1986 Bonds (including any, temporary bond or bonds) as provided herein and any of such officers is hereby 61.14 authorized- and directed upon' the execution of the Series 1986 Bonds in the form ` and - manner _ set forth herein to deliver' the Series 1986 Bonds in the amounts authorized to 61.15 be issued hereunder to or upon the order of the Original 62.3 Purchaser pursuant to the Bond Purchase Agreement, upon payment of the purchase price and upon compliance by the t - -. 24 1,0134 t Original Purchaser with the terms of the Bond Purchase 62.4 Ag�ee�tetit C, The Mayar or City Manager and the Clerk are 62.6 hereby`autherited to execute and deliver the Escrow beposit 62,7 Agreement, with such changes, insertions and ottissions and 62.8 the filliftl of blanks therein as may be approved and Made in such form of Escrow beposit Agreement by the officers 4me- 62.9 outing the same, in a manner consistent with the provisions of this Ordinance, such execution to be conclusive evidence 62.10 of such approval. D. The Mayor or City Manager and the Clerk and 62.13 Sikh other officers and employees of the Issuer 3s may be 62,15' designated by the Mayor or the City Manager are each desig- nated as agents of the Issuer in Connection with the ity suance and delivery of the Series 1986 Bonds and are 632 authorized and empowered, collectively or individually, to take all action and steps and to execute all instruments, documents and contracts on behalf of the Issuer that are 63.4 necessary or desirable in connection with the execution and delivery of the Series 1586 Bonds, and which are specifi- 63.6 cally authorized or are not inconsistent with the terms and provisionsofthis Ordinance or any action relating to the 63.8 Series 1986 Bonds heretofore taken by the Issuer or the Governing Body.Such officers and those so designated are 63.9 hereby charged with the responsibility for the issuance of the Series 1986 Bonds. E. The Mayor and the City Manager, or either of 63.11 them, are authorized to arrange for municipal bond insurance - on- the Series 1986 Bonds from Municipal Bond Insurance 63.13 Association or 'similar bond insurer, to pay the premium with respect thereto, and to take all actions and execute such — documents as may be required in connection therewith: 63.14 SECTION 16." Modification or Amendment. This 64.3 Ordinance may be modified and amended and all appropriate 64.4 blanks appearing herein may be`completed 'by the Issuer from time to time prior to the issuance of the Series1986Bonds. 64.5 Thereafter, no modification or amendment of this Ordinance' 646 or of any resolution or ordinance amendatory hereof or sup- plemental hereto materially adverse to the Bondholders may 64.7 be made 'without -the consent in writing of the owners "of not less than a majority in aggregate principal amount of the 64.8 Outstanding Series 1986 Bonds, but no modification or amend- ment shall 'permit a'change (a) in the maturity of the 'Series 1986 Bonds or a reduction in the rate of interest thereon, 64.9 (b) in the amount of the principal obligation of any Series 25 _ 10134 1 1986 96hd, (c) that would affect the unconditional promise Of the truer to levy and collect taxes as herein provided, 64,11 or (d) that would reduce such percentage of holders of the Series 1986 Bonds required above for such Modifications or 64.12 amendrhents, without the consent of all of the Bondholders For the purpose of. Bondholders' voting rights or consents, 64.13 the Series 1986 Bonds owned by or held for the account of the'ssuer, directly or indirectly, shall not be counted. 64.14 SECTION 17, Dafeasance and Release. If, at any 65.3 time after the date of issuance of the Series 198E Bonds (a) all Series 1986 Bonds secured hereby or any maturity thereof shall have become due and payable in accordance with 65.5 their terms or otherwise as provided in this Ordinance, or shall have been duly called for redemption, or the Issuer gives the Paying Agent irrevocable instructions directing 65,6 thepayment of the principal of, premium, if any, and in- --terest on such Series 1986 Bonds at maturity or at any 65.8 earlier redemption date scheduled by the Issuer, or any com- bination thereof, (b) the full amount of the principal, pre- mium, if any, and the interest so due and payable upon all 65.9 of such Series 1986 Bonds then Oustanding, at maturity or upon redemption,- shall be paid, ,or sufficient moneys, shall 65.10-- be held by the Paying Agent in irrevocable trust for the 65.11 benefit of such Bondholders (whether or not in any accounts created- hereby) which, wheninvested in direct obligations 65.12 of the United States of America maturing not later than the — maturity or redemption dates of such principal, premium, if 65.13 any, and interest, will, together; with the income realized on such investments, be sufficient to pay all such princi- 65.14 pal, premium, if any, and interest on said Series 1986 Bonds at the maturity thereof orthe date upon which such Series 1986 Bonds are to be called for redemption prior to, mat- 65.15 urity, and (c) provision shall also be made for paying all other sums payable hereunder by the Issuer, then and in that case the right,- title and interest of Bondholders hereunder 66.1 shall thereupon cease, determine and become void; otherwise, this Ordinance shall be, continue and remain in full force 66.2 - and effect. SECTION 18. Tax Covenants. The Issuer covenants 66.6 with the Bondholders that neither the Issuer nor any party under its control will make` any use of the proceeds of the Series 1986 Bonds at any time during the respective terms 66.8 thereof which, if that use had been reasonably expected on the ,date` such Series` 1986 Bonds were issued, would' have 66.9 caused the Series 1986 Bonds to be "arbitrage bonds" within 66.10 themeaningof Section 103(c) of the Code or would otherwise 26 10134 r cause the interest on the Series 1986 Bonds, or any of thefn, 66,12 to becote tastable to the tondholder or Eondholders thereof under` federal law. The Iesuer understands that this coven- 66.14 ant imposes an obligation on the issuer throughout the term — of the issue to comply with the requirements of Section 10J 66.15 o f the Code SECTION 19, Severability. If any one or more of 67.4 the covenants, Agtteiilent5 or ptbVisions of this Ordinance shall be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly 67,5 prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, 67,6 agreemehts or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions of this Ordinance or of the Series 1986 Bonds is- 67.1 sued hereunder. SECTION 20. Payments Due on Saturdays, Sundays and 67.11 :Holidays. If the date for payment of the principal of, pre- 67.12 — mium, if any, or interest on a Series 1986 Bond shall be a Saturday, Sunday, legal holiday or a,day, on which banking 67.13 institutions in the city where the corporate trust office; of 67.14 the Registrar is located are authorized by law or executive order' to be closed, then the date for such payment shall be 67.15 the, next succeeding day which is not a' Saturday, Sunday, legal holiday or day on which such banking institutions are authorized to close, and payment on such date shall have the 68.1 `same force and effect as if paid on the nominal day of payment. SECTION 21. No Third Party Beneficiaries. Except 68.11 as herein otherwise expressly provided, -nothing in this Ordinance expressed or implied is intended or shall be con- strued to confer upon any person,, firm or corporation other 68.12 than the parties hereto and the owners and holders of the Series 1986 Bonds 'issued -under and secured by this Ordinance, any 'right, remedy or claim, legal or equitable, 68.`14 under or by reason of this Ordinance or any provision hereof, this Ordinance and all its provisions being intended 68.15 to be and being for the sole' and exclusive benefit of the parties hereto and the owners and holders from time to time of the Series 1986 Bonds issued hereunder. 69.1 SECTION 22.' Controlling Law; Members of Governing 69.4 Body of Issuer Not Liable. All covenants, stipulations, 69.`6 27 10134 obligations and AcIteeftents of the Issuer contained in this Ordinance shall be de6med to be covenants, stipulations, obligations and agreements of. the issuer to the full o9tent 65:7 authori2ed by the Act and provided by the Constitution and lawns of the state of Florida. No cotenant, stipulation, 69.8 obligation or agreefftent contained herein shall be deemed to be a covenant, stipulation, obligation or agreettent of any present or future Member, agent or employee of the Obverning 6919 Body or the issuer in his individual capacity, and neither the members of the 06verning Body nor any official executing 69.10 the Series 1986 Bonds shall be liable personally oft the Series 1986 Bonds or this Ordinance or shall be subject to any personal liability or accountability by reason of .the 69,11 issuance or the execution by the Governing Body or such mem- bers thereof. SECTION 23. Effective Date. This Ordinance shall 70.1 be effective i=6diately upon its adoption. ENACTED this day of July, 1986. 70.2/2 70.8 Xavier L. Suarez 70.8/1 Mayor 70.10 (SEAL) 70.12 ATTEST: 70.14 71.1 Mattie Hirai 71.2 City Clerk 71.3 _ 71.5 Lucia A. Daugherty 71.5/1 City Attorney 71.7 PREPARED AND APPROVED BY: 71.10/1 71.13 Robert F..Clark 71.14 Chief Deputy City Attorney 71.15 273870001.ord2:234 28 1 0134 t This offer is made subject to your acceptance of this Bond Purchase Agreement on or before y_�m,r prevailinglocal tuna, on the date hereof# and, if not so accepted, will be sub- ject to withdrawal by the Underwriters upon notice delivered to your office at any time prior to the acceptance hereof by you. 1. Purchase of a6nda.. - 'upon the terms and conditions and union the basis of representations hereinafter set forth, the Underwriters, jointly and severally; hereby agree to purchase from the City'9 aggregate principal amount of general obligation refunding bonds (The City of Miami, Plorida, General obligation Refunding Bonds Series, 1986) (the "Series, 1986 Bonds"), and the City hereby agrees to sell to the Under- writers all of said Series 1986 Bonds at a purchase price; of $ or of the principal amount thereof, less the good faith deposit described in Paragraph 2 below, plus accrued interest from , 1986 to and through the day of Closing (hereinafter defined) payable to the order of the Bond Registrar and Paying Agent; defined in the Ordinance (here- inafter defined),. for the account of the City in federal funds. The Underwriters may change the offering price of the Bonds at any time and from time to time. 2. Good Faith Deposit. Delivered to the City herewith, as a good faith deposit, is a check payable to the order of the City, in the amount of $ (the "Good Faith Deposit"), as security for the performance by the Underwriters of their obliga- 2 10134 ; tion to accept and pay for the Bonds at closing in accordance with the provisions hereof, In the event you accept this offer, said check may be negotiated by the City+ if the Underwriters fail (other than for a reason permitted hereunder) to accept and pay for the Bonzes at the Closing as provided herein, the Cood Faith Deposits together with any interest earnings thereon, shall be retained by the City as and for full liquidated damages for such failure and for any and all defaults hereunder. In the event that the City fails to deliver the Bonds at the Closing, or if the City is unable at or prior to the Clos- ing Date to satisfy or cause to be satisfied the conditions of F the obligations of the Underwriters contained in this Agreement, or if the obligations of the Underwriters or the City contained herein shall be cancelled or terminated foranyreason' permitted by this Bond Purchase Agreement, the Cityshallbe obligated to make immediate payment' to the Representative, for the account of the Underwriters, in the amount of the Good Faith Deposit. 3. The Bonds. The Bonds shall be as described in, and shall be issued and secured under 'and `pursuant to, the Ordinance of the City dated as of 1986 (the "Ordinance"). The Bonds shall mature on such dates,' and shall bear interest at such rates, as are set forth in. Exhibit A attached hereto and made a part hereof. -In connection with the public offering of the Bonds, the Underwriters have delivered to the City a letter containing the information required by Chapter 218.385 of the 3 1 0134 t Florida Statutes; which letter is in the forty attached hereto as Exhibit 2. 4, Official Statement. As soon at practicable after the date heteofr end, in any event, prior to the Closing, the City shall deliver to the Underwriters a reasonable number of printed copies of the final Official Statement with respect to the Bonds (the "Official Statement") executed by the City in substantially the form attached hereto as Exhibit C. S. Representations and Warranties of the City. The City represents and warrants to the Underwriters as follows: (a) Both at the time of acceptance hereof and at the time of Closing, the statements contained in the Official statement, insofar as they relate to the City,' the Ordi- nance, the Escrow Deposit Agreement dated as of 1986 (the "Escrow Deposit Agreement"), between the City and (the " Escrow Agent"),`as`Escrow Agent for the refunding, of. the City's previously issued Fire Fighting, .Fire Prevention and Rescue Facilities Bonds, of which $2,000,000 in aggre- gate principal remain outstanding, its Housing Bonds, of which $18,100,000 in aggregate; principal amount remain outstanding, its Storm Sewer Improvement Bonds, of which $3,000,000 in aggregate principal amount remain outstanding and its Street and Highway Improvement' Bonds, of which $7,100,000 in aggregate principal amount remain outstanding, 4- 134 all of which were dated June 1, 1084 (collectively referred to herein as the "Refunded bonde")p and the Bond purchase Agreement are and will be accurate in all material respects for the purposes for which their use is authorized, and do not and will not contain any untrue statement of a material fact or omit to state any material fact 'necessary to make the statements therein, in the light of the circumstances -under which they were made, not misleading (b) When executed and ,delivered by the City in accor- dance with the provisions of this Bond Purchase Agreement, the Bonds will have been duly authorized by the City, in the manner required under applicable law, executed, issued and delivered and will constitute valid and binding obligations of the City, in conformance with the Ordinance. (c) The adoption by the City of the Ordinance and the execution and delivery by the City of this Bond Purchase Agreement, the Bonds, the Ordinance, the Escrow Deposit Agreement, and all other documents executed and delivered by the City in connection with the issuance of the Bonds (col- lectively, the "Bond Documents") and the compliance by the City with the provisions thereof. will not in any material respect conflict with or result in a breach or violation of any of the termsor provisions of, or constitute a default 5 10134 ; undlf i airy agreeMent or other IngttUMeAt to Which the City is a party or by which the City is bounds or any @Xisting law; adMin strative regulation, court order or consent decree to which the City or its property is subject. (d) the City will furnish such information, execute such instruments and take such other action in cooperation with the Representative as the Representative may reasonably request, to 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 of America as the Representative may designate. This paragraph shall not however require the City to submit to the .jurisdiction of another state. 6. Closing. On the terms and conditions set forth in this Bond Purchase Agreement, the Underwriters shall purchase all (and not less than all of) the Bonds, and the City shall deliver to the Representative the aggregate principal amount of the Bonds. Closing (the "Closing") will be at the offices of on or before , 1986, at _.m. prevailing local time, or at such other place or other date or time as may be agreed by the parties hereto. The Bonds will be "delivered as registered bonds in such names as 6 0134 the Representative shall direct, in writing, not less than72 hours before Closing. The Bonds will be delivered in New Y6tkt New York, in definitive form and will be made available to the Representative for inspection and packaging at least 24 hours before Closing. 7. Conditions of Closing. The obligations of the Under- writers hereunder are subject to the following conditions: (a) At the time of the Closing, (1) the Ordinance and the other, City Documentsshall be in full force and effect and shall not have been amended, modified or supplemented in any material respect prior to the Closing, except as may have been agreed to in writing by the City, and the Represen- tative, and the City shall have duly adopted and there shall be in full force and effect such additional resolutions, or ordinances or agreements as shall in the opinion of the Rep- resentative and Holland & Knight, Bond Counsel to'the 'City, be necessary; in connection with the transactions contem- plated hereby; (2) the representations and warranties of the City herein shall be true and 'accurate in all material respects; and (3) the City shall perform or have performed all obligations' required under or specified in this Bond Purchase Agreement to be performed at or prior to the Closing 7- 10134 i, 3 (b) At the Closing► the UnderWtit@tA shall have received the following documents! (1) The unqualified approving OPin 6nP dater the day of Closing, of Holland Knight# Bond Counsel(the "Bond Counsel") in the form attached hereto as Bxhibit (2) A certificate or certificates► dated the day of Closing,`signed by the Mayor of the City and in form and substance satisfactory to Bond Counsel and to the Representative in which such official, to the best of his knowledge, states: (i) that the representations and 'agreements of the City herein contained are true and correct in all material respects as of the Closing, that the City has complied with all agreements and sat- isfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing, and that the final Official Statement, is true, correct and complete in all material respects for the purposes for which such Official Statement is to be used and does not include any untrue state- ment of a material fact or omit to state a mate- _ g _ 10134'_ x r al fact necessaty to stake the statement's therein, in the light of the circumstances under which they were made, not Misleading; (ii) that no litigation is pending or threat- ened before' any judicial, quasi-judicial or admin- istrative forum (A) to restrain or enjoin the issuance or delivery of any of the Series 1986 Bonds, the application of the proceedsthereof,' or the performance by the City of the provisions of this Bond Purchase Agreement, the Ordinance, the Escrow Deposit Agreement, or the other Bond`Docu- ments, or the pledge of any revenues thereunder; (B)' in any way contesting or affecting any autho- rity for, or the validity of, this Bond Purchase Agreement, the Bonds, the Ordinance, the Escrow Deposit Agreement, or the other Bond Documents, or the application of the proceeds of the Bonds; or (C) in any way contesting the existence or powers of the City; and (iii) that no event affecting the City has occurred since the date of the Official Statement which should be,disclosed in the Official State- ment for . the purposes for which it is to be used 9 10184 or which it is neC@ssary to disclose therein in order to Mace the statements and inforitation therein not misleading in any material respect; (iv) that the financial statements and other financial 'and statistical data included in the Official statement is true- and correct as of the date of such certificate. (3) An opinion, dated_ the day of Closing, of ► Counsel' to the City, addressed to the City and the Representa- tive, in the form and ;substance satisfactory to Repre- sentative to the effect that: (A) the City is a public body corporate and political subdivision of the State of Florida, duly organized and validly existing and has full legal right, power and authority to adopt and per- form its obligations under the Ordinance, and to autho- rize, execute and deliver and to perform its obliga- tions'under this Bond Purchase Agreement, (B) the City has duly adopted the Ordinance, 'and has duly autho- rized, executed and delivered this Bond Purchase Agree- ment, andassumingthe due authorization, execution and delivery of this Bond Purchase Agreementby the other parties thereto, such instruments constitute legal, 10 10134 or which it is necessary to disclose therein in order to make the statements and information therein not misleading'in any material respect; (iv) that the financial statements and other financial and statistical data included in the Official Statement is true and correct as of the date of such certificate (3) An opinion, dated the day of Closing, of Counsel to the City, addressed to the City and the Representa- tive, in the form and substance satisfactory to Repre- sentative to the effect that: (A) the City is a public body corporate and political subdivision of the State of Florida, duly organized and validly existing and has full legal right, power and authority to adopt and per- form its obligations under the Ordinance, and to autho- rize, execute and deliver and to perform its obliga- tions under this Bond Purchase Agreement, (B) the City has duly adopted the Ordinance, 'and has duly autho- rized, executed and delivered this Bond Purchase Agree- ment, and assuming ,the due authorization, execution and delivery of this Bond Purchase Agreement by the other parties thereto, such instruments constitute legal, - 10 101,34 i binding ;andvalid obligations of the Cityp "enforceable in aecordanee with their respaetive terma,, provided, however, the enforceability thereof may be subject to bankruptcy, insolvency reorganisation, Moratorium and other similar laws affecting creditors' rights gener- ally and subject; as to enforceability thereof, to the exercise of judicial discretion in accordance with the general principals of equity, (0) with respect to the information in the Official Statement and based upon his participation in the preparation of the Official Statement he has 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 or necessary to make the statements made therein, in light of the circumstances under, which they were made, not misleading, (D) the Official Statement has been duly authorized, executed and delivered by the City, and the City has consented to the use thereof by the Underwriter, (E) the enactment of the Ordinance and the authorization, execution and delivery of this Bond Purchase Agreement, the Escrow Agreement and the Bonds, and compliance with the provisions hereof and thereof, will not conflict with, or, constitute -a breach of or 11 '- 10134 default under any law, administrative regulation, con- sent decree` ordinances resolution or any agreeftent or other instrument to which the City was or is subject, as the '`case may be, nor will such enactment, adoption; 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, except as setforthin the 'Official Statement, or under the terms of any law, administrative regulation, ordinance, resolution or instrument, except as expressly provided by the Ordinance, (F) all approvals, consents, authorizations and orders of any governmental authority or agency having jurisdiction in any matter which would constitute a condition precedent to the performance by the City of its obligations hereunder and the Ordinance have been obtained and are in full force and effect, (G) the City is lawfully empowered to pledge to and grant a lien on, the ad valorem taxes (as described in the Ordinance) and the Bonds are valid and enforceable, (H) except as disclosed in the Official Statement, ;as of the date of such opinion, 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 12 ,0134 against the City► affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the collection of the ad valorem takes (as described in the Ordinance), or the pledge of the ad valorem taxes (as described in the Ordinance), or contesting or affecting as to the City the validity or in any respectrelating to authorization for the — issuance of the Sonds, the Ordinance or, this Bond Purchase Agreements the Escrow Agreement, or contesting the tax exempt status 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, or the execution and delivery by the City of this Bond Purchase Agreement; (4) Evidence that Moody's Investors Service, Inc., has issued an "Aaall rating for the Bonds, that Standard & Poor's Corporation has issued an "AAA" rating for the Bonds and that such ratings are in full force and effect on and as of the Closing Date (5) A copy of an insurance policy from (the "Insurer"), 'dated the date of Closing, providing evidence, 13 1 01` 4 to the effect that with the Payment for the insurance policy of the Insurer as described in the Official Statement insur- ance hat been given for the Sonds as described in the offi- cial Statement. (S) A certificate of the insurer, dated the date of Closing, addressed to the underwriter, in form and substance satisfactory to the Underwriter, to the effect that (A) the insurer is duly qualified to do business in the State of Plorida, (S) the Insurer has full corporate power and"eutho�- rity to execute and deliver the insurance policy for the Bonds (the'"Policy"), and the Policy has been duly autho- rized, executed and delivered by the Insurer and constitutes a legal, valid and binding obligation of the Insurer enforceable in accordance with its terms and`(C) the state- ments contained in the Official Statement under the heading "Municipal Bond Insurance", insofar as such statements con- stitute'summaries of the matters referred to therein, accur- ately reflect and fairly present; the information purported to be shown' and, insofar as such statements `purport to describe the, Insurer, fairly and accurately describe the Insurer. (7) A certification dated the day of closing addressed to the Underwriter and Bond Counsel from 14 1 0124` i m..► (the "Paying Agent"), as to the total outstanding principal balance along with accrued interest as of the day of bond closing and the per ditm thereafter- (8) The verification of mathematical computations by Coopers & Lybrando referred to in the Official 8tatetnent in forth and substance satisfactory to the Representative. (9) The Refunded bonds; shall have been duly confirmed Wand validated by judgment of the Eleventh Judicial circuit and no appeal or civil action sha11 be pending with respect to such decree of validation. (10) Such additional certificates, instruments or opinions as Bond Counsel and the Representative deem neces- sary or desirable. 8. Termination. The Representative may terminate this Bond Purchase Agreement by notification to the City, if at any time at or prior to the Closing (1) legislation shall be enacted by the Congress of the United States or adopted by either the United StatesSenate or House of Representatives or recommended by the President of the United States to the Congress for passage or favorably reported for passage to either House of Congress by _ 15 10134 any committee of either House proposed for consideration by a Conference Committee of the mouse and 9ehate or a decision by a Court of the united States or the united States flax Court shall be rendered or a ruling, regulation or official statement by or on behalf of the Treasury Department of the united States, the Internal Revenue Servicet or otter governmental agency shall be made`, with respect to Federal taxation upon interest received on bonds or notes of the general character of the Bonds which would have the effect of changing directly or indirectly the Federal income tax consequences of interest on bonds or notes of the gen- eral character of the Bonds in the hands of the holdersthereof which materially affects the market price or the marketability of the 'Bonds adversely; or (2) legislation shall be enacted or any action shall be taken by the Securities and Exchange Commission which, in the reasonable opinion of the Representative, has the effect of requiring the contemplated distribution of the Bonds to be registered under the Securities Act of 1933, as amended, or the Resolution to be qualified under the Trust Indenture Act or 1939, as amended; or (3) there shall exist any event which either (a) makes untrue or incorrect in anymaterial respect any state- ment or information contained in the Official Statement or'(b) is not ;reflected in. the Official Statement but should be reflected therein or in an attachment thereto in order to make any material statements and information contained therein not misleading in any material respect; or (4);there shall have occurred any new 16 - 1 01'34 outbreak of hostilities or other new and unforeseen rational or International calamity or criais, the effect of such outbreak, calamity or crisis on the financial markets of the United States being such as to materially adversely affect the marketability of the Bonds; or (5) there shall be in force a general suspension of trading on the New York Stock Exchange or minimum or maximum prices for trading shall have been fixed and be in force, or ,max imum ranges for prices for securities shall have been required and be in force on the New York Stock Exchange, whether by virtue of a determination by that 'Exchange or by order of the Securities and Exchange Commission or any ,other governmental authority hav- ing jurisdiction; or (6) a general banking moratorium shall have been declared by either Federal or New York authorities having jurisdiction and be in force; or (7) any litigation shall be instituted or be pending at Closing, to restrain or enjoin the issuance, sale, or delivery of the Bonds, or in any way contest- ing or affecting any authority for or the validity of the Bonds or the Bond Documents, the pledge or application of any moneys or securities provided for the payment of the Bonds, or the exist- ence or powers of the'City. If the City shall be unable; to satisfy the conditions to the obligations of the Underwriters contained in this Bond Purchase Agreement, or if the obligations of the Underwriters shall be _terminated for any reason permitted by this Bond Pur- chase Agreement, this Bond Purchase Agreement shall terminate and 17 - 10134 neithat the Underwtitere nor the City shall have any further obligations hereunder, except as provided in Section 10 hereof. however, the Representative MAY in its discretion waive one or more of the conditions imposed by this Rond Purehase Agreemtnt and proceed with the Closing. 9. Expense , The Underwriters shall be under no obliga- I tion'to pay► and the City shall pays all expenses incident to the i performance of the City's obligations hereunder, including, with- r but limitation, (i) the cost of preparation and printing of the Official Statement (including any Preliminary Official State- ; ments, or amendments or supplements thereto), (ii) the cost of the 'preparation, printing and execution of the Bonds, (iii) the fees and disbursements of Bond Counsel, (iv) the fees and dis- bursements of the Trustee. ,the City's Financial Advisor, the city's independent public accountants, and of any other experts, advisors or 'consultants retained to assist the City, (v) fees for bond ratings, (vi) the fees and expenses of t.he Escrow Agent, as defined in the Escrow,Deposit Agreement, and (vii) all travel and other out-of-pocket expenses of the City's staff and officials as incurred in connection with the Closing; all such expenses to be paid by the City as issuance costs, as permitted under the Ordi- nance. The Underwriters shall pay (i) all underwriting and advertising expenses in connection with the public offering and distribution of the Bonds, (ii) the fees and disbursements of lg 10134 Swann and Haddock P.A., the underwriters' Counsel, (iii) the cost of preparation and printing of the blue sky mftorandur (iv) the cost of the preparation and printing of the Agreement Among Underwriters and this Bond Purchase Agreement, and (ts) all travel and out-of-pocket expenses of the underwriters. If the obligations of the Underwriters shall be 'term hated for any reason beyond the control of the Underwriters, as permitted by this Agreement, the City shall pay all of the vari- ous expenses associated with the proposed offering and sale of the Bonds (including, without limitation, those described in the immediately preceding paragraph), except that the City shall have no liability for travel and -out-of-pocket disbursements of the Underwriters.' - 10. Survival of Contract. The respective agreements,: rep- resentations and warranties and other statements of the the City, the Representative and their respective officials, officers and partners set forth in, or made pursuant to, this Bond Purchase Agreement will remain in full force and effect regardless of ;any investigation, or statement as to the investment results thereof, made by or on behalf of the City, the City, the Representative or any of their respective officials, officers, partners or direc- tors or any controlling person, and will survive delivery of and payment for the Bonds:" 11. Benefit. This Bond Purchase Agreement is made for the benefit of the parties hereto (including the successors or 19 10134 01 assigns of the Representative), Mo other person shall acquite or have any right hereunder or by virtue hereof, 12, N6IkOCOUr§@, No recourse shall be had for any claiM based on this Bond Purchase Agteomentt or any resolutiOnr Certi- ficate, document or instrument delivered pursuant hereto, against any member, officer or employee, past, present or futurer of the City or of any successor body to either, either directly or through the City or any such successor body. 13. Execution in Counterparts. This Bond Purchase Agree= meet may be executed in any number of counterparts, all of which taken together shall be one and the same instrument, and any par- ties hereto may execute this Bond purchase Agreement by signing any such counterpart 14. Severability. The invalidity or unenforceability of any provision hereof as ,to any one or more jurisdictions shall not affect the validity or enforceability of the balance of this Bond Purchase' Agreement as to such jurisdiction or jurisdictions, or affect in any way such validity or enforceability as to any other jurisdiction. 15. Waiver or Modification. No waiver or modification of any one or more of the terms and conditions of this Bond Purchase Agreement shall be valid unless in writing and signed by the party or parties making such waiver or agreeing to such modifica- tion: - 20 110184 I✓�HI$IT t1�1i ESCROW DEPOSIT AGR�LMLN This is an Escrow 'beposit Agreement dated as of �—-- 1986, by and between the CITY OR MIAMI, rL.ORIDA, a political ` subdivision of the State of Florida ( the "Issuer"), and NCNB NATIONAL DANK Or rLORIbA', Tampa, Florida, a commercial bank having trust powers organized and existing under the .laws of theUnitedStates of America and havinct its office in which its duties hereunder are to be performed in Tampa, Florida, as trustee and escrow agent (the "Trustee" 4�1ITNESSETfi t WHEREAS, the Issuer has previously issued its Fire Fighting, Fire Prevention and RescueFacilities Bonds, of which $2,000,000 in aggregate principal amount remain out- standing, its Housing Bonds, of which $17,805,000 in aggre- gate principal amount remain outstanding, its Storm Sewer Improvement Bonds, of which $2,915,000 in aggregate princi- pal amount remain outstanding' and its Street and Highway Improvement Bonds, of which $7,100,000 in aggregate princi- pal amount remain outstanding, all of which were dated June 1, 1984 (collectively referred to herein as the "Refunded Bonds!) and WHEREAS, the lien created in favor of ,the Refunded Bonds and the covenantsof the Issuer with respect thereto may be defeased'by'-irrevocably depositing in trust moneys in an amount which, together with investment earnings thereon, will be sufficient to pay the principal of, interest on and redemption 'premiums, if any, with respect to the Refunded Bonds as the same mature or are called for redemption as herein'' provided; and WHEREAS, in order to deposit such amount of money in trust, and for other purposes, the Issuer has authorized and 'issued'$ in aggregate principal amount of City of Miami, Florida, General Obligation Refunding Bonds, Series 1986 (the "Refunding Bonds") and WHEREAS, a portion of the proceeds 'derived from the sale of the Refunding Bonds will be applied, directly or indirectly` as herein required, tothepurchase of certain direct obligations of the United States of America, the principal of which, together with investment earnings thereon, will be sufficient to pay when due the principal 0134 , of, interest on and redemption premium, if any, with respect to the Refunded Bonds; and WHMLAS, a portion of the proceeds derived from the sale of the Refunding Bonds will be transferred to the Issuer and used to pay accrued interest on the Refunding Bonds; and WHER5-AS, a portion of the proceeds derived from the sale of the Refunding Bonds will be deposited into a' Cost of Issuance Eund-hereinafter established which will be used for the payment of certain fees, charges and expenses that the Issuer may incur in the issuance of the Refunding Bonds and the payment of the Refunded Bonds, and WHI=REAS, in order to provide for the proper and timely application of the moneys deposited in said trust to the payment of the Refunded Bonds, it is necessary to enter into this Escrow Deposit Agreement with the Trustee on behalf of the holders from time to time of the Refunded Bonds; NOW, THEREFORE, . in consideration of the foregoing and the mutual covenants herein set forth and in order to Secure the payment of the principal of, interest on and redemptionpremiums, if any, with respect to all of the Refunded Bonds according to their tenor and effect, and ,the payment of accrued interest on and costs ;of issuance related to the Refunding Bonds in the manner herein provided, the Issuer does by these presents hereby deliver to and give, grant, mortgage, assign and pledge to the Trustee,' and to its successors in the trusts hereby created, and to it and its assigns forever, all and singular the property hereinaf- ter 'described, `to wit: 1 All right, title and interest of the Issuer in and to $ derived from the proceeds of the - Refunding Bonds. II. Alf right, title and interest of the Issuer in and to the Government Obligations (as hereinafter defined) pur- chased from a portion of the moneys described in Clause I above and more particularly described in Schedule "A" hereto. 2 1,0134 1 All right, title and interest of the Issuer in and to all cash balances held from time to time in the EsctoW beposit Trust Fund created hereunder and all income and earnings derivedfrom or accruing to the Government Obligations described in II above and more particularly described in Schedule "A" attached hereto and made a part hereof, and all Government obligations acquired with the proceeds thereof as shown on Schedule "A" or otherwise, IV: All property which is by the express provisions of this Agreement required to be subject to the pledge hereof and any additional property of every kind and nature that may, from time to time hereafter, by delivery or by writing of any kind, be conveyed, pledged, assigned, or transferred as and for additional security hereunder or to be subject to the pledge hereof, by the. Issuer or"by-anyone in its behalf, and the Trustee is hereby authorized to receive the same at any time as additional security hereunder. To HAVE AND TO HOLD, all the same, including all additional' property` which by the terms hereof has or may become subject to the encumbrances of this Agreement given, granted, pledged and assigned or agreed or intended so to be, with all privileges and appurtenances hereby to the Trustee, and its successors in said 'trust and to them and their assigns, forever; IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth, for the equal and proportionate benefit, security and protection, as herein described, ' of the holders or owners from time to time of the Refunded Bonds in the manner herein provided; but if the Refunded Bonds shall be fully and promptly paid when due or redeemed in accordance with the terms thereof and hereof, then this Agreement shall be and become void and of no further force and effect, otherwise the same shall remain in full force and effect, and upon the trusts and subject to the covenants and condi- tions hereinafter set forth. 