HomeMy WebLinkAboutR-85-0698��'
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RESOLUTION NO.J
A RESOLUTION PROVIDING FOR THE ISSUANCE OF AND FIXING
AND DETERMINING THE DATE, PRINCIPAL AMOUNT, MATURITIES,
INTEREST RATES AND REDEMPTION PROVISIONS OF SPECIAL
OBLIGATION BONDS SERIES 1985, OF THE CITY OF MIAMI,
FLORIDA, AUTHORIZED IN THE AGGREGATE PRINCIPAL AMOUNT OF
- NOT EXCEEDING $13,720,000 PURSUANT TO ORDINANCE NO.
10014 , DULY ENACTED BY THE CITY COMMISSION OF THE CITY
OF MIAMI ON JULY 9, 1985; PROVIDING FOR THE DETERMINA-
TION OF AMORTIZATION REQUIREMENTS OF ANY TERM BONDS;
DESIGNATI14G THE BOND REGISTRAR, PAYING AGENT, ESCROW
AGENT AND FISCAL AGENT FOR THE SERIES 1985 BONDS;
DETERMINING THE NEED FOR A NEGOTIATED SALE OF SAID
BONDS; APPROVING AND AUTHORIZING THE EXECUTION AND
DELIVERY BY THE CITY OF A BOND PURCHASE CONTRACT FOR
SAID BONDS; AWARDING THE SERIES 1985 BONDS; APPROVING
AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW
DEPOSIT AGREEMENT BETWEEN THE CITY AND THE ESCROW AGENT;
PROVIDING FOR THE DISPOSITION AND TRANSFER OF THE MONEYS
AND SECURITIES ON DEPOSIT IN THE FUNDS AND ACCOUNTS
ESTABLISHED FOR THE OUTSTANDING BONDS; APPROVING A.
RATIFYING TFE DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT RELATING TO THE SERIES 1985 BONDS; AUTHORIZIN
G
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Section 1. The Bonds shall be dated as of July 1, 1�85,
shall be issued the form of fully registered bonds in the
f SS 000 h r inte -I multiples thereof shall
Ii
denomination o eac o g -
be designated "City of Miami Special Obligation Bonds Series
1985", and shall be issued in the aggregate principal amount set
forth in Schedule I attached hereto.
Section 2. (a) The Bonds shall bear interest from their
date (or from the date provided for in the Bonds and in the Bond
Ordinance) until their payment, payable semi-annually on the 1st
day of each July and January of each year, commencing January 1,
1986, at the rates shown on Schedule I attached hereto (calculated
on the basis of a 360-day year of twelve thirty -day months), shall
be term bonds or serial bonds or a combination thereof, shall have
such Amortization Requirements (as defined in the Bond Ordinance).
if any, and shall be stated to mature in the amounts and on the
dates, all as shown on Schedule I attached hereto.
(b) The Bonds shall be subject to mandatory and
optional redemption by the City at the principal amount thereof,
plus interest accrued thereon to the date fixed for redemption, at
the prices, and at the times, all as set forth in Schedule II
hereto.
Section 3. Chemical Bank, New York, New York, is hereby
designated as bond registrar and paying agent and fiscal agent for
the Bonds (herein called the "Bond Registrar"), and Barnett Banks
Ttwt Corpany, N.A., Jacksonville, Florida, is hereby designated as and
as escrow agent (herein called the "Escrow Agent") for the
Refunded Bonds (as defined in the Bond Ordinance).
Section 4. Upon the recommendation of the City Manager, the
' City Commission has determined that given the uncertainties and
unsettled condition of the municipal bond market at the present
time and the need for maximum flexibility in structuring the
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85-698-
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interest rates, maturities, principal amounts, Amortization
Requirements (as defined in the Bond Ordinance) and redemption
provisions of the Bonds so as best to provide level debt service
for the City, which flexibility would not be possible in
competitive bidding, and that given the need to structure the
escrow deposit requirements for the Refunded Bonds in such a way
as will comply with all federal laws, it is in the best interest
of the City to award the Bonds at negotiated sale in lieu of
having a competitive sale of said Bonds. The Commission hereby
approves and ratifies the actions of the City Manager in
soliciting proposals from and negotiating on behalf of the City
with various underwriters, and the Bond Purchase Contract
presented to the Commission by William R. Hough & Co. and Daniels
& Bell, Inc. (herein called the "Underwriters"). is hereby
approved. The Bond Purchase Contract, between the City and the
Underwriters, setting forth the provisions of the Bonds and the
terms and conditions upon which the Bonds will be Issued (herein
called the "Bond Purchase Contract") is hereby approved, and the
execution and delivery of the Bond Purchase Contract in
substantially the form attached hereto as Exhibit A are hereby
authorized. The Bond Purchase Contract hereinabove authorized to
be executed shall be executed by and on behalf of the City by the
" Mayor or Vice Mayor of the City, with the official seal of the
City impressed or imprinted thereon and attested by the Clerk or
any Deputy Clerk of the City in substantially the form presented
to the Commission at the meeting of the Commission at which this
resolution is adopted and as attached hereto as Exhibit A, subject
to such changes, insertions, omissions and filling -in of blanks
therein as may be approved and made in such form of Bond Purchase
Contract by the officers of the City executing the same pursuant
s
to this Section, the execution and delivery of such Bond Purchase
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85-69E
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Contract for and on behalf of the City by such officers being
conclusive evidence of the approval of such officers of any such
changes, insertions, omissions or filling -in of blanks.
Section 5. The Commission has been presented with the final
Official Statement and a preliminary Official Statement prepared
by financial advisors to the City, together with various officers
of the City, and has examined and considered the Official
Statement. The City hereby ratifies the distribution of the
preliminary Official Statement and authorizes the distribution of
A `.e final Official Statement by the Underwriters in connection
1r��
with the offering and sale of the Bonds and hereby authorizes and
directs the Mayor or the Vice i•Iayor of the City to execute such
final Official Statement for and on behalf of the City
substantially in the worm attached hereto as Exhibit S with such
changes, insertions, omissions and filling -in of blanks therein as
may be approved and :Wade in such Official Statement by the
officers o," the City executing tie same pursuant to this Section,
and the Commission hereby further authorizes the delivery of the
final Official Statement to the Underwriters for their use in
connection with the offering and sale of the Bonds.
Section 6. The Commission hereby awards the Bonds to the
Underwriters in acccrdarce with the pro•:isions of the Bond
Purchase Contract for a purchase price of 97.033 °o of the
plus accrued interest,
principal amount thereof ($13,312,928.40 i , and confirms its
receipt of a disclosure statement from the Underwriters complying
with the provisions of Section 218.385, Florida Statutes, as
amended.
Section 7. The Escrow Deposit Agreement between the City and
Barnett Banks Trust Company, ILA, Jacksonville, Florida, as Escrow
Agent (herein called the "Escrow Deposit Agreement") is hereby
approved, and the execution and delivery of the Escrow Deposit
4,
85 -698,
Agreement in substantially the form attached hereto as Exhibit C
are hereby authorized. The Escrow Deposit Agreement hereinabove
authorized to be executed shall be executed by and on behalf of
the City by the City Manager or any Assistant City Manager or by
the Mayor or Vice Mayor of the City or by the Finance Director of
the City, with the official seal of the City impressed thereon and
attested by the Clerk or any Deputy Clerk of the City in
substantially the form presented to the Board at the meeting of
the Board at which this resolution is adopted and as a'Ltacred
hereto as Exhibit C, subject to such changes, insertions,
omissions and filling -in of blanks therein as may be approved and
trade in such form of Escrow Deposit Agreement by the officers of
the City executing the same pursuant to this Section, the
execution and delivery of such Escrow Deposit Aareement for and on
behalf of the City by such officers being conclusive evidence of
any such changes, insertions, omissions or tilling -in of blanks.
Secticn 8. As contemplated by the Bond Ordinance, the Bond
Registrar, the City Manager, and the Finance Director are hereby
authorized and directed, without further action by the Commission,
to take the actions required to cause the moneys and securities in
the funds and accounts established under the Refunded Bond
Ordinance as set forth in Schedule II hereto to be transferred as
required as set forth therein.
Section 9. The Bonds, upon their execution substantially in
the form and manner set forth in the Bond Ordinance, shall be
delivered to the Underwriters upon payment of the purchase price
thereof, all as more fully provided in and subject to the terms
and conditions of the Bond Purchase Contract.
Section 10. The Mayor, Vice Mayor, Clerk and any Deputy
P Y
Clerk, the City Manager and any Assistant City Manager and the
Finance Director of the City are hereby authorized and directed to
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85-698. .
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SC14EDUDE 1
(a) The Bonds
shall be
issued in the aggregate principal
amount of $13,720,000 , shall
be a combination
of serial Bonds and
term Bonds, and shall mature
in the following
amounts on July 1 of
the following year
and shall
bear interest at
the following rates:
Principal
Interest
Reoffering
Year
Amount
Rate
Prices
1987 $
110,000
5.625
100.000
1988
245,000
6.125
100.000
1989
265,000
6.375
100.000
1990
285►000
6.625
100.000
1991
310,000
6.875
100.000
1992
335,000
7.125
100.000
1993
360,000
7.375
100.000
01 1994
390,000
7.625
100.000
1995
425,000
7.875
100.000
1996
465,000
8.150
100.000
1997
510,000
8.300
100.000
1998
560,000
8.500
100.000
1999
610,000
8.600
100.000
2000
665,000
8.700
100.000
*2004
3,355,C00
8.875
99.500
*2008
4,830,000
8.875
99.000
*To be issued as term Bonds.
The remaining
Bonds are to be
issued as serial
Bonds.
(b) In satisfaction o` the A!rortization Requirements (as
defined in the Bond Ordinance), the Bonds stated to mature on July
1 2004 will be subject to redemption at redemption prices equal
to 100 of the principal amount thereof plus interest accrued to
the redemption date in part by lot in accordance with the
provisions of the Bond Ordinance in the following amounts on July
1 of the following years:
Year Amount
2001 $725,000
2002 800,000
2003 875,000
The remaining $955,000 aggregate principal amount of Bonds
stated to mature on July 1, 2004 will be paid at maturity.
(c) In satisfaction of tAhe amortization requirement, the
Bonds stated to mature on July 1, 2008 will be subject to
redemption at redemption prices equal to IOC of the principal
amount thereof plus interest accrued to the redemption date, in
part by lot in accordance with the provisions of the Bond
Ordinance in the following amounts on July 1 of the following
years:
'ear Amount
lUU5 S1,045,00r
2C06 1,145,OOC
2007 1,260,000
The remaining $1,380.000 aggregate principal amount of Bonds stated
to mature on July 1, 2C08 will be paid at maturity.
(d) The Bonds maturing on or after July 1, 1994 are sub-ect
to redemption prior to then respective maturities at the option of
the Commisssion of the City, on and after July 1, 199:., in whole
on any date, or in part in the inverse order of their maturities
and by lot within any maturity, from time to time, on any interest
payment date, at the following redemption prices, plus accrued
interest to the date of redemption:
Redemption Period
(dates inclusive)
Redemption Price
(percentage of
principal amount)
July
1,
1993
to
June
30,
1994 .................
102Of
'0
July
1,
199Y
to
June
30,
1995 .................
101
1/_°0
July
1,
1995
to
June
30,
1996 .................
101
°;
July
1,
1996
to
June
30,
1997 .................
100
1/2';
July
1,
1997
and
therea-fter ...................
100
°0
(e) The Bonds shall be redeemed as a whole at any time or in
part on any interest payment date at a redemption price equal to
the principal amount thereof, plus interest accrued to the
redemption date, and without premium, from net proceeds resulting
from insurance or from eminent domain proceedings, if all or any
part of the Facility (as defined in the Bond Ordinance) is damaged
or destroyed or taken by eminent domain and if the City elects not
to replace, repair, rebuild or restore the Facility.
The City may elect to apply the proceeds from insurance or
from eminent domain proceeds to the redemption of the Bonds
8.
only if (1) the Facility has not been restored to substantially
the same condition as prior to the damage, destruction or taking,
or (2) the City has determined that the portion of the Facility
damaged or destroyed or taken is not necessary to the operation of
the Facility and that the failure of the City to repair or restore
the same will not impair or otherwise adversely affect the
CIT'i OF MIAMI )
I, Ralph Ongie, Clerk of the City of Miami,
Florida, and
keeper of the records thereof,
do hereby certify that
the attached
and foregcing pages numbered 1
through O , inclusive,
contain a
true and correct copy of a resolution
and attachment
(Schedule 1)
adopted by the Commission of said
City at a meeting held
on the
9th day of July, 1985.
SAID RESOLUTION WAS
DESIGNATED RESOLUTION NO. 85-698.
IN WITNESS WHEREOF,
1 hereunto set my hand
and impress
the official seal of the City
of Miami, Florida, this 15th day o-
July, 1985.
RALPH ONGIE
CITY CLERK
MIAMI, FLORIDA
(Official Seal)
By:
Deputy City Clerk
8�-69�
Tne roilowing tunas ana accounts nelu uy C.CL1.a.1„ u=r-,-1
ories and the fiscal agent under the Refunded Bond Ordinance (the
"Refunded Bonds Fiscal Agent") shall be transferred upon the sale
of the Series 1985 Bonds as follows:
(i) Moneys or securities held by the depositories under the
Refunded Bond Ordinance to the credit of the Revenue Fund
(as defined in the Refunded Bond Ordinance) shall be
transferred and deposited to the credit of the Miami Special
Obligation Parking Facility Revenue Fund.
. (ii) Moneys or securities held by the fiscal agent under the
" Refunded Bond Ordinance (the "Refunded Bonds Fiscal Agent")
to the credit of the Bond Service Account (as defined in the
Refunded Bond Ordinance) shall be transferred to the General
Fund of the City and applied to pay for capital expenditures
of the City that would otherwise be funded by the issuance
of tax-exempt obligations.
(iii)Moncys or securities held by the Refunded Bonds Fiscal Agent
to the credit of the Reserve Account (as defined in the
Refunded Bond Ordinance) shall be transferred and be
deposited to the credit of the Reserve Account in the Miami
special obligation Parking Facility Interest and Sinking
Fund.
(iv) Moneys or securities, if any, held by the Refunded Bonds
Fiscal Agent to the credit of the Redemption account (as
defined in the Refunded Bonds Ordinance) shall be trans-
ferred to the General Fund of the City and applied to pay
for capital expenditures of the City that would otherwise be
funded by the issuance of tax-exempt obligations.
ESCROW DEPOSIT AGREEMENT
THIS ESCROW DEPOSIT AGREEMENT, dated as of July 1, 1985, by
and between The City of Miami (the "City") and Barnett Banks Trust
Company, N.A. Jacksonville, Florida, a national banking associa-
tion organized and existing under the laws of the United States of
America, as Escrow Agent (the "Escrow Agent").
W I T N E S S E T H:
WHEREAS, the Commission of the City (the "City Commission"),
pursuant to Ordinance No. 9291, duly passed and adopted on July 9,
1981, as amended by Ordinance No. 9310, duly passed and adopted on
January 28, 1982 (collectively, the "Refunded Bonds Ordinance"),
has heretofore issued $10,400,000 aggregate principal amount of
Parking Revenue Bonds (Additionally Secured by Non Ad Valorem
Revenues) Series 1981 (the "Refunded Bonds").
WHEREAS, pursuant to Ordinance No. amending and restat-
ing the Refunded Bond Ordinance and Resclution No. , all
duly passed and adopted on July 9, 1965 (collectively, the "Pro-
ceedings") bcnds of the City designated Special Obligation Series
1985, ha•:e been issued and delivered on the date hereof in the
aggregate principal amount of $ (the "Series 1985
Bonds"), for the purpose of providing funds, together with other
available funds, for refunding all of the Refunded Bonds and
paying the costs of issuance of the Series 1985 Bonds; and
WHEREAS, the City has made arrangements for the Escrow Agent
from to purchase from. part of the proceeds of the Series 1985
Bonds and from other available funds Government Obligations
(hereinafter defined), the principal of and interest on which,
when due, will provide sufficient moneys to enable the Escrow
Agent.
W to deposit with itself and Chemical Bank, New York,
New York as paying agents for the Refunded Bonds (collective-
ly, "Paying Agent") sufficient moneys to pay the principal of
E and premium, if any, of the Refunded Bonds as the same shall
become due and payable or redeemable as the case maybe, up to
and including August 1, 1993; and
f
(ii) to deposit with the Paying Agent sufficient moneys
to pay as the same shall become due and payable the interest
to accrue on all Refunded Bonds to their respective dates of
payment or redemption.
WHEREAS, in order to insure that the procedure required for
paying the Refunded Bonds will be followed the parties have agreed
to enter into this Escrow Deposit Agreement with the Escrow Agent
prior to the delivery of the Series 1985 Bonds;
NOW, THEREFORE, in consideration of the foregoing and of the
mutual covenants hereinafter set forth, the parties hereto agree
as follows:
1. Receipt of a true and correct copy of the Proceedings is
hereby acknowledged by the Escrow Agent, and reference herein to
or citation herein of any provision of said documents shall be
deemed to incorporate the same as a part hereof in the same manner
and with the same effect as if they were fully set forth herein.
2. There are hereby created and established with the Escrow
Agent a special, segregated and irrevocable escrow account
designated "The City of M: ami Parking Revenue Bonds (Additionally
Secured by Non Ad %'alcrerr. Re:•enues) Escrow Fund" ( the "Escrow
Fund") to be held in the custody of the Escrow Agent as a trust
fund for the benefit of the holders cf the Refunded Eonds Separate
and apart from, other fends of t:ie City and the Escrow Agent. The
Escrow Agent herel-'y accepts the Escrow Fund and acknowledges the
receipt and deposit to the credit of the Escrow Fur,d Government
Obligations (as defined here:n in an aggregate amount equal to
$ (;nz:Iusi•;e of accrued interest) w::-ch were pur-
chased with S_ _ of the proceeds received by the City
fror,, the sale an, ' de .-ery cf the Series 1925 Bonds (the "Scnd
Proceeds") and S of the funds held by the fiscal
agent for the Refunded Bonds in accounts established under the
Refunded Bond Ordinance (the "Refunded Fond Funds").
3. The Escrow Agent represents and acknowledges that it has
used a portion of the Bond Proceeds and the Refunded Bond Funds to
purchase on behalf and fcr the account of the City, from. the
United States Treasury, certain :Jnited States Treasury Notes --
State and Local Go:ernr.e:. Series, which are direct cb__gations of
the United States of America, in bock -entry form in the aggregate
principal or par amount of $ (the "SiGS") by,
� ----- -----
payment of said principal or par amount to the Federal Reserve
Bank at Jacksonville, Fi^rida, and for which the Escrow Agent will
credit $ _ _ of such obligations to the Escrow Fund
and (b) use;.;' a portion of the Bond Proceeds and the Refunded Bond
Funds to purchase from _ _ _ _ _ certain
United States Treasury obligations in the aggregate principal
amount of S _ (the "Open Market Obligations") by
payment of $_ — (inclusive of accrued interest) to
_ and for which the Escrow Agent
will credit suc obligations to the Escrow Fund. The SLGS and the
2- 85--698...
►fig
collectively referred to
4. Based solely upon calculations and certification:- made to
it by Coopers & Lybrand, certified public accountants, the City
has determined that the interest on and the principal amounts
successively maturing on the GO' �r nment Oblaga , ons In accordance
With their terms are Sufficient so that money w-11 be a•.'ailahle to
the Escrow .4-1 :`.t in ammounts sufficient tc, pay and re-Je—e-M the
Refunded Bcnds as de. --ribed in the prear,:hles to this Agreement.
If the City shagl, fall to initially den:)sit with the Escrow Agent
cash and G�.ernmer.t Ob'_ ...
gat.s the interest on and pr_ncipa' Gf
which shall be sufficle:,t tc make such payments as they become due
and pa•ya'.:ie, the .,.ty shall timely deposit in the Escrow Fun::, but
solely fro.-, Net Revenues of the rho;ect and certain ncn ad valcre'
revenues cf the City as further described in the Proceedings, such
additional arzunts as may be reaul.ed to meet fully the amo•,:nt sc
to beco,,,e due and payable. t:ctice of any insufficiency shah be
given by -lie Esc_ -ow 'dent to the City as prGT.pt:y as pcssible, Lnzt
the Escrow A'Ient shall in nc manr:er be respcI:s_ble for tree City's
failure to make deposits.
• 5. mac' the el:tent f•un:�z are availabie in the Escrow runs, the
Escrow Aae::t S hall pro'.•ide the Pa, ng Agent with amounts
suff.i..ier.t tc nav the redemp":on. pre:^.iu:r, if any, and interest on
a nd the principal of eac- Refu..de:. Ecnd in the manner specifies in
the Refunded Bond Ordinance.
6. The Escrow Agent shall hold the book -entry credits of the
SLGS and the Open Market Obligations in the Escrow Fund at all
times as a special and separate trust fund for the benefit of the
holders of tilt Refunded E-.nus, wi.o_iy segregated from other funds
and securities on deposi .. with it, stall never commingle t:,e
Gcvernmer. Gb__cat_ons wi ..i: ct::er f .nds or sec•,.. _ties owned cr
held by it, and shall neve: at any time use loan, cr borrow the
same I any war other than ar ovided in th-, s tareemen,.. Not.
herein con--ained shF_' l be co:..-t:ueti as reo _rino, the Escrow Aden.,
to keep the identic; : r,,�.._; , c_ any part thereof, in the Escrow
Fund if it .... i.;,pract,cal, b::_ .,cl;ey of an equal ar,c,.nt, except tc
the extent represented by t::e G3.•ernment Obligations, must always
be maintained or. deposit in the Escrow Fund as trust funds held by
the Escrow ".gent as trustee; and a special account for the Escrow
Fund evidencing such facts shall at all times be maintained on the
books of the Escrow Agent, together with such Governrent
Obligations so purchased.
7. The Escrow Agent shall from time to time collect and
receive the interest accruing and payable on the Government
Obligations and the maturing principal amour.tc cf the Government
Obligations as the same become due, and credit the same to the
-3-
collectively referred to
4. Based solely upon calculations and certification:- made to
it by Coopers & Lybrand, certified public accountants, the City
has determined that the interest on and the principal amounts
successively maturing on the GO' �r nment Oblaga , ons In accordance
With their terms are Sufficient so that money w-11 be a•.'ailahle to
the Escrow .4-1 :`.t in ammounts sufficient tc, pay and re-Je—e-M the
Refunded Bcnds as de. --ribed in the prear,:hles to this Agreement.
If the City shagl, fall to initially den:)sit with the Escrow Agent
cash and G�.ernmer.t Ob'_ ...
gat.s the interest on and pr_ncipa' Gf
which shall be sufficle:,t tc make such payments as they become due
and pa•ya'.:ie, the .,.ty shall timely deposit in the Escrow Fun::, but
solely fro.-, Net Revenues of the rho;ect and certain ncn ad valcre'
revenues cf the City as further described in the Proceedings, such
additional arzunts as may be reaul.ed to meet fully the amo•,:nt sc
to beco,,,e due and payable. t:ctice of any insufficiency shah be
given by -lie Esc_ -ow 'dent to the City as prGT.pt:y as pcssible, Lnzt
the Escrow A'Ient shall in nc manr:er be respcI:s_ble for tree City's
failure to make deposits.
• 5. mac' the el:tent f•un:�z are availabie in the Escrow runs, the
Escrow Aae::t S hall pro'.•ide the Pa, ng Agent with amounts
suff.i..ier.t tc nav the redemp":on. pre:^.iu:r, if any, and interest on
a nd the principal of eac- Refu..de:. Ecnd in the manner specifies in
the Refunded Bond Ordinance.
6. The Escrow Agent shall hold the book -entry credits of the
SLGS and the Open Market Obligations in the Escrow Fund at all
times as a special and separate trust fund for the benefit of the
holders of tilt Refunded E-.nus, wi.o_iy segregated from other funds
and securities on deposi .. with it, stall never commingle t:,e
Gcvernmer. Gb__cat_ons wi ..i: ct::er f .nds or sec•,.. _ties owned cr
held by it, and shall neve: at any time use loan, cr borrow the
same I any war other than ar ovided in th-, s tareemen,.. Not.
herein con--ained shF_' l be co:..-t:ueti as reo _rino, the Escrow Aden.,
to keep the identic; : r,,�.._; , c_ any part thereof, in the Escrow
Fund if it .... i.;,pract,cal, b::_ .,cl;ey of an equal ar,c,.nt, except tc
the extent represented by t::e G3.•ernment Obligations, must always
be maintained or. deposit in the Escrow Fund as trust funds held by
the Escrow ".gent as trustee; and a special account for the Escrow
Fund evidencing such facts shall at all times be maintained on the
books of the Escrow Agent, together with such Governrent
Obligations so purchased.
7. The Escrow Agent shall from time to time collect and
receive the interest accruing and payable on the Government
Obligations and the maturing principal amour.tc cf the Government
Obligations as the same become due, and credit the same to the
-3-
E'Sa on and proceeds of
applicable Escrow Fund, so that the ante:
the Government Obligations, as such become due, will be available
to meet the payment requirements of the Refunded Bonds with
interest thereon as shown in Appendix B to this Agreement. The
Escrow Agent shall apply first the investment earnings on the Open
Market Obliga`_iens and, after all such funds have been expended,
the investment earnings and maturing principal on the SLGS toward
the payment of the Refur;aed Eonos.
S. Money deposited in the Escrow Fund shall be invested only
in the Government Obligations listed in Appendix A, and neither
the City nor the Escrow Agent shall invest or reinvest any money
in the Escrc•w Fund. The Escrow Fund shall continue in effect
until the date upc.-. which the Escrow Agent makes the final payment
to the _ In a:, amount sufficient L. pay the balance of
the p,_nc,pal of and interest and redemption premium, if any,
coming due on the respective Refunded Eonzis whiere::pon the Escrow
Agent shall sell or redeerr. any Government Obliaat:.ons remair.ing in
said Escrow Fund, and shall rerit to the C�ty the proceeds
thereof, together „�ti: all other money, if any, then re::,air.ing in
said Escrow Fund.
6 (a) . 1he Esci -ow Age nt shall invest, to the extent not
needed to pay principal of or redyyemp.t_on pre -;:um, if any, and
intei e s t ::n t:.e Re f�..l:.:e� lisnds, the fol Ov.;ng amounts, reLp,�e-
al �f o: investment earnings on the S r•
se::t_ng maturing pr:ncip - „�,;s
in SLGS bearir;r_. a zero (-C-) yield as follows unless the Escrow
Agent obtains the o; in:on o_` Brown, Wood, Ivey, M...chely Petty
or nationally recounIzed bondcounselthat such amounts may be
invested in higher yielding obligations:
Date of Yestmer.t Amount Maturity Date
[TO COME)
Under current Treasury Department Regulations governing SLGS, the
subscription to purchase SLGS must be tendered and received by a
Federal Reserve Bank or Branch no less than twenty (20) calendar
days before such obligations o.e tc ;De purchased: however, the
date of issue for the SLGS may not be more than sixty (60) calen-
dar days after the subscription has been received. The Escrow
Agent shall act promptly within these time limitations in submit-
-4- 85-698_..
to purchase SLGS at the nearest Federal
8 b TiP Escrow A Ant may invest the maturing principal of
or investment earnings on the following Open Market Obligations
that were acc-:red solely with the Refunded Bonds Funds without
restrictions as tc y t_d: (TO COME1__._ _—__.----------- -- The 1 cr3 Agent shall re -_urn the on such
rein-:estments to the City.
9. The Escrow Agent shall not be liable or responsible for
any 'Loss resulting fro;r. any investr:ent made in the Government
Obligations.
10. in the e•.'ent of the Escrow Agent's failure to account for
any funds or securities received by it for the City's account
under this Agreement, such funds and securities shall be and
remain the property of the Escrow Fund, and the City and the
holders of -lie Refunded B^nds shall be entitled to a preferred
claim, to, and shall have the first l-en upon, such funds and
securities enjoyed by a trust benefiz.ary. The funds and
ties received b t - Ow ` -"dey this A ""eenent shall
se.�..uri - y hP E r :". c%ens u:a ' this
be ccns,dered as a bank..:g deposit by the City, and the :.lty
shall have no rich:t or t;tle Wit*' respect thereto. The funds and
securities so recel ed by the Esc. �D•v. Agent as escrOwee and trustee
„e_ a
under this .. s :-,r_.�-ee.;.e:... shall I70t be 5::�'"��Ot to C..r:s Or drafts
drawn by the City.
11. On or before the first day of April, July, October and
January of each year, commencing in October, 1965, so long as the
Escrow Fund is maintained under this Agreement, the Escrow Agent
f letter e t ' to the attention of the „_t,�' s
shall forward by 'Le��_. to ,.n_ �.� �.l �...
Finance Department a statement in detail of the Government
Obligations held, and the income and maturities thereof, and
withdrawa:s or r:oney from each: Escrow Fund since the last letter
fern:si:ea p:rs:a::t t_ '_:., paragraph.
12. The City has specifically and irrevocably elected to
redeem on August 1, 1992 the nefi:nde` bands stated to mature on
August 1, 1993 throuoh August 1, 2005, inclusive, and August 1,
2006. The Es:.row hgent it hereby irrevocably authorized and
directed, and hereby agrees, to publish, file and mail, at the
time and at the places, notices of such redemption in
substantially the form set forth in the Proceedings and to inform
the City promptly and in writing of such mailing.
13. The Escrow Agent shall have no responsibility to any
person in connection herewith except those specifically provided
herein and shall not be responsible foi ar:yt:.ing done or omitted
to be done by it except for its own negligence or default in the
-5-
�35-69�_
r
i
.0
performance of any obligation imposed cn it hereunder or by law.
The Escrow Agent, except as herein specifically provided for, is
hot a party to, nor is it bound by nor need it give consideration
to the terms or provisions of any other agreement or undertaking
between the City and other persons, and the Escrow Agent assents
to and is tc aive consideration only to the terms and provisions
of this Agreeme;._. Unless it is specifically provided, the Escrow
Agent has no duty determine or inquire into the happening or
occurrence of any e'iei.`. COntingenCj or the performance or
failure of perfcrmance o£ the City with respect to arrangements or
contracts with others, with the Escrow Aaent's sole duty hereunder
being to safeguard the Escrow Fund and to dispose of and deliver
the same in accordance with this Agreement. If, however, the
Escrow Agent is called upon by the terms of this Agreement to
determine the occurrence of any event or contingency, the Escrow
Agent shall be obligated, in making such determinatio::, to
exercise reasonable care and diligence, and in event of error in
making such determination the Escrow Agent shall be liable for its
own misconduct cr its neciliaence. in determinina the occurrence
of any such event or contingency the Escrow Agent may request from
the City, or any other person such reasonable additional evidence
as the Escrow Agent in its discretion may deem necessary to
determine any fact relating to the occurrence of su-h event or
contingency, and in this connection may inquire and consult with
the City, amona others, at any tine.
14. This Agreement is between the City and the Escrow Agent
only, and in connection therewith the Escrow Agent is auth-orized
by the City to rely upon the representations of the City in
connection with this Agreement, and the Escrow Agent shall not be
liable to any person in any manner for such reliance. The duty of
the Escrow Aaen.t hereunder stall only be to the City and the
holders of the Refunded Bonds. Neither the City no,. the Escrow
Agent shall assign or attempt to assign or transfer their interest
hereunder or any part hereof, except as otherwise provided in this
Agreement. Any assignment or attempted assignment, except as
otherwise provided in this Agreement, shall be in direct conflict
with this Agreement and without effect.
15. The Escrow Agent may act upon any written notice,
request, waiver, consent, certificate, receipt, authorization,
power of attorney, or other instrument or document which the
Escrow Agent in good faith believes to be genuine and to be what
it purports to be.
16. Any notice (other than the notice of redemption of the
Refunded Bonds), authorization, request, or demand required or
permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when mailed by registered or
certified mail, postage prepaid, addressed as follows:
SM
85-698_...
041
As to the City --
Finance Department
City of Miami
3360 Pan American Drive
Exhibition Hall
Coconut Grove
Miami, Florida 33133
As to the Escrow Agent, if addressed to
[to come]
Any of such addresses may be changed at any time upon written
notice of such change being sent by United States registered mail,
postage prepaid, to the other parties by the party effecting the
change
17. Whenever under the terms of this Agreement the perfor-
mance date of any act to be done hereunder shall fall on a day
which is not a legal banking day, and upon which the Escrow Agent
is not open for business, the performance thereof on the next
'
succeeding business day of the Escrow Agent shall be deemed to be
in full compliance with this Agreement. Whenever time is referred
to in this Agreement, it shall be the time recognized by the
Escrow Agent in the ordinary conduct of its normal business
transactions.
18. Time shall be of the essence in the performance of
obligations from time to time imposed upon the Escrow Agent by
this Agreement.
19. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective personal
representatives, successors, and assigns.
20. The Escrow Agent acknowledges receipt of $1.00 and other
good and valuable consideration for all of its costs, charges,
services and expenses as Escrow Agent for the Refunded Bonds.
a
Such costs, charges and expenses of the Escrow Agent shall be paid
a
solely from the revenues of the Project and the certain non ad
valorem revenues of the City as further described in the
Proceedings and in no event shall such costs, charges and expenses
give rise to any claim against the Escrow Fund, the moneys in
which are solely for the benefit of the holders of the Refunded
Bonds.
21. The Escrow Agent may resign and thereby become dis-
charged from the trusts hereby created, by notice in writing given
to the City and published once in a newspaper of general
circulation published in the City of Miami, Florida, and in a
daily newspaper of general circulation or a financial journal
-7-
85-698..
i
published in the Borough of Manhattan, City and State of New York,
hot less than sixty (60) days before such resignation shall take
effect. The Escrow Agent will continue to serve as Escrow Agent
until a successor is appointed. Such resignation shall take
effect immediately, however, upon the appointment of a new Escrow
Agent hereunder, if such new Escrow Agent shall be appointed
before the time limited by such notice and shall then accept the
trusts thereof.
22. The Escrow Agent may be removed at any time by an
instrument or concurrent instruments in writing, executed by the
holders of not less than fifty-one percentum (51110) in aggregate
principal arsu;:t of the Refunded Bonds then outstanding, such
instruments to be filed with the City, and notice putlished, at
the expense of such holders, once in a newspaper of general
circulation published in the City of Miami, Florida, and in a
daily newspaper of general circulation: or a financial icurnal
published in the Ecrouch of Manhattan, City and State of New York,
not less than. sixty (63) days before such re,,,e•. ' = s to take
effect as stated in said instrument or instruments. A
photographic copy of any instrument filed with the City under the
prc•.isions cf this paragraph, shall be delivered by the City to the
y } or any
Escrow rgant.y, Such hclders steal_ indemnify the City f
liability will. re��ect to the determination of the existence of
c'°o of the outstan,dinry principal amount of Refunded Bonds.
The Escrow Agent may also be removed at any time for any
breach of trust or for acting or proceeding _n. _alat_on of, or
for failing to act or proceed in accordance with, any provisions
of this Agreement with respect to the duties and obligations of
the Escrow Agent by any court of competent jurisdiction upon, the
application of the City or the hclders of not less than twenty
percentum (2000) in aggregate principal amount of either the
Refunded Bonds.
23. Sub'-ect to Section 21 hereof, if at any time hereafter
the Escrow Aaent shall resign, be removed, be dissolved or other-
wise become incapable of acting, or shall be taken over by any
governmental official, agency, department or board, the position.
of Escrow Agent shall thereupon become vacant. If the position of
Escrow Agent shall become vacant for any of the foregoing reasons
or for any other reason, the City shall appoint an Escrow Agent to
fill such vacancy. The City may consult with any one or more of
the holders of the Refunded Bonds prior to making such
appointment. The City shall publish notice of any such
appointment made by it once in each week for two (2) successive
weeks in a newspaper of general circulation published in the City
of Miami, Florida, and in a daily newspaper of general circulation
or a financial journal published in the Borough of Manhattan, City
and State of New York.
-6-
85-696.
i
N
At any time within one year after such appointment by the
City the holders of a majority in principal amount of the Refunded
Bonds then outstanding, by an instrument or concurrent instruments
in writing, executed and filed with the City, may appoint a
successor Escrow Agent, which shall supersede any Escrow Agent
theretofore appointed by the City. Phctcgraphic copies of each
such instrument shall be delivered prz)mptly by the City to the
predecessor Fscrow Agent and to the Escrow Agent s appointed by
the holders of the Refunded Bonds.
If no appointment of a successor Escrow Agent shall be made
pursuant to the foreg-ing prow: sicns of this Section, the holder
of any Refunded Eonds or any retiring Escrow Agent may apply to
any court of competent jurisdiction to appoint a successor Escrow
Agent. Such court may thereupon, after such notice, if any, as
such court may deem proper and prescribe, appoint a successor
Escrow Agent.
24. This Agreement shall terminate when the Refunded Bonds
and coupons appertaln.Ing thereto have been paid and discharged in
accordance with the proceedings authorizing the Refunded Bonds or
the agreements gcverr.ing such Refunded Bonds.
25. :f any one or mere of the covenents or agreements
pro-. ide'., in ..n_s Aaree: e.... on the tart of the C_ty or the Escrow
:gent tc be performed sh,-u::: be determined by a court of competent
jurisd-ction to be contrary to law, such, covenant or agreement
shall be deemed and cols Trued to be severable from, the rema-r--na.
rn•.ronn-:tc _r-i =rfI-c.or-,c+-tc horai r runts.•: nor; anr-i ch = 1 1 i n nn u;4v
85-698
4
.Y
APPENDIX A
0
w SCIiEDULE Off' GOVERNMENT OBLIGATIONS
SLGs
KI
0
APPLHblk 8
REQUIREMENTS TO PAY AND REDEEM OUTSTANDING BONOS,
Series 1985 Escrow Fund
F)
Members of the City Commis.
of City of Miami, Florida
Gentlemen:
Stoners
A
The undersigned, WILLIAM R. HOUGH & CO. (the
"Manaaer") acting for and on behalf of itself and DANIEL &
BE11, INC. (collectively called the "Underwriters"), offer to
enter into this Contract of Purchase (the "Purchase Contract")
with you, City of Miami (the "City") which, upon acceptance,
will be binding upon the City and upon the Underwriters. This
offer is made subject to the City's acceptance on or before
4:00 F.M., Miami, Florida time, on the date hereof, and if not
so accepted, will be subject to withdrawal by the Underwriters
upon notice delivered to the City at any time prior to the
acceptance hereof by the City.
1. Purchase, Sale and Delivery of the Bonds. (a)
Subject to the terms and conditions and in reliance upon the
representations, warranties and agreements herein set forth,
the Underwriters, hereb_, agree to purchase from the City and
the City hereby agrees to sell to the Underwriters, all (but
}
not less than all) of $13,720,nn0 Special Obligation Bonds
Series 1985 (the "Series 1985 B nds"), dated Julv 1, 1985,
bearing interest payable on January 1, 1986 and on July 1, 1986
and thereafter semiannually on January 1 and July l in each
i
year at the rates per annum and maturing on the dates and in
the amounts set forth in the Official Statement, as hereinafter
defined. Tho purchase price for the Bonds shall be
$3.3,312,928.40 plus accrued interest, calculated on a 360-day
t
year basis, from July 1, 1985 to the Closing Date (hereinafter
definod). The Underwriters agrees to make a bona fide public
offering of all, of the Series 1985 Bonds at not in excess of
the initial piihlic offering prices or yields as set forth in
85-69f-:..
i
the Off icial SI atF?tnnt 1)1ur accrued lntere-t from. July 1, 1985
to the Closing Date.
s
The Snrirs 1985 Bond; shall be substantially in the
form described in, sh,a11 he issued and secured under the
provisions, of, and shall he payable as provided in Ordinance
No. nnar't -Cl by the City Commissioners of the City of
Miami (the "Cr,rrmission") on Jul,; 9, 1985 fixing the details,
awarding t h r Series 1985 Fonds and authorizing the Mayor or
Vice Mayor t_n take all action noc.e=sary for tree sale and
purchase of Series 198Bonds. The Series 1985 Bonds are
authorized to he isrurr(I pursuant to the Constitution and the
laws of the State of Florida, particularly, Chapter 166,
Florida Statutes, as amended. The Series 1985 Bonds will be
special ob.l iaation honds of the City payable solely from the
City of Miami, Series 1985 Special Ob]ia_ation Bonds Sinking
Fund ("Sinking Fund") to be funded from Net Revenues of the
Facility (as Cie fined in the Bond Ordinance) and to the extent
such Net Revenues aro insufficient, from certain utility tax
revenur_s (as ciefineci in the Bond Ordinance). The proceeds of
the Series 1985 Bonds will he used to advance refund the City's
Parking Revenue Bonds (Additionally Secured by Pledqe of Ad
Valorem Revenije:=) Series 1981, ("1981 Bonds") as described in
the Official Statement., and to pa-,,., costs and expenses incurred
in connection: with the preparation, issuance and sale of the
Series 1985 Fonds. The aggregate principal amount outstanding
of the 1981 Bcnd�:, is $10,345,000, as of July 1, 1985.
(b) Attached hereto as Exhibit A is a copy of the
Preliminary Official Statement of the City, dated July 3, 1985
(whicti, to(':ether with all appendices thereto, is herein. called
the "Preliminary Official Statement"), relating to the Series
1985 Bonds. Attached hereto as Exhibit B is a copy of the
Prelininnry official Statement marked to incorporate final
term:- of them Series 1985 Bonds, which Preliminary Official
Statement, tncrnther with such other chanq_es as may be made
thnroto ty th— City, with the approval of the Manager, from
time ttiro 1)rior to the Closing Date (including any
1) pp r- t hnrrt(�,) is herein cal led the "Official
Statement". T1I,, City hereby ratifies, confirms and approves
_
the ur;n and (1 i ^t.r i but ion hy the Underwriters prior to the date
hPreof (and until thr Official Statement in final form is
avaiIat, I-) of Ihr, Preliminary Official Statement, and hereby
,authorizes^ t►o Undrrwrifurs to usr and distribute the Official
Stntom-rat, t tl,- 11nn(1 ()r�linrinco, Fscrow Agreement and this
Purchase Co1)11 Wt and al l information contained in each, and
al 1 nt her •1.rrnnnt:,7, (-1 t i f icates and statements furnished by
t he C'i t y t rI t-hr IIndnrwr i ters i n connect ion with the
tran!-.Ia(•I i(,n(•nnreml)latorl 1,179 t11is F'urc.hasP Contract, in
connection wi III t hr offer an,l sale of tho SerieG 1.985 Bonds.
_2_
85-698_
iA
. �•.•.. ...:.I�PJPA�IS•II.'.4!w+.swev—+nr+.r.;-e.T
�I
..
(c'vr'r E'"l t<+ the Ci t•p wl t };, cr ?! C.,r pr for to the
execut.i.on of t.!11 PurChaF;,' Contract by tit;', is a check in
the amount of $140,000.00, to be issues? an a r7ond faith deposit
("Good Faith Do1)osit") for the perfor-mance I:',• the Underwriters
of their 0 1iqatio11 to accept deliver.; of and pay for the
Series 198 1? nds on tIi- C1or-ina Date ir. accordance with the
provisions of thi Purchase Contract. If this offer is
City, thr• Goad Faith D(,r)o:-•i t s;ial 1 he deposi ted
and an; i nt-erf:'st �'arnrd on trlc funr3s wi.1 i e r. etained Fy the
Ci ty. 'I'h(-' Ci ty ::ha l I rr t i i r n to the t'nderwr. i ters the "Good
Fa i th 1) 17)C) i t " in tkie' forT of Cnrt i f ier? check once the
Underwriters h_a:•e norform-d tl,:eir ohlication to accept ana pay
for thn Sr_rin'; 1085 Ron(?- on the Clo.f'ing Dan in accordance
with t'.iF7 Purchase Contract. In thy, evert the City doc_-s not
aCCr'i't th i �z of f r , nr ul nn thr' Ci t.; ' ` fa i I ::rr to del iv�'r tI,
Sarin' 198 t�nrlr7 On thr' C'joija Date, Or if thE' C^rldltlnnF to
1) r, r)riiaati()nr; ()f the' Underwriters contained in this Purchase
Corlt rar t 11a I I t o ..inr=ati sf i c d (unless waived t the
tlnrinrwr i tnr'-1 , nr l f T'ti1 1 1Qat i )n- ShaI l :.e tern- inatrr_; for
rn'I' "n i t tnrl I'',' thi 7 Purcha -n Contract, tti n Cit'. s'7aI I
r3nlivnr imr^n'ialnl',• t() the Underwriter r- the Good Faith
D-I`o!-,it-. In thn event- that tho Underwriters fail (other than
felt' a i nafi(NT) i'nrmi ttnt' unr3nI' thls t�ULChasC' COntraCI- z:O accept
r1�livnr t•f i-id i)a%, f()t tIi(- Series 1985 13onr3s on the Closing
D,atr •71; •h shal I t'n retained by the Cit' and shall
(,on-t i ! tit n fu I I I i rI I irla! n ? rlamager' any? not a penalty for such
rni 1 ut an,l r,,r any nn ' 11 1 rlrf in I is hereunder on the part of
t. fir, tin,lnrwr i ! o rind f-haI I con.: titute ful l release and
d i !--ha t 1,- of all r_ i l i;nr: an(I r ights hereunder of_ the City
%igli Tlrt t_1,r, rill t wt i tr't''. Fx,1)t as se for. th in Section 4
}ir't nf)f , nc, p,-'1 ! `, hnt rt t "fi -, i I ki•?vr` cirly further r ights aQalnst
%inr I tldnt .