3 101,34 f -..Afe.xs ARTICLE 1 bLPINITION; FINDINGS ANO OLT MINATIONS BY THE l8tULR — SLCTIbN 1,01, befihitior►s: All terms used in capi- talited form and not otherwise defined herein shall have the meanings ascribed to them in the Bond Ordinance, hereinafter described. In addition to words and terms elsewhere defined in this Agreement, as used herein, unless some other meaning is plainly intended, the following terms and phrases shall have the following meanings: "Agreement" means this Escrow Deposit Agreement between the Issuer and the Trustee. "Bond Ordinance" means an Ordinance adopted by the Issuer on July _, 1086, "Cost of Issuance Fund" means the fund so designated and established under Section 2.07 of this Agreement. "EscroW Deposit Trust Fuhd" means the fund so desig- nated and established under Section 2,01 of this Agreement. "Government Obligations" means the direct -obligations of the United States of America _constituting part of the Trust Estate and described in Schedule "A" attached hereto "Fiscal Year" means that period of time commencing > on October 1'and continuing to and including the 'next succeed- ing September'30, or such other annual period as may be prescribed by law. "Governing Body" means the City Commission of the Issuer. "Issuer" means the City of Miami, Florida. "Paying Agent" means, collectively, Chemical Bank, New York, New York, and Pan American Bank, N.A., Miami, Florida. "Refunded Bonds" means the Fire Fighting, Fire Prevention and Rescue Facilities Bonds, the Housing Bonds, the Storm Sewer Improvement Bonds, and, the Street and Highway Improvement Bonds, all of which were dated June 1, 1984. 4 13 , "R§fUhding bands" means $ City of Miami, Florida, General Obligation Refunding Bonds, Series 1986, dated 1986, "SLOSS" means the United States Treasury obligations, State and Local Government Series, "Trust Estate, ii "trust estate" or "pledged property" shall mean the property, rights and interest of the Issuer which are subject to the lien of this Agreement. "Trustee" means NCNB National flank of Florida, Tampa, Florida, a banking association organized and existing under and by virtue of the laws of the United States of America and being duly qualified to accept and administer - the trusts hereby created, and its successors in trust "Written Request" with respect to the Issuer means a request in writing signed by the Mayor or Vice Mayor of the Governing Body or any other officer or official of the Issuer duly_ authorized and satisfactory to the Trustee. SECTION 1,02. Uses of Phrases. Words of the mascu- line gender shall be deemed and construed to include cor- relative words of the feminine and neuter genders. Unless the context shall otherwise indicate, words importing the singular number shall include the plural number and vice versa The word "person" shall include corporations, asso- ciations, naturalpersonsand public bodies unless the con- text 'shall otherwise indicate. Reference to a person other, than a natural person shall include its successors. ARTICLE 11 ESTABLISHMENT OF FUNDS; FLOW OF FUNDS SECTION 2.01. Payment to Issuer - of 'Accrued - Interest; Creation of Escrow Deposit; Trust Fund. (a) Concurrently with the execution of this Agreement, the Issuer has caused to be deposited with the Trustee, and the Trustee acknowledges receipt of, immedi- ately available moneys, in the amount of $ from the proceeds of the Refunding Bonds representing accrued in- terest on the Refunding Bonds, and the Trustee shall -immedi- ately transfer such amount to the _Issuer to be used: to pay interest on the Refunding Bonds as it shall become due. S 1 013 (b) Concurrently With the execution of this Agreement', the Issuer herewith deposits or causes to be deposited with the Trustee from the proceeds of the Refunding Bonds and the Trustee acknowledges receipt of im$ snediately available moneys in the amount of $ to be deposited in the Costs of Issuance Fund hereinafter created (c) There is hereby created and established with the Trustee a special` and irrevocable trust fund designated the "Escrow Deposit Trust Fund" to be held in the custody of the Trustee separate and apart from other funds of the Issuer or of the Trustee: (d) Concurrently with the execution of this Agreement, the Issuer hereby deposit's or has caused to be deposited with the Trustee, and the Trustee acknowledges receipt of, immediately available moneys in the amount of $ from the proceeds of the Refunding Bonds to _ be deposited in the Escrow Deposit Trust Fund. (e) The funds deposited in the Escrow Deposit Trust Fund pursuant to subsection (c) above, except ,for the cash balance of'$ shall be immediately invested by the Trustee in the Government Obligations. The Government Obligations,' together with earnings to be received thereon and the initial cash balance, will provide sufficient reve- nues to pay' the principal of, interest on and redemption premium, if any, with respect to the Refunded Bonds as the same become due and payable or are called for redemption. SECTION 2.02. Irrevocable Trust Created. Except as provided in Sections 2.03 and 4.01 hereof with respect to certain reinvestments ,and with respect to certain amend- ments, the deposit of moneys and Government Obligations in the Escrow Deposit Trust Fund 'shall constitute an'irrevoca- ble deposit of said moneys and Government Obligations for the ,benefit of the holders, and registered owners of the _ Refunded Bonds. Such moneys and investments, and the matured principal of the Government Obligations and the in- tere'st thereon shall be held ;in trust by the Trustee in the Escrow Deposit "Trust' Fund and the Account therein created hereunder 'for' he benefit of the holders and registered -own ers of the .Refunded Bonds as herein provided, and shall be kept separate and distinct from all other funds of the Issuer and the Trustee and used only for the purposes and in the manner provided in this Agreement. E$ €I i 6 ►1013� The trust created hereby shall be irrevocable. The holders and registered owners of the Refunded Bonds shall have an express lien on all mot-eys and the principal of and interest on all Government Obligations deposited in the _ Escrow Deposit Trust Fund, and all cash balances therein, until used and applied according to this Agreement. SECTION 2.03, Purchase of GovernMent Obligations. The Trustee is hereby_ directed to immediately purchase the Government obligations lusted on Schedule "A," and shall hold the initial cash balance of $ uninvested in the Escrow Deposit Trust Fund, The Trustee shall purchase the Government Obligations solely from the moneys deposited in the Escrow Deposit Trust Fund. The Trustee shall reinvest maturing principal and interest received on the SLGS or Government Obligations set` forth in Schedule "A" in the amounts and on the dates set forth in Schedule "A" under the column "Amount Reinvested in Zero Percent Securities." Stich reinvestment shall be made in United States Treasury Certificates of Indebtedness - State and Local Government Series maturing in six months and bearing interest at a ,rate of zero percent in minimum amounts of $1,000 and in multiples of $100 above such amount. Subscriptions for the purchase of such obligations shall be filed with the Federal Reserve Bank at least 20' days (but not more than 60;days) prior to the actual date of purchase, or at such time asmaybe required by the rules and regulations relating to the purchase of such obligations. SECTION 2.04. Redemption of Bonds; Use of Moneys in the Escrow Deposit TrustFund A. The Trustee shall call the Refunded Bonds then outstanding for redemption as shown on Schedule "B""attached hereto in accordance with the provisions of Section'2.10 hereof. B. As any principal of and interest on the Government Obligations set forth in Schedule "A" shall mature and is received,; the ,Trustee shall, no later than each interest or principal payment date- for the Refunded Bonds, transfer from; the Escrow Deposit Trust Fund to the i Paying Agent for the Refunded Bonds amounts sufficient to pay the principal of and interest on such Refunded Bonds on the next interest payment date or principal (or redemption) z_ payment date, as the case may be, as shown on Schedule "B." t: i 10134 Such Amounts shall be applied by the Trustee and said Paying Agent to the payment of all principal_ of, interest on and _ redemption premium when due with respect to the Refunded Bonds for the equal and ratable benefit of the holders and registered owners of the Refunded Bonds. The Refunded Bonds shall be entitled to payment only from the funds and Govottimoilt Obligations in the EscroW Deposit Trust Fund; provided, however, that should the funds and Government Obligations in the BscroW Deposit Trust Fund, together with investment earnings thereon, at any time be inadequate to fully satisfy all of the principal, interest and redemption premium, if ally, requirements of the. Refunded Bonds when due W_. upon maturity or earlier redemption, the Refunded Bonds shall be entitled to payment from funds of the Issuer as provided in Section 2,08 hereof. SECTION 2.05, Investment of Moneys remaining in Trust Funds. The Trustee shall have no power or duty to invest any moneys held hereunder or to make substitutions of the Government Obligations held hereunder or to sell, transfer or otherwise dispose of the Government Obligations acquired hereunder except as provided in this Agreement The Trustee may invest and, reinvest' any other moneys remaining from time to time in the Escrow Deposit Trust Fund, until such time that they are needed, in direct obligations of the United States of America maturing at such time and bearing interest at such rates as, in the opinion of Holland & Knight or other nationally recognizedbondcounsel, will not, under the statutes, rules and regulations then in force and appli cable to obligations issued on the date of issuance of the Refunding Bonds cause the interest on the Refunded Bonds and the Refunding Bonds not to be exempt from federal income taxation.' The Trustee will not make any investments or, reinvestments not expressly provided for herein or in the Schedules hereto without such an opinion. Any interest in- come -resulting from reinvestment of moneys pursuant to this -Section 2.05 shall be 'transferred to the `Issuer for deposit in the Sinking Fund created under the Bond Ordinance, and used for the purpose for which suchaccountwas created,, un- less the opinion referred to above shall dictate otherwise. SECTION 2.06. Transfer of Funds after all Payments Required by this Agreement are Made. After all of the transfers by the Trustee to the Paying Agent for payment when due of the principal of, 'interest on and redemption premiums, if any, with respect to the _Refunded Bonds have been made, all remaining moneys and Government Obligations, together with any income and interest thereon, in the Escrow Deposit Trust 8 - 1013 , t u Fund shall be transferred to the Issuer by the Trustee and, to the extent that any Refundingg Bonds remain outstanding, shall be usedbythe Issuer to pay the principal of and in- terest on the Refunding Bonds, and, if no Refunding Bonds remain outstanding, shall be used by the Issues for any lawful purpose authorized by opinion of bond counsel; provided, however, that no such transfer (except transfers made in accordance With Section 4.01 hereof) to the Issuer shall be made until all of the principal of, interest on and redemption premiums, if any, with respect to the Refunded Bonds has been paid in full. SECTION 2.07, Creation of Cost of Issuance Fund. There is hereby created and established with the Trustee a special trust fund designated the "Cost- of Issuance Fund' to be held in the custody of the Trustee separate and apart from other funds of the Issuer or the Trustee. Moneys deposited therein shall be used to pay, from time to time as the Issuer may direct by Written Request, the fees and expenses` incurred by the Issuer in connection with the Refunding Bonds including but not limited to those fees set forth in Schedule'"C." The Trustee shall not pay the 'escrow trustee fees payabletothe Trustee from any funds deposited with it pursuant to the terms hereof. After payment of all such fees and expenses, the balance of such moneys, if any, shall be transferred to the Issuer and used to pay the principal of and interest on the Refunding Bonds. The moneys in the Cost of Issuance Fund shall be invested, at the direction of the Issuer in Government Obligations, maturing not later than the dates -on'which such , moneys will ,be needed for the purposes of such fund in such manner as not to breach or violate the "arbitrage covenant" of the Issuer set forth in the Bond Ordinance. The "interest ' and earnings, if any, on moneys and investments in the Cost of Issuance Fund shall be transferred to the Issuer and used to pay the principal of and interest on the Refunding Bonds. SECTION 2.08. Deficiencies. If at any time it shall appear to the Trustee that the available proceeds in the Escrow Deposit Trust Fund will not be sufficient to make any payment due to the holders of any of the Refunded Bonds, the Trustee shall notify the Issuer not less than fifteen (15), days prior to such payment date and the Issuer agrees that it will from any ''funds legally available for such purposes make up the anticipated deficit so that no default in the making of any such payment will occur. { 9' 10134 SECTION 2 09, Piying Ageht Peet, The Issuer hereby agrees to provide for the payment, from available funds of the Issuer, of the compensation due and owing Chemical Sank and Pan American Bank, NaA,, as paying agents of the Refunded Bonds, which compensation ,shall be paid at such times and in such amounts as set forth in their respective agreements with the Issuer for their services as paying agents, to no event shall such paying agents have any -lien, security interest or right of setoff 'whatsoever upon any of the moneys or -investments in the Escrow Deposit, Trust Fund for the payment of such compensation, SECTION 2,10, publication and Mailing of Notices of, Redemption. The Issuer hereby irrevocably instructs the Trustee and the Trustee hereby agrees to publish one time in a financial journal or newspaper of general circulation pu- blished in the City of New York, and in a newspaper of yen oral circulation in the City of Miami, Florida, not more than sixty (60) and not less than thirty (30) days prior to the applicable date or dates of redemption set' forth in Schedule B hereto, and to mail, postage prepaid, not more than sixty (60) and not Less than thirty (30) days prior to the applicable date or dates of redemption set forth in Schedule B hereto, to the registered owners of the Refunded` Bonds at their addresses on the registration books of the registrar for the Refunded Bonds, a notice of redemption of the Refunded Bonds, in substantially the form set forth in Exhibit One attached hereto'. In addition, the Trustee shall file such notice with the registrar and paying agents for the Refunded Bonds. The Issuer shall reimburse the Trustee for its out- of-pocket expenses in 'connection with the mailing and publi- cation of such notice of redemption. ARTICLE- III CONCERNING THE TRUSTEE SECTION 3.01. Appointment of Trustee. The Issuer hereby appoints NCNB National Bank of Florida, Tampa, Florida, as trustee -under this Agreement. If the ,Trustee shall also be a paying agent for the Refunded Bonds, its ac ceptance of the trusts and the duties of Trustee shall also include the trusts"and duties of paying agent. 10 1 01314 T SECTION 3,02, Accoptahce by Trustee. By execution of this Agreement, the Trustee accepts the duties and obliga- tions as Trustee hereunder. The Trustee further represents _ that it has all requisite power, and has taken all corporate actions necessary, to execute the trust hereby created: SECTION 3,03. Liability of 'trustee. The Trustee shall not be liable in connection- with the performance of its duties hereunder -except for its own negligence or default. The Trustee shall not be liable for any loss resulting from any investment made pursuant to the terms and provisions of this Agreement. The Trustee shall have no lien whatsoever upon any of the moneys or investments in the Escrow Deposit Trust Fund for the payment of fees and expenses for services tendered by the Trustee under this Agreement. The Trustee shall not be liable for the accuracy of the calculations as to the sufficiency of moneys and of the principal amount of the Government Obligations and the earn- ings thereon to pay the Refunded Bonds. So long, as the Trustee applies all moneys and the Government Obligations and the interest earnings therefrom to pay the Refunded Bonds as provided herein, and complies fully with the terms of this Agreement, the Trustee shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bondscausedby such calculations. In the event of the Trustee's failure to account for any of the Government Obligations or moneys received by; it, said Government Obligations or moneysshall be and remain the property of the Issuer in trust for the holders of the Refunded Bonds, as herein provided, and if for any 'improper reason such Government Obligations or moneys are not applied as herein provided, the assets of the'Trustee'' shall be impressed with a trust fortheamount thereof until the required application shall be made. SECTION 3.04. _ permitted Acts. The Trustee and its affiliates may become the owner of or may deal in any obli- gations of the Issuer described herein as fully and with the same' rights as if it were not the Trustee. SECTION 3.05. Resignation of Trustee. The Trustee at the time acting hereunder may at any time resign and be dis- charged from the trusts hereby created by giving not less than sixty (60) days' written notice to the Issuer and by publishing notice" thereof, specifying the date when such 11 0134 resigiiatiob will take effect, at least once not less than siXty.(60) days before such resignation is to take effect in a newspaper printed in the I✓nglish latiguage and of general circulation in the City of Miami, Plot ida, but no such resignation shall take effect unless a successor Trustee shall have been appointed by the holders of the Refunded Bonds or by the Issuer as hereinafter provided and such suc- cessor Trustee shallhave accepted such appointment, in which event such resignation shall take effect immediately upon the appointment and acceptance of a successor Trustee, and the transfer to such successor Trustee of the funds and accounts held by the Trustee hereunder, together with an ac- counting thereof. SECTION 3 06, Removal of Trustee, (a) The Trustee may be removed at any time if the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding file a request for removal in writing with the Issuer, but the Trustee shall remain in office until the appointment and taking office of a succes- sor Trustee in accordance with the provisions of this Agreement. A copy of such request shall be delivered by the Issuer to the Trustee. (b) The Trustee may be, removed at any time for any - breach of trust or for any violation of this Agreement by the Issuer, but such removal shall not be effective until the appointment and taking office of a successor Trustee in accordance with the provisions of this Agreement. (c) The Trustee' may also be removed at any time for any breach of trustorfor any violation of this Agreement by a court of competent jurisdiction upon the ap- plication of the holders of not less than five percent ('S%) in aggregate principal amount of the Refunded Bonds then 'outstanding. (d) The Trustee shall be deemed to have been removed if it is dissolved, becomes incapable of exercising such powers or is 'taken over by any governmental action. SECTION 3.07. Successor Trustee. (a) When the position of the Trustee becomes or is about to become vacant, the Issuer shall appoint a Trustee to fill such vacancy. The 'Issuer shall publish notice of such appointment once a, week for four (4) successive weeks. 12' 10134 (b) if no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the holder of any Refunded Bond then outstanding may, or any Trustee retiring or being removed from office shall, apply to any court of competent jurisdiction to Ap- point a successor Trustee. Upon the deposit by the retiring Trustee of all funds and securities held by it. under the provisions hereof into the registry of such court, such Trustee shall be relieved of all future duties hereunder. SECTION 3.08 Receipt of Proceedings. Receipt of true and correct copies of the proceedings authorizing the is- nuance of the Refunded Bonds to the extent required by the Trustee in order to show.the maturity and schedule of prin cipal and interest payments with respect thereto and of the Bond ordinance authorizing the issuance of the Refunding Bonds are hereby acknowledged by the Trustee, and reference herein to or citationherein of any provision of said docu- ments shall be deemed to incorporate the same as a part thereof in the same manner and with the same effect as if they were fully set forth herein.' ARTICLE IV MISCELLANEOUS SECTION' 4.01. Amendments to this Agreement. This Agreement -is'made for the benefit of the Issuer and the holders from time to time; of the Refunded Bonds and it shall not be repealed, revoked, altered or amended without the written consent of all such holders, the Trustee and the Issuer; provided, however, that the Issuer and the Trustee may, without the consent of, or notice to, such holders, en ter into such agreements supplemental to this 'Agreement as shall not adversely affect the rights of such holders and as shall not be inconsistent with the terms and provisions of this .Agreement, for any one or more of the following purposes - (a) to cure any ambiguity or formal defect or omission inthisAgreement; (b) to grant to, or confer upon, the Trustee for the benefit of the holders of the Refunded Bonds, any addi- tional rights, remedies, 'powers or authority that may lawfully be granted to, or conferred upon, such holders or the Trustee; and 13 10134 . x (c) to subject to this Agreement additional funds, securities or properties, The Trustee shall be entitled to rely exclusively upon an unqualified opinion of Holland & Knight or other nationally recognized bond counsel with respect to com- pliance with this Section, including the extent, if any, to Which ally change, modification, addition or elimination af- fects the rights of the holders of the Refunded Bonds, or that any instrument executed hereunder complieswiththe conditions and provisions of this Section. Notwithstanding the foregoing or any other provi- sion of this, Agreement, at the request of the Issuer and upon compliance with the conditions hereinafter stated, the Trustee shall ''have,the,power to and shall, in simultaneous transactions, sell, transfer, otherwise dispose of or — request the redemption of the Government Obligations held hereunder` and to substitute therefor direct obligations of, or obligations the principal of and interest on which is frilly guaranteed by the United States of America, subject to the condition that such moneys or securities held by the _ Trustee, together with investment earnings thereon, shall be sufficient to pay, when due, the principal of, interest on and redemption premiums, if any, with respect to the Refunded Bonds.. The Issuer hereby covenants and agrees that it will not request the Trustee to exercise any of the pow- ers described in the preceding sentence in any manner which will cause the Refunded Bonds or the Refunding Bonds to be arbitrage bonds within the meaning of Section 1O3'(c) of the Internal Revenue Code of 1954, as 'amended, and the regula- tions thereunder in effect on the date of such request and applicable to obligations issued on the issue date of the; Refunding Bonds. The Trustee shall purchase such substi- tuted` securities with the proceeds derived from the mat- urity,'sale, transfer, disposition or redemption of the Government` Obligations held hereunder or from other moneys available. The transactions may be effected only if there shall have been obtained: (1) an independent verification by a nationally recognized independent certified ,public ac- counting firm acceptable to the Trustee concerning the ade- quacy;of such substituted securities with respect to`princi- pal and the interest thereon and any other moneys or securi- ties held for such purpose, together with investment earn- ings thereon, to meet the principal and interest when due of the 'Refunded Bonds in the manner required by the proceedings which authorized -their issuance;' and (2) an opinion from Holland & Knight or other nationally recognized bond counsel to the Issuer to the effect that the disposition and sub:ti tution or purchase of such securities will not, under the 14 1 01 34 i statutes, toles and regulations then in force and applicable to obligations issued on the date of issuance of the Refunding_ Bonds, cause the interest on such Refunded Bonds or the Refunding Bonds not to be exempt from federal income taxation, Any surplus moneys resulting from the sale, transfer, other disposition or redemption of the Government Obligations held heteunder and the substitutions therefor ,of direct obligations of, or obligations the principal of and interest on which are fully guaranteed by, the united States of America, Shall be released from the gust estate and shall be transferred to the issuer for the payment of prim cipal of and interest on the Refunding Bonds if the Refunding Bonds remain outstanding at such time, and if no such Refunding Bonds remain outstanding, for any lawful put - pose authorized by opinion of bond counsel. SECTION 4.02. Severability, If any one or more of the covenants or agreements provided in this Agreement should be determined by a court of competent' jurisdiction to be contrary to law, such covenant or agreement shall be deemed to be separate and shall in no way affect the valid- ity of the remaining provisions of this Agreement. SECTION 4.03, Agreement Binding. All the covenants, promises and agreements in this Agreement contained by or on behalf of the Issuer or by or on behalf of the Trustee shall bind and inure to the benefit of 'their respective successors and assigns, and to the benefit of the holders of the Refunded Bonds and the Refunding Bonds, whether so expressed or not. SECTION 4.04. Termination. This Agreement shall terminate when all transfers and , payments required to be made by the Trustee under the provisions hereof shall have been made. SECTION 4.05.' 'Governing Law. This Agreement shall be governed by the 'applicable laws of the State of Florida. SECTION 4.06. "'Execution` by; Counterparts. This Agree- ment maybe executed in several counterparts, each of which shallbe regarded for all purposes as an original, and all of which, together, shall constitute and bebutone and the same instrument. 15 10,134 t. i .« PRELIMINARY 0IF ICIAL STATEMENT DAM) X1.Y 1986 ' LAW ISSUE tCredit Ratings: Mood) s! — d 0 Standard & Pools: ( ttysttred) d; y 1'n the opinion of Bond Counsel, rendered in reliance upon certain schedules hereinafter referred to, the g ; .= interest on the Series 1986 Bonds is exempt from all federal income taxes under existing laws, and under existing law, the Series 1986 Bonds are exempt y'rom all present intangible personal property taxes imposed d _dd> W = b the state o Florida, FOr information concerning y f r g pending legislation, see "7a.Y exemption" and 3 -- : "bending 1=ederal Legislation" herein. L =tea o = $ d=� ,0Q0,0d0'� — The City of N lami, Florida - General Obligation Refunding Bonds, Series 1986 o _ Dated'. August 1, 1986 Due; June 1, as shown below ' oCZ o N Interest on the Series 1986 Bonds is payable semi-annually on December 1 and June 1 in each year, g) commencing December 1, 1986. The Series 1986 Bonds are issuable as fully registered bonds in the .:= o denomination of $5,000 or integral multiples thereof_ Interest on the Series 1986 Bonds will be payable to U C7 o N o the registered owners shown on the registration books of the City of ,`•liami. Florida (the "City") on the d _- fifteenth day of the month preceding an interest payment date, by check or draft mailed by first class mail 3 to such registered owners by the Bond Registrar and Paying Agent. The principal of, and premium, if any, g� - g� y� g g p� p 0 E on the Series 1986 Bonds are payable upon presentation and surrender of the Series 1986Bonds, at the — o W option of the registered owner, at Chemical Bank, in the Borough of Manhattan in the City and State' of c New York, as Bond Registrar and Paying` Agent or at NCNB National Bank of Florida in the City of 3 Miami, Florida as Co -Paying Agent. The Series 1986 Bonds are subject to optional redemption and scheduled mandatory redemption as o provided herein. o The Series 1986 Bonds are being issued to advance refund certain series of general obligation bonds 7 �G ,' .S2 previously issued by the City, consisting of $2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities o W y Bonds, $18,100,000 Housing Bonds, $3,000,000 Storm Sewer Improvement Bonds, and $7,100,000 Street " and Highway Improvement Bonds, all dated June 1, 1984, (the "Refunded Bonds"), and to pay costs of —j m issuance. (See "Plan of Refunding" herein). o' L Subject to the limitations contained in "Authorization and Security" herein, the Series 1986 Bonds are # W'cc-_ general obligations of the City, payable from unlimited ad valorem taxes on all taxable property within the I' City (excluding homestead exemptions as required by Florida law). I# Payment of the principal of, and interest on, the Series 1986 Bonds will be insured by a municipal bond l -Es insurance policy issued by simultaneously with the delivery of the Series 1986 Bonds (see Insurance c on the "Series 1986 Bonds" herein). The Series 1986 Bonds are offered when, as and if issued and received by the Underwriters, subject to y = the unqualified approval of legality by Holland & Knight, Miami, Florida, Bond Counsel, and to certain L other conditions, and the approval of certain legal matters for the Underwriters by. their Counsel,; Swann' and Haddock, Orlando, Florida. It is expected that the Bonds in definitive form will be available for delivery in New York, New York, on or about August , 1986. Drexel Burnham Lambert Goldman, Sachs & Co, i Incorporated Southwestern Capital Markets, Inca M Securities of Florida, Inc. Preliminary subject to change, July , 1986 1 77itOt Gt?�'t;R F6 48 Review Flnttndal Printers, Nllatttl, FL City of Mi4m1-Gcnpral Obligation Bond 4111 i'ruut of 9/ t7/t<b x 19 + f i 4 { * Serial Oorids Mi1UHty intePe�i AUiaUrilt Rote -�o Net oP ty tnnunt""+ field ltatuh+ inteftSt Plict oP Role VIM 1087 $ % 1995 $ % Flo 1988 1996 1989 199 1990 1998 1991 1999 1992 2000 1993 2001 1994 $ * 07o Term Bonds due June 12006 @ -070 $ * 010 Term Bonds due June 1 2014 @ -07o (Accrued interest to be added) *Preliminary, subject to change. i i i 1- : q t 161EA Kevlgw F(�*pool Mat€rs, !►�isini, FL City Of :'4ismi�•Grrisral Qblig4ci40 POW3rd Pt9Q1AP 9/17/86 x 17+ Z �ac101 CqY R 10104 THE CITY OF MIA MI, FLORIDA MEMBERS OF ROARI) OF CITY COMMISSIONERS XAVIER L. SUAREZ, Mayor JOE CAROLLO MILLER J. DAWKINS - ROSARIO A. KENNEDY J. L, PLUMMER, JR. CITY OFFICIALS City Manager .... ...... ... . CESAR H. ODIO . Assistant City Manager.. HERI3ERT J. 13AILEY - City Attorney ...... LUCIA A. DOUGHERTY Director of Finance ..... CARLOS-E. GARCIA City Clerk .. .. .... . MATTY HIRAI Bond Counsel HOLLAND & KNIGHT - Miami, Florida k i Co -Bond Counsel j Vincent P. McGee, P.A. " Financial Advisor { JAMES J. LOWREY & CO. INCORPORATED New York, New York 1 Independent Certified Public Accountants COOPERS & LYBRAND Miami, Florida t 1 i; I IEFO F4848 1;gView Financial PrintErs, Miami, Fl. airy of Mianni—G noral Obligation Bond no PM of of 7/19/86 x 17 +; si � l f 1018 MICIAL STATIENWNT $ �000 o* THE CITY OF MIAMI, FLORIDA General Obligation Refunding Hottds, Series 1986 INTRODUCTORY S1'A1'IJN11 NT The purpose of this Official Statement of The City of Xliami, Florida (the "City"), which includes the cover page and appendices attached hereto, is to set firth information concerning the City and its general obligation refunding bonds to be issued in the total principal amount of S 000,000* (the "Series 1986 Bonds"), to advance refund certain series of general obligation bonds previously issued by the City, consisting of $2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $18,000,000 Housing Bonds, $1,000,000 Storm Sewer Improvement Bonds, and 57,100,000 Street and Highway improvement Bonds, all dated June 1, 1984, (the "Refunded Bonds"), and to pay costs of issuance. The Refunded Bonds were previously approved by the Commission of the City (the "Commission"), and approved by the electors. PLAN OF REFUNDING i The Series 1986 Bonds are being issued to enable the City to effect the advance refunding of the Refunded.Bonds, such Refunded Bonds being currently outstanding in the aggregate principal amount of $29,820.000. The advance refunding is being undertaken primarily for the purpose of effectuating debt service cost savings to the City. The monies required to refund the Refunded Bonds will be derived from the proceeds of the sale of the Series 1986 Bonds. Such monies will be irrevocably deposited with , as escrow agent for the Refunded Bonds (the "Escrow Agent") pursuant to an Escrow Deposit Agreement dated as of 1, 1986 (the "Escrow Deposit Agreement"), by and between. the City and the Escrow Agent. The Escrow Deposit Agreement requires the Escrow Agent to use the amounts escrowed thereunder to purchase direct obligations of the United States of America (such direct obligations of the United States of America to be purchased by the Escrow Agent with such monies shall be referred to collectively as the "Government Obligations"). The Government Obligations will mature at such times and in such amounts so that sufficient monies will be available from such maturing principal, together with interest income from the Government Obligations, and cash balances, if any, to make payment of interest on the Refunded Bonds, as it becomes due, and to redeem the Refunded Bonds on June 1, 1994, at a redemption price equal to 1031N of the principal amount thereof; provided, however, that if at any time amounts held by the Escrow Agent under the Escrow Deposit Agreement are insufficient to make such payments in accordance ! with the terms of the Escrow Deposit Agreement, the holders or owners of the Refunded Bonds shall be entitled to receive payment from the City from the tax revenues appropriated to the payment of the Series 1986 Bonds. (See "Authorization and Security"). The Government Obligations will not be available to pay (r the principal of, redemption premium, if any, or interest on the Series 1986 Bonds. I t j i j "Preliminary, subject to change.' 1, 1 3 h; F6648 Roiew Fin+tnciuf 11rinlers, N118mi, YL City of 11i4n,i—rxn;ra1 Obligation Bond 3N Proof of 1/17/86 x 47+g ;t 1 01 4 r f As a result of the advance refunding of the Refunded Bonds, the City will realize economic benefits of approximately S , and the the Series 1986 Bonds shall be issued at a lower average net interest cost rate than the average net interest cost rate of the Refunded Bonds. i,-SI MAVFA) SOURCES AND t:SFS OV MINIDS The following table sets forth estimated sources and uses of funds for the Series 1986 Bonds (exclusive of accrued interest): Sources. — Principal Amount of Series 1986 Bonds . ..... ........ ... .. . ......... S Uses: Deposit to Escrow Fund rot Purchase of Government Obligations (1)................................................... S Premium on Bond Insurance Cost of Bond Issuance . .. ............. ..................... .. . Underwriters' Discount .. , .. ....... ...... ...:..... ....... ........ . Total... . ... . ............... .... ... ...... .. ... S *Preliminary, subject to change. . (1) See ``Plan of Refunding." DESCRIPTION' OF THE SERIES 1986 BONUS General The Series 1986 Bonds are being issued in the, aggregate principal amount of S ,000,000*, are dated June 1, 1986, and are issuable as fully registered bonds in the denomination of $5,000 or whole multiples thereof. Interest on the Series 1986 Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day (whether or not a business day) of the month next preceding an interest payment date (the "Record Date"), by check or draft mailed by first class mail to such registered owners by the Bond Registrar and Paying Agent, irrespective of any transfer or exchange of any Series 1986 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 Series 1986 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 City to the registered owners of the Series 1986 Bonds not less than 15 days preceding such special record date. Such notice shall be mailed to the person in whose name the Series 1986 Bonds are registered at the close of business on the fifth day (whether or not a business day) preceding the date of mailing of such notice. The principal of, and premium, if any, on tite Series 1986 Bonds are payable upon presentation and surrender of the Series 1986 Bonds at Chemical Bank, in the Borough of Manhattan in the City and State ' of .'slew York as Bond Registrar and Paying Agent, or at NCNB National Bank of Florida, in the City of i - Miami, Florida, as Co -Paying Agent. Preliminary, subject to change. i S i Tl►t06 j; F6848 Rcylow Financial Printer%, Miami, FL CitY of Miami —General Obligation Boni! 3rd Proof of 3' 17/86 x 19 +;; 3 ,z +i e,. �r 1 013 4 j x Interest Payment Dates The Series 1986 Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement payable semi-annually on December 1 and June 1 of each year, commencing December 1, 1986, and mature on Jane 1 in the years and principalamounts set forth on .the cover page of this Official Statement. Redemption Provisions Optional Redemptio►t Provisions. The Series 1986 Bonds maturing on 1, 1997, or thereafter, are subject to optional redemption on or after 1, 1996, in whole at any time or in part on any interest payment date, in inverse order of maturities and by lot within a maturity in such manner as the Paying Agent may determine at the redemption prices (expressed as percentages of the principal amount) set forth below, plus accrued interest to the redemption date: Optional Redemption Periods (both dates inclusive) Redemption From to Price 102a'o 101Wo 100 €ro , ,lfandatoru Sinkin; Fund Redemption. The Series 1986 Bonds maturing on are subject to scheduled mandatory redemption prior to maturity, in part, by lot in such manner as file Paying Agent may determine, at a redemption price equal to I001'o of the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the principal amounts and on the dates set forth in the table below: June l of The Year Principal Amounts € t i f , f.. The Series 1986 Bonds maturing on are subject to scheduled mandatory redemption prior { to maturity, in part, by lot in such manner as the Bond Registrar and Paying Agent may determine, at a redemption price equal to 10007o of.the principal amount thereof to be redeemed, plus accrued interest thereon to the redemption date, in the principal amounts and on the dates set forth in the table below: June I of the Year Principal Amounts I, { a i i, '9 is 1 t f T)i',06A F4848 Revicw FinQtlri ! Print( ts, 1iNmi, Fi City or Miami —Central Obligation 13ancl 3rt1 Proof t►F'%/19086 x 19 + 10184, tAr ■ Notice of Redempliott Notice of the call for any redemption as described _above identifying the Series 1986 Bonds to be redeemed must be given by mailing a copy of the redemption notice b} registered or certified mail at least thirty (10) days but no more than sixty (60) days prior to the redemption date to the registered owner of each such bond to be redeemed at the address shown on the registration books, provided, however, that failure to give such notice by mailing, or any defect therein, shall not affect the validity of any proceeding for the redemption of any Series 1986 Bond for which no such failure or defect has ocCttrred. Registration and Transfer of Ownership The Bond Registrar, Chemical Bank in the Burrough of Manhattan, the City and State of New York, shall keep a register for registration of a transfer of the Bonds. The Series 1986 Bonds may be transferred only on the Bond registration books kept by the Bond Registrar. No transfer of any Series 1986 Bond shall be permitted except upon presentation and surrender of such Bond at the principal corporate trust office of the Bond Registrar with a written instrument or instruments of transfer by the owner of such Bond in person or by his attorney -in -fact or legal Representative, containing written instructions as to the details of transfer of the Series 1986 Bond. The City, its agents and the Bond Registrar may deem and treat the registered owner of any Series 1986 Bond as the absolute owner of such Series 1986 Bond for the purpose of receiving payment of the principal thereof and the interest thereon. Upon surrender for registration of transfer of any Series 1986 Bond at the principal corporate trust office of -the Bond Registrar, the City shall execute and deliver to the transferee or transferees 'a new bond or bonds for a like aggregate principal amount and maturity. Bonds may be exchanged at said office of the Bond Registrar for a like aggregate principal amount of bonds, of other authorized denominations of the same series and same maturity. The execution by the City of any Series 1986 Bond in the denomination of $5,000 or any integral multiple thereof shall constitute full and due authorization of such denomination and the Bond Registrar shall thereby be authorized and deliver such Series. 1986 Bond. No charge shall be made to any Series 19N Bond owner for the privilege of registration of transfer or exchange, but any Bond owner requesting any such registration of transfer or exchange will be required to pay any tax, fee or other governmental charge required to be paid with respect thereto. The Bond Registrarshall not be required to transfer or exchange any Series 1986 Bond during the period of fifteen days next preceding any interest payment date of such Series 1986 Bond nor to transfer or exchange any Series 1986 Bond after the mailing of notice calling such Series 1986' Bond for, redemption has been made, nor during the period of fifteen days next preceding mailing of a notice of redemption of any Bonds. Prior to delivering any Series 1986 Bond, the City shall cause the validation certificate thereon to be appropriately executed. In case any Series 1986 Bond shall become mutilated or be destroyed, stolen or lost, the City may, in its discretion W deliver a duplicate Replacement Series 1986 Bond,' or (ii) pay a Series 1986 Bond that has matured or is about to mature. A mutilated Series' 1986 Bond shall be surrendered to and cancelled bv'the City. The registered owner of such a Series 1986 Bond must furnish the City or its agent proof of ownership of any destroyed, stolen or lost Series 1986 Bond, post satisfactory indemnity, comply „with any reasonable conditions the City or its agent may prescribe and pay the City's or its agents' reasonable expenses related thereto. -t In,u64 Fbl; t3 Rcviet► fin aneial Winigni, l►ligmi, Ftr City of Miami —General Obligation Bond Ind proof of 7/17/86 X 19- a 1 0 1 The Series 1986 Bonds are general obligations of the City for which its full faith, credit and taxing power have been pledged, and are payable front unlimited ad vilorenn taxes levied on all taxable property in the City (excluding homestead exemptions as required by applicable law): provided, however, if at any time " the funds held by the Escrow Agent for payment of the Refunded Bonds, together with the investtttent earnings 'thereon, shall, be insufficient to meet the payment requirements thereof in accordance with the terms and conditions thereof and of the Escrow Deposit agreement, the holders or owners of the Refunded Bonds shall be entitled to receive payment from the City from the appropriated ad valorem tax revenues, and, in that event, to the extent of any such payment in tine I'avor ofthe Refunded Bonds; the right, title and interest of the registered owners of the Series 1986 Bonds in such appropriated tax revenues, and to such extent the pledge thereof for the benefit of the Series 1986 Bonds, shall be null and void, and, to such extent, the Series 1986 Bonds shall not be entitled to an\, payment from the City from any source whatsoever. The taxes assessed, levied and collected for the security and payment of the Series 1986 Bonds are required. pursuant to the terms of the Ordinance (as hereinafter defined) to be assessed, levied and collected in the same manner and at the same time as other taxes are assessed and collected and the proceeds of said taxes, except as described above and in the ordinance provided, are to be applied solely to the payment of the principal of and interest on the Series i986 Bonds. Insurance on the Series 1986 Bonds _ (To Comej 6 Ti!?Q7 Fbf338 Etrrlea F'irl�nriai i'rinters, Miami, FL 01), of 'Miami--Gowral obligation Bond ,th Proof of v wso x i7 +; 10134 I)ESC IPTION O THE; CITY OFi�ilA;vil Geography The City of Miami, Situated at the mouth of the Miami River on the western shore of Biscayne Bay, is a main port of entry in Florida and the county seat of Metropolitan Dade County which encompasses 21,000 square miles of Florida's southeastern region. The City comprises 14.3 square miles of land and 19.5 square miles of water. lade County is often referred to in.this document as Greater 'liami or the Miami area. Miami is the southernmost major city and seaport in the continental United States and the center of pati-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 temperature 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 nine inches. Population The U.S. Bureau of the Census estimated the population of tite 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 October 1, 1980. All 1980 U.S., Census information, however, is based on the lower, 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, twenty-five 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 fixty-six 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 Miami The City of Miami has operated under the Commission -City Manager_ form of government since 1921. The City Commission consists of five elected citizens, who are qualified voters in the 'City, one of whom serves as Mayor. The Commission acts as the governing body of the 'City ,with powers to enact' ordinances, adopt resolutions and appoint a chief administrative officer known as the City Manager. The City Clerk and City Attorney, as well as members of the Planning Advisory Board, the Zoning Board, the City of Miami Health Facilities Authority and the Miami Sports and Exhibition Authority are also appointed by the Commission. Members of the Off -Street Parking Board and the Downtown Development Authority are appointed by the respective Boards and ratified by the City Commission. 7 Ti►04 F6440 fkwivw f innncial Printrrs, iligmi, fi. City of xliami—Ge=;i) obligation Hon4 no l'rouf u1' 7� 19i86 x 19+� . 0134 , i- City elections are held in November every two years on anon -partisan basis. At each of these elections a Nlayor is elected for a two year term. Candidates for Nlayor must run as such and not for the Commission in general. At each election two members of the Comniissionare elected for tour year terms. Thus, the City Commissioners' terms are staggered so that there are always at least two ex crienced members on the Commission. The City Manager serves as the administrative head of the municipal government, charged with the responsibility of managing the City's financial operations and organizing and directing the administrative infrastructure. The City %tanager 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 tile 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 Nliarni 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 Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four-year term. Commissioner Carollo is a graduate of Miami Dade Community College and Florida International 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 vIiami area. ' J. L. Plummer, Jr. was appointed a Commissioner in October 1970, and was elected Commissioner in November, 1971, and reelected in 1975, 1979 and 1983 for four-year terms. Commissioner Plummer is a graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of the Board of Ahern -Plummer Funeral Homes, Miami. Administration of the City Cesar H. Odio was appointed City Manager effective December 16, 1985. Prior to his appointment to the top administrative position in the City of Miami, fir. 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 Boadift in 1980, he was appointed to the President's Task Force on Refugee Affairs..iNlr. Odio has a Bachelor of Scienee_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 \lanager 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 liason to several public authorities and organizations, Prior to joining the City, he 8< TK;14 F6848 ' Reviow flpt}nclal frinigm, Waml, F1, City of Miami-=Goncrat Obliption Bond '.nd Ptua(+)t 7A7 #6x 17+1 10134 City elections are field in Novemberevery two years on a non -partisan basis. At each of these elections a Mayor is elected for a two year term. Candidates for Ntayor must tun as such and not for the Commission in general; At each election two members of the Commission are elected for four year terms. Thus, the City Commissioners' terms are staggered so that there are always at least two experienced members on the Commission. The City ' ahager serves as the administrative head of the municipal government, charged with tile responsibility of managing the Citv's financial,operatons and organizing and directing the administrative infrastructure. Tile City Manager also retains lull authority in the appointment and supervision of department directors, preparation of the City's annual budget and initiation of investip-ative procedures. In addition, the City `-tanager 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. \,favor 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 fora 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 A-lemorial College and holds a MS degree from the University of Northern Colorado.Commissioner Dawkins has been employed for 16 years at Miami Dade Community College. Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four-year term. Commissioner Carollo is a graduate of Miami Dade Community College and Florida International 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. Kennedv 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 Nliami 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 Niortuary Science. He is Chairman of the Board of .Ahern -Plummer Funeral Homes, Miami. ,administration of the City Cesar H. Odio was appointed City `tanager effective December 16, 1985. Prior to his appointment to the top administrative position in the City of i*\(iami, 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 Boadift in 1980, he -,vas 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, 'vliami, and majored in Business Administration at the University of Santo Tomas de Villanueva, Havana, Cuba. Herbert J. Bailey has served as :assistant City \tanager since his initial appointment in October:1982. Mr, Bailev's responsibilities for the City include the Departments of Development, Finance and Community Development, as well as liason to several public authorities and organizations. Prior to joining the City, he 8 TX;ti lFbi;4t3 Ke+ r++ Fingnvlal Pr1rlfcrb.'►tlumi, Pt- City of %liami-General Obligation Bond Ind Prwif of 7/ 19, f36 x III 10134 t 8 l served as president and CEO of Philadelphia Citywide Development Corporation and President of Urban Development Services; inc. Mt. Bailey holds a Bachelor of Arts in Business Administration from Antioch College and a Masters Degree in Urban Economic Development from Goddard College. Carlos E. Garcia, Director of Finance since June 1980, joined the City in November, 191/6 as Assistant Finance Director. He has been previously employed in private industry in positions of Treasurer, Controller, and Auditor, fir, Garcia is a Cum Laude graduate of the University of Miami with a BBA and also holds a `taster of Science in Management from Florida International University.. He is licensed as a CPA in the ' State of Florida and is a member of the .American and Florida Insititutes of CPA's and of the Government Finance Officers' Association of the United States and Canada. Lucia A, Dougherty is the City Aftorneylor the City of.\liami,• Florida, and the former Citv Attorney for the City of Miami Beach. She received her B.A. Degree from Syracuse University, a I.L.S. Degree from the University of Oklahoma, a J.D. degree from Oklahoma City University and a L.L:M. Degree in Ocean and Coastal Law from the University of Miami. She is a member of the Florida and Oklahoma Bars and has served as a lecturer and adjunct professor of law. Natty Hirai was appointed Cite Clerk on September 1, 1985. She was the City's Assistant City `Cb -It from September, 1976 to August, 1985. She is,a graduate of Edison High School and has completed college courses at Pasadena City College, University of California at Los Angeles and Hunter College. She attended specialized courses at Syracuse University and obtained tite three-year Certified Municipal Clerk certificate extended by that University. tits. 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 453. The Fire Department is rated as Class I and provides a full range of fire 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 and garbage is performed by Dade County under contract with the City. The Department of Public Works maintains certain ;streets and sidewalks and manages construction of sewers and other capital facilities required by the City. The State of Florida and Dade County are responsible for maintaining 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. Regional' Government Services f The following information and data concerning Dade County (tile "County") describes the regional i 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 supplements them. The County can take over particular activities of a city's operations (1) if the services fall below minimum' standards set by the County Commission, or ('_) with the consent of the governing body of the city. 9 T tl V6$4$ t;t�aie�' Ftn�oFi�l PriniNrs. �liumi, #l. Cicv of Miami —General Obligation Bond ,nal Proof uf 7119.16x 17T 1 0134 t it is l l k N Since its inception, the Metropolitan County government has assumed responsibility on a County -wide service basis a number of functions, including County -wide police services which complement municipal police services within the municipalities, with direct access to the National Crime Information Center in i Washington, D,C, and the Florida Crime information Center; a uniform system of fire protection, which complements municipal fire protection services within ten municipalities and provide full service fire protection for seventeen municipalities which have consolidated their fire departments with the County's - rire department; a consolidated two-tier court systerit pursuant to the revision of Article V of the Florida { COI!Stitiution which became effective on January 1. 1973: development and operation of a County -wide water and sewer system: coordination of the various surface transportation programs, including the development of a unified rapid transit system: operation of a central traffic control computer system; the merging -of 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, furnishine data to municipalities, Board of Public Instruction and several state agencies for the purpose of budget preparation and for their respective governmental operations; collectionby the Dade County Tax 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. _ DEBT SUMMARY The information under this heading is subject in all respects to the more detailed financial information contained in the audited financial statements of the City. (See Appendix G, "FINANCIAL STAMMENTS.") Payment of Bonds and Bond Election Requirement Pursuant to the Florida Constitution, there is no limit on the amount of ad valorem' taxes the City must levy for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills perS1.00 (S10 per S1,000) 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 exceeding two years and authorized by a vote of the electorate are 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 l 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. Legal Debt Limitation Section 58 of the City Charter limits general obligation bonds of .the City to 15To 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. The debt limitation for general obligation bonds based on net assessed valuation for the calendar year 1985 was S1,397,381,736. Outstanding general obligation debt applicable to the City's debt limitation as of July 31, 1986 totaled S188,930,000, which is approximately 2,0e16 of net assessed valuation. 10 U-15 TK;08 F6848 Review Firttlnrial Frintem, Miami, VL City of Nhami-Gent!ral Obligation Bond <nd Proof o(7/17/86 x 17+ 110134 l 1 I Selected Debt 1)ala i The following several tables sho%v the details of the Cit\'s principal and interest requirements of general obligation bonds, principal and interest requirements of revenue and special obligation bonds and ` overlapping Dade County debt. General Obligation Bonds Outstanding on Jule 31, 1986 F'in:[I issue Multlrit� Amount Amount General Ohlikatiun Issue t)ute Neur Issued Outstundifig Fire Fighting Facilities .................. . ......... ............ M1 s 1988 S 850.000 90.000 Coconut Grove Incinerator .'.'. . ..... . ....... ....:.......... .:.: 3-I-58 1988 11100,000 120.000 Refunding Sewage Disposal Bonds . :._ :...:.. ............... .. I-1.62 1990 14.565,000 2,360.000 Bavfront Recreational Facilities :. . .............> : 8-1.6' 1987 21.250.000 230.000 Recreational Facilities` :.:.. :.............. .... ..... ........... 8•1-fi7 1981 1,000,000 100,000 Storm Surer Improvcments .. I ..... :.......... . . ...:.... . ..:.:. C:I.67 1987 l,Ov0.000 100000 Recreational Facilities ......................... ......... ...... 7-1.68 1985 1,500.0()0 160:o0o Storm Sewer improvement ... — ......:.................. ; ..... '-I.68 1988 1.500.000 160,000 Sanitary Sewer .. ......'....................:.. 7• I.6S 1988 5.000,000 220.000 ....... , Convention Center .......... ......... ........... .. ..... 5-1-69 1989 41500,000 705.000 Fire Fighting Facilities ............................ ..: . ......... 10-1•" 0 1990 1,000.000 250,0()0 Police Headquarters ..'.. . ..::.......... ..... .............:..:: 10-1-70 1990 11500,000 380,000 _ Pollution Control Facilities ............... ..... ........ .... .:.... 1()-1.-0 1990 3,000,000 75,000 Sanitary Sewers ..:. . ............. _ ...... ........ . _ ......... , 10-1-70 1990 7,000.000 7725.000 Storm Sewer Improvement :. r..... . ...:..:...:.....:............ 2-1-71 1991 1.500.000 400,000 Highway'Improvemenr _ ..........:................. .... , ..... 9:1--1 1991 2,000.0(K) 600,000 Sanitary Sewer . ..... :: ... ...... .... 9-1.71 1991 5,0001000 690,000 ` Fire Fighting .... . ..... :..:: . ... .. .:.. 6 1-72 1992 1,100.000 ` , 360,000 ...............:... Sanitary Sewer 6 1-' 1992 5,000,000 490,000 Police Headquarters ......:......_ ........ ......:. .. .... _ .. 6 1•7; 1992 1.500.000 460,000 Storm Sesser Improvements ...... — ...... ....... . ......:..... 6-1-72 1992 3,000.000 930,Oo0 Street and Highway Improvements ............................. .. 6-1.72 1992 (X)0.000 290,000 — Public Park and Recreation Facilities ... ......... ... ....... .... 10-1-72 1997 28.350,000 14.150,000 Storm Sewer Improvements .... . .......... ..................... 9-1-73 1993 2,000,000 875,000 Police Headquarters :................ ... .. , .....::..::'...._. 9-1.73 1993 4.000,000 1"'00,000 Storm Sewer Improvements ........ . ..:... ,......:..........:.. 3-1-75 1995 31000.000 1.400.000 Police Headquarters . . ................ .:....... ....'........ .... 3.1.75 1995 8,000.000 3,735,000 - Sanitary Sewer Bonds ....`............... . .... .... ........... .. 10.1.75 1995 51000,000 1,805,000 Police Headquarters .......:................................... 10-1-75 1995 2,000.000 11050,000 Sanitary Sewer .......:....................................... c-1.77 1997 131000.000 , I'00oo Street and Highway Improvements .................... .......... .: :-1.7, 1998 5,000,000 1.000:000 * - Fire Fighting .. ...... . .. ... - 1 77 1997 t 5,000.000 2,880.0oo Police Headquarters .....................................:.. .:. 1-77 1997 3,000,000 1,790,000 Storm Sewer Improvement ......, :, .......::::....,..'.....::... ; ., 5-1-77 1997 '_,000.000 1,160.000 Fire Fighting .:_: .............................._............... 12.1-77 1998 1,000,000 650,000 Public Park and Recreation Facilities .........:.................... 12.1-77 2003 11,540,000 8.160,000 Housing................I......................... . .... _ ., : .. 12.1-77 2008 1,500.000 1,340,000 Street and Highway Improvements ................................ 12-1-78 1998 5,(=.000 3,230,000 Sanitary Sewer ........... :...... - ............................ 12-1 78 1998 6,000,000 4,050.000 Fire Fighting, Prevention and Rescue Facilities :...................... 12.1-78 1998 _,250,000 1,530,000 — Storm Sewer Improvement .......... .......... ..::.. ....... ' ... I'_-1-78 1998 5.000.000 3,970,000 Fire Fighting, Prevention and Rescue Facilities ...................... 8-1-81 2001 1.750,000 1,465,000 Storm Sewer Improvement . .. . .. 8-1-81 2001 3,000,000 2.715,000 Housing . • ............................... . . . 8-1-81 2011 4,400,000 4,190.000 Fire Fighting, Prevention and Rescue Facilities ...................... 5-1-83 2003 7,650,000 7.650.Ooo # Storm Sewer Improvement ..' ....................:............... 5-1-83 2003 -1,000,000 3.755.006 Sanitary Sewer ................................................ 5.1-83 2003 6,000,000 5.350.000 Street and Highway Improvements ..... . .:........................ 5-1-83 2003 6.000,000 5,825.000 Housing ................:...:..............................::. 5-1-83 2013 1,000,000 970,000 Fire Fighting .................................. — .......... , ... 6-1-84 2014 2,000,000 2 000000 Storm Sewer '... ........ s . • ................... 6.1-g4 2014 3,000.060 2:915:000 ................ Highway Improvement ........................ ........ — . , .: 6-1.84 2014 7,100,000 7.100,00) Housing Bonds : ..................... _ .... - ....... ,... ... , . 6-1-84 2014 18,100,000 17.805.0W Fire Fighting -. .. . .. , •... ..... 4.1-65 2005 S,000,000 5,000,000 Sanitary Sewer ................. ....... ............. .......... 4-1.85 2005 3,O A000 8.000.000 Storm Sewer ............:...... .............................. 4-1-85 2010 9,000,000 9,000,000 Highway Improvement .. ... ... 4-1-85 2005 6,000.000 6,000,000 — Police Headquarters :. 4.1-55' '005 5,OOU.OW 5'"'000 Police Headquarters ........... . ........ ..................... 6-1-86 2006 12,000,000 12,000,000 Storm Sewer ........ ......... ,......... :.................. .... 6.1-66 2011 5,000,000 5,OW,OW Sanitary Sewer ......... ....:...... I .. `........ 6-1.86 2006 31000,000 3.000,000 Street and Highway ........... • .. , ........ • ..._ . • .... . .:.: . , 6-I-86 2006 2,000,M) 210(x),0()() 11 $298,855,000 $188,930,000 WOO TKt10 V6844 Review FinanslNI f'riowni, N1111mi, VL City of Miami --general Obligittion Bond 00Proof t►f 7/IS/80 x f +XPO — 10 8 4 Ge'tierdl bbligatloh Bonded Indebtedtless Isrinclj)al and Interest Retluiretliettis as ttr ,tole M 1986 t'iscul leer tattling ltequirrmenls September 30 Ptincipul Interest lotu) 19860) ....., S 1,015,000 S 1,439,950 5 2,454,950 1987 ......... 10.880,000 14.330,393 25,210.393 _ 1988 ..... I... 11,380,000 13,5594190 24,9394290 1989 ......... 10,650,000 12,755,831 23,405,831 1990 .-........ 10,625,000 11,988,882 22,613,882 1991 ......... 10,175,000 11,221,388 21,396.388 1992 ......... 9,660,000 10,437,09520,097,095 1993 ......... 9,500,000 9,655,227 19,155,227 1994 ......... 9,390,000 8,887,343 18,277343 1995 ......... 9,650.000 8,219,689 17,869,689 1996......... 9,475,000 7,5.79,601 17,054,601 1997 ......... 9,495,000 6,933,069 16,428,069 1998 ......... 8,610,000 6.260,484 14 870,484 1999 ......... 7,770,000 5,625,851 13,395,851 2000 ......... 7,030,000 5,010,575 12,040,575 2001'......... 7,530,000 4.382,935 11,912.935 2002 ..... , ... 7,555,000 3.761.471 11,316,471 2003 ......... 7,995,000 3,108,171 11,103,171 2004 ........: 6,180,000 2.430,665 8,610,665 2005......... 5,640,000 1,881,806 7,521,806 2006 ......... 3,795,000 1,505,982 5,300,982 2007 ......... 2,235.000 1,261,873 3,496,873 2008......... 2,365,000 1,073,502 3,438,502 2009 ......... 2,325,000 '' 880,030 3.205,030 2010 ......... 2,450,000 6811.898 3,131,898 2011 '......... 1,800,000 519,687 . 2,319,687 2012......... 1,145,000 388,700 1,533,700 2013......... 1,300,000 270,530 1,570,530 2014......... 1,310,000 136,240- 1,446,240 $188,930,000 S156,188,158 $345,118,158 (1) Represents information for the final two months of fiscal year ending September 30, 1986. 12 TK,43 f 6s4$ City of Nliomi--Genergl Obligation bond 41h Proof of 7/17/8fi x 17+ ' 0134 Revenue and Special Obligation Bonds Outstanding on ,ItO, 31, 1986 Hoot speriul obligalloo and DOW of %tuturity Amount \ninunl Ate+roue Botid Issue lsaleYear Issued 0111+dundinft Utilities Service TO, Series A 0) ........... 2-1-63 1988 S 3,125,000 S 3001000 Orange Bowl tVarehouse Revenue (2) . 1 t-2044 1989 225,000 81,000 Off Street Parking Revenue Series 1983 (3)(4) . 11-1-83 ' 009 13,860,00 13,545,000 Convention Center and Parking Garage Revenue Bonds (5)«.... 7-1-80 2015 60,000,000 60.000,000 Special Obligation Bonds (6) .............. 7-1-85 1.008 13.720,000 13,720,000 ;Miami Sports and Exhibition Authority Floating/1+ixed Rate Special Obligation Bonds Series 1985 (7)(8) ................ • 12-26-85 2015 38,000,000 38,000,000 $125,646,000 (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 the 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) The City of Nliami Commission awarded on July 10, 1986 the sale of S16,275.000 Parking System Revenue Bonds, Series 1986 to advance refund the outstanding Series 1983 Bonds. The sale of the Series 1986 Bonds will close in August 1986. (5) 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 G, "FINANCIAL STATEI%IENTS"). (6) 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 G, "FINANCIAL STATEMENTS.") (7) The Floating/Fixed Rate Bonds are limited obligations of the iNliami 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 'aletter 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 S3.0-$4.0 million per year. _ (8) Simultaneously with the issuance of the Liiami 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. 13 Tin t t F6848 Roviow Finandal Prinwrs, Miami, t~'). Cii, of .Miami—Gonvrat.t?b►igation Bond 01 RPAINU1: HONDS AND SPECIAL OBLIGATION 110N1)S PRINCIPAL- AND INTVt KP�Sfi ItN:t1t'll�L tLl:Nfis (1)(2) As of ,Idly 31, 1986 � t'rincipul Utilities I'iscol Service to% 1'eut sspeclul F:ndinii tlitligotion Comrenllon Wutehouse Special Off-street final Septenthet Bonds Center 1'roperll Obligation Parking keeenue Principal 30 , Seties A Hesenue Monde (tesenue HiMs Ilonds Hoods Interest And Interest 1986(3) S -0• S -0- S -0- S -0- S -0- S 3,152,441 5 3,152,441 19V 150,000 18.000 110,000 1'S1000 7,648,083 8,101,081 1988 150,000 20.000 245,000 185.000 7,618,087 8,218,087 1989 21,000 265,000 200,000 7 583,318 8,069318 1990 100,000 221000 285,000 215,000 7,547,164 8,169,164 1991 330,000 310,000 235,000 7,50U,996 8,315,996 1992 640,000 335,000 250,000 7,435,2206 8,660,206 , 1993 1,060,000 360,000 275,000 7,341,88-1 9,036,881 1994 1,140,000 390,000 300,000 7,210,715 9,040,715 1995 11225,000 425,000 325,000 7,064.537 9,019,531 1996 1,320.000 465,000 355,000 6.901,601 9,041,601 1997 1,415,000 510,000 390,000 6 719.8-15 9,044,835 1998 1,540,000 560,000 430,000 6,518,931 9.048,931 1999 1,665,000 610,000 470,000 6,297,622 9,042,622 2000 1,805,000 665,000 520,000 6,054,770 9,044,770 2001 1,720,000 725,000 570.000 5,819.913 8,834,913 - 2002 1,870,000 S00,000 630,0005,614,363 8,914,363 2003 2,035,000 875,000 695.000 5.382,831 8,987,831 2004 2.215,000 955,000 765.000 4,981,064 8.916,064 2005 2,4101000 1,045,000 845.000 4,555,862 8,855,862 2006 2,620,000 1,145,000 930,000 4,254,018 8,949,018 2007 2,850,000 1,260,000 1,025,000 3,923,934 - 9,058,934 2008 3,095,000 1,380.000 1.130,000 3,346,43', 8,951 437 2009 3,365,000 1.250,000 2,739,831 7,354,831 2010 3,660,000 1,380,000 2,310,963 7,350,963 - 2011 3,980,000 1,917,125 5,897,125 2012 4,050,000 1,568.875 5,618,875 2013 4,410,000 1,2114,500 5,624,500 2014' 4,720,000 828,625 5,548,625 2015 4,750,000 415,625 5.165,625 TOTAL $300,000 $60,000,000 S81,000 S13,720,000 S13.545,000 $151,469,155 S239,112155 (1) Amounts presented are on a budgetary basis, in that payments due on October 1 are included in prior fiscal year requirement. (2) The Miami Sports and Exhibition Authority, an independent autonomous agency and instrumentality of the City created and established under the 'enabling legislation, on December 27, 1985, issued 538,000,000 Floating/Fixed Rate Special' Obligation Bonds, Series 1985. The Bonds are limited obligations of the 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 moneys deposited in certain trust funds with the trustee; and (iii) from the date of original issuance of the 1985'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 principal amount' of the 1985 Bonds plus 55 days' interest thereon at an interest rate of 12076 per annum."The Bonds mature in various amounts from 1991 through 2015. 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 S3.044.0 million per year. Simultaneously; a ;Mote Purchase Agreement was entered into for a S10,000,000 Subordinate Obligation Note, Series 1985. The funds from the S 10,000,000 Subordinated Note are currently deposited in escrow by the Trustee. Quarterly principal payments on the Notes commence in January, 1987 with the final installment due in December 1995, in the amount of $312,500 per quarter. Interest payments on these two obligations are at variable rates. (3) Represents information for the final three months of fiscal year ending September 30, 1986. 74 Kt# F'68btt RorlcW Fitlant ial Print4ls, ►lierrii, F! City of 'Miami --General Obligation Sons 41h Proof of VIVO x 19 '0_ 1 4 Net Overlapping Dew as or September 30, 1985 t;eneful Special t)blikaliun Oblittalinn Coffibiftd Debi Debt Debt Citv of Nliami (1) ....... S1''0,087,000 S 15,4191,562 $245,884,%` Dade County (2) ................ 101,294,450 65,684,60 168,979,05' Totals ..............:.: S273,381,450 S141,182,169 5414,863,619 (1) Excludes the $22,000,000 City of Miami, Florida General Obligation ponds dated .tune 1, 1986. • (2) Excludes $91,150,000 Waterworks System Bonds which are outstanding and are secured by revenues of ' the N iami Dade Water and Sewer Authority as well as a pledge of the County to make payments from ad valorem taxes, if necessary. As of June 30. 1985, Dade County General Obligation Debt was $543,288,462. Special Obligation Debt was S345,701,840 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 19ro of the county total_ 15 TXs13 FbUis Rovirw Financial Prinivn i, Miami, Fl. Cityof Miami —General Obligation Bond 3rd Proof of 1/19/tlb x 17 � R 1101.84 ' 1 Debt Statistics and Various 13ebt Matins The following tables detail the City's debt statistics and significant comparative ratios of debt to population and to the 'City's tar base. Debt Ratios of the 00- of Miami (September 30. 1985) FACTORS: Assessed Valuation of Taxable Property, 1985 0) ... $9,696,610,196 Deduct: Homestead Exemptions (2) .. ..................... (952,429,540) Net Assessed Valuation of Tax Property, 1985 ................... 8,744,180,656 City of Miami Debt, Net of Capitalized Reserve Funds General Obligation .............. S170,087,000 Special Obligation (3) . .. ... 75,797,562 Combined Net Direct Debt .... .. ......... . ...... $ 245,884,562 Overlapping Debt, Net of Capitalized Reserve Funds (4) General Obligation . . • . . • • S103,294,450 Special Obligation (3) .. . ..... . . 65.6S4,607 Combined Net Overlapping Debt ....... ..... .... S 168.979,057 Totai Combined Net Direct and Net Overlapping Debt ... S 414.863,619 Population of `liami (5) ....... .. 380,446 Assessed Valuation Per Capita .. ... ........ .. S 25,448 Net Taxable Assessed Valuation Per Capita .. .. .... $ 2-1,984 DEBT RATIOS: Net Direct General ObligationDebt as a Percent of Net Taxable Assessed Valuation ..................... 1.9507o Combined Net Direct and Overlapping General Obligation Debt as a Percent of Net Taxable Assessed Valuation .......... 3.1 °%o Net Direct General Obligation Debt Per Capita ............ $ 447.07 Combined Net Direct General and Special Obligation Debt Per Capita .... . .. S 6d6.31 Combined Net Direct and Overiapping General Obligation Debt Per Capita .. .... S 718.58 ........... ...... .... ... ..... Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita . .. . ... S 1,090.47 (1) Assessed valuation as of September 30 1985 using 100'"o of assessed values as mandated by Florida law, (2) Homestead exemptions 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 is payable from revenue sources other than ad valorem taxes. (4) Figures shown are the City's share of Dade County's Debt based on assessed property valuation, which is 1906 of the County total. (5) The 1985 estimate was provided by the State of Florida, Division of Population Studies,, Bureau of Business and Economic Research, University of Florida. 16 1b;08 p6848 fk lea= Financial Printers, Miami, F4. City of stiami--General Obligation Bond 4ib proof of 7/17/86 x 17 + 0134 ' Ratio (if 'Not General Htended Debt to Set Assesed Value and Set General Obllgation Bonded Debt Per Capita Ratio or Nei General Y)blit;ation Net General Net 'het general Bonded Debt Obligation Assesed tiomestead Assesed Oblfuation in Net Bonded Debt September M. Population Value LS emption Value Booded Debt Assesed Vulue Per Capita (000) (000) 1000) IM)") 1985 .. 380,446(t)$9,696,610 $952,430 S8,744,180 S170.087 1.95IN S447.07 1984 , . 383.0270) 9,346,033 954,979 8,391,054 146,102 1.14 381,44 198-1 .: 382,726(2) 8,659,281 920,895 7,738,386 1214.955 1,61 326.49 1982 382,726(2) 7,962.129 750.665 7,211,464 109398 1.52 i35.84 1981 399,995(3) 6,622,365 564,238 6,058,127 118,038 I.NS 295.09 1980 346,865(3) 4,565,780 197,311 4.168,469 123,020 2.82 354.66 1979 345,000(4) 4,227,175 196,708 4,010,467 134,786 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 3,596.9-13 103.827 2189 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, liniversity of Florida: (2) Based on the July 1,'1982 population estimate used by the Office of Revenue Sharing of the Federal Government; _ (3) The Cite of ,Miami was invoked 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 dwellingunits constructed,' General Obligation Bonds Authorized But Not Issued The followine table outlines the date, type and amounts of general obligation bonds authorized but not issued. Previously Balance _ Date of Voters Approval Type or Debt Authorized Issued Unissued June 30, 1970 .................. Pollution Control S 7,000,000 $ 3,000,000 S 4,000,000(1) June 30, 1970 ....... • . Streets & Highways 17,375,000 15,000,000 2,375,0000) October 7, 1980 ............... Sanitary Sewers 45,000,000 8,000,000 37,000,000 October 7, 1980 ................. Streets & Highways 30,000,000 21,100,000 8,900,000 November 3, 1981 ............... Fire Fighting 21,000,000 15,000,000 6,000,000 4larch 13, 1984 ................. Storm Sewers 30,000,000 14,000,000 16,000,000 _ btarch 13, 1984 ................. Police Facilities 20,000,000 17,000,000 3,000,000 Totals ......... S 170,375,000 $ 71,100,000 $77,275,000 (1) Unissued bonds are restricted by a 7'..;Wo 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 1986 for the purpose of expanding and developing marinas located on Dinner Key. The City is currently considering issuing Certificates of Participation for the purpose of a pooled equipment leasing program in the approximate amount of S15 million.' t9 T..K;04 68 8 4Ic> icw Filiaocial Primers, Miami, k7. City of Miami—Gcncral Obligation Bono 4Ih Proof of 1/ 17/86 X 17 + � 1oIs4 The City Commission has authorized the issuance of up to $6,000.000 in Housing Construction SohdS, secured by a pledge of certain franchise fee payments, for the purpose of financinL construction of single family residences. Bonds under this authorization may, be sold in 1986, Capitol Improvement Plata The City's Six Year Capital Improvement Program (1985-i991) is valued at $492,661,000. "lajor emphasisis placed on maintaining and expanding the C:ity's infrastructure. The greatest number of projects are directed to housing programs, street improvement, park facilities, storm sewers, and transportation -related efforts. The community redevelopment projects are designed to assist in neighborhood revitalization and the expansion of the City economic base. Shown below is a functional breakdown of the Six Year Capital Improvement Program: PunMional Category Amount t'errenlrike Housing Programs ............................... S 94,300,000 19.1 °ro Street Improvements ................ ........................... 82,628,000 16.8 Parks Facilities .. . ... ........ .... ... ..... . 58,590,000 11.9 Storm Sewers . ...... ... .......... 50,174,000 10.2 Community Redevelopment . .. ............. 48,805,900 9.9 Sanitary Sewers ....... ........................ .. 38,1'15,000 7.7 Parking Facilities ................ ................ ... ....... 37,645.000 - 7.6 Police ... ..., . .......... ............ .. ...... 26,056,000 5.3 Fire ........ . ..: ..... ....... 19,507,800 4.0 Computers ....... ......... .......... ... .... 9,071,000 1,8 Marinas ... ........ .... .. 8,1 45.000 1.7 Communications .. ....... ..... ...... 7,346,000 1.5 Auditoriums ............ . . , .. .. .. ... ... 5,138,000 1.0 Stadiums . ... ... . . ... ...... 2,976.000 .6 Transit Systems ... ... ... .... .... .... 2.601,000 15 Convention Centers ...... ... .... 1.334,000 .3 General Government .............................. I ........ .. 22 ,300 1 Total Capital Improvement Programs . ... ...... S492,667,000 100.0 Financing the Six -Year Capital Improvement Program General Oblieation 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 the 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 10.50/6 of the Capital` Improvement Program. All 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 9.507n 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. 