( l) i ,,. r nri-cn},t ,rlc•n ,-inr"i rxpcut i on hereof by the Ci ty,
the ('ity s:}11I I o I r ,lnl ivnrr'rl to the Underwriters, two
t`f }fir. ()f f ir'lrii nt- s,iq nnrl F..v thn M,3%or of the
(n) A 10:00 A.M , Miami time, on
or about July
30,
l q85, tit at '-11r'ii n•ar 1 i nr, r,r I ritnr- t- imp or
elate as shall
he
agropd uporn 1'•, t hr t)ndnrwr i tar r ,and the Ci t:y
provided, however,
that siit-1, cl,-rt r> k e at Ia;t 22. dayFz of the
execution of
the
Purcharn Cant i ar-t (slic'h t imn Intl c?:ite heinQ
herei n referred
to
as the "Cir,ri nr? D<atr" ) , the Ci t; wi 1 I
cl�,l iver to
the
Underwrit.nrr^, at a 1ri(-•.-)t inn to hn der;ianatod
by
the
Underwt i t r'r F, i ri Nw Ynr k , Now Yot k, th0 Seri
is 1 9f35 Bonds
in
definit:ivn fc)rm. (a1I.inr- I485 Bonds
heing printed
or
1 ithograptiod orl r;teol engr iv--(] hordnrr:) , duly
executed by
the
City; sand thr Underwriters wi11 accept such
delivery and
pay
85-698
I
the purchase price of the Series 198 Bnnds as set forth in
patagraph (a) ref this Section by check payaF_�]e in Federal or
other immr-diat:r1y availat,,]n funds. Thn 5cries 1985 Bonds shall
he marls' a v a i I a ,.] e t.o thr? Underwr iters by the City at the
1.ocation :,nerd Pied E %* thr? Underwriters at least (24) hours
prior to the Closing [)at-e f -r the purpos -s of: inspection and
packaaing. Th- Set - in:; 1985 Bonds shall tie issued initially in
f1111V rr,caistr,rr`d form in the denominations of. $5,000 and
int:nora1 multiidrs thereof and reaister.nd in such names as the
Undnrwr i t"r.f7 �1hri I 1 rr'cr 1(':7t hv wr- itten notice reasonably in
,1d 7,1TICr- of t-ti- C10rsi nDaf:c. The Ci tv consent.S to the Series
198", flonrls }glaring CtiS1F numt�ers provided neither the printing
of a wrr�nq n,imI-r r on an • I;nrins 1985 Bonds nor the failure to
Pr i lit a nun l—t thnrcr)n shaI 1 constitute cause to refuse
d n 1 ivory>f an•, 11r)nd.
2, i n Lresent.-itions, Warranties and Agreements of the
- --- - - - ----- _------------
't'htr r, t'i t }iPrr•t,} reprr�snnts, war rants to and agrees with
t he 111d-rwr i t r r -- t-Iint ;
{ ,) The C'i t:y ir-; a pnl itical. suhdivision of. the State
of F1Ot:. idri r rnaterl .-ind vat idly existir.a as a municipal
chrpor it i nn iinrinr and 1,y vi rtue of the Constitution and the
laws of th- St its of F1(-)rirla, and has, and at the Closing Date
wi 11 h:iv-, fui i tnq,-,1 ri(iht , pow,-i' an�1 authority ( i ) to enter
-
intn this PuIr•h'l Cortr'-irt, (ii) to adopt the Bond Ore inance►
(i i i ) to en r intn •-)nd pf-rfnrm its ch1 igati.ons under the
Escrow 1?o1_,r>F-i+ Aarcemr,nt, ( i .,) to plerlr_i- the Net Revenues as
Set forth ill t I,r ROIlrl Orrl i n-inun, (v) to issue, sell and deliver
tho Sri- i(,^ 198') Rnn(Ito th- Underwriters pursuant to the Bond
Ordinance nr piOvidr'r3 her - in and (vi) to carry out, give effect
to and consummate thr` transactions contemplated by this
Purchase Cont r ict, the I;onrl Ordinance, and the Official
Statement;
(h) The City ha^ complied, and will at the Closing
Date t-e in compliance, in all material respects, with all
provisions of the Constitution and laws of the State in
connection with the issuance and delivery of the Series 1985
Bonds.
(c) The City has duly and validly adopted the Bond
Ordinance, has duly authorized and approved the execution and
delivery of. thr? Series 1985 Bonds, this Purchase Contract, the
Escrow Deposit Agreement, the Official Statement and has duly
authorized an approved the performance by the City of its
obligations contained in, and the taking of any and all action
as may be necessary to carry out, give effect to and consummate
the transactions contemplated by each of said documents, and at
_4-
85-698
a
i/A
'A
t hly' ('l rtr i 11r.3 It,i t r' , t trr, ;;nt I r,r 1 Ug1, Rnn�lC, tFlr, 13ond Ordinance,
I 1•:!'r't:(rw Orpnsll Arrrnnmrnt atlrl t_111s 111_1rrhaF;r? Contract wi11
ttrt j t )it n t hrr• v•i1 i-1, inrial anr7 1,in(Iinrt cthl igatinns of the
-Ih-1 thn 11-nd (itrlin, will he in full If and effect;
(rl) 'J'f!r nrl(q it tt r,f the Tlr)nrl rirrlinanr_e, t1i(' eXeCtltiOn
Itlrl rinfivnt%' r,{ t11n ;:nt.jnr IOf;S f1rtnr7s, t:hr, Fscrow Deposit
A(it r'nm nt anri t t1 f P,irC'fi:i ('r) tit r ar•t , and comp lance with the
lit j c jrIrt'.' f t }ins r rjn. 1)111ont a, iin(lnr f hn c 1 rCUmStances
"Ott r'lt?}ri at nt) ! tlr'i n1''y' �I)rl hint nl'`j , rlo not and wi 1 l not J n any
maf nt i al t nriv•, t r nt) f j j r- wi t 1) ()t CnnGt" i tr)tr nn the part of the
(fit',' a 1)tr-I I nr (In fariIt Iindr,t any ln(lnnture, dr?r�(3 of tru:. t,
met t(ta!rn, Grit r,ntt)orit, nr nt fler inct-riiment tr) Which the City i s a
pnI—f-r in an'y' mat -rial rconflict with, violate, or
resii 1 t i t) i i`t n.-i('fr of an'y' x i r7t i ncj 1 a , tt11F,1 i r' admi ni staat ive
rule or reauj.-it ion, Iucl(tmnnt, cni)rt nr(Ior or cnn:;ent. decree to
which t 11r, Ci t•I,j s ^ul-,-jnct ;
(e) Al 1 aJ."'prnvaI �, con�--ent:s, authorizations,
elections and.', orders of or fi1inyG or r'eyistrations with any
governmental authority, loginlative body, board, agency or
commission having juri.^diction which would constitute a
condition precedent to, or the absence of which would
materially ariversel,, affect, the due performance by the City of
its oF:liaatinns under the Bond Ordinance, the Series 1985
Bonds, the Escrow Deposit Agreement and this Purchase Contract
have been ohtainr?d and are in full force and effect except for
such approvals, consents and orders as may be required under
the "Blue Sk,," or securities laws of any state in connection
with the offering and sale of the Series 1985 Bonds.
(f) Vi Pre1.iminar; Of.f.icial Statement (except as
changed by the Official Statement) and the Official Statement
are, and (zs supplemented with the written approval of. the
Manager, if the Official Statement shall have been
supplemented) will be, as of the Closing Date, true, correct
and complete in all material respects and do not, and will not
as of the C10-ing Date, contain any untrue statement of a
material fact or omit to state a material fact that is
necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, with
the exception of the information supplied in writing by the
Underwriters for inclusion in the Preliminary Official
Statement and the Official Statement;
(q) For a per i oO of. 50 clays f. rom the date hereof or
until Such tirrF� (if earlier) as the Underwriters shall no
longer hoIr! for sale any of. the Series 1985 Bonds which
constitute the whole or any part of their unsold
-5-
85-696
11
IL
Felt a i(II 1 f arty n•vrr ill l sirs i17 ;1.'; 7 rnSU1 t of which
it 1. tl�,( r• • tt'y' f r� ctlt�F'1nlTtn►lt t }ln ()t f iial S It^mr?nt in order
to lrial;n t hr ` It nllnnt r: t itnr nl r?, lit ] ig}it r?f t fin C1rCUF?ctanCeS
E? 1Stin'l at 1'h t imir lelrllnri,shall forthwith
not i f}' t-hr �1ntt-t'l� r rf any r uc h nvont of whj.e-►, j t has knowledge
and shall c'n(j,"t its ful 1 , in the lit-nparat on and furnishing of-
anv stlpi)1 mmr,rlt t c> tt n c?f f i i a 1 'tat mmnr)t nrc-scary, i n the
opinion of the Mananer, r:n that t h o statements therein as so
s.urplemnnf 0 i l l not I rt,i"I a(linq in the light of the
circuiir'tancnr: r'xiStina 71t S7,W'I) time;
(h) All proceedings; of the Commission relating to the
adoption of the Bond Ordinance, the approval and authorization
of the execution and delivery of Escrow Deposit Agreement, this
Purchase Contract, and the Official Statement, and the approval
and authorization of the issuance and sale of. the Series 1985
Bonds, were conducted nt duly convened public meetings of the
Commis -ion, with respect to which all notices were duly given
to all commis:7ioner!7,, and at which meetinos quorums were at all
times present and act i no I-hirourihout ;
( i ) The SerioF- 1985 Bonds when issued and sold to the
Underwriters, wi1.1 not !:e subject to any Florida issuance,
transfer or other documentary stamp taxes;
(j) Except as descrihed in the Official Statement, no
action, suit, proceeding-, inquiry or investigation, at law or
in equity, before er t,y an%! court, regulatory agency, public
board or body, is pending or, to the knowledge of the City,
threatened wherein an unfavorable decision, ruling_ or finding
would materially adversely affect the existence of the City or
the titles of its officers to their respective offices, or
seeking to prohihit, restrain or enjoin the issuance, sale or
delivery of tt:e Series 1985 Bonds, the application of the
proceeds thereof in accordance with the Bond Ordinance or in
any wa}• contesting or affecting the validity of the Series 1985
Bonds, the Borvl Ordinance, the Escrow Deposit Agreement, this
Purcha7c Contract or any action of the City contemplated by any
of said documents, or in any way contesting the completeness or
accuracy of the Preliminary Official. Statement or the Official
Statement or the powers of the City or its authority with
respect t-n thr, Series 1985 Bonds, the Bone? Ordinance, or the
Axncutic�n and delivery of Escrow Deposit Agreement and this
Purchar:n Contract or any action of. the City contemplated by any
of t-hn documontr-, or which would adversely affect the exemption
of intnreSt plaid on the. Series 1985 Bonds from Federal income
taxat inn, nor, to the knowledge of the City, is there any basis
(AIPI—f('r ;
A 6't
85-698
r the S e r i e s
1985 Pond; in ac<"rtrilarlcwi th thr' RoI-)(I Or(Ii n` 1•. E-; ur:
{]) An; cert i f. icatr•. signe0, t,y thr, Mayor. , Clerk or a
Z1E'�?Utj Clerk CAI the CCiTTrllsSlnn� tFlc' Clt:: ti1,3ndC7nr OL the C It;J
Financ- Dirr-r or other authorized o. ficial (Ir individual of
the tit sti.?1 1 j.r� (lc!( (? a reprhsr�ntat inn an(? warranty b; the
City to the irn'.?r-rwr"itr,rr- ar' to the stat.C'Tr'%ts rnna?'C' therein.
3. Corid i t i rtns- _ _ to the_ Ohl ia`at ions_ _of _ _the
Un(Ir,r_1) wr i tr�r -. 'iof J j -Iat icnr of the Underwr item to accept
del jvcry r)f and pay for the Series 1985 Bonds on the Closing
Da p ^tip I I tr? suh_lect, at the option of the underwriters, to
th- accurac';' in all ma teri,-il respects of the representations
ac? w,?rrantlr (gin thr. fart of the Cit'� contained herein ac of
tho daI h -rn(f an(3 an of the Closing Date, to the accurary•.• in
al 1 rr<,t nr i.a 1 1— -,[, ct: Of the staterent= of the officers. and
other (fficial of the City made in any certificates or other
(Inr- IIrrrrlt, fi.)tril!-hr,d ptiI t;nnt to the provi ions hereof, tc) the
Pntfr,rri lnr'r f tIin Ci I:';' of l.ts ok.l iaatiOriF- to t o performed
hnrnlin,Inl it r,t prior to thn Closing Da t- and tC the following
ari,1 i 1. i !`i"i•l 1 (`rti` 1 i I j r)11!=
(a} At the C'I(Injnr-r Dar', the Bond Ordinance shall
Irivr, t,r,r,ri r31r1 t Idrt1)1:1 r1, ?nr3 t-he R0nd Ordinance shall be in full
forr• ?nri of 11()t have• tDnen repeaI ed, amended,
Rlr1'?ifir I r71 r'}copt ark pro,,iriQci herein Or may have
},non n'71 r'nr3 t I li wr i t 111.1 l ', Ili - Mlnna(,r'r, and: there Shall have
},rnnll t �knil 1 n r•nniloct j nn t fir't -wl th, wi th the issuance of the
P? 11 l = :lnr3 w i ► 11 t fir, t i i R)w, cnnterrf)3 3tod thereh,v and by the
j•;r r,'r rlw (ln1— - i I Aclrr'r'iii-nI .-it}r? t h i S [,itr"ChaSr' Contract, all such
?r-firtti( �.^., jr! fh- n(tiiti^ri ref flan+3 Cnunsnl, F-ha1 be necessary
lnri )I,j •rnI,r
(j,) {tr,}t4rr'T1 Tflr` (lnt'n }int"r'r�f an(? the ( losing Date, the
Mri U knt pir ir•n nt wit j 1 i t , :It thn i n i tial oM,,ri.ng prices
Fr t 1li iri 1};n ()frir'ial I-f')-in r`ilt-, of t:tln Sr'ri(2.':' 1985 Bonds
shnl 1 n+•t h,,:rr' t r,r,ti rant r`I- ini ty ridverGely affect_nr^I, in the
reason iltlr' )llri,imnilt nl ( ti- m,-iriarlor (pvideI)cr,(3 hy a written
tic) ti(:•e t. (I t )tr-- Ci t y i r rit, i tint i ri(I the ohl iciation of the
Un(inrwI j tr?rft t+t a(-*cr,1)1 (lnl i v(-`I of and 1)ay fc,r the+ Bonds) by
reason Of any r'f t hn f(tl 1 nwi n-r :
( 1 } A Cor•, -M i t t n(1 of t he Ilotise of Rr'pr. esentat i ves
or ttin Sonatr, r)f t hr` Conq_ r-es.s cif the Un.i ted States
shal l hav; - pcndin(1 1,nf.ore i.t legislation, or a
tentaI.ive (3Qcisior) with respect to legislation shall
he reache(1 by a committee of the House of
Reprosentatives or. the Senate of the Congress of the
-7-
as-69f
1
rr7 stator r f America,r,, ir: i :?r .ion shall e
United
1 r
r. i,l•• omted F,•.; slier-, a r nmmittpe or be
�_?t•r?ra, C _r I _ _..
i.ntra a -d, by am, ndr",n nr jrF,r,T'hT lr, or he
7 r,c,r+1 h'; , t:1tr Ilrl lr n Ctf Pepresen+ at-i'nrey ra- the Senata,
or recommended to the Congress c-f the United States or
timerica fnr p, =a it ty thn Cr,airm, of the Finance
C om+m,i t t nr, nr ways arv! Moans ormi tte- of the Senate
rnr Ilrt!1so c,f knhrrsentativen respectively, 0f the
fruit-1 S t a r'•` If Amer it:.a, rr tr: r'n,acted 1- the
Co nrr t f t ll r, (ini t, e(1, St: at 5 ref Amer ica, Or a
dar i s ion r'r'ndrr-d a court c,cta'i ',.if'hr'r4 under tart-lcl0
I i I of t hr' Constitution of the Unite(! States or r'y' the
,rax ur` it t r:f t in, Unl t-r,d S t a t or, or ar order, rut i ng,
t e(lt.tl �t j r,n ctr ( f f i c i al statement. (f inal , temporary or
pr-r`I'r" nd) i nsti-A or Wrion by or on VehaI f cf the
TT.r?"".Itr' f)r'}'aT f mr'tlt of the Unite'1 States Or the
1tit, nt'i1,1I I.'n;'nit in !7:rt vir:n, wi t!' the pLirl?Os -. Or effect,
di rr'r'f I or" 1 ftrl j t"nr•f iy, of lmpo`_7iric Federal income
t IX•'?I i +,i. !ti•r,tt 71Ir'i1 i nt-nr r.--,!- -Ir' wni.i ej veA by
t he i1-1,jot r of t hr, t;pt. 1nS 1 085 Prtnds;
(;) Ail'v 1nc11rl;lI i"n, or(Iinancfo, rule or
r nr]ti 1 )t It- i tit ro(iur-rd i n or he enacted by any
UtS �'(3r ittr,r.it1 •ll i rt'', r1rl,artpint;t r1T' nCinnc`.' in tha_ State
ttf hl r`t l a, r)t n riot' i r i ni'i h';' an'j c n u r t Of comp tent
liltirrijr Lion wifi1it tII Statn shall hr, rrnder.ed which,
l tl t },r, �i•lit„Tr'T r r,i•j it j nn, mot-r r l 11 1'j arlvrT'�el.y affects
thn ^.tt vr! i'r jr r r't( t I n S r r ire: 1 rdRrt Ponds;
( �•; A f't r`t' ritr1 r, r u I inr-T, r-riulation or Official
� t af-r'i*r`rlt I ;', rtr ntl b-hni f r`f, thr Sncurlties and
I xr.}lanr;n C01n7'i s- 7 i nn nr an•, other governmental agency
h a v i n u jPrlsAir-•t inn rtf thr subject matter shall be
i surd or iPode to the rf er t- that the issuance,
off��riclrl nr �tal� rtf (lltligati0ns of the general
charar•t rr r,f t 5 Ponds or the issuance,
offorino or Salo of t h r Series. 1985 I?or.ds, including
a1.1 thrr undr-.c-lyin(: ohl igations, as contemplated hereby
or I:y' the Officjal Statement, is in violation or would
he in viatinn of any provision of the federal
securities laws, t_}ie Securities Act of 1933, as
amended and a then in effect, or the registration
provisions of the Securities Exchange Act of. 1934, as
amended and as then in effect, or the qualification
provisions of the Trust Inderture Act of 1939, as
amended and as then in effect;
(4) The Comptroller of the Currency, the New
York Stock Exchange or other national securities
-8-
85-698 .
4
r
fr+tv rnIt, n1-a a1.7t1'hr i t ", shal l impose,
ri^ rI tiin :r'rins, 1UP 11,nndr riC ohliaations of the
r r,nr+r al r bergs r nr r,f the 'S r it 1985 Fiondn, any
Til:;t^r 1.11 rr`�'t r 1!'t i r,tt n(?t n(rw r,x] t i na, or increase
I brie nr w i n fnrc c, wi th respect to the
t't r" 1 i i hy, Or the chfina_r' to the net
rnrttritnrnnntr nf, nr fin.anr.inI responsibility
t nrtrl 1 t ninr't11 ': r+t , ( i1r' t.rtlrl^t'wr l t:r'i"f' ;
('+) i.nri i ..- 1 •-)I i ,,,, H) 11 1 h- r'ria(•I ^r? t,y the Congress
rif t hrn Ifni t nd ;;1 If of Amr'riC'l, or a do cision by a
court r)f t-iit unit^d St.at-s of. Amor ica shall he
rPndr,r—I, t(-) t h^ effect that ohl igations of the
aenr'r )l C h,! r 1r't-r'1 r f the' S^rir-^ 1989 Bonds, or the
Serinr 1911 Br,nrin, are n(-)t Pxempt from registration
under or from otlinr requi r"ement- s of t1",ry Securities Act
of 14.33, a arron(Ir,:? and as then in effect, of. the
Securit-.ies Fxchanqc Act of 1934, as amended and as
thon in effect, or that the Band Ordinance is not
exempt from. q,_i;.i ficat.ion, a;= an indenture under or
other requiremont�; of. the Trust Indenture Act of 1939,
as amended an(? an then in effect;
(t=) The United States shall have become engaged
in firstili.tics which have resulted in a declaration by
:he Un,i ter? States of war or a national emergency;
J
(7) Thr. declaration
moratorium 1: Federal.,
authorities;, or the aeneral.
the 2Zew York Stock Fxchanae;
of. a ceneral bankina
New York or Florida
suspension of trading on
(8) The rating for the Series 1985 Bonds, or any
other bonds issued by the City, shall have been
downoraded or withdrawn by a national rating agency,
or the conditions of any rating agency regarding the
final approval of any rating of the Series 1985 Bonds
shall not have linen Satisfies?, which, in t1ie Manacerrs
opinion, materially adversely affects the market price
of the Series 1985 Bonds; or
(9) Any event occurring, or information becoming
known, which makes untrue in any material respect any
material statr'mr�nt or information contained in the
Off.i(.ial Stratr'ment, or has the effect that the
Offi�•ial Statemr,nt contains any untrue statement of
Intl trrial fact or omits to state a material fact that
it noces!7 +ry to make the statements therein, in the
li(1ht of the circumstances under which they were made,
not misleadinq; and
-9-
85-69F
• ti
shc31 1 have t f,t'r, i "!pfl
dcic'utTm'-trt Sr i r1
the tT .]dorwr i t
4
L'I lt�t ((� II1r ri r',. I 'I ;i tn, ttl� InCleCWrlf�[S
two cwltlt rri,.ar I t)Y it -Il n.31 7� ()f the fo1 lowing
carp' c- if i r-f )(-t r1r'; i n fc)rir ,ind suhstance to
(1) I`te �1ffic in1 rtarmmrn•, n.;rcuted on behalf
of t.Ilc' C i t• h-, i tr: Mla•,•or;
( 2) 1nCn of an ] n t_1ranc: fol 1 y 1=sued by
the r111nicii-'nl (l 7nsurar,ce Association (MBIA) that
uncondit.ionaI 1 y au,lrantthe tiT011 payment of
principal cif and intr,r(--r=t nn the 1985 Ronri
(3) Thy Pond Ordinance, certified Y-V' the Clerk
of the Commission that it is a true, correct and
complete copy of the Bond Ordinance d,ll, adopted or
authorized h, the City and that it has not been
amended, mop?ifiec3 or rer:cinded and is in full force
and effect an of thr Closing Dat,';
(y) Thr. Cnr 1es 7.981. Bo—,-1s, the Escrow Deposit
Agreement and this Purchase Contract shall have F'een
dui'Y authorize;;, nv(Iclited an-1 deIi,ered in the form
approved b:a the Underwriter-- with only such changes to
said documents as shall ke rrutuall; agreed upon �,y the
City and the Underwriter
( 5) Are
supplemental
addressed tc
Underwriters,
forms, attached
unC11_1a fiec apprcvina opinion, or
orDinions, dated the Closing Date and
t?;e City with a reliance letter to the
of Bon Counsel., ir, substantially the
to the Official Statement as Appendix C;
(6) An opinion, dated the Cl.os.ino Cate, and
a0dreF:seci to the Manager, of Fine Jaco"son Schwartz
Nash Bloci & Eno land, P.A. counsel for the
Underwriter t�� the effect that (i) bannd upon the
inforn;atior �i�3 availahle to the- in the course of
their participation in the preparation of. the Official
etc mnnt as counsel for the Underwriters and without
havin,a undertaken to determine independently or
arsllini fill any responsihi 1.ity for the accuracy,
comp] ^tenon^ or fai mess of the statements contained
iTi th- Official Statement, nothing has come to their
at t_nrlt icon that we u1.71 lead them to hel ieve that the
tiff i i a 1 ;tat t ]s of i is date and as of the
C 1 i t,ca Da tcIlt 1 i nod any untrue statement of a
inat-i i.al fart r,t oini ttnd tn !:�tnt:o a material fact that
l C tlt'1'^r ir''�' t 0 ITIIkP t:hf` statements therein, in the
-IU-
8S-698...
Light of the circumstancer- under which thr--Y were made,
hot misleading (except that no opinion or belief. need
be expressed as to any financial and r-tatistical data
contained in the Off.ici.al Statement); and ( i i ) with
respect to such other matters ar- the Underwriters: may
require;
tI An opinion, dated the Closing Date and
adrlrr'r srd to t:he Ci ty, Band Counsel and the
t'nderwrit-.,r c>f the Cit:-: Attorney, which is
^ati^factor-,• in form and substan.cto the
Underwriter, Under.writer.scounsel. and and counsel
fir= t.rt those matters which me;: be reasonably required;
(8) A certificate, satisfactory to the
Undrrwriterr, rand and Underwriters' Counsel, of the
Mayne err Vico-Mavnr of the City, or of any other of
the City' d 1y author.i7.ed officers satisfactory to
the t1anngrr, rl,at:(i as of the Closing Cate, to the
fnr't that: ( i) the Ci ty has duly performed all of
thn Ci t ,;' F. n111 ir7lt ions- to he per formed at or prior to
t.hr r.•lnsinri Dan and that each of the City's
rrprr,snntat-innr; and warranties contained herein is
trur` lr; of t:hn Clnr*inq Dat -; ( i i ) the City has, by all
tin CPr:r ;try rr•t.inn, nr,actor' the Pond Ordinance and
-11,thn► i 7nrl t-hn nxnr ,rt i on, del i yr=ry, receipt anri due
pnt t r,t iC,{nr-n ()f thr' S ,r ] 1985 Bon(ls; and the Escrow
T)npor-i t A(,rnnmont -end any and al.l such other
agi'nr'iftnnt lnrl r1r,r'i1;T1nn4vr .fir mc1;: hn reauired to be
exor-W orl, rin1 ivnt'nrl and rrcriverl by the City to carry
ntrt, Uivn nffr'r 1 try and consummate the transactions
contnmltl.-rtnrl tintnt,y a-Irl 11y the Official Statement;
no 1 i! iraat u is pnnr'.ing, or, to his knowledge,
thr-,-0 nrinrl, t n rnr't r -ji n or- onjoi n thn issuance or sale
of t hrr S(,r-i] r)HI-, FnndF; nr in any way affecting any
authr't i ty frtr of t fir, val id i ty of the Bond Ordinance,
the -r ins 1 981,, ftr,ndr , the Rscrow Deposit Agreement or
pxiFt.n;I(-n or hnw�rr: rtf the? City; (iv) the execution,
delivery, rccri.pt anri due performance of the Series
1985 Ponds, the Er -crow Deposit Agreement and the other
agreements contemplated hereby and by the Official
Statement under tho circumstances contemplated hereby
and thereby and compliance of. the City with the
provisions thereof will not in any material. respect
conflict with or constitute on the part of the City a
breach of or a default under any existing law, court
or adminir•trative regulation, decree or order or any
agreement, indenture, lease or other instrument to
which the City is subject or by which the City is or
-11-
SS-696
1
rnca i ^ t r:lltnd; ai;rj (` } t} f:' 1nf t:'t;r,rt] i!; cr)ntalne(9 in the
official St,-lt iment is true and correct. in all material
t r~cf.r,r t r 7!11c1 t he Of f ici al Statr.rrr'n} riir' not as of this
sla
of the da f and dC)nr: ilot as � +'e r� ;7r.1 ivery of the
rit 1?i'?nor-, contain in•.' lntr!,e:, statement of
mat r r i n 1 f •7- t any? dr,nr; nc,t omi t te a matey is l
fact nr�cr�r; �r, in (it der to make the statements made
khnr n i it, i n 1 iritit r)f thn r_ i. rcLim stances under which
ttlr"•' w,,Ir, (il.11r,, ilr,t 1'.;igIra,!inrl.
(r-') A r r'rI i fir atc, -i. to arbitraae in substance
a"tiar t(1t y I o liond Counsel ; and
(10) Suf•h adriiti()naI lnrtal epinions, certi-
f irat ^r-, ir1-:t rIirrtr'n1 7, and of hr,t. dr,(-.time nts as the
tIaI t TT) IV t 71r r�ri l} 1'j t r, II r, nV 1dnnC^ the truth
and 7r r ,)1 1r ? , -{ ref } tlr+ rl:lt n 11r'rr'af and as of the
C'1opi11,1 t)atr`, (If th- C ityIc; reprr,sentations and
wart ant irio, (•r,11t ,Iit1,,ri h-t- 'in rind r)f thy, statement6 and
1nfr,tliPat intl r 'tlt,ltinrj itl ttin Off1C'llI St, -It- " t0nt, an
t:11n r111 1 f (It tT' Itlr'n (It F•9t 1 sFri ] r?n l'y tllp Ci t;.' at or
1)tlriI tri }lie I•in5'iitci (l,gtn of all a(]rnnlr^tlt.r; then tr) be
porfr,tm^rl and all r•r)nli1"ionr' til^n trl hr ratisfir'd by
t'hr' r.., i t 'y' i n rr`tlnnr'1: i (In wi t h th^ transactions
con I -ripl r+t(-,I hr:,r r,i'',> and h•; the Rond Ordinance and the
,.. Off i-•inl ;'t.1t rlrrrll ,
If a r,y of th- crInl i t ions to the ohi. i.gat. ions of. the
Underwriters containe(j in this Section, or elsewhere in this
Purchase Contract shall nr)t have heen satisfied when and as
reauired herein, all ohliriations of the underwriters hereunder
may be terminated by the Manager at, or at any time prior to,
the Closing Date written notice or telegram to the City.
4. Ex})ense:-
(a) 7'f,c' Underwriters shall he under no obligation to
pay, and the City slli pay or cause to be paid (out of the
proceeds of the Series 1985 Ponds or any other legally
available funds of the City) all expenses incident to the
performance of the City':- obligations under the Bond Ordinance
and hereunder including, but not limited to, the cost of
printing, engraving, executing and delivering the Series 1985
Bonds to thr�' Underwriters; the cost of preparation, printing
(and/or word y,roce�!7ing and reproduction), distribution and
delivery of the Bond Ordinance, the Preliminary Official
Statement, and the Official Statement (up to 3,000 copies
combined), and drafty of any thereof in reasonable quantities
as requester? by the Underwriters; the fees and disbursements of.
-12-
85-636 _ .
Pond T1 , ant ant s-, f i nancial a(Ivis r-rc• any? an", other
t'+xpl- t t c: or rot a i re d in connect ion with the issuance-
n thy, F,rt i r 11r)t; 3r; fens in c(-r.nr c: tin with the
vei"ifjCation certain mn it, ti.cal coml-)utatinn:; fees charged
}��' the rat' i n : au�nc i fnr rat- i nq the Ser i e� 1985 Bonds; bond
in��tran<-� l,t :. i tm�; and any nth�r" expens; -F- net specifically
enumerated i p'lrarrr-af}I W) of thin- Section incurred in
connct i nn wi ' ttAir, i of thr, S e r iris 1.985 R1 ,nds.
(t l I'he Cj t shall he undc,r- no o;~119ation to
pay, and ttIIr, Underwriters shall pay, all other expenses
incurred by the Underwriters in connection with their public
offering am distrihLItion of the Series - 1985 Bor.ds not
specificalAy enumerated in paraaraph (a) of this Section,
includinq the fees and dishur:semen.ts= of their Counsel.
5, ivoticQ Any notice or other communication to be
given to the City under this Purchase Contract may he given by,
deliverina the same in writing to City of Miami, 3360 Pan
American Drive,
Djnner Key, Miami, Flori ?a 33133, Attention:
Carlos Garcia, Finance 6irector; and any notice or other
communication to be given to the Underwriters under this
Purclhas'e Contract may he given by delivering the same in
w r i t i n n to Peter lent, itiil.liam R. Hough & Co. rSuite 800, 100
2nd Avenue South, St. Petershurq, Florida 33701.
6 Parties; in_Interest. This Purchase Contract is
made solely for the benefit of tl:e City and the Underwriters
(including successors' or a s s i a n s o£ the Underwriters) and no
other person shall acquire or have any right hereunder or by
virtue hereof.. The term. "successors and assigns" as used in
this Section and Section 1.0 shall not include any purchaser, as
such purchaser, from the Underwriters of the Series 1985 Bonds.
7. :survival Re�oresentations and Warranties. The
representation- and warranties of the Cit•: set forth in or made
pursuant to this Pi
.rrcha.re Contract, shall not he deemed to have
hnr,n r?jcr'harrlr 7, sntisfre,-1 or Otherwise rendered void by reason
of. t.II- C1OS171•1 or termination of this Purchase Contract and
rr�gardles:s- of any investigations or statements as to the
resents thereof made by or on behalf of. the Underwriters and
r.egardlr?s-s of delivery of and payment for the Series 1985 Bonds.
8. CoLID ters?arts. This Purchase Contract may be
0Xr'Cuteri in nnvc'rnl cottnter.harts,, which together shall
constitute once and the r-,ame instrument.
9. Flo_r i,ln I,_a_w_ Governs. The validity, interpre-
tat ion and l��r fortn.�nc� �f thi G Purchase Contract shall be
governed by the laws of thr? State of Florida.
85-69$__.
i 14
4
10: Ent_ir t,c1r.�Errnrrnt.; it InIore`�t i'his
---------
ufchase Cont.rac_ t :,1�, rIlcCc I�tc�3 t, _' f i r� wr. i ling as
11eret.cf0rC� c:onr;ti.t ut:�' t:�l, �'Clt irE? c�Urt�nrPC'.nt
t1E'ik'(?E?n Ll�-, tlrlci l:_ Rl,:r'iE.' :;n].��1`' for tt1C' .t. Of t}lf' :.t-:; anC=
the t1;1(IE'C4i!" 1. t.�.'r:' ( l n�'1 till i.n(I t.hc= SIICC r S0r�? C Of an,,'
(1r1C)C'CWC ]. tC' C.`. 1 wc� rit:l:�:'r I)i:C?c`n S11 a I 1 =1C 71_r 1 r C' ?r 3Vf? L I,J r igh �.
1-1. i,Cfect.iv'rhi.s Purchase "ont:rac:t shalecorne
eCf0Ctiv�� an<I bi.nclin%� ui,<:,n the re p�cti .� r� rrt:i� _, i;eret. > upon
the executi.c)n Of t'hr' hereof an<i steal I be
vali-c3 as of t_he time oI.- such acceptance.
PA it ;1t.I I
CI,,:PI"
111' � Itt ;�'y','i) � 'I'� , �•'t 11� t•9
CITY 11.'I"L'ORNEl -1.A-
85-698...
;1
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
To Honorable Mayor and Members DATE I,LE
of the City Commission
SUB.)ECt Agenda em - Government
Center Parking Garage
Advance Refunding Bonds
CppM REFERE!YCES
Sergio PereirC
City Manager / ENCLOSURFS
It is recommended that the attached
resolution providing for the issuance
of Special Obligation Bonds, Series
1985 in an amount not to exceed
$13,720,000; fixing certain details
regarding the issuance of such
bonds; approving a negotiated sale
with the underwriting syndicate headed by
William Hough & Co. and Daniels & Bell;
approving and ratifying the distribution
of a preliminary official statement and
authorizing execution, delivery and
distribution of a final official
statement, be approved.
The City Commission approved resolution 85-630 on June 13, 1985
authorizing the City Manager to select underwriters and to
enter into negotiations with the chosen underwriter for the
refinancing of the Government Center Parking Garage Revenue
Bonds Series 1981.
The original bonds were sold in 1982 at an interest rate of
13.16 percent. Due to significant decrease in interest rates in
recent months, it is estimated that the City could save in
excess of $1 million in debt service costs.
The attached resolution authorizes the issuance of Special
Obligation Bonds Series 1985 in an amount not to exceed
$13,720,000 and fixes certain details regarding such bonds. It
also approves a negotiated sale with the underwriting firms of
William Hough & Co. and Daniels & Bell; approves the
distribution of the enclosed preliminary official statement and
authorizes the execution, delivery and distribution of a final
official statement.
85-658.
.. .. ... ,.:ri
Orrr�
PRE.y:MINARY OFFICIAL STATEMENT DAl r,-U j LY 3i 1"8
In the opinion of Bond Counsel, under existing statutes, nqulationr, rulings and court decisions, the
interest on the Bonds is exempt from all present Federal income taxes and from income taxation under State
of Florida lam, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or
profits on debt obligations owned by corporations, as defined in said Chapter 220 The Bonds are
exempt from intangible personal property taxes trnposed by Chapter 199, Florida Statutes.
NEW ISSUE tCredit Ratings. Moodv's: A a►
t Standard & Poo r's: kA A
$13; 800 5 000 f
The City of Miami, Florida
Special Obligation Bonds
Series 1985
Dated: July 1, 1983 Due: July 1, as shown below
Interest on the 1985 Bonds is payable semi-annuallv on July I and January 1 in each year, commencing January 1, 1986. The
1985 Bonds are issuable as fully registered bonds in the denomination of 15,000 or integral multiples thereof. Interest on the 1985
Bonds will be payable to the registered owners shown on the registration books of the City on the fifteenth day (whether or not a
business day) of the month preceding an interest payment date, by check or draft mailed to such registered owners by the Bond
Registrar and Paying Agent.
Principal of and premium, if any, on the Bonds will be payable upon presentation and surrender thereof at the principal
corporate trust office of the Bond Registrar and Paying Agent.
The 1985 Bonds are subject to optional and mandatory redemption prior to maturity as further described herein.
The 1985 Bonds are being issued to advance refund S 10,400,000 aggregate principal amount of the City's Parking Revenue
Bonds (Additionally Secured by Non Ad Valorem Revenues), Series 1981, of which $10,345,000 remain outstanding and to pay
the cost of issuance. The 1981 Bonds were used to finance the cost of constructing an offstreet parking garage and related facilities in
the Downtown Government Center in the Citv. The 1985 Bonds are special obligations of The City of Miami payable exclusively
from the Net Revenues of the Facilitv and Revenues derived from certain Utilities Services taxes collected on the sale of water and
gas. Neither the faith and credit nor the taming power of the City to levy ad valorem real or tangible personal property taxes
is pledged to the payment of the 1983 Bonds.
The Citv has a commitment from the 'Municipal Bond Insurance As"ianon for a policv of insurance on the 1985 Bonds.
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
DAT11
P111NCIPA6
RAT[
07/01/93
340.000.00
7.373
07/01/14
3",000.00
7.623
07/O1/K
07/01/95
425,000.00
7.973
C7/01/97
110,000.00
3.623
07/01/97
07/01/89
245,000.00
6.127
07/01/"
510,000.00
710,000.00
a.t30
07/01/99
263,000.00
6.373
07/01/99
610,000.00
0.300
07/0 U90
285,000.00
6.623
07/01/00
610,000.00
8.600
9.700
07/01/91
310,000.00
6.473
07/O1/00
663,000.00
9.700
07/01/92
3m,000.00
7.t23
-7l 1p:� VI C
�,3SS1ooc� .
>< rm Bondi Due July 1, 200gat11r17-
f erm Bonds Due July 1, 2008 at9_U—%o
The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval of legality
by Brown, Wood, Ivey, Mitchell & Petty, New York, New York, Bond Counsel, and to certain other conditions. Certain legal
matters will be passed on for the Underwriters by their Counsel, Fine, Jacobson, Schwartz, Nash, Block & England, P.A., Miami,
Florida and for the City by Lucia A. Dougherty, Esq., City Attorney of the City of Miami. It is expected that the 1985 Bonds in
definitive form will be available for delivery in New York, New York, on or about July 31J, 1985
WILLIAM R. HOUGH & CO. DANIELS & BELL, INC.
July C4, 1985
T See the ca tions "MBIA Insurance" and "Credit Ratings" herein.
_ Preliminary and subject to Chang
$�-s9F
E
In the opinion of Bond (:ountel, undrr rxithn� ttatutrt, rrlr,laI11,rt1. rultn;, an rntori (/rri,tonI, dir
inferrvt on Nor Ronrlt tt rxrnt/tt fro At all /trrtent Irdrral I'Nnno, title, and Iron, ipi, r,rrn' tatattoit render ,Stele
of Florida larr, rxrrf,t a% to ta.x•ry i»tftnvrd ht Chaf,tr•r -r;ttl. 1-7-.rrrl r .1t rJtrt�,. on irttrrr,l. in(r,rrrr or
1)rofits art dehl ohli,rntiont otrnrd N rnrfunations. ern hitowd ter lard t.ha/rtrr t 'U Thr Rrrn'A err
rrrrnrtt fro err intanttihlr personal f,roln•rh taxew Irrlf r rd t'i Ch rip,-r 199, 1''l„r ida Slat it trt
Ntw ISSUI; tC:rcdit Ratings: Moody's:
13, 800, 000 * Standard & Pool's:
The City of Miami, Florida
Special Obligation 11onds
Series 1985
bated: July 1, 1985 Due: July 1, as shown below
Interest on tilt- 1985 Bornls is parable st nti •uunrtllt on iul% I .onl jmm.tf . I tit "1. h %t.m. , ,ttnut+•nt inq,lanuary I. 1996.
1985 Biondi; are issualilr as full% t•rgistrred h(onds in Ihr ,It,n. nnn:unit, 'I S-,.ono„ t tn,rgral nutltiplrs tht,rvrtl Interest rtn the• 1985
Bonds will he pao,ahle its tilt, registcreoi titrnrts sh„till ,nt rhr tcgfsrr,ttion hooks of tilt, City till tilt- lifrt•t,nth d;tr (xtih<•tht•r nr not a
business da%) If flit- nutnth prvccditfg .tit Illwwsr parntt•nr rl;tlr , ill t het k or tlr,tlt mailed tit sot h rrt,istrrcd (otstiers hr tilt- Bond
Registrar and Patine Agcut.
I't•incipal III and prentinnt. if ant,. till fhr B(otttls %till by lan,thlr ulnnt presrntation and surrender thercol at the print ip.tl
corporate it -tilt "Ili, t• of the Bond Registrar anti Paring :\gent.
The 1,185 Bonds ;tit- .uhjt•, t tit opti„n.tl .tiul nt,nttl:tlory rcdrrttption pri(ot t" maturity its turtht,r tit-'( r,heoi herein
1'hr 1'185 Bonds are living issued to adt,titt t• rrlund S10, 1011,0Uf1 aggrrgatr print ipal onwmit (oI the (:its', Paikint, Rt•lettttt•
Illinois (Addition,tllr tint tired he Nun :\d \'alort,nt Re�enuesl, tirrirs I'M I, tit t+hit it S 10,31:5,0u0 rrtfi.tin "ntsranding and tt, par
file (tilt of issnartvv. The 1981 Bonds acre used to Imam c flirt list of t onsu tit ling an olktict-t parking g.nagr anoi related tat ilities in
tilt, I Immo it (;urrrnntrnt (:t•ntrr in the(:itr. 'I lit- 11M5 B.Irids all. spot ial (obligations 111 FlIt. (:in of Mi.unt p,tt,thle exrlusircly
hcnnt the Net Revt,nurs tit the Flu ilia and krrennrs tlrti\vd h,nn vt•rt,tin l•tilitirs Sup, it cs tact" t ollet wit on tilt• sale tttxsatt r,uui
gas. Neither the faith and credit nor the taxing power of the City to levy ad valorem real or tangible persona) property taxes
is pledged to the payment of the 1985 Bonds.
The Cite has :t vontinirtnent (iota the Munit ilml Bond Insuram e Association life a pt,lit v of incur;utce till the 1985 Bands.
Maturity
Amount
1987
155,000
1988
240,000
1989
260,000
1990
280,000
1991
305,000
MATURITIES, A1110UNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
Interest Interest Interest field or
Rate Yield Maturity Amount Rate Price Maturity Amount Rate Price
lyll
3311,000
1997
510,000
199:i
3fi(I,(I11t1
1998
555,000
1994
390,000
1999
005,000
1995
425,000
2000
660,000
1996
465,000
2001
725.000
$3,660,000 Term Bonds Due July 1, 2002 at _%r,
$3,780,000 Term Bonds Due July 1, 2008 at ,%
The Bonds are offered when, as and if issued and received by the Underwricers, subject to the unqualified approval of legality
by Brown, Wood, Ivey, Mitchell & Petty, Nev, fork, New York, Bond Counsel, and to certain other conditions. Certain legal
matters will be passed tin for the Underwritt•rs by their Counsel, Fint•,,lacohson, Schwartz, Nash, Block & England, P.A., Miami,
Florida and for the City by Lucia A. Dougherty, Esq., City Attorney of the City of Miami. It is expected that the 1985 Bonds in
definitive firm will he available lint- delivery in New fork, New York, on or about,)uly 31, 1985.
WILLIAM R. HOUGH & CO.
July, , 1111i5
t Newt- the• taptions "1,1BIA lusmante" and "Credit Ratings" herein.
' Prelintinarr • and subjet t to t hange.
DANIELS & BELL, INC.
Ell
t
No person has been authorized to give any information or to make any representations other
than those contained in this Official Statement in connection with the offer made hereby and, if
given or made, such information or representations must not be relied upon as having been author-
ized by the City. Neither the delivery of this Official Statement nor anv sale hereunder shall create
any implication that there has not been a change in the affairs of the City since the date hereof. This
Official Statement does not constitute an offer or solicitation in any jurisdiction in which such offer
or solicitation is not authorized or in which the person making such offer or solicitation is not
authorized or in which the person making such offer or solicitation is not qualified to do so or to any
person to whom it is unlawful to make such offer or solicitation. The information and expressions of
opinion herein are subject to change without notice and neither the delivery of this Official
Statement nor anv sale made hereunder shall, under any circumstances, create any implication that
there will be no change in the affairs of the City from the date hereof to the date of the delivery of the
Bonds, but see paragraph headed "Closing Certificate" herein,
This Official Statement is submitted in connection with the initial public offering of the Bonds.
IN CONNECTION NVITH THE OFFERING OF THE BONDS. THE UNDERWRITERS
MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR ;MAINTAIN THE
MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHER-
WISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE
DISCONTINUED AT ANY TIME. -
TABLE OF CONTENTS
INTRODUCTION
THE BONDS .......................
General ..........................
Interest Payment Dates ..............
Mandatory Redemption .............
Optional Redemption ...............
Extraordinary Optional Redemption . .
Authorization .....................
Securitv for the 1985 Bonds ...........
U-ilities Service Tax Revenues
and Projections ..................
Water and Gas Utilities Service
Tax Pledges .....................
Rate Covenant .....................
Flow of Funds .....................
Reserve Account ...................
MBIA Insurance .................,. .
THE PLAN OF REFUNDING ........
ESTIMATED SOURCES AND
APPLICATION OF FUNDS ......
THE FACILITY .....................
Description of the Facility ........... .
The Manager ..
The Area .........................
FINANCIAL PERFORMANCE OF
TH E G4+Y .....................
Ili
Page
Page
1
GOVERNMENT CENTER PARKING
I
GARAGE ANALYSIS ............
8
1
Existing Conditions .................
8
1
Expected Conditions ................
8
1
TAX EXEMPTION ..................
9
2
CREDIT RATINGS .................
9
2
LITIGATION .......................
9
3
VERIFICATION OF MATHEMATICAL
3
COMPUTATIONS ..............
10
UNDERWRITING ..................
10
3
AUDITORS ........................
10
APPROVAL OF LEGAL
4 PROCEEDINGS ................
4 CLOSING CERTIFICATE ...........
4 APPROVAL AND OFFERING
5 STATEMENT ..................
6 APPENDIX A Description of the City
7 APPENDIX B City of Miami Comprehensive
.Annual Financial Report
7 APPENDIX C Proposed Form of Legal
7 tQD ton
7 APPENDIX D Opsrsen of City Attorney
7 APPENDIX E Speciment of Municipal Bond
8 Insurance Policy
8
F'q trY
8s-s
10
10
t
So person has been authorized to give any information oo r tmake• an% representations other
than those contained in this Official Statement in connection with tilt- offer matte hereby and. if
given or made. such information or representations must not ht, rcliccl upon as having bet,n author-
ized by tilt, City. Neither the delivery of this Official Statement nor any sale herettncler shall create•
ant- implication that there has not been a change in the affairs of the C:ih• since tilt- date• hereof. This
' Offieix) Statement does not constitute.• an offer or solicitation in an%• iurisdiction in (chi( h sut h offer
or solicitation is not authorized or in ..•hick the person making such offer or solicitation is not
authorized or in .% hit h the• person ntakint; such o offer r solicit:+lien is not yualificd to do so or to any
person to whom it is unla..fill to make such offer or solicitation. i I+t information .,ncl expressions of
opinion Ilcrciit are subjv( t to changt• without notice and neither the tit I . et.. of this Official
Statement not anti "'llu nutdc• hereunder shall. nndt,r any circumstances. ( rcate ar►s implication that
there will be no change in the affairs of the City from the date hereof to the (late of th( dt 1i. cry of the
Bonds. but see 1mrat;rapII IIumIccl "(:losill 14 C:ertifi( atc" herein.
This Official Statement is submilled in cor+ncction .. ith tilt. initial public offerint of the Bonds.
iN CO\1EC PION N IT11 THF: OFFERING OF 1'HF: BOtiUS. Till" UNDL111WRI'TERS
MAY OVERALLOT OR EFFLC T "i HANSA ,TIO\S TILA]. STABILIZE. OR MAiNTAiN THE:
MARKET PRICE OF St: CII BONUS AT A LF• VLL ABONT 'flF:k7' wIlICII MIGIi I OTHER-
WISE: PREVAIL iN THE OPEN MARKET. SUCH SFABiLIZING. IFCOMMI:NCEi). MAY BE:
DISCONTI`UED AT ANY TIME.
TABLE. OF CONTENTS
iNI R(A)l.(:'1 IO.\
1
(9(A F.k\\lF.\'I (.1'A'I 1'.R PARKING
t'111;lit \!ri .....
t
( IARA( ;F. A\AI.1
F:xistiw-,I 1.1lditHill, ... ,
Interest I':+�uunt 1)ntes...
1
Ia:pr(trd('((n(iitlim, . ...... }}
Mandator\ Rcdc tption ....... .....
I
"IAA i:\).\il' 1 1(
Option;,l krden+ptif(n ..
?
(:RI:1)I'1 RAI INt,� .........
1:*mramdIr+;ncOpti (n,,l ke(lrruptiorr
I.I I I(�:\I It. )\ (.►
:\uthorii.+rion
i
\'I:kll I(..\I I( )\ ( )1 \1. 1 111:\IA\ 1(:A1,
S(•( trrin It,r lilt. 1'+:i-) Blinds ..... ...
l
(.( )\11'U IA I B )\S ... 10
l ilitie, Srr\Hc I:i\ kr.t•tmc,
UNI)l.k\\ 1-111'i I . .......
mid 1'roie( tion• . ... .........:'.
a
AL HI I OI:ti 1t)
\';,ter ;tn(1 G;(s l tilitirs Ser.ice
\1'I'k( )\.\I. t )I l.lAIAI.
Tax I'Ird"es .. ..... . ....
I
Pl )(
RjtcC(i\ruaw. :.:
F
( AA OSI\(I( I.kill WAIF ... Itl
Fio.\ of l +,ncls .. . ..............
1
\I'I'k( A.\1. ANI) ( )I -I V.KI\(;
Reser.e:\t t t,unt .. .... I ....... , ..:
:►
S I.\ I I'.\11:\'I ..... . i f
\ BIA Insur;ut(t. ..............
t)
:\I'I'I:\1)I\ A 1 )(.t ription of the ( :it\
TIII:I LAN ( F 10:1 UNI)I\(i ........
i
AI'I'1-:\i)i\ B ( it. of \li;uui (: imprehenskv
SOl'k(:l:S AM)
\r mAl I in;u,( MI Report
:\I'I'I.I(::\1 V )\ ( )F I-UNDS ......
i
:\!'iTAI )IN (' !'t,tlnesr(I I min id I.t• al
'1 H1•1 1 ACI l.i'1 Y ... .................
i
Opinion
i)e se ription of ?hc I at lilt\ .........
i
API'II,.\1)I\ 1) ( )pini(-o 01 ()ts AM,' net
Tlw \lana et ...............
i
APPI•.\I)I\ I•: Spe(iment of Mulilt ipal liolul
Tht•:\rca ........ .................
;i
Insur;u,te f'olit�
FINANCIAL I'1AH)K\I: NCT.(W
THF.CITY ..................
;i
A
OFFICIAL STATEMENT
`, j
$131800,000*
THE CITY OF MIAMI, FLORIDA
Special Obligation Bonds
Series 1985
DESCRIPTION OF THE ISSUE
INTRODL:CTION
The purpose of this Official Statement of The Cite of Miami, Florida (the "City"), which includes the
cover page, and ap�endic�s ttached hereto, is to set forth information concerning the City's Special
g ; a e1 c p P
Obli anon Bonds die tssu in the total principal al amount of$13;89 ' the "Bonds" or the "l9t33
Bonds"), authorized by the Commission of the Cite as hereinbelow mentione
THE BONDS
General
The Bonds are being issued in the aggregate principal amount of are dated.July 1. 1985.
and are issuable as fully registered bonds in the denomination of $5,000 or integral multiples thereof. Thv
1985 Bonds are being issued for the purpose advance refunding the City's Parking Revenue Bonds (Addi-
tionally Secured by Non Ad Valorem Revenues), Series 1981 (the "1981 Bonds"). Interest on the Bonds will
be payable to the registered owners shown on the registration books of the City on the fifteenth day ( whether
or not a business day) of the month preceding an interest payment date (the "Record Date''), by check or
draft mailed to such registered owners by the Bond Registrar and Paving Agent, irrespective of any transfer
or exchange of any Bond subsequent to such Record Date and prior to such interest payment date, unless the
City defaults in the payment of interest due on such interest payment late. In the event of any such detaUlt.
such defaulted interest Kill be payable to the person in whose name such Bond is registered at the close of
business on a special record date for the payment of such defaulted interest established by notice ruaded by the
Bond Registrar to the registered owners of the Bonds not less than 15 days preceding such special record date.
Such notice shall be mailed to the person in whose name the Bonds are registered at the close of business mi
the fifth day preceding the date of mailing of such notice. The principal of, and premium, ifam-. m m the B(incls
are payable upon presentation and surrender of the Bonds, at ( :hemie al
Bank, in the Borough of Manhattan in the City and State ofNew York as Bond Regi)jykiUi� Plying
��at Barnett Banks Trust Company, N.A. in the City of Jacksonville, Fforida t
Escrow Agent.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Staternent,
payable semi-annually on July 1 and January 1 of each year, commencing January 1. 1986, and mature on
July I in the years and principal amounts set forth on the cover page of this Official Statement.
Mandatory Redemption �t��
The 1985 Bonds that mature on July 1, 20Q8'will be subject to mandatory redemption in part prior to
maturity by lot, through operation of the Redemption Account and the Amortization Requirements, at
redemption prices equal to 1007o of the principal amount thereof plus interest accrued to the redemption
'. Preliminary and subject to change: ��—��
_ t Ca• G :��.. `"�,2•,t Cs"'tT `.. �4_ wrY,g. - a i`�....
0I'll'iC:IA1, STATE N11•;VY
$139800,000y
THE CITY OF MIANIE FLORIDA
Special Obligation Bonds
Scrics 198.5
DESCRIPTION OF THE ISSUE
1 N'TROUL•CTION
• l.hept l I-pise•tlf iIt ic( )Ili( i;l1 S1,111'l11"Ill ill I IIt•(:it% id \I I,nl li, 1'1,11"1(I;mlic••(:it\'••) \\IIit IIIll( It It It"`Ifit,
CMVI'
i)1it;t', ;111t1
aI)l11'llthl I',
;Ill;lt [It'll ht'I1
I,1. I� tt1
�I't f(11'tII II11,1rt11;t111111 11,11( t•rlllllto lily (.li\
`lw( (.11
OMigalil)n
Iitulll.I,11,1
i"ll"d
ill 1111' ti,t,11
iliin( iil;(I
aln(1nn1 ill S1 t. Irnl,Innl' till(' ••11,11ills••
ill lllt'
1)t )Il(1�••).
it111 h1)ri
/l'(I 1)\' t111• (.(1
t t t i 1 l i " i1 (11
111 if),, (:il\
,I, litr t'lllllt'ltl\\ I llt'l)l it lnl•t I.
THE BONDS
General
Tilt, Blind, ,it(, h( Itl�, I"'Ilrtl ill Ihl';l�(�1't t�;tlt' I)I'llll IiLlf ,Illltitllll 11l �li,ii(Ni,llllll', trt. tI;lI1'(I )Illt. I . I(h +.
IIl(I;Ir, I��n.lhl< ;I� Il111\' rl',_,isI •red hOilll, In dir tft'llullllllarl(1rt (tf ),111111 $)1 *111,'"111 Illnl(II111'` 11;rtt will, f hr'
PI -) Blind,'11c I,t•ill", i"lll'tl l()I. Iht• i illp .t• a+l\:ul(t' tt•llulllin,' ill(- (:it\'• P,iik ll kr\( tilt 11,,iid, t. ddl
111111illk 'Sr( 111'I'lf h\ Nt+ll Ad \ A(.1cill kt'\('illlt'�l, �t'Ilt'� I�)i(I lily' i(liil 1i ltltl� I. 1tl(r'rt �! ,•n 11N lii lltl� \\ 111
Wl-Illt('r(•tl 11\\11t'!'' (111 Ills' lVili'lll111+111 ill Ill+"( fin\ ,It 1111' till, 1 11111 (I,1\ I \tltt•111,'I
II' ilnl a hll�lilt �� 11a\ ! t 11 IIIt 11111t1t1t i111 t t'tjllll .111 11)(t11'11"t li;t', mum 11,IIr I Oil- IZt'r 1I141 1 )x, I \ t Iirt k ( t
dull (it(- B(,nd kt•u'1,1l,11 .11itl li,!\1111, .VL', tit. Ili,'-1), 1 fl\t' ,i ,(!I\ 11,111`It l
1)),t'\lh.)11("1'ill .III\ 111110'I1lh('(liil'fil 1,, '11, 11 k('(loll 1),111•,11111111I'tl Ill 11( It I11(t If.,( l),t\ill, 111lIx". 111111'" Il:t
(:il\' lft'Lnllt, ill (it(. lr,l\ lilt -Ill ill ill), 1('`1 (1111' ,it `It( 11 intt 11-1 11,1\ tilt tit 1LIt(' Ill 111t' t'\, lit ,I .111\ `It- 11 (f1'1;111i1.
�11( 11 ll('IJ11111'(1 Illlt'11'�1 \\IiI I)1. 11,1\,11)It' I i Illy pi I'(111 lit \\ili"( Ii,111N' `Ilt Il liii1111 I It^,I`f1 l( I .II t�N' 11(„(' )
/l l�1111'�� t ilI ,I '1 wt Gll I t't i 1i(t f (f.lit' I'll fill- 11,1'. (II( lit (!l '11, 11 +ll'I.11)Ilt'(1 11111'I t-I ('�I,II
Bond kt•I;1,11,11 it, fill- Icii'i,(+'r1'(1((i\It(I ill 111rBlind, It'll 1(."111,111I 111,1\`Ill(.(i1It,,`11,if'Inv1,11ItI -Ili (I'll"
silt iI 11ur)l (•'11,111 ill• '11,111t ll lit Ih1' lH'1 �(111 IIl \\Ili 1' 11.111It' (lit' litlnl l� ,n(' 11'L;1`I1'!('(1 .l1 (lit ( I.." ,Ii hll�lllr „II
(114•fifih(1:1\l)Il•tthc(I;ti1'ill 111,111111' iti 11( It tt(Illl t'. Ih1'11illi111,.11,11.mid i11 t'1I111111L it'1w.it] ill, litli!tl`
;lrvp;1\;1111t•tll)tlll l)rr.1'111;Ill(111.1lid'litfrlillt'l t111111. BmItl', ;ll thl•t)I)1lilil(ll Ilw It 11,1,ttttle 1..11 ( lit lilt- 11
Bank. Ill lilt' l;(11,111,li lit \l,itill,lll;lll 11) 1111'(:11\ ;tlidSIa1,'tll \t•\\ Y 11tk I, Blind k( J,ii,11 •mil Ii;11111 V,1 tit.
(11, at Batitrit li,tllh, 11'i),l N..V Ill lilt, (.It\' ill I,t( k,,m\lilt•. 11(,Iltl.t tit ;li,d
F' ( 1'1 m. A "will .
k Interest Pavinent Dates
Tilt. Bo ilel, al Ihl• ralt•, i ri. alllllllll st'1 1111'th (111 ili(• ((,\(•I Imov Ili lh) ( )Ili('A Stal('I111'III,
payahiv m )Ill\' i an(I,l:lnu;n'\ i u((•adl \r;Ir, ((,111mcm iilt!.janll;n\' I. I(.11it;. ,Intl Ill;irlirt• (1n
,)illy 1 in dw \1'al .I11,1 Ili 'in1 ill.11 allimmis .c't iM-11) nr) Ihr rO\I•r i,ai.�t• O1' Ihi, ( )Ili( i,ll St,llclllcllf.
Mandatur� ltcdrrnl)tiuir
Tll(' 1985 ii1111(L 111,11 I1);111i1Y• (,II.)tal\ 1, 2005 \\'ill ill• .uhje t ( Ill lnall(1;11(,1 \' I-rdt•Illl,l roll In I).l) l prim Ili
nlami-it\ h\ 11)1, thimigh +111,•rali(1n (if Iht• kt'ti('iril)timl Ar(l)u111 and tilt- Alu,utir;tlilln k('elllilVtllt•lIts. ,11
r(•(le mplitnl Init1'. ('(Itl:ll it) iMP4, lit the• prim Will ;urlmlill IfIciv( 1'i)lus iuit•rt"A ;It( ru('ll tit the Ivilvillplinll
' 1'rt•linlillilry alld suhic•,'I It) ('hangs•.
J
date, beginning on July 1, 200 and on each July 1 thereafter in the following principal amounts in the
years specified:
Year
Amount
200t........
2003.......
20011........
Not
200!•.......
S
+ Final maturity.
-i as, oo o
Metoav
61? r C)o o
q5'�t boo
The 1985 Bonds that mature on July 1, 2008 will be subject to mandatory redemption in part prior to
maturity by lot, through operation of the Redemption Account and Amortization Requirements, at
redemption prices equ-t to 100% of the principal amount thereof plus interest accrued to the redemption
date, beginning on July 1, 200,6 and on each July 1 thereafter in the following principal amounts in the
years specified: r
Year Amount
200E ....... $ .+ I.
5, o00
2006........ L,.U& ttt' % 005
200$' ....... t--999 t 6 0, 00 C-)
Final maturity. 20eb %) Oo 04Om
Optional Redemption
The 1985 Bonds maturing on or prior to July 1, 1993 will not be subject to optional redemption prior
to maturity. The 1985 Bonds maturing on or after July 1, 1994 are subject to redemption prior to their
respective maturities. at the option of the Commission of the City, on and after July 1, 1993, in whole on
any date, or in part in the inverse order of their maturities and by lot within any maturity from time to time
on any interest payment date, at the following redemption prices, plus accrued interest to the date of
redemption:
Redemption Price
Redemption Period
(percentage of
(date• inclusive)
principal amount)
July 1, 1993 toJune 30, 1994 ........
102 %
July 1, 1994 toJune 30, 1995 ........
101 12 910
July 1, 1995 toJune 30, 1996 ........
101 °Io
July 1, 1996 to June 30, 1997 ........
100 %2 %
July 1, 1997 and thereafter..........
100
The City is required to give notice of redemption of the 1985 Bonds by mailing, postage prepaid. to all
registered owners of the 1985 Bonds at the addresses as they appear on the registration books, said mailing to
be at least 30 days but not more than 60 days prior to the redemption date. On the redemption date interest
will cease to accrue on the 1985 Bonds to be redeemed and the registered owners of such bonds will cease to be
entitled to any benefit or security under the Ordinance except to receive the redemption price thereof.
Extraordinary Optional Redemption
The 1985 Bonds shall be redeemed as a whole at any time or in part on any interest payment date at a
redemption price equal to the principal amount thereof, plus interest accrued to the redemption date, and
without premium, from net proceeds resulting from insurance or from eminent domain proceedings, if all
or any part of the Facility is damaged or destroyed or taken by eminent domain and if the City elects not to
replace, repair, rebuild or restore the Facility.
The City may elect to apply the proceeds from insurance or from eminent domain proceeds to the
redemption of the 1985 Bonds only if (1) the Facility has not been restored to substantially the same
condition as prior to the damage, destruction or taking, or (2) the City has determined that the portion of
the Facility damaged or destroyed or taken is not necessary to the operation of the Facility and that the
failure of the City to repair or restore the same will not impair or otherwise adversely affect the revenue-
RM-11 W__
(3) tIlt-0111milting
1-0 11(11 M' I'M itivill (It lillaill If )gct lict. v, it It )I lit -t 1*111111,; Ill'Idl. il%�Iilablc bit. III(- Cik, will !)I.
-it'llt to► Ilav the (,()SlS of I lit, replacellivill repair, I-chil doling I )I vc.11 Ir.If P III III lilt, I'm
Authoritatioti
�I
Issillitit Ii, Inds has been midwrizi-d b\ Ow )III NI will 11) 1 lic((lio it lit i(Ill
C (,Itilt,
lim III I III, slate I d icillm-k. I'll it Ida SI it f l0c' ;I
f
and
-filimmv Nov. ldiylvd bv lilt, CI)IIIIIIissitm (111.111k
Nos. 11291 :i till W370, adt,I)I-I bV Ilit' alill jillilml\ 28,
lit, vIv to I dic( it, 1,1\ fill -
Security fnr the 1985 Bmick d
Tllc 111:15 Blind, \\III he 'cl Illt-d h\ mid pa\;IbIt. its it, plilll Inti Illicit -I IIIIIII dvimsitt in
ilic Dinkins; I -'I it I( I I it -10 - it 1, lilt.( )ItI,IIjjjII( I. Irmii iliv Ncl Rct,f-IIIII., III Ilit, Pr(III-i I ldchlit'd III 111c )II-dillam v
* I Sit( It act
to 111c;III [lit, Rc\cimt III the less theCtill-t-lit FAlwil,rN 0 till Priq ( �t I I . ( I fill. (INICIII
I tobt.l. I .
lit-
Ri-vun tics arc Ilils ( (,\cIIiIlIIvd ill t it, a first
It I- iN( A )'(-;It tilt, 1111 it I IN '111
1985 the I, :11\ \611. IIIc I I)IIIII,cl IM. cm
illi c(pial low (a) 100"', (it III(- III ill( Will 111(1 Ilit"l-c'I fill- IIIc ctisli 'lilt,
ilcill
Fist A Ycm h t% ( h) ilm mil(IIIIIIN I III dt-pl)sil III till, Rc\I-IItIf. I Iuul. tllt- lit Ind scrt, it c A( ()Illll I(,Il
Accmillf allot Ow (,;viwv;d Resci I- anti iv� (d tilt' last (I,t\ oil I III- pl-Im I-Ist .11 Yvm Solo 11 hII(k,.ctc(l allif)IIIII
)'(..it L*Iwn I-cl cipt h\ IIIc
-d RcvcIIIIvN re( V I 11 I:i�,(
bt. a first al4ailist III(- D( 'I"'llatt Rc\cIIIIvs.
( :Itv Niali'll."t-I III ( ;ills,-
Citv ()I Dc"Nilatt'd Ru\(.11tics In 11( h fiscal Yval III(- �\
I •
*s A Blind" I() Ill. dcpf)slIvd mili tilt- 1.1,( A AL�clll. it, IIIc ( Ivdlt lot
Sill) ico 1() Ow pl-Im. ( 1:lilll fit Ilic ( :11\ Scrics
mI\II1 clit
lilt- Blind S(TV it C A( 1 4111111 and I It(- R I .( It. I I I p I It III ..X( I I )It III . ( 11 It ( i I I I I principal pavilit-111 datc. its the caw Illav he, till. 11111 '11111, Ill.( ttlOetln•r will lilt-milmlill" .( III
It-tll it I mt, the I I I It-1 t -I it It( m it). I I . its I lit- ( ;I,(- II la\ I w. f lilt,
I It-Imsit ill sal 11 A( I. I . It I III �, as It\ ill bc NIII1`i( lit 11( It I Rv\vIllit.",
eln
I pil\ illt-lit dilic and interest pa\ flicill (1,11c. 'I (I tilt' (Af t
Ow rt.spc( It\'(, principal IIM limill, ',\III hc IIIIIII Illmic" livid III
arc 111CIVItIl . prim Will (it and till tilt- 198,
dw Ikescr\ . I. At I . 1 '11111
am Fiscal Ycill . 1111,11t, i,\ItIidI-ao,vI1 Irmll tilt- Ik( 'St.1 t,
Account I() pat, tilt' principal ()I( w IIIc 1111crest till the 1985 Bonds. tilt I include Illdc III III(. I I)II ( I'get 14 W
Yvar but Ig(.1 as it first pull )I.It itcIll an ill lit )Illlt III fit III Stith I,\ III
IIIc licxl clistillit4 Vi,;( ll he it first hill L�v ag,lill"t tilt, I
A-011111. Sold) allimlill \t,1
Ilig Fiscal Year. Dcsiglullcd Rt'\ cillics arc (14-filled III Ow( 4(fillilliCc to,Ikevc1lucs vc( civud In such licXt clls'l'I T MI(I has I u(jlIc( Icd
cs (Illv( wd b\ III tell III bullall Id the ( :11\ It ()III (Ile illc 0 v. all
Imll ad \ ;III livill tax
c taint t,l the t, S (1111"tandill", spvcial
'i I Nt �jc( I I I it - I w or
pursuant I( I the , 's Unlit ics Sel", ICC -S). sill
Obligati(IIU(Ililic,Scr% I(c"Fix liolids. ScrIvs A id I-tbriary P40 (lit"Scrics limids"). Upim receipt b\litCil\ (it such ItIlIzcd 14) pa\ prin
t
Ilml 411 alld IIIVFCSI (II
1985 Bonds as (1(N( I11w,1 ;)(I\IIII t(,\[ cismIIL- Fiscal Yc'llNil11)tNign -(I R shall.
the prier Ca - the credit ()I' the
l, (A, III(- scrics A lit )II(Is. first I )c ( fcp()NIIcd as I c( civt-d %-. 1111 the Fiscal Agent II )I
IIn
Reservc Accmilit low 111 It(. allimillt No) dt-Imsitt-d t-quills such bildl4cled allmilill. Slit 11 but Iget Inq and dt-p()sit
-i .1i"tilill, Fiscal Ycar" it two plv\ itillsl\. salistled,
m i IIII.lIi\.c and \\III he I ;it I Icd toI,\\.11(1 lt� t
il.11i'villents an, I till
Tllc 1011mving is it S11111111MIA, (d the Water allot VIIII(lu, scr\ it c III\ rct,clitic".
UTILITIES SERVICE TAX REVENUES AND PROJECTIONS
WATER & CAS
"T
_Q
g18�
R
OM
12
T
1982 ........
2,093,646
2,140,820
........
11984
2. 196,326
........
2,201.000
'335.111100
H".j"
0 1411tigeled Anmulit. (Actual ctille( lit)"s to)" six-nttmth endt-d 311311/85 almninted to S1,085,793.)
Proicuted by the Cit\•'s Ihldtvt Dt-pitrillit.m. 0<.P-qv
lam'"
i�-ii
1
Till. ( 111-dinall(l. It•(11111'l-, Ilia) flit' ('.it\ Nl:lll:iger. (Ill (it hrlllrt• flit' 2(1111 (1;1\ (it tilt' 111(illlll Ilt'\t ,tilt rt'lI-
ilig Ili(' I111)llllI IIi \\IIII I i(lii ) 11nI1,I,;lrt' IIIIII;III\ I„Ilt•(I;I11(1 lit 'I lit tI I Ii1;III illy 0111 (lit \ 1)t tilt I I I I I II II II IIIt'I -t'
:IItt I \\IlhIIIiI \ ,III ;IIIIIIIIII l-IIII.Il III Illy II;I I I I I l' It'lu,tiIIin(_. ill IIir RI - \t-IIIII I IIIIII Ill IIII I,I,1 Ii,I\"Ili IIII' IIII--
t't'lllllIllllilt11. 1(•„ ;111 ,IIIIr I I I I I ftO lit' Ilt 111 1,11 iII(' 11,1\ 11itIII I ) t ( IIIII'III I.%, II,l',i I (1tI.II III- .Ill ; I t I I f I I I I I r tilt(
r\rrrlIII lh Ills ;IIII( (IIII IIII I',,;II lnI (.III IIIII I.\1n'I,t , (11II II ills' III I I tI,IIItih (IIII I i1 II II IIti)1, ;I, Ilrit'I
iuinrtl h\ illI- (:it\ \I,It1,1',t'l. ,1n,1 (Ir1n„it Iht- Silt(( ,(, \\ithlll,n\rl \\irh Ihr I i,t.11 .\,rnl 1(I tIIt- I rt-llit Iif Iht-
II II III\\I11(� .\t (ulllll, lit 1"Illltl, In tilt' i(,))(,\\InI_ nitlt'I:
(:1 ) 1(, Illy I It'Ihi Ill Ills' litillcl tirl \ II IAt 1111111t. ,111 ;11111111111 1(111,11 Ill (mr-,1'\Ill ( , 1111111 flit' ;1111(Illtif
(If IIIII -I'I,I II.t\;Ihlr I I I I II11' Ii1IIIII, I ) I I IIII' Illl('I'r,I I),I\Illrlll II,IiI' tit- \i 'lit Irt-tlitll; fIt•„ , I I I \ :ttll,rlllll
1•t (ckr(1 ;I, t.11111;111/rtl (il .It I I llrcl 11111 1r,1 tit -Ill (111, 1)1(I( rrtf, (11 dw h''Iltl, \\Ill( 11 1, .)\;I]1,11)1r IIII ,I I( II
III cIt•,t 1Yt\IIII'111) ,IIII! I)t'!'.IllitIw_, IIt;ll,f. it)ii )• ;III ,IIF-1,1111II I'ttil,I III I1111'-1\\t'lftII I � ,IIII III illy III\I
IIIat1liltiRiti,lit)ltil'1111r111l111111611(t11.III�1'l�l.11liO11(I,IIII'(((rill,f;ill(IIIIh:,Ilhlr(IIIr(I'1I,IIiI,I(I111,IiIII-111,
as Jill1\ Itlr(I ill I II t )IIlIII III
(1)) it) 11 it, I II II III lilt- kt-1It'III )I it'll A( I (,!IIII .III III IIiIitI rllIlitl I? it I II't Illy 1)IIIn ll),II
:IlllnlIII Ot I I'IIII fit )11(1 11itII II(Ii,i,Itltlilih I II11'r(I Ili It- it'lllr11, III , Il,f it IItitI I tilt IIII(I11/,II'I II
IZr(liiilrnit'nt,, it ati\. IOr ,III II f'I,I II Ycr iI. 1)lll, Ir IIIclI1111111,. If ,I11\, (Ill slit' I)IiIt( II):II .111it)Ilnl III
'I,c•Illi 111,1111, \\11h 11 \\l)IIIII ht- In ,III 11 I'I,( ;11 Yt';11 II ,111 It III iilt Illltl ;11lit lilt t III I rltit Iililltl,
III II(' I( (It-I-IIII III II it III IIll. II II ,1I( II\l- III;ItlII lflr, fI1,111 II II1IIr\, 11r1(I It II IIit I I II ,)t II- `I IIkIII,
1'lllI(I:
(I ) (In flit• I i'it: liI III IIII' kt',I-I\'I' \I I I I I I I ) I ,Ilt II ,IIIitnllll. II :III\. Ill ;In\ )ill ,llt t- I('I11,111111111 .Illrl
iilaking ilit, Ilrl)u,it tit I( I I;Ill,t', I:l) .111(1 (ill .Ih,I\t- IIII It- ('11111r h.11anll- It It-„ 111,111 Ow Iv(Illirr'(I
*1111Ulllll):Is I I I i I v Ill- II IIirt-(I II, Iti;ikr tIit';IIIit111111 11( )1 11 III ,1l( II IIItitllh It) tlit- t 1'r(III III till- kt',I.1'\t•
Av(IitIIit t'(lll;ll It, t11r kt',t•I'\t- :\1(Iitlnl I)t•1)II,II I IIIirrllit'II1 1„t ,11( h 11if111111:
( ( I ) (II (lit• I ir(lit (it IIII• l rrtirlill 1\I',1.1 1 1 1111(l. Iht- i 11Ji1, r• It .I11\. it -it 1.1111liltt .1111-1 Ill.lklll(" illy
tlrl)(Is11S I1 1(1. 1 I:III,I', I.U. (I)) ,111(1 11 1 ,Ih1I\r.
111111':illlOIIIIIIIr1Ht,llrllill .111\ 1111,1111111lthrIIc(fItIli .111\IitlfirAt(utltit,(,11111it1,tilt-lllll,llvIM1;1)Ill
(('), ilichis \t•.:thil\r,h,111 hr It-„ Ii:ln thc.1111(IfIlit Ir(111iicd till l'(It-l)1i,ill-(1 n)(11.1 tilt- I )It I,inh 1)l(I\ 1,14111,.
ill(' I't•t uirt'I11rn( tht-1.4-tl,i,11,11) (Ir\cf0w)r„ hr r Illnul;llt\r ,11111 Ilir ;Iilltrli1it lit ;111\ IItIIt it lit \ Ill .111\ fil,'11111
shall be ml(It'c1 it, Ow alms((((( II011.1\\l,t' Ir(lllirr(I III lit' (Itpi,l(t•ti Ill t'J( 11 in1111th ill c't'.illut lifilll •ill It 11111t'11,
afl sit( 11 tlt'tll )rill W, 11,1\'1' ht•t'll III; It II' 111). I ( I Ills' I'Xt1•III Iht-lr ,III- tit -lit It-111 It', ill flit- 111itill 1l-i'\ It I. A( 11,III11 ,il.
Ill(' llt'tlritll)tl(lit :\( I( !lilt I,tit ' Il;l\ Ili III (I It ,111 IIII(.i'r,I I),I\IIIt-t11 11;IIt- Ill' I)I[lit II1;11 1),I\it It -lit 11,II1 ., IIit, t Ii\
shall l';Ill,t'(I III It- I tll,t('lIt-(I IrlI IIit 1)1 11411,111 kt-\(-If11(, In ,III II ill (IIll III ;I, t{I I II I, - If :I I(I\I•. lilt
alll)lllltsIvqlI11'rtlill hcdslit„Ilt-tlllllht-,\ltslllll,tlll'IIII(rllt-lfll111,I11,I-,f:U.Ihlalllil I.Ihs\rlll.ml\ 111,oit I
ilia\• by I'r(illl Ill 11I IIIr('Xi(•III tll;li ;1111w:1 Iil)Ifl(Ill tit ills' I1t'11,I,11 Ir,11t11'r',1111 all\'I it 11 1lit ml11 ha, Ilit -1(.11olt111
1 hrt'll iI'ahzct1 111)111 (lit- Itilr,(IIIrtit Iit tiltaw\, 1M 111-1),),)1 11) .111\ ,III {1 .\I (sllllt.
Reserve Account
;\ 1)I Ill11 /ll I)1 I llc IIII)( red, 11,1111 Illy 1„ll.11lt t' tit Ilit- i I1i11 111)11(1, \\,I, I1,t•11 it ) mak.1' .1 IIl'11, i,ll 11) IIII'
at l'(11111t ClIkIbll,l itl 1,w Ill' I,181 lit 111(1, in ;111 :1111(111111 1-(it I.11 11, 1,I It' \I -.it- , .1111111;11 Ilt•1)1 'cr\ 11 r IIll IIII' i1181
liun(Is. A 11mi(imn Iit Slit h 11it)nr\', \till lit- a ansit'1-1.1 Ili tilt- IZt-St I\ r :\t t-sllnt :t„r( urit\ t111 ihr i10),-1 11(Inll,.
Tilt. kr,rr\r A( 1,)Illit 1, Vi. III1l-11111 It- III IIIi( in MI alnt)IIII rt[ I'll t11 rhr 111.11iitItlnl I'I Il III'd .In11 htlrlr,l
kr(ill iit'Imrllts l(IrIit ( )111St:lllt1111); B(Ind" IS,II(•(I tI11(Iri illy IIII\ I,lfmsIII IIit I1111.1111 t• III IIIt-Utt'It-lll I)IAM
suh,r(Inrnl I' i,t-:fI 1•r;1i
Iit lilt- I.\rilt I11(illt'\,, sI.1 Ili illIII Ilicici)f. I)it (14,I)s,11 111 111r I\(',r1\r .\ItI11n11 ,1[( I1,rll itli':m\ ,)rll-
('it'll('\' III 1It( • B( II(1 I(r :\(,s11I11 (11 11w RI.(it'1111)1Itiit .\III,IIIIt. ,(1(11 Iil(Illt'\„hall 1w I1-1)la(1-(1, 111 .IIi
:11111)IlnI rtlual It 1, Iit Ill' Itch( It'I1t \ I it';Itt'(I h\ Sti( iI \\ fill, t(,l\\ill I111111 IIit' (It fil It-llt \ I, Ila,ll' 111). fit,( lit )111
Insllr\, :I\ifii:ihll' It illt- kt-\cmw 1.1111d ;Olc ? ;111 I):)\lll('lit, Ir1111it I)III,11.1111 14r 11tr ( )IIIll 1.Int t- ;111(1 .111
1't'tltlllrll (m 1('111 :t1 pill :1111111, :11)11 :)1)()r ;lUull, I(, Illy lit flitsrl', I( I' All1111I1I ,111(1 Ihr RrilrillpI II III .\( 1 4 111111
ail( Ilirll 111It1) 1)t-,l'11.IIt'(f kr\t-II111, Ili Illr r\It-(,! 1)Il'\Iti11,1\ (1r,(1Ihril It( II it I.
N111111'\, hrhI it IIII • Iil-(llt 111 IIII• k(•,r1\I. A(IIII)Ili ,I).11I f)1,I I)l- 11,1•,I it 11 Ills' 1)IIIIII I,I' lit I),I\Ill' ills'
itllrlr,l Illl:ifI(I Ilir 1111m( 11);I) I iht- lit Ili, 1, \\hrnr%I 1 .11011,1IIII- r\nIit 111.11 Iht- it itlilt '\, IId, I it Ihr I II.(I'll 111
(ilt- lit )n(11I-t\i(t-:\I(tluml.Iml)flit- (;(•Ill1,1116 (1'.I- I kit I(I iI.111I)I-III itIIitit'll( t(iI ,utII11111litt,I-.ult1tht-lt--
ttl<'1 flit III(' 111;1[I11,r 1If 111:11 111!', 11l II•I,II, I„ Ilit 1 1,'itll I-t hit- R, 'l, II11,Iluli \I 11111111 [till,!( (lit I,I Ili,' it 111111 I-'
lllt-ml, lit III( ( )1(I111.11 i, r '..1 111, \, I .thd I I I I , •.I IIII III.II I', it I 1 � I I. I .\.' I, IIII I tIII kr\I-11I II I I I I I I I .IIIII IIII-
1 7 1 __ �� U
c
Tilt, ( )1'(lilimit r I1•(111it'('• Ihill Ills' ( .Il\' Manager. (In Ill' I)('lul'(' IIf(' 1(It11 flit\' ul tit(' 111(mt11 Ilcxt sll('('('('(I
ill); Ihl' 111011111 III \\lilt II I'R,-1 IiOI)tl, ;ll't' i11iI1;11I\' ititilil'(1 ;111(1 no it 1;11t'r Ihim flit 2(hh (I; I\' Ilfcm if IifOIl(It thl•rc'-
;11icr. \\ itlit:Iti \\ ;ltl mill II111 (.1111.11 111 11 it, 1);I1;1111 t- rl'111;1inil)L; i11 Illy kt•\ 1-111 it, I ill l(I IofI IIf(' lit,( (I;l\' (If 1Ili, Ili t-('(•(hllt; IIll lilt If. i1•„ Ito ,Ili[,'11111 III, Ill, llt'Itl I'll Illy i);l\IIIr if IIt (.I itIclit I.\I(t fl,t',) (•(Iflit) iII Ili Milt)IIIiI If(0
(Al rc(1111", Illy mll(111lit lint I, m \ It )I (.I It 14.1it 1 \111 I1,(•, ( till 'III,,- IIII. lic.,\I I'll,llll)I; IIII cr (.II III,oit11, ;IS (It'icl.-
Illim.(I I1\ till' It \LII(i (It it),It Ilit • if 111 .II \\i111(11;1\\n \\it11 Illy I'i,(A A,('III 1(1 1111' ( I-,-( lit I)t flit•
I(Ill( I%\itl(", A(I(ItIlit 1 1,111it1, Ill flit' 1,1111I\\III( 11111t'I:
1,1) to Illy t ll•(Ill I Illy III 1Ili I '-,t.1\'It c A( I IIII lit. �l11 ;1111(Itlllt (.(If1,111(1 1 IiII'-,im111',111tIIt IJIr mIIt1111If
OI Illlt'r(.,1 iLl\Jhlt' IIII IIII' IiOIIII, tell 1111. 11If( It-,t I),i\tfwill (l;fir lit '\I 'lit 11.1-1Ill llr (I(.„ ;lll\ ;IIIIOIIIfI
Il•l t krd .1, 1 ,lill(;lll/r(I III .It I Ill (I fillci1',I If'11111 1llt, IIfIIt t•I•,1, 1It Illy lit Ind, \\IIit If I, .1\;Ill;ll)1l' loft sit( If
Inll•i'f',( pal, Illrnt) Iit, I II?!,IIIll lllt-- AIIt-11,l, l'1i'i 1, .[il itI]I)11111 I•(111.it IO 011t--(\\('11111 (I1;111) Ilt till' flt'xl
111;Ii111'llll; 111,I,IJIIIIrll1 t)i iII IIII li),II I)II ,III �t'1I;II IiOOII, IIII'll IIIII,1•IIIII111(�: �)Ill�rt l 1O 1 t-11;1111 J(I111,11110'lll�
;Is pft)\itlrtl ill tilt- ( )1(lin,lntr.
(Ill Ili till I Irtlit I,t flit' kr(II tllIitlO11 At ( IofIfit ;11),111111111If I'(111;iI lO Irllt•-1\\1.11111 (I; I I Illy 111'llIt Il),Il
;IlitnliIIt IIi II•IfII I"OIllf, I I I I II IIIII"I,IIIIIIII�_, II IIilrt-(I I411tr II'III(II, III ,;III,I;ll iIIIIi III IIII' Am, llIt/.I11(III
Rviiiill'('in1'lll,, it ,fit\. lilt ,fit 11 I'i,(;II Yvili'. Dill, lilt' i)irmilllll,. it ;111\. O11 Till' 1)I'lll(li);II IIIIOtllll III
Tcrlll 1i1111t1, \\Ili(il \\''Ill(I lit' it.l\,11)I(. ill ,11(tl 1'I,t;ll 1'r,lr 11 ,11(ll Ilriut ill;ll ;Iln(,111it III I I'1'lll linlltl,
11) he 1'r(Irt•lllr11 IO1 Ili(, I milli Iit flit Slitl\Ii11�,
11111(l:
(( ) Ill fill- I rr(lit (II IIIr kt-s(.I'\t- At ( uflilt . ',It( h .11lit )IIIit, it .tit\ . 111 ;IIf\ I);tl;til( c rrlIfill IIilll; .111t-1'
Il akii1g Ili(- ticl)(mi undt'r (l;Ill,t•, (it) ;Intl (h) idw\t- toll' lilt- t•Illirr I,;ILllltr It It-•, 111;111 Illy rrtiliil't•11
milt of lilt ) it,, I11;1\' I)t• rr(Iffit-(-(I it Iiiak • Ihl• ;fill( )If Ill'i)O,Ilt-ll III ,lit 11 11it)I1111 It, flit- I I'I-(lit I It tll(. kt•,(•r\r
A( 11 lilt r(Ill;ll IO flit Rcm.rcr A( ( O1I111 I)r1)llsil kr(11lirrint-uf it If. ,u( 11 fn(InlIt:
((Ii if Ihr I I1.11it 111 Illy (;11 R(•ar\'I' l'llIII l, tllr 1);11;111(1•, it ;IIf\'. t'l•Ill;lillill(l ;Iliri IIiakiJig Ilit•
IIcp),il, IIlit lr1 11•11l,r, (it). ( I I 1 ;111(1 (( I ill)(I\t•.
It fill.'1111(,liill l\ III,mtit IIf(•( Ic(Ill Ot if11\-ill f111•;1111,1111t, OI' I'lltl(l, Jill
'Ill
IOII(.tl III(a) IO
(rJ, 111(.I11,1\ r, ;IhOt r ,11,III hr it, 111,111 111r ;lml )II11f I'r(IIII)'t't1 111 hr ( 11.1)n,lir( 1 1111(Irl' tllt• Iutr,.1 it It,, 1)I I I\ I,IOI1,,
till' t'tYilllrt'Inrrli Iht Irtlrr ,11,111 Ilr\rl lilt It-" ht- I Illlllll;llI\(. ;Intl III(• J1111)Ilnl Ili ;tll\ (II•li( Will \ ill ,111\ IIIIInIII
shall hl' it( I(It•II IO IIlr.Ilif( ifinf r,lllt•t\\i,r I1,(111irr(I It I Iir1)O,II('(I ill (Sit 11 it I, lit 11111ci •;ttlrl 1111111 ,I I( II 1111 It'.I,
all i llo. It lll'hI Will I(., 11_.1\ r hr(.11 111;111t' Ili). 1 ((Illy (.\It-lli Ilirrt' ;Irt. tlrll( It'll( It —,Ili Ills• BI)ll(I So'I \ III- All I )Illlf (rt'
Ili(, Redt-nfi)tit)n At t r illit (lilt- ILI\ pikli it, ;tit inlrrr,l 1);1\ lurnl (I;lir 1)1 pIIII( spill i);Ic1n1'nl (I;IIr. Illy (:11\
,I1;111 all,t-tl I1, 1H' It;!Il,l('1'1(.11 (rl'I.1111 i)r,l(�I1;IIrII Kr\rnll(• (O ,11( It it( ( "Iml, ;t• flr,l Iihrll ;1hu\ t . I hr
allmllllt, It•cI111rrtl fO hr llrin),II(.(i Ill fill. A( I tnrlllitrilr(I In I III .Im lilt ,[fill
Illy\' h(. r(.t11 t1r fIll. t-\tt-nt th;ll '111 I,t,rlil,n 11t fill- (irpl),il rr(iliirrtl ill ;In\',ut 11 Illmilli iI;1, Illrrrilit'llc
ht-t•tl lvilll/t'(1 1111111 Illy II!\(.,Ilnrnl Ill Ilion(•\, 1r11 drim"If III III\' flit It At lnlilll.
Reserve Account
A i)I)t'lllm lot Ilir 1)110( t-rtl, twill Illy I„Il;lilt I. III lilt' Milli llwn(I, \\ is us '(l Ili makc a dt•i)(,sit It, tilt, I'1'xrr\'(•
;Il'cmillt ('slithh,ht-tl lily Illy 1,181 lim)(I, Iil All ;Illi(,llill t•qual 11) (IIIc \ 1';Ir s allllll;ll (It•h( scl-virt• t)n IIII' 1081
Bonds. ApmliOnlit .u(Itlnolicy"\\illIll- lrin,trrrr(Ito lilt- kt•,(-[%cA(Illunt:Is.(t'urinIf))'tilt. l!1l5Bonds.
The Resrr\c A(t t)uw i, r(.(imi-t l ill hr Illn(it-(1 in ;ill alutulnl r(iU;ll 1(, 1111. ill;lsim(Iln I)1'111( Will ;Intl IIItt•rr,t
il(quirt•Inrill, Im (it ( )Il(,f;Ili(h11(; i3u11(11, I„nr(I nll(Irl illy 1)I'11\ I,It)IU ul thr ( )1'(Illlalll t• IIf illt'rlil'I'rlll O1';I11\'
Ill till' (.\clit lilt rllt•\,, O1 ,1 poolII(111 lh(.1'rOl, IIII (Irl)(ml Ill (lit' kr,t-i'\r Atc(,IIIri aft' 11,1-11 I'll ;1m. tit'tl-
(.iclity in Ilir Blind tirl\ i(r A(((,un( 1,r ill(. kt-(I(.illi,ti('If At l lmill. ,fill) ul(ulc•\s ,h,lll hi- rt•Illawd. in an
;(lufluill r(1u;li ill ' . lit (lit- (IrII( Will \ ( r(.;tlr(1 h\' ,m h \\ill),ir;l\\,11 unf it th(. tlrlil it nt-\ i, nl,l(It- fill, lint Ir(nn
InOnt'\, a\;III;Ih1r i11 Ih,' kt'lt'!11!(. 1'111I(I ,tllt'1' ail i);1\IIIt'lll, Irtillirt'(I ilill',ll,tlll lO Illy (►1t111G111(1' ;Intl ;Ill
rcyllI'r(l 1 111'1(.III ,IIIIIIII ;1I14,11, alltl ;111(,t ,UIOII, Ill ill(. liI IO(1 S(.r\l1 r A( ( (IIIIII and Illy kr(IrIIII)I IOII At (III111
m)d Ih(-il 1141111 Ikr\rilUr, ((1 Illr (.\1(.111 1)r(.\11)I1,k (Ir,( I Ihr(f llt'rrill.