18 Fb6i13 fkview• Flnuncinl Printcn;, Atlami, Fl• Cite of Miami —General Qblivation Fond 3rd Vrouf Of 1/16/86 x 17+: 3 TUtal pet entnge'of Proposed Sources tit hatilldp Aihount NoRtam Tntal City General Obligations Bonds; Previous Sales .. .......... SMI,21 4,000 27,9010 Future Sales Authorized Issues 53,542;000 10.9 Future Sales- Unauthorized Issues ... 64,648,800 1311 255 564,800 51.9 Revenue Bonds .. 90,047,000 18.3 Capital Improvement Funds (1) ......... 48,320,300 9.8 393,932.100 80.0W'0 - Non -City Federal Grants ....................... 43,074,900 S.70'0 State Grants 1,388,000 ,3 Private Developer Contribution ....... 7,547,000 1.4 Non -City Subtotal ................ 52,009,900 10.4 Funding Undetermined .................. 46.715,000 9.5 Total Funding ................... $492,667.000 100.0wo (1) These funds can, at the discretion of the City Commission, include Florida Power S 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.' v Leases 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 million, of which $1.2 million is payable within one year. 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 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 Long -Term Debt account group and amounted to approximately $24,060,000 as of September 30, 1985. CREDIT RATINGS The Series 1986 Bonds have received the ratings of from Standard Poor's Corporation and from Moody's Investors Service, Inc'. Certain information and materials not 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 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. 19 ht F6048 lifyier Fioanpial Prinwrs, Miami, V1; City of Miami-Gmcral obligation Bond 3rd Proof of 7/17/M x 17+a 10134 LITIGATiON Fending litigation involving claims against the City is discussed in the City Attorney's letter attached hereto as Appendix B, which will be updated by the City Attorney in x letter to be submitted tts a Closing - document. Where is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds or the levy or collection 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 affeeting the validity of the Bonds. CITE' 01: MIAMI FINANCIAL STATE;MUSTs The financial statements of the Cite set forth in this Official Statement have been examined by Coopers &Lybrand, independent certified public accountants, for the fiscal year ended September 30, 1985, as stated in their report to the City -Commission dated December 27,1985. and are an integral part of. this Official Statement. See appendix G; Financial Section of the Comprehensive Annual Financial Report, ("FINANCIAL STATEMENTS"), APPROVAL OF LEGAL PROCEIA)1\GS Certain legal matters incident to the validity of the Series 1986 Bonds and the issuance thereof by the City are subject to the approval of Holland & Knight, Nliami. Florida, Bond Counsel, and Vincent P. * McGhee, P.A., Co -Bond Counsel, whose approving opinion will be printed on the Series ' 1986 Bonds. * Certain legal matters will be passed on for the Underwritersby its counsel, Swann and Haddock, P.A., Orlando,; Florida. Certain legal matters will be passed on for the Cite by Lucia A. Dougherty, City * Attorney. Holland & Knight, Bond Counsel and Vincent P McGhee, P.A., Co -Band Counsel, have not undertaken independently to verify and therefore expresses no opinion as to the accuracy, completeness.' fairness or sufficiency of any of the information or statements contained in this Official Statement, or any exhibits, schedules or attachments hereto, except portions hereof captioned "Tax Exemptions" and "Authorization and Security" to the extent such sections purport to summarize the Ordinance and the law, and except as to the accuracy of certain statements contained under the caption "Pending Federal Tax' Legislation" concerning the portions of the Joint Committee Summary referred to therein. TAX EXEMPTION In the opinion of Holland & Knight, Miami, Florida, Bond Counsel and Vincent P. ,McGhee, PA., Co -Bond Counsel, rendered in reliance upon the mathematical computations prepared by Drexel Burnham Lambert Incorporated and confirmed as to accuracy by Coopers &c Lybrand, with respect to certain schedules, including a schedule of yield calculations, interest on the Series 1986 Bonds is exempt from all present federal income taxation. In the opinion of Bond Counsel, the Series 1986 Bonds are also exempt from present intangible personal property taxes imposed by the State of Florida. Reference is made to a proposed form of such opinion attached hereto as Appendix A for a complete discussion thereof. 20 TA;13 TIK;15A 1`040 Hvvipw Finanpial Printer%, kliami, Fl. City of Nliami--Cameral Obligation Band arc! t?rUut'ut' 9119/86 x 19+ WNDINiC FEt;► RAL TAX LEGISLATION` On December 11, 1985 the United States House of Representatives passed a bill ("H.R. 3838") which contains provisions that would impose additional requirements as a condition to the exemption front Federal income taxation of interest on state and local governmental obligations issued after December 31, 1985, and which would add as a preference item to be included in calculating alternative minimum taxable income of property and casualty insurance companies, interest on certain tax exempt obligations issued after December 31, 1985. On March 14, 1986, a joint statement was issued by Representative Dan Rostenkowski, Chairman of the House'Commitee oft %*ays and Means. Senator Robert Packwood, Chairman of the Senate Committee on Finance, Representative John J. Duncan, Ranking 1Member of the House Committee on Ways and tileans, Senator Russell Long, Ranking \Member of the Senate Committee on Finance, and Secretary of the Treasury James A. Baker, III (the "Joint Statement"), The Joint Statement endorses the postponement, until the earlier of September 1, 1986 or the date of enactment of tax reform legislation, of the effective date of certain of the provisions of H.R. 3838 that could have a material adverse impact on the tax-exempt status of the Series 1986 Bonds. + While Bond Counsel has rendered no opinion as to the compliance of the Series 1986 Bonds with H.R 3838, Bond Counsel is of the opinion that the Series 1986 Bonds are of the type that fall within the scope of the Joint Statement. Accordingly; if H.R, 3838 were to be enacted -in its present form, with effective date provisionsconforming to the description of such provisions contained in the Joint Statement, interest on the Series 1986 Bonds would be exempt from Federal income taxation. In addition, H.R. 3838 provides that for taxable years beginning 1988, property and casualty insurance companies may be subject to an alternate method of taxation that would include, among other items, interest on obligations such as the Series 1986 Bonds in the relevant income computation. The Joint Statement does not purport to modify, or to extend the effective date with respect to, this provision. On June 24, •1986, the United States Senate passed a bill representing an amendment in the nature of a substitute to H.R. 3838 (the "Senate Bill"). The Senate Bill provides that, for taxable years beginning after December31, 1986, an alternative minimum tax would be imposed on corporations at a 20-percent rate and that one-half of adjusted net book income of a corporation not otherwise included in the minimum tax base would be a preference item in the calculation of the alternative minimum tax'. Although the definition of "adjusted net book income" included in the Senate Bill does not expressly include interest income derived from obligations of states and political subdivisions thereof that otherwise would be exempt from federal income taxation, the legislative history of the Senate Bill, including the report of the Committee on Finance of the U.S. Senate released on Nlay 29, 1986, indicates that such interest income would be included in the definition of "adjusted net book income". No assurance can be given that the Joint Statement will be followed or that H.R. 3838 will be favorably amended prior to enactment or that the Senate bill or other alternative legislation will not be enacted, and consequently, no assurance can be given that interest on the 1986 bonds will not be subject to Federal income tax. UNDERWRITING The Series 1986 Bonds are being purchased by Drexel Burnham Lambert Incorporated, Goldman, Sachs & Co., Southwestern Capital Markets, Inc., and M Securities of Florida, Inc. (collectively, the "Underwriters"), for whom Drexel Burnham Lambert Incorporated is acting as Representative, The Underwriters have jointly and severally agreed to purchase the Series 1986Bonds at a price of S , plus accrued interest. The Bond Purchase Agreement provides that the Underwriters will purchase all of the, Series 1986 Bonds if any are purchased with the obligation to make such purchase being subject to certain ,I Th;IrP4 F68it1 8e0M Fin kOV441 Prfnlers, •Niatni, YL City of 1li,ami—Gcngral Obligation l3oncl 3rcl Proof of 7/17/86 x 17 084 terms and conditions set forth in the Bond Purchase Agreement, to the approval of certain legal matters by counsel and to certain other conditions. The initial public offering prices may be changed from time to time, by the Underwriters. The Underwriters may offer and sell Series 1986 Bonds to certain dealers (including dealers depositing Series 1986 Bonds into investment trusts) and certain dealer banks and banks acting as agents at prices lower than the public offereing stated on the cover page hereof. CLOSING CEitTIVICATI Concurrently with the delivery of the Bonds, the Cite Manager and the Director of Financewill 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 or 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. _ VERIFICATION OI' NIATHEtiiATICAL COMPUTATIONS The accuracy of (a) the* mathematical computations of the adeyuacv of the maturing principal amounts and interest earnings thereon of the Government Obligations to pay. when due, the principal of, interest on and redemption premium, if any, on the Refunded Bonds to the date of their redemption on 19 , and (b) the mathematical' computations supporting the conclusions that the Series 1986 Bonds are not "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, ,will be verified for the Cite by Cooper & Lybrand, Miami, Florida, independent certified public accountants. F6848 ROVIPw Finttnrlul Printer, Nflomi, Ff• 0% of Miami --General Obliptian Bon 3rd Proof u19/I7/8kx 19t; 1 0134 APPROVAL Olr OMC{AL STATF AP-NT The references, excerpts and summaries of all documents referred to herein do not purport to be completestatements of the provisions of such documents, and reference is directed to ail such documents for full and complete statements of all matters of fast relating to the Bonds, the security for the payment of the Series 1986 Bonds and the rights and obligations of the holders thereof. Copies of such documents May be obtained from the City's Director of Finance at Coconut Grove Exhibition Hall, 3360 Pan American Drive. Miami, Florida 33133, telephone number (305) 519 6350; or from the Financial Advisor, James J. Lowrey & Co. incorporated, 180 Maiden Lane, New York, New York 10038, telephone number (�12) 363-2000., 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. Anv 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 I•liami since the date hereof. The execution of this Official Statement has been duly authorized by the Commission of the City of Miami. The City of Miami, Florida fs; Mavor ,3 T9417 F6040 Resi€N Financial Printers, !►ligmi, F I. City of %linmi--Gonrral Obligation Bond 3rd Pruuf of 9/W &6 x 17 +; l 01 3. i f" f . t i VORIM or (MINION, 0V HOLLAND & KNIGHT 00Nb COUNSEL July 1986 The City Commission of the City of Sliami, Florida Miami, Florida 3313 i Re: City of Nliami, Florida. General Obligation Refunding Bonds, Series 1986 Dear Commissioners: We have acted as Bond Counsel in connection with the issuance and sale by the City of Miami, Florida (the "Issuer"). of its City of Miami, Florida, General Obligation Refunding Bonds, Series 1986, in the aggregate principal amount of $ (the "Bonds"). All terms used herein in capitalized form and not otherwise defined herein shall have the same meaning as ascribed to them under Ordinance No, enacted by the Issuer on July , 1986 (the "Ordinance"). The Bonds are dated 1986, have been issued in the form of fully registered bonds and have been issued for the purpose of refunding the Issuer's outstanding S2.000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, $18,100,000 Housing Bonds, $3,000,000 Storm Sewer Improvement Bonds and $7,100,000 Street and Highway Improvement Bonds, all of which are dated June 1, 1984 (the "Refunded Bonds"). The Bonds are subject to redemption prior to maturity in the manner and upon the terms and conditions set forth in the Ordinance. Pursuant to the Ordinance, the principal of, premium, if, any, and all interest on the Bonds shall be payable from a levy of a direct annual tax on all the taxable property within the City of Miami, Florida (excluding homesteads to the extent provided under applicable law), and the full faith, credit and taxing power of the Issuer are pledged for the payment of the principal of, interest on and premium, if any, with respect to the Bonds; provided however, that if at any time the funds on deposit under the Escrow Deposit Agreement datedas of , 1986, between the Issuer and , as escrow agent. (the "Escrow Deposit Agreement"), together with investment earnings thereon, shall be inadequate to meet the payment requirements thereof in accordance with the terms and conditions of the Escrow Deposit . Agreement, the holders or owners of the Refunded Bonds shall be entitled to receive, payment from the Is from the aforesaid appropriated tax revenues, and, in that event, to the extent of any such payment in favor of the Refunded Bonds, the right, title and interest of the registered owners of the Bonds in such appropriated tax revenues, and to such extent the, pledge thereof made intheOrdinance for the benefit of the Bonds, shall be null and void, and, to such extent, the Bonds shall not be entitled to any payment from the Issuer from any source whatsoever. The description of the Bonds in this opinion and other statements concerning the terms and conditions of the issuance of the Bonds do not purport to set forth all of the terms and conditions of the Bonds or of any other document relating to the issuance of the Bonds, but are intended only to identify the Bonds and to describe briefly certain features thereof. This opinion shall not be deemed or treated as an offering circular, prospectus or official statement, and is not intended in any way to be a disclosure document used in connection with the sale or delivery of the Bonds. In rendering the opinions set forth below, we have examined certified copies of the Ordinance and are relying on the covenants and agreements of the Issuer contained therein, including, without limitation, the covenant of the Issuer against taking any action that would cause the Bonds to be "arbitrage bonds" within A-1 F041 i t'igwFlaanci�!Rrinten,±�1 Atn1, 'I, Ci�ti �t':Miami—GeneralOblieatiun.l and tst Proofu1''l/t5i66 19+ 1 0, 14 1 the meaning of Section 10.1 of the internal Revenue Code of 1954, as amended, and the applicable regulations thereunder. We have also examined certified copies of the proceedings of the issuer and other information submitted to us; in each case, relative to the issuance and sale by the issuer of the Bonds. in addition to the foregoing, we ha�'e eXalttined and relied upon the opinion of Lue'a A. Dougherty, City Attorney, and such other agreements, certificates, documents and opinions, including certificates and representations of public officials and other officers and representatives of the various parties participating in this transaction; as we have deemed relevant and necessary in connection with the opinions expressed below. We have not undertaken an independent audit, examination, investigation or inspection of the matters described or contained in such agreements; documents, certificates, representations and opinions, and have relied solely on the facts, estimates and circumstances described and set forth therein. In our examination of the foregoing, we have assumed the genuineness of signatures on all documents and instruments, the authenticity of documents submitted as originals and the conformity to originals of documents submitted as copies. The opinions set forth below are expressly limited to, and we opine only with respect to, the laws of the State of Florida and the federal income tax laws of the United States of America. Based upon and subject to the foregoing, we are of the opinion that: 6) The Ordinance constitutes a valid and binding obligation of the issuer, enforceable in accordance with its terms (ii) The Bonds are valid and legally binding general obligations of the Issuer, for the payment of which the full faith, credit and taxing power of the issuer are irrevocably pledged, and all the taxable property within the City of N,liami, Florida (excluding homesteads to the extent provided under applicable law) is subject to the levy of an ad valorem tax for the payment of the principal of, interest on, and premium, if any, with respect to the Bonds; provided, however, that if at any time the funds on deposit under the Escrow' Deposit Agreement, together with investment earnings thereon, shall be inadequate to meet the payment requirements thereof in accordance with the terms and conditions of the Escrow Deposit Agreement, the holders or owners of the Refunded Bonds shall be entitled to receive payment from the Issuer from the aforesaid appropriated tax revenues, and, in that event, to the extent of any such payment in favor of the Refunded Bonds, the right, title and interest of the registered owners of the Bonds in such appropriated tax revenues, and to such extent the pledge thereof made in the Ordinance for the benefit of the Bonds, shall be null and void, and, to such extent, the Bonds shall not be entitled to any payment from the Issuer from any source whatsoever. (iii) Under existing law, the interest on the Bonds is exempt from all present federal income taxes. (iv) Under existing law, the Bonds are exempt from all present intangible personal property taxes imposed by the State of Florida. In rendering the opinions expressed herein we have relied upon all schedules furnished us by including those illustrating the sufficiency of the cash flow from investments held in the Escrow Deposit Trust Fund to pay the debt service on the Refunded Bonds and those calculating the yield on the Bonds and the Federal Securities to be deposited in the Escrow Deposit' Trust Fund. We have also relied upon the certificate of Copers`& Lybrand, verifying the accuracy of the schedules prepared by , including their calculation of the sufficiency of the cash flow from investments held in the Escrow Deposit Trust Fund to pay the debt service on the Refunded Bonds and their calculation of yields on the Bonds and such Federal Securities, We have also relied upon a certificate of Coopers & Lybrand that the net average interest cost rate pertaining to the Refunded Bonds exceeds that pertaining to the Bonds. A-2 F6848 lioview Fingovigl Printrrs, ylixtni, FL City of .Miami-Genrral (Obligation Bond Ist Proof 0 7l15/8b x 17 + a 1101-04 out opinions expressed herein are predicated upon present laws and interpretations thereof. We assume no affirmative obligation with respect to any change of circumstances or law (including, laws that may result from legislation pending before Congress) that may adversely affect the tax exempt status of interest on the Bonds after the date hereof. All opinions as to legal obligations of the Issuer set forth above are subject to and lit cited by (a) bankruptcy, insolvency. reorganization, moratorium or similar laws, in each case relating to or affecting the enforcement of creditors' rights, and (b) applicable laws or equitable principles that may affect remedies or injunctive or other equitable relief. The scope of our engagement in relation to the issuance of the Bonds has been limited solely to the examination of facts and law incident to rendering the opinions expressed herein. we have not been engaged to confirm or verify and therefore express no opinion as to the accuracy, completeness, fairness or sufficiency of the Official Statement or any exhibits or appendices thereto or any other offering material relating to the Bonds, except as otherwise set forth in our opinion to the underwriters dated as of the date hereof. In addition, we have not been engaged to and therefore express no opinion as to the compliance by the Issuer or the underwriters with any federal or state statute, regulation or ruling with respect to the sale or distribution of the Bonds. Sincerely yours HOLLAND & KNIGHT A-3 08.48 Review f,inaneial Printers, Miami, FL City of .%Jiami---General Obligation 13ond 1sl Provf of 7/I5/$b x;9 + j 0134 APPPNWX P ADDITIONAL FINANCIAL 1NirOiltltitATION RELATING TO I'ME C:111' OF NJJAI�ti General beseription of Financial Practices The City Charter requires the Cite N'tanager to submit a budget estimate not later than one month before September 10 of each fiscal year. Each department prepares its own budget request for review by the City Manager. The Citv Commission holds public hearings on the budget plan and must adopt the budget not later 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 annually 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 G,Report of independent Certified Public Accountants "FINANCIAL STATEXIENTS"). E-1 APF .W11,k rK;ib F6848 Review t'inansial t*rinters, Miami, V1. City of ".Miami_ —General Obligation R9nd to Proof of 1/15/46 x 17+e 1 013 Statelnetlt of Revenues and Expenditures the following table presentscertain Financial information with respect to the financial capability of the City regarding the payment of its obligations, including the Series 1986 Bonds. See Appendix G the Section `'FINANCIAL STAtEivIENTS" for audited financial statements of the City for the fiscal year ended September 30, 1985. Summary of Revenues, Expenditures and Year -End Fund Balances General Fund (Oudgetary Basis) and General Obligation Debt Service Fund Fiscal Year Ended September 30 1986 1985 1984 19" 1981 - Budget Actual Actual Actual Actual General Fund., Revenues and Other Financing Sources $189,958,316 S186,880,355 S167,965,786 S153,965,574 S137,744,349 Expenditures and Other Uses 196,458,316 181,467,001 167,556,050 151,176,538 137,691,783 Excess (Deficiency) of Revenues and Other` Financing Sources Over Expenditures and Other Uses ...... S (6,500,000)(1) S 5,413,354(4) $ 409,736 S' 2,789,036 S 50,566 Year -End Fund Balance S 72,538,787 S 7,378,679(2) S 8,254,635(3) S 6,056,634 General Obligation Debt Service Fund: Revenues .......... S 22,360,372 S 21,572,813 5` 17,048,598 S 16,075,923 S 15,854,959 Expenditures 24,123,083 22,567,544 17,565,047 16,623,286 17,525,034 Excess (Deficiency) of Revenues Over Expenditures .. S (1,762,711)(I)S (994,731) S' '(516,449) " S (547,363) S (1,670,075) Year -End Fund Balance ......... 5 4,553,376 S . 5,548,107' S 6,064,556 S 6,611,919 (1) State statutes require that budget be balanced. Budgeted deficits are covered by appropriated fund balances. (2) Adjustments for net equity transfers to other funds and accumulated compensated absences decreased fund balance by $1,285,692, (3) Adjustments for net equity transfers to other funds decreased fund balance by$591,035. (4) Adjustments for net equity transfers to other funds decreased fund balance by S253,246. Description of Revenues The following is a description of the City's revenue structure. E-' F4848 1cvlrw Financial Prinirm, atittmi, Ft, City of MiAmi—Gtncral Obligation Bond Is1 Proof of 7/15106 x 17# r CGenetal hand Property Taxes -Article 1, 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 valorem _ taxes in excess of ten mills per S I M (S10 per $1 000) of assessed valuation upon real estate and tangible personal property having a sites within the taxing city, when the tax is being imposed to generate monies for 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 requirementsare 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 $12.9 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 State'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. Sales Taxes -The State of Florida levies a 5 percent sales tax. A portion of this tax, one half of one 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 $160 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. E-3 f664$ lovim l`la#nrial Primm, Mlsfni„ 1. Cite of !Miami —General Obligation Bond tat Proofof 7/0/84 x 17+ 10134 J The City's General Fund receives revenues from a variety or sources. The following table lists the revenues received by the City froth these sources for the past five fiscal years. Certain financing sources presented as "Operating Transfers In" in Appendix G, `'FINANCIAL STATEMENTS`,' are reclassified in this table according to their sources of origin, General Pund Revenues and 0(her Phiancing Sources (000's) 1985 t984 1981 1982 081 Taxes: Property Taxes . : ... : ......... . . S 84,209 S 78,968 $ 61,619 S 61,865 S 54.060 Utilities Service Taxes . 17,563 22,301 21,64820,674 18,563 Franchise Taxes 16,07-1 4.885 5,703 4,919 4,825 117,845 106.154 94,970 87,458 77,448 - Licenses and Permits: Occupational Licenses .. . ........ 3,954 3,982 3,874 4,775 4,712 Permits ........................ 2,087 1,871 1,414 677 889 6,041 5,853 5,298 5,452` 5,601 Intergovernmental: Federal Revenue Sharing .......... 8,921 9,987 9.267 9,?81 ; 9,166 State Revenue Sharing ......... "11,962 11,715 12,298 12,084 12,113 Sales Taxes ..................... 11,355 10,634 9,478 - Other Grants .... .. ... 5,952 3,178 4.242 4,019 4,021 38,190 35,514 35,285 25,384 25,300 Intragovernmental ..... 2,799' 1,687 2,483 2,511 2,581 Charges.for Services: Solid Waste Fees . 12,994 7,735 7,867 6,841 5,870 Other Fees . 4,640 4,412 3,627 3,950 5,256 17,634 12,147 11,494 10,791 11,126 Other Revenues and Financing Sources ........................ 4,371 5,611 4,446 6,148 3,000 Total'. ..................... $186,880 $167,966 S153,966 $137,744 $125,056 Special Revenue Funds Downtown Development Authority -This Authority assesses a separate millage rate to property in the Central Business District. In 1985, the General Fund contributed in excess of S770,000 to this operation. Rescue Services -This fund accounts for a portion of the telephone franchise tax especially designated by the electorate to provide additional rescue services. Federal Revenue Sharing and Grant Funds -Federal Revenue Sharing entitlement funds are passed through to the General Fund. Community Development Block Grants and Economic Development Administration Grants are designated for specific purposes approved by the applicable Federal agency. Cable T.V.-This fund accounts for revenues from the Cable T.V, license and its specific uses. E-4 TKi17 Fbttil; I �ieN 1Finttn4ia(#'riatsrs, Yli mf, Fl. t it?' of 0lian)i-GMcral 0b4SAuion Bond tst Prauf of 7/15/06 x 17+1 10 Miami Sports and Exhibition Authrsrlty On July 12, 1983, the Florida State Legislature passed a bill authorizing certain counties to levy by ordinance a IN Convention Development Tax on hotel rooms, specifying that ``one>third of the proceeds shall be used to construct a new multi -purpose conventionlcoliseum/exhibitioh center or the maximum components thereof as funds permit in the most populous municipality in the county." The City of Miami then created the Miami Sports and Exhibition — Authority and on October 4, 1983 bade County approved the levying of the tax for administration and disbursement, by the Authority, of the City of `Miami's share. Local Option Gas flax --(See explanation on Page E-3). Debt Service Funds Property Tales --The City Charter authorizes 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 necessary to fund general obligation debt service. Utilities Service Taxes —The City imposes a 10�'o tax on each purchase of electricity, metered gas, bottle gas, water and local telephone and telegraph services'. Revenue funds annual debt service of approximately $160,000 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 S5.8 million in 1986. Excess monies available after the payment of debt service requirements revert to the general fund. Assessment Lien Collections -Property owners abutting certain capital project improvements are 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. 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. :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. E-5 Fb$43 Arvirw Firmneisl Printers, N moil, FL Oily of Yl ami—General Obliption Bond I't Proof of 7%15/86 x 11 + bepartment of Off,Street Parking ---The department runs five parking garages in the City as well as on -street teeters and off-street lots, with a total of over i6,�00 parking spaces. Propoeti and Lease Management —This newly established fund was created to account for the rent and lease of city -owned property by private entities. Govertimtrital Center Parking Garage —This 1,100 car garage serves the Government Center, and in particular the Cultural Center complex. Internal Service Funds 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 Fund -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 building 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 Cityof�liatni'Fire Fighters' and Police Officers' Retirement Trust, (FIPO) '(formerly the "System") and the City of �\,Iiami General Employees' and Sanitation Employees' Retirement Trust (GESE) (formerly the "Plan"). The actuary for GESE is Compensation & Capital, Inc., Chicago, _Illinois. For FIPO the actuary is: Stanley, Holcombe and Associates, Inca 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 - FIPO is contained in Appendix G, Note 14 to the "FINANCIAL STATEMENTS." Procedure For Tax Levy and Tax Collection Real and personal property valuations are determined each year as of January I by the Dade County Assessor of Property at 100% of market value. A notice is mailed 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 Tax Adjustment if such property valuation as determined by the property appraiser is inconsistent with that as determined by the property owner. All appeals of such valuation determinations are heard by the Dade County Board of Equalization. The Board certifies the assessment roll upon completion of the hearing of all appeals so filed. All taxes are due and payable on November 1 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, E-6 TY*,'.0 F48>#$ i vorw financial .Prinlrrs, Miami, Fl. City of Miomi—Grni�ral Obligation Bond 'Plod Proof of 7/ 17/86 x 17+;: 10134, with discounts at the rate of four percent if paid in the month of November, three percent it' 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. taxes paid during the Month of March are without discount. Taxpayers also have the option of paying their takes in equal quarterly payments based on the prior ,years' ta.x assessment with a six percent discount with the June 30th payment, four percent with the September 30th payment, two percent plus one-half or 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 Aprii i 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 ivliami by bade County. The delinquent teal 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 Fiscal Real Personal Gross liomesteud Net Year Property Property Total Exemptions Total 1985 ....... $8,538,398,000 51,158,212,000 59,696,610,000 $952.430,000 $8,744,180,000 1984 "....... 8,230,309,000 1,115,724,000 9,346,033,000 954,979,000 8.391,054,000' 1983 ....... 7,616,829,000 1,042,452,000 8,659,281,000 920,895,000 7,7.38,386,000 1982 ....... 6,976,847,000 985,282,000 7,962,129,000 750,665,000 7,201,464,000 1981 ........ 5,748,550,000(1) 873,815,000 6,622,365,000 564,238,000 6,058,127,000 1980 3,743,051,244 822,728,511- 4,565,779,755 197,310,871 4,368,468,884:. 1979 3,420,381,422 806,793,605 4,227,175,027 196,708,033 4,030,466,994 1978 ....... 3,279,667,236 744,179,862 4,023,847,098 195,664,076 .3,828,183,022 1977 ....... 3,256,815,414 681,454,979 3,938,270,393 198,558,652 3,739,711,741 1976 3,123,657,035 672,697,054 3,796,354,089 199,420,601 3,596,933,488 1975 2,851,309,996 689,895,764'' 3,541 205,760 196,797,718 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 100070 of acutal value. The City has levied a certified millage of 11.9091 mills for the fiscal year 1985-86 beginning October 1, 1985, consisting of 9.8571 mills for general operations and 2.052 mills for debt service. The following table shows the tax levies and collections of the City for each of'the last ten completed fiscal years. E-7 Mill F6846 Re00W Financial Primpro, M111 ni, FL City of Miami-Gcnsral Obligation Bond :nd Proof of 7/ 17/86 x 17 + 1 0134 z As Tax Levies tend Collections Fisra) Years Ended September 30 Outstanding Total total Delinquent Adjusted t Ullel'llnns {'hrlenl Cr111lclirin t ollet'nom ta.le5 Cil} �tlllagh Tut nr'Current or of rolat 1s isercom fiulstanding As Pereenl rlmol Lev% fear's Les) Delinquent rat or Comhl Delinquent of Cdr(nl General Debt 1"ear Allt'unds totes Collected [ates col{ectlotis Let y take%11) I.esy Pond !Sehice 1985 ...... S104,135A)() S100.9760)(1 96.9'-o 5 722,(NN)12)S101,693,1N.Nl 97.66('a $3,970,(K)o 3.K10a U.Ry'I 2.w2 1984 ... 9313401000 88,982AX) 95.11 3.036,M) 92.01SAW 99.58 3,36'.(11N) 3.61 9.5514 1.5724 1983 .... 831025,01N) 73,s15,(X)o 96.38 1,209,(XN) 80,o24.(X)0 94,93 2,925,(NN) 3,52 (1.061 1.669 1992 76,903dAX) 7d,040.01X) 96.28 I.m—.wo `5.107,(NX) 9'.66 2,489 M) 3:24 8.94 i.'17 1981 72,619,000 70,288,000 96.74 437.(") 70.725,M) 97.39 2,02-AX) 2.'.9 9.036 2.951 1980 . 60.983,126 58,189,-96 96,10 30`,659 59.097,455 96.91 1,439.430 2,23 MAN) 3,960 1979 58,389,P5 57.325,287 98.18 430,947 57,756.234 99.92 1.559.360 2;67 10.00 4,48' 1978 5M.12,016 49,095,263 97.16 523i73 49.618.636 98.19 3.195,919 6,49 MAX) 3,200' 1977 43,354,010 42,969,232 9%.98 650,''5 43,620,tx17 99.4- 21282,539 5;20 9.592 LAII 1916 .... 38,508,055 37,280,660 96.31 633,560 3',914,520 98.46 2,048,476 5,32 R.619 2.311 (1) Net of reserve for early payment discounts and uncollectable tax of approximately 5070 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 Miarnf 1985 assessed Values 1985 Name or PropertyHolder Nature of Aetit{h :assessed Values (000's) A.T. & T./Southern Bell Utility_ S 296,409 Chopin, Associates Office Buildings/Hotel 183,174 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 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 Department. Labor Relations The City Manager's Office has a professional labor relations staff dedicated solely to labor' negotiations and labor contract administration. The City has entered into new contracts with the International Association of Firefighters (LA.F.F.) Local 587, the Sanitation Employees Association (S.E.A.) and -the Fraternal Order of Police (EO.P.) Lodge 20. These contracts expire on September 30, 1987 and provide for a 4076 increase retroactive to January 1, 1985 and an additional307o on October 1, 1986. The American Federation of State, County and Municipal *. E-8 U49 F6648 Kvwirw f~inan,:iol f rinwrii, Miami, FL City L)f :yfiami- General Obligation 1$ond Ind Proof of 7,'17/86 x 17 + 1 lrtimployees (A.)✓.S,CAI.L.) Local 1907 has a contract that expires on September 30, 1987 which provides a * 5&%9 increase in July 1986. The A.F.S.C.M.E, contract contains a reopeder for a limited number of items, * including wage increases for the third year of the existing contract. Risk Management A Charter amendment was approved by the electorate in 1971, allowing the City to set tip a Self-insurance and Insurance Trust Fund. The City Commission created, by Ordinance; a Board of Trustees composed of the City Manager, the Director of Finance, and the Insurance Manager to handle the 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 tilarina, 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 tort claims is limited to S100,000 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 G,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. E-9 TK;19 TK:'.1 row Wow Firan0#1 PFinten, miami, F1.. Ci:y of Nfiami-Gsnerai Obligation Oont1 racl Proof of 7i17/86 x 17+ 14 At't'tVDt;�C �' LCi0NOMIC AND tjt MOGRAPHIC DATA RELATING TO T"I CITV OP MIAMI Introduction and Recent Developments ivtiami'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 remains an important economic force, the great gains Nliami has made in the areas of banking, international business, real estate and transhipment have fortified the economic base. Major capital improvements have allowed the area to accomodate and foster this rapid expansion. The Port of Miami has almost doubled in size, from 325 acres to 600 acres through a $250 million expansion program completed in 1981, The Port expansion program is designed to move 16 million tons of cargo and four million cruise ship passengers a year by the year 2000. Immediate plans include a third gantry crane, and the addition of 1,000 square feet of lineal berthing space. Further plans call for a land fly over bridge' linking directly to the interstate and a $100 million complex comprised of two new cruise berths, office and retail space and a 500 seat restaurant. Miami International Airport is undergoing a $1.0billion expansion program. A seven store 2,300 space parking structure, directly across from the main terminal, was completed in;1984. An elevated pedestrian sky bridge, opened in early 1985, connects the parking structure to the main terminal, Other projects include the construction of a direct connector road to the airport expressway and a soon to be completed cargo tunnel. Expansion and modernization of passenger gate areas continues to accommodate the increase in domestic and international passenger traffic. The Cargo Clearance Center which will centralize all cargo related federal agencies, will be operational in 1987. Downtown' Miami continues to grow at a healthy rate. During 1985, 15 major projects were under construction at an estimated development cost of $1.077 billion. Included among these projects are nine (9) new office buildings that will provide over 3.7 million square feet of additional Downtown office space. New residential projects will add over one thousand housing units. 1985 Downtown Construction Office Space . .... . . 3,751,731 sq. ft. Retail Space .549,839 sq. ft. Residential ............... 