\1,)nr\, licit 1, it tilt' I rr,lit ,II Ifir kc,ri\I. At II)III it ,11,111 tit ( IIt• 11,(,(1 it Illy Ili IIpIa I pit \ilf-, Ilit'
inirrr,( fill ;ill(I Ills• Ill' flit I1,;t11u1 11t,B,if1(1, \\IIrIIv\t•I .111(11„ IfI('t'\Irllt Ih,ll IIir IIi011r\, IIt'll I tort Ilir ( 1't'11il OI
tlic litmd tirf\i( r Al I Irutlt .lutl I it l Will It kr.rl\r I IitI(I I[.ill ht- III'll ll11 it 14 11 ,111 It Irli11),r.r,111(1 ihrr(.•
;1111'r IOt 1111 II(llllr,.t' Irl lll;ll.11lltIf I(r Ihr, 1,'tll! ,r) lilt I„tII'Illirillll: .`t tI)lllll 1)III,IGIII( III tilt' rrvilliil'-
IIU I11, (rl II1t' ( )1IIIII•I1111' '..I.r 11,-\ri •IOtI It-) Ihr 1 \i(.III (h;ll \\IIhIII.II)rlit Ihk (- ('\(' lit lt' FIIm1 .11111 fill'
atittitult "II A Iusit in Ills' (it'!I -nil Itvscr t• 1•untI arc itIs( Itlt, it r I ' 11,1 %Ili 11 IIf ;it ;In•. tlittl' thr
Illr)tlr\'s IwI(I tilt- tilt' I Irflit It tilt- Rcst'C\'t' At (mint shall t•X(r•rtl flit i , t "•• At1)!hml IZ(Yttlir,-ttlrnt, such
I'\(I—— :hall In. \\IllUha\\11 111 tilt, Fist al A_,crlt an(1 (1f'i)O>flrtl it+ ill" t r+•(lit of tit' I:r';r'rt11+ }'t)llri.
M111A Insurance
1 ili• ( fit\ has iV, rR c(l at (illllnitint'lft trOnt lilt- \illlli( ipal Borl(I insilrat)t I• A�(. iatl(ill i ' \I}3i:1 i fw
a Ind v of lny"aut t'rrn lilt }i(,nll,- TheThc 1H,I ti v 11111 OII(lluOltall\ iw't.la Callirt tilt Uilfcl'. tYf V'na'ifi (,f I)Cl nr tI)ai
OI fulfil intcl-c'1 till III,- B,Iml, If Ow i'a\ 111, A'.4ril? (,I tilt- Iittll(1,. I lit' I)(r11( \ is lit tl-( }tilt-Hal)It� an(1 tit+'
i)t'('ttlltlnl \\Ill III' full\ pai(I at tlrll\r1\ (It till B,t pr 11 lit ,tifi(ill il 1i nI 1a111Irr' l)• th,' (.it`, ", (ft•I)O>it 11-111
1).t\11It- IIt (it Ill lilt 111.11 anif lllil'it•<1 (nilunQ ,file "kh tilt' It" inn Amp. \1HIT, in, liiloi itl,' (1l)ilma"A 1O
(Ir t l'it ttlwl, Illl,iilf)tl\ \\ith ( iliWA, N,A . \c« 1'(,rk, XVm Birk, a- W aI an to w NI MIA. -0, Wilt I,)
hill\ t "\ ri Ill( tit lit it lit thr Pa\ Ills' A,,,rtit " ,I( I (hint,
flit\%Ill ill I,',1)(111,11)1t' fill it, 11 tla'.inctil" It ".tilt Gill"(1111> 1't'i I•i\r,! I)'. tilt- hOI(ft-1, (4 Illr
B(Ilt(l, It)I11 lilt ( It\ tit tiIin) an., (ilh,'I •( lilt( c, (hilt•) ihan till Iri'm-t'1'. N,11'illallt, ia1'U r Of a1) Itll{)t'rl(llrl-
(lrfault \\ ill lic Ir( t-i\cif in ,1(t\ au, tilt tilt t)a'.Incnt (latr (,f tiltill' \1I3iA mil, t+, make tilt- flln(ls
it%ailabIc I'll' pa\lilt-Ill 'IiI tiR' (flit' (fall . 11 11, ill( c(if lit ln-fill\111t'ilt 1, tc(r Itc(f „it Oral'('t III, -(lilt -(fait , NI13IA
\\-Ill t)Iti\lilt- till I);t\Itlt•111 ,it [tit- hu'flw" tl.l\ i1i1ll,t\111,' it'I ('ill' t,l tht' n(in, r. ilr(. t)a'.'it), tit I)% NIBIA r,t.
:Ill\ 1)it,11(k. \iWA I),'('I11i(', (it(' t1\\llt'1 Iht'I(")1
'Hit 111'11 all(( t,)llipal11('- t iilllfitkiln_, \IBIA all(1 tht-11 liahllll`. art I, I(1110AV�;
'Flit' actlla (:.t'l-lah'. anti ltlrc't\- (.I)Inpar)t, thirlt-illrct' I)(•r,tlit I i l 1. I t:V.Iuan*, I.1:I1(1 Itl'uran(c
Ilan\. thirst Iu'ltt-nt l M,, I: 'I'hr 1 I I\intfclitlim ( 11n11)itn',. fiffrc•n I)rr( cnl ; i i': I, At-rlltt In:uranct
(a)I11{).111A, I\%cI%I 1)t•i1 tilt I 12 I, 111(1 i Ili• (.,)IlilLictit.11 111,11ran(t' (.IIIIIIktllA, tell I)t•r( r-lli , IiI';
I)tllI t'\ t'Ial .IIItI tit it .t fOIIit IIl``11I'alit t' Ill-li( \ OI)lt,'a111111 (,f tilt I)arlit Ipat ill u II1,11Cait( c < ill]pallics
cttrnf),In\ I)aI Iit it).itifIll i, i)at kc(1 h\ il, uniiIV, rr>Olir( I".
1 ht' 1,)11(IN\111+, tal)lt' vt, t,)I11) flllaIv la tit1,it'fllatiill \\itit rc pr( t I(r ill(- I1%c Ilictlll)('r (I)n1I)a111t's of'
\IBIA. •Ihc stati'litarc .1, rclllirtc(t iI\ tilt- Invillt)rr t(Irlipanic, if, tilt, \c\\ YOrk State' Insuran(c
Ik'p.u•trurnr.
(0110'% omitted)
Aetna Fireman'% 'i ravelcr% Aetna Continental
Casuals\ Fund tndemnitt lm. Insurance Total
Asscts 113 84...... S7.805.(11 i 54A44946 55,11?ilL467 S-1.t)28.95 7 1.2 1.3(►I c22,635.688
1)ulic\'h11l(lcrs' Surplus
1A1,84 ......... 51.148.392 5 9215; 7 S 411694 S ;=)'.}t)t) c 21408tt S 3.152(f¢y
siall(l.rl-tl & I)(lor'`• rate all ne\\ i-tic, in.urc'(! I)\ \IBIA '-AAA I)rinit• Cii ill, -
The \IBIA tmilpanic, hslc(l aln)\t' (Ir tiled-parc11( I,rl'a1117.ttit'LL ilatc t)r;rl il? !;j, 1t:�liCS�l�!' I)t:>rllt'��
frt)nl a \ rnt\ ill \\c•II fitter a h1111(Irc(I \ call. I:a( h \I BI:\ cutnl)an\ crti„ Ile hulie< tx,il< \ hi,lcic r ratitak
accur(Ir(1 in�urcr< 11:\(cllcnt. A. ill- A-1)lu•l h\ the nati„mall\ rc((lsnizc(i itlsurantc (clllll)an\ raullL:
authorit\.:1. \1. Must (a)IIII)an\. Int
\i}3IA has t)h1ailII,(I a 1'u1111L: Irlill) thr llltt'ri1aI Ilt'\•r'llllt• Sun r that nwtht'r tilt- in>urmwe I)rOI('Cilttn
tit I)a\ )Ilan thctcum fur \\ Ill affet I tilt' (ACM lit 14ill It'( nI I't'ticral in( Ilii e t3\ Of lnit'I't'st t)n bOwid '(, insure dI.
The ,t'(tlriiI(" .Ilit 1 1:\( ha114a' (.(IiIiiiii'sItIII }),I� 1IStit'tI t nO-aciiOn ]citt'r smnz that mu n W pal I3( nds
iit,It rv(I I)\ \IB1.\ arc ilia ,t11)ic(I 11, rt'Stratit111 1111(lt•r tilt' set itrlttc, A(t
Anat hc(i as ApI)cntli\ (' k a stx't imt•n "T\ of the \113IA builtt, of nisu ;tti(c A Statcrlat•ttt cA
Instirarlrc \\Ill he atta(hc(t l0 the Bonds
Is
Amount otrf deposit in the General Reserve Fund are insufficient for such purposes If at and• tinfe the
moneys Held for the credit of the Resen•e Account shall exceed the Reserve account Requirement. such
excess Arst be %%ithdra«n by the Fiscal Agent and eposited to the credit ,2 c e e�enue
o0, L4s nsu�ance C`y -1or �,y law t �u+pcse .
The City has received a commitment fmm the Municipal Bond Insurance Assrxtauon i ". BIA" I for
icy unconditionally guarantees the timely payment of principal
a policy of insurance on the Bonds. The pol
of and interest on the Bonds to the Paying agent of the Bonds. The policy is non -cancellable and the
premium ..ill be fully paid at delivery of the Bonds. Upon notification of failure b, the City to deposit full
payment of principal and interest coming due N.ith the Paying Agent. MBIA's members are obligated to
deposit funds promptly %%ith Citibank. N.A • New Fork. tieµ Fork. as fiscal agent for MBIA. suf ic(ent to
fully toyer the deficit in the Paving Agent's account.
The insurers %.ill L,, respc,nsible for such payments. less any amounts received b%- the holders of the
Bonds from the City or from am• other sources other than the insurers. Normally. notice of an impending
default H ill be received in advance of the payment date of the Bonds allowing MBIA time to make the funds
available for payment on the due date. If notice of non-payment is received on or after the due date. MBIA
%.ill provide for payment on the business day following receipt of the notice. Upon payment by MBIA of
any Bonds. MBIA becomes the owner thereof.
The insurance companies comprising MBIA and their respective percentage liability are as follows.
The Aetna Casualty and Surety Company. thim--three percent i 33C, ;I; Fireman's Fund Insurance Com-
pany, thirty percent f 30 % l; The Travelers Indemnity Company, fifteen percent ( 15 ct ): Aetna Insurance
Company. t•. el%a percent � 12 % 1; and The Continental Insurance Company. ten percent , i 0°r 1. The
police is a several and not a joint insurance policy obligation of the participating insurance companies.
Each companv's participation is backed by its entire resources.
The following table sets forth financial information with respect to the five member companies of
MBIA. The statistics art as reported by the member companies to the New York State Insurance
Department:
(000' 1 Omitted)
Aetna Fireman's Tz vein Aetna Continental
Casualty Fund Inde:akV Ina. Insurance Total
Assets 12.31 84. $7.805,017 $4.449.946 $5.080.467 $4.028.957 $1,2 1.301 $22.635.688
Policyholders' Surplus
12'31 84 . .. $1.148.392 s 928,577 S 412.694 $ 357,406 i 214.980 f 3.1?62.C49
Standard S Poor's rates all new issues insured by MBIA "AAA" Pnme Grade.
The MBIA companies listed above or their parent organizations have been in the insurance business
from seventy to ..ell over a hundred years. Each MBIA company enjoys the highest poiicvholder rating
accorded insurers , Excellent. A. or A -plus i by the nationally recognized insurance company rating
authority, A. M Best Company. Inc. `
MBIA has obtained a ruling from the Internal Revenue Service that neither the insurance protection
nor payment thereunder will affect the exemption fmm Federal income tax of interest on bonds so insured
-
The Securities and Exchange Commission has issued a no -action letter stating that municipal bonds
insured by MBIA are not subiect to recrstration under the Securities Act of :J33
Attached as Appendix is a specimen copy of the MBIA policy of insurance A Statement of
Insurance \. ill be attached to�he Bonds.
1
V
f
T
f
U
THE PLAN OF REFUNDING
The Bonds are being issued for the purpose of advance refunding the 1981 Bonds. See "Estimated
St-o c ` `4-Application of the 1983 Bond Proceeds". Pursuant to the terms of the Ordinance, the advance refunding of
the 1981 Bonds will be effected by depositing a portion of the proceeds of the 1985 Bonds into the 1985
Special Obligation Bonds Escrow Fund (the "Escrow Fund") created and established pursuant to the
Ordinance. Such proceeds, together with any cash deposited with the Escrow Agent will be used to pur-
chase certain non -callable direct obligations of the United States ofAmerica, and any cash remaining after
such purchase will be held uninvested (all such uninvested cash and obligations being herein collectively
referred to as the "Government Obligations"). The Government Obligations will bear interest at such
rates and will be scheduled to mature at such times and in such amounts so that, when paid in accordance
with their respective terms, together with cash balances, sufficient moneys will be available (1) to pay,
when due, interest and principal on the 1981 Bonds and (ii) to redeem the 1981 Bonds on August 1, 1992 at
their Redemption Price of 103% of the principal amount thereof. The Escrow Fund shall be held by
Barnett Banks Trust Company, N.A.. the Escrow Agent, in irrevocable trust and used solely for the
payment of the interest, principal and Redemption Price on the 1981 Bonds.
ESTIMATED SOURCES AND APPLICATION OF FUNDS
Sources: 1 J 1 �O t OO OQ
Par Amount ....................... t
ACC Qu y,��,hy— Existin�Debt Service Reserve ......... SOS t ~ S a
"Total ....................... q 3 , s9 - �8
Uses: 15� 3► S) y • $b
CostofEscrow ... JZ rgnl `1S
Underwriters Discount 3 C .1, 19 (NAD
Costoflssuance .. .. 0N.821.15
Debt Service Reserve . -.�. t 41$* 00
Insura ce ............. t 19P•0O
1. l59 .,& 8
THE C11L1'TY y� 88
Description of the Facility
The parking garage structure provides parking for 1,100 cars (40 percent compact, 60 percent full
size). Contingent upon user demand, conversion to all compact spaces would increase capacity to 1,315
spaces. Construction of the facility began in 1982 and the garage was opened in late 1983. The parking
garage contains "at grade" parking plus six floors of on -structure parking. Stairs are located in the four
corners of the structure, and elevators are located in the southeast and northwest corners.
The Manager
The City of Miami's Department of Off Street Parking (the "Department") is under contract with
the City to manage the Facility. The Department presently employs 108 full-time and two part-time
persons. Approximately one-half of the employees were recently hired to perform meter maintenance,
meter collection, and parking regulation enforcement functions that they had previously performed as
employees of Stroyne Brothers South, Inc., an independent contractor. The Department believes that the
hiring of these trained employees will increase efficiency and not result in a significant increase in the costs
of operating the Department.
The Department consists of five parking garages, thirty-seven parking lots, and on -street meters with
a total capacity of 20,000 perking spaces. Three of the five parking garages are owned and financed by the
Department. The other two parking garages are owned by the City of Miami and managed by the Depart-
ment under a management agreement.
In addition, the Department operates the 12,000-space Metrorail Parking System for :Metro -Dade
County, and the Town of Surfside Parking System under management agreements for a total of' 33,000
spaces.
7
Ll
THE PLAN OF REFUNDING
The Bonds are being issued for the purpose of advance refunding the 1981 Bonds. See "Estimated
"*Application of the 1985 Bond Proceeds". Pursuant to the terms of the Ordinance, the advance refunding of
the 1981 Bonds will be effected by depositing a portion of the proceeds of the 1983 Bonds into the 1985
Special Obligation Bonds Escrow Fund (the "Escrow Fund") created and established pursuant to the
Ordinance. Such proceeds, together with any cash deposited with the Escrow Agent will be used to pur-
chase certain non -callable direct obligations of the United States of America, and any cash remaining after
such purchase will be held uninvested (all such uninvested cash and obligations being herein collectively
referred to as the "Government Obligations"). The Government Obligations will bear interest at such
rates and will be scheduled to mature at such times and in such amounts so that, when paid in accordance
with their respective terms, together with cash balances, sufficient moneys will be available (1) to pay,
when due, interest and principal on the 1981 Bonds and (ii) to redeem the 1981 Bonds on August 1. 1992 at
their Redemption Price of 103% of the principal amount thereof. The Escrow Fund shall be held by
Barnett Banks Trust Company, I.A., the EscrowAgent, in irrevocable trust and used solely for the
payment of the interest, principal and Redemption Price on the 1981 Bonds.
ESTIMATED SOURCES AND APPLICATION OF FUNDS
Sources: 1
Par Amount ..................... t
(aCC Q��A 2N'�'�1P5," ExiExisting,Debt Service Reserve .. I ....... I ��� a `! 3
rat .. q3, s9� �8
(- ses: S t '� t 5 del • r� b
CostofEscrow "
Underwriters Discount S&01 .9 (&Iroo
Cost of Issuance ..... � 81.871 t5
Debt Service Reserve . t 4�5^.Qd
insura�tce ............. 9 ► aPP 0..CD
............. q f 159 , 88
THE FACILITY
Description y �g
Description of the Facility
The parking garage structure provides parking for 1,100 cars (40 percent compact, 60 percent full
size). Contingent upon user demand, conversion to all compact spaces would increase capacity to 1,315
spaces. Construction of the facility began in 1982 and the garage was opened in late 1983. The parkinte
garage contains "at grade" parking plus six floors of on -structure parking. Stairs are located in the foul
corners of the structure, and elevators are located in the southeast and northwest corners.
The Manager
The City of Miami's Department of Off -Street Parking (the "Department") is under contract with
the City to manage the Facility. The Department presently employs 108 full-time and two part-time
persons. Approximately one-half of the employees were recently hired to perform meter maintenance,
meter collection, and parking regulation enforcement functions that they had previously performed a;
employees of Stroyne Brothers South, Inc., an independent contractor. The Department believes that the
hiring of these trained employees will increase efficiency and not result in a significant increase in the cost;
of operating the Department.
The Department consists of five parking garages, thirty-seven parking lots, and on -street meters witl
a total capacity of 20,000 perking spaces. Three of the five parking garages are owned and financed by th
Department. The other two parking garages are owned by the City of Miami and managed by the Depart
ment under a management agreement.
In addition, the Department operates the 12,000-space Metrorail Parking System for titetro-Dac
County, and the Town of Surfside Parking System under management agreements for a total of 33,0(
spaces.
85_695 ..
7
s
THE PLAN OF REFUNDING
a Till, linmis ;lt'e I)eilm� i'ooued hir Ille purp"t. „t ,ul\.In1, lmohtl'� fill i't.il li(,ndk. NcI "I:aint:itrd
I)I)irt'.It11)il of Ill(' 1085 liund I)ltlt rclk 1)U1 `II;IIIf (I) (fir ic( riles ,.1 f lit• ( )rl ll(I;tnt �', fllt';t(i\;11lr 1't'I'tl)ndlnc; (1t
(It(. 1,081 filitIdS \\ill h( tiff'( i d l)\ I f)rrtlit'I! rtt lilt 1)l,rr rr d, i,I 111, 1'41, 1 11,111(k 'lilt) ihc I't 5
ipt'c'1:21 t )i)il ;lllr'r1 1ir)Iltl� 1'.V 1"')\\ 1'111)11 illlt'I.`l In1\ 1'1110It'•itt•tl ,Ifid I l;IhIi,lw,I IliIr,,I -mlt lit tilt'
O1'thllantr `11, t )I,ti,'t', �, ft11ti
i 1 I ctht'r \\ith .In'. , .I`h ,I,•l,o.ltt,1 \\ilh Ih, I.�t r,1\\ .\'_,cnr \\ill I„' n,eil to pur-
t haw I .11,1111 II„It-' ,III ,I,It. dilt'( I r,l111Q.011111, -11 !ill t llltt'tl \Illcl lr ,1, ,Illrl lw, t ;I'll i'r lll:ltlllll,ti:lilt'1'
it 1)111, 11,1"' t\ Ill In' ii,'l11 11-tl 1.111 '114 II 1111111\,''Icd 1`11 .111(1 1),-lilt, It( It Ill t „11r1 ti\v'l\
reh'rr't'd t,t .1` !I1,' (..r., Illlllt'lll f)1)lll;ltlt'll` i. 111r t t„•,t•IItIIit'lIt t tfrflr,,lt1„11� '.\IIi I)(',it lwrlrNt .It �lit11
I;Ilt' ;llid \•.Ill Ill' `, 11, (1!,i, if It) 111.11IIIt' ,It `II( iI Illd III lit h .Illlt)tillf, `(t di.11. 1\ll''(1 11,11d I11 .I,t r) d,fill I.
\\till tilt -It !r'llt t 11',t ',•I lly. it)w diet \\Ilh 1.1�11 I);il;)fil c". `!illlt if III !Iltrllt'\, \\Ili Ill' ,1\.111,11)1, i l) 1" ILI%.
\ Ilt'ti thrt', Itl(t (,''i .11id pi llil 1p.ti oll lilt- 111,11 Ill 14, 11'(It't lit dw i'lii l iit,11(1, 1,11 .\II'Ili! I . 1'M ;II -
lheir }Z, Ilcnll,lloo Ill 11 t „1 11) P fit tilt' ill. lit 1p'll mil"11111 thclt'of. I III'11nt1 `h;lll })c hc'Icl !)\
6 Bil1.111.11 ii.11lkI I'I ( ,III limIt\, \.:\ Ill( I':.t II)\\ .\fit-111. 111 11I't'\t)till llt' 1111'1 ;Intl tye(l ;t,fi I\ fill. Ilit-
pa\'nu'nl of the ir11c1, .l. 11riut i1)ill :In(1 Rt It-IIII)IIfitI I)I it l- ,)II the 1'!lil It( ItI I
I,STIINIATE;I) SOURCES AND APPLiCATION OF FUNDS _
ti1)t u'f't•s:
I)nr aruount .... • ......... I ........
I'Aistitig 1)cht scr\•icc Reserve........ .
T'Itill ...................
Cost of I:sc't'()\\' ............. .
Ullcle'mcr'itcr•s Disroutlt ....... .
Gust ofissuancc .......... .
Ucht sel-vice Resct'\'e ..... .
Insurance. ............. .
Total ................
THE FACILITY
Description of the Facility
The pm -king garage structutr pro\'idus parking fill. 1.100 cars (40 percent compact, till percenl Dull
size). Comingent upon user demand, com'ersion to all compact spaces \\'mild increase calru its• to 1.315
spac'e•s. C:onstmcliorl of the f;ccility began in 1982 and the garage was upeued in I;uc 11.Ili3. Tllc parking
t;aras;c contains .;It s;rade" parkins; plus six floors ofun su'ucturc prrrkint;. Stairs arc• II1c xi-d in the tino'
corners of till' trlr't•, and elc\a(lu's aut. ltuatc'd III tilt' wullivasl aml mwilml."I rurtN't'�.
The Manager
'bile (:it\' I)f Miami's Departn)ent l)I OIf-Strcct 1'al.kin4 (lilt- "IN-partinc'lit" ) is under t onlracI \\ith
the Cit\' In manave ihc• Faitilit\'. 'i he I)t•p:u'nncnt p it"wilil\' elopllrs lit}i hull -Burt' ;full lv l) pall -lino'
persons. ApproxIIILIl l\' one-half of the c'niplo\c•cs \ eiv re( entl\' hired 14) pel.tilrnt un•te1, nlaini1111MMc,
meter collection. ;Ind parking rei.�lllafiou ('nfi)nenu'nt functions that Ilit-v had prr\'iml•l\' p-l-I rrlu•d as
ct111)Inyees of trm'uc' litmllel.s Suutll, Ines, ;lo irldclwildc•nt cotltt':u tot'. 'I'he Dep:lrinlelit helie\es chat lilt -
hiring of these tr;linccf en)pfu\'ee. \\ ill lilt rc,vw efticiemv ;tlld not rt•.lill in :t sit;l)ilit :lm incream, in the (1)st.
of olwi-ating the Dli-partiuc•lit.
The Deparimcm consists tot ti\'e pmukliig gmagcs, tliirl\'-st.%c[I parkin; lots, and on -street meters with
it total capacity ul 2ft,000 p' rking spare's. Three ofthe fi\'c parking gal -ages arc I)\\ ned and lima vil b\- the
Delml-litllent. 'I -he other t\\'o parkin.g L;aragcs itty ti\\ ned by the If :it\ of Miami aml managed I)\' the 1)epart-
nu'nt under a nl:ulagenu'nt agrectucnt.
In addilion, the I)epartnienl operates the 12.000-spa(( Mcinwail !';irking S\'sicnt for Mcn'o-Dade
County, and dle ' mvll of tiul.fsidc Parking s)'sivill antler uuriulgr•ment agrcel►lc'nts till. :l turill of aa,000
spaces.
I
t
t
t
.,i
7
4�
t
i;
i
4 '
D
a TV"W
tht At ea
The Downto%yn Government Center is a 30-acre urban redevelopment project which the Iudes govern -
tile fit A office spate. There are approximately 800 parking spaces located in interim surface lots whic h'6.ill
he closed over the next three vears as funds becorne available to construct an urban park and as nc•w go%-
erttmenI'll office structures are constructed. Remaining ••ill be the 600-space NIetro-Dade garage �%hich is
approximately 80 percent full at this time and the I ,100-space City of Miami Gtivernrnent Center garage
Mitch is approximately 50 percent full at this tittle•.
a l'he• Do%%mown Government Center consists ofthe following buildings: i I 1 the Metro�-Dade Admin-
istratitm Building %%ith 760,000 gross square feet and 2,300 employees; (2) the State of Florida Regional
Building L ith Ih0,00t1 square feet and 800 employees; (3) the City of Miami Administration Buildine ,-%oh
5,000 square feet and 400 employees; (4) the Metro -Dade Flagler Building with 150.1100 square tee-t and
goo rlllployees; (5) the Mianu Police Headquarters and Parking Garage with 1.500 empltnvees based in
the htiilding; and (6) the State tit' Florida Regional Building. Phase II (expected ct.implett,)n
I-.htch %%ill haye lt'10,000 square feet and 800 ernplovees.
FINANCIAL PERFORMANCE OF THE FACILITY
I'he financial lie rti+rnlalice rf the tacilin has been adversely affected by the c ,n=(ruction Bela,-t
e\perienced by two major buildings in the immediate proximity, the Metro -Dade Cultural Center and hp
Metro -Dade Administration Budding. The tollol.ing table summarizes the operations of the facile, s1 ce
its opvninti on july 25, 19M I ese facilities are currently completed *and in �peratt : n
Tro Months Fiscal S:a peon:C+
Ended Year Ended
0 W 83 1981
OpermmtcRe,rnurs
tlprtanr.c In.,•tne I oast ete r Dec L ; 49.6::
ion e�prr.um� ln:rttu :;�i.:w'�; _:: - ..,•. -
t1Prr.trtncI•:tnijersIn, bl 234tetiNet In-nr. t,rt,,rr Nkii Jrntce
Orbt art. ice, ^59. -44 - Q
Pcb: art.:.ri .,r..tcr .4 �►���.r� ,'
I.14
(AI F%:ludrs,irL trc:.vwn,harccs: t f �'..��1 F1' :983
3,4A4 F1' 19$4
S 3'.3N First six months e^.de,:. 1:
ib1 l:rprrsents :t.u+ster .`t (:.:cites Scr. tie t.►% : n +..vrr and cis
GOVERNMENT CENTER PARKING GARAGE ANALYSIS
Enistinq Conditions:
Re%etlue for Fiscal Year la,14-85 is Drt,Iec-rd to ^e aovrt \ir-:a-,c!v S:1^.'.".". T ,:- rezrese a = X:
timtely 410 monthly :L1SG`IlICrS at :he CUrrrn: $35 loll rate an,i appr v.!ra:ei\ ":ran:s!en- :<r
,ia% %%Ith X1, a\CrasZC :har%ZC .`f S2 N
Expected Conditions:
11:,v lse .., ra:r .0 Si-.' tl1 zv.- mo n n :S p'anne- `,' r F:Sca: :... ........ _ i�.
t :hC VA iC C ,`Unto A ::1 .nCrease -he use -I* ...he Fa::..n ..k s, Dazel _....
r ate . I .,`rl,2a ; catl .. �, ,...,.»C .ne »SC 0 t SC%era. . C arKl. c S .. :ne +� •�' L•';
arra I'hcsr :..^.a::GCS are :"C ^', ^'.^--\ ,»]'.� l C �� a.: ♦:.,'.a:.. <':��
.1:1,i !.w ...Ins;en, -»S:.`^.:Cry .^1 a :ii:.. .. .nree :n F:s;a: Nca.' :vi -S,4` 7- "'S'..... _.. .. ..
In vut-sN':;en, rar5 rr\rn»r:S e\:ei:C: ., ..ntirrasc . »e .. 7n.rr .»5:...'i.'T a:.,... ..»i.._ .. _..
race
mrw
Opt,rating expenses are anticipated to increase approximately 3 percent per ,year from the existing
S215,000.
For purposes of the seven year proforma analysis the existing reserve account is assumed to retfiaih
constant at $1,435,000 and earn interest at the rate of 10 percent.
Debt service is as estimated by William R. Hough & Co.
Item
1986
Operating Revenues ..
S 433.000
OperatingExpenses(A) ..
227.900
Operating Income
( Loss Before Dep.) . ..
205,100
Ion Operating
Income ......... ....
145,500
Operating Transfers
In(B)...............
1,325,650
Income ( Loss)
Before Dep...........
1,676,250
Debt Service(B) ... , ....
1,341,000
Debt Service
1987
1989
1989
1990
1991
1993
5 649.500
$ 963,835
$1.079,794
11,295,753
$1,522,509
91,750,886
241.574
256.068
271,433
287,718
304,982
323,281
407.926
607.767
808,361
1.008,035
1,217.527
1.421,605
145,500
145,300
145,500
145,500
145,500
145,500
1.128.949
932.358
738,764
543,465
341,973
136,895
1.682.375 1,685,625
1,345,900 1,348,500
Coverage............ 1.25 1.25 1.25
(A) Excludes annual depreciation of $175,000.
(B) Represents transfer of Utility Service Tax on water and gas.
Source: Conrad Assoc. East.
1,692,625
1,697,000
1,705,000
1,710,000
1,354,100
1,357,600
1,364,000
1,368,000
1.25
1.25
1.25
1.25
TAX EXEMPTION
In the opinion of Brown, Wood, Ivey, Mitchell & Petty, New York, New York, Bond Counsel, under
existing statutes, regulations, rulings and court decisions, the interest on the Bonds is exempt from all
present Federal income taxes and from income taxation under State of Florida law, except as to taxes
imposed by Chapter 220, Florida Statutes, on interest, income or protits on debt obligations owned by
corporations, as defined in said Chapter 220. The Bonds are exempt from intangible personal property
taxes imposed by Chapter 199, Florida Statutes.
CREDIT RATINGS
The 1985 Bonds havt received the credit ratings of A from ar & Poor's or orate(
from oodv's Investors Se • ertaln In ormatton and materials not included in this Official
Statement were furnls ed 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 agen-
cies. Such credit ratings reflect only the views of such credit rating agencies, and an explanation of the
significance of such credit ratings may be obtained from the credit rating agencies furnishing the same.
There is no assurance that such credit ratings will continue for any given period oftime or that they will not
be revised or withdrawn entirely by either or both of such credit rating agencies, if in their respective judg-
ments circumstances so warrant. A revision or withdrawal of any such credit rating may have an adverse
effect on the market price of the 1985 Bonds.
LITIGATION
There is not now pending any litigation restraining or enjoining the issuance or delivery of the 1985
t Bonds or the levy or collection of parking revenues and utility services taxes to pay the principal ofnr the
interest on the 1985 Bonds, or questioning the proceedings or authorization under which the 1983 Bonds
are to be issued, or affecting the validity of the 1985 Bonds.
The City is currently involved in litigation relating to claims made against the City. These lawsuits are
discussed in the City Attorney's letter attached hereto as Appendix hich will be updated by the Cite
Attorney in a letter to be submitted as a closing document.
SS-63F_
9
1
t
"Cy7j�(t�YSt•1-ating t-trmike't are arilk4utterl In inr•Wase appr(Ix'imairly a prrcent per yrar from tilt' �vximinty
�^y j
(
Vilt' 1)iltrll().qeC ill fill' svvvil year 11rol'rltma allalt'."+is be t'xlrting ►'t'timc• arl•ntlnt is amu l`t) in tettiatti
9
t-tfhMattl At ` i.4:r;i,tltl0 and eat-n inwrt,st at tilt, rate or to petct•tit.
'
belit service, is a., estimated 1)�- William R. 14nugk & Co.
t
ik111 itiNr, ttlA% tr)sKtl ltrNq ►t)t)11 ltl9►
q
, ,'.
,
i)tir�Y;rtint Itrtrnutc. S t.33,nt11 t h1`I,;113n S titl_i•li_3`"i SLAP" " S+1.I).i• M SM•ri N M 7THmi
•
j
(ipfi'ailni;l�fllrllvi'�t.�j 25110111 241.574 216.06H 271.433 20,7lli 311„i'.1H1 123•281
rlpehilitig lot I)fit(•
(1,(Issh(hWeIN.p.). �ni•`tIIII 4117 0i IrtIJ0 t3t{I 11" IJII1HM31 LAW Qt17.11 A
�iril) �lt)hl';Itirl4;
Int•nt)Ir........., ... I410(to 145.5(111 1 01.1) of1 14:-1.561) 1.1=1, mo 145,711011 iti,=ilifl
t3prr:niu� "1'rancicrs
fh{ I3► .......... 1.32.5.,tj5D I .12H,90 t1.3235H= 7 313.71i•1 54; • 11t i :i,ti .!)7:1 ritool,
1ii1•t ltllt' (I.t ISS)
llt-iilr•t•ISrp........... 1J41 211 1 J02111 IJiR).ti2n I,tti►<.l)'!_1' t,t,rr�,.nun 1.7n :non f,710,000
IllebtScrvirc(B) ......,. 1.:34I.111p► t,:3 5,'.itlfl 1,:3tR,'lntl i„35'1.t11U 1,:357jtlr f,'tr>•l nliu i•31ilt,tilln
Debt Sely
(anrr:lt r , ........... 1.25 1.12,11 1.25 1,25 1.25 1 .25
(A)1•,xclutloammaf deprrciittitm titlIi5,nt►f),
(14) R1'prt'Kt'.I1ts n'ao%6-1'tit' ctility st't•e"it c *1 AN (itl ttatcr acid 'gaN.
Som-ce; C onrad Awn-. Last,
TAX FARE PTION
in Iheelpinion of'Hrovol. Wood. trey, Xlitcht-ll & Put Iv. Nets' Vwk, Moo N•(irk;,Mul ( :(mind. ul►dlir
existing; statutes. rcgt.lhitio ils, rullings and court decisions. tilt- interest on tilt- Bonds is excillpt .lrttn all
present Federal income taxes and From ilt•tlllle taxation lindt'1• ilalt• tot Florida law, ext'epl as to t;ixe•s
imposed by Chapter 220. H(wida statilles, tell intert-st, illcrllne or pt-nlits (ell debt tihlit"aitdns tmllrtl by
corporations, as (leflllt•el in sal(! C Ia1)tel' „ AL The Bonds at'(• e•xt'►i pi FrIon,►►liangiblr lu'rsr)nA pl't11)('11%
taxes impnsed by Chapter 199. Florida Stainics.
CREDIT RATINGS
The 1985 Bonds nds have r'eccived illy credit ralings Of from Standard & Pool''• C'llrp l-atio ll and
From Moody's Investors st-l'vict.. Certain information and materials not Illcltlded In 1111'i OIllcial
slaleillent %vere I1 rnislled ill Ills' rallll� agcllcics. Gt'ncrally. rating all•Ill'its Nist• tbir i'alillgs on Iht•
itil'ormatit)n and materials s(I I'll rnisl►rd and (tl im-rstigaii(Ills, studies and assunlpiitIlls by till' sill+; al;cil-
cies. Such crcdil ratings rrflt-ct only the virtvs (il'such credit rain►; agcIlci(•s, and an rxplanaliml rIl'the
significance of such ct't-clit ratings play he 11lnitint'd fi'tiln ti►(• credit rating : gcm ies furnishing ill(' sane.
1,11VIT is Ill) assin-once that silt h I redit rating's will ctmlinlir liir any given period o time or that Ihro' will not
be revised or %vithdt-im'rl (•rilirdy by cilhe•r or hull) of•s11t'h credit rating agellcit's, if' in tilcir rc%p('t Iive flldg-
tnt'nts cil'cunlstaict-s SO %%inTant" A rrvisiml or tvithdrawal orally such crrtlil ralint; May Ila\e all adVrrse
effect nil lilt- market prit-c of the 1985 Bonds.
LITIGATION
There is not nog%- pending any litiwitiun t•t-sm'aininq (it- enjoining tilt, i„t liner OI- delivery ufihe 198.5
Bonds nr the levy or collection cdparking revenues and ulility st-t-vict's lases 11) par -the principal 411,61, lift•
1111C1'es1 ell tilt- 1985 Bonds, or questioning Iht• pi-m—cedings tl' �Illthnl'1/.afU1t1 U►1dt'1' 1t'hr('ft tilt lit}1�) l;(1rld�
are 1(1 lit- ixstlt-el, 01' alli•('ling tilt- validity (it- Illc 198,71 Bonds.
':I'heCily is ct11'1't-lldy ilmllvcd in lllit;alltlll 1't•lilling tilt lail)1S Ii1adV ahalll-1 dleCatV. l-hl'st' I11WnilS art.
discussed in the Cky Atiornet''s leper allot hcd hrrt-to as Appendi* H. m'hich %gill he ulubmi by Mv My
y
An"nug in a WA, Ill• snhinitu d as a clllsing dm umt-ut.
t►
�� itt t Afitt OP ; ITffWATICAL r;cJ►`IP IATIONS
tlac ftla►hentatiral rnhlpulations tt(th(• acit•rlua(\ nt th(' trlatnt ing p►-in(ihal :ututunts of
h Art gt1 ir.1"nt(('CI h�' Tile United
(IirC`t't tYhii, tt(ttlr lll. (1I' Ohl►gantrns the print ipal ttt and Itlit•f•t-1 ()It vvht(
th
intewst vart►t'tl in qut h uhligati
�ht�ttttll� i��frlYrhtl[lv�trt
swt�twt�i':'�n pI-i(.a rltttl tit(•
�ttts�,r rt irrl(ltr (wgrihO���tltt rt�t.��l
the i:scrovr Agent. to pav Mht'It due, tilt' VW H,nds %vul l
tvinlpttlrltlltn� ltdl ilt!
t'ertlltr[i pUhitt actttnnlNTits, Such V'el'dl( at►ttll tit Ow at ttt•atV• (11 the tllathrtnatital
hosed upon inlot'luation supplied by the Cif\ .
I;, MPIRWRiTfi"SIG
1i"illiaiu R. Hottph st C_;t►. rind barbels Bell. lnc,(the • L`ndet'vcrilrt•s' ) hilvt a reed fttiturt h:tr('t1►'
an rrtl wv AuTha%v )city 1tt , 15 21 z"AMJ•`lb'l`h'e L"ndet'V\eher�' rri)ltt;Iiiitltls
l f
Iluttds f'runt the Git� at �l�l, ��
are sultirct to certain conditions p►�ecedwlt, and they \\-ill he ohliMMIA to litirchat' 111 tilt• Ani"ids if anv
1 n(iet'\\ t'[ em anti
_
Bonds are purchased. 1 Ile linnds nla�' be offered an(! sold "I t'(•rtnin dealers (1n(ludttl>~
tru0s) and nthrrs at prices lower than such plthlie
other dealers del)(1siting such Bonds into investment
oftel•ing price.
AUDITORS
The llnatl(tal statt-incl)ts oftht• (fatV tot• the fiscal tear ended 1994 set 111rtt to Iles o Metal
('eI'tlltt'd pttlihC accountants 1984 as ,
;tatl'tllt'ilt hav'l' l>el'h e\�lnllned h�' C;Pritpers & Lvbratld, independent
S,we an inn ('tttlltnissil,n dateci_Jatttlar\• 19, 1985. and are girt integral part ofthisolricial
in their report to
Statement. (Seethe Section "11�A�c:lAi.
APPROVAL OF LEGAL PROCFEUUNGS
C:ertairl legal ►natter• incident 1u tilt- authorization and ksuatl(t• of tilt' 1(8.5 lit)ndare suhjp(t it) he
\e\\ York, New York, Bondt.anittst'1. \\hose 1(.-gal spin-
:►pp►'t►\'al of l�t'o�\t1, ��'ot ti, l\'t'\'. \lltt hell s\ Pelt..
ionwillheavailahleto the under\\riters.a►nttctIstItIthem. at thetiter•otthedeh\erg'ttfth(:liun(ls'anda 11
he printed till tits• 1985 Kinds.
CLOSING CERTIFICATE
s
Certificate of City Manager and Director of Finance Concerning Official Statement
Director o Finance %%il
It
Concurrently with tilt' til'h\-err • o Ile Bonds. lie City Mall'lt;er and the
furnish ccrttttt ate it) tilt t ilt'ct Ihat, to t he ht•,t t tt tht'tt' kntmit•dt;e, Ihi, t. ffilCldl tit:ltt'Int'11t, :h c1t I dart'
!
their
and as of the date tll deh -cry tt} the Bonds, did not and t'hws tltt[ rontAn all unit ue stmemem o a It atertal
statements contained thert•in. in the light tit file
tart c»'omit [(, state a material fact nrtessar to make Tilt'
eirrunlst:tnces under' \\'11it'11 tilt'\• were made, not nlisleadinv:
lt1
t 4 l y+w �S Ymfl�
EmoteK
1� e
4
APp110%1 AND Cii�'PERING STATEME Nrr
Thv refrtvhrm exempts vu1 sutntuarirs of all documents rch•rrrd to hrr-rin do not ptirpol't it! Ill
cr tnplew slatenlenk (d the pro1\ isions of such doclttuents, and is dirrctrtI to all sill h dtecltntcnts firr
fall and contple�h• a;► mints of all matters of fowl n?"ing to the Bonds. the sr( nrity for thc• paytinrnt cif ihr
Bonds awl the• rights and Wigro Otis oflhr hoOlc•r• 11—itwk ju uttrrnls rime hr olttained Profit
a tht C:Itv4 1Ntwo aw of finance at t:oco is (;roar Exh0A0)n IIall. 'sari(► pan A i i i u r i t an f)r•iw . 1)Im}t•r
liaMC 11wida 31131 telejAuphone nnrnlrrr(T 5):i7c1-6,i5n. or froru tfrr hinafit ial Advkor,•aitit j. i.(mt,ri'
e Co. Incorporated, 110 \Fall Str•rct. Nc%\ fork. Nr\\ Fork 11111115, w1cphonc• nionhrr (21 ) 'ilia-'?tltlll.
The ittforluation contained in this ()flicial Statrtnrnl hits hee•n compiled frorrr official and other
r stown, clremcd to he reliable. and is Imlit•vt•d to he cornet ;is of this daw. but is not guarnttrrtl is "to
accuracy or contpletrrress hy. and is not to hr comnrnrd a,� a r•epresentalion b� , lht• Financial AdviKor or the
lu'ndervvi-iters.
Anv staicrnrrrt made in this Official Statrurent involving matters of opinion or ofrstintaws, whether
tit not so e•xpressl-; stated. air set hmh as such and not as rrprrsentathms 14 Flat, and nt} rept-cserttatinn is
made that any of w. twinralts will W realized. The information and rvInTssions of olrinhm herein at-c
sllhject to change wit Ill notice and neither• the delivery of this (Allcial Statenirnt nor any- sale rnade here-
tindvr shall, under any rircuntstaticivs. create any implication that their has Iwn no change in the affairs of
F
vv
sik
ti
is
�f
Ott
77777�
711
i
DESCRIPTION OF THE CITY
THE CJTV
Geography,
The CWy of XIianti, situated of tilt• tn„utlt of the \liar►ni Ili�cr on the western shore of Biscayne Bay.is
a tttain port ofcntry in 1'411'idat and the• couutY seat of Metropolitan Uadc County t+Wh cnromlmmw 2,11(10
square miles ot• Florida's southeastern region. Thu (:ilv ro►nprisrs 3.1.3 square miles of land and 19.5
square miles of water. Dark (Away is often refrTnil to in this ctoc umcnt as (;rrouT NIA"d or the Nliatni
area.
Nliand is the southerlitium major Chi" and seaport in the routincntatl l'uhmol Mans and the• center of
pan-Aincr'ican trade and air transportation. Tlu- nearest Im-ci,gn tcrritory is the Bahamian island r,f Bimini.
some 50 miles from the states tit),
Climate
Due to its location near the upper Ituunclary of the tropical zone•. Miami's rlituatc is st►•urft;ly
htlluenced by the Gulf Stream, track t Quis and other local rhinatir far Curs. Its yearly tt•tuperaturc•
is 750. Summertime temperatures average. ttl A and \%inn''. tcntpt-rattrcs average 69. 1. Itainfatfl conics
most frequently boween the nu,►tths u1' Nla y and September. %601.11111c the• ltcavic,t, atrraging nine
inches.
Population
'I'lic U.S. Bureau of(:rnsus estimated the population c,f the (:its of \liatni of 310,805 as of April 1,
1911(l. O►t Ortu{ter 1, 1980 this figure was upwardly actju,tctl by 53.1311 it, account 161- tilt, i►tflux of (:ubatt
and Ilaitiart Itefugecs. This atljusnnent estimates the (:its• of Nliatrui's popttlatiort x 399.995 as c,l'Octo-
bcr I. 1911I1. All 1980 U.S. Ccnsus inhwillatiun. lu ckcr, is based on the hm-cr. April I . 1980 pupulattion
estimates.
The 198.1 population estimates (f3ti3.02> i has been mmpincd by the ')fill(- of I' lurid, I )i% ision of Poptt-
lotion Studies, lieu -eau r,f Business and I:cunoutic Ilcscarr'c h, University of Floridat. Stare of Fhwidat.
,
9; Nihmi's null and ethnic ►nix is coufprisel of nt,n-Latin Whin s. Blacks and I lispatnu s. sixty-sevrrt
percent ofthe City's population is Whitc, 250 is Black and 80 is classified as "( )thcr." '11hc ►oust signih-
'. cant change has been in the I lispautic ( uet,... which has gn)wn to represent 56 per cent of the ( :it\•'s total
population.
South hlorida► is a popular elcstination fmr retirees fru►n the nurthcast st•cking nut the hospitable and
temperate cli►nafu. The retiree Imputation ronn-ibt►tes signitiratt dy to tilt- luratl t•rottonn as recipients of
transfer payments such as Social Scctu-ity, pensions, and imrstutcnt inruutc. Appropriate supporting
services arc pi-m-idcd by the Starr and the Cmilit •. The City pi-m-idt's only lintitecl speciatlizt-d ser\iees.
Government of Miami
The (:its• r,l, XIian►i hats c,perated under the (:onunission-(:its Ntanatt;cr Ihntn of >;rnrrn►ncnt since
1921. The Cits' (:uutr►►ission consists of li\.e uI(.( n.d c itizc•►►s, whr, arc qualified toter, in the City. unc of
whmn serves as Ma vow. 11c (:o►utnkAm arts as the 40"milmm bol,- of the (:its �\ith p odes f) pass
o►•dinanccs, adopt rt-solutic,ns and appoint a rhicfa►dministra►tkv ollu c•r kno\\ if as tilt- ( :ifs \la nagcr. 'Flu.
(_,if\• (:lurk and Cits Atturncv. as \\.cll as ►nt•mbers of the• Pla nnint; and /.t,t►in.4 B'l.ud, file Otl Strcct
Pau'king Board. thc6ty(ii'Mia mi Ilcarlth Far ilitics:�uthurit�. fhc I)o\\nfu�\n IAuthority and
the Nliaf►►i Sport. and Exhibition Aullml-ky arc Asti appoinfcd h� fhc (:ofnfnission.
(:i►vt•lc•c bons arc hull in so ont•r►tiu-1.c 'cr) t\\o ycars oft it nun - pal f kmi basi,. At t•ac h of these cicc tiort,
a 11Ja)•ur is elcrtt-d fur it twr, \rrtr tt•t-►n. ( :a ndidaucs fur Math or must run :t, stub and not to w f he ( :ununissiort
in gc•ner'al. At each clue(i(n twO uu•►nbers of the ( :omn►ission an. clrc Icd Im four c.tr fc•t Ins. Thu,, tilt- ( :its
C:onunissioners' tcrn►s art, sea ggerud sr, that (item• :u'c always at least t\su experienced nectt►bc•r, on the
Onflittission.
A-1
8
r G
f ��t tiiltlttl)T�1 ), It(I t'ltl'1'<llli'/.. Assi"'lilflt �:If�' � illlli !'I' I�11g1' I'Itlillt((' :11111 :�(Illllllltitl'�it1011 sIlli'i Ills 1{1111 tF
(lltlt111C'lif 11� flilllai'V 1(M2. also S1't'�'td Wi..'�(t111gCitV' tAl:ltlal'l•1' II'illll I)(t 'ill{)l'I' 1. {(1}3I t!1 ��rll'l'It ��I,
�1 , �a�t 4tY w,�{ptHrr` �r glI g. st•'V"('(l lhl;tlflllllll't (:itlil)f1. �iai'V'{:Ill(I:1<(,Lflt`{:�(IITlltil-
� Jilllllli! l{It ,(•11\ . �Ii . iZ(ICt Il(i.Itl1/. 1
-Al'' rn �( '�'C({ Ill 1'tll'lltli 'tllatiinve 'till ositltlil. Ill AlIfti`' :�l'tll del
Ait'(` )IiIC'rr atilt l iret lilt, (11 V'Illollf.e. He al. . 1 l
11 `" tt `' 4 C`tri}rtt�' atltl l ►'r(Irl l k (:rttltllr, both ill l:n'vliin(1. �Ii'. I�(lsc it vilili lifil(k a fiat li('1(ti'til'�1'it'hre I)cgl`t t ifl
I'Alwatitll Inuit Ili(` l'nkcriitV (d XliirV'fiind atilt it Mwitery Drial'(`h Ill kllu tl(liltllliS{t';ltl(Itl
�;��� �',►,��( {�rtliit �,i)vIIIa (:Itllrt'i• to I�iilllntnll �latvI u1tL -.
nil ul V Itlalt('cSll)t r •�titlt' 11180 It)lllt'tl flit (.Its' 111 Aitlt'{nl)t I ltlttt a�
�i(. Ci)(Ill�ll'V:111 )f)41ItUtllk)� lii)lttl'l'I`.
P Y v 4 2? ) t' vG+s, :`� 1ixr z ' .( .. ti t• I I }
s a..r s �t e ill {'illatick, I �l;t't`tt(r, { {4 11H ill' ll l)1'('\ IOtf�lV' ('ll) ll(1�'i'(l Ih {fIJ�'al I
r� ! , >l:)t {rt 11t,'i'.i1u1 :Aut�n ,lr, t lr lit i• it "t :ll')1 I,iul"tl(" tilhltl:ltt°+tl flit Iliv'rltty (i{Ileltlli`vv'1�11 �i�.13(;;i
kit,1l«)ilOi(Is,1�1:(Ott'rt)I`�tiittrl`' Ill Nl;�lu:t>;t'tii('ttttro11'FI(.)t"iil:lltIttutrctilitlrtll_illt�(t�tt� I1i'i411(,tn4ti[a�
fu �� i
4litte'':i hl(ir'itfa and is it lift nti)(°l itClll( \lilt'it(rilt ,iiul I'lliittlt ln•lttul(� t){ ({1'l
; 7 I'31(.r3i.i I)lrllt 11(`►`l . a ►ill ( �IlV'+,�lit(I.11k. tt)l' flit (,itV +3{ �Llrtlifl ��ItM1t It{r1 it1tl t{iC {t)I flit!" t It\ �1tt11 nc `'O1
t 3 ` ° • _ ,
t�Ff z �zltvt t»1'ry t iI t �� t(ttt�t lli)nl
ttAttlini" It t)ijty 1 l tt
q y
�i; ���'��atsy�`• l{? {{-'Yl (i'tV'. _ nlS(t�l►ti", it .l7 (1( 4,tt'i;r' ll'ittil (I�ti(l!(ilCltt(�.It\ l,t11�1 I�tl� ';ill( e1'I
,�x 1 ll �ti llttt I h,
4 1 .)F ia� ttii ttll`lt'1 t)1 lilt, It)l`'t(I 1 ,1llI t1�ItIltttnit
It i) CI 4 a)a i,31'� i t\l Il'��ttit tilt.' ltt�'4' f �t11" �){ �Ililn,l, 1 l 11 Ill 1. I
� ) j7 S rillFl {341 ilkO he 11.t'4"I ►4 it I( l"�Illt t rtt ll(tl(il ttiliK C1rtl#1(ittl{ t Itlt� �( Itlilhtt� r
a{� 1E r yy:4ri lVl I(1{1);� {It �1Cii l{i( "A1��1Sl�lvtll (� (t\i �llh Il(i}tl
8; f irx .ii"' air Till111 t_t, �)It1,11 `a+s�..iftfl(gIIIttl t''it\
_rt�:'l� I. t,.t?t (.'fr'i t �t •t't: .It'?y�t(t. {�):)t'1 lt):Il ;l.L...I iL`�,l,S ti,rtl'.tiFlli111 ttl {)l,i[rlrytl ,;"Ilrtdi "{t()(y{
cruel
�`T`� I,{1(' (,tt�' f)1'riVIrl('a r`a'rlillll ti('1'l'ICt'ti :1S .I>tt 1171'9/t'( ) a
t 1111i11.' lill`llll It �, tl'il 11 i111(La it {)rlt!T (.illlt'l tlt)n i'itlilt�°l��' rr I r� i
a�
llrt` 111t1 t'l;)tit' t'nl(,Il'('('Itlt'tll ). I)al {i� :InCI l't'C1't �l I tl 111(',`r f4 t f
t fi'Y� ipf F l Jy �i'Avj Y
}j} 'r ,{t C?,N.:•', jjjh�'��`'�atr� t+,l `f lltt•l llfatillt'nallt t'rfn�l l't tt'l lr )it an({ l ll.lint cil.illt't' li{ `;lt ti'llt tli"t1111 SV'Stt'lll'+.'I),liiltilillts <Illtl t't'l ill I 1 F r
i1a4 (ii�ltlt'Ill.11lill (1UI1s, .IIU{ t'(lll"ll'IlCllltn ttl' capital 1►11I)t'tt\'r'tlll'llt r , n
'�' iriJa
1)r' l: ti'itill'lll )I'i )l It ll's tl {till I;IIIL;I' (11 {1r !{!l t` tit'!'\'It'l`S, {lit \:1 tl lllll tl'llli`tllltrCf'tt{ l.t)t)hl rlllfl
� r ' F fill , { {
-.. N N _ (sir iltiin rr>tii lunt'til t)f I lei. 'I Ist Hirt l)t Iri1 Anent i• ratt:ll :1s (I;1�,• 1 an(i I)rrn illt'�' a ltil} ritn�('; (11 hrr
x
{9 r
Ni {aV SSI' a!u ' �t'1'\ ICt'� :1� \t`t'iI a� )rtt\ I(11114 it lllil 1':1Iit, )1 lilt (ili':11 ilil(I i( K1IC �l i'\ Il't'S. {il aliCll-
9 J1111- t: )1(11 l'(`I i'AI :ill(I tit]lei L( nl'\ 1
I'llt' I)t`I):Ittllll.`nl.
` tfi ,. �ll)I1.:})111{t1111t ivtll', nl�{)t'l'lictit atilt t'liltt1ct'IIII III al'1'\Ilt'ti art' a(Ililltll�lt'1'Ctl lilt It'll Ilit xt.
u\'(t{t". ":11'1)il'i' a1111 II'a�{1 lit k111Lalltl ('11{Yrlt c5 �a111U11Ui11 1't'(I1111't'Ilil'Il[�. 1)I�I)lt�.11 t)1 11';1�11 0.
1`ht (:{t� i)l h I 1'iilu;u t \\ilIf IIIf (it\'.'I'lic I)t'Ixlrlint`lit ttl'I'It})lit' bulks
r
lii`el.car1)iILi` is Imr ilrul+'tl h\ I )ith` (:riuul\ finder (
Av ti (O .1 ' t• s alit{ s1(lt\\':tIks tiilrl tif'lllill�t'� ('f)II II'tI illtl) Ul F1'\\t'I' :lilil Oillt'1' l\finial lai Illili'� { ;
t i A,eG tlOAII)taIits (:('1'l:III1 It t
I t V llr tihitt nl I'luritlii ant) 1)atlt (:4itlnt� ;u't' restltul.il)It lu Iriainlall iltt),t .:tttr rill ill
1(cltlit'i(I b 111 it`-. )' �rE E
k ll)7a 3l i t \\"1:'4\\I11)IIl Ill1 (.I1\. `I Ili' {)1'I1a1'lllictit tll 1.lik• atilt Rccr1'iilion I1).nlli:llll
i11 y iV"lr,'+j1 Slil('Iti'illill'all in:tltt. .tl4lI
c U't t fl' )"I t'{�� iltltl iltltnitll si (' 1's \'.II I )Ili It't'1't'.ii It ttlal atilt t itll lil`:11 I)It)k l'.illl� iltitinf tat({{ ii ll}1
all(;il\ t I I.
a { Ift', r' {)t'us;l'alllc :11'e lllil t'It'rl ttt all �l'!;Itlt Ilia tit (It(' (:IU' ll'1 Clifnit In tfllllillNlll.. i 'ti
#y
.i,l art r�hliYn"v Illy(` tat Illllt'�, t
itf�tt
ti 't'v) )I) 11)le it )ialIi1 11o. land llw..1►t/l /lllliIIL� iin(I tnallltitIlls if �t'i)M'ilir' (ICI ttlll il{ If rt%
it 1i 1. i 1 1
I)1OU(( t't`ltn(litlit ;l(
it little
\t"llll)Illl'111.till
u2 t
s•. ; i�i(rr
+ ,$ Regional Gt►vcrnnirtit Services 1
1p"i�'r�` N` 1)lllllV' (tilt' '`(:Oilnl\ �..{ !It'ti("1'll)t lit(` i ll(91i :►1 i I(t�l
�s tai "l Ill' ll�)lll)AA II1L IitlUl'n1:1(Itiil alttl (I Ili1 ('nllt l t ililli
as�kl I t r` .r111111V'' )lylA'itll`�-l(tT' sitll'nl� UI tilt' (:i)Util\,`nl('InCllllt; 1't'til(I('llhl)l tilt ?( itV� x (�
!s 1 33 (l\l±l llitlt'111 ser': it t'. tit. ( 1 f a
hi�,r k 41: rF t b a`l
ark m1 v r ,.
MOM! am, 7` it, lit V' 1s. if, tl'l`l. S1 llllllll('11)all{V AVIilltt)At'1'Illllt'illal f)tt\A't'1'11'llt'CIIV'l' lli)tnl 11lt' IV\t'itl� �tA'(`!1iIN
vc ,'
. (>: in tliv i:llltnty aucl ihr uilinrnrl)nr.n(•il :u-viI it lfas llut tli•I)I�It'rtl t)t` rt'I)lat c(I the C itir. Gut .ill>i It.ul(�n
v� �� (It1
v��ms� r"a tl h'1'.It Ulit� { ll IIIC !t'!'\ fl C�{ail l)t'lil\V" 111I11
' ` F tilt 111. i'i1C-1)llnl\ t all lIkc o\t t I)'I1iit tll !I IrllA'Itit'�+ll :1 t'll\ { t f
d 1111i1n1 +1i111rI:11'll� >l'i I)A tilt' :nlllllV' ( ItlllIIIksittll, ul" (��) vvlilt llirllt►lSt Iii ttl l{1l !;uA(111111f; l)utlV'ttl ill( 1'll�
i rls v , 11. r li
ck}[r v,t IlS 1 il'' )1111It. thl' ��t'II'(.)I)UIIli11L�:(rlllll !�OAt"1'ltllll'111 11:t, :IaSl1i111'(I Il'11)lllltill)IIIr�' 1)I1 it (alUlll�-
jh 3 q r'
�illl't I {
f
r y)41t +( t'a t� I);(,i, fur a uuullli r c)1' Iutiv(ifIns, including (:uuul�-vv°i(Ir jn)lirr ,c ry ir(,, rOltl{)1('ufrntins; tlu r l
85-696
A-;;
_77,77
unti.1141 it, Wisounniz. Assistant(,:its NhImQvI- till- Filimil rand Administration sillut, his initial
aPP )II111 Aamtar\ 11182. also survud as (:it\- Irtlin 1)4,f Unifier 7, 198.1 it) March 31.
�Agns.
Pow "I plinhu die ( W \h% Ruimmumniz sm-til in Hahimmv ( n"ov, Niamland as ( :hicl'Adhlilli-
IVC ( )IFfi(cl ;tall I In rt lilt (it I- main c. I It, als" st-r\ cd ill ),),it imis lit Antic Artindcl
:Colllllv ;tIld Fiction 1, hitill ill NtarvIand, \11I. 11-61,uljl lantz litild'a Bot la-Ifirt)i 'Nocin't. l)cwt,t. ill
S �.
Illlsinrs, Ff 1111 ill an f I i lilt the t. ni\ vlh1 I I m Wnd ;I nd ;I X last ur, I )vto cu I it Busint-s AdIninist rilt if)h
Wn linda Adhov In Kdlirtwm MAW!.
qi
:Wjr
f
liq (it Villain 'dav .1tint, 1980, joilled till (:d%. it, Ntivrmhcr. 1976
I inall(t, Ill cIIIpo)yvd ill pri\ ill(- nn lust I in 1",silif)ll' ol'i'l-cosill-cl..
(:o1I1hlllrI and Alldin't \1 I . at id il it '11111 I.Alldt"' l;ladl.lillu (it I he L'Ili\ cl,il\ ill Miami ith it 1W illi
Am
itild als') llold, a Nla,n I S( iril, c lit Irioll Hill ida I lit crilat iol I'll t'lli,,cl sit\ , I It 1� lit-ril,rd il,
:1 A in ill,, 1 1.11 itia and 1, 'i lilt Illilt.] "Hilt .Annlit ,ill :anal llm-ida 111,61111,
llIc(:d,, Aliollw% lot thulf:it% Nli,mnli• I ni lcla, and the 6'rnlcl (d\ \!ttullu\ It"r
:u t i%rd hur 1j. \, dct�wu lit till rat 11-c 1 'ni" "I "it% X!, 1_ cu 11.4 j I I I;'
0klalp "na v L'W% rm; . a i h1mi, ton Ikk0ronta V, I Alba"Kaml A LA Q NjRT 0060102
lilt A ia I a I I• I hy) n i i I it, Un i v rs k Q I K u 6. F h A L v S 5 i a I no I r 0 - I A "V li hd A k d Q 0
11a I ;md lla� al"i 't t,,ud as a let 1111"'I of lltlll,t 11111, 1 1;111#'Iuul u,� 'Ind
liallit 11"m va, olquim"I it".lurk on Jul, 11 lit t,: I ir "as the A"Wo YNQq,-
A, '011"
"ARM Tg,.
W111471iti:
9M. awl 0" 1 liullim CA 1 Wk W "n 195H a i INT Hu I a WOW Ban&
anpirtil" alit hi!�;i 11, and lia, al it- lit lcd 'all ll(, d pl.l." jimr! in 11 nidlisI I atii ill 'S
land and Suit-, n-(i i inauntm Ili- LTin end v if M KOK N! K Wgir is a invinim) of tilt' 1100, MAN
�iatvME-
' AW
lit Xhmh Vivid C ltmrks.
N
scone or Services aid Agency Funainns
of SONS M
I'lle (:it pl-t i\ tilt" I Cl-laill ICIA it (., its alit II(Wi/Cd 1A it' i llallo`- l"I"M' VIA it r, nallidu pill.)l it
MW
Im and (()(It., tllfurt Inrnt i. park, mal mm"W"al An ililif". II -ash and (fdlci tan. 11
i:stir
eI Ina intclia I ay. i it I'll I'l at lilt 1 11 till I Ila i I if (.1 I'l I Icv (d )r] I I dlai 1) s\ slut I Is. pla I I I I i 11u:a I ill tit I Ila it IOU to
OpIlIcni filly limls, and ow-11.1a (it ill Ili (apital impt menn'llis.
LYE
Till- Pill it(- Dt'p_'I I Invilt pro% it lu, a hill tall'-w Ili p(dil v sl r" it t-,, ha, .1 k I nilm lilt-, lf)ri. c id, 1,060 and it:
mliall (()IIIp,)IIvIlI ol 1.18. Thr Fin. 0cliallincill i" litlud as Cla", I and plil\idt .I hill ot, fil r(
and (.111('112cla scl'Aikr, it, ",oll I, Ili rillik"t, of lilt-ditial and it cr% i(u,�. Ill atoli-
prill(IcII(fil
milli'lewd 1111('111411 iln, l'it
titan, lluil(hn': d c. i I is 1) t I I anti r I I I i t - I I t -ill (.I.\ it(, arc ad v )t-parlinew.
linnsh qnhavv and iia,li pa kupolld t n S. Di'po,ill tit trash
and t4al-ha is )I lilt -d In, Dadt. C, 111111 \ 11 Inlet. rmll rill t 11 1 it File DI -pal I lilt -tit ill 11nhla Wt)rk,
peril
Plainntaill, ( crtaill I� alld idr\\alk, and inanat�c, (1111,11,11t line 0 Nmurs and wlwr (al&al An ilitirs
lot �,W
rtiltlititi in I hv Swiv .4 Mzda and MaIr ( Ono, -it,- n-poll,il)1c it, I'lai Ilall,
IR
it 11111 Iln- Cit\. Thu I Itt-part na-:ii it I'm k, ;Old Kt-, ital n in nlainlail-o' it
Mll'a W, all it wt i hark, lilt I at It nill J,lcrs \-,It I, ill, let I-vol a inal a lit I till t1r;1I pl 4 Itz, Ina Ili, -1,�q 't ialcd vtlt
t,i-
4t
q1,
1)rot-.1 ill it, art' dil.-f it'll Ill all (d lilt- :it\ ri-q-thint ioll, J
1: -4.-WNIM
ngnm
Hit— CA) is 11-Iii"I'lhit. 11,1 plallllim�. land It,(- and and maintain, a isrparolt 4 14-pa I I I licliC J6 -Ag
m (Ma)ti vmn
1A
Ilegionall Goverim lent Services
t
il'itormaliml al Dade CI)IIIIIN I I he "t rihr, lilt, rtl'� I
ill dilla mact Ililit
-4
t 6% cl-lillicill set 61', !tit- C(111111\ pl, 1\ ill(-' till• ru'id( ills lit' lilt- Cq ptIIII\. ill(lialilw" I
114P 11
Tla. Cimlll\ is. u., a i\ c Ilpml illc mcw-�t,Vcll
as
mi iakv i)\rrparl hula ill Ii% dic, tit --1 cit, 1,imma"Ill, i I i it the ulAlav" tall hilt t\\ 111111-
initi it Slain KnIps mi in the Hn"\ or (21 %\ it h I in, (I inscill 111, [Ill• gl,\ crilill". I)Iltl\. (it the cilv.
sillvv its inct-IjIllin. Ilic NIell-tip'litall Ctitjlll� I,1(ACFIIIHCnI has asstilla'd 1-t-spinsiNfily till it
wiltic m1WK WAS 6W a complella-liting lilt-
85-69EI -
Ad
n Center; uniform system of fire protec'
municipal police services within the municipalities, with direct to the National Crime information
Center in Washington, D.C. and the Florida Crime Inform thin ten
their fire departments with the
entin the municipal fire protection services within ten municipalities and pCOvle�` gtthe
tion, complementing
to the revision of Article
service fire protection for seventeen municipalities w hicrming ng a County wide
County's fire department; consolidatedcw - �� Januarysle 973; de eloping and
ro rams and extending into
Florida Constitution which became effective
operation of a central traffic inedrpubliclpbrary system
uter system
water and sewer system; coordination of the various surface transportation p
the development of a unified rapid transit system; P stem; effecting a c o
merging all public transportation systems into a County sy i the property appraiser and
i'i alities, which together operate the manotbrarvp, seventeen branches
of the Countv and eighteen mun p
and six mobile units serving forty -tour County wide locations, centralizationPPublic
gove Instruction
ntal operations; collection
tax collector functions,
furnishing data co municipalities, Boardto`ePublic Instruction and several state
agencies for the purpose of budget preparation and for their union minimum acceptable standards adopted by
by the Dade Count
y '. -x Collector of all taxes and distribution directly to the respective governmes as
entities according to their respective tax levies and prceab i g health, housing and
roughout the
the Board o
( County Commissioners and enforceaoenenthconsumer protection, a such area
environmental resources management, building an z g
welfare.
FINANCIAL INFORMATION
General Description of Financial Practices own bud et request for review by the
requires the City Manager to submit a budget estimate not later than one month
The Citv Charter req year. Each department prepares its
before September 30 of each fiscal y
CityCommission holds public hearings on the budget plan and must adopt the budget
City Manager. The
not later than October 1.
t Service and
tal
The City s Governmental Funds (General, Special Reaccrual babsis of accounting,pinderr which Projects
Funds) and Expendable Trust Funds follow the modified Finance
the City's operations. The accrual
expenditures, are other than interest on longterm debt, are geneorelny recorded when the liability is incurred
and revenues are recorded when measurable and available
basis is utilized by all Proprietary Funds.
ENTERPRISE AND INTERNAL SEbRVI fEm o NDependent certified public
:.Le r;tv .are audited annually Y ,__. , t;rwri public accountants
$
��.
.M''"
' ii` I .:k ! t �i' ..t :�..:,i� JI a .J. f.,4 t , r.`.� � -J,�. t � , .1, rt fV 7.;{:: -`��' i -:'... ! x ° � ! .:; ' n �: s '�) t J, hi.y t. ,#...: , ;- P }•.j's t P' J , � i'..��! p
't sit. > :j.: }, tl ttt: t �4 a 7 t iL i:� x. t; !, t4 9. s• is 1 {. r �+. 1.':.:i`� uT f #, l; C r :ark"
t: 1 i } {i t 4 7l t'.J l4 ;us � It 'sj 1 I ;s } ir. i 1 �::: tt a �" I �# f t• ! t' (!, r :6 I }` .i: 4`' Jl't S. i !.a) s;? � } ,� � .:'�
-
:
's
=: x 1 t,;. a, ,. !;t ! 4l r, r J a 1ql>< t r Pt} K'-t .t sr t1.:,.,s :.i5 e r i:- r d �.. -h ? , ':. r !12•. s ,.: }.., r (. ;}.'. ! rt 9F Iz br �
.__ 3 r $, r:i r tkt 1 1 ! A u sir �� t 1 1st r ` 1 `[`x .r 7 ✓y ` s r:': pf 4t 4 5 a
yy
rim
MEN-
.';. ;i' } t ..:: i a', r 'v .t I� t t f S.'".: +,`E r -' ps t 1.: - s -. 1. g tt� { n r� � �tl x. } 5} x t , ! t : z�tt ,...., 4'S r k'.. r t,t, a t t � : k, l srr l +t' •� �'4t � t.k'.,,'� .i
% T?
t
p
t Stutethe it of Revenues and Expenditures
1 Tilt. Iilllom ing table. 1 irwills uct-twin tirl,ln(ial iIII(winati(nl ll rt.,pv( I he imam i;11 c a1mbilit�• (11 till'
i �itv. sec tilt' St.( turn •'I'Ix 1\(:I\l SI \I1AIENis•� hie' atlditl•tl fitlall(lal •tilivillunt" t,I illr (:Ili fill- III' ti•(;tl
VV;I1. vildi'd scpIrrlIbri. 'it), 19H.I.
I
L
6
�i
Summary of
AcklehOes, 1! xImiditures and Scar -End Fund Balanccs
(Budget art Basis)
General Fund
and
Geucral Obligation Debt Service Fund
Fiscal Year Ended September 30
General Fund:
Revenurs and Other I inane ing
S(III n 1•,� . .. . ..... ... . ..... .
Appr(Ipriatt-d Fund lialaln r ......
14,ial .
I•:xpenditurr'.uulOIII( I I*wr .
I•:\( f." (I cti( ern(%) (,1 kronur" ;uul
Uthrr I- in.ul( ine Sw"I r. ( )\ rr
Yc.II - I :n( I h I Ii( I li.11nnt r
GCtlCral Obligiktinn llcbt
Scr%-i(:r Fund:
kr�l•nur.
'f„uIl
I'alICI I(IitUIC'
I•.v I )rlit wile %) (,I Rr\ melt•,
(ht-I FAA rntliturr,
krai.rd
19R i I'Iri l t'IR
Ilnlll;rt \( nlal At 111a1
SIIt1.783,224
C11)/.'llll,1111)
181i.183,22.1
167.91)5,7811
11{1), 1It'i,1'1.1
I i,i . i5tO 1.0
I )'i,'Ilii,S7.1
1118.
PORI
Art0.11
itL;d
S117,7 11,1411
r11:I,It 111, i it.
13i,% }•1,'i•}'1
i1i,t1 i0, i'i 1
13i7,( 91.iI{ 1
1 'I.'048.1Itl
S 1(111•7'{O C 2._18,1AIP) C 11,iht, C i.01)I{.I ;(I
C 7.3 78,1)71112) C 8,25 1.165( 11 C 10)500) il C I01011,008
S 11,381`,Io S I7.11'I8.7,98
S 16,1171.911,
c 1i.h")1.'1-+11
S 21.1117.11111
21,384.5}n 17.108, i'IR
11'.11 —,.412;
I),tta 1.'I-1n
21."t i. 11111
1 /.1It.1, 1'111 1 /.706.11,1
11). 11 3. 1811
17.712 i,n 14
I t.l) 211.11i
111 S 11),.1111)
S (,17.3611
S 11,O;n,111,1
S 1.'1'ni,!17
A-:1
i
3
Statement of Revenues and Expenditures
•I•llc hlll(m ing tal)It• prracnls ('c•rtain lillmlr ial illy II IIIAll ell „illl rf•spt•c'i ttl tlic tilmli ial ( apabilitvnftliv
Cit%'. Sce tilt, St.( fill) ••I l"'Nm I\1 Si %11AIIAIs'• 1111 '111dil"d Iltl;lll( i'll �'hll('111t•llt" OI Ills' (.Ili' lot- die Il ral
\'t'al' f'lldcd Suplefillm.l..ill, P181-I.
t
Sumnvary (If
Revenum Expenditures and Year -End Fund Balances
(Budgetary Basis)
General Fund
and
General Obligati(In Debt Scrvice Fund
Fiscal Ycar Ended September :30
1481 11181 I t1A I vm) -.1 till t
I(u(Ij.'et Itrlual Actual Attkial k1twil
General Fund:
Rckvnmt•s and ( wit., I'inanc ink
tin111'tts 51}{I.i}i'S.'21 511ii.!)I):I.i}{li 51.-14.065•iil 51{i.i1.1,;44 5I:�+artlr,'i{t
: ppi,. I), i;mi-d Fillip li:ll:tnt r
1117!lhli.7}{h 1 ).i,!Ht:i, )i1 1 ti.i IUM" 121.101. 11-1
ntIIIIIIt•, Ilitl( )tbt -I I'wt I}{f),5}{'i 224 1 )7.5'iio1511 111.1 it). I;}{ 13 .f)')'{,i!{i 121. {1;!{:I'll
—
h:xt t•s� { I )t tit it•m � I �.I Itt ct Wile•. ;uul
(>Iht r I`111.1111 inl; Sit; Ic, O(tar
I:\lu•nthtltit.,and ( )it,, t L•,t. 111 -1n4.7 S 2.7811.11it i :t(I,'If dt � a,1)fl!{,Il'I
1't•ar-h:ntlFuntlli,Il.uitt 5 i..�,}i.rli'+i2i 5 !{.2if.uiiiil
General Obligation Debt
Service Fund:
ItuN Niche, - 5 22.18-1.:00 5 1 i .0-18,-08 5 I I..l+i i.'I._L{ 5 15,}i ; I.'I°tn S 21 .017. 1(it l
AJilin IpI i'lII"I I'ulit I BaloIIt I — — —
Tool rr.'i}i#.:/•1U li.'IIFi.lt1}{
I':Cltrntlitlllr. 22,i!{1.:)•111 17.,',WoiI lf),G2:{,'86 17, t2.5.1)11 I7.62+1.21 t
I•:�ers. { I )rlit irrn �) ttl Ilt•�t•nnt . __-
Ovul FXpril lintrt•. III 5 Ii16,.1411) S t r1 .iri'{i
-- -
1't ar Intl Fund Ii,Il.un t _) ) IY 11)7 c
1
(1) Slaw .Iarlrtrs rt yllrt that budizel lu• b.11.1mt,•tl.
i(2)
A(liusttnt•n(s Im nr( t•flmiv rttnsitr, ttt tolivi I1111d, and .utnntulan•II tttntluns.utll :1h�tnn. tlrtn,l.rtl hunl b,Ilarnt In
(
SI .2}{9,f1!42,
t
(a) Adimsum•nt. Inr net t•1luilc Ilansh•u It) tthcr Itu((ls drat rvilwd III lit balant c be S.591.1135.
1
i
F
I
l
I
t
r
y
I
(
I .
M ', '
1%e City's general fund receives revenues from a variety of sources. The following table lists the
1tvenues received by the City from these sources for the past five fiscal years.
General Fund Revenues and Other Financing Sources
(000,$)
191114 1981 1960
19N 1983 _
Taxes: S 78,968 f 67,619 f 61,865 f 54,060 f 42,679
Property Taxes(1) ........ 20,674 18.563 16,826
Utilities Service Taxes ...... • .... 22,985 25,703
, 703 4,919 4,825 6,703
Franchise Taxes ................ 4,885 5, 703
106,154 94,970 87,458 77,448 66,208
Licenses and Permits: 4,712 3,112
Occupational Licenses .. • . • • • • • • 3,871 3,414 4,775 715
,•,,,,,,,. 1,871 1,414 677 889
Permits ............. 5,853 5,288 5,452 5,601 3,827
Intergovernmental: 9+987 9,267 9,281 9.166 7,909
Federal Revenue Sharing ... • • • • •
State Revenue Sharing . • • • • • • • • • 11,715 12,298 12,084 12,113 11,428
10634 9478
Sales Taxes .................... ,,4019 4,021 3,452
Other Grants .................. 3,178 4,242 ,
35,514 35,285 25,384 25,300 22,789
Intergovernmental .. • • • • • • • • • •
•.• 2,687 2,483 2,511 2,581 3,342
Charges for Services:
7,735 7,867 6,841 5,870 1,876
Solid Waste Fees ...............
Other Fees ..... • • • • • • • • • • • • • • 4,412 3,627 3,950 5,256 3,183
12,147 11,494 - 10,791 11,126 5,059
Other Revenues and Financing 5,611 4,446 6,148 3,000 3,221
Sources .......................
Total ..................... $167,966 $153,966 $137,744 $125,056 $104,446
(1) Article 7, Section 9 of the Florida Constitution provides that except for taxes levied for payment of
60v' d.g:b ;ds and certain voter approved levies, municipalities in the State may not levy ad valorem taxes in
n excess of ten mills per $1.00 (f10 per $1,000) of assessed valuation upon real estate and tangible
personal property having a situs within the taxing city, when the tax is being imposed to generate
monies for 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
ift tax or commuter tax. The City levied a millage of
income tax, gross receipts tax, inheritance tax, g
9.8571 mills for general operations for the fiscal year 1984/85.
(2) Amount represents transfers from the Utilities Service Tax Debt Service Fund.
A-6
r
the following table is a listing of the ten largest tax assessments in the City, the nature of their business
activity and the assessed value of their property for the fiscal year ended September 30, 1984.
Ten Largest Tax Assessments in the City of Miami
1984 Assessed Value of Property
1984
Assessed
Value
Name of Taxpayer Nature of Activity (000's)
A.T. &T./Southern Bell ............ Utility $306.930
Chopin Associates ................. Office Buildings/Hotel 212.278
Equitable Life Assurance ............ Office Buildings 121,297
Florida Power & Light Company ..... Utility 98,903
Miami Herald ..................... Newspaper 78,316
One Biscayne Tower, N.W. ......... Office Buildings 62,687
Raymond Nasher Co . .............. Office Buildings 40,125
Prudential Insurance Company ...... Office Buildings 34,873
New York Life Insurance ............ Retail Sales 28,870
I. B. M........................... Office Equipment 23,997
SOURCE: Dade County Property Appraiser's Office.
Pension and Retirement Trusts
In the past, the City had 2 separate pension trusts. The Retirement System (Police and Firemen)
which went into effect on 2/l/40, (the "System" or "Retirement System") and the Retirement Plan
("General Employees") which went into effect 7/1/56 (the "Plan" or "Retirement Plan").
On May 23, 1985 a final judgment was entered by the Circuit Court of the I 1 Judicial Circuit in and
for Dade County, Florida on the settlement of the pension litigation which was primarily related to a class
action law suit and the claim from the Boards of Trustees of the Plan and the System as explained in dote
16(A) of the Notes of the Financial Statements. This settlement is also addressed in Appendix Letter of
City Attorney. .�
The major changes to the Plan and System as a result of the settlement are as follows:
• The "Retirement System" became the "City of :Miami Fire Fighter and Police Officers Retirement
Trustt(FIPO)•, "Retirement Plan" is now "the City of Miami General Employees and Sanitation
Workers Retirement Trust" (GESW). The composition and selection of members for both Boards
has been changed.
• Each of the two independent Boards of Trustees, in its discretion, may have its own employees, its
own administrator, its own attornevs, accountants, monev managers, and other professionals.
ne, nee. -
The City total annual contributions to FIPO (`System") and GESW (K'Plan") will consists of:
A. Administrative expenses
B. Actuarial contributions for normal cost using the "Entry Age Method", a mechanism
has been agreed upon to resolve possible disagreement on annual contributions by a third party.
C. The annual unfunded liability contributions are based on a schedule that requires
S5,000,000 for FIPO (Sye+em) in 1984/85 and $6,400,000 for GESW (Warr) for fiscal 1984/85,
and increases approximately 5 % per year. The total unfunded liability including current improve-
ments have been calculated on January 1, 1983 for FIPO (fret) to total S 104,500,000; and on
October 1, 1982 for GESW to total 3109,000,000. The unfunded liability will be eliminated by
the year 2012 for FIPO and by the year 2008 for GESW.
• The Cost of Living Adjustment ("COLA") Fund was created to be funded by "excess interest
earning" of the Retirement Boards and by an additional 2% of salary contributions by the City
employees.
A-7
a
The following table is a listing of the ten largest tax assessments in the Citv, the nature of their business
1 attivity and the assessed value of their property for the fiscal year ended September 30, 1984.
Ten Largest Tax Assessments in the City of Miami
1984 Assessed Value of Property
1984
Assessed
Value
Name of Taxpayer Nature of Activity (000's)
A.T. &T./Southern Bell ............ Utility $306.930
Chopin Associates ................. Office Buildings/Hotel 212,278
Equitable Life Assurance ............ Office Buildings 121,297
Florida Power & Light Company ..... Utility 98,903
Miami Herald ..................... Newspaper 78,316
One Biscayne Tower, N.W. ......... Office Buildings 62,687
Raymond Nasher Co . .............. Office Buildings 40,125
Prudential Insurance Company ...... Office Buildings 34,873
New York Life Insurance ............ Retail Sales 28,870
I. B. M........................... Office Equipment 23,997
SOURCE: Dade County Property Appraiser's Office.
Pension and Retirement Trusts
In the past, the City had 2 separate pension trusts. The Retirement System (Police and Firemen)
which went into effect on 2/1/40, (the "System" or "Retirement System") and the Retirement Plan
("General Employees") which went into effect 7/1/56 (the "Plan" or "Retirement Plan").
On May 23, 1985 a final judgment was entered by the Circuit Court of the 11 Judicial Circuit in and
for Dade County, Florida on the settlement of the pension litigation which was primarily related to a class
action law suit and the claim from the Boards of Trustees of the Plan and the System as explained in Mote
16(A) of the Notes of the Financial Statements. This settlement is also addressed in Appendix I&J, Letter of
City Attorney.
The major changes to the Plan and System as a result of the settlement are as follows:
• The "Retirement System" became the "City of :Miami Fire Fighter and Police Officers Retirement
Trust (FIPO)`, "Retirement Plan" is now' the City of Miami General Employees and Sanitation
Workers Retirement Trust" (GESW). The composition and selection of members for both Boards
has been changed.
• Each of the two independent Boards of Trustees, in its discretion, may have its own employees, its
own administrator, its own attorneys, accountants, money managers, and other professionals.
e- h
• The City total annual contributions to FIPO ( System") and GESW hePlan") will consists of:
A. Administrative expenses
B. Actuarial contributions for normal cost using the "Entry Age Method", a mechanism
has been agreed upon to resolve possible disagreement on annual contributions by a third party.
C. The annual unfunded liability contributions are based on a schedule that requires
S5,000,000 for FIPO (Syeem) in 1984/85 and $6,400,000 for GESW (Phm for tscal 1984/85,
and increases approximately 507o per year. The total unfunded liability including current improve-
ments have been calculated on January 1, 1983 for FIPO (4� ) to total $104,500,000; and on
October 1, 1982 for GESW to total 3109,000,000. The unfunded liability will be eliminated by
the year 2012 for FIPO and by the year 2008 for GESW.
• The Cost of Living Adjustment ("COLA") Fund was created to be funded by "excess interest
earning" of the Retirement Boards and by an additional 2% of salary contributions by the City
employees. 85-698
A-7
}
S-
p t1
` The following table is a listing ofthe tell largest tax asscssrnents in I ill' ( :it\'. fill- nature Of their business
arti\•ih' ;in (I the it,,sesse(1 \-aloe of their pnwpert\' fOr tlrt' Iis( al \ear cm It (I SrlltenIher 30, 1084.
Ten Largest Tax Assessments in the City of Miami
1984 Assessed Value of Propert)'
A.T.mr of lact)aycr
�1 & I ./Somlicrii lirll .... .. . .. .
Chopin AssOrialc•s .. ............. .
KgIIilahle ............
FlOri(Ia I'O\ cf I.ieht
\lianli I Irr;lllI ........... .
)fit, IIi,(;I\n(•'I cc ver. \.\\•. ........ .
R;i\'lu(cntl \;i.ht•r(:if. . ........... .
Prilde I'll ln,uram I. (Onll►an\' ... .
Nv\\ Ym-k I.1ty In,utaw c• . ....... .
I. B. . ............
Sol'kcl-: I)a(le Cmillt\ I'rOl)rrlc : pplai,c•r•s ('lice.
19e4
.a5««(•d
Value
Nature Of Acticih
(000'%)
l'ti)it\'
S30►6.931►
C )'lire fill il(lings/ I lOtl'I
212.278
Mirc liuil(linl,,
121.2(17
Ullily
1►B.903
\vwv p:iper
78.31(i
( )Ili( r fiuil(linti,
62.687
Blillclillf,,
10.125
( )Ilit r Billi link,
:1•1,873
RvIili1 Sall',
2 11, 8 7 t)
( )Ili( r f:(1uiplill•111
23.907
Pension and Retirement Trusts
In Ili(- }la,t, tilt. (:il\ had 2 ,el)alait, pl'n>i(in (rusts. 'I'lle Ketil-cilicill ti\',trnl (('Ditty :Intl Firruit'nl
wilirh \Vent Mot elh't I On 211 40. (lilt' . S\"steln" Or ..Rciirt•mviii S\'-tt'nl') ;Intl Ihc' Relirt'rnrnl PI;III
("General I.In}11O\et',") \\high \\rnl inti) ('llr(i 7 %I 1(1 (tilt "flan" Or "Ilt'tir! lnrllt I'I:In" 1.
()it Ma\- 23. 11185 :1 tin,il lu(If.�int'nl \\':1, villct,c(l by Off'( :11.( till (:Olu't t,'tht• I 1 .111dit till (:if( till in :Intl
Ilw I)at le (:(),I lilt Fli'l i(I:l On fill' ,etllentenl lit flit' I)rri,iOn Iiti,;uiOn \\hit h \\a, 1lrinl;uil\' I('lalefl IO ;1 c l:l„
;Ie11O11 la\\' ,lilt ;111(1 Ill(' l laillI tl'1)111 Ill(. lif);11'l1, (it I rll,tet•, OI lilt- P1,111 ,111(l fill' \,I( 111 a, t'\111,I1111'(I lit N(tlf•
16j A) III Ili(' NOlt•, ill tit(' 1' Irl;lot l,il `I,It('Illt•llt, I I11, ,f'Illelllt 11l I, .II,O a(I(II"('„i'(1 III :\111u'Illll\ (.. I.I.11t'I' f)1
City r,llUl'lll'\'.
Till, Illa!I,r (11:1114;f', Ili flit' I'1,111 a11(1 1\',tt•III .1, ,1 rt',llll i t 1111' ,t'lllf'IIIt-III .II.I' .1, 1 111i)1
Till, "Rciirenit•ntti\,tern"her:unrlht-.(:il\fit \Ii:unilirt Fl"Jileralld1'Oli(,'OIli(cl."Rt'lirenit'nl
Trust (III' K. "Relirt•inent I'LlIl• i, llm\ "Iht•(:it\ III MkIllli (;erlerll I':nl}►IO\eus'Illt1 tianil,lliOn
Wiii-ker, Rt'tll't lllf'lll I I'11,I ((;I'.S\\ ). I hr ( 11I11p)NIII(m alid "ulr( IIt)n (it Illeillbt.l., till Obill Bli'll-fl,
has heerl ( 11;111L;('(l.
Fach ill the t\\1i 11111rpellllelll lit);Ir(!, Id I rll,fcl' . Ili Its tll,('rf'lltftl, I11;1\" ha\'t' It, If\\ 11 4•111111(i\('1',, 11,
il(Illlllll,l lali il'. It, (m It allf lrllt'\',. al t'( 111111:1111,, IIU )IU'\ lllallal;er,, :Ifl(I f )tllt'1' 11r1)If „11111,11,.
The CIty 1w.11 ;Illlllla) rOfitl'IhlllI'll,, I., f 11'O ("S\",I('II1 ) all(1 (;I'.S\\ I"11mi ) \\Ill
I A 1tI;lrlal ,.,IIII'll)1111011, 11)IIit)1.111;II I i " I II,III". till• "I'.1111"\' :\mot' Alt Ih1ul . .I I111'( II.II11,111
has ht•t'll a(,It'( 11 IIIN)II Ill IY',IJ\c• 1)tI)\ ,I IIIII-tl 1),111\.
C. Till' aunu,ll untun(It fl li.11,ilil\' (Onlrihuln)I1, :In ha,e(I 011 ,) ,! lif'i1u11 Ih,u r('tlllire,
`),Illlll,llllll t(•r f ll')1S\,(cull ill I'►li{ tt1 an(I Sti,IlI11,I11111'Or(;IIS\\� 11'lml) till li•(,1i I11.t1 81,
uul inert ,1,(, •t111>r1i\iln.11t'I\ 1,f 1 \(.O. 'll(f Ifnal nnt1lO(I(1f li;ll)Ilil\ iuf hulin� (url(nt unlult\(
Ills Ill, IL1\i Irt t Il f,llf lll.11t'(! t1ll I,IIIIIaI'. !, Pf�t i t111 I'll'( 11�`.,(f till 1(1I111:11 �111{ 11111,1)lili; ;III(1 (111
OI ltil)t'1 I . 1`1 ;2 ttlf (;l'.1\\ Ifi It1L11 !f1(f.111111,111111 fil( I;I(f llltl('fl Ilalillll\ \\ill lit• chinin,tit'tl !1\
the \t':Ir '111 ' till III'O ;t1111 I,\ IIN \t'.11 !I if I' I'.S
• llc (:41,1 1)1 1.1'.ilit,, AtIjII t I I I III I A I I fIIitl \\•I, ( 14':11t•ll I IIt• tIImlutI In "t•\(!'„ it it
c; I I it It 114 tit 11". RcIlll'illt'lll .III(( h\ :Ill add iiim.ii 2-1' ill ,al;ll'C 1t)I111'll)IIIIUII, I)\ Illy (:IIC
('r111)111\f•1',.