1,144 Units Hotel . ..156 Rooms Metrorail The new $1.0 billion, 20.5 mile Metro Rapid Transit System became fully operational in April, 1985. This system contains"20 neighborhood transit stations spaced Y g p approximately 1.5 .miles apart. Of major importance to Downtown development is the recently opened Metro Mover, an elevated 1.9 mile central city people mover system connected to Metrorail. Bayside The Rouse Company, a leading builder of speciality marketplaces in downtown waterfront settings, has been selected to develop the Bayside Specialty Center on twenty acres along the waterfront in Downtown Miami. The project currently under construction will feature 200,000 sq, ft. of new retail space and35,000 sq. ft. of renovated restaurant space, Total project cost is $124 million, with City participation limited to a $4 million investment in infrastructure improvements. The Bayside Parking Garage, to be located adjacent to the speciality center, will contain 1,200 parking spaces and a surface lot. F•1 1`6848 R#virw Finxn4ia1 Priniom, Miami, V1. City of :Xliami--General Obligation ,Bond Ist Proof of 7/15/fk X 17 t 10134 Hilyfront hark Bayfront Park, adjacent to the 13ayside project area, will be redeveloped at a total project cost of $22 million. Sevehty percent of the project financing has been secured by the City through a variety of Federal, state and private funding sources. Southeast Overtowni Parkwesl The Southeast OvertownfParkwest Redevelopment Program entails the redevelopment of 200 acres of prime real estate, adjacent to the central business district, for new residential and commercial activity. The general redevelopment concept for the project area is the provision of a wide range of housing opportunities, with supporting commercial uses, to serve the area's future population. By the end of the century the project area is envisioned to have the capacity to support over 9,000 residential units and over one million square feet of commercial space. The City of Nliami has been delegated limited redevelopment powers for the implementation of the redevelopment plan. Public sector involvement will focus on land acquisition, resident relocation, demolition, project marketing, infrastructure improvements and construction and, in some instances, the provision of "gap" financing. It is estimated that over $1.0 billion in private investment will occur during the next 20 years. Phase i land acquisition is nearing completion and the first new private construction is expected to commence on up to five separate developmenr parcels by the end of 1986. Public infrastructure work, including utilities, street improvements and pedestrian amenities, is now . being designed for implementation in conjunction with the private development. Total public investment in Phase 1 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 `liami approved an ordinance creating the Miami Sports and Exhibition Authority on July28, 1983, Florida Statutes require the creation of sucl�an Authority as a ,condition precedent to the County enacting_ an ordinance levying a 3Q76 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 componets 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. 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 G, 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 Oil 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 ',Iiami are Alcoa International,' Ltd., Atlas Chemical Industries, Bemis International Dymo, Inc.., International Harvester, 'Johns Manville International, Minnesota (3-;v1) Export, Inc., Pfizer Latin America Royal Export, and United Fruit, F.2 TKO*� F6848 j alga Flttanciul i'rinten;, .Miami, F1. City of Miami,-Genoral Obligation Bond lst Proof of Tt 0/86 x 17+ I 1 0134 Industrial Development Greater Itiami 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 151010 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. Ntiami's apparel industry is one of the largest in the nation. Xliami`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 manufacturers. Florida apparel firms, most of which are centered in the Nliami area, shipped $849 million in merchandise in 1980, a 56 per cent increase over 1970 figures. South Florida is one of the fastest growing interior design centers in the nation. Over 250 design - related businesses provide 6,000 ancillary `jobs "and generate $250 million into the local economy. More than $10 million in new construction has taken place in the past three years at the Miami Design Plaza, located ' on 38 acres within a 14-block area in midtown Niliami. It is anticipated that approximately $11 million more 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 the community. Additionally, there are 33 Edge Act Banks that have moved to the Miami area. These include: BankAmerica International, Bank of Boston International South, Bankers Trust International, Banco de Santander International, Chase Bank International, Citibank International, Irving Trust, Chemical Bank International, `ianufacturers Hanover International, and Morgan Guaranty International. The Federal Reserve Edge Act Amendment, adopted in 1979, permitted banks to open international banking subsidiaries outside their home states. The Federal Reserve System has located a branch office in Dade County to assist 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. A ten year summary is presented below: Bank Deposits (1) Numberof 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 1991 ......... 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 1976 ......... 95 5,526,615,000 Source: U.S, Comptroller of the Currency. (1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami. The figures include national and state chartered banks that are F.D.I.C, insured; state chartered non-insured banks are not included, F�3 F68g8 ti€�igw Fiaancful Prin4�n,'+11am , t 1. City of liami—Goa:rat Obligation son¢ )bit Proof of 7/15/96 x 17+� 1004 (2) Decline in number of banks is attributable to change in Florida's banking laws which now allow for branch banking. Some of these brunches were separate batiks prior to the change in the laws. Tourism Miami always has been a very attractive city for domestic and international tourists. Its climate and beaches draw many thousands of visitors throughout the year, Local government and private interests have cooperated in developing outstanding attractions and events which include power boat races at Miami Marine Stadium, the Orange Bowl Classic, the Seaquarium, Planet Ocean, Parrot Jungle, donkey Jungle, the Orchid Jungle, dog and horse race tracks , Jai Alai, the Vizcaya Palace and Nletrozoo. Other points of interest and activities include tours of the Everglades and the Florida Keys, major league professional sports events, and annual attractions such as the Youth Fair, Graphics Fair, International folk Festival, Orange Bowl Marathon, Calle Ocho Open House, Carnaval Nliami. Coconut Grove Art Festival, Kwanza and Goombay Festivals, Hispanic Heritage Week, Little River Oktoberfest and the Orange Bowl festival events. The Niiami Grand Prix auto race has been run annually in downtown Nliami since 1983. Cars and drivers from around the worldcompeted for more than $300,000 in prize money in 1986. During 1985, approximately 5.4 million out-of-state visitors stayed in over 57,000 hotel and motel rooms in 'Greater Miami. Many of these visitors participated in international trade activities such as conventions and conferences. Tourists and visitors expended over $4billion in Greater Nliami in 1985, according to Dade County estimates. - 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: parks 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 Nliami in 1984. F-4 Fb8+i6 ligrig� Elpsncl�l 1'rintRn, Miami, f1. City of .kiiami---Genoral Oblism ion Bond tat Proof ofV15i80X 19+ the complex, designed by Philip Johnson, is composed of a library, fine arts center, and a historical ntuseutn: Symphonic and pop concerts are perforated regularly. hive ,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. There are numerous festivals and affairs appealing to various ethnic groups. Annual festivals range from the Coconut Grove, Arts Festival and Orange Bowl Festival to Calle Ocho, Goomoay and the Renaissance Fair. Educational institutions Dade County public schools provide educational facilities on primary and secondary levels. Public school enrollment, including both primary and secondary levels, since 1980 is as follows: School Enrollment Public School System Dade Coonty Year Miami Tolal 1986 ................. 38,345 236,127 1985 ....... 37,093 227,906 1984 36.992 223.884 1983 .... 35,394 21 3, 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 International Fine Arts College Miami Christian College Miami -Dade Community College St. Thomas University University of 4liami Film Industr,. 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 $175 million of which $80 million was spent in Greater Miami. Agriculture The land area of Greater Miami includes largeagricultural ,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 F` T9413 l"bB4 +i » Fininclal I'riitlrrs. t111anti, F t Cic)' of Ntigmi--General Obligation Bond ist Proof of 7i 15/96 x 17 # e J fruit, papaya, sugar apples and persian limes grow in the area and cannot be'grown anywhere else in this country. Export Nlore than fifty percent of Florida's foreign trade, which according to the U.S. Commerce Department's 1985 figures totalled in excess of $20billion, flows through the ports of Miami. Further stimulation in the investment climate has resulted from the implementation of the 12,Vear Caribbean Basin Initiative program, designed to boost the economies of 217 countries of Central America and the Caribbean islands. The new law, which grants duty4tee 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 five separate airports within its boundaries. The responsibilities for their operation are assigned to the Dade County Aviation Department. Miami International airport ranks 8th in the nation and 10th in the world in the number of passengers using its facilities. it ranks 4th in the nation and 5th 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 passengers, The airlines serving the Miami International Airport provide world-wide air routes convenient for importers and exporters. The Airport's facilities include three runways, a 7,000 car parking complex, approximately two million square feet of warehouse and office space, and maintenance shops. Approximately 30,000 individuals are employed at the airport. In 1985 the airport served 19.9 million passengers and handled 1.0 billion pounds of cargo. Previous years statistics are presented below; Passengers Year (000) Cargo (000's lbs.) 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 1,026,593 - 1977 .......... 13,736 987,998 1976.......... 12,884 808,791 Source: Dade County .Aviation Department. F-6 F6840 wvirw HOORPiai Prinleta, Miami, F1. City of Miami ---General Obligation Bond ►st Proof of 7/15/86 x 17+1 P 0 124. tort of m1a tii The Port or Miami is owned by Metropolitah Dade County and is operated by the Dade County Seaport Department: From 1976 to 1985, the number of passengers sailing From the Port increased from 1.029,687 to 1,326,685. an increase of 126(ro. This increased growth highlights the Port's emergence as the worlds leading cruise ship port: The Port of Niiami specializes in unitized trailer and container cargo handling concepts. The most effective use of equipment and the Port's convenient location combine to make the Port the nation's leading export poet to the Western Hemisphere. from 1976 to 1985 the total cargo handled increased from over 1,5 Million tons to over 2.33 million tons, an increase of'531'o. In 1919, details were completed for the expansion of the Port of Miami from 325 acres to 600 acres. The additional` space is needed to'aceomodate the increasingnumber of shippers, buyers, importers, exporters, freight forwarders and cruise passengers who wish to conduct business through the Port. In 1985 the Port served 2.3 million passengers and handled 2,33 million tons of cargo. A summary of " the growth in revenues, passengers and cargo for previous years is presented below: Year Revenues Passengers Cargo (tonnage) 1985.......... S17,135,048 2,326,685 2,333,026 1984. •15,943,548 2,217,065 Z;287,281 1983.......... 14,201,008 2,002,654 2,305,645 1982.......... 12,949,687 1,760,255 2,665,921 1981..... . 12,468,522 1,567,709 2,757,374 1980....I..... 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 1977.......... 5,374,978 978,016 1,711,535 1976.......... 4,956,670 1,029,687 1,525,095 Source:` Dade County Seaport Department. Demographic Data The following table indicates the distribution by age groups among the population of both Nliami and Dade County residents. Age Group as a' Percentage of Total Population 1980 Miami Dade Age Group Number Percentage Number Percentuge 0-5 .. 23,459 7076 113,544 707o 6-19 ........... 61,826 17070 330,738 20076 20-34 ............ 75,919 22010 374,276 23070 35-59 .. 106,569 31070 471,351 29c'o 60.75 ............ 55,924 16016 230,136 1407o 75 + ............. 23,168 7Q70 105,736 7To 346,865 100070 1,625,781 1000,10 Source: 1980 U.S. Census of Population and Housing. F-7 F6848 Rrv)ew Financial Printcrs, Miami, R. G(Y of Aliami—Gyncrai Obligation Bond tat Proof cif 7/15/86 x 17 +s 104 Retail sales ,\)though Ntiami contains 22 percent of the population of bade County, almost half of' the dollar value of sales transactions for the County are repot ted in the City. The following table presents five years of taxable sales information for Miami and Bade County: Taxable Gross Sales - t000's1 1985 1984 1993 1982 1981 Ntiami ...... .... 5,900,000 S 5,438,000 S 5,214,000 5 5,498.000 S 5,296,400 Dade County, .., .. I3,500.000 12,223,000 11,664.000 12,040,000 12,114,000 Miami/Dade, ..... 45ro 45Q%o 45076 46Q76 44�o Source: Department of Revenue; State of Florida: Employment The tables below indicate the scope of employment throughout Miami and Dade County. Ten Largest Private Employers Greater Miami 1985 T} pe of Number of — Name business Employees Eastern Airlines .. .. • . ... • Airline 13500 Southern Bell Telephone and Telegraph ..................... Utility 6,800 Burdines ........ .. ..... . .... Department Store 5,509 Florida Power and Light, .. . .. Utility 5,364 University of Miami .. ........................ ..... . University 5,168 Pan American World Airways ... .. Airlines 4,800 Southeast Banking Corporation/Southeast Bank N.A......... Bank 4,312 Publix .. . .... .. ... ... ...... . Super Market 4000 Miami Herald Publishing Company . ... Newspaper 3,443 Winn Dixie Stores, Inc. . .. . ... .. ........ Super Market 3,400 Source: Industrial Development Authority of Dade County. - F-8 T1014 l 8 i1; IZCa'le ' i'ittYDr1tz11?rlpten;, llatRi: f City of kliomi---Qi=ral Obligation Bond 1e1 Proof of VIVO X 19 + t �01 Employed ed Persons by Indusin, type 1980 Miami Perceainee Dade t ounh Pereenlagt Agriculture, Eorestry4 Pishing, Mining ......... ............ 1,590 10"0 14,850 -2M'0 Construction . .. ................ ...... 11,150 7 44,560 6 lanufact ilr ng 27,070 17 103,910 14 Transportation, Communication, Public Utilities .... .... 12,740 8 81,690 11 Wholesale Trade ....................................... 9,550 6 44,560 b 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 1 Health Services .............. ........................... 12,140 8 59,410 8 Educational Services .......... I .......................... 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. Unemployment Rates Annual Averake 1985 1984 - 1983 1982 1981 Miami . ... ......... 9.2% 9.407o 12.0°io 12.407o 7.807o Dade 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 S17,500 per owner occupied housing as outlined in the 1970 U.S. Census figures. F-9 TKO F6848 Review Financial Priniers, Miami, FL City of Miami --General Obligation pand 441 Proof of 7/15/86 X 17.E ° Q 8 t The following tables detail the characteristic of housing by units in the City of �,tiantii and Dade County, Valties of Owner Occupied, N'on-Condominium Housing Units 1980 sliatni Pet•eentage Odde Pereentage Less than $25,000 ............ 3.690 11 TO 14,156 60'o 25,000.39,999............ 8,283 25 41M2 18 40,000-49,999............ 6,326 19 39,978 17 50,000-79,999 ............ 11,012 33 81,130 35 801000-99,999 ..........:. 1,684 s 21,211 9 100,000 and ;over ............ 2,462 7 34,658 15 Total ............... 33,457 10007o 234,865 10V'0 ,Median Value ......... , 7 $4 ,517 557,200 Source: 1980 U.S. Census of the Population and Housing. Occupied Housing by Tenure 1970 Percentage 19N Pereentas;e Owner Occupied .. 43,158 360'o 45,738 34010 Renter Occupied .............. 77,235 64?%o 88,308 66 Total ............. 120,393 100('o 134,046 100TO Source: 1970 and 1980 U.S. Census of the Population and Housing: Building Permits - The dollar value of building permits issued in the City and Unincorporated Dade County since 1978 is ' as follows: Building Permits Issued - (in 0001s) City of Unincorporated Year Miami Dade County` 1985... ..... S322,785 S 864,862 1984..... .... 345,262 953,055 1983.... .. 299,941 903,706 1982 .. 358,676 659,160 1981. 532,205 901,676 1980 ...... .. .. 350,054 1,020,840 1979 .. 201,667 963,144 1978............... 105,064 651,482 Source: City of Miami's Fire, Rescue and Inspection Services Department and Dade County Department of Building and Zoning. F-10 ?K:+ b F68i$ lie�irw Financitrl Printcts, liiNtiii, l'1 ChY of N iami--=G;rural Ubh$ation Eiond I*1 proof 0 7/ 15/86 x 17 , Coo ers Lst ifted public accountants x r� �{ I ya n h.1 T The Honorable Mayor and City Commissioners cial position of its proprietary fund types and pension trust City of Miami, Florida funds for the year then ended, in conformity with general We have examined the general purpose financial state- accepted accounting principles applied on a basis consis•' ments of the City; of Miami, Florida as of and for the year tent with that of the preceding year. ended September 80, 1985, as listed in the foregoing Table Our examination was made for the purpose of forming of Contents. Our examination was made in accordance with an opinion on the general purpose financial statements generally accepted auditing standards and, accordingly, taken as a whole. The combining and individual fund state - included such tests of the accounting regordsand such ments listed in the Table of Contents are presented for other auditing procedures as we considered necessary in purposes of additional analysis and are not a required part the circumstances. We did not examine the financial state- of the general' purpose financial statements of the City of ments of the Department of Off -Street Parking of the City of Miami, Florida. The information in the combining and indi- Miami which statements reflect total assets and operating vidual fund statements has been subjected to the auditing _ revenues constituting 17% and 40%, respectively, of the procedures applied in the examination of the general pur- related combined totals of the Enterprise Funds. Those pose financial statements and, in our opinion, based upon financial statements were examined by other auditors whose our examination and the reports of other auditors, is fairly reports thereon have been furnished to us, and our opinion _stated in all material respects in 'relation to the general expressed herein, insofar as it relates to the amounts included purpose' financial statements taken as a Whole. _ for the Department of Off -Street Parking of the City of Certain 1984 data included in the accompanying sup - Miami, is based solely upon the reports of the other auditors. plementary information were contained in the City's certi- During 1985, the pension trust funds met the criteria Pied annual financial report for the year ended September under generally accepted accounting principles for inclusion 30, 1984, and are included for comparative purposes only. 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 ""4xltl � k' / reports of other auditors, the general purpose financial statements referredtoabove present- fairly the financial position of the City of Miami, Florida at September30, 1985 Miami, Florida and the results of its operations and the changes in finan- December 27, 1985 G-1` ' 7K3D$ F6$4$ iR�tifew Fin nsisf Printcn, MiBm l city of Nflami-GongrW Obligation bons! 141,Proof of 7/15/8k X 17 g _ EXHIBF r CITY OF MIAM1,` FLORIDA COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT "GROUPS SEPTEMBER'30, 1985 Fiduciary Fund Account Groups Governmental Fund Types Proprietary Fund Types_ Types General General Totals ;Special Debt Capital Internal Trust and Fixed Long -Term- (M'entarandum+ General Revenue Service Projects Enterprise Service Agency Assets Debt Only); ASSETS a t quay oil pooled cash and65111 inveslments3Note2l[H) $15,911.30? $ 3.3`A, 978 $9.203 060 $68.269.138 $ 12.1.154 $1(1,8fi4.981 $ 13.739.986 b 5 t iyJ 4V Cash and cash equivalents ),042.83 ; 4.257.977 _.- t.?51 381 10 tad Pension investments, includmy acci (Note 4 j 3li'1,0.19.272 3Uf. U•1'1 ? i ' ued niteiest Recelvahies. ml of allowance tot (Ioubllul accoums of $10 138.152 i 193 049 ]axes 3.310.853 ?,3.11060 468.309 r 1011.91a •113.887 - 2,826 15'J 1.?!)?. 577 7 12, Ji b 54,3 h03 T, ACCUtII11S , , Assessment bens, nil (Nutt, 2(C)) •1W,730 31•L.r3U Proceeds trom'secimlies sold 68`S 573, 683 '.,T3 Pension nlelnhers' Willibulltuls - L536.7E,8 3 403 9.33 n Due from other ]units (Note',) 8(I(1'J2? t lu t id .. o Due iron] illel governments (Note G) 3:3.883 3.531.889 1,280.90 203.44 t 919.1111) Inveniurrus (Note 7(G)) . _. t 10.795 8U8.3t5 31.401; 1 13:f its F;• 17 i)thu 68.145 3.076 2.490 58.765 961.?86 3 W Restit(ted Assets Mole 81 <Cash moll mvesimenis will t,sc.,i agent l•1 •fUti 9'ra nrthulhlyaccrued ntleiesl 2!6.T6 14 I`)3')9'.i Property, plant anti equipment, net t:ri 9JM •111'3 Vi. t 77 (i61 3110,34 id: l`;? i131r O (Notes 2 and 7) � [3Ond rssuauce w:.ls: net :' •110 :,(Ili _ :' -tt1i �;lli, (Note !(J)) o Deterred Will penSill on Plan asset tat 6 -176 98,r ti ab'i ;r (rJole °an Amount available Ili Debt SeiVICe I rods i .37h i 3 i; General ohligaUmi Winds Special obligation bonds (Note 1() Amount ilvailable in Sell ln5ulance I and for clairlls payable, _. -a Amount in be provided for ieutement of fl generil long-term debt 1 r'l1,U86 6:'a 1 it) (Rib •1 General Obligation bunds - a Special obligation bands and 4 82Ci aU5 4 8:'6 •Nl i roller payahles - f 4) G' S . 0:' Acci tied co lipensated abseme'S 19.567'I1.1 19 567 8 1 -1 Claims Payable Iillal assul5 -- --_ $??,472,225 ---: i $12;a11.603 _ ^ --- $10 287 56? $7..607 6'?7 „ 21i.85ff:957 $t )J.4 j 1 8 $ $3?9 U8U,19'J $300.343.2?6 $21ri,29900? $1.1•Ill9?=]2?i) - (L�ItUntit��l J a xl i CITY OF MIAM1, FLORIDA EXHIBFF i COMBINEDBALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS (Cbnfinaedy SEPTEMBER 30, 1985 Fiduciary Fund account Groups wGovernmental Fund Types Proprietary Fund Types Types Generar r General Totals v Special - Debt Capital Internat Trust and FixedLongrTerm (Memorandum; General Revenue Service Projects Enterprise Service Agency Assets DebC Only s LIABILITIES Vouchers and accounts payable $ 3,789.524 $ 612,975 $ - $ 3,215,622 $ 984,934 $ 775,423 $ 1'.076,771 $ - $ - $ 1U,455,249 __ -- - 3.212,690 3,212,690 Payable for securities purchased f Accrued expenses (Note .. - 2,603,103 - 19,616 ___ 1,234 150,201 455.360 - 12.519.202 15,748.716 Due to other funds (Note 5) . 3,653 973,522 - -- - - 2,536,758 - - - 3,5t3.933 t,879.005 Deterred revenue 1.241,978 462,700 - 286,535 - - - 637.027 -- 122.321 - - - 2,001,875 - - 2.873431 Deposits (Note 9) - . - - ~- ~- - 1,873,632' -- 24.060,000 25,931632 e Claims payable {Notes 8 and 12) . - - - - 4,162,408 -� Matured bonds and interest payable (Note 8) 4.162,408 - -- «�+ Payable from restricted assets: - 15;350` ' 3 Construction contracts ..:. ... _ . - - - - - - -- 15.350 2,254.070 - - - 2.254..070 Accrued interest . Current porlion of revenue bonds payable - - _ - - 160,000 - - - -- 160,00(} Revenue bonds payable -net of current - I 7t.734.644 portion (Note 8) . - - - 71,739,641 - - - - _ - r74.tia0,000 r74 640.000 r, General obligation bonds payable (Note 8) - 13.318.994 -- _ - 450.000 13,768,9 94 {, ' Special obligation bonds payable (Note 8) _ - - - 6,476,982 - _ 6.476.982 . ° 1 eferred compensation plan liabilities (Note 14) _ - _ 8.414 = 1.769 - - - 4,629,800 V,639.983 n Other :payables (Note 8) Totalliabilrhes_ :_ 8,100,958 1.892.648 4,170.822 3,216.856 89 384,307 1,230,783 17,178,708 - 216,299,002 341.4T4,g84 _ --- _ FUND EQUITY fonhibuted capital . - - - - 58,539.751 8.955,098 - _ _ 67.494,849 investment general fixed assets . t - - - - - - 300,343.226 - 300.343,226 19,212,846 ` Retained earnings (Note 10) - - - 2,547.770 ' 16.665,076 -- - _ O fund balances: Reserved for., 305,493,972 - 3U5 351t3.972 a Employee retirement plan benelds - 11,565,183 m Encumbrances 1,832,480 - - 9,732,703 _._ - - 253.395 a Debt service _ 253,395 _ 300,000 a Traltic-related expenditures _ . 300,000 Unreserved` _. __ __ 500,000 _ 500,000 Designaled for hurricane loss .. - - - Designated for pension related - - - 1,415,333 - - 1,4t5.333 -c ex Note 14) expenditures ( P - - - - - 4,492,186 - 4.492.186 Designated [or claims payment :. - - n Designated for subsequent year's -- - - - 68 t t0 779 expenditures and approved projects .. 6,500,000 220,000 1,762,711 59,658,068 - - 20,238,376 z„ Undesignated 5,738.787 10.398,955 4,100,634 - - - - 1•+ Total retained earnings/fund balances 14,371.267 10,618,955 6,116,740 69,390,771 2.547,770 16,665,076 311,901,491 - 431612;070 x Total fund equity . ; . . 14;371,267 10,618,955 6,116,740 69,390,771 61,087,521 25,620,1'74 311.901.491 300,343,226 799,450;145 Commitments and contingent liabilities (Notes 12. 14, 15 and 16) Total liabilities and fund equity . $22,472,225 $12.511,603 $10,287,562 $72,607,627 $150,471,828 $26,850,957 $329.080,199 $300,343,226 $216:299'.002 $1, t40,9't4:22'1 See accompanying notes to financial statements. 1 5 EXHIBIT li — CITY OF MIAMI, FLOAIDA COMBINED STATEMENT OF AVENUES, EXPENDItUAES AND CHANDES IN FUND BALANCES ALL GOVERNMENTAL FUND 'HYPES AND EXPENDABLE TAUST FUNDS YEAA ENDED SEPTEMSEA 20, 198 860tnntental pUhft types ()eneral special Debt Revenue service capital projects Expendable trust total (910motandUf l poly) Revenues` Taxes(Notes) $100,281.696 $ 7.088 t27 $41.278.253 $ — $ �— $148.648,076 i Licenses and permits 6,041 021 — — — — 6A45.021 intergovernmental 26.273,287 22.854 2 0. 5 — 2.474 699 3.771,349 55,373.540 Intragovernmental 2.798.824 — - — 22,465,259 25.264,088 , Charges for services 17..633.733 — — — -- 7.527,220 11,633,733 7,527,220 Contributions from employees and retirees — Assessment lien collections Interest — 2,717,703 — 2.799.998 894.512 1 357.076 — 6 727.390 — 783,533 2,799,998 12,480,214 Other 384,049 1,117,739 — 374,579 439.,128. 2,315,795 Total revenues 156.130,313 31.954.583 15.435,327 9.576,668 34.986.789 278,083.680 - Expenditures Current: General government 17.699.362 — — — — 17,699.362 Public safety 99,680,993 t .8 t 9 707 — — — 101.499.700 Public imbrovements 14,973.135 22.801,942 - — - . — _ — _ 14,973,135 22.801,942 Solo waste Culture and recreation 8 651.374 — — — — — 8,651.374 Grants and related expenditures - 14.808.811 - — - 14,808,811 Contributions to pension funds (Note 14, — — — 24.255.306 24.255,306 Insurance - - - — 1.824.789 1,824.789 Economic development — 945,22,1 — — — — — - 10,325.051 945.324 10,325.051 Claims payments Other — 14.575.036 1.199,381 20,789 - 3.110,828 18,906,034 Debt service. Principal retirement (Note 8) — 10.160.000 — — 1.5558,00 Interest and fiscal charges — 12558.002 — — t2 ,002 Capital outlay 132.263 — — 27,402,972 — 27,535,235 Total expenditures 178,514,105 13.772.223 22.738,791 27,402.972 - 39,515,974 286,944.065 Excess (deficiency) of revenues over expenditures (22,383.792) 13.182,360 22.696,536 - (17,826.304) (4;529.185) (8.860,385) Other financing sources (uses):< Operating transfers in (Note 11) 30,750.042 1.912.425 — 9,360.066 42,022,533 Operating transfers out (Note 11) (3,290,586) 02,445,649) (22,400225) (7,267,925) — (45,404.385) _ Debt proceeds (Note 8) — 12.000.000 33.000,000 — 45,000.000 Debt retirement (Note 8) - — (12,000,000) — — (12.000.0001 ` Total other financing sources (uses) 27.459,456 t10,533.224) (22,400.2251 ` 35,092,141 — 29.618.148 Excess (deficiency) of revenues and Other financing sources Over expenditures and other uses 5.075.664 2.649.136 296,311 17,265.837 (4.529,185) 20,757,763 Fund balances at beginning of year 9.548,849 8,266,357 5.320,429 51.957.274 10.936.704 86.529.613 Equity transfers to other funds (Note 11) _ (267,529) (296,538) - (61,948) — (626,015) Ecuity transfers from other funds (Note t t) '14,283 — — 229.608 — 243,891 Fund balances at end of year $ 14.371,267 $10.618.955 $= 6.116,740 . $69,390.771 $6,407,519 $106,905,252 See accompanying notes to financial stataments G--t TKst� Fba48 �virwflapn+`l)tlfrinfvrs,f41leml,F1, City ofNiiami—GpnsrslObligationOonct lstt'ruutof7taSiBkx 9}: 4 0 r A$ EXNiSIt Iil CITY OE MIAMI, ELOAIDA STATEMENT OF AVENUES, EXPENDITUAtS AND CHANGES IN FUND SALANCE-SUDOET (NON,OAAP 81,10 fiARY BASIS) AND ACTUAL— ENF-AAL FUND YEAP ENDED 80TEMSER 38, 1086 ltendrel l uitd WOO Fevdrabfd Budgdt Actual (untavglblb) Revenues: Taxes $ 97,970.616 $100,281,696 $ 2.311,080 Licenses and permits 5,991.142 6,041,021 49,879 Intergovernmental 24 933.241 26,273.287 1,340,046 Intragovernmentaf 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 Public safety 100.593,159 , 99.284.969 1.308,190 Public imorovements ' 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 4,063,497 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- $10,213,354 Fund balance at beginning of year 7,378,679 Equity transferslo other funds (267.529) Equity transfers from other funds 14,283 Fund balance at end of year $ 12.538,787 See accompanying notes to financial statements G-5 J *;1g �bft48 iew Ffn�ncial Prinf ,Miami, F! Cic>' of :Miami—Gcncral Obligation Bond #at Proof of 7/ 15/Sk x 17 +1 134 ,�z tXHI1BIT IV CITY OP MIAMI, FL0AIbA COMBINEb STATEMENT OF AEVENUES, EXP1rNOITUI:IRB ANb CHANGES IN PUNb BALANCES—SUbGET (GAAP BASIS) ANb ACTUAL SPECIAL AEVENUE ANb bEBT SEAVICE PUN06 YEAA ENbeb SEPT MSEA 30, 1069 $pedal llayehu0 (1) Debt Service variance Variance budget Actual Favbtabla (Unfavorable) Budget Actual Favotable (UnIbOrAble) Revenues: Property taxes- $ 337,477 $ 335.566 S (1.911) $39.908,040 $41,278,253 $ 1,310,213 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 2.799,998 299.998 Interest — 530.178 530,178 1.000.000 1,357'076 357,076 Other 13,684 74,949 61.265 Total revenues 11,897,086 16.536,900 4,639,814 43,408.040 45.435:327 2.027.287 Expenditures: Public safety 1,813,906 1,818,707 (4,801) — - - Economic development 1,157,256 945.324 211.932 - — Principal retirement: Long-term debt - — - 10,165.000 10,160,000 5.000 interest and fiscal charges — - 12,883,815 12.558,002 325,813 Other 1,987,858 1.199.381 788,477 65,500 20,789 44,711 Total expenditures 4,959,020 3.963,412 995,608 23,114.315 22,738.791 375.524 Excess ideficiency) of revenues over expenditures 6,938,066 12,573.488 5.635.422 20,293,725 22,696.536 2.402,811 Other financing sources (uses): Operating transfers in 1.333.601 1,283,529 (50,072) Operating transfers out . (8,921.090) (8,921,088) 2 (22.400.225) (22,400,225) - Debt proceeds — — 12,000,000 12,000,000 Debt retirement - _ - (12,000,000) (12.000,000) Total other financing sources (uses) (7,587.489) (7,637.559) (50.070) (22,400,225) (22,400.225) Excess (deficiency) of revenues and other financing sources over expenditures and other uses (649.423)' 4.935.929 5,585,352 f2,106.500) 296,311 2,402.811 Fund balances at beginning of year 4,319,418 4,319,418 -' 5.820.429 - 5.820,429 -' Fund balances at end of year $' 3.669,995 S 9,255,347 $5.585,352 S 3,713,929 S 6:116,740 $ 2,402,811 See accompanying notes to financial statements. (1) Does not include funds for which budgets have not been adopted. See Note 2(D) (5) G-b SK114 F6848 fkview Fidanei>iI Printers, Miami, E I~ 0'il%, of Miami —General Obfiii;aiion Mond let Proof of 7/15/86 x 17+t 10134 Y PXHISIT V CITY OF MIAMI, FLORIIJA OOM131NI b STATMNT OF AMNUES, EXPENSES ANCI CHANGES IN FUND MUITY ALL 15146PAIMAY FUNbTYPES ANb' PENSION TkUST FUNbS YW LNOEb SE MMA 30, 1985 Proprietary Fund Types Total Intetnal pension lhieniorandum Entr rptise servit o Trust Funds only) Operating revenues, Charges for services 18. 954 3 63 517 799 2D9 S 36 753.572 Contributions from employers - — 20 859,599 20.859.599 Contributions from employees and retirees — 9 712.085 9,712,085 Net gain on sales of investments 1-1,614.803 1,1.614.803 Interest and dividends — - 20,789.919 20,789.919 Total 18.954, 361) 17.799 '209 65.9 76,406 102, 729.978 Operating expenses: Personal services 5,174.561 7.190.:566 605.552 12.970.679 Contractual services" 4.641.081 1.189 126 - _ 5,880.207 Materials and supplies 9-4.014 3.591 -!07 4.515.921 Benefit payments — _ 2•Y. x06,70r) 20.206.700 Refunds — — i 41 9,762 1 419,762 Utilities 1 .1019&126 1.785 '�'A . - 2.883:719 Intragovernmental charges 967.583 — - 967.583 Other 1 314,538 _ 600,04,;, 1914.586 Total 11 120,203 14 356,940 22,232 1 50,709.157 Operating income before depreciation expense 1.834,160 3.442.269 33,7«4.392 52.020.821 Depreciation expense 3.543.872 2.454.040 — 5.997,912 Operating income (loss) 1,290.288 988,229 3:.71a.392 46,022,909 Nonoperating revenues (expenses): Interest 2,074,621 836,066 — 2.910,687 Interest and fiscal charges. 17,850.741) — — (7.850,741) Other (57.696) 708.206 7,500 658,010 Net nonoperating revenues iexpenses) (5.833,816) 1,541:272 7;500 (4.282;044) Income (loss) before operating transfers (4:543.528) - 2,532;501 43,751.892 41,740,865 Operating transfers in (Note 1 1) 5,381,079 375.913 5,756,992 Operating transfers out (Note 11) (1,999.227*1 i375.913) - (2.375.140) Net operating transfers 3.381 852 —' — 3.381i852 Income (loss) before extraordinary item (1.161.676) 2,532,501 43.751.892 45,122.717 Extraordinary item —loss on debt refinancing ,2AW039) — — (2.468.039) Net income (loss) (3.629.715) 2.532.501 43 751,892 42.654.678 Retained earnings/fund balances at beginning of year 5.932,246 14,133,905 261.742,080 281,808,231 Equity transfers from (to) other funds 245.239 1.33D) — 243,909 Retained earningsffund balances at end of year ' 2.547 770 16.665.076 305.493,972 324,706,818 _ Contributed capital at beginning of year 56.015,845 8.800, 795 — 64,816.640 Contributions from other governments 418,441 - 418,441 "'ontrioutions from oiner funds iNote 11 t ::,05.-65 154 303 — 2.259:768 Contributed capital at end of year 58.539, 751 8.955.098 67,494.849 Total fund equity S61 087 52i S25620 +'^ S305.493 972 S392.201,667 See accompanying notes to financial statements G-7 TKt14 F4444 Review Dnsavial Printers, Miami, fL city of;Miami—Ggnera! Oblint0on Rood W Proof of 7/15/84 x 19 *; 184, EXHIBIT VI CITY OF MIAMI, PLOAIDA COMBINED STATEMENT OF CHANCES IN P'INANCUL POSITION ALL PAOPAItTARY FUND TYPES AND PENSION TPUST FUNDS YEAR P-Nr3ED SEPTEMBeA 30, 1985 Preptletiiry Fund types Entetorise Internal SwIte Peisi6n Trutt Funds tet81 (Meniiitendurn only) Working capital provided by; _ Operations'. Income (loss) before extraordinary item $ (1,161,676) $2.532.501 $43,751.892 $45.122,717 Items not requiring current outlays of working capital Depreciation and amortization 3,895,602 2.454.040 — 6,349.642 _ Loss on dispositions of property, plant and equipment 184,700 539.472 — 724.172 Total provided by operations before extraordinary item 2,918.626 5,526,013 43.751,892 52;196.531 Extraordinary item —toss on debt refinancing (2.468.039) — — (2,468.039) Total provided by operations ; 450.587 5.526,013 43,751.892 49.728,492 Other. Decrease in restricted accounts 1:532,302 — — 1.532.302 Contributions and equity transfers. net 2,769.145 152.973 - 2.922,118 Proceeds from long-term debt 13,720,000 — — 13,720,000 Total 18.472,034 5,678.986 43.751,892 67,902,912 Working capital applied: Additions of property, plant and equipment, net 4,440,725 3.345,449 — 7.786,174 - Reduction of revenue bonds payable, net 10,522.000 10,522,000 Increase in bond discount 222.921 — 222,921 Decrease in other liabilities 8,359 — 8,359 Increase in other assets, net 331,440 — — 331,440 Total .`° 15,525.445 3.345.449 - 18,870,894 Increase in working capital $ 2,946,589 $2,333,537 $43,751,892 $49,032,018 Summary of increases (decreases) in working capital: Cash andinvestments,$ 2.725,832 $2,231,564 $ 902,434 S 5.859,830 Pension investments — — 41,276,663 41,276,663 Accounts receivable, net 332,524 — (3,340,953) (3,008,429) Due from other governments (1,136,165) — — (1,136,165) Inventories -(4,099) 90.705 — 86.606 Prepaid expenses 292,377 — 292,377 Accounts payable and accrued expenses 558.651 11.268 (16.362) 553,557 Due to/from other funds — — 2,536.758 2,536,758 Deposits refundable (19,352) — — (19,352) Payabie;forsecurities purchased — — 2.393,352 2.393,352 - Deferred revenue 196,821 ` — 196,821 Increase in working capital .. $ 2,946,589 $2.333,537 $43.751.892 $49,032,018 See accompanying notes to financial statements. G-S t TK:15 (F6848 R#vlew Financial Printers, MIMI, Fl Cit± or:Yfl�mi_Gtnrral Obligation Bond 1sl �nra( ul 9/15/86 x ll7 *. CITY OR MIAMI, FLORIDA NOTES T FINANCIAL STATEMENTS September 30, 1986 1) dl!NeAAL btSCRIPTION funds are grouped by type rn the financial statements The City of Miami, in the County of bade. was incorporated into seven generic fund types and three broad fund in 1896; and comprises approximately 34 square miles of categories. The following fund types and account groupsare land and 20 square miles of water. The City operates under used by the City... the Commission/City Manager form of government and GOVERNMENTAL FUNDS provides the following services as authorized by its charter Governmental funds are those through which most public safety, public works, solid waste, parks and recreation, governmental functions of the City are financed. The and community development. The County is a separate acquisition, use, and balances of the City's expendable governmental entity and its financial statements are not financial resources and the related current liabilities included in this report. (except those accounted for in proprietary funds) are The Florida Legislature, in 1955, approved and submitted accountedfor through governmental. funds. The to a general election a constitutional amendment designed measurement focus is upon determination of financial to give a new form of ,government to the County of Dade. position and changes in financial position, rather than The County is, in effect, a municipality with governmental upon net income determination. The following are the powers effective upon twenty-seven cities and unincorporated City's governmental fund types: areas, including the City of Miami, It has not displaced or General Fund —The General Fund is the general replaced the cities; but supplements them. The County can operating fund of the City. It is used to account for all _take over particular activities of the City's operations (1) if financial resources except those required to be accounted the services fall below minimum standards set by the County for in ;another fund. Commission. or (2) with the consent of the governing body Special Revenue Funds-Soeciat Revenue Funds are of the City. used to account for the proceeds of specific revenue Since its inception; the Metropolitan County Government sources (other than special assessments, expendable has assumed responsibility on a county-widg service basis - trusts or major capital projects) that are legally restricted for a number of functions, including county -wide police to expenditures for specified' purposes. services, complementing the municipal police service: uniform Debt- Service Funds —Debt Service Funds are used system of fire protection, complementing the municipal fire to account for the accumulation of resources for. and protection: consolidated two-tier court system; consolidation the payment of, general long-term debt principal, interest' of water and sewer services: coordination of the various and related costs. Surface transportation programs: installation of a central 'traffic control: computer system; merging all public Capital Projects Funds —Capital Projects Funds are transportation systems into a county system: effecting a used to account a -tor financial resources to be used for combined public library system; and centralization of the the acquisition construction major capital facilities ' property appraiser and tax collector functions. (other than tnose financed by Proprietary Funds). Prior to 1985, separate Capital Projects-subfunds were 2)' SUMMARY OF SIGNIFICANT ACCOUNTING maintained to account for project expenditures funded POLICIES AND REPORTING PRACTICES by general obligation bond proceeds, and expenditures The accounting policies of the City of Miami, Florida for projects with multiple -funding sources- were conform to generally accepted accounting principles as accounted for in a single Capital Improvement Fund, applicable to governments. The following is a summary of - Effective October 1, 1984. the City reclassified its capital` the more significant policies: projects into separate subfunds according to purpose (A) Basis of Presentation and intended use of the capital facilities under The accounts of the 'City are organized on the basis of construction: street improvements/traffic related, culture funds and account groups, each of which is considered and recreation, municipal use, public use and sewers. a separate accounting entity. The operations of each PROPRIETARY FUNDS fund are accounted for with a separate set of self- Proprietary Funds are used to account for a' City's balancing accounts that comprise its assets, liabilities, organizations and activities which are similar to those fund equity, revenues, and expenditures or expenses, often found in the private sector. This means that all as appropriate. Government resources are allocated to assets. 'liabilities, equities,' fevenues,-expenses and and accounted for in individual funds based upon the transfers related to the City's business activities -where purposes for which they are to be spent and the means net income and capital maintenance are measured — by which spending activities are controlled. The various are accounted for through proprietary funds. The ' G-9 r Tli TK;1,T iF6848 Cityof:11iami-.-Grnerat Obligation t3onct his Proof of9,'t;;/86xf7+ 11 measurement focus is upon determination of net income, those accounted for in the enterprise funds and internal financial position. and changes in financial position service funds tht0pris+a Fullds—Enterprise Funds are used to dawa( 1.0it jaTorM bebt—This account group is used account for operations' to account for the long-term portion of claims payable, (1) that are financed and operated in a manner similar accrued compensated absences, lease purchase to private business enterprises -where the interest obligations and outstanding principal balances of long - of the City is that the costs of providing goods or term debt, other than revenue and special obligation services to the general public on a continuing bonds payable recorded in the enterprise funds._ basis be financed or recovered primarily through (g) Financial Aopcirting Entity user charges, or For financial reporting purposes, the City includes those rmin f 2) where the City has decided that periodic determination rmin funds, account groups, agencies, boards. commissions. of revenues earned, expenses incurred; i and authorities that are generally: controlled by or income is appropriate for capital maintenance, public dependent on the City. Control by or dependence on the policy, management control, accountability, or other City is determined on the basis of such factors as purposes. budget adoption, taxing authority, outstanding debt Certain Enterprise Funds have historically operated at secured by revenues or general obligations of the a loss and have required operating subsidies from the City, obligation of the City to finance any deficits that General Fund. If future operations are not sufficient may occur or receipt of significant subsidies from the - to offset these deficits, the City will continue to support City. Based upon the foregoing criteria, the following these, activities from the General Fund or other organizations are included in the financial statements discretionary funds (see Notes 13 and 15). During of the City: 1985, the City established the Property and Lease Downtown Development Authority (Special Revenue) Management Enterprise Fund to account for the rent Miami Sports and Exhibition Authority iSpecial and lease of City -owned property by private businesses_ Revenue) Internal Service Funds -internal Service Funds are • Department of Off -Street Parking(Enterprise) used to account for the financing of goods or services • City of Miami Firefighters' and Police Officers provided by one department or agency to other Retirement Trust (Pension Trust) - departments or agencies of the City, or to other • City of Miami General Employees' and Sanitation governments, on a cost -reimbursement basis. Where _ Employees' Retirement Trust (Pension Trust) capital replacements are necessary, particularly in the As more fully described in Note 14. certain pension City Garage and Motor Pool Internal Service Funds, litigation and related matters were resolved in 1985 user charges include an amount necessary to provide for replacementequipment. Substantially all excess sponsored resulting in the pension trust funds sponsored by the funds are committed to the City's vehicle replacement City meeting the criteria for inclusion the City's financial statements as part of the reporting entity, program. whereas they were previously excluded. FIDUCIARY FUNDS (C) Basis of Accounting Trust and Agency Funds -Trust and Agency Funds are used to account for assets held by the City in a Basis of accounting refers to when revenues and Trustee capacity or as an agent for individuals, private expenditures or expenses are recognized in the accounts organizations, other governments. and/or other funds. and reported in the financial statements. Basis of These include Expendable Trust, Pension Trust. and accounting relates to the timing of the measurements Agency Funds. Pension Trust Funds are accounted made, regardless of the measurement focus applied. for in essentially the same manner as proprietary funds All GovernmentalFunds and Expendable Trust Funds since capital maintenance is critical. The City's Expendable are accounted for using the modified accrual basis of Trust Funds (Self -Insurance and Pension Administration) accounting. Their revenues are recognized in the period are accounted for in essentially the same manner as in which they become susceptible to accrual —that -is, Governmental Funds. The City's Agency fund is custodial when they become measurable and available to pay in nature ,(assets equal liabilities) and used to account liabilities of the current period. Ad Valorem taxes, fines for deposits held under issuance of a Cable T. V. license. and forfeitures, and charges for services are susceptible ACCOUNT GROUPS to accrual when collected in the current year or within 60 days subsequent to September 30th, provided that Account Groups are used to establish; accounting amounts received pertained to billings through the control and accountability for the City's general fixed fiscal year just ended. Occupational licenses revenues assets and the unmatured principal of its general long- collected in advance of periods to which they relate are term obligations. The two accounts are not funds. recorded as deferred revenues, Utility service taxes, They do not reflect available financial resources and franchise taxes, licenses and permits are susceptible related liabilities -out are accounting records of the to accrual when collected in the current year by the general fixed assets and general long-term obligations. City or by, an intermediary government serving as General Fixed Assets —This ,account group is used collection agent. Investment earnings are recorded as to account for all fixed.. assets of the City, other than revenue when earned since they are measurable and G-10 N MID Fb>3atf �tif�w f inanciAi Printer►, Miami. # f 01)' of N iarni—Genera! Obligation Bond iw Proof of 9/10/8 i x 11 t; ` 0184 =.r available Where grants revenue is dependent upon Funds. On a non-GAAP budgetary basis. expenditures by the City, revenue is accrued as encumbrances are recorded as expenditures of obligations are incurred the current year. On a GAAP basis. encumbrances The local option gas tax collections of approximately outstanding at year-end are reported as reservations $9.784,000 in 1985 were recognized as General Fund of fund balance since iheY do not constitute revenue whereas in 1984 the tax was recorded in a expenditures or liabilities. separate Special Revenue Fund. tJnexpended 1984 (8) Annual operating budgets for the General, Special tax revenues of a pproximately$2,997,000 were transferred Revenue and Debt Service Funds are adopted on a to the General Fund in 1985 to fund traffic 'related basis substantially consistent with generally accepted expenditures, accounting principles (GAAP) except that budgetary Special 'assessments are considered susceptible to comparisons for the General Fund include - accrual when collected in the current year or within 60 encumbrances as expenditures. days subsequent to September30th, provided that Adjustments necessary to compare the results of amounts received pertain to liens assessed prior to the operations in the General Fund on a GAAP basis to end of the current fiscal year, The special assessment that on a Non-GAAP budgetary basis for the year receivables at year-end of $8.705.534, of which $559.000 ended September 30. 1985 are as follows: are delinquent, are shown net of deferred revenues of Excess of $8,290.804 to more appropriately reflect current amounts Revenues available for debt service. Special assessments are and Other recorded in the. general obligation bonds debt service Financing Fund' fund since they represent only a partial reimbursement Sources Over Balance Expenditures September of costs incurred in certain capital projects financed and Other Uses 30, 1986 with general obligation bonds. The City does not issue GAAP Basis a 5.075:664 $14,371,267 special assessment bonds: Less encumbrances w Expenditures under the modified accrual basis of at September 30. ` accounting' are generally recognized when the related 1985 0 M2,480) (1.332.480) fund liability is incurred and expected to be liquidated Plus encumbrances with available resources. Exceptions to ,this general at September 30, rule include principal and interest on general long- 1984 2.170,1110 — term debt which are recognized when due. Non-GAAP All Proprietary and Pension Trust Funds are accounted Budgetary Basis $ 5;413.354 $12.538,787 for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses For 1985. the City did not adopt annual operating are recognized when they are incurred: budgets for the. Community Development and - The Agency Fund is custodial in nature and does not Miscellaneous Other Special Revenue Funds; involve measurement of results of operations. It is accordingly; the applicable columns of the combined accounted for .under the modified accrual of statement of revenues, expenditures, and changes .basis accounting: Assets and liabilities are. recognized when in fund balances -budget and actual (Exhibit !V) they occur regardless of the timing of related cash exclude amounts relating to the unbudgeted funds. flows. Actual revenues exceeded budget in 1985 for the Miami Sports and Exhibition Authority Special Revenue (D) Budgets and Budgetary Accounting fund by approximately $5,233 000, During 1985. The City follows these procedures in establishing the the Florida Supreme Court issued a ruling which budgetary data reflected in the financial statements: permitted the distribution of the 3'% Convention (1) Prior. to August 31st, the City Manager submits to Development Tax levied in Dade County which had the City Commission a proposed operating budget been withheld since 1983. The total convention for the fiscal year commencing the following October distributed development tax distributed to the Authority in t985 to th 1st. The operating budget includes proposed was approximately . The Authority's approved annual budget had approximated revenues expenditures and the means of financing.. them, sufficient only to cover the budgeted administrative Budgetary control over expenditures is exercised expenditures of. approximately $439,000..The on a departmental basis: remaining tax proceeds are intended to provide (2) Public hearings are conducted to obtain taxpayer funding for the acquisition and/or construction of comments. convention/arena/exhibition center facilities'. (see Notes (3) Prior to October 1 st. the budget is legally enacted 15 and 16). through passage of an ordinance. Budgeted revenues in the Cable T.V. Special Revenue (4) Encumbrance accounting, under which purchase Fund exceeded actual revenues in 1985 by . orders, ,contracts, and other commitments for the approximately $534,000. This varience is primarily expenditure of monies are recorded in order to due to the withholding of $900,000.in franchise reserve that portion of the applicable appropriation, fees by the City's Cable T.V. franchisee. The dispute is employes in the General and Capita! Projects over the irancnise fees arose from differing G•l i r, K:10 V6848 Rts lvw Finent all Print€ts, Miomi, FL Cite of XUA!Tli—General Obliggtion 4ond fbt Proof of 9/ 1$/86 x 17+; 10134 interpretations as to the applicability of certain (2) Individual inve5 r iei,, :n 'he `cllow!la caring! exceed provisions of the Cable Communications Act of 1984 10 ' Of ;hp fLinds; aV,1j1ab+e -or nvestments concerning prepayments in prior periods. Coroora`e .rom�-on to ore`er,ed Lock, Con- (6) Generally, the Commission and City Manager may ' `,tible debentu1es irrovided tl,e auaregate transfer among departments any part of an n es:meit does not eticAed t',rag pe'cent or unencumbered balance of an appropriation to a total outstanding r':``dl stock of any one purpose or object for which an appropriation for the corbgrahorl. current year has proved insufficient. At the close of Motes collateralized by `first mortgages on rea! each fiscal year, the unencumbered balance of orooerty or guaranteed by tha Federal Nous- each appropriation reverts to the fund from which it ina Adminisiration or the veterans Administration was appropriated and shall be subject to future • Corporate rnerest bearing obllaa:ions - appropriations. Purchases and sales of securities are retlected on Budgeted amounts presented in the accompany- a trade -date basis Gain or loss on sales of secun- ing financial statements are as originally adopted, ties s based on average cost or as amended by the City Commission and City (G) Inventories Manager through the year. Inventories are valued at the dower of cost (first -in, (E) Pooled Cash and Investments `irst-Out basis) or net realizable value Inventory rrt the The City maintains an accounting system in which Internal Service Funds consists of expendable sup - Substantially all cash, investments and accrued interest plies held for consumption are recorded and maintained in a separate group of (H) Accumulated Unpaid Vacation, Sick Pay, and Other accounts. All such cash and investments. including Employee Benefit Amounts accrued interest, are reflected as pooled cash and investments. Investments are stated at cost o*r amor- -Under ,errris of Civil Service �egulatrons. labor car! - tized cost, which approximates market. All investments tracts and administrative policy City employees are consist of U.S. government obligations and time depos- granted vacation and sic : Dave in varying amounts its with approved financial institutions. At September Additionally. certain overtime "ours can be accrued 30, 1985, accrued interest on pooled investments and camed forvvard as earned time off Unused vaca- amounted to approximately $2,426,000. Interest income tlon time and sick leave is payable upon separation is allocated based upon the approximate_ proportionate `rom service, subject to various limitations depending balances of each fund's equity in pooled cash and noon the employee's serionly acid civil service classi- investments. No interest is charged to funds having `)cation Accumulated unpaid comoenswed absences deficit balances. Not included in this pooled cash sys- are accrued'wnen ,earned <in the Governmental and tem are the cash, cash equivalents and investments Proprietary Funds. with the long-term portion of gov- heid by the Miami Sports and Exhibition Authority,` ernmental funds )!ability being recorded in the General ($4,892,901) the Downtown Development Authority Long -Term Group of Accounts ($149,934), the Department of Off -Street Parking (1) Intragovernmental Allocation of Administrative .($4,257,977), and The Pension Trust Funds ($303,300,653). Expenses (F)` Pension Investments The General Fund incurs certain administrative expenses Pension investments are carried at cost. Debt securi- for other funds including accounting, legal, data ties are adjusted for amortization of premiums and processing, personnel administration. engineering and discounts. Premiums and discounts are amortized usin g other services. A brief description of the major compo- the straight-line basis over the -life . of the investment. rents of such charges are as follows. Approximate market values of investments are deter- • Project Management—Tne Public Works Deoart- mined as follows: Securities traded on a national secu- merit charges major capital improvement projects rities exchange are valued at the last reported sales of the City for design. survey and inspection sere - price on the last business day of the fiscal year: securi- ices. These charges are based on direct labor charges ties traded in the over-the-counter: market and listed plus an overhead factor for administrative expenses securities for which no sale was reported on that date of the engineering division, and totaled approximately — are valued at the last reported bid price; commercial S1,783,000 for fiscal �jear 1985. paper, money market funds and time deposits are val- ued at cost which `approximates "market; mortgages es 9 are valued based on current market yield, and rental other funds for general and administrative expenses property is valued at the purchase option price, to allocate certain overhead costs as determined Investment policy is determined by the Boards of Trus- under a central services cost allocation plan. Such _ tees and is implemented by outside ;investment advi- charges approximated $762,000 for fiscal year 1985. sors, Investment advisors use the following guidelines: (J) Bond Discount and Issuance Costs (1) Unlimited investments in bonds, notes or other obli- Discounts on revenue and special obligation bonds gations of the United States Government and its payable within the Proprietary Funds are amortized agencies and in bank certificates of deposit, using the interest method over the life or the bonds. & 1_' afi"' TJK;20 F6$40 Wvivw 1 inan0ol f rfnters, Miami, R. Cits' of Miami—Ggrteral Obligation Bond inf Proof of 7/15/86 X 17 + 0134 Bond issuance costs are capitalized and amortized on "it)r)n ,J}I t-�1 ,e vv ,vas; i.et+ ,ra; Boa orrr rattly a straight-line basis over the life of the bonds. S3 %sj180 010.0 rre C,tv is cerr7 o:ed ov.ar ,cle 7 Section 8 N Pf6pat'ty, Plant and ItgulptheFit of 'lie Florida o ,. c ;o S 1 ^ ner Property, plant and equipment used in Governmental 'S ;)u ,f ce?ne a ove nmpntai Fund type operations (general fixed assets) are accounted ser,;!�.ts ut,,�r ""t`� f" n?vrriP.^t c�` c rl c!oa+ and into est on for in the General Fixed Assets Account Grouo. Public on3 ai olignt!iJn cnr err''} del:-. addit(on jnlgnlited domain !"Infrastructure'') general fixed assets consisting ani°; 1, liav be v 1 e,,i ..c a payment a orinc;cai and of certain improvements other than buildings, inciud ?r„a5, ot, rgerieral o , c.a on ,o"a term deot ubiect to a _h !ng roads, bridges, curbs, and gutters. streets and onlitat!on on the amount of debt �.au;star?;,!n c e rate +° sidewalks. drainage systems, and lighting systems are finance genYrai ?cvercmelita� erv,ce.. ��,ti,e, 'nan are !ia . capitalized along with othergeneral fixed assets No aavrnert Of onnc�oai �tnd ntiarest on gene,ai oblrcation depreciation has been provided on general fixed assets. on team debt) fo tl�e year Winded September ''. �, 9 1t t 98. All property, giant. and equipment are valued at histori- Wals �9-8571 De' SI 01z- 711e {JPr' se -vice ia`k ,ate 'or file cal cost or estimated historical cost if actual historical sarne period .vas S2 052 per :S1.000 cost is not available. and donated property, plant and A) - PENSION INVESTMENTS equipment are valued at their estimated fair value on investments held by he Pension Trust Funds at Sep - the date donated. ember 30, 198:^ :and accrued interest thereon ale summa- Depreciation of all exhaustible fixed assets used by rizea as tcilo�Nis the Proprietary Funds is charged as expense against Approximate their operations. Accumulated depreciation is netted Market Cost against related fixed asset amount on the Proprietary U S Government an(,, Fund balance sheets. Depreciation has been provided Government Aoenoie over the estimated useful lives using the straight-line Bonds and `dcteS S ` 8 ? 0 S- 85 69a 39.1 method. The estimated useful lives are as follows: `reasc.:v brilS 20.897G;?C 20 525,082 • Buildings and Improvements . 30-50 years .,prop � r at.. e ; Stocjs � � 3 989 LC ? 23.169,237 0 Machinery and Equipment 41-20 years Corporate Bonds 2'! 28".�1C? 21 458217 y • " improvements other Commercial Pact?, i 899 0111 6.98. 7t than Buildings 10-20 years 'Money Market Fends and Interest costs associated with Enterprise Fund borrow- time Deocs,ts ^2«12 00a 32.,112,07, ings (revenue bonds) used for construction projects Mo tgaces I58,000 318,137 are capitalized during the current period as part of the Rental and Otner assets, net of related interest earned on unexpended Peal Properrr 4. : j0 125:361, portions of such borrowings. As no revenue bond con- Acc(ued interes 3,648;1co 3 6,18. 012 struction projects were ongoing in 1985, no interest S310.929.000 S302,049.272 costs were capitalized. (L) Total Columns on Combined Statements -Overview 5) DUE FROMITO OTHER' FUNDS Total columns on the general purpose financial state- Due fromlto other funds are loans from one `und to ments are captioned "Memorandum Only'; to indicate , another +or specific purposes At Seotember 30, 1985. the that they are presented only to facilitate financial anal- balance in due rramito otr?a_r funds consisted of ahe <`oitowing ysis. Data in these columns do not present financial position, results of.operations, or changes in financial Due from Due to Fund Other Funds Other Funds position in conformity with generally accepted account- ing principles. Neither is such data comparable to a Genera! - S 800 922 S 3,653 consolidation. lnterfund and intrafund eliminations have Special Revenue: not been made in the aggregation of this data. Downtown Deveicoment 3) PROPERTY TAX .+utilority ;Miami Sports and Exrmition Property taxes are levied on Januory 1 st and are pay- Autrierity 97,200 able on November 1st. with discounts allowed of one to ether Fund; 776,322 four percent if paid prior to Marcn 1st of the following rapitat P oiects calendar year. All unpaid taxes on real and personal prop Cult :re -Gild Aecreaticn 7 2.5Cr erty become delinquent on April 1st and bear interest at 18% until a tax sale certificate is sold at auction. Dade T"ust and Acencv: County bills and collects all property taxes for the City, and Pensrort-;4dn,rlisi anon — 2.536 758 sells tax certificates for delinquent taxes. GESE Pension Tr,_,st i :.29 195 The assessed value of property, as established by the FiPO Pension Trust 3'07.6,3 Dade County Assessor of Property. at September 30, 1984.^eta•, _ " G-13 01 ` a V42 }•561111 lte3riM itlga4ial Printers k}itimt, t City of Miami —General Obligation (Bond Ist Proof of 7/15/86 x 17+� 6) DUE PROM OTHAA 00MNM TS Amounts due from other governments primarily represents amounts relating to grants awarded by other governmental aaencies, Federal Revenue Sharing monies and other receivables from state and locat aovemments. ?') PROPtATY, PLANT AND tOUIPM T The following is e summary of changes in general fixed assets for the year ending September 30, 1985 Balance Additions beletions Balance October 1, and and September Sty, j984 Transfers Transfers 1985 Land S 20.858,734 $37,133.792 $ 1,036.450 S 56,956.076 Building and Improvements 24,071.349 4,898,906 2.437.550 26.532.705 Machinery and Equipment 23,09,1.610 1,850;133 262,170 24,682.573 Improvements Other than Buildings 136.840.517 2.972,378 — 139.812.895 Construction in Progress 73.022,715 18.619 304 39,283,042 52.358.977 Total S277.887,925 $65,474.513 $43,019.212 $300.343,226 The significant committments related to the acquisition or construction of general fixed assets are shown as encum- brances intheCapital 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 Enterprise Service Land S 12,302,455 S 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 $15177.661 G-1-1 F6848 Rg�-it!w Financial Printers, Miami, fl. Cit5 s i Iiarpi.—GCnCral Obligation 13un i Ist l+ntut' nl' 7113rt;G x 19 + 10134 8) LONO,TEAM M ;he following is a sufrmary or ;nances +n lcncl•ferm dent of I'le Cs ,, `o- i4.e vear ended September 30 1985 i4n thousands of dollar-,} General tong -term Debt Enter4irise Fund Debt General Special �. _ Special Obligation Obligation Claims Other Compensated Revenue Obligation 86nds 80tids Payable Payables Absences total _ — - Bonds aonds - Balance at October 1 ig8:1 �. -rr, 3,51h�� S 600 w20.8t(; � � �_ � ���1 �� ^ _8 �� 3 3 '-1..212 ;i3,1320 S _.. New Bonds ?ssued ''3 000 33 ;. - Bond Anticipation Notes 12.000 12:a00. Decrease in Lease Payables- — — _3i — i1.t381 Increase in Lonaje,rn Claim Liabilities ` 3 2Nr1 — — 3.250 — Increase in Long -Term Accumulated Unpaid Compensated Absences 125 -- Debt Retired i22:0101 1150t 12,2 1F0) 10,517'1 — Ba,ance at September 30. 1985 S174.6,40 S I55 S-2 _J60 S 3 S12 519 S216.299 73 503 ,1 '20 Bonds payable at September 30, 1985, are comprised Revenue Bonds and Special Obligation Bonds (Enterprise of the following issues:. Funds): General and Special Obligation Bonds (General Long- $60,000.000 Convention Center Term Debt): and Parking Garage Revenue S25,000,000 Police Headquarters Bonds, due in installments of Improvement Bonds; seven issues, $100,000 to $4,750,000 through maturing through 2005;interest at 2015; interest at rates ranging — rates ranging from 3% to 9.25% S 14.775,000 from 6.5% to 8.5'/o $ 60,000.000 $38,000,000 Storm Sewer $13,860,000 Off -Street Parking Improvement Bonds: twelve issues. Revenue Bonds, maturing through maturing through 2014:interest at ' 2009 at varying rates of, interest rates ranging from 2.5% to 11.5% 28,370,000 ranging from 6% to 10.375% 13,705.000 $44,640,000 Public'Parks and $225,000 Orange Bowl Warehouse Recreation Facilities Bonds: five Revenue Bonds, maturing through issues, maturing through 2003; - 1989: interest at 6:5°%. 98,000 interest at rates ranging from $13,720,000 Special Obligation 3.5% to 9.25% 23,360.000 Bonds: maturing through 2008: $65,000,000Sanitary Sewer interest at rates ranging from — Improvement Bonds; ten issues, 5'.6250io`to 8.87511i6 :' 13,720,000 maturing through 2013: interest 87,523,000 at rates ranging from Less Unamortized Bond Discount (2,305 365) 1110% to 9.25% 30,515,000 $ 85,218.635 $36,100,000 Street and Highway Improvement Bonds: eignt issues. maturing through 2014, interest at rates ranging from 3% to 11.5°i° 25,365,000 $79,240,000 Other Issues, maturing througn 2014: interest at rates ranging from 1 % to 11.5% 52.705.000 $175,090.000 G - 1-4 TK,,24 TK'28 F6848 lievipw tlnowi%l Friniers,'Mitimi, Fl- Ciiy of Miami—Genaral Obligadon Bond lst Proof 0(7/15/ fi x i7+. 101.34 the annual requirements to amortize all bonds and The Trust Indenture orovides that the gross revenues other payables outstanding, as of September 30, 1985 includ- of the Convention Center -Garage will be deposited. as ing' interest payments of $299.341.000 are as follows tin received, with the Trustee of the credit of the Revenue thousands of dollars): Fund. The Trustee shall transfer from the Revenue Fund, on a monthly basis, all money remaining in the Yoaf triding (metal SpeClal (�thaf fund In excess Of Current expenses t4 the following 5aptombef 30 Gbilgatldn Obligatlon t�evanua Pgyabl€s accounts or funds in the following order• 1986 $ 19.982 $ 1.319 $ 6.677 $1.067- a)to the Bond Service Account, an amount equal to 1987 23.495 1,421 6,680 1,100 the sum of O an amount equal to one -sixth (116) of 1988 22.8,16 1,540 6.678 1.192 the interest oayable on all the outstandingbondson 1989 21,220 1,392 6 677 1,292 the next ensuing interest payment date; and 00 com- 1990 20,432 1,394 6,775 — mencing in January 1989. an amount eaual to one- 1991-1995 86,022 7,010 37.143 - twelfth (1112) of the next maturing installment of 1996-2000 63,077 7,087 38,134 — orincipal of all serial bonds: 2001-2005 89.658 6,541 36,923 — b)to the Redemption Account, commencing in January Thereafter 21,243 5,902 64.665 2001; an amount equal-ro one twelfth (1112) of the $317.975 $33,606 $210.352 $4,651 principal amount of the term bonds required to be retired on the next succeeding January ist; The various bond indentures contain significant limi• C)to the Reserve Account, such amount, if any. of any tations and restrictions on annual debt service requirements. balance remaining after making the deposits under maintenance of and flow of monies through various restricted the two preceeding provisions, as may be required accounts, minimum amounts to be maintained in various to make the amount then held for the credit of the sinking funds, and minimum revenue bond coverages: Reserve Account eoual to the maximum annual A summary of, major provisions and significant debt principal and interest requirements for the current service requirements follows or any succeeding fiscal year. General Obligation Bonds —Debt service is provided d)to the Renewal and Replacement Fund. commenc- for by a tax levy on non-exempt property value and ing in October 1982. one -twelfth (1112) of $100,000 collections on assessment liens from projects financed and one -twelfth (1112) of such additional amount. it by proceeds of such bonds. The total General obliaa- any, which a consultant retained for such ourpose tion debt outstanding is limited by the City charter to in its latest written report prepared pursuant to the fifteen percent of the assessed non-exempt property Trust Indenture shall have recommended: value. At September 30, 1985, the statutory limitation _e)to the Supplemental Reserve Fund, such amount. if for the City was approximately $1,311,627.000orovid any, as may be` required to make the amount then ing a -debt margin of approximately $1.141.540,000 held for the credit of the Supplemental Reserve Fund after consideration of the $174,640,000 of cenerai obli- equal to Two Million Five Hundred Thousand Dollars gation bonds outstanding of September 30, 1985. less ($2,500,000); approximately $4,553,000 available in the related Debt 11) to the Surplus Fund, the balance, if any, of the Service Fund. amount so withdrawn. General obligationbonds authorized but unissued at At September 30, 1985, the City had on deposit with the September30, 1985, totaled" approximately$99.275,000. Trustee for these bonds approximately $9:466.000. $60,000,000 Convention Center and Parking Garage exclusive of accrued interest receivable, in the required Revenue Bonds -Debt service is provided by a pledge restricted funds and accounts of net 'revenues of the Convention Center -Garage. a $13,720,000 Special Obligation Bonds —In July, 1985, pledge of certain telephone and telegraph excise' tax the City issued $13,720,000 of the City of Miami, Florida, revenues. and by a covenant and agreement of the Special Obligation Bonds, Series 1985 (the "Series City to provide, to the extent necessary, revenues of 1985 Bonds"). The proceeds from the sale of the series the City, other than ad valorem property tax revenues. 1985 bonds were used to defease the previously, out - sufficient tomakeup any deficiency in certain of the standing $10.400,000 Parking Revenue Bonds with a required restricted funds and accounts. balance remaining of $10,345.000. As a result, an Various funds and accounts held by the Trustee' are extraordinary loss of $2,468,039 was recognized. Debt required to be maintained under the terms of the Trust service is provided by a pledge of net revenues of the Indenture pursuant to which the bonds were issued. Government Center Parking Garage and utilities serv- Those funds or accounts pertaining to these provi- ices taxes collected by the City from the sale of water sions include the Revenue Fund. Bond Service Account. and gas in an amount not to exceed the principal and the Redemption Account, the Reserve Account, the interest requirements in, the ensuing fiscal year. A Construction Fund. the Supplemental Reserve Fund. reserve must be maintained equal to the maximum the Renewal and Replacement Fund andtheSurplus annual, debt service requirement. Various funds and Fund: accounts held by the Trustee include the Revenue G-16 TKIT Fb iri >IieyiEwijilan i IPrinlFrs,MiNmi,fl. City ofNliami_GmvraI0bligatianBond 1*1Proutat7/,1$/86x17+, ; 10134 Fund Bond Service Account Rpdemotion A coiJnt 9) t HANOES IN A13SNCY PUNb Reserve Account and the Generai Reserve F;jnd, T,,e The City's Agency Fund is used to account for the nature ourpose grid funding pouirernent, of inese $2,000.000 refundable deposits by the Cable T V licensee funds and accounts are sirnflar to '.hose described and interest thereon, which is payable to the licensee. The above relative to ine Convention Center A; September changes in the City's Agency Fund are as follows: 30, 1985, the City had on deposit with the T•;,s*,ee `nr these bonds approximately S1.77r3 DO9 exc'usive of accrued interest in tf e restricted 'arid and accounts Deposits and accrued interest 564 $13,880.000 Off.Street Parking Revenue 136hd5—Debt beginning of year $2.03, service is oavable solely frorn the revenues of !tieinterest received 133,391 91 Off -Street °arkino `acaities This issue ("Serve, 1 983") Interest paid to licensee (104,245) consists of serial bonds of S3 2,20. 1JO payable i•, !ristaii- Deposits and accrued interest ments of $155.000 to S390.0100 from 1984 throuah end of vear $2.154,710 1996 and term bonds of $10,640,000 maturing from 1999 to 2009, Af September 30, 1985. the City toad on deposit :with the Trustee for these bonds aporoximately Due to certain controversies relating to the licensee's S2 658,000 in various reserve accounts. performance under the Cable Ordinance, the City has assessed These accounts consists of the Parking Systern Fund fines against the licensee totaling approximately $950,000 (Revenue. Revenue and Replacement. and General as of September 30, 1985. Since the assessment is subject Reserve accounts), the Construction Fund (Additional to ultimate City Commission approval based upon the results Facilities and Proceeds accounts). and the Bond Fund of an independent review of the licensee's adherence to the _(Interest and Principal. Sinking Fund, Reserve: Rederno Ordinance, the amount of the $2.000.000 performance deposit tion. and Insurance and Condemnation Award accounts) has not been reduced by the amount of such penalties. 10) FUND EQUITY The following individual funds nad a defic:t und equity at 5eptemoer 310. 1985- Fund Amount Enterprise — Parking Garage S2.758.591 Internal Service —Print Shop 198.424 The deficit in the Parking Garage Fund. resulting primarily from the S2 468.939 extraordinary, loss on debt refinanc nc will be eliminated by future transfers of Utility Service Tax revenues. The deficit in the Print Shop Fend 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 S4.801 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 reauirements of the utility service tax bonds is pledged first to provide funding as needed for dent 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 follo:vmg Retained Earnings Reserved for Construction Total and Revenue Contributed Fund Equity Bond Retirement Unreserved Capital (Deficit) Off -Street Parking S 1.817.768 5 8.755.482 5 276.753 $10.850.003 Convention Center 8,406,935 i 17 498,268) 43,'243 798 34.154.4i55 Parking Garage1.497.476 (4.889.967) 633,900 (2,758.591; Auditoriums r2 300 990) 5.407 505 3,106 5' S Marine Stadium i130.027) 6751161 545.13� Miami Stadium 1a74,296) 1.406186 831.890 Golf (4.862) 392.718 387.856 Other 7.466.519 6:503,730 13,970 249 511,72.1.t 79 S r9.176.409) S-56,539.751 S61.087 521 See Note 13 for selected financial information fegaraing the enterprise funds. G-17 916 TK;29 V680 Rvvl@w financial Nrinivrs, Womi, l' L City of Nliami—Gvngrai Obligation Bond list Proof of 7/1$ $6 x 17 �! i1) INTEAPUNb TRANSFEAS A suMrnary of interfund transfers and contributions by fund type is as foNows firar�sters to Sped al revenue Ca Ital pra�e+rtri Enterprise ihtetrtal 8eryir;e General Fixed Assets TOW _ TrangfePs Front i�erieral =------ Operating Transfers. $ - $1.484 905 $1.261.890 $ 543.791 _ S $ _... - $ 3,290,586 12,445,649 General Special Revenue 1 1 918.129 427.520 100 000 - 837, - - 22.400.225 Debt Service 17.562,937 _ - 7,267.925 - - 7,267,925 1,999,227 Capital Protects730.251 Enterprise 1,268.976 - _ - - 375,913 - - 375,913 --- internal Service - $30,750,042 $1.912.425 $9.3ti0,Q66 35.381.079 Q 5375. 3 — 5 _ $47,779.525 - Equity transfers' $ - $ 267.529 and Contributions: $ $ _ $ 267.529 $ - 296,538 General - - 229.608 - 66,930 - 61.948 - Special Revenue Capital Projects 14.283 - -_ - 8,019 47,665 19.065 - 192,506 219.590 Enterprise - - 510 820 1.330 2.314.879 - Internal Service 2;294.7,16 20,133 - General Fixed Assets _- - $ 229.608 S 229,6-8 $2.570.29a $154,303 $193.326 S 3.161.814 $ 14,283 $ - G-1$ 4 Higw Finnncia! Priniet*� Mimi, t i< City of Miami -General Obligation $ond 1At Proof.of 1/10186 x 17 +: fiK: Q ire= � F4� 0104 12)SELF•INSUFIANGF The City maintains a Self-lnsuranCe Expendable Trust Fund to administer insurance activities relating to certain Otboefty 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 acluarially 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 Long -Term Debt Account Group (GLT D)'and amounted to approximately $24.060,000, as of September 30. 1985, as follows Self lnsurane tllfib CIAIMS Peyable Clalma Payable (current I�ortion) (Non-Curreht) (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. S 543.356 $11.880,000 (8) General Coverage Departments of the City are assessed for oroperty 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 frp6i 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. G-19 TK131 City of Nf iami--Gencml Obligation Bond tat Proof oi17/ 15/86 x 17 + 1 ill) SSC;iMW 106AMAMN—SNTMAISIR FUN IS The 0ity maintains eleven (11) enterprise funds which provide various recreational. convention and parking facilities. $ela0ted financial information for the fiscal year ended September 30. 1985 is as follows (in thousands of dollars): Property Off,$troot Patking SladluiMs e6ftvelltf6fl Centef Mariniis Auditoriums 0611 Patking tlarage and Lease Mahigefnenl Total — operating Revenues. $ 1,597 $3,656 $ 3.327 $1.356 $ 533' $ 953 $ 202 $ 1,330 $ 18,954 Oepreciation Expense ... 931 506 1.531 172 146 44 149 59 3,544 Operating Income (Loss) - 2.027 386 (2,123.1 716 (355) (3311 1139) 1.049 1,290 Non -Operating Revenues (Expenses) and Operating Transfers :... .. (985) 161 (592) 133 296 59 (499) (1.025) (2,452) Net Income (Loss) 1,041 547 12,115) 910 159) (271) (3,106)(1) 23 (3,630) Contributions and Equity Transfers . ..... 155 " 245 = 3 79 — — 2.287 2,769 Total Equity (Deficit) ..' ....... 10.850 8.334 34.154 4,703 3.107 388 (2,759) 2,310 61,087 Total Assets . ; . - .: _ .. 26,056 8,112 94,004 4,811 3.178 481 10,881 2,349 150.472 Property, Plant and Equipment, Net .. 17.920 8,623 83.308 2,431 3.436 941 8.043 2.229 126.931 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 Net 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. • G-20 41 F6448 lkvirw financial PrialGN, Miami, F1, City ofObligation 134nd lil Pruof of 7/15/06 x 17+ TKtU 10184 t 9 14) PENSION PLANS AND AE96LUT16N OP - Each of the two Boards of Trustees +Boardsl in its PENSION LITIGATION discretion. may have its own employees its own admin- istrator, its own attornevs. accountants. money man - A) A+eparting Entity agers. and other professionals. For a number of years, the City has sponsored two --- The City's total annual contributions to FIFO and GESE separate defined benefit contributory pension plans: Miami beginning with fiscal year 1984185 ate required to con - City Employees' Retirement System (System) for police offi- sist of cers and firefighters and Miami City General Employees. 6 Administrative excenses. Retirement Plan (Plan) for sanitation workers and general 0 Actuarial contributions for normal cost using ,he employees. Since 1977, the City was involved insignificant entry age method: a mechanism has been agreed pension litigation, primarily related to (1) a class action upon to, resolve possible disagreement on annual lawsuit filed on behalf of all members and beneficiaries of contributions by a third party the Plan and System seeking to require the City, for the i Annual unfunded liability contributions based on a years 1939.1975, to retroactively make additional deposits schedule that requires $5,000,000 for FIPO and to its pension plans totaling approximately,$40,000,000 includ- $6.400,000 to GESE, respectively. increasing there- ing interest through September 30, 1984, and (2) the claim after by approximately 5'/a per year The total unfunded from the Boards of Trustees of the Plan and System of liability, including the effect of certain plan improve underfunding of the'pension plans in years 1980-1984 total- ments, was calculated to be approximately ing approximately $14,300,000 (Plan) and $17,100,000 (Sys- $104,500,000 for FIPO as of January 1. 1983. and tem), Prior to 1980, the policy of the City was to make $109,000.000 for GESE as of October 1, 1982. contributions to the pension trust funds based upon amounts establishing the basis for the contribution sched- determined to be due by the Plan and System actuarial ule.' The currently existing unfunded liability bal- valuation reports, which provided fora level dollar amorti- ances are scheduled to be eliminated by the year zation of unfunded prior service costs. The City Commis- 2012 for FIPO and by the year 2008 for GESE, sion, in September 1979, adopted'a policy limiting the increase Any increase in the unfunded liability of either FIPO or in the portion of the pension contribution relating to the GESE arising from lawful increases in benefits provided amortization of the unfunded prior service costs to five the City unilaterally shall be amortized `e level annual percent of the preceeding year's amount, resulting in the in t1) years from the installments over the shorter claim of underfunding by the Boards. Therefore, for 1980-1984, hi which the change occurred. beginning of the fiscal year. in e the City's contributions to the pension' plans consisted of such benefit increase or (2) the over s normal costs and a 5% per year increasing amortization of .period Any e expected to be paid. Any increase or decrease the prior service cost over 35 years measured from 1976, less unfunded liability resulting in changes in investment manager's fees paid by the City on behalf of the froactuarial i- assumptions or changes m benefits resulting from. col- Plan and System. lective bargaining shall be amortized in level annual Due primarily to the special circumstances involving _ installments over_a period of 30 years from the becin- the litigation, both the Plan and 'System were excluded as ning of the fiscal year in which the change occurred. part of the reporting entity of the City in prior years. In 1985 _ A Cost -of -Living Adjustment Fund KOLA Fund), was the pension litigation and related matters were resolved, as created with a designated amount of savings,gener- described below, resulting in the two pensiontrustfunds ated by the tax qualification ofFIPOand GESE being meeting the criteria for inclusion in the accompanying contributed by the employees. The COLA Fund is funded financial statements of the City as part of the reporting as follows: entity. • Two percent of the earnable compensation of each B) Resolution of Pension Litigation and Related member shall be credited each pay period to the Matters COLA Fund. On May 23, 1985 a final judgement was entered by the 0 A transfer to the COLA Fund of an amount equal to Circuit Court of the Eleventh Judicial Circuit in and for one percent of the total payroll of all members per Dade County, Florida, in settlement of the pension litigation fiscal year, to the extent such an amount is availa- and related matters. The major; terms of the settlement, ble from excess interest earnings determined on an which was approved by the City Commission on June 13, accumulated basis from October 1. 1982. to the 1985, are as follows: beginning of the year of determination: reduced by —'The System became the City of Miami Fire, Fighters' and any COLA transfers in prior years. Contributions Police Officers' Retirement Trust (FIPO) and the Plan is pursuant to this provision snail oe mandatory for now the City of Miami General Employees' and Sanita- three-ano-one-half years only. beginning October t tion Employees' Retirement Trust (GESE). The composi- 1983. Excess interest earnings are defined as being tion and method of selection of members for both Boards the difference between the rate of return on the has been changed. actuarial market value of the average assets as G-21 7' TK,78 V684$ tiFHisw Finaociul Printera, lvlipmi, F1. City of 4liami--General Obligation Bond 1s1 pruuf uf;7/15/86 x 17+ 10184 calculated in accordance with Chapter 112, Florida ees are recorded in the period the City makes payroll deduc- Statutes, less the assumed rate of return for active tions from participants. The City is' to contribute such members on the current actuarial valuation report amounts as are necessary on an actuarial basis to provide The liability, if any, of the pension trusts to pay a varia FiPO and GESE with assets sufficient to meet the benefits ble annuity benefit to any bast. current or future retir- to be paid. GESE also receives contributions. through the ees was extinguished. City, from Metropolitan Dade County and the State of Florida The City paid approximately $900.000 in legal fees of on behalf of certain plan participants. the 'various plaintiffs through the Pension Administra- tion Trust Fund (expendable trust fund) during 1985. The present value of vested benefits (benefits to which The settlement resulted in no other liabilities assessed participants are entitled. regardless of future service with against the City. the City) and the estimated actuarially determined unfunded prior service cost were calculated by consulting actuaries C) Description of Pension Mans and Actuarial meth• as of January 1. 1984 for FIPO and October 1, 1984 for oft and Assumptions GESE as a basis for determining the City's contribution for FIPO and GESE are separate defined benefit plans 10 the City's fiscal year ended September 30. 1985. The which member employees contribute a percentage of their estimated actuarially determined unfunded orior service basesalaries or wages on a bi-weekly basis. This percent- cost is calculated using the frozen entry age actuarial age was 8 1I2°,o for FIPO and 8°,a for GESE until June 1, cost method: 1985. at which time the percentages were increased as a The more significant assumptions underlying the actu- contribution to the COLA Fund. Contributions from employ- arial computations are as follows,- • GESE ` Assumed rate of return on investments: Prior to retirement 80`1- oer annum; compounded annually After retirement 711r, per annum, compounded annually Active mortality basis 1971 Group Annuity Mortality Table, set back 6 years for females RatC of Withdrawal Employee turnover Age' Years of Service -' 1 3 S+ 20 .175 .120 080 30 .175 .120 060 40 .175 120 040 50 .175 120 .020 Annual Rate of Salary Scale Age Salary Increase 20 .100 30 085 40 075 50 075 60 .075 Annual Rate of Retirement Age Retirement 55 .300 60 .140 65 1.000 Asset Value Lower of market value or statement value or statement value G-22 T'. TWO p684 8 140m Finanviae Printers, MiRml, FL City of .% iaml-General Obligation Bond Is! Proof of 7/15/86 x 17 +; 1 01,34 Assumed rate tot -eturn =_ nni;ri� rorn;�r,_,nded an, on investments Active mortaoty oasis ' ` 7 Grouo Annuity tvlottait ty !anlQ oToduclnCw,, t z, r�Co.vrng soecirner) 'a;e5 - Aga Male Fah itla16 n�,' w0503 _ 0250 C 0809 0469 trj 1633 0' 438 50 y285 21 65 CIO t '� Ito 56119 Emolovee turnover in accordance with the foilowing soecimen rates. Age Aate - 10 410 30 50 00 Salary scale Plus 15 additional in firs' year of eniolovment Seniority scale. orovidrna annual earnings, in- _ creases ranging from 8 =,, at age 20 � 5 ' :' at ace ;10, 1 - ,_ at age ;:. 1 4 =' al ace 50, to 0. -; at age 60 in addition, a 5 = : annual increase due to,im!at+on is assumed. Retirement Ace Prooabriitles of ezirino ranging from ? ' at ace 0 3.5:. at ace 45. 50'- at age 50, to 100= !: at age 55. Asset value MOV11110 marKet value average. A summary of Certain Information in 'he actuarial valUaiiian, is as follows; FIPO GESE To determine City contribution for year ended 5f30i85 9130185 Valuation date 1!01184 10/01183 Actuarial value of net assets $153.367,000 5 87,012.103 Actuarial present value of accumulated plan benefits: Vested 5165.397.000 3155.145 000 Non -Vested 1'1-.311.L00 5.236.000 Total $176.70&000 S150.381,000 Actuarially determined unfunded prior service cost 3108,924.000 5111378.313 Number of participants: Active employees 1 717 2,015 Retired, disabled and deferred vested Total 2,576 3,526 Required employer contribution funded 3 10 700:000 $ 10.159.599 G-73 rr M40 Wew Pinsndol Printats, Miami, F;G. City of Miami--Gwral Obligation Bond to proof of 7/ 5/86 x 17+1 +1 0 r Through 1985 the City has maintained a Pension Adm n- x,v ^ut conds + _sued oy Dade Ceu;n*y or +sfralion Trust Fund iexpendabte trust `und) rdhiCh ctiarnes e�ueoleo as caoita+ uontr cu;+nns ;n Dade County each C ebar"mpnt Of the Litt/ and otherypUertir11er1ial p,- or ,;Cj Ct� "Jt,+i'.` '.vf;ntn (:+'+t i+mit5; As of SeCtanl- tnbutors their respective share of estimated pension :oiar Per ") 1,D8 , aoorci)imateiv Sn.irt:0 t 0 of these contributions iS17,163:000 and 554U.00n, respective?iv 0 Crud proceeds nave been exbended f,of land acaui- 1c,,� Suostantiallyall amounts charged were to tl)e (3en- for V'ITI US no .-,Wnc or() ec.s A ,`ter' fne City -ai'F+.nd. ,ar•d the remainder to va,iovs other funds 0r1n- tani;s conducted ;r Co.tjUnc;iott ,'ti;f1 CAde County c Pally Enterprise and internal Service The Pension .Adr ti^- and aopro.omateiv '_2,667 0001 r,ad 4een trans'eried istration Trust Fund then disburses the avtuariaaily deter- 'n the trustee tot debt .service reserve reciuire- mined reauited cont ributtons to the pension trust `unds nments The amounts transferred 10 the trust ac For 1985. 'ne -equired contributions to FiPO and GESE as ..r.=^t nave been recorded as receivables n the a rPSult of the settlement of the pension litigation toia?ed :ao+tal orojects `unds and. clue to the uncerta;nty aooroxitnately S20'360:000, as compared to approximately k:f ci!eclion an allowance fo` vie lull amount rias S191,255.000_for 1984'as determined by the City s actuary peen estaolisned prior to the settlement. The 'required contrioutions w?re 6 As of Seotemner 1.-�0. 1985, aocrox+mateiv SG 200.00C. `ur�ded;to the pension trust funds during the year for of'�ousing bor:d nroceetls na., teen used for land which required or shortly thereafter. accutsition costs as of Sectember 3o t985. asso- The fund balance of the Pension Administtation "rust crated with cite Southeast Oveitown Park West _ Fund at September 30. 1985 of $1,a15.333. v.,hicn recce- Redevelopment Project. .,mien laroets for redevel- sen,ts the accumulated excess of charges to other funds opment 200 acres of prime teat estate adjacent to and miscellaneous revenues over actuarial reauitement's ;he City's central bUSIriess district The `OUr' On - and other expenditures, has been designated for 'future -,truc'ton contractors chosen by the City for the pension clan contributions initlai 'tine oloCkS of the project .,01 re ofle!ed . construction financing assistance 7 t-re City may D) Other Plans issue in fiscal year '1985r86 uo to 3-0.000000 in _The City also makes contributions through tie Pen- !nree-vear'cor.str;,ction notes to be supported ov Sion Administration Trust Fund to cite Police and Fremen an �rreiocat)le letter of credit of a malo- baner. Tne Relief and Pension Trust Funds, whicti are not under the notes ,%ould be secured by the oaynlents to oe jurisdiction of the City, and therefore. no, included herein received on account of lie sale of the units, ny aspart of the reporting entity. Funding for suet contriou "vestments Held by the Trustee and by tna pledge Lion, which totaled approximately 33,2_31,000 for 1965.' s of the City of certain non -Ad Valorem evenues from the State of Florida -Bureau of Municipal Police and • in addition, certain bond oroceeds are anticoated Firefighters` Retirement Fund, pursuant to Chanters ;175 to be used to finance land acquisition and related and 185 of the Florida Statutes, costs for an affordable rental tiousind develoo- The City sponsors two deferred compersanon Programs ment orogram. This program's objective is the for its employeesadministered by ICMA`and the U-S. Con- construction of rental housing units within the ference of Mayors. The ICMA administered plan provides City of Miami for low and moderate income per - for a City contribution of 80 of based salaries of participat- sons in conjunction with Dade County. Construc- ing employees. which was approximately S165.000 tion is expected to oe financed by the issuance of up to S65.000A00 in City of Miami Mortgage Rev- 15) COMMITMENTS AND CONTINGENCIES enue Bonds and equity investments from the orol- ect s developers. There are a number of claims and lawsuits outstand ,ng against the City, arising principally from personal iniu- Convention Center ries 'incurred on City property. for which a liability of In August f 980. the City issued 560.0�?0 000 of Con- 524:060;000 is recorded is General Long Term Dept as of ,enrton CenterandParking Garage Revenue oonds to September';0, 1985, as described in Note 12. _ finance construction', of the City of MiamoUniversity of Miami Housing Bonds James L Knight international Center As discussed in Note 8 the bones are collateralized under the trust 1 _.,-,-_ire by In February. 1976: the City Commission passed an _ a first lien on "tie pledge of the net revenues o; ,:!_rnven- ord nance which approved the issuance of $25.000.000 ;ion Center -Garage. certain teteonone and telegrapi utility General Obligation Housing Bonds of the City for the put- Service taxes and by a covenant and agreement of [ne City :Jose of providing dousing for families and persons, ,o provide. to the extent necessary, revenues of the City mg the elderly, of low and moderate income. During fiscal ':tnerman. ad valorem tax revenues. suffic:ent to make up year 1983184, the City issued the final S,18.100.000. or'me any deficiency with respect to the payment of operating approved bonds, The current and proposed uses of trte expenses and debt service and the maintenance of the proceeds are as follows: reserves required under the bond indenture The City, has • Pursuant to agreements petween the City of Miami approortated'aoorox.imate;y $4.269 00 of utiiity service tux and Dade County. certain of the oroceeds of such evenue 'or nese purposes for tfie fiscal year ended Sep - bonds have been deposited in trust for a reserve lember K. 1986 It is anticipated.that similar tr ,nsfers of iuna to provide additior ai security to certain nous- sucn .ravenues +:rii! pe necessary ?hereafte, orl an annual G-2 TKA F684s RVVIcw F111400111 Prittivis, Minim, K City of 1igrni-G;=ra1 Obligation Bond 1xt Proof of 7✓15f$6x 17 101,34 basis ,fTtoltdn fiscal 1989 to subsidize Un`✓entiU Center Me Bavfront r:�r�;!?t',UrT1 �,vr' ch occ ,oted re ci1e 0* the deficits oroiect Tile City ao .jd,:anctd S2 r 5+0 60 to be refunded The C+iv entered into an agreement vv+tft the tJn+ver by the devefooe to buv out he eY+ t nq lease 0,n es- sity of Miami 'whereby the Univetsity leases space in the taurant `acility , itnin tie leased pre !seS: prG ur ed Convention Center for -a term of 30 years. including hvo r inat tenant imoroverrie,s t,vill eprese,, an addibonai 530 30-ye8r rpnewai options for a total of 32.906.000 paid as mtuton investmer t basic rent in advance in 1Q83 The City also entered into a In Ocionei T985. ',he City issued 5 17 10 two of Indus - lease agreement with a private developerfor certain at, trtal Development Reven�ie Bonds. Strips 1985 iBayside space over a portion of the Convention tenter lot, a hotel Tenter i-imited Par,nershio P,cjecti to finance me const`Ul'- the lease is for a tetra of a5 years vvith a <15-year 'ene:Na! tion of a MUltr-level oarKinq garage, adjacent to ,he Bays(de option and provides for a base rent of S2,9001.000 paid to the Specialty Center Project These ponds are payable fcom City in advance in 1983 plus additional rent oavapie annu- revenues generated from the operation of site cara,e and ally as a graduated percentage of gross sales ,n excess of repayment is tiie responsibility of Rouse -Miami inc.. the S26 000,000. No additional rent tivas received during 198. 5 bonds do hot constitute a debt of the City 7'le City is no' under this provision. The amounts received as base rent it) obl+c_ated to pay"+ie bonds or interest the•eo,, 1983 were accounted for as eautty 'contributions to the ColiseumlExhibitiori Center Convention Center, The City also entered into an agreement with a seoa The Miami Sports and Exhibition Authority fAuthoritip rate private developer to lease air space over a portion of s currently negotiatirna a comorena stye contract: al the parking garage for a 37-story World Trade Center. agreement with Decoma Venture (Developer! to construct currently under construction. The lease aareement pro- an arena facility The Authority has entered into an irrevo- vides for lease extensions yielding a total term of 90 years, cable Letter of credit Acreement v✓ v .he Deveiooet in the Base rent is set at $150:000 per annum. witn up to an amount of S100 000 oavable to the Au,r.ority as security additional $150.000 annually to pe received based upon - for !t0t.ndated dar es it• the eve•,( no awee! nt can be the World Trade Centers occupancy rates Both rent com- reached by May 15 St036 :rider certain conditionsbrin,G - conents are adjusted annually for changes in 'tie -consumer oally the Deveiope:r s faiiu!e o negotiate !n good faith price index. On Auc;ist 213 985 ,rip Authority Ante=ed into a Pre-Develoomeni .Agreement (Agreement) ,wth the Devel- Parking Garage ooer which permits up to 51.500:r100 +n axxpensesand obit - in July 1985, the laity issued S13J20.000 of Special gations to oe undertaken oy !tie Devetoper to accomplish Obligation Bonds. series 1985. for the purpose of refinancing" or initiate' re-deve?cpment activities All payments oy the the 510, f00.000 Parking Revenue Bonds issued in 1982 to •Authority uncle he Agreement may either oe credited finance construction of a 1.110 car parking garage adfa- - against any future advances or payments reauired to be cent to the Government Center (see Note 8). The facility made by 'he Authority to the construction project or, if opened to the public in 1983. The Series 1985 bonds are permitted by law. may be reimbursed out of the proceeds of collateralized under the bond ordinance by net revenues any bonds issued by the Autnonty'to finance construction from the parking garage and the revenues of the City As of September 30. 1985. no ore-deveiopment expenses derived from water and gas utility services tax in an amount had been presented to the Authority for payment., not to exceed the maximum principal and interest require- On August 30, 1985, the Authority adopted a R,esolu- ments in the ensuing fiscal year. The City has appropriated tion authorizing the issuance of up to S65.000.000 of spe- approximately $1.559,000 of utility service tax revenue for cial obligation bonds of the Authority, payable from Con - this purpose for the fiscal year ending September 30: 1986. vention Development Tax revenues to fund the arena construction The Resolution also provided for the issu- Bayside Specialty Center ance of subordinate oojigat+ons for any lawful purpose of The City entered into a lease agreement with an out the Authority. fSee Note 16-Subseauent Events); side developer (Rouse -Miami. Inc.) to allow the construc- tion of a proposed S126 million retail center on 20 acres of 16) SUBSEQUENT EVENTS — City -owned property along the edge of the Miamarina to be On December 27. 1985. the Miami Sports and Exnioi- named the Bayside Specialty Center. The lease' agreement tion Authority issued S 8.000,000'FloatingiFixed Rate_Spe- has a term of 45 years with two renewal options of 15 years cial Obligation Bonds. Series 1985' lBonds) maturing in each. Annual rent is set at the greater of 351�,, of thenet various amounts from-1991 through 2015- The Bonds are income of the project ortheminimum base rental as defined limited special obligations of the Authority and are cayacte in the agreement. Rental payments snail oe received monthly solely from and secured by a pier!ae of Or the Autnonty's after the project commences operation targeted for 1987.allocated portion of tr e ConMrit+on Development Tar The retail center is to be financed by a construction levied and collected in Dade County. ilii investment earn. loan S72 million obtained by the developer, a $3 million ings on certain reserve accounts required to be maintained equity contribution from the 'developer and 34 million in with the Trustee, ar,d dio from the date of orloinal issuance infrastructure improvements to be provided by the City .As of the Bonds through December 30. 1990 !except upon the of September 30, 1985, the City had expended approximately earlier occurrence of certain events). from funds drawn $370,000 in cost primarily associated With the demolition of ;nder a bark feller o` credit in a sate: amou",t eoi,af to nF G-25 TI( 91 F6848 Review Finnnkial Pri"IM, MIRMIf F I- City of St iami—General Obligation Bond is( Proof of 7/15/86 x 17 ¢ 01 3 i onnCloal amount 0' i'e Bonds olu s 155 days fntiith at aft interest rate or 'tFrom t"-e date of initial iSSt of the Bonds ,hrOUCO Jar?ua!v 7 1'�86 the Bonds wtl interest at 8 29- ;' tflereaftef. at a variaole rate oer a Calculated �,vee!Kly Tne Bonds evere ',sited orinCioz provide funds to oav the Cost of aCoUls!iion and COI' 'Pon of ;arena `acmty. togev; er : '•f._ a Z�8 �500.I00 Cor ',lo`i by the Develooe! and a conI,,!CL t!on by ine Autho aboroxirnateiy S-1. 21 0,-', in aCCUrr.Ljlaied Oonve''tion 1 ocrient Tax revenues reon fin becer-rioef _ a81; "Ie Atrt"Ccrc'4 a.so 'SSUed`a inch S1 QGfl-0n{l SUC7titl;r,a.�? Ot i!(Jat cr" fVotci Jr" Pc Sa j to ,)eat and a oe'marlerlt o' tempora'v y"ibition ate, or ;inv num other lawful ouroose o! the AL,ti,ori,y h;5 note is sec:a'ed v to by a oledoe Of the AUthortty s ailoCata(I portion C:' erle trUC COrve ttOtl D@`Ielppr en' T._iz u t O' : basis Lc rd;"ate ribu. and ;unior to title olenge to the Se',es ' !?5 SCecia; Ooitaa- tv of {ton Bonds, interest or) the 'tote is cat %r3 ? t�'!r` e ']tE' evel• Stulojec, ,o adfli5,nle'li ,,ender Certain inte,esi is bavable OUA"erly beG!^ninc in ADr'I `.a8,6 Oux','sIiy Cf!'l= opal oavments of , i 2 commence Jarilv Ga4 tiv!ft t° e final installment due " 1 December G-26 ii.. SCH#-DULE Al City OF MIAMI, FLOAlbA pl{E EAAL FUND STATEMENT OF AVENUES, EXFEN15ITUAE9 AND CHANCES IN FUND BALANCE—f1UDOV (NON,CAAA EUDOETAAY BASIS) AND ACTUAL YEAA ENDEb SEPTEMBEA "I With COMPAIrdtive Aatusl An1auhts far Ydar Ettided SOAteMber 30, 084 1985 — Varian�e �avoi able Actual Budget' Actual (unfavorable) 1984 Revenues' Taxes` Property tax collections, g, 83 292.416 $ 84,208.646 $ 916,230 $ 78,967.870 - including penalties and interest 14 678200 16,073,050 1,394.850 4.885,370 Business and excise taxes 97,970.616 100.281.696 2.311,o8o 83,853.240 Licenses and permits: 5,924,817 5.956.449 31.632 5,779.021 Business licenses and permits 66.325 84,572 18.247 73,536 Construction permits 5,991,142 6.041.021 ag,879 5,852.557. Intergovernmental: 11,220.000 11,962,175 742,175 11.715,407 State revenue sharing 10;500,000 11.354,993 854,993 10,633,775 Sales taxes 2.100.000 1.477.170 (622,830) 2,111 ,474 Court fines 1.113,241 1,478,949 365,708 1,066.729 Other 24,933.241 26,273,287 1,340,046 ' 25,527,385 intragovernmental: a 2,690.000 2,775,073 85.073 2,646,258 Engineering services _ 23,751 23,751 ' 41.120 Administrative charges 2,690,000 2,798.824 108.824 2,687,378 _ Charges for services: 3,220,800 3,594.644 373,844 3,479.658 Public safety 228,000 253,590 25,590 248.024 Recreation .. 12,540,000 12.993.917 453.917 7,734,936 Solid waste 1,540,576 791,582 (748,994) 684,418 Other - 17,529,376 17,633,733 104,357 12,147;036 2,000.000 2,717,703 717,703 3,349,836 Interest Other revenues: 2,866 2,866 1.458,546 Rents, 50.500_ 381,183 330.683 696.715 Miscellaneous 50,500 384,049 333,549 2,155,261 151,164,875 156,130,313 4,965,438 135,572,693 Total revenues _ (Continued) G-27 o i F684i fkv1Rw Fingn4igl Printers, mismi, t� l.. (ity of 9iami—Ctnerul Obligation Bond 1st Proof of 7/ l a/t16 x 19 : iK 3t a A i SCHEDULE kt (Coritinued) CITY OF MIAMI, FLOAIDA -' CENRAAL FUND STATEMENT OF ` AVENUES, WENDITUAtS s AND CHANGES IN FUND SAL-ANCE-61.100ET (NON-CAAP BUDGETAAY BASIS) AND ACTUAL YEAR ENDED SEPTEMBEA 30, 1989 } With Ceimparative Actual AMOU1110 fdr Year Elided September 30, 1984 1985 Variance Favorable Actual i Budget Actual (Unfavorable) 19t34 Expenditures: General government Mayor and commission $ 1.039,987 $ 893,211 $ 146.776 $ 777,715 City manager 2.943.733 2.819.974 ' 123,759 2,522,389 ! City clerk 549,511 528.514 20,997 708.805 Management and budget 1.484,867 1,414,701 70.166 1.328,269 Finance 2.850,405 2.804,307 46.098 2.785.626 Legal 1,290,329 1,248,346 41.983 1 079,236 — f - Civil service' - 198.364 188,281 10,083 176,484 Humanresources 1,724,453 1.626.207 98.246 1.649.925 Community development 1,097.549 1.060.997 36.552 944,811 Tourism and promotion 1,297,460 1,083,588 213,872 1,071,578 Computer and communications 4,048,922 4.036.236 12.686 2,984,776 18.525,580 17.704,362 821,218 16,029,614 1 ` Public safety: Police 64.091,435 62,972,667 1,118,768 59.225,684 $' Fire 36.501,724 36,312.302 189.422 34,879,550 f 100.593,159 99.284.969 1,308,190 94.105,234 " Public improvements. - Public works 15.418.230 13,610.802 1,807,428 12.212 634 -1 Planning and zoning boards 1,402,895 1,358,661 44.234 1,179,871 !E 16.821.125 14,969.463 1,851.662 13,392,505 Solid waste 23,431.169 <2.830,100 601.069 22,592,355 Culture and recreation 8.810.258 8,669,148 141,110 8.408.933 Other.' Employee benefits 2,818,003 2.852.723 (34.720) 2.152,216 Special programs 2,321.612 1.916.971 404.641 2,204,082 Intragovernmental'charges _4.170,156 4,126,636 43,520 2,664,396 Miscellaneous 5,648,850 5,822.043 (173,193) 4,080,059 - 14.958,621- 14,718,373 240,248 11,100.753 Total expenditures 183,139,912 178.176,415 4,963.497 165,629.394 Excess (deficiency) of revenues over expenditures (31,975,037) (22.046,102) 9.928,935 (30,056,701) -Other financing sources (uses): Operating transfers in 30,618.349 30.750.042 131,693 32.393.093 Operating transfers out (3,443.312) (3.290,586) 152,726 (1,926,656) Total other financing sources (uses) 27.175,037 27,459,456 284,419 30,466.437 Excess (deficiency) of revenues and other financing sources over expenditures - and other uses $ (4,800,000) - 5.413,354 $10.213,354 409,736 Fund balance at beginning of year 7,378.679 7,202,363 Equity transfers to other funds (267,529) (233,420) _ Equity transfers from other funds 14,283" — Fund balance at beginning of year $ 12,538,787 $ 7,378,679 G-'3 TK:38 F0040 RtvJ#w Financial Priniem, Miami, FL City of Miami—Goneral Obligation Bond lst Proof of 1/ 15/86 x 17+: 0134 SCHEDULE 8-1 CITY OF MIAMI, PLOAIDA SIPEGIAL SEVENUE FUNDS COMBINING BALANCE SHEET SEPTWHA 30, 1988 With C6rllperativa TOWS far Septditer 30, 1984 Miami Sports Downtown Fedetal total and Exhibition Development Revenue Resoue Community Cable Local Option Othet, Authority Authority Sharing servioes Development T.V. Gas Tax Funds 1985 1984 ° I ASSETS Epudy Idehcitl in 000led cash - and investments S - S - S12 149.5391 $133.703 Si390 702t S3 786 376 S - $' 977.230 S 3.356.978- S2 679.536 3 Cash and cash eauivalents 4.892.901 149,934 - - - - - 5.042,835 34.969 z Taxes receivable 134612 33.697 - - _ __ - 468.309 290.287 _ Accounts receivable72.875 - - 0.586 - - 1.452 104 913 100,671 Due from other funds - 3:653 -- - - - - 3.653 6.267 Due from other governments - - 2,180.257 - 913,058 - - a38 52a 3,53t 889 7 742.254 Other - 525 - - 2.501 - - - 3.026 29.866 ' Total assets S5.327.513 S260.684 _ S 30,718 S133 703 $ j35 353 $3 785:376 S -` $2 137156 S12 511.603 510,883.850 LIABILITIES AND FUND BALANCES Vouchers and accounts payable: Sr 48.104 S 1.620 S - S 81'5 S 123.994 S 7.122 S S 1M720 •S 612,975, `S1.688.049 Accrued expenses lprincipally salaries) - 1.136 - 7050 - - 1,430 19,616 35M3 Due to other funds 197.200 - - - - - - 776.322 973.522 548,00 yy Due to other governments - - - - - - - - 95.396 I Deposits refundable - - - - 1 t 359 - - ; 75.175 286,535 244,645 Other payables - - - - - - - - - 5.700 Total liabilities 245.304 15.756 15,165 535.353 7,422 - 1,073,648 1.892.648 2,617A93 Fund balances: • Unreserved- undesignated . 5.082.209 244.928 30,718 118.538 - 3,773951 - 1,363.608 10.618,955 8.266,357 Total !iabdibes and fund balances . S5.327.513 5260.684 S 30.718 $133,703 S 535 353 S3,78E.376 S - $2.137.256 S12.511,603 $10.833,850 i G-29 TK; 4Q fit#i� Kgyisw F nprlCial rilrtgrs, MlArgi, F ,' City of Miami -General Obligation Bona 41 Prout of 7/ 1$/86 x 17 + 11 84 SCHEDULE 84 CITY OF MIAMI, FLOAIDA SPECIAL ARVENUE FUNDS COMBINING STATEMENT OF AVENUES, EXPENDITURES' AND CHANOES IN FUND BALANCES YEAR ENDED SEPTEMIBEA 30, 1086 With Comparative Totaia for Year Ended Septort ber 30, 1984 i $ Miantl Saaoils and Exhibition t)dwntown Devblilptheht etlbrai t�bvbnuII Aestiue Cothmunity C.ablb Local Optlotl Othet lotal§ i Authorlty Authority sharino Swim beveldptnent T.V. Gas tax Funds 1985 1984 °a Revenues, # Property tax collections 5 — S 335.566 5 — S — S - 5 — S — 5 — $ 335,566 5 874.1e7 Business and excise taxes 5:5f9.!91 — - 1.231370 — — — — 6,752,561 4.360,463 Licenses and permits — 1,275.000 s Intergovernmental — 32.365 8,811.281 9,733,468 — — 4 277,091 22,854 205 24.272.693 Interest 152,261 7,776 - 10,151 231.750 359.990 - 132.574' 894.512 s Other . - 58.579 — 10,428 47,460 5,942 — 995.330 1,117,739 1,707.732 ' Total revenues .. 5.671.a52 434,286 8.81t.28t t,253;949 t0At2,688 365.932 — 5,404.995 31.954,583 32.490.035 Expenditures: Public safety — 1.818,707 — — — 1.818.707 1,756,491 Grants and related a expenditures .., — — — — 9.585.168 — - 5.223,643 14.808.811 16.376.935 Economic development — 945,324 -` - — — — - 945,324 900,580 Other ... 399,783 — — — — 799,598 — 1,199.381 932.121 Total expenditures . 399,183 945.324 — 1,818.707 9.5W166 799.598 - 5.223.643 18.772,223 19.966.127 Excess (deficiency) 1 of revenues over - expenditures 5.271,669 (511.038) 8,811.281 1564.758) 127 520 (433.6661 — 181.352 13,182,360_ 12,523,908 Other financing sources (uses). Operating transfers in - 772.095 — 511,434 - — — 628,896 1,912,425 219,662 Operating transfers out — i8.921,088) — (427.520) — (2.997.041) (100,000) (12.445.649) (10,079,503) Total other financing f< sources (uses) - 772.095 18,921.088) 511.434 (427.520) — (2,997.041t 528.896 (10.533.224) (9,859.841) Excess (deficiency) of revenues and other " financing sources over expenditures and other uses .. 5,271.669 261.057 (109.807) (53,324) — (433,666) (2,997,041) 710.248 2.649.136 - 2.664.0617 Fund balances at beginning of year .. (189,460) (16.129) 1.40.525 171,862 — 4.212,620 2,997.041 949,898 8,266.357 6.214,992 Equity transfers to other funds — - - — — (296.538) (296,538) (931,704) Equity transfers from other funds , : — — - — — — _ - — 319,062 Fund balances at end of year ...... S5.082,209 S 244.928 S " 30.718 S 118.538 S --S3.778;954 S — _SL.363,608 S 10,618,955 $ 8.266.357 G-3U TK: TMc81 F1il}48 itekl�v►' Fitlenci8l Prlttlets, M1uml. lr.1 Ciq-of 9iami--Gelterat Obligation Bont1 1st VIVO of 9/ 15/84 x 19+; 10134 �.� a. { r ) CITY OF MIAMI, FLORIDA MIAMI SPORTS AND EXHIBITION AUTHOAiTY, DOWNTOWN DEVELOPMENT AUTHORITY, FEDERAL AVENUE 914AAINO, AESGUE SEAVIGES AND CABLE T,V, SPECIAL REVENUE FUNDS COMBINING STATEMENT OF AVENUES, EXPENDITUAtS AND CHANGES IN FUND BALANCES BUDGET (GAAP BASIS) AND ACTUAL YEAA ENDED SEPTEMBER 30, 1099 t With Comparative Totals tot Year Ended September 30, 1984 MIAMI Sports and Exhibition Authotity Downtown Development Authotity Foderal Advenue Shating Varianfe Variance Variance 1 Favorable Favorable Favetabie (Unfavor• (Unfavot- (untavor= Budget Actual able) Budget Actual able) Budget Actual able) Revenues' Property tax collections $ — $ — $ — $ 337.477 $335,566 $ 11,911) $ — $ - $ — Business and excise taxes - 438.455 5.519.191 5,080.756 Licenses and permits Intergovernmental — — — 34,000 32,365 11.635) . 8.921,090 — 8,811.281 (109,809) Interest ......... — 152,261 152,261 _ 7,776 7,776 — — 'j 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 (109,809)' Expenditures: jPublic Safety . _ ... — — -- — — — — — — I Economic development —— — 1.157,256 945,324 211.932 — — — Other ... _ .:. , 438.435 _ 399:783 38.652 — 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 8,811,281 (109,809) Other financing sources ( (uses): Operating transfers in — — — 772.095 772.095 — — — — Operating transfers out — — — — — — (8.921,090) (8,921,088) 2 Total other financing sources (uses) ........ — — — 772,095 772,095 - (8.921.090) (8,921.088) 2 _1 Excess (deficiency) of revenues and other financing sources over expenditures f_ and other uses ........ .... .. — 5.271,669 5.271.669 — 261.057 261.057 — (109,807) (109,807) Fund balances at beginning of year ...... ....... ........ (189,460) (189.460) — (16,129) (16,129) - 140.525 140,525 - - . Equity transfers to other funds — Fund balances (defied) at end of year...°:.... ...... .'.... $(189.460) $5.082.209 $5,271,669 $ (16,129) $244,928 $ 261,057 $ 140,525 $ 30,718 $ (109,807) G-3 I - TKA F0 48 Review Financial Prialcm Miami, FI.: City of Miami--Gcncral Obligation i3ond list Proof of 7/15/86 x 17+ 2 101-84 �..�.:, SCHEDULE E fetal Rescue SetvicaS table f.V. VatiOW Vatlance VaiiaflCe Favorable blb Faveraor- (UWill - 1984 Favorable (Uilfavoi• Actual (Ulifavor• able) Budget Actual — able) Actual Budget ____ Actual able) Budget $ 335.566 $ i1,911) $ 874,147 $ $ — $ 337,477 _ _ 1,690.835 6,752.561 5,061.126 (900.000) 1.366,120 1,275.000 1,252.400 1,233.370 — (19,030) 900,000 - (900,D00) (900,000) 8.955.090 — 8.843,646 (111.444) 9,729,663 — 10.151 _ 10.151 _ — 359.990 359,990 — 13.684 530,178 74,949 530.17E 61,265 406,261 43,373 — 10,42E 10,428 — 5.942 365,932 5,942 (534:068)` 11,897 16,536,900 4;639.814 13.694.564 1,252,400 1,253,949 1,549 900.000086 — — 1,813,906 1.818,707 (4,801) 211.932 1,756,491 0580 1.813,906 1.818,707 (4,801) _ 1.157,256 945,324 1;199.381 788.477 827,313 ' 827,313 _ - 1,549.423 799.598 749,E25 1,987,85E 4.959.020 3.963,412 995.60E 3,484.384 1,813.906 1,818,707 (4.801) 1,549.423 799.598 749,825 (3.252) (649.423) (433,666) 215.757 6,938,066 12.573.488 5,635.422 10,210,180 (561,506) (564,758) '— — — 1,333.601 1.283,529 (50.072) 2 — (9,987,341) 561.506 511,434 t50,O72) _ — (8,921,090) (8,921,088) _ — (7,587,489) - (7,637,559) (50,070) (9,987,341) 561,506 511,434 (50.072) — (53,324) (649,423) (433.666) 215,757 (649.423) 4,935.929 5,585,352 222,839 (53,324) 4.212.620 4,212,620 — 4,319.418 4,319,418 _ — — 4,121.841 (25,262) - 171,862 171,862 — $(53,324) $3.563,197 $3,778,9 54 $ 215,757 $ 3,669,995 $ 9.255.347 $5,585,352 $4,319,418 $° 171,862 $ 118,53E G-32 City ofMiami—General Obligation solid 1s1 Proof of 1/ 15/06 x 17 T Fb$4l; 1i�view Flnwnsltl<i Prilltors, Miami, P1 TCA }r t ? ��H��UIf: tyre CITY of MIAMI, PL-OAIDA Dg9T SEyIVits FUNDS CCMPlININC 'BALANCE SHtV SEPTEMf31=A 30� i985 6Mdeii September 30, 1984 with comparative Wait for year f;el�rsl Utilities Obliatior5 Servloe totals 1985 1984 8ondt tax Bonds ASSEi'S Equity (deficit) in pooled cash 57,895,581 $1,307,479 $ 9.203.060 886.000 $7 272,322 and investments — 253.395 Cash with fiscal agents 413,887 122,500 Receivables: 413,887 — 414,730 302,760 Taxes Assessment liens. net 414,730 — 2,490 2,490 563 —_---- $8,5_ 85_045 Other $8,724,198 $1,5 10.2_ 8_?•562 Total assets _--- - _---- AND FUND BALANCES l LIABILITIES 1 Liabilities: Matured bonds and $4,162,408 $ $ 4,162,408 $.414 $2,671,687 92,929 interest payable 8,41'4 - — 4,1 2,764,616 � Other 13ayabies 4,170,822 -- -- Total liabilities 253.395 253.395 272,322 Fund balances: — Reserved for debt service Unreserved: Designated for subsequent 1,762,711 — 1,762,711 4,100,634 2,106,500 3,441,607 A year 's expenditures 2,790,665 1,309,969 Undesignated - 4,553,376 1,563.364 6,140 5.8_ 2�,429 Total fund balances Totalliabilities and' --''-- -- $8.724,198 $1.563,364 $10,2� 62 $8,585,045 fund balances —_— G-33 FioRp�iai Pri�t��, Mi�mr, k City of ftriiami—G�►rcrA.1©biisacion Bond is! Pn►�f o� 9/15/5b x t7 � p�,�gli view �„ i! '' � Zia► SCHEbULE C•2 i CITY OF MIAMI, FL-CRIbA bERT SESVICE FUNbS COMBININO STATEMENT OF REVENUES, EXRENOItUAES I ANbCHANGES IN FUNb SALANCES YEAR ENbEb SEFtEMEER 30, 11085 With Comparative Totals lot Year Elided September 30, 1964 De�eraf Utilities totals Obttgatiur► Servt�s aonds tax Bot;ds 1985 1984 f Revenues: Tax collections 517,489.346 523.788,907 $41,278,253 535,522;196 Assessment lien collections 2,799,998 — 1,283,469 73.607 2,799.998 1.857.076 2,742,720 1,352,450 Interest — — 1,656 Other Total revenues 21,572.813 23,862,514 45,435,327 39,619.022 71 Expenditures: Principal retirement 10,010,000 150;000 10.160,000 9,720,000 Interest and fiscal charges 12,540,227 17,775 17,317 3.472 12,558,002 20.789 7,947,041 70,891 fi Other Total expenditures 22,567,544 171.2,17 22.738,791 17.737,932 Excess (deficiency) of revenues over expenditures (994,731) 23,691,267 22.696,536 - 21,881,090 Other financing sources (uses): Operating transfers in (out) — (22.400,225) (22.400,225) f22,300;752) Debt proceeds 12,000,000 _ (12.000,000) 12,000,000 (12,000,000) Debt retirement i Excess (deficiency) of revenues and other financing sources over expenditures (994,731) 1.291,042 296.311 (419.662) Fund balances at beginning of year 5,548,107 272,322 5,820,429 7,076.984 Equity transfers in (out) - - - (836,893) 1 Fund balances at end of year S 4,553,376 S 1,563.364 S 6.1 t 6,740 $ 5,820,429 G-34 '00 TK;45 F6048 14vlew Financial Printers, Miami, K City of Miami --General Obligation livnci fsI Proq�.u11�15%8b xc 17 ac p Cn CITY OF MIAMi, FLORIDA SCHEDULE G-3 DEBT SERVICE FUNDS w COMBINING STATEMENT -OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES —BUDGET (GAAP``BASIS) AND ACTUAL n YEAR ENDED SEPTEMBER 30, '1985 With Comparative Totals for Year Ended September 30,1984' General Obligation Bonds Utilities Service Tax Bonds Totat -- 1985 1985 _ 1985 a Variance Variance Variance Favorable Favorable Favorable (Unfavor- 1984 (Unfavor- 1984 (Unfavor- 11984" 3 z+ Budget -Actual able) _Actual Budget Actual, able) Actual Budget Actual ablet - Actual. 3 Revenues _ l.lx (.UIIcUuttts $1/.3.34 11lU 51 r 18.1..346 5 149.806 51.3.0,10 OJb $2...,b8 ,,0iLS: 3 7I38 JOr' :1 ?:'0 -101* $�1 2 172, 100 .`.3'J.908 0•10 j.l l : /ri.!!,3 $ 13ill ?1 t-$1ti. ,:';' 196 r Assessment lien collections 2 500 000 7 N9.998 299 998 2 I.19 7°0 _ !100 000 2 ill,)11,18 -1411'I(f8 ;' i42 00 I(tleresi 1.000.000 1.283,469 283.469 1:2lrL6ri3 ':3 60i 73 60I !Ir`1bi 3 o0o (100 1 35r'.076 3!1r' Urn 1' .t!il •h() Ulhel 1,099 (^; tidal Tevenurs : _20.839 5•10 21 !0i 813 M 2/3 11 048 (198 .' :r(i8 !,(111 ?:i nu" !,14 ' I.?' •1 11.1 ' ,' ' .42 1 t 1 ,>!(. , 1 4 . •1 t -1 ld l 8 U 1 I ' 7 ) 335 Jl. r 1 0.!" �` i .. .. d 9 t lr T�', J.t. t J i .. c l xpenJdlues ,.. 11IIllclpll lelliellletll C) lonyiernldehl to U1!I.000 1(1.0lt)-000 5.000 9_t)?O 000 - 1t0,000 L';0 000 1,0000 i0 IW) (100 li) IN) 000 '),000 9.12t10110 Jntelest and llscatcimiyes :, 12.866.040 12.5,10.221 32!1,813 1,924,31ti 1 i.l7, l i.11l, z2 72'r 1 88:3 rit5 t2 hL8 i1(I?_ 2!, 81.3 - '7.C1.17 Utl' Othel 16.000 11,317 17 683 r0 7.31 IA 0 :3 •1!_' tY'Jr`1t _. tuft .__ _ 6S IJUU 0 l89 d•l I11 _ Ill Bllt fulal expeo(hloies ?2946,041J 22,1i7'.04 3N.1196 II.Sf;60.17 1(182P) I Ai 1<'.lir') I72,88h ?:I 114:S1h 22 i38.i11 :1i.',:21 ir' r,ir''i'St fxcuss (deln:lellcy) of levelims gvulerllt:IldthtlCS �? IJli1,ld111i Ou "' ? . 39" 1 , , l9!14,731) I 111 lii9 ('.,I(i�1-1;1) ! 1 ..:! �"i691.bi 11'ii Ill.. .<3Jr.,1.3J .m..1.,.., , . ., tr1U ,31, .,-1(L. 81 1 , ., .I „BI.UriJ c Opel,drny Ulnsluls nut (<,' -lulu ?E",) l?2' 400ZI91 (I2 300.PW1 (7Z .101) : ',) (;'7 1011 ?;11;1 (1Z Wil , 4,, i pp Del proceeds 17 000 000 12,000,000 I Ut}u 01 i() t; tlliil nu() � llrbt ruUlenlent t I,1'.Illllt (IUUIU? i100,0001 if;' 01111 11001 , 11, Nnii Ubul 1 hcess idehclency) of _ -..levenuu�litduthel... _ ,.1 iralncnly sowscs over expen(hntlll:s alld other Uses f,'.iOb ,IIII) 19!IQ 731) 1 1 I 1 769 Ihlfi •I40)'- i ;'!11 U12 t ;''i1-1)4;' 97 i8i t % IOh !,UD) 94 SI i 1(i' ;3ft )rt> 9tt•tr o i and hllluceSll be0ntlnngUl yeai '.,S48 10I S 11.18.107 ti.06.1_'Jl,6 1103112 2i:' .t' l l!1,!13', i?ll •l:"i $;'t1 4,"1 Iua6.8'iay o_ Iandb.d,luCes:den(lUl 'um f $ 1,-141,601 _ .... $ 4 Y)33ib $ 1 111,AM $ N.1,48:1i17 � ?i.' 3F? C l !,6;' :1,•1 ti,1 'y J '' + 3 1 01,. 5 t I.1 429 _ t S u i 11, r t) S 11L: 811 " $ ,I T3, 0 -12_l - a _ y ssl _ - cc y1� II } I n SCHEDULE Di1 1 CITY OF MIAM1, FLORIDA CAPITAL PROJECTS FUNDS COMSININO BALANCE SHEET Sf PTEMCER 30, 19aas With Comparative Totals for Year Ended September 30, 1984 } - Street Improvements/ cultute & Municipal Public Totals Traffic•Aelated fiecreatlon Use Use Sewets 1985 1984 ASSETS Equity in pooled cash and investments $14,558,103 $1.212.5t9 $17.201 350 $13.880,973 $21.416.193 S68.269.138 $49,952,362 Accounts receivable 30.000 2,796.159 — - — 2.826.159 451,226 Due from other funds _ . - 172,600 — — — 172,600 172.600 f Due from other governments 863,102 178.099 - 239.764 - 7;280;965 3.531.042 ? - Other assets 58,765 58,765 - 35.000 Total assets $15.509.970 $4,359,377 $17,201.350 $14.120.737 $21.416,193 $72,607.627 $54,142.230 LIABILITIES AND FUND BALANCES ` Liabilities: Vouchers and accounts payable S 1 374,851 S 319,639 S 949,819 $ 239 942 $ 331.371 S 3,215.622 $ 2,181.767 Accrued expenses — — 1,234 - — 1.234 469 Due to other governments - — — _ — — 2.720 Total liabilities 1.374.851 319.639 951.053 239.942 331.371 3.216,856 _ 2,184,956 Fund balances: Reserve for encumbrances . 3.078,579 1,117.863 3.617,720 585.468 " 1.333,073 9.732.703 4,099,236 Unreserved —designafed for approved projects 11.056.540 2.921.875 12,632.577 13.295.327 19.751.749 59.658.068 45.689,167 Unreserved -undesignated — — - — — — 2.168.871 TotaIfund balances. 14.135,1194,039,738 16.250,297 13.880.795 21.084,822 69.390,771 51.957;274 Total liabilities and fund balances S15.509,970 _$4 359.377 $17.201.350 $14,120.737 S21;416.193 $72,607.627 $54.142.230 1 f{, f i &36 — V, F0848 Rcvicw Fingncinl Prioten, Mianith K CitY of Miami—mOeneral Obligation Bond Isf Proof of 7/ 15/80 x 17 +R 10184 g 1- SCHEDULE D,2 j CITY OF MIAMI, FLOAIDA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITUPES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMSEA 80, 1985 f With Cdrnparetivd Totals for Year Eroded September 30, 1984 street totals Improvennehtsl Culture & Municipal public traffic -Related Recreation Use Use Sewers 1985 1984 — Revenues; Franchise taxes $ — S — S — 5 — — $ — $ 4.509.656 Intergovernmental MAO 808.542 — 1.636.157 — 2.474.699 3.535.211 Interest 1.016,566 835.906 '.199.485 1.907,711 1.767 722 5,727.390 4,054 523 j Other 10.600 85,128 — 278,680 171 374,579 684.029 i 1;057,166 1.729.576 1,199.485 3.822,548 1.767.893 9,576.668 12.783,419 Expenditures Capitai projects 8.653.257 2,675.210 5,51f.089 6.515,930 4,047,486 27.402,972 25.024.559 Excess deficiency of revenues over expenditures (7,596,0911 1945.634) 0.311.604) 12.693.3821 (2.279.5931 (17.826.304) (12.2a1.140) Other financing sources iuses)- ` Operating transfers in 5.659,531 892.690 1,365.092 1 4,12,753 — 9.360.066 998.400 Operating transfers out (343,914) (4,154,500) (800) - (2.768,711) (7.267.9251 (6,547,3951 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 (3.261.810) 11.364.292 1.442.753 '14.231.289 35,092,141 24.651.005 i 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) Equity_ transfers from other funds - 71,588 158.020 — — 229,608 15,307.081 Fund balances at end of year S14.135,119 S4.039.738 S16,250.297 '$13.880.795 S21.084.822 $69.390.771 $51,957,274 1 1 G-37 TK:49 F6r;, ale+• Finencif►l P int ,'+1i�►ni, FI. City of fyiami—Genoral Obligation 13on¢ 1"Proof of 7/15/96 x 17 ; - r SCHEDULE E•1 CITY OF MIAMI, FLORIDA �r. � ENTERPRISE FUNDS COMBINING BALANCESHEET SEPTEMBER 30, 1985 With Comparative Totals for September30, 1984 Orange PropertyTotals OIt-Streel - Marine - Stadium Miami Bowl Convention Stadium Stadium Center Marinas Auditoriums Ma Warehouse r Property Colt P o P y Parking- Garage 9 and lease Management, 1985 t984r 4n Parking ASSETS Current assets j Lquily (deficit) in pooled $ (410,436)$113.804 $ ti13.100 $ 10.927 $ 124.I54 $ (1 819,8481 t cash dndinvestments $ $ (166.605)$ (334.29li$ (222,831) $(1.365.508)$2,339.221 (293.221)$ Cash and cash equivalents 4.251,971 - : _ _ _n •1.257,977 3 53h, I-th Accounts teceivable (net. where - - applrcdbfe of allowances for ,, r uncoliecbbles of $374,275) 153 2b2 22,258 1.793 411,573 468,805 41,423 34,631 9,987 - 108,845 IL252,51"1 92U U51 Due born other governments - - 263,441 - _ __ _ _ 263,441 t:39'l-6U6 iovernones' 110.195 J 10:7`J5 lid 891 Prepaid expenses 333.366 _ - _ 92,b0t � _ — � ---- -- -- — --- --� � _..�. 133 90 11 lutaicunentassets 4,855400 (144,347) r:) .5 (332.4981 452,177 (804.102) 2,38t1.61M 2`8 �J6) •16O.449 113.Hp.1 ( ) 513IU0 119.IZ2 b43�1.91�1 4-.?244J!l° t7 Heslucled assets Cash and investments will) fiscal w oo agent including acciued interest 2.b51,842 t r t.18b.581 14 153,599 L`t,636 259 Due hum other goveinrnems. _ 3hh,i67 long lenn Pro(lcrly: plant and equipment 24,576.131 2,019.825 2.130,696 13.015.540 87,109.135 5.2%8,138 4 /t2,513 1 60,462 518.864 8 •112.bbO 2,281,815 151 802 039 1•17 856.8.10 a, p Less Accumuldeddepreciahon (i bh6.312 1,3i33,7UB 1 ) l i i941.ii951 (b:573,tl761 (3.tl01.348112.857 87.1) �1.276.:3181 (127.9b91 (222,4971 (:369,8701 ('+`1 Ur9h ('38i0,ti1b1 (21.63J 502) w' Propeily. plant and V -- equipment. net P 17.919 J19 69b.117 1,1tl5.001 (i,d•il.ti64 83.:)Ot3:3tii 2,430 tili•i 3.436,195 94IA9) 216.3b1 t3,042 79(1 2228,79b 126 lSL49s 126 ' 19.iali o a ()filer assets tib •itltl 5•1l 5(1 UO(t Deposits and other assets 474.831 -31'.i Bond issuance Costs, net 147.930 Y.79U,875 411.101 410 hUb 2 469 1; s lutal. se s ts $26.055 822 $ 5',1.710 $ 8 'Ai.503 $ ti,843,841 $94 OO4,:330 $4.811 S14 $3 l i 1 5911 $ 481.044 $410.171 $10 880 iiG6 52 341L568 $1 ,0 471 a ti $148:96, ti°8 • r D sn ti X am �� 8� i CITY OFMIAMI, FLORIDA . E E-t SCHEDULE ENTERPRISE FUNDS (Continued COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for September 30, 1984 Orange Properly totals A ¢ 011•Streel Marine Miami Bowl Convention Warehouse Gall Property Parkill9t and Lease Garage Mbnagemeot t9B5 191Zt Parking Stadium Stadium Stadium Center lit Auditoriums IIABILiTIES AND FUND EQUITY s` I:unent hahlultes (I,:1yahle 'D Iront current assels) S bl 1.1 /3 S 4 13ti $ •',. it htFi 132,171, 17.;.Ud) Z ra ;)7u b 7h.,48 Z 8.1 , .,0 Z S 31 1',? 3 18i 9 Itf4 4;f-F ` I ti4'Ah'` .. Vouclieli and accounts payable Accnred expenses b i53 38, I4 i b t''9 Ili "02 lit ?'33 uT.A3? 4 "till 1',u ?01 ui 'r h - not l tall saianes 1 ) .p I Y , t nr Due to other funds 482.3•i9 " 11(1 �l0 i i i r8S ?4 1Y', •I Wit) I I Sr$ I, ii 112i 833t418 Uelened levenue 111,31 ti.i## - I S •1i 1 172 't'11 Ille 'Deposits telundahle 98 IU;1 ._.. _ q., lolai current Gahilnies jpayahte hum 1.192.0 ! b.b3b 24 W3 2.13-3U8 81 rilr` 1U8 0b it 0811 'H.188 4 0tiO fl lh 39 #sft 1 644 483 u30 ab3 current assets) ri Cutlenl hatnlil es (payable .�. - tintll leslllcled assets) I'r :ftal .f.i SriH • `184 184 111 :'t•1 f il) 1'fll 841 Accitied inkiest b8U U14 1 tiBS w Cunenl paltlon (it in4111h1 110 uu;r levenue bond:, payable Ibll 00U luGd l,ulrent haUddleS 7 (Il.iyal,le Boni I ,tII11 2,19 111 r, iesitnledasSel4) b4(i Ur•1 Q I Ulil) ietill ilalwitieS 48 01)0 I , 3j h41 81 'I.,: i,: b oc lieveuue bonds pdyabit•.net 13 173 118 8 •ti,i 41;1 5ptaaal obhyailun bunlls SliI j payahle---lief fill Ili 011ietpay,Ibles :._. ... __.:. ._::._.. laLs( uug tens h.J,ilnutti --_'-.• - ---._ 13 1113518 _.::._. _.___ ,.. 1,8 4t 4.`, ,/-ih(1 11 r t 1 1�. I,� i f el �.,,R;Qd0+l 3Yyt,i# h,htl habthhe., la r'!I', tiLi h L;fit 1•LIA3 ?•1'i 306 '.M Z V1 A", 108 Ill., 1 08 1 41, 188 103 8fi1 1 t 1i111 1'ii of I'll fV .tt h:31I, < U1:` �- and etputy clnnnboiedcawl,l( lib i'.3 his101 1 406 186 3419l0h 41.r4, i7;; .'; r JU3 lUr -,U, N i l h b3 s.9uh ? , „n +, i n ',:; ::. i • .� fielanled ealmilgs (delicdl D 11l 4(VI.d IUI tUn tl ilt.11,Il ifld 1�1H, - - O +-n .p - It.Y+.n11el1Uilll lt.1114t1it.111 • - 1 Nlr it'll; -- .;_1,: .1 : 1)?1 rl - K.4U8 !13`, '_, ?1 1-) � ' i I11..:1911 ?1,81 11" O.1.1 I.' :.;!10 111101 i1.8bll l-,ll ) /11L23d t :It it, .11 I.3 iitl4 '!t,,, I",9 .';n :...- � thn e:.el ved r,.,.18r_ 11311.11_il ._) .. ,, 10181 tetaulcd cannutis 10 9/3:?`,U tl i11.U7lt 1 u4,?9b1 ? 00 881 19_0$ 1 31;1.-1 1It, 11-1.1 1? Sii11.10ti1 I.1 tib') 3i1h.:fi1 t i '1;' 441, a` (deht.d) lull td equty i .l ) ,•.1" 13.1 IiBIU UUi a 831 89U U „.113 .f.. Lt a lb 1 "t, lei 3.1, 3lh 11", 04'it,, _ (it 06; t.11 0 948 010 _ : �. �' Irdal hahililiet, and - , blb(11t1:u21 $t'.)I //(1 , e. •, ','I').tB C fbid 5410.1 e:1 � 8,h,.A)i 53).B.t.f 81I ,9.1.U1i1 .i.111 ,1 Ill .,13 �.f trr 'r S 10 1180 bhh 1 .13 'N;r j 1 %0 IIII it. ; ') I W 96" A;'B i - 1ant1 L'(led� _. - .:.. .. ..: . CITY OF MIAMI, FLORIDA SCHEDULE E 2 ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND m CHANGES: IN FUND EQUITY YEAR -ENDED >SEPTEMBER 30, 1985 With Comparative Totals for the Year Ended September 30, 1984 Oraa Property: iotals 011•Slreel Marine Miami Bow Convention Warehouse Parking and Lease .._ Parking Stadium Stadium Stadium Center Marinas Auditoriums Golt Property Garage Management 1985 OR ., tipetatmg revenues . GhduJea tut services 1i'� $ 7..IJb. r i 1 $?, b . 5 $ I8' 090 :3142,•,/8 $ :3 3?i .:3.11 51 dSi. 0S'r $ 2 $ . `•:1' i'1;' S lil;3 540 $ ?!> !M4 'I)I If P, $ I 3 r d0'.' SIB 4!14 F63 S1•1 8 t t u ill " ,� t)(IUlalllly r-illenseS ' Zb7, 728 24.!1U1 141.214.1 107r 764 1I18 10'., :.'85'IU2 " ?!j8 !rh•1 1I'll p70 16i ti(i tit, 461 1 f '1ii 1'elsoilal se(vices 542:314 7.t186 -. :it).a,12 321-'lilt ;I 44,5 .751 14.`d14 I.ii ',1•, bii a"22 I'll i0 .`-1 -1 tO.f 1'01 ? 13 61`: 3 i• n0a11ttai Selvii.as .0 561V03:' 12,24!) 2;',0r8 i01.916 1.4!1S 20t140 1.143.1 tort 3•iz' UU Id i3.i 4'+l0Li 01. 849;tti Maleriats.nttlsuppfas 416.2?0 ?% 1,54 411.81f9 2 31 181 4 -111, •11, lit i 1 i i .1.(.t 111)840 — . SOU .18 1 .048 Ulu 1 603 4:13 • +e 1111fllles IntrayovelnrnFntal cbalyf•s 64.-i8r 1?1 llih 48:3 ail ".' Oit :'8861) i24 457 I•1b 2"M e'16 'Ad '18,3 813.8:'ll llihts 1 038 ?,'1) 2 !o90 'I 681 ' 04 ;T-i I I :340 14 `I•ib 11 818 1 ^, ri)4 r 1 1 314 •8 00 /41l - IuUh •1 1,33 !04: 13U.I)Sft .410 !,38 2r.?.;.1):18 3 414 t.Ul •Irli 111.1 112 ll 1 2:44 r8., Ihi 192 .'ill ,'1 Wf', '? O�H:raluu) mi:unu; llus•.1 bta,nr ' aeinecl.litnn 46.t.�t13 r, , J67 c 'j, Irr3 4431 h,J 1 w i 1J._. 6 n 4't: b+ ,• 1 ! 1 " I 1 S. 11 `.'�, 4.'i 'I fi W - 1 108, 11), .1 60 160 .. ..; r i b'-I, n •< ecpeltst: , fl;fbbbt) ., - i31 !118 :t1. rS 380 1i1, 1 !,34).i,'f, 1r2U110 14h.,48 44.164 1:. Ji: 148 i8i '�.101:i 1'A:1 di .1 3,.,:Ital . G _Ih:Inct.laUunenllcnse _ _ 1 026 5;17 44 049 WY) 12.If 58!3:10-1 W 1..' 4`.,i i iit) 530 (351) 1331 1110 6191 11 1 IS 11 i'1 1',:i1 1 Ua11 tl';i 1 2!3U r811 f:' Wh 883r1 ,► n rylerdnly uu:nme (oral O. NUnupfaauuy'revenues (cxpeU•,i•s) :: ?7 1-16 IU 108 1.1.1 88'., ., ' i :` ili•i i,; 1 ;' i-ti',14 IIIICICSI rJr,aB', Li Inif:esinnrlhar.alCh:uyc. It383.122) r)1.38;5',t (6!,88i it i.:'.1itr1 27d3itf+ tftib.tl:ii lliher 114L6031 I: , r!1 4, 1;8 t0U40 i20 1 3i a 51 t. {'1i h!Ihl 181 h-t:i m ,.. NfI p.0opfray ,cic• (eg.se' t98!;3401 1 •1!, 1:8 (-1 0,U twit _.-.__. _--__P_ 1 i i 411 " `d?`+ F:3 8lt)l l`--: b•ih ',+dfii 0 Unvme(lu•ti�Ilefineope'la0uytrallslef,. r 1 t171,111 11.11 1 54 h18 .6. 1 13 Si:'1 1 006 I'43 (r i L;ta t9? 1 I I'll, 1:.,,,dtd i l •1561 15 9i`i t i Slt. `,a4, I U:,K ',4i 1.1 !,a:S 1?zif !,Ir . IIpL'Ldllly ll all51ef5111 - I1? .104 14"d t,lt:' t ltih Ullh: :1 81 Ir'1 fry' w 4'I +p)(h l i4 t 1 r1 30 ;",1,-11 0 i': •'l t +l')4 . '., 1 h ,00i Nel mcunte iloss7 Uianl,: I (r-11 I'li 1.1 114 (14i WO :SU.! I_ 11 `iirl) 404 i-t; + ki W14) 1, ;1 L',6i I'.1'1,'i iril8 1541 '3.'.L it IhF hill's: ([. ti .`,':-i •. p - (:r.h •IUtdlfl.11y f c;ll ;'941 p � I i.tiawU111a+y item !I:uu Ilu�.•.1 - - 1. il;n ,I:.:,r +.' lii:i'13'1, - r44 "htv 1111 d['lll 1t:111f.1111.111/) Net uctoloe 110SW :. 1041 19i 41.11.1 114i r44) G.)1 34l 1:1 '14 840i 11111i i i : 1',ti 61311 1-::'(1 11.11) Ili 4,`; lilt) .:'s1 .' i .•i+� , . t:,"r r Pit t ;it-' i i!li *' Hemmed emoillils (deflr:11%) at Ue nunn3 ill year y J t.;r.t7 U!13 f i /4 201) f-W (AL') 2 11. Sr9 til.Sid 4431 I 'i01, 111. WIIt rP,b 54.1 .'110 ;A, _ I gully icuistlas Ul iuuU _ I7r 0841 it 1 :. 1 n 7 c �- Itelatnedcaininy; (dehrlll.,l, nr1(if year -' .,'1 Iff J i,. , 3 "' 11 U U r 1 ''4 Oil 88 1!1 U8'13;3:31 i �111, Jb11 f.,r 1 W'1110100) I1 8r,.'i I(Itj I:' 9 i '1.' F91i 't ;?, .'.'vli iiU :. 1,7 .'Ih t.ap t. at br:, uuunt of Vc.0 J I!I./ S hi•i 1.i6 1 39i .3.111 1 6W: :,I)"5 I'i .,.I3 i1i$ d, ', MW if11 1')' 118 h.i., 1100 di ii15 tii5 -i.; ❑8'1 fi3ti ,w. .untuhutr.d :1 l�unllthuliulls 110111 ntliei l3UVellollenit, 1-'.1!1 000 ' , '. 1h3 44I ,i18 1•F 1 3 i U1� F .' li: 1u031 Oe (:0110(Indnols Iloilo if•nlnl hinds _. 406 a8'17 ti•ir 141:"06I th`, t 3 ti;S I;Uutiibulun1s31UU1Ilvlltihct ._ . _1_3.6. _i d,uUlltUulcdl,dpd,llat,:ndOlyfau rl6_'i, 13 61._ib-i U_ h bi•i._.f.'•ta 48 4tF l 929 9 .,r•, 1!1r i 18 h Si vuG ''' k lul.il hindequity $10 8!,t) 00.1 1,54' 134 - _ 5 8:31 890 $r; W,0 !rt3 $aa 1`14 165 t r(I., 44i ,`^,, I(it, 1•, 5 :IBr 8 t S3Sih 1_ .! "'iff t i .,U `.i :. jSt.1 Ii L ,.`1 ' n1 '08 U1i l CITY OF MIAMI, FLORIDA SCHEDULE E-3 ENTERPRISE FUNDS ., COMBINING STATEMENTOF CHANGES IN FINANCIAL POSITION ' YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for the Year Ended September 3a,1984 Orange Property and iorals Olt -Street Marine Miami Bowl Convention Warehouse Parking Stadium - Stadium Stadium Center Marinas Auditoriums Golt Property Parking lease Garage Ranagenlent t98G t984 WAIT trig capital l)[ovuled by (.Ippiied it, UpL`IA110115 - - vt 1,' -1 ',92 ` 2]Ia.8hU15 'Jbv r-T:3 51:,ti r3n4) 5t2i 1 ,1`.i61 51!i !)%h $11a7...1115 1 SI (l .S$ 18}15 -' t 5 ! i it«I tir bt5 — 1n6ontetloss)6etUleaagafndmafydem 51.OJL1!31 $ •t4.171 . Items Illil Iequifing culle111 Oullayfi - of wull,nl9 capital i.1 ti L'J18 al:1i!r 38U-I ib Lb`.11liT U411 1.1', r'18 4•i•ai,•1 i.'9i2 Ill, is li Ikpiiri.ndhull an[l anlui htrdlon ,9.38 _ i oss 1(jan1) on dc:pnsdrons of plopelIV 1.d.3 ISlT_ioff - pidul :Illd eqw{tlielll. net 9;1 r ioial pti,,,ded by (Applied In) opelaUOnS 1.17!P.041 12b.11!)2 1116.01,3) t lll•t.!d,8 11,063 fill 1 1.081 6 V1 :ILit!, (??tS t)s}'1 ;t8 t)ai ;•38o rib5i is belmi:extraafdmar Item : : - a Xtl.luf(linal if dent -.9.In1 ilu:.S) Jt:,i 0:01 t:.-i6ri,tl3H) i!19'.ib6 oil debt Itain,nn mp lulalplowdedbyupeiaiwus 2,196,041 1260,12 111601111 1.014.',68 tt.bb,3.Witt '1.b318,3;3 ?,1�11!, G!i,4!11i 28:941 G',1148`NtBt 3_1 :J:S i'ili.!,tti 3:13f 14B Uttlel - tlncreaac) Jeue,un lit feslnLled accounts c : 1 H31 0TJ 31:iJ.61;: I I L,'l Oil!) I 1 rd 1 .tOl 2 t , 'rA: r 80 0 � {:onhdalbnnsandequity danelm, nel I'a`J (100 400 8.831 ' ?;36 3'il 2 831, i'1 0'18 Srilusn it.v-1•tr) 1 00 l 11 ib',.000 a -- _:. --- -- .. _ 13 1110 000 r':I11 t Plut:eetlsfiomlong-lefrntebt lncleAse of (filterhabdllles ._ ili } I IuLil 21b.a/'.3 1AA98 1107.1821 1.2.`10.112.`, i6i ;341 _1 08.1 bbtl , if; 1-I:l 0?101'1 1 ?8 94 iil bt Il't t,;'lnti Ill i1t12 Dui Wui61114 LAln1.d applied Ad[hhons tit pfopl Ily 011 r 1.3 142110 -1 1"T!A);1 3119:1$ ;311'l1.01 1:,',9 Jt4 c;S1'i 3-t•131:,.'r � , nuLul. Il.tnl .Hill LI 11.. i 1I _i6., 1 .S !Intl tl ,.,... Ikt i..., ..0 J�r IU. ,:..IR)ti t IdLll i r tT . .. • i ill-, tit aunt. 1 11 venue 1 u 1 IL I It)Illll .. ''a'r l t. ul3 °Cy 1nrtt:a,e nl nund discount - ilcrae•,sL lit utht t habddllts IIILfease Of tin lief a,nels. ilnl 8 0213 tU8 •181 -- _ 3.3ti t S �; i.:. 1W 1 041 1', 21, 11I:713 ��'3',tt J71'1-i:3 3b9 4illi i 1r�9 i ({ ) I, .SSt, Ill YAl 6811 ' 2i a 1 ill I i it lut.n 6u-ncA,c ldd it:ase3 m wu, Wny t a(nldl • ,>r -7 , "141) 9?') is L -W3 $ i'.i?';I08 5 , i', (it, 5 i!'r!isa tr`,•i Wilt Si l Ill l $1 16h 33b 1 �I .8 bl 15 5 11 1-4 $ 81 it,11 _ 0ht, 't',ii Soalillify Of mt.rease I(It:clra'.e) y Illr'woll,ing ca(n6d .•,. z ,,. _. :', '1 :,''7 'rl:i `2.t'i 18.'15 `.1, 3•b.>. is dt! -a ilt 'r'i 5 I Bit b '91,4'.1 51 t;'1.711,15 16-i., J 5 1 ..iS.-t.,l L.... 1 I .,. , .. yt .. ,.,, .. - ` CJS6 And ftlJestlllCllls _ _ EI? ifi`{ it) ii3 (65!1) ?3'112•L 012.498) 11 1.1;i t8 I/,' tt" 6811 1"il i Ii titit i •., A waillslecelvdbh: liel S f i(; 1u i '. f, 1 3 lit t hfnn ollle, 9ovrnunru{; a7.Ib1(i,01nif)3nr tMj Iflvillltirll^, I�111411) .� 1'le)hnd er petlt•Cs h„i S.p, _ fill .uat 111111-IOIt 1,'l i!ill I11S!itl•1 i3i' it 1"t } 'it,1 U:cuunisp;yteillid 11.6i voh a,- ':ir Imelu•'lluintit hei tint; 1 s ir.i, l 1 3 X Repo d5 Ictund,16le (In •tit, I .1 ;"N) i-Ili 1'iitl •'-,. , f i '.,3r n IhAellellit .:'3G t I1nll - 1•ill 'ii3 ;q,', , 1 , _ • I}lot ca,fl.n ul wo 1 1bit 86-1 $1 1; 28!, 5(1•ii111. �15 .i!: 42.3 b 3J:.-unit S r i`i ua:i � ', 1 .',ti• �11'ti 0.`.11 $11 till 1 i I•I,. `. C,l it'll i:tt, ,i`1 �. 1 null "1`�It it i SCHEf�ULE p1 CITY CF MIAMI, PLOAft INTERNAL SERVICE RUNGS t Cr3MSININO BALANCE SHEET SEPTEMBER 30, 1885 With COMPAratiVO'Totala for 66ptbffib6sr 30, 1§84 City motor ptopetty print Stationery Communications Totals r aatpgo Pool Maintenance Shop Stock Setvines 1585 1284 ASStTS Current assets: -Equity (deficit) in pooled cash and investments .... $ 4,663.521 $4.605,582 $542,542 S(258:994 S(19,146) S1.331,476 $10,864.981 $,8,638,417 Inventories'.... :: .... 196,405 210.263 155.621 23,702 88.178 134,146 808,315 717,610 i Total current assets :. 4.859.926 4,815,845 698,163 (235.292) 69;032 1.465.6i2 11.673,296 9,351,021 Property, plant and equipment ............. 15,671.200 8,030.007 314,109 141.257 - 3.003.247 27.159,910 25,208,368 Less: Accumulated depreciation .;:.... (5,092.904) (5,382,331) (201,005) (74,006) - (1,232,0031 (11,982,249) (10,382,644) Property, plant and equipment, net .... 10,578.296 2,647,766 113.104 67.251 - 1,771,244 15.177.661 14,825,724 Total assets ...:.. , . $15,438,222 $7.463.611 $811,267 $068,041) S 69,032 53,236.866 $26,850,957 $24,116,751 LIA8ILITIES AND FUND EQUITY Current liabilities: Vouchers and accounts payable ............... S 345,112 S 208,444 S 70,895 S .15,695 S 8,032 S 127,245 S- 775.423 $ 850,105 Accruedexpenses (principally salaries) ..... 167.337 97,965 126.304 14.688 1,434 47,632 455,360 391.946 Total liabilities .. . , : 512.449 306,409 197,199 30.383 9,466 174.877 1,230,783 1,242,051 Fund equity (deficit): Contributed capital ....... 4,550.294 1.813,612 272.199 178,170 - 2,140,823 8,955,098 8,800.795 Retained earnings (deficit) ....... ........ 10,375,479 5,343,590 341,869 (376.594) 59,566 921,166 16,665,076 14,133,905 Total fund equity (deficit).......... 14.925,773 7.157,202 614,068 (198.424) 59,566 3.061 989 25,620,174 22,934,700 Total liabilities and f fund equity (deficit) S15,438,222 S7,463,611 $811,267 S(168,041) S 69,032 S3.236,866 $26,850,957 $24,176,751 F -a 1; G-42 TKt55 F6848 Biteview Finonaisl Printers, Miami, F L City of Nliami-Gznorai Obligation Bond isi Proof of 7/15/86x 17+; �, 0134 r SCHEDULE E=9 k CITY, OF MIAMI, VLOAIDA tNTEANAL SEAVICE FUNDS i OMEiNINO STATEMENT OF REVENUES, } EXPENSES AN15 CHANCES 1N PUNb EQUITY YEAA ENbED SEPTPM8EA 00, 1989 With Comparative Totals for Year Elided September 80, 1984 City Motor Property Print Stationery communications folals i Gatage Pool Maintenance Shop Slock Serviees 1985 1984 Operating revenues charges for services < $ 5.488,663 $4.839.649 53.553.765 $ 527,950 $337.525 $3,051.657 $17.799,209 $17.145.809 Operating expenses: Personal services 2.326,120 1,724,596 2,059.299 248.385 33.580 798.586 7,190.566 6.731,258 Contractual services .._._. 160,333 103,971 664.869 185.134 15,398 59.,JV 1,189.126 1,288,112 Materials and supplies . . , 1.116.881 1.364.908 596,573 98.362 294,865 120,318 3.591,907 3,4i 1,124 Utilities ........ ....... 100,357 74,984 24.423 5.913 - 1,579,616 1,785,293 1,633,738 Other .....:. .:.. ..... 591,108 2,498 608 1,431 ' 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 14.356,940 13.297,131 Operating income - before depre- ciation expense 1.193.864 1.568,692 207.993 (11.275) (7.829) 490,824 3.442.269 3,848,678 Depreciationexpense :. ... 1,226.691 879.959 13;667 13.143 - 320,580 2.454,040 2,658,000 Operating income (loss) (32.827) 688.733 194,326 (24.418) (7.829) 170,2_44 988,229 1,190,678 Nonoperating revenues (expenses): Interest ............. .. 396,891 353.873 - - 360 84.942 836,066 717,420 Other.....,. . 150.304 219.243 338.654 5' - - 708,206 225,970 Total nonoperating revenues (expenses) 547,195 573,116 338.654 5 360 84.942 1,544,272 943.390 Income before operating transfers . 514,368 1,261.849 532,980 (24.413) (7,469) ` 255,186 2,532,501 2.134,068 Operating transfers in ..... 375.913 - - = - - - 375,913 461,995 Operating transfers out , ... - (168',602) (153.694) (20.207) - (33,410) (375,913) (461;995) Net operating transfers ......... 375,913 (168,602) (153,694) (20,207) - (33.410) - Net income ..... .: 890,281 1,093,247 379.286 (44.620) (7.469) 221,776 2,532.501 2.134,068 Retained earnings (deficit) at beginning of year.......- 9.485,198 4.250,343 (37.417) (331.974) 67.035 700,720 14,133,905 12.157,338 Equity transfers from (to) 1 other funds - - - - - (1,330) (1:330) (157,501) Retained earnings (deficit) at end of year, ........... 10;375,479 5,343,590 341.869 (376.594) 59,566 921: t66 16,665:076 14,133,905 Contributed capital at beginning of year .........' 4,478,771' 1,742,021 271,755 178.170 - 2.130.078 8,800,795 7,865,303 Contributions from other funds"...... ...... -71,523 71,591 444 - - 10,745 154.303 935,492 -y Contributed capital at end of year .:............ 4,550,294 1,813,612 272,199 178.170 - 2.140.823 8,955,098 8,800.795 ` Total fund equity (deficit)..::- - $14.925.773 $7,157,202 $ 614,068 $(198,4241 $ 59,566 $3.061.989 $25.620.174 $22,934,700 G-43 01 TK;67 gvvivw Finonsiol farinlrrs, Mimi, FL City of Nf iami=Grnrroi Obligtufpn Band tat Proof of 7/15/80 x 17+; 10,134 i 1 k + t ,. . �VI IYYYU {i4 1 i� CITY OF MIAMI, ELOAIDA INTE'PNAL SERVICE PUNbS COMEININO STATEMENT OF CWANOES IN FINANCIAL POSITION YEAR ENDEb SEPTEMEER 36, 1088 With Cernperbilve Totalb lior Yeet Ended S fitetiil3 r 3b, 19134 City motbt otbpatty print Stallbnety C6tnnlunitatibns totals GSPage Pbbi maiminanCe Sh6p Slat:k 80tvicas 1995 1984 Working capital provided by 1 (applied to): Operations: Net income (loss) .... ...' S 890.281 $1.093.247 S379.286 S(44.620) $(7.469) $221j76 $2,532.501 $2.134,068 Items not requiring current outlays of working capital: Depreciation 1.226.691 879.959 13,667 13,143 - 320,580 2,454,040 2.658.000 Loss on dispositions of property, plant ' and equipment, net . 492.120 23.600 5.456 — — 18:296 539,472 285.959 Total provided by t (applied tot operations ........ 2,609.092" 1.996.806 398.409 - 131.477) _(7,469) 560,652 5.526,013 5,078,027 Contributions and equity tra6sfers, net ... :. ... 71.523 71,591 444 — — 9.415 152,973 777,991 Total-.: 2,680.615 2;068,397 398:853 (31,477) (7,469) 570,067 5.678,986 5,856,018 Working capital applied: Additions of property, plant and equipment . 2,544,697 669,688 11.226 14,083 — 105.755 3.345.449 3,820.344 Total ........ ..., 2.544.697 669.688 11.226 14.083 — 105.755 3,345,449 3,820,344 Increase (decrease) in ,.' working capital ..... S 135,918 S1.398,709 S387.627 ; 5(45.560) S(7.469) S464,312 $2.333.537 S2,035,674 Summary of increases (decreases) in working capital: Cash and investments'..... S 252.491 $1.309,919 S335,713 S(42,248) S(9.973) $385,662 $2,231,564 $2,141.786 Accounts receivable ...... - — - — — — - 13,686 Inventories ..... . ' .. (57,205) 72,360 44,213 (979) 7.290 25,026 90.705 8,767 Accounts payable and accrued expenses .:...,. (59.368) 16,430 7,701 (2,333) (4,786) 53,624 11.268 (128,565) Increase (decrease) in working capital ,....... S 135,918 S1,398,709 S387,627 $(45,560) S(7,469) $464.312 S2,333,537 S2.035.674 1 G-44 V6848 Review Financiai Primen, Miami, F1. City ol'Miami-,-GoncralQbi'tgation Bond 1►4 i'ruut' of 7t15/84 x 17 y ij q 9OHEUULE _ 0,1 s CITY OF MIAMI, PLOA10A TRUST AND AGENCY FUNDS CCMRiNINO BALANCE BWEE j SERTEMBER 30, i0a Agency 1 Expendable trust PUnd$ Fund Pbnslen trust funds _ Self Pension Cable GESE FiPO Insuraned Administration t,y, trust trust total ASSETS Equity in pooled cash and investments, $7,185,777 $ 4,399.499 $2.154,710 $ — $ — $ 13.739.986 Cash and cash equivalents — -- — 1,231,178 14,203 1,251,381 Pension investments including i accrued interest — - 111,849,104 190,200,168 302,049.272 Accounts receivable` Proceeds from securities sold — — 725.879 1,572.168 2,298,047 Pension member's contributions — - — 218.346 465,227 683,573 Other 7,894 4,900 — 12.794 Due from other funds _ - — 1,229,195 1.307,563 2,536,758 Prepaid expenses . 31.406 — — - = 31,406 Deferred compensation plan assets 6.476,982 — — 6,476,982 Total assets $7,225,077 110MI.381 $2.154,710'$115.259,702 $193.559,329 $329,080,199 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable $ 359.259 $ 450,433 $ 154,710 $ 90.624 $ 21.745 $ 1,076.771 Payable for securities purchased — — — 1.071,464 2,141,226 3,212,690 Due to other funds — 2,536,758 — - 2,536,758 Deposits .. — 1.875 2,000 000 — - 2.001,875 Claims payable 1,873,632 1,873,632 Deferred compensation plan a f 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: Reserved for employee retirement plan benefits — - 114,097,614 191,396,358 305.493,972 Unreserved: Designated for hurricane loss 500.000 — — — 500,000 . Designated for pension related expenditures — 1,415,333 - - — 1,415,333 Designated for claims payments 4,492,186 4,492.186 i. 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 '$329,080.199 { ,l J Q jt d G-45 { 4 ,... TK:50 F6848 Review Fitttancisi FrintFra, A#iami, FI- City of Mlpini—Gcnerul Obligation 0ond tst Proof of 7; iS/Bb x 17 #; t ; 1 d ! 1 SCHE)ULE , G-2 s ' CITY OF MIAMI, FLOAICA 5XPENCAaLt TRUST FUNDS COMBINING STATEMENT OF RSVtNUSS, €X�€NCiTUSES ' AND CHANGES IN FUND BALANCtt ;. Y1=AA eNtlt6 SePTEMBItA 30, 108 Sell- Insutance Pension Administration _ total Revenues, — S 3.771.3a9 S 3 7 7 t „n d interaovernmentai charges 2 9 , r 168:a36 22,465,259 intraaovernmental charaes 2 r 527 220 ^ _ 7 527.220 Contributions from empioyees and ret,ree$ 2Q.325 263.208 783,533 Interest s:ia 123 A39 a28 CihPr t '8; .i9� 20V " 99 _ 3 zt. 98b 89 Total revenues -_ Exoenditures. 1 .055 294 Personal services 167 SOb 1.350 161 ?:517 967 Conttactual services 1„ 080 — 10 080 Materials and supnties 25.25�.;06 24.255.306 Contributions to retirement funds J..G 32 ` 8 1 7R9 _ 1 _021 73.9 insurance J 325 015; — 10,325 05t Cialms payments tot 434 365.05'_ 5277 487 �t"?r 5a °5a ^5 970 520 '9.515 974 Total expenditures 4 7675' .529, 135 r. Excess (.deficiency) of revenues f ? ar, pet. '1 C tin es 230 i`12 t r 3 84. 6. , . a2.86� _0 , or _ rr_. �. 36 7Q Ft.,nd balances at beginning of year S 992 ' °6 , i l c 333 v Fl_;nd oalances at end of year —i G-46 0. V6848 IWOW i4'innrlool Pri"wro, Miami, VL City of N91amiTOeneral Obligation pond Ist Proof of 7/15/86 x 17 *3 - iKc61 10134 SCHEDULE �� CITY af MIAMI, % LOAIDA COMBINING FENMON TSUST FUNDS' STATEMENT OF REVENUES, EXPENSES AND CHANGESIN FUND BALANCES YEAR ENI)P-b SEFTEMBEB 30, 1086 G€tr Trust CIF Total Operating revenues: $ 10,159.599 $ 10,700,000 $ 20.859,599 Contributions from employers 4,556,893 5,155,192 9,712,085 Contributions from employees and retirees J.963,841 10,650.962 14,614,803 _ Net reali2ed gain on investments 7 479,027 13,310,892 20,789,919 Interest and dividends - 266159,360 39,817.046 65.976,406 _ Total Operating expenses: Personal services 279,549 9,824,207 326,003 10,382,493 605,552 20,206,700 Benefit payments 666,036 753,726 1.419,762 Refunds ' 10,769,792 11,462.222 22,232,014 Total 15,389,568 28,354.824 43,744.392 Operating income 3,300 4.200 7,500 -Nonoperating'revenues: 15,392,868 28.359,024 43,751,892 Net income 98,704,746 163.037.334 261.742,080 Fund of year balances at begi $114.097.614 $191,396.358 $305,493,972 Fund balances at end of year a - G-47 3 i a , A Fb648 RtvieW Financial i'rin4e�s Miami, F[ City of \ligmi—General Obligation Bond l't Proof of 7/15/86 x ,17+ T,K;02 1 Q' - - - t SCHEDULE 0,4 CITY OF MIAMI, FLORA A PENSION TRUST FUNbS COMWNiNG STATEMENT OF OWANt31 S IN FINANCIAL P091TION YEAR ENbEO SEPTtMSER a6, 1085 trust PIP0 Trust fiotsl Working capital provided by: $15,302.868 $28,359,024 $43,751.892 Net income - $15, 8 $28;359.024 $43,751,892 Increase in working capital Summary of increases (decreases) in working capital: $ 1,000,798 $ (98,364) $ 902.434 Cash and cash equivalents - 13,055,793 28.220,870 41,276,663 Pension investments (2,493,789) (847.164) (3,340.953) Accounts receivable 1 229,195 1,307,563 2,586,758 Due from other funds (21.393) 5,031 (16,362) Vouchers and accounts payable 2.622,264 264 (228,912) 2,393,352 Payable for securities purchased ----- $15.3_ $28;359,024 $43- Increase in working capital G-48 V0840 Rovilm Financial Prinicrs, Miami, Fl. City of Nliami—Gtncral Obtiption Bond lat Proof of %/ 15/80 17 +;: 1c 0 1;S4 r �i�`1t �1AM1� DA01ft COUNTY] MOM LEGAL 116 itb Ali Interested persons will take notice that on the 24th day of July, 1986, the City Cofrtl'ititNlon of Miami, Florida, adopted the followinq titled drdinance(s): ONDINANLP NO. 16134 AN EMERGENCY ORDINANCE OF THE CITY OF MIAMI, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED t40,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1986, OF THE CITY FOR THE PURPOSE OF REFUNDING CERTAIN OF THE CITY'S FIRE FIGHTING, FIRE PREVENTION AND RESCUE - FACILITIES BONDS. HOUSING BONDS, STORM .SEWER IMPROVEMENT BONDS AND STREET AND HIGHWAY IMPROVEMENT BONDS: ALL DATED JUNE 1, 1984; DECLAR- ING AN EMERGENCY TO EXIST; PROVIDING THAT SUCH GENERAL OBLIGATION REFUNDING BONDS SHALL, SUBJECT TO CERTAIN'LIMI,TATIONS, CONSTITUTE GEN- ERAL OBLIGATIONS OF;T'HE OITY, AND THAT, SUBJECT TO SUCH LIMITATIONS, THE PUCI FAITH. CREDIT AND TAXING POWER OF THE CITY.SHALL BE IRREVOCABLY PLEDGED FOR THE PAYMENT OFTHE PRINCIPAL OF AND THE INTER- MIAMI A E Yi►` I EW EST ON SUCH GENERAL OBLIGATION REFUNDING BONDS: MAKING CERTAIN COVENANTS AND AGREEMENTS IN THEREWITH: APPROVING THE FORM OF AND DAILY RECORD AN ESCROW DEPOSIT .AGREEMENT: AUTHORIZING THE AN Published Daily except Saturday, Sunday and NEGOTIATED SALE, OF SUCH GENERAL OBLIGATION REFUNDING BONDS; APPROVING THE FORM OF AND Legal Holidays AUTHORIZING THE'EXECUTION OF A BOND PURCHASE Miami, Dade County, Florida. AGREEMENT: AUTHORIZING THE CITY MANAGER TO STATE OF FLORIDA STATE AWARD THE SALE OF THE BONDS AND APPROVING THE OOF bADE COUNTHE CONDITIONS AND CRITERIA OF SUCH SALE; APPROVING FORM OF -A PRELIMINARY OFFICIAL STATEMENT; before the undersigned authority personally appeared APPOINTING A PAYING AGENT. CO -PAYING AGENT, AND Octelma V. Ferbeyts, who on oath says that she is the Supervise► BOND REGISTRAR; AUTHORIZING CERTAIN OFFICIALS AND of Legal Advoilfaingof the Miami Review and Daily Record, a EMPLOYEES OF THECITYTO TAKE ALL ACTIONS daily (axc"t Saturday, Sunday and Legal'Hoitdaya) newspaper, REOUIRED IN CONNECTION WITH THE ISSUANCE OF SAID published at Miami In Dade County, Florida; that the attached BONDS; AND PROVIDING AN EFFECTIVE DATE,` copy of adaetfleement, being a Legal Advertisement of Notice In the matter of ORDINANCE NO. 10135 CITY OF MIAMI AN EMERGENCY ORDINANCE ESTABLISHING A NEW SPE- 0 RD I NAN C E N 0, 10134 CIAL REVENUE FUND ENTITLED: "OVERTOWN JOB TRAIN- ING AND DEVELOPMENT PROGRAM" APPROPRIATING FUNDS FOR ITS OPERATION IN THE AMOUNT OF $24,000 FROM THE UNITED STATES DEPARTMENT OF LABOR, AND AUTHORIZING THE CITY MANAGER TO ACCEPT THE GRANT AWARD FROM THE UNITED STATES DEPARTMENT OF _ In the........XXX............................ Court, AGREE- LABOR AND TO ENTER INTO THE NECESSARY AGREE - was published in said newspaper in the Issues of MENT WITH ,THE SOUTH FLORIDA EMPLOYMENT AND TRAINING CONSORTIUM TO ACCEPT THE GRANT AND July 31, 1986 IMPLEMENT SAID PROGRAM, CONTAINING A REPEALER PROVISION AND'A SEVERABILITY CLAUSE. ORDINANCE NO. 10136 AHlartit furttwr says that the said Miami Review and Daily AN EMERGENCY ORDINANCE PROVIDING THAT. COM- Record is a newspaper published at Miami in said Dade County, Florida, and that the said nawspapot has heretofore beta MENCING EFFECTIVE OCTOBER 1. 1986. AN ANNUAL FEE continuously published In sold Dodo County, Florida, each day SHALL BE ASSESSED AGAINST ALL COMMERCIAL ESTAB• (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at thepost office in LISHMENTS; SAID FEE TO OFFSET THE COST OF TRASH AND STREET CLEANING SERVICES PROVIDED BY THE CITY; Miami In said Dad*- County, Florida, for a period of one year next preceding the first publlcatlon of the attached copy of CONTAINING A REPEALER PROVISION AND, A sdwrttument: and afftant further says that she has neither SEVERABILITY CLAUSE. Wld nor promised any person, firm or corpon. a" discount, robot cammI Ion or rafu purpose of securing this want for iwi `I } aid newspaper. ORDINANCE NO. 10137 �` AN ORDINANCE AMENDING ORDINANCE 9939, ADOPTED _ DECEMBER 20, 1984='AS AMENDED, THE CAPITAL �• • S�wt�JrTAn4)sutiscribetL before me this IMPROVEMENT APPROPRIATIONS ORDINANCE, BY ESTABLISHING A NEW PROJECT ENTITLED: "PRELIMINARY ' J,- BOND EXPENSE" AND APPROPRIATING FUNDS FOR IT'S 3 st rat pTu l 'A O. t9...g (� Y . y • OPERATION IN THE AMOUNT OF $110,000 FROM GENERAL OBLIGATION BONDS-1986 ISSUES; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. � 111psn �iee, Not" Public, f Florida at Large ORDINANCE NO. 101138 Is Comtnlaaton'izpi hlib; 43; 188f3. AN,QRpIt�ANCE AMENDING ORDINANCE NO. 9939, '=AIp6PTO PI-CEMBER 20, 1984, AS AMENDED, THE CAPI- TAL IMPROVEMENT APPROPRIATIONS ORDINANCE, BY �ESTASLI>RING A NEW PROJECT ENTITLED:"MIAMI ti 'STAOI ItVI =HOOF REPAIRS'; AND APPROPRIATING FUNDS — FOR THj§,P.ROJECT IN THE AMOUNT OF $475,000 FROM CAPI.TA1.?,`1MPROVEMENT FUND •, FUND BALANCE' , L'01 T,;?J#+1JNG A REPEALER PROVISION AND A SEVFRA131LITY CLAUSE. ORDINANCE NO, 10139 AN ORQINANcI= AMENDING ORDINANCE NO. 9939, "ADOPTED 1)ECEMt3ER 20, 1984,`AS AMENDED, THE CAPI= TAL IMFROVEIIWNT APPROPRIATIONS ORDINANCE, BY ESTARLISFl1NG A NEW CAPITAL IMPROVEMENT PROJECT ENTdT#Eir COCONUT GROVE EXHIBITION CENTER ,_TI=t G0f%$EATING', APPROPRIATING FUND15 FOR THIS r':PRCJECT 1N• THE AMOUNT OF $17000 FROM CAPITAL IMPROVEMENT` FUND FIJNI1 EQUITY, CONTAINING`A R PROVISIONNR A S€VERAI ILITY CLAUSE. = .., , 014®INAN09 dire 101 40 AN ORDINANCE AMENDING SECTIQNS 1, 2, 4 AND S OF ORDINANCE NO.10W. APOPTEP MARCH 10, 19$E WHICH NS 144 00.119AT90 THE "PITY OF MIAMI YOUTH A*WRY COVN- rlfa't,..'T ? FROVIPE THAT $UCH COUNM MAY Of, INFQRbtAi1-,,V REFERRED TO AS THE "'YOWN AD VIa$ORY ,• A11N :' OR °COONCI�' ; #'RQVJ42NO THAT �00VOP11 - - i BETWEEN THE A9ES A10, ANI i YF-ARS tt I Q VIp1NG THAT Ai- L QFFICERS $E SEI ECTEQ RRQM AMQ11 .C.OUNPIL. MEMS R$; (CREATING A VIEW QFF4,, OF F CE' F. ERQEPNT-,AT•ARMS, ---- ---- - -- - AN "ohbINANCE AMENDING ORDINANCE NO, 9939. - - ADOPTED bECEMBER 20, 198d, AS AMENDED, THE CAPI TAL IMPROVEMENT APPROPRIATIONS ORDINANCE, 13Y ESTABLISHING A NEW CAPITAL IMPROVEMENT PROJECT ENTITLtb; "COCONUT GROVE EXHIBITION CENTER . TELESCOPIC SEATING", APPROPRIATING FUNDS FOR THIS PROJECT IN THE AMOUNT OF $170,000 FROM CAPITAL IMPROVEMENT FUND • FUND EQUITY; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE, OhbINANCL NO. 0440 AN ORDINANCE AMENDING SECTIONS 1, 2. 4 AND 5 OF 1AR 144 ORDINANCE NO. 10086, ADOPTED MARCH 18, 1986 WHICH CREATED THE "CITY OF MIAMI YOUTH ADVISORY COON- ' CIL", TO PROVIDE THAT SUCH COUNCIL MAY 8E INFORMALLY REFERRED TO AS THE ,YOUTH ADVISORY COUNCIL" OR "COUNCIL"; PROVIDING THAT COUNCIL MEMBERS AT THE TIME OF tHE AtIPOINtMENt BE ' BETWEEN THE AGES OF 16 AND 24 YEARS; FURTHER PRO VI61NG THAT ALL OFFICERS BE SELECTED FROM AMONG COUNCIL MEMBERS; CREATING A NEW OFFICE OF TREASURER AND THE OFFICE 01: SERGEANT-AT•ARMS, WHO SHALL ALSO SERVE AS PARLIAMENTARIAN; AUTHOR 12IO2 THE CITY COMMISSION TO APPROPRIATE FUNDS FOR COUNCIL EXPENSES AND THAT STRICT FISCAL "'' } ACCOUNTABILITY BE MAINTAINED AS MAY BE CONTAINED IN 'CITY ADMINISTRATIVE bIRECTIVES OR POLICIES AS ESTABLISHED BY THE CITY MANAGER OR THE FINANCE DIRECTOR; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. ORDINANCE NO, 10141 AN EMERGENCY ORDINANCE AUTHORIZING THE ACOUI• SITION BY THE CITY OF MIAMI OF CERTAIN PROPERTY BY LEASE -PURCHASE; AUTHORIZING THE PREPARATION; EXECUTION AND DELIVERY OF A LEASE -PURCHASE AGREEMENT BETWEEN AN EQUIPMENT LESSOR AND THE CITY,' AS LESSEE, "PURSUANT TO WHICH SUCH ACQUISI• TION SHALL BE ACCOMPLISHED; AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF AN AGENCY AGREEMENT BETWEEN THE EQUIPMENT -LESSOR AND AN AGENT, PURSUANT TO WHICH THEEQUIPMENTLESSOR WILL ISSUE`' CERTIFICATES OF: PARTICIPATION IN SAID LEASE -PURCHASE AGREEMENT; AUTHORIZING THE PREP- ARATION OF A CERTIFICATE PURCHASE AGREEMENT BETWEEN THE EQUIPMENT LESSOR AND CERTAIN UNDERWRITERS,' PURSUANT TO WHICH THE LESSOR WILL SELL SUCH CERTIFICATES OF PARTICIPATION TO SUCH UNDERWRITERS, WHO ►N`TURN, WILL MAKE A PUBLIC OFFERING OF SUCH CERTIFICATES; AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND'A FINAL OFFICIAL STATEMENT) EACH TO BE USED IN CONNECTION WITH OFFERING SAID CERTIFICATES OF "-- PARTICIPATION TO INVESTORS; RATIFYING AND CONFIRMING THE SELECTION, OF `UNDERWRITERS; APPROVING THE NEGOTIATED SALE OF THE CERTIFICATES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000`TO THE UNDERWRITERS AT. AN EFFECTIVE INTEREST, RATE NOT TO EXCEED NINE AND ONE-HALF PERCENT (9-112%) IN ONE OR MORE MATURITIES, NONE OF WHICH SHALL EXCEED TWENTY (20) YEARS;'AUTHOR- IZING APPROPRIATE' OFFICERS OF THE CITY TO TAKE SUCH INCIDENTAL' ACTIONS AS SHALL BE NECESSARY AND APPROPRIATE TO ACCOMPLISH THE LEASE - PURCHASE FINANCING OF SUCH PROPERTY, INCLUDING BUT NOT LIMITED TO THE ESTABLISHMENT OF RESERVE FUNDS' OR THE PROCUREMENT OF CREDIT -ENHANCE- MENT TO SECURE SUCH CERTIFICATES OF PARTICIPATION; REPEALING INCONSISTENT ORDINANCES; PROVIDING THAT THIS ORDINANCE' SHALL GO INTO EFFECT IMMEDI- ATELY UPON ITS. ENACTMENT; AND DISPENSING' WITH THE READING OF THIS ORDINANCE ON TWO SEPARATE DAYS BY A FOUR -FIFTHS VOTE OF THE COMMISSION, ORDINANCE NO. 10142 AN ORDINANCE AMENDING THE ZONING ATLAS OF ORDI- NANCE NO. 9500, THE ZONING ORDINANCE OF THE CITY OF MIAMI, FLORIDA BY CHANGING THE ZONING CLASSI- FICATION OF APPROXIMATELY 190.240 NORTHWEST 20TH STREET AND APPROXIMATELY 1920.1990 NORTHWEST 1ST PLACE (BOTH SIDES OF 1ST PLACE), MIAMI, FLORIDA, (MORE PARTICULARLY DESCRIBED HEREIN) FROM CG•2J7 GENERAL: COMMERCIAL TO, RG•2/5 GENERAL RESIDEN- TIAL,; MAKING FINDINGS; AND BY MAKING ALL THE NEC- ESSARY CHANGES ON PAGES 21 AND 23 OF SAID ZONING ATLAS MADE A PART OF ORDINANCE NO, 9500, BY REF. ERENCE AND DESCRIPTION "IN ARTICLE 3, SECTION;300, THEREOF; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. (114056) MATTY HIRAI • t? aa►• it"'" CITY CLERK - CITY OF, MIAMI, FL(?RIpA 713