�•rt�p�isti Ri♦cta�ic t�i►t�i 1��ix* _�x
aka a t
dK,,�'FYI,
r ��O,
S z.
u-
Thc ( :it%- ( :f )ttllllissl( ill hil" ;11)pI I )%cd Ow 111) n, `I),Imill''ti d M I I It I - I III I I I% I If III � III q
Rt-vt-11111. Billilk fill. dw pill pww (it prfl% Iding, hml.ing flit I'll I I I I I I I I )q I'( I I, I I it I t I Im It I it I I no (If I It
im Ill( ling I I I I ( I I I Illlth I I I I t I i I I I i I I It { il)AI"i I I I I I I I I it I I v ll-(Ifll I cv-
clitics (11.1-i\ I.( I ill I mllv( I It Ill \\ it It lilt, lit (lict I`; lit ill- 111will I I I . if 'I lit thill 11.1, 1), 1 11 III.\ (-I, ip"d If 11 lilt- �;Ilu I it
tlic"c Ill Inds.
it it I "o'llt. I li(lusl rial I )(wchipillf-lit Rv\ villic B, Ind, ill .111 aill( III ill II(II if I 1,\l (*I,( Illilli(011
It iv Illy 1 1 lwi I lit Olin ill ;1 1 .200 spat v pin K- Ing gill ;I l"I. and 'm 11.11 c pill Im,, 1, it 1, 11.11 t (11 fill- B.I\ .lflr ti,pr( I;Ilf
flit t;v 20 If ir it (1(-S( I ipl it Ill ill slit' pi -I "cl I ) 11;1, bri-11 '-'I mll( f Ilir it % ( :1 -11 1 lira' b( m(l,
I,\ ill I )c bat kr(I •( )I(.I% h\ I Ill. ( 1.1-dit I of Illy Rt 'll"t, ( 'i lillp;lm III M I'll Ill ill, Ili( 1, .11" I \1 )r( i1 1, if 'if I (it I I IIIL!
the ;It 111111ci ( 11 1 , 18 T) .
ECONOMIC AND DEMOGRAP111C DATA
IntroducHon and Remit Developnictits
Miallil's divvr�ificd vc(I1lfIt1Ii( hair k ( mllpriwd (d li".111 Illantilil( mrim--. trade. ( onlilicne. vdiolusalu
and I-clail tradr, ;111(1 111111-l'oll. Whill. illy (:It% %, 'Jilirt. Of Fklrlda*� Imll-ki Ir;ldc rctllaill.4 an illipfirlaill
vconollilt fill-( c. Ow t_1lr;0 t"mil" MU11111 II'l, III;Idc in Ow ;Ilva, (d Imilk-iin-'. 1111crilall(III.11 hil'ific". Ival (-taft,
illid Ii.i\v 11111th"ll 1111. lilt ;11 r( "ll"Im .
\him. ifl!l)l.q I\ 1.111t.111, 11;1\f. illlm\cd Ow mr.t it, ;11 I'M1111)(hic 1111d Ill'it-I till, lapid rxpall'Wll.
The P(Irl (d lilt, •(ImIldud it, �I/v, Irtmi 12-1 ;1( rcs 11) 1)111) it( icthrisInji I S2_11111 millimi
V\ d 1,;IIIII\c 161111111m)
Imnsi"ll ill 1,181 . Till- P(Ill lAp'lli'lml I)IIIL!I.Itll I�d( will
(;Irgo mid Illill- millitlil I vill'i. 'lilt) a h\ Oil- \cm. 2000, 1 till I Ictli;Itc Id.111, lilt 111du it third
gatitt-v ( ralle. and lit, ;idditi(lll ill I .()(Ill 'Ililmv it-1.1 ill 1111r;1I kri-IIIIIII, SPAT C.
linkin,_- dlrc( it% 1(, Ow ilociskil- o"Id ;I I1111 Illillilill
('(Illll)i(.x lic\\ ( 1111"c brI Ill'. (111,11 c .111d 'p,jI r alid ;1 )(10 Ne"tt ti'I'llif"1111.
Miami 11111.1 llall,11G11 Airplill P, 1111dul c\p;III,IqIII prw�rmll. A w\vll '111r\ 2. MO �-patc
parking sit it( mrc. (lire( It\ a( fr(m) flit' 11-1 n,ll. \\;I, ( '0111pIcIcd in 1,18 1. An cIc\;I1(-d pcdc'I I-lill)
skv bri(It4c. (,pcncd lit vall-k bill'). ( ,imv( I, ill(. 1);iiklll(_' till's 1() flic maln It-rillill.d. ( )[11cl ['
thr ( fm"Irm fl()Il III it (lilt.( t ( mllw( till I(I.Id 11) tilt, Mid it "(,(ill It, hc ( ('111plit-11'(I
vargo 11111lit'l. 1:.X));l I I'll III and 111(ldcl Ili/m till) (If (1111ilows. 111 ;t( ( 111111m)(Ime fliv
inct'eam.Inl101ur.Iit mid 1111c)-mil If )11;11 11 ;till( lic( :111 t.,'( 1rarall( v ( 11,11tur Im It %%ill( 4-1111-alizt,
all cart4(I I-clairdfrllrrill itt"t-M lc.. \\ill Ill- 4 Illcrat Ii III'd M 198 1.
D(m 1lIm\tl NIN1111* ( m1millit, Ill 141,fl\% 11 1 licillik 1xv. 1 1085. 15 ma,m. Ili is I,\ Ill bc 111)(1cl
rrnlstructiOn hml. lilt111ded aliwm� 111cm, In't),cl Is are nine(11)al all c"tillialt-d dcvvII,p1 I it'll t 4 wt Ill 1 .07 / I illiI
liew office b1lildings that \\ill pl-I)vidt. 3./ Illillifill "(plarc IVvl ild(liti'mal I )m\ 1114)wn c spm
Ncw resi(Ictinal prolc( wIll add (Ivt-l- (Inc llwlv�mld llml'�Ilutillils.
1985 Downtown Construction
()fit(.(. Spac( . . . . . . . . . 3.7) 1 ,731 sit. ft.
Retail Spac( . . . . . . . . . 541.1,8301 sq. It.
Residential . . . . . . . . 1,144 Units
Hotel . . . . . . . . . . . . . 156 Rooms
Metroraill
The new $11 billion, 20.5 mile Mrtrn Rapid TsIcIII is ransit S\ Icled and I'lilly operational. This
system contains 21 neighborhood transit stiltiolls spilt-c(I approximately 1 .5 miles apart. ( K major
-t I all cleva(ed 1.9 Inile central ( :it\. people
importance to Downtown develol)"It"It WIII he X1(
-
mover system connected to Mo. trorail.
85-69F, -,
A-9
F
Industrial Development
(;rt alc r `liatllli ( miltaill, m\'rt. milt 1111n(1t.rtl Inillitttt .rltl;llc ict•t fit III(Ill,rt.ial hililclill.lf q?;I( v. Marlllfm -
till-itig t'mi1( Cl Its a( I .)lilt( fel1 ncal'1\ ll;ill ml ill(' ll( t Irtlic d :paf t• \\ ith 11,1r;1 t' f f)rl)p;mir, tit ( Ilt)\'illg, all allcll-
tIc)Ilal 35 lirrtc•rll tit III, City's indlisirial ,parr. i fall,ptil lari'm alltl ,t'r\ Il r (mi11i)aiii •, m, t upthc Wilk it
til(• rc'llmillll)L! 1 1`; mf till- (:ll\ , Iltcltl,lrial :pa( 1'.
Tilt. inclu,lti;ll I)c \<IuI)nlrnl atllltlrit\ t fOA)ml HadcCi im I-cpirl, flat r ppl.m'infaurl\ rt\ti-ihircls
OI*( irc•alrr M artli•, iucinsrrial fit -ill, 11\\ if tilt -it la1 ilitif';. 'I'lrrr' ;Irc t lit rt'rlll\ 17 in,lll,trial park, in ( in•atl•r
Miami.
.t `11,11111 )ihllrl In,lll,lI%. is mill' (drill' l;1lht•,1 ill IIIc Ilalifill. %11;n11i , Ill;lt'kct is pillntll'It% 11I'll Ic Ilt) mf
111111lc'rtills ,II1;1ll t1I'll), I;tlIll '1' flfall a tt'\\ lal',,1 ,iI)rt'allull�. i1m11,�1I\ {(1•(1(I(l 1mb, ;11't' t)rt)\'I(lrrl l\" 11t'at'1\' :)1111
nlanu(a( tnrrr, I -It IifI.I IIq)o r, hin,, lum,t t)I ',\Iit( h ;If r rntt'rr(l in ihr M atilt arc'I. ,lit)tfrt! SHV) million
III tllt•I'c lancfl<r III I'17+f1, ,1 ,lh 1u 1' t rill Ills rc•;i,r t1\<•r flit) IIL'Ilt't',.
Slit II 1' (wit la I, iilic mf Ihr- 1a,lr,l I%\mu, Ilit1'I'I'll tic'rlltl I rlllt•I', ill Iht• llalkill. ( )\'t'1 i(1 (Icsil"II-
1'c•l;Ih'tl h1l,lllr„r, 11Iti\ itIc (l,l)11tI ,Illl Illar% „11), Jlit I ,_1 lit•1%lit' S 2111 Illlllit)If fillet Ilit' 11 (al t'I,ifit ill 1%. \l(wr
shall S111 millitttl in rt•\\ t1)11,1rtltllan l•1, t,ikrii I)la(,• in flc 1), 1- fhrrr \c,lr, at. (lr 11i;uni 1)c',),_'n 1)lara.
imratc,I till '18 at rr, \lthill ;I 1.1-Ilmt k ;it ,it in tit id(( %\rf \Ii;fllti. II i, ;IIli if it)air,I ihill ill)pI 1xitllall'I\- S1 1
nlillitlll Ill( if \\ill bf iII\c,rr(I in iltc•clist IitI in the inun,'llialr fIll itrr.
Financial Institution,
I) " h - ( A"ifll\ 1, : I'( I\\ Ills, a, ;I if Illtc'I nallt,tal flll,llIf, fill t t'lltt'I \\ it11 36 If rl!�ll i);Illk"111t'ra11114- ill till'
rmuinlullil v . Ad( lit itm,lll\ , Ihc•rc• arr Ili F.(Itn• A, t Bmik, slat la\'t' tit, t\'r(I if) tit• X11ailli ;Irr,l. 'i lc,r ill('lucil•:
11;mkAnl,•ri(a intctIi.ltifitl,ll. Batik m(B(w,lfit Imornalit)flit] Smut If. Kmkrr,'I'ru,t iIiwiiialimmill , Ball( mdc
Santaullrl ililt 111;11it)nal. (:haw Bank Intcrn;itimn;l1. ( :it ibaA (nlrrn;flit)nal. II\ in,_ i ru,r, (:lrrtli, all Bank
n' Intc•rnatifmal, Maill It,l, Illrrr, ifafit \,•r Illtrrlilt iO11,11..flit \Ifg1,ra11 (;Il,lra lit.. Iflit-?fali,)nal Till. Federal
itrsrr\'I F(i,((- At I A1111'II(Imcllt. ;t,lmt)it,(I ill 19711, t rimitit-,I Da)k, it m1n'n iutrrnati„tal bankim4,mb,icl-
iaric•s()u(,i(Ic Ilicit it, tilt' I hr i I.(It•rill lint t'\r S%qt I l ha, A itrtl.I hit kill If,)Iit( c• ill I);I(It- (: )lint\ to
cssist the Allctwil t,tlif r \\ith h11.1m ial II-mi"af IififI, ill Ilic tiOfitIf I-Ifgiflit aura.
11tum ;Irr 73 If 1( Aback, in i)atlr (:mill\' \\ hif'l wgilrr !a%v a I, "A it 17it hillim in thp"sits. A ivil
\'tar sunitilary is tlrr,rnlr/f brlmv:
Bank lleposits (1)
Number
1•car Hanks TMM He wits
1984........ 73 S17.603,(i(1(►,(►(I(►
1993 ........ 70 16.158.326,000
19192 ........ 65 13,486,24fi3O(1(1
1981........ 65 9.23.1,540,000
1980........ 63 9,3.11,(01,000
1979 ........ 71 7.982.108.000
1978..... , .. 73 (2) 7.015,27f).00 ►
1977........ 98 6,481.146,0(►(1
1976........ 95 5.526.6150►(110
I 1975........ 93 5,296.569,000
t SOl'RCI•:: U.S. C (imptndler (it' Ili(, (:unfit'\'.
(1) The inlirrnlatimn I)rrsrntr(I is lift. Mftr(t)(litall Uattlf (:1)12111v' as a v%I mlr vv'hiull inc'luclf, the City of,
N1ia111i. •i he fit,urr, ifidII lr IlaIimlit) anti slit t Ilartrrrcl hank. that ii rc h.l),I.('. inslrr'r(I: slaty
chartfrfcl baulk, our ))mI illchitlrcl.
(2) 1)f( lint. ill nunlbrr (it' ba flk, i, artributablf i„ c ham> v in Fl(iritla•s baiiking, liras \\Ilit ll net\\ all(p\\ fill'
branch bankil1Q. Smllll. ml flit -sr brans If(-, \\rrf ,t•trua is bank, primr Ira Ili(, c hailgc in Ihr
i
(
i
i
,
M
0
i
{
'1'hr Airll(crt's 1a( Oil it-, in Icicle Iht't-r 1-11Imo% . ,(
1►►illinrt sctnat'r fi•rt Ok\;urli(ursrand (IClirr dr( t-. ,Intl 11)1- n .(t, I� In•ttllft 1101% itinnls
;Irr c'►ul►Ic,�'c cl at till- ;Iirl►urt.
III I!)lii till- All- in srr\c d 19.3 luillinn mill h;lIIdlf.d I.It I,illiun Inuur(l, (d t ;ltu". Prrk i(ufs
�r,n< •I'lli-�lits ;11,1, l,rrst•ntt-tl below:
I'a%Shn '.
I, v rq
fear (m)o It rho (OfIfI II,�.I
I 1!1.`t2lt I.11'2'?,!11,11
........
1983 ........ 10.322 1 . I H-1 5211)
1 ! 1It'2 ........ I I1.388 1 .2.16. 7011
19811 ..... 20.50 i I . I'if 1 jim I
11)71►
I978 ...... 10_5111 I ,I21►. IT)
1011........ I:f.l31, 118 .111)"1
1976 ........ 12,88.1 808.71) 1
1975........ 12.068 i l5, 1'►'i
S(i► tu:r: I);Idc• CmIIII v AviiIIItIII I)c paI—lrnc•rlt.
Port of Miami
Thc• Turf ul \ Midi is m\liud I►\. Mc•Iru1r(clit.ln I)adt. (:uunt\ ;Intl is upvI.,Itt,cl h\ flit- I);Idl. (:cnitlt�.
tit;Iptrrt 1)c•Ii;Irtrllt•111 Fruln 1977) 11) 1,18.1. flit- nu111ber (d p;nst-nu;rf•s s.rilirl(, I1-4,111 flit- 1'((n in( rra>r(I Ii'(,tu
3111,!126Ili 2.217.01)5. ;Ili Hit rt,;Isr Ill, 175'% . •1•his iill Iva"ed (,rumfll hi(,hIIjIT, III,- flit-
W(Idd,s Ic•;tdin,_, t IIli— ship 1►urf.
The Turf ((I Mi,(Ini 'pr( i;rliit. III tlniti/.rd fraih•r :Intl t((nt;Iint•r r;n(,u h;ul(Ilin" (un(rl,f.. flit- Int)a
r1•h•(tivc U.r u1 r(IcIiI(Iurnt ;Intl thr fort•. (unvrnit,ut lu(;11iun (,nnhinr fu nutkr flit- 1'((rt III,- n;Itiun's
lt•;I(IIIIf; rXI,urf I)urf to flit- \\'t,,trrn I lrmi, 1phrrr. F ruin PIT-) fu 1!181, Ihr fut;1I (;Ir(,u h,111d1r(I int rr.(sr(f Irt,►n
(nt-f 1.20 Inillit,n I(,I:, I(, w\t•r 2.21) rnilliun I(tns. ;Ili Ili( rom, ul
In 1'.►i'►, tlrt;Iil� ��rrr t,unllllrlrcl IM. Ihr cxpa lsiun ((I flit- 1'uI f ul Nkifili Iruln'if)1) ;I( rr. fit WN) ;Irrc-s.
'I•hr ;Iddili(cn;Il 'Irlt r is nrt,(lul to ;Ir(t,Illfn((tl;Itr flit, in( rra•in(, 11111116.1 of '411p rr.. Innrrs. ilnl►urtrrs,
rxl►c►rlrr>. Irri�hf f((rt�;Ir(lt,r. ;Intl t rni�( Irl.•rn�rr. ��hu ��i�ll If, ( ()n(lu( 1 Inlsinrs, fhrulr(,h tilt, fort.
In 1981 tier P(,n .rrw•(I 2.2 Inilli(tn Irlsst-nl,rrs and han(Ilr(I 2.29 ucilliun furl. of (ar+4u. A stItntuv'\' Of
the unmlh in rrvrnnrs, passt,n.l.4rr's ;uul (ars;u li,r prc iuu. i� I►rt,srntr(I hrluc�:
t
Year Rcccnuc% Pa( %vnGers Cargo (Tonnage)
1984........ S15,!)•13,5.1I1 2.217.065 2.287,281
1993........ 14.21)1,008 2,002.65.1 2,305.6-15
1982........ I2.9.1!1,{iH7 I,71)'11,255 ' .66'5.921
I!M1........ 12J6It.522 1,567,7119 2.7.57,37.1
1980... • .... I2,0.5fi,It9(i 1,459.1.1.1 2.485,791
j
i!)N........ 8.110,840 1,350,332 2.291,382
1978........ 6,236'.385 082,275 1.922,864
'
1977 ........ 5,374,978 97It. 016 1, 71 1,.535
I
1976........ 4,956,670 1.021),687 1,525,095
1975........ 4,517,946 904,926 1.25708
SOURC •:: Dade County Seaport Department.
r
I
4
}
A-13
4
4
t1N
Tilt, AirImi-i's Iat"ilitil•s iutlu(lt• thl'cc rlln\\a\ a 7.0011 1,It 1, Ilkm ., , t,u11)I( x. ,11,1,rtxinlaic I\ 1w)
itIilIifin Sg1tit re I'Cct (If't\at'c'htust' an(I Offi(-t' ;Imc c. ;Intf 111;linit n;ln((' I1,111, A1'I)1"„xiul;Itrl\•'311.1100 in(livi(lu;IIs
art• t ull)It)vufI at I I I u airiltrl.
In I(► -1 Ow Allp"i-I scl. c'(I 10.3 t111111ll Irlacm�cl-s and h;lntllt'cl IA) hillitn 11O1111(k (If t ar,;t. FI.c\ irnls
an. I wwt vnit't} h(•I/)\\:
nt Itta:: Dadc (:(11111t\ A\"Ialiml I)cparl►nclll.
t)aswriger%
(() m)
Carg„ (1100'c 16N.l
19.:328
1 M22.OW)
1
84. 526
I'.1.3}313
I .'�) Ili, 71111
)11..1(1 i
1 . I :it 1 jim
P1.628
1 .of6.:31:3
13.73h
118 .998
12.881
80H.7(11
12.068
745.T-6
Port of Niianti
The 1)Ort Of Xh.uni i• Ot\nc'(I h\ NIt'Ir(l)Olilml Daclt• (:cunt\ :Intl i, OpvI-,II(-cl by Ole I)adc ((Iunt\•
tit apart 1)(-I►arllnrn I rtlll 1'►I A IO 11181, tilt' 1111ruh(-r 0' pa,I ,ctll4cl's •,Iilillt; In)III tit(- I)OI.1 iurrc•aa'(I li•Ohl
80.1.9211 to 2.21 l.nh . :tit IIIt 1'c;tw t)f 17 )', This lilt"rrasc(1 l;rtmt11 Ill,ylllll.;llt, lilt' hwl c ;Is the
\ctrltl'� It•:I(hne (ruin ' .hit) pwl.
The hwl (it Mi,lllli '1)(-( i:lliit • in unilizctl trlilt.r ;111(1 t Ont;IitIcI- ( ;n"t,t h;ul(Iliu1" ctIII Cpt,. Tllc Int)xt
cllc( II\'(- ww III c(11111,111cilt ;III(1 the I)t)I'1 c c(111VC ICllt if)( ;III(),, ( t)tllhim. I(, Il Ar tic I't)t'1 lit(- nallt)tl s
IvadiI)L,1 l)(,I't 1)O1t taw lit(, cctcl'il I It-IIIINl)Ilcrt'. FI(III1 1975 Iu 1981. lilt-1,)1.11 ( If( I1;111(Iled lilt lrO►11
1.26 )Illlll(m i,-r, Iu O\'('I" •) 21) milllt,ll tall,, all 111( Il':1>t' tit 81 t, .
Ill I(G9. (I( -tail. t\( r(- (On1plclr(I far Illy c\pall,itu OI Ih(• P(Jrt lit " Mi;ulli flmil 31►0 ;if r(-s it) 6110 acres.
The ;I(Itlltll)ll;il I)m c I,, Ilcctic(1 1.) ;I( Ct)Illlntul:ll(- the lilt I1111IIhcr „t hllt-cvs. 11111)(Irlers.
11
expO1'1(-rs. I I)II'lilc.s, IIII-Imi;h the Pm.I.
In 1984 tit(- hwi ,vrvcd 2.2 millitn 1):I•.rn4( r• and IlandIt'd 2.2(1 tuillimi tans tt't :tr(t).A .ululn:u\' Of
the E;i•(mth it) 1'('\'cillics. passctlgcrs alld ( al-t, tail" pru\"IO11, I, 1)rc.'rillc(I hclO\\
Year Nt't•enucs Pa%wilgen CarGu (T unnage)
1984........ S15.943.548 2.217.O65 2.287,281
1983........ 14,201,Oi18 2,(1(12.65.1 2,305.645
1982........ 12.949.687 1.7N),255 2.665.921
1981 ........ 12.468.522
1.567.7 (N4
2.757,374
1980 ........ 12,056.896
1,450,144
2.485.791
1979 ........ 8,1 10.840
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 ........ 4,956,6/0
1,029,687
1,525,095
1975........ 4,517,946
804,926
1,257,609
Sout(cF: Dade• C:Ounty Seaport Department.
A-13
1
1
' >�:rttptr�yttl�nt
The tables below indicate the scope of employment thrcntt;hmII Miami <trlcl Dade County.
1 Teti Largest Private Employers
Greater Miami
1984
Name
1
l amerii Airlines .................................. .
Snlrtherrl Hell Telephone aml Telegraph .......... ...... .
Ailt-dirles ....... ............................ .... .
University ntAliatrli ........... .......................
Pan American W(witl Airway, ...........................
Smutheast ll;mkin�,(:nrprnutinn/Southeast Hank N.A........ .
Miarrti l Ieralcl PnhlishingC:onlpam. ..................... .
I'ublix ...... ............. I .......................
.
Whin 1)ixicstores, Inc ................................. .
Employed Persons by Industry Type
1980
Miami Percentage
'1't•rc fir
tielel el e5%
Airline
Utility
I)c•partnu•nt Stun
C`niversity
Airlines
Utilil%.
MIA
Nt-wspape•r-
Numbee or
%mpIgees
12.754
7,300
6,065
5.200
5,200
5,020
:3.982
:3,93:3
Super lfarKcI ).7RF)
Super Market 3,400
bade County Percentage
— Agriculture, Forestry. Fk tint;, Mining ..............
1 ..590
1 14.950
2
Con sU•uc•tion ...... ................ I ............
11.150
7
44,560
6
Mall u1;u turing ... .............................
27.070
17
10:3,970
14
Transportation. Communication. Public Utilities......
12.740
8
81.6(11)
11
Wholesale Tradc..................................
9,550
6
•14,5641
6
Rciaill'racle ........................... ....
27.070
17
1Ti. fi7t►
18
Finance, lnsur•ance, Real Estate .....................
11.1.10
59,4111
8
Business and Repair Services .......................
9,550
h
37.1:30
5
Personal F.ntc•rtainn►eill and Services ................
15.920
10
51.980
7
Health Sel'\'Ice's ........................
12,740
8
,410
8
Educational Ser,.ices .............................
7.960
5
44.560
6
Other Professional Sel-\'Ices ........................
6.370
•1
37.130
5
j PublicAdnIiuisiraIiun ........................ ....
6.360
-1
29.710
4
{ Total ...................... ....
159,210 100
74:..h:311
1110
SOURCE: 1980 Ce nstls ofthe Population and Housing.
Unemployment Rates
i
Annual Average
1983(1) 1984
1983 1982
1981 1980
I�4iarni ........ 9.37c 9.6%
12.0% 12.4%
7.8% 6.8%
Dade Cnunty ........ 7.6 7.8
9.8 10.1
6.8 6.0
U.S................ 7.3 7.5
9.6 9.9
7.6 6.1
(1) Four month average.
SOURCE: United States Department of Labor, Bureau of Labor Statistics.
A-15
c
r
e
�.t'i}C[(c i:��� i`� f;"r i �iilC T� �! i
W. t 1 111r•
lei•' l
t rat At th, rr?t`ihah alii± S ,i troil
y,
`,r,,+
Wk
� i,r��.t t� ?Y� '�;t` s �t.:;,i( it:ii�iir ��� �i+r':i�it3i t5• �„{b;� C: (. ,;0
1 (,ieiti't
Qt+•�hrr t�rc>i�ed. !�'nn=Crrindtrmniutn �r►itsi`np � �iit�
i i'alur� �f
1900
\taani p� ct :�¢t baelt rs-t;3C±
—
AMR!
it
occupied Housing b�, Tenure'
,
'"Arvo Ann Syr z
PuHhnj Permits
u i f C: C
Building Permits I=sued
v,
'.2 A
APPENDIX B
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT(1)
For the Fiscal Year Ended September 30, 1984
TABLE OF CONTENTS
`
- €xhtblU
S�he�dle
FINANCIAL SECTION
Report of Independent Certified Public Accountants ...... ;
.
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet —All Funds Types
and Account Grouos
Combined Statement of Revenues.
Expenditures and Cr,anoes in Fund
Balances —All Governmental Fund
Types and Expendable Trust Funds
II
Statement of Revenues, Expenditures
and Changes in Fund Balance —Budget
(Non-GAAP Budgetary Basis) and
Actual —General Fund
III
Combined Statement of Revenues.
Expenditures and Chanties in Fund
Balances —Budget (GAAP Basis) and
Actual—S^ecial Revenue and Debt
Service Funds
IV
Combined Statement of Revenues.
Expenses and Changes in Fund
Equity —All Proprietary Fund Types
V
Combined Statement of Changes in
Financial Position —All
Proprietary Fund Types
VI '.
Notes to Financial Statements
(1) This report excludes the introduction and statistical sections which are part of the comprehen-
sive annual report.
B-i
.,..�.,�..��.�.,�,�
y., .. .,.. .. _ �-
_.
!�: r s
:,j
'� � �
�� a
'��'-� �'y-,�3 i
� � ���s3 one �:
�x' �
ac
—i. y.
_1 1
`_
`..�
��
—y �.
..a
w:
y ..
I
y
�, ,tom
� „h �
.:r .
3
�. �
++
J
}
�t
�Y
4 ..�.:
4=
_
� � � �
-
1.
_
r�
Y{
4
rx `}
S�
i
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{
i
- �
�+
�
'tit
��
i
i
,.,tea
Y(
a
1
f
�
Coo ���
Y oemt-eo CuCI,C axcuria-is
&L Eran
Gl;y of Miami Florida
We have examined the generat purpose financial state-
ments of the City o' f,,1,am: Florida as of anC !or the vea
ehded Secterlibe• SK ' 9E4 as ustee In the !orecoinc Tate
of Co -tents Ou• exam!^.atlo- was made in accoCance wit^
eenerall% accedes auC ilna standards anC accordinoly
:'1CIUCeC sucn ies;_ o' t•)e accountinc recorCs anC suc-
C.`'e• auc.ltlnc n•CceCures as we conslee'eC neCessa•v Ir
the cl'cumstances We d.c n0. examine the fmdncia, state-
ments of the Deoar;ment Of' -Street PalKinc o' t`le Clty c'
Mlarr FIor,Ca wr sta.eme re'lec, to;a asses a-,.
one•a:-nc revenues cc-s; rJ; rc arc 46' _ resoec-
trve'v c' the relateC the CnterD•Ise 1C"iE
These statements were e-ar-.neC nv 011ie, aue:o•s whose
reoo•.s thereon nave bee- 'u•n sneC m us arc o..• =-!cl,
ex.cresseC ne•e.n Insc'a a:. e.ales tc .ne amcu^.s induces
to, the Deoartmen: of "-Stree' ParKirc. Is nasec so,e
unon those repots
As more lulls oescrineo - tJete 16,a� tc the cene•ai
nurpese financial statements me CU is invoivea In. certal^
De.n.slor, !Iticatlo- anc relatea matters The ultima!e cut -
come of these ,awsu is anc relates matters canno. pies-
ently ne Ce:ermjneC anc no Drov!slon fo• anv liability :na*,
may resui' has nee made - the aere•a, oJrnose !;nanc:ai
staternerts
lr ou 00-ic^ vase: uper. cu examina!!o- anC .ne
repo^ o' otne auC ;os s riles, ;c the e'fect of suer ao,us..
menu If any, as into! nave nee- recu,rec nag the out-
come o' .ne nensl r. !tica',o ana relates "nat.e•s refe••ec
to In the Dreceo,nc cara.raon nee^ Known. tre genera
nurpcse trrianclal statements rele•rec to anove nresent 'a ly
the flnanclai oosltor o' :he City of Miami. Flor!ca at Seo-
temner 30 198- anc the esuits c' Its ope'atos anc the
chances financial DOs:ticn of is pronrie:any fund tvDes
!or the vea :tie^ enCec In conform,:y with ce ie,a!!v acce;,tec
account,na Dr,ncves apmiiec on a uas,s conslsten: wltn
that o' he orecedlnc vea, a'te• clv-nc et'oatlove e"ec''c
the shame. wltn whlcn we co^cu• Ir. the ^1et^oc c' a:c:O,J '-
Inc for compensated absences as CesC•.nec ^ tic:e
me oeneral nuroose flnanc-a siatemen;s
Ou• exam:natlor was mace !o• .ne
an oDmlon or the Oene•a' DurDOSe ':na^�a sia:eme
take^ as a whole -tie cornn,r.n� an ..,C,v ::..,a J^c s;a'e-
ments rules I^ the Tao,e o' COnterts a'�- D•esente-- 'C-
Du'DOses o' aeC;bona a-alys,s anc are no' a 'ecu.'eC oa•.
of the a_eneral Du•Dcse 'Ira^., a state•--,er._ . '^e
M;aml Florica ^.e :n'c—aoc^ nas oee- s,a ectec ,`e
audl;lno Droceo res aoGiec the exarr o'.o" c' ,re ce�-
era' purpose 'manc,a' state•-!e^ts a--. , _-; -,cr cases
upon our exa n!nat , anc 'he ecc• o c!^e, aJ _
sunlec. to the e'fec, of suc` aC, .s. ne a-,. as
nave Deen re0u!reC nac'ne u , ^,ate c^ re c' .rip pe-•.
s or ilticatlon an. rela.ec ^ , p s e!e—ec ne se:---c:
DrecedtnC DaavaD" anc•:e nee, -,c.,.- s 'a •,y sta.e�
al; materia esnevs jr reiaro- tc 'ne oene•a cL•Dose
financial statements :ao.e^ as a v:roie
Ce•ta^ 198' Cava .^c Jeec i- ;ne coop ^cal^v,na
era, purpose !lrnancla saieme^. anc
ma;!on, were ,-e : ;;, s ce•'' pc a^ ,..a ';rna—
cla! repo, !c• .ne vea• endeC SeI:e•^ce a a'_
I-clucec fo conDaa.:e pJ cases .
Miami. Florida
January 18.198S
ni
. .-� _,r��,,..'
s s H a )
kux'��,3:, � ��-�='x'�, r� a.t,;.
EXHIBIT
CITY OF MIAMI,
FLORIDA
(Continued)
COMBINED BALANCE
SHEET
—ALL
FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1984
Fidncfary
Fund Account Groups
- - "-
Governmental
-
Fund Types
- -
Proprietary Fund Types
Types feneral
- -"
General
Totals
Special
Debt
P,apilal
Internal
Trust and Fired
Long -Term
(Memorandum Only)
General
Revenue
Service
Projects
Enterprise Service
Agency Assets
Debl
1984
1983
Deficit in ponied cash and investments
(Note 2(F))
$ --
E
b
E
E 1.87q,A•18 E
T S
S
I.fl7!1,&fA
5 I.Fi•11.U1i?
Vouchers and accounts payable
2,873,275
1 f,f18.n4q
2.181,767
1,479 592 p,"i ins,
1.%;n 17i
W 71129f,`,
1 Cll I,,0
Accrued expenses(Nnle 14)
1.917,983
35.603
469
707.921 111.9-K
11,391.888
11.917.816
', Wd I+1
Due to other funds (Note 5)
-
548,100
-
-
6. 26 7
554.367
3 Hit 01A
Uue to other governments
-"
95,396
-
2.720
- -
_
98, t Ifi
68i 27K
Deterred revenue
1.653.547
-
--
--
833.948
-
2 481.3g5
2. IA7.?97
Deposits (Note 81
391,856
244.645
-
-
i02,969
2,001.875 -
-
2.741.345
3.609.657
f
Claims payable (Notes 7 and 12)
--
-
-
-
_ _-
1.812.705
20,810.000
2?.fi12.705
20.324.2112
6lalured bonds and interest payable (Note 7)
-
-
2,671,687
-
- -
-- -
--
2.671,687
2.802.7110
Payable Irom reslrir.led assets
Construction contracts
-
-
-
33.88A --
-
33.898
2.415.122
Accrued interest
-
-
-
-
2.190.891 -
-
2.1n0,8111
2.160.318
Current portion of revenue bonds payable
-
-•-
220,000
-
-
270,000
170.00(l
Revenue bonds payable --net of current
porlon (Note 7)
-
-
-
81.932.028 -
A1.917,n28
87.523.671
General oblrgahon fronds payable (Note 7)
-
__
__
15I.650.000
151.6"0' 00
111.020.0011
Special obligation bonds payable (Note 7)
-
_
__
_. _
_ _
600.000
600 (?rnl
71'0.000
Delened compensation plan liabilities (Note 11)
-
-
--
-
-- -•
4,142.906
4.147.gt1fl
2.285.138
Oliver payables (Note 7)
-
5,700
92,929
-
10.127 _._
-- __
5.758,392
5,867,1.18
1.154.190
Total liabilities
6,786,661
2.617.493
2.764,616
2.184,956
88.897.385 1,242.051
9.747.663 -
190.212,280
304.453.105
770.115.040
FUND EOUITY
Conlnbnled capital
--
-
--
--
56.015.8.15 8.1100.795
-
-
64.816.640
61,q!,fl r141
Investment in general fixed assets
-
-
-
277.8117.925
-
277.887.975
258.45U. 7fi3
Retained earnings INote 91
-
-
-
5.932,246 14,133.905
--
-
20.nfifi.151
18,537.090
F unit balances
Reserved for�'�
Encumbrances
2,170,170
-
-
4.099.2.16
-
6.769.406
7.931,769
Dept service
-
-
272.322
-
212.3?2
Unreserved
(lesrgnated for hurricane loss
-
-
=-
511(I,000
5110,f1I10
Oesrgnated for pension related
expenditures (Note 16A)
-
-
-
--
6.182.stiff -
•-
6,1A2.8fill
fi. 173.208
Desrgnaled for claims payment
-
_.
_
4,253.844
-
4,253,944
5.406.8(i9
Desrgnaled for subsequent year's
expenditures and approved projects
4.800,000
--
45.689,167
- -
5f1.489 If,7
.11.f16.067
Undesrgnaled
2.576.679
8.266.357
5.548.107
2.168.871
-
--
)VA12,014
13,214,24.1
Total retained earnings/fund balances
9.548.849
8,2G6,357
5.820.429
51.957,274
5.932,246 14.133.905
IU.9.16.704 -
-
I06.595.764
93.111.967
Tolal fund equity
9.548,849
8.266,357
5.820.429
51,957,274
61.948,091 22,934.700
10,936.704 277.887,925
-
449.100.329
113,513.671
Commitments and contingent liabilities
(Notes It, 12. 14, 15 8 16)
Total liabilities and fund equity
$16.335,510
W.883.MU
1.8.585,045
b54,142.710
$150,845,476 $2.1,176,751
,
$20.684,1G1 >217.AA7,9?5
$190.?12,?fl0
S; I,3.7',f 4.+J
}hA114M ;II
r,r, dr"r'.U111117111)1rrul r
f4w; to 1111,111cl;1I'J;iIofln'r1j';
I
ram"
177
C`&`EVFE-
ztfCtt �'•..
° Iry
t..t�v!•r.�tNh:7 ^lr;iC vi+e;
���`+t�2h$tf�
.7C�
A
it'�yv
—
f k
f
aaarw,.,+—i-x'way—
SEMI
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C {fY.
:y 3S�
1 �`h t rr "'• a J s .. { s f f r.,..k f z w {J7 �,t f '� .�"t�",�" '�„
}it � [� 4 s`z (Y ice} jx. �-'s"tri x �% � � r{f:: Ji i r -.} t I i f (s V( ,°?� t f i ti r zt Y o f t j-x n 4 .t C5 cdA{.i w r;zra',: Jla .4 r'--+� �. `"�'c."�t'�.+•+w-.'
WWI
', .
r+- ,?�i+ >�
t ,.
r �a
� 1 "" 1 r '+ f iako i t f f .. � � � 7 f{ f i a t s p t• Yv,f,. f�� s t r} '1� � .; s p ,r+it*`..
i} 3 li r f Y r f r i t fit f 't o{ if i z 4 r S'z„
� 3 � 1 r ' i � J i } as ..kt t <f z ra c'i's r � ' i Is f � i : f sf ,i +�. a �a � 1 fya i.,af,ws , f $ a �„' C � w�.�-a+ '�r+rrir:` w'r-•y',. ,rs'^^`�.f"'�'"'�`�:- f k »t.
4';
4 y t 7 Y y t p t i f 4} � f 7L i > i f F '*�. t r �'; t �e4 - r r 3�^• z f �.«,fi,q,,,,;t'�'C. .
ANT
t-
5 t t'S r ri t+4t rr i s tf aJ �f"� JYk �. s S f f 5 fr �r w- s 3 i
M0.1
I
F
r t I f
EXHIBIt III
CITY OF MIAMI, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES —BUDGET
P
(NON•GAAP BUDGETARY BASIS) AND ACTUAL —GENERAL
FUND
YEAR ENDED SEPTEMBER 30, 1984
General Fund
Variance
Favorable
Budget
Actual
(Untavotabiel
+evenues
fares
S 83.288
r
_ 5la .
Licenses and pe•rn!*,s
".922 84_
a5�
lnteroove•nmenta,
25 527 422
2 r: — .Er
_ ?^
Int,agove,nrnentai
3.04
6c' _E
C-a,aes'o, services
1 7r
lnte,es,
.�441 0"
3 349.8J_
4V- OJC
C-e•
E4 9_
2 •5E 2 '
_.
c.,a eve-ue
Gene,a: ncvernmen,
Fub c sate!%
S •-C �%aste
C. tl,,u'e ana 'ec'eatic-
t"e'
7cta� expenditures
Excess (ae'iciencv) of revenues over expenditures
Ot~e,',nan.c ^c sources;L;ses)
Goe-at:^c transfers
Coerat,nc transfers o:,t
7otai otne• f nancinc sources (uses,
Ex_ess foe' Uen.cvi o' 'eve-iues a^p Otne' financ=nc
sc:zces ,ve' expenvu'es aC otne' ❑ses
Fund paia^ces at c�eclnninc c' Vea' as oria nai,V re:)Ortec
AC! st e^,'o' cornoensatee acsences
Fund caiance at oeainn,nc o' vea, as es,a*,ec
B-7
14 = 07G 62_
.7,19' 422
9E 7a4 786
22.123 ' 2E
E 60Z C'_
1' 13q'2-
169 46; 77F
(3E 502 15:
923 t SE
K 702 1 5'_
2 692
16 029.614
�4 105 cJw
3 902 n5
22 592.35E
840E93_
13-; 7E3
' E5 62�_ 3 94
32.323 C9�
(1 926 6561
3C 466 427
409 736
8.25 63E
(' v52 2"
7.202 3E'-:
594 n.E 7
25' 382
..
_-^ 2'
(3 50,01
.3,
u
m
k
Z
EXHIBIT V
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF
REVENUES.
EXPENSES
AND CHANGES IN
FUND EQUITY
ALL PROPRIETARY
FUND TYPES
YEAR ENDED SEPTEMBER 30, 1984
Totals
Internal
(Mlmorandum Only)
Enterprise
Service
1984
1983
Oberatino revenues
y
Ana aes fo• se•v,ces
4 89= 83
00e-along et-'e^secs
Persona, se, -vices
5 976 - , 7
4.J48
Co^trac-uai services
2.5°a E'
25G 2
E ^27
2E- E59
M aIa-s a a suoc e�
.
24
�6�»-
4 a 6L 6u2
Un ties
8C-- 92
6� 3E
- ==
2.3582'.
'^. •agove•^rnen-a`
a 7 2 6 21C
222.E
2.2:. 694
950 44
..'a'
352
�'
Z- 48�
50» 2E�
:C^' oe:ore
L e�•e^;at'Cn e'ceise
,. .. 3CG
Eye 01O'r,
:5.A
C ::.7i73Zi
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.<..
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^'e•es.�
2 ,4E 5•..
42C
L EG- ?:
L
^le•es' anc;';Sca c•-a•ce�
r8 77E 7
—
(8 .7E 7_
8 �C5
rve' no^ore•a• - -. revenues (eroenses)
,5 84E y4E.
94': :K
14 .a__ yr
_ 8
.. come dcssl t)e'ore coerating transfers
18 425 426
z i .» 06:
1' .c cc
»3 +^ )
Ooe•at,nc ,•anste•s
7 379 »51
46'- 995
6» 44E
5 341 506
36 30
Sac :,
« $381
tve• ooe•a• ans`e•s
2»" ' S•
—
243 ' S'
J59 668
.:o ; c_ ,o e e)-raoro.nan lien
L.L. �
� '..» �cr
_
E29.25E
ie•--ca,^i -, see- •e',nancunc !Note 7)
799 y6E
—
799 98E
—
'�e' ^cc^,e css,
f382.309)
2 _ 6E
' -`• -59
629.25E
::;etalnec ear _ a' cec c, vea•
E..,79.'S2
I�.' E- 338
, 8 _ C9C
97 83-
��,r,y , ans'arL Dine ._
r65'9%•
I'S'
nn 698
—
Pe-a-nec ea• ,!^cs a- e^c `' yea
5 932.2»6
' 4 19C5
2C C66 'El
8 - ,,o,^
C
r on+, n ,:'eece aa' Dec �' vPa•
�4085 6oE
7.86E.v
G' 95. »'
SI K,6.2 .,
�+b ^'t. .^.J• Ong "or- veer f...._ ,..
1, 243,E I.+
935 492
I / V .7-C
756.11E
0^r 'ena•as
2»C 000
' 9.555
J'h.er
447.094
4» 0.
969 035
Con- -a-ec cao�'a at erc c' vea •
56 015.8»5
E.°Oc '9
64 °' 6 =»
6' SC 94'
Tcta `una ec-i:y
S61 9 4 E 09'
S22 93» 70C,
S84 8E2 79,
S88 C^,
See accompanying notes to financial statements
1�-fit
t
1
dI Y OF
MIAMI, FLORIDA
pCjS11`IbN
i SfiAEMENt OF
CHANGES IN FINANCIAL
E:chIWb
`;.. ALL RRbf�RIEtARY FUND tYOES
YEAR EN6ED
SEPTEMSER 30. t984
g8t�s
001s,
",
Intt na
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I
CITY Or MI�•
AMI FLORIUA
^.pf
NOTES"��� TO
p,yti 7 li. it
FINANCIAL STAT8MENTS
ar �,�",'�.lj � v •� k �� �"� E9�, y{ ��'�i# �t 4 , � '� t r �' `�i' k i f t �k3� "� '� ''y<.
—
September 30, 1984
fflil
Al DMI110tION
into seven generic fund tybea af5'6rireo 58a"Ui
city of fvt!aCn!, in the County 0' Dade mas cateaorie5 The fooidwiti0 fuhd tybes and atC011ni roU '
! ,£ ' % a�1d COr tOr!Ses aDDrOx!mateiv 34 souare rrole-c O` are used by the City
� � �n rr ei tan0 a C 2r' Sdua e mites of wafer The C;tY 9perg!a5 under
' OMANMENUL FUNft
e CCr^.^ircr-r,, of 3ovF nmert are...
povde5i e'^):� ^•C Sa t U''vi35 autno��zed by t5 Charta' �GOverhmertal funds are those " oUOh Wh!Ch '{1iOsi
; fjhC S3`eiy puul c NO'_gpiiC vlaSte Darks and fecredt Cn governmental functions of the Citv are fthafted tie
3`7Ct Cor'nmunity develoorri The COurty i5 a separate acduisition, use, and balances of ',he City S es�DendafSie
i or3Ve!nsTt?'1ia' n ;.tv 2^d its ' @nGai 5tate^nentS ate hot financial resources and the re!ated Curren, l!ecii;hes
r^c �deCiin tn`s rcncrt (excebt those accounted 'or in probneiary funds) afe
he �Io'ida le !S'at'v'S ^ 17 apbrOVeG and SUbr`1=fled accounted t0•' throuat dOVe ^mer'd {ands The
a rheaSurement locus is upon de'.e rninat!o.^ o' financial
�! c 2 4ehE a` eiP_C t0.1 a cCrst!tut!O to 3(hanCirr nt desighe
r'' si fVe a ne'. fo m O' t0 'the County of Ddde position and Changes in fihancia! oos;loor, rather than
! x;y a l 1p COGpty ks , ef'eCt a 'nUniCiDatitl' with gOVer trlPhta upon net income delEr, i!nation The follow, are the
r'Gr f7wVi?i5 pYfpCi.Ve 'uD0^ ' p^'v.rn,}a^ 1,65 - and uni�co•po•ated
City s governmental 'und types -
_.
areas inciudind the City of fvtiam! It has not displaced o' 00het9l FUnd-The General Fund is the general
Y t plated ',he cities but sUDDlemehtS their The County car') operating fund of the City It !s used to account for ail
take over bart!cu!a• activities of the City s obefations lit financial resources except those reduifedt0 be accounted
services fall be!o�%, moil -tUr*r standards Set by the'_ univ for in another fund
iCC3f?mltiission 01 2) Witt" the consent of the d_overningg body_ Special Revenue Funds--SDec!ai Revenue Funds are
iu;iv used to account'0• the proceeds of specific revenue
Sinte its inceinion. the MetroDOi!ta^. Ccunty Government SOUfCes (Other than special assessments- expendable
'12s assumed resconsibulty or, a county -wide serve r c ' that
service basis trusts Or ma10 aDi�al prOteCiSi ,h2; are !ecaliv restricted
a"! YOr a hu:rnber of 'unctions intruding, county wide petite to expenditures for Specified Durcioses
x ,erv,ces comniernenti is the enunic:oai police service uniform Debt Service Funds —Debt Service Funds are used
ii" s'►'$tprf•t of file protection COmbien'ientinc the municipal fire to account to, the accurnulat!on of resources 'or, and
F . bFotettit, consolidated tyro fief tour'
system, V consoltflancn the payment 0'. genera! long-term debt cnnc!pai interest
o' waterandSeVver services, coordination of the various and related costs
j sr, rfate transportation ama•arns. installation o' a cent•ai Capital Projects Funds —Capital Protects Funds are
}titi tt$tfiC cOr+trOi computer system Tier inc all
g pubi'C used to account for financ!ai resources to be used fo•
-i' transpertat!cn systems into a county' Svstem. effecting a the acdu!s!t!on or construction of major capital 'aalit!es
'i tor'tbineC Dubi!c liOrary system and Ce ,tral!zation of the
(other than those financed by proprietary Funds)
- btoperty appraise' a^:c tax coiiect0' 'unctions
The Caoita! Projects Funds include the Capital
"
` �► SUMMARY OF SIGNIFICANT ACCOUNTING improvernerts Fund whit^ was onginaily estabiished
'
POLICIES AND REPORTING PRACTICES by ordinance in connection wits special obi!cahon bona
3 issues which establisnea a iien on Certain franchise
The acco,_ntinc Doiicies of the City of Bill m! Florida taxes Although the lien On the franchise taxes is no
Conform to ceneraiiy accepted accouniirc principles as longer applicable. the City continues to record such
applicable to Governments The fonovin is a summary of
g Y revenues in the Capaai Improvements Fund or in the
irk tme more significant policies General Fund based on budgetary considerations
7
(A) Basis of Presentation Separate Capital Projects Funds are maintained to
The accounts of the City are rc m p account for project expenditures funded by general
c a z_C on the basis o!
4! funds and account gro.Ds each of vfn!ch is considered obligation bond proceeds Expenditures for projects
t, with multiple funding Sources are accounted for in
)br a separate accounting entity 'he operations of each
the Capital improvements Fund
tuna are accounted ,or with a separate set of sell-
,
t t paiancing accounts that comprise its assets. liabilities.
tt fund eduity. revenues. and expenditures or expenses. PROPRIETARY FUNDS
t as appropriate Government resources are allocated to Proprietary Funds are used to account for a City's
iw and accounted for in individual funds based upon the organizations and activities which are similar to those
y417 purposes for which they are to be spent and the means often found in the private sector This means that all
r�
by which spending activities are controlled The various assets, liabilities. edu!t!es. revenues. expenses and
r' ` funds are grouped by type in the financial statements transfers related to the City s business activities, where
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days subsequent to Seoternoe• _ •crc,.ced th?
amounts received pertain is liens assesseg z'10' IC !-le
end o' the current fiscal vea• The special assessme
receivables at year-end c' SF 256 132 o'vwhicn S5t9 03:
are delinquent. are Show, net of deferred revenues c'
S7 953 372 Spec -al assessments are receded in !,-e
oe^era' cohgation ocnas aebt service 'uric s•^ce the",
recresenr only a partial reimbursement c' cos!c 'nc'u'rec
it ce ,a!n capital protects financec,. with genera oblioatio-
bc^ds and are pledged to serv,ce inis cec: -ne Cif,,
aces nC! 'ssue special assessrne^' ^oncf
unce' the .^,.or P- __ _ a ba;' o,
a u are rPnerai'� •o OC iZE Jy e^ ^G roj3;eo
;.nd i'ac 1. is " ZUied qr C exce=le� :.',J 1;?.:ec
w', ava iaole resources Excel' _ _ oene
_ ce pri^cioai a-
•e' ee,' which are recc. zec
A: r-'oD 'elarV Funds are acCc !ez u
acr'ua oasis o` accc'.,n!!nz 7 ^s, e✓en es a P
'ezccn-zec When they are ear"ec anc !n.- expense:
a•_ e__ zed wne^ tne. a,e _ e�
hP `+cenC. Furic is. cUS! ;0, a n n3;..'E a- C Oc'e' nr•
i^,,o•vf- ,easurement V _'
acco:.ntec 'or uncle, the rnoc!',ec acc•..a ;•asss c
acCo," , _ Assets and iabrl t!e5• a,e •?cn^.^ zec vvine-
thev oC_.., rekariiess c' the ,,r e a'ec cas-
'^ov:s -
(D) Budgets and Budgetary Accounting
The Gt: '.o .ows I.nese ocecu e n esla:�' sn nc_ tn_
bucketar, data reflected r the `inancia s:a'emen!E
P' Augus! 31s! ^e C+lv Manage
the !v Comrntssic^ a c,=oseJ opera:'.n-
fo• the fiscal year commencing ;ne tviow'nc OctoDe'
is,, Tne ooeraiinc ouece' r)ci-Jes DroDosec
exDe^c:tures and the mea"s o' financing ine—
Bua?e:arV ContrCi ove' e=Deng-!ores inc!udinc
capital outlay and ope•atonc !rans'e•s s exe'cisec
on a aeoartmentai basis
(2; Publiz hearings are conauctec is =:a - taxcave•
comments
t3) Prior !o October is: ,he b..oze• 's tecan, enacted
tmouc, passage o' an oral^ante
(41 Encumbrance accounting unce' wr•'.cn ourcnase
orders contracts. and oine' comi-niiments for the
expenditure of monies are recorded in order to
reserve that portion of the az:)',cacle apprODriaticn.
is emp)oyed in the Gene,a! and Capita, P,olecis
Funds On a no^•GAAP b d.eta•y bass
encumbrances are recoraea as expenditures of
the current year On a GAAP oars enc.:morarces
ouistanaing at year-enc are reoc•iec as ese•va-.!ors
of fund balance since iney CC hot consnlu!e
expenditures or liabilities
(5) Annual operating buckets `or the Gene•al. Special
Revenue ana Debt Se -vice Funcs are aaopiea on a
basis substantially consistent with generally accepted
accounting principles (GAAP) except that oudeetary
comparisons for the General Fund include
C).l .^.ge•- . �- �?_. .. _ J��. �-!.'nenla GYuG'I�.a. •p]
Pry P-. J.. .•�- _ ..�� !.. ..•.?:
!c _c^-care •esu _ o`
_ Gene -a �unc or, a GAAF oasis
ina' on a pas-s 'or .ne vea'
ended Seciemoe• 30 are as
Excess o! e;enues anc
otne• 'inanc!ng sa�rce-.
ove' exile^ar.ures anti
o;ne• uses GA.A? cas:si S' 38. i0
Less en.c,.^nb•ance-- a'
Seotempe2_' 70 ,�•
Pius enz;mpra�ces
Seo*e—,ne 49a gV
�:cces_ •eve'.je_ anc
'inanLg sc,"Ces ove
exDP^ re ne _;ses
FC i Q? a n' ''8: ^c n,
fd..ne .oiljwh, r s:pca'=leven',..e Gu �o ^nlun'
Devei=D e ADC! c Gas "a�
anc otne• -n's, 2 sce_ a 'eye-n
adding,7 bua•7-._ r:e e nc• aa., '!ec 'o• :r)e nac, ve
Deb; Service !c• ,nee . •ange 5ov. anc t`•e
lnc'ne•aio• 6;1ncs :•chose 'andi^•c_ c Daancev
as o' Seotefrce•3 99° :eta'rnc S8 5 c_. WerG
acbroo, a!ec .-,P : ail !a' =.T �•,^a
dur:nc '9Q-'
Buagetea arnc :- are as o• _ nay aa_c'ec a=
amencea by ,`e :,i,y' Corr,,—. ss-cr .^rcuC .ne vea.
ie' Upon 'eoL:es* o' .^e vanage' .ne Connr'!is-
s!on may l ans'e• among oeDartmen-,s a": Da c'
an unencumoe,ed oaiance o' an abprepr a.ic..:0 a
purpose o• ocie c! •c• v✓,',c" a- aDo•cp a'c !c• !^e
current yea, nas o-ovee nsL f":c en! A: !ne -lose c'
each `iscal vea, the �nencurnoe•e_, balance o'
eacn aDoreDrio!ien reve,ts -,c the tunc',o- v✓nicn !
was approDriaiec anc sna ' be subiec: !c future
acpro2•iaticns
(E) Pooled Cash and Investments
The City rnaintains an accounting system in whiCn
Substan:-ally all cash investments anc acc'uee inter-
est are recoraea and maintained n a seca•ate group
of accounts Ali such casn anc ,nveStmenis nciva!nC
accrued interest are reflected as 000lec casn and
investments Interest income -s ai ocaieo cased upon
the approximate proportionate ba arces o' eacn `un.c s
equity in 000,ea gasr anc investments tic merest is
cnargeo to funds naving oefic t baiances
Investments are sta!ea at cos', or amortized ccst wnicn
approximates mari<et Ail investments consist of U S
government obligations. U S government guaranteed
investmentsand time deposits with approved financial
Institutions At September 30. 1984. accrues interest
on investments amounted to approximately S1.950.000
4 '
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ID -
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96
r r
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i
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y
77� - .. �.• ...
Bond Discount AMC Issuance Costs
;W
tl,.000 of assessed vatuatior fo' genera g0vernmenta.
I' services othe• Inan the oavme- of DnncrDal and interest on
general oD!;caticr ions-'e— aeot in addition unlimited
amounts may be ievied f0' the oavrnent of pnncioa; and
*. interest on eene'a! oblicalie Iona-te•m debt subject to a
limi"a;'o- me amour'! of debt oulvandinc The tax rate
to finance ce,era eovernmentai services toner their the
oavrnen; of on -s:ca! and mterest on aeneral oblicalio
Iona term oeo' 'o the yea ended Septernbe 3U '984
was 39 c De' CGC np der,*service fay rate for the
same oe-oc was5' ce T
4) DUE FROM OTHER GOVERNMENTS
Arno,-ts due 'nor* C?^e' CCVerrnnenis Dr1mari!v roe -
resents amount_ re,a! ^c tC a_ran;s awarded by o;ne gcv-
erhmenta aeencies Fece'a Revenue Snaring monies and
other recewabies 'rom slate and local cover -meats
5) DUE TO AND FROM OTHER FUNDS
Die tc arc '•or n -iar a•= 0a"- 3-c
tC 3^c'ne' 'o' soeC 4 C cJ'CC e= A' Secte -;e' _ _
^e Daiance '1 due '. T darer funds co-s St2--
fG'ovn�C D a D t
Fund
General
Species Revenue
Downtown Deve:ooment
Aulhorily
Miam, SDorts and Ex7ibitior,
Authority
Other Furos
Capita! Projects
CaD:tai ;rno'ovements
Enterprise
Off -Street ParKmc
Tota!
ue rom ue o
Other Funds Other Funds
$ 3 7 5 50 _ —
— 5 046
— 197.00C
6.267 346.',54
112.603 —
6 267
$554.367 56 35'
6) PROPERTY, PLANT AND EQUIPMENT
A summary of changes in general fixed assets are as follows
Balance
Additions
Deletions
Balance
October 1,
and
and
September 30,
1983
Transfers
Transfers
1984
Land $ 2C.736.050
S 122.684
S —
$ 210 E56 73-
Building and Improvements 24.071.349
—
—
24 07' 349
Machinery and Equipment 17 163.464
8 1.71.652
2.24C.506
23.094 ct C
Improvements Other
Than Buud ncs 124 909
12 515.608
—
' 36.640.517
Construction in Progress 72.154 99'
13.68E.70C
12.820.976
73 022 715
7ota! $258 45C 763
$34 49e 644
S15 061 482
S2 E6' 92-
General fixed assets as of September 30 1984 summarized ov'undinc
source are as follows
(unaudited)
Capital Projects Funds
Genera! and Soecia Oo!rcation Bonds
S206.091 e02
Federal Grants
20 °16.551
General Fund Revenues
45.967.721
Special Revenue Fund Revenues
4.789 789
Gifts
122.262
Total
$277,887,925
i A summary of proprietary fund type property plant and equipment at September
30. 41984. i5
as t011Ows
Internal
Enterprise
Service
i Land
a
s ' 0.9e .38e
s 401
Build;ngs and
128 317 021
399 945
Improvements
Machinery and Equipment
5 191.01
2C 808 022
Construction in Progress
3.386 460
—
Total
$147.858.84C
S25.2C6 368
Less Accumulated
Depreciation
21.639.5C2
10.382 644
Ner
S12e.219 338
$14.825.724
x
i
a
B-15
Y.
2 '
3�r?=bob
-
Ci
..SDEt�iEl,
�c+`
c•�nCe�rise Debt
faEREtSi
eb'fi
Clllic�5s 3 tgE+ b , 4iEEtE ,�
_.—�-
�erenue
Gb�s
Oblib!lti8f
a li► �t4t�t,_ trii
3onas
961, t
i
u
_
x i i _ i �• LAG
-
_ ... �'L •.._.t C � � - - �
�
� `,=x `fix
�r
a . .
zz
i
-
the Mhual regUtrefnents to amortize all bonds
and
tit iayables outstandtng as of September 30, 1984, jhclud
SuDmemen;at Reserve Puma,
i merest payrfients bt i281,03i.00v^ are as €ollbrv5 Iln
F Re:kPtiva an, ap D:acement Fund and the Surblus
F `no Tno ,
x
5usan3s of dollars)
��
o
s_ os anc accounts are ciese?+bed below
olf
+� Revenue Fr—Fu-suan; to the gust jhdenfure
0jP!tb6 3d Abletgit 6h Ob110�t on avaPtt�e �bla§
Y,..
deo oss levenues ` o� the Conveni�on Genter are
1985 $ 18.187 $168 $1.162
ositea into 'tie Revenue FuhC Amounts in the
Revenue Fund
1986 21,025 163
are then used to Day the ourneit
Y
8.06.,01,0e*7
1387 20,051 15?
oberating eroe^ses C,f the Convention Center.
8.075 1,100
9.01
1988 10.013 15 ;
66nd Service Account Onte+est Account and Pr�n-
6 075 i4[
�1§89 17,d26
bbai AcCbUntl._ ,o c
se aC.ounts wee established
— n
8,08 i ,2b2
300=199c 72,380 _ d� . o
for '`h? Du•aose o' acCum. , .
uiat ?. id he monthly depos
'b'
.5_ =
096 ib99 51,303 d5.33A
its interest 0" e bonds anc tC accumulate the
'hiy
� �
)0b•200d 27,252 — da d7F
mo tlebcs�ts the r,
, . annuai b• ncioal payrfien,
5feattet : i8 69a 7 . a
b,.the setiai b nay
$265 331 a+ $2�1 �;L
$6 $5 8
Redembtio A _ E •E a d was established
fb, r , ' c v:n:
tSurDb,9
,
—
the b' a_curruiannc rho month oc
iv deb
r'
its fo the al+^ua, u.,nc+Da Dayrne^; o' the tent
The various bond indentures conta s+cni'k
bbadS
bns and restrictions on annuai debt service' rebus PmPn +eQe�ve
f t
A ,, UU^` -Y� !s ac ou^; it- used to bay 7
tntenance of and flow of Moniesrnt'
trlrouah various resthcted
rest on rhs Donos and rriatu nc „r-ncibal of *
,
ou'its minimum a�,, , - �r. ti� ma nta�nea in vari bu
tohds whenever a,nd to the e , 6N to-; ' o
ex tt e th_ money
erns^ funds, and minimum revenue oono cove aces
Held tot the credit o' the Bond Se!vrce 4ccour,t or
A summary of major Drovis:cns anc sioni`icant deb;
the Rederrib;+or Account -is rnsuf`rclent'tot such
vice teauirements foliov- . -
burbose. brovroeo teat money +^ fir s
s; the SunDlu�
Fund. seconc, the Suoolernenta! Freserve
�ef,eral obligation Bonds —Deb; service is
'•uio anc
third, the Renewai
o•ovioeu
€or by a tax levv or, ione)emcl orooert` value and
and Rebiacernen? F,,nd Is aboi!e
tb mare uD"any 5ucn de'rc:e c rn ;ne Bond Serv-
co+lections on assessrrlent iie^s !,Om orojects financed
ice Accoun; flr the RedemDrc^ 4+Ccount befor5
by proceeds of such ;,cads 7ne total general obiro_2
any money �n the Reserve Acce ^t =s eisoursedao
Lion debt outstanding rs hmaec by the Citw cnarte t^'such
purpose
'fifteen percent of the assesses, non-exemol Drobe`ty
i Const uctiCn AC• ou'n'— nisi
__
canoe At Sebtembe! -: 1954 tne_s etutory l,mitatru-
€or the City was apDrox:male ti ' 658.0GC brov+d•
ac£ou:", _ comprise-
of ;tip ne; Dro eeCs'cr tnc $O.^. Ps p e
c issue. to b_ us_c
€or
,25b
inc a debt margin o' abbrox,matetc �' 112.556'0^,
€+na: cDnst. uctron Costs;
P., 6;,,0 +—_ ,
$uGDlem tai Reserve Funu r7i5
after Consideration of the S15i 652.00^_. c' Gene ai ob
datiorn bonds outstandlno at Seb;e�rbe }es;
..Jno +5 k0 Drfl•
vide for Daymen' o! current obe'rwinG expenses
:98
apprexinnately $5.545 000 avauaDie kr the Cep; Serv,te
and/or D ,nc+Da and :n=ere5? reaurene^ts of tnA
ni
Bonds
Fund
andror Ra, and Re^, m
- dace en, Fu^c
General obliearion bona, autnorrzec ..0 .nissueC a'
reou+rernen;s in the event ;ha; cross revenues. as
defineC i, ;ne Trus; Indenture.
Sebtemoer 30. 1984, totaed aoprcr.: ^a e y i �.c'S. h
are knsu'f+Cien ;O'
do so The amou:nt "elc ^ ;nis fund must at leas;
$60,000,000 Convention Center and Parking Garage
be ecual to 2:5 Dercen; of the maximum orincicar
Revenue Bonds
and interest reauremenis on the then outstandin^
Debt service is croviaec oy a oiedge o' net never
Bonds :n the Curren; or any succeeainc 'fiscal vea-
nues of the Convent•o^ Center -Garage a D:eoce Cf
• Renewai and Replacement Fund —This fund pre-
certain telephone anc ;elegraol, excise tax revenue:
vices for the payment o' ;ne costs of unusual or
and oy a covenant anc agreement c' the City to pro,-
extraorcinary maintenance or repairs: renewals
:vice to the extent neCessa•y, everk,;es O' the G ?•
-
replacements, anc engrnee+ins and dtCrliteCtural
other than ad valoreT DrDper; sax revenues s° "•
exDenSee_ inCurrec to the a}Dentlaure Of renewa
Gent t0 make up any per CierCv in Certc n ^` 'he reau;re-
anc ceDlacement funtlS Are `br paying the cos, w
resat+Cted funds and aCCflu:^.tZ any Capital improvement exceeo;rg $25.000 in any
Various funds and account; neic ov the Trustee
fiscal. year
"have been establishe- nae' ;ne to •r;, • f ;ne TrJs
• Surplus Fu^c— n & func;!s es:ablisned to acC .-
jridenture pursuant is .vn:c^ :ne ponds ,ve e issue^
muiate monies it any it excess of current opera;-
;nose funds or acCOL I S perta nin,. to these .pto expenses; deot service <Dn me bonds and mo^•
Sions include the Revenue Fun,. Bond Se7^ce Accp„tft res required =n any and al! funas and accounts
m;
t~re Redeption Accouni the Reserve AC` ou'at t3 g� , '; °�} p, cuant to tne,Trust indenture securing tie Bonds
+rjw `0
t�
6
�y,W.Mr W t�:at7 f �t�+''; ay, ; fix rug
MW
^r. ii`lo. ,�3 1 Li• ,�.3N k�-`9 ``yt 'S.•;rd ty. m iR,e x r
) {{ L GtkE lx`ylt"£akit'�aW"ta
� s
gi �!F�;'i.. x4,, :�{t„(,,. t' �Ji�S '�
„, ,v ; , ,k ,. k �.. , _ ,�t.. _ , ! . �, .. -... •. ... . k. . - : ! .._ , . , , n M _r, ra, Y, t. ^�'k<..rl� ..,. $,.9 UNN .1 ..,° .. o t? n '7.�a. k " NAir�P.r`sil- fi u��.h. rc"' „nil , . ,,. ;-i•z i+£r s+ `,"+ >'a i+"
y
v., �
rye ....
_ _- _ -
a A
H) CHANGES IN AGENCY FUND
Ttip 5
aca c` Fuca used to account fo' the
52.000.00: Rpr(C rT a�Ce dpD'z) '!s by the Cable T V licensee
and interest ,nerec- w. c'- �s Davable +o the licensee Th
chances tree C_t, s Agencv Fund are as follows e
Deoosrts and accrueC nterest
I
eginning of year
Interest ece ved $2,046 622
203.240
Interest oaid to licensee i1 7a o^
2 ni
DeDosits ana accrued interest
end o` year SL 0?5 564
!D�fJ� .^ ?'. 'e es 'elati^C tC !^e ncensee s
ne —,a`_e le ,^e :able .z)!C nance the C,tv nas assessed
�_e tOtaii^a aDD'ox:rra;e1v jf miliion
c_ the assessrne^ : suc:ec.
Cc a!i mate P 'vp^;^ aDD'oval Dased UDC" :^e 'esuii5
aeD-nd_ ev,ew o`. t e iicensee C adne'ence t0 the
o'dindnce the amount 0! the $2 million Der'ormanCe debo5it
has not been reduced by the amount o! sucn Denait,es
9) FUND EQUITY
Fund eauity in the Enterbrise Funds at Seotembe'
30 1964 cons,sts
o` he 'ol ow no
Retained Earnings
Reserved for
Construction
and Revenue
Bond Retirement
Unreserved
Contributed
Cff•Street ParK�nc
S 1.678 10E
'
Capital
Convention Center
753
Parking Garage
10.239 964
i 16 614,4071
42.243 798
Auditoriums
1.273A1C
t1 559.6?3i
^
633.9v0
Marine Stadium
12.514 9201
5.600 C' 1
Miami Stadium
(174,21311 i
674. 75`✓
Other
—
l42?AC2i
397.349
Total
—
E.1 7E 022
4 344 27a
$13.191 48C
S ?.259.234i
SSE, 015.845
See Note 13 for selected financial information
regarding ine Ente•cinse
Funds
total
Fund Equity
9.E.... 606
36.869 355
347.63
3 086 09'
500 554
970 347
' C 52C.301
So1.948.091,
The following individual funds have deficit fund eaury lion of a 31: Conventio Develeoment Tart autnonzea uncle,
at September 3C, 1984 Section 212 057 01 !tie . Fi0'ica Statutes arc: eweC anC
Fund Amount collectee by the �_OUnty
Capital projects—Pa'Kinct The other de!ici!s wlli be el!m1natec ov �ncreas,nc
Facilities S 6 065 inlerfuncl cna'aes anticioatee oberatinc s '-:uses :n the
Special Revenue —Downtown future. or by con!nbut,ons'•oT !ne Geno c' FunC
Deveiobment Autnority 16,129 The expeneitures in the Rescue Services SDeciai Reve-
nue funs exceeceo the ap
Special Revenue —Miami SDorts
0 oar at:ons by $25 to, ine
and Exhiott:on Autno,ity 189 460 year enaea September 1984
Inte'nal Service —Print Snob 153The Property Maintenance inte•nal Service fund nad a
80� oeficit in retained earnings 37. • 1
The deficit resulting from the first year of operations of art 9s o S which was o, set by
contributed capital of $271 755
the Miami Sports and Exhibition Authonty is expectea to be
eliminated by the release during 1985 of its allocated por-
t _-
a
Self Insurance GLTD
Claims Payable Claims Payable
frimpnt Pnrtinnl (Nnn-Currant)
recorded as an asset and c res �a n, ati,tv ir, tie
Pension Administration Expendable- rust Fund One of the
plans orovides for a City co^uiouticn of 8 of base salaries
o' Darticicating emotovees v.-as aooroximateiv 5139.000
'or 1984
1
Tne C': a 3_ —aje .t'ons tctaiiing aDerox;mateiv
S21 739 K'- I- ^e =e .a' a^d pension Trus' 'unds f0.r Police
and FvP' gntP F'uno,^ for these contnbuticns was received
`'o'n the State c' F o• da u^de, Chacte•s 175 and ' 85 0' the
1:10r da Statutes
12) SELF-INSURANCE
The City maintains a Self-insurance Expendable Trust Fund to adm,n•ste• n.surance activities relating to certain
property and liability risks, group accident and heaith ano workers comoensaticn
Charges to particiDating ooerating departments are basei upon amounts deiermrneC by management to be necessary
to meet the reauired annual oavouts du!-, the 'iscai year T`1e esrmated habahry 'or insurance claims includes the
estimated future habr;ty on a case-bv-case Cass 'o• all oeno ^g c;a!ms and an actuarially determined amount for ciaims
incurred but not rebo•ied Tne jnf ,nde-. lent -term portion c' the total estimated !iabil tv whitn is exDecieo to be funned
from future operations is reliec,,ed in the genera' !Ong -ter— debt account grouo iGL'. DI and amounted to aDDroximate v
$22 810.000 as of Sectemoe, 3. 1984 as'eiiorrs
(A) Workers Compensation
All workers compensatic^ tests are ciaid from the Self l isu•a Ice Puna wun• a:
departments of the C,tv beinc assessed a cnarae based uoon annual cas~
reouirements
As claims are ecorteci tnev are investigated by cia'rns personnel and a•.
estimate of liability on a case-cvz;ase cas;s is estabiisned 'ne estimated i:aoii,f:es
are periodically rev,ewed ano revised as clams oeveioc Most !lab i,tv in tn,s area
will be payable over several vea•s
(B) General Coverage
Departments of the City are assessed'e• DroDe•ty ano cas'ua,ty coverage base-.
upon the cash recuiremen.;s c' the Sei'-i^S'�rance Fund arse their relative snare
Of the total risk The City nas continue-. tC pur_-nase .;e'tal^ casualty nS. ,ance
for which the premium is smai' n re ation tc the coverage oroviaec
The City is VN '-surer suciect tc a SIC �-X oeo,ctiDie 'o- al' oroDe'ty 'oss
exposures As casual:v claims are ee-.rtec tney are 'nvestjgatec by claims
personnel an es'imate o' :.ab,k*,v on a case-cv-case bass is estabiislied
(C) Group Accident and Health
Certain employees and retirees of the C.tv '_—on ;o'ute'h•oucn payroll deduct!ons
or deductions from oension Davmen.ts tc the cos or g o c benefits Tne remainder
of the funds necessary are corer Duted by the Gty baseo �o0 the number of
participants in the Diar, During .1ut., 1984 'ne ;abo• unions representing
policemen and fire'icnters estaDlisnec seDarate Croup benefit plans for both
active employees and retirees The C;tv s plan aces not cover those emaiovees
1
j.i?s
r ... u i .,•a .s . ,� z e . ufiG 3 a - . *�5;�� �. � u s u- e:,.t. a s:,:< e v , _ ,:..,,1 � 's S t r }.: S
_..,. v.c..;,,
:r.,f .,:, -§� .>. r. . i,, hk � ,t .2, d •M1:d ,�.: � sd. x 7 �.r .i , �'. 4f .s. z. � `5 :� 4Nsu 't 'cn ,:,- '�a 1. i �.Y...f �yle...t' r,,.
-...,. ....,.k'� v...�.
:�: .w
f .:...,, +� s;,.: s ,' ;: �s,e.. "i �_u-..;1't``'t- "r.:.. s - r xi• ,:F.i ,, CS i .. .,s i a.; x ,.�. §e . k -s. ., 3v1 i• :4',.y Sy.,, t�-Eir, s', ="' fit.;
,,, .:
....., .;,.a
,,....,... ,
,;.._Is'
,.
-i .� .a �!. x+"* � �r.Y „F sr ,x#,.;., r`. "r, , :�.r• �µr a 61, �, �: f .c,�
.-Yt,,��', �° a:.. �f'�..m....�,�k. �� . La( k.. G I : 4.�,u "� b k:.. T� .., ti.. ,'t5.�' h .S t` -1_ rJ2:�.ik J'{L-,h' v-(.l i�t3:: yi.uS �.m�de ::t'i iilic3�• r�+ �� xh'
�5, -✓'... _ �� _,�,.... .n a fi. ,.,. � , . 2, � ''�',"".: a z: e„Y-51 g3 ::a r st :r 't -lwr.. .. ,t;.:: , .q . ,.�,, r�. r,}n i, r �s
' . ,. r �'�.,,a •. � , .si' .r .: raht , ce'�, t�.. '�#.?7E �is:�'. .a �. tr„F' c 3��..._-r a�, ?.r� r t,; } s ,< '.r ,) t, i s >£�. �,b.r i,
.... n;.e; ,. a :w zY. Nr,t+ {.. �'r" a 4f .at;SS -S �?t. d :}" {k IVX
.(N;m ait Y. .rc4�Y{i.., i�"�q. fTv -15 "( ti'�...'�`��....f 17 SI t k:f tt i�.:
::..,.r
Ft ssil ���
a -t
5E'L
10
ipw
3 C
a
Gene -a' OD�ica,'ar H4us^- b,_ P c_
cose 0' .,10. _,Js'nr 7 e: a�C De'SC -
ne
• _ so Bonds anc as
au,ho•.zeC
Soros 'a0 oee' 'SSuec
ac•eer.e^.s oetwee .ne . ,v �J! _'
anc Caae Oe'un,. ce',a!" D4 :ne orocee47, 4
:: Dr- aeDcc :e:;,'
n .,G :
.n a "?se :e
. 1,-eve-,.
aea '-a' sec 'or ce•:a'. hn�s. e Je-,. . _
De ssuec ✓. Lace .4J7''. J . 7e a -a nc
eve-, tnc" ncJs,-. D•clec:, 7: ,r .e•ip• .p .�.,p,.. ,, ,�[
:l seCe tre _C'.,n'.� J_._, ^'G ✓"l.�ee 4: �' ..p .� . ..
rc;, : Bonus v. 1 De u_ec ca. nL Ca 3 e'e
nC::,eve• •''e D'aoe _C'u ,. L.I '_'.._ _ �._ ✓_ a•e ;e •.
a a,T4un._ ,p.na! . ^ na ..s• zc
CE 'e:_,—ec ;4 'ne . '.r _ nrGP . se' 'o' ..Cwe t =
�:D,e^"De• .... u,Cs„ ac.. -a-. 1'G _ ' -ac Dee~
:-a~=•e'•ec , :he rJs:ee •C' CP 'es'?, e 'eC-
^ e~. anc the _ t. s _na,_ v cac.a
^e a—o. ,_ .ra _ _ 'e' v _ ac::; '•are
Dee •eco'cec as -eceivatie= '^ •^G =ac,a o of?:*s -os
a aue ,c ,I e .:nce ,ai a a ,o.:an G In.
^E 'J amour: nay been eC,at
ao'c!,io^ ce,ta cone aroceecs a,e ic oe usec
nar'ce iana acau,s,,ion arc 'e,atej cos.c '4 :ne a"0•can,'P
re -:a! nous!nc aeveoomer, o'4c,ar D x d s oD!ec,IVe
is ,ne cons,•:._,!e^ 01 acD•ox rra,el> en,a Woos ^c
units wi.n!n ,^:e ;, c' Y! a^n ov. a^•c mocera,e nco're
De sons . er -,to^ v: , Lace Cc. .v !s
exoec,ec 10 De 1 ra^.ed D,, ,h'_' 'ss'✓ante c' -;c *Lc St_
in C,,v o' Mlam, Mortgage Aeverl e Bones ana ecu,.,:
Investme^,s lrcr^ .ne orolec: s oeve o:;e•s
REVENUE BOND PROJECTS
Convention Center
ThF ..I Miam C4nVP^,, Irl ••, `P^te' c"i .latIv ces:Cna,e.
,ne �., CI ��la" .!.'1Jri�.e, �.I;an. a �e5 K^
1".e,nat!4na Ce^te' 'C4r've^.:,0Ce~.e•! •^•.e^cec
ooe•ations in OctoDe' en:e,ec i^..o an ac,eP-ne^.
wi'n ,he Urlve'srty M.d'n' .o 'ease scace . :•,e
C'en.e• 'o' a ;e,m o' 33 yews �Gyea• 'er)e:,a!
oc,,or5 'or the su- 4f 93E D': ca.0 as sass 'e
advance 'n 19E' -ne C,v also er.e'ec .rtc a ease arc
acreemert for oeve!co-er, w;'^' a c• va'e ceve cce, o'
ce,zain at, saace I.ne
a note! 7ne C,y a sc e^.e•ec 3 ac'ee•r•.e^. ::. a
Cec,a'a.e, iva:e 3e:e!01_e':0 ?ace a' sLaCe _.e, a pe•. C^
c' .ne ca,io�ir_ ca•a;e 'c a v ::c az;e -en.e,
nce' cc^s; u:. Or ~'e ease Is 'o' a ;e•. c'
yeas a »E-.ea• 'e,e,..a, .,., e7, arc D•ov''3es `o• a case
,e,;, c',90C :C� oaz ^ acrarce 19E' D,..s ac,..:ora
,en, oayaD!e arnLa i as a c ac-a,ec oe,ce',:a;e o' c•45s
saes in ex-.ess of S2r Nc acc . -.-a:
^a e^, :.as
receive., a nc t 9b» a^ae tnis a'4v s or 're ar' c..nts
receivec as Dasic rent in acco.- .eo 'o, as an
ec::ry ccn.r D ..ion to the Convenrio^ Cen,e,
in A„gust 19611me City iss..ed SEA: J..-'-- 4
Convention Cente, ana ParKin•g va,a;e Peve%e Dor::s As
I
l?*Ce-ses ana aec CF•, __ - rF
rcen e ne ~as a44.4D• a,ec anc• .Y --
.. .., se•. �e?' •P JG^_.JF' 'C' .nese
' s:a yea' e - ce- _- _ a-: _ CC 2.
Parking Garage
✓ors.. J.,.4~ t. , ...PnVp^- /Ie._ _ _� .. v 'a: ..
Dole- '1ed ._ :nG ✓.... _ a- __„ _''e Cr' a'' _.. a'e,a zec
JnCe' ..,P h=C _ ^3!_- 2. ~e' •e'.e^.,e^ _ : a•
c}•ace an- .,, s c_:e an dC•PP-^e^ -
D'Cv!ae , :nP ey!e", neCe553.y 'e .e%ec- C' .ne ce' Jp
/.o.., wa.e a- - .as -.. V Se,., ces :a, _ e•- .- —awe
'JC an'. Ce, [IP^ ~e 'ec_'.ec ci r _ .- •ec o•,Fc
7ne ..,'v ras a=,oc ,a•ec zo✓ c..ra:e'. _
'a1, .even,_e IC. .r-` nsP ,^F cC3 :ea enc.n^
Sec;emne• 3'_ __-
Off -Street Parking
!^. 'Dc,00e• 1??,. .n'e DeDa'.re^.c__ _.._
o' Da•wm^ Svs,e ,. eVenl.e BC CS je•'es v. e
eu'cose 0' fe''ra~ ^^_ the c...s,a _ 'eve%e ocncs
!see Note
Unde• the .e,-s o' .ne Bcnc c c ces .-e , :a arc
the Deoar'men! afe •eC,: ec amorz o;ne• : __ 'o es,ac s
ra,es and coi�ec. lees arc :.ra'ces :: _ ze s.." _.en.
at a;! ;!hies .0 is Day ,n'e C45: c "'•a ~.3 n c 3-C 3,,e'a
,e,atec assets oa. :'`e -c Da arc ^,e'es' pC e
o' .,)e Ou.S;ana nc e,. _ ..e ._ a C _ _ ._ a " ia:ntd:n
sDeC"'iec 'ese,ve_ C s..: Sac
No Deoa,trien: o, C';. asses a•e _ cec :o a:a•al,ze
a~, o,*,s,arc,n.c _ . an, .^e ., -..as ~c ac 'or a
on -term 0en'. 0l :re Deca• e~.
16) LITIGATION
The City o' Y am, e,:es . ^na''y on .s tega Decal,
ment acting nce, :ne d•,ec, c~ o' t•1e CGty a:.c—e.r 'C,
,eca! aa':ice .;i':Z'^'c ou.s ce Counse '.vner: n0^s:ee•ec
aDc'oDr'ate Outs'oe co. -se ~as Ceen e,.a^ec :4 'eo'e-
ser, the City in ,re De^sic :,-a:. cesc' c'ec -ai De ev.
(A) Pension Litigation and Related Matters
n '977. a crass ac:'c av:s Ganes .s r� c
4f-a.1n:, v.as foec si ::e-a'' a' r'e^Lets a^✓
oene',c;a,'es o' .^'e G,y s De^s cr cans seed~c
to ,ec..'•e .ne C,.y 'Cr .ne yeas ?'S 10
retroactive y rrawe aoc tlera deCcs'S :o ,s Den-
son oia^.s ,o,a, ing acDroxima,ei. S-_ 'nc:..c-
ing n.eres, o' aDDfcxima.e!y S'S :-- as c'
{
r -
r=�-
r
r:
• L .. ...:+". ♦... _ fir__
G' ,.
, f�.%�
.
r .
J '•
..
r
1'-•L-ram s�' •t r G"� ... .,
_
_ __.-._ _ •�� ..L-�
:. G r .. _ _ - G-� F,, tea-•
_ ..
�_-� - _ .... t. _ _ c _ _
•L L .L
_
-_'L
rL
_--
.. -L - -
•.
✓L'✓f,- •• _•• _- _ - - :t=S.
••s. L
-`-•._•'.f`-
f
Since the Gates vs C. 1 c` '' a ,s a c;as
Leo n are erce�;ec c be sc^,'` ca^t Snow o
aci o^ it i5 nec _ c,
essa" '� _ va , `P rC n•�
there •JP a •a,'-,e 1' •-P tea• pC r` •ea:^ a^ a�•ee_
Dosed settlement r
e c a •ne'nbers o the class Ale-
a 30 day notice per c •G :,e-nembe's of the class
men: a o ire a-o,,,n; o' Costs c eascnar e
the C,ty has ,ne oe o- no; to go r d
o•wa. the
a„orne\ iegc ire AC'ee le^' D'o� ��= `O' '^e
eS
Acreemeni r more ^a^ _,^ '10,viouals e)re•c,se
Cou', to dec,de w';^c af'ec' ^ .re •es• V ,^e
"
the.• obiron not be COVe ea b`. A(; ,'PP„^lpr•
Drov,s,on5 o' e L,c'ee ,e- oe av ,:s
,molemer;a;,on
Durnc the draftm o, •p _
g nonce arc ire orooese,
(B) Other Litigation
- f,na'l fudgment the oarttes coin- nc• •ee.
V a
me^.i as to the rut' scone c' ,may - a ae o ^
7rle•e area ^J ^,ne _ _ -e' a _ a^ .
resolved. includinc cra,,-,s �cpr :` ,,,eo . , ti�
cuts! aro - a:a •s• ar s
Svsre^l Boare bV
fro— De'_o-,a -, ., es
C t^h
v nas tallPc to r_ oe ;^e .a ,e C' CeJ a'
anc co ce , 'o• .. Z ,a _ �1_ ?• ^ ��
day Dav In the de:er^l ^a!; J.. averacc f�,a.`ors_ert•-
Jebi -rCuD
Densailon uDor wh!::, De-s 2-nene' = were --a
0' aC-_c :., a• J".,•?^.C.c• - - yC.. as oesc•ibed
cu'ated However .he SfaK ,«,o °C-^ ,r
^ ,j0: _
the Ga'res vs Citl'O' ".',a :as,? ••.,a. a^v e•, a e^•
m,,si ;nclude a release c, a, c;a,rns ,nc!uo.r:: i e
17) SUBSEQUENT EVENTS
^
release of claims oea v, �e ce'p• r iaho^ _
^ ja%a•.
fina, comcer^sa;o^ A; a
-
rc:os G•P so o. o^_ c =,�^^s
ewe'aal:^r�caverage
believes that a final ce ;PTe^^a -ci Cee^ea •,ec
bli-
_e is ;t,es •J,e`•_ ^e_ ^c,es rave n.e.,s ate.
Or December 2E Z,;�-e bar, e •c ire fay._,
a . nz riot„ : G •G^Per..G�
•
c,,-le, than the City e Mco- c' °a'
E*cec, the C,,v or f.1 an 'c• Evca^s'e^ o' Paint "
^
zee _tCr . sewer ar co .ce - �a
Cass Preliminary Loc'ova c' Seine -rent Agree_
1 s e
bo 7 x,pe rc be soc --.
_
,ner, issuance of N ce a^....cnec,, una o^ P na
`.ec
ADc•oval Hearing i- w,i.^^ :he\ 955e7t;a1ty see,,
tc enlorce the settee -en; Acreer-on: The C,t�
161 EVENT (UNAUDITED) SUBSEQUENT TO TN[ �rtTF
oDbos,rlc that moue^ Severa nearinc_s nave been
OF THE REPORT OF INDEPENDENT '.JLIITOR S
held on the motion b:,i a -0,ng ,as no; vet beer
.. •C
issue
.. .. �• ••, � .. ., ., + ;aria i•„�
The Aareement also orov,oes 'ra• ' e .. will bay
reasonable attorneys tees o' ire va,,eus o,a,nt,•'s
,
and reimburse them for ail costs rncurree and oa•c
; ' °:,.,r. , .. n' :.. r•. ,. ,.on,,,te•r,t
by them in connection With tne laws.:r,5 The City
t l .j Fr. _ "�! rG!,.;•�,, Uf Per;,4� t_dv:$U+15
has not recoraed any liability for the bla•nt,rfs ieca:
-C.. d..:rvV1_ 1;+.AI L;7d:`•, ,.1:,JGi�i50';`�J�:3h0�5piAnS
fees and costs. which nave not ye. been deter-
c ir,•• C ry • i as e ur:•;. ' r ' titter lent r avu nol yet been
11-25
a 5
S,nCe the Gxps Is C % -? -- ...__ s a cuss
ocsec setve•"pn• -c 1 Q• .ne cuss Mt'P•
a 30 day not.ce ; e•.-,: -e "nemne"s W one cuss
tie ; y has ,••e C:• � nC:. `o ,•:a w t �e
a.:•P•-'1. 1�'�e'�t �.�..r0 ••.ate •_ .. .y1:�1` P*G'�'.S=
e option not ne colerec D'. Ao-ee- a -.
,he d'a';!nc vt '^e n,:, :.? a^., .-e cc-s?::
as tc 'Ile
•esc .?d inC'ud nc - 7,
C`.S•e-r Boa-.. Cv 'Gp 'P• :�.�` ]�_.�. V .-G
ca% ca1
ce-sat on uC_ wl,- yp..-
c., a'e,- Holtie.e• • - Z -�
'.?_-•mac 1'E j C. t. a ydcc 2-_ mac•• p...,p...
tee.
.e PdCP 0! C a mS C._ .. -_ �� .. -a. _ _•
a%e'a ling
•`a. e.?-z that a tend ea_^c::
=Elcec* the C .v o` t t c _ �t. _ , c - a ...
? ssuance of -? c c
'N )
...p.- '1G � _ _•G • - .�. }. ...p" .. •per_ ]- - •PG
a ees
(B) Other Litigation
• � '._ __ - - �_ _. •ems _. .. ..^..ems •
. �___ •.. ...� a ��• _.. _: .__ �_._ ..-..
17) SUBSEQUENT EVENTS
B- 2 1
t
t '
i
0 9
CITY OF MIAMI, FLORIDA
f GENERAL FUND
STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCE —BUDGET
(NON•GAAP BUDGETARY BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30. 1984
Vth Comparative Actual Amounts for Year Ended September 30, 1983
t48a
B
1
E3(DE'1E7tturoc
Ger'e!w cove—e-
Mayo, ana cornmiss c^
City manage,
C1ty cle,o:
Manace-en; an'- n sace;
Finance
LeCa'
C;vl se". ..-
Hama" 'eso, ces
ano orcmcttor,
P,;nlic sa'et�
PC ce
c,+e
Puv!c imo•ove-er;s
Put"c wc'-�s
Pian 'ng anC Zoning boa•.7s
Solid waste
ana ec,ea, cl
Qt^e
E^tvevee oe^e' ;s
M�sce'�ane�..s
Excess;ae' c,e'7zyl o' eve^�es c.e• eroenc t.-es
Otne• '+nanc!n^ sc.. ces -ses
Ooe.at ^c ;.ans`ers ;
Ooe-a; a-s'ers c. .
v;d; .^ ^e'',na SU 'Ces, ,sesi
,., ev es a sine,
F, rc na a^cF a' cP^ c' ;ea•
as ori,i^a: e:;o"ems
F' us;rre tc cc^ ce^sates aCse^ces
F�^C �a arise a; tec Yea, as evwe
^C �a.a^ � at enC c ,ea•
SCHE6ULE AA
(Continued)
Variance
Favorable
Actual
Budget
Actual
(Untavorablei
1983
. -5
45 r
55 ' E2
..z==
2 845 452
21 5z:. 3
32
797
,471»8
'E_ _
442525
49c 335
_
32E 25
2'» $Bv
2.e5» 292
L 7LC_c 32:
59 55
c2?
»2 72'
_
52 »G-
E?3
,BE :G
7F »h
:2__
_
05- 3E7
4- ?..
y -
SF- �5
-2 --
- -
-
5BE=
c;
7-4
R- -_- - -r _ - -
Z.
z SZ_
6 �SE 6s»
2E dE2
e E-'5»E-
i
fPt �
CL��•r�,c :max rl�: ViC
,
_
w 5a+ u
_
'4n owxy-..h:,•
i
F•
y..
el
+t
t
SCHEDULE §•2
i
CITY OF MIAMI. FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES. EXPENDITURES AND CHANGES
IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
Miami Spports Downtown Federai Totals
and Exhibition Development Revenue Rescue Community Cable Local Option Other
Authority Authority Shanrg Services— Development _T V Gas Tax Funds 1984 1983
a5`"� evenues "
c e _ e '2
o•ooenv ta* coiled:- e _
BUS'"e$$ 3"C e>iC$e ;dcec
L,ce^se a^c :)A- !s
sVe'
..."ems • u �1•Y .�'� •. $e$
Di�G-�'. •per a"� :•'1P'
ye+" y01'
-•wp. 1 Jr•�C
c N a -:es Ce
9 34''Fc
B-24
t
rt
"� t 1
._a....._— —��
-.. _.. ..erw.m.�-w.aµ+
��— �.. ..
Ar IAr-
CITY OF MIAML FLORIDA
MIAMI
SPORTS AND EXHIBITIONSHARING CESNSPEC ALOREVENUE
FUNDS
AUfiHOaIV,
ANDHOW
FEDERAL REVENUE SARIRESCUEDSERV
EXPENDITURES AND CHANGE
COMBINING STATEMENT OF REVENUES.
BASIS) AND ACTUAL
IN FUND BALANCE —BUDGET (GAAP
YEAR ENDED SEPTEMBER 30. 1984
September 30, 1983
'
With Comparative Actual Amounts for Year Ended
Federal Revenue
Sharing
Miami sports and Exhibition Authority Downtown Development Authority_ 1984
1984
- - 1984 —_ - -
Variance
_
- ""-"-- Vanance Variance
Favorable
Favorable Favorable
1983
IUnlavor•
1993
IUnlavor• 1983 IUnlavor•
Actual Budget Actual
abtef
_Aclua'
Budget Actual abler Actual Budget Actual ablef
--
p•'itiC''tYtd�Cunr.h!,,,,
d _ -
—
—
_
Ntt,ur• , ann 1•. .,.
— _ _ — — o-_ — g' 9 E�
- " f3a 5 7E •a- ` 4
ZgE
55, E2
F2
I•It
— _- . 92' 35
_
'r•.t,,..tn:rllvnant•1.
"• _ — — EO" •3:.
tit 'f'v1•'ttll!!•
- .__—_,_._._. .._—_—.. ---.
i .,;,';, ,•Ill't,
- — 95a 036 90, 5S
9•,a 90 5S0 53 45E E', ^a
` J36
_-
1nL11•t,l•',ll,tu,l'•,
•1ii
+'1, rtl( _-1H'r ih,J _� ..�.
I r(r•.•, 11106f wnk
rcrnul^. f, •'
tc. ^. 91S 5 5E: !aE 5E3 ° 5" 3a( 9 E9' 24E
^
29E 090
9 6EE "t
1'�tnndIu•p,,
ill' ,'lilt' IIsit 4WIf i i•Sh - 3: S
�•}r!1" tllldltl n(t 'dltl'I l"•
- tail":.fltl'tf;lPiV 11!
!l•�'t'tl lit' tl\1"
_
y
r.prrhntun^, .r
, all 34^ boll ?;�
—
u �. r,
h,l,lt,t'.,u c,r„n•'.
__ _ _ a3 �a .. — - 3E _
• E
torn. , .1'
t ,a c ._ S. ! }a, c .,• ,q c c r S, c - c a3c • c c ' '"_
c htr 46G
S
—
"10, —
M
a
9GHEDULE E•3
Aestue Services
totals
_.
1984
1984
_.
Variance
Variance
`
Favorable
favorable
IUnlavor•
1983
IUnlavor-
1983
Budget
Actual
able)
Actual
Budget
Actual
abler
Actual
c
— c,
00• a+: c
874 147
. 2HE 5
571 42
1 `30 =E7
..
354 E5
759 6'E
736 9E'
36E '2^
354 367
759 E'E
:�
c 75:
59 H
F•J.•.
"30 �E-
-5E a�
.. _
55. '?'
73 92-
-5� 4_•
;25 504
55- 79_
18 46
747
—
—
34 3^
,'
32'
25' 70E
9 E2� 54
9 t4Y 3E5
f62E.255
9 590 37
—
—
—
ro 9E- 341
9 98" 341;
—
i9 257 058
—
's34 321'
334.32'.
2`_• 706
'64 700
1792 955
52E 25E
623.313
a o a1
1
- '9•
—
252 OE5
907 3E
907 362
—
264 049
_
5^E
7EOE
—
—
- 505�
�7 606
—
c 5 7?'
S E EZ
5 �4+. c2c
c :'3
7:,
c +56 '9E
5!E3` 864;
5 907 362
f
t
k
e
t
a
t
6
F
B-31
1
Ci1Y OF MIAMI, F"E.C)RIDh
DE EIF SERVICE FUNDS
COMBINING BALANCE SHEET
SFI'fi.MFtER 3f1, 004
Willi Cutnpalative Ioillh lol Sof/lnnlher 30, 1983
Onlwlnl Ilrnnlln
Ohllgnllon (fowl Inclnotnlot
I1t11111ns
5otvlr.tl.
IcsiNl
idpA i�b
'
0linde Bonrt!t Bonds
inr< Bolids
ASSUIS
I IpltlV (t11'In 111 nl (atlrletl t ,1'.I1
•i� ��
j, i,ttl4li,'11111
9•'1 '1'1,�1;1'1
''Illt1 IrtVl•',Itllr`I11'.
'L/,Nt11S,!11111
:'/:' :4;':'
:'1:'..4:':'
.'lll,!1:!:1
—
_
Willi I"', ,11 Jtlelll',
tom..
{I`l rlv•lllle••
I;';',!t1111
I;�;',!dlll
Idl►.fi'r't
;{I11,Qf�l1
—
=
I ISI
n., hen••, reel
,{II:',Ilill
.er.�,ntenl
(Itlo•t
g,:'/:'.a:':'
$H,!�ft!t,ll•I'1
i'1,!!!tl.l;H,'
LIABILITIES AND FUND BALANCES
1;IhIhUt,,,
M.11utetf (lfmd.; nut
i;',t:/l.ltl4/
3•:'.HU:'.
—
/!1 fit
1,
t Nlu`t It,ly;dtle :
!I;' t►;u1
-
lnl:ll haltlltin„•
:',/fi•I,lilli
-
anti h;ll,ult c••
'
'
t..
Ne .ttrvetl till tir'l ll
I lnte d 1Ve I
Dw.n111,11 d till .ulr,eyuenl
t ,1;{Ii,N!l.t
y,•,It •, �•rluvuhllllr`t,
'�,!tAf4, ll►i
!t,!r1f4,111/
(!di/,.Ilili
l lnrh•`,uln,lll•ti
;�/;',;t;';'
!i,tl:'ll,.l;'!1
l,ll/1i,!Itt•1
lnl�ll haul Il,ll;uu.e�,
!t.!vll4,111/
.
1ttL11hJlnhlle`�,Intl
,(,
�`
g„'J;','4:~'
4•rt,'.la,,ll./'t
q•'L!1'�l,1i14,'
Ilun1 Ir.11.uu et,
t,f4,'il:'.�:'•4
CITY OF MIAMI, FLORIDA
tCHtbULt C-9
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
General Orange
Utilities
Totals
Obligation Bowl Incinerator
Bonds Bonds Bonds
Service
Tax Bonds
________ ____
1984
_.______--
1983
AdVehueS
gt:).n50,uttF, $ $
9?2 4/2,1(tt)
$35.5J2,196
$34.051.929
Tax co
�, 7 1?, 72n -
-
? 742, 720
967
2.7.
Assessment lien collections
i.?f,4.fi11:1 -
97,767
1,35�,4�i0
09 82
17O9,582
Interest
1,099
551
1,656
5,992
011ie►
17,048,5911 ___
�';'.57(1.4;'4
39.619,022
37 851,470
Total revenues
Expenditures
r _
9,510.000
1500)0
9.720,Q00
10,140,000
Principal retnement
7,924-
22.760
7,947,041
6.597.8
Interest and fiscal charges
,31G
160
l0,891
:I
65.3E3?_
Other
70. 731
17,565.047
1 72,811�i
11.737.932
16 802,883
Total expenditures
Excess (deficiency) of
revenil" Over
(516.449) -
22.397.539
21,881,090
2.1A48.587
expenditures
Other financing sources
(22.300.752)
(22,300,752)
(22,297.953)
Operating transters in (out)
t Excess (deficiency) of
revenues and other
linancing sources
(516,449) --
96.787
(419.662)
_(1.249.366)
over expent)riures
_. _.
Fund balances at
6.Ufi4,�i56 439,946 396,94 7
175,535
7,07fi,984
8.326_350
t beginning nt yt�ar
(439,946) (39(.i,947)
-
(8.1fi,893)
-
Equity Irrrtslers in (out)
$ g
$ 272,3 22
_
$ `t 820,429
$ 7,0 76.984
Fund balances at end of year
4
$ 5,Ei48 107 _
_. _
I.
f "
a
i
rr
■
t tj 1 it'it IdJlafAi
fit iilliYa
►tf 1(�hi ►iFtlifilefii►It fit It I'lli itilli�f x rt ii 7f1 t
,i►.ir
_
fiCifj 1" f, iry" f fit li►t
ij
►,rfit t.ltni► .�
c,
I.rii�iYtt1ltill ►! a►/�.:tt��n�.rt4 ±��� 'Nr `rE•1►It t, 1__pi�t Iijftilt�tM;�
t{ht,l{,t %jiff►
►,i Milli
►11';tttiillti►I,l milt f" �ilitltif.'1 �?{1 )�s
tt I•t� t IIfit- it ttt 'ti iNtlt t► ►li: IriifA
i !•.:u.:.+61.r i,r• rr.►lf...lJI..F ti► tt111 t
�i►{lh f f.r.rtl•'+•�.111.. .(iln,l
"
Ililri .
'll+...ia Ylim/lG. .7
n1 u: 4'J tl .1,
ill if
Ili.p.I citr 1,
`It) 4
1
ygiiwiri it
{;'lli hlllai :
Opp,.
►lini4�...i 'l hlfi
l�l>; t.)w
flit Ij
I�MtI{
p•In ai' .Yt'ir.l wOtt rl
Ilfe,lj.. }girl
l
.LiF
w;h'rl
(I�..ril1�1
tliw F. i••MI i).l li .►a
it i h, jn IVrn t 4-
t 3 j i, _
j ll_ _ •11 i14 1 Ili .It'll
„t,
'i 'j i
it Ivfli
it ; i ' i 1 S i'I 11
�r
!1•
i r� f, n11f
ii IH}
''rt, 11= ^1 Jill W", t jIIi i •rr 'rUi '-'�
! J., } .1 ,.
1 tr ; !
lli ,y l' Illil 1 f 11 I' rti Il_1
► t t 1 F i i t
n'il
k Inl U(('Ilj .►jilfi; i .,, iHl1' Ilil� 1 111 '`'�1
'11. ;11.
I.iJ
"i tU i ;i i flicl ..'!�
lul
t.m.i
!
_
0f4. 1�f11,1 .:s, 1. i
•iu Atli
lit �1.'tli►'i�,l
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
General Obligation
1 Parks and
Recrea- Highway Revol• Cipilil t013ts
Storm Sanitary Pollution Police lion Improve- Fire Side- Parking ving Improve•
Sewers Sewers Control Facilities Facilities merits Facilities walks Housing Facilities Fund ments 1984 1983
ASSETS
Epudy ldehcdl in
pooled cash and
investments S6 698 913 S7 718 875 S1118 0!,8 S2 191 390 SI 677 401 SI I IF10 510 $5 S54 516 $.to 157 $16 1314.18 $(1, 0651 $218 580 S7 1,92 978 $44.952,367 $31 184 180
Accounts
receivable
- --
451 776
45t.716 956 540
Due Iran Other
hinds
--
-
177 600
172 600 3 071 016
flue itom other
governnlenls
-
-
-
_
-
--
3.531 042
3 531 042 1 101 999
01het aswls
- -
--
-- -•
35 (W
35 000 35 IMIO
total assert
$6 698 913 $7 718 875
5918 O58
S?, i4i Igo l 16l?.402 III It3a Sin S5 554 576
$20 151
$16 .1.13 418
$16 065)
f218.580
$6 782 846
VA 147 230 S47 960 725
x LIABILITIES
AND FUND
�1 BALANCES
I �a6lales
vuul hers and
atcumils
pavabk
$ f 593.098
t
S S 50 994 S 26 3S5 1 175
f
S ?I'9 841
S
S 1,219 75/
S 2 181 767 S 7641.525
Act rued egrmpa
_ —
= -
__ 403..
- -:
66
469 59 414
IMP to Ulher lofld5
--
- -
-
._ 805 407
Due 10 tnhpt
Unve,nrtlents
-.
-.�.- - -
-.
-
.._ -. ...
—
2.1?0
2,120
total Ivlb,hhes
S9) WA
--- -
Sn 994 ?fi 35S-7 178--
------
779 � 9-4-1
-
- -
-
--
1,76? 540--
-- — —
41
7 t84 956 J 5n6 3--
Fund halanres
IdelKdl
neservM lot
ettcu ntoxites
112 985 311,692
-
- 3 6S6 94 489 611 693
76 o60
-
-
2.80 661
4,1199 236 6 431 %4
Umewtved
desg1ted lot
pto(Pr 1s
6.585 978 1 814 035
2 t8 VS
7.191 3110 3'8 586 10 gt? hFifi 4 914 155
-
lb 0?1 531
53 OOU
2 637 645
45 689,161 32 979L I69
Uniewtved
undestgnated
1,49 413
1 789 166
?a 151
(6 IK51
165 5811
7,168 871 31 2SI
Total lurid 11A1a111PS
(dPlnd1
6 Mt" 913 2 175 177
918 1148
7 191 340 1 1,71 018 11.017 ISS S 557 449
70 757
16 IN 541
Ili 14,51
21840
5.5110 3116
51 9S7 274 39 454 184
total ItatphltP•, and
--
hind h,d.uu es
Sh figs 913 S7 7la 87S
S918 0so
V 141 190 $I 1,12 411; $11 018 5II1 S5 S64 57h
S70 7S7
114. 313 438
$16 0051
$218 40
ih 782 046
$S4 142 230 $42 960 125
M
v-`
....1Yd61."•".e+'Pi•T.3i^+'f?"By r:'..au.-,n �..�va•k�".�fiC?54F.Ta+LV+fn
(;It Y OF MIAMI. I IORIOA SN��1L•1
ENtFFII'111SF FUNDS
CQMF3INING RAI ANCE Siff
�-
SF IE-ME3EF1 301 1984 --
Willi Contparalive 101Ais for Srllltember 30, 083
P tali
Oli•Slreat MaAne Miami
Panting Stadium Stadium
A aft
Current assets S 3,538 Idf i S S
Cash and cash equivalents
Accmrr1IS recPtvahle (net where'11111 tde nt iff (1T1 I? nN', ? 44H
allowances tot uncniteclibhy nl S13h O')U)
pue tram other funds
flue Irom ollief gnvenm,ents
inventones
Ptepaid expenses
total current assets
Restncted assets
Cash and investments With fi-VAI agPnl
mduding accrued ❑ lefesl
flue Irom olllet govenunenls lonq lean
F tuperly. plant and equlpml'nt
I eSs
accumulated depteuahon
ptnperly ptanl and equgunent net
►�,' Other assets
flepnslls and other assets
Hond Ismanr e t nsls net
total assPls
mange
ROM Convention
Stadium f,enler
4 S
IiH H'�I '•, i 1i1,
{�1', I„Ih 1 0�14 aim
warahousa Parking d
19d 19ft3
Marinas Auditoriums Galt Properlif Garage _—•------
S S S
11, 4YI
114 fl94
— I30 ON _ �• IH7 A',7 1 ritR Nh1 Ib •tti'1 ?? ShR
S S 3 536.146 S 914 797
9?ILQ51
1 '7? 4 0H9
?57.IyP
1 J99 EiOh
4 0�4 Ihllt
I I A fl'14
P? 194
1i 104 ?H7 fi f b 910
1 559 fi'1(1
t+ fi:1h ?`,9
IR 094 664
i t ''rH i 1'1
Jab 4b7
308 081
2.517.flaU
Jfih 4f7
41 7
q uJi ; y y ;'n0 "'Ri t Fill;) 4,^:) SIH R64
8 41? bfi(1
t4J R'iH A'0
144 45fi.9i'
24.015 f(13
2 tip 1 101) 1 ')HP 441
1; : H i pq l
ph J 14
I1P4119'dp{
(18 40110 11
(S_179 /3J1
11 a111.4191 It110 9t191
tb t'13 1'111
17 ? iit f.111
G' bpi "All 11 437'1{? I 16H.1',(1!+1 17119 SCSI
1771
fl iqt `1i6
1;'b 219 31R
1 6 (Iah.J71
18 7H'1 960
i i l Il? 1 I (tii !,1'
h 11'11 :119
R4 IF,
lip, 1 fbi {',' q'iP'lIR .1119 .119
5n 0110
!•0 Un(I
30.290
473 ib5
' 469 I;',
7.488.441
_-
154.Jf?
I Hill INS
n'I
Fill 3 7H1 HIA S 'IHI 18h S 31)9.319
SlI) 2J5 (131
St' dr 8411 4Jb
SI`1i fJ4 64'+
525711.778 S
iR'1'hi6 $111i99Ht1 i
I !,1: ' I''
f .1H: 71<t t
;'1! —
iconUmled)
a,
t-
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SCHEDULE
E•2
CITY OF MIAMI, FLORIDA
ENTERPRISE
FUNDS
COM13INING STATEMENT OF REVENUES,
EXPENSES AND
CHANGES IN FUND EOUITY
YEAR ENDED SEPTEMBER 30,
1984
With Comparative
Totals for Year Ended September
30, 1983
Orange
Ware-
011•Streel
Marine
Miami Bowl
Convenllon
house
Parking
- _Totals -
Parking
Stadium
Stadnim Stadium
Center Marinas
Auditoriums
Golf
-
Property
Garage
1984
1983
Operating revenues
Charges for services
S 6.790.664
$181,817 $
14 Bll $1 985 179 f 1 817 221 E1
258.145
S 558 214 $
983,412
S 38 3% S
185,145
$14.893.830
S12.852.475
Operating expenses
--
Personal service
2,162,657
34 436
112, 784 963 722
1.279 510
285 558
413 818
741.711
62.761
5.976.977
4.760.612
Contractual services
274.130
25.115
10 323 319 892
1.692.945
27 651
119 052
5210?
81.815
2591.615
2.184 308
Materials and supplies
481.800
6.214
151192 41124
119410
15313
21818
131,226
5699
849.216
1.303.577
Utilities
395.699
33,504
65 684 208.124
529 132
222 935
231 IFO
88 141
27.592
1 803.923
1.404.459
Inlragovernmentalcharges
-
39A20
132987 491.673
7.596
26746
57017
173.392
873626
857.113
Other
865,439
20.063
43.369 5.1.972
854 827
18 805
114 042
13.111
36.161
2.019 795
1.565.510
Total
4,179,715
158.752
400.734 1.980,497
4A77420
597 008
958.949
1.150.,189
-
113.988
14,117 TO
12.015.579
--
Operating income (loss)
_.
- __• _..
_ -.-
beioredepreciationexpense
2.610.949
23.065
(325,857) 4.892
(1.640.199)
661.137
(400.735)
(IK877)
38.356
(28.243)
716478
776,896
Deprectahonexpense
817.565
84.463
31,643 381.108
1.513 730
11,9,996
118.570
40.827
12.972
153,484
3.355 358
2.496.454
Operating income (loss)
1.793_384
(61.398)
(351.500) (377.226)
0.153.9291
491.141
(549.305)
(207.704)
25.384
(181,nl)
(2578880)
(1.719.558)
Nonoperaitng revenues (expenses)
Interest
629.872
13 F,52 19,204
1.095.191
149.299
32 366
9.261
199 679
2.148 514
2.121,805
interest and fiscal charges
11.489.242)
14.002
(5.356 084)
(10,0991 (1.335
280)
(8 176 7031
(7.318,305)
Other
5.178
-
_ _ 65.164
61.065
2 986
5.515
34.681
(20.000)
27.054
I81 643
499.539
orlo Netnperalrngrevenues (expenses)
(854.1921
-
_13.652-98.3,0
(4.199 8281
152 275
5.515
61.047
(20 838) (1,109,
47)
15 846 546)
(4.6069611
income (loss)beloreoperatingtransfers
939.192
(61.398)
(343.8481 (278 8561
(7 353 757)
643.416
1543 7901
(140 fiVI
4 546 11.290
7741
18 421., 426)
(6.416 5191
Operating transfers in
-
-
290,617 46.3(N)
5.164,719
495 139
1.182 fill
) 379 45I
5.05() 6fi8
Operating lranslersout
-
-
(46.300)
(90 Owl
1136 300)
Net income (loss)before exlraordrnarydem
939.192
161.398)
(99.531) (232.556)
(2.1B9.039)
0416
(48Fi51)
(14U657)
4'A6
91403
I1,182.2M)
(1.356851)
Extraordinary item-qam on debt refinancing
799.966
-
7'1')966
Nei income (nss►
1.739.158
(61.3981
(99,531) (232.556)
(2.189 039)
553.4I6
(48 651)
(140.657)
4,546
92.403
(382 309)
0.356 851)
Retained earnings (dehcd)atbeginning ofyear
7.792.895
(112.8031
(.127.471) 2.402.939
(4.1839118) 2958.499
(2464.694)
407.251
285.791
(378666)
6.379.757
7,736.601
'
Equity liansfers to other funds
-
- _
(56,804)
11 40(j)
16.4021
(5851 _
-
-
-
_ (65 1971
___ _
�►►
Relamedearmngs(deficit)atendolyear
- 9.532,053
(174.2011
(421 002) 2.113.5r9
(6 374 4431 3
50).512
(1.513 920)
266.594
290.337
_
(286.263)
5.932.246
6.379.752
Contributed capital atbegmningotyear
6.453
673.259
1.344 349 3.294 111
41.917 798
285 156
5 537 694
392.718
--
6339tx)
54 085 638
44.701.294
Contributions from other funds
40.300
1.44Fi
53 000
1.086 000
h? 317
1.743.113
1.095, 754
Contributions tiom tenants
-
2.10 000
--
--
2•10.000
7 319.555
Contributions from other governments
75.000
37209.4
-
-
-
447094
969.035
Cordnbuled capital at etb of year
121.753
674.755
1.397.349 3.61,6.20')
43 IN 3 198
2 85.356
5.600 011
392.718
_
633 900
56.015 845
54.085.638
Total lurid equity
S 9 653.806
S500.554 $
910.341 b5119 1811 b31i Him ;i55 $,I
I90 H68
$3 086 1191 $
659.31?
$2130.337 S
347.637 $61 948 091 $60 465 390
fi
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n
I
.� '
ASSEtS
4 '
Current assets
EOutty taehc,t) in pooled
cash ana investments
Accounts rece!eabte
incento•,es
Tctaj cu"e"t assets
p coe-, Dian; anc
ecul'-Me•,•
Less 2CCJTu,3;ec
oec,eciat,on
°'o'er% oiant anc
eau,Dment net
Tota! assets
LIABILITIES AND
FUND EOUITY (DEFICIT)
Current ijaccq:es
Voucners anc accounts
pa�aoie
Accruec expenses
lririnc,Daii� sazies)
Total liabilities
Funo eawty (aet-c,1)
Contnbutec camta!
Retamec earnin.-s
(aef,cit,
Tota funs equity
iaef,ct::
Totai liabilities and
funs eourty (deficit)
CITY
OF MIAMI,
FLORIDA
SCHEDULE
F•1
INTERNAL
SERVICE
FUNDS
COMBINING BALANCE SHEET
With
Comparative Totals
for
September 30, 1983
Gaitye
4
Motor
Pool
Property
Maintenance
Print Stationary
Sho
Communications Totals
--
Services
1984
1983
S 4 .:1' .030
53.29� _ 663
S20c 829
S,2t6 746, SIg,173,
253.610
137 9C3
- -
S 945 814
S 8.633,41,
S 6 49t.631
66640
3 33 55;
t 4082A
2�'
688.86E
Og • �4
�
-
;t7.63t8
690 466
---_--
065715C
-054 934
9 3r.. 0'-
-18_6.788
14 SE
6a 4<<
336E
'27 1,..
4 428_48
I' 'SO Q`
-
2.947.24.
25.20E 468
•
2Z
'". �r 669
_
'GC 3E5
f6C 863 -
----_
(9y,^.882
i'0 3EZ 64 ••
4�n'1nn
�V JvJ
sue-=�'
.'-
20;
J
S 75�S' •5
2.036:
14 g2`;?
3 a4� Sao_: o
S3.059.299
1F �5•
52a
�c -
S 314.5a7
S 238 46E
S;00445
5 14 210 S 1.979
S 180.436
3c 53a
S 85C 1,05
S 616.81'
4
S4 35'
3 2 83
-0
204.90C
i3 840 2 70 t
4 8 065
39' 946
496 p7�
--- -
26.050 a.68;;
228.50"
1 242.05'
�3 .486
4.478.;''
t 742.�',2•
27• 7S5
176.170
4 4 5 198
8
4.250 3a3
-
2.130.078
8 80C '94
7.865 303
"----
I 4
3"
1331.9741 67.03^
-"--
700 72C
14 '33 9p5
12 157 338
13_963 965
5 992.364
-""-2.830
234.33E
1153.804, 67.035
79E
22 934.70C
20.022 bat
S14 417 050
$6 315.2C3
-�`
Sa39.238
Sr125,754) S7t.7t5
$3.059.299
524 176 75' S21
136.127
B-41
i
e
TY
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WOrktitg cabitai provided by
(abb!ied to!
Oberaticns
I`w income
Items no' reauc n;, cu'•en'
out ays o` wo, mC CaDlia
Derrecianon
Less on CtSDCsi!tcn
0, G'DDe'iy pia
a^c eau Dmen' ne:
to DrG� cec o�
tacooec iz
cperat�Gns
G�'r 5ut Gns anc ecudy
ans'e s net
Tota
caoita' ape sec
ACcition5 G` Drcve"s
::),an: anc eaj1Dme•n*,,
G*a !ncrease
wor�.ina caDIi3
Summary of increases
Increases! in w•oro.inc
Capin
Caser anc investments
Accounts rece-tiaD�e
Inveritcrles
Accouras pavaD e anc
accruec expenses
Increase in
workinc capita!
i
CITY OF MIAMI, FLORIDA SCHEDULE F•3
INTES
AL
COMBINING STATEMENTNOF CHANIGESFNNFINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
City Motor Property Print Stationery Communications Totals
Garage Pool Maintenance Shop Stock Services 1984 1983
S 35' 179
S 54i '9:'
S'0S 569
S 9 642
S 7.74G
S 6.648
5 2.134.058
S 1.986.109
t 063 38'
269 735
12.326
10.814
-
281;743
2.658.000
2.52'.153
285 959
370 449
2.537,44'
2 '0E.004
117.995
20.456
7,740
288.391
5 C78 027
4.877.71'
133.962
2.67' 403
19E 307
2.21'• 3'
49
'18.044
-
-
538.5'3
777 cg
66�.354
4
20 55
7 74C
827.054
8t ^'E
36 C7
t,592.128
1 5172^.
060
2C '3E
-
663 295
3.82C 34
2 , 24
1 592.' 28
54 7 2
3 05C
2C _B
-
663 29=
3 811: 34.
2 a7--- ' _
2a.
S .079 275
S 6E'- 5SE
S'.. 9E4
S 3'E
74C
S '63.759
S 2 03t 67..
S 354.82E
S 1.045 G.:a
-
, 76E KE
5149 488
S 5 6211
Si 20 455,
S 193. t 5G
S 2 ' .786
S 3.044 ' 3E
18.340
'"`
4 500,
!4.200.
(10.082
-
2.062
18.377
170i
13 685
4.69'
-
2.947
8 767
(67.890;
Q
t 5 8-'
,
9' 4 9
r2C.222;
(7 365i
9.818
(32 268i
r128 565
83.89'
S 1 079.275
S 5E9 58E
S-14.984
S 318
S 7 740
S 163, 769
S 2.035 E74
S 3.364 828
CITY OF MIAMI. FLORIDA
SCHEDULE G-2
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF
REVENUES, EXPENDITURES
AND CHANGES IN
FUND BALANCES
YEAR ENDED SEPTEMBER
30, 1984
VAth Comparative Totals for Year Ended September 30, 1983
Sell-
Pension
Totals
Insurance
Administration
1984
1983
Novehues
Intergovernmental chases
c —
S =49 �qq
S 3.54-?.59�
$ 3411,85()
1-htraclovernmental cha,ges
3.84C.25'
6 73' 75--
22.578 002
22,413.298
Contributions from emotoyees a-c,eli,ees
8,739,922
—
8.739.922
8.741.219
'111: '1 e
469 33,
2'_
1.589 54._
1.465.212
Total revenues
14 C149 204
224" 86,:7
36 45- ,-7-
36.031.5 79
Excienc;1-ires
Personai services,
1.013 416
01 41 E
877.427
Contractual services
73 904
73.90e
101.000
Materials and SUDDlIeS
7.289
—
7,29'-
6.2 7 31
Cc,i! * ioutions to revremen: 'ends
—
2 Z 2 6 2 3
22.282 635
18456.305
insurance
790.045
—
790 0_1E
580558
payments
12.915 32e
1 2 91 5.312E
11.727.754
Otrie-
402.245
5
517.6 2 .11
458.053
Total expenditures
15.202.229
-,7 44-�
-
32.207,370
Excess of revenues over expenditures
11.153.025,
6
':7
I -
3.824.209
Fund balance at beginning ovea,
5.906869
'6 1 73 21 0 E
2 080
8.255.868
Fund balance at end of vea,
$ 4.7531 844
S 6 182.860
$11 0.93E %G4
$12.080.077
B - 4.5
4v
ap--
m
w
■
<t
APPENDIX C
S
PROPOSED FORM OF LEGAL OPINION
(1,1;`1'1'1'�1ZIiI Ai) 01: BROWN. W001), IVE,) ; MITC:14,1.1. &
'C�i(i' ��ottituissiOn ul"I'll+•
City of, xiiatni, 1](11'ill:l
,i
Wv I►avr t•xandil d c'c•1•tiiic•cl mpk s oCthc legal i)I•orec(bigs alnentling
anti restating Onfinam (' Nw,. 9291 an(I 9a7(!, and Itcs1)lmiim Nit, 85 (ll flit' ( irmnlissioll of the City elf•
`liatili (ct)llcl ti\cl\', flit"I'roccedint;s") ;Intl milt.!' f,ro(ICs Nahmitivd. rcl:lli\c• 11) flit- issuarl(r and sale ()I'
THE CITY OF MIANII, FLORIDA
Special Obligation Bonds
scries 1985
Datt'djuli• 1. 1985
` ahirin; in will a"n"nus a"d at mi, times, inwOng infuwq :n d stihit•(t I(I ►•etletIi11tion, all as ploo0ded in
the 'I'lic (,11)it:lliird it•tin, mot t111irmisc dctincd herein shall have tilt- Invalling ascribed to
tlIvIll in flit1'r<,ecl tlin
1 rtlul 'u(h cvilnin;iliOn \\(• ary (it tilt, I)Iliniun thal:
i
f1. Stith fill I( cc(IBIS4, alld Illt)nts sll(I\\ 1;1\\ 1111 ;111toil it\fill' IIIt• Issliallw alul Sale Id, tilt- Botltls purNilaill
to flit- CI dIVI (Ilhcr hw\ I)l tilt, sl:llr (,1 I I(Ili(1;1, pat•fi(tilarl\• (:hapit•r 166. I'Inrida statillt•s, ;Is
1 atucnded.
`y 2. 'I lit' Bind, ,u'e \and and hindin('.'pl.1 i;11 tlhli"'alioll• (it (hc ( :if\ of Mi;Irlli. f);1 ahlc ;is it) I)lin( ipal
t an(l intl•tt•.I a,lt•I\ lrI)ln lilt- Mianli Spit lid ( Ndiccohm Asking I'm ilhf Inure.( ;nld Sinkin(_, I tint( (tilt•
"lutcrr.l and .sinkint-, !'find" i into) \\1101 hind fill• (:it\' lid, ((1\ tn;Illted in flit' f'rI,I n (lin+;s II, I,a\ a'11111-
t'it-lit aill((Illn I)I lilt. fr\rllnr.oil dw I';it till\, fit Itl;lintclidn' I•, 1't'i):I11';IndI)I)rI';IIII)II
1 lllt•i•('t)f and I(.wI\t', 111('ft•Ittl II, f).1\ lhI• Ill'int il),il 1d. rrd(.111I)f1,111 f)I'l-111111I11, It :ill\ all(I dw illit•I't•'I I)11 Ilic
liun(I,a `,lit111)initit),Il.I('(IrllIf)Iit'll1)11-11161111.it,ill\.;illtlinicir.l•h;Illbl-iI,lflt•(111t';111(iI);1 ablc,ill( tutlillt;
rescr\c. till Stith 1),i\I11,'111 ,11111 th,' l'untl is l)h k4l.(i to);ul(1 I h;o,;td \\illl the lm. lllrnl
O1 lily Ofill( Il),Il ill, Irilrinl)llt 11 i,t.. 111min. It .111\. anti Illy ifitt-11-1 (Ill till- B"ll(l, "I all\ 1.01111(flll", b(,lid,
whit It all. i"•Ilyd II11(1( 1 0lt i'! rl'lllllt �.
a. 11hc ( :il\ Im, I ,,\tn;lnlyd in dic I ,nntilcll( inu (N lu1)(.1 1. 1985 (hc ( :it" \\ill, At lilt•
CTv WWI bw call h f m,d Waf Ili(' Blind, all. mltsuirldini.�, budget ;Is:1 filet I)riOIit\ ilenl;In;In111n1 edtlal
to(a)1f1r III the hint 1I),d;11,(iIillric,lltl•( int-incinl fill tilt, Cll�tlnit;I`im.d�r,U1�1'(+fb1;lil\':1111(,III1f�I111
dvpnsli in Illr 16 \ r11llr I IInt1, dw iilind `-irl\1(r :fit ((R1lit. Rc(II'llll,ll,I11;1it ,llt(l 111+' (ir11t'1 JI 1ZI sl-t'\r
1 1'ltlld as r)t Ihl- i:I'i d;l\' i)I Ill, plim I I'(,tf Nt';)I Sill 11 I)Inl',�rlrll ;1111„11in \\ill ))(-.I (II't (Ildl! t' flit•
Designalt'd kc\t'llll,', OIrfll,td In Ili(' 1'1411 cciliw'., 1(I Illt',1f1 f111• noon dd \d11)11'111Id.\ II•\t•il(lr")III( rN;1\;Ill;lhlc
lilt' CAV t t,lWing I,) till- Won art\ I( 1• l;l\l, I„ Ilr( Ic(I 1)\ „I ,it hrll:llt (,t ,lit- (:II\ i)ill''11.1111 to 11,111
d IOO,'�,�1, I'f(lritf;l `l:llllft'�, ll(,111 110' Ink Iil "all""fid um, voyl III) Illy f)ll„1 ( lailli nl Ih1' ( :if\ S1'1'ic, :1
It ifu IN) Ill ci\ 11 in emu, II IV a Yc;ll . I'11,i11 rrI -I,), b\ tilt• ( :it\ „t 1)r,ign,ord Rt-\cnilr. in ,m It I i,(A Yc;n
ills• CA\' 11;Iilducl \\Ill ( mw tl( i1 lof Kt\clim". iibit-I 1 ,I, iflr i)r101 i 1,11111 ill flit, :it\ , Scllr� A
l�O1►tls, 11) br d('in),ilyd \\ Ith flit I I" ,I) 'V-1.111. Ill 1hr ( irthl ut Illy }fund tirf\ itV I millA((titiw ;I1Ql i 1Zrdrllll)III)II
11fil ILI% III i„l t(, ;III Illft'n"I 1),1\ lllt,tll (Lilt ill :t l,rlllt if),Il 11.1\ 1111'111 (f;llt'.
as Iht' l t•11.11 \ . ItlL4rihrl \\ 1111 I11-- jillmillIN all c,l(I\ I'll dupes if At lll It .\( I (Ill lit,
i as Will be sutlii icni II, f),I\ i11r Initlr>I ;In(I IIV- t aw Ina\ br, (flit (111 fill- II.,pv( li\c print il)al
1 ))u\•inc'nl d:lir .Intl ililtlt'l 11;I\ lllrlll I1,11t.
� �' i;
APPENDIX 11)
Cw Or? fimag
Iuly 1. 1985
Honorable Nlavnr and Mc•rnhcrs
of' the City Commission
City cal' Miami, Florida
(:h I fall
3500 Pan American Drive
N1ianli, Florida 331'13
Gentlt-trlrn:
As (ll Jul\' I, 1985, Ih(' (My 4 Nliand is In\'ll vvtl ill ill• llll(,\1ing nlal(H' (*as('s:
1, PENSION LITIGATION.
On Nla\• 23. 19H5, a st-lllt-lnrnt was rrat-hrd \, ith at t W an(I rrt irrd (:it\• rtnl,!(,\•I•ty am! tilt- ht-nt-li-
t-iarit-s (,l'tlr lattt-r \\ hi( If cilded s(,fur right \t-:i-s (,I )itigatit,n (r-t-r Ilia, City's pension llrl,gratn. As a
-(•silt (,l' the ((nil I's %1:tc 23. 1985 al,lrr(„al ()f' Iht- I,r(,In„rd 'rni(•lnrnt in fart,, r. Grit- ((J .kfiwlll,
(:it- wh (:t,url Cast- N,(. 77-949 1. tilt- nil\ unrcm)I\'rd (lul-'Ii(n) t („lt t-rnim� ill] I)I'tilt- ( :ily's I,t-nsilnt
litigation is fit- arlt(,unt %\Ili( il tilt, City \,ill it- rt-(luirrd Itt Ian 1)\ \\;r\ (ll (nst, and rt-asuuahit-
atturnrvs Ice" lilt. Plaint ilk, (Inlnst-l. 'I'lle allimillf l atlnOt l(• drlt-rtninrd al Ili, lilnt-and nu hrarin(;
oil this questi(,n has hrt-n s( hl-d(llt-d as \rt.
It slimild hr n(nrd th;lt lilt- I burl -appr„ mid ( Iwo a( titnl with nlrnt (lid clisinor 4an issut- in\'(dAnt;
the dt-trrulillati(In (d a\cIai;r final t millu•nsati(,n \\'hirh issue \\as r:lisrd (Ink in Ile late slas;rs I)I'
nego tiation. II simuld ak() it- n(nt-d Ihill Ilt• 0tv (:t(luluis,inn ad(,l,tl-d an (,rdin:nur (,n j(lnt- 13,
19H5 (( )r(linam r N(l. 1(1(u)21 \\ lit It ilnl,lrtirllt. Ihr lu,(,\ isinlls „ f Ihr (:(,tint ( )-dl-r alll,r(,\ ing till-
settl(•Illt-llt, a ,t'Itlt-inrill \,Ill( I1 (fill fit it II-(11111't• ;III\' lltlll) ,11Ill pittitl'llt at i,ing Irmil I,asl a( lit)ll, ()I
1If(. (:II\' ill tit' tlllldiln; (,f it, rlllpI()\l-r n-f 1-rllit-llf prlal ralll. )1t :I(I(lltl(,ll I() dl,lp„Itlh OI lilt- 1"llt- (,I
1
I,nfuncircl ()r undrrhrndrd a(fna-i;ll 'u,rurd li.lhilit\. tit• nl-\,I\-ad,q)tl-cl ((r(Iill:ul(r rrl,ralt•cl
Ilr(,\•isi(Ins (,t lilt- \ariahlr ;lnnnit% h(•nrfit plall. 'I hi, plan had hl-rn r,lahli,hl-d rt( In'(,\'idt- an
additi(,na! nl,u,tll\ ht-nt-lil I„ rrtirrd rinl,l(„rr, h.ul-d upin Ile nutrkt•1 I,rrl(nnlan(,• c,l'(crlain
st(uuks field in tilt. In•n,ilnl I,((rll„ li,(, hill lad 11„1 hull l,r,(I t-lk illtl,lvillrolyd ,in(l- ill in(rl,ti(,Il. A
new ►►lrlln(I dl-,lt;nrd 1(( Ile(,\;(It- addilii,n:ll nr(,ntlk hrnrtit, Ill rrtirrrs,t ,,t ((l li\in,-, all(twallft-)
has Mien in((lipmalt'd ill Ile (n'dinan(t- \,litlt r,lahli,hr, an a((t(lltlf ((,Il,ln,srd OI vInlll()vt-l-
t-untrihlltinrls and rx( r., infrrr,I r;(rning". it a%-itilnhlt-. Ilnclrr Ow in-dillan( (•. I1(( (it-llc•ral Fund
nlctnirs c,flhr CK „HI ill- usl-(i t(, himl thi, a(((,unt.
2. BAl'l R( )N'l I.ANI) I.I'l I(;A I( )N
As :t rt-su►l ()I tlr ,fil lr..lill Imil Wool if all rulint-nt d(,nlaii a( li((n in \\li(h lle (mil\ acquired
12.6-4 a( rt-s lit ba\ f!(I!!1 lan(I ht'1(Illt; 11L� I(, a I'aill',lad. Ile City \\as rall(•d (ill 10 deft•Ild a t lallll fill'
a
a
rrasu„ahlr att(unl-\,' Ire,. In Ill- ((rl(,in.(I a(li(,n, tit- jut -\ trial (,n valuation rt-suht-d in a
;t\\ardin+; Ile lailnod C};.}i-(t1•11111 In(trr limit tlr (:it\', Irndrrrd(,lirr. \\Ili( It wi-dirt aIid,j(IdgilwIll
"as ImAl as id Srl,trll,lwrTI. 1981 In %W . IN). Ile (11, 01111rni"iml autl(lrir.ed vxr( itiun I)l'a
l
( :(ulst-nl Srll,l,lrtnrntal F inal .11AL!nlrnl disl,,,,in► (it Illu ( l:liln file att(rrnr\ s' Errs and rusts whidl
judt;►nrlll has alrt-a(i\ hrru ,;Ili,fil-d.
t-)FFICE OF ?1,E C:TAT'OR%Et 169 E F,.lg:rr Street til,amt. Flortda 33131 305( 579 6'r10
D.I
l
. _. v . .., ,. ,' z� +�:M`iYt 1'-4`U.lY+Y,'.Sti$3':l+S."-•.........,..�vw. - ...- ... ..._-.
t
—, 0 APPENDIX E
MUNICIPAL BOND GUARANTY
INSURANCE POLICY
Municipal Bond Insurance Association
White Plain, New Virk l()f)l)l
wm,�k
p
Thr nsurjn.: zomParile, -rrrt,ine tine %lunmri Bon-' 17,wan.t.,
OftefJlt\trsre.n,r re%.-ntiet v !or:n pr11c, t!, rim., l� J�': -a, ti�i 10 Inc
ter M, Am! 0 t ? an, •n,:-!i •r, w% And euj!jrit!t, I.., ,j e J.
�e.
A� .�,
n
full 'rrld,!r,t Of In • e4jl! It r'?- 1,,ue, to
Ae-nl -I I-) Arn,,uni ejujii. . J,! . !rlt
. -:al-'-. * - � `-Jn.-.--!,!- '! mjlu-11, nw-uarl
"
,C
:ijtlor, . A, '".a! !t!�lnn it ": ,
p3w, -t.nl Jr. J-1...d.l., .., Inc jje '33 .n rrin.t-.i ......
u, ::rc '!nC' 'nJr I'll Or -nJ!Lj- ru! , U.1 n ` . mar-li! -;rI, Z"a*JnI
:n... na�men'l %:ed
-. , t —�: I! u.n uz- en. . 'Ta% II u
'IV! rl A—i%ir, . 1: "rt:- AMu.�
-I., n And
Jr,W% �U,n rA%nner: Anj,il :, 'jn'eqjt!n,:- tiOrll, Jn, '-nt' "% a ..iur! ,i .•)mrv!tin:
woI-110-n Ira! •u,- lr,::Iulvl in i"'I'JANC 1 u-.r owner within !me Mlfjr�2: :Jn-'a -,tz, jA The amount,
'1 !1' !r .iJU'e' Jr ' 0I tne lCn!t:nLe ,Mji -e rt!:i-ca to nerein j. .1 ,u-t %.-,I "r!
The in,ujnie ,rnrjriit., on,ntutirti: :he merrinters of the Awcwtion Are a, tkjjOkkk
The UnA L'j%ujit% An.' Surer Cornran-,
Fireman, Fun,: lnsurAm, Comrin,
The I-j,ett:r, Initirriml-. C,-n,-jn%
tma lm,wan.v (.,,rnrdn%
The (-,w.nt:-tji ln,urA%e Comran,
L —v!Ci:'Jr`!:. " I - NU.n 11�11.t� -nn-nv- in i- jr-,r. I wr :tin
%el't0cd 0: L'! !Ie': T", !ntl n" .;,twn or it, -cm-wv !i, r inz, P�L-rl: Ai-.,nt �r in, -nc! j- -ocj!wn
ih�: oa.-iviit t in 1n%ur;:-* krn--ur: frici :ut: !.nj* —�r --JL;;lv.' -J'rn,:nt rij, not rvvn -,,J,: v A, "".it; n "en.1t mv-.IinM
duC .:.,!c -1 -'n no'. rv- .:A' A-C, *V.t:.nl ! it ♦4cri n.,nri-wril -7,7 �!:l -Ijk,: A o ttun.:,m
It -n %v- 11 if f,fr n.F.-neW in, 'J'n " r -f limolint% Jrc *nefi :uc
:nv! n' ,it
-in. r,,r
krm,,uni,..ut n !nc I I!- I.-rr
ir i ;:,-ank
01n." 'nc 'u.ii I r, !nti !.,r
0 il ! n-*L .1.Mu.
-
II, u,t,: ncem rv- t,i -n--m 'le �'Ane? I jqv n a, r, l!e ^\ rie Pa.ine Accli the
1-uv r An, the !vrr Anct na,i --I 'n't-ti ne 1"'Cr " in, .,CC,:-nCn! �:!:l 1-uel
An% nr.,iC- -W 't 'rt! 'C J* 'r. it '% X'1 l!i' n ! , ir I wrierai
ir-; 're kll 1..3!1 �n Ind
%j,jnjj:ef l'! r " ' '% .
cUll 11 !1, Me'MrIv-, ic -v '�nnenl A 'r:l: N-111.1!;"n An,'
ottj,es ire -,itei j, A' it: P-r, N
Thrs ., m,ri.,jr,e ... i,,r
ONIgallom
IN MT\ESS \%HLRLO[ ;:acn •t Inc Tivn-e- ili..,-
.,
%lin.scer int: Ornera, -ki:iint ot the A --,:al. EIN
Ntle,l
sc'-te-jr% ,, %lunt,:Pa
fIenerai ll.:rnvr
NN -9 X
MUNICIPAL BOND
INSURANCE ASSOCIATION
The Una Ca,jjl!t ig- sure:, C-rina-
F
he Trj%ex!,
T ,he
J,ha;�Lj 8v 9p E I C f I S Nt R\ WE CO I 1p Osli
M Ek,--l—
Gcnerai Par-fl-'!
* rw NJTc I - P-ri Aim
